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business magazine City Rooms charity event

Basketball

Having a ball! Raising money for local kids charity

Riders

Win tickets to a game at DMU

PAGE 2

Business Leasing

Company Cars A new approach that’s tax efficient and includes road tax and MOT

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Wayne Lineker

Leicester Market boy who ‘done good!’ NLP WHAT IS IT and how can it help your business?

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BUSINESS PLANNING THE MAGIC

MILLION white hall

Accountants

Spring 2011

£4.50

ISSN 2045-8231

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tickets to watch the Leicester Riders in action


white hall

Welcome… to the spring edition of Leicestershire’s leading business magazine. With more business and tax advice it is guaranteed to help you, the directors and decision makers, save money and move your business forward. This issue we look at business strategy, business planning and how NLP can help you to develop your managerial skills. These business editorials and many more are set alongside lifestyle articles and interviews to give you a comfortable yet useful experience. We would also like to remind you of our up and coming charity event in aid of Wishes 4 Kids. Being held at The City Rooms on Saturday 2nd April, you’ll be treated to a champagne reception, live band, luxury auction and three casino tables! The event starts at 8pm, for more details or tickets please contact us on 0116 288 9999, email info@whitehallmagazine.co.uk The editors at Whitehall Magazine welcome any feedback, queries or thoughts for future content, so don’t hesitate to get in touch on the details below.

Editors Dominic Payne dominic@whitehallmagazine.co.uk Lee Cobby lee@whitehallmagazine.co.uk James Westwood james@whitehallmagazine.co.uk Advertising sales@whitehallmagazine.co.uk Printers Minuteman Press Lutterworth Design Thinkplusink.com Address Whitehall Magazine 6 Frederick Street Leicester LE18 1PJ Phone 0116 288 9999 Web www.whitehallmagazine.co.uk

Please note: Whitehall Magazine is fully protected by copyright. No part of this magazine can be reproduced or reprinted without the consent of the publisher. Great care has been taken to ensure accuracy, however there can be no liability accepted by the publisher for errors or omissions. We cannot be held liable or responsible for any breaches of copyright from adverts, materials, photography or any other matter supplied by third parties. The views and opinions expressed within the magazine are those of the editors. To subscribe to Whitehall Business Magazine email us: info@whitehallmagazine.co.uk

26

Ciao Bella

we do lunch at the county’s best Italian restaurant


4 6 Shareholder agreements

Robert Craven probably the

UK’s most sought after speaker on the subject of entrepreneurship and business growth (Financial Times) talks about breaking the £1m barrier

Talking Strategy

Phil Jones, Strategy Specialist at Excitant Ltd, looks at ways we can help our staff develop the way they think and talk about strategy

Contents Director’s Suite 4-10

Tax Savings 11

Finance 12

explained

Legal 13

14

Funding 14

Berkeley Burke talk to us about the pension puzzle

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18

The Social Media online revolution are you part of it?

Staff 15-16

Marketing 18 Car Leasing 23

Technology Tablet Review

Technology 24-25 Food and Drink 26

30 Wayne’s World!

the former Leicester market boy tells us about his plans for his amazing new venture

Sport 28-29

Interview 30-31


Director’s Suite

Magic Million Survey

How to break through elusive magic-million What do the successful do differently from the rest? The Directors’ Centre Magic Million Survey compared and contrasted the attributes, traits and characteristics of successful entrepreneurs with their less successful counterparts to find out the answer.

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he study asked what successful (and aspiring) owner-managers/ directors of growing businesses think is required to break through the MM (Magic Million) barrier: namely a £1m turnover and/or taking £1m out of the business. By asking the successful (been-there-done-it successful business growers) and the wannabes the same set of questions, we were able to extract what it was that separated the successful from the less successful. The big difference was the approach to success. The wannabes (particularly those that had got stuck as wannabes, unable to move on) tended to have what could be considered a “blame” gene, always blaming others for their position. The successes, on the other hand, did not blame others and recognised that “selflimiting beliefs” (“I can’t…”, “I shouldn’t…”, “it won’t work…”, “they won’t believe me…”) is what holds back so many people in business. Some caveats: When looking at the results, one has to take on board a couple of caveats. Big caveat number one is: “Beware of the ‘survivorship bias’!”. We see the winners and learn from them, while forgetting the huge unseen cemetery of losers. We tend to give disproportionately large attention to the words of the winners. The second caveat is: beware when people attribute their success to certain key factors or activities – performance (good and bad) is probably related far more to chance than skill, yet people rationalise their success and create a cause/effect explanation.

The Les Lesson One When comparing the winners and losers, one sees more similar attributes than contrasting ones. Learning Point: don’t assume that the difference can be so readily spotted.

Lesson Two When asked: “What’s holding you back?” the aspiring growth businesses tend to blame the outside world for their slow progress. Fear is the dominant emotion: of relinquishing financial and managerial control. At a similar stage, the successful recognise that they, the founder entrepreneurs, are the problem and the bottleneck. Learning Point: My attitude to growth is crucial. I can become the brake on the business or the catalyst to future success.

Lesson Three Highly successful businesses consistently have a preoccupation with: strategy; marketing; and teams. Learning Point: Start focusing on the Holy Trinity; work “on”, not “in” the business.


the barrier…

ssons Lesson Four Entrepreneurs must also be willing to let go of: financial control (sharing ownership); and management control (sharing the responsibility of growing the business with the team and outside advisers). Learning Point: Maintaining excessive control will stop the growth of the business so you need to find the balance where you control yet motivate and inspire the business to ever greater heights.

Lesson Five Every “How to Make a Million” title has an inevitable (and pretty much identical) list of what the successful do. Unfortunately, it’s the same as the list of what the failures also do! It seems the big difference is massive energy and a lot of luck. Learning Point: Be clear about how you will succeed and how you will avoid failure.

Interestingly, all our winners presented a combination of the following: 1 Charismatic leadership (and not always by consensus). 2 Attitude – a “can do”, blame-free culture that recognises success and failure go hand-in-hand, and a willingness to pay the price. 3 A fast-moving, exciting business environment. 4 Rewards and systems that motivate the individuals concerned. 5 Employing the right people. 6 Luck. Note to the owner on getting past a £1m turnover: 1 You are the problem. 2 Work ON not IN the business – create the systems and processes. 3 Sell something people want, charge sensible prices, and blow them away with legendary service. 4 Take massive action.

Probably the UK’s most sought-after speaker on the subject of entrepreneurship and business growth Financial Times

Final thoughts by Whitehall... Some 70 per cent of small businesses hope to get their millions out of the sale of their business, yet only 25 per cent actually make any plans to do so – you need an exit strategy. Hope is not a method! Robert Craven spent five years running training and consultancy programmes for entrepreneurial businesses at Warwick Business School.He is a keynote speaker and the author of business best-seller ‘Kick-Start Your Business’ (foreword by Sir Richard Branson). He now runs The Directors’ Centre and is described by the Financial Times as “the entrepreneurship guru”. For further information, contact Robert Craven on 01225 851044, rc@directorscentre.

Note to the owner on getting £1m out of your business: The company must be able to tick all of the boxes below to find a buyer: • Systematic, underlying, repeatable, sustainable profit machine • Reference and trophy clients • Uniqueness and excellence • A senior team to take it to the next stage.

Whitehall business magazine I 5


Director’s Suite

Strategy

Talking strategy Know your environment It can be difficult to develop new managers so they start to think and act more strategically. In this series Phil Jones, Strategy Specialist at Excitant Ltd, looks at ways we can help our staff develop the way they think and talk about strategy.

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ne of the hardest aspects of developing your team and promoting staff is helping them to think about the wider aspects of the business: to think more strategically and act more strategically. As Owners and Directors we are used to getting in the helicopter to see the wider picture. We understand where we can add value to our customers and differentiate our services. We appreciate how the wider economy can affect our finances. How do we develop this ability in our people? How can we develop our staff so they too can contribute to this wider picture? In this series we’ll be looking at various aspects of strategy, making it easier to understand and easier to explain to others. There are many aspects to strategy and we shall cover some in this series. I believe the best place to start is the characteristic that all great strategists, entrepreneurs, and even generals share. They understand the external environment in which they are operating and they are in touch with it as it changes and evolves. Throughout history great generals have won their battles before they were fought by knowing the ground, knowing the opposition’s capability, before they choose where to fight and how to fight. Successful entrepreneurs, such as Richard Branson, Steve Jobs and the dragons, may seem lucky to outsiders, but in reality have an extensive knowledge of their industry, their products or services, and their markets. This depth of knowledge enables them to assess and grasp opportunities that others cannot see. Successful investors and traders, like Warren Buffet, do careful and extensive research to spot opportunities and trends that others seem to miss. In each case it is this superior knowledge of the environment that provides the foundation to identify, create and exploit opportunities.

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In contrast, someone who invests in an opportunity or organisation, but that does not know the environment, context, or market, is at best guessing. If you do not understand your customers’ needs, what the competition are doing, what the regulators want, what the suppliers can provide, then you are working blind. If you fail to notice changes when the customers are changing you might fail to adapt. Many an organisation has died supplying a dying market. What can we do to help others to build their appreciation of our organisation’s environment? How can we stay in touch? Where can we start? Our diagram to the right provides a checklist to think about the external environment of any organisation. Let us look at just three aspects of this diagram. What do your customers think about? It is a cliché to say, understand your customers so I suggest you be more specific. Give your staff the chance to visit customer sites, talk to specific people and ask specific questions. Ask for a tour around their business. Understand how they use your products or services and to try their products? Question them about what worries them most and what problem they would like solved? Go further and ask your customers what worries their customers most? Look at their accounts and balanced sheets as well: what are they telling you? Do the same with your suppliers. This deeper and specific questioning will help your managers and staff better understand the immediate landscape in which you operate. They will even start relationships that may last. As they take an interest in what is going on they will start to pick up snippets of intelligence. Tap into this and you will develop a vital source of intelligence that you can use to detail your overall picture.


Wider economy

Encourage your staff to also look for trends in the way the whole industry is moving or where segments are fragmenting. Players in the car and electrical industry regularly acquire a competitor’s product to use it, examine it and even take it apart. Service industries regularly do mystery shopping on their competition. Encourage your staff to do the same. You might even be surprised who your people know in competitors. This can be a surprisingly rich source of intelligence, as well as development for your staff. Taking a wider view? To be strategic it is important to look at the context of your industry and also learn from others. Make sure they look at the industry as a whole, for trends and changes. If you are in a regulated industry, encourage your managers to read the source regulation and investigate what changes are being discussed. What technologies might be emerging? What technologies are being used in other countries? Do not restrict yourself to your own industry. Look across different industries and service sectors. What can you learn from seeing how others operate? What can you apply in your organisation from the practices of others?

Suppliers

Your organisation

com ot

h er

p e tit o r

s

i n d u s trie s & s e c

W id er

rging technologies eme

What are your competition thinking and doing? If you and your staff have a good idea what the competition are doing, you have the potential to stay either a step ahead or occupy a space that they cannot exploit. Make sure your staff are reading the industry magazines and attending trade shows. When at a trade show, don’t let them stay around your stand, but target other stands so you systematically visit competitors and others searching for ideas. They should look with a purpose expecting to report back and be debriefed on what they have seen.

environme cal nt o l

om cust ers

regulatory cha cal & i nge t i l po

r industry/sector you

s o cial fa ct or

tor

s

s

The service and public sectors are now applying the lean factory practices that industry has been using for over 20 years. What are you missing that others have been doing for ages? Finally The extent to which you as a management team and organisation are plugged into your environment will determine the quality of your strategic thinking, analysis and action. Do one final thing with this article. Take the diagram above, and in each sector, mark out of 10 how well you are in touch with that sector, for instance, how well do you know your customers, suppliers, the regulations, the local economy, the national economy? For those sectors that score the lowest, list three things you can do as a management team to plug yourselves into that aspect of your environment. Then, take some of those managers you wish to develop and give them each an area to research, encouraging them to widen their horizons, while you mentor them. It is a good way to develop your staff and ensure you organisation and your strategy remain plugged in to the changing external environment. To discuss any aspects of this article, Phil can be

contacted at 08456 809 209 or via phil.jones@ excitant.co.uk. •

Whitehall business magazine I 7


Director’s Suite

Tax Planning

Your Business: The Next Generation A

s Inheritance Tax planning is increasingly being targeted by successive governments through the use of anti-avoidance legislation, and with no sign of the coalition committing to increase the exempt Nil Rate Band for Inheritance Tax purposes in the near future, it is becoming absolutely vital that people make the most of the available reliefs and exemptions when considering passing on your business to the next generation. Imagine the following scenario; you have been running your own business for many years now, working tirelessly and bit by bit have built it up so that it is now worth considerably more than when you started it up all those years ago. You’re planning on passing on that business as a legacy to you children. Without careful planning, your children could find themselves in the position where they have to pay a significant amount over to the Tax Man (and could even end up with no choice but to sell the business in order to enable them to do so!). The Good News In this context, there is a valuable tax relief known as Business Property Relief (BPR). The importance of this relief cannot be underestimated as, utilised efficiently, it can allow you to pass on your business free of inheritance tax. BPR is available at the rate of either 100% or 50%. The 100% rate applies to businesses, interests in businesses (partnership interests), and to any other shares or securities in an unquoted company. The 50% rate applies to (among other assets) land, buildings or plants and machinery owned by your 8

I Whitehall business magazine

partnership, or used by a business which you operate. Broadly, in order for BPR to apply, an asset must have been owned for at least two years prior to the transfer. The Bad News Before you breathe a sigh of relief, always remember: The Tax Man giveth and the Tax Man taketh away! First of all, HM Revenue and Customs (HMRC) view of what constitutes a “business” may differ to the view of the average business owner. HMRC draw a distinction between an investment business and a trading business. Investment businesses are always denied BPR, so even if there are trading assets within a company that is deemed to be an investment company by HMRC, no BPR will be available on those trading assets. It’s therefore vital to establish whether the business is primarily one of trade or predominately one of investment. Many property letting companies could find themselves falling foul of this rule and as a result, without the relevant planning implemented, no BPR will be available on a transfer of shares from one generation to the next. Even if you do have a business which is primarily a trading company, BPR will be available but it will be restricted for the amount of investment asset known as “excepted assets”. Many companies fail to safeguard BPR for their shareholders as they have “surplus cash” (an odd problem to suffer from, you might think!). If the company holds cash reserves, HMRC could argue that the cash is not required for day to day purposes. The amount of cash each company needs for its usual course of business will be different on a case by case basis. If HMRC think that

Before you breathe a sigh of relief, always remember: The Tax Man giveth and the Tax Man taketh away! the level of cash is in excess of the needs of the business, they will challenge the availability of BPR on that cash. As a rule of thumb, less than 20% of the balance sheet value should be cash. The Way Forward Preserving BPR on your business can help you pass on your business from one generation to the next with no Inheritance Tax bill on the transfer. If your business is a mixture of trade and investment and you think that HMRC could argue that your business is predominately an investment business, consider restructuring your business through the creation of a new company, which holds all the trading assets, so that BPR is still available on those assets. If you think you have “surplus cash” or “excepted assets” in your company, consider whether they can be extracted from the company and passed on to your children in a tax efficient manner. To find out more about us, and to find out how we can help, please go to www.powrieappleby.com or call 0116 248 7500 The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.


Director’s Suite

Q&A with Whitehall

Q& A Q

I am 46 years old and want to retire at 50-55, I was going to simply close down the business is there any way I can sell it?

A

Yes of course. However depending on how your business is set up depends on what route to take. One man band There is a reason you can function as a one man band, usually your business will be based on you providing your knowledge. Which means it may be difficult to find someone who has the same knowledge base to continue trade. I would start by approaching contacts on both sides of your supply chain to see if they have considered starting a business to enhance their service. If you have no luck, contacting competitors to increase their client base would be the next port of call. However bear in mind that if your retirement is imminent they may just wait until your customers are left without a supplier. Family members are sometimes available to carry the torch but this is the last port of call as fetching the right price for your business is difficult to negotiate with family.

management performance bonuses which offer shares at today’s price but in 3 or 5 years time, once they are worth much more due to the performance of the company.

Q

10+ employees The world is your oyster! This means you need to find a platform that will advertise your business to the whole of the UK. Your first step should be to contact your accountant and establish a value, and then you should visit an agent to market your business. The fastest and easiest way to market your business would be via the internet, I advise clients to use Daltonsbusiness.com which is the online title for Daltons Weekly the UK’s Largest Business for sale marketplace with over 30,000 businesses and franchises for sale online. The site not only allows business transfer agents to list businesses on behalf of vendors but the owners can advertise privately at £119.95+VAT for two months with no agent commission/ fees payable upon completion of the sale. By advertising on Daltonsbusiness.com you will be reaching a Community of over 350,000 registered business buyers.

A

We are currently planning a staff do, can you confirm the rules on tax allowances please?

£150 including VAT per employee, this has to include their partners if they are invited too. If you go over £150 then the whole amount is disallowed in the tax calculation, so watch out for costs creeping up. If your cost is below £150 per employee, you receive the VAT element back and the net amount is allowable in the company accounts. If you’re generous and provide more than one annual event for employees, If the combined cost per head of the events is more than £150, then you can apply the exemption to whichever combination of events best ‘use up’ the £150 threshold. If you have any questions you feel we could help with, please email us on info@whitehallaccountants.co.uk with the subject header Q&A.

1-10 employees With this size business it is unlikely that you are directly involved in the day to day running of the business, but it’s still your knowledge that provides the direction of the business. From a sale point of view the Management Buy Out would be the first place to start, gear up 5 years in advance beginning to train your managers to become owners. Possibly set up a HMRC approved share scheme where you can set Whitehall business magazine I 9


Director’s Suite

Improve Your Results with NLP T

he business world is changing, you may have noticed. Proven patterns and approaches of the past are not enough to be successful today. Achieving success and getting results today is about realising your own potential which by extension will release the potential within your business. The best way to do this is by acquiring skills that allow you to tap into your own innate ability and communicate what you know effectively to others.

Change has been ever present in the business world but today it can happen even faster than before. This rate of change can be both an opportunity as well as a challenge and within this environment flexibility is the key. So what are the ingredients of this flexibility? Ask yourself these questions; • Can you easily build rapport with others, to create a natural climate of trust? • Do you really understand what someone else is saying, rather than jumping to conclusions? • Do you have an inspiring picture of where your career or business is going? • Do you know how to effectively motivate your staff? • Are you really in control of your state and behaviour? • Can you develop and coach your staff rather than just ‘managing’ them? • Is your life outside of work a help or a hindrance? 10 I Whitehall business magazine

The more of these you can answer positively then the more flexible you will be. And if you don’t have all of this in place now you still have the opportunity to change it. Six years ago I left a role as managing director of a business to become a trainer of NLP (Neuro-Linguistic Programming) and a Business Coach. What I could see was that there was a more effective way of getting results in the workplace and I wanted to share that with others. The tool kit that empowers this change is NLP, it contains a fundamental understanding of how people think and produce their behaviour. It has the power to create transformational change within people and teaches them essential skills in communication; these skills are transferable from role to role both within and outside of the workplace. NLP training is the way to create positive change and acquire the skills to sustain it. Our NLP Business Practitioner training is aimed at business professionals who want to move onto the next level and are prepared to push their own boundaries to get there. Learning, growth and change are the essentials not the options. One of the best lessons that I have learned in my career so far is that the most valuable resource in a business is management time. Business coaching is increasingly being utilised by successful companies to maximise this scarcest of resources.

Coaching is very different from consulting; a consultant is often an expert in a particular business discipline. Generally you will have control over the process and no control over the results. Whereas a coach recognises that you are the expert in the content of your business and your life and guides you to achieve what you want. NLP Coaches are experts in the process of achievement, taking the cards you have been dealt and helping you to decide how you play them. Through this relationship you will grow and so will your business. Wherever you want to get to, we have the tools to guide you there. So if you would like to discuss our NLP Training programmes or are thinking of incorporating professional coaching into your business please contact Ewan Mochrie at Inspire 360.

0845 8030360 enquiries@inspire360.co.uk www.inspire360.co.uk


whitehallaccountants.co.uk

Helping you plan for the future, not just report on the past Your accountant should be an investment not a cost! Too many business owners and directors are focused on cost rather than value. If your accountant is too cheap they may be reducing your chances of the future growth of your business.

Our vision Your accountant needs to be enthusiastic, open minded, on the pulse and eager to get involved in increasing your business growth. Knowledge and Experience As accountants we assist and advise companies across lots of different business sectors and trades. Therefore we can draw upon our experience and expertise when needed and more importantly act quickly! Don’t go along with the norm Many business owners and directors believe their accountant should simply be seen at the year end and add no great value to your financial position. Break away from the mould and receive up to date information that will help your business grow and flourish.

We look forward to the opportunity of working with you in the future, for a FREE consultation contact us on 0116 288 9999.


Funding

2xlcommercial.com

Going for Broke...ers Looking for any element of business or property finance in this market is increasingly difficult with banks tightening up significantly – Many lenders are either calling in existing loans or are making the availability of new loans increasingly difficult... So maybe turning to your bank manager shouldn’t be your first port of call…

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any people utilise brokers to save money when looking for a number of things, holidays, insurance and mortgages to name but a few. 2XL Commercial was set up 3 years ago to fight your corner and act as a broker for multiple lenders, to date we have placed approx £130m of funding, freeing cash for various sectors of business and landlords – People utilise a commercial broker for a number of reasons – it could be down to price pressures or to ascertain the best price for borrowed monies. Or the existing funder declining a lending request and requesting the client rebanks, or to simply take away the pain of having to have endless conversations with a ever-growing list of banks who are allegedly “Open for business” ...the latter being why we are a useful tool in the bag to numerous professionals such as accountants , solicitors , IFAs , Commercial and business agents all of whom often receive requests from their clients as to where they can get funding.

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How does it work? Each broker differs but here at 2XL Commercial we have a initial discussion with the client to discuss their requirement and then gather all the appropriate information that a lender would require such as bank statements , accounts , income and expenditure etc – A formal interview is then undertaken and we formally write the credit proposal on behalf of the bank ...once this has been completed (usually within 48 hours) the application is sent to all the lenders who we feel would like to look at the case within current parameters and usually within 5 – 7 days we get a formal agreement on the funding A Couple of recent examples..... • Client approached the bank to fund a Self administered pension scheme for £500k – Bank quoted Base+5.5% ...yet when approached via 2XL Commercial the same bank quoted Base+3% .....a saving of over £300k in interest over the lifetime of the loan. • Manufacturing Company looking to purchase new premises for

 £1.9 million to house his business – Incumbent bank declined and within 2 weeks our new funder had a deal agreed and legal’s underway together with a full review of their factoring facilities. • Transport Company wanting to purchase a new fleet of vehicles for his business – deal agreed via Asset finance within 48 hours of enquiry. • Nursing Home looking to raise finance for a Management buyout – Post interview funding agreed in 96 hours at Base+ 3%. Having someone fighting your corner with the banks is increasingly important and having ex bankers dealing with the lenders on your behalf could be the crucial difference in a bank approving or declining a case . For more information or to discuss any business funding requirement or to become an introducer to 2xl Commercial please call Darren Willoughby on 07736 359 413 or email Darren@2xlcommercial.com


Legal

Getting your fair share? A quick guide, Shareholder Agreements explained What is a Shareholder Agreement? A shareholder agreement governs the relationship between the separate shareholders as opposed to their relationship with the company. If you are a shareholder this is often critical to protect your investment, especially if you are a minority shareholder. The agreement is also crucial in preventing expensive and destructive disputes and allows you to see the real motives behind your fellow shareholders, before you begin trading together. Where shareholders and directors are the same people, the two roles can become blurred and this can cause many problems. Where there are more shareholders than directors (and vice versa) separate decision making processes are needed. What does a Shareholder Agreement do? The agreement usually covers what will happen if various situations arise in the future, e.g. what happens to the shares if one shareholder dies. The agreement can also give protection to minority shareholders (i.e. those with less than 50% of the shares) but, equally, majority shareholders try to make sure that they are not held to ransom or hampered by the minority. The overall issue is to provide certainty for the future. None of us know what life or the economy holds for us and agreeing what would happen in certain situations helps to avoid some potential risks and helps us sleep at night. What goes into a Shareholder Agreement? Shareholder Agreements are not standard and will vary from company to company. These are some of the main areas to consider in your Shareholder Agreement.

Rights of First Refusal – these prevent shares being transferred without giving the other shareholders the chance to buy them, e.g. if a shareholder dies or becomes bankrupt or wants to sell Director Protection - Shareholders can dismiss a director so shareholders who are also directors can agree that they will not vote to dismiss each other as directors. Dividend Policy - Many company owners are both shareholders and directors and pay themselves by a combination of dividends and salary as this can be more tax efficient. Shareholders often agree that a dividend of a certain percentage is declared when profits reach a certain level. “Tag-along” and “Drag-along” rights – Where shareholders are not 50/50 these rights protect the parties in case there is ever a buyer of the whole company. They give minority shareholders the right to be paid for their shares but prevent them insisting on a greater amount than the other shareholders. Deadlock - How disputes are resolved (e.g. where there is no majority shareholder) two examples are “Texas shoot-out” – Shareholder A offers to buy B’s shares stating a price. B must then either agree this or offer to accept to buy A’s shares at a higher price. A then has the same decision and so on until a settlement is reached. “Russian Roulette” - Shareholder A offers to buy B’s shares stating a price. B must then either accept A’s offer or can buy all A’s shares at the same price. Restrictive Covenants Shareholders also often agree that they will not carry on other businesses while they are shareholders or perhaps for a reasonable period afterwards. I could go on, but it’s best to set up a meeting.

Why bother? What is the point of a Shareholder agreement? • It is a business relationship just as much as a contract with a customer (except for the shareholder the relationship is probably far more important). • We all worry enough about what might happen in our own lives without having to worry about what might happen in the lives of our business partners. • If your business partner is a friend or a family member, having a shareholder agreement in place helps preserve relationships if things go wrong. • Shareholder agreements are not always about not trusting each other. Rather it is about recognising that when there are big changes in our lives we may have to change our priorities, e.g. working less hours or leaving the business because of a family problem or a child’s illness. This can leave the other business partners in a very stressful situation and the business and company in jeopardy. By putting some basic provisions in place many of these uncertainties are removed. Who needs a Shareholder Agreement? A shareholder agreement is usually needed for the following. • “joint ventures” e.g. 2 independent business people. • Friends and family members (e.g. as opposed to husband and wife):-who decide to trade as a company. • Anyone buying shares in a private company. For more information or help with shareholder agreements please call David Heys on 0116 212 1027. David Heys is a solicitor and partner and head of Commercial and Business Law at Lawson West LLP

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Finance

The Pension puzzle Written by Zachary Gallagher of Berkeley Burke

D

ecember 2010 saw the publication of Finance Bill 2011, the culmination of a lengthy period of consultation on a range of pension issues.

The Bill contains ‘further complications’ to the long-since abandoned pretence of ‘simplification’ for pensions. Can it really be only five years since the pensions industry was preparing for a new age of effortless administration, where members could say goodbye to the experts and run their own schemes from a laptop computer? What an illusion this proved to be. Within the dry detail of the latest Finance Bill, however, is a very radical provision which, if it survives to the statute book, will give unprecedented levels of freedom for some pension scheme members to determine their own income levels. Of course, a pension fund could never pay out more than the scheme holds. There has always been some form of control as to how much could be paid as a pension, however, whether a given fraction of final salary, or an amount determined by an annuity rate. The new rules will allow pension schemes to provide ‘flexible drawdown’. Provided that the member meets a minimum income requirement (i.e. is in receipt of a ‘secure’ income of at least £20,000 per year, from annuities, certain other types of pension or state pension benefits) he or she would be able to draw unlimited amounts of pension in any year, up to the value of his or her fund. As with ‘regular’ pension payments, those amounts would be subject to the recipient’s marginal rate of tax.

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Although we do not anticipate a rush of members wishing to empty their pension funds and close them down, the new rules will mean that, if a member who meets the minimum income requirement wishes to draw additional income, the pension fund could be used for that purpose. Berkeley Burke SIPP Administration Ltd will offer this flexible drawdown facility to Self-Invested Personal Pension (SIPP) clients as soon as the new rules are introduced this April. In contrast, some SIPP operators might not be ready to provide this facility on time. Elsewhere in the Finance Bill, there is some more predictable ‘tinkering’ to the existing system, such that: • N  o further requirement for a pension to become ‘secured’ at age 75. The Berkeley Burke SIPP can pay ‘drawdown pensions’ until a member’s death, without converting to an annuity or other form of secured pension at the member’s 75th birthday. • T  he annual contribution allowance will fall from £255,000 in the current tax year, to £50,000 from 6 April 2011. • T  ransitional rules mean that, for some pension schemes, the lower level is already in place. There are planning opportunities for those still wishing to take advantage of the current annual allowance. • T  he lifetime allowance will fall from £1.8m to its original 2006/07 value of £1.5m, from 6 April 2012. Some of those who will be aged 55 or over, before that date, might choose to draw benefits before their funds exceed the new lifetime allowance. Alternatively, one could register to keep the £1.8m allowance, provided that no further contributions are paid after 5 April 2012.

• T  he reviled 82% tax rate, as might apply after a member has died aged 75 or over, will be removed. A new rate of 55% will be levied against lump sum death benefits paid from ‘crystallised’ funds, regardless of the member’s age at death. This is worse than the 35% that currently applies to lump sums paid from crystallised funds where the member has died before reaching age 75, but is of course far preferable to 82%. You should consider your circumstances if: • Y  ou have a large fund which you have been unable to access • Y  ou have high earnings and are restricted to the current annual contribution limit of £20,000 • Y  ou have not paid pension contributions in the current tax year • Y  ou are in receipt of an income and have a pension anniversary due before 6 April 2011 Berkeley Burke SIPP Administration Ltd would be very pleased to hear from any readers who required information regarding these or any other SIPP issues. Zachary Gallagher can be contacted on 0116 204 2905 or email gallagher.z@ berkeleyburke.com.


Staff

When I’m... 65 Nearly ‘goodbye’ to automatic retirement at 65 years Introduction Requiring an Employee to leave at the age of 65 is a dismissal and therefore unless potentially fair, an unfair dismissal (and compensation will follow). Currently (but only just) provided the Statutory Retirement Procedures are followed, the dismissal will be fair. The Equality Act 2010 abolishes the 65 years default retirement age from 1st October 2011: but there is still some time so long as the opportunity is taken before 30th March 2011. Procedures Dismissal will be defensible if it’s for retirement and secondly an Employer follows the Statutory Retirement Procedure. Provided the Employee is at or over the age of 65 and is at or over his or her normal retirement age which itself is 65 or over and the procedure is followed and the dismissal is carried out on the intended retirement date, then the dismissal will be deemed for retirement and fair. No more than 12 months or less than 6 month’s notice has to be given of the intended retirement date: since therefore 6 months is needed, and the final date is 1st October 2011, the notice needs to be given before April 2011. The notice needs to be in writing and it also needs to advise the Employee of the right to request to continue working beyond the date notified. If that is the case he or she must make a request to continue working no more than 3 months, but not less than 6 months before the intended retirement date. If the request is made the Employer must hold a meeting to discuss the request within a reasonable time after receiving it and must inform the Employee of its decision as soon as reasonably practicable after the meeting. If later the Employee wishes to appeal against the Employer’s decision, he or she must give notice of appeal as soon

as its reasonably practicable and the appeal meeting must be held within a reasonable period and the Employee thereafter informed of the decision as soon as reasonably practicable. No reason needs to be given by the Employer as to refusing any request for an extension of the retirement date. Nevertheless the ACAS Guides do encourage Employers when preparing for any meeting to reflect on the positive reasons why an extension should be granted, in particular savings to the organisation in recruitment and training costs and retaining the valuable experience and knowledge of the Employee. Giving reasons and a more detailed explanation of any Retirement Policy can enable the Employee to leave with dignity and respect and help maintain good workplace relationships with other Employees. It is not compulsory however for a reason to be provided. A recent case has indicated that the appeal hearing must be approached with an open mind and that if the appeal is approached on the basis that the retirement is a “done deal” and nothing will change, then perhaps it would not be a fair dismissal because Employers were not acting in good faith. There is some doubt however about the accuracy of this recent decision, since the requirement to consider the Employee’s request in “good faith” did not make its way into the final Regulations, although it was in the initial draft. The decision is being appealed. The Future Effectively after April 2011 Employers will have to justify retirement of its Employees at any age. This will only be the case if it satisfies the standard test of objective justification, because otherwise there will be direct age discrimination. There needs to be the pursuit of a legitimate

No reason needs to be given by the Employer as to refusing any request for an extension of the retirement date.. aim in a proportionate manner. A European Court of Justice decision requiring compulsory retirement at an age when a retirement pension could be claimed or at the latest 65, was held to comply with the appropriate E.U. Directive that lead to the UK’s age discrimination arrangements. This was because it was legitimate to share employment between the generations and to avoid the potentially humiliating requirement of dismissing Employees who are no longer capable of working. The law took into account of the fact that the persons concerned were entitled to a pension and the aims of facilitating employment for young people, planning, recruitment and allowing for good management of an age balanced staff were legitimate and there was always the opportunity of further work once compulsorily retired. However the extent to which these points can be relied upon for the future are as yet unknown, particularly since the state retirement pension is now postponed for many to a number of years beyond the 65th birthday. Christopher J. Smith Head of Contentious Employment QualitySolicitors Wilson Browne 6 Peacock Lane, Leicester LE1 5PS Tel: 0116 251 7181 Fax: 0116 251 3741 Email: csmith@qswblaw.com

Whitehall business magazine I 15


Staff

Safety

Fire Safety: it matters Make sure you are compliant, safe and ready for that emergency that hopefully will never happen.

A

s a company, you are responsible for the safety of your premises and any possible employees. A Fire Safety Order, under the Regulatory Reform Act 2001 was published in 2005. It has now replaced all previous fire legislation since 1 October 2006 whereby previous UK fire safety laws were scattered across more than 100 different pieces of legislation all with implications on businesses. This was a confusing minefield! The much simpler and rationalised Fire Safety Order now requires, by law, employers to carry out a fire risk assessment. We recommend taking the following strategy. A practical view over this legislation can be broken down into four main headings. PREVENTION Always better than the cure. Take measure to prevent a fire in the first place. This really involves good housekeeping and the content of any good Fire Risk Assessment will encompass all. DETECTION Because no matter what preventative measures are taken fires can start easily. Early detection helps to saves lives and property. CONTROL A fire will only get bigger, more damaging and life threatening. Putting out the fire with fire extinguishers, sprinklers, fire blankets early may save the building from catastrophe. EVACUATION Lives cannot be replaced -Evacuation is essential. Fully trained Fire Marshals should guide staff and visitors to a place of safety even in the

event of a false alarm. Regardless of the size, nature or type of business you run, Fire Compliance is a necessity that cannot be overlooked. FireStop Midlands offers a complete solution to fire safety. With one company looking after all of your fire needs, we can work with you to ensure a risk assessment led process. This will provide you with optimum fire safety, with no gaps, or overlaps. • Free site survey – book an appointment NOW! Don’t leave it to chance! • We offer a full consultation fire risk assessment. • A bespoke fire alarm system to suit your premises. • A complete range of fire extinguishers/ Fire blankets etc. • Fire signage. • Fire Marshal training courses (tailored to your environment). • Service packages for all fire equipment (all makes and types). • PAT- Portable appliance testing.

Fire Stop Midlands Tel: 01455 633948 or 07940 717593 Email: info@firestopmidlands.co.uk www.firestopmidlands.co.uk

Get compliant!

With one company looking after all of your fire needs, we can work with you to ensure a risk assessment led process.


Marketing

Social Media

Come and join

the revolution!

There has been a revolution on the internet. This revolution is providing business opportunities. Are you taking advantage of these opportunities? Are your competitors? This revolution has produced new ideas, approaches and tools. Simply open your mind to these ideas, adopt some of these approaches and use these new tools and you could; • A  cquire new customers • Provide new services to existing customers • Improve your local profile • Receive free advice from some of the ‘leading players’ in your sector • Generate thousands of web site hits with no paid advertising • Form new partnerships and open up new opportunities This is the revolution of Social Media. Some businesses are seeing these benefits; many are just letting them pass by. Which are you? Join the conversation. But how?

A gossip is one who talks to you about others A bore is one who talks to you about himself A brilliant conversationalist is one who talks to you about yourself Lisa Kirk

18 I Whitehall business magazine

Talk to your customers about their interests, their pain points and how you can solve them. Finding out their interests and pain points is now easier than ever before. Imagine an enormous, flexible and immediate press cutting service – and it’s free of charge. This is your listening station. The listening station offers conversations with the acknowledged experts in your field - and you can converse with them without appointments at any time that suits you. This is your Professional Reputation engine starting up. Tools exist to allow you to quickly and freely express yourself in a professional, high quality way. This is your Professional Reputation engine in a higher gear.

Carpe Diem Take control – seize the day. Some of the tools that have fuelled this social media revolution have developed into stunning, powerful solutions. Solutions to problems like – “I’m waiting for our website designer to add a new page for us”. In the age of NOW is this really the best approach? For the strategies and tools to help you join this conversation, there is a free whitepaper to download at

www.systemed.eu On that site there are also details of limited places at a free seminar – with a difference.


W

ith our extensive inhouse event management experience, we are accustomed to organising both small and large scale events and conferences. It is this experience, combined with our unrivalled ability to make our events that little bit special, which has made The City Rooms one of the most prestigious conference centres in Leicester and the East Midlands. The Grade 1 listed building in the heart of Leicester city centre, offers a wonderful combination of traditional elegance and tranquillity with modern functionality. Comprising three function suites, we cater for small and large conferences alike. All are fully accessible, including the Ballroom which has lift access.

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I Whitehall business magazine

The Dining Room This room can seat up to 70 delegates and has natural daylight. Internet access can be arranged on a complimentary basis. This room works well when used with the bar which is directly next door. Delegates can choose to have their breaks in there as a private space if they wish. The Drawing Room This room can seat up to 55 delegates and has natural daylight. Internet access can be arranged on a complimentary basis. The Ballroom Flooded with natural daylight, The Ballroom is one of the largest and most impressive conference facilities in Leicester, with a capacity of up to 200 delegates. The Bar Ideal as a breakout space or private lunch.

We believe that clients should be able to spend their time looking after delegates with the peace of mind that all the operational details are in hand. From the first moment of enquiry, throughout the pre-event planning and right up to the day of the event, everything is geared around making your day as simple as possible. If you have any queries please contact us today and our dedicated team of event organisers will be happy to provide you with all the information you need. Tel 0116 251 5337 Fax 0116 262 1845 Email info@thecityrooms.co.uk The City Rooms, Hotel Street, Leicester LE1 5AW


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Motors

Business Leasing

A new approach to company cars You want to offer your employees a good tax efficient package from the start; however company cars are usually big liabilities which depreciate like a lead balloon, leaving you with negative equity after 6 months of employee probation. But there is hope! For just such a situation a technique which we use and recommend to our clients is contract hire, we do this for three main reasons: 1 50% of the VAT incurred is re-claimable. 2 The upfront cash required is minimal.

New Auris with Hybrid Synergy Drive.

3 Insurance can be taken out to clear the outstanding contract liability should the employee’s probation period not go as planned. Further reasons include, fixed depreciation rates with no chance of negative equity allowing you to plan ahead with set costs and no road fund tax/ MOT admin burdens as this is dealt with by the provider. Finally when a new employee takes on a role, you want them to feel important and wanted. Giving them the previous employee’s used car because the part exchange value for a new car is not cost efficient doesn’t really make them feel valued. Contract hire allows you to start a fresh and give your new employee the package they deserve.

Auris Hybrid T Spirit For £285.00+VAT per month* Initial Rental

£880.25+VAT

Followed by 35 Rentals

£285.00+VAT

CO2 Emissions

93g/km

BIK Banding

10%

P11d Value

£21,892.98

Offer based on Toyota Contract Hire, for business users only with pearlescent paint.

*

Auris Hybrid T4 available from £19,545.00

74.3 mpg ^

Committed to quality

10%

Farmer & Carlisle Leicester 129 Welford Road, Leicester Tel: 0845 123 1584 farmercarlisleleicester.toyota.co.uk

Model shown Auris Hybrid T Spirit 1.8 VVT-i £21,947.98 and includes pearlescent paint. *Offer available on models shown when ordered, registered and financed on a 3 year non-maintained Toyota Contract Hire agreement between 4 January and 31 March 2011 at participating Centres. Based on 10,000 miles per annum, excess mileage charges apply. Other finance offers are available but cannot be used in conjunction with this offer. Terms and conditions apply. Indemnities may be required. Finance subject to status to over 18s only. Toyota Financial Services. Subject to availability. The 5 year warranty is a 5 year/100,000 mile manufacturer warranty. To maintain the warranty, customers must service their vehicle in accordance with the standard Toyota service schedule for the full 5 year period. For more information on the terms and conditions please contact Toyota (GB) plc on 0844 701 6200. Terms and conditions apply. Hybrid Synergy Drive 8 year battery warranty included. Prices correct at time of going to press.

Auris Hybrid T Spirit 1.8 VVT-i Official Fuel Consumption Figures in mpg (l/100km): Urban 70.6 (4.0), Extra Urban 70.6 (4.0), Combined 70.6 (4.0). CO2 Emissions 93g/km. ^Auris Hybrid T4 1.8 VVT-i Official Fuel Consumption Figures in mpg (l/100km): Urban 74.3 (3.8), Extra Urban 74.3 (3.8), Combined 74.3 (3.8). CO2 Emissions 89g/km.

Whitehall business magazine I 23


Technology

Which Tablet?

Which Tablet should James Westwood questions whether the market leader really is best for your business, with surprising results.. Apple iPad Critics will argue that there is no apparent reason for the iPad’s existence. After all, Apple’s iPod was designed to replace your mp3 player and the iPhone was to be the saviour of the mobile market. So what does the iPad replace? My answer to that is it doesn’t replac it’s begun the “tablet revolution”. Its sleek 9.7 inch screen makes surfing web pages the most enjoyable experience. The minimum effort needed to flick through sites and even pictures makes you

forget that this is completely new, it seems natural. However there is one main feature that I feel the iPad has missed out on. Maybe future models will include it, but I feel a camera would have been a smart move for Apple. All in all the iPad is a great toy for big kids but I don’t think it’s quite ready to be the product that lives up to our expectations. There are still a lot of improvements to be done, but what we’ve got now is a very good starting point. I’m certain that tablet industry will explode and they will become as popular and as common as laptops.

Samsung Galaxy Tablet The Samsung Galaxy Tablet is one of iPad’s biggest competitors and in many ways it is superior. It weighs almost half the amount of Apple’s tablet at a feathery 0.84 pounds, it supports application multitasking and also includes flash support in web browsing. However, its battery will run out long before Apple’s tablet. The screen is incredibly sharp due to the 192 pixel density per inch on the smooth 7 inch screen; however it would have made sense to use the SuperAMOLED display which is used on Samsung’s phones. The screen that is used on the galaxy tablet just doesn’t have the same quality. The touch screen feature is truly impressive; you can type long messages without having to wait for it to catch up with you, which is a recurring nightmare for a lot of touch screen devices. Considering everything, the galaxy doesn’t quite compete on the same level as the iPad but given enough time for updates and new models, I will be very surprised if this tablet doesn’t match the iPad’s success.

24 I Whitehall business magazine


Review

you take? BlackBerry Playbook Lastly, but certainly not least, is the BlackBerry Playbook. Due out in summer 2011, it’s one of this years most highly anticipated gadgets, boasting dual cameras allowing for 1080p HD video recording and video calling facilities. The playbook is the perfect size, small enough to fit into your jacket pocket, but big enough to distinguish it from smart phones. The firm rubber finish makes it easy to grip and even with it being super thin, gives the impression that this device is a robust and premium product. If I had to pick on one shortfall of the Playbook, it would be that the connectivity is restricted to Wi-Fi only. The fact that this restrains where you can surf the web or download apps puts the Playbook one step behind its two main competitors.

Final Thought As I mentioned earlier, we are still in the very early stages of this industry and with sales expecting to jump to 180 million in 3 years, I have no doubt that tablet pc’s will play a big part in our work and even our private lives.

All in all the iPad is a great toy for big kids but I don’t think it’s quite ready to be the product that lives up to our expectations.

Whitehall business magazine I 25


Food and Drink

Restaurant Reviews

Lunch Firenze

Dinner The Tamarind

Drinks FatCat Cafe Bar

Nestled in the centre of Kibworth lies a restaurant which is perfect for clients who really enjoy a treat. If you have an important meeting this restaurant will not fail you.

The Tamarind Leaf is a new authentic Indian restaurant set in the heart of the Oadby town centre, specialising in the best traditional Indian food and including a top quality fusion menu. Whilst the newly refurbished interior is both contemporary and bright, it still creates a warm and comfortable atmosphere in which to enjoy the fantastic food.

Fat Cat Cafe Bar is a great spot for a drink or two after work. This cool chic bar spreads over an L-Shaped room with soft music in the background to add to the experience. The front of this area is scattered with large leather chairs and smart wooden tables for dining, whilst at the back the environment is considerably sexier. Upon a platform you will find booths and tables set in a dim lighted area florally decorated which is in view of the cocktail bar positioned at the rear.

The restaurant opened in 1999 and has consistently delighted regulars from the immediate area, as well as enticing foodies from the surrounding counties. The low ceilings are “lifted” with the sunny decor and comfortable furnishings , truly a little bit of Italy in South Leicestershire. Owner operated by Lino and Sarah Poli the restaurant, and menus reflect a passion for all things Italian, and has been highly acclaimed, and the winner of many awards, both locally and nationally. “Some of the most authentic Italian cooking outside of Italy, this decade old restaurant continues to offer accomplished food and excellent value for money” 2010 Harden’s restaurant guide

“There’s Italian and then there’s Firenze” www.firenze.co.uk 0116 2796260

Using the best quality and freshest produce available there are alot of familiar dishes on the menu, which also contains a number of more unfamiliar traditional dishes and specialities that create the perfect balance to cater for all tastes. I enjoyed a superb meal in a warm, friendly family atmosphere and will be re-visiting on a regular basis. With an extensive range of beers, wines and spirits, also, the Tamarind Leaf is well worth taking into account when considering a nice meal out, just a drink in pleasant surroundings or when booking a private function for an event of any nature. This large but luxurious building caters for all personal and corporate needs. www.tamarindindianrestaurant.co.uk 0116 2717109

Both bars are well stocked in the drinks department; boasting a wide selection of wines, beers, draughts and cocktails to sample. For the 5pm after work drink, they serve a selection of draughts (around £3 a pint) and bottles (£3.50) ranging from Estonia’s Viru 5% beer to Italy’s Birra Moretti. The extensive list of cocktails covers all tastes from your classics to fizzy and sweet. A couple of unimssable drinks are the fat cats favourites “Berrypolitan” (skyy berry, cointreau, cranberry juice and fresh lime juice) or my personal favourite “the classic Long Island Ice Tea” (skyy vodka, Plymouth gin, cointreau, tequila, bacardi, lemon juice, sugar and cola). Fat Cat Cafe Bar could be your one stop destination for all your needs. Everything from a relaxed coffee, to an array of cocktails. www.fatcatcafebars.co.uk 0116 2553610

26 I Whitehall business magazine


Sport

Revved up! W

ith the 2011 racing season just around the corner, things are ‘hotting up’ for the team at MackRory Racing and the excitement is building. All pre-season preparations and testing have been positive and successful and confidence is high for the forthcoming campaign. The team boasts two of Britain’s best up and coming talents, in the shape of 21 year old James Webb and 20 year old Alex Berkshire, and with a strong and knowledgeable team behind them, MackRory Racing is set for big things this season. MackRory Racing is a Leicestershire based privateer racing team competing in the Fuchs-Silkolene British Supersport Championship that is part of the MCE Insurance British Superbike Series. The series is widely regarded as the most competitive championship in the world and has seen a host of motorcycle road racings’ most successful riders rise through its ranks. It has been responsible for producing 6 World Superbike Champions, 102 World Superbike race wins and 266 World Superbike podium finishes. The team operates out of Mallory Park, owned and managed by Steve Bennett of MackRory Demolition Ltd. MackRory Racing has two bikes, competing in both the Supersport Championship and Supersport Cup.

2011 Racing Season Calendar • Hatch 25th April • Oulton Park 2nd May • Croft 15th May • Thruxton 30th May • Knockhill 19th June • Snetterton 3rd July • Oulton Park 17th July • Brands Hatch 7th August • Cadwell Park 29th August • Donington Park 11th September • Silverstone 25th September • Brands Hatch 9th October

MackRory Racing is fully expectant and confident to be front runners for the British Supersport Championship and British Supersport Cup this year. The season kicks off for MackRory Racing in April when they compete in the first race of the campaign at Brands Hatch. You can follow the team live on Eurosport, ITV1, ITV4 and Men & Motors as well as extensive coverage in all the motorcycle newspapers, magazines and websites. ‘Watch this space’ as Whitehall Magazine will be featuring MackRory Racing in every quarter, with regular updates, results, interviews and previews as we follow the team on an exciting journey through the 2011 season. However, if you wish to be closer to the action and part of the team, MackRory are still on the look out for more sponsors, advertisers and corporate guests.

Sponsorship/ Advertising MackRory Racing offer a number of fantastic sponsorship and advertising opportunities. Starting at only £500 per season, the packages cater for businesses of all sizes and needs, whether it be a large or small business looking for local, national and international exposure or just a racing fanatic that wants to be involved with a team and take advantage of the corporate hospitality benefits and paddock passes. To find out more, please call the Commercial Manager for more information and a new prospectus. VIP Corporate Hospitality This is available for all race meetings during the forthcoming season. The VIP race day packages are an opportunity for a fantastic racing experience and are only £99 per person. These can be enjoyed at any of the following meetings on the 2011 season calendar above. For more details and package information, please call the Commercial Manager. Contact: Richard Hill (Commercial Manager) 0800 292 2672 or mackroryracing@live.co.uk


Sport

Leicester Riders

Easy Riders T

he Leicester Riders are consistently one of the top teams in the BBL, and have been since the club was founded in 1967. We are the oldest team in British basketball and each season sees an increase in both supporters and sponsors. Our recent success, both commercially and on the court, is largely down to our dynamic, creative and innovative team who are lead by General Manager Russell Levenston. The appointment of the charismatic Rob Paternostro has ensured that the Leicester Riders are never out of the headlines, headlines you could be a part of.... Basketball has established itself by becoming the third most participated sport for young males and females in the UK. The Leicester Riders have played a large part in the growth of basketball due to the off court community work taking place on a daily basis around the Leicestershire area. We deliver many types of coaching in both primary and secondary schools, including the nationally recognised Hoops 4 Health programme and the Molten 3 on 3 tournaments.

You can be involved in the growth of our community programmes through sponsorship and partnerships. Showcase your business at Leicester Riders and treat your guests to an experience guaranteed to make a good impression, especially when they are tailored to your individual requirements. We firmly believe that our success starts with you.

For more information on sponsorship and advertising opportunities contact Richard Hill on 0800 292 2672 or richard.hill@leicesterriders.co.uk

The benefits of getting on court with the Leicester Riders have never been more exciting.To enjoy the benefits of basketball and the experience of an association with a team ofmexiting professionals, the Riders have developed a range of opportunities for corporate involvement. We offer a range of sponsorship packages and advertising opportunities to suite your needs.

WIN 2 pairs of Tickets Riders v Newcastle Eagles Monday 9th April 2011 To be in with a chance of winning just send an email to info@whitehallmagazine.co.uk quoting ‘Whitehall Magazine Riders competition’ along with your name and telephone number.

Good luck!

Whitehall business magazine I 29


Interview

Wayne Lineker

WayneLineker Bar owner, entrepreneur and now co founder of social media site WaynesWorld Leicester born Wayne Lineker, the younger brother of footballing legend Gary Lineker started out on the family fruit and veg stalls of Leicester market. Wayne then came up with a new and exciting concept, having observed the continuing success and ever developing fame of his brother Gary Lineker. He felt he could successfully mix the best elements of a dedicated sports pub and lively music bar to create a new type of social experience, ‘Linekers Bar’ was born. After the blazing success of the first bar, the Linekers Bar brand then swept across europe and is expanding as we speak. Wayne’s new chapter is WaynesWorld. com. The concept and idea is a natural evolutionary step in online networking. WaynesWorld is the worlds first promotional and networking tool for your private, personal and professional life online. It is the worlds first beautiful, intelligent and trendy social networking web site. What was the main driving force that attracted you to set up Linekers bars? When I first set up the bars it was because I felt the need to move away and start something fresh as the Markets were dying a death due to all the big supermarkets opening up and one stop shops for everything, which stopped people travelling to town to buy their fruit and veg. Gary was a big star by then so I thought how can I capitalise on the famous surname I all of a sudden have? Some people say you were just profiting on your brothers success, well they were right to a certain degree but hey! I was in a great position to be able to do something special so I thought why not?  My Brother gave me his full consent and wished me well and helped me a lot.  So the idea was born and I knew the 30

I Whitehall business magazine

path I was about to take and that was to open a bar in Tenerife and call it Linekers and have a football based theme with fun and good times all thrown in. The formula worked immediately and we grew very quickly and went from strength to strength, it was never easy and I worked very very hard indeed, 16 hours a day doing the whole running of the bars, the stock, the banks, the accounts, the DJing, you name it I did it. I did enjoy every second though. When you look back is there anything you would do differently? Yes 100s of things, but I had a great time and enjoyed many years of fun, but I made mistakes, lots of them. But you only learn by mistakes and fortunately I did. The one thing above all I would have changed is my decision to franchise the bars out, which never worked as none of the franchisees ever ran the bars as they should be, drifting away to their own theme and so on. Fortunately there were only 4 of these and there are only 2 left now. All the rest are under our wing. Wayne we know you’re a highly motivated individual, but what drives you now? My children have always been my driving force and have always wanted to give them the best platform in life I could and its turned out just perfect as both my sons Duane and Sean are now partners in the company and it’s those two that are now taking Linekers to the next level. I’m very proud of them, my daughter who is 12 can forget the bar industry though as she is far too pretty to run bars! I’m sure she will not be too worried about that!

What advice would you give to young aspiring entrepreneurs that are starting out in business today? You have to fall in love with what you’re doing and give it 100% , don’t take on more than you can chew, if you feel you have found something you think will or could be a success then focus 100% on that and not on a multitude of things or ideas, it won’t work. When you go about your business always be on time and be polite at all times, unless someone completely pisses you off of course, but I have found that if you treat people the way you would like to be treated yourself you won’t go far wrong. Manners cost nothing and go along way!   What’s the biggest challenge you’ve faced in your business career? I am in the middle of it now with my new project WaynesWorld but we’re almost there now and looks like being a big success; it’s a field I knew nothing about so the challenge was on!   Give us an insight into an average day of Wayne Lineker? Well I don’t run the bars anymore as my boys do that so I’m totally focused on WW and the promotion of the site and the funding of the business lays in my hands and its proven to be very tough sometimes but again were almost there with everything now.  I have many meetings and many emails a day; I am also very active on the site as I enjoy that side of it too.  


I want to be remembered as the Leicester market boy who done good! What do you think are your best business skills? I honestly don’t think I have any skills as such apart from being able to read what the public want, I have always had this knack from my days on the market to Linekers and now to my new social networking venture, people tend to like me and my energy, goodness knows why. What’s been your career highlight? Mmm... there’s been many, but I remember during the world cup in 1990 walking to my bar in Tenerife before England played Cameroon in that famous game and seeing a sea of people stretching out to the roads and beyond, literally thousands of them and when I walked into the bar people were singing my name and going crazy. I thought, bloody hell how did this all happen, Linekers was on fire!   Who is more competitive yourself or your brother Gary? Were both super competitive...we fought like cats and dogs all our school lives, he normally came out on top though, mind you that was only because he was 18 months older than me!   What would you do if you lost everything tonight? I would start again, not sure what, but I would think of something. But I would certainly not be going back to work on the markets! Is money or success more important to you? It used to be money but its success now for sure, I want to be remembered as the Leicester market boy who done good!  But to be honest no matter how much money you manage to earn, it will never beat the feeling of success.  The buzz from that is immense. 

Tell us about your exciting new project WaynesWorld? WOW... It’s amazing to be honest, it was a crazy ridiculous idea I had after a meeting with my partner Patrick Castielle. I met him through a friend as I was looking to find someone who could build me a social network site for clubbers, but was so blown away by this guy that I wanted more, I stopped the project and said “I want to take on Facebook!”, and he and everyone else laughed at me and after weeks of me driving him mad he came up with our multi profile solution and the rest is history, 2 years later and £2.5 million in development we’re almost ready and we most certainly have the finest social network site in the world, now we have the battle to get the members, but we will, it’s just too good.   What makes WaynesWorld stand out from the rest? You can run your whole life online from one platform, you name it WaynesWorld has it and it’s all done in a very cool and trendy way.  We have personal, professional and private profiles amongst a multitude of other things you can’t do in one single place. You can now!  Its navigation is like no other site, ease of use is key for us and we seem to have everything right now.   How does the online social network business world differ to that of the Linekers bar? It’s completely different, I have been use to dealing with the public face to face form the markets to the bars and now I

have to deal with them through a computer screen, it’s quite weird but I am enjoying the challenge. WW is too a global brand which is something I have never had, Linekers stretched across Europe but nothing on the scale like this. We have the possibility to have the first ever UK company to break in to the top 20 sites in the world, That is our goal and we will be doing everything in our power to achieve this. What does the future hold for Wayne Lineker? I have my dreams like everyone but if WaynesWorld is the success we hope it will be then I will not stop, it will just give me even more drive. I have a wonderful family that I intend to spend as much time with as possible and hopefully one day in the future marry the girl of my dreams Ana who I have been so happy with for the last 2 years, She has a music career she needs to fulfil before there will be any wedding bells though.

Interview by Lee Cobby.

Whitehall business magazine I 31


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