The Business Magazine South East - Issue 06 July 2023

INSIDE:

FLY HIGH TECHNOLOGY TAKES OFF

LIFE SCIENCES SPECIAL NEED TO KNOW: ARTIFICIAL INTELLIGENCE THE FUTURE OF OUR TOWNS & CITIES

AMBITIOUS LEADERS

Skills Cyber & IT

Deals

Science & Technology

Manufacturing

Real Estate & Construction

Solent SME Ranking

South Coast Property Awards

Solent 250 Awards

A ROADMAP TO INCREASED PRODUCTIVITY

The UK’s low productivity rate since the financial crash, compared to its European counterparts, has long puzzled politicians and economists with low investment, limited access to finance and labour market issues all touted as possible causes.

The special features in this issue, however, offer hope through innovation and if the ideas outlined in the pages ahead are realised then the South East in particular will see much improved growth through improved productivity.

Our front cover feature is Technology Takes Off. One organisation says that UK aviation can grow even while meeting its commitment to net zero carbon emissions by 2050, thanks to advances in sustainable aviation technology, with some stand-out innovative companies across the region contributing to this ambition.

Currently, the UK’s £94 billion Life Science sector provides more than 250,000 high skill jobs across the UK. If the government’s Life Sciences Vision is implemented in full, the size of the prize is great: £68 billion in additional GDP over 30 years.

The region’s towns and cities are changing – but how, what’s driving the change, and does change look the same everywhere? The Business Magazine asked those in the know for insight.

Other highlights of the edition include an interview with the Senior Vice President Cloud Services of Infinigate Cloud and Formula One fan, Michael Frisby, on how his management style is shaped by the ‘marginal gains’ doctrine of motorsport.

Our property investment roundtable, in association with the world’s first regulated real estate stock exchange IPSX, takes a deep dive into the commercial property market with input from some of the Thames Valley leading property experts.

This is your magazine and we are always keen to hear from our readers as to what they want to see more (or less of) so please do drop me an email with your suggestions at stephen.emerson@black-ox.com

Stephen Emerson Managing Editor stephen.emerson@black-ox.com

New ideas and innovation will help solve our productivity puzzle and this issue offers plenty of inspiration

The region’s towns and cities are changing – but how, what’s driving the change, and does change look the same everywhere?

KENT-BOUND BIKE FIRM GETS IN GEAR FOR FUTURE GROWTH

The Business Growth Fund (BGF) has led a £19 million investment into Brompton, the UK’s largest bicycle manufacturer which plans to open to a new global headquarters in Kent.

Last year, the company announced that it had chosen Ashford in Kent as it’s new HQ and has now submitted a planning application for a £100 million factory.

BGF will take a minority stake in Brompton, which was founded in 1975 by Andrew Ritchie. He retains ownership alongside current CEO Will Butler-Adams, plus friends, family and the staff.

Daina Spedding, investor at BGF, said: “We are incredibly excited to be backing an iconic British brand that is rich in heritage and engineering prowess, with an outstanding track record of profitable, global growth.

"From the outset, there has been a clear synergy between Brompton and BGF, with shared long-term goals and a focus on sustainable growth that is good for people and planet.

"We look forward to supporting the business as it continues to expand into new markets and invest in new technologies and manufacturing capabilities to meet ever-growing demand for its revolutionary cycling range.”

Alex Tatham rejoins Westcoast as Executive Director

In his previous spell as managing director of Westcoast, Alex helped grow the company into one of the largest privately-owned companies in the UK.

Alex left Westcoast in September to take up the role of global head of clients and marketing at London-based tech reseller NSC Global.

Brompton says the agreement with BGF will help accelerate growth.

CEO Will Butler-Adams explained: “Over the past two decades, Brompton has grown organically at around 20 per cent a year, funded by reinvesting our profits.

"We export 80 per cent of our bikes to 46 countries, and in November 2022 made our one-millionth bike, a great achievement. But this is not enough, we need to move faster.

"Our team at Brompton are brimming with ideas to accelerate our growth through product innovation, storytelling, outstanding stores and having fun with our amazing community.

"But if we are really going to go for it, we need to strengthen our balance sheet to give us the confidence to be more ambitious.”

Alex said: “It is a total privilege to have rejoined Westcoast as an Executive Director. I have had a memorable and learning experience with a large networking reseller - NSCGlobal – and so return to Westcoast Limited with enhanced knowledge of the channel and wide remit to continue Britain’s largest privately owned IT company’s growth in the UK and Europe.”

The Theale-based tech distributor posted a turnover of more than £3.4 billion for the year ending 2021 and currently employs around 1,250 employees.

Alex spent nearly nine years as managing director at the firm having previously held the position of sales and marketing director for five years which he embarked on when the company’s annual revenues were at £600 million.

Brompton CEO Will Butler-Adams. Credit: Brompton

An artist’s impression of Brompton’s new global HQ in Kent. Credit: Brompton

Leading figure in the Thames Valley business community, Alex Tatham, has rejoined Westcoast.

Hidden secrets of Egyptian tombs revealed thanks to Oxfordshire science facility

It is more effective than X-ray imaging at seeing through metal and allowed the researchers to ‘unwrap’ the mummies and see organic remains through their bronze or leaded copper alloy containers.

This is the first time the STFC is aware that neutron tomography has been used to look inside sealed metal coffins to see animal remains.

It has huge potential as a tool to help archaeologists analyse complex objects without causing any damage to them.

The imaging confirmed the coffins contained bones consistent with North African wall lizards which were wrapped in textile.

A team at the UK’s Science and Technology Facilities Council, along with colleagues from the British Museum, have led pioneering research into 2,500-year-old lizard mummies from ancient Egypt.

The study used advanced neutron imaging techniques provided by the STFC ISIS Neutron and Muon Source research facility at Harwell in Oxfordshire.

This enabled them to scan the inside of a group of six sealed first millennium BC

animal coffins from sites such as the Nile Delta.

They were able to produce detailed images of their contents without damaging the containers or the materials inside them.

Neutron imaging is a process by which powerful beams of subatomic particles called neutrons are directed at materials so that scientific instruments can infer details about these materials based on the path that neutrons take through them.

Animal mummification was common in ancient Egypt with some cases of people mummifying their pets to ensure their presence with them in the afterlife.

Dr Anna Fedrigo, Neutron Imaging Scientist at the ISIS Neutron and Muon Source and former STFC Marie Skłodowska-Curie Fellow, said: “Neutron imaging has many important applications in 21st century science.

“This study shows that it can also shed light on the inner structure of complex archaeological objects, including their manufacturing techniques and contents.”

Superyacht jobs platform Yotspot hits 100,000 users

Yotspot, a Southampton business connecting workers with superyacht jobs, is celebrating the milestone of hitting 100,000 registered users.

The platform provides some of the world’s largest private yachts with a whole suite of crew members, from deckhands all the way up to captains.

Steve Crawford and his business partner Daryl Bradley founded Yotspot in 2010 and they have experienced significant growth over the past 12 months to cement the company’s position as a market leader.

Last year the partners appointed a new Managing Director, Danielle McLaren, who said: “Our platform enables jobseekers to create a profile and upload their CVs, and for employers to find the team they require for running a superyacht.

“There are a surprising number of roles available on board these yachts, including deckhands, stewards, bosuns, chefs, cleaners, engineers, housekeepers, paramedics, officers and captains. We also list related landbased roles.

“Some superyachts have a staff of 25

or more, which gives an indication of the size of vessels. They are generally between 30m and 120m.

“Candidates upload their details and based on strict criteria they are linked with roles available. We take into account their skills, experience and the length of contract being offered.”

Advanced neutron imaging techniques were used to scan the inside of sealed 2,500-year-old animal coffins from ancient Egyptian sites

Yotspot co-owners Daryl Bradley (left) and Steve Crawford with managing director Danielle McLaren. Credit: Yotspot

RICARDO AGREES MULTI-YEAR DEAL TO SUPPLY ENGINES TO MCLAREN

The agreement will see Ricardo supplying both hybrid and non-hybrid variants, with the two companies planning to further invest in the Shoreham facility.

Graham Ritchie, Chief Executive Officer of Ricardo, said: “Like McLaren, Ricardo has a proven track record of engineering excellence, delivering high performance technology and the highest standards of product quality supported by the upstream supply chain.

Sussex-based Ricardo and Surrey’s McLaren Automotive have announced a multi-year partnership for the continued supply of high-performance engines.

It will see the environmental and engineering consulting company manufacturing McLaren’s next-generation V8 power unit, which has been designed in-house by the supercar company’s powertrain team.

This is the third extension and fourth generation of the engine supply agreement

between the two companies. Ricardo has built both the V6 and V8 engines that will power McLaren’s existing and future highperformance hybrid supercars.

Since the introduction of McLaren’s first series production supercar, the 12C in 2011, Ricardo has produced more than 34,000 McLaren powertrains at its purpose-built assembly facility at Shoreham-by-Sea.

It delivers them to the McLaren Production Centre in Woking where McLaren designs and hand builds its supercars.

"With this agreement, we look forward to continuing our established and highly successful relationship with McLaren into its third decade.”

Michael Leiters, Chief Executive Officer of McLaren Automotive, said: “This new agreement with Ricardo is an important part of our ‘Future of Performance’ strategy and builds on the enduring relationship between the two British companies, providing a boost for jobs and ensuring increased investment in what is a vitally important domestic engineering supply chain for future technologies.”

Arkell’s Brewery creates new beer to celebrate 100th anniversary of MG Motors as it celebrates its own 180th year brewing beer

Wiltshire family brewery Arkell’s has created a new beer to celebrate the 100th anniversary of automotive brand MG.

Established in 1924, MG (an abbreviation of Morris Garages) was owned by British motoring pioneer William Morris.

But it was the company’s general manager, Cecil Kimber, who identified a gap in the market for faster Morris cars with a sporty edge. He designed the first MGs that were produced at the Morris factory in Abingdon, two-seater sports cars and coupés that were tuned-up versions of existing Morris models.

Petrol Head is a 4.5 per cent ABV pale beer brewed using traditional

Norwegian Kveik yeast which adds a unique orangy flavour to the beer.

There is an association between the Arkell family and the motor manufacturer. In 1923 Oliver Arkell was the first person to buy an MG –a Raworth-bodied MG Super Sports model.

Only six of the models were made

and none are known to survive, but the archives of The Early MG Society contains photos and documents referring to the link.

Head brewer Alex Arkell said: “It seems fitting that we produce a beer for the centenary, given that our ancestor is recognised as the first person to have bought an MG sports car, and we are thrilled that MG enthusiasts chose our historic steam brewery as a road run starting point.”

It’s not the only thing that Arkell’s is celebrating. This year marks 180 years as an independent family brewery and celebrations are going on throughout the year. Arkell’s still brews beer at its steam brewery near Swindon and owns 95 pubs from Gloucestershire right down to Ascot.

A McLaren 750S Coupe. Credit: McLaren

George and Alex Arkell celebrate with beer

TECHNOLOGY TAKES OFF

CAN THE UK’S AEROSPACE SECTOR CUT CARBON

UK aviation can continue to grow while meeting its commitment to net zero carbon emissions by 2050, says industry

By Nicky Godding, Editor

The UK’s aerospace sector is a major economic driver for the country and a priority sector for the government. But with the climate change debate raging, should we be jumping on planes as much?

According to research conducted a couple of years ago by the Science and Technology Facilities Council’s RAL Space in Oxfordshire, aviation has contributed approximately four per cent to global warming to date, despite being responsible for only 2.4 per cent of global annual emissions of CO2. And the number of flights we take has increased dramatically in recent decades.

The Civil Aviation Authority revealed that 31.4 million passengers flew in and out of the UK between January and March last year on 292,764 flights. While this represented a 42 per cent fall in passengers compared to the same period in 2019, before the pandemic, globally passenger traffic is forecast to reach 8.4 billion by the end of this year says the International Air Transport Association.

Commercial flights aside, the UK’s aerospace industry has also recovered. According to new figures published in May by the UK’s trade association for aerospace, defence and space companies, ADS Group, the UK’s aerospace sector employs 108,000 people in the UK and supports 5,200 apprentices. Collective business turnover in the industry is now £27 billion with exports accounting for a healthy proportion of the turnover, totalling £18.6 billion.

EMISSIONS?

Can we reduce aviation’s CO2 emissions?

Reducing aviation’s CO2 emissions by introducing bio or synthetic fuels is a start. Carbon emissions will be partially compensated for during the growth of plants used to develop the fuels, or in the extraction of CO2 from the air for the production of synthetic fuels, if renewable energy is used.

The government sees it as a priority sector and companies and entrepreneurs are investing billions of pounds to cut carbon emissions to meet the UK’s net zero commitments.

Sustainable Aviation is a collective of major UK airlines, airports, manufacturers, air navigation service providers and others aiming to bring down aerospace emissions. It says that UK aviation can continue to grow while meeting its commitment to net zero carbon emissions by 2050, thanks to advances in sustainable aviation technology already delivered in the UK which will accelerate the industry’s transition to net zero around the world.

The UK is a global leader in sustainable aviation technology, but the industry warns this opportunity is at risk without government support and is calling for an industry-funded price support mechanism to help secure private investment in UK sustainable aviation fuel plants.

A hotbed of aviation innovation

The UK’s aviation sector has already delivered some world first innovations. In November last year the RAF and industry partners carried out a 100 per cent sustainable aviation fuel flight over Oxfordshire using an RAF Voyager military transporter aircraft.

In January Gloucestershire-based Zeroavia successfully conducted the first UK flight of a 19-seater Dornier 228 with one of the two engines running on hydrogen fuel cells.

Later this year, the world’s first net zero transatlantic flight will take off from London to New York – using solely sustainable aviation fuel.

Matt Gorman, Chair, Sustainable Aviation, said: “Aviation must prove it will decarbonise. Our Net Zero Carbon Road Map shows that we have a clear path to take the carbon out of flying. Through a combination of Sustainable Aviation Fuel, more efficient aircraft and airspace, zero emission planes and carbon removals, we can protect the huge benefits of aviation for future generations without the carbon cost.

“But we’ll do it faster, and create more jobs and investment in the UK, with the right policies, working with government. The US and Europe are surging forwards in the race to create new industries in sustainable aviation fuels and technology. The UK has all the natural advantages to be able to join them – but we need to move quickly.”

Farnborough Aerospace Consortium (FAC) is the leading regional aerospace and advanced manufacturing hub in the South and East of England, providing support to some 300 companies. It also wants to work more closely with counterparts overseas. This year FAC joined the European Aerospace Cluster Partnership, a network of European aerospace clusters and consortium representatives attended a global aerospace summit in Ohio, USA.

Letting drones take the strain

Another way to reduce aviation emissions is by deploying drones instead of piloted planes. The agriculture industry already uses drones for imagery, data analysis and, in some cases, spraying. Construction, real estate, search and rescue, energy and utilities and other indistries are also increasingly turning to unmanned aerial vehicles, because it’s more efficient and cost-effective.

Earlier this year, BT entered into a £5 million deal with Reading-based Altitude Angel, a unified traffic management (UTM) technology provider, to develop the UK’s drone superhighway, set to be the largest and longest network of its kind in the world.

UTM is the software platform and infrastructure needed to allow drones to fly safely, without a pilot, over large distances. The deal will accelerate Altitude Angel’s roll-out of its technology, which detects and identifies drones, while also enabling drones to share the airspace with crewed aviation safely and securely.

Aerospace manufacturers across the region

In Hampshire alone, the aerospace and defence sector supports more than 18,000 jobs with some of the leading global aerospace companies based in the area, including BAE Systems, Hamble Aerostructures, a supplier of major civil and military aircraft structures, QinetiQ, Lockheed Martin and AgustaWestland all based in Farnborough.

Other companies in the region include Eaton Aerospace, Meggitt and Safran Helicopter Engines, all based in Fareham, GKN Aerospace in Portsmouth, Boeing in Gatwick, Vector Aerospace in Gosport, AgustaWestland and Northrop Grumman in Slough and Collins Aerospace – Mission Systems which is based in Berkshire.

London’s Heathrow and Gatwick airports are close by, alongside Farnborough – the largest business aviation airport in the UK, and Southampton International Airport. The Solent Enterprise Zone at Daedalus focuses on advanced manufacturing, specialising in the marine, aerospace and aviation sectors.

Airbus Helicopters is headquartered at Oxford Airport – the UK’s civil helicopter hub – from where the company provides rotary wing aircraft. Airbus provides all the country’s police helicopter fleet, 65 per cent of the air ambulance fleet, and half of the country’s overall civil helicopter fleet. Airbus is also an important helicopter supplier to the UK armed forces.

And all these companies are serviced by hundreds of others in the aerospace supply chain.

Southampton airport

THE RACE IS ON TO BUILD COMMERCIAL SCALE BIO AND SYNTHETIC AIRCRAFT FUEL PLANTS

Supporting the development of sustainable aviation fuel (SAF) is one of six key measures in the government’s Jet Zero Strategy published last year. That year, 26 million litres of SAF was supplied in the UK and the RAF flew the first wide bodied plane in the world on 100 per cent SAF. Taking off from Brize Norton, the Voyager A330 flew for 90 minutes powered entirely by 100 per cent SAF, mimicking a standard Air Transport operation to show how sustainable fuel may be used in future.

Virgin Atlantic is aiming to operate the first net zero transatlantic flight, running on 100 per cent SAF, by the end of this year, helped by £1 million in government funding.

Velocys, the Oxford-based sustainable fuels technology company, was awarded up to £27 million in government grants last year to develop the first commercial scale waste-to-transport-fuels plant in the UK. It has completed the work necessary to claim the first £7 million tranche.

Its Altato project in Lincolnshire, which is being run in collaboration with British Airways, aims to turn household and office waste into jet fuel.

The basic concept of converting solids into liquid fuels using this route has been in industrial use for decades. Velocys has modified the process for the production of jet fuel and other transport fuel from

waste. Its proposed plant will take hundreds of thousands of tonnes per year of household and office waste (including hard-to-recycle plastics), left over after recycling, and convert them into cleaner burning, sustainable fuels for aviation and road use. This waste would otherwise end up in landfill or be incinerated.

The plant’s main product will be Synthetic Paraffinic Kerosene (SPK), which is approved worldwide for commercial aviation at up to 50 per cent in a blend with conventional jet fuel.

The other product is naphtha, a constituent of petrol, which will reduce the net CO2 emissions of road users.

The Royal Air Force performed a routine air-to-air refuelling training flight at the Sustainable Skies World Summit as it flew over Farnborough. The flight was powered by a 43 per cent blend of Sustainable Aviation Fuel made from waste-based sustainable feedstocks such as used cooking oil, which was sourced and funded by British Airways and IAG and supplied by BP.

Velocys says that its fuel will have 70 per cent lower greenhouse gas emissions than conventional jet fuel. It also reduces exhaust pollutants, in some cases by 90 per cent.

From Formula 1 high octane fuel to air and water

Velocys isn’t the only company working on new aviation fuel. Paddy Lowe, who had a hugely successful career as an engineer in Formula 1 (including leading the Mercedes technical team to its most successful season), has moved on to developing synthetic gasoline and set up a company, Zero Petroleum, based at

Bicester. However, rather than reprocessing waste, the raw materials of his synthetic fuel are simply air and water – carbon dioxide is captured from air and hydrogen extracted from water. When the fuel is burned, it emits just the CO2 that was extracted to make them in the first place and if green electricity is used to power production, the fuel is totally carbon neutral.

Does it work? Yes. In 2021, RAF Group Captain Peter Hackett flew an Ikarus C42 aircraft from Cotswold Airport in Gloucestershire. It was powered entirely Zero Petroleum’s synthetic gasoline. The 20-minute flight secured a Guinness World Record for the world’s first successful flight powered entirely by synthetic fuel.

Now the race is on between Velocys and Zero Petroleum. Zero Petroleum has built the world’s first fully-featured synthetic fuel plant at Bicester after partnering with the UK engineering procurement and construction company Global E&C.

The initial agreement includes the construction of Plant Zero 1, a first-of-a-kind facility that will create synthetic fuels, made from air and water. While synthetic fuels are currently available in small quantities, the new site will be the first to provide a scalable pathway to the mass production of synthetic fuels.

Advanced Biofuels Solutions Ltd (ABSL), based in Swindon, is also developing advanced biofuels. Its proprietary technology is RadGas, which it claims offers very high efficiency, reliable syngas

is produced from waste and biomass residues.

It owns and operates the world’s first plant to convert household waste into bio-substitute natural gas (BioSNG). The facility converts 8,000 tonnes of waste into 22GWh of gas each year. The RadGas technology offers efficient conversion of waste and biomass residues into a clean syngas suitable for conversion into fuels such as hydrogen, methane, dimethyl ether, kerosene or diesel.

The UK needs more SAF plants

Waste is turning commercial, but will there enough to turn into SAF? According to Sustainable Aviation, the collective of UK airlines, airports, manufacturers, air navigation service providers and others, the UK does have sufficient SAF feedstocks (such as household, commercial, agricultural and forestry waste and waste industrial gases) for domestic production to meet well over the 10 per cent UK SAF requirement by 2030.

However, the number of UK plants to make SAF which have already been announced would meet only part of this demand. And even these may not be built if they cannot raise the finance needed for construction. Only one is currently producing SAF.

Previous analysis by Sustainable Aviation has shown a UK sustainable aviation fuel industry could create 20,000 jobs and £3 billion in economic activity by 2035.

Former F1 engineer Paddy Lowe has developed synthetic gasoline

MERGER WILL CREATE ZERO-EMISSION SUB REGIONAL AIRCRAFT

Abingdon-based Reaction Engines, which is developing pioneering thermal management to help accelerate net zero high speed flight, is collaborating with global aerospace company Honeywell to develop a new generation of hydrogen fuel cells for the aviation industry.

Britten-Norman, the manufacturer of the iconic Islander aircraft in Hampshire, is merging with Bedfordshire-based Cranfield Aerospace Solutions which is pioneering hydrogen-electric fuel cell propulsion technology. The companies plan to create the world’s first fully integrated, zeroemissions sub regional aircraft by 2026.

The aircraft manufacturer has also confirmed plans to bring aircraft manufacturing back to its historic home on the Isle of Wight. A zeroemissions Britten-Norman Islander aircraft will be built at Bembridge and launched in 2026.

The up to £10 million funding round was led by HydrogenOne, Capital Growth Plc, a consortium of Cranfield Aerospace Solutions investors comprising HydrogenOne, Safran Corporate Ventures (the corporate venture arm of Safran, a leading aerospace company), and the UAE-based investment firm Strategic Development Fund.

Cranfield University and Motus Ventures will continue to retain shares in the new business. Britten-Norman’s existing owners will also join the new business. The investment will anchor further funding currently being raised to support the expanded company’s growth.

The new entity is responding to the growing demand from airlines and operators for an original equipment manufacturerbacked aircraft that will enable their move to zero-emissions operations. It will combine Cranfield Aerospace’s pioneering

development of a hydrogen-electric fuel cell propulsion system with existing BrittenNorman aircraft technology.

The Britten-Norman Islander, a nine-seat regional aircraft widely used by operators around the world for inter-island services and short hop operations, is in high demand because it can operate from smaller airports and short airstrips in all weather conditions, often providing vital lifelines for remote communities.

However, the company’s ambition extends beyond the Islander and the sub-regional market, with the intention to design and manufacture new aircraft with up to 100 seats powered using zero carbon technology.

William Hynett, Chief Executive of BrittenNorman said: “The merger will create a new market leader in green aircraft manufacturing. The investment will give a huge boost to UK aviation exports and will deliver the first Original Equipment Manufacturer (OEM) sub-regional aircraft powered by Hydrogen.

“This merger will create many high tech and manufacturing roles across the new business and a host of opportunities for apprenticeships and graduate placements in the sustainable aerospace sector.”

The project has been backed by the government and has secured more than £14 million in private funding from global investors.

The consortium (which includes 18 partners from 10 European countries), will develop current hydrogen fuel cell research by establishing a hydrogen hybrid powertrain, using batteries developed by Pipistrel, an Italian light aircraft manufacturer and leader in the research and development of electric propulsion systems, alongside megawattlevel liquid hydrogen-powered fuel cells.

Reaction Engines’ heat exchanger technology, which can be applied to both hydrogen and electric systems to improve performance, safety and weight, will play a key role in the project’s development.

Reaction Engines was founded in 1989 by three Rolls-Royce propulsion engineers: Alan Bond, Richard Varvill and John Scott-Scott. Their early work on the RB545 engine, destined for use on HOTOL (horizontal take-off and landing – an air-breathing space plane developed by Rolls-Royce and British Aerospace), evolved in to a technical design for its new SABRESynergetic Air Breathing Rocket Engine.

By 2012, the company had manufactured a fully operational precooler and the government committed £60 million to the project via the UK Space Agency and European Space Agency.

Three years later, BAE Systems invested close to £21 million which enabled Reaction Engines to focus on its development and building capability to become a serious player in the aerospace sector.

Building on the pioneering high-speed propulsion technologies and research and development capabilities of its partners (now including Rolls-Royce among others), Reaction Engine’s Hypersonic Air Vehicle Experimental (HVX) Programme is now aiming to establish the UK as a leader in reusable hypersonic air systems.

Britten-Norman is to merge with Cranfield Aerospace Solutions

Reaction Engines joins consortium to develop thermal management for hybrid-electric aircraft

THE WORLD’S LONGEST AUTOMATED DRONE SUPERHIGHWAY WILL CONNECT MIDLANDS TO THE SOUTH EAST

A Reading drone company is leading a major project to connect the Midlands to the South East of England.

Altitude Angel is leading the Skyway project, with BT as a key partner, along with several UK tech start-ups.

The Skyway project will connect airspace between Cambridge, Oxford, Rugby, Milton Keynes and Coventry.

At 165 miles, it will be the world’s longest automated drone superhighway.

The practical use cases for unmanned aerial vehicles (UAVs) are still being

identified but could include regular delivery of medical supplies to NHS hospitals via drone, or remotely inspecting roads and railways without risking lives.

BT’s EE mobile network will be the mainstay for Skyway, which is backed by the UK government’s Future Flight programme.

Altitude Angel says the deal is a critical stepping stone in scaling its technology to allow long distance drone flights, supporting the potential for faster delivery of essential and non-essential items and unlocking an industry estimated to be worth £45 billion by 2030, according to a report published by PwC last year.

The deal is crucial to drone innovation, supporting commercial and retail use cases, but also enabling drones to transform how essential services function – from supporting the emergency services with real-time search and rescue, fast transportation of medical supplies, farming analysis and property surveying.

The PwC report predicts a significant increase in the number of drones in UK airspace.

Of the 900,000 drones that could be flying across the UK skies by 2030, more than a fifth could be used by the public and defence, health and education sector.

GOVERNMENT COMMITS £129 MILLION TO DELIVER MINI DRONES FOR UK FORCES

More than 250 “portable” and “packable” mini drones will be delivered to the Armed Forces after Lockheed Martin was awarded a contract worth £129 million.

The 159 rotary-wing Indago 4 devices and 105 fixed-wing Stalker VXE30 drones, which are capable of locating and identifying targets far from the operator, are due to be operational by the end of next year.

Weighing a little over 20kg and with a 4.88M wingspan, the portable Stalker is a vertical-launched, near-silent drone providing more than eight hours of imaging capability and able to cover around 60 miles.

The contract will support more than a dozen full-time jobs at

Lockheed Martin, mostly based at Havant in Hampshire and Gloucester.

The packable drone can be folded and carried in a soldier’s backpack and deployed in just two minutes with a range of approximately eight miles. Its high-resolution camera systems provide incredible zoom capability to accurately identify people, objects, vehicles and weapons, day or night.

Lockheed Martin UK will be the systems integrator for the duration of the 10-year contract, working with small and medium-sized enterprises as well as larger UAV (unmanned aerial vehicle) manufacturers to develop their capabilities and upgrading the drones, to keep pace with technology and emerging threats.

The Skyway project will be the world’s longest automated drone superhighway

Company articles of association and shareholders’ agreements – what you need to know

When setting up and running a company, it is important to consider how the relationships between the owners, directors and the business itself will be regulated.

Overview of Articles

A company’s Articles are often described as the rulebook of the company. All companies have Articles and they set out the rules on how the company is run. The Articles will describe the rights of the directors and shareholders to take certain actions in respect of their position in the company. The Articles are filed at Companies House and form part of the public record of a company. It is also important to recognise that they are automatically binding on all incoming shareholders and directors who will be deemed to be aware of them.

Many companies are set up with basic ‘model’ Articles or if the company is older, may use a form of ‘Table A’ Articles. Among other things, these basic Articles will state that: all shares rank equally regarding voting and dividend rights, shares can be freely sold (if a buyer can be found) and that a minority shareholder can refuse to sell their shares, regardless of the majority

view. The Articles will also restrict directors from voting on board decisions if they are conflicted.

In companies with more complicated structures, it may be worth considering whether the formation ‘model’ Articles are sufficient and appropriate.

Amendments to the Articles require the formality of a special resolution (75% majority) of shareholders entitled to vote and the resolution needs to be filed at Companies House.

Why have a shareholders’ agreement? Whilst a shareholders’ agreement will often deal with issues which could be dealt with in the Articles of a company, a shareholders’ agreement provides for more flexibility. It is a private document between the parties that is not filed at Companies House and so it may be a more appropriate way of covering issues which are of a private nature between co-investors.

Whilst incoming shareholders are not automatically a party to the shareholders’ agreement, it is possible for incoming shareholders to become parties to the shareholders’ agreement by executing a deed of adherence. There are two common ways that this can be ensured:

1. For a share transfer, the shareholders’ agreement may specify that outgoing shareholders must procure that the incoming shareholders enter into a deed of adherence before they can transfer their shares; or

2. For a new share issue, the company could require the new shareholder to enter into a deed of adherence before the shares are issued.

The continuing shareholders will want to make sure that incoming shareholders enter into a deed of adherence to the agreement unless circumstances require a new shareholders’ agreement to be prepared.

B P Collins’ corporate and commercial team explores two key documents that cover all of this – articles of association (Articles) and shareholders’ agreements.

STAFF AT MINI PLANT OXFORD CELEBRATE MAJOR MILESTONES

MINI Plant Oxford is celebrating the one-millionth MINI 3-door of the current generation along with the 110th anniversary of car-making on its Cowley site this year.

The current reinterpretation of the iconic Mini was launched in 2013, with the first model, designed by automotive designer Sir Alex Issigonis in 1959.

Produced at MINI Plant Oxford and, for a short time in the Netherlands, the MINI 3-door has been available with a diesel or petrol engine and, since 2020, as the MINI Electric.

The one-millionth vehicle – a MINI Electric – will be delivered to Canada in British Racing Green paint.

Last year MINI, which is part of the BMW Group, recorded a significant increase in sales of electrified models, with one in five models now electric.

It was back in 1913 when the first Bullnose Morris Oxford rolled off the production line at the Oxford site.

Business leaders and academics welcomed a new report published by Advanced Oxford in conjunction with academic publishing company Elsevier.

Oxfordshire’s Innovation Engine 2023 report assesses the growth of the region’s science and technology ecosystem over the last 10 years, the challenges ahead and puts forward recommendations to help the county support the government’s ambition for the UK to be a scientific superpower by 2030.

The report confirms Oxfordshire’s position as a global scientific powerhouse but identifies constraints which could impede future growth in the county and nationally. The report highlights the need to improve data connectivity, power infrastructure and the transport system, which could all be a block to future growth and need to be addressed if the UK’s ambitions are to be realised.

Newbury Racecourse restaurant The Hennessey gets £1.5m renovation

Newbury Racecourse’s most popular hospitality venue The Hennessey restaurant has undergone a £1.5 million transformation.

The work took place over 14 weeks and has seen the restaurant revamped with an allencompassing view of the racetrack.

Opened in 2003, The Hennessey is the most popular hospitality venue at Newbury and now can cater for up to 340 guests at once. The restaurant can also be used for non-race day events such as conferences, award ceremonies and banquets.

Newbury Racecourse CEO, Julian Thick, said: “The new restaurant offers racegoers the opportunity to enjoy our year-round action, with picture-perfect views along the entirety of the racecourse from an impressive vantage point high above the finish line.”

Oxfordshire plays pivotal role in UK’s ambition to be a scientific superpower

The Hennessey restaurant at Newbury Racecourse. Credit: Newbury Racecourse

Members of the team at MINI Plant Oxford with the one-millionth MINI 3-door of the current generation

Abingdon’s Barkby Group completes first roadside development

Barkby Group PLC, a real-estate, hospitality, and life sciences company based at Milton Park in Abingdon, has announced that work on its roadside development in Wellingborough has been completed.

The company also said that the newly completed development has been fully let.

THAME-BASED SNAFFLING PIG SMASHES CROWDFUNDING TARGET

Snaffling Pig, the UK’s second-largest pork snack brand, smashed its £150,000 crowdfunding target by raising more than £227,900.

The brand, based in Thame, has sold more than 20 million packets and reported strong Christmas sales, but found itself in a supply chain crisis last year when it had to close its factory for six months, reducing sales to £4.2 million, down from £5.7 million in 2021.

The company responded by expanding its snacking range, strengthening its omni-channel, introducing a second UK supplier, setting up a third supplier in

Europe allowing expansion into the EU and reducing its average monthly overheads from £220,000 to £50,000.

The company was co-founded by Nick Coleman, who is now CEO. His co-founder is Udhi Silva, who is Sales Director.

The duo also co-founded Aylesbury-based Medical Supermarket in 2010, growing the medical business to a turnover of £7 million last year. They launched Snaffling Pig with just £500 and focus on grocery and gifting sales, marketing culture and strategy.

Moonpig founder Nick Jenkins is an investor and adviser.

Carter Jonas looks to gain planning consent for new Natural History Museum collections centre in Thames Valley

Property firm Carter Jonas has been appointed by the Natural History Museum to advise on planning matters and prepare a planning application for a new Collections, Digitisation and Research Centre at the Thames Valley Science Park.

The Museum recently received £20 million of government funding for the Unlocked programme, on top of the £182 million

announced in the spring of 2020.

This facilitates the museum’s largest collections move for more than 140 years.

The collection facility will also house a science and digitisation centre, allowing the NHM to perform research concerning issues including biodiversity and climate change.

Barkby bought the site for £540,000 in January 2021 with 90 per cent of lettings already chalked in preconstruction. Occupiers include Greggs, Formula One Autocentres, City Plumbing Supplies, and a Brewers Decorator Centre branch. The total rental income for Roadside will be £237,000 per annum.

This completion marks the company’s first development in a growing portfolio of roadside real estate. Barkby is currently waiting on the completion of another roadside scheme in Maldon, with construction due to be completed in six weeks.

Executive chairman of Barkby, Charles Dickson, said: “Wellingborough’s practical completion is an important milestone for the company. It is our first development to have completed in line with our roadside real estate and EV strategy, through which we will build a portfolio of high-quality income generating assets sustainably providing essential services to their local communities and the wider general public.

“Declining town centres and prohibitive transport policies are hollowing-out urban centres across the UK. Roadside Retail developments like Wellingborough enable consumers to easily purchase a range of essential goods and services with free convenient car parking.”

Snaffling Pig

OXFORD’S PEDAL AND POST URGES PEOPLE TO INVEST IN GREEN BIKE DELIVERY SERVICES

Oxford-based Pedal and Post is urging people to offset their parcels habit by investing directly in cargo bike companies providing sustainable, zero emission delivery services.

It follows research which suggests that UK households using delivery couriers with diesel vans are costing the NHS and other services a total of £12.9 billion a year across England’s towns and cities in costs such as congestion, air pollution, fatal accidents and repairs to roads.

The negative impact of the parcel deliveries each household receives each year could be entirely offset by an investment of £1,200 in its new share issue, says Pedal and Post.

Jamie Hartzell, chair of Pedal and Post, said: “Investing in a zeroemission cargo bike delivery company gives an opportunity to reduce the costs to the taxpayer, cutting congestion and cleaning up our air.”

Research from the Department for Transport has found that 33 per cent of all urban deliveries could be done by cargo bikes or e-cargo bikes.

Lisa Ashford, CEO of Ethex, an ethical investment platform, said: “Consumers should be pressuring the delivery companies to switch to zero emissions transport for the final mile of delivery.

“But they can also make investments backing innovative and pioneering companies that are using cargo bikes to cut emissions.”

Vodafone agrees merger with Reading-based mobile network rival Three UK

Newbury-based Vodafone has agreed to merge with Reading-based mobile network rival Three UK, creating one of Europe’s largest 5G networks.

The parties said they would invest £11 billion in the UK over 10 years to create one of Europe’s “most advanced standalone 5G networks”.

The merger would yield up to £5 billion per year in economic benefit by 2030, create jobs and support digital transformation of the UK’s businesses, they said.

Every school and hospital in the UK will have access to standalone 5G by 2030.

The combined group will be majorityowned by Vodafone at 51 per cent.

The firms anticipate cost savings of £700 million.

Margherita Della Valle, Vodafone Group chief executive, said: “The merger is great for customers, great for the country and great for competition.

“It will create a best-in-class - indeed best in Europe - 5G network, offering customers a superior experience. As a country, the UK will benefit from the creation of a sustainable, strongly competitive third scaled operator - with a clear £11 billion network investment plan - driving growth, employment and innovation.

“For Vodafone, this transaction is a game changer in our home market. This is a vote of confidence in the UK and its ambitions to be a centre for future technology.”

Canning Fok, group co-managing director of Three UK owner CK Hutchison, added: “This is a major milestone for CK Hutchison and for the UK.

“Three UK and Vodafone UK currently lack the necessary scale on their own to earn their cost of capital.

“This has long been a challenge for Three UK’s ability to invest and compete.

“Together, we will have the scale needed to deliver a best-in-class 5G network for the UK, transforming mobile services for our customers and opening up new opportunities for businesses across the length and breadth of the UK.

“This will unlock significant value for CK Hutchison and its shareholders, realise material synergies, reduce net financial indebtedness and further strengthen its financial profile.”

The merger is subject to regulatory and shareholder approvals.

One of the Pedal and Post delivery bikes. Credit: Pedal and Post

SOCIAL ENTREPRENEURS: HELPING TO DRIVE CHANGE

Social entrepreneurship has emerged in recent decades as a way to bring about positive changes in society, focussing on positive change, by addressing issues such as poverty, climate change, healthcare, education, biodiversity loss and more.

They often use a business-minded approach to tackle society’s most pressing social problems in new ways, combining the best of business and non-profit worlds.

They are driven by wanting to make the world a better place.

A FORCE FOR CHANGE

Growing environmental awareness means sustainability is becoming increasingly important in business and social entrepreneurs are at the forefront of this change.

The urgency and magnitude of global issues such as climate change, inequality, and poverty mean companies run by social entrepreneurs will play a key role in providing solutions to these problems.

Social entrepreneurs possess an ability to

recognise when the markets are failing to provide what humanity needs and then to create and execute solutions to address these issues. These include providing clean water, access to renewable energy, financial inclusion and high-quality educational resources.

In their quest to make the world a better place, social entrepreneurs often encounter challenges, such as limited financial resources and difficulty in gaining public recognition and support.

FACING UP TO THE CHALLENGES

Perhaps the biggest challenge social entrepreneurs face is the lack of funding. The problem for many is that it can be hard to attract investment capital if the organisation is not for profit as investors may not believe there is a substantial monetary return.

This is partly due to the misconception that socially driven organisations are not profitable and are seen as risky. Traditional investors are often more risk averse than investors who support social entrepreneurs and they may not be as

jeremy.hill@kleinworthambros.com

familiar with the social impact sector. Investors can be hesitant about giving large sums of money to social entrepreneurs due to their lack of understanding of what they do. This can be incredibly discouraging, so having a well thought out business plan and a reliable approach to generating returns is essential.

It can also be difficult to measure the power a company, run by a social entrepreneur, has to create positive change in the short term, which can deter investors. Scaling up to the next level can also be a significant challenge for social entrepreneurs as their businesses grow.

The lack of support and structured policies limits the ability of companies run by social entrepreneurs, to expand their operations and can also be harder to start than a forprofit organisation.

Commonly, they pay staff less than larger corporations, which can make the pool of talent available smaller. Finding and developing the right talent can be difficult and the problem is even worse for social enterprises looking to expand.

Social entrepreneurs are driven by wanting to make the world a better place. We take a look at the challenges they face and the help available to them.

THE IMPORTANCE OF SUPPORT STRUCTURES

Having a reliable support network and resources to turn to for guidance is essential for the success of any business.

As the concept of social entrepreneurship is relatively new, there is an absence of support systems and regulations in place for businesses. This is particularly evident in the UK, where tax incentives for social entrepreneurs are still not standardised, creating confusion for those involved.

Incubators and accelerators are vital for providing social entrepreneurs with the stepping stones to help build solid foundations for their businesses.

These organisations can help social entrepreneurs expand their knowledge of business, connect with potential investors and gain a deeper understanding of their customer base. They can also provide crucial support and mentoring from social entrepreneurs who have already been through a similar journey.

Real Wild Estates is a unique land management business, specialising in making ecosystem restoration and nature recovery a viable land use option for owners.

Why did you decide to become an entrepreneur?

It never occurred to me growing up that I could, or even would, be an entrepreneur. I still don’t see myself as one, but merely as a person who sees something that is a problem or issue and thinks of a way to change it or overcome it or do a better job. It’s always been a belief or passion that has driven me, never wealth itself..

What does private wealth mean to you now?

The accumulation of wealth has never been the reason I get out of bed every day. I have always had a mission and it’s this that drives me. Today’s wonderful objective of restoring vast tracts of the UK’s marginal landscapes back to nature, excited me far more than any accumulation of wealth ever could – even as I nudge close to 60 years young.

What challenges are entrepreneurs facing?

FOUR THINGS TO CONSIDER

• Social entrepreneurs focus on bringing about positive social change though their initiatives.

• The biggest challenge social entrepreneurs face is finding the necessary funding for their projects.

• As the concept of social entrepreneurship is relatively new, there is an absence of support systems and regulations in place for businesses.

• Incubators can provide crucial support for social entrepreneurs, helping them to connect with potential investors.

The UK is much more entrepreneurial than it was 40 years ago. However, it’s also become harder now to stick out from the crowd. It’s more tech heavy and complex, requiring more skillsets and expertise, so it’s more expensive to start up.

What advice would you give to someone launching a business?

A company is just a set of people with an idea. Choose your team well because they will be the reason you first survive – then thrive. Remember investors buy entrepreneurs and their expertise and drive, not simply their ideas or products, which, unlike them, can always be changed and modified to suit a marketplace.

If you would like to read more about Real Wild Estates scan the QR code.

INTERVIEW – JULIAN MATTHEWS, MANAGING DIRECTOR AT REAL WILD ESTATES

To listen to The Entrepreneurs’ Chat podcast, scan the QR code.

CHARITY SET UP BY HAMPSHIRE HOUSEBUILDER HITS £2M MILESTONE IN LESS THAN EIGHT YEARS

A charity run by Hampshire-based specialist housebuilder Churchill Retirement Living has raised more than £2 million since it was set up in 2015.

In the past year alone the Churchill Foundation has supported 79 charities around the country, including a donation of more than £60,000 to Macmillan Cancer Support in 2022.

The total has been achieved thanks to the ongoing support of Churchill’s colleagues,

owners and business partners, which has enabled the Foundation to emerge strongly from the pandemic.

With fundraising activity no longer impacted by Covid restrictions, the Foundation has returned to normal, co-ordinating a range of charity bake-offs, raffles, coffee mornings and other initiatives at the 200plus retirement developments Churchill manages around the country.

As well as large-scale fundraising, the

Hedge End-based VapeGuardian creates UK’s first sensor to detect vaping

With vaping on the rise and teachers struggling to stop pupils using e-cigarettes, technology provided by a Hampshire company is helping schools to fight back.

Hedge End-based VapeGuardian has created the UK’s first sensor that detects vaping and then sends an alert to a designated teacher within five seconds.

The Smart Vape Sensor, designed by software engineer and father-of-four Simon Hassett, constantly examines the air and can pick up the slightest trace when someone is vaping. He says that more than 100 schools have already ordered the sensors, including several primary schools.

Now he is about to launch a smaller, more discreet model that can be fitted in children’s bedrooms so parents can find out if they are vaping at home.

Meanwhile enquiries have also started to come in from airlines and airports. Simon says he has also spoken to several hotels about potentially supplying sensors.

He explained: “There has been such a rapid growth in vaping and many people, especially parents, are just not aware of how bad for your health it can be.”

Foundation also makes a difference to many more charities through its small grants programme and colleague match funding.

Spencer and Clinton McCarthy, co-founders of Churchill Retirement Living in Ringwood and trustees of the Churchill Foundation, said: “The Churchill Foundation is our way of giving something back to the communities where we work.

“To reach £2 million in less than eight years makes us incredibly proud.”

Office suites at Portsmouth’s Gunwharf Quays on course to be fully let

Office suites in the heart of Portsmouth’s Gunwharf Quays are now almost fully let.

Vail Williams is overseeing four leasehold deals on behalf of Landsec, which owns and manages the waterside development.

The units range in size from 699 to 2,476 sq ft. New occupants include equipment hire firm Resolve and recruitment business Dawson Levy, as well as video game developers FreeJam Games and Climax Studios. Matt Cureton, Senior Surveyor at Vail Williams’ Portsmouth office, said: “The development has more than 90 premium outlet stores and 30-plus restaurants, so office workers can step outside straight into the entertainment.

“Given the location, we anticipate keen occupier interest in the one available office suite and, when refurbishment is completed, in the other two suites.”

Colleagues celebrate the Churchill Foundation’s £2m fundraising milestone. Credit: Churchill Retirement Living

New boutique working space opens in Poole

A new and ultra-modern boutique co-working space called Foundry has opened in Poole’s The Dolphin Centre.

The first of 250 members have moved in, including growth consultancy Aparo, Vault X, which makes binders and boxes for trading cards; property network Poole Property Club; and Mark Masters, leader of business community You Are The Media. Adam Walker, co-founder of Foundry, said: “Foundry in Poole sits in a

fantastic location in The Dolphin, above the bus station. That may seem like a strange juxtaposition for some, but part of the mission of Foundry and cofounders Legal & General Investment Management is to reframe that experience.

“LGIM understand that shopping centres can no longer rely purely on retail for income. They have to reframe these spaces as assets to the community, somewhere people can socialise and work.

NEW OWNERS PLAN TO TURN FARM SHOP INTO COMMUNITY HUB

Since Covid, local farm shops have see rises in footfall and expanded their services to meet growth demand. Fordingbridge Farm Shop, a family-run shop on the western edge of the New Forest in Hampshire is no exception.

The business has been taken over by husband-and-wife Neil and Corinna Rogers who signed a lease in a transaction organised by property consultancy Vail Williams. Previously vacant, the 3,656 sq ft site is being revamped by the couple

who are looking to turn it into a retail and entertainment hub for the town and surrounding villages.

Neil said: “We have a lot of plans for the shop, café and Mediterranean-style courtyard, with events, music sessions, street food markets and locally-sourced food.”

Nearby rural rides also mean that the shop can cater for the cycling community in the area. Corinna said: “During the pandemic

“John Grinnell, Centre Manager at The Dolphin Shopping Centre, is more a ‘curator’ in the sense that he knows the shopping centre needs to be ‘future ready’.”

Foundry aims to create an environment for people to come together to work, share ideas, network and socialise with new connections made.

General Manager Ema Armstrong said: “Foundry is an innovative space where individuals and businesses can learn and grow from each other. Joining the team at this key stage enables me to be a part of Foundry Poole’s evolution into an incredible hub where people thrive.”

we used to walk past the farm shop as it was being constructed and always remarked ‘wouldn’t it be amazing if we could be in there one day’?”

There are well over 1,000 farm shops operating in the UK, according to the Farm Retail Association, and when big supermarkets reported fruit and vegetable shortages earlier this year, farm shops and farmers’ markets, with their focus on locally produced produce, were less affected thanks to their short supply chains.

Vail Williams’ Ben Duly with Corinna and Neil Rogers at Fordingbridge Farm Shop.

Adam Walker, co-founder of Foundry. Credit: Foundry

Foundry in Poole. Credit: Foundry

MORE THAN 100 SOUTH COAST CONSTRUCTION AND PROPERTY PROFESSIONALS TAKE TO THE SOLENT

More than 100 people competed aboard 12 yachts in the second annual South Coast Construction and Property Sailing Regatta.

Each yacht carried a professional skipper and crews made up of novices and experienced sailors.

The day began with at Port Hamble Marina and the event was sponsored

by Gracelands Ground Works and Civil Engineering, Connect It Utility Services and MSP Capital.

The teams battled it out in the Solent and Gracelands emerged as the winner, with Connect It taking second place and Dutton Gregory & Sillence Hurn securing third place.

Lucy Richmond from South Coast

CPS said: “The aim of the event is to encourage teamwork and development.

“It’s always inspiring to see people working together.”

The South Coast Construction and Property Sailing Regatta brings together professionals from the construction and property industries for a day of competition on the water.

Alton’s In-Space Missions to fund software degrees for female coders

Alton satellite builders In-Space Missions have teamed up with Code First Girls to train a new generation of female coders.

The company will be funding software degrees for female engineers to communicate with its satellites and spacecraft.

This comes as part of an effort to address the gender diversity gap among its staff, alongside tech firm Thales, missiles manufacturer MBDA and defence multinational BAE Systems.

Elizabeth Seward, Head of Space Strategy and Future Business at BAE Digital Intelligence, said: “To stay ahead in the New Space Age, building capacity and diverse digital skills are essential for ensuring continued secure innovation.

“Yet, the glaring digital skills gap poses a significant challenge to the future of the space sector.

“Our research found that 56 per cent of senior aerospace decision makers said the combination of attracting and retaining the right talent is presenting a major challenge.

“What’s more, over a quarter cited a lack of diversity – including

gender, ethnic background and age – when it comes to recruiting STEM talent, which is holding back their business.”

It’s not a new problem – a recent report from the UN showed that women have made up a fairly static 20 per cent of the aerospace and defence workforce for the past three decades.

“A diverse workforce will be the key to companies having a competitive edge.”

Code First Girls was set up in 2012 to help swing the balance. The programme provides a pathway to tech industry employment through free education in STEM subjects.

The organisation recently conducted a survey which found that women in tech are particularly interested in the fields of artificial intelligence, machine learning, and big data.

Anna Brailsford, CEO of Code First Girls, said: “As the UK continues to build its reputation as a global centre of excellence for aerospace and defence, a diverse workforce will be the key to companies having a competitive edge, ensuring continued innovation and creative solutions.”

Some of the sailors in the regatta. Credit: Paul Collins/PC Visuals

TOP SME GROWTH COMPANIES IN THE SOLENT RECOGNISED

The Business Magazine has brought back its Solent SME Growth 100 ranking

The Business Magazine’s Solent SME Growth 100 celebrates privately-owned small-to-medium sized enterprises based within the Solent region.

To qualify for the ranking, which was last published in 2015, companies must be based in the region and have no more than a £25 million turnover.

At the top of this year’s ranking is the Andover-based Pure Cremation, which has grown rapidly since being founded in 2015.

The second spot in the Solent SME 100 ranking is filled by premium travel operator FJB Hotels. Family-owned Dolphin Motorhomes,

Meet the judges and sponsors

“Working with SMEs day-in, day-out, we have the privilege of witnessing the quality of management teams and their colleagues and the significant value, innovation and contribution they add to the UK economy. SMEs across the Solent and wider South East have shown incredible resilience during what has been a challenging couple of years. We are pleased to be able to support many of these companies and delighted to be involved in the Solent SME Growth 100 listing.”

SME Capital

Chris Collings, Regional Director

based in Southampton, sits third.

The ranking is compiled by The Business Magazine and sponsored by SME Capital, Evelyn Partners, Cobweb Solutions and the Chilworth Partnership.

Championing local business, the Solent SME Growth 100 encompasses companies of all kinds, from commercial vehicle bodyshops and marquee manufacturers to superyachts and retailers.

It is a substantial list of diverse and exciting companies who are driving innovation and growth in the South.

Cumulatively, these 100 fast-growth companies have an annual turnover of

more than £1,500 million and employ more than 10,000 people from the region.

Several industries stand out. Roughly 15 per cent of this year’s fastest growing companies are in construction and related services, a further 15 per cent are in manufacturing and engineering, 10 per cent in IT and 10 per cent also in the automotive and marine sectors.

A networking dinner and awards ceremony will take place in November to celebrate the best of business growth in the region.

For more information about the ranking or awards dinner please contact jo.whittle@black-ox.com

Throughout the Solent SME Growth 100 programme, interviews take place with the judging panel for a number of awards

“Cobweb Solutions is proud to support the listing of the 100 fastest growing companies on the South Coast. As a leading Cloud Solutions and Cyber Security provider in the region, we recognise the immense value that these companies bring to the local economy and the broader business landscape. By showcasing and celebrating their remarkable growth and success, we not only inspire innovation but also foster a culture of entrepreneurship and collaboration. As these businesses expand, they create new job opportunities, attract talent, and stimulate local investment. The listing serves as a powerful platform for networking, knowledge-sharing and collaboration which fosters an ecosystem where ideas flourish and partnerships thrive.”

Cobweb Solutions

Richard Meek – Head of Marketing & Communications

“The Chilworth Partnership is thrilled to co-sponsor The Business Magazine’s Solent SME 100 Growth 2023 awards this year.

As senior financial recruiters, we are especially delighted to be sponsoring the ‘Most Outstanding Finance Team’ award.

“We would also like to congratulate all those who have made the final top 100 list, an award in itself, and we look forward to understanding the personalities and drivers that are behind such strong company growth.”

The Chilworth Partnership

Richard Carter and Rod Hutchings – Joint founders

“As a Top Ten firm of business and tax advisors with a strong presence in the Solent region, we are very pleased to be sponsoring the Solent SME 100 listing. Working with ambitious businesses and supporting SMEs on their growth journey, we have over the years seen many local businesses grow from start-up to established businesses with international operations. We welcome the opportunity to support businesses on this journey through our involvement in the listing.”

Evelyn Partners

Rebecca Combes, Partner, Head of Tax Services

GUILDFORD DISTILLERY SILENT POOL LAUNCHES NEW BLACK JUNIPER GIN

Guildford-based distillery Silent Pool has launched its new Black Juniper Gin.

The drink uses black juniper which only grows above 4,000 metres (that’s almost as high as Mont Blanc), sourced from the Himalayan Kingdom of Bhutan (which is considerably higher) and sustainably collected by local foragers who leave some berries on bushes to maintain future supply.

This is combined with botanicals including coriander, voatsiperifery (rare wild pepper) and Tasmanian mountain pepper to create the 43 per cent ABV gin. So perhaps it’s not surprising that a bottle sells for £295.

Silent Pool Distillers marketing director Rhian Billington said: “Genuinely innovative projects are integral to us.

“Working with Michael Rutland OBE, the United Kingdom’s honorary consul in Bhutan, this private commission of black juniper berries has allowed us to create a truly remarkable gin that exceeds the expectation of our discerning customers and fellow gin producers alike.”

The British gin industry is worth more than £420 million. Last year the Office of National Statistics revealed that there are now more than 820 distilleries in the UK – most of these being micro distilleries which have fewer than 10 employees.

Crimson Tide, the Tunbridge Wells-based creator of mobile job management app the mpro5, has won a new NHS contract.

It builds on a recent previous contract with the NHS, which will help the Trust save money and become more efficient. The newest contract adds Internet of Things sensors to enable more effective use of the Trust’s staff and facilities.

The new 36-month contract is worth approximately £300,000 and takes the full value to more than £500,000 across a three-year term.

The announcement comes following a period of success for the company, which has seen four of its long-term clients renewing

contracts and adding more users or use cases.

By the end of their new contracts, all four clients will have been mpro5 subscribers for more than a decade, with a combined total of more than £650,000 of secured contracted revenue.

Crimson Tide Chairman, Barrie Whipp, said: “We are very pleased to add mpro5’s sensor-driven actions to our initial contract with this NHS Trust, which we believe will drive direct savings and improvements across its estate.

“Our goal is to work with the Trust to establish a repeatable series of processes and procedures that drive compliance and efficient use of staff and facilities.”

The new Black Juniper Gin from Silent Pool costs £295 a bottle

Mobile job management company Crimson Tide wins NHS contract

Crawley firm

Bramble Energy to lead £12m hydrogen bus project

Companies from across the UK are set to collaborate on a project to develop a hydrogen-powered bus.

GUILDFORD’S NATUREMETRICS SET TO COMMERCIALISE AIR SAMPLING IN WORLD FIRST

Guildford-based NatureMetrics says it is on course to be the first company in the world to offer environmental DNA (eDNA) air sampling as a commercial service.

Air sampling is a process used to determine what airborne contaminants are present in an environment.

In partnership with the Clare Lab and York University in Toronto, Canada, the company has supported an Alliance Grant from the Natural Sciences and Engineering Research Council of Canada and the Ontario Centre for Innovation.

This will enable an investigation of the commercial application of airborne eDNA analysis.

The technology could offer more effective and scalable techniques for monitoring biodiversity and meet government pressure on organisations to assess their environmental impacts.

NatureMetrics and the Clare Lab will collaborate in developing air-based biodiversity sampling technology commercially.

Environmental DNA monitoring of aquatic systems, soils, marine sediments and insect traps have all been developed by NatureMetrics as it expands its ecommercial services globally.

However, the eDNA assessment of certain important species such as bats in terrestrial systems has remained a challenge – until now.

A previous collaboration saw NatureMetrics supporting tests of the first applied use of airborne eDNA for ecological analysis, detecting bats and other animals living in important roost habitats – demonstrating the technology’s effectiveness in the wild.

The NatureMetrics project team will now be deploying the prototype, developed by the Clare Lab, to accurately assess animal communities in habitats such as roosts and caves.

Project lead Dr Elizabeth Clare, Assistant Professor at York University, said: “This project represents an important next step in the evolution of eDNA application for robust biodiversity monitoring.”

Led by Crawley-based Bramble Energy and supported by Leamington Spa-based Aeristech, the University of Bath and Equipmake, the Hydrogen Electric Integrated Drivetrain Initiative (HEIDI) is working to develop a revolutionary hydrogen doubledecker bus integrating Bramble’s low-cost printed circuit board fuel cell (PCBFC) technology.

HEIDI has now secured £6.3 million funding from the Advanced Propulsion Centre, which will be matched by industry, taking its total funding to £12.7 million.

The UK-based consortium will develop a hydrogen-powered double-decker bus, using a firstof-its-kind fuel cell technology from Bramble Energy; Aeristech’s high efficiency air compressor, and Equipmake’s motor power electronics and battery management system.

The powertrain will be optimised through vehicle simulations carried out by the University of Bath.

Sussex’s Bramble Energy has been selected for this project due to its revolutionised fuel cell design and manufacturing process.

Using a patented-protected printed circuit board technology, it can create bespoke fuel cell stacks in a matter of days at scale and low-cost.

Dr Vidal Bharath, CCO at Bramble Energy, said: “This consortium of partners means that we will be able to deliver a world-leading hybridized powertrain.”

GLI GRANTED PLANNING PERMISSION FOR ULTRA-SUSTAINABLE LOGISTICS HUB IN CROYDON

GLi, a joint venture between property development company KSP and realestate investment company Patrizia, has secured planning for two ultra-sustainable warehouses in Croydon’s industrial area.

The warehouses are 52,605 sq ft and 55,165 sq ft respectively and are between Imperial Way and Queensway – ideal for companies serving the market in both South London and the South East.

This scheme marks GLi’s first development

to achieve planning outside of its Park Royal logistics hub. The Croydon scheme will help the company meet the increased market demand for sustainable last-miles logistic spaces within the M25.

Chief executive officer at KSP, David Johnson, said: “Croydon is a perfect location for our first units serving Croydon, South London and the South East.

“Our designs help occupiers to save energy and operating costs and deliver to

Caterham unveils vision for future all electric Seven

Kent-headquartered car maker Caterham has unveiled an all-electric prototype of its Seven vehicle.

The EV Seven is being engineered in collaboration with Swindon Powertrain Ltd and is based on the larger Seven chassis and features a bespoke version of the latter’s E Axle, combined with an immersion cooled battery pack.

The car’s weight is under 700 kg; it has an estimated top speed of 130 mph and its performance is estimated to be 0-60 mph in four seconds.

Bob Laishley, CEO of Caterham, said: “Any future EV model we produce must be true to the DNA of a Caterham: lightweight, funto-drive and driver focused.

“The main objective for this project is to develop a vehicle with a weight delta of no more than the equivalent of having a passenger on board. We’re never going to launch a one tonne Seven – we’d rather not do it.”

The company said any electric Seven must be useable on both the road and track. Bob added: “Building a Seven that’s capable of a Sunday morning drive is achievable with current battery technology, but the challenge is for track use where the energy consumption is greatly increased.”

The Caterham boss said there were no plans to put EV Seven into production currently and the project was a “test bed” to see how well an EV powertrain works for the firm’s customers’ specific use cases.

“We’re going to bring this to market at the right time, when the future generation of battery technology allows it, and that’s why now is the time for us to trial the concept,” he added.

Raphaël Caillé, managing director of Swindon Powertrain, said: “Our history

their customers with even more efficiency. It also provides businesses with an ultra-sustainable building that will adhere to strict government energy efficiency targets.”

Both units are 100 per cent electric with maximum rooftop PV coverage. Parking spaces will have access to EV charge points, while the sites will also harvest rainwater and feature biodiverse landscaping

of working with Caterham spans more than three decades – we developed the Vauxhall engine used in the JPE [Jonathan Palmer Evolution] edition Seven in the early 1990s, and we’re thrilled to be able to continue this partnership today through our work on this exciting project.”

The EV Seven concept will make its public debut at Goodwood Festival of Speed in July.

Caterham, which is celebrating its 50th anniversary this year, said it is also developing another fully electric sports car concept that it will reveal this year. This design is being led by the brand’s new chief designer, Anthony Jannarelly, and further details will be announced in coming months.

Caterham is owned by Japanese retail group VT Holdings, which has served as a Caterham importer since 2009.

Caterham’s all-electric prototype

FORMULA ONE ETHOS KEY TO PEAK BUSINESS PERFORMANCE

Milliseconds matter on a Formula One (F1) circuit and the only way one can be shaved off is if the whole team is driving forward as one, making small improvements as they go until they are cheering their driver up on the podium.

The F1 philosophy of marginal gains is ingrained within the thinking of Michael Frisby of Infinigate Cloud, formally Vuzion, who holds the position of Senior Vice-President Cloud Services with the Fareham firm.

Swiss-headquartered Infinigate acquired Vuzion, which had a 2022 turnover of

Michael Frisby

There is a no blame culture and all data is analysed so that areas for improvement can be identified. We try to do this in our business and look at how we can make small improvements every day across everything that we do

By Stephen Emerson, Managing Editor

Infinigate Cloud’s Michael Frisby on how F1 inspires him and his team to success

£40.23 million a year in August last year, with the Hampshire-based firm now employing 60 people.

“I love the sport for its team ethos, said Michael, who has also secured the Infinigate Cloud logo on the nose of the Williams Racing F1 car next year.

“What Toto Wolff built as a business leader and team leader at Mercedes AMG F1 is more impressive than what Lewis has done as a driver in building a team which won eight consecutive constructor championships.

“There is a no blame culture and all data is analysed so that areas for improvement can be identified. We try to do this in our business and look at how we can make small improvements every day across everything that we do.”

Developing a culture of constant improvement, Michael says, also rests on creating a working environment where people are supported and mistakes are learned from.

He said: “If you have created the right environment for people and have the right strategy then you can knock through anything.

“Mistakes happen every day so you do not want a culture where people are being blamed when things go wrong.

“Sometimes things go wrong and we have to learn from it and ensure we are better tomorrow.”

A passion for computing at eight years old

Michael, a married father of three, first developed a passion for computing at the age of eight when his friend’s dad showed him how to write Breakout from scratch on his new Commodore VIC-20 he had been given for Christmas.

He spent five years of his early career working for Microsoft working on its ASP technology, a precursor to the Cloud.

Michael also worked for Cobweb Solutions where he spent five years working as a Business Development Director before returning to Microsoft to build the Office 365 reseller business across Western Europe.

His second spell at Cobweb Solutions saw his return as Managing Director with Vuzion launched in 2016.

Vuzion was acquired by cybersecurity distributor Infinigate primarily for its Microsoft expertise, in recognition of Microsoft’s position as a leading cybersecurity vendor, to provide access to the Microsoft channel and bring its digital platform expertise to the broader group. Looking ahead the plan is to rapidly

expand Infinigate Cloud across Europe, the Middle East and Africa.

Ambitious growth targets require excellent salespeople who are able to explain complex technology to clients and relate the benefits that it provides to their business.

“For me it’s about driving to a win-win, Michael said.

Building long term relationships

“We are not a high pressure, hire and fire sales organisation and it’s about building long-term relationships with our customers.

“Each of our customers has an account manager to help them grow their business.

“We wake up each morning thinking about how we help our partners be successful, rather than about ourselves.

“By helping our partners grow their businesses faster, we benefit from that. It’s a true win-win approach.”

Michael explains what he looks for when it comes to hiring new recruits to his sales team.

“We hire for attitude and values so that they fit in with the culture, he said.

The 2023 Williams Racing F1 car will have Infinigate Cloud on its nose

“We can train the skills. We have hired salespeople from a range of backgrounds, from car salespeople, people who have sold blinds to those who have had careers in the IT industry.”

Microsoft proves a good training ground

This belief in people was drilled into Michael during his 13 years at Microsoft.

He said: “Microsoft is one of the best business schools on the planet.

“They are very focused on partner satisfaction and this is something that is also a big part of our culture.

“We always ensure our teams have between five and 10 per cent of their time dedicated to training as in the IT world there is something new every month to learn.”

Lifelong learning is something that Michael not only advocates but actively participates in, pointing to the value that CEO peer groups have added to his own expertise. He said: “I was a member of the Academy for Chief Executives which is a CEO peer networking group.

“Being a CEO can be a lonely vocation but being able to talk through problems with your peers helps and gives clarity alongside making you a better leader.”

The Cloud economy, Michael says, is still in its early stages of development with the vast majority of organisations still hosting their servers on site.

He points to the analogue telephony switch off in 2025 and the no and low code movements, which are pushing for simplification of application and web development, as key drivers of cloud growth.

He said: “I think there is huge growth ahead especially when you consider that analogue telephony gets turned off in 2025. There will be a big drive to online telephony.

“There will also be growth in process improvement through the low code or no code movement creating simple apps that will create more self-service options for customers.”

Michael says hybrid working is also a growth catalyst for cloud as companies continue to bring in new working patterns into their IT infrastructure.

It is generative AI, however, that Michael describes as “transformational” for not only the cloud computing industry but multiple sectors across the economic spectrum.

He said: “It is going to be transformational in terms of capabilities.

“Businesses are trying to work out how they can sensibly leverage these new generative AI tools and models to automate the mundane and free up time for people.”

Cyber security breaches, says Michael, are of utmost concern to companies fearful of the consequences that an attack can reap upon their business.

Michael says that Artificial Intelligence (AI) is shifting the balance back in favour of the software vendors and their customers.

He said: “Microsoft processes 65 trillion security signals every day for patterns of behaviour of what the bad guys are up to which tilts the balance back in favour of the defenders rather than the attackers.

“To be able to spot what attackers are trying to do at machine speed presents a huge opportunity to us as a business.”

Being a CEO can be a lonely vocation but being able to talk through problems with your peers helps and gives clarity alongside making you a better leader

The Williams Racing pit stop team in action

BERKSHIRE CLUSTER AWARDED £600,000 BY BRITISH FILM INSTITUTE TO BOOST SECTOR SKILLS

A Berkshire-based ‘Skills Cluster’ has been awarded £600,000 by the British Film Institute (BFI) to help more people work in the UK’s film and TV production industry, which faces an acute skills shortage.

The cluster comprises Slough-based Resource Productions CIC, Shinfield Studios and the University of Reading.

It is part of a wider national programme of investment by the BFI, which will see a total of £9.6 million of National Lottery funding over three years. The Berkshire cluster, however, is the only project focused around a single county.

Berkshire is already a well-known destination within the industry, not least

due to the ongoing construction of Shinfield Studios.

When complete, this new production facility will become the fourth largest of its kind in the UK.

Nick Smith, joint managing director of Shinfield Studios, said: “When we were looking for a location to build Shinfield Studios we knew that Berkshire had so much to offer.

“With Shinfield Studios less than 12 months away from being fully operational, there will be even more opportunity for employment in this rewarding sector.”

Dominique Unsworth MBE, CEO of

Resource Productions CIC, added: “After more than two decades diversifying the talent supply chain from our not-for-profit in Slough, we are really excited to bring this skills investment into Berkshire.”

Bafta and Oscar award-winning producer Gareth Ellis-Unwin, best known for the British film ‘The King’s Speech’, is CEO of Bedlam Film Productions, which is supporting the Berkshire cluster.

“Living locally, I know that Berkshire is already blessed with some incredible resources as a centre for film and TV production, but we need to make best use of our most important asset – our local workforce – whoever and wherever they are.”

Oxfordshire students get taste of tech careers at Milton Park

Students from St Birinus Boys’ School toured Milton Park near Abingdon in a bid to inspire the next generation of technologists.

Volunteers from Milton Park, the science, business and technology park, helped at a skills workshop at Vertex Pharmaceuticals’ Learning Lab and took a ride on the UK’s first fully electric autonomous bus service.

At Vertex Pharmaceuticals’ research lab, students were shown how to use a micropipette, accurately measuring out micro quantities of liquid – a foundational skill for lab scientists in biotechnology and pharmaceutical research.

Scientists from across the company were on-hand to discuss their career paths and give valuable advice to the students.

Milton Park has appointed Ahead Partnership, market-

leaders in social value solutions that connect young people to opportunity, to deliver the programme.

The latest event follows successful interactive careers panels and interview practice workshops with Didcot Girls’ School – part of the Ridgeway Education Trust, alongside St Birinus Boys’ School, Didcot Sixth Form and Sutton Courtenay C of E Primary School.

Veronica Reynolds, Sustainability & Community Manager at Milton Park, said: “We’d like to thank all the volunteers that have participated in the programme so far, making each event a great success and giving students genuine insights into exciting careers across a breadth of STEAM sectors.

“It was fantastic to welcome the students to Milton Park, enabling them to find out more about the brilliant innovation that goes on in our buildings every day.”

Shinfield Studios

01 Moore Barlow boosts Surrey presence with senior appointment

South-east law firm Moore Barlow has hired Rupeena Shoker for the Surrey commercial property team. Rupeena joins from North Hampshire firm Lamb Brooks LLP, where she was partner and head of commercial property.

02

Maidenhead-based business transport company Kura has appointed Luke Garcia as head of corporate sales to help manage its growing list of clients in the corporate sector. Luke joins Kura from taxi and courier company, Addison Lee, where he spent five years working.

03 Trio of Partner appointments at Kent’s CooperBurnett

Tunbridge Wells law firm CooperBurnett has appointed three new partners, with one promotion and two new hires.

Sarah Strong, part of CooperBurnett’s Private Client team since 2014, has been promoted. David Brown (centre) a member of The Technology and Construction Solicitors Association and the Society of Construction Law, has been appointed to lead the firm’s recently-created Construction offering.Rounding out the trio is Russell Brinkhurst (right) who joins the Corporate and Commercial team.

04

Macbeth promotes Millie Smith to board as Marketing Director

Macbeth, one of the Thames Valley’s leading independent insurance brokers and financial services firm, has promoted Marketing Director Millie Smith to its board. In the newly expanded role, Millie’s responsibilities will include corporate communications, client experience, digital marketing and community partnerships, an area of strategic importance for the firm.

05

National property consultancy Carter Jonas has appointed Simon McConnell as head of its Oxford office, taking over from Steven Sensecall who leads the firm’s South and South West Planning and Development team. He is well known for advising on some of the region’s most significant residential transactions. He is also a Governor of Christ’s Hospital of Abingdon, the oldest of Oxfordshire’s charities.

06 Gamma rings the changes with new Chair

Newbury-based B2B telecommunications company Gamma has appointed Martin Hellawell Chair and Non-Executive Director. Martin joins directly from Softcat plc, where he was Non-Executive Chair. He is also Non-Executive Chair of Raspberry Pi Limited, Non-Executive Chair of AIM listed music Magpie plc, and a Non-Executive Director of AIM listed Team17 plc.

Luke hops on to Kura as Head of Corporate Sales

Carter Jonas appoints Simon McConnell head of Oxford office

07

Trethowans Partner is made National Chair of Resolution

Grant Cameron, Partner in the Trethowans’ family law team in Southampton, has been made National Chair of Resolution.

Resolution is a membership group founded in 1982 with the aim of working constructively to resolve family law issues and provide better outcomes for separating families. It has more than 6,500 professional members and 39 regional groups including solicitors, legal executives, students, judges, barristers, experts and academics.

09

Learn how to live life at uni says new Oxford Brookes University Chancellor

“Higher education is not just a way of getting a job, but a way of learning how to live life”, says the new Chancellor of Oxford Brookes University, actor and author Paterson Joseph. In what is a largely ceremonial role, as the new chancellor, Paterson will give an annual lecture, preside over certain ceremonies and act as an inspiration and ambassador for the university.

RM strengthens leadership team with appointment of Chief Digital Officer

RM plc a leading supplier of technology and resources to the education sector, has appointed Dr Gráinne Watson as Chief Digital Officer. She brings with her an extensive knowledge of technology and data science.

11

10 Former Rolls-Royce CEO joins Tokamak Energy Board

Warren East CBE, previously CEO of Rolls-Royce and Arm, has joined the Board of Tokaman Energy Non-Executive Director. It is the first board role he has accepted since leaving Rolls-Royce last December.

The Oxfordshire-based company is pursuing the global deployment of commercial fusion energy through the combined development of spherical tokamaks with high temperature superconducting (HTS) magnet.

11 Outsourcing agency Get Ahead welcomes new regional director

Outsourcing agency Get Ahead has appointed Lisa Middleton (pictured right with the company’s founder, Rebecca Newenham), as its new regional director in Hampshire.

Lisa specialises in business-to-business marketing and has worked for major global companies, including Ernst & Young, Computacenter and PXP Financial.

MORE CYBER SECURITY FUTURE PROOFING IS NEEDED SAYS CENSORNET

Half of British companies need to check their cyber security, says Basingstoke-based Censornet in its latest 2023 SME Cyber Report.

Small and medium sized businesses (SMEs) in the UK have seen cyber security readiness and resilience decline in the last year, it reveals, and more than half believe they need to boost their cyber security, up from just over 40 per cent the previous year.

The new findings are taken from Censornet’s 2023 SME Cyber Report –an annual survey gathering insights from 200 UK-based IT and security leaders. The research shows email attacks emerged as the top cyber security incident, with one in three organisations suffering a serious attack due to an

employee opening a compromised email, up from 16 per cent a year earlier.

Despite this, SMEs’ ability to prevent email attacks has declined. Just over one in three can block dangerous attachments from reaching the email inbox of users, a 14 per cent decrease since last year. Only 29 per cent of organisations can successfully quarantine suspicious or malicious emails, down from more than 34 per cent a year earlier. In the public sector, these figures fall to 33 per cent and 23 per cent respectively.

Ed Macnair, CEO of Censornet, said: “SME businesses play a vital role in the UK economy, accounting for threefifths of employment and nearly half of turnover in the private sector.

“Given these businesses are responsible for storing and processing large volumes of the UK’s data, it’s imperative they are confident of being able to protect data adequately with an integrated security platform that ensures all bases are covered.”

While email attacks are increasing, other types of cyber breaches and attacks are showing signs of falling. Only 17 per cent of organisations suffered a ransomware attack, compared to 21 per cent a year earlier.

The average cost of a ransomware attack has also fallen by 37 per cent from £144,000 to £91,000. However, the number of SMEs paying the ransom has jumped dramatically from 21 per cent to a lofty 85 per cent.

Nearly a quarter of cybersecurity professionals believe they are suffering from sleep deprivation due to worrking about their company’s cybersecurity. The average sleep for cybersecurity professionals has dropped from 5.7 to 5.4 hours per night in the last year – below the NHS recommended average of 7 hours per night. This puts cybersecurity professionals at risk of reduced alertness, poorer judgement and slower reaction times.

WIRELESS LOGIC MAKES SINGAPORE ACQUISITION

Wireless Logic, an Internet of Things (IoT) connectivity provider in Maidenhead, has expanded into the rapidly growing Asia Pacific market after acquiring Singapore’s Blue Wireless.

It comes as part of the company’s strategy to expand its global footprint, since Blue Wireless offers LTE/5G connectivity in more than 80 countries. (LTE, or Long Term Evolution, is a standard for wireless broadband communication that has been around since 2009. 5G, or Fifth Generation, is the newest wireless standard currently being rolled out).

CEO of Wireless Logic Oliver Tucker said: “We are excited to announce our ninth acquisition in two years as we continue to strengthen our global footprint. We welcome the talented Blue Wireless team and look forward to setting new standards in the connectivity marketplace.”

The deal will enable Wireless Logic to provide managed IoT connectivity services, leveraging the expertise of Blue Wireless to help enterprises connect their devices efficiently.

Ivan Landen, CEO of Blue Wireless, added: “With the support of Wireless Logic, we will be able to accelerate our innovation and connectivity roadmap to benefit our customers and teams around the world.”

DIGITISING TAX RETURNS MEANS SMOOTHING TRADE WITH EUROPE?

HMRC’s Making Tax Digital (MTD) initiative now applies to all UK VAT registered businesses. While different views have been expressed on whether it goes far enough, is giving effective results or is too much too soon, anyone trading in or with the EU will soon have a multitude of far more significant technologybased compliance obligations to deal with.

Rob Janering, VAT and Customs Partner at national audit, tax, advisory and risk firm Crowe UK explains more.

these new rules. That might create a shortterm issue but in the long-term, they are likely to be the main beneficiaries of having to update tax compliance systems that can give business wide upsides.

What is ViDA?

There are three key pillars to ViDA:

1. Digital reporting

€150 threshold being abolished (initially for marketplaces, but eventually for all).

Managing all this change

All this change can seem daunting, and it is true that increasing and varying how tax is reported brings challenges, that said, if viewed positively and tackled proactively, it can be a real driver of change for businesses.

For many a year, to submit a VAT return meant filling in a paper form and posting it to the tax office. That evolved to filling in an online form, payments shifted from cheque to BACS and now we have digitisation through the MTD initiative. This means submitting your tax return is now completed via an API link to HMRC to ensure all records must be kept digitally.

There were many complaints made when the MTD initiative was rolled out, but when compared with other tax authority requirements for VAT compliance, it seems reasonable. It is not, for example, asking that real time reporting of transactions takes place, like in Spain or Hungary, transactional records with specific data fields be filed, such as in Poland, or the tax authority approve invoices before they are sent, as in Italy.

However, the EU’s VAT in the Digital Age (ViDA) will start to have effect from 1 January 2025 and many of the rules in this are likely to be adopted by HMRC. So, for businesses trading in or with the EU, they are likely to take on ‘early adopter’§ status for many of

A replacement to sending paper or pdf documents. Instead, an electronic document with prescribed data sets will be generated automatically and sent to the customer, but that requires both parties to have the right technology to send and receive it. This is likely to be rolled out for domestic transactions in EU member states from 1 January 2024.

There will also be a need, from 2028, for all cross-border supplies within the EU to be subject to e-invoicing. In addition, these transactions will have to be reported within two days.

2. Platform economy changes

From 2025 marketplaces for passenger transport and short-term accommodation will become liable to account for the VAT due on sales made via their websites and/or apps. This approach follows the success of process of recording goods entering the EU when B2C sales are made.

3. Extension of One Stop Shop (OSS) registrations

These are currently available for goods moving into the EU valued under €150 and for B2C sales made cross border. From 2025 there will be an extension to cover B2B cross border movements of goods, and an increased number of B2C supplies of services. From 2028, there is also talk of the

The expectation is that filing of returns, completion of e-invoicing obligations and digital reporting will not involve businesses having to make big investments in technology. There are many providers out there who can facilitate those services but what businesses will need to focus on is, first, understanding their supply chains and what the reporting obligations are and then, having done this, making sure they have good data sets.

This means ensuring, for example, that websites are set up to charge customers the right amount of VAT in the correct currency or that tax codes are used appropriately to help with filing. It’s about filtering the myriad sources of data that businesses collect to obtain what is needed and to do that will need cross departmental linkage.

Those businesses that spend the time to set up systems correctly, update them appropriately and understand their data sets will find the transition to these new rules relatively straight forward. They will also have access to trends, changes and cost variations sooner than competitors and while that will not help with tax compliance, it might just give them the edge commercially - two benefits for the price of one!

Should you require assistance with understanding how ViDA will impact your business Crowe can assist. Contact rob.janering@crowe.co.uk. www.crowe.co.uk

THE LATEST DEAL ACTIVITY ACROSS THE REGION

Biotech firm OMass Therapeutics (Oxford)

Oxford Computer Consultants (Oxford)

Oil and gas firm Egdon Resources (Reading)

has secured funding from British Patient Capital (Sheffield)

Construction software specialist Reference Point (Gerrards Cross, Bucks)

was acquired by Construction technology firm Causeway Technologies (Gerrards Cross, Bucks)

Advisers included: B P Collins

Contact centre specialist IPI (Reading)

has received funding from Ethos Partners (London, City of London)

Advisers included: HMT LLP

was acquired by Healthtech firm System C (Maidstone, Kent)

Property finance specialist MSP Capital (Poole, Dorset)

is set to be acquired by HEYCO Group (United States)

Advisers included: Fieldfisher

Farming data specialist National Milk Records (Chippenham, Wiltshire)

received funding from Private equity firm Pollen Street Capital (London, City of London)

Advisers included: EY, Travers Smith, Ashurst

Forza Doors Group (Horsham, West Sussex)

has been acquired by Novastone Capital Advisers (Switzerland)

Advisers included: PDT Solicitors, Buzzacott

was acquired by Retail group Associated British Foods (London, City of London)

Advisers included: Gowling WLG (UK) LLP, Addleshaw Goddard LLP, Canaccord Genuity Limited , BlytheRay, Citigate Dewe Rogerson, Rothschild & Co

JUNE

KBS Corporate

facilitated a MBO of Robotics firm Geku UK (Strood, Kent)

Cloud company Extrinsica Global Holdings (Oxford)

Computer game maker Dovetail Games (Kent)

Meridian IT Communications Ltd (Southampton, Hampshire)

has been acquired by iomart Group

Ares Management (USA)

has been acquired by Focus Entertainment (France)

Advisers included: BDO

Vink UK (Weybridge, Surrey)

has been acquired by 4Com (Bournemouth, Dorset)

Web design firm Huxley (Brighton, East Sussex)

has invested in Broadband provider toob (Portsmouth, Hampshire)

has bought Innotech Digital & Display (Leicester)

Advisers included: Law firm IBB Ltd BDO

has been acquired by Marketing company Milk & Tweed (Chippenham, Wiltshire)

International interest gives boost to dealmaking prospects

The South East deal market has seen an influx of European buyers with private equity activity also picking up.

Prabin Sunar, Associate Director at Meridian Corporate Finance, and winner of the Young Deal Maker of the Year Award at this year's Solent Deals Awards has seen increased enquiries from international firms.

The increase in international activity is show in the deal activity on these pages

with Reading's Egdon Resources being acquired by US firm HEYCO Group.

Kent computer games maker Dovetail Games has also been bought by French outfit Focus Entertainment.

Prabin said: “Sectors such as travel and IT services have performed exceptionally well, as customer demand has really surged.”

Prabin said the stability in the banking

market after a turbulent economic period bode well for deal activity for the remainder of the year.

He said: “The pipeline of opportunities for the rest of the year is good.

“We have a lot of people who want to exit after successive years of Covid, being faced with a potential recession and going through inflation. Owners are now seeing this as a good time to exit.”

SOUTH COAST PROPERTY AWARDS HONOUR REGION’S TOP PERFORMERS

The leading players in the commercial and residential property community celebrated their achievements at the 2023 South Coast Property Awards.

Developers, agents, planners, consultants, lawyers and dealmakers were applauded winners in 17 award categories at the sixth annual ceremony, headline sponsored by Amiri Construction.

The awards, hosted by The Business Magazine, were sponsored by AECOM, Biscoes Solicitors, Cobweb Solutions, CoStar, Dutton Gregory Solicitors, Graitec, Highwood, Lambert Smith Hampton, Lester Aldridge, Lloyds Bank, MSP Capital, Sightline and South Coast CPS.

Hosting the awards with great aplomb, comedian, writer, presenter and actor Hal Cruttenden’s humorous anecdotes entertained guests throughout the evening. With his encouragement, guests generously donated over £19,000 during the evening for Hannah’s Holiday Home Appeal, a charity that provides fun breaks for children with cancer and life-limiting illnesses and their families.

Host Hal Cruttenden

OFFICES CONSULTANCY OF THE YEAR

WINNER: Vail Williams

SPONSOR: CoStar

INDUSTRIAL/LOGISTICS CONSULTANCY OF THE YEAR

WINNER: Lambert Smith Hampton

SPONSOR: CoStar

COMMERCIAL LANDLORD OF THE YEAR

WINNER: Kingsbridge Estates

SPONSOR: Dutton Gregory Solicitors

PROPERTY LAW FIRM OF THE YEAR

WINNER: Lester Aldridge

SPONSOR: Lambert Smith Hampton

REGENERATION PROJECT OF THE YEAR

WINNER: West Cliff Mansions – HGP Architects

SPONSOR: AECOM

PROPERTY AGENCY OF THE YEAR

WINNER: Merriebank Lettings & Property Services

SPONSOR: Cobweb Solutions

ARCHITECTURAL PRACTICE OF THE YEAR

WINNER: HNW Architects

SPONSOR: Graitec

PROPERTY DEAL OF THE YEAR

WINNER: Lush expansion to A1 & A2 Fleets Corner – Vail Williams/Goadsby

SPONSOR: MSP Capital

HOUSEBUILDER OF THE YEAR

WINNER: Elivia Homes

SPONSOR: Lester Aldridge

COMMERCIAL DEVELOPMENT OF THE YEAR WORKPLACE OF THE YEAR

WINNER: Lakeside North Harbour

SPONSOR: Cobweb Solutions

WINNER: New Lane - Kingsbridge Estates

SPONSOR: South Coast CPS

RESIDENTIAL DEVELOPMENT OF THE YEAR

WINNER: Winner (large development): Harbour Place – Barratt & David Wilson Homes

SPONSOR: Lloyds Bank

Richard Thompson, Managing Director, The Business Magazine

RESIDENTIAL DEVELOPMENT OF THE YEAR

WINNER: Winner (small development): Blake’s View, Lavant – Elivia Homes

SPONSOR: Lloyds Bank

FAST RISING PROPERTY BUSINESS OF THE YEAR

WINNER: Captiva Homes

SPONSOR: MSP Capital

SUSTAINABLE DEVELOPMENT OF THE YEAR

WINNER: Hawkin’s Field, Fittleworth – Elivia Homes

SPONSOR: Biscoes Solicitors

THE MARK VINCENT LIFETIME ACHIEVEMENT AWARD

WINNER: Russell Mogridge from Vail Williams

SPONSOR: Amiri Construction

YOUNG PROPERTY PERSON OF THE YEAR

WINNER: Faye Williams – Harrison Clarke

SPONSOR: Sightline

Pam Marshall of Hannah’s Holiday Home Appeal

Elivia Homes celebrates a transformational year

South Coast Property Award winners Elivia Homes has every reason to celebrate this year as it commemorates the one-year anniversary of its new brand and relationship with Octopus Investments that secured several hundred million pounds in growth capital. Following a transformational year for the business, we talk to CEO Chris Chiles and COO Kamal Singh Grewal about the journey that led to it to being crowned ‘Housebuilder of the Year’.

From the launch of Elivia Homes following the coming together of the Vanderbilt and Crayfern businesses, to the acquisition of Millwood Designer Homes, and most recently the purchase of the residential land portfolio of Seaward Properties, we discover the company’s ambitious plans for future organic growth and strategic expansion through M&A.

A transformational year for Elivia Homes

In April 2022, sister companies Vanderbilt Homes and Crayfern Homes came together under the unified Elivia Homes brand, developing across Surrey, West Sussex, Berkshire, Hampshire, Buckinghamshire, Hertfordshire and Oxfordshire. A new business plan was conceived to double in size by 2027, to a £250m annual turnover business.

A compelling brand proposition, ‘Elevated Living by Design’ was derived – reflecting a long-standing culture and focus on design-led, quality-built and environmentally conscious homes in the most sought after locations across the South East. This is underpinned by Elivia and its team’s shared set of values – quality, expertise, integrity, passion, progress and sustainable.

Acquisition Growth

In May 2022, Elivia’s Group Executive Team of CEO Chris Chiles, COO Kamal Singh Grewal and CFO Iain Brown, led a successful exit, resulting in the acquisition by funds advised by Octopus Investments; providing a clear runway for Elivia’s ambitious expansion plans.

Chris explained: “The investment from Octopus has provided us with a springboard for growth, and it’s an opportunity we have taken with both hands – allowing us to grow in our Central and Southern regions through an active land and

targeted business acquisition programme, digital competitiveness, commitment to skills and training for our teams and a focus on sustainable development for our communities.”

“What’s more, it’s allowed us to move forward on our five-year growth plan – and we were delighted to report significant turnover growth to £118m in the period to June 2022, underpinned by a materially strengthened balance sheet.”

Alongside land acquisitions, targeted M&A has been utilised for geographic expansion,

CEO Chris Chiles

COO Kamal Singh Grewal

and as a competitive tool to bring in further capability and unlock strategic advantages.

With the backing of Octopus, the company announced the successful acquisition of award-winning, Kent-based Millwood Designer Homes in January 2023. The business, previously owned by Places for People, develops across East Sussex and Kent with an enviable land pipeline, providing long-term future cashflow certainty for the Elivia group.

COO Kamal Singh Grewal, commented on the importance of this strategic expansion. “Millwood is a great fit for Elivia Homes in terms of product alignment, attractive geography, and reputational fit. Adding a third region also furnishes us with critical scale to reach more customers, and unlock efficiencies across land buying, operations and sales. Our Group operation provides strategic direction and aligns regional teams on best-practice, with data-driven insights to improve each step of the development process and customer experience. Our M&A track record reinforces our transaction credibility which has resonated with the market, helping to originate further expansion opportunities across the south-east.”

Hot on the heels of this success, in March Elivia added a further 1,000 units to its strategic land pipeline, with a gross development value (GDV) of £500m, through a deal with Seaward Properties. The move contributes 11 new sites of 20 to 200 units, across West Sussex, Hampshire and Dorset. The addition of this portfolio further cements Elivia’s in-house M&A credentials and reflects its continued investment in strategic land and an expertise in land promotion and planning.

Commenting on the deal, Chris said: “This exciting investment provides us with longterm growth and stability. Through this partnership, we will build a further 1,000 new homes; a significant volume for any housebuilder, catapulting us towards our growth aspirations – we will triple in size by 2027, to a £350m turnover business delivering 1,000 design-led and sustainable homes per year. The new portfolio also sees our land pipeline grow to a GDV of over £2 billion. Alongside this, we continue to actively invest in strategic, subject-to-planningpermission and consented sites; in the last year alone, in addition to our corporate transactions, we added a further 18 sites, contributing 1300 homes and £600m GDV.”

Innovation

The Elivia Team has created this fascinating growth story by strengthening its talent pool, increasing headcount by 65% across all levels and by investing in differentiating capabilities.

Kamal elaborated: “We’re focussed on innovation from the ground up; we were early adopters of low carbon technologies, and we exceed building regulations when it comes to the energy efficiency of our homes. As part of this, we have launched a considered sustainability strategy that roadmaps our path to delivering homes with net zero operational carbon emissions. We will also half our business’ emissions by 2030, whilst maintaining a steadfast commitment to delivering biodiversity net gain. This is in line with our own and Octopus’ core values of sustainability and bringing benefits to the wider communities in which we operate.”

“We take a digital-first approach and have developed a state-of-the-art management system known as the Elivia Development Management Platform (EDMP) to enable efficient scale and innovation across the group. This fully integrated, proprietary housebuilding platform, helps govern every stage of the business – from land acquisition to servicing our customers post completion.”

Customer and industry recognition

Despite a year of exciting substantial change at Elivia Homes, the business has never taken its eye off its core focus of delivering high-quality developments and exceptional service to its customers. Elivia has been

recognised by independent market research company Inhouse Research, achieving a Gold Award for customer service across all three of its regions. This demonstrates a consistent high level of service with a customer recommendation score of over 90%, based on feedback throughout 2022. Particularly impressive is seeing such robust demand for Elivia’s product, with several sites achieving excellent off plan sales owing to elevations and layouts resonating strongly with their design conscious customers.

Chris reflects proudly on Elivia’s successful year. “2022/23 has been a transformative year for Elivia Homes, and one which has allowed us to achieve unprecedented strategic milestones ahead of plan. We are thrilled therefore that following these achievements, we have been recognised in the South Coast Property Awards as Housebuilder of the Year. To also walk away with ‘Development of the Year’ for Blake’s View in Lavant and ‘Sustainable Development of the Year’ for Hawkin’s Field in Fittleworth was the icing on the cake. We are delighted to have been recognised for two outstanding developments in such strategically important parts of our business. We have also been shortlisted for a further four industry awards which acknowledges our homes, developments & leadership.

“These prestigious awards underpin our dedication and commitment to being an innovative housebuilder not afraid of challenging the status quo. These results would simply not be possible without the hard work and dedication from all those involved in bringing these developments to life, the Elivia way.”

Blake’s View in Lavant was awarded ‘Development of the Year’ at the South Coast Property Awards

Five common cybersecurity myths your business should be aware of

Businesses are more aware than ever of cyber threats and take cybersecurity very seriously. In fact, a recent study found that nearly two-thirds of UK CEOs are concerned about how cyber threats could harm their business, writes Tim Walker, MD, Aura Technology.

While understanding cybersecurity is vital to running a business, focussing on abating cyber threats has led to certain myths becoming commonplace.

Believing these ill-informed myths could leave you vulnerable to threats or reduce your security infrastructure’s effectiveness. In this article, we’ll debunk some of 2023’s biggest misconceptions about digital security.

1: Hackers don’t target SMEs

Cybersecurity requires investment and many decision-makers would prefer to spend money on other sections of the business.

However, there’s no truth in the misconception that hackers don’t target SMEs. In fact, a report from Barracuda found that cybercriminals are up to three times more likely to target SMEs than enterprises.

Why? Hackers see smaller businesses as ‘low-hanging fruit’ and target their inadequate security infrastructure and insufficient staff training via social engineering attacks.

Furthermore, the lasting damage of cyberattacks to SMEs is often greater, with the majority of SME businesses failing within three years of an attack or data breach – Scan the QR code for more on this.

2: Antivirus and firewalls alone are enough protection

Firewalls and antivirus software are a brilliant first line of defense but attacks can get through them. While they can protect your business from malicious software and intrusions, they are less effective at preventing social engineering attacks such as phishing scams, mishandled login credentials, or internal threats.

A holistic cybersecurity strategy will use additional methods of protection such as backups, awareness training, intrusion detection, and two-factor authentication.

5: The only concern is external threats

Insider threats pose as much concern as external threats – sometimes more because they’re difficult to protect against. According to a recent survey, 98% of companies are concerned about insider threats whilst only 11% believe they’re protected from them.

Internal threats fall into three broad categories:

• Negligent Insider

• Stolen Credentials

• Malicious Insider

3: Phishing attacks are easy

to spot

A common misconception is that only the tech-illiterate fall for phishing attacks and that cyber awareness training is wasted on those who are “good with computers.”

In reality, this is not the case. Phishing attacks – especially those specifically targeting senior executives – are becoming increasingly more convincing.

Businesses must train staff (and executives!) to spot phishing attacks and to identify those emails to be suspicious of. However, even then, some attacks may be too convincing to spot. For that reason, you’ll also need good email security, actively looking for phishing scams.

Negligent insider threats (the most common) involve an employee or executive unintentionally exposing your business to a cyber threat (without malice).

These threats can be prevented through cyber awareness training or Data Loss Prevention.

Stolen credentials involve the loss of credentials – mainly through social engineering attacks such as phishing. Prevent this with awareness training, twofactor authentication, and suspicious activity detection.

4: A

long complex password will keep my account safe

Strong passwords are a cornerstone of cybersecurity strategy. However, there are other considerations to consider:

• Never write passwords down

• Never share passwords – with anyone!

• Use multifactor authentication to prevent malicious access to your accounts even with the passwords.

The least common type of insider threat is a malicious insider attack – where an employee or executive causes damage or steals data intentionally. This is the hardest to protect against.

Conclusion

Cybersecurity infrastructure is complex. However, the return on investment is immense as the potential for expense avoidance is large.

Talk to a trusted IT partner, to ensure you proactively mitigate these risks.

Tim Walker

Does AI pose a risk to your job?

By Peter Davison, Deputy Editor (and ChapGPT...)

“As a UK professional, the impact of artificial intelligence (AI) on your job can vary depending on the industry and nature of your work. While AI has the potential to automate certain tasks and disrupt traditional job roles, it also presents opportunities for collaboration and augmentation rather than outright replacement.

“One of the primary concerns regarding AI’s threat to jobs is the automation of routine and repetitive tasks. AI systems can analyse large amounts of data, perform data entry and execute rule-based activities more efficiently than humans.

This automation could lead to some job displacement, particularly in industries where these tasks are prevalent. However, it is important to recognise that AI technology is not infallible and still requires human oversight and intervention in complex decision-making processes.

“On the other hand, AI can also enhance and augment professionals’ capabilities in various ways. For instance, AI-powered tools and software can assist professionals in data analysis, generating insights and improving productivity.

By automating time-consuming and mundane tasks, professionals can focus on higher-value activities that require

The main text of this article was written by artificial intelligence chatbot ChatGPT in response to the prompt ‘Write 300 words on whether, as a UK professional, AI is a threat to my job’. It has been published unedited, except to anglicise the spelling of the words analyze, recognize, specialization and utilizing. It was generated in less than 10 seconds.

critical thinking, creativity. And emotional intelligence, which are qualities that AI currently lacks.

“Furthermore, the increasing adoption of AI is creating new job opportunities and roles. The development, implementation and maintenance of AI systems require skilled professionals, such as data scientists, AI engineers, and algorithm specialists. These roles are in demand and provide avenues for career growth and specialisation. Additionally, the ethical and legal considerations surrounding AI technology necessitate professionals

who can navigate and address these complex issues.

“Ultimately, rather than perceiving AI as a direct threat to jobs, professionals should view it as a tool to amplify their capabilities and improve productivity. Embracing AI technology and acquiring the necessary skills to work alongside it can enable professionals to adapt and remain competitive in an evolving job market. By leveraging AI as a collaborator, professionals can leverage its benefits while utilising their unique human skills to thrive in their respective industries.”

In offices across the region, professionals are whispering about AI, and what it might mean for their jobs. Are lawyers, accountants, and – gulp – journalists about to be replaced by artificial intelligence?

DO WE NEED TO PRESS PAUSE ON AI?

We spoke to Sarah Burnett FBCS, former chair of BCSWomen and Founder of the BCSWomen at Swindon-based BCS, the Chartered Institute for IT

“The question of whether we should pause development of artificial intelligence (AI) has a straightforward answer in my opinion –and that is no.

“We should not because good applications of AI bring immense advantages to humanity and the planet.

“However, we must put into place safeguards that protect us from inadequate development practices and to prevent AI from being exploited by bad actors.

“I’d like to delve into the subject, examining the various types of risks associated with AI technology and its applications.

“Focusing on the risks of AI technology first, we have been conditioned by science fiction and movies to fear self-aware and autonomous machines that take over the world and wipe out the human race.

“In reality and currently, AI technology is still in its infancy and works through a lot of number crunching and pattern matching.

“A chatbot, for example, does exactly that; it has no understanding of the meaning of the words it strings together in a sentence in reply to your question. It merely matches the words that fit as the best answer to your question in the context it has been trained in.

“The technology is not self-aware – at least, not yet. It is with self-awareness that the sci-fi style threats arise, where the machine becomes cognisant of its power and then acts in its own self-interest. As with any system, data quality can affect AI’s analysis and output. The quality can be affected

by a number of issues such as the size of the data set used to train the AI, and how representative it is of its potential inputs when it goes live.

“Poor quality data can lead to issues such as some people receiving faster and better services than others for example, in facial recognition more accurate ID confirmation of men than women because the images that were used to train the AI had more images of men.

“There may also be poor development where the intelligent application has been simply badly designed and developed and will be limited in its capabilities. These types of problems can be dealt with through best practice in design, development, and testing of AI.

“Another issue is that AI can learn bad behaviour from its interactions with malicious users. It is therefore necessary to monitor its output and to get feedback from its end-users to ensure its ongoing fitness for purpose.

“AI in the hands of bad actors can go further, for example deep fake technology that is used to alter real videos to damage the reputation of high profile people or spread misinformation. In the wrong hands AI can be used maliciously for many purposes from cyber crime to controlling human lives.

“My answer to pausing AI development is still no, but we should create a framework that allows for the responsible development of beneficial AI by putting safeguards in place for its advancement, and developing solutions to mitigate the potential risks

posed by AI in the hands of bad actors.

“The first point has been covered well in a paper by BCS, The Chartered Institute for IT, titled: Helping AI grow up without pressing ‘pause’.

“The second point is also crucial. We already have experience of the dangers posed by uncontrolled technological advancements in the huge rise in cybersecurity threats and fraud that we are seeing stemming from digitalisation of commerce, banking and other sectors. No one foresaw this situation when the shift from brick and mortar operations to online happened.

“While there are many useful and reliable applications of AI already in daily use, there may be unforeseen consequences of AI too. We should therefore think about the future risks of AI and how to mitigate them.

“I wonder if an international institute could be set up to come up with risk mitigation and other solutions. Such an institute could also provide guidance on best practice and offer training courss for would-be AI developers of the future.

“We must not forget that AI is still in its infancy and that its risks may not materialise.

“However, it is also possible that AI or its malicious use will pose a serious threat to humanity in the future.

“We need to be aware of the potential dangers of it or its malicious use and take steps to mitigate them while developing AI in a responsible and ethical manner.”

Sarah Burnett is author of The Autonomous Enterprise – Powered by AI, and Chief Technology evangelist at KHP.ai

Almost 60 per cent of people want regulation of AI in the workplace, according to a recent survey by the trade union Prospect.

Liver disease is so prevalent that if we get this right, we will make a lot of people better and will be a multi-billion-dollar business

Dr Rajarshi Banerjee

WILL BIOPSIES SOON BE RELEGATED TO HISTORY?

Would you prefer an invasive biopsy or high-tech medical imaging to diagnose your disease? Faced with the choice, who would want the needle?

By Nicky Godding, Editor

Biopsies have been used by doctors for hundreds of years. The term was first coined in 1879 by French dermatologist Ernest Besnier, although the procedure was already centuries old.

A needle is inserted, twisted 180 degrees to extract tissue which is sent to a laboratory for analysis.

It is very invasive and, for some organs such as the heart, there is a risk. The heart won’t repair itself and the patient is left with a permanent scar.

In the 1980s, cardiologists began investigating ways of scanning the heart and Oxford University’s George Radda (now Sir George), pioneered the use of nuclear magnetic resonance (NMR) in ‘live’ biological imaging, paving the way for the worldwide use of MRI scanning in human disease diagnosis.

As a result, biopsies are now rarely carried out on hearts. But what about the rest of our bodies?

Oxford-based Perspectum is pioneering new medical imaging to improve diagnoses including for liver disease and cancer. In March the company completed its latest $55 million funding round.

Perspectum’s software enhances the capabilities of a standard magnetic resonance imaging (MRI) machine and uses artificial intelligence to measure organ inflammation with much greater precision.

From PhD student to med-tech founder

Dr Rajarshi Banerjee, 45, known to pretty much everyone as Banjo, originated Perspectum’s patented technologies.

“I was an Oxford PhD student researching whether obese people are more prone to a specific kind of heart disease – fat deposited in the heart which could affect the way it pumps.

“I learned to scan the heart to measure fat content, inflammation, fibrosis and iron with great precision. I also showed that it wasn’t very useful in the non-symptomatic obese.

“But just upstairs in the John Radcliffe Hospital, where I was doing my research, people were having biopsies every day, and for those undergoing liver biopsies, the labs were looking for the same: fat, fibrosis inflammation and iron. I could scan them all to a second decimal place, so I wondered why not scan livers using my technology which is more accurate than a biopsy?”

Surely someone had thought of this before? “Experts could scan any one of these four indicators, but not all of them together like we could,” said Banjo.

Forget the parking tickets, focus on the tech

Opportunity knocked when he was called to the office of Regius Professor of Medicine at the University of Oxford, Sir John Bell.

If a student gets called to the Regius Professor’s office it’s often because something really bad has happened, so Banjo went in trepidation. “All I could think of was that I was a PhD student with unpaid parking tickets.”

But it was Sir John with the problem. The UK Biobank, which held genetic and health information from half a million UK participants, and which he helped set up in 2007, had a lot of heart and brain information, but it didn’t have a liver test. He’d looked at all the UK biobank’s liver tests, but none of them were that good.

This was in 2012, when an edict had come down from the Chief Medical Officer, Sally Davies, that liver disease and obesity were now government priorities.

“Sir John had heard from the Dean of the Medical Schools, Dr Ken Fleming, about this PhD student who had come up with a scan for liver disease which was predicting biopsies and had secured patents on the technology. Sir John said he wanted to include my test in the UK Biobank, but it needed to be quality assured which meant forming a spin-out company.

“The meeting wasn’t about parking tickets, but about putting my research to practical use.”

With the help of Sir John Michael Brady, Emeritus Professor of Oncological Imaging at the University of Oxford, Banjo set up Perspectum the following year and secured seed funding from Sir Martin and Lady Audrey Wood. In 1959 they had founded Oxford Instruments, the university’s first spin-out company. And as Banjo had carried his research out while in the employment of the NHS, he also made sure that it had a legal stake in the business, alongside the university.

Enjoying the highs means navigating the lows

Perspectum has since gone on to raise a total of more than $120 million, including its latest round of $55 million.

“We are investing the funds in applied sciences and commercialisation. Liver

disease is so prevalent that if we get this right, we will make a lot of people better and will be a multi-billion-dollar business,” said Banjo. “The sustainable win is the ethical win.”

But growing a med-tech is tough and you only enjoy the highs after overcoming the lows. Perspectum has the technology, but its patents are only the start. “You have to commercialise and raise awareness, get the right people in, including legal and financial advisers as well as scientists, make the right medical and industry connections, get scanners preloaded with our software (which we are doing now), and many other things,” said Banjo.

“Even knowing that, it would take a long time to establish the business and has taken longer than I expected.”

There is an added benefit, according to Banjo, who alongside his CEO role at Perspectum, continues to work as a consultant physician with the Oxford University Hospitals NHS Foundation Trust, where he also researches liver disease in adults and children. “Using AI in diagnosis is not only quicker and more accurate, it also frees up time for medical professionals to spend more time with their patients.

“Some medical consultants see themselves as scientists. Perhaps they have come from a molecular biology background and really prefer to be involved in trials and papers, not engaging with patients. But most of us will see a medical consultant at exactly the time of life when where we are most vulnerable.

“AI can help your diagnosis, and the doctors and consultants have more time to actually spend time with you, their patient. Surely this is better for the patient?”

Perspectum has now completed around 80,000 scans. “To achieve profitability, we need to achieve 4,000 scans a month. We are expanding first in the USA because that’s the highest paying and also has the

Artificial Intelligence frees up time for patient contact

Another challenge has been changing ingrained working practices within the medical profession. Consultants have long used biopsies as a tried and tested method of aiding diagnosis, and many must be persuaded to embrace new technology.

“Our technology is better for patients and for consultants. The pharmaceutical companies we are working with have mandated our scan, encouraging a greater uptake of our service,” said Banjo.

highest prevalence of patients with liver disease who have insurance cover for our scans. That’s how we get to our 4,000 scans per month.”

Perspectum employs 280 people, about half are based in Oxford. Banjo is keen to ensure that the company’s successes are enjoyed by all staff. “Everyone has share options. On the day that we win, we will all be able to celebrate. It makes for a better culture.

And what is a win for Perspectum?

“We want every patient to be able to access our software, wherever they are in the world.”

“Our technology is not only better for the patient, but better for consultants”

AI can help your diagnosis, and the doctors and consultants have more time to actually spend time with you, their patient

TOKAMAK ENERGY’S BOLD VISION EARNS PLACE ON FUSION DEVELOPMENT PROGRAMME

Tokamak Energy Inc, the West Virginia-based US subsidiary of Oxfordshire’s Tokamak Energy Ltd, has been selected by the US Department of Energy (DOE) for an award as part of its bold vision for commercial fusion.

The DOE’s multi-million-dollar MilestoneBased Fusion Development Programme was established to support private companies in bringing fusion energy toward technical and commercial viability.

As part of the programme, selected companies will team with US national laboratories, universities, and others to address major technical and commercialisation milestones for the successful design of a fusion pilot plant Warrick Matthews, Tokamak Energy’s

Managing Director, said: “It’s a fantastic endorsement of the strength of our team, technology and path to commercial fusion energy, combining the spherical tokamak with high temperature superconducting magnets.”

The company has also signed a memorandum of understanding with US-based General Atomics (GA) to collaborate in the area of High Temperature Superconducting (HTS) technology for fusion energy and other industry applications.

The collaboration would leverage GA’s world-leading capabilities for manufacturing large-scale magnet systems and Tokamak Energy’s pioneering expertise in HTS magnet technologies.

Tokamak Energy is the only private company with more than 10 years’ experience of designing, building and operating tokamaks. It already has strong links with US national laboratories, including Oak Ridge, Princeton Plasma Physics Laboratory and Los Alamos, as well as the University of Illinois.

It is also the first private fusion company to reach a plasma ion temperature of 100 million degrees Celsius in its ST40 tokamak, the threshold for commercial fusion. ST40 also achieved the highest triple product by a private company. Triple product is a widely recognised industry measure of plasma density, temperature and confinement, collectively a key measure of progress on the path to realising commercial fusion conditions.

AutoNaut project among winners of first round funding from Defra and Innovate UK to improve observation in UK waters

A project from AutoNaut Limited, a marine engineer in West Sussex, is among the winners of funding from Innovate UK and the Department for Environment, Food and Rural Affairs (Defra) to back schemes to improve observation in UK waters.

The competition is part of the government’s marine Natural Capital and Ecosystem Assessment programme, which is integrating natural capital approaches into decision-making for the marine environment.

In the first stage, £835,415 of funding has been allocated across 11 projects, which are developing key technologies, including data acquisition, communication, storage, and analysis for more efficient analysis of marine life.

AutoNaut is advancing a project to adapt and develop a commercial off-the-shelf casting winch to operate to 100 metres depth from its wave propelled AutoNaut uncrewed surface vessel.

The project will provide an ideal zero

carbon platform for observing UK offshore and deep ocean biodiversity.

Professor Gideon Henderson, the chief scientific advisor at Defra, said: “Innovative new marine monitoring technologies and capabilities are critical for improving observation capabilities of our waters.

“By working together with SMEs and other partners, we can progress the UK’s vision for clean, healthy, safe, productive and biologically diverse seas.”

India’s coastal tsunami detection network being upgraded by Sonardyne

Hampshire-based marine technology company Sonardyne is helping to upgrade the coastal tsunami detection network in India.

Sonardyne’s machines will extend the endurance and capability of India’s network of deep-water acoustic sensors. These machines, operated by The National Institute of Ocean Technology, are located in areas such as the Bay of Bengal and the Arabian Sea.

The initial launch of these sensors was

in 2007, following the 2004 Boxing Day tsunami. The BPRs (Bottom Pressure Recorders) detect changes in water pressure caused by earthquakes in the deep ocean, enabling the early detection of tsunami waves. When a tsunami wave is detected, an alert is transmitted to a satellite buoy on the surface and relayed to the national Tsunami Warning Centre for validation. If confirmed, alarms are raised to alert vulnerable coastal communities.

to its 6G hardware and Wideband 2 communications standard. The upgrades include the installation of low-power electronics, new pressure sensors with lower power consumption and doubled battery capacity.

The first wave of upgraded BPRs arrived in India in 2022, with more planned for shipment in 2023. The National Institute of Ocean Technology is planning to use the upgraded capability to extend the number of permanently occupied stations.

BLUE OCEAN COMPLETES WORLD FIRST WITH LANDMARK SUBSEA ROBOT TRIALS

In a world first for the industry, Blue Ocean Seismic Services has completed a landmark set of trials that it says represent a big step towards commercialisation.

The trials, held in the Loch Linnhe, Scotland, have confirmed that its autonomous undersea robots can reliably operate, accurately navigate, and record quality seismic data in challenging realworld tidal conditions.

The company believes that the results of this latest round of trials, which saw multiple vehicles operating simultaneously, are a world first for the sector and represent proof of technology. The subsea robots not only outperformed an ROV (remotely operated vehicle) positioned Ocean Bottom Nodes, but they also successfully recorded an unexpected earth tremor which occurred during the trial.

The effective completion of this round of testing marks a crucial milestone towards validating Blue Ocean Seismic Services’ technology and marks a transformational step towards commercialisation of its autonomous subsea vehicles.

Blue Ocean Seismic Services’ technology aims to make offshore seismic sector surveying cheaper, faster, safer, and much less carbon intensive. The use of autonomous ocean bottom seismic robotic vehicles (OBSrV) significantly reduces vessel-based personnel requirements and survey duration.

By removing the overall need for energyintensive exploration vessels and ROVs, the technology is expected to reduce seismic survey costs by more than 50 per cent and substantially reduce associated carbon emissions. The vehicles can also

reduce the impact on the seabed and sea life compared to conventional methods of collecting seismic data.

Ben Hollings, Chief Technology Officer, Blue Ocean Seismic Services said: “We have now demonstrated that our vehicles can reliably perform all activities necessary for a seismic acquisition, operate autonomously and gather high quality seismic data in challenging environments.

“We have also confirmed the effectiveness of our multi-vehicle communication and autonomy software stack.”

Simon Illingworth, Managing Director & Chief Executive Officer added: “This is a decisive step towards our commercial readiness. The team have worked incredibly hard over the last year and the results are clear to see.”

Loch Linnhe, Scotland Credit: Blue Ocean Seismic Services

Sonardyne is upgrading the BPRs

WIGHT SHIPYARD BEGINS SEA TRIALS OF UBER BOAT

Wight Shipyard has begun sea trials of its new Earth Clipper for Uber Boat by Thames Clippers.

The boat is powered by an innovative hybrid engine supplied by PME Power Systems Group that blends both traditional fuel and electric power.

The sea trials follow its launch in May and are part of the final testing of the vessel before it enters service in London as part of the UK’s first hybrid high-speed passenger ferry fleet.

“One of the key features of our new ferry is its hybrid propulsion system, which combines electric and diesel engines to reduce emissions and minimise our environmental impact, making it one of the most eco-friendly options for river transport in London.

HARDIDE COATINGS PARTNERS WITH GARDNER AEROSPACE ON AIRBUS WORK

Bicester-based Hardide Coatings has struck a deal with Gardner Aerospace to assist with its Airbus A320 contract.

The advanced surface coating technology company will provide coating for key wing components for the Airbus A320 family of aircraft using its CVD nano-structure tungsten/tungsten carbide coating.

It will replace the hard chrome plating previously used for these components, which is being phased out due to REACH regulations which ban its production in UK and the EU from September next year.

The Hardide-coated components, which are critical to the operation of the flap mechanism, will be used on new-build

A320s and as replacement parts for the existing fleet of aircraft as these are maintained.

Hardide Coatings is currently coating similar wing components for the Airbus A330, A380 and A400M aircraft.

Philip Kirkham, CEO of Hardide, said: “We

are very pleased to have been selected to coat further components for the Airbus single-aisle A320 family high-volume production aircraft, and to replace hard chrome plating.”

Hardide reported a rise in revenues for the six months to March. Revenues were £2.9 million and profits also rose.

The new Uber Boat will operate on the River Thames

A Wight Shipyard spokesman said: “This innovative vessel represents our commitment to sustainable transportation, and elevates the passenger experience on the iconic River Thames.

Hardide will supply coatings for the Airbus 320

JAGUAR E-TYPE TO EV USING ‘PLUG-AND-PLAY’ KIT

EV company Electrogenic has converted its first Jaguar E-Type in a move it says shows the versatility of its core product.

The 1962 Series 1 Roadster has been converted to electric using the firm’s own EV powertrain kit.

The company says the conversion device can be installed easily by its partner installers and is reversible.

Steve Drummond, Co-Founder of Electrogenic, said: “We’re delighted to reveal the first customer E-Type fitted with our game-changing drop-in conversion kit. Thanks to our cutting-

iWaste growth sees firm move to larger Reading site

Expanding electronic waste recycling specialist Intelligent Waste Management (iWaste) has moved to bigger premises outside Reading to facilitate business growth.

The company has taken over a 10-year lease on a 15,000 sq ft unit at the Ducks Nest Farm commercial estate in a rural setting at Arborfield Cross.

After a four-year search for a site, iWaste, which celebrates its 10th anniversary this year, relocated after outgrowing its previous premises in nearby Eversley.

The business which employs 30 people specialises in the secure, certified

edge, proprietary EV technology, the E-Type – for many the most beautiful car of all – is now just as good to drive as it is to look at. Our drop-in kit range preserves this true British design icon for the future, ensuring it can be admired – and enjoyed – by generations to come.”

The Jaguar E-Type conversion package is just one option from Electrogenic’s ‘drop-in’ kit range, offered under Electrogenic’s ‘Powered by Electrogenic’ technology arm.

The outfit also offers EV powertrain solutions for the Land Rover, classic Mini, Porsche 911 and Triumph Stag.

Cohort wins SouthEast Asian Navy submarine contract

Reading technology company Cohort has been awarded a £7 million contract with the South-East Asian Navy to provide submarine defence systems.

Its subsidiary, Systems Engineering & Assessment Limited (SEA), will provide Anti-Submarine Warfare capability on two vessels with work now under way and expected to be completed by the end of 2026.

SEA will work with local subcontractors to install the new system, conduct training and ensure knowledge transfer to local partners and the end user.

destruction of unwanted electronic waste and data.

Director Sam Prentice said: “This move –which in the end is not far from our previous home – enables iWaste to take that next step up as a business. We are investing heavily in new facilities and we have site potential for onward development as required.

“We are very much a national business, thus securing a site with good vehicle access and excellent transportation links was crucial.”

Andy Thomis, Cohort Chief Executive, said: “This contract is a significant win for SEA and will deliver a modern Anti-Submarine Warfare capability with lower size, weight, and power requirements than traditional systems, and with lower through-life costs. It also expands the Group’s presence in the strategically important Asia Pacific region. This contract further underpins our order book and enhances the visibility of future revenues.”

The kit was demonstrated on a Jaguar E-Type 1962 Series 1 Roadster

The iWaste team at their new Ducks Nest Farm site

SOLENT 250 AWARDS CELEBRATE THE BEST-OF-THE-BEST IN THE REGION

Solent 250 companies provide a hefty economic contribution to the region and the best-of-the-best were honoured on 10th May at the ninth annual Solent 250 Awards. Held at the Harbour Hotel & Spa in Southampton, the awards celebrate the achievements of the region’s top privatelyowned businesses (by sales turnover) headquartered in the Solent region.

Richard Thompson, Managing Director of The Business Magazine, said: “This year’s Solent 250 employs more than 96,000 people and generates a turnover of just under £18 billion. The listing is a testament to the vibrancy of the region we live and work in.”

The Solent 250 listing is compiled by The Business Magazine and sponsored by HSBC UK, Irwin Mitchell, RSM UK, University of Southampton Business School, Vail Williams and CMA Recruitment Group

Two guest speakers from HSBC – Roland Emmans, who heads up the bank’s Technology Sector & Growth Lending Teams and Mark McDonald, Head of Data Science and Analytics for HSBC Global Research – shared their expert thoughts on the current state of play with generative artificial intelligence (AI).

Guest speakers from HSBC: Mark McDonald and Roland Emmans

INTERNATIONAL BUSINESS OF THE YEAR

WINNER: NEAL’S YARD REMEDIES

Gillingham-based Neal’s Yard Remedies is a global pioneer in organic health and beauty products. A company that cares about having a positive environmental impact and ethical sourcing, it offers a diverse range of natural and organic skincare, wellness and beauty products. Showing a strong commitment to promoting natural, sustainable and cruelty-free products that benefit both people and the planet, Neal’s Yard Remedies has over 90 stores in 21 countries.

FINALISTS:

Captec | Lionel Hitchen | Redwood Global | STR Group

ENTREPRENEURIAL BUSINESS OF THE YEAR

WINNER: PVC BUILDING SUPPLIES

Headquartered in Southampton, PVC Building Supplies specialises in providing premium PVC-based construction and building materials. Constantly seeking innovative solutions to meet the evolving demands of the construction industry, the company is renowned for offering reliable, durable and energy-efficient building supplies for both residential and commercial projects.

FINALISTS:

Airsys | Fence Stores | GRP Solutions | The West Group

Simon Smith and Leila Jundi of HSBC collected the International Business of the Year trophy for winners Neal’s Yard Remedies

PVC Building Supplies won Entrepreneurial Business of the Year which was presented by Darren Slater from sponsor RSM UK

CEO OF THE YEAR

JOINT WINNERS: GARY ORR, ABRI – Social housing provider Abri specialises in providing individuals and families with affordable and sustainable homes. With over 30 years of experience in the industry, Gary Orr is a skilled leader who is committed to delivering innovative housing solutions that meet the diverse needs of the company’s customers. Under his leadership, Eastleigh-based Abri has become a trusted name defined by its dedication to creating positive social impacts, developing communities and delivering unique and excellent results.

MARK LANGFORD, BREEZE MOTOR COMPANY –

Breeze Motor Company is a Poole-based automotive dealership that offers a wide range of new and used vehicles along with comprehensive services. Under CEO Mark Langford’s leadership, the company has experienced remarkable growth and success. He has worked tirelessly to position the business to become a leading provider of top-quality vehicles and exceptional automotive services for all customers in the region.

FINALISTS:

Bill Bullen – Utilita | Brian Cooney – Canford Healthcare | Martin Flick - Onecom | Spencer McCarthy – Churchill Retirement Living

BUSINESS CULTURE AWARD

WINNER: APOLLO MOTOR GROUP

Apollo Motor Group is a Portsmouth-based automotive and accident repair centre, known for high levels of quality and customer satisfaction. With a strong business culture centred around skilled craftsmanship, innovation and exceptional service, Apollo Motor Group has established itself as a respected name in the automotive industry.

FINALISTS:

FatFace | Harvest Fine Foods | Lush Cosmetics

L-R: Gary Orr, CEO at Abri, Alan Lindstrom from The Business Magazine (collecting the award on behalf of joint winner Mark Langford, CEO at Breeze Motor Company) and Laura Costanzo, from sponsor University of Southampton Business School, who presented the trophies

Apollo Motor Group collected the Business Culture Award presented by Russell Miller from sponsor Vail Williams

LEADERSHIP TEAM OF THE YEAR

WINNER: Fat Face

Based in Havant, clothing and accessories retailer FatFace offers top-quality casual wear for men, women and children. It has built a widely-known reputation for style, comfort and durability. The company has grown substantially since being established in 1988 to the point of having 200 stores across the UK, Ireland and the US, as well as having a hugely successful online store. The company’s leadership team comprises experienced executives with a wealth of knowledge in the fashion and retail industries. It continues to innovate and expand while staying true to its core values.

FINALISTS:

Harvest Fine Foods | Onecom | Minerva Global | Caspian One

GROWTH STORY OF THE YEAR

WINNER: PORTSMOUTH AVIATION

Priding itself on delivering outstanding results in both design and production, Portsmouth Aviation specialises in providing reliable services that have stood the test of time. Originally founded in 1929 as an air ferry innovator, the company has since grown to be recognised and highly commended by a number of well-known organisations and supports more than 200 employees. Taking an approach deemed “refreshingly straightforward”, Portsmouth Aviation is now a valued partner to a diverse array of international clients.

FINALISTS:

Beyond Retail | MSP Capital | Partnering Health

| Supreme Freight

Portsmouth Aviation won Growth Story of the Year which was presented by George Weston from sponsor CMA Recruitment Group

FatFace collected the Leadership Team of the Year award presented by Hannah Clipston from sponsor Irwin Mitchell

DISCOVERY PARK AIMING TO SOLVE LIFE SCIENCES SPACE SHORTAGE

The shortage of lab space in Oxford, Cambridge and London has been well documented in the press. Many young, growing life science businesses are struggling to secure the lab space to realise their ambitions, but the answer may be just a short train ride away.

There’s a momentum building at Discovery Park in Kent, a 200-acre science park (of which 1.6 million square feet is built space) in Kent, as it seeks to establish itself as a life sciences hub that would expand the reach of the Golden Triangle down to the South East of England.

“Discovery Park marked its ten-year anniversary last year and we’ve really moved things up a gear,” says Jane Kennedy, who is very much at the vanguard of this push since arriving as Chief Business Officer two years ago.

“Discovery Park already delivers a Gross Value Added (GVA ) to the local economy of £24 million, but we’re aiming to double that as we build our science and technology cluster. There is so much innovation in scientific activity happening within Kent”.

In building a strategy to create a biotech cluster, Discovery Park has refurbished 35,000 sqft of high spec laboratory and writeup space, launched a start-up venture fund and is working with corporates already located on the park including Pfizer and global power technology company Cummins, the NHS and Universities based in Kent and beyond to develop a knowledge exchange community on site.

Community

It's clear that creating a community is core to Discovery Park's vision and its relentless networking events calendar is clear evidence of this.

Jane has long been a believer in the value of networking and its ability to "spark" mutually beneficial relationships.

"I believe the role of the science park is to create serendipitous moments for those that work here. To bring together people who would never normally meet and spark those conversations to learn from each other."

This is a vision, said Jane, which is shared by

The Midos Group which owns the Park. "We are valued partners of the companies we support, providing infrastructure, connections and services. We wanted to go beyond the role of the traditional landlord and our CEO had the vision to create the Discovery Park Ventures fund. To date we have invested in seven companies who are able to utilise this small seed funding to leverage greater investment.

"The plan is to grow the fund to £25m within the next three years and support more companies with groundbreaking ideas, as they locate at Discovery Park and add to our innovation cluster.

"We have a real mix of companies moving in. The park is so large it will inevitably become home to a variety of clusters, from oncology to ophthalmology, and neuroscience-related companies."

Transport links

It is the one-hour transport link with London coupled with a more affordable cost of living that Jane believes adds magnetism

For more information:

Jane Kennedy, Chief Business Officer, explains how the Kent science park could provide the answer to South East’s chronic shortage of lab space.

to Discovery Park's draw as a life sciences cluster.

She said: "When people think ‘life sciences’ they think Oxford/Cambridge/London and as a Scot we constantly hear the mantra that 70 percent of VC investment goes within 100 miles of the Houses of Parliament.

"But the cost of running a lab in Kent is significantly less than running one in Oxford or Cambridge and from an investor perspective, it's better to see money going into technology development than real estate." said Jane.

"With the new high speed rail link opening at Thanet Parkway next month, we are an hour’s train ride to London. Straight into St Pancras where the Francis Crick Institute, Google, Yahoo and the Digital Catapult are all located.

We’re seeing a rising prevalence of ‘TechBio’, where a new breed of biotech companies are using cutting edge techniques from data-driven tech and machine learning to transform drug discovery and patient care. I see real opportunity in bringing together the tech community located at Kings Cross and the biotech businesses based at Discovery Park.”

Barclays Eagle Lab

It was a significant driver in Discovery Park’s decision to become the first science park to host a Barclays Eagle Lab.

Jane said: "I wanted to partner with Eagle Labs, to bring them to Discovery Park, because of the fantastic business support they provide which I knew would be of benefit to all of the companies located on the park. But they also operate programmes geared toward tech-based businesses across a number of relevant verticals

including healthtech and have an investor readiness programme and ‘demo directory’, where a company can upload a pitch video and be matched with an investor interested in that particular type of technology at the level of investment they’re looking for.”

A Barclays Eagle Lab was officially opened in March and already has an entrepreneurial community building in the co-working space, located at Discovery Park. It runs regular business and social events which also add to the congenial community feel of the wider campus.

“It’s fantastic to see how supportive the companies are; championing each other’s successes” said Jane. “Peer-to-peer learning opportunities are a big part of the experience. It’s great for our founders to feel that they are ‘part of something bigger’ and for them to share their experiences with one another. We have several companies going through the Barclays investorreadiness programme, so in a short space of time they have become a valued addition to the Park and we see the benefit of having them here.”

The Sandwich based site was at one time wholly owned and occupied by Pfizer. There are now more than 150 companies based at Discovery Park, but Pfizer remains very much at the heart of the park's ecosystem and continues to be a major employer in the local area.

Jane explained “Pfizer occupies almost a third of the park and employs around 1,000 people here. The senior management team are supportive partners in our plans to build a science and technology cluster.”

The Sandwich site is integral to Pfizer’s global operations. 85% of all the small molecule products produced by the Pharma giant are touched in some way by the team located at Discovery Park and their scientists play a major role in Discovery Park’s outreach activities to inspire the next generation of scientists in Kent.

“The supply of talent is essential to the longterm success of the site and our skills hub plays an integral part in helping to build the talent pipeline to ensure that the graduates from our local universities - and further afield - see real opportunity in Kent, with a chance to work with companies delivering the ground-breaking discoveries of tomorrow.

"Since the refurbished lab space opened at the turn of the year, we’ve seen incredible demand for the space. We’ve almost fully let the first floor’ said Jane. “Each company adds a different dynamic to the community... I can’t wait to see what the park, the scientific community and this part of Kent looks like five years from now”

“I believe the role of the science park is to create serendipitous moments for those that work here. To bring together people who would never normally meet and spark those conversations to learn from each other.”

Barclays Eagle Labs officially opened on site in March

Discovery Park has refurbished 35,000 sq ft of high spec laboratory and writeup space

UNLOCKING INVESTMENT INTO LIFE SCIENCES WILL DRIVE THE UK ECONOMY

By Nicky Godding, Editor

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A report published last year (by consultancy PwC for the Association of the British Pharmaceutical Industry), revealed that unlocking life sciences could deliver for our economy as well as patient health.

The government agrees. In 2021 it published its Life Sciences Vision saying that life sciences will be one of the great drivers of growth in the 21st century. And just last month it put some money where its mouth was and announced a £650 million warchest to fire up the UK’s life sciences.

The vision is to build on the UK’s world class science and research capabilities, make the NHS the country’s most powerful driver of innovation and create an outstanding business environment for life sciences companies.

But the UK’s share of global pharmaceutical research and development fell from 7.7 per cent in 2012 to 4.1 per cent in 2019, according to the report, and manufacturing production volumes have fallen by 29 per cent since 2009.

Currently, the UK’s £94 billion Life Science sector provides more than 250,000 high skill jobs across the UK from drug discovery to diagnostics, med-tech devices and digital health.

The size of the prize is great

If the government’s Life Sciences Vision is implemented in full, the size of the prize is great: £68 billion in additional GDP over 30 years due to the benefits of increased

Life sciences is one of the most valuable sectors in the UK and could help dig us out of our economic gloom, but we need to move fast if

are not to be overtaken by other countries

research and development investment, along with a further 85,000 additional jobs from increased pharmaceutical exports.

And before we all forget what all this investment should be about, it predicts a 40 per cent decrease in disease burden across the UK.

According to Knight Frank, UK life sciences venture capital funding reached £3.4 billion last year, a 41 per cent decline year-onyear but well above pre-pandemic levels.

And in the first quarter of 2023, deal flows continued for the UK’s life science and biotech companies at all stages of development, according to the BioIndustry Association.

LIFE SCIENCES COMPANIES ACROSS THE REGION

Private UK biotechs secured £258 million across 20 deals, with an average deal size of £13 million.

Investors were more likely to back companies with an existing track record, with five Series B deals recorded, but more reluctant to part with their cash, resulting in an average Series B deal down to £18 million, compared to £58 million in 2022.

Notable deals across the region included Milton Park, Abingdon-based Grey Wolf Therapeutics, an immune-oncology company, which raised £40 million in a Series B deal, and Akamis Bio (formerly known as PsiOxus Therapeutics), also based in Abingdon, raising £23 million to advance its gene therapy platform to treat cancer.

No initial public offerings were made on the stock exchange and just £37 million was raised by existing public companies, but that trend was replicated across the world. Investment is clearly currently harder to come by.

In the report, published by intelligence company Clarivate, BioIndustry CEO Steve Bates, said: “The quality of our science and management teams will carry us through this period, and the UK government’s more positive approach to R&D tax relief and continuing efforts to unlock pension funds hold real promise to super-charge the sector.”

Mike Ward, Global Head of Thought Leadership, Life Sciences, Clarivate, added: “Globally, there was a 37 per cent year-on-year decline in venture capital support for the biotech sector. This apparent loss of appetite is a reflection of the headwinds impacting the global economy as biotech innovation remains robust. It is not yet clear how long the financing drought may last.”

There are 135 medical technology and bio-pharmaceutical companies in Berkshire. Both AbbVie and Boehringer Ingelheim, two of the 10 leading pharmaceutical companies in the UK, have their HQs in Berkshire, whilst a further three (Pfizer, GSK and Johnson & Johnson) have operations in the area.

The south east and particularly Surrey is a globally renowned centre for research and innovation and an acknowledged leader in life sciences. Pfizer, GSK, UCB, Astellas Pharma and more than 350 other life science sector companies are based in Surrey. There are around 150 such companies in Hampshire and more than 90 in Sussex. Kent leads the way in the South East with around 450 companies in the life sciences sector

Surprisingly there is no up-to-date number of life sciences companies in Oxfordshire but it is likely that there are as many, if not more than in Kent as the county is part of the muchvaunted Golden Triangle of London, Oxford and Cambridge.

However, Oxford has major strengths in particular biotechnology subsectors, including drug discovery and development, diagnostics, medical technology and imaging. There are approximately 7,200 jobs in biotechnology sub-sectors in Oxfordshire, with significant growth projected.

The South East continues to be the UK region with the highest share of both life sciences industry employment and turnover, accounting for 24 per cent of total employment and 30 per cent of total turnover in 2021. The Vale of White Horse in Oxfordshire had the highest employment in the medical technology sector of any UK local authority district at 3,900 people and generated the highest value of biopharmaceutical turnover (£5.5 billion).

WINNING THE SPACE RACE

Life sciences space is at a premium in the hotspots, so why don’t companies look further afield?

According to the latest life sciences report from Savills, published in March, the continued imbalance between supply and demand for laboratory space across the golden triangle of London, Cambridge and Oxford has resulted in strong rental growth there. Vacancy rates for available fitted laboratory space are close to zero in Cambridge and London and not much better in Oxford, which has a vacancy rate of just seven per cent.

This shortage has resulted in landlords retrofitting existing office stock and building speculatively fitted lab space, which they can then offer within a three- to six-month timeframe. The rental premium for fitted lab space when compared to conventional office space is, on average, 70 per cent higher across Cambridge, Oxford, and London.

The shortage is particularly chronic in the centre of Oxford, with 497,911 sq ft take-up

for science-related real estate in the city last year.

Science and technology companies like co-location because of the opportunities for collaboration and it’s generally easier to attract skilled scientists and technologists who prefer to be where there are lot of similar business, which is why Milton Park at Abingdon and Harwell near Didcot continue to be so successful.

But with space really at a premium, why don’t life sciences companies look further afield?

Discovery Park in Kent, near the town of Sandwich, is a prime example of where life sciences companies can establish themselves, grow and thrive – even manufacture.

And when you consider that around 85 per cent of UK life sciences businesses are

small or medium-sized enterprises which will want to establish themselves where they can expand, this site seems to have all the growth space they could need.

The site was originally built on by Pfizer in the 1950s, which invested heavily in the site again in the 1980s. In 2010, Pfizer sold the 220-acre site but stayed on as an anchor tenant. In recent years it’s continued to invest (more than £23 million today), and still employs more than 1,000 people.

However, Discovery Park is so huge that Midos Group, which now owns it, can see major opportunities to support life sciences growth.

The company has recently refurbished two floors of Building 500 to offer small lab space for young companies and demand has been so strong that it is now planning more of the same in its Building 500.

Jane Kennedy is Chief Business Officer on the site. She said: “We have around 160 companies on site already and the park is so large it will inevitably become home to a variety of clusters, from oncology to ophthalmology, and neuroscience-related companies.”

The site is also home to a Barclays Eagle Lab, which earlier this year won a contract from the government to support small and scaling technology UK businesses.

While it can be difficult to persuade people to move further afield, economic imperatives could be the deciding factor.

“There are many benefits of being based in Kent,” said Jane. “We are only an hour’s train ride from London, and we offer more affordable housing and a great lifestyle.”

“Companies who locate here are not having to put their money into floorspace, they’re putting it into technology development. The cost of running a lab in Kent is significantly less than running one in Oxford or Cambridge and from an investor perspective,

they would rather see their money going into development than real estate.”

While smaller, at 72 acres, Southampton Science Park also well located, and has a thriving regional airport nearby.

There are around 100 science and technology businesses based at the park and opportunities to grow through its Catalyst Business Accelerator programme.

For those who really do need to be closer to the Golden Triangle, Thames Valley Science Park near Reading is building a science park around an already established cluster of highgrowth-potential companies. It has also recently opened new laboratory and office space and has links to the University of Reading. There are currently around 80 companies on the park, from start-ups to global research and development centres. There’s also a huge new TV studio complex being built next door, and the added benefit of the UK’s new Elizabeth Line train which runs directly from Reading, via Paddington to Canary Wharf.

Some of the largest science parks across the region

Begbroke Science Park, Oxford

Culham Science Centre, Abingdon, Oxfordshire

Discovery Park, Sandwich, Kent

Harwell Campus, Didcot, Oxfordshire

Kent Science Park

Milton Park, Abingdon

Oxford Science Park

Oxford Technology Park

Surrey Research Park

Thames Valley Science Park

University of Southampton Science Park

Thames Valley Science Park

University of Southampton Science Park

Discovery Park Kent

CHANCELLOR’S LIFE SCIENCES GROWTH PACKAGE TO FIRE UP ECONOMY

A £650 million war-chest to fire up the UK’s life sciences was unveiled by the Chancellor Jeremy Hunt in May.

The ‘Life Sci for Growth’ package brings together 10 different policies including £121 million to improve commercial clinical trials to bring new medicines to patients faster, up to £48 million of new money for scientific innovation to prepare for any future health emergencies, £154 million to increase the capacity of the UK’s biological data bank, and up to £250 million to incentivise pension schemes to invest in promising science and tech firms.

The Chancellor’s £650 million package also includes plans to relaunch the Academic Health Science Network as Health Innovation Networks. These boost innovation by bringing together the NHS, local communities, charities, academia and industry to share best practice. It also lays out changes to planning rules to free-up lab space and updates a route for East West Rail (EWR), the new railway line, to improve connections between UK science powerhouses Oxford and Cambridge, bringing more investment to the region.

There are 15 Academic Health Science Networks (AHSNs) across England. Set up in 2013 by NHS England to act as innovation arms of the NHS, These work locally and nationally to support the spread of all types of innovation within the NHS. They also support innovators to accelerate promising innovations from development to adoption and boost economic growth.

The Wessex Academic Health Science Network, the Kent, Surrey and Sussex Academic Health Science Network and the Oxford Academic Health Science Network all work within their regions and across organisational and geographical boundaries to develop and drive transformation.

Professor Gary Ford, Chief Executive of the Oxford AHSN and Chair of the AHSN Network, said: “It is a testament to the

Our Life Sciences sector employs over 280,000 people.

Opportunity knocks for life sciences across the south of England

A life sciences sector report published late last year from independent think tank the Southern Policy Centre has drawn attention to the region’s strength in life sciences.

The Life Sciences in the Central South report covers Portsmouth to Bournemouth, Christchurch and Poole, the Isle of Wight and Hampshire.

With a population of 2.4 million, the central south punches well above its weight in life sciences, the report said.

More than 500 med-tech and biopharmaceutical small businesses are based across the region.

collective impact of the AHSNs over the past 10 years that our commissioners have issued a further licence. We welcome the opportunity and challenge this provides for our teams to identify, develop and spread innovations that meet the priorities of the NHS over the next five years.

“Under the new banner of Health Innovation Networks each organisation will continue to support local innovation and transformation working with the integrated care systems (ICSs) within their region, support innovators to develop innovations to address local needs and come together as a national network to evaluate and spread promising solutions at scale.

“The challenges facing the NHS will only be met by widespread adoption of innovation in digital and diagnostic technology and in data to transform clinical pathways and empower patients.”

Chancellor Jeremy Hunt said: “Our Life Sciences sector employs over 280,000 people. These are businesses that are growing our economy while having much wider benefits for our health – and this multimillion pound investment will help them go even further.”

A new 14.6 acre business park is planned for Bournemouth. A third of the land will go to University Hospitals Dorset, which plans to build new research facilities in partnership with Bournemouth University. This space could bring digital partners with life science and medtech expertise, the report promises.

Further north, a new innovation park will emerge beside a planned new hospital in Basingstoke which is expected by 2030 as part of a £3.7 billion government funding package.

This report outlines unique assets, expanding facilities and clusters of expertise. But the region claims more than a string of individual research strengths or innovative companies. Its real power lies in partnerships – and it’s these that researchers, clinicians and entrepreneurs want to nurture. Partnerships ensure that groundbreaking research can be translated into innovation and become part of clinical practice, to the benefit of as many people as possible.

These are businesses that are growing our economy while having much wider benefits for our health

OXFORD NORTH’S RED HALL EXPANSION GETS GREEN LIGHT

Plans to enhance and expand the Red Hall which will be built at the heart of Oxford North, the city’s new innovation district, have been approved by Oxford City Council.

The Red Hall plans, submitted by Oxford North Ventures, the joint venture company of Thomas White Oxford, the development company of St John’s

College, Cadillac Fairview were granted planning permission as part of the first phase of development.

They will deliver one million sq ft (92,903 sq m) of laboratory and workspaces, 480 new homes, hotel, nursery, cafes, bars, three public parks and infrastructure.

The building will now total 61,462 sq ft

Kadans continues Oxford expansion with Windrush Innovation Centre purchase

Kadans Science Partner has added Windrush Innovation Centre in Oxford to its Pan-European portfolio. The science park developer intends to demolish the existing building and create more than 60,000 sq ft of new high specification laboratory and office space in partnership with the tenant, Oxford Biomedica.

James Sheppard, Kadens Managing Director (UK & Ireland) said: “We are delighted to continue to be building our portfolio in Oxford. The development at Windrush Innovation Centre will provide much needed, high specification, laboratory space in the Oxford market. We look forward to a continued productive relationship with the tenant, Oxford Biomedica, as they build their position as a quality and innovation-led viral vector CDMO.”

With the acquisition of Windrush Innovation Centre the Kadans portfolio now comprises of more than 50 buildings and numerous projects under development in the Netherlands, United Kingdom, Germany, Belgium, France and Spain. Kadans aspires to partner with universities, venture capital firms and innovative organisations to create one strong knowledge-sharing ecosystem of scientific enterprise across Europe.

(5,710 sq m) over five floors.

David Camp, chief executive officer, Stanhope plc, said:

“By expanding the Red Hall in the first phase and delivering amenity from day one, we are providing an new place for companies and their staff at all stages of their growth to be based and a place for the local community to use.”

Europe’s first purpose-built smart town will be home to 1.5m sq ft life sciences space

Real estate developer Long Harbour and Fawley Waterside, the company behind a £2.3 billion development of the former Fawley power station, is planning to build a 1.5 million sq ft science and technology-focused campus. It has appointed advisers Savills and Colliers as leasing agents.

It will be built close to the New Forest National Park and the Port of Southampton. The developer says that Fawley Waterside is Europe’s first purpose-built net zero smart town, built from the ‘internet-up’, with world-class 5G connectivity and a city-wide Internet of Things system.

A CGI of the proposed new Fawley Waterside

LIFE SCIENCES AND TECH START-UP’S ARE STILL TOP OF THE LIST FOR INVESTORS

High inflation and an uncertain economic environment has signalled the end of an era for cheap money and ultra-low interest rates! However, in all market conditions there are still opportunities for viable start-ups searching for investment, especially in the tech and life sciences sectors, that are renowned for innovation and the potential for higher returns.

Jason Mitchell, Partner, MHA asks: Who are the different types of investors and what could be right for you?

Seed funds: Seed funding provides the initial capital to get the business off the ground. A typical ‘seed round’ might include 2-5 seed funds. No seed fund takes up the whole round and when one fund invests, in most cases they will introduce the founder(s) to other seed funds.

Series A funds: There is a slight blurring of the dividing lines between the earlystage seed funders and Series A funds, which are like seed funders, but usually more focused on start-ups that already have turnover. As the business grows and matures, it will often progress to Series B and Series C funding rounds.

Corporates: These tend to be private companies but can also be listed entities with specialist investment units. Generally, they are seeking complementary intellectual property (IP) or investments that fit into a longer-term strategy; Google, for example, invests in start-up apps based on the Google Assistant platform amongst others.

How do these investors compare?

Angel investors: Angel investors invest their own money in return for a minority stake in a start-up business, typically anything from £50,000 to £200,000 or more, either as a lone investor, or by joining with others as a syndicate, or even via crowdfunding. They usually get involved with a start-up 3-12 months before a larger so-called seed investment round. Once the start-up makes some progress, angel investors may introduce it to seed funds.

Family offices: These tend to be entities set up by high-net-worth families to manage their wealth and investment activities. They tend be more selective in the investments they choose and are not usually mandated to deploy capital in the same way a Venture Capital (VC) or Private Equity (PE) fund, (that often has delegated authority to make investment decisions without ongoing reference to investors).

Angel investors tend to comprise highnet-worth individuals who have both the personal liquidity and risk appetite to make non-controlling investments in start-ups. Alongside a founder, angels will often be the earliest equity capital into a business. Angels will usually have made their wealth from entrepreneurial or other business pursuits. Although they are likely to be passive investors, they can be more involved, especially if they have specific sector experience.

Seed and Series A funders bridge the gap between angels and VC’s. They

Jason Mitchell

invest both in start-ups with no revenue, and increasingly in those that are already generating income. They also tend to have the short-term objective of accelerating growth in preparation for an early second round of fundraising. In contrast, VCs raise capital from partners such as high-net-worth individuals, corporates and other entities including institutional investors. VCs focus on young, innovative businesses that can be pre-profit, and in some cases, pre-revenue, although this is unusual.

At the upper end of the market for funding, private equity raises funds from institutions such as pension funds, endowments and insurance companies, to take controlling (51%+) ownership positions in companies generating positive EBITDAs (Earnings Before Interest Tax and Depreciation & Amortisation) with strong growth potential.

Other considerations

Seed Enterprise Investment Scheme (SEIS) & Enterprise Investment Scheme (EIS)

Where possible, investors will want their investment to qualify for tax relief under either SEIS, or EIS which are designed to help attract funding for earlystage businesses while removing some of the barriers to accessing funds from other sources, such as banks, where business owners are required to provide personal guarantees. There are strict conditions for both the business and the investor, but SEIS and EIS offer generous tax reliefs to investors, such as Income Tax Relief, Loss Relief and Capital Gains Tax (CGT) Disposal Relief.

(SEIS provides more generous tax reliefs to incentivise equity investment in early-stage companies before they access EIS funding. The main difference being that SEISqualifying companies must be smaller and newer than EIS-qualifying companies).

How to improve your chances of securing investment as a start-up or scale-up

Try to match your business proposal to investors with appropriate sector experience, so they’ll be able to get your ideas more quickly and see the potential. Once you have their interest, you will

be invited to make a short presentation where you will have the opportunity to articulate a brief overview of your ideas and business plan.

Investors will want to know what issue your business idea, or intellectual property is seeking to resolve, what market need is it meeting and if it is providing a solution that isn’t already available. They will also want you to quantify the market and potential scalability, providing an analysis of pricing and a robust financial forecast.

Bear in mind that the more empirical and ‘real market data’ you have the better. Address any potential barriers and demonstrate you have considered various scenarios in your planning. Provide your own insight on any obstacles to market entry and, where there are incumbent competitors, address how they may react, especially in terms of pricing.

If there is a founding team, investors will also want to understand how well you work together, who may be critical for success and that you are all committed for the long term (5 years or more as an example).

Investors questions are likely to focus on the ‘what’, ‘why’ and ‘how’, and will home in on any points or matters that you haven’t covered sufficiently in your pitch. Expect to be challenged and try to avoid subjective opinion and focus on evidential support.

For more information about MHA visit www.mha.co.uk and to find out more about how the firm supports clients with securing investment, email Jason Mitchell at Jason.Mitchell@mha.co.uk

Finally, have your questions for the investors planned out to both demonstrate that you are discriminating and expect more than passive investment, and to ensure you are clear about investor expectations. If the investor remains interested, they will carry out further sector research and due diligence.

Entrepreneurs are often incredibly passionate about their start-up, so rejection at an investor pitch can be a huge blow, but it’s worth bearing in mind that for every successful investor pitch, 150 to 200 others may have been turned down. Even the best ideas can be rejected because the timing wasn’t right for that particular investor, the numbers didn’t quite stack up, or the pitch wasn’t as polished or comprehensive as it could have been.

Consider rejection as part of the process, as while your opportunity may not be right for one investor, it doesn’t mean that another investor isn’t the perfect fit. Ask for high-level feedback and advice as each pitch is a valuable opportunity to reevaluate, revise, refine or tailor your pitch.

MHA have highly experienced advisors with the expertise and insight to help clients secure the right type of funding for the next stage of their growth in all market conditions. Please get in touch if you would like to talk through the various options.

“Try to match your business proposal to investors with appropriate sector experience, so they’ll be able to get your ideas more quickly and see the potential”

INNOVATION KEY TO PROPERTY INVESTMENT SUCCESS

New technology, progressive ideas and adaptation are vital when it comes to securing higher commercial property investment returns

By Stephen Emerson, Managing Editor

Roundtable Participants

Neil Brackstone, Tax Partner, BDO

Luke Masters, Relationship Manager, Sillence Hurn

Kathy Pain, Professor of Real Estate Development, Henley Business School

Brendan Sharkey, Partner, accountants MHA

Jake Booth, Director, Campbell Gordon

Rachel Duncan, Partner in the Real Estate Group, Herrington Carmichael Solicitors

Katherine Croom, Managing Director, Sorbon Estates

Maria Mowberry, Partner, B P Collins Solicitors

Liz McKillop Paley, Partner, Shoosmiths

Louise Porter, Head of Marketing and Communications, IPSX

Rupert Snuggs, Head of Capital Markets Group, IPSX

Darius Divwalla, Director of Origination, IPSX

Richard Stacey, Managing Director, Evoke Transport

Peter Laurie, Head of Client Relations, The Business Magazine

Terri Warren, Senior Associate, IBB Law

Commercial property investment has had a stormy few years, however look deeper and key sectors are thriving. Innovation is providing a resurgent wind and the sustainability tide presents as many opportunities as it does challenges.

New investment opportunities, driven by innovative ideas and technology, was a central tenet of a roundtable held by The Business Magazine in partnership with the world's first regulated real estate stock exchange IPSX.

The discussion probed where the growth sectors are, how the property sector is rising to the sustainability challenge and how the Thames Valley can retain its position as the premier spot for commercial property investment outside of London.

Brendan Sharkey, a partner at accountants MHA, said that sustainability was the driving force in reshaping the property investment market.

He said: "If you want to refinance your building then you have to have an A or B rating (EPC) and that is what is changing the commercial property market.

"London or the South East can cope with this on the whole however the North can't do it as the costs for retrofitting are the same and the investment returns do not work so it is

going to become a big problem." The requirement for development sites and schemes to reach an acceptable sustainability rating may be driven from the regulatory side, however there is, according to Managing Director at Evoke Transport Richard Stacey, a cultural change occurring within organisations.

He said: "Clients are doing it because they want to and realise that it is necessary to onward sell and attract investment.

"Clients were doing something in the past because that is what was required of them by the planning framework or the local authority, but now they are doing it because they want to. They recognise the key agenda of health and wellbeing alongside place-making."

Sustainability is gaining momentum

Canny property investors always have their eye on the long term which is also adding wind to the sails of the sustainability momentum.

Liz McKillop Paley, a Partner at law firm Shoosmiths, said: "ESG is at the forefront of all boards’ minds at the moment as it is key to protecting future profits. EPCs are not ideal but until we have something more

transparent, that's what we have to work with and measuring sustainability is going to be key to protecting the future of assets.

"Assets risk being stranded and there could be a market for a brown discount." [a building’s value will depreciate if it isn’t sustainable].

A dearth of sustainability data could present a future iceberg for the property industry with a lack of transparency and available data hindering investments for projects.

The void of data on the ‘S’ in ESG, specifically societal health and wellness, is being addressed by Professor of Real Estate Development at Henley Business School, Kathy Pain, in a Bristol Medical School-led consortium project – TRUUD: ‘Tackling the Root causes Upstream of Unhealthy Urban Development’ - funded by the UK Prevention Research Partnership.

She said: "If you are looking at transactionbased evidence used in valuations, that data is not for forecasting and will not tell you where health risks are going to come in a real estate investment project.

"Covid has driven awareness with investors in terms of thinking that health and wellness in new developments is really important.”

Richard Stacey said in-person networking remained vital

Liz McKillop Paley said an ESG strategy was key to protecting future profits

Brendan Sharkey said sustainability was driving change

Stephen Emerson

Kathy added: "However, where do you get the data? If you are changing an existing development from retail to residential and mixed use then where do you get the data on the health risks going forward. This is the data drought the research is addressing.

"Big investment banks and REITs need to know where the money to deal with future problems will come from so that they can factor it in through repurposing and regeneration and not just to mitigate the cost but add value to the investment.”

Liz McKillop Paley of Shoosmiths said issues with sustainability data was a growing problem for the industry and that new solutions were needed.

She said: "Data is a major issue when it comes to sustainability. We are moving from a period of modelled data to actual data but being able to gather this is too difficult still.

"Green lease clauses have come and gone over the years, but they are definitely back and here to stay.

"Green leases is a big part of the toolkit

that is going to be used to gather that information/data that is so desperately needed to allow both investor and occupier to make a difference to their energy usage for example and comply with their reporting requirements.

"The difficulty for occupiers is that they have a concern over the administrative burden of what that is going to look like as well as the confidentiality of that data and what it is used for."

IPSX's platform has transparency of data as one of its core foundations which taps into the drive for clearer information in all parts of the property industry.

Darius Divwalla, Director of Origination at IPSX, said: "We provide transparency. With each asset you will be able to see who the tenants are and the credit scoring of tenants which adds transparency to a market which has traditionally been viewed as opaque.

“The private markets around the world do provide other sources of capital and liquidity for real estate investment. IPSX provides the

regulatory comfort blanket into direct real estate investment, especially important for Ultra-High-Net-Worth Individual’s, private banks and wealth managers, while adding genuine liquidity into a market which has been illiquid."

Innovation is key to the future growth of the property investment sector and IPSX say they seek to "democratise" the industry.

Rupert Snuggs, Head of Capital Markets Group at IPSX, said: "The idea is to democratise investment in buildings for real estate investors and private wealth. People who have never had direct access to retail investment. We provide that platform for them.

"For asset owners, they can access a pot of cash that has traditionally been unavailable.”

While the future of the sector is being shaped by innovation and sustainability, what are the current forces that are shaping the market and its immediate outlook?

Jake Booth, Director at Campbell Gordon, said demand was softening in the Thames

“We provide transparency. With each asset you will be able to see who the tenants are and the credit scoring of tenants which adds transparency to a market which has traditionally been viewed as opaque”

Peter Laurie

Kathy Pain is working on a project addressing the lack of available ESG data

Darius Divwalla said IPSX provided a regulatory comfort blanket to investors

Terri Warren said market activity in the Thames Valley was on the increase

Rupert Snuggs said IPSX aimed to democratise property investment

Valley however he expected the recent company organisational changes to be reflected by an uplift in activity.

“Offices are seeing huge volatility because of the pandemic. Office yields have risen significantly, pushing down capital values, affecting the way investors view the asset class. This has been further exacerbated due to forthcoming changes in government policy tightening up on energy performance minimum standards.

“Demand in the property market has softened over the last 18 months in the Thames Valley in particular. However, there is now significant new demand, and while a lot is coming from occupiers consolidating their occupational footprints, it reflects a real desire for corporates to bring their teams together in modern workspaces.

“There was an expectation that this office occupation reshuffle would happen immediately after Covid but it is only now we are seeing it.

“This has created a challenge for landlords with low quality stock, as occupiers are

taking the opportunity to enhance their space. They have more firepower to pay for top quality given their space reduction.”

The Ukraine war, inflation, the mini budget and the mini banking crises in Europe and the US have meant that the surge in demand in real estate investment in 2021, fuelled by pent up real estate demand pressure due to Covid and a very strong industrial property market, has now become a distant memory according to Rachel Duncan, a Partner in the Real Estate Group at Herrington Carmichael Solicitors.

She said: "We are in a period of great uncertainty and it is probably the most challenging time for property investment since the global financial crisis back in 2008.

"Investors are pausing to assess the risk they face and considering how they can underwrite them accordingly.

“The ability to attribute performance and risk to a growing number of key factors such as yield and leasing profile, and exposure to risks such as climate change, is becoming increasingly important for investors.

"Covid has had a huge effect on the property market in different ways – one of these being that it has displaced a lot of economic activity and made it difficult to know what the “new normal” is likely to be in terms of working from home or working from the office, and what that means for property demand in different areas.”

Terri Warren, Senior Associate at IBB Law, said there were signs that the property market in the region was picking up.

She said: "We have seen a lot of head office moves and I do think it is a positive market but it does have its glitches like everywhere else.

"The Thames Valley does seem to have bucked the trend after the mini budget and it does seem to be bouncing back coming into the summer."

You don't have to look far in any of the Thames Valley's town centres to see the challenging position that retail property is in.

The retail property sector, according to the roundtable, should not be treated as one block on its own, with some parts of the market showing promise and adaptation to the online-led retail landscape.

Katherine Croom, Managing Director of Sorbon Estates, said that the shopping centre property market was in trouble but the wider retail market was showing signs of stability.

She said: "There is no lending in this market with banks sitting on shopping centres that they effectively own as there is no equity in them.

Sustainability is gaining momentum

"There are some positive signs with leisure conversions that may eventually wash their face.

"Shopping centres are being given a different purpose but there are a lot of shopping centres across the country that need to be demolished. For some of them, their time is over.

"The retail market is settling down a bit and bricks and mortar remains important to retailers.

"Even though there was a lot of growth during the pandemic in terms of online sales I do think retail is now cooling.

There is also, according to Katherine, a divergence in fortunes emerging between large urban and provincial centres when it comes to retail property with the latter showing improving fortunes.

She said: "We are moving to the European model where shopping centres outside of prime locations are thriving.

"Bracknell has a good example of how to do a shopping centre outside of a prime location.

"We are heavily invested in Maidenhead and getting more retailers or people living in the town centre will help drive regeneration."

Rachel Duncan said Covid has caused widespread change in the market

Katherine Croom highlighted the rise of retail in satellite towns

Retail parks with their ample parking and easy access by car are able to tap into the growth of click and collect services, according to Maria Mowberry, a Partner at B P Collins Solicitors.

She said: "Shopping centres are losing favour however retail parks are a different story.

"Coming out of the pandemic and with the growth of online retail, retail parks are adapting well to changes in current shopping habits and tapping into the desire for click and collect.”

For those with a higher risk threshold, being brave in property investments can pay off.

Luke Masters, a Relationship Manager at Sillence Hurn, explained:

"You can now buy retail at below its cost to construct, fewer new retail is being built so its supply is naturally diminishing which mirrors the market demand along with a growing portion of retail assets being repurposed to different operational uses.

"There comes a point where you still have to be quite brave with your investments and I still think retail has good enough fundamentals in a mixed portfolio."

"If you have appetite for an investment higher up the risk curve it makes a lot of sense to have a look at it as the right asset often provides a good yield.”

With uncertainty in retail and the office space, where should investors be looking for properties with good long term potential?

The roundtable highlighted data centres, student housing, age care facilities , Build To Rent (BTR) as areas to watch.

Rachel Duncan of Herrington Carmichael Solicitors said: "The BTR market is burgeoning and there has been an increase outside of London particularly with a rise in investment in suburban family homes."

Jake Booth of Campbell Gordon also singled out BTR for its ability to provide developers with a capital stream to spend on improving

other parts of their development.

He said: “BTR remains a growth area in the Thames Valley and it is interesting to see these schemes start to trade. It is proving to be a resilient asset class in a context where yield shifts are negatively affecting capital values across a large portion of the property market.

There is a continued need for the ability to unlock central urban sites in key Thames Valley centres through planning for mixed use regeneration schemes – it is essential that the market can react to pressures negatively affecting certain assets such as lower grade offices in good quality locations through change of use. The planning review system should increase in frequency to accommodate this better.”

In previous tough economic times, commercial property has been a defence against inflation and safe haven for capital.

With the market being reshaped by macroeconomic changes brought on by the pandemic, is this still the case?

Neil Brackstone, Tax Partner at BDO, said property could be a hedge against inflation if prices continued to rise.

"Property has been seen as a hedge in the past given the increasing value of assets, he added.

"Whether it could still be considered as such is dependent on whether or not property prices will continue to rise at the rate that they have done in the past."

“Coming out of the pandemic and with the growth of online retail, retail parks are adapting well to changes in current shopping habits and tapping into the desire for click and collect”

Luke Masters said retail still had good investment fundamentals

Maria Mowberry said that retail parks were tapping into online trends

Jake Booth said change was coming in the commercial property market

MHA's Brendan Sharkey echoed his comments adding that property remained a solid investment.

He said: "I would still call it a hedge as we need food and we need shelter.

"If you can see what the future holds and meet that expectation, then property will be a solid investment."

Professional services in the Thames Valley have been renowned for their close knit cooperation which has generated wealth for the region as a whole.

However, with face-to-face meetings being increasingly replaced by video calls and a generational divide emerging when it comes to in-person networking, the roundtable questioned whether this advantage would remain.

Evoke Transport's Richard Stacey said: "There is nothing like meeting people face to face and it is starting to return more.

"When you get involved with a new client it is very difficult to develop that relationship because you are seeing them two dimensionally.

"Having an office which is in a good location for networking is important."

IBB Law's Terri Warren added: "A lot of youngsters lack confidence and are unlikely to take contacts out for lunch.

"The culture has changed whereas before people would go out for a beer after work, now they want to go home."

IPSX is the world’s first regulated stock exchange dedicated to commercial real estate. It offers commercial real estate owners a powerful new capital markets option to release value from their assets, whilst democratising access to incomeproducing, institutional grade real estate by opening it up to the widest possible pool of global investors, including retail investors. IPSX enables investors of all types to invest in income-producing real estate assets, with secondary market liquidity, through buying shares, traded on a regulated stock exchange.

IPSX is open to institutional grade commercial real estate owners, including owner-occupiers, and provides the flexibility to sell all, or part of an asset with future optionality to further sell down or reacquire shares.

IPSX transforms commercial real estate investment, for the first time enabling direct investment into prized commercial real estate assets via a public market.

We asked our roundtable members where they would invest their own personal money this year.

They answered:

Kathy Pain, Henley Business School: urban property

Luke Masters, Sillence Hurn: stem cell sector

Jake Booth, Campbell Gordon: Build To Rent

Richard Stacey, Evoke Transport: Film Studios or Data Centres

Terri Warren, IBB Law: Green belt land

Neil Brackstone, BDO: science and technology properties

Brendan Sharkey, MHA: retirement living

data

Darius Divwalla, IPSX: European hostels

Louise Porter, IPSX: student housing in the North and big real estate data

Rachel Duncan, Herrington Carmichael: Life sciences real estate

Katherine Croom: Sorbon Estates: Proptech industry

Maria Mowberry, B P Collins Solicitors: battery storage sites

Liz McKillop Paley, Shoosmiths: “destination” flexible office space

Rupert Snuggs, IPSX: Big real estate

Neil Brackstone said property remained a hedge against inflation

Louise Porter is the Head of Marketing and Communications at IPSX

SUSTAINABLE LIVING IS ABOUT THE HERE AND NOW

WHEN IT COMES TO REDUCING OUR CARBON FOOTPRINT, WE ALL THINK ABOUT THE SMALL CHANGES WE CAN MAKE LIKE REUSING PLASTIC BAGS OR CONTAINERS. BUT, WHEN IT COMES TO SAVING OUR FUTURE PLANET, CHANGE NEEDS TO HAPPEN ON A MUCH LARGER SCALE – AND IT NEEDS TO START TODAY.

When it comes to reducing our carbon footprint, we all think about the small changes we can make like reusing plastic bags or containers. But, when it comes to saving our future planet, change needs to happen on a much larger scale – and it needs to start today.

BUILDING GREENER FUTURES

Housebuilding is big business. Last year, Barratt Developments, comprising Barratt Homes, David Wilson Homes and Barratt London, built 12,603 homes in England, Scotland and Wales, supporting more than 44,000 jobs and investing close to £477 million into local communities.

There’s no doubt we need more homes, the country is facing higher than ever costs of living and property prices are soaring. A plentiful housing supply will help to reduce those costs, and Barratt Developments has increased its housing output by more than 50% in the last 5 years.

But as always, there is a challenge to build those homes in a sustainable way as possible.

USING SCIENCE

Barratt is the first UK housebuilder to set science-based targets for reducing carbon emissions from the business by 29% by 2025, as well as reducing indirect carbon emissions in places like supply chains by 11% by 2030. Barratt has also made other pledges with the view to becoming the UK’s leading sustainable housebuilder, by doing things like reducing energy consumption and materials used on site.

The housebuilder has also pledged to build only energy-efficient homes that offer renewable technology, as well as water efficient and water saving devices to protect the supply, ecology and biodiversity.

When owners shut the door to their new Barratt home, they will also benefit from modern enhancements, such as energyefficient insulation, to keep the property nice and warm. Additionally, the argonfilled double glazing, which is included as standard, helps to keep the natural heat from the sun inside the home, and the cold air out.

Barratt uses ‘smart wall’ technology, meaning

external cavity walls incorporate heatreflecting, low emissive technology, so that homeowners don’t need to turn the heating up – keeping costs down.

Compared to houses that were built in the 1980s, smart walls are less likely to allow damp to flourish – and, walls built in the 1980s let twice as much heat escape compared to smart walls.

All of these green features mean homebuyers can also apply for a ‘green mortgage’ – financial products that can offer preferential rates or cashback for homes that are more energy efficient.

BARRATT IS THE FIRST UK HOUSEBUILDER TO SET SCIENCEBASED TARGETS FOR REDUCING CARBON EMISSIONS FROM THE BUSINESS BY 29% BY 2025

ALL ABOUT THE PEOPLE

As well as the built environment, Barratt recognises that the business has a wider responsibility across all its activities to deliver a better societal and economic benefit to customers and communities.

That’s why Barratt has introduced a ‘Keeping People Safe’ policy, which maintains the highest standards of health and safety, as well as investing in innovation and development. In turn, this reduces overall environmental impacts because it helps respond to the skills crisis and future-proof against material shortages.

Barratt also believes in the investment in people, whether that is staff or subcontractors. The company works hard to make sure it promotes inclusion and as introduced measures to make sure people feel comfortable enough to challenge attitudes and behaviours to educate and enforce that diversity pledge.

AWARD WINNING

On the South Coast, Barratt’s Southampton Division, which covers Hampshire, Dorset, West Sussex and the Isle of Wight, has been busy building these eco-friendly communities at several popular developments.

From seaside towns like Swanage to bustling city-like experiences of Whiteley, Barratt and David Wilson Homes strives to offer the very best of local living.

All developments are located close to amenities such as schools and supermarkets, but the housebuilder also chooses to build in locations that offer open green space nearby.

Barratt Homes’ Harbour Place development in Bedhampton, Hampshire, has just won an award for Residential Development of the Year for its attractive, well-thought-out

design which offers the latest modern and energy-efficient technology, with open space in abundance – with its 30 acres home to 31,000 bee-friendly planted shrubs and trees and 9 acres of wildflower meadow and 6 biodiversity areas with ponds.

IT STARTS AT HOME

Barratt’s environmental pledge doesn’t end once they’ve handed over the keys to a customer – in fact it’s only just beginning.

Expert design considerations ensure every aspect of energy efficiency has been taken care of – which is why a Barratt Home is up to 63% more energy efficient than a traditional home. In fact, it could be

FOR MORE INFORMATION ON NEW DEVELOPMENTS IN HAMPSHIRE, VISIT: HARBOUR PLACE, PEBBLE WALK AND FOREST WALK BY SCANNING THE QR CODES.

ABOUT BARRATT

DEVELOPMENTS

Barratt Developments plc is the country’s largest housebuilder, comprising Barratt Homes, David Wilson Homes and Barratt London, and is committed to building highquality homes.

This year the company received more NHBC Pride in the Job Quality awards than any other housebuilder for the seventeenth year in a row and was awarded 5 stars by its customers in the HBF satisfaction survey for the fourteenth year in a row.

Barratt / David Wilson Homes’ Southampton division is currently building at 11 actively selling developments across

more than £3,100 per year cheaper on your energy bills.

Appliances are rated either A or A+ to ensure they save the most energy or water. Plus, the kitchens and bathrooms have water-saving fixtures, and old incandescent lights have been replaced with LEDs where possible.

And through its partnership with the RSPB, Barratt also urges homeowners to make sure the development is a good environment for both humans and animals. One example is by recently backing the ‘No Mow May’ initiative, because mowing a lawn less frequently could provide enough nectar sugar for ten times the number of bees, butterflies, moths, beetles and other pollinators, and flowers such as dandelions, a particular superfood for bees and butterflies.

Since the 1970s the UK has lost nearly 97% of its flower rich meadows, depriving pollinators like bees and butterflies of their food.

A healthy lawn with some long grass and wildflowers benefits wildlife, tackles pollution and can even lock away carbon below ground – and all homeowners need to do is to not mow their lawn in May or June.

The Southampton division’s chosen charity for 2023 is the Saints Foundation who use the power and passion of Southampton Football Club to transform lives in and around Southampton, helping people fulfil their potential to be more involved, healthier and empowered members of the community.

Barratt Homes donates £18,000 per year through its Community Fund, a dedicated financial resource that helps to support local causes which improve the quality of life for those living in the region.

Dorset, West Sussex, Hampshire and the Isle of Wight.

PLC:

THE FUTURE OF OUR TOWNS AND CITIES

NEW RESEARCH SHOWS READING IS WELL POSITIONED FOR GROWTH

Reading’s population is expected to reach more than 165,000 by 2030, with recent research from Savills highlighting the significance of the younger generation in the market.

“The 15-24 age band is projected to become the largest group by 2033, accounting for more than 17 per cent of the population,” says Luke.

Reading is undergoing something of a residential property renaissance, with the opening of the Elizabeth Line making the London commute even easier for young professionals. The Business Magazine spoke to Luke Richardson of Savills about the town’s property boom.

It may not have realised its ambition to achieve city status, but in recent years Reading has established itself as a location to watch within the UK residential market.

Known for its excellent connectivity to the capital – which has continued to be enhanced, thanks to the opening of the Elizabeth Line – the town’s identity has evolved, and has become an attractive location in its own right.

“Earlier this year, the EY Regional Economic forecast predicted Reading to be the fastest growing location in the country between 2024 and 2026, suggesting that city credentials may not be required after all,” notes Luke.

“Popular opinion has followed suit, with the Sunday Times naming the town in its list of best places to live 2023.”

“Much of this growth is expected to be driven by those in their early twenties, reflecting the town’s strength in higher education and as a destination for graduate employment.”

Residential development in the town centre plays well to this important demographic, with a strong bias toward purpose-built stock, and a focus on the rental market.

1,150 homes within the residential pipeline will be delivered as purpose built rental units, 800 of which are already under construction, including the landmark Station Hill development.

While this represents a considerable addition to Reading’s current rental stock, says Luke, market trends suggest there is capacity to absorb this level of delivery.

“According to our analysis, 48 per cent of movers to the town in 2020-21 entered the private rental sector and more than 53 per cent of movers aged under 30 were renters.

“Rents increased by 10.2 per cent in the year to November 2022, above the South East average of 8.9 per cent, as demand significantly exceeded new supply.

“And we have yet to see any drop-off in demand in 2023 – if anything, in our

experience, it is becoming busier still, with new rental launches at all price points attracting high levels of competition.”

Longer term, pricing will be key for future absorption. The average graduate salary in Reading is £27,000- £30,000, meaning a monthly rent of between £750 and £850 – or even up to £1,000 – per person is affordable for this part of the market, while the 42 per cent of movers to the town earning between £40,000 and £60,000, can afford rents of between £1,100 and £1,650 a month.

“Perhaps the biggest long-term challenge identified in our research is the underprovision of family housing,” says Luke.

“While Reading is doing a good job of attracting younger in-movers, we have yet to see significant delivery of much-needed family homes, which may, at least partially, account for the expected drop of 4.8 per cent in the population aged between 25 and 50 over the next decade.

“Today’s young professionals are of course the families of tomorrow and so planning for a greater variety of homes around Reading across a range of price points and tenures, will be key to ensuring that students and young professionals moving into the area are catered for in the future.”

The region’s towns and cities are changing – but how? What’s driving the change and does change look the same everywhere? The Business Magazine asked those in the know for insight

Luke Richardson

Station Hill Reading

THE NEXT DECADE LOOKS ROSY FOR SOUTH COAST CITIES, ACCORDING TO REAL ESTATE SECTOR GROWTH REPORT

country and its three highest growth sectors over the next 10 years include hotels, multi-family housing and selfstorage.

Student population is becoming increasingly familiar, and fond, of multifamily housing.

It is one of three cities in the top 10 included in the research with an expected large increase in student-age population over the next 10 years.

second by One Family as the happiest city to live and work in.

Core growth is anticipated in the leisure and food & beverage, senior living and multi-family housing real estate sectors.

Bournemouth – popular commercial hub

Bournemouth is a popular seaside town closely linked with nearby Sandbanks, which has some of the highest-priced housing in the UK.

It is also a popular commercial hub, benefiting from strong European transport links from its airport base.

Like Brighton, the town is expected to see high growth in both GDP and disposable income of 16.5 per cent and 17.6 per cent respectively.

Over the next 10 years, Bournemouth’s core growth sectors include leisure and food & beverage, senior living and affordable housing.

A report looking at real estate prospects over the next decade has ranked Southampton, Brighton and Bournemouth in the top five for affordable housing, the leisure sector, and hotels.

Which City? Which Sector? published by global real estate adviser CBRE, focuses on the 50 largest towns and cities outside London and 12 core real estate sectors.

Southampton – the UK’s most important gateway to Europe

The survey found that, with the approval of the Solent Freeport, the Solent region has become the UK’s most important gateway to European and global markets and is expected to create more than 15,000 direct jobs and a further 15,000 opportunities across the UK.

Southampton is expected to see a population rise of 3.7 per cent over the next decade, the fourth highest in the

It is also ranked as the second top growth city for affordable housing in the next decade.

Domestic travel is forecast to increase 36 per cent by 2030. Southampton, along with Brighton and Glasgow, is one of the cities set to record the biggest rise in visitors, while hotel operators in the city are expected to see an increase of 67 per cent in international visitors, the biggest rise of all cities covered.

Brighton – culturally diverse and cosmopolitan

Brighton is one of the UK’s most culturally diverse and cosmopolitan cities, well known for its strength in the creative industries, digital and technology sectors. It ranked in the top 10 of more than half the sectors, reflecting its strong expected employment and disposable income growth.

The city has a strong tourist economy and independent retail offering and was ranked

James Brounger, head of CBRE’s Southampton office, said: “It is good news for the South Coast that the regional cities feature so highly.

“Southampton in particular has benefited hugely from the recent recovery of the maritime industry, especially the cruise industry with passenger numbers set to hit two million in 2023, a figure not seen for six years.

“Southampton has a student population of 46,000 and is one of the cities expected to see a large increase in student population over the next decade, fuelling the requirement for multi-family housing and self-storage.”

Jen Siebrits, CBRE’s head of UK research, said: “Our research looked in detail at the prospects for a range of real estate sectors across the UK’s largest regional towns and cities.

“As well as GDP, employment and income growth, we considered demographic trends and property market data, such as supply pipeline, local universities, and housing affordability.”

Ocean Village, Southampton

James Brounger CBRE Southampton

OXFORD CAMBRIDGE ARC PLANS BACK ON TRACK AFTER GOVERNMENT COMMITS TO EAST-WEST RAIL LINK

One big infrastructure consideration for the area has been East-West Rail; a rail project connecting Oxford and Cambridge.

In May, the Government reaffirmed its commitment to building the East-West rail link as part of its £650 million funding package for the UK’s life sciences sector.

The project comprises upgrades to sections between Oxford and Bicester and Bletchley and Bedford. A new section of rail is being put in place between Bicester and Bletchley.

means a Development Consent Order is needed to obtain permission to construct and operate the railway.

“In terms of the implications for residential development, Aylesbury and Bicester continue to be subject to a growth in housing including strategic-scale sites, which have taken longer to deliver than envisaged. There is no reason to expect any change in strategy – additional land for housing will be considered for development under new planning policy linked where possible to new infrastructure.”

The Government’s recommitment to building the East-West rail link connecting Oxford and Cambridge will be great news for delivering homes, workspaces and jobs, according to property expert David Bainbridge, a director in the planning team at Savills in Oxford.

The Arc describes the growing cluster of high-tech, life sciences, research institutions and universities across the region – a globally significant area supporting more than two million jobs, and adding more than £110 billion to the UK economy every year.

The scheme – which requires massive amounts of government funding – has hit many bumps in the road, but now looks to be – literally – back on track.

The East-West Rail Company published an update on the route for the railway on the same day as the funding announcement.

David said: “These announcements represent a notable leap forward in longterm plans to unlock sustainable economic growth in this strategically important area.

“The emphasis will be on ensuring the plans maximise the opportunities, while balancing local priorities and environmental issues. The intention is to undertake statutory consultation on the preferred route and associated infrastructure, such as stations and level crossings, in the first half of 2024.

“The project is treated as a Nationally Significant Infrastructure Project which

The East-West Rail announcements follow the recruitment of Dr Richard Hutchins as managing director of the Oxford to Cambridge Pan-Regional Partnership (PRP) – a locally-led initiative to champion the region as a world leader of innovation and business, acting to achieve environmentally sustainable and inclusive growth. It effectively replaces the more centrally-led spatial framework that had been anticipated.

The areas covered by the partnership, with help of up to £2.5 million funding from Government, include a regional innovation network, data observatory and co-ordination on issues such as energy and infrastructure, nature recovery and biodiversity.

David Bainbridge

Aerial view of Oxford

Three years ago, the advent of Covid lockdowns led to an unpredicted need for communities to adapt and become more ‘resilient’ in the way people access services and spaces.

Compounded by the working from home revolution that followed, ‘local’ and ‘hyper-local’ communities took on greater importance and the concept of the ‘15 minute city’ came to the fore.

Some town planners began to explore an idea hatched by Professor Carlos Moreno of the Paris-Sorbonne University, who proposed the 15-minute city as a panacea to address the multiple problems of congestion, poor mental health, high emissions, and a failing sense of community.

In essence, the concept introduces the idea of ‘living locally’ with new communities located within a 15-minute walk or cycle ride of the collection of amenities people need to live, work and play.

But recently, critics of the concept have started to voice their feelings. When councillors in Oxford proposed to install six traffic filters as part of an initiative to encourage active travel, they were criticised as being ‘power mad’ and ‘communist’, leading to thousands of people protesting on the streets.

A Conservative MP demanded a parliamentary debate on what was described as an ‘international socialist concept’, on the basis that the installation of traffic filters to create Low Traffic Neighbourhoods (LTNs) ‘cost our personal freedom’.

So are 15 minute cities still relevant?

Daniel Nunn, Wokingham-based senior planner at planning consultancy Boyer thinks so.

“Aside from the Oxford experiment, the 15-minute city concept is flourishing globally,” he said.

“Winchester City Council’s recent Strategic Priorities and Issues consultation has highlighted the importance of the 15-minute city concept in improving sustainability and as part of a solution to the climate emergency.

“Bristol, Sheffield and Canterbury are considering implementing 15-minute city schemes. Both Hampshire and Surrey County Councils have also adopted guidance which relates to a 20-minute neighbourhood and the Town and Country

Planning Association has published detailed guidance on doing so.”

So how did we end up with protests on the streets?

“Some critics within the planning and development industry argue that a 15-minute city can be suffocating and actually increase social issues such as isolation,” says Daniel.

“Discussion has been distracted by misinformed arguments that the 15-minute City concept will result in authorities using pandemic-style lockdowns to restrict people’s movement as an attempt to stop climate change.

“When Oxfordshire County Council’s proposal to reduce traffic congestion was announced late last year, some groups mistakenly linked the effort to Oxford City Council’s separate 15-minute city plan and the false claim that residents were set to be confined to a 15-minute radius of their homes under surveillance.”

In reality, there is no proposed lockdown. Oxfordshire County Council simply proposes to install six traffic filters as part of a health-promoting plan to encourage active travel.

“The Council’s website states that it seeks to reduce congestion in the city centre by targeting ‘unnecessary journeys by cars’ by placing time restrictions on six roads in the city.

“Without a permit, cars would not be able to drive through the traffic filters whilst they are in operation and number plate recognition cameras will monitor and enforce the restrictions.

“It would have been interesting to understand reactions to the proposed 15-minute city idea in Oxford City Council’s emerging Local Plan if the traffic filter proposals were not proposed at the same time. Would there have been such strong feelings if it was not assumed that there would be limitations on car movement?

“It remains to be seen how the protests in Oxford will impact on the concept elsewhere. Despite the many local authorities actively putting it into action, significant dissatisfaction has not occurred other than in Oxford.”

Daniel Nunn

The 15-minute city concept introduces the idea of ‘living locally’ with new communities located within a 15-minute walk or cycle ride of the collection of amenities people need to live, work and play

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