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TRAVEL Bond author Ian Fleming’s Jamaican hideaway

PROPERTY How Hong Kong investment is invigorating London markets

Take your shot How the traditional game shoot is saving the UK’s countryside

PRIVATE OFFICE Our expert guide to making bold new investments

N O 02 | AU TU M N 2020


THE ART OF REVEALING NATURE

Please Enjoy Responsibly.


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FROM THE

CEO

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ELCOME TO THE AUTUMN edition of Burlingtons Magazine, in which we delve into a season of shooting style, fall fashion and the triumphant return of retail. Autumn is a season of changes, in nature as in the city itself, and never has this been truer than in 2020. In this issue, bringing together the finest of luxury lifestyle, business and investment, we head to the country to discover why the noble sport of game shooting is growing more popular than ever before – and find out how our love of the traditional country shoot is helping conserve our natural landscapes and biodiversity, and helping vulnerable people as landowners donate affordable game meat to supermarkets and charities (page 38). Elsewhere, we explore the international landscape of our own city, with expert articles on how Chinese and Hong Kong investors are falling in love with London’s property market (52), and ways for our non-domicile colleagues to avoid the sting of tax through savvy investing (34). We also celebrate Burlingtons’ long association with the arts – from the entertainment and academies that sprang up from our home in the historic enclave of Stratford Place (10), to our interview with English National Ballet star-turned-dance school director Natalia Kremen (26). I am proud to be a Trustee of the NK Ballet School Foundation, which helps aspiring dancers get the best possible support during their training with Natalia’s eponymous ballet academy and beyond. As we embrace the changes of the autumn season this year, we are delighted to welcome our Burlingtons Club Members to this carefully curated collection of new trends, luxury launches and business insights. Deborah L Mills Chief Executive Officer Burlingtons Group Limited

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BURLINGTONS GROUP Deborah L 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, Polly Jean Harrison, Lydia Mills, 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: A gentleman shooter ©P Malmstrom

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 The Place to be

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Explore Burlingtons’ historic London home

Take 5

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Find out what Burlingtons Club Members are excited about this season

Shaken, Stirred and Sunkissed

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Discover Ian Fleming’s Jamaican bolthole turned luxury resort, GoldenEye

Scandi Chic & Nordic Noir

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Magnusson Law on why now is the perfect time to invest in Scandinavian cities

En Pointe

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What does it take to be a ballet star? Natalia Kremen shares her journey to inspire the UK’s talented young dancers

Postcards from Malta

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Scandi Chic & Nordic Noir

Burlingtons explores the ancient charm and modern marvels of the Maltese islands

On the Guest List

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Key Business Consultants shares investment advice for the UK’s non-domiciled residents

Ahead of the Game

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How the traditional game shoot has grown from popular pastime to conservation hero

38 Ahead of the Game

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76 Ask Boris


Retail Therapy

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Celebrating the luxury brands helping our frontline heroes during the Covid-19 pandemic

Belle Surprise

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How a new tourism initiative has transformed Champagne into the destination du jour

East looks West

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Beauchamp Estates reveals why London’s property market is attracting Hong Kong buyers

London Calling

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We examine the impact of the British fintechs changing the face of banking

The Lightness of Being

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52 East looks West

We look back on Lotus’ inspiring history and electrifying comeback

Bold New World

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Burlingtons Private Office on how its personalised approach can make an impact

By Royal Appointment

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Meet the Royal Warrant holding brands with true palace pedigree

Going, Going, Gone

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Our art law expert reveals how prestige auction houses are passing the gavel to online lots

Ask Boris

32 Postcards from Malta

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Burlingtons’ resident bulldog answers your questions about starting your art collection

60 The Lightness of Being 9


THE PLACE TO BE Deborah L Mills takes us on a tour of Stratford Place, the historical home of Burlingtons Group

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E AT BURLINGTONS GROUP are proud to house our international headquarters in the prestigious enclave of Stratford Place. This short street and diminutive square near Bond Street, in the heart of London’s West End, is steeped in British history and home to the beautiful Stratford House. This exquisite building was constructed in the late 18th century for the aristocratic Stratford family, whose earliest origins can be traced to the Domesday Book. The Stratford family is said to have originated from Stratford-upon-Avon and, by the 13th century, its members included John de Stratford, Lord High Treasurer and Archbishop of Canterbury, and his brother Robert, who served as Chancellor of the Exchequer, Chancellor of the University of Oxford, and Bishop of Chichester among other roles during Edward III’s reign. In more modern times, the family branches have held multiple titles, including Earl of Aldborough, Viscount Amiens and the Dugdale Baronets. »

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BURLINGTONS CLUB

Previous page: historic Stratford House looms large at the north end of Stratford Place. Far left: David Bowie is said to have performed in what is now Burlingtons Group’s London home

BY INVITATION ONLY Stratford House itself was built for the 2nd Earl of Aldborough, who paid £4,000 for the site in 1770. It was designed by worldrenowned classical Scottish architect Robert Adam (whose work includes the Theatre Royal, Drury Lane and Old College, University of Edinburgh) and was said to even house a small theatre. Not content with his own estate, the Earl constructed 22 houses for the square (13 still remain today), with Stratford House standing as a stone-faced masterpiece closing the north end – an instantly iconic London building. In its construction as a private cul-de-sac, Stratford Place blocked a long-intended western continuation of Henrietta Street (now Henrietta Place) to join up with Somerset Street, thereby ruining the development plans of Sir Thomas Edwarde’s estate. Instead, the enclave became strong competition to Berkeley and Grosvenor Squares in terms of address prestige. Stratford House has welcomed some prominent visitors in its time. It belonged briefly to Grand Duke Nicholas Nikolaevich, a son of Tsar Nicholas I of Russia, and is thought to have been the birthplace of Clementine Ogilvy-Hozier, the aristocrat, activist and wife of Sir Winston Churchill. In the 1960s, the house was purchased by the Oriental Club, which opened the doors of its new premises on 1 January 1962. For nearly 200 years prior, the Oriental Club had been an iconic private members’ club for those who had lived, worked and travelled in East and South Asia, formed by returning officers and officials » who had served in India, St. Helena, Egypt, the Cape of Good Hope, Mauritius or Constantinople (now Istanbul). The Duke of Wellington became the first and only President of the Club in 1824. The Oriental Club was a popular reference point in literature throughout the 19th and 20th centuries, with novelists such as William Thackeray and Lytton Strachey referencing it in their works – including Thackeray’s Vanity Fair. Today, the club presents a rich heritage catalogued by an impressive collection of books, held in The Library and accrued throughout the centuries, together with an extensive art and artefact collection.

IN FINE COMPANY Stratford Place is now not just home to Burlingtons Group, but houses the High Commission of Botswana and Tanzania as neighbours. Our own headquarters at No.5 was once a night club and, in the 1950s and 1960s, was known as the Starlite Club or Room No.5. It was a popular haunt for East End gangsters and celebrities alike, and David Bowie is said to have performed in what is now our first floor boardroom. No.7 Stratford Place was the London home of Martin van Buren, an American statesman who served as the eighth president of the United States from 1837 to 1841, winning the presidential election with the endorsement of popular outgoing President Andrew Jackson. No.12 was acquired in 2013 as the London centre of the new age Kabbalah spiritual movement, with the help of funding from pop singer Madonna. No.11 houses the Royal Society of Music, making it little wonder that record companies Polydor and Chrysalis have also called Stratford Place their homes. Indeed, Stratford Place was the original home of the Arts Educational Schools (ArtsEd), the school where my own daughter trained as a ballerina. No.5 Stratford Place, where we call our home, truly reflects the heart of London’s impressive multi-cultural and international society and, indeed, our own global client base. Find out more at: burlingtons.group

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

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BURLINGTONS CLUB

GHOST IN THE SHELL The most highly anticipated luxury car launch of the season has arrived. The Rolls-Royce Ghost is the epitome of beauty in restraint, a sleek saloon that retains the marque’s old-world splendour and charm while proving its most technologically advanced car yet. Built on the brand’s proprietary aluminium spaceframe architecture, Ghost features all-wheel drive and steering for poise and surefootedness, while the world-first Planar suspension system significantly increases agility – all powered by a hallmark 6.75-litre twin-turbo V12 engine, delivering 571PS and 850nm. Inside, driver comfort is enhanced by Rolls-Royce’s acoustic technology, which keeps noise levels to a specific resonant frequency to create a sense of serenity, while the new illuminated Fascia features the Ghost nameplate surrounded by more than 850 ‘stars’ for an ethereal evolution of the brand’s Starlight Headliner. » Rolls-roycemotorcars.com 15


MORE THAN LAW Burlingtons Group’s origins are as a legal firm that recognised our clients required more than law. At the heart of our service is our team of expert lawyers, who deliver clear, pragmatic and commercially astute solutions that protect your interests. We handle cross border and multi-disciplinary matters with specialist insight and language support from a diverse team, together with an international network of foreign lawyers, accountants, industry contacts and other professionals. With clients ranging from start-ups, owner-managed businesses and medium enterprises, through to international and publicly listed companies across a variety of sectors, we are devoted to helping you structure and achieve your objectives. Contact our team at: info@burlingtons.group

LESS TAXING LUXURY With all the money that governments have been giving away to tackle the Covid-19 pandemic, the chances are high that they will target the better-off with new taxes on wealth and capital gains. Now is the time to take action by relocating your home and business to one of Europe’s best kept secrets, the Adriatic resort of Tivat in Montenegro. With its beautiful views, marina and yacht club, and an English school just round the corner, Porto Montenegro (viewed from Elena Residences, above) is often referred to as the Monaco of the Adriatic. Low taxes and a second residency make this an ideal addition to your portfolio. Opulent.homes 16


BURLINGTONS CLUB

SKIN DEEP The world’s oldest champagne house, Maison Ruinart has long been pushing the boundaries of sustainable production while perfecting the authentic art de vivre of its champagne. Now, the brand is breaking with tradition in its packaging, too, introducing the Second Skin case (below). The eco-friendly casing is made of a completely recyclable cloak composed of 100% natural wood fibres, and its silky texture is inspired by the brand’s historic crayères in Reims. Available exclusively in Selfridges, the Second Skin case took two years of development with partners Pusterla 1880 and James Cropper. It is nine times lighter than previous gift boxes and results in an impressive 60% reduction in the carbon footprint. “We wanted to go as far as possible to lessen our environmental imprint, thus challenging finishings, aesthetic, and uses,” says Violaine Basse, Ruinart’s director of marketing and communications. Santé! Ruinart.com MADE IN HONG KONG Opening in winter 2020, The Hari Hong Kong is the sister property of stand-out boutique hotel The Hari London. Designed by Tara Bernerd & Partners, the hotel (above and top) will inject a sense of modern luxury into the district, bridging the commercial pulse of Causeway Bay and the creative design scene of Wan Chai. Comprising 210 guest rooms, including three signature rooftop suites, the hotel also offers a variety of social space for guests and the community – including a lobby lounge, Zoku Japanese restaurant and terrace bar, and Italian restaurant Lucciola. The decision to move forward with the hotel’s launch is seen by Harilela Hotels chairman and CEO, Dr Aron Harilela, as an important step for the city. “The decision to open The Hari Hong Kong after a year of protests and the pandemic represents a vote of confidence in Hong Kong’s future as a city,” he says. “I believe that Hong Kong will bounce back; we have foundations that you just can’t take away.” Thehari.com 17


SHAKEN, STIRRED AND SUNKISSED From Ian Fleming’s hand-built Jamaican bolthole to Jamaica’s most luxurious Caribbean idyll, Polly Jean Harrison discovers why the GoldenEye Resort will leave guests wishing tomorrow never dies...

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N A STUNNING OASIS on the north coast of Jamaica, the GoldenEye estate is an extraordinary island getaway. Originally owned by Ian Fleming, the estate is now known as a private retreat for the likes of Jay-Z, Grace Jones and Kate Moss. Made up of island buildings, beautiful gardens and stunning beaches, all nestled in the Oracabessa Bay, this sun-soaked escape is suitable for spy novel enthusiasts and beach hoppers alike. Fleming first visited Jamaica in 1942 but it was only after the Second World War, when he was working as a journalist for The Sunday Times, that he began to visit regularly, buying 15 acres of land upon which he built his house overlooking a sandy private beach. Fleming dubbed his annual getaway ‘GoldenEye’ after Carson McCullers’ novel Reflections in a Golden Eye, and ‘Operation Goldeneye’ – a strategy that Fleming had developed in his role as a wartime Naval Intelligence Commander to monitor potential alliance between Spain’s Francisco Franco and the Axis powers. In 1977, 13 years after Fleming’s death, the property was sold to Chris Blackwell, the owner of Island Records and the son of Blanche Blackwell – known as a ‘friend, mistress and muse’ to Fleming – who lived nearby. He began expanding the property, realising the original Fleming building didn’t have enough rooms for its popularity, and set about introducing new huts and villas and increasing the land to 40 acres. In the ‘80s, GoldenEye officially became a hotel, and is where Blackwell lives most of the year to this day. » 18


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TRAVEL While the resort is a subtle shrine to Fleming – with copies of his books dotted about, and pictures of the author with friends on the walls – it is by no means a museum to the man. The Fleming Villa (top left) is the centrepiece of the lush grounds, and remains lived in, almost exactly as he left it, but without a velvet rope in sight. Want to stoke your own imagination? Why not try penning your own novel at Fleming’s desk, flicking through his collection of books. After all, regardless of being a perfect spot for an island getaway, the site has attracted creative people of all types for decades. Artists, writers and musicians have visited GoldenEye for inspiration, with Fleming himself writing all 14 of 007’s adventures on the site. The Bond books have always shared Fleming’s love affair with the Caribbean – his famous fictional spy is named for an American Ornithologist and expert on Caribbean birds, James Bond. Even a nearby beach has been named after the character, and there resort guests can visit the crystal-clear water and popular two storey Moonraker Bar. Make no mistake, however; this is no tacky pop culture shrine, but rather features very subtle nods to the books and movies. Fleming created GoldenEye as a far-flung escape, and that ethos remains. Each of the 46 accommodations on site is its own private world. Every villa and hut has its own cosy tropical charm, with access to the crystal clear lagoon and surrounded by luscious greenery. Privacy and discretion are key here, with even the entrance to the property so low key you’d miss the gate if you weren’t looking hard enough. Though keen for their guests to visit the community and break out of “all-inclusivity”, GoldenEye has a variety of dining options, in addition self-catering kitchen in many of the buildings, and prides itself on fresh and authentic Jamaican ingredients and cuisine. With several bars and restaurants, as well as room service, there are many places to kick back with delicious food and famous Jamaican rum – including Blackwell’s own label. If you don’t quite feel up to writing your own classic spy novel, there are plenty more activities to pass the time during your stay. From swimming to snorkelling and a whole host of water sports, there’s something for everyone to do, backdropped by the perfect island views. Whether you are looking to make the ultimate Bond pilgrimage or just want to bask in the Caribbean sun, this stunning getaway is designed for true escape. And, should you soon find yourself lounging at the tropical resort, do be sure to order a drink for us – shaken, not stirred. Goldeneye.com

“Originally owned by Ian Fleming, the estate is now known as a private retreat for the likes of Jay-Z, Grace Jones and Kate Moss” 21


SCANDI CHIC NORDIC NOIR There has never been a better moment to invest in the Scandinavian cities of Copenhagen, Helsinki and Stockholm. Johan Molin of international business law experts Magnusson explains

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MIDST A GLOBAL pandemic, a UK visitor might be surprised by how little has changed in the northern capitals of Copenhagen, Denmark; Helsinki, Finland; and Stockholm, Sweden. Although the latter city never went into full lockdown, life continues almost as normal across the region, albeit with a lot more attention paid to social distancing and good hand hygiene. In jest, Swedes point to their Finnish neighbours, who allegedly look forward to the end of the ‘two-metre-rule’ so they can return to the traditional Finnish 20 metres. But the invitingly cosy Danish tradition of hygge, tempered by the sensible Swedish lagom – in addition to the infamous Finnish kalsarikänni: (‘drinking at home, alone, in your underwear’) – remain in place. »

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BUSINESS (ALMOST) AS USUAL While Nordic M&A activity slowed significantly during the height of the Covid-19 outbreak, the momentum has now picked up with all indications of a V-shaped recovery. The bastions of green innovation, unicorn start-ups and social democracy are in business-as-usual mode and taking advantage of their unique position. In September, the Swedish government announced SEK 10 billion (£885m) in investments into climate initiatives would be including in its Autumn budget, focussing on the transition to a greener industrial sector, environmental measures and climate-smart transport. Additionally, SEK 50 billion (£4.4bn) will use the existing framework of Sweden’s export credit guarantees to insure financiers who wish to provide debt financing to green projects. In Denmark, the country’s ambitious goal of becoming 100% carbon neutral by 2030 is cementing its position as a leading wind energy producer. Global tech giant Apple recently announced that it is investing in the construction of the world’s largest onshore wind turbines in Denmark to power its data centre in Viborg. Meanwhile, in 2019, the Mayor of Helsinki launched the Helsinki Energy Challenge, offering a €1m reward to anyone who finds a solution to help transition the city’s energy away from coal heating, while using as little biomass as possible. Coupled with Finland’s ambitious Carbon Neutral 2035 Action Plan, local and international businesses are heeding the signals and keen to secure the early competitive advantage in finding a workable solution to the climate crisis. 24

GOING LOCAL So, you’re visiting us on business and have a few precious spare hours, what should you do? In Sweden, fika (sharing a cup of coffee or food with friends or colleagues each day) is the rule. We recommend a cinnamon roll and strong black coffee from Ingrid in Östermalm. If the sun is out, why not take a ferry around the Stockholm archipelago? You will no doubt return hungry for some of the famous Swedish meatballs at Riche. For a traditional Danish experience, try the smørrebrød at Told & Snaps (and the homemade seasonal snaps if you’re game), perfectly located by Copenhagen’s tourist hotspot, Nyhavn. Skip the Little Mermaid statue and head up to the Louisiana Museum of Modern Art in Humlebæk. Technically, Finns drink even more coffee than Swedes, but prepare to tear yourself away from the cafés: a must-do while in Finland is an authentic sauna experience, such as Löyly Helsinki. Braver visitors have the option to hop into the chilly Baltic Sea before racing back to the heated rooms inside, though this is not for the faint-hearted. Celebrate afterwards at zero-waste bar and restaurant Nolla, with its own in-house microbrewery.


WHO ARE WE? Magnusson is a one-stop-shop law firm offering seamless legal services across the Nordics, the Baltics and beyond. Our team includes some 200 lawyers focused on creating commercial value to clients both locally and across the entire region. We work across banking and finance, corporate and M&A, dispute resolution, construction and real estate, insurance, IP and technology, data protection and public procurement, and more, with a focus on delivering top quality legal services to clients from a range of industries. Our cross-jurisdictional coverage and extensive experience in cross border transactions, projects and disputes makes us the perfect firm for international companies with presences across the region. We have the know-how to advise companies on how they can establish, expand and safeguard their business, not just in our region, but also globally. Magnusson is consistently ranked one of Sweden’s top business law firms according to the leading industry survey, Law firm of the Year in Sweden, and is ranked by Chambers and Legal 500. To find out more about international investment or working with Magnusson, contact: johan.molin@magnussonlaw.com Magnusson is a member of Burlingtons Club. Find out more at info@burlingtons.club

This page: Finnish sauna in Helsinki (top); Stockholm’s cafe culture (above). Previous page: Stockholm Old Town by night

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EN POINTE What does it take to carve a career in the demanding world of ballet? Michelle Johnson speaks to internationally acclaimed dancer Natalia Kremen, founder of Kensington’s NK Ballet School, to find out

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LIFESTYLE

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ITUATED IN LEAFY Kensington, just a stone’s throw from Kensington Palace, is the Natalia Kremen Ballet School. With its vocational approach and holistic mentorship for more than 100 students, the school is far more than a passion project for its founder. Born in Moscow, internationally renowned dancer Natalia Kremen began her training with the Bolshoi Ballet Academy at the tender age of 10. She was later trained by Galina Krapivina and Nina Sorokina (both People’s Artist of USSR recipients) at Leonid Lavrovsky’s Ballet Academy. Her professional career saw Kremen take on roles with the Stanislavsky and Nemirovich-Danchenko Ballet Theatre – alongside receiving a university degree in teaching – before joining the English National Ballet (ENB), under Wayne Eagling in 2006. Kremen took on leading roles in ballets including Sleeping

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Beauty, Swan Lake, Giselle and Le Corsair, performing across Russia, Brazil, Dominican Republic, France, Italy and Spain – yet, it was at a performance in Kensington Palace in 2011 that she first turned her eye to the next generation of ballet stars. “I never imagined that I would retire and open my own school. It has been quite a surprise in that way but, at the same time, it’s been very easy and a very natural transition,” Kremen tells Burlingtons Magazine. “I met the mother of my first student when I was performing at the English National Ballet’s Summer Party at Kensington Palace. It was a big event, with the Company’s costumes designed by the most famous fashion designers, like Giles Deacon and Julien MacDonald, and one of the designers asked if I could offer their child private lessons.” Soon, Kremen had three students – two girls and one “very naughty” boy – and had fallen in love with

teaching. In 2012, she took a year’s sabbatical from the ENB to set up her school. “I was very fortunate because I still had an international career, travelling around the world with the Company and also as a guest dancer. It’s rare to be granted a year’s leave by your director, but I knew if I wanted to take my students to a different level, it was impossible to combine both sides.” In less than a year, the school had grown to more than 30 children, who held their first performance at Chelsea Theatre. “I was receiving much more by giving back than I had ever felt on stage. The career of a ballet dancer is very self-centred, we can be selfish, because it’s your entire life from a very young age. You have to think only about yourself: how to stay healthy, to get the best roles, to get into the company. With the students, I was seeing these immediate results, I realised I could influence someone’s life and future.” »


INTERVIEW

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TAKING THE BARRE Soon enough, Kremen realised a fatal flaw in her plans to truly shape her students’ careers, due to a lack of support of the arts by the UK government. “Almost from the beginning, I was meeting students and parents who were asking how they could support their training, because ballet is not just challenging and tiring; it is also quite expensive. And I realised that, as an education and on a professional level, dance training is not really supported by the government. In Russia, the state funds part of your tuition once you make it to the academies, and while my parents – especially my mum – had to make a lot of sacrifices to help me with things like private tuition to build my strength and flexibility, the education system was very different compared to the UK.” Concerned that future ballet stars would miss out, Kremen set about raising funding for her most disadvantaged students, setting up the NKBS Foundation in 2016 to support talented dancers throughout their career. Kremen’s holistic approach ranged from donating her old pointe shoes and leotards, covering transport or training costs, and even funding further dance education for the school’s most promising graduates. “The Foundation is designed to support young talents who need a helping hand on their journey. We launched the charity with a fundraising gala with a performance featuring dancers from some of the greatest companies in the world. Burlingtons Group was actually one of the first event sponsors,” says Kremen, who praises the Foundation’s four trustees Olga Vysokova, a social entrepreneur and financial services professional with extensive banking experience in the UK and Russia, and founder of Women Who Inspire and Next Gen Forum; Burlingtons Group senior partner Deborah L Mills and Group partner Paramjit Sehmi; and Oscar Dodd, partner at Simmons Gainsford LLP. “So far, we’ve been able to support so many dancers through scholarships and financial assistance. One of our graduates is a wonderful, very promising dancer with an incredible passion and dedication; she was travelling in each day from outside London, so we were able to offer her a scholarship to the school. This year she competed in the American Grand Prix, in Barcelona and Paris, and she won a few scholarships – including a place at the Dutch National Ballet Academy. It’s a wonderful school and she is so deserving. If we can continue to support her, it would be our pleasure.”

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PRINCIPLES OF DANCE Kremen’s school offers classes to students aged three to 16, accepting both students interested in ballet as a hobby or a career option, based in the Vaganova Method – a development of the Russian school of ballet pioneered by dancer and pedadogue Agrippina Vaganova (1879-1951). Yet, in addition to the practical lessons, Kremen also believes in mentoring her students; a decision inspired, she says, by diverse experiences with her own ballet masters, and the differences in UK and Russian education systems. “In Russia, there is that stereotype of fierce ballet mistresses who rule with terror. Lots of mean things can be said; they will pinch you, sometimes it can be humiliating and quite brutal,” says Kremen. “But some teachers are able to change your life, simply by understanding and respecting who you are and how you learn. That really helped me as a teacher and studio director. “But there are other interesting things that I only learnt after coming to London. The education system is so different that children here don’t react to things the same way we would. If you tell an English kid to leave, they won’t come back,” she laughs. “There is more freedom, which is good in many ways. However, there is so much choice that children have other challenges.” Kremen says that, while her goal is to find the next generation of prima dancers, she is also thrilled at the opportunity to teach the principles of ballet that will help her students succeed in life: discipline, resilience, and confidence. “Mentoring these students means so much to me, because I can share my personal experience and help them learn how to face their challenges without giving up,” she says. “That’s what our Foundation is offering: not just financial support and ballet lessons, but helping our students overcome their fears and improve their confidence, learn to handle constant competition and achieve their goals. It’s the whole package.” Find out more at: nkballetschool.com At the barre: Natalia Kremen (right) teaches talented students aged three to 16 (below and previous)


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POSTCARDS FROM...

MALTA

Buġibba A popular resort known for its 3km promenade stretching from St Paul’s Bay to Qawra, where Malta Classic Car Museum offers 3,000sq m of classic automobiles and memorabilia.

Mġarr A rural village surrounded by rich vineyards. Nearby temples include Ta’ Ħaġrat and Skorba, or head to nearby Ġnejna Bay for postcard-perfect beaches.

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ICH WITH HISTORY and blessed with a warm Mediterranean climate, 1.6m tourists visit Malta each year for its fine culture and cuisine. Discovered by settlers as early as 5900 BC, Malta boasts some of the oldest temple structures in the world (many are UNESCO World Heritage Sites). Its early history saw colonisation by Phoenicians, Romans, Byzantines and Normans before becoming part of the Kingdom of Sicily. When the British helped deter Napoleon’s forces in 1800, the island became a British dominion until claiming independence in the 1960s. Its strategic location in the Southern Mediterranean made the ports of Malta vitally important to the Royal Navy, not to mention for codebreaking efforts, during the Second World War – the island was collectively awarded the George Cross for its heroism during the two year Siege of Malta. Today, Malta is a haven for affluent individuals thanks to its unique mix of inherited UK common law and EU membership, robust industries and effortless historic charm. 32

Mdina & Rabat Mdina is one of Europe’s finest examples of an ancient walled city, while Rabat’s religious significance is down to sacred sites such as the Roman Villa, catacombs and St Paul’s Grotto.

The Three Villages Balzan, Attard and Lija make up the Tuscanstyle ‘Three Villages of Malta’. Balzan, home to Burlingtons Group Malta, neighbours one of the island’s oldest towns, Birkirkara. Blue Grotto Malta’s abundance of limestone has led to outstanding natural archways along its coast, with none more impressive than this sevencave structure.


Gozo The second largest island in the Maltese archipelago, rural Gozo is known for its scenic hills and popular beaches, as well as the megalithic Ġgantija Temples.

Sliema Fishing village Sliema was transformed by British residents seeking a holiday hotspot in the 19th century. Today, it’s home to affluent locals, contemporary offices (including Integra Private Wealth) and buzzing nightlife.

Valletta The Maltese capital enjoys a Baroque charm exemplified by its palaces, gardens, churches and Grand Harbour. Valletta is Malta’s economic heart, and is where Burlingtons Club member FFF Legal calls home.

Fortifications of Valletta Remarkable fortifications surround the island’s capital. Fort Saint Elmo was built in 1552, while the final Fort Lascaris (1856) remained in use through the Second World War.

Tarxien The Tarxien Temples mark the peak of ancient civilisation. Nearby Ħal Saflieni Hypogeum in Paola is a subterranean sanctuary with an Oracle Room boasting powerful acoustics.

Megalithic Temples of Malta Some of the oldest sites of worship on Earth – built between 3600 BC to 2500 BC – Malta’s most impressive temples, Ħaġar Qim and Mnajdra, are both found near Qrendi.

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INVESTMENT

ON THE GUEST LIST For non-domiciled UK residents, investing funds can be fraught with complications. Here, Key Business Consultants’ Gary Green explores some of the ways ‘non-dom’ expats can still maximise their investments Gary Green, Key Business Consultants

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OR NON-DOMICILED RESIDENTS of the UK – usually foreign nationals living in Britain or Northern Ireland – there are many considerations to be made when choosing a basis of taxation for worldwide income. Many non-domiciles choose a remittance basis of taxation, which must be elected, and under which any income earned overseas will not be taxed in the UK as long as it remains overseas. The basic idea is that the UK government does not want residents earning overseas only to send the money to the UK without paying taxes. Instead, non-domiciled residents can use money earned before they became UK tax residents, and so careful planning is required before moving to the UK. And beware: if funds are mixed between ‘clean’ and ‘unclean’ funds then the HMRC may deem the funds remitted in the least favourable way. This remittance basis resulted in a growth of overseas funds that people preferred not to transfer into the UK. As a result, the Business Investment Relief (BIR) was introduced in April 2012 to give relief from tax under the remittance basis, encouraging non-domicile residents to bring funds to business investment purposes in the UK. Further relaxations on taxation were introduced to BIR in April 2017, so that income or gains are not treated as remitted when funds are invested within 45 days of being brought to the UK. BIR allows individuals to remit funds that otherwise would become taxable, as long as the funds are invested as a qualifying investment into a qualifying company. It is not automatically granted, but clearance can be sought from HMRC before making a BIR investment. »

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INVESTMENT What is a qualifying investment? A qualifying investment can be a subscription for preference or ordinary shares in an eligible company or loan. From April 2017, a qualifying investment does not need to be for new shares but, instead, can now also be invested by acquiring existing shares from a third party. You have 45 days to make the investment if the funds are sent in advance, and there are no caps on the amount you can invest. The qualifying company As the wording suggests, a partnership or sole trade does not qualify. The company needs to be an unquoted trading company or an AIM listed company, which is treated as unquoted. It must already be carrying on a commercial trade, or commence within five years of the investment having been made. The company cannot give concessionary or reciprocal benefits to the investor as a result of their investment. Cessation of relief There are, of course, some risks to any investment, and so non-domicile investors should be aware of the stipulations when undertaking the BIR tax deferral. The relief will cease to apply on the invested remittances if: • • • •

the investment is wholly or partially disposed of; the company ceases to be eligible under the scheme; the trade does not start within five years; or the investor or their associate(s) receive value otherwise not earned on a commercial basis.

In such a case, the investor would have 90 days to dispose of their investment and then 45 days to withdraw the funds offshore. Similarly, once a disposal has been made, the original remittances need to be taken back offshore or otherwise reinvested into a qualifying investment within 45 days. Interaction with other UK tax reliefs Claiming BIR is a stand-alone consideration which does not prevent non-domicile residents’ entitlement to other tax reliefs. For example, if an investment also qualifies for a venture capital scheme, such as the Seed Enterprise Investment Scheme (SEIS) or Enterprise Investment Scheme (EIS), then an investor can receive a 50% or 30% credit on the value of their investment to be used against their income tax bill from a UK-source income. Business Investment Relief, remittance basis and nondomiciles tax matters can be very complicated but, with a full understanding of a taxpayer’s situation and savvy investment, there are many ways to make the most of your business venture while residing in the UK. For more information on BIR, SEIS or EIS or moving to the UK please contact Gary Green: gg@keybusinessconsultants.co.uk Key Business Consultants is a member of Burlingtons Club. Find out more at info@burlingtons.club

“BIR allows individuals to remit funds which otherwise would become taxable” 37


©Campbells of Beuly 38


LIFESTYLE

AHEAD OF THE GAME Burlingtons explores the elegance and etiquette of the modern driven shoot

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S THERE ANYTHING more quintessentially British than the traditional game shoot, set in the bucolic rolling countryside in the company of friends old and new? From the beginning of grouse season on the Glorious Twelfth (12 August), to partridge and pheasant starting in September and October, ending with duck and goose season on 20 February, game shooting is the perfect way to get back to nature, enjoy great scenery and test one’s skill. However, few sports are subject to as much scrutiny as game shooting – particularly in 2020, which has seen tighter regulations enforced as the UK continues to feel the impact of Covid-19. While game shooting began the season exempt from the ‘rule of six’, the sport has implemented robust Covidsecure guidelines including social distancing rules, controlled access points, avoiding assisted loading or handling dogs, and enhanced protection for the beating line. Game shooting season is key to many local economies across the UK, from hotels hosting parties during the low season, to the landowners who have donated game to charities such as the Country Food Trust to help feed those in need. The sport is also a key player in wildlife conservation: shooting contributes to the management of wildlife, landscapes and ecosystems on two thirds of the UK’s rural land area, teaches ‘young guns’ about the countryside, and impacts the individuals and businesses that maintain and safeguard the land. But, for many, the draw of a country shoot will always be the fulfilling social aspect of testing one’s skills in the great outdoors, with the promise of the finest organic meal at the end of a day’s efforts. “We found the top three reasons people took part in shooting are enjoyment, time outdoors and relaxation,” says Steve Bloomfield, executive director of shooting and operations for the British Association of Shooting and Conservation (BASC). “95% of respondents said shooting was important to their personal wellbeing and 77% said their social life would suffer without shooting. Additionally, the sport is well regulated, and more people are becoming aware of the excellent end product of a day’s game shooting – the bountiful harvest of game meat.” This enjoyment comes from far more than just the sport alone. The pageantry of the occasion itself cannot be understated, welcoming ladies and gentlemen of all ages and backgrounds, from highly formal shoots attended by experienced Guns – as individuals in the shooting party are known – dressed in tailored three-piece tweed, or an informal family event for first-time shooters. From caring for your shotgun to knowing what to wear, the rules of field etiquette at the heart of every shoot are based upon tradition and fair play. Here, Burlingtons takes a look at the key elements any ‘gun’ needs to succeed.

“A country sport with a deep history, there are many unspoken rules that new Guns must learn quickly” 40


LIFESTYLE

PERFECT YOUR ETIQUETTE A country sport with a deep history, there are many unspoken rules that new Guns must learn quickly. While etiquette is a major focal point of any respectable shoot, it is really based on manners and respect. Poaching another Gun’s bird is a firm no, nor should you risk running out of cartridges mid-drive, or spend time on your phone. You should make sure to tip the gamekeeper – a general guide is around £20-£30 per 100 birds – and thank the beaters at the end of every day. But, ultimately, nothing should come before safety: keep your gun facing upwards at all times, never have a closed gun out of its slip, and check your barrels before loading to ensure there are no blockages. “Respect for your quarry is of paramount importance, along with respect and courtesy for all involved – fellow Guns, the host, the beaters and pickers-up,” says Bloomfield.

The game’s afoot: Shooting parties enjoying the countryside. Left, ©Holland & Holland; Centre from top, ©BASC, ©Holland & Holland; ©Campbells of Beauly; Top right, ©Holland & Holland

TAKE YOUR BEST SHOT For most birds, a .12 gauge or .20 gauge shotgun are the go-to options for shooting parties. When buying, it’s best to head into a gunroom for practical advice based on your preferences and budget, as well as everything from firearms certification to tips on transportation and care. Gunmakers such as Browning, Purdey or Holland & Holland are all renowned for their guns – with Holland & Holland one of the last remaining traditional London gunmakers specialising in exquisite bespoke rifles and guns. “As a gunmaker, we strive to instil values of quality craftsmanship, tradition and innovation into each and every gun we make,” Holland & Holland said. “The perfect combination of art and functionality, a Holland & Holland brings together the best in refinement, innovation, and skill. An essential part of our work is keeping them in service.” Once you’re in the field, the key to taking the perfect shot is awareness and footwork. For safety’s sake, you should always be aware of where your fellow guns are standing, and only shoot a flying target if you can see the sky behind it. Your footwork should allow you to remain balanced and aim with ease: begin in a neutral position until ready to shoot, then take a step forward leading with your non-dominant foot, pointing to where you want to take the shot. Keeping your weight on the front foot will allow plenty of movement, you will be able to easily hold your gun on the line of the bird. » 41


LIVING OFF THE LAND According to BASC, shooting is a major resource in promoting the country’s biodiversity and assisting the UK to achieve the targets set in national and local biodiversity action plans. In fact, BASC’s Green Shoots conservation programme, launched in 2000, has been endorsed by Natural England, Scottish Natural Heritage, Natural Resources Wales and the Northern Ireland Environment Agency, providing a framework to record what species and habitats of national importance could be found on owners’ land. Bloomfield says: “Wildlife, including red and amber-listed species, flourishes on land managed for shooting and we know that wading birds are up to five times more successful on moors managed by gamekeepers. In addition, birds and butterflies are more diverse and populated in woodlands managed for shooting.” DRESS TO IMPRESS The clothes maketh the man (and woman) in the world of shooting, where the party stands resplendent in fine tweeds. The key for shooting style is to blend in with nature – thus the plethora of greens and browns, with darker neutrals for grouse shooting – and remaining warm and comfortable through any weather. More formal shoots will call for a tweed suit of two or three pieces, including breeks or trousers, topped with a flat cap. Ladies can wear similar or opt for a fine shooting skirt. Great tailoring should allows for a good range of movement for shooting, pockets large enough for cartridges, and still look razor smart. Accessorise with a good pair of walking boots, cartridge bag and ear defenders. For the ultimate shooting style, gunmakers Holland & Holland are the go-to brand for finely made traditional suits, or head to Scottish Royal Warrant Holders Campbells of Beauly for the finest highland tweed – the brand’s classic field nehru gilet (below) is one of its most popular layering pieces, with external bellows pockets. Less traditional shoots may call for Savile Row tailors such as Huntsman or Dege and Skinner to put a modern twist on the classic style. Shooting style: bespoke gun by London’s Holland & Holland (right)

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RETAIL THERAPY

From hotels and fashion houses to skincare and jewellery, Lysanne Currie meets a few of the luxury British brands whose compassion and empathy have driven them to help others during the Covid-19 crisis

DRESS TO IMPRESS Sometimes the right outfit at the right time can really be a lifesaver, and this year saw Burberry produced its most desired line yet: designer PPE. The British brand repurposed its manufacturing facilities in Castleford, West Yorkshire, to make non-surgical gowns and more than 100,000 surgical masks for NHS workers and their patients. The label also donated to UK food poverty charities including FareShare and The Felix Project, and is funding research into a vaccine developed by scientists at Oxford University, which has one of the world’s best track records in emergency vaccine development. “Covid-19 has fundamentally changed our everyday lives, but we hope that the support we provide will go some way towards saving more lives, bringing the virus under control and helping our world recover from this devastating pandemic,” said Burberry’s CEO Marco Gobbetti. “Together, we will get through this.” Barbour also produced thousands of protective gowns and face masks for frontline medical workers in the north-east of England. Better known for its wax jackets and country fashion, such as the Barbour Beadnell Jacket, the clothing retailer repurposed its production line to help plug the PPE gap. “I offered to see how we could help because I have a lot of machinists that are locked down at the moment,” Dame Margaret Barbour told BBC Radio 4. “It has been difficult because we had to undertake the strict guidelines laid down to make sure that they have plenty of protection and plenty of space around them.” Mulberry (right), too, pledged to make more than 8,000 re-usable PPE gowns for frontline workers in its Somerset factories. Destined for the University Hospitals Bristol and Weston NHS Foundation Trust, the gowns were made with a specially sourced material that is fluid-resistant and washable. The UK fashion house also teamed up with a network of local community groups making scrubs to order, using its factory machinery to cut large volumes of fabric into patterns for volunteers to stitch. It also donated more than £75,000 through its Coronavirus Appeal in support of the National Emergencies Trust. »

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RETAIL

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SHARING CHEFS A venture to provide isolated NHS shift-workers with hampers and restaurant-quality meals was, quite literally, cooked up by film PA Lulu Dillon in her own kitchen. The idea, Cook-19, soon found the support of Dillon’s friend and neighbour, Michelin-starred chef and Murano restaurateur Angela Hartnett, who contributed everything from frittatas to apple crumble to be distributed to lockeddown NHS staff by an amazing army of volunteers, including 15 drivers and some 30 chefs. Cook-19 raised more than £120,000 with the support of volunteers and hospitality brands. Upmarket steak restaurant Hawksmoor offered up the use of its restaurant kitchen while Fortnum & Mason donated 800 Easter eggs. During lockdown they delivered over 50,000 meals to frontline professionals. “We believe that there is magic in the nourishment of good food cooked by good people,” said Dillon. “Food that is given with no strings attached, but with the hope it gives strength to those that receive it. Food cooked with love by those that give their time freely, who use the skills they have to create something for others that says: we’re thinking of you, we’re here for you, we thank you.”

A WARM WELCOME Grand dame hotel Claridges has, in its time, given lodging to everyone from Queen Victoria to Audrey Hepburn, and during lockdown it opened its doors to some 40 NHS workers from St Mary’s Hospital, Paddington, who were unable to go back to their own homes during the pandemic. In addition, kitchen staff from The Connaught and The Berkeley – both hotels in the Maybourne Group that owns Claridges – provided free meals for NHS professionals, which were delivered by the Helpforce charity. “Just as it has in the past world wars, Claridges has a duty to step up and support the people of London,” said Paddy McKillen, co-owner of the Maybourne Group. “Teams from all our hotels have volunteered to help and support the dedicated NHS workers at this critical time. We are forever in their debt.” Away from the capital, the PIG Hotel Group celebrated frontline workers by giving 190 overnight stays in any one of its six luxury country bolt holes, which includes hotels in Kent (right), Bath, Combe and the New Forest. Founders Robin and Judy Hutson also hosted an NHS house party for medical workers staying at each PIG hotel upon reopening, during which frontline staff were lavished with feasts from the hotels’ sustainable kitchen gardens, along with bed and breakfast. The promotion was part of the #TreatOurNHS initiative, founded by Devon proprietor Sarah White, which saw NHS workers offered holidays when the hospitality industry opened its doors again. The PIG Group was the first hotel group to sign up for the initiative, which includes holiday homes ranging from Scottish castles to French chateaux. 46


RETAIL CRYSTAL CLARITY The jewellery industry rocked up to help, with the likes of Tiffany & Co and De Beers donating millions to emergency workers and causes. British jeweller Graff announced in April that its foundation had donated $1m to the Covid-19 Solidarity Response Fund in support of the World Health Organisation. Asprey announced a zero-profit initiative supporting The National Emergencies Trust – a disaster charity that provides support to organisations and services on the Covid-19 frontline. The jewellery brand sold specially engraved silver editions of its 167 Bond Street Pendant (right) through its website, with all funds going to the trust. “Our modest initiative is the least we can do show our support of these incredible and vital institutions working tirelessly to aid those most in need,” said Asprey chairman John Rigas.

SCENTS OF DUTY Proving that kindness smells sweet, London perfumer Miller Harris (above) was one of the first luxury brands to rise to the challenges to the UK presented by Covid-19. As early as March, the brand announced a collaboration with Age UK that saw the donation of its entire stock of 11,000 lotions, soaps and handwashes to the over-70s. Products were distributed nationwide to the vulnerable. Miller Harris, which has since donated soaps and shower gels to food banks, called on other SMEs to help charities. “We are seeing huge acts of kindness among the gloom of the news, and it is these acts of kindness that bring us hope,” said CEO Sarah Rotherham. “As a brand, we feel

compelled to help in any way we possibly can, and it would be a sin to see our stocks of soap sat in warehouses rather than reaching the most vulnerable in our society. Alone we are small, together with other brands we can have a huge social impact.” Other brands to heed the call included Jo Malone, whose Petersfield manufacturing facility produced hand sanitiser for healthcare professionals, and its parent brand Estée Lauder Companies UK & Ireland, which gifted hand cream and body wash products to key workers as a gesture of appreciation. Care came from abroad, too, with Italian brand Bulgari donating over 160,000 units of hand sanitiser to the NHS.

This feature originally appeared in Tempus Magazine; tempusmagazine.co.uk 47


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TRAVEL

BELLE SURPRISE As the Champagne region redefines its approach to tourism, Michelle Johnson finds out why the global heart of sparkling wine has waited until now to become the destination du jour

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OCATED JUST AN HOUR from Paris, the onceroyal region of Champagne is synonymous with a sparkling wine so internationally important, no celebration would be complete without a glass. Legend says it was Benedictine monk Dom Perignon who invented the method of secondary fermentation in the bottle in the late 1600s, and the world’s oldest champagne house, Ruinart, has been creating fine champagne using his method since 1729. In 2015, Champagne’s hillsides, houses and cellars were listed as UNESCO World Heritage Sites; this year, the region enjoyed its earliest harvest in history, beginning on 17 August for the 320 maisons that produce 90% of Champagne’s global exports (the UK alone enjoyed more than 26.8 million bottles in 2018). Despite all this, Champagne has struggled to become a tourist destination on the scale of other French wine regions like Bordeaux or Alsace. Until now. “Champagne wine is known throughout the world as a symbol of prestige and glamour but its image has rather obscured the territory from which it originates,” says the spokesperson of experiential tourism initiative Visit La Champagne. “It is a region of history, art and culture, of unspoilt nature and exceptional heritage; kings of France were crowned and battles were fought and won, and where the art of fine living is a way of life.” Visit La Champagne was devised by the Regional Tourism Agency of the Grand-Est Region and the Comité Champagne to bring together more than 80 partners and ambassadors comprising champagne houses, hotels, restaurants and cultural sites throughout the 34,000-hectare region. The aim is to offer authentic experiences and unprecedented access – guests can picnic in the vineyards and explore Roman cellars, cycle through villages or dine at haute restaurants. This new endeavour highlights the work of the Comité Champagne, which represents every champagne producer from independent vignerons to famous houses, its role to promote the vines and wines of the region, including economic, technical and environmental development. Here, Thibaut Le Mailloux, Comité’ Champagne’s director of communications, explains the evolution of Champagne, and what tourism could mean for this most famous of wines. » 49


Why do you feel Champagne has been slow to emerge as a destination? In wine regions all over the world it has been natural to invite tourism but Champagne had never done this. Achieving UNESCO status in 2015 opened Champagne up to the world and it became obvious that we had to change the perception from simply a wine region, to a wine tourism destination. We looked to many regions around the world for inspiration, including our neighbours, such as Alsace. Of course, Alsace has a very different experience because it was not destroyed during the First World War. Champagne was a field of ruins after it and during the 1920s, while Alsace was very beautiful. But Champagne has developed so much in recent years. The UNESCO status has triggered a lot of initiatives and entrepreneurship, but we’ve been focused more on creating a unique, experiential dimension for visitors. How does the Visit La Champagne collaboration benefit the region? Champagne is the authentic sparkling wine, and so we needed the image of the region to be consistent with the prestige of the wine. So, we all wanted the wine tourism experience in Champagne to be a cut above just visiting a few wineries. With Visit La Champagne, we don’t just have people offering wine tours or vineyard visits. Visitors can experience the authentic Champagne, enjoy new restaurants and hotels, unique experiences, and find a region that is finally becoming very international again. Guests can explore our cellars, which have graffiti from across history – Romans, revolutions, refugees from the World Wars – but also contemporary art and emerging families. We want to offer the opportunity to understand that yes, we have famous names that have been on the market for 250 years, but Champagne is also incredibly diverse. It’s an interesting moment. Champagne is a world leader in sustainable development. Can you tell us about this? It’s our big focus. If you look at Champagne’s recent history, the first half of the 20th century was about reclaiming the land and replanting after the World Wars and Great Depression. We’re only now reaching the climax of our potential for production. But towards the end of the 1990s, our research and development showed us the restraints of our terroir; we realised we would not be able to grow in volume. Champagne has a complicated production: you must hold a diploma to prune the vines, you must harvest by hand, there’s a long aging process in the cellars. At the same time, we saw that the climate was changing. Our grapes were ripening faster, losing acidity, average temperature had risen. So we began thinking about how to lower our environmental impact and adapt to climate change – this began as early as 2001, when we first assessed our global environmental footprint. In 2003 we were the first industry to do a carbon footprint assessment of our wine region. In those two years we launched 50 R&D programmes designed to help drop our impact and improve our biodiversity. How does that continue today? We have a very ambitious plan to drastically reduce our impact. We’ve achieved good results so far – 100% of waste waters of Champagne making are collected, treated and recycled compared to only 70-80% of domestic households. We’ve dropped the use of pesticides by 50% so far. The role of the Comité Champagne is to help every single grower change their practices to protect the terroir. By working together, we have implemented these changes and are now setting even more ambitious goals. We aim to have a -25 carbon impact by 2025, and -75 in 2050. 50

Previous page: Vignoble Verzenay (© Fred Laures). Right: Crayères (© Mumm)

One of the Comité’s major projects is to produce a new variety of grape. What impact will this have on the region? Our goal is to continue to produce champagne and to keep its distinctive style and taste but with climate change, our grapes are losing acidity and gaining sugar. This project is about creating grape varieties that can adapt to the region’s new climate, which will replace or complement chardonnay, pinot noir and meunier grapes in the next 25 years. The new grapes need to keep the flavours of chardonnay, pinot noir, and meunier, but they will need to resist heat, ripen more slowly and keep their level of acidity. At the same, we want them to be naturally resistant to fungus so we can continue dropping the use of pesticides. When these are ready, they will be authorised and made available for the whole region. How do you ensure independent vineyards can compete with global brands? Every winemaker or grower of grapes in Champagne must be part of Comité Champagne. So, even if families are competing in the market, they must all work together and find a consensus in how we ensure the region thrives. This means that any development is made available for every champagne producer. For example, the technical support to convert to green practises is available to every single grape grower in the region. We hope our sustainability practises inspire and help other regions and industries. That’s why we publish the results and methodologies of what we find, too – so if another wine region wants to visit Champagne and understand how we are adapting to climate change, we will guide you through it, because the more regions do this, the better it is for us all. What are some of the common misconceptions around enjoying champagne? Our society has developed strict codes and rules about how to enjoy champagne – from the best glasses to use to food pairings. My advice would be to ignore the rules and enjoy the experience of your champagne. My wife and I have two crystal cups from the 1920s and it’s become our tradition to drink from these on Valentine’s Day, while glassmaker Riedel is campaigning against traditional champagne flutes. Champagne is also a more versatile wine than many think. It goes as well with caviar and oysters as it does with a Chinese meal or fish and chips. Recently, I’ve been pairing champagne with camembert, and it’s heaven. The truth is, the experience and joy you get from a pairing is infinitely more important than rules. That’s what keeps you in love with champagne: there’s an infinity of expressions, and you can always find little surprises. visitlachampagne.travel; champagne.fr This feature originally appeared in Tempus Magazine; tempusmagazine.co.uk


TRAVEL

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EAST LOOKS WEST 東与西相遇 As Hong Kong-based buyers’ investments in Prime Central London properties continues to soar, Beauchamp Estates explains what this trend means for the capital

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he UK has a long and special relationship with Hong Kong, something that has endured through the handover of the territory’s sovereignity from UK to China in 1997. Hong Kong-based buyers and investors have always been present in the UK prime property market at varying levels, but recent developments in the region have increased this to an unprecedented level. Hong Kong (HK) and mainland Chinese investment in luxury Prime Central London (PCL) residential property has soared despite the Covid-19 pandemic. According to leading real estate agency Beauchamp Estates, whose headquarters are in London’s Mayfair, Hong Kong and mainland China buyers currently account for 15% of international buyer home sales above £1m across PCL, and 20% of all sales above £10m. The figures could go higher with the proposed HK visa changes, set to open the door to UK citizenship and further property investment from thousands more HK and China-based buyers. Since the UK General Election in 2019, Beauchamp Estates has sold over £300m-worth of luxury London residential property to HK buyers, in locations including Knightsbridge, Belgravia and Islington, and Chinese/HK buyers are presently the company’s single largest group of overseas clients investing in London luxury property, followed by Russian and Indian clients. There has been a distinct and steady increase in enquiries originating from China and HK-based buyers, a fact supported by data from the Office for National Statistics (ONS). The 2019 data shows that Hong Kong and mainland China buyers invested £7.69bn in London property, including over £750m in residential property in the City of Westminster and the Royal Borough of Kensington & Chelsea. It is little wonder that some leading newspaper titles are starting to refer to the capital as “Beijing on Thames”. The ONS data also shows that there are now some 218,975 properties in London owned by Chinese and HK buyers (98,725 owned by HK-based buyers and 120,250 by mainland Chinese), making London property the most popular investment destination for Chinese capital in the world. »

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PROPERTY

Oceanic House, Beauchamp Estates

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Clockwise, from top left: Exteriors of Elsworthy Rise, bathroom and reception room in Royalty Mews, and a master suite in Oceanic House (© Beauchamp Estates)

A BUYER’S MARKET Beauchamp Estates are seeing five distinct types of Chinese investors purchasing property in London. The first group is purchasing one and two bedroom new build rental-investment apartments priced up to £2m in locations including Canary Wharf, the City, Islington and the River Thames in Battersea, Chelsea and Fulham (investors are looking at a 3-5% yield) and often purchase off-plan and in bulk in order to gain a price discount/advantage. The second are affluent, upper middle class Chinese and Hong Kong families, typically spending between £5m to £10m for a London family home or luxury pied-a-terre in locations including St John’s Wood, Marylebone or Regent’s Park, or £750,000 to £1.5m for an apartment in Aldwych, Soho or Fitzrovia for their student offspring studying in London. For these families, proximity to good schools or universities is essential. Marylebone and St John’s Wood are particularly popular as they are close to good education facilities and to the Chinese Embassy (49-51 Portland Place), around which the Chinese political elite working in London are based. Elsewhere, mainland China and Hong Kong’s superwealthy business elite will spend upwards of £15m on a trophy property, typically something with a prestigious history or ultra-luxury design, located in London’s most coveted addresses. In Beauchamp Estates’ experience, this elite group prefer to buy either mansions in Knightsbridge, Mayfair, Belgravia or Avenue Road in St John’s Wood, priced from £25m to over £200m; or penthouses in trophy apartment buildings such as Clarges Mayfair, One Hyde Park, 20 Grosvenor Square or No.1 Grosvenor Square, priced from £20m up to £80m. The fourth buyer group is China and Hong Kong’s large corporations and property developers. These corporations either invest in commercial property in the City, Canary Wharf or West End, or undertake direct or joint venture residential projects in the UK capital. Over 40% of London’s office investment deals by international firms over the last two years have been done by Hong Kong corporations, including CC Land, CK Asset Holdings, Nan Fung Group and Sino Group. Chinese property corporations have undertaken joint ventures with domestic London developers, examples include Sun Hung Kai Properties with Ballymore and Vanke with Galliard Homes. Finally, Chinese Sovereign Wealth entities such as CIC, which has been a major investor in London real estate. “Wealth creation and the development of the property markets in Europe has taken 200 years, while in China the same process has taken just 20 years,” says Marcus O’Brien, Beauchamp Estates Private Office. “This huge acceleration of wealth creation and property development in China – some cities take just six months to construct – has provided China and Hong Kong with a new middle class and a new money super-rich elite. “Because China’s wealth is relatively new, Chinese and Hong Kong buyers in London like purchasing either new homes or historic properties which have newly refurbished super-luxury interiors. The Chinese middle class life is focused around family, while the business elite have a very consumerconcentric culture, they want to be seen to be successful when benchmarked against their peers, so if one buys a London property a business rival needs to acquire an even better one.” 54

GROWING TRENDS Since the 2019 general election, Beauchamp Estates has sold over £300m of luxury London residential property to clients from Hong Kong. “Over the last 12 months mainland China and Hong Kong investors have become the leading overseas buyer group in prime central London, purchasing luxury property,” says Gary Hersham, founding director of Beauchamp Estates. “The five different types of Chinese investor we are generally seeing in the capital are usually discrete, but sometimes these groups overlap, for example a large HK corporation buys commercial property in the City, followed by the CEO buying a £100m mansion in Belgravia.” The predominance of Chinese buyers (whether mainland China or HK) in the market has not been diminished by the Covid-19 pandemic and, perhaps, spurred on by current poor Chinese bilateral relationships with the USA, Canada and Australia. Formerly, many of the Chinese/Hong Kong elite would have purchased property in Malibu, Los Angeles, the Hamptons and Toronto, but they have now retreated from these locations, preferring to invest in London where there is a long established and sustained relationship. Despite the UK’s citizenship offer, which could potentially see up to three million HK residents leave for the UK, many do not expect a mass exodus from the territory. While some feel that the territory has changed and the dynamic, energized Hong Kong of old no longer exists, there are many who wish to remain. Wealthier residents already have overseas homes and with many also securing overseas passports too. If just 10% of the top elite in Hong Kong take up the offer of residency in the UK and buy homes in the capital, this will drive around 15,000 property deals, which would have a massive and beneficial impact on the housing market in the capital’s best addresses. For further information on Beauchamp Estates phone +44 (0)20 7499 7722 or visit beauchamp.com Beauchamp Estates is a member of Burlingtons Club. Find out more at info@burlingtons.club


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TECHNOLOGY

H

ear that booming noise? It’s the sound of Londonbased fintechs smashing records for global investment, making waves in a capital that’s hit the sweet spot in terms of finance and tech. As Anne Boden, founder and CEO of UK mobile-only bank Starling, based in Liverpool Street, points out, “If Silicon Valley is all about tech but not about finance, and New York is about finance but not tech, in London, you have them both coming together”. While the UK has long boasted world-beating talent in cybersecurity and AI, the capital has regularly been at the forefront of innovative financial products, and since 2008, has led the way in birthing more ‘unicorns’ (tech businesses valued at $1bn-plus) than anywhere else in the world bar the US and China. It’s the fastest growing sector in London’s economy, too, having created 61% more vacancies in 2018 than 2017. More than 1,000 fintech headquarters are now based in the capital – heavyweights such as Worldpay, Finastra and TransferWise. While in 2019, London achieved more fintech venture capital deals (194) than even New York (164) or San Francisco (123). There are a number of factors driving the boom. Firstly, Britain’s regulatory framework, with its pro-entrepreneurship government, allows entrepreneurs to build and then regulate in an iterative process once they’re up and running. Secondly, the sheer geographical proximity of trillions of pounds running through the financial system in the ‘traditional’ City means there’s more VC cash here than anywhere else but the US. Location-wise, London is also handy for travel – whether travelling to and from Europe, Asia or the US. And, adds Andy Silvester, deputy editor of City AM, “It’s London: a city that young, bright, talented people want to live in. As a desirable place to live, with the greatest of respect, it knocks cities like Frankfurt into a cocked hat.” Says Monzo co-founder and CEO Tom Blomfield, “The technology scene in London didn’t really exist back in 2005. We tried to raise money and it was impossible, so we had to go to Silicon Valley… Global investors are pouring hundreds of millions of pounds into London companies now.” Last year, Monzo hauled in US$144m. “The London tech scene has been gathering momentum so rapidly since we started in 2015,” says Tessa Clarke, CEO of Olio, based in Finsbury Park, North London. “It feels like every day there’s a new accelerator launching, there are new investment funds starting, tons of meet-ups and events. What I love about London is the diversity of the start-ups compared to Silicon Valley, solving problems that reflect that diversity.” Graham Smith, managing director of Mayfair-based company Volopa, agrees: “There’s a lot of creativity, a lot of entrepreneurs, and a lot of good ideas coming out of the capital. There’s scope to do things differently in today’s banking and payments ecosystems. If you were starting today it’s likely you’d lead with something other than a plastic card carrying a chip for global payment solution. While the card has its place, the average mobile phone has far more technology, data security capability and features in it than a plastic card will ever have.” Revolut CEO Nik Storonsky similarly thinks UK fintechs have the edge over their US counterparts. “We are three or four years more advanced… in terms of product, in terms of regulation, in terms of size,” he told Sifted. “US companies should learn from Europe.” Here we take a closer look at the mobile money apps disrupting UK traditional banking. » 56


LONDON CALLING The capital has proven to be a great incubator for fintech. Here, Lysanne Currie explores how and why – in a city synonymous with finance – this new disruptive style of banking has taken off

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MONZO

VOLOPA

The most easily identified payment card in the UK – Monzo’s hot coral card – actually began as a bit of a fluke. “I was meeting our card manufacturer – this was really early days – and saw a card for Debenhams, it was a neon gift card,” says head of design Hugo Cornejo. “We mostly wanted it so when we went to a restaurant, people would ask about the card.” Founded as ‘Mondo’ in 2015 by five former-Starling execs, including Tom Blomfield, Monzo was among the first challenger banks to hit to UK market. It was disruptive from the start, setting an investment speed record in 2016 by raising £1m in just 96 seconds on the Crowdcube investment platform. Now it’s grown from a prepaid card offering to a regulated bank with 3m customers, 81% of whom are 39 or younger, and plans to expand into the US market – still focused on simplicity of use and day-to-day personal expense management. “The banks really focus very hard on their existing set of financial products,” says Blomfield. “But human beings mostly focus on day-to-day payment processing.”

Where most fintech target younger users, Mayfair-based company Volopa has identified a need for a product that caters to affluent professionals and high-fliers. Its core product, a prepaid multi-currency Mastercard, allows users to simultaneously hold 14 currencies which can be exchanged at the InterBank rate – the lowest possible foreign exchange rate – without hidden fees. Inspired by the need for businesses and HNW individuals to work seamlessly across borders, Volopa is designed to make corporate and family expenses as easy to manage as its personal-use FX accounts have proven. “Our top-tier business card is designed for corporate travellers from SMEs to big multinationals,” says managing director Graham Smith. “It’s all about the customer experience and the added value which makes the product more targeted, to make the experience easier and better for our customers; and at the same time, to maintain security – paramount when your job is in financial services.”

monzo.com

volopa.com

REVOLUT

STARLING

The UK’s most valuable fintech startup, thanks to a recent funding round that tripled its value, Revolut was founded in London in 2015 by Nikolay Storonsky and Vlad Yatsenko. Revolut began as a currency conversion tool, but now offers everything from everyday spending and budgeting, to foreign currency exchange and easy-access stock trading – including cryptocurrency – to customers across 24 markets. Based in Canary Wharf, the company’s rapid growth saw Revolut bring on new staff from the traditional banking world in 2019 – including former Goldman Sachs and Deutsche Bank director Wolfgang Bardorf; financial crime specialist Philip Doyle, who has worked with Visa; and deputy CFO Stefan Wille, formerly of N26 and Credit Suisse. Storonsky says: “If you have brilliant people around you, it doesn’t matter what kind of business you run… you will always succeed, because you can always change direction.”

Starling’s online-only banking systems cater to individuals and businesses, and aim to streamline the traditional application process of big banks’ business accounts to avoid monthly fees and waiting times. Its spending insights and digital saving platforms lend themselves to budgeting towards specific goals. Founded in 2014 by former Allied Irish Banks chief operating officer Anne Boden, the brand won Best British Bank and Best Current Account 2020 for its personal account platform. With a new Euro-banking product and exclusive cash depositing partnership with the Post Office, this impressive bank is truly mobile. Boden’s motivation, she said last year, is to disrupt the “unfair” practices of big banks: “Starling has created a movement of people and a movement of companies that are changing the industry, and the rest of the incumbents are reacting by making banking fairer for everyone.”

revolut.com

starlingbank.co.uk

This feature originally appeared in Tempus Magazine; tempusmagazine.co.uk 58


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THE LIGHTNESS OF BEING From humble beginnings, British motoring brand Lotus became one of the most successful racing teams in the history of motorsport. One year on from the launch of the marque’s all-electric hypercar comeback – the Evija – Rory FH Smith looks back at the company’s turbulent and inspirational history 60

W

HEN AN ENGINEERING student skipped lectures one day in 1946 to head to Warren Street’s famous second-hand car market, few would have guessed it would amount to anything more than a misguided hobby. But Colin Chapman was unlike any other car salesman on the street that day. Born in Richmond, London, in 1928, the young student would eventually create one of the most successful racing teams the world had ever seen, alongside a fleet of racing-focused road cars. Today, Lotus flourishes well beyond its founder’s ambitions. When Chinese car giant Geely bought a controlling stake in the British brand in 2017, Lotus was given a new lease of life. The marque confidently showcased its plans for the future in the form of all-electric hypercar the Evija in summer 2019. With a powerful 2,000ps and astonishingly light weight of 1,680kg, the Evija (right) is the culmination of 71 years of success and survival that spans from Lotus’ first manufactory in a dilapidated stable block to its Formula 1 success – Lotus has won 13 world titles – and silver-screen appearances within the James Bond franchise. “It really started in 1948, when the first Lotus car was built,” says the brand’s longstanding manager Alistair Florence. “It was based on an Austin 7, which was left unsold on Colin Chapman’s books when he sold cars on Warren Street.” That homemade vehicle, cobbled together in a semiderelict former stable block behind Chapman’s father’s pub, would change the course of his life for ever. In 1950, Chapman started to compete on the track, and headed down to RAF Silverstone – the former Second World War airfield turned racetrack – for his first real race. Against all odds, the young engineer managed to pitch his high-riding Lotus against the competition to take the flag, even blasting past a Bugatti with three times the power. The foundations for success were laid. »


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REMEMBER THE NAME Many tales still circulate as to how Chapman named his brand. One suggestion is that ‘Lotus’ was Chapman’s affectionate nickname for his then-girlfriend Hazel; another guess to its origin is that ‘LotUS’ was an abbreviation for a ‘lot unsold’ in Chapman’s sales books – just as the Austin 7 that began it all was marked. Harbouring a unique ability to read between the lines of a rulebook, Chapman’s racing acumen soon started to draw the attention of envious competitors, who began to ask him to develop parts and even whole cars. But Chapman never thought of himself as a carmaker. Without financial backing from his publican father and with no fully equipped garage, he was no match for the wealthy racers and motorsport elite of the time. He would need to look elsewhere for funding and, with the help of his fiancée Hazel’s £25 bankroll in 1952, the Lotus Engineering Company was founded. From that moment, Chapman wasted no time in scaling Team Lotus beyond recognition. He competed at the gruelling 24 Hours of Le Mans – piloting his own creations – before establishing Group Lotus PLC in 1958 and moving the company to new, purpose-built premises the following year. The scrappy engineering operation founded in his father’s outbuilding just seven years earlier was but a distant memory. Still, Chapman was far from satisfied. The university dropout had always dreamed of reaching the racing pinnacle that was Formula 1 and, in 1958, that dream was finally realised when he entered two Lotus 12s into the Monaco Grand Prix with drivers Graham Hill and Cliff Allison behind the wheels. Despite finishing far down the order, Chapman had proved it possible for an underdog to run alongside racing royalty like Ferrari, BRM and Vanwall. Just two years later, Chapman went one step further by building a winning Formula 1 car: the late Sir Stirling Moss recorded the first victory for a Lotus, again in Monte Carlo. The marque went on to dominate racing for the next two decades in everything from sports car track racing to touring and rally racing. One of the brand’s most celebrated racing stars was Scottish driver Jim Clark, who claimed seven wins in 10 races during the 1963 Formula 1 World Championship. The secret to the brand’s success was Chapman’s unique engineering philosophy: “Simplify, then add lightness”. This fast became the ethos that defined both man and marque. Chapman’s steadfast commitment to making cars as lightweight as possible ensured the Lotus name remained at the top of the timesheets for the rest of his life. Alongside the success on track, Lotus gained a reputation for making nimble, lightweight and attractive sports cars such as the wedge-shaped Lotus Esprit. With wins on the track, superstar drivers and newfound fame in the film industry, Lotus seemed unstoppable.

ERA OF ENGINEERING Tragedy struck in 1982 when, despite no obvious health issues, Chapman died suddenly of a heart attack. His passing marked the end of a remarkable era of engineering excellence and unparalleled racing supremacy, and his once-indefatigable company limped on as a shell of its former self. In the years that followed, Lotus passed through the hands of General Motors, Bugatti and Proton before the marque was purchased by Geely in 2017. Geely ushered in a new era for Lotus by returning to that same core philosophy of simple, lightweight engineering. The brand’s true showcase was the radical Evija all-electric hypercar, launched in July 2019. “Lightweight is always at the forefront of what we do,” says Evija exterior designer Anthony Bushell. “We worked to make Evija lightweight as a product but also visually. Even though it’s a hypercar, we still wanted to make it look agile and compact. When we design every section, we look for the lightest solution possible and with the parts that we put on the car, we look to get two functions out of one part, so it always has to be a lightweight solution.” Of course, this design focus is only one part of the equation; the tougher task is turning Lotus’s new ambition into reality. Bearing that responsibility is CEO Phil Popham. “I joined Lotus the day after its 70th anniversary and we immediately got to work on what we call Vision 80, which defines what Lotus wants to be in the next 10 years,” he says. “Our belief is that the future is in electrification, and that was one of the reasons why our £2m hypercar Evija is the first product to come out of the stable under Geely ownership.” This radical statement of intent is a bold move for the British carmaker but not unbefitting of its past. “Look back and you’ll see we have a strong pedigree in being first to market and pioneering new technology,” Popham says. “Chapman was great at taking ideas and making them work.” While electric technology would be an alien concept to Chapman, it was well within the character of the company’s founder to grapple with new and unproven technology, and Popham believes he would have been the biggest supporter of the brand’s new direction, which has grown to include Lotus Exclusive – the marque’s bespoke finishing service – and a core collection of cars in the forms of the Elise, the Exige, the Evora (whose GT4 model is a return to Lotus’ international racing concept) and, of course, the Evija. “Evija is about putting us back on the map, and Chapman would have loved to have the financial backing we’ve got now,” says Popham. With such highs and lows, Lotus’ backstory is a rollercoaster ride through automotive history, but the future of the Norfolk-based company looks bright once more. Armed with newfound investment, a full inventory of ideas and a dedicated army of engineers, Lotus is well prepared to embark on a new era. Now, with a fresh vision in mind and a new dawn breaking, the time has come for the lightweight champion to prove it can still pack a punch. Lotuscars.com This feature originally appeared in Tempus Magazine; tempusmagazine.co.uk

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MOTORING

Electrifying: The all-electric Evija (previous and below); Racing driver Jim Clark (inset); Founder Colin Chapman with the Lotus Esprit (bottom left). ŠLotus


BOLD NEW

WORLD

I

Burlingtons’ expert Nicholas Portelli explores the pivotal role of private offices in an ever-changing world

T’S TEMPTING TO DRAW a parallel between the 2008 financial crisis and the severity of today’s economic crises, but are the two events really that similar? Perhaps not. However, with Brexit talks also appearing to be less straightforward than many expected, investors are continuously being faced with an ever-changing set of variables that impact investment strategies and decisions. Despite this, not everyone has adopted a ‘wait and see’ approach. The more courageous, and probably more sophisticated, investors have become more focused in their strategies, and so require a higher level of expertise and information from their advisors to be able to act. Family offices and private offices have a key role to play in this regard. »

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PRIVATE OFFICE

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PRIVATE OFFICE

Previous page: Riyadh’s financial district by night. This page: mining in the Ukrainian Carpathians (far left); construction in Prime Central London

CLUB RULES At Burlingtons Private Office we offer bespoke, thorough and personalised services to individuals, families, and ownermanaged businesses looking to grow and sustain their wealth and help them navigate through these choppy waters. Our services are designed around our ability to stay independent and to provide tailored advice. We understand that one size doesn’t fit all, as every case requires a unique approach – particularly in times of uncertainty. That is why, rather than having a set of private office products, we focus on having specialists who draw on the wider experience from all areas of our practice – which includes legal services, tax advice, real estate and more – to suit each client and their respective challenges. Our Burlingtons Private Office clients are, therefore, able to draw on our areas of specialist expertise which includes legal, taxation, corporate structuring and advisory, information technology, wealth management and real estate. Where necessary, we also have the ability to bring in additional, independent professionals to assist us in area that require more specific competences. As a private office, we mainly deal with sophisticated investors who tend to be ahead of the curve when it comes to investment strategy. They tend to be able to see through the fog, are sharp and quick in taking investment decisions, and act before mainstream investors. Through Burlingtons Club, we are able to offer them access to unique networking opportunities through our extensive international reach but also to a private Deal Room, where we showcase some interesting propositions. These propositions include opportunities for our members » and clients to get involved in a range of businesses that, among others, currently include a retail network in Saudi Arabia, an oil and gas licencing contract in Ukraine, and a rare earth mineral mining opportunity in Texas. We also have a number of residential and commercial property propositions, some of which are ready to buy, others are development-related and some require debt or equity financing.

PRIME PROPERTY Contrary to what many may think, there has not been much downward pressure on property prices, particularly in prime central London, and on good quality properties across the capital – at least so far. Although July and August are often fairly quiet months, this year London’s prime property market was busier than ever. New instructions rose in July and the first annual increase in under offer properties was recorded since March. Testament to this is the number of high value transactions recorded over the period. These included, for example, an international buyer acquiring two of the largest apartments at the Chelsea Waterfront scheme for £12.7m, and a Saudi investor paying £18.6m for the former home of the late Artemis Onassis – sister of billionaire Aristotle Onassis – in Grosvenor Square. In Chelsea, a buyer paid £43m for a newbuild mansion at The Glebe, the luxury redevelopment of the former Jamahiriya School in Chelsea. The key challenge is finding good real estate opportunities, and this is a large part of our job. Once we clearly understand the needs of our clients, we are able to present them with opportunities that meet their exacting requirements. As a firm, we are working on a number of property transactions, including the acquisition of an £80m office building in central London, and the refinancing of a five-star hotel in Prime Central London. Both transactions are driven by yield considerations, but the weakness of the pound is also helping. Looking ahead, the recovery in properties placed under offer and reports of continued interest for real estate related assets is a good sign for the market over the coming months. However, a sustained recovery will be reliant upon how the broader UK economy fares over the coming months, and how fast an economic recovery we’re likely to see in the longterm. Yet, although there has been a marked improvement in transaction levels and in the performance of major stock market indices over the past four months, we still expect turbulence in the short term – and the role that a private office can play in assisting clients in these times is considerable. Our main objective at Burlingtons Private Office will always be to guide our clients in a professional and diligent manner, allowing them to make the right choices for themselves and their families. Nicholas Portelli is the Lead Property Consultant – Burlingtons Private Office. He is a graduate in finance and investments and former CEO of a financial services group of companies. Contact him via email: nicholas.portelli@burlingtons.pro

Burlingtons Private Office Limited is a member of the Burlingtons Group, a multidisciplinary international group offering a breadth of services to individuals and businesses in an increasingly complex and cross-border world. Burlingtons Private Office is not licensed to give investment advice by the Financial Conduct Authority. Before considering any transactions, investors should take steps to ensure that they understand the relevant transaction and have made an independent assessment of the appropriateness of the transaction in the light of their own objectives and circumstances, including the possible risks and benefits of entering into such a transaction.

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BY ROYAL APPOINTMENT From interior design fit for a prince to the Queen’s perfect cup of tea, we explore some of the UK’s most luxurious Royal Warrant holders

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LIFESTYLE

I

F YOU’VE EVER WONDERED what the Queen feeds her corgis, look no further than the Royal Warrant Holders Association. The Royal Warrant – which can be appointed by Elizabeth II, the Duke of Edinburgh or the Prince of Wales – is a mark of recognition and pride for more than 800 companies and individuals representing a vast crosssection of trade and industry. Founded in 1840, the Royal Warrant Holders Association was formed to support members of this prestigious and diverse club, though the tradition of royal appointment dates back to medieval times. Now, businesses must have supplied the royal household for at least five years. The association’s charitable arm, the Queen Elizabeth Scholarship Trust (QEST) was formed in 1990, on the 90th birthday of the late Queen Elizabeth, the Queen Mother, to fund the education of talented craftspeople through traditional college courses, apprenticeships and one-on-one training with master artisans. Here, we round up some of the most surprising and skilled warrant holders serving the royal family today. »

© Rachel Trevor-Morgan Millinery 69


ROYAL PEDIGREE Perhaps the world’s most famous and well-loved pets, the royal corgis are at the very heart of the Queen’s family. This lovable breed (right) has been immortalised in art – including a bronze statue of the Queen Mother – and has also graced the cover of Vanity Fair and appeared on film, starring alongside Daniel Craig’s James Bond in the London 2012 Olympic Opening Ceremony as well as animated film The Queen’s Corgi. Since 1944 Her Majesty has owned more than 30 members of this characterful breed. To keep her pets well fed, the Queen turns to two Royal Warrant holders. Gilbertson & Page, established in 1873, provides expert nutrition advice as well as a range of pet foods, and has held a Royal Warrant of Appointment to the monarch since 1884. Nearer to her Sandringham Estate, the Queen also relies on an additional pet-food supplier, Norfolkbased Judge’s Choice, which has enjoyed a Royal Warrant since 1996 and specialises in the nutrition of working dogs belonging to gamekeepers and landowners.

CROWNING GLORY Milliner Rachel Trevor-Morgan is renowned for her glamorous handcrafted hats (left), and the St James’s-based milliner’s commissions achieve the perfect balance to flatter and finish an outfit – little wonder, then, that this designer’s work is a favourite of the Queen. The monarch has worn TrevorMorgan’s hats to high-profile events since 2006 – including Royal Ascot, her 80th birthday celebration at St Paul’s, her Diamond Wedding celebration at Westminster Abbey and meeting US President George W Bush in Washington – and in 2014 granted the designer a Royal Warrant. The Duke of Edinburgh and Prince of Wales, meanwhile, share similar taste when it comes to black-tie headwear. Father and son have both appointed the world’s oldest hat shop, Lock & Co Hatters. Founded in 1676 by Robert Davis, the St James’s Street shop is renowned for its impeccable style – famous patrons included Admiral Lord Nelson (whose cocked hat came complete with eyepatch), Oscar Wilde, Charlie Chaplin and Sir Winston Churchill.

HIGH TEA Is there anything better than a perfectly brewed cup of tea? For a treat worthy of the palace, turn to Twinings. The 300-year-old company provides British tea and herbal infusions that are ethically sourced from around the world. For a sweet accompaniment, the monarch is a patron of several chocolate makers, including Prestat, Charbonnel et Walker, Cadbury’s chocolate – which provides the palace with both cocoa and chocolate bars – and Bendick’s famous after-dinner mints. United Biscuits is the Queen’s biscuit provider of choice.

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THE PALACE WALLS With 19 royal residences in the UK – including Buckingham Palace, Windsor Castle and Sandringham House (left) – it takes an army of trade and craftspeople to balance conservation of historic homes with all the mod-cons and safety requirements of modern living. These companies include Hare & Humphreys, specialising in the conservation and restoration of historic buildings, and Silkwood, an ecofriendly painting and decorating firm for heritage and listed buildings. For luxurious wallpapers and prints, the royals turn to Sanderson, founded in 1860 and known for its timeless English heritage designs. Painters and decorators on the royal rota range from Crown Paints, one of the country’s largest paint manufacturers, to Norfolk local Neale Davies Painter and Decorator.

TOWN AND COUNTRY The Queen is well-known for her passion for horseracing, and her love of all things equestrian has even produced Olympic eventers in the family. The Princess Royal, now president of the British Olympic Association, competed at the Montreal games in 1976, while her daughter Zara Tindall took home a silver medal for team eventing at London 2012. Royal Warrant Holders Abbey England and Buttons Saddlery are the monarch’s suppliers of horse-riding apparel, while her helmets are made by Charles Owen. The Duke of Edinburgh and Prince of Wales share a love of shooting, with rifles supplied by premium gunmakers Holland & Holland. The Queen and Duke of Edinburgh also use guns by London makers Purdeys.

POMP AND CIRCUMSTANCE Nowhere does pageantry quite like the UK, and ensuring the royal family is fitted out with the necessary regalia takes a village of companies. Flying Colours has been the Queen’s flag manufacturer for more than 15 years. For medals and insignia, the Queen and Prince of Wales both employ court jewellers Cleave & Company, while Firmin & Sons provides Her Majesty with accessories such as buttons and ribbons. Her uniforms and military accoutrements are embroidered by Hand & Lock and, of course, The Poppy Factory of the Royal British Legion makes the family’s bespoke poppies and wreaths each year. Royalwarrant.org

This feature originally appeared in Tempus Magazine; tempusmagazine.co.uk

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ART

GOING, GOING,

GONE! Art law expert and Burlingtons Legal solicitor Lydia Mills reveals how prestige auction houses are passing the gavel to online lots

H

ushed whispers, knowing looks, affirmative nods and a can-can of paddle waving are all part of the allure and theatricality of art auctions. But, with bidders in lockdown and continued social distancing, the Covid-19 crisis has been an unexpected moment of truth for how well auction houses have stepped out of antiquity and into the digital age. Âť

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Pre-Covid-19, auction houses were reluctant to commit to online sales in a meaningful way. These were, instead, perceived as the warm-up act of the auction calendar, easy ways to sell wines, handbags and accessories, and affordable artwork to whet the appetite of young collectors. Like many businesses, when the reality of lockdown hit, auction houses began to batten down the hatches, cutting pay and placing staff on furlough as they braced for a drought in sales. The seemingly insurmountable challenge, for many auction houses, was how to translate the buzz and drama of bidding in person to appeal to an online demographic. This need pushed the key players of the world’s auction scene to enter into a new and experimental phase. For global auction house Christie’s, the answer was to stage a first of its kind global “relay” auction, entitled ONE, which kicked off in Hong-Kong before travelling to Paris, then London and finishing in New York. The project achieved auction records for contemporary artists George Condo and Wayne Thiebaud, as well as sales of 97% by value. Meanwhile, the star of Sotheby’s recent Contemporary Art sale, Francis Bacon’s Triptych Inspired by the Oresteia of Aeschylus, fetched an eye watering $84,500,000 (USD) – well above its estimate to exceed $60,000,000 (USD). However, despite appearances, these records and apparent successes are no validation of online sales. Consignments such as these would have been in the pipeline for months, if not years, and securing such bids takes weeks of preparation, often flying works out to the homes of potential buyers, securing underbidders and guarantees. The launch of Sotheby’s Gallery Network – a ‘buy now’ e-marketplace connecting dealers with buyers – has helped open an elusive and often exclusive practice to a wider audience. However, we are yet to see how this enhanced online engagement will change the make-up of the buyers’ market. Indeed, the crisis has highlighted the vulnerabilities of the industry, which often relies on glittering events to woo consigners. With those events being put on ice indefinitely, how will specialists fair in convincing collectors to sell? The economic pressure of a fall in ticket sales may force museums to deaccession some of their collection, however private consignors may be tougher to sway. So, what can we expect to see gracing next season’s auction catalogues? Just as in the commodities markets, where we have seen a surge in investors turn to gold as a safe haven, the art market has its own safe bets, too. Contemporary art pushes the boundaries of visual expression but, with more people spending time at home, there could be a trend towards less provocative and more decorative art. After all, would you prefer to be soothed by the calming tones of a Cézanne landscape, or be confronted with a Basquiat skull at dinner? Furthermore, to quote the Bee Gees, ‘size isn’t everything’, and it is likely that people will start to buy works that actually fit in their home rather than oversized installations better suited for gallery exhibitions. Aspiring artists will have to find the balance between artistic expression and commercial enterprise. Art is often considered to be a reflection of society, so we can expect to see paintings imbued with the pulse of the times, such as Banksy’s If You Don’t Mask, You Don’t Get. Temporarily appearing on the London tube, this graffiti work featured a number of Banksy’s iconic rats adopting Covid-19 inspired poses. Wearing facemasks, the rodents reinforce the mandatory use of face coverings on public transport and the wider change in social norms. Undesirable as the subject matter may be, artists’ ability to find inspiration in the most difficult of times remains one of the industry’s most enduring strengths. Find out more about art investment with Burlingtons Group: info@burlingtons.group 74


ART

Previous page: Christie's auction house in New York. This page: Banksy's CCTV (top) and George Condo's Double Elvis (bottom)

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

Question: How do I know what artworks to buy to ensure my art collection is a good investment? Art is one of the most enjoyable passions that one can invest in, but, with the average ROI being around 7.6% per year, you can expect to wait 10 years or more before your collection bears fruit. It might be a surprise to some, then, that this slow burn return is attracting savvy investors – last year, more than 55% of wealth managers revealed that more clients than ever are asking for advice about investing in art. There are a few reasons for this boom in popularity. For many investors, art is seen as a smart, multi-generational asset that can be included in estate planning and passed down to children. Another reason is that art can be incredibly personal – the work that adorns your home is an immediate indicator of your style and good taste. The first step to beginning your collection, then, is to choose your niche. What kind of art do you want to collect? You might find yourself drawn to portraits by Old Masters (famous European artists from the Renaissance to 1800) or contemporary artists like Banksy or Damien Hirst. Perhaps you prefer the biggest names, or would rather make new discoveries. Once you’ve decided where to start, it’s time to do your research – but don’t fret! There’s no need to become an art historian overnight. The best way to refine your artistic education is to get out there and see it. Pop into local galleries that catch your eye; head to fairs such as Frieze or London Art Fair to meet artists; or enjoy the ease of high-tech virtual galleries from the comfort of your home. 76

Crucially, ask questions about the pieces you like and the artists who arrest your attention before you buy. For those with lofty ambitions, but who’d rather dip a toe in first, a number of innovative new digital opportunities are enabling investors to purchase shares in the works of ‘blue chip’ artists – artists such as Jackson Pollock or Andy Warhol, whose work is reliably profitable regardless of economic fluctuations. These incentives aim to engage digital-savvy young investors interested in making their first foray into big money masterpieces. The contemporary art boom is certainly having its moment, with living artists like Jeff Koons breaking records at auction – his Rabbit sculpture sold for an eye-watering $91m USD at Christies last year. In fact, according to the Artprice.com 2019 Contemporary Art Market Report, contemporary art now accounts for 15% of the global market, with a price index increase of 22% in just 12-months. Yet, there is still some risk: just 3% of contemporary artworks sold for more than $100,000 each at auction last year. When it comes to reframing your investment goals, art is a solid addition to any portfolio, and Burlingtons’ experts can advise on how to make the most out of the pieces you love. As Koons’ popularity shows, you never know whether your favourite piece could just be the next big thing. For expert investment advice about the questions that have been hounding you, contact Boris by emailing: info@burlingtons.club


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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Profile for Vantage Media

Burlingtons Magazine | Issue 02 | Autumn 2020  

Burlingtons Magazine is the quarterly magazine for Mayfair's Burlingtons Group. In our Autumn Edition, we find out how game shooting is work...

Burlingtons Magazine | Issue 02 | Autumn 2020  

Burlingtons Magazine is the quarterly magazine for Mayfair's Burlingtons Group. In our Autumn Edition, we find out how game shooting is work...

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