Burlingtons Magazine | Issue 03 | Winter 2021

As the UK leaves the EU, we look to the future of our historic relationship

LONDON LIFESTYLE The unique boutiques inspiring us to ‘shop local’

BESPOKE STYLE Inside jeweller Theo Fennell’s London atelier

PRIVATE OFFICE Protecting your wealth for future generations

N O 03 | WI N TE R 2021

THE ART OF REVEALING NATURE

Please Enjoy Responsibly.

urlingtons Group is a multi-specialist group of professionals. We deliver highly personal integrated advice to our clients’ business and personal interests across the globe. Our solutions for your business and private interests bridge legal, tax, accounting, real estate, IT, fiduciary services and our own private office.

Our Burlingtons Club hosts an international private community of carefully selected professionals sharing the highest standards of excellence and client care. Drawn from lawyers, accountants, wealth managers, hedge funds, tax advisors and other experts across the globe, we come together to work and pool our collective skills, expertise and experience to provide added value to our client.

Our global reach, contact base and influence is not only headquartered in the heart of London, but we also have offices in Almaty, Moscow, St Petersburg, Geneva, Malta and Gibraltar with a wider international reach through Burlingtons Club.

Visit us at burlingtons.group

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FROM THE

CEO

T

HE WINTER EDITION of Burlingtons Magazine marks our first issue of 2021 – and, already, we find ourselves in a phase of adaptation to some rather major changes in our lives. Not least is the long-awaited finalisation of the Brexit deal, announced on Christmas Eve 2020, which marks the exit of the UK from the European Union.

But what does this deal mean for us and is this change all that much of a surprise? I delve into our historic relationship with the UK’s closest neighbours to find out what this new dawn for Britain could mean. Read more on page 40.

Brexit is not the only seismic change we have entered the new year with. Happily, the beginning of the end of a year of isolation may be upon us, as Covid-19 vaccinations begin to roll out across the country. But, while we applaud the near-miraculous scientific achievement that is the creation and approval of a safe and effective vaccine within a mere 12-months, we also must battle through lockdown for a few months longer.

For many businesses, particularly independent boutiques and the hospitality sector, this is no easy feat, which is why Burlingtons Magazine is celebrating some of London’s wonderful boutique brands in our ‘shop local’ feature – it will no doubt help inspire us all to get out there and support local businesses as soon as we’re able (60). While we wait, we also gather the best home-grown British beauty brands for men and women, perfect for at-home pampering or regular skincare routines during the colder months (46).

Elsewhere in the issue, we find out how trusts can protect the wealth of future generations (10), head to Moscow to discover the latest trends in international corporate law (32), and discover the best cigar terraces in London – and finest collectible cigars – waiting to welcome us when lockdown lifts (70). To our Burlingtons Club Members and readers, welcome to the first of this year’s curated collection of new trends, luxury launches and business insights.

Deborah Mills Chief Executive Officer Burlingtons Group Limited

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BURLINGTONS GROUP Deborah Mills Chief Executive Officer Deborah.mills@burlingtons.group Henry Mills Director – Burlingtons Private Office henry.mills@burlingtons.pro Nicholas Portelli Lead Consultant – Real Estate nicholas.portelli@burlingtons.pro Jacob Kett Liaison – Burlingtons Private Office jacob.kett@burlingtons.pro CONTACT For advertising enquiries or to find out more about Burlingtons Club contact: info@burlingtons.club Burlingtons Group 5 Stratford Place London, W1C 1AX +44 (0)20 7529 5420 EDITORIAL TEAM Burlingtons Magazine is published by Vantage Media Limited Director of Editorial: Michelle Johnson Director of Art: Ross Forbes Contributors: Olivia Brotheridge (illustrator), Lysanne Currie, Lauren Jade Hill, Gabriel Power, Rory FH Smith Responsibly printed Printed by Park Communications, UK on Edixion Offset (FSC® certified paper) using vegetable inks and sustainable printing methods. www.parkcom.co.uk

Cover credit: Big Ben and the Houses of parliament at dusk. © S.Borisov/ Shutterstock

Vantage Media Limited 35 South Street London, W1K 2XE info@vantagemediagroup.co.uk +44 (0) 203 519 1005

© 2020 Burlingtons Group Articles and other contributions published in this journal may be reproduced only with special permission from Burlingtons Group. Burlingtons Group and the publishers (Vantage Media Limited) accept no responsibility for any views or statements made in the articles and other contributions reproduced from any other source. No responsibility is accepted for the claims in advertisements appearing in this journal and the publishers reserve the right to accept or refuse advertisements at their discretion.

Burlingtons Magazine is published by Vantage Media Limited. www.vantagemediagroup.co.uk 7

CONTENTS Provide, Preserve & Protect

10

How Burlingtons Group’s fiduciary services can help protect your assets for the future

Take 5

14

Find out what Burlingtons Club Members are excited about this season

Jewel Purpose

18

We step inside jewellery maverick Theo Fennell’s London atelier

The C Word

22

SuperSeed Ventures explains how businesses can rise above adversity

That’s Entertainment

26

Solicitor to the stars Brian Eagles shares his favourite memories from a glittering career

Postcards from Moscow

18

30

Jewel Purpose

We explore the fascinating history and architectural splendour of Russia’s capital

The Law of Adaptation

32

Burlingtons’ Alexander Dolya reveals the challenges Russian businesses are facing today

Drive Smart

36

Smart City Prestige founder Karim Usmani tells us how he stays miles ahead of the competition

36 Drive Smart

8

30 Postcards from Moscow

Changing Times

40

We examine the UK’s new relationship with the European Union post Brexit

British Beauty

46

Searching for an indulgent gift? Look no further than these home-grown beauty brands

Patience is a Virtue

50

Deutsche Bank gives us the low down on Strategic Asset Allocation versus market timing

King of the Off-Road

54

46

Celebrating 50 years of the mighty Range Rover

The Personal Touch

60

British Beauty

Support local businesses in style with our pick of exciting independent boutiques

Opportunity in Chaos

64

Venture Risks tells us how to find reassurance in warranty and indemnity insurance

A Sparkling Heritage

68

Raise a glass to the family history inspiring some of Europe’s best wine houses

The Big Smoke

70

We discover London’s best smoking rooms and cigar terraces for year-round indulgence

Ask Boris

76

54 King of the Off-Road

Burlingtons’ resident bulldog answers your questions about becoming a cigar connoisseur

70 The Big Smoke

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PROVIDE, PRESERVE

& PROTECT

10

Emilio Scintu explains how Burlingtons Group’s fiduciary services can help businesses and families protect their assets for future generations

BURLINGTONS CLUB

B

URLINGTONS GROUP was founded from the long-established roots of Burlingtons Legal, a regulated law firm in the heart of Bond Street, London, offering legal services to our affluent and entrepreneurial clients. It was clear from the needs of our clients that many of them required more than law – a fact that has become our tagline and remains at the heart of all we do.

We created Burlingtons Private Office to handle many of our clients’ various needs, one of which we identified as our professional fiduciary services to assist our clients from the UK and internationally with the management of their corporate and personal affairs – whether that’s helping them establish

trusts, settling their assets or rearranging and restructuring their international portfolios.

There are often times when our fiduciary services can cross over between an individual’s business interests and personal wealth management. This is why our fiduciary services draw not only on our team’s personal experience – I have 20-years of experience working for major global service businesses such as Vistra – but can readily combine with the other areas of professional expertise held within Burlingtons Group in order to create a truly 360˚ service offering, particularly our tax team, who can assist our clients with any of their business or personal needs. »

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BURLINGTONS CLUB

“London is viewed by many of our international clients as a safe haven thanks to the certainty of the English legal system”

An example of the services that Burlingtons Group can provide for our clients is the set-up and administration of a trust. Many clients are concerned about protecting their assets to ensure that they will pass to their children or other beneficiaries in the easiest possible way. The use of a trust for estate planning can solve these problems and ensure that beneficiaries will receive the right amount of financial support at the right time in their lives.

Any type of asset can be settled into a trust – from cash, a portfolio of shares, real estate, works of art – and the trustees will deal with these assets to ensure that they are preserved, grown and distributed in accordance with the client’s wishes.

The concept of a trust was born out of English Common Law, but trust arrangements have since been recognised by many countries around the world whose legal systems are based on the principles of Civil Law. The first recordings of trusts were in monasteries in the 13th century, where monks could use church properties without ownership, as this would offend their vow of poverty. Trusts became more widely used during the Crusades, as knights left their homes and assets and formed trusts to look after their properties in their absence.

More recently, some famous examples of trusts are those set up by the Rockefeller or Walton families, to ensure the preservation of wealth and smooth transfer of the businesses that they created for future generations.

However, you don’t need to be super rich to be able to benefit from the setup of a trust. Even a family with assets of between £1m to £5m could be better off by using a trust to

help with their succession planning.

Another popular area is assisting private clients with their personal affairs, working with family offices or with affluent individuals directly. London has always attracted people who wish to have a base in the UK or send their children to study.

We predict that, even after these crazy times, the trend of London living will remain intact.

Our fiduciary services help support clients by purchasing real estate, arranging for a child’s education, or other services that may be considered ‘concierge’ – such as arranging bank accounts, property investments and legacy investments.

Despite Covid-19 and Brexit, London remains an attractive prospect for entrepreneurs and individuals. For families in general, London boasts the best restaurants, fashion and entertainment in the world, and our school system, from secondary education through to our prestigious universities, has great appeal to international students thanks to the alluring combination of an excellent standard of education and chance to gain fluency in the English language.

It is also clear to us at Burlingtons that London investments and assets are viewed by many of our international clients – be they from Europe, the Middle East, CIS or Latin America – to be safe thanks to the certainty of the English legal system, meaning that our city, with its diverse and expansive appeal, can offer a safe haven for families and businesses alike.

For more information about Burlingtons Fiduciary Services please contact emilio.scintu@burlingtons.pro 13

TAKE 5 The incredible places, people and products that Burlingtons Club members are talking about this season‌

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BURLINGTONS CLUB

1.

A ROSE BY ANY OTHER NAME Opening in 2021, the Rosewood São Paulo is the latest venture by the luxury hotel group Rosewood Hotels & Resorts. Located in Cidade Matarazzo, the hotel’s striking architecture hints at the opulence within – a restored complex of elegantly preserved buildings from the early 20th century, completed by an awe-inspiring vertical garden tower designed

by Jean Nouvel. Inside, rooms and suites are designed by Philippe Starck while amenities include six restaurants and bars, an Asaya signature wellness concept and eight unique events spaces. A destination worth waiting for!

Rosewoodhotels.com

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2.

THE TASTE OF PATIENCE The Singleton 38-Year-Old is an indulgent dram described as an ode to the virtue of patience. Blended by award-winning master of malts Maureen Robinson, the cask strength whisky underwent a 26-year secondary maturation – the longest in The Singleton’s history – resulting in a vibrant, intensely fruity and powerfully smooth Scotch whisky. The 38-Year-Old is mellow on the nose, with aromas of red apple and candied citrus fruits, succeeded by almond oil and vanilla pod; its smooth taste is described by Robinson as “intense and fruity”, suggesting cinnamon-spiced baked apple, drying into a peppery warmth on the palate, followed by a long finish. Limited to 1,689 bottles worldwide, at £2,100, this is a truly indulgent nightcap.

Thesingleton.com

3.

GOLDFISH VENTURES Goldfish Ventures is a full service digital and venture creation agency. Its specialist teams look at the whole picture and get to the heart of your business. They specialise in situations where ‘business as usual’ is not working and you need a new approach or even a new business. Since Goldfish was founded in London, it has built long-term relationships with some of the world’s leading brands, including Virgin and Toyota.

It is now an international agency with offices in multiple countries, and its clients have customers in 37 countries speaking 17 languages. Goldfish Ventures has a strong track record in digital marketing, e-commerce and innovation and has been supporting businesses through the changing consumer landscape for more than six years. Its team provides the expertise of a boutique agency but the breadth and range of an international service.

Contact Paul Adams, CEO of Goldfish Ventures, by email via: paul@goldfishventures.com. Goldfish Ventures is a member of Burlingtons Club; find out more at info@burlingtons.club

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4.

YEAR OF THE OX The Métiers d’Art The legend of the Chinese Zodiac Year of the Ox is an exquisite celebration of the Chinese New Year by Swiss watchmakers Vacheron Constantin. With the Year of the Ox beginning on 12 February, the timepiece is limited to twelve each of two expressions – platinum with blue dial (priced at £130,000) and pink gold with bronze dial (right, priced at £107,000). The dials feature a Chinese foliage motif and rare grand feu enamelling to enhance the intensity of the colours. The hand engraved ox – in platinum or pink gold – is then delicately applied to the centre of the hands-free dial. Powered by the brand’s calibre 2460 G4, four apertures show the hours, minutes, days and dates, and the watch is finished with a Mississippiensis alligator leather strap.

Vacheron-constantin.com

5.

A NEW DOOR OPENS Though it is likely that the UK’s housing market boom may slow down this year, there are many areas in real estate that are sure to remain hot commodities. Investment into new developments in prime central London has continued despite Brexit and lockdowns alike, while families moving away from the city in favour of stunning country piles is a trend set to continue into the next few years as the way we work changes forever. At Burlingtons, our real estate experts make it simple to procure your dream property, from sourcing off-market opportunities to finalising all the finer details of evaluation and ownership. Get in touch now to discover how we can find your dream property.

Nicholas Portelli is Lead Property Consultant – Burlingtons Private Office. Contact him via email: Nicholas.portelli@burlingtons.pro

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STYLE

JEWEL PURPOSE As Valentines Day approaches, British jewellery and silverware design icon Theo Fennell takes Michelle Johnson on a tour of his Fulham Road atelier

I

T IS IMPOSSIBLE to define Theo Fennell. Calling this artistic maverick a fine jewellery and silverware designer hardly does justice to the explosion of colours and oddities found upon entering his impressive atelier on Fulham Road. When I last visited, an enormous chess board dominated the heart of the boutique gallery, each piece of the set painstakingly crafted from sterling silver and gilt into various game birds – including pheasants, grouse and partridges – all poised to take flight.

Silverware and jewellery are displayed side by side, each item skilfully crafted and bursting with life. Refined sculptured busts – called portraits – of Queen Victoria, William Shakespeare, Sir Winston Churchill and Elvis are displayed alongside ornate skulls, keys and crosses that sit somewhere between Elizabethan memento mori and the height of punk fashion. Elsewhere, vintage-style Bombé rings are replete with rare and colourful jewels, while his playful Arts collection embraces pop art styles – bejewelled pendants and earrings spell out Pow!, Love! and OMG!. Quirkier still: silver pots and lids are crafted to resemble Marmite and Tiptree Jam jars. But it’s in his bespoke pieces that Fennell’s boundless imagination truly gets a workout.

“We’re aiming to create the kind of jewellery you’ll see in the British Museum and ‘ooh’ and ‘aah’ over; the kind of artefact that could be a medieval piece someone left for their loved one,” Fennell says. “There’s that level of emotion and admiration. It really is about storytelling and, to do it well, you have to have unbelievable craftsmen in the workshop.

“At our level, it’s about understanding stones and geology, but all jewellery should be sentimental in one way or another – certainly personalised. I’m a huge enemy of mass production, of wearing the same thing as everybody else. I find it absolutely extraordinary that advertising has persuaded us that things that are mediocre have to be owned.” »

POLISHED PERFECTION That quality of storytelling is abundantly clear in the design of each Theo Fennell piece, he says, whether his clients are designing a bespoke piece from scratch or resetting a beloved relative’s heirloom jewels.

“You can buy someone a 10-carat diamond without putting much thought into it, but with our bespoke jewellery – perhaps a ring has your loved one’s name entwined in leaves, their birthstone and other little quirks – the emotional impact is 10 times greater,” he says. “We had a client whose wife is mad about orange blossom, so we designed the shape of the ring to be a subtle heart topped by a lovely orange stone, with intricately engraved blossom underneath.”

Fennell’s eponymous brand was founded in 1982 and has since become a treasure in the heart of Chelsea. In 1997 the brand moved to its purpose-built gallery, above which is the workshop where he and his small team of jewellers and silversmiths hone their craft.

“We’ve always been atelier, with the workshop and studio together, and have always had a large number of women clients,” Fennell says. “That was very rare, in the early days.

Women didn’t buy jewellery for themselves – people thought jewellery was something that should be bought for women. It was strangely patronising. We found that women were much more adventurous with their jewellery. A man’s just going to buy a row of pearls or a pair of twinkly diamond studs, but our clients were actresses, models, painters – self-sufficient and creative women – who wanted to spend their own money on something unique.”

Fennell says that in those early days, his clients’ interest in design-led pieces offered a practical benefit, too. “It was great for us, because we couldn’t really afford to be a diamond business. That led us into working with lots of bright, coloured stones like tanzanite and garnet.

“Today our clients are still a pretty creative lot. They’re self-sufficient, they have confidence in what they want, but they want us to do what we do best – especially with silver, which is a more complicated and structural element to create pieces with but also ideal for personalisation. It’s almost impossible to design bespoke items in silver without knowing how things are made, how the metals will heat or how stones will react. Our craftspeople are incredible, and without them it would be hopeless.”

Fennell says that the trend towards commissioning bespoke jewellery has become more common, and wants to educate clients about the many creative ways their ideas can be achieved: the only limits are what they want to spend and their timeline.

“I think people don’t necessarily understand that they can go to Savile Row and have a suit made by the greatest tailors in the world for much less expense than buying a high-fashion piece from whomever,” he says. “Bespoke is just a different way of telling your story. A lot of people are now finding the self-belief and confidence to have things made rather than staying with the crowd, and we want to make that fun for our clients.”

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ALL THAT GLITTERS One of Fennell’s favourite challenges is the revitalisation of ‘unwearable’ jewellery – pieces that are broken, older or out of fashion – into colourful new pieces or objets d’art.

“There are certainly trends in terms of wearability. You’d be surprised how beautiful some pieces can look once revitalised.

Things like brooches are wonderfully easy to make interesting or expressive. They’re also a great way to revitalise heirloom jewels. For instance, you could take three rings and a broken necklace from a grandmother’s selection and make that into a stunning brooch using the stones and gold. It gives the opportunity to honour the legacy of a loved one while creating something really unique.”

Fennell takes his inspiration from his clients, but also from his rich artistic and cultural life. Born in Egypt to a British Army family, his early years were spent all over the world.

His formative education spanned Eton, York College of Art, followed by the Byam Shaw School of Art (now part of the University of the Arts London), and he apprenticed for Hatton Garden silversmith Edward Barnard before establishing his own brand. Now, Fennell is never without a sketchbook or two, ready to take inspiration from the shapes of birds in flight or architectural intrigue. He has a voracious passion for the creative arts – music (the Kinks’ Waterloo Sunset is a familiar reference point), theatre, cinema and literature – but says he has grown to determine his own style.

“My mind is a bit like a junkshop in Brighton at all times,” he laughs. “However, I think ‘creative’ is a terrible word. Often, people think the more ideas the better, but what you learn, as you get older, is the editing process. I’ve become less fickle in my interests and notice the things that I always come back to, like the pomp of Elizabethan jewellery or gorgeousness of Renaissance Italy. We are slightly soaked in our culture and traditions – to try and force otherwise is a bit like an opera singer attempting rock ’n’ roll. It’s just a bit embarrassing.”

Equally horrifying, to Fennell, is the idea of “letting the old man in”. Instead, he says its crucial to keep innovating.

“You can get away with murder just by claiming old age and infirmity, but you’ve got to keep allowing new things in all the time – to remain vital and interested,” he says. “We’re always on an evolving journey. I think that’s really important – especially for us old hippies. We like to find the truth in the trip, you know? It would be very dull to bang out the same old thing; our mission is to be rather extraordinary. That runs through everything we do.”

Theofennell.com This article originally appeared in Tempus Magazine; tempusmagazine.co.uk

STYLE

Brilliant bespoke: Theo Fennell (top right) designs and makes unique jewellery and objets d’art in his Fulham Road atelier workshop 21

THE C WORD Can businesses find opportunity in adversity? Absolutely!

SuperSeed Ventures’ James W Sore tells us how the challenges of 2020 may inspire an industry of phoenixes rising

James W Sore, SuperSeed Ventures

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INVESTMENT

T

HE COVID-19 CRISIS was, to many, an unpredictable event that the world was simply not prepared for, but not everyone was blind to what was coming. On 26 January 2020, Nassim Nicholas Taleb – the famed author of 2007 book, The Black Swan – co-published a paper for New England Complex Systems Institute warning of the fat-tailed risks associated with inaction on Covid-19.

In the paper, titled ‘Systemic risk of pandemic via novel pathogens – Coronavirus: A note’, he and co-writers Joseph Norman and Yaneer Bar-Yam, recommended that significant action should be taken right away.

“It will cost something to reduce mobility in the short term, but to fail to do so will eventually cost everything,” they wrote.

At that point, the FTSE 100 closed at 7,585.98. By 27 March it had plummeted to 5,815.73. Unfortunately, the impact of Covid-19 would overshadow many other important events of 2020. The year had begun with 46 million acres of bushfires in Australia; the Brexit countdown and US elections both signalled a changing of the guard; the devastating explosions in Beirut; not to speak of the tale of former Nissan boss Carlos Goshn, who was declared an international fugitive after fleeing house arrest in Japan in a box. To say 2020 was a challenging year would be a dramatic understatement.

There have also been some amazing achievements across many areas and disciplines. The African continent has now officially eradicated polio, with the last reported case being over four years ago; SpaceX broke records when they completed the first commercially approved manned space flight, subsequently delivering four crew members to the International Space Station in a contract with NASA; and a group of scientists designed the Moderna Vaccine for Covid-19 in just two days. The first doses of the Moderna Vaccine, and other approved vaccines including the Pfizer-BioNTech and Oxford-AstraZeneca, were trialled, approved and administered to patients within just a year – an unprecedented achievement.

So, as you can see, amazing things have happened in times of adversity, and I see some heartening parallels to previous Black Swan events like the Global Financial Crisis of 2007 and the burst of the Dotcom Bubble in 2000.

In 2019, the British Venture Capital Association performed an in-depth analysis of the historical performances of investment vintages of private equity (PE) and venture capital (VC) funds dating back to 1990. It found that the four years preceding the Dotcom Bubble achieved an average of 14.2%, but the four years after the crash rose to 21.1%. That is over a 48% premium.

Likewise, the Global Financial Crisis showed a similar trend, achieving a premium of over 21% and making an average premium of 34.8% post-crisis. But what is often overlooked is that, during the recession, some extremely successful start-ups were created, including Credit Karma, WhatsApp, Groupon, Instagram, Uber, Pinterest, Slack and Square – to mention but a few of today’s household names – and Google actually launched its venture arm, Google Ventures, amid the crisis. » 23

INVESTING IN INNOVATION Investing when others are scared can seem counterintuitive, but history has shown that innovation always follows catastrophe. People are thrust from their comfort zones and companies rise from the ashes to help people adapt to life in the “new normal”. Adversity generates a need for innovation, rapid and far-reaching change, and deep investment from industry to improve the way business works.

I am lucky enough to work at SuperSeed Ventures, an earlystage VC fund investing in B2B SaaS and Deep Technology companies that are solving real and demonstrable market needs.

It is an exceptionally exciting and challenging space to work and, perhaps surprisingly, one that can benefit from adversity.

Over the course of the pandemic, we have seen this within our portfolio – because technology that solves real market needs offers businesses a fantastic way to deliver efficiencies.

With offices now requiring totally new ways of working – and rates of people working from home exploding from 5.7% to 36.5% – software is often the fastest and most effective way to deliver the changes required.

As signs of the potential impact of Covid-19 began emerging early last year, we were quick to engage with all of our portfolio founders directly to help them navigate the new challenges. We are lucky to have strong relationships with our founders, are often their first sounding board and always a trusted advisor.

What our portfolio has experienced is pretty interesting.

Many of the portfolio companies, although coming under pressure from a market sentiment perspective, actually saw a large upward trend in demand. Initially, there was an expected entrenchment but, after a few months, businesses were looking at how to become more efficient and achieve more with their existing staff.

Some of our successful portfolio companies include: •

•

•

Scribeless, the AI-driven handwriting tool that can turn text into your own personal handwriting. Scribeless saw a large uptick in interest, as they can deliver “handwritten” materials with no hands touching the note.

ThingTrax, referred to as the Chromecast of manufacturing, allows the 80% of unconnected manufacturing sites to become connected and data-driven, bringing them up to industry 4.0 standards. ThingTrax designed, built and deployed an AI-powered temperature scanning system to identify potential Covid-19 sufferers and protect staff. They also deployed an automatic social distance monitoring system for workforces.

MetadataWorks, the data cleaning and processing company, were able to accelerate medical data analysish, cutting research times by many months, which could ultimately save thousands of lives.

The pandemic isn’t over yet, but are businesses going to just sit down and wait for it to pass? No. The need for products and services solving real business problems is, quite simply, stronger than ever, and we are proud and committed to only investing and accelerating companies that deliver real value to industry, solve a true market need and are helping to get the country back on top.

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INVESTMENT

“It will cost something to reduce mobility in the short term, but to fail to do so will eventually cost everything” - Nassim Nicholas Taleb, Joseph Norman, Yaneer Bar-Yam ‘Systemic risk of pandemic via novel pathogens – Coronavirus: A note’

ABOUT SUPERSEED SuperSeed is an early-stage EIS Fund, investing in B2B SaaS and Deep Technology companies. The number one reason start-ups fail is poor product market fit. SuperSeed has developed a unique due diligence method to address this: • • • • •

We rigorously test product and market fit before we invest to give us confidence a start-up is solving problems customers actually care about We invest early. Based on our deep sector expertise we invest pre-Series A when valuations are still attractive We are entrepreneurs investing in entrepreneurs. In the US, 60% of VC s are entrepreneurs, while in the UK it is only 8% We know what it takes to exit. SuperSeed’s partners already have eight exits under their belts as investors and entrepreneurs We are hyper focused. Using our first

To find out more about working with SuperSeed Ventures, contact James W Sore via james@superseed.com or 07500 029 203 SuperSeed Ventures is a member of Burlingtons Club. Find out more via info@burlingtons.club

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THAT’S ENTERTAINMENT With six decades as an entertainment lawyer, Burlingtons Group’s Brian Eagles has a career that could be played out on the silver screen.

He shares some of his favourite memories with Michelle Johnson

A

S BURLINGTONS’ HEAD of media and entertainment, it will come as no surprise that Brian Eagles has a wealth of stories suited to the glittering lights of Hollywood. With six decades in the business, Eagles, 83, has represented top entertainers including Dame Elizabeth Taylor and Sir Richard Burton, Sir Rex Harrison, Sir Georg Solti, The Stranglers, Sir Bruce Forsyth and Dick Emery, as well as bestselling authors, screenwriters and musicians, a leading F1 driver, a title-winning boxer and corporate entities including The Old Vic and Rugby World Cup. Eagles began his career in 1956, where he was persuaded by an uncle to train – or ‘article’ – with major London solicitors and parliamentary agents Bulcraig & Davis. “Originally I planned to be a violinist,” he tells us. In 1961, after he’d qualified, Eagles moved to J Sanson & Co, to experience life in a smaller firm, where he became a partner after one year. He says: “Working for a small firm taught me the other financial side of a practice – and that your work isn’t finished until you’ve sent the bill and got it paid!”

He left in 1967 to join Herbert Oppenheimer, Nathan & Vandyk, where he met famed Hollywood lawyer Aaron Frosch and struck up a friendship that would define the rest of his career. Eagles gained access to the UK’s jet-setting stars, but the down-to-earth lawyer never strayed from his decision to simply practice the law and, as such, became the trusted confidant of his many illustrious clients.

His passion for music and film remained firm in and out of work hours: today he is a founder trustee/director of The Ralph and Meriel Richardson Foundation and The Solti Foundation and is a voting member of BAFTA. Eagles joined Burlingtons Group in 2016, describing it as a “relaxed, people-focused firm”. Here, the eminent lawyer talks about his favourite clients, his great mentor – and ‘extracting’ Elizabeth Taylor’s jewels from the jaws of bureaucracy… » 26

INTERVIEW

Richard Burton and Elizabeth Taylor in Mexico, while filming Night of the Iguana, in 1964 (©Almaty)

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Brian, when did you decide to specialise as an entertainment lawyer?

When I was at Oppenheimer’s my senior partner, Leslie Cork, knew about my love of music and that my brother was an actor. One day he called me down and said: “Eagles, I’ve got someone you might be interested to meet; he’s an actor.” That was how I met Richard Burton and Aaron Frosch. I think Cork was originally planning to take the case himself but didn’t have too good a time while taking Burton’s statement. Cork had asked the actor if he was English, to which a rather unimpressed Burton had replied: “Mr Cork, I am Welsh”.

How important was your professional relationship with Aaron Frosch?

Frosch was a very well-known and interesting lawyer in New York and I struck up a strong relationship with him.

He became a very good mentor to me, and introduced his clientele to me for representation in England and Europe, while he represented them in the States. Frosch would tell me, “Always be a lawyer to the entertainment industry, not an entertainment lawyer”. By this, he meant that you have to be able to stand firm and do what you know is right rather than pander to people.

Quite early on, I was terribly in awe of some of these people, but Frosch warned me “never live in their castles in the sky”. He was full of such expressions – and he was absolutely right! I was always aware to remain their lawyer and not necessarily their friend. In fact, I was probably the only lawyer in the music industry who always wore a tie!

You had some remarkable experiences with Richard Burton and Elizabeth Taylor – and famously flew her priceless jewellery collection to Grace Kelly’s party in Monaco.

Yes, that day was far from normal. I was the only person in the world with the key to her safe and I was absolutely petrified, because she wanted me to bring her entire jewellery collection – two whole cases full of exquisite and very valuable diamonds, gems and jewellery For security I had booked flights for myself and my wife in the name of one of my partners, then changed the names at the last minute. And, of course, because of Exchange Control, you couldn’t take more than £50 out of the country at that time. I’d been in touch with Exchange Control authorities and customs in advance who confirmed that we would be passed through customs unchecked but, when we got to the airport, they insisted on opening the cases. The entire experience was nerve-wracking! Interesting things were happening with our clients all the time but, always, predominantly, around Taylor and Burton. They were really quite extraordinary people.

How involved were you in your clients’ publicity?

It was always key to have a good relationship with the newspapers. For example, in 1972 there was a miner’s strike, and I got a tip off that a paper was going to use Taylor’s name in an advert supporting a charity appeal. Although Taylor had an affinity to mining families because, of course, Burton’s family were miners, she didn’t want her name to be associated with anything political. I managed to prevent the newspaper 28

from publishing the story. Issues like that would always be bubbling up for me to deal with. My policy always was to make a short statement on behalf of my clients and say that no further comments would be made. And I did not make further comment. That would kill the story quite quickly, because there was nowhere else for it to go.

What are some of the challenges of entertainment law compared to other areas of practise?

Predominately, I think, it’s the personalities themselves.

Entertainment people do not always live in the same world as the rest of us. Many lack close friends, and perhaps this was because they weren’t in the same place long enough to form deep relationships, and many entertainers enjoy playing out a part. I was never that close to [My Fair Lady star] Rex Harrison, who was a big client of mine, and who could often be very difficult to handle. There were exceptions, of course, such as maestro [conductor] Sir Georg Solti and [Doctor Zhivago actor] Ralph Richardson. Sir Ralph was an amazing man, very much with his feet on the ground and who was more interested in other people than himself. He had an extensive library, a wonderful collection of clocks, was a competent painter and loved fast motorcycles! We formed The Ralph and Meriel Richardson Foundation to assist actors who hit upon hardship later on in life, and I was the executor of both his and Lady Richardson’s estates.

How has your approach changed in recent years?

When I was starting out, I felt that to succeed I had to prove myself and give my all. I think we all get to a point where we feel we’ve done that, and then it’s a choice of whether we change what we are doing or continue on. I still enjoy what I’m doing, and that’s always been my priority. Having said that, you do have to put a lot of time in, especially in the early years, and so I do regret not having spent enough time with my family. I spend more time with my grandchildren now than I did with my children. As you get older, you prioritise differently. Life is a series of crossroads, and you just have to consider things very carefully, make a decision and hope you make the right choices. I have always relied a great deal upon my wife, who can see things differently to me and helps keep me balanced.

Tell us about working at Burlingtons Group?

In large city firms it can feel impersonal, you are always a small cog in a big wheel. But, even when I was permitted to be very much my own man in these big firms, my team was always important to me; the group had to be happy in order for us to work efficiently together. Firms that aren’t looking to be giant often focus far more on creating a good environment, to enjoy life, with good lawyers who are similarly minded. I have found that at Burlingtons – it’s a friendlier, more relaxed environment that believes in its people. I think that friendship, and the opportunity to work together as a group, makes Burlingtons quite different and it is great to be part of their team Brian Eagles is head of media and entertainment - IP at Burlingtons Legal. He also handles Estates. Find out more at info@burlingtons.group

INTERVIEW

Rock band The Stranglers perform at a small club in Dover, New Jersey, 1978, and (inset) Brian Eagles

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POSTCARDS FROM...

Presnensky This diverse district is home to the Moscow Zoo, White House of Russia and the affluent Patriarshiy Ponds.

Sporting city Football-mad Moscow enjoys a number of sporting stadiums including the multipurpose Otkritie Arena, best known for hosting the 2018 FIFA World Cup.

The Kremlin Fortified by 2.2km of high walls, the Kremlin has been the seat of Russian political power since the 12th century.

Visit in summer to watch the ceremonial change of guards.

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USSIA’S CAPITAL CITY, Moscow is the metropolitan heart of the Eastern European country and, with 20m residents living in the Moscow Metropolitan Area, is Europe’s largest city. Established in 1147 along the Moskva River, Moscow became the political and economic centre of the 16thcentury Tsardom of Russia and later the Russian Empire, until the capital moved to the newly formed Saint Petersburg in 1713. But Moscow’s influence remained, and it was once more declared the country’s capital following the Russian Revolution (1917-1923), remaining so through the establishment and devolution of the former Soviet Union until present day.

This modern megacity, with its enduring romance and complex history, is one of the world’s most important financial hubs – and one of its most expensive and affluent cities. Today, visitors flock to the cultural capital’s museums, galleries and academic institutions – from the Tretyakov Gallery to the Bolshoi Theatre (home of the Bolshoi ballet and opera) – as well as the distinctive charm of its architecture.

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The Seven Sisters Known as Stalin’s high-rises, these award-winning Soviet skyscrapers (built 1947-1953) include locations such as the Moscow State University, Hotel Ukraina and the Kudrinskaya Square Building.

Moscow International Business Centre This sleek business development of glittering skyscrapers is the home of the Federation Tower, Naberezhnaya Tower – and Burlingtons Group’s Moscow office.

Monument to the Conquerors of Space A towering obelisk marks the grand achievements of Russian cosmonauts.

The Exhibition of Achievements of the National Economy is home to artifacts from the Soviet Space Program.

Theatre Square The Bolshoi Theatre, home to the iconic Bolshoi ballet and opera, dominates this cultural and shopping hub just a stone’s throw from the monument to Karl Marx.

The Moscow Metro The world’s most beautiful metro system was designed as a celebration of the workers, with palatial stations decorated with mosaics, sculptures, stained glass artworks and more.

Red Square The Red Square is at the heart of Moscow’s political and cultural history.

St Basil’s Cathedral, commissioned by Ivan the Terrible in 1552, is an icon of Russian religion and architecture.

The Golden Mile Once home to royalty, Khamovniki District now boasts the city’s most expensive real estate along Ostozhenka – nicknamed The Golden Mile.

Gorky Park The best known of Moscow’s 96 parks and 18 public gardens is Gorky Park.

Named for writer Maxim, the cultural park borders historic Neskuchny Garden.

Moreish Moscow Sample blini or sirniki for brunch before pelmeni or borscht for dinner – washed down, of course, with the famous vodka-based Moscow Mule.

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THE LAW OF ADAPTATION Burlingtons Group’s head of Russian practice Alexander Dolya reveals how the Group brings its unique approach to international corporate law and the challenges facing Russian businesses today

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URLINGTONS LEGAL IN RUSSIA, with offices in Moscow and Saint Petersburg, has always been focused mainly on rendering services to businesses – both international and Russian companies, their owners as well as management. Our business-minded approach makes up around 90% of our services, although we also assist individuals in matters connected with immovable property, family asset management and inheritance planning (especially when business is in question), and in some other areas where our professional expertise is unquestionable.

Until the end of 2018, almost half of the services we rendered were, in various ways, connected with general business law and, in particular, corporate law. We represented clients in connection with sale and purchase of businesses (M&A), arranged various corporate events like general meetings of shareholders, and undertook numerous due diligence exercises of both Russian companies and multinational holding structures with assets in Russia. Additionally, the representation of our clients and defence of their interests in corporate conflicts comprised significant portion of what we did.

The other half of our services related to commercial disputes resolution. We have vast experience of representing clients in both Russian national state courts called “Arbitrazh Courts” and in international and domestic arbitration. As Burlingtons head of Russian practice, I regularly act in international arbitration both as party representative and accept appointments as arbitrator.

Our litigation practice covers the whole of Russia, and the most popular international arbitration processes we handled were under the Rules of the Stockholm Arbitration Institute of the Stockholm Chamber of Commerce and under the Rules of International Arbitration of the Swiss Chambers of Commerce.

It is worth mentioning that Intellectual Property is one of the areas of our expertise as well. Alexander Osetinsky, who heads our office in Saint Petersburg, leads the team of lawyers specialising in intellectual property issues. »

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BUSINESS

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BUSINESS

BEYOND CORPORATE LAW 2019 and 2020 brought significant changes to the business environment in Russia. The ever-changing economic situation resulted in a significant decrease of general business and, consequently, there were just a few M&A transactions during these years. General business advice decreased dramatically, too, as companies’ insolvency unfortunately became something rather regular compared to previous years.

Non-fulfilment of contractual obligations became almost regular and, thus, commercial litigation is now something what many clients expect us to render.

Our litigation division has therefore expanded to represent our clients in almost all types of commercial disputes in Russia and in international arbitration all over the world.

However, worsening economic situations bring up certain specifics. Among other risks, the most unfortunate for businesses, in our view, are the increasing attempts to substitute commonly known commercial disputes resolution mechanisms – such as insolvency or application to a court for arbitration – with mechanisms applicable to real crimes.

What happens in reality is that, instead of filing a lawsuit against a company that is, for example, unable to comply with its obligations before its counterparties, creditors may apply to the police intending to initiate criminal prosecution of top management (usually CEOs, CFOs, chief accountants, etc) and even attempt to go after shareholders.

Article 159 of the Russian Criminal Code (the RCC) is very “popular” in this sort of case, it establishes that “Swindling [or criminal fraud], that is, the stealing of other people’s property or the acquisition of the right to other people’s property by fraud or breach of trust”.

There is an extremely narrow border between the crime provided for in Article 159 of the RCC and regular commercial risks leading to inability to fulfil commercial obligations in business. However, the actual consequences differ drastically.

Commercial litigation due to non-fulfilment of obligations can, in the worst case, lead to insolvency. While this can be devastating to a business, it is not the end of the world. But in the case of an investigation commenced under Article 159 of the RCC, suspects – such as top management, shareholders, etc – can easily find themselves in detention for years even before their case even goes to court. This is the reality business faces in Russia today.

We are eager to represent our clients in commercial affairs and defend them in criminal proceedings. In these cases, to mount a proper defence requires the defending lawyers to be experts both in business law, criminal law and in criminal procedural law. Having this significant background and experience in the areas of defence in criminal cases cannot be overestimated when it comes to reaching a successful outcome.

Our combination of experienced experts in business law and experts in criminal and criminal procedural law helps to ensure that we render the best service to our clients in Russia and defend their interests to the maximum possible extent.

We invite you to discuss your needs with us and would be happy to assist you and defend you. For further details please contact Alexander Dolya at +7 985 784 0340 or via email: alex.dolya@burlingtons.legal 35

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DRIVE SMART In a world besieged by Covid-19, Smart City Prestige chauffeur service is taking the executive world by storm with its bespoke solutions. Founder and director Karim Usmani tells Gabriel Power how his award-winning brand came to be, and how it has handled the potholes of 2020

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O MATTER WHAT THEIR PATH to the top looked like, nor how they hurdled the obstacles in their way, elites across the globe from CEOs to heads of state all agree on one thing: a quality chauffeur is an essential part of any executive’s daily routine.

Karim Usmani is the director and founder of Smart City Prestige, a luxury chauffeuring brand offering bespoke boutique driving services to discerning customers looking for a hassle-free way to get around town. As overcrowded trains become an unwitting symbol of the pandemic and chauffeuring services step up to provide a more elegant solution, Usmani gives us his insight into what makes his brand stand out from the pack.

“It wasn’t so much that I recognised a gap in the market as there is no shortage of providers; it was a lack of quality service,” Usmani says of founding his company in 2014. “I felt the main suppliers were providing more of a ‘factory volume’ type of approach; a generic service lacking personality and tailoring. There was a need for a boutique chauffeuring service which focussed on understanding the needs of clients, rather than assuming one size fits all.”

Since its launch, Smart City Prestige has already spanned the globe, operating in the UK, mainland Europe and North America with a substantial fleet of vehicles comprised of Mercedes E Class and S Class, Range Rover, Bentley and Rolls-Royce. In 2019 the service won the silver award for Chauffeur Company of the Year at the Professional Driver Quality, Service, Innovation (QSI) Awards. » 37

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MOTORING

Taking the wheel: Smart City Prestige founder Karim Usmani (below) and his fleet of luxury vehicles

When asked why customers keep coming back to the brand, Usmani points to “a number of things”, including “attention to detail, understanding and anticipating the needs of the discerning client and delivering a quality of service above and beyond our competitors”. He attributes the bulk of this perceptive, accommodating ethos to his team of highly skilled drivers, whom he vets for their “professionalism, personality and attitude”.

The pandemic, however, has proven a challenging time for the industry, as well as the sectors Smart City Prestige serves, and Usmani does not shy away from this fact.

“Our industry is less talked about in the same terms as hospitality or the airline industry but, in reality, we are a service provider to both,” he says. “These industries have been decimated by the stop/start mechanics of government guidelines and, as a consequence, we have been affected in exactly the same way.”

As a result of the ever-changing landscape of executive travel, Smart City Prestige has shifted its focus to cater to even more exclusive means of transport. “It is absolutely true there has been very little in the way of progress [during 2020] but, as a boutique business, our model has become even more specific, providing our services to the private jet industry, which has increased its market share,” Usmani says.

“Our clients will not use airport terminals to travel around the UK, they are using either private jets or services such as ours… I see this as an opportunity to service those clients that may now need a new service provider. This is

where our opportunities lie.”

Rather than limiting the scope of the business, the pandemic has prompted Usmani to dream even bigger – he is currently exploring the possibility of launching a private jet service.

“If there is one thing that 2020 has taught us, it’s that we have to pivot our business model and look for alternative ways to provide for our clients,” he says. “If private jets are in increasing demand, then we will meet that demand. The term ‘chauffeur’ doesn’t limit us to road transportation.”

Not content with merely adapting to changing trends in the world of public health, Usmani is also looking to harness the momentum of climate activism as a means of establishing Smart City Prestige as an environmentally friendly alternative to its rivals.

“We understand that clients are becoming increasingly conscious of their carbon footprint and therefore there is a growing demand for hybrid and electric cars,” Usmani tells us, confirming that he is currently “waiting for practical electric vehicle models to be made available to buy from manufacturers such as Mercedes and BMW”.

Nevertheless, he pledges that carbon neutrality is a key goal of his brand, adding: “We always endeavour to meet our client’s requirements and are actively seeking to expand our fleet in the new year.”

To find out more about chauffeur services or to discuss your booking, visit smartcityprestige.com or contact: enquiries@smartcityprestige.com 39

CHANGING TIMES Burlingtons Group CEO Deborah Mills examines the UK’s new relationship with the EU, and reflects on the turbulent history with our closest neighbours

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FEATURE

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HE BREXIT DEAL between the UK and Europe was achieved on Christmas Eve, just as Santa was about to leave his home in Lapland to distribute good cheer around the world.

However, the tone of the debate between pro- and anti-EU campaigners over the last few years has been anything but cheery. In fact, it brings to mind the writings of Charles Dickens in A Tale of Two Cities: “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us…”

These words seemed particularly apt as we sat down to our Christmas dinners thinking 2021 would get

better and yet, as I write this piece, here we are in the UK in another potential three-month lockdown facing a mutated Covid-19 virus and a vaccination process that could take months, if not years, realistically, to roll out.

At least the primary Brexit issue is resolved and behind us, whatever our views on how we got here may be. The United Kingdom has now left the European Union and the EU Single Markets and Customs Union following the announcement on Christmas Eve of the EU-UK Trade and Cooperation Agreement.

This ends decades of our relationship with the EU. The United Kingdom (which also includes Gibraltar) has been a member state of the European Union from 1 January 1973 until now, ending 47 years (17,196 days to be precise) of membership and an often less than harmonious relationship. »

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FEATURE Eurocentric: Conservative Party leader Margaret Thatcher at a 1975 referendum press conference (left); Maura Biava’s EU sculpture in Maastricht, The Netherlands (below) HISTORY OF ECONOMICS During the UK’s time as a member state, two referendums were held on the issue of its continuing membership and participation; the first was in 1975, where a resulting 67% vote was to remain in the European Economic Community (as it was called then). In 1979, the United Kingdom opted out of the newly formed European Monetary System, which was the precursor to the creation of the euro currency.

The UK opposition Labour Party campaigned in the 1983 general election on a commitment to withdraw from the EEC without a referendum. It was heavily defeated; the Conservative government of Margaret Thatcher was reelected. The Labour Party subsequently changed its policy.

In 1985, the United Kingdom ratified the Single European Act – the first major revision to the Treaty of Rome – without a referendum, with the full support of the Thatcher government.

In October 1990 – still under the same Conservative governance – the United Kingdom joined the European Exchange Rate Mechanism (ERM), with the pound sterling pegged to a basket of eight other European currencies.

Thatcher was forced to resign as Prime Minister in November 1990, amid internal divisions within the Conservative Party that arose partly from her increasingly Eurosceptic views. The United Kingdom was forced to withdraw from the ERM in September 1992, after the pound sterling came under pressure from currency speculators (an episode known as Black Wednesday). The resulting cost to UK taxpayers was estimated to be in excess of £3bn.

As a result of the Maastricht Treaty, the European Communities became the European Union on 1 November 1993. The new name reflected the evolution of the organisation from an economic union into a political one. »

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A NEW DAWN On 23 June 2016, the United Kingdom held its second referendum on membership of the European Union, coming about after the Conservatives, led by David Cameron, won a small overall majority in the 2015 general election. Their manifesto had committed to holding an allout referendum on Britain’s relationship with the EU. By a narrow margin – just 52% – the UK voted to leave the EU. Four years and much negotiation later, the new EU-UK Agreement, running 1,246 pages long, consists of three main pillars: •

• •

a free trade agreement principally providing for zero tariffs and quota, representing a fundamental shift in relations with greater autonomy for the UK but reduced market access; a partnership for citizens’ security with individuals being able to stay for a period of up to 90 days in any six-month period in another country; and a horizontal agreement on governance.

Separate agreements have been reached on nuclear arrangements and security. The agreement establishes a partnership council meeting at least once a year, with various special committees and working groups to work out the detail, but was forged to create a mutual level playing field, with one of the most contentious areas being the age-

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old argument over fish – the agreement reached was that EU fishing rights would be reduced by 25% in British fishing waters over 5.5 years and then a further re-negotiation.

Issues surrounding Northern Ireland were obviously hugely contentious. The agreement reflects that Northern Ireland is placed onto a different footing with the island of Great Britain, creating a customs and regulatory border between Great Britain and Northern Ireland. The agreement does not govern trade in goods between the EU and Northern Ireland and goods entering Northern Ireland from Great Britain will count as imports.

The UK is now in the process of negotiating trade deals with a number of countries around the world. With the UK being historically seen as an entry point into the EU market though, the words of former US President Barack Obama in 2016 still resonate: “The UK is going to be in the back of the queue.”

A “no deal” outcome would have been seen as a serious failure of diplomacy and would have resulted in an economic shockwave throughout not just the UK but also Europe. Now we need to make the most of things.

As Ursula von der Leyen, President of the European Commission, most poignantly stated on Christmas Eve, quoting TS Eliot’s poem ‘Little Gidding’: “What we call the beginning is often the end. And to make an end is to make a beginning. The end is where we start from.”

Brexit: (l-r) Former PM Theresa May and Prime Minister Boris Johnson; (below) Celebrations at London's Parliament Square, Jan 2020

FEATURE

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BRITISH BEAUTY Searching for glamorous gifts or inspiration for some welldeserved self-care? Lysanne Currie identifies the indulgent home-grown brands guaranteed to provide all the pampering we need

NOBLE ISLE Noble Isle founder-director Katy Simpson was originally a buyer for several of the UK’s designer fashion houses. It was while working with perfume sets that she realised her passion for fragrances, and “the power it has over the senses.”

Simpson explains: “There is nothing more compelling [than scent] to take your mind back to a person, a place or time in your life – it’s like time travel.” In 2001 she became head of product development for Molton Brown, leaving the corporate world in 2008 to work as a consultant for Miller Harris and then Occo. Four years later (and after 18 months development), she launched her brand, Noble Isle, into the sacred halls of Fortnum & Mason and Liberty.

“I had a passion to produce something truly British,” she says. Noble Isle sources natural ingredients from celebrated UK producers – such as rhubarb from Yorkshire, sea oak from Ireland and barley from Scotland – for its bath and shower products (right). “We are grounded, rooted and inspired by our land, culture and history.”

Named for a 15th-century term for Great Britain, Noble Isle soon became Walpole’s 2016 Brand of Tomorrow. All Noble Isle products have suitably poetic names, including Willow Song (weeping willow bark and water lily from Lavenham Walk, Suffolk), Golden Harvest (English grape extracts from Kent) and Fireside (beetroot from Mynwy Valley, Wales) and are vegan, cruelty-free and come in fully recyclable packaging.

During 2020, Noble Isle also launched hand sanitiser in two of its classic scents – Rhubarb Rhubarb! and Wild Samphire – with 10% of the proceeds donated to NHS Charities. There’s also a Noble Isle Christmas Collection for 2020, including Crème de Rhubarb and Fireside 3 Wick Candles, while the Scots Pine Collection, inspired by Scotland’s forests, will keep this winter smelling glorious.

Nobleisle.com 46

LIFESTYLE

BULLDOG Bulldog was born in November 2005, after founder Simon Duffy entered a specialist New York store to buy some natural beauty products for his girlfriend and couldn’t find any natural male grooming products. “I thought, if I can’t find them in this store, in this city, then they probably don’t exist.”

Back in the UK, his first break was when Sainsbury’s agreed to distribute Bulldog in 300 stores. It began exporting in 2010 and today is a global presence, sold in over 10,000 stores in 13 countries (including that New York store). It has a 50% share of the male skincare market in Sweden (compared with a none-too-shabby 20% market share of the UK), and a presence in Korea. In 2016, Bulldog’s holding company was sold to Edgewell Personal Care (owner of Wilkinson Sword), which helped it expand to 26 markets.

The same year, Simon was awarded an MBE. Today, the brand sells everything from moisturisers to face scrubs, with ingredients such as algae (known for its moisturising and skin-softening properties), green caviar (used in Japanese skincare thanks to its hydrating properties) and rice – which, Duffy explains, “is widely known for its brightening properties and is rich in vitamin B.” Duffy’s personal favourite products are Bulldog’s Energising Moisturiser and Energising Mask. “The gel-like formula in the moisturiser is hydrating and refreshing, while

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the non-bleached sheet mask is made from bamboo and great for brightening up your skin.”

Its best-selling product is its Original Moisturiser (pictured below), which was in the first range of six products that Bulldog launched in 2007. “It’s become an absolute hero item for the brand and something of a cult classic now,” says Duffy. “However, I do think it’s extremely important to be innovative.”

Bulldog’s packaging is made from sustainable sugarcane plastic – making it the first male skincare brand in the world to use sugarcane as a raw material in its packaging – while its pump bottles (used for Foaming Shave Gels) have a special ‘airless’ mechanism to ensure there’s no product left inside the bottle. “Here at Bulldog we always try to do the right thing and we are committed to minimising our impact on the environment.”

Meanwhile, Bulldog’s aforementioned Original Moisturiser has now been certified as a CarbonNeutral product in the UK. Bulldog also supports the Acre Amazonian Rainforest Conservation project in Brazil, which promotes sustainability by preventing deforestation across 105,000 hectares of rainforest in the Amazon basin.

So it’s not only kind to skin but to the environment, too.

Bulldogskincare.com

LIFESTYLE SERENITY BOX CO SerenityBox Co is the UK’s first CBD subscription box company, founded in 2019 by Harrow couple, Michelle Da Silva and Damien Brome. It offers luxury CBD wellness boxes, with optional extras, such as the Autumn/Winter Day and Night Pro Boxes – the ideal wellbeing treat.

Serenityboxco.com SEAMS Seams Hand Cream was created by Karen J Gerrard while she was taking a millinery course at the London College of Fashion. She wanted a beauty cream for seamstresses that would help moisturise and soothe their dry, pin-pricked hands, but that wouldn’t transfer onto fabrics.

Seamsbeauty.co.uk

ILĀ Ilā (with a small ‘i’, named after the Hindu goddess of truth and Sanskrit word for Earth) was founded in 2007 by Essexborn Denise Leicester. A qualified nurse, aromatherapist, yoga teacher, sound healer and holistic bodyworker, she has been described as a “spiritual philosopher” and “modern day alchemist”. Having spent time in Dubai nursing one of the UAE’s rulers, she’d begun incorporating essential oils into the sheikh’s treatment plan – the results, she says, “were incredible”.

Returning home to the UK, she enrolled at London’s Institute for Complementary Medicine, before travelling in India, where she qualified as a yoga teacher. From her kitchen table in the Cotswolds, she and her husband began sourcing ingredients from remote parts of the world and, in 2007, created her “absolutely pure product range” with the intention “to bring purity, energy and balance into everyday life”.

Addressing the stresses of modern living, bringing better sleep and renewed recovery via ranges such as Life in the Fast Lane and Inner Peace, it wasn’t long before the likes of Natalie Portman, Gwyneth Paltrow and Donna Karan – as well as spas worldwide – were stocking and extolling the virtues of her products.

The company works directly with growers and farmers to support local communities and “promote ancient knowledge”, while each ingredient is sustainably sourced for its physical, emotional and physical benefits. The vegan products – including the Gold Cellular Collection (above) – are blended by hand, using Ayurvedic traditions in peaceful Cotswolds barns, while the meditative sounds of Indian ragas play in the background.

During 2020, ilā launched two new product lines: Helping Hand with Hormones, and a CBD collection that launched at Andronis Luxury Spa Santorini. The latter contains cannabidiol, a naturally occurring compound found in the cannabis plant with healing properties including anti-inflammatory and antiaging effects. The range includes CBD Face Cream, CBD Gold Face Serum and CBD Better Day Drops.

The company is also doing its bit to tackle the pandemic, launching three hand sanitiser products; while a special Christmas range includes All is Calm, All is Bright Room Spray and Gold Illuminating Body Oil. Meanwhile, ilā offers healing retreats at Palais Aziza in Marrakech, has a dedicated spa at Manhattan’s Lotte Palace Hotel and has introduced the first of its own own locations, the 7-bedroom Maison ilā, in the Pyrenees Aude region of France – a whole world of pampering. ila-spa.com

MADE FOR LIFE ORGANICS The Cornwall-based Made for Life range is a series of handmade botanical beauty and wellbeing products. It is also a BCorp Certified Company – the first UK spa brand to achieve this distinction. We love its Radiant Beginnings Christmas Collection.

Madeforlifeorganics.com ELEMENTS BOUTIQUE SPA Co-founded by spa gurus Sara Last and Nick Ridgment, this recently launched vegan skincare range is inspired by the herbs and flowers grown at the Somerset spa. The Bath and Body collection draws on the four elements and their ingredients help bees to thrive in the UK. Elementsboutiquespa.co.uk MANCAVE Launched in 2012, ManCave has become a bestselling sustainable male grooming brand, comprising everything from moisturisers to beard oils. Ethical and cruelty-free, the range includes willowbark face wash, cedarwood shower gel and caffeine shampoo.

Mancaveinc.com MURDOCK LONDON Brendan Murdock opened his first barbershop in London’s Shoreditch in 2006 and went on to found Murdock London.

As well as six elegant barbershops, Murdock now incorporates a grooming and skin care range, including such delights as Quince and Oakmoss shampoo, a beard conditioner and Black Tea bodywash.

Murdocklondon.com FAITH IN NATURE Founded by 74-year-old herbalist Rivka Rose after she moved from New York to Scotland in the early 1970s, this pioneering, highly ethical range uses 100% natural fragrances, and recycled and recyclable bottles. Her Orange Soap, created in 1974 to help a friend’s child who had eczema, is still one of the brand’s bestsellers today.

Faithinnature.co.uk

This article originally appeared in Tempus Magazine; tempusmagazine.co.uk 49

PATIENCE IS A VIRTUE Why does Strategic Asset Allocation beat market timing? Deutsche Bank’s Sam Matthews and Annabel Milnes Coates explain

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ARKET TIMING INVOLVES investing at times of attractive returns – and disinvesting when the going threatens to get tougher. This might seem like an appealing investment approach but there are two fundamental problems with it. First, future returns are difficult to predict and, second, getting market timing wrong can be expensive. For these reasons, we would argue for investing on a Strategic Asset Allocation (SAA) basis as a way to achieve sustainable portfolio returns. With a longer investment horizon, the market entry point becomes less relevant and the average long-term asset price growth rate dominates.

FINANCE

Market timing problems Advocates of market timing try to do this via qualitative judgement or quantitative models but, in practice, “buying low” and “selling high” is difficult to achieve. One problem is that we cannot know what the future has in store. The spectrum of possible outcomes is vast, and even if you get the timing right in one period then your gains could well be undone by the wrong market timing decision in the next.

Perfect knowledge is impossible We must accept that we do not have perfect information and knowledge of future asset class returns or market moves – and therefore have to expect surprises. This unpredictability has three structural causes. First, there are many factors that can influence markets at many different levels. Second, these influencing factors can be highly sensitive. Third, not all (systematic) information is accessible.

What this all means is that market timing is very hard to do on a consistent basis.

Significant hits to a portfolio’s value are possible when periods of exceptional returns are missed by wrongly timing the investment. Over the last 25 years (to end-2019), not being invested in the S&P 500 during the best 10 market days could have hit performance by around 50%.

Is SAA right for you?

While highlighting the academic benefits of adopting a SAA approach is useful for investors, it is important to understand the practical execution within your portfolio. How do I use SAA? Can I still invest through other strategies? Will the hedging ability stop me from taking more risks?

For clients wishing to invest in a highly efficient, low cost, diversified portfolio based upon Deutsche Bank Wealth Managements Long Term Capital Market Assumptions, SAA provides an all-encompassing long term investment solution.

Patience is a virtue here. We believe that an investor is likely to be better off by staying invested over the longer time periods than attempting to time the market.

A SAA solution can form the strategic core of an investor’s portfolio, either to replace an existing, more costly active management strategy, or by being incorporated into a wider strategy that includes additional satellite investments in targeted opportunities. » 51

SAA Plus – the use of efficient hedging Investors currently face a number of challenges to traditional asset allocation modelling, such as finding sources of return in a low yielding environment for more conservative clients, but also recognising that greater exposure to equities can potentially increase the risk of the portfolio and be vulnerable to the bouts of volatility in equity markets that occur more frequently than we may realise.

To provide investors with additional downside protection, our SAA encompasses the additional benefit of our intelligent hedging solution, known as Risk Return Engineering (RRE). The combination gives clients the power to stay invested in order to meet their long-term financial goals, while at the same time efficiently manage the risk undertaken within their portfolios; both in terms of downside protection and upside potential.

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As noted previously, investors are increasingly familiar with the historical impact of missing out on the best days in the market, but what would happen if you could equally mitigate the impact of the worst days in the market? Remembering, of course, that the best and worst days are usually close together at times of heightened volatility.

In simple terms, a client can choose to have a SAA portfolio and include a hedging option (known as SAA Plus) that can either protect the portfolio from tail-risk events that cause markets to be more volatile, or choose to use the hedging protection to increase risk exposure within the portfolio. This means that the client can have the same risk tolerance as a traditional SAA portfolio but, at the same time, increase their potential long-term returns (by increasing their exposure to Equities, for example) thanks to protection that the hedging strategy provides.

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The next chapter As capital markets evolve and clients demand a wider range of investment tools to meet their financial needs, it is important for advisors to stay ahead of these changes. The arrival of SAA has taken place against a background of uncertainty: classical investment approaches try to rationalise this uncertainty by making a range of simplifications or “rules of thumb”.

These can unfortunately make portfolio performance very fragile if the underlying assumptions around future asset class behaviour prove to be wrong.

Our approach to SAA, in contrast, acknowledges that we are living in an uncertain world and focuses on making portfolios robust to changes in these underlying assumptions. Some asset class relationships can be predicted more consistently than others, and we need to avoid concentrations of risks

where outcomes are particularly uncertain. Understanding uncertainty is key to robustness.

The focus of our own SAA process is therefore to achieve robustness amid uncertainty. We distinguish between what we can predict with reasonable certainty, and those areas which must be more unpredictable. Focusing on the areas that we understand better, we use this knowledge to create a SAA that is designed to be more robust to future events – and performs better over time.

Sam Matthews, UK CIO and Investment Solutions and Annabel Milnes Coates, Relationship Manager, of Deutsche Bank – International Private Bank. Find out more at db.com Deutsche Bank is a member of Burlingtons Club. Find out more at info@burlingtons.club

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KING OF THE OFF-ROAD

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Celebrating half a century since its creation, the story of the Range Rover’s legendary rise is a tale worth telling. Heading to Goodwood Motor Circuit, Rory FH Smith gets to grips with 50 years of off-road icons at a very special birthday party

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Clockwise, top left: Classic Range Rover in Morocco and a press still from its launch; The 1994 edition off-road; the 1982 Range Rover in Vogue Automatic; 1970s logo and wash-down velour interior

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N THE 1950s and ’60s, Land Rovers were simple.

Created to help tend the land, work hard and go anywhere, the boxy, bug-eyed beast was a familiar and much-loved face the world over. With its army surplus paint job, no-frills functionality and simple mechanics, it was a four-wheeled representation of post-war Britain – tough, plucky and reassuringly straightforward. With sales ticking along nicely for the best part of 20 years, there seldom seemed a reason to spice up the recipe.

But times were changing. With the world starting to shake off the impact of the war and economies regaining strength, a newly minted middle class emerged with hopes, dreams and the means to pay for them. While the trusty, no-fuss Land Rover formula had worked for the best part of two decades, Spencer King – then managing director of the Rover Company – and his design engineer Gordon Bashford sensed something new was needed.

Enter the Velar in 1969. Taken from the Italian word velare – meaning to veil or cover – the word was chosen as the codename for the new, up-market Land Rover project before it hit the road. Although the Midlands-based marque had been toying with the idea of a more sophisticated fourwheel-drive since the early 1950s – developing prototypes under the Road Rover name – it wasn’t until the late 1960s that the recognisable shape started to form. “It was originally conceived for the American market,” says former Land Rover employee and enthusiast Roger Crathorne, otherwise known as Mr Land Rover. “We were chasing the likes of the Ford Bronco and Jeep Wagoneer, which were doing quite well.”

Across the pond, US manufacturers were upping the stakes in a newly established class, one that would become known as the Sports Utility Vehicle or SUV. Blending off-road ability with comfort and refinement, these models were making their mark on the North American market. “We were under a lot of pressure at the time from our managing cirector in the US office, a chap called Bruce McWilliams, who urged us to improve the base Land Rover, which traditionally came equipped with a 2.25-litre petrol engine.”

McWilliams had spotted an opportunity for a more developed and refined take on the rough and ready Land Rover. “He converted a short-wheel base Land Rover to house a V8 engine, added some flashy paintwork and chrome and presented it to us,” says Crathorne.

While it was far from what the Range Rover would eventually become, the idea struck a chord with Spencer King and, in 1967, the first prototype rolled out. By 1969, the car was all but finished. Still bearing the Velar badge, all that was needed was a marketable name for the new machine.

“During the design process, there were a lot of names put forward for production. We were asked if we could improve on the list and Range Rover just fell into place so nicely,” says Crathorne. With everything in place, the Range Rover was unveiled to press in Cornwall on 17 June. Unbeknown to King and Bashford, they had created one of the most iconic cars in motoring history. »

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MOTORING

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This page: Details from the limited edition Range Rover Fifty and (bottom) the new model with the original 1970 Classic Range Rover

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MOTORING

POWER AND COMFORT Roll on half a century from that moment and I find myself in the original Range Rover’s great-grandson, enjoying an inseat massage on a crisp autumn day. Neatly arranged ahead of me sit 50 Range Rovers spanning five decades, lined up in front of the gates to the Goodwood race circuit. Celebrating the range’s birthday in true style, all 50 cars are embarking on a lap of the famed motor circuit in a chronological convoy.

Of course, I’m dead last in my car of choice – the Range Rover Fifty. A special edition created to celebrate the automotive icon’s half-century. Up in front, there’s everything from world-record-holding one-offs and an armour-plated car, to a stretch limousine and a six-wheeled off-roading beast. Even the Queen’s former Range Rover has come along, finished in a stately shade of green.

With plenty of time to take in my immediate surroundings, I can see clearly that the Range Rover has moved on a fair bit over the decades. Originally designed to be hosed down inside and out, the first iteration had a plastic dashboard, velour seats and rubber floor mats. It was exactly what King had intended it to be back in the 1960s – a slightly more luxurious version of the Land Rover. Now, far from a wash-down interior, my car features a five-litre supercharged V8 engine, 22in rims, a plush leather interior, two 10in touchscreens, massage seats, ambient lighting, air purification and a 1,700w 29-speaker Meridian stereo. While the first Range Rover provided simple pleasures including a heater and radio, the latest iteration offers up Bentley levels of comfort, Rolls-Royce ride quality and true limousine luxury in the back. But all that comes at a cost.

Limited to 1970 examples (no prizes for guessing where that number came from), the Range Rover Fifty starts from £109,000 and quickly rises with a few options ticked. “When you think the first ones were just under £2,000 – it’s changed quite a bit,” says Philip Bashall, owner of the Dunsfold Collection, the largest collection of Land Rovers in the world.

“In the old days you could hose it out and use it on the farm in the day but then go to the opera in it come the evening… it’s the definition of luxury and elegance.”

Since the debut of the very first model in 1970, the Range Rover has proved a runaway success, thanks in part to the car’s epic adventures and notable achievements. One year after its launch, the Range Rover managed to work its way into the Louvre Museum in Paris, as a leading example of industrial design. The following year, a crack team of soldiers drove two of them from Anchorage, Alaska to Tierra del Fuego, Argentina – crossing the notoriously impassable Darien Gap in Colombia en route. Since then, it’s made its way across the Sahara desert, won the London to Sydney Marathon, topped 27 speed records in its diesel guise and won the Paris-Dakar rally – twice.

But it’s not all about publicity stunts. Still proudly sporting its signature clamshell bonnet, floating roof, split tailgate and trademark front fender vents, it easy to see how the Range Rover has become an icon both in and outside of the automotive world. What started life as a niche venture into a new and emerging car class held its ground over 50 years to become a sought-after social statement. While its price tag and status might have risen in the past five decades, the Range Rover rightfully retains its place in motoring history – as the undisputed king of the off-road.

Landrover.co.uk This article originally appeared in Tempus Magazine; tempusmagazine.co.uk 59

THE PERSONAL TOUCH Embrace the movement to ‘shop small’ by seeking out the luxury sphere’s most exciting inspendent brands.

Lauren Jade Hill discovers more

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S THE WORLD takes a momentary pause, our focus falls more than ever on how we shop. In cities across the globe, we’re now seeing a move towards shopping small, built on an appreciation of how important it is to support local and independent brands. Each led by an individual artisan, these luxury brands create covetable products distinguished by their personal touch.

FRANK HORN | LEATHERCRAFT Frank Horn started out as a hobby. For Uzo Okwuosa (left) — the founder of the Frank Horn brand, which takes its named from Francis (Uzo’s middle name as well that of his father and grandfather) and the interest he had for making objects from horn before specialising in leathercraft — a fledging fascination for craft quickly grew to become a brand offering what he refers to as neo-luxury handmade leather goods (above). When asked what sets his brand apart, Okwuosa describes it as honest.

“It is my journey in not only learning and understanding the craft, but realising my own artistic expression through it,” he says. “When I think about how I was exposed to leathercraft – by watching street cobblers in Nigeria – I often imagine what greater quality they could have achieved had they had more tools and materials at their disposal. As an inspiration, that was also a personal challenge in furthering my skills as a self-taught leather crafter.”

Okwuosa takes pride in designing and making items such as Italian vegetable tanned messenger bags with brass accents, many of which are bespoke, for his brand’s clients across the globe. From leather diaries to hand-dyed wallets in deep shades of burgundy and green, each Frank Horn embossed creation is handmade by Okwuosa in his Abbey Road studio in London.

For Okwuosa, supporting small brands and independent makers is about supporting creativity, uniqueness and, most importantly, the people that build and enrich local communities. “Small brands like mine offer something unique, away from the mass-marketed norms that many have gotten used to. The service and products offered by independent makers tend to be a personal affair, which creates a different type of worth – people cherish what they know has been made especially for them.” » Frankhorn.com 61

RICHARD BRENDON | TABLEWARE Product designer Richard Brendon founded his namesake brand out of a passion for celebrating and preserving the craftsmanship of heritage industries. Since then, he has gone on to create tableware collections fusing traditional techniques with modern artisanal design, work with hotels such as Rosewood, Four Seasons and Gleneagles, and embrace the power of design collaboration for unique items.

“Typically, when asked to imagine cut crystal and bone china, traditional design often springs to people’s minds.

Not only this, but often the bone china and cut crystal we’re thinking of is locked away in some sort of glass cabinet. I wanted to create products that use these traditional materials and techniques, but with the addition of a timeless design,” says the Notting Hill native. “Hopefully this brings to the forefront of people’s minds the craftsmanship that goes into each piece and how the products can be enjoyed.”

The studio works with craftspeople in Stoke-on-Trent who hand-make bone china using techniques passed down through generations. The same applies to glass blowers in Slovenia, who work based on the instinct they’ve developed and a deep understanding of the material (left). These are the types of heritage crafts Brendon endeavours to showcase through contemporary products ranging from his Superstripe collection of tableware to glassware created in collaboration with wine critic Jancis Robinson.

Always designing and conjuring up new ideas, Brendon is now working on new collections, with more collaboration on the horizon and always keeping what it is that makes his brand unique in mind. “Larger brands can often disregard the precise handmade detail that goes into each and every piece, but for us, that’s the beauty of our work,” he says. “We are incredibly proud to be independent and champion these skills.”

Richardbrendon.com

EMILY CARTER | SILK DESIGN Hand-illustrated and made using the best-quality fabrics of small British manufacturers, Emily Carter products are produced both ethically and sustainably. The award-winning designer, who also creates in-house designs for Harrods and exhibits at London and Paris Fashion Week each year, creates an array of silk accessories and home furnishings that bring to life detailed original drawings. Once printed on high-quality silk, each drawing becomes a luxury piece of British design.

A part of the brand’s Limited Edition range of luxury items, the Baroque Tiger scarf reflects the inspiration Carter (left) takes from 17th- and 18th-century French baroque design, while the Jewel Gem design integrates coloured gemstones into intricate patterns. The recent launch of Emily Carter Studio means designs like these are now also available as printed textiles for bespoke use.

Sustainability and original design are at the forefront of Carter’s work and the value of craft is integrated into the production process. Products are printed in England, made by independent tailors in London and packaged using materials that are fully recyclable and plastic-free. Each product is designed to last a lifetime.

“The word ‘craft’ signifies value,” says Carter. “It represents the importance of knowledge, skill and ingenuity involved in a creative process. For this reason I believe independent brands represent the true meaning of luxury. Independent brands provide a guarantee of quality and craftsmanship, along with a personal, authentic approach.”

Emily-carter.co.uk 62

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ORMONDE JAYNE | FRAGRANCE Ormonde Jayne is now an established name in fine British perfumery. The brand’s luxury fragrances fill displays of prestigious stores, such as Fortnum & Mason and Harrods, as well as the flagship boutique on Old Bond Street (left) where you’ll often find the perfume house’s creator and founder Linda Pilkington.

The brand’s products – from fragrances to candles – are made at the perfumer’s studio in Kent. British craftsmanship is as fundamental to these products as the personal touch, from the creation of the products to their packaging, while inspiration is taken from the perfumer’s years of global exploration in search of new aromas.

Customers have the opportunity to personalise perfumes through the boutique’s made-to-measure service, while the brand recently launched it latest collection, La Route de la Soie, which celebrates Ormande Jayne’s journey so far, integrating ingredients from past discoveries as well as new inspirations from the Silk Route. The collection’s seven scents – including Byzance (above) – were launched throughout 2020.

To this day, the perfumer takes pride in remaining independent, a factor that has given her the freedom to make bold decisions like making all of the brand’s perfumes gender-free. Pilkington believes that the independence and craftsmanship this brand champions has become more valued over the past year. “Independent luxury retailers are artisans and specialists in their field, which is highly respected internationally,” she says. “Retaining this creativity and diversity is critical.”

Ormondejayne.com This article original tempusmagazine.co.uk

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in Tempus

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HE UNPRECEDENTED ECONOMIC disaster currently underway across the globe has pushed many companies to the very edge of collapse. Yet, while many companies are counting the days to administration or hanging on by their fingernails thanks to government support, there are some that are gearing up to take advantage of the chaos.

Tucked away in offices across the world, teams are running the slide rule over vulnerable businesses with a view to acquiring struggling companies. Many market watchers feel the place of mergers and acquisitions (M&A) activity – both in the UK and beyond – is about to dramatically accelerate, as share pricing, asset values and traditional trading activities pile pressure on boardrooms.

Yet, buying and selling companies comes with risks. Both sides often have concerns that can prevent a speedy closure of a deal. To combat this, the sharing of information is critical; but how can you guarantee accuracy when misrepresentation – either deliberate or innocent – can cause significant legal battles after the event.

There is a potential solution to these woes – and this is where the insurance industry comes in.

Sale and purchase warranty and indemnity insurance (W&I) is a fast-growing insurance market. In fact, there were four times as many M&A insurance-backed deals in 2019 as there were in 2014. In the UK, it is estimated that almost 900 deals were insurance-backed, versus 350 in 2014. This insurance is used in Private Equity backed deals but also in private sales.

But what is the point of buying insurance cover? In its simplest description, W&I provides reassurance to both buyers and sellers of companies. We take a look at the highlights. »

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OPPORTUNITY IN CHAOS Venture Risks CEO John McLaren-Stewart tells us how to find reassurance in warranty and indemnity insurance

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“In the midst of chaos, there is also opportunity�

- Sun Tzu 66

FINANCE

W&I insurance enables buyers to: • • • • • • • • •

Supplement protection for breaches of warranties both in terms of value and certainty of payment Extend the duration of warranties, affording buyers additional time to detect and report problems that may exist with the acquired business Distinguish a bid in a competitive auction by negotiating more limited recourse from the sellers by supplementing the contractual recourse with insurance Protect relationships with sellers who may become the buyers’ key employees or commercial business partners after the transaction Reduce the risk of contingent liabilities arising from future claims, allowing sellers to exit a business cleanly Distribute all or most of the sale proceeds to investors or use proceeds to pay down existing debt: there is no need for an escrow account Protect passive sellers, who have not controlled or been actively involved in the management of the target business, from unintentional nondisclosure or breaches of the SPA Remove intractable issues from a negotiation by transferring the risk to AIG Sellers can enhance the value of exits by offering a fulsome warranty package without increasing their liability

These products are available for any industry type, but the most activity seems to occur in energy, industrial and real estate. The limit of liability under the policy is agreed between the insurer and insured, and will be driven by the transaction value. The premium will consider such factors as the complexity of the transaction, the industry sector and geographical spread of the business as well as the quality of the transaction process and advisers involved.

The timescale for obtaining a W&I insurance quotation will depend on the stage reached in the transaction, but will usually be available within two weeks from the first enquiry.

The main insurers involved include Chubb, AIG and Liberty Global, as well as several others.

But what of the cost? Depending on the risk exposure, underwriters will look to charge somewhere between 1%-3% of the total transaction price, with a minimum premium of approximately £35,000. A policy excess will also apply, likely to range from 1% upwards depending on the risk exposure, size of the deal and self-retention level required by the buyer of the policy.

If Chinese strategist Sun Tzu’s vision of opportunity in chaos is correct, we suspect there is about to be rush of buyers grabbing surprising opportunities in the M&A world, with the use of W&I insurance as a security blanket in many of those deals.

John Mclaren-Stewart, CEO, Venture Risks

If you would like some examples of how W&I insurance cover can be used to facilitate a deal or need a quote indication for a deal you are working on, please get in touch with Venture Risks.

Venturerisks.co.uk Venture Risks is a member of Burlingtons Club. Find out more at info@burlingtons.club 67

Raise a glass to the family history still shaping some of the most unique contemporary wine houses

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ALVADOR DALÍ once said: “Whosoever enjoys wine no longer simply drinks, they savour secrets.”

The great surrealist’s wine of preference was, of course, champagne – specifically Charles Heidsieck. It was his love of the fine French sparkling wine that inspired some of his famous pieces, such as the Champagne Lamps he designed for his patron Edward James’ Monkton House – an attempt at an entirely surrealist abode, complete with Lobster Telephone, in West Sussex – in 1930, and which are now housed at London’s V&A Museum.

Dalí perhaps became familiar with Charles Heidsieck champagne during his many exhibition visits to New York, where he achieved celebrity status in the late 1930s, through the Second World War and beyond. The United States, after all, has long maintained a unique relationship with the French maison and its namesake founder, who was known as Champagne Charlie.

Charles Camille Heidsieck founded his eponymous maison in 1851, inspired by his father Charles-Henri who, as a champagne merchant, had reportedly journeyed into Russia in 1811 with several cases of champagne – and his order book – ready to quench the thirst of Napoleon’s victorious army.

Charles’ own journey was just as remarkable. After introducing champagne to the States, he was the toast of New York Society up until the American Civil War, during which he was arrested by Union General Benjamin F Butler under suspicion of espionage for the Confederacy. The seven months he spent imprisoned at Fort Jackson, Louisiana caused an international incident that is said to have prompted Napoleon to contact Abraham Lincoln personally to request his release.

The taste of opulence (l-r): Charles Heidsieck Brut Reserve; MarieAntoinette; Biondi Santi Riserva 2012; Rare Champagne Millésime 2006

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A CUVÉE WORTHY OF A QUEEN While Charles’ story is certainly thrilling enough for Hollywood – and, indeed, actor Hugh Grant played him in the 1989 film Champagne Charlie – his is not the family’s only célèbre hailing from the region.

It was his uncle, Florens-Louis Heidsieck, who truly founded the family’s champagne legacy. Florens-Louis established Heidsieck & Cie, in Reims in 1785, with one dream: to create “a cuvée worthy of a queen”. In May of that year, Florens-Louis travelled to the royal court of Versailles to present his first cuvée to Marie-Antoinette. Thanks to the French queen’s royal patronage – and the help of the family’s business partner Henri-Guillaume Piper – the next 50 years saw the maison, renamed Piper-Heidsieck, grow to become the official purveyor of champagne to 14 royal courts from Europe to Thailand and China.

Piper-Heidsieck has remained a society favourite well into contemporary times – actress Marilyn Monroe said: “I go to sleep every night with a few drops of Chanel No. 5 and wake up with a glass of Piper-Heidsieck every morning.”

Of course, Florens-Louis’ dynasty did not stop there. In 2018, inspired by the legacy of its founder, Piper-Heidsieck launched Rare Champagne. The prestige champagne brand began life as Piper-Heidsieck’s prestige cuvée, and its winemaking is overseen by the Maison’s former cellar master Régis Camus – one of the world’s most awarded makers of Champagne.

Rare Champagne is aptly named: it has produced just 12 exclusive vintages in the last four decades, creating its white, rosé or secret expressions only when Camus considers the vintage to be absolutely extraordinary. The 1976 vintage, launched in 1985, celebrates the 200th anniversary of that famous encounter between Florens-Louis and Marie-Antoinette.

The brand’s bottles are handmade in the shape of the original gift to the Queen of France, each adorned with a tiara (representing the triumph of the wine and as a tribute to Reims, where kings of France were historically crowned).

A NEW VINTAGE Today, Charles Heidsieck, Piper-Heidsieck and Rare Champagne are all owned by EPI Group, a new force in the wine industry that is bringing family legacies back into the mainstream. Run by French wine lover and businessman Christopher Descours, the group also owns Biondi Santi, the world’s most renowned producer of Brunello di Montalcino wine. In fact, Biondi Santi invented the name, bringing a uniquely local wine expression to the world’s connoisseurs.

The family-run Italian winery dates its origins to the 19th-century, when Clemente Santi – a pharmaceutical graduate of Pisa University – began to dedicate himself to the agriculture of his vast Tuscan estates.

The oenological techniques that he developed saw him beating French producers to win multiple awards for his 1865 and 1867 red wines – quite a feat at that time. Santi’s daughter, Caterina, married doctor and aristocratic Jacopo Biondi. Their son, Ferruccio, inherited his grandfather’s love of wines and vines and created a new legacy for the family by looking towards beautifully aged, full-bodied red wines using Sangiovese plants from its own vineyards.

Collectors will surely be familiar with the brand’s Riserva 1955, voted one of Wine Spectator’s greatest wines of all time.

In fact, even Biondi Santi vintages from the 1880s and 1890s, tasted in the 1990s, were found to still be in fine condition, maintaining the floral aromas of their youth but without the firm tannins or acidity that allow them to age as well as their formidable legacy.

Charlesheidsieck.com; rare-champagne.com; biondisanti.com This article original appeared in Tempus Magazine; tempusmagazine.co.uk

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THE BIG SMOKE The days of the indulgent afterdinner brandy-and-cigar could have been relegated to the history books when the total ban on smoking in enclosed public spaces came into law in 2007. Yet, 13 years on, London’s most opulent hotels have perfected an elegant solution that has taken the tradition of cigar-tasting to an artform.

Burlingtons explores the best of London’s smoking rooms

THE GARDEN ROOM AT THE LANESBOROUGH This grand dame hotel’s newly renovated cigar terrace has long held its place as one of London’s original cigar terraces. The well-heated outdoor space remains pleasantly warm year-round, offers two large humidors stocked with impressive vintage and aged cigars as well as an exceptional bar. The collection includes limited edition and vintage cigars including the 50th Anniversary from Cohiba, Bolivar Soberanos LE 2018, Romeo Y Julieta Churchill and Partagas D No.4. The perfect spot to relax and enjoy an evening.

Oetkercollection.com

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CIGARS AT NO. TEN Boutique Marylebone hotel No. Ten Manchester Street is home to one of London’s finest cigar terraces, specialising in hand-rolled Havana cigars – in fact, it is certified as an official Gold Havana Cigar Specialist. Sample from the extensive range before making your choice of single stick or box, all of which are housed in a bespoke De Art humidor. The discreet, heated space is available all year round, and boasts an internal cigar store and sampling lounge, as well as a perfectly-matched menu of accompanying drinks and bar snacks.

Tenmanchesterstreethotel.com

THE MONTAGUE ON THE GARDENS This charming Georgian townhouse in literary Bloomsbury is known for its fine dining and regular pop-up events, but the hotel’s cigar terrace is an equally opulent and serene escape from the bustle of the city. The Montague on the Gardens’ cigar terrace enjoys comfortable seating, ample heating and lighting and regular cigar tastings overlooking the secluded private gardens of the Bedford Estates. The Montague’s cigar sommelier works closely with Hunters & Frankau to fill its spacious humidor cabinet with the newest and most exotic cigars from around the world.

Montaguehotel.com

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LIFESTYLE EDWARD SAHAKIAN CIGAR SHOP & SAMPLING LOUNGE AT BULGARI HOTEL LONDON Located in Knightsbridge on the edge of Hyde Park, the Bulgari Hotel London opened in 2012 with all the brand’s well-known flair and elegance. Its excellent cigar shop and sampling lounge, created by multi-award winning cigar merchant Edward Sahakian, specialises in vintage cigars, rare Havanas and more delights sourced from Sahakian’s private collection amassed over the last 40 years. Look out for the hotel’s exclusive events, where enthusiasts can learn more about rare cigar, food and wine pairings.

Bulgarihotels.com

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HYATT REGENCY LONDON – THE CHURCHILL Sir Winston Churchill is one of history’s most famous cigar afficionados, and so it’s only natural that his namesake hotel, Hyatt Regency London – The Churchill should honour the former prime minister with a smoking terrace worthy of his name. The sumptuous bar pays homage to the PM in its decor, which includes original photographs and love letters between Sir Winston and his wife Clementine. The hotel’s awardwinning cigar sommelier can match the perfect champagne to each guest’s selection from an exceptional humidor, ready to enjoy in comfort in the year-round outdoor terrace.

Thechurchillbar.co.uk

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THE CIGAR TERRACE AT THE WELLESLEY The Wellesley Knightsbridge is one of the neighbourhood’s newest luxury hotels, yet its reclaimed Art Deco grandeur is matched only by its sophisticated service. The hotel’s Cigar Lounge and Terrace is no exception, with a bespoke humidor that houses Europe’s largest collection of cigars – and one of the world’s most exclusive and extensive selections outside of Cuba. Humidor specialist Giuseppe Ruo and his team can advise connoisseurs, or guests can opt for the Cigar and Cognac Experience for a more tailored tour.

Marriott.com

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ASK BORIS Burlingtons’ resident bulldog is here to answer your investment questions...

Question: How can I expand my cigar knowledge to become a true connoisseur?

Much like collecting fine wine, cigar aficionados will tell you that choosing the right cigar comes down to the essential tenets of provenance, vintage and, most importantly, personal taste. Handmade cigars are known for being made of the world’s most premium organic tobacco leaves, and as marks of sophistication and celebration have been loved by famous names such as Sir Winston Churchill (a loyal customer of St James’s St boutique James J Fox), US President John F Kennedy, and actors Al Pacino and Demi Moore.

While Sir Winston’s penchant for Romeo Y Julieta cigars is as well-known as former Cuban leader Fidel Castro’s love of the Cohiba, to take one’s own knowledge to the next level it’s important to start with the ‘three Ss’ of cigars: size, shape and substance. These three aspects define the quality and vintage of the cigar in much the same way the vintage of wine might vary.

Cigar size is measured by both the diameter – the ring gauge – and length, ranging from thin cigarillo to the gran corona. The longer and fatter the cigar, the longer burn time one can enjoy – the standard size is a straight-sized corona measuring 5.5” long with a ring gauge of 42. The shape can also vary, from the standard Parejo, a straight-sided cylinder, to more difficult-to-roll irregular shapes known as figurados.

But it is the composition of the cigar that creates each brand’s unique flavour. Three types of tobacco leaves make up the wrapper, binder and filler of a cigar. The wrapper type will give eagle-eyed connoisseurs their first clue of the cigar’s flavour profile – lighter wrappers will produce a buttery, lighter-bodied flavour compared to the darker wrappers, which can offer an oily mouthfeel and even a syrupy flavour, perfect for pairing with whiskey, red wine or coffee.

In terms of provenance, Cuba is still famed for its production of some of the world’s finest cigars, though tough competition has emerged from the rich tobaccos of the Dominican Republic and Nicaragua. This year’s best rated cigars, according to the Tobacco Business Awards, include: the Arturo Fuente Hemingway Untold Story, a medium to full cigar from the Dominican Republic; Rocky Patel The Edge Sumatra, a missile-shaped stick that also won Honduras Cigar of the Year; and Oliva Serie V Melanio, a light-coloured but full-bodied cigar that comes in a variety of shapes including a Churchill and a Figurado Limited Edition. The US has also become known for producing the Connecticut Wrapper, a mild and creamy wrapper used by big name brands such as Macanudo and Davidoff.

In recent years, limited edition vintage cigars have become a popular luxury as well, carefully aged in specialist humidors, with cigars like the Rocky Patel Vintage 1990 and Romeo Y Julieta Vintage gaining many accolades, while the limitededition Padilla Vintage Reserve has become a firm favourite of aficionados. More famous brands, from Partagas and Montecristo to Romeo Y Julieta and Trinidad, are regularly on offer in the humidors of London’s most remarkable smoking terraces (see our article on page 70). There, dedicated cigar sommeliers are on hand to recommend the perfect smoke for any occasion, help expand your preferences, and offer a perfect pairing of equally fine whisky, red wine, port, mezcal, coffee or other after-dinner drink to make an even more sumptuous experience.

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