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www.businessmag.co.ukSOLENT & SOUTH CENTRAL OCTOBER 2010 #112

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Stairway to heavenIs commercial property bouncing back?

Back from the brinkBanking update

www.businessmag.co.ukTHE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2010

regular features

Banking Update

15 Business banking in a time of change

16 HSBC covers operations in Chichester

18 Refinance now, says Barclays

18 North/south divide is less simplistic

Manufacturing 21 SE manufacturing leads the way 22 Exciting new term starts 23 Grant Thornton’s top five predictions

Commercial Property 24 Private rented sector 25 Trilogy letting by SEGRO

special features

News 4 Opinion – October is a crunch month ... 4 Hendy Group celebrate centenary5 Carswell Gould shortlisted6 Blue Chip shortlisted for CRN awards7 New reservoirs open officially8 Shortlist announced for Design Awards9 SEGRO aids expansion10 Is your boss a winner?

Solent 250 12 250 to launch at Rose Bowl

Deals 13 Moore Stephens South in merger

Deals Update 14 Latest deals data from across the region

Finance 20 The cost of convergence – changes to lease accounting

Law 26 Employer's health and safety obligations increase26 Getting the right schooling

Hospitality 27 Time for a Break

International Trade 28 Trade gateway to a new level of success28 Knocking at the German powerhouse door

People 29 Movers and risers

Diary/News Extra 30 Dates for your diary30 Researchers develop new system

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THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2010www.businessmag.co.uk

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One hundred years ago Henry Ford arrived in Southampton after a transatlantic voyage to launch the Ford Motor Company in the UK.

His first stop was East Street in Southampton and an historic meeting with Percy Hendy, who was appointed the first Ford dealer in the country.

Since those early days the Hendy name has been synonymous with the Ford brand with successful car and truck dealerships throughout the region from Poole through to Southampton, Winchester, Portsmouth and Chichester. The company has also expanded its operations to include dealerships for Kia, Mazda and Honda together with increasing its geographical spread west to Devon and Cornwall.

However, it is the 100th anniversary of becoming a Ford dealer which is being celebrated this autumn with the Hendy family still at the helm of one of the south coast’s leading automotive companies.

“We have certainly come a long way since being appointed the first Ford dealer,’’ said managing director Paul Hendy. “In 1910 being becoming the first dealer in the UK was a real milestone and we are delighted to be celebrating the centenary.”

Once the first Model T cars began production in Manchester, Hendy quickly expanded its operations from Southampton, setting up garages in Bournemouth in 1913 and in Portsmouth as part of the Lennox Motor Company in the

Hendy Group celebrate centenary

same year. Southampton remained the headquarters of Ford activities throughout the 1920s and 1930s while during the war Hendy turned its attentions to the war effort, helping build spitfire planes.

As the industry entered a new era, new showrooms in Cosham opened in 1956 while the 1960s saw a major reorganisation of the company, which was then known as Hendy Lennox. Car dealerships were renamed Hendy Ford in 1979 and in the 1990s development continued with new premises and the arrival of new brands to the showrooms. The company, now under the banner of Hendy Group, appointed Brian Hendy as chairman in 2004.

“Throughout the 100 years we have been conscious that the industry has changed continually and we have focused on being at the forefront of new developments, ensuring high levels of quality in every area of the business to build up customer loyalty

and becoming an integral part of the communities in which we operate,’’ continued Hendy.

“We have never stood still in the development of the company, so have opened new dealerships when appropriate. The development of our van and truck business has been an integral part of our success and has complemented the Ford brand with additional franchise operations in recent years.’’

Today the company employs around 700 people at 21 locations throughout the south and has a turnover of £25 million. Its close relationship with Ford and the Swaythling Transit factory has been an important element in the commercial success and its Power Products division produces engines for a wide range of commercial uses.

The company is set to mark the centenary with an industry lunch at Goodwood House next month.

Hendy Percy and Model T Racer 1910

Back row Stephen Hendy, Norman Hendy, Brian Hendy and John Hendy. Front row Clare Hendy, Paul Hendy and Christine Hendy

opinionOctober is a crunch month for businesses and the economy

The Autumn Spending Review on October 20 will spell out the details of the coalition government’s budget cuts across all departments. Unions are warning of 600,000 job cuts over the next four years.

A day of protest is expected on the 20th, not least because the Government plans to tackle the major problem of public-sector pensions – namely that they are too generous and the country cannot afford them.

But no-one in the private sector should consider that we are immune from the effects of the spending review. Cuts in Whitehall and council spending mean fewer contracts for private-sector suppliers. When a government department decides to shelve a planned computer upgrade, private companies will feel the impact, for instance.

Of course, none of us can accurately predict the impact of these cuts on public sentiment. There is every indication that the cloud of austerity will subdue the consumer’s desire to spend in the high street, but it may not. The impact of the VAT rise, due in January, may mean a short pre-Christmas surge by people trying to beat the increase, but we believe it won’t have a significant impact on the economy.

Meanwhile, as the cuts are outlined, it would be nice to think that bloated local authorities and Whitehall departments will seek advice, and learn lessons, from sleek entrepreneurial businesses that have had to live with austerity for the past 18 months or so. Owner-managed companies have had to learn to get more from less – and their experience would be useful to the public sector. Fat chance they will be asked for it though.

David Murray, [email protected]

THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2010

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South coast integrated marketing communications agency Carswell Gould has been shortlisted for not one but two prestigious industry awards.

The firm has been shortlisted in two categories of the Wessex CIPR PRide awards – which showcase the best PR work being carried out across the region.

Carswell Gould is one of only a handful of agencies shortlisted for the Best Campaign £10k and Under category, after its work for RIBEX caught the eye of industry judges.

Carswell Gould was briefed by RIBEX organisers to raise awareness of the rigid inflatable boat show on the Isle of Wight, which takes place every May. To publicise 2010’s event Carswell Gould got show organiser, Hugo Montgomery-Swan, to race TV survivalist, Bear Grylls, across the Solent in two identical RIBS. The campaign yielded 70 pieces of media coverage and a return on investment of more than 3,000%.

Laura Downton has also been shortlisted in the Outstanding From Left: Laura Downton, Gill Gould, Bear Grylls, Hugo Montgomery-Swan

Young Communicator of the Year category. Since joining the company, the 24-year-old has produced a huge amount of media coverage for clients and gone on to orchestrate several successful PR and integrated marketing campaigns.

Managing partner, Gill Gould, commented: “The whole office is

ecstatic to be shortlisted in not one but two categories. It really is testament to the hard work and creativity that we have put into every campaign. Last year we scooped the gold award for our work with Southampton City College, and we hope to build on that success by winning again this year.”

Carswell Gould shortlisted

The corporate team at Coffin Mew has advised the shareholders of Extec Integrated Systems in their disposal of the entire share capital of the company to Ultra Electronics Holdings for an undisclosed amount, with the initial cash consideration for the acquisition financed using Ultra’s existing facilities.

Extec, based at Portchester, was founded by its three main shareholders and directors, Chris Warne, Frank Bellion and Doug Errington, in 1986, and has grown into a leading provider in microelectronics technology, in particular the design, development and manufacture of thick film hybrid microcircuits, with contracts across Europe and the USA.

The directors had built up a good trading relationship with Ultra prior to the acquisition, as Extec had been a supplier and sub-contractor to Ultra on some of its major projects for several years. Extec will operate as part

of Ultra’s Manufacturing & Card Systems business in the Aircraft & Vehicle Systems division.

The corporate team, led by Nick Gross and Lucy Grey, also drew on support from the firm’s employment and commercial services teams. Commented Gross: “Even though we were driven by tight timescales, our extensive knowledge of businesses in this sector, ability to work as a team and call upon support from the firm’s other teams, meant we completed the transaction and achieved the client’s goals in a smooth and efficient way.”

Coffin Mew advises Extec

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Award-winning IT specialist, Blue Chip, has been shortlisted in the "Services Provider of the Year" category of the prestigious Computer Reseller News (CRN) Awards, 2010.

Blue Chip managing director Richard Cook said: “Being shortlisted for these awards is no mean feat. The judges look closely at every aspect of the business and then ask for validation through a case study, illustrating how we have helped one of our many customers to save money and streamline their business, whilst improving service to their own customers.

“We also had to demonstrate how we are fundamentally qualified to receive this award, including interrogation of our business model and structure, as well as analysis of how our services have helped our customers to manage their businesses effectively and achieve significant cost savings. We are delighted to be shortlisted and through to the next stage of the awards.”

Blue Chip’s entry cited its ability to deliver four core services to guide customers through a complete project lifecycle as a basis for winning the award: support services (helping SMEs manage their IT more effectively and bringing knowledge and expertise to IT pros within mid-tier businesses); managed services (driving down the cost of managing large estates within enterprise environments whilst generating a culture of best practice and improvement); project services (delivering change in IT consistently and reliably); and training solutions (offering training courses, consultancy services and an exam centre).

But it is Blue Chip’s excellent customer service that it feels really sets it apart - delivered from the top down, via a service-centric board of directors, high ratio of service staff and dedicated, in-house service desks.

Winners will be announced on November 18 at Battersea Park Events Arena, London.

Blue Chip shortlisted for CRN awards

Worldwide logistics and boat transportation firm PSP (Premier Shipping & Packing) is to launch a new sailing to Australia, the only British company to provide the service, which will run from Southampton to Freemantle.

The firm has received huge customer demand for sailings to Australia, as a result of which it has worked closely with its partner in Australia, PSP alliance member AAW Global Logistics to establish the service. The maiden voyage is due to take place this month and PSP will then run regular sailings, tailoring timings to fit in with the Australian racing season.

Managing director Frank Dixie announced the news on the opening day of the PSP Southampton Boat Show, of which PSP is the title sponsor: “This year has been an excellent one for PSP. Our business has doubled and you can put this down to us being completely accepted by the industry. This is no mean feat because, as we all know, it is a testing industry in which, until you prove yourself, people simply won’t take a chance.

“We have proved ourselves over and over again and our business has grown from strength to strength, culminating in us being the first British company to offer this new sailing to Australia. This is an exciting venture for us, which has been made possible due to our close partnership with our PSP alliance member in Australia.”

The new service will join PSP’s other regular sailings, which include those to the Caribbean, Europe and the Mediterranean. PSP also arranges bespoke shipping to any part of the world.

PSP sailing to Australia


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Two new Dorset reservoirs providing an additional reserve supply of water and costing £15 million have opened officially.

Milo Purcell, deputy chief inspector of the Drinking Water Inspectorate, unveiled a plaque to mark the opening of Longham Reservoirs at a ceremony attended by civic leaders, which was followed by a tour of the 100-acre site. Guests included representatives of Warings Contractors and international quarrying company Cemex.

Plans for the reservoirs were drawn up by Bournemouth & West Hampshire Water (BWHW) in the early 1990s and work officially got underway in 1995. The first reservoir became operational in 2003 with the second this year. In total, the scheme cost £15.1m.

The reservoirs hold 1,000 megalitres of untreated water and provide a reserve supply of water for the Bournemouth area of approximately one million cubic metres, estimated at around 15 days supply to Bournemouth. Nearly 1.75 million tonnes of river sands and gravels have been extracted since 1995 and approximately 756,000 tonnes of materials were used to build the embankments. The depth of the reservoirs ranges from two and a half to six metres.

Roger Harrington, BWHW’s managing director, said that the reservoirs will help to maintain the long term reliability and safety of the water

Making a splash: Milo Purcell (right) of the Drinking Water Inspectorate officially opens Longham Reservoirs with (left) Roger Harrington, BWHW managing director, and Jim McGown, chairman

New reservoirs open officiallysupply for customers. They also provide an additional source of raw water during times of peak demand, allowing BWHW to meet future demand and improve the quality of raw water to be treated: “By any standards this has been a major investment which is very much to the benefit of our existing and future customers.”

Purcell added that the facilities at Longham

Reservoirs provided a haven for wildlife as well as an attractive community amenity: “The reservoirs are important in improving the resilience of drinking water supplies in the Bournemouth area at a time of uncertainty about climate change. They also sustain the economic development of the area for this and future generations.”

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The shortlist has been announced for the first Solent Design Awards, to choose the best designed building or space making the biggest contribution to its surrounding community.

Until October 15, the public can vote online at www.solentdesignawards.org.uk for their community champion.

Sponsored by the Partnership for Urban South Hampshire (PUSH) and organised by the Solent Centre for Architecture + Design (SCA+D), the winners will be announced at an awards ceremony on October 27. The judges will select two winners, while the public will be making the popular choice.

Entries have come from across the area, with the shortlist including the Nelson Trail and the Highbury College Cosham Campus from Portsmouth, the Northam Homezone and the Chapel Housing scheme from Southampton, The Point at Eastleigh and Flagstaff Green in Gosport.

Paul Grover, chief executive of SCA+D, who welcomes the entries from places rather than just buildings, as he feels these reflect the true aim, is impressed with the quality of submissions: “We wanted to try to break new ground with this competition. There are plenty of schemes which concentrate solely on design without looking at how that design has truly added value to the people who matter – those who have to use it or live with it.”

“We’ll be looking forward to the public verdict. It will be interesting to see if it matches the judges but, whatever the result, I think their decision will inform the professionals on what people see as the added value of design to everyday living.”

Shortlist announced for Design Awards

Chapel Housing

Flagstaff Green


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Southampton entrepreneur Lee Holdaway has been named one of Britain’s most inspirational businessmen three years after setting up on his own.

Holdaway is hoping to win a share of the £50,000 prize package in the 2010 Barclays Trading Places Awards, which recognise people who have beaten the odds to succeed in business. Holdaway has experienced health problems since a motorcycle accident in 1989, and was unable to work for 10 years. He struggled to find a workload that he could cope with and eventually decided his best option was to set up in business himself.

Country walks taken with his uncle as a child had instilled in him a love of plants and animals, and he wanted to teach children and adults about their importance and what they could do to protect them and their habitats.

Holdaway started Living Science in 2007, providing mobile educational workshops using exotic animals such as snakes, lizards, tarantulas, scorpions and small mammals.

He organises school visits where children learn about conservation and endangered species, whilst giving them the opportunity to interact with unusual animals. He also provides workshops for local authorities, play groups, holiday camps and rest homes.

Steve Cooper, chair of the judging panel and managing director, Barclays Business, said: “Trading Places is a celebration of inspiring people who in spite of great personal challenges, have taken steps to establish a sustainable business and in doing so changed the direction of their lives. The calibre of this year’s entries is outstanding. We hope that with this recognition, Living Science will continue on the road to success. We also hope Lee’s story will inspire other budding entrepreneurs in Southampton, who face similar difficulties to come forward and turn their dreams into reality.”

Barclays will present the overall winner with a cheque for £10,000, and the runner-up with £5,000 for their business, at a gala dinner at The Savoy in London on November 30.

Beating the odds to succeed

Refrigeration company ColdKit has more than doubled its premises in Basingstoke, following a flexible expansion deal with SEGRO at the Kingsland Business Park.

The company, which has its headquarters in Portugal, specialises in the manufacture and distribution of refrigeration solutions for the hotel, catering, retail and agrofood sectors. Products are manufactured

SEGRO aids expansionin Spain and assembled at the Basingstoke operation for distribution to customers across the UK.

Following recent expansion, ColdKit agreed to take a 4,661 sq ft unit adjacent to its existing 8,330 sq ft unit on the Kingsland Business Park. However, with further new products coming on line, the company decided additional space was required and has now agreed

a deal with SEGRO on a 25,457 sq ft unit.

SEGRO, Europe’s leading provider of flexible business space, has let the unit to ColdKit on a five-year lease and allowed the company to surrender its two leases on the smaller units. ColdKit is due to move to its new premises, which include two-storey office space as well as warehouse accommodation, in November.

ColdKit UK managing director William Quail commented: “ColdKit has enjoyed significant growth over recent months and the new unit will provide the space we need for our range of new supermarket refrigeration products.”

SEGRO leasing manager Chris Davies said: “ColdKit’s recent growth is a real success story and SEGRO was keen to support the company’s continuing expansion in the area through providing a flexible solution to its property needs. The range and size of our portfolio allows us to help companies find the growth opportunities they require and, in the case of ColdKit, a simple solution to resolving their existing property commitments at the same time.”

The Kingsland Business Park is an established industrial/warehouse location with easy access to the M3 motorway. A range of industrial/warehouse units are available from 4,198 sq ft with additional bespoke design and build opportunities for warehouse, distribution and production uses up to 45,640 sq ft.

Agents for SEGRO at Kingsland Business Park are Hollis Hockley and London Clancy. ColdKit, Basingstoke

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Entries are flooding in from directors and chief executives of small, medium and global enterprises, whether they are members of the IoD or not. The finalists will be chosen from across the whole of the south east of England and the capital to attend the Awards Gala Dinner at the Landmark Hotel in London in March 2011.

The event brings business leaders together under one roof for a unique networking experience and celebrates their individual success stories.

Rodger Broad, director for the IoD in the south east, said: “Taking part in the awards is seen as a personal and a professional privilege. The judges welcome nominations from directors who aren’t necessarily members of the IoD already. They will be looking at various criteria, which include the candidate’s personal influence on their business, their corporate social responsibility

Is your boss a winner?The deadline is fast approaching for entries to this year’s London and South East Director of the Year Awards run by the Institute of Directors (IoD), which recognise the hard work, inspiration and management skills of business leaders across the region

and how they interact with their staff and customers.

“There are great leaders out there, many of them unsung outside their own organisations. The IoD awards are a chance to recognise and celebrate their achievements.”

Entrants – who have until Friday October 29 to submit their completed entries – can compete in nine categories:

Director of the YearFor companies with a turnover •up to £4.99 millionFor companies with a turnover •£5m – £24.99mFor companies with a turnover •£25m – £99.99mFor companies with a turnover •£100m and over.

International awardsFor companies with a turnover •over £5m and trading overseas

Howard Wilder of Genitrix, winner 2009

For companies with a turnover •up to £4.99m and trading overseas

(ie buying and selling overseas and/or operating overseas ie physical presences overseas).

New Start Business Award (for companies in the first five years of trading)

For companies with a turnover •up to £4.99mFor companies with a turnover •£5m and over.

IoD Chairman’s Special AwardFor not-for-profit organisations.•

The IoD represents some 20,000 business leaders in London and the south east of England and is the world’s most experienced and long-standing organisation advocating director professionalism. It provides a professional network that reaches into every corner of the business community. Membership spans the spectrum of international business leadership, from the largest public companies to the smallest private firms.

NominationsIt is easy to submit your online nomination now. Go to:

www.iod.com/south/awards

for full details and to open up the nomination form. Nominations from both members and non-members are

encouraged. The final deadline for initial nominations is 5pm on Friday October 1, 2010.

TicketsTo reserve tickets for the gala awards dinner, taking place at the prestigious Landmark Hotel in London, contact Dawn Ifould at

[email protected]

Dr Nasser Siabi of Microlink, winner 2009

The University of Southampton has launched a new iPhone app to showcase its 2011 undergraduate prospectus, as well as giving further details into life there.

Key features include full and searchable course listings with detailed course information, entry requirements, testimonials and information on how to apply. Direct contact details to the relevant departments are listed, giving applicants the option to email or telephone departments, streamlining the enquiries’ process. There are maps and PDF layouts of each campus, with the ability to

search for directions, plus research stories linked to the University’s main website and a series of downloadable videos about life at Southampton.

Sophie Dear, digital media relations manager at the University, stated: “There are plenty of university apps out there, but many are simply links to the main university website and rely heavily on connectivity, which lets down the overall user experience. This new app gives users the freedom to explore the University of Southampton consistently, whenever and wherever they want.”

iPhone app for students

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The listing which ranks companies by turnover, includes only businesses that have their head office in the area, and are either homegrown or who have moved into the region from outside. Subsidiaries of foreign companies, and UK holding companies are ineligible, as are those that only have their registered address in the area.

The Solent 250 is sponsored by business advisers Grant Thornton, leading bank Santander, south coast law firm Paris Smith, and the Solent Innovation & Growth Team.

Using Companies House records, we will rank according to last published accounts, usually 2009 or 2008. Sub-category lists will also be published including a watch list of fast-growing businesses.

The listings will appear in a special section in the next issue of The Business Magazine, and exactly where each company features in the Solent 250 will be revealed at a launch event to be held at the Rose Bowl, home of Hampshire County Cricket Club, in front of an invited audience, on November 3.

The Business Magazine has already launched

the Thames Valley 250, with a microsite, an e-publication that can be read and searched on the web and on iPhone and iPad devices. LinkedIn groups will also be created separately for both lists so companies can communicate with each other about key issues.

Publisher David Murray said the Solent region, like the Thames Valley, had a vast pool of business talent. Many companies, however, went “under the radar” in that their growth and success went unnoticed by business people in the region: “We hope our 250 lists will help put some of these businesses in the spotlight and, at the same time, show the fantastic wealth of companies that are located in this area.”

The Solent region is defined as the circulation area of the Solent edition of The Business Magazine and includes PO, BH and SO postcodes.

“After the launch, we will be canvassing the 250 companies to see if there is an appetite for regular networking events and initiatives that will help the companies do business with each other,” Murray added.

The Business Magazine is launching the Solent 250, an annual listing of the top private companies in the region, at the Rose Bowl on November 3

250 to launch at Rose Bowl

The Rose Bowl, home of Hampshire County Cricket Club. Venue for the Solent 250 launch


deals 13


Accountancy firm Rule Datlen Mann has merged with Moore Stephens South, a member firm of Moore Stephens.

The newly combined firm operates as Moore Stephens South. Partners Mike Rule and Stuart Datlen from Rule Datlen Mann will join managing partner

From left: Andy Stevens, Stuart Datlen, Guy Robinson and Mike Rule

Moore Stephens South in mergerGuy Robinson and partner Andy Stevens at Moore Stephens.

The merger creates one of the largest accountancy firms specialising in owner-managed business locally. Staffing levels are set to more than double, giving Moore Stephens South a much stronger presence in the area and

boosting the size of its practice in line with its other southern-based offices in Salisbury, the Isle of Wight and Chichester.

The firm’s position within the motor and manufacturing industries will be strengthened by specialists from Rule Datlen Mann. Clients of Rule Datlen

Mann will benefit from Moore Stephens’ internationally renowned expertise within the shipping sector, as well as its network of offices throughout the UK and global accountancy and consulting association.

Robinson said: “Mike and Stuart and their team are a welcome addition to our growing office. The two organisations complement each other perfectly and will allow us to deliver an unparalleled level of service, knowledge and experience to family-owned and larger businesses in the area.

“With more clients and the extra resource this merger brings, we will be able to expand further the work we do helping local businesses grow through the innovative ideas we promote, practical seminar programme and regular networking opportunities.”

Added Datlen and Rule: “We are delighted to be joining Guy and Andy and their team. This merger will enable us to spend more time on client matters and develop stronger client relationships, while extending the range of services we offer to our large and well established client portfolio.”

Portsmouth-based Bishops Printers has expanded into new premises, with the help of £3.8 million of NatWest funding, as it marks its silver jubilee.

The family firm, which employs more than 160 local people and is one of the largest commercial printing firms in the south, completed the move from its former home at Fitzherbert Road, Farlington, to 83,000 sq ft premises, double the size, at Walton Road.

The move was not planned until 2011, but managing director Gareth Roberts had the opportunity to purchase the Walton Road premises sooner than anticipated, with funding assistance from David Noyce, NatWest business manager. The move will provide extra space for the business, which, despite the challenging climate, is growing. It has seen turnover rise by more than £1m a year for

the past 12 year, with the figure set to top in excess of £15m this year.

The new premises mean the firm has the space required to take the business to the next level. It will retain ownership of the Fitzherbert Road site for the time being to provide rental income.

Roberts said: “David has been a fantastic source of support. Regular contact with a locally-based business manager is part of the service and they are keen to support the growth of businesses in the area.”

Added Noyce: “Gareth and his team have put a lot of time and energy into developing this business and have taken advantage of all the help and advice available to them. It’s great to see their hard work paying off. They are proof that local businesses are still thriving.”

Bishops Printers expandsA food service equipment specialist near Southampton has sealed more than £3 million worth of contracts involving three headline projects in the UK.

The projects for HCE come immediately after finishing a £2m contract to supply and install equipment in the kitchens and bars of London’s luxury Savoy Hotel and a £450,000 contract for similar work at the new iconic grandstand at Hampshire’s Rose Bowl stadium.

HCE, which employs nearly 30 people, is now beginning work on the 350-room Heathrow T5 Hilton Hotel in a deal worth more than £1.25m, which is due for completion at the end of the year. HCE has also been awarded a £1.6m contract at the five-star, 300-room Corinthia Hotel at Whitehall in London, with catering facilities due for

completion by autumn.

Meanwhile, personnel from HCE are also on site at what is thought to be the first restoration of a British pier in 70 years. The firm, located at Chandler’s Ford, secured a £614,000 contract at the 104-year-old Grand Pier Pavilion of Weston-super-Mare, which was destroyed by a blaze in 2008. HCE is supplying and installing new catering facilities at the seaside resort’s landmark.

Managing director Jonathan Greep said: “The list of prestige hotel projects continues to grow, along with bespoke contracts such as the Rose Bowl and Grand Pier Pavilion, with much of our work coming from referral work by clients with exacting standards, such as the Savoy. Our ability to achieve these standards stands us in good stead.”

Large contracts for HCE


deals update14

Latest deals data from across the region

Next DeadlineThe next Deals Update will appear in our November issue

Deadline for submissions is Wednesday Oct 13Submissions are free. If you would like to submit deal information or to advertise on this page contact:

Tanya Liddiard 0118-9745308 [email protected]

Elcot Publications is not responsible for the accuracy of information in the deals update section which is supplied by individual firms

Completion Date: 10/08/2010

Target: Acclaim Events and Media Communications

Acquirer: Crown Business Communications

Deal Value: undisclosed

Details: Crown retained HW Corporate Finance LLP to source pos-sible acquisitions. Acclaim was initially reviewed but the funding requirements caused Crown to be unwilling to proceed. Acclaim then considered administration options, leading to 2 competing bids. Richard Hall from HW Corporate Finance provided negotia-tion and structuring advice on Crown’s successful bid

Funding: Financed by Crown from internal resources

Corporate Finance Advisers: HW Corporate Finance

Legal Advisers: MacRoberts LLP

Financial Due Diligence: Crown (internal)

Commercial Due Diligence: Crown (internal)

Project FrankCompletion Date: 31/08/2010

Target: TM Facilities Services

Acquirer: OCS Group UK


Details: HW Corporate Finance LLP advised the vendor on the successful disposal of TM Facilities Services, a specialist in portable appliance and environmental testing, to OCS Group UK, a leading support services provider

Corporate Finance Advisers: HW Corporate Finance

Legal Advisers: Stevens and Bolton LLP

Project TimeCompletion Date: 10/08/2010

Target: Roke Manor Research

Acquirer: Chemring Group PLC

Deal Value: £55 million

Details: Chemring has entered into a conditional agreement to acquire Roke Manor Research from Siemens Holdings plc. Roke, based in Romsey, UK, is a world-class engineering company that provides contract research, product development and low volume production for a wide range of UK and international customers. It is a leading developer of advanced sensors, signal processing, communications and network solutions for the Countermeasures, Counter-Improvised Explosive Device (Counter-IED), Counter-Terrorism and industrial markets

Legal Advisers: Bond Pearce LLP (team led by Stephen Pierce and Sebastian Briggs) for Chemring; Baker & McKenzie LLP (team led by Gordon low) for Siemens

Financial Due Diligence: Ernst & Young

Project Grayling


Target: Four shopping centres in Falkirk, Gloucester, Romford, and Southampton owned by The Mall LP

Acquirer: Rockspring Property Investment Managers


Details: Rockspring Property Investment Managers, who have teamed up with a new company, The Other Retail Group have acquired the Marlands shopping centre in Southampton along with three other UK shopping centres

Legal Advisers: Bond Pearce LLP (team led by Anna Robbins) for Rockspring. Berwin Leighton Paisner for Rockspring and The Mall

Project Quattro

Completion Date: 09/2010

Target: Quantasol

Deal Value: Up to £2 million

Details: Low Carbon Accelerator and Imperial Innovations have made additional convertible loan investments in Quantasol of up to £2m subject to milestones. Quantasol is an independent designer and manufacturer of tuneable ultra high efficiency concentrated photovoltaic (CPV) solar cells

Funding: Low Carbon Accelerator/Imperial Innovations

Legal Advisers: Manches (Justin Starling/James Went) for Quantasol

Investment in Quantasol


Target: Plaxica


Details: Further investment of £3m in Plaxica by Imperial Innova-tions, NESTA, Invesco Perpetual and the Carbon Trust

Funding: Imperial Innovations, NESTA, Invesco Perpetual and the Carbon Trust

Legal Advisers: Manches LLP (Justin Starling, Leanne Warren) for Plaxica

Investment in Plaxica


Target: Indigix


Details: Establishment and initial funding of Indigix led by Imperial Innovations

Funding: Imperial Innovations

Corporate Finance Advisers: Manches LLP (Justin Starling) for Indigix

Establishment and initial funding of Indigix


Target: EPI Service


Details: A substantial growth capital investment in EPI by VCTs managed by Downing Corporate Finance. EPI designs and builds data centres for a range of blue chip clients and the investment will enable it grow its product and service offerings

Funding: Downing Corporate Finance

Corporate Finance Advisers: The M Group (for EPI)

Legal Advisers: Manches (David Tighe, James Went) for EPI; TLT (Andrew Webber, Peter Naylor) for Downing

Investment in EPI Service


Acquirer: Storrington Industries

Deal Value: n/a

Details: RSM Tenon Corporate Finance provided financial and commervial due diligence for HSBC Bank plc in connection with funding provided to acquire a minority shareholding

Financial Due Diligence: RSM Tenon Corporate Finance (Nick Williams)

Commercial Due Diligence: RSM Tenon Corporate Finance (Geoff Rampton)

Project Timber


Target: Monica Vinader

Acquirer: Investor – Beringea LLP

Deal Value: n/a

Details: RSM Tenon Corporate Finance provided financial due diligence for Beringea's investment in Monica Vinader

Financial Due Diligence: RSM Tenon Corporate Finance (Nick Williams)

Project SelesCompletion Date: 31/08/2010

Target: Nikaro

Acquirer: Securitas Security Services

Deal Value: n/a

Details: RSM Tenon Corporate Finance advised Securitas on acquisition of Nikaro, a subsidiary Go-Ahead Group plc

Corporate Finance Advisers: RSM Tenon Corporate Finance

Legal Advisers: Spratt Endicott

Project Rumex


Target: The business and assets of the Education Direct mailing Division of The Education Company

Acquirer: JEM Education Marketing Services, a subsidiary of Orbital Marketing Services Group


Details: JEM Education Marketing Services purchased the mailing division of The Education Company to continue to grow its offering in the mailing sector

Legal Advisers: Thomas Eggar LLP for the Acquirer, Vertex Law for the Vendor

Division of The Education CompanyCompletion Date: 01/09/2010

Target: Parker Knight Holdings

Acquirer: Survitec Group


Details: Survitec Group acquired Parker Knight Holdings, with wholly owned subsidiaries Seaweather Marine Services and Seaweather Aviation Services. The Group has offices in Dartford, Liverpool and Southampton

Corporate Finance Advisers: BCMS Corporate

Legal Advisers: Thomas Eggar LLP for the Vendors; Clifford Chance LLP for the Acquirer

Financial Due Diligence: Ernst & Young

Sale of Parker Knight Holdings


Target: Assets of Install Contracts

Acquirer: LJS Drylining


Details: Thomas Eggar acted for the liquidators of Install Con-tracts on the disposal of certain of its assets to LJS Drylining

Legal Advisers: Thomas Eggar LLP

Sale of assets of Install Contracts


banking update 15


Well not much according to the Federation of Small Businesses. They quote research from late last year that says that 83% of small business banking is in the grip of Lloyds, RBS, HSBC and Barclays. This leaves a variety of much smaller providers sharing the remaining 17%. The effect of Lloyds’ acquisition of HBOS was to concentrate the picture further, removing Bank of Scotland from the list of also-rans.

This is something that concerns the current Lib-Con coalition, and in particular Vince Cable’s Department for Business, Innovation and Skills. “We remain steadfast in our position that businesses should be treated fairly, charged appropriate terms and have reasonable conditions associated with borrowing,” the Department commented to The Business Magazine. “It is absolutely crucial to the economy that banks rebuild relationships with their customers and restore confidence to the market that they are able and willing to lend.”

The Department continued, “The Government has set up the Independent Commission on Banking, headed by Sir John Vickers, to consider the future of banking. This commission will consider the structure of the UK banking sector, and look at structural and non-structural measures to reform the banking system and promote competition with a view to ensuring that the needs of banks’ customers and clients are efficiently served.”

Meanwhile banks say they are willing to lend but that many smaller businesses are not willing to borrow. Larger corporates are borrowing, according to the Bank of England but many of those also have access to the wider capital market, which is denied to smaller

businesses so their funding needs may not be as desperate.

It is against this background that either through government intervention or through new competitors coming to the market we may see developments in business banking over the coming months and years. One direction that this may come from could be Santander. With Abbey and Alliance and Leicester – both with business banking offerings when separate banks – now under its wing, it is keen to make its presence felt. “Our business is to understand our customers’ business as this is the only way we can provide real shape and real substance to the offer we make,” says Mike Reeves, Santander’s regional director “We respect the unique nature of each and every business in the Solent region and we believe that developing strong long-term relationships is mutually beneficial. That’s why our relationship directors maintain an ongoing dialogue with their customers in order to provide bespoke support when it is required, both through the good times and the bad.” This, in urbane banker-speak, may well be fighting talk.

Santander will not be the only bank looking to grow its share of the market but it is, remember, one of Europe’s largest and has the resources as well as a significant and growing footprint in the UK.

Businesses will be watching this space with a keen interest to see how the battle shapes up. Added to the likely deflationary effects of the Government’s austerity measures which may adversely affect a large number of businesses and their bankers, a new shake out in the banking sector may well be just around the corner.

Business banking in a time of change

in association with

The Royal Bank of Scotland (RBS) has provided debt facilities to support the management buyout of United House Group (UHG) by Lloyds TSB Development Capital (LDC).

United House is a leading housing specialist, delivering innovative solutions as a contractor, developer and investor across London and the south. The company delivers bespoke solutions for social housing new build and refurbishment, urban regeneration, public private partnerships and private residential development – bringing to fruition some of the most exciting and highly-successful developments in the country.

LDC was established in 1981 and is now one of the largest mid-market private equity houses operating in the UK.

Group commercial director of United House Group Kevin Duggan said: “We are delighted with the funding package and support provided by the RBS structured finance team. Through its detailed analysis, and our strong relationship with the team, RBS developed a deep understanding of the Group and the differing complexities and requirements of each of its divisions. We were impressed with the way the team was able to take all of this on board and tailor a financial solution appropriate for the next exciting stage of our development. We look forward to working with them going forward.”

Simon Greenhill, director of Financial Sponsors, South, commented: “We are pleased to have been able to support management and LDC with this MBO. UHG has a unique proposition in the market place and we look forward to supporting them in the future as their multi-faceted skill set allows the business to take advantage of an increasingly-complex contract environment.”

Bank supports management buyout of United House Group

Ten years ago the Cruickshank Report looked at competition in the banking industry and concluded that there was ‘market concentration in favour of big banks’ in respect of SME banking services. Has anything changed? asks Richard Willsher of The Business Magazine

banking update16


David Cover and Son (Covers) Timber and Builders Merchant operates from 12 branches across Sussex, Hampshire and Surrey, with its headquarters in Chichester. Established in 1846 as a timber merchant Covers now offers a full range of building materials to its diverse customer base. With sales of more than £50 million in 2009, family owned Covers' strong customer service ethic has made it the leader in its area. Covers has continued to invest through the recession in new premises, equipment vehicles and systems.

The centre of Covers operations is its 12-acre site in Chichester. It has a large and efficient timber mill and treatment plant producing bespoke customer requirements in hardwood and softwood as well as stock materials for the other depots. In addition to its specialism in timber, Covers also has large displays of doors, windows, wood

HSBC covers operations in ChichesterIn the second of four case studies, HSBC Corporate clients explain how the bank came up with a bespoke solution, or why they chose it. The second of these studies is Covers, headquartered in Chichester, which transferred its business to HSBC

floors, landscaping, kitchens and bathrooms.

Covers chose HSBC because it had built up a good corporate relationship during the past few years, funding asset purchases. Covers' plans include developing its network of depots and, as the economy recovers, its requirement for working capital will increase.

Finance director at Covers Rupert Green explained: “HSBC offered a flexible combination of long and short-term facilities at reasonable margins and demonstrated a good understanding of our business and the industry, giving us confidence that the bank would support future opportunities.”

John Griffiths, HSBC senior corporate banking manager, continued: “We are delighted that Covers has chosen to transfer its banking relationship to HSBC Corporate Banking. Covers has an excellent management team

Rupert Green, John Griffiths and Patrick Green at the Chichester depot

and a strong business offering. We are looking forward to a long relationship working with them to support the profitable expansion of their business.”

Covers is also a leader in sustainability; both in providing information and products to customers through its Eco-centre and by investing in energy saving vehicles and equipment to reduce its operational energy and water use.

The Eco-centre in Chichester has the largest display of home energy and water saving products in the south.

Details: John L [email protected]

Latest Lloyds TSB Business Barometer "monthly snapshot" shows:

Businesses are becoming more •confident about the economy

Business expectations for their •own performance remains muted, showing firms remain cautious about investment spending

The findings suggest that •growth will slow in the second half of the year but that the chance of a double-dip recession is beginning to recede.

British businesses are caught in a "confidence conundrum" in which their hopes for the economic outlook are becoming brighter, while expectations for their own trading prospects are failing to gather momentum. The findings in the latest Lloyds TSB Corporate Markets Business Barometer suggests that firms are still holding back from investing – and are likely to do so

‘Confidence conundrum’ sees business investment appetite remain low

until faith in their own prospects is restored.

Given the Barometer’s record as a leading indicator of GDP, the latest survey suggests that economic growth will slow in the second half of the year and then stabilise at a low but positive level.

Trevor Williams, chief economist, Lloyds TSB Corporate Markets, said: “Confidence has rebounded in the past 18 months, but businesses are still cautious about their own prospects. This means investment spending is likely to remain subdued and that overall GDP is likely to

slow in the second half of the year – though we should avoid a double dip recession.”

The monthly snapshot of business sentiment shows that almost half of British small firms (47%) say they are now more optimistic about the economy than they were three months ago, while a quarter (23%) say they are less hopeful. This results in an overall ‘balance’ of 24%, which is seven points higher than the levels reached in the previous month – and follows three months of consecutive falls.

However, companies views

about their own prospects are improving much more slowly. More than two fifths of businesses (44%) say they expect an increase in trade over the coming 12 months, while just 15% believe business will slow down. The resulting balance of 29% in August is just 2% higher than in July and remains below the long run average for the survey of 41%.

Across the sectors, industrial businesses were the most confident about own company prospects (37%), followed by distribution (28%) and services (25%). From a regional perspective, firms in the Midlands were the most confident about own company prospects (36%), followed by the south (31%) and the north (20%).

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10

Optimistic 57 65 58 64 60 47 51 47

Same 22 25 27 16 15 23 14 19

Pessimistic 21 10 15 17 24 27 34 23

Balance +37 +55 +43 +47 +36 +20 +17 +24

Barometer questionsAre you presently more optimistic about the economy than you were three months ago?

We accept calls made through RNID Typetalk. Remember we cannot guarantee security of messages sent out by email. Lloyds TSB Corporate Markets is a trading name of Lloyds TSB Bank plc and Lloyds TSB Scotland plc. Authorised and regulated by the Financial Services Authority under registration numbers 119278 and 191240 respectively. Bank of the Year 2005-10. FDs’ Excellence Awards in association with the ICAEW and supported by the CBI & Real Business. LSE56-AD490AD-0910_A4

Technically speaking, we’ve got great relationships.

Bank of the Year winner 2005-2010

We’ve had a close relationship with Ricardo, one of the world’s leading technology and engineering providers, spanning over 20 years.

Our support has helped them innovate and diversify into progressive technologies like wind and solar energy engineering.

And our commitment to businesses like Ricardo is just one reason we’ve been voted ‘Bank of the Year’ for the sixth year in a row.

To find out how our Thames Valley & South corporate team can help you, contact:

Paul Bate, Business Development Director tel: 07795 014159 email: [email protected] or

Steve Clarke, Area Director tel: 07920 207685 email: [email protected]

Corporate Markets

banking update18


Businesses have been borrowing less for some time as the whole economy has deleveraged. We expect new loan demand to increase towards the end of 2010 and into next year with demand set to jump in 2012.

Many UK and European companies will need to refinance in 2012 as a result of three, five and seven-year agreements signed in 2009, 2007 and 2005 reaching maturity. According to our estimates the value of debt will be double the amount due to be refinanced this year.

In addition to this, as the UK economy begins to rebalance between public and private sector and confidence in the private sector increases, businesses will start to borrow again for capital investments, which will increase the pressure. This will lead to a spike in demand and increase the

cost of debt to businesses.

Those businesses able to refinance early with their lenders should consider doing so to avoid the squeeze and to secure the best possible rates before the supply of finance available from bank deposits and from the capital markets becomes increasingly scarce.

Adding additional pressure to this spike will be demand for growth finance. Businesses are currently managing for cash, but capital expenditure cannot be deferred indefinitely and at some point they will have to invest again. Smart management teams will spot opportunities created by the recession and it is these businesses which will be the first to seek finance. Demand will accelerate as the economy strengthens and this may well coincide with the refinancing

spike as it reaches a crescendo in 2012.

This additional growth funding demand will increase the upward pressure on the already apparent 2012 refinancing spike, reducing available supply even further and thus increasing the cost.

And the increase in demand for liquidity is not just a feature of the lending market. Anyone raising finance will find themselves exposed to the same liquidity constraints. Banks raise money to lend from customer deposits and through the wholesale markets. There is increasing competition to attract customer deposits, and increasing competition in the wholesale markets for liquidity.

All of this means that the time for UK businesses to refinance is now while banks and the capital markets supply outstrips the

Refinance now, says BarclaysContrary to popular belief, banks are working hard to ensure there is sufficient funding available for those companies which present a viable business proposition, writes Ian Workman, Barclays Corporate's head of region for Solent and Dorset

presently low demand.

However, it is clear many chief financial officers are delaying refinancing in the belief that spreads will fall before their debt matures. This belief has emerged as a result of the widening of spreads over base rate and LIBOR from their pre-crunch levels, leaving many businesses with the impression that lending is currently expensive in historical terms. The reality is that while margins have increased due to a rise in lending risks and regulatory change, such as banking capital requirements and the increased cost of wholesale borrowing, bank debt is still substantially cheaper, in absolute terms, than in 2007 or 2008 due to the historically low interest-rate environment. This is unlikely to remain the case. Refinancing early will avoid the squeeze.

Details: Ian Workman07775-543496www.barclayscorporate.com

The research shows a number of areas in the south east, including Hastings, Thanet, Gosport and Portsmouth, fall within the least economically resilient areas in the UK. Specifically, Hastings and Thanet are placed in the lowest 10% of the overall rankings in the country, scoring low in most categories, including the proportion of high growth sectors, business birth rate, levels of unemployment and deprivation. Particular vulnerabilities can be seen along coastal areas where over 18 districts are seen as exposed to public sector cuts.

Areas such as Elmbridge and Waverley in Surrey are shown to be more able to withstand sudden changes in the economy.

The South East England Development Agency (SEEDA) is working to support the economic development of the south east. In 2009-10, the agency created or

safeguarded more than 10,000 jobs, 7,000 through inward investment work. Other success stories include the development of the Daedalus site on the Lee-on-Solent and the regeneration of Hastings and Bexhill where average earnings have risen from 68% of the regional average to 82% and considerable private sector investment has been levered into developments across the area.

Pam Alexander, chief executive of SEEDA, said: “While the south east remains at the heart of the UK economy we must look beyond clichés when considering the stark contrasts between prosperous and deprived areas. It is the case that parts of the south east have been unable to share in the general prosperity that much of the locality enjoys. Our analysis indicates that places including Hastings, Thanet and other towns around the Hampshire, Kent and

Sussex coast are as vulnerable to economic shocks as many places in the north and Midlands.

“SEEDA has done much to support these vulnerable local economies. It is time to look beyond headlines about the north/south divide and cuts in public sector expenditure to consider what can be done to maintain momentum in these vulnerable economies. I very much hope that new Local Enterprise Partnerships and the government’s Regional Growth Fund will be able to support these areas in order that they are not left behind compared to stronger economic areas.”

The Experian report was commissioned by BBC English Regions. It looks at places which are least resilient to economic shocks. The results are based on four categories, including business, community, people and place.

North/south divide is less simplisticRecent figures released by Experian and the BBC demonstrate that the north/south divide is less simplistic than often portrayed

Hampshire County Council has agreed to a £1.2 million package of improvements in the North Popley area to make it easier and safer for pedestrians and cyclists to travel around the area, as well as to provide a link into the Basingstoke town cycle network.

The complete North Popley accessibility improvements scheme will be funded by developer contributions and includes an earlier phase of the overall scheme completed in the summer. The wider scheme will address the urgent need to upgrade the existing infrastructure of footways, roads and cycle routes and prepare for future demand as new homes are built in the area.

Upgrading Hampshire's infrastructure

Santander Corporate Banking is the brand name of Santander UK plc, Abbey National Treasury Services plc (which also uses the brand name of Santander Global Banking and Markets) and Santander Asset Finance plc, all (with the exception of Santander Asset Finance plc) authorised and regulated by the Financial Services Authority, except in respect of consumer credit products which are regulated by the Offi ce of Fair Trading. FSA registration numbers: 106054, 146003 and 423530 respectively. Registered offi ces: 2 Triton Square, Regent’s Place, London NW1 3AN and Carlton Park, Narborough LE19 0AL. Company numbers: 2294747, 2338548 and 1533123 respectively. Registered in England. Santander and the fl ame logo are registered trademarks. BM AUG 10

strong

lasting rewardsrelationships,

The team you can bank on

We believe business is built on relationships. That’s why, when you bank with us, you’ll be supported by a dedicated Relationship Director based in the Solent region. They won’t just sell you products but will listen, engage and then provide real shape and substance to the solution they offer.

At Santander Corporate Banking, we want to be part of your team. We pride ourselves in using our expertise to support Solent businesses through the good times and the bad. And, we offer lending, risk management, deposits, cash management and supply chain solutions – whatever it takes to help you build your business.

If your business needs a better banking relationship challenge us today

02380 831 995

The new shape of corporate banking

Martin Phillips, Jo Perkins, Gareth Burgerand Natalie Ford from the Solent team.

finance20


The next major stage, and what some may see as the biggest challenge to date, of moving towards one set of global accounting rules and standards is well underway. This challenge involves the convergence of the currently "principles-driven" International Financial Reporting Standards, with the "rules-based" US accounting standards. This project has inevitably seen, and will continue to see, a major overhaul of current accounting practices with the current front runner in the eyes of many being the changes to accounting for leases, which is planned to rollout in the coming years.

Whilst initially this may be construed as an accounting issue only, upon deeper review it can easily be seen that the impacts will be far wider reaching.

An exposure draft released by the International Accounting Standards Board (IASB) in August has formalised some of the proposed changes to the current accounting standards, with an appreciation that those current standards are "broken" and require review. The key highlights of this draft are as follows:

The distinction between finance •and operating leases will cease to exist. For lessees, all leases will be recognised on the balance sheet as an asset based on a "right to use" model, with a corresponding liability to make lease payments.

For lessors, the treatment would •depend upon its exposure to risks and benefits under which the asset could be recognised or derecognised.

The measurement of leases would •now assume the longest possible lease term providing it is more likely than not that extension options will be exercised.

The measurement will also take •into account contingent rentals and extension rentals on the premise that they are expected.

The proposed model will require •more extensive disclosures than currently required under

existing accounting standards. The increased disclosures focus on qualitative and quantitative information, including the significant judgements and assumptions made in measuring and recognising lease assets and obligations.

A final standard is expected in mid-2011 with an effective date of no earlier than 2012. However, this standard is almost certain to apply retrospectively and hence existing leases will need to be reviewed at the time of implementation. Therefore, upfront action will be imperative to manage the impact of this change.

The far reaching consequences of the proposed changes include the following, which would all need consideration:

Strategy: When thinking ahead at the future strategy of the business, the change to bring leases onto the balance sheet could impact decisions around buying versus leasing, particularly if previously a major decision point was around a building lease for example being "off balance sheet" as these benefits will now be eroded. Similarly, when looking at current leases, consideration needs to be given over whether these could be purchased favourably in the current economic environment, or whether they could be restructured to remove any potentially onerous extension clauses or contingent rentals.

Systems: Given the new data that would need to be captured, a detailed review would need to be carried out around the current systems in place and whether they have the capability or adaptability to track information such as contingent rentals, default provisions, lease incentives etc.

Controls and processes: With new complexities and levels of information required in order to assess the accounting impact, the controls over upfront lease approvals will be key, particularly where leases have non-standard terms and are

The costs of convergence – changes to lease accountingAs the goal of global convergence of accounting standards draws nearer, businesses should start planning now for the potential impacts, which spread far wider than simply financial reporting

relatively bespoke in nature. In addition to this, given the likelihood that lease terms and contingent rentals will need to be re-considered annually, are the necessary processes and resource in place to achieve this along with other year end responsibilities.

Financial Impacts: And last but definitely not least are the impacts on financial data. This is not merely confined to the new accounting treatment but other questions will need to be addressed:

How is financial information •collected for reporting purposes, inclusive of disclosures?

How is the leasing process linked •with treasury and/or compliance functions and what impact will adoption have on banking covenants?

How will the new treatment of •leases impact key balance sheet ratios, as well as cashflow and income statement presentation?

How will the changes to EBITDA •and other metrics impact employee compensation plans?

How will your budgeting •processes be impacted by the new leasing model?

The level of impact highlighted above will obviously be dependent on the circumstances of each company but it is likely to have an effect on the significant majority of companies in one shape or form. Assessments now should identify which impacts will require the most significant effort, along with identifying any near term "easy wins".

During the coming years, communication will also be important. This will specifically centre around communication to stakeholders of each business on the developments and impacts, such as the potential for increased volatility of profit, changes in key financial ratios, debt covenant challenges as

well as the classification differences within the primary financial statements. It will also be helpful to link into a business adviser and/or relevant industry organisations during this time for additional guidance and support.

The exposure draft released by the IASB, which is publically available, has invited comments up until December 15, 2010 and we recommend that the majority of companies use this period to comment and hence ensure that the IASB can reflect on all specific circumstances of individual companies when confirming a final standard next year.

Details:

Andy [email protected]

Nicholas Smith023-8083-5042 [email protected]

Andy Grimbly

Nicholas Smith


manufacturing 21


The survey shows that manufacturers are continuing to enjoy buoyant trading conditions on the back of rising demand in overseas markets, pointing to good prospects for growth for the rest of the year.

The third quarter EEF/BDO "Manufacturing Outlook" report reveals that recovery, which began at the end of last year, has been sustained with output and orders balances reaching record levels for the second quarter in succession. This performance continues to be driven by the strength of overseas markets, with new analysis published by EEF showing a close relationship between exposure to export markets and company performance.

Among south east manufacturers:

59% reported an increase in total new orders•

63% increased total output volume•

50% recorded stronger export markets.•

Greater confidence across the sector is also continuing to translate into some recruitment, albeit anecdotally this is being driven by temporary or agency working which will give employers flexibility should demand begin to slow.

Uncertainty about future demand had been dampening investment plans, but a number of sectors are now planning to increase in investment. The positive investment intentions posted this quarter break the pattern of previous recessions by recovering at an earlier stage in the cycle.

However, the short-term optimism highlighted

by EEF’s survey is shaded with a degree of caution about the risks to growth in 2011. As fiscal consolidation really gets underway in the UK and others follow suit, together with the weaker outlook for the US and risks to the sustainability of Asia’s growth path, the recovery could yet falter.

Robin Lloyd, head of manufacturing at BDO in Southampton, comments: “Currently manufacturing seems to be one of the UK economy’s success stories, in particular in the south, though the spending review casts a looming shadow on all sectors. If the coalition is to effectively rebalance the economy, it must put manufacturing and its exports at the centre of economic strategy for the foreseeable future, and the south’s manufacturers should continue to exploit opportunities where they can best compete – in innovation, R&D and customer service.

“In the south and south east, although we have a lot of niche and advanced technology manufacturers, we still hear stories about the difficulties of access to credit, particularly for mid-sized manufacturers, so targeted funding from government is to be welcomed. But equally important are appropriate taxation, education, skills and research policies which will position the sector as a key part of the economy and provide the right framework for growth.”

Nationally, the survey was also notable for two other factors. Firstly, the balance of companies recruiting almost doubled in the last three months to +17%, the strongest in

SE manufacturing leads the wayManufacturing in the south east outperformed every other region of Britain over the past three months, according to the latest survey published by EEF, the manufacturers’ organisation, and BDO LLP

the survey’s history.

Secondly, the investment balance turned positive to +7% for the first time since 2008Q2. Compared with previous recessions, where investment balances have tended to lag behind increases in output by over a year, this is a somewhat faster recovery in capital expenditure intentions and signals that companies are becoming more confident to begin investing in plant and machinery.

Looking forward, expectations about future prospects remain positive, with a balance of 27% of companies expecting output to increase in the next three months, and 22% expecting orders to expand. Both of these balances are higher than the previous quarter’s figures suggesting there is confidence that the recovery will continue into the next quarter at least.

EEF also published its latest forecasts for the UK economy and manufacturing. These show the economy growing by 1.5% and 2.1% in 2010 and 2011 respectively whilst manufacturing will grow by 3.7% in 2010 before easing back slightly to 3.2% in 2011.

Details:Robin [email protected]

The University of Portsmouth has helped three local businesses secure government funding to develop products and services which will create five new jobs locally.

By working with the University, Xyratex, STS Defence and Tendercare were able to secure more than £300,000 of knowledge transfer partnership (KTP) funding. KTPs help businesses work with experts from universities to improve their competitiveness and productivity by tapping into the knowledge, technology and skills of universities.

At the University of Portsmouth, the Institute of Industrial Research and the department for Mechanical and Design Engineering experts will deliver the projects in the areas of digital electronics, artificial intelligence and materials and manufacturing.

These KTP successes build on the university’s

reputation as an institution committed to helping businesses succeed. During the past three years the university has worked with businesses on 34 similar programmes.

Dave Milward, director of skills and technical vitality at Xyratex, said: “Our previous and ongoing work with the university and its proven expertise in this field is what attracted us to enter into this working collaboration.”

A recent government report stated that for every £1 million invested in KTP, the benefits to UK business amounted to £3.5m in pre-tax profits, securing 34 genuine new jobs and further training for 374 people.

These awards will enable five graduates to gain employment with industry in the vital sectors of science and technology, and in the process help companies improve their ability to export to overseas markets.

New jobs created locally

Hampshire shipbuilders at BAE Systems are anxiously waiting to hear if the company will secure a £2.9 billion order from Brazil for up to 12 vessels. Brazil has signed a defence co-operation agreement with the UK and is looking to invest in its armed forces and boost its navy with frigates and patrol boats.

Frigates are designed to combat submarines, protect the fleet and support land forces and are worth up to £400 million each, when built in the UK. Patrol vessels are worth up to £80m each at UK prices and would mainly guard Brazil’s vast offshore oil interests.

Now at work on sections of what is scheduled to be the first of two aircraft carriers for the Royal Navy, any orders could help secure future jobs for the Portsmouth yard’s 3,000 workers. However it is unclear how many of the vessels would be built in the UK if the deal proceeds.

Shipbuilders await £2.9 billion order

manufacturing22


Students on their first day of term at Southampton City College were among the first to see inside the new buildings at St Mary Street, which feature millions of pounds worth of state-of-the art equipment to aid them in their studies.

The college, which has established links with a diverse range of industry sectors in not only the city, but also the wider region, provides students with training and work experience which sets them apart, because they emerge industry ready.

City College, which includes a former 1859 workhouse, was one of the first colleges to start its redevelopment using FE capital funding under the old scheme for Phases One and Two, and the new scheme Phase Three. As a result, by last month some 80% of the campus is new and purpose-designed for the highly vocational curriculum.

Students were shown around the new buildings and facilities. The Hub building features: a 200-seat professional theatre fitted with the latest professional equipment; a fully-functional restaurant and kitchens, which will be open to the public; a professional hair and beauty salon; media suites filled with around £1 million worth of industry-standard equipment, already the envy of local media crews; a TV studio that can be used to film GMTV style programmes in full HD; numerous classrooms and spacious break out areas, and exhibition space.

Principal and CEO of City College, Lindsey Noble, showcased the completed work, accompanied by students who will benefit from the development. “The opening of The Watts Building and The Hub mark the culmination of a campus redevelopment programme totalling £48m planned over three phases,” she explained. “Today marks the culmination of eight years of incredibly hard work to bring our vision to a reality. It is incredibly rewarding to see the students working inside the new buildings and benefitting from the facilities. The redevelopment project means that we can even better serve the needs not just of 16 to 18-year-olds, but also adults looking to upskill and those in the community looking to learn for pleasure.”

Theatre studies student Lindsey Goodridge added: “I think it’s really fantastic. It looks like a completely new college – like something that should be in London. The design is futuristic so I’m looking forward to being in there for the next year. It’s going to be really useful being able to rehearse and have classes in the theatre too because we’ll be able to see how much space we have to perform our productions. It’s going to be like going to study in a real theatre which you would visit in the West End.”

“We want to establish our theatre, which is extremely flexible, as the best-equipped college

The start of a new term always has a special buzz – especially at Southampton City College, which welcomed its autumn intake with a new £34 million development. Sue Hughes of The Business Magazine reports

Exciting new term starts

theatre on the south coast,” continued Noble. “When students leave with ‘ran box office for a month’ or ‘ran theatre bar’ on their CVs, it is experience which will allow them to be truly ready for the world of work. It’s also a community facility and when the adjacent old building is demolished it will create a public entrance to The Hub, with parking, which is separate to the college students’ entrance.”

The Hub can cater for business conference and meeting requirements too, thus creating some healthy competition for venues such as local hotels, and those lucky enough to be working and studying in the TV studio will be involved in a 20-minute live programme coming out in a few months, using industry-standard equipment.

The Watts building features state-of-the art engineering facilities including: engineering, electrical and pottery workshops, six seminar rooms, a 68-seat lecture hall, design studio, professional CAD office, robotics/electronics room, engineering and construction laboratory, wet laboratory, new reprographics room and a new post room and storage area.

The autumn term saw 1,700 16-18-year-olds start courses, 600 apprenticeships begin and during the academic year 6,000 adults will attend long/short courses. It focuses on vocational skill sectors which have industry jobs available, although in the current climate, Noble stated it was not so easy to gain employment: “It is tough, but apprenticeships are vital. You need fully employed status to build a career and I feel we need to educate employers to a greater degree about the value of apprenticeships, because some have lost touch. However, we do have excellent links with supportive local employers.”

An NVQ level two engineering course equates to five GCSEs, but more to the point, it covers maths, IT and English in a manner which relates to the

actual course, so students gain technical skills along with essential literacy and numeracy skills.

The campus redevelopment has particularly strong green credentials – it is graded as BREEAM excellent, which is the highest environmental score possible, and includes features such as a combined heat and power unit, a sedum roof, recycled glass tiles and an advanced energy management system.

“City College serves one of the most deprived communities in the south east and offers opportunities to the many Southampton young people who leave school at 16 with poor achievement. We have outstanding success rates and our vision is to develop in all our young people the skills and attributes needed in a good employee. The college has created innovative workshops, seminar spaces, breakout spaces and studios and is designed to mirror the environment of a 21st century workplace. It is committed to meeting the present and future training needs of industry,” concluded Noble.

City College’s Marine Skills Centre, located on the waterfront with its own slipway onto the River Itchen, is at the forefront of making sure those employees, apprentices and future workers have the skill levels to compete in a highly-competitive global industry. With 1,000 sq m at the centre and two further sites in Southampton, its specialist range of bespoke training solutions and facilities are unequaled in the region and it plays a key role in the development of the UK’s marine sector. Dave Browning, who has been described as "probably the best composites" tutor in the south’ has a lifelong passion for boating and has worked in training since 1978 (on the site when it was the Shipbuilding Industry Training Board). It closed in the early 1980s, but he has come full circle,

and stated: “Our facilities are outstanding and the teaching staff are incredibly close-knit. We believe that working together as a team really makes things happen for students.”

Andrew Kaye, head of faculty of engineering and manufacturing technologies, commented: “The GRP workshop really sets us apart. It is one of the best I have worked in. The combination of state of the art equipment and highly-skilled tutors is unbeatable. Along with links to business and industry, the centre has close links with schools. A number of learners study at the centre whilst still at school and go on to become full-time students when they leave. The Centre provides opportunities for everyone interested in marine industries.”

The Hub entrance


manufacturing


As one of the UK’s leading business and financial advisers, Grant Thornton works with clients across the manufacturing sector to provide them with specialist assurance, taxation and advisory services.

Drawing on her in-depth knowledge and twenty years experience of the manufacturing sector, as well as the latest research, Amanda James, senior manager, at Grant Thornton Southampton, shares her insights on what the future may hold for the manufacturing industry and outlines her key predictions.

She said: “For many, improving productivity and competitiveness in a global marketplace has been a key priority. The focus has been on investing in a skilled workforce, effective supply chain management and outsourcing operations where appropriate. But the real question now is – what will the next few years bring? Though it’s impossible to give finite predictions there are clear, emerging issues which we forecast will lead the manufacturing agenda over the coming months and years.”

1. Management skills shortage and ageing workforce

The manufacturing industry has been experiencing skill shortages in management – both vocational and academic – for a number of years. In a recent survey of 400 interim managers, 86% claimed there was an industry-wide skills shortage, with the largest gap in general management. One in five also thought that employees with change management skills were needed, and 18% felt there was a lack of good project management skills in the industry. Respondents also bemoaned a lack of skilled employees. Skill audits have suggested that not enough young people are entering manufacturing and the workforce is an ageing one. Approximately half of those in manufacturing are above the age of 45, suggesting the industry could face major problems in years to come if this imbalance is not addressed. The industry needs to continue to promote the wealth of opportunities in this sector, encourage young people to take STEM (science, technology, engineering and maths) and find new ways of engaging talent and developing skills.

2. Losing key personnel

With skill shortages a key issue it is even more important than ever for companies to retain those staff they have already invested in. In a recent survey 49% of manufacturing employers list employee retention as a very important benefits objective. When employees

were asked what they looked for in a job, the top responses included variety in their work, flexible working hours and simple things such as time with a manager and verbal praise. While employee retention incentives might appear to be an additional item a company just cannot afford, research shows that companies with an average of 10% or more in employee turnover annually pay upwards of £32,000 to replace each lost employee. So from this perspective the "nice to have" becomes the "need to have" and can save considerable costs in the long-term. Companies have learned that when people leave the sector they seem not to return, so effective talent management is vital.

3. Alternative capital investment strategies

As a result of borrowing costs rising, despite base-rates being at a historical low, more manufacturers may have to take specialist advice and seek capital investment for growth from alternative sources, rather than relying on their banks. The manufacturers’ organisation, EEF, highlighted how the damage to banks’ balance sheets as a result of the recession may dampen recovery – with new orders putting increasing pressure on maufacturers’ cashflow. The EEF confirms that credit conditions are “very tight”, with banks still reluctant to increase lending to businesses, despite hopes that the economy is recovering. This limited access to lending facilities means businesses are likely to find it more difficult to meet growth in demand with expansion and would therefore have to seek capital investment elsewhere.

4. Public sector cutbacks will impact private sector

Many British manufacturers are in the government supply chain, so cutbacks in the public sector are likely to have a significant knock-on effect – even if more work is out-sourced to the private sector. In this region it is defence contractors who are likely to feel the biggest impact, however other sectors such as transport, education and health will also feel a strain. Growth in manufacturing is expected to take up much of the employment capacity but this will require investment which in turn is dependant on confidence and stability. There will be a skills gap to bridge as a service and public sector experienced workforce returns to manufacturing.

The removal of the regional development agencies and central support for R&D and university funding, will squeeze the innovation pipeline, stifling development and leading to a focus on an earlier return on investment.

Grant Thornton’s top five predictions for the manufacturing industryThe last few years have seen significant change in the sector as manufacturers face challenges such as tax structuring, managing a global supply chain and operational management

5. Managing change

The global market, that all businesses now operate in, means commercial and retail customers have an ever increasing choice of who to buy from. The emerging economies of China, India, Brazil and Russia are growing in strength, as they move from cheap sources of supply to large markets with increased opportunities. Supply chain management will continue to be the major issue as these markets choose whether to globalise or localise. The manufacturing sector needs to ensure they can respond to this challenge through innovation, commitment and drive. Innovation can be encompassed by all areas of your business – as a drive to improve processes, the quality of products, increasing a product range, reducing waste and repositioning your relationships with suppliers – all have an impact on the bottom line. Is your workforce motivated to drive this change through?

How are you going to lead your business through the coming changes? If you would like to know more about how Grant Thornton Southampton can help your business reduce the risks and maximise the opportunities in today’s climate, see details below.

Details: Amanda James023-8038-1168 [email protected]

Amanda James, Grant Thornton

23

commercial property24


The private rented sector (PRS) has grown by 1.1 million households in the past decade and is now worth £500 billion, dwarfing the value of the entire UK commercial property sector.

More than 66% of all households created in 2008-09 were in the PRS, and it now accounts for 14.2% of all households in England.

The growth of the PRS can be attributed to the declining affordability of home ownership in today’s credit-constrained environment, changing household composition, an increase in UK immigration, rising student numbers and student debt and the growth of buy-to-let investment. The quality of stock has improved and PRS currently accounts for 20% of new build stock nationally and up to 60% in London.

Institutional investors could play a critical role in the housing market by providing an alternative source of funding for residential development that will drive new housing supply. In the longer term, the diversification of funding options would not only reduce the residential property industry’s dependence on debt but ensure the housing market becomes

more resilient to future market shocks.

The current economic climate has created an opportunity for institutional investors to enter the residential market via the PRS as a combination of stable rents and lower capital values have pushed yields out. UK residential property has a lower level of risk compared to other asset classes and a five year average total return of 6.8%, well ahead of commercial property (1.8%).

CBRE regional managing director Neville Thompson said: “The Englishman’s home may still be his castle, but increasingly he rents it rather than owns it. The UK population is expected to grow by 16% during the next 25 years and this, coupled with the declining affordability of home ownership, means that demand for rental property is likely to remain strong.

“Current market conditions have created breathing space to allow institutions to gain a foothold. A strong private rented sector will provide professionally-managed rental housing, a flexible housing market and a new

Neville Thompson

Private rented sector

The Arts University College at Bournemouth (AUCB) has received a £3.6 million facelift from Greendale Construction.

Established in 1985 as one of the country’s leading seats of specialist learning, AUCB has gained a good reputation for producing talented graduates in art, design, media and performance across the creative industries.

Staff and students need a well-resourced environment in which to practise to the highest professional standards and Poole-based Greendale Construction was chosen for three further major projects on the campus, as it has a strong history with the AUCB.

The most high-profile work is being carried

out on the new North Extension or Cube, a four-storey building. Greendale has installed a café and gallery on the ground floor with a film screening room, edit suites, design studio, production office and other accommodation occupying the upper levels. “We have been tasked with providing the landscaping around this impressive building,” said director Chris Kane. “The total value of the overall project is £2.5m.”

Also set for completion in autumn is a refectory extension, with a contract price of £850,000, something which will more than double the area of the existing facility. The extension will have a new roof top terrace leading from the bar area.

Facelift for the Arts University College

source of money to drive housing supply.

“There are a significant number of institutional investors actively considering the private rented sector and there have also been a number of private equity funds that have shown an interest. We are confident that this level of interest will feed through to actual transactions.”

The new north extension or cube

Performance improvement company Douglas Stafford is expanding at Highcross’ 1000 Lakeside office building in Portsmouth, taking over an adjoining office suite, to meet its growth requirements.

The additional space will mean that Douglas Stafford, which helps companies evaluate their performance through mystery shopping, training and client satisfaction analysis, will now occupy just under 5,000 sq ft on the ground floor.

Managing director, John Fieldhouse, said: “Following growth in demand for our customer satisfaction analysis services, we are recruiting additional staff and will be using the extra space to increase our call centre facility. 1000 Lakeside has proved to be a great location for our business, with easy parking and excellent facilities for our customers, and we’re very pleased to be expanding our headquarters here.”

Douglas Stafford employs more than 60 staff at 1000 Lakeside, plus national field research and training teams. The company operates across the automotive, property, finance, leisure and retail sectors, working with businesses on improving client satisfaction and customer service.

Added Highcross director Nick Turner: “1000 Lakeside’s flexibility, facilities and location make it a very attractive choice for growing businesses which want room for expansion and a prestigious working environment.”

Expansion for Douglas Stafford


commercial property 25


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SEGRO has let a 44,000 sq ft production/warehouse unit at its Trilogy scheme at Segensworth to Runfold Medical.

The company, which specialises in the design, manufacture and commercialisation of medical devices, is relocating to Segensworth from Liphook, due to expansion and has taken a 10-year lease.

SEGRO’s Trilogy scheme includes three warehouse/production units ranging from 44,000 – 94,000 sq ft located in the Segensworth North Industrial Park. The units are provided with gated yards and 24-hour monitored CCTV. Unit 3, which has been taken by Runfold Medical, includes 9,701 sq ft of office accommodation on the ground and first floor.

Clive Gunther, chief executive of Runfold Medical, said: “We have outgrown our Liphook facilities and Trilogy offers the space to satisfy our current needs and

Clive Gunther of Runfold Medical (centre left) and Chris Davies of SEGRO (centre right) at Trilogy, Segensworth, with (far left) Ross Moyler of Vail Williams and (far right) Jerry Vigus of Lambert Smith Hampton

Trilogy letting by SEGROplans for further expansion. The location, with its easy access to the M27/A27 was a major attraction, together with the local employment resources and the modern, attractive building which reflects the right image for our business.”

Added Chris Davies, leasing manager at SEGRO: “This significant letting is the second largest in the Segensworth/Portsmouth area this year and reflects the scheme’s excellent

location and high specification”.

Agents for SEGRO in the M27 region are Vail Williams and Lambert Smith Hampton. Ross Moyler, partner at Vail Williams concluded: “This letting is great news for the local area and the latest indication of an underlying demand for larger production and warehouse units in the M27 region, despite the economic climate.”

London Clancy acted for Runfold Medical.

Acting on behalf of Namulus Pension Trustees, Lambert Smith Hampton (LSH) has secured the sale of a 3,237 sq ft industrial unit at the Solent Road Industrial Estate, Hedge End, to a modern dance company.

Unit 4 has been purchased by A&L Dance Academy, which was forced to vacate its previous premises at Leigh Ballroom in Eastleigh and took the opportunity to relocate within the region. A change of use on the property has been granted and will see it open as a dance school. A purchase price of £191,000 was agreed.

David Foster, surveyor within LSH’s south coast team, said: “Hedge End is a popular location, with properties for sale being sought after, given that they rarely become available. We received a high level of interest in unit 4, with many parties offering close to the asking price. This kind of response is demonstrable of the estate’s strength as a prominent commercial location.”

LHS acts for Namulus

law26


Adjourned temporarily due to the defendant’s ill health, the outcome of the first trial under the Corporate Manslaughter and Corporate Homicide Act 2007 could affect how workplace fatalities are handled in the future says Moore Blatch managing partner and regulatory expert, David Thompson.

“The eagerly awaited outcome will affect a wide range of industries and is likely to bring home to a lot of businesses the need to step up health and safety measures,” he said.

Employers have always been liable to prosecution for offences where failure in their systems of work has led to injury or death. However, the new legislation means that businesses could now be found guilty of corporate manslaughter leading to much higher fines, as well as publicity orders.

Employer’s health and safety obligations increaseCorporate Manslaughter is back in the headlines as the first ever case heard in the UK returns to court for a final decision in October

As corporate manslaughter requires a gross breach of duty at a senior level, the fines imposed will normally be much more than a fine under the health & safety legislation where someone had died. The sentencing recommendations indicate a starting point of half a million to a million pounds in appropriate cases.

An organisation found guilty could also be expected to pay the costs of the prosecution and will be subject to a publicity order, requiring the company to publicise the conviction, particulars of the offence, the fine and the terms of any remedial order.

Thompson comments: “Directors and senior managers of companies can no longer afford to turn a blind eye to persistent failures in procedure and unsafe working practices.

“They have an obligation to control

and prevent unsatisfactory conduct which could result in a death. If they do not adhere to their duty and the unfortunate occurs, the company will be subject to a corporate manslaughter investigation,” he concluded.

Where an action is bought under the new legislation, the prosecution will have to show that there has been a gross breach of the organisation’s duty of care. This normally requires the conduct of the offending company to have fallen below what would be reasonably expected.

A member of the Health & Safety Lawyers’ Association, David Thompson has extensive expertise in this field and is annually recognised for his work by independent directories The Legal 500 and Chambers UK.

David is supported by a team of regulatory experts who represent individuals, companies, directors and senior managers charged with offences under the Health & Safety at Work Act 1974 and other health and safety regulations.

Details: David Thompson023-8071-8000david.thompson@mooreblatch.comwww.mooreblatch.com

David Thompson

The recent GCSE and A level results show that schools are increasingly encouraging pupils to achieve higher standards, with many candidates responding positively by attaining outstanding results.

Ensuring that your child attends the right school and receives the correct level of teaching support to meet their educational needs is not always guaranteed and often a child’s needs may change as they develop.

Moore Blatch is able to deal with a whole host of educational concerns and regularly advises parents on appropriate courses of action. Many children can have specialist requirements, whilst others may not have been accepted into their original choice of school. All these factors can have a bearing on a child’s educational progress, with many parents choosing to intervene to ensure the best outcome for their child.

Education law specialist at the firm, Leena Hurloll, warned that access to the right education is key for a child’s future and it is important that parents are aware of options open to

them, should they need to challenge decisions affecting their child’s education.

Hurloll regularly deals with appeals on behalf of parents and believes that legal representation at an early stage can significantly increase the success of overturning a decision: “Many local authority decisions can be resource based and do not necessarily correspond to the child’s specific needs. We can help parents to identify their child’s special educational needs through to obtaining a statement for a child – if this is what it takes to achieve the right education.”

Many of the schools that have achieved exemplary exam results this year have put the success of their pupils down to targeted support, highlighting the importance of ensuring the right education.

Having worked for local authorities, Hurloll is familiar with internal decision making and can provide clear, pragmatic advice to achieve the most beneficial outcome. Various funding options are also available to assist parents.

Getting the right schoolingOsborne Clarke has advised new client Invesco Real Estate on its £33 million purchase of a retail warehouse in Southampton from Prestbury Group.

The property is currently let to B&Q and used as one of the company’s B&Q Warehouse outlets. The acquisition is Osborne Clarke’s first following the firm’s appointment as sole legal adviser on UK real estate transactions for one of Invesco Real Estate’s pan-European funds. The

B&Q acquisition is the fund’s first foray into the UK market.

Andy Clayton, head of real estate at Osborne Clarke’s Thames Valley office, said: “This deal is an important acquisition for the fund as it enables it to spread the weighting of its assets across Europe. It is also important for Osborne Clarke’s real estate team, both in terms of the nature of the transaction and acting for such a significant new client.”

Osborne Clarke advises Invesco

Coffin Mew has recently completed a deal for an offshore client involving the sale of residential development land in Hartley Wintney to Barratt and David Wilson Homes for £11.84 million.

Construction has commenced and it is expected the first phase of residential dwellings will be completed by March.

Peter Fellows and Luc Algar from the commercial property team

led the transaction. “The success of this deal hopefully indicates a greater optimism for new build residential development. That should be great news for landowners, developers and homebuyers,” Algar commented.

“The property development market, however, is still cautious. Therefore, in the current market, clients are even keener to complete transactions as soon as possible.”

Coffin Mew completes offshore deal


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Rel Pub Co has launched The Break Bar and Loft at the Swan Centre, Eastleigh, part of a further 20 Break Bar and Loft concepts to be rolled out across the UK during the remainder of this year and 2011.

Eastleigh was chosen, as the area has undergone regeneration following investment by large leisure corporations. The new site includes a Coffee Republic coffee bar, as well as a bistro serving local seasonal foods and The Break Bar and Loft, which encompasses two floors and pavement space bringing a more cosmopolitan feel to the town.

Rel Capital’s chief executive, Andy Scott, said: “We are very pleased to have opened our first Break Bar and Loft at Eastleigh. We aim to open other sites in Chichester, Cheltenham, Clacton on Sea, Dorchester, Essex, Newbury, Romford and Southampton later this year, with the intention of opening 20 sites in the UK before the end of 2011.”

Rel Pub Co is backed by leisure

Time for a Breakventure capitalist Rel Capital, which has just acquired The Boat That Rocks a bar/restaurant based at The Portland Marina, situated next to the shipyard of Sunseeker International.

The Boat that Rocks is already a going concern which has been open to the public for a year. Rel Pub Co aims to expand on the work already implemented, with a view to increasing the corporate and function business, weddings, private parties and events.

Continued Scott: “The owners of The Portland Marina, Dean & Reddyhoff, spent £750,000 on the premises last year, so our priority will be to maximise the profile as well as improve the current sales marketing and strategy. The previous owners have done a great job with the décor and layout, so we don’t intend to fix what isn’t broken. Rel Pub Co sees this as partnership with the marina owner, to lend support as an experienced bar/restaurant operator, and intends to take the business forward to the next level.

The Break Bar and Loft

Manager Dom Lamy, Jackie Phillipson and Andy Scott chief executive

international trade28


Recognising this, UK Trade & Investment introduced the free Gateway to Global Growth (G3) programme in May 2009. To date, 275 companies based in the south east have signed up.

G3 offers a framework of support for SMEs with two to 10 years’ international trade experience looking to grow their export business. Working with an International Trade Adviser (ITA), this includes a strategic review to identify growth options; development of the chosen strategy, and its implementation using other UKTI services as required, whether market research, market visits, or training masterclasses in subjects such as maximising website effectiveness or managing IP.

Crucially, the programme provides access to UKTI’s network of advisers and officials at home and in over 200 countries worldwide.

For companies graduating from UKTI’s Passport to Export (P2E) scheme, G3 offers continuity of support, building on the knowledge and experience they have acquired.

Animation design and production agency Skaramoosh moved from P2E to G3 in May 2009. “Mr Moon”, the firm’s co-produced pre-school TV series, premiered on Playhouse Disney UK in June, after £1.4 million in funding was won as a direct result of the G3 programme.

In June 2009, Skaramoosh managing director Daniel Slight visited Singapore under G3, using a free BA business flight. There, he secured leading Singapore animation studio Sparky Animation as a partner and investor in “Mr Moon” and, through them, a further investment of around 25% of the budget from the Singapore Media Development Authority.

“TV is a global industry and UKTI support allowed us to investigate overseas markets we would not have visited otherwise, producing a number of excellent contacts,” said Slight. “UKTI help to visit Singapore was a key factor in our securing a major investment, and Gateway continues to offer invaluable support and advice as we explore other international production opportunities.”

Teri Carnegie, the company’s ITA, observed: “The introduction of Gateway was timely, resulting in real international success for Skaramoosh and giving us an opportunity to advance the work done under P2E to develop overseas markets.”

Earlier this year, ITA Iain Brown led a G3 mini-mission to Singapore.

“The trip was specifically intended for companies working closely

Trade gateway to a new level of successThe old adage that a little knowledge is a dangerous thing doesn’t necessarily apply to exporting. However, having some experience of international trade clearly doesn’t mean companies are equipped for all the challenges it presents. Every market is different, and for firms looking to develop their international business, or approach new markets, the right advice and support is as important as it is to first-time exporters

with us under G3,” he said, “to facilitate contacts in Singapore and other fast-growing ASEAN markets where it is relatively easy for UK SMEs to trade and where business potential was high. Accordingly, all the participants either identified partners, appointed agents, established good contacts, or expect to do business worth a potential combined total of over £4.5m in the next year.”

For more information about Gateway to Global Growth, and other UKTI services see details below.

Details: [email protected] www.uktisoutheast.com

The twentieth anniversary of Germany’s unification coincides with a major leap forward in the country’s growth, writes Richard Willsher.

October 3 will be celebrated in Germany as Tag der Deutschen Einheit – “German Unity Day.” On November 9, 1989, the checkpoints along the Berlin Wall were opened for good, followed on October 3, 1990, with the signing of the “Treaty of Unification.” It’s been a long haul but, as exemplified by the development of Berlin as the country’s capital city, the German government has carried through a major, long-term vision of the future.

The same may be true of their economic management. Despite bearing the pains of integration, the financial crisis, bank rescues and being called upon to bail out the Greek economy, Germany has been working hard at export-led recovery. The result: in the second quarter on this year the economy grew 2.2%, which could add up to annualised

Knocking at the German powerhouse doorrate of 9%. This is growth of almost Chinese proportions. And as The Economist reported on August 13, it is China that is buying a lot of German products such as cars. For example sales of Mercedes cars to China tripled in the year to July.

Whether Germany – or indeed China for that matter – can maintain this performance remains to be seen but if the UK wanted a role model for its export-led recovery it need look no further than its largest European trading partner. And with the sterling – euro rate still languishing in the region of 1.20, UK exporters have a better level of price competitiveness to offer than when it was stubbornly lodged in the 1.40s.

Based on the sneeze-and-catch-a-cold principle, a healthy Germany means a healthy EU as a whole, not just for the UK. And while the UK is way behind the game in terms of balance of payments – UK exports £35 billion of goods and services to Germany but buys £48b’s worth in Sources: UK Office of National Statistics Pink Book, CIA World Factbook

EU’s largest country by population82.2 million (July 2010 estimate)

EU’s 3rd largest country by area (after France and Spain)

357,022 square kilometres

EU’s largest economy and 5th largest in the world

GDP = $2,800 billion (£1,790 billion) (UK $2,150 billion (£1,375 billion))

UK’s largest European export market for goods and services and second worldwide after USA

£34.8 billion

UK’s largest supplier of goods and services £48.3 billion

Germany compared

return – there are some significant sectors where British goods do well there. These, according to UK Trade and Investment, include oil and its derivatives, healthcare goods and services, and, believe it or not, motor vehicles and related engineering. Significantly, the area where the UK has a trade surplus with Germany is in services such as IT, financial

services and in creative and media industries. This is good news and ought to inspire UK firms, particularly those who’ve never traded with Germany, to think about how they might benefit from its return to prosperity. With cuts at home and increased austerity to look forward to, this has to be the time to take a good look at the German powerhouse and think about how best to go knocking at its door.

www.businessmag.co.ukTHE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2010

people 29

Paris Smith partner • Sarah Passemard and associate Rachel Osgood have returned to the family team following maternity leave, having successfully worked via a job share arrangement for many years. Passemard, a Resolution qualified mediator, plays an important and leading role in the department’s children and family practice. Osgood, a Resolution qualified collaborative lawyer, also performs a central role in Paris Smith’s Alternative Dispute Resolution (ADR) services as a collaborative lawyer who can offer a non-litigious solution to families disputing child welfare and other issues.

County food group Hampshire Fare is •searching for a new chairman with a passion for local food and farming, as current chairman, Derek Beaves, senior marketing manager for Fuller’s Brewery, retires later this year after 10 years in the post. Hampshire Fare represents around 200 businesses across the county, ranging from local food and drink producers to hospitality venues and independent shops which sell or serve local food and drink. It is one of the country’s most successful local food groups and champions local food with trade, consumers and the media.

Helena Schulze• , the University of Southampton’s student enterprise officer, has been named the UK’s Enterprise Champion at the National Enterprise Educator Awards. Schulze was the overall winner of the Enterprise Champions category in recognition of her outstanding work in raising the profile of enterprise to students and staff and providing opportunities for students to develop their entrepreneurial skills.

Critical Software Technologies, based at •Southampton University Science Park, has appointed Ian Hodgson as business development manager to spearhead growth of the company’s avionics business unit. Prior to joining, Hodgson, who has over 20 years’ experience in engineering and sales management, led Esterel Technologies’ Northern European sales operation, where he was responsible for establishing its safety critical tools and processes across leading avionics companies.

The newly created post of director of •business development at Clipper Ventures, organiser of the Clipper Round the World Yacht Race, has gone to Jonathan Levy. Levy brings a wealth of international business, media and brand management experience and is no stranger to the race, having worked in a consultancy capacity for UK and Canadian yacht sponsors during the past five years. He will report to chief executive William Ward and oversee the company’s global business and external relations.

Moore Blatch Resolve has recruited •education law expert Leena Hurloll. Individually praised in The Legal 500 and Legal Expert Directory, Hurloll has successfully dealt with a range of issues on behalf of children and parents. Accustomed to advising on complex educational concerns, she has been involved in a number of high-profile cases and has successfully challenged educational decisions including: the failure to provide transport; assisting parents with complaints’ procedures; resolving parental disputes with schools; and challenging local authority decisions regarding student support. Hurloll will support Anne Cassidy, a qualified doctor and solicitor, who regularly advises on complex cases involving serious injury to children.

Will Perry,• an auditor with accountancy and business advisory group Smith & Williamson in Southampton, has been promoted to senior manager. His sectors include manufacturing, distribution, IT and social housing. He was previously manager at the assurance and business services department at Imperial House in Kings Park Road. After leaving Oxford with an engineering degree, he worked as an engineer with an automotive supplier near Salisbury, applying lean manufacturing techniques to processes.

Leumi ABL is extending its regional •presence with the appointment of Jonathan Hughes as regional sales director for Thames Valley and the south west, and this coincides with the opening of a new regional office in Reading. Hughes, widely known as ‘Jot’ in the industry, has been actively writing mid-market and large-ticket invoice discounting business for the past ten years, having held senior positions with GE Capital, Euro Sales Finance, Five Arrows Commercial Finance and most recently with GMAC Commercial Finance. A seasoned industry player, he is well known to professional introducers across the regions.

Three corporate and commercial banking specialists have been recruited by Santander Corporate •Banking. Gareth Burger (centre), Natalie Ford (right) and Jo Perkins (left) are based at the bank’s Solent Corporate Banking Centre in Southampton, which supports businesses with a turnover above £1 million and is headed by regional director Mike Reeves. Burger joins as a relationship director and will focus on supporting businesses with a turnover between £1-25 million. He brings 20 years’ experience to his new role and has worked in the Solent region for the past four years. Ford joins as an assistant relationship manager; she will focus on supporting new and existing commercial customers. Perkins joins as a relationship manager, supporting corporate customers, property investors, developers and professionals on bespoke real estate financing solutions.


30


To have your business event included in this monthly diary, email details to: [email protected]

diary – october4 Hampshire Chamber of Commerce official launch, De Vere Grand Harbour Hotel, Southampton.

Details: www.soton-chamber.co.uk

5Breakfast Pensions’ Seminar, Botley Park Hotel, update on legislation by Radcliffe & Co.

Details: Sue Shilcock, 023-9244-9449, [email protected], www.hampshirechamber.co.uk

7Developing your Business in Mexico, Blue Fin Building, Southwark, London. UKTI South East.

Details: 0845-271-7400, [email protected]

13Positioning your company to win aid/donor agency tenders, Holiday Inn, Oxford. UKTI South East.


14Networking lunch, Balmer Lawn, New Forest, Southampton & Fareham Chamber of Commerce & Industry.

Details: 023-8022-3541, www.soton-chamber.co.uk

november

2 Collaborate2Innovate 2010, Building 1000 Lakeside, North Harbour, Portsmouth. Opportunity for professionals in the Solent region to seek expert advice, interact with like-minded businesses and

exchange knowledge about everything to do with collaborative innovation.

Details: www.collaborate2innovate2010.co.uk, 01489-889882

3 Solent 250 launch, The Business Magazine, the Rose Bowl, Southampton

Details: www.businessmag.co.uk

4Hampshire Chambers’ lunch, Holiday Inn, Winchester, Southampton & Fareham Chamber of Commerce & Industry.


4 & 11University of Portsmouth Business School and the Hampshire Chamber of Commerce SME "professional practice for SME transformation" short course, Havant Chamber offices.

Details: [email protected] [email protected]

16Building business with agents & distributors & international partners, Holiday Inn, Gatwick Airport UKTI South East.


17Networking lunch, Concorde Club, Eastleigh, Southampton & Fareham Chamber of Commerce & Industry.


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Writers: Sue Hughes; John Burbedge; Richard Willsher; Alison Dewar

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Researchers have developed a new data transmission system that could substantially improve the transmission capacity and energy efficiency of the world’s optical communication networks.

Transmission of data through optical networks is currently limited by phase noise from optical amplifiers and cross talk induced by interaction of the signal with the many other signals, each at a different wavelength, simultaneously circulating through the network.

Now, researchers working on the EU-funded FP7 PHASORS project, led by the University of Southampton’s Optoelectronics Research Centre (ORC), have announced a major advance in the potential elimination of this interference.

Traditionally optical data has been sent as a sequence of bits coded in the amplitude of the light beam, a system that was simple and practical, but inefficient in its use of bandwidth. Until recent years, this was not a problem given the enormous data-carrying capacity of an optical fibre. However, the introduction

of bandwidth-hungry video applications such as YouTube and continued growth of the Internet have led to increasing interest in finding more efficient data signalling formats.

In a paper published in the Nature Photonics, scientists on the PHASORS project announced the development of the first practical phase sensitive amplifier and phase regenerator for high-speed binary phase encoded signals. This device, unlike others developed in the past, eliminates the phase noise directly without the need for conversion to an electronic signal, which would inevitably slow the speeds achievable.

ORC deputy director and PHASORS director professor David Richardson said: “We believe this device and associated component technology will have significant applications across a range of disciplines beyond telecommunications, including optical sensing, metrology, as well as many other basic test and measurement applications in science and engineering.”

Researchers develop new systemdiary/news extra

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