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That’s why for the seventh year in a row, Lloyds Bank Corporate Markets is Bank of the Year.

Voted for by the UK’s leading Finance Directors, it goes to show that our clients value the importance of great relationships just as much as we do.

The award owes much to the quality of our service, the expertise of our relationship managers and our continued commitment to supporting UK businesses like Fortnum & Mason.

So whilst the award may be the same this year, we know that every relationship is different.

For information on how we can help your business, contact Steve Clarke on 0118 921 9192 or email [email protected]

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Charles Lamplugh, Lloyds Bank Corporate Markets Relationship Director Nigel McGinley, Fortnum & Mason Finance Director

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regular features

International Trade 9 Setting up abroad is a medium-term gain 10 Looking at current trends

Corporate Finance 23 Corporate recovery should mean precisely that 24 Corporate insolvencies still on the increase 25 Managing your bank 26 No fire without smoke

special features

News 4 Opinion – Cautious when talking about a recovery4 College unveils £34m training hub5 Festival’s a first for creative businesses6 Hampshire advises on business with local government 7 Survey will identify barriers to growth8 Hampshire pushing for superfast broadband13 And the next stop is ... Mumbai14 We should be digging for diamonds in the dirt

Solent 250 12 Grant Thornton’s Solent 250 Sector Watch13 Case study – Peters & May

Business Solent 15 Welcome to Business Solent16 Economy on the menu17 Major sporting events planned18 Champions of the Solent region

Finance 19 ’Constantly altering’ global economy

Deals 20 H.I.G. Europe acquires AIRCOM International 26 Moore Blatch swots up on higher education deal

Deals Update 21 Latest deals data from across the region

Profile 22 Compost and coffee

Property 27 Mixed-use business park in pipeline for Salisbury

Technology 28 Copier specialist Canotec tops the green IT charts

People 29 Movers and risers ...

Diary/News Extra 30 Award winners announced

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THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2011www.businessmag.co.uk

In the September issue of The Business Magazine

Law South East/The Legal 500•Mergers & Acquisitions•Focus on M27 & •Southampton

Details: 0118-9745308 [email protected]

news

opinionWe have all learned to become so cautious when talking about a recovery...

...that appearing optimistic about recent economic data would seem to be tempting fate.

But there are signs that Britain is doing OK – with the latest indicators from the OECD (Organisation for Economic Co-operation and Development) showing that the UK is heading for modest expansion over the coming months.

Compared with France, Italy and almost the entire Eurozone (Germany being a notable exception), the UK is showing signs of relative expansion.

Anecdotally, and gathering feedback from companies involved in our Roundtable discussions, it appears that many businesses in the south are optimistic that demand is slowly growing and that the order books are beginning to fill again.

Consumer confidence was also up in May – the sharpest month-on-month climb since 2004 – but this has been put down primarily to the royal wedding ’bounce’. Another good sign is that the demand for empty units in retail parks is back to levels last seen before 2008. Retailers are snapping up units, presumably at very favourable prices.

Unemployment shows little sign of reducing significantly, but there is an acknowledged skills shortage in certain sectors, so there remains the challenge of reskilling jobless people and preparing them better for what employers actually need.

So, as the summer holidays loom, it’s not overly optimistic to think that the start of the new business impetus that September always brings will add further momentum to the economy.

David Murray, Publisher

The importance of skills and apprenticeships to businesses and the regional economy was highlighted at the grand opening of the £34 million ‘hub’ building at City College Southampton, attended by more than 150 guests, including business leaders from across the south and members of the community who use the hub as a vital facility.

Lindsey Noble, principal and CEO of City College, thanked all those responsible for the hub’s creation. She referred to the transformation and change which had occurred, ensuring that the College was well placed to meet the aims and aspirations of local businesses as they sought to recruit, train and develop the right people.

City College is in the top 10% of colleges in the country for its success rates for 16-18 year olds and the fourth best performing general further education (GFE) college in the country when taking into account all qualifications. Noble said this was a massive endorsement of the teaching and support staff: “We had a really clear vision of what we wanted to achieve and this environment ‘role models’ workplace behaviour for our students.“

Geoff Russell, chief executive of the Skills Funding Agency, and Alistair Neill, chief executive of Southampton City Council, both originally from private sector backgrounds, cut the ribbon to officially open the Hub.

“This College represents exactly what the Skills Funding Agency’s mission is designed to achieve,“ said

Russell, who praised the visionary leadership of Noble and her team and added that the College’s role was particularly important given the state of the economy. “Continued investment in further education colleges is vital, from both public and private sources, as future jobs, and indeed the economy, depend on people acquiring skills.“

Neill stressed a £2 billion investment in the city during the next two years: “Cities need to dream and big cities need to dream big. Southampton doesn’t just have dreams, but plans. It’s the largest city in the south east outside London and benefits from assets such as a natural sea port, airport and two universities. The future of every city depends on how it nurtures and develops its young people and every generation must renew.“

The College boasts some of the best facilities in the region including TV studios, a commercial restaurant and cafe, a 240-seat theatre, professional hair and beauty salons and top of the range engineering suites.

Skills and apprenticeships are important to businesses both regionally and nationally. Daniel Davis, customer support manager at Romsey-based Mitchell Powersystems, brought in an apprenticeship programme using City College two years ago. The company’s newest apprentice will start in September, on an NVQ course which backs up work undertaken on a range of diesel engines for commercial vehicles and the marine sector.

Geoff Russell (left) and Alistair Neill cutting the ribbon

College unveils £34m training hub

Since the Government phased out the default retirement age in April a partner at Winchester-based solicitors Shentons has warned that this is an important change which both employers and employees need to get to grips with quickly, before workplace confusion causes disharmony.

“Employers are no longer able to issue notifications of retirement using the DRA procedure. Where notifications have already been made prior to April in accordance with these procedures, employers will be able to continue with the retirement process as long as the employee is aged at least 65, or the employer’s retirement age, if higher, before October 1,“ said Shaun Underhill.

“In accordance with DRA procedures, those employees will be able to request to work on beyond their notified retirement date and employers will be able to agree an extension to their employment. If the employer wishes to give an extension that still ends with dismissal under the DRA, the extension must be for a fixed period of six months or less. This is the maximum period allowed without the need to issue a further notification of retirement.

“Beyond certain transitional arrangements, employers are no longer able to rely on the DRA. This means that employers cannot compulsorily retire their employees, unless the retirement can be objectively justified in their particular circumstances.“

Come to grips with retirement age shifts

THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2011

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www.businessmag.co.uk

Read these stories in full in the current issue of

The Business Magazine:Digital at www.businessmag.co.uk

MAGA ZINE:DIGITAL

T H EBusinessTM

The UK’s first creative business festival, The Future Skills Festival, is running until July 14 in Portsmouth.

It is designed to boost the south’s creative economy by giving creative businesses the necessary skills to exploit new media and technology.

The event is designed specifically for creative people including artists, designers, performers, writers, creative businesses and companies and other professional people working in the arts, culture and creative industries. Participants will have access to industry experts and come away with enhanced specialist knowledge, new practical skills and action plans as well as the opportunity for professional networking opportunities.

A programme of seminars, workshops and talks will take an in-depth look at subjects such as blogging and social media, protecting Intellectual Property online and building a toolkit of digital media and resources. The aim is to help artists and creative businesses to explore how new media and technologies are creating opportunities and new ways of working.

The Festival, organised by the creative industries business and skills development agency (Cibas), will bring together some of the UK’s leading experts in creative careers and business development. The Festival’s flagship Question-Time-inspired launch event featured John Newbigin, chairman of the newly formed

national network, Creative England. Formerly head of corporate relations at Channel 4 and a special adviser to the Government, Wired Magazine lists him as “one of the UK’s top 100 digital power-brokers“. Most events take place at the University of Portsmouth, where Cibas is based.

Contributors include Alison Baverstock, author and resident blogger for the Writers’ and Artists’ Yearbook; Yemisi Blake, creative mentor at the Southbank Centre and associate artist with All Change; Mark McGuinness of blogs Wishful Thinking, Lateral Action and a regular contributor to The 99%; Sinead MacManus, digital wellbeing consultant and founder of 8fold; James Byford, consultant, producer and freelance-freeranger; and Silvia Baumgart, project coordinator for Own It, the IP service based at the University of the Arts, London.

Director of Cibas and one of the Festival organisers, Paola Campari-Moss, said: “New digital and media technologies are changing the way that creative people are starting-up and growing successful careers and businesses. The artists, designers, performers and writers of the future won’t have to rely on traditional business models or established routes-to-market such as the agent, the publisher, the record label or gallery. Instead, they will adapt their creativity and broaden their skills to exploit new technologies, apps, media and resources both to promote and to create their work.“

Details: www.port.ac.uk/cibas

An innovative new media wall system unveiled by a local Romsey-based business less than a year ago is going from strength to strength and has already been installed in a number of prestigious control rooms across the country.

Thinking Space Systems, a supplier of specialist technical furniture launched the Evolution media wall last autumn.

Manufactured from Thinking Space’s aluminium extrusion system, and featuring elegant and innovative construction, the Evolution media wall is now installed in the brand new, purpose built and high specification command and control centre for Leeds Community Safety and METRO CCTV by Leeds City Council and West Yorkshire Passenger Transport Executive. Three sections of Evolution media wall have been positioned to form a continuous system.

Wayne Palmer, managing director of the award-winning firm, said: “We are delighted that less than a year since the launch of our Evolution media walls, sales are strong and they are being used in control rooms across industry sectors.

They are a welcomed and much-needed alternative to the many old monitor stacks which are being replaced.“

Dorset Police recently purchased three Evolution media walls to assist in its preparation for the 2012 sailing events which look set to see a huge increase in visitors to Weymouth and the surrounding areas. The Evolution media walls will be used in training rooms at the authorities’ centres in the south west.

“Our modern, flexible and cost-effective media wall solution is proving to be an invaluable addition to all kinds of control room settings and we look forward to exhibiting Evolution media walls at IFSEC,“ added Palmer.

Lightweight, low maintenance and minimalist design means the Evolution is easy to assemble from the flat packed kit. Monitors can be angled on their tiltable mounts to suit the viewer’s preferences and it can be expanded to add more screens later. The units can also be fitted on castors to make them mobile within training facilities or educational centres.

Festival's a first for creative businesses

The writing's on the media wall

Women discover hands-on careers

Currently there are more men working in industries such as building, plumbing and electrical engineering than women, but this is a changing trend, according to Checkatrade, which helps people avoid cowboy builders by providing a free transparent and impartial directory of vetted tradespeople and service providers across the UK.

Young people ‘not wanted’ by employers

Despite the number of 18-24 year olds who are unemployed at an astonishingly high rate in the UK, businesses are still failing to invest in them, suggests a new survey released today by EST (Ethical Skills & Training).

How to manage older workers

Employers need to train and performance manage older workers better or risk falling foul of the law when Default Retirement Age is phased out, shows CIPD survey

Agency workers get more rights

Employers and agency workers need to take heed: the Government has announced that the new Agency Workers Directive will come into force in the UK on October 1, 2011, without any changes.

news6


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For further information and booking: T. 01962 846381 E. [email protected] www.hampshireswc.org

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Hampshire County Council has reinforced its support for local businesses, voluntary groups and community organisations with help and advice on how they can do business with local government partners across Hampshire.

More than 100 representatives from small businesses, and the voluntary and community sectors have been finding out how they can navigate the procurement process within local government and pursue future business opportunities with the county and district councils in their role to deliver hundreds of local services to residents across Hampshire.

The event, held in Winchester, builds on the small business engagement accord which was recently signed by the county council and The Federation of Small Business. The agreement aims to help enhance the relationship between the county

Councillor Ray Ellis, Hampshire County Council executive member for economic development and rural affairs (right), with Tim Colman

Hampshire advises on business with local government partners

and local firms while supporting local trade.

Working with partners, developing existing partnerships and creating new ones with the voluntary sector and local communities is a key part of work currently being undertaken by the county council to develop and reshape

itself and its services to fit with the new direction being set by the Government.

County Council leader Ken Thornber said: “Hampshire County Council has a strong record of working with local businesses and successful trading arrangements, spending around £352 million

procuring with Hampshire firms in the past year alone. By exploring how Hampshire’s public and private sectors can continue to work together and build future partnerships, we can continue to support the local economy during this time of public spending cuts and considerable financial challenge.“

FSB Wessex regional vice-chairman Tim Colman introduced the event and added: “The event, which was well attended by small businesses and voluntary organisations from across the county, was a clear indication of how the HCC procurement team really does want to engage with local suppliers – and not merely those from the corporate world. The introduction of the simplified pre-qualification process will really benefit those small organisations who may have previously felt excluded from tendering for public sector contracts.“

A new way to send large files around the Web completely free of charge has been launched by the University of Southampton.

ZendTo is a free and secure, web-based system, which will allow users to send large files much faster than by email. The system allows users to send files within and beyond their organisations from their own servers with no size restriction.

Julian Field, postmaster for electronics and computer science at the University, who developed ZendTo, explained: “This is completely free and because you run it on your own site, you can be sure that it is completely safe and private and you retain complete control of your data, your system and your users.“

It is particularly useful for organisations which operate in a customer service environment, since when it sends files, it incorporates customer service

ticketing references, so that all the references are kept intact.

ZendTo is Field’s latest big development since MailScanner, the world-leading email security and anti-spam system. He began developing MailScanner in 2000 and it has been downloaded more than 1.5 million times and is used by some of the world’s leading organisations in 226 countries, such as the US Space and Naval Warfare Systems Command; Harvard, MIT, and Cambridge universities; Vodafone Europe; Amnesty International; Friends of the Earth; and the British Antarctic Survey. The technology is fast becoming the standard email solution at many ISP sites for virus protection and spam filtering.

“Ironically, the success of MailScanner and its strict security protocol means that it imposes limits on files being sent by email, which led to the development of ZendTo which has no size or type restrictions,“ Field concluded.

Sending large files can be free, easy and secure


news 7


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Engagement with businesses to establish priorities is now top of the agenda for the Enterprise M3 Local Enterprise Partnership (LEP) following the announcement of funding from government.

The LEP, which works across the north Hampshire and north west Surrey area, has been successful in its bid for funding from the BIS LEP capacity fund. It will now use the £9,000 gained to undertake surveys to establish and understand the barriers to growth for businesses within the area.

These results will be used alongside feedback received from businesses at the Enterprise M3 launch conference and views from the action groups currently being set up under emerging themes for the LEP to help determine its priorities. These themes include: finance, innovation, business support; infrastructure (transport, strategic planning and housing); land and property; leisure, tourism, place shaping, inward investment; rural economy and broadband; skills and employability; sector specific (such as aerospace).

Last month saw the vibrant grand opening of a new £750,000 Caribbean restaurant and bar in Southampton’s Guildhall Square.

Turtle Bay, which seats 135 diners inside and 80 alfresco, is the first leisure attraction to open in the city’s new cultural quarter and council bosses and local businesses have welcomed the arrival of the colourful eatery which has brought jobs and vitality to the revamped area.

The launch comes only seven months after the opening of the company’s first restaurant in Milton Keynes, and highlights Turtle Bay’s success at bucking the current economic climate.

General manager Tom Cousins said: “We’re investing £750,000 into the city to create something entirely new – taking specialist Caribbean dining into the mainstream. We want to be the catalyst for the revival of the city centre.“

Caribbean comes to town

Survey will identify barriers to growth for local businesses

The government funding success kick starts a busy few months for the newly-formed LEP. Applications to sit on the Enterprise M3 board have flooded in. Business representatives and public and third sector representatives will join the chairman Geoff French and vice chairman John Copley on the board.

Once formed one of the first jobs for the board will be to determine the LEP’s priorities based on the intelligence received through the area-wide surveys, feedback from the launch conference and

contributions from the action groups.

French said: “I am very pleased that our application to the BIS LEP capacity fund has been successful. This funding will enable us to get real business engagement in the LEP and ensure the priorities we determine are the right ones for the area.“

Enterprise M3 covers the areas of Basingstoke and Deane, East Hampshire, Hart, New Forest, Rushmoor, Test Valley and Winchester in Hampshire and Guildford, Surrey Heath, Waverley and Woking in Surrey, working across traditional boundaries to make a real difference to the people who live and work in the area.

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Hampshire County Council is continuing to progress its plans for superfast broadband after receiving positive feedback on its bid for government funding, despite not being picked for an initial share of that funding.

The Government announced that four areas of the country – none in the south east – would receive a share of £50 million to help stimulate the rollout of superfast broadband. Although not included in this wave, Hampshire received positive comments from Broadband Delivery UK (BDUK) on its strong and innovative bid and is assured that it will receive funds in the near future. A further £480m government funding remains to be allocated.

A total of 18 bids were received by BDUK for a share of this first pot of funding from the total of £530m set aside. Hampshire County Council met BDUK in June to discuss its bid and the potential timeframe for funding support.

County council leader Ken Thornber commented: “Whilst we are disappointed not to have been included with Norfolk, Somerset, Devon and Wiltshire, we recognise that these areas have even more rural and sparsely populated areas than Hampshire and we understand why they may have been first in line for this current round of funding. We expect our proposals will secure funding in the next few months.

“Around 114,000 households and nearly 7,000 businesses in Hampshire currently have poor broadband services with very slow speeds or, even worse, no service at all. The situation for residents and businesses in these areas is unlikely to improve without public sector intervention because it is not commercially attractive for telecommunications businesses to upgrade the existing infrastructure.

“Access to broadband is becoming an essential part of modern living. It allows people to work and run businesses from home and increases access to education, employment, health and leisure. For example:

There are now jobs that are •only advertised on the Internet and can only be applied for via an online form.

Public services are offering •more services online enabling the public to access information and carry out transactions, like paying for council tax or renewing library books, at any time, from home.

Children access, complete •and submit their homework online and access vast learning resources.

Shopping on the Internet •can save people hundreds of pounds each year.

Businesses use the Internet •to communicate with clients and suppliers or even deliver services.“

Thornber continued: “The world has gone digital and our economy, social activity and the education of our children is going to become more and more reliant on broadband in the future. But if the market was left to its own devices parts of Hampshire would not see superfast broadband anytime soon, if at all. There is no doubt that we need to help to ensure that the digital divide, which sees urban housing estates receiving superfast broadband, but rural villages just half a mile away getting little or no Internet access, does not widen.

“We are continuing our campaign to get residents and businesses on board and register their demand for faster broadband in their areas. This will not only help us to secure funding but also, when it comes to fruition, faster broadband will be rolled out on a combination of demand and most efficient use of resources.

“It is essential that even in times of financial constraint we invest in projects such as this because of the long-term benefits they can bring. By getting involved in the delivery of superfast broadband for areas that would otherwise not benefit we will not only be reducing inequality and helping local residents and business have better access, it will also enable the county council to provide more services online, driving down delivery costs.“

Hampshire pushing for superfast broadband


international trade 9


“Foreign Direct Investment (FDI) is no recent phenomenon; what is remarkable, however, is the speed of its increase and the shift away from the West and USA to the East,“ said Hayward. “For the past two decades at least, the East was looked upon for low cost manufacturing; now it is the market opportunities that also appeal. By 2030, it is forecasted that two-thirds of the world’s middle class will be Chinese. With some 70% of the Indian population aged 25 or under in a country whose GDP will soon be increasing by 10% pa, fuelling a significant latent middle class, another major consumer driven economy awaits us.“

He observed that the outlook is not purely about India and China because the economies of Mexico, Turkey, Indonesia, Malaysia and Colombia are also set to prosper (the population of Indonesia alone will soon reach 300 million).

“There are clearly issues for UK companies looking to set up business in these countries. Putting aside language and culture barriers,

companies may face restrictions on foreign ownership, local trade protectionism and issues around business ethics, such as having to pay to ‘loosen’ local administrative burdens. However, if the market opportunities or the savings in getting products produced are large enough, then these opportunities should be explored. Our local businesses, supported by local and central government agencies, are more likely to feel confident of succeeding in India, the Middle East and China; Mexico, Nigeria and Columbia may prove too difficult and too risky in the short term.

“Experience tells us that the companies which have succeeded in opening up their businesses around the world do so when they thoroughly research the market and how to do business; when they take professional advice as to 'where' and 'how'; when they recruit the right local senior management and find the right local trading partners.

“They tend to realise that there will not be an

For many businesses, international trade is not just about exports and imports, but about setting up and running operations in other countries, exploiting either their own domestic market place, or seeking more efficient cost bases and supply chains, according to Kim Hayward, senior audit and international liaison partner at BDO

Setting up abroad is a medium-term game

immediate payback. This is a medium-term game, and they do not underestimate the management time it will take to research, design, implement and then oversee the new operation.“

Recently back from a business trip to Mumbai where he attended a number of presentations, Hayward was reminded of the scale of opportunities in India and the speed of change with new business parks springing up – as well as the frustration of seeing roads and physical infrastructure improvements lagging behind and slowing down progress.

He concluded: “I came back energised by the ambition and excitement that so many business people in India feel about their own economic prospects. I was reminded just how much in Indian business is familiar to us in the UK, and that despite our chequered past, India respects the British way of life. I think many Indian businesses will look forward to working with British businesses to help them exploit not only their own, vast, domestic market, but also the other overseas markets in which Indian businesses will increasingly establish themselves.“

Details: Kim [email protected]

PSP, Pindar and GAC have joined forces to provide a logistics and transportation service for sail racing teams and individuals across the world.

The international triumvirate has been established in a bid to take on the market leaders and become the world’s biggest provider for race teams and individuals competing in sailing events globally.

PSP will lend its worldwide experience, expertise and knowledge of race logistics to provide the physical service. As one of the world’s biggest shipping and logistics firms with more than 50 years’ international experience, GAC brings its global coverage and resources to the alliance. Sail racing team Pindar is a respected name is international competitive yachting circles and brings a wealth of sailing contacts.

Frank Dixie, managing director of PSP, said: “This is the perfect union and the strength and experience of all three companies will create a formidable force within the market. We are already in talks with a number of potential customers and expect to see a great demand for this service.“ The extreme 40s racing in Turkey

Trio unites to take on international sail racing market

international trade10


The UK remains Europe’s top destination for foreign direct investment (FDI) with its highest number of investments since 1997, according to Ernst & Young’s annual European Attractiveness Survey, but it needs to broaden its pool of investors to remain competitive.

The report, which analyses inward investment and the attitudes of global investors, shows that the UK attracted 728 FDI projects in 2010, up 7% on the previous year, compared with 562 projects in France and 560 in Germany – whose projects rose by 34%, bolstered by its position as the number one location for Chinese investment in Europe since 2007. London by itself attracted more projects than all but France, Germany and Russia, with 289 FDI projects in 2010 up from 263 in 2009.

The US was still the largest investor into the UK last year (254 projects) followed by India and Germany (44), Japan (42) and France (41). Many of these companies are repeat investors, with the UK building up a strong loyalty and reputation

among those organisations that have created a firm base in the UK market. James Close, partner at Ernst & Young, said that overall the headline figures for the UK are very positive: “The UK has shown strong resilience in the face of adversity, pulling through the recessionary years to reinforce our position as the leading base for investment by foreign companies into Europe.

“The international business community, surveyed as part of the report, continues to cite our technology infrastructure (89%), stable social environment (87%), quality of life, culture and language (86%) as what makes the UK the most attractive investment destination in Europe. We have a loyal following of foreign investors prepared to do repeat business here and government has an important role to keep us in pole position.“

However, Close believes that while the UK is slowly improving trade relations with the BRICs, success at attracting investment from these countries is still below par compared

with the UK’s leading position in Europe overall: “Trade relations with India, for example, are gaining momentum (projects were up from 38 to 44 in 2010), but despite the number of projects coming into the UK from China increasing (up from 18 to 30) – the eighth most important source of FDI projects into Europe – our figures continue to disappoint compared with Germany’s stronghold on FDI.

“We need to do more to attract high-quality foreign investment, re-orientate where that investment is coming from towards the BRICs and manage better our reputation with all overseas investors, not just those established in the UK. These are all areas where government has a role to play. If the UK fails to address these challenges we could start to see declining investor interest in our market relative to our competitors.

“Of the 274 global executives interviewed specifically about the attractiveness of the UK as an investment destination, three key areas to address as having an impact

on future competitiveness were: the level of corporation tax, the administrative burden, and the levels of personal taxation.“

The report shows that 21,000 jobs were created last year in the UK. While this was the highest level of employment generation in Europe in 2010, it only represented one quarter of the levels achieved in 1997. Although business and software services still lead in the UK both in terms of actual numbers of projects (285 in 2010) and investor perception – 79% of all the global executives questioned said the UK’s reputation as a leading financial services centre kept it attractive – ‘cleantech’ could dominate in the future. 19% of all respondents considered clean technology an important growth area for the UK market, making it the third most important sector in the eyes of investors, up from 10th in 2009. However, success is highly reliant on capitalising on government’s commitment to addressing climate change.

UK still number one in Europe for attracting investment

Looking at current trendsBusinesses looking to trade internationally are under a number of competing pressures at the moment, writes David Squibb, regional trade director, Lloyds Bank Corporate Markets

As the recovery continues, wholesalers are facing challenges to their businesses in terms of the rising costs of raw materials and labour, and the strength of the euro, for instance. We are seeing a number of trends in overseas markets that point towards a shift in power from importers to exporters.

Importers

Importers are currently facing a number of financial and commercial challenges to their businesses. There is evidence that wholesalers are seeing a slower call-off of stock by UK retailers, meaning they have to spend much more time sitting on stock than previously. A major reason for this is the current fragility of high street sales – according to the most recent BRC-KPMG retail sales monitor, sales fell by 2.1% year on year in May.

Because suppliers are having to hold

on to their stock for longer, this is putting more pressure on cashflow. This is due to a prolonged trading cycle together with increased storage costs for goods. Along with this, we have found that there has been a general shift in power from buyer to seller. With exporters across Asia facing increasing demand, they are becoming more selective about who they sell to. Importers are finding that they might have to commit resources much earlier in the year in order to secure production and guarantee their supply, creating more pressure on cashflow due to the extension of their working capital cycle.

Looking at the commercial side of business, importers are seeing prices continuing to rise due to two major external factors. Firstly, importers are grappling with much higher raw materials costs at a time when the UK retail market remains intensely competitive. This rise in the cost of raw materials has affected almost all industries and pushes up the price of manufactured goods. Coupled with this rise in the cost of raw materials, there has been substantial wage inflation on goods coming from Asia, from countries such as Bangladesh

and China. As wages continue to rise dramatically in these emerging markets, the price of goods produced there will rise in tandem.

Due to this combination of factors, we are seeing that there is a general desire from both banks and customers to ensure that lending for working capital matches the actual trading cycle, taking into account any seasonal peaks and troughs, replacing the more general but less flexible overdraft facility.

Exporters

As the economic recovery continues to gather speed, the importance of exporters to the UK market becomes more and more evident. The government’s desire to have an export-led recovery means that there are a number of new schemes being launched to support British exporters. These programmes see banks, including Lloyds Bank Corporate Markets, working alongside the Export Credits Guarantee Department to offer different methods of assistance to exporters.

Among these, there are some

major programmes that will have a beneficial impact on British exporters. The first of these is the export working capital scheme, which is aimed at large, one-off projects valued at over £1 million. The purpose of the scheme is to assist UK exporters to gain access to working capital finance, and will involve the ECGD guaranteeing up to 50% of the risk in such a transaction.

The second scheme worth noting is the Bond Support Scheme. This programme aims to support businesses that need to issue contract guarantees with bid bonds, performance bonds and advance payment guarantees. For all three of these, ECGD will guarantee up to 50% of the bond, but for advance payment guarantees they will consider a higher rate of up to 80%.

These new programmes will offer real benefits to UK exporters. Lloyds Bank Corporate Markets is ready to support qualifying businesses with facilities under these schemes. Trading conditions are expected to remain tough for the rest of this year, however we expect, partly through these initiatives, to see market improvements as we enter 2012.

www.grant-thornton.co.uk

© 2010 Grant Thornton UK LLP. All rights reserved. ‘Grant Thornton’ means Grant Thornton UK LLP, a limited liability partnership. Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd (‘Grant Thornton International’). Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered by the member firms independently.

Everyone’s different.Fortunately so are we.At Grant Thornton, we go about our business in a different way. We concentrate on building relationships with our clients by focusing on their individual needs.

We work with many of the region’s most successful companies and are proud to be associated with the Solent 250.

It’s great to be recognised for your achievements.

Norman ArmstrongPartnerT 023 8038 1114E [email protected]

Ian GovierPartnerT 023 8038 1151E [email protected]

Stephen MillsPartnerT 023 8038 1180E [email protected]

Accountancy Firm of the Year 2010

Auditor of the Year (Large Six) 2010

AIM Accountant of the Year 2010

B1642912 GT Everyone's Different_A4.indd 1 15/10/10 14:08:01


12

Moving the right goods, at the right time, to the right place sounds simple, but as globalisation becomes increasingly important, the simple movement of goods becomes much more complex. This article will focus on the issues facing UK businesses in the sector.

Low interest rates and the alleged lack of available finance appear to be conflicting external pressures on the level of stock a business wants to hold. The reliable and predictable movement of goods therefore becomes essential.

The main challenges facing the sector fall into several clear categories:

Fuel pricesIncreases in duty, VAT and the underlying and ongoing volatility of the price of oil are issues that nearly every business in the country faces and, unsurprisingly, there are no magic solutions. Careful negotiation of both purchase and sales contracts are a must, with many in the haulage industry building fuel escalators into their contracts wherever possible. This becomes a form of hedging - trying to offset the risk of purchase price rises with the right to increases in revenues.

Wage cost pressuresVacancies for HGV drivers hit a three-year high in October 2010 which would seem to imply pressure for wage increases although anecdotally in our region those pressures do not seem to be there at the moment, where a number of notable administrations have kept wage rates down. There may, however, be pent-up pressure for increases where wage freezes have been in place for the past couple of years.

Costs associated with new requirements for on-going driver training will also increase costs, but again perhaps not by as much as initially feared.

Environmental legislationNew legislation (Euro-6) is estimated to add around £10,000 to the cost of a large vehicle but this may lead to an increase in vehicle sales as operators try to buy before the new rules come into effect.

Availability of financeWith a large number of smaller businesses in the sector, the complaints of such businesses about the lack of available funding

Grant Thornton’sSolent 250 Sector WatchChallenges and opportunities in logistics within the UK

Logistics covers a variety of businesses as the following selection demonstrates

AvientWith offices in Wiltshire and Harare, Zimbabwe, African air cargo specialist Avient has seen significant growth in the past decade. The company, which has a £52 million turnover is represented in 34 countries and boasts a growing fleet of trucks and owned aircraft (now operating from Leige Airport, Belguim). During the coming years the company is seeking to increase activities in the Asian and South American markets.

Meachers Global LogisticsEstablished over 50 years ago, Meachers Global Logistics based in Southampton is an independent provider of logistics services, from

Ones to watch

For more information about

logistics in this region and throughout the UK, please contact:

Andy MaddocksSenior assurance manager023-8038-1176andy.j.maddocks@uk.gt.comwww.grantthornton.co.uk

remains a significant issue. Realistic, up-to-date business plans seem to be a must. But what of the opportunities?

Good, old fashioned customer service Whilst cost remains one of the critical issues facing the sector, simply undercutting the competition is seen by few as the answer. You may win business on price now, but you will be susceptible to losing the same business on price in the future. It is the ability to deliver goods safely and on time that is providing many with the means to make themselves stand out from the crowd. So clean, well maintained vehicles (and drivers!), reliable timetables, politeness and efficient resolution of problems when they do arise are seen as key.

Use of technologyMuch about the administration of logistics is simply having the right ’paperwork’ completed and processed reliably, time and time again.

Working with your clients to gradually replace out-dated paper-based systems on to digital media will help improve the productivity of staff, as will

utilising larger stock and/or transport management software. This is likely

to be a big investment, but for those that can make it in

the right software – an important choice – the

rewards could be significant.

freight forwarding and warehousing through to supply chain management, transport and distribution. The company boasts clients such as Huhtamaki (a global manufacturer of consumer and specialty packaging) and Red Funnel Distribution. The business combines industry knowledge and know how, with best practices, advanced technology and experienced staff to drive efficiencies and stay one step ahead of industry demands.

Import ServicesImport Services specialises in retail supply chain logistics. This port-centric business manages millions of cartons to retailers in the UK and across Europe and provides support with supply chain logistics to leading supermarkets and stores such as Tesco, Sainsbury’s, John Lewis, Toys R Us and WH Smith.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2011 www.businessmag.co.uk

Case study – Peters & May (no. 38)Specialist marine transport provider Peters & May reported significant growth in export volume for the first two quarters of 2011 in the wake of making bold changes, encouraging news for the marine industry, as it indicates a recovery in the marine manufacturers’ sector.

Providing worldwide yacht transportation services to more than 5,000 vessels each year via sea, road, rail and air, and with a turnover of £58 million, Peters & May and Peters & May USA Inc are the preferred shippers for many leading marine manufacturers, whilst Peters & May Global Logistics provides transportation solutions to niche areas including aid and relief, abnormal cargo and also offers international express courier services.

Appointed group chief executive in the spring after several years with the company in the USA, David Holley has instigated a cultural shift which has affected every part of the group. He views recent growth as extremely positive and explained the refreshed strategy: “We had a company which was formerly built around individuals, therefore a highly personal business, something which altered when it was sold.

“I think ‘bold’ is the correct word to sum up what we are doing. For example, our former data input staff are now key account handlers, with

much greater client contact. We have focused on adding value because margins are tight and we prefer not to get into a price war.“

Peters & May offers insurance policies on site; it’s a ‘one stop shop’ when it comes to VAT/export advice and the bookings’ system has been developed in-house, tailored to the constantly evolving IT system. Half a million pounds has been spent on IT hardware in the past three years.

Holley, who during his time in the USA led a team which secured significant contracts with key boat builders (and was the driving force in setting up Peters & May Racing) has focused on developing his team, bringing a personal global career perspective to the Eastleigh headquarters. “We want to retain and develop good people; the marine team is young overall, and energetic, but this is balanced by experienced people throughout all of our teams.“

The group is spending more on a marketing mix comprising social media, advertising, sponsorship and attending more boat shows, key in keeping the brand high profile. Holley explained: “With fewer boats to ship and more competition in the market, you have to invest in the industry to stay at the top.“

The US market for smaller boats virtually ceased overnight with the recession but is picking up quicker than in the UK, where large boats that take longer to manufacture make up the majority of the business.

Peters & May’s success is testament to adding value. With local representatives ‘on the ground’ overseas, its own loadmasters and cradles, and flying out staff to supervise discharge if required, it’s obvious why customers prefer to pay a little bit more.

David Holley

news extra

The final of Portsmouth University’s Enterprise Challenge has led to a student winning a week’s work experience in Mumbai with Colvill Banks, a global company set up by a former Portsmouth Business School student.

MBA alumnus Prems Scrampical, guest speaker at the event, which was held at Action Stations in Portsmouth’s Historic Dockyard, founded Colvill Banks in 2007, a company which provides recruitment research and talent-related intelligence to executive search firms and corporations around the globe. He commented on the value of work experience and wanted

to give something back to the University by providing an opportunity for a current student.

Young entrepreneurs had to submit a business proposal and a five-minute video pitch to judges, who were looking for business ideas that were both viable and innovative. Winning ideas ranged from a hoop to facilitate an easier shopping experience to a fantasy football website.

Gilles Macey was offered the week’s work experience in Mumbai, as well as winning £1,750 prize money for having the most advanced business idea. He will visit India’s business capital to see Colvill Banks’ 14,000 sq ft purpose-built delivery centre. He and his team created a European fantasy football game, the world’s first fantasy game that offers users the chance to select their favourite players from across the five best leagues in Europe.

Macey said: “It was inspiring to hear Prems talk about what he and his wife have achieved. Their story is a true example of how to survive and even grow a business during times of economic crisis. The prize money is a fantastic boost and comes at a welcome time when marketing for the website and game is vital for its potential success. We will be running a comprehensive marketing campaign in the summer ready for the start of the new football season in August. I am eternally grateful to the University, the Centre for Enterprise and to all sponsors who have made this opportunity possible.”

The annual Enterprise Challenge Awards are organised by the University’s Centre for Enterprise, which aims to inspire students to learn and succeed in entrepreneurship through developing skills and experience.

And the next stop is... Mumbai

news extra14


Business guests of BDO were advised to look for diamonds by industrialist Sir Richard Needham when he gave an amusing and highly-informative speech at a dinner to mark the publication of the BDO Central South Report*.

The ‘diamonds’ in question ranged from innovative products to experienced professionals, industry insight to specialist skills, Sir Richard suggested, and finding them could revitalise an organisation.

“Within your own business sphere you have to look at what you have and seek out the diamonds. What are those things that make you unique, make you different? What is the mess in your business? How do you link the diamonds together and develop a strategy for the redevelopment that gives your people a feeling of hope and opportunity?“

‘Finding diamonds’ was a commercial doctrine he had adopted for the majority of his career, successfully regenerating the economy of Belfast and Northern Ireland and reinvigorating UK exports while a Conservative trade minister in the 1980s and since leaving politics as a chairman, director or adviser to 20 firms.

We should be digging for diamonds in the dirt

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One such ‘diamond’ went by the name of Dyson, he admitted. As senior independent director of Dyson he has helped develop manufacturing and sales of its innovatory engines and equipment in Europe the US and the Far East.

“The clever thing about Dyson wasn’t just the cyclone technology, but the see-through body where you can see the dirt, which actually shows people what their Dyson is achieving.

“James Dyson has always seen his innovation as a step to something more, because he knew he was being chased. If you don’t keep innovating you have had it, not just innovation in products, but elsewhere in the business process too.“

Sir Richard went on to give his personal advice for business success:

“Get the right strategy in place and the •right people to carry it out. Non-executives’ knowledge and skill should be used to boost business and orders rather than merely as a sounding board for management. “You can’t afford to have a ‘too hard to tackle’ •tray. Everything has to be as nearly right as you can make it within your organisation.“With the emergence of BRIC economies, he •commented: “The days of UK low-cost mass

production are over. You have to increase your gross margins and the only way to do that is through innovation and creating a USP.“Be creative in your marketing, be different, •but always maintain your margins.“Value your people, and be frank and open •with them. Too often people at the top take the credit rather than give it to those below them. And you should never blame people; always blame the organisation.

“The lack of deference, the determination to have your say, not to be fearful of the boss, is what gives Britain its anarchic creative genius. It’s something about Britain that gives me total confidence about the future.“

The dinner for 80 invited guests was hosted by BDO’s Southampton office lead partner Malcolm Thixton and senior partner (international) Kim Hayward at the De Vere New Place, Shirrell Heath.

* Full text: www.bdo.co.uk/centralsouthreport

Malcolm Thixton and Sir Richard Needham


15


Business Solent will mean more opportunities and increased business relations for Champions to get connected within the Solent region stretching from Chichester in the east to Weymouth in the west, up to Salisbury and Basingstoke and down to the Isle of Wight.

The focus is to connect business leaders to drive economic prosperity for the Solent region.

By working collaboratively, Champions have greater influence and impact on what happens

in their region and collectively they help promote the Solent as a great place to do business, channel investment and create jobs.

The ethos and success of Business Southampton – the ability to listen and actively respond to the needs of business in the city – will be replicated and built on with the creation of Business Solent where businesses will continue to set the agenda.

Action Groups across the region will focus on issues that need tackling and deliver

commercial opportunities for the benefit of the region. There will also be a growing events programme to promote the Solent region nationally and internationally.

In Southampton, Action Groups have had considerable success in a number of key areas. Business leaders interested in everything from transport challenges to the future look of the city have joined forces to share ideas, influence outcomes and deliver solutions.

The Digital Southampton Action Group is led by the world authorities in linked data, Professor Nigel Shadbolt and Dame Wendy Hall from the University of Southampton. They are working with business leaders to look at creating a digital cluster that will pull together information on a digital platform.

Building on the success of what has been achieved in Southampton, area specific action groups as well as Solent-wide groups such as Solent Events, Solent Logistics and the Solent International Business Alliance are now in development.

Together we will achieve so much more...

Welcome to Business Solent

With the launch of Business Solent we are putting the business region on the map – joining the dots for greater prosperity. The new branding and logo herald a fresh approach to promoting the Solent as a great place to work, invest, study, live and enjoy

Champion Programme

Solent Champions are the driving force behind Business Solent. The programme enables the business community to contribute to raising the profile of the region, advocate support for and influence decisions on public policy and to drive forward positive change.

Champions represent all sectors where business leaders unite, providing a powerful forum for debate, generating ideas and project initiatives for the benefit of the Solent region. Over 170 leading employers enable the work of Business Solent for the greater good of the region.

Could you be a Champion? Find out how you can help to make the Solent region a world-class location in which to work, invest, study, live and enjoy.

Details: Leigh-Sara Timberlake, champion manager, [email protected] 0844-225-3130.


Economy on the menu at Business Solent breakfast briefingChampions were given an in-depth review of the local economy at the recent breakfast briefing held at the Hilton Southampton.

Kim Hayward, senior audit and international liaison partner at BDO gave his appraisal of how the top 150 companies in the region have been performing – and the opportunities for overseas business in the current economic climate.

While it was true many sectors such as leisure and hospitality had come through difficult times, Hayward said the depths of the recession are behind us.

“Overall this is still a good place to do business with confidence,“ he said.

Looking at opportunities for trade overseas, he said there was a definite shift in power from the west to the east.

“By 2030, two thirds of the world's middle classes are going to be Chinese – and they want western technology and brands.

“There are also emerging markets with Nigeria, Colombia and Taiwan.

“They offer opportunities for technology led businesses to explore some of these markets – so don't leave it too late to take a look,“ he said.

Sally Lynskey, CEO of Business Solent, said: “Clearly there are opportunities that local companies and organisations should explore with global markets – and it is worth keeping track of emerging countries.“

Turning to opportunities closer to home,

Henry Pavey, strategic partnership manager at Southampton City Council, talked about Southampton Connect.

13 key umbrella agencies representing public, private and the voluntary sectors, including Business Solent, have joined the successor body to Southampton Partnership looking for a new way to work together building on existing networks and relationships.

HR professionals from Champion organisations across Southampton gathered to investigate the skills agenda in the city.

Organised by Business Solent in conjunction with Handover HR and facilitated by The Hive Collective, the workshop held at the Best Western Chilworth Manor Hotel was the first step towards more collaborative working.

Around 60 representatives from across the public, private and education sectors discussed the challenges facing organisations in the city and what can be done to overcome them.

Kirstie Loveridge, director from Handover HR, said she was delighted with the response.

HR professionals agree to work together

He explained: “Southampton Connect is about action and collaborative working, peer support, bringing something to the table and getting results.“

With £65 million due to be cut from council services in Southampton by 2014, new ways are needed to meet the needs of the city, said Pavey.

“It's about sticking together and working together to make a difference,“ he said.

“The idea for this event came out of the public affairs meeting held earlier in the year so it is great to see this become a reality.

“There is a real feeling of energy in the room and a willingness to work together. I have the feeling this is just the start of something really big,“ she said.

Ideas coming from the group included how to tackle challenges with communication, motivation and innovation.

Facilitator Sarah Cooney from the Hive Collective said: “There seems to be a real willingness to take this forward and I am optimistic that real progress will be made to

benefit skills and workforce development as a result of this event.“

Ideas gathered during the workshop will be circulated to all who attended the event along with a plan to harness the creativity of the workshop and move it forward.

Business Solent CEO Sally Lynskey said: “I have been so inspired and impressed by the energy and commitment that everyone has brought to the workshop.

“It is all about collaboration and working together. Business Solent can facilitate, connect and promote what you are doing – by working together business leaders connect for economic prosperity.“

From left: Nathan Cook from Hilton Southampton, Henry Pavey from Southampton City Council, Sally Lynskey from Business Solent and Kim Hayward from BDO


17


Major sporting events planned for region

Geoff Holt MBE

The critical role of sport in the future prosperity of Southampton was the topic for the latest Business Solent Working Lunch in association with the Southern Daily Echo and The Coast.

Business leaders were given an update on some of the major sporting events that are set to bring thousands of people to the city this summer and further raise the profile of Southampton and the region.

Commercial director at the Rose Bowl, Zac Toumazi, explained the preparations underway for the first test match at the Rose Bowl, ahead of England v Sri Lanka, and what it could mean for the region.

“The development of the Rose Bowl will help to put Southampton firmly on the map as a place to do serious business and enjoy yourself,“ he said.

Over the five days of the test match, 43,000 visitors are expected and they will drink 20,000 gallons of beer and consume 12,000 burgers.

On Sunday July 31, the Clipper Round the World Yacht Race will set off from Southampton and the eyes of the world will focus on Southampton as a great maritime city.

Business development director at Clipper Ventures, Jonathan Levy, said the event was predicted to bring up to £10 million to the Southampton region.

“It will have a huge economic impact. On the Friday night before, the race crews will be joined by families and friends for a farewell knees up and all those people need hotel rooms, they will go shopping and spend money in Southampton.

“And then there are the thousands of day visitors we are expecting. This is an opportunity to show Southampton at its best,“ he said.

Keynote speaker Geoff Holt MBE told his inspirational story of how he had triumphed over adversity in the face of overwhelming setbacks.

A promising career sailing luxury yachts around the world was cut short when he broke his neck leaving him paralysed from the chest down.

He told the audience at Kuti's Royal Thai Pier how he put all thoughts of sailing from his mind as he built a new life and came to terms with his disability.

Many years later having carved a niche in marketing, Holt explained how he was encouraged to get back on the water in a specially adapted craft and once again he was captivated.

“I realised sailing t just a part of my life, it was my life,“ he said.

Since then he has sailed around Great Britain and across the Atlantic – even visiting the beach in the former British Virgin Islands where he had his accident.

He has worked tirelessly to champion sailing for the disabled and described it as a real level playing field as a competitive sport.

“I believe sport is fundamentally important in society, not just for disabled people but for all of us to get involved,“ he said.

Host for the Working Lunch, editor-in-chief of the Southern Daily Echo, Ian Murray, said you could not underestimate the importance of sport to Southampton and he welcomed the major events planned for the city and urged businesses to get involved.

PSP, sponsor of the PSP Southampton Boat Show, has further dedicated its commitment to the region by becoming a Champion and supporting the work of Business Solent.

The firm provides worldwide boat transportation, logistics and freight forwarding services across the globe.

Frank Dixie, PSP's managing director, said: “Many of Business Solent's Champions will know of PSP for its work in the marine and boat transportation industry and its support of the PSP Southampton Boat Show. However, what some may not know is that companies of all types across Southampton and indeed the world rely on our popular logistics services to handle the important task of delivering their goods.

“Our involvement with Business Solent will allow us to work more closely with companies across the region and help them to benefit from this vital service, as well as to promote the Solent as a hub for business.“

Sally Lynskey, CEO of Business Solent, said she welcomed PSP as a Champion.

“It's great to have PSP joining us as a new Champion. We know PSP as the sponsor of the PSP Southampton Boat Show and it is an event that Business Solent is actively involved with every year.

“We look forward to working with the team at PSP, whose worldwide reach will help to further promote Southampton and the wider Solent region,“ she said.

Southampton Boat Show sponsor reinforces commitment to the region by becoming a Champion

... Enabling Business!All About People, Process, Productivity

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Champions of the Solent region

Could your organisation Champion the Solent region? Details: 0844-225-3130 or www.businesssolent.com

BusinessT H E

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finance 19


'Constantly altering' global economy tops the menu at breakfast event Last month Barclays Capital Risk Solutions Group invited local businesspeople to a breakfast seminar at the Solent Hotel, Whiteley, to discuss the global economy. Sue Hughes of The Business Magazine reports from the lively roundtable discussion that followed a video address by Paul Robinson, Barclays Capital’s global head of foreign exchange research

Businesses which are directly affected by foreign currencies – whether importers, exporters or service providers – have strong opinions on and concerns about the MPC’s decisions and interest rate outlook, inflation and the Foreign Exchange market, which were highlighted when they gathered at the Solent Hotel, Whiteley, for a recent Barclays Capital Risk Solutions Group seminar.

Delegates represented a range of sectors, from marine electronics to global travel resourcing, and included a company which sources health and beauty products, mainly from China, for distribution in the UK and Ireland.

The event began with a video address by Paul Robinson, Barclays Capital’s global head of foreign exchange research, who reflected on a time of mixed economic growth: “After a less good 2010, there was some fairly solid growth, but it has slowed again. Real income growth has been negative for a couple of years because consumer confidence has lessened and house prices have fallen. In the UK we are consuming more but saving less – and it’s not sustainable. High inflation is a big issue for the MPC, for the economy and sterling. The VAT rise will stay in the annual comparison for the year and commodity prices are displaying alarming rises, whilst sterling remains very weak.”

With a weak dollar and huge fiscal issues to tackle, the US economy needs to rebalance, similar to that of the UK, thus making the euro appear stronger as the European Central Bank tightens interest rates. “Going forward, the euro faces issues and sterling remains very weak in a historical context, but it can’t last forever,” said Robinson. “Chinese growth has really driven global recovery to a large extent and the US will have to tighten policy soon whilst the euro crises

rages in Greece and Ireland. There are worries about a double dip recession but I don’t think it’s likely.”

A lively roundtable discussion began with currency rates forecasts. Briggs said that when budget planning, forecasts relied heavily on interest rates. Oliver added that his business relies on the yen, and it follows the dollar. Murray bases most of his pricing on the spot rate (giving the business the ability to sell/purchase foreign currency at the prevailing market rate) ‘with a little bit of buffering’. “It’s stood us in good stead, but we do get caught occasionally,” he said.

For Barclays, Childs’ view was that the global recovery will take the UK along with it and a mixed approach to market conditions was necessary. His colleague, Workman, added: “Wage inflation is usually the big concern, but you need to be prepared because situations such as the earthquake in Japan have hit manufacturing.”

The euro presented an interesting scenario, because despite bad news from Portugal, Spain and Ireland, it remains quite strong. “Countries

having to be rescued is bad for the UK,” Childs continued, “but in the short to medium term, the Greek restructuring programme has been received positively, but it probably won’t be the last.

“Sterling’s fortunes are very closely linked to interest differentials and there is a lot of risk around sterling at the moment. It’s a risky asset these days, but when the market has the appetite for risk, sterling will recover. Risk management has to follow alongside setting budgets,” he warned.

All delegates keep a close eye on currency fluctuations as they undertake day-today business, working with their supply chains, distributors or manufacturers (some of whom are overseas) and plan for the future.

“Its not purely about managing the absolute exchange rate, clients need to consider peer and competitor activity as well when implementing a hedging strategy” Childs observed.

“We cannot afford the Eurozone to fail,” added Workman, “because it

would send out such a negative to the global markets.”

Childs concluded with a wider comment: that the global economy is very different and altering constantly due to many factors – as diverse and unpredictable as natural disasters or more subtle currency fluctuations. China is supporting the Eurozone and the US because it needs people to buy its goods. However, Murray said another factor to be considered was social unrest, an area where no one can look into a crystal ball and predict a pending crisis, or the upturn.

Attendees

Xavier Schouller, Peak Retreats (ski/lakes/mountain tour operator)

Chris Oliver, Furuno (UK marine electronics)

Paul Murray, MD, and Sue Coatham, FD, Paul Murray plc (health and beauty distributor mainly UK and Ireland, sources mainly from China)

Trevor Bishop, FD, Bell Group (IT Asset Management)

Nigel Briggs, HRG Group (global travel and resourcing)

Nick How, financial controller, Garmin (Garmin distribution Europe)

Ian Workman, head of Solent & Dorset, Barclays Corporate

Tom Coltman, Barclays Capital

Richard Childs, Barclays Capital

Details:Ian Workman07775-543496

Delegates representing a range of sectors participated in a lively roundtable discussion at the recent Barclays Capital Risk Solutions Group seminar

deals20


H.I.G. Europe acquired AIRCOM from Advent International in a deal that sees new capital injected into the business to fund AIRCOM’s global growth strategy. AIRCOM, with revenues of over £90 million, is the world’s largest independent provider of network planning and optimisation services to the mobile telecoms industry. Its customers include all of the 20 top global operators who depend upon AIRCOM’s tools and consultants to improve network coverage and service quality for more than 1.1 billion subscribers worldwide.

Paul Canning, managing director at H.I.G. Europe, said: “AIRCOM is already a leader in its market, and has ambitious plans to grow and provide a real end-to-end suite of solutions for the mobile telecoms industry. We look forward to supporting the management and we believe that we can bring added firepower and support for their ambitious growth plans.“

Founded in 1995, AIRCOM is headquartered in the UK, and employs over 900 professionals spread across 14 offices worldwide. AIRCOM is market leader in the provision and deployment of network engineering tools, and its products are in use across over 135 countries by over half the world’s mobile operators.

Today’s mobile market is undergoing a dramatic transformation, driven by the growth in data-hungry devices such as smart-phones and iPads. AIRCOM’s business is built around helping the mobile industry to cope with these data challenges. It partners with market-leading companies including Hewlett Packard and Nokia Siemens as well as working directly with blue chip telecom operators such as Vodafone and O2.

Under the leadership of chief executive Darryl Edwards, who joined the business in October 2009, the company has taken advantage of

H.I.G. Europe acquires AIRCOM InternationalAIRCOM International, the Leatherhead-based provider of software and services to mobile network operators, has been acquired by H.I.G. Europe

the rapid growth in mobile traffic. Edwards said: “AIRCOM is incredibly well placed to grow with our clients – more and more of whom are turning to us to help them get the most out of their networks. With H.I.G.’s support, we can ensure our products and services remain at the cutting edge of the industry.“

H.I.G. is a leading global private equity firm focused on management buyouts and recapitalisations of leading mid-market companies as well as growth equity investments. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. Including its investment in AIRCOM, H.I.G. Europe has made 14 new investments in the past 12 months, and eight since the start of 2011.

Details: Paul [email protected]

Quindell, a Fareham-based technology-enabled consultancy and leisure focused group of businesses, has been admitted to the Alternative Investment Market of the London Stock Exchange in a reverse takeover of Mission Capital plc in a deal advised on by RSM Tenon and Blake Lapthorn.

Quindell is led by Rob Terry, the founder of The Innovation Group. Terry founded Quindell in 2000 as an investment opportunity while still working at The Innovation Group. Quindell enables business efficiency and optimisation, using its expertise and solutions in technology, telecommunications, utilities and brand leverage. Through improved business process management they help clients with sales, marketing, and cost savings. Quindell, which had a turnover of £4.15 million last year, went to market on May 17. The market capitalisation of the company was £33m at launch and increased to £40m in early trading.

Mission Capital will become 92% owned by Quindell investors, with the Terry family controlling slightly more than a 50% stake. Rob Terry will be the chairman and chief

Quindell listed on AIM in reverse takeover

executive of the new business.

RSM Tenon acted as reporting accountants on the acquisition of Quindell by Mission Capital and the admission of the enlarged group on to AIM. This significant transaction and flotation was managed by Peter Vandervelde from the Southampton Corporate Finance team in conjunction with Jez Filley from the Reading office of RSM Tenon.

Vandervelde commented: “We are delighted to have worked with Rob and the Quindell management team on this transaction. We are seeing a steady recovery in interest and activity in flotations and for some businesses and stakeholders, flotation can be the right next move.”

Filley commented: “This was a great opportunity for us to work with an exciting business at a key stage in its development.”

Mark Hepworth, a partner in Blake Lapthorn’s corporate department, advised Quindell

from the outset. He led the Blake Lapthorn team from the firm’s Southampton office with assistance from its corporate teams in London and Oxford. Hepworth commented: “The deal, effected by private treaty between Mission and the selling shareholders of Quindell, took some four months to complete. A variety of solicitors from our corporate teams across the south east provide a range of legal advice to the Quindell management team to ensure the smooth completion of this transaction.”

Rob Terry, chief executive, said: “The support and advice provided to us by RSM Tenon for corporate finance, and Blake Lapthorn for legals in this transaction in a very tight timescale was invaluable.”

Jez FilleyPeter Vandervelde

THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2011 www.businessmag.co.uk

deals update 21

Latest deals data from across the region

Next DeadlineThe next Deals Update will appear in our September 2011 issue

Deadline for submissions is Wednesday Aug 10Submissions 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

Refinance for Direct Wines Holdings

Completion Date: 03/06/2011

Customer: Direct Wines

Value: Not disclosed

Details: Refinance a revolving credit facility with a 50/50 split between HSBC and Barclays to support the rapid global expansion of a highly successful business. Going forward, HSBC is delighted to be the global partner for Direct Wines by supporting its seven overseas offices and international growth

Corporate Finance Advisers: N/A

Legal Advisers: Addleshaw Goddard

Financial Due Diligence: N/A

Commercial Due Diligence: N/A

Project s92


Target: Bond Aviation Group

Acquirer: Grupo Inaer Spain

Deal Value: Not disclosed

Details: Bond Aviation Group, a UK group which provides onshore and offshore helicopter services, was sold by brothers Stephen and Peter Bond to Spanish operator Inaer (backed by Investindustrial and KKR). Bond provides onshore and offshore helicopter services to the emergency services, police and oil and gas operators

Funding: Not known

Corporate Finance Advisers: NM Rothschild

Legal Advisers: Not known

Financial Due Diligence: KPMG LLP

Commercial Due Diligence: KPMG LLP

World Wise Foods

Customer: World Wise Foods

Deal Value: Undisclosed

Details: Lloyds Bank Corporate Markets is pleased to support this strong management team in their new business venture import-ing sustainable pole and line caught Maldivian tuna for major UK retailers. The Trade and Commercial finance facility provides funding through the working capital cycle from shipment to shelf

Funding: Lloyds Bank Corporate Markets

Corporate Finance Advisers: N/A

Legal Advisers: N/A

Financial Due Diligence: N/A

Commercial Due Diligence: N/A

Site Intelligence


Target: N/A

Acquirer: N/A

Funding Value: £3 million

Details: Acting for Site Intelligence Limited on an equity invest-ment by new investor, Nauta Capital, and its existing shareholders

Corporate Finance Advisers: None

Legal Advisers: Manches LLP, Taylor Wessing LLP

Financial Due Diligence: None

Commercial Due Diligence: None

Target: Greenwich School of Management (GSoM)

Acquirer: Sovereign Capital

Details: Moore Blatch successfully advised on Sovereign Capital’s recent investment in Greenwich School of Management (GSoM), a leading private-sector provider or university-accredited masters and doctoral programmes. The Moore Blatch team of six lawyers, lead by Roger Bailey, advised the existing GSoM sharehold-ers. Moore Blatch worked with Sovereign in November 2006 when advising on Sovereign’s investment in London Property Maintenance (Cleaning)

Funding: Additional finance for the transaction has been provided by Lloyds Bank Corporate Market Acquisition Finance and Sovereign has committed further funding to develop GSoM through its “buy and build” strategy.

Legal Advisers: Sovereign - Moore Blatch and GSoM - Jones Day

Financial Due Diligence: Alvarez and Marsal

Sovereigh Capital's investment in GSoM

Project Sapphire


Target: Newfield Information Technology

Acquirer: Xerox plc

Deal Value: Non disclosable

Details: Osborne Clarke acted for Xerox in connection with its acquisition of Newfield Information Technology

Legal Advisers: Osborne Clarke (Sara Valentine & Caroline Drummond)

Completion Date: 05/2011

Target: JSM Property Management

Acquirer: Leaders Lettings

Details: HMT Corporate Finance, led by partner Andrew Thomson and associate director Catherine Jones, undertook due diligence for Leaders, a regional independent business specialising in the letting and management of residential properties, on its acquisition of JSM Property Management. JSM is one of its largest acquisitions to date. JSM operates from six branches in East Anglia with an active tenancy base of circa 3,000 properties, giving Leaders a significant foothold in a new region

Funding: Lloyds TSB, RBS

Legal Advisers: Dean Wilson

Financial Due Diligence: HMT Corporate Finance

Leaders Lettings acquisition

AFL Telecommunications acquisition

Completion Date: 05/2011

Target: TCC Group

Acquirer: AFL Telecommunications

Details: HMT Corporate Finance led by partner Peter Barrand advised AFL Telecommunications on its acquisition of TCC Group, a leading telecommunications network implementation and integration provider based in Bracknell. AFL manufactures fiber-optic cables and components and provides design, project management and installation services from the USA, UK and Germany. TCC which has significant experience in designing, building, installing and maintaining next generation networks for a number of large telecommunications customers will join the AFL global portfolio to provide communications services to European markets

Corporate Finance Advisers: HMT Corporate Finance

Legal Advisers: Thrings

Commercial Due Diligence: RPL

Leumi ABL/Bristol & London plc


Deal Value: Undisclosed

Details: Leumi ABL has provided financing to Bristol & London plc, the UK’s leading hirer of prestige cars, for drivers who have been involved in an accident. Leumi ABL provided an invoice discounting facility to replace the client’s bank funding in full and to provide additional working capital

Legal Advisers: Squire Sanders Hammonds

Project BartCompletion Date: 06/2011

Target: Centrebet International

Acquirer: Sportingbet plc

Deal Value: £118.5 million

Details: Placing an open offer to raise £65m and issue of £65m of 7% convertible bonds due 2016 by Sportingbet plc in order to fund the acquisition of Centrebet International. The transaction wil make Sportingbet plc the market leader in Australia

Funding: Placing an open offer and convertible debt as above

Corporate Finance Advisers: Oriel Securities (equity) and ISM Capital LLP (debt)

Legal Advisers: Nabarro LLP

Financial Due Diligence: Grant Thornton UK LLP

profile22


Compost and coffee: The success of Haskins Garden CentresWhen the economic weather worsens, some businesses actually benefit – discount shops like Aldi, and even UK hotels, as people holiday at home rather than jetting off overseas.

The new shape of corporate banking

Mike Donaldson

Relationship Director for Haskins Garden Centre, Santander Corporate Banking

With a key focus on business development, supporting corporate businesses in the Solent region has been a consistent feature of my career for over 20 years. When I first met Jonathan at Haskins it was my job to convince him that Santander Corporate Banking was the bank for them.

Haskins chose us because we took time to understand their business and were genuinely interested in their plans. We demonstrated a positive and enthusiastic approach and a can do attitude from the start.

At Santander we pride ourselves on building long term relationships with local businesses which can only be done by taking the time to truly understand how the business works, its aims and objectives and how we in turn can help them achieve their goals.

PROFILE:

Most of us wouldn’t expect garden centres to be on that list, but Haskins Garden Centres have bucked the trend – with a little help from Santander Corporate Banking.

According to Jonathan Workman, Finance Director of Haskins Garden Centres, your local plant emporium is one business that may well have flourished during the downturn. “We’ve stayed fairly strong during the recession. People are cutting back on new cars and foreign holidays, but they’re spending more time in the garden instead, and treating themselves to lunch with friends at the garden centre.”

Haskins runs four garden centres along the South Coast, and Jonathan says their current strength is all down to an unlikely combination: compost and coffee. Shoppers pop in for their garden essentials, and treat themselves to tea and cake at the garden centre’s café at the same time.

“The average transaction value at one of our garden centres is quite low,” says Jonathan, “but people keep heading in – areas that have done particularly well recently are grow-your-own and the cafés. At our Ferndown centre, the restaurant drives around 20% of sales.”

With gardeners still keen to treat themselves, Haskins now has ambitious plans to rebuild its Roundstone centre in West Sussex with state-of-the-art buildings and of course, a new restaurant – which will be one of the largest in the South.

Through rain and shineBut Haskins’ success isn’t just down to luck and good cake. It’s a family-owned business with more than a century of history in the South, and a stellar record of expansion throughout the ups and downs of the past few decades.

It was founded in 1882 by Harry Haskins, the great-grandfather of the current owner, Warren Haskins. When Warren inherited the business, aged just 20, Haskins had just one

site and seven staff, and Warren quickly began looking for ways to expand.

In 1994 the business relocated to a new 10-acre site at Ferndown in Dorset, with a 260-seater restaurant. Following this, in 1996, Haskins acquired the West End garden centre in Southampton, and completely redeveloped it.

Both were planned as ‘destination’ garden centres, with concessions, restaurants and parking – places where gardeners could spend a leisurely afternoon. And both centres quickly bloomed, becoming highly successful and well-known throughout the South.

Since then, Haskins has acquired and opened two new locations, both in West Sussex. With four garden centres in total, it is now one of the largest independent garden centre operators in the country. But it remains keen to grow.

“We’ve been looking for opportunities to expand,” says Jonathan, “either through acquisitions or by developing our existing sites. It turned out that investment was the best way for us to grow, so we’re rebuilding in Roundstone.”

Haskins now plans to redevelop one of its newer centres, Roundstone, where planning permission has been granted for a brand new building and restaurant facilities. The expansion is supported with a loan from Santander Corporate Banking, and will create new jobs in the area.

Gardening and growth“Roundstone is our oldest building,” says Jonathan, “and with the loan from Santander, we’re now able to upgrade it to a state-of-the-art garden centre, with a new restaurant with 500 covers, much better parking and generally a much nicer environment. It should create around 50 new jobs.”

With the same loan, Haskins also has plans to

improve its successful West End centre. The company never stands still, and will redevelop its restaurant with an extension and give the rest of the garden centre a facelift with brand new shop fittings, carpets and signage.

When planning for expansion, Haskins approached a number of banks, and chose Santander on the basis of pricing and attitude. Jonathan says it quickly became clear that Santander were the winning combination. “I hit it off with the Santander Corporate Banking team straight away – I knew they were a team I could work with.”

So what next for Haskins? It turns out that – like most gardeners – the garden centres are hoping for rain. Jonathan says, “This year, we had the driest spring for 100 years. We reached summer early which has affected our late May and early Junes sales. If we see more rain, then it’s good for gardeners – and good for us.” In addition, Haskins is keen to continue growing through investment and is on the look-out for additional centres.

If your business could benefit from a personal approach to corporate banking, contact us today:

Mike Donaldson [email protected] on 07595 403 940

www.santandercb.co.uk BMS

JUN

11

““with the loan from Santander, we’re now able to upgrade it to a state-of-the-art garden centre…

““…it quickly became clear that Santander were the winning

combination.


corporate recovery 23


Compost and coffee: The success of Haskins Garden CentresWhen the economic weather worsens, some businesses actually benefit – discount shops like Aldi, and even UK hotels, as people holiday at home rather than jetting off overseas.

The new shape of corporate banking

Mike Donaldson

Relationship Director for Haskins Garden Centre, Santander Corporate Banking

With a key focus on business development, supporting corporate businesses in the Solent region has been a consistent feature of my career for over 20 years. When I first met Jonathan at Haskins it was my job to convince him that Santander Corporate Banking was the bank for them.

Haskins chose us because we took time to understand their business and were genuinely interested in their plans. We demonstrated a positive and enthusiastic approach and a can do attitude from the start.

At Santander we pride ourselves on building long term relationships with local businesses which can only be done by taking the time to truly understand how the business works, its aims and objectives and how we in turn can help them achieve their goals.

PROFILE:

Most of us wouldn’t expect garden centres to be on that list, but Haskins Garden Centres have bucked the trend – with a little help from Santander Corporate Banking.

According to Jonathan Workman, Finance Director of Haskins Garden Centres, your local plant emporium is one business that may well have flourished during the downturn. “We’ve stayed fairly strong during the recession. People are cutting back on new cars and foreign holidays, but they’re spending more time in the garden instead, and treating themselves to lunch with friends at the garden centre.”

Haskins runs four garden centres along the South Coast, and Jonathan says their current strength is all down to an unlikely combination: compost and coffee. Shoppers pop in for their garden essentials, and treat themselves to tea and cake at the garden centre’s café at the same time.

“The average transaction value at one of our garden centres is quite low,” says Jonathan, “but people keep heading in – areas that have done particularly well recently are grow-your-own and the cafés. At our Ferndown centre, the restaurant drives around 20% of sales.”

With gardeners still keen to treat themselves, Haskins now has ambitious plans to rebuild its Roundstone centre in West Sussex with state-of-the-art buildings and of course, a new restaurant – which will be one of the largest in the South.

Through rain and shineBut Haskins’ success isn’t just down to luck and good cake. It’s a family-owned business with more than a century of history in the South, and a stellar record of expansion throughout the ups and downs of the past few decades.

It was founded in 1882 by Harry Haskins, the great-grandfather of the current owner, Warren Haskins. When Warren inherited the business, aged just 20, Haskins had just one

site and seven staff, and Warren quickly began looking for ways to expand.

In 1994 the business relocated to a new 10-acre site at Ferndown in Dorset, with a 260-seater restaurant. Following this, in 1996, Haskins acquired the West End garden centre in Southampton, and completely redeveloped it.

Both were planned as ‘destination’ garden centres, with concessions, restaurants and parking – places where gardeners could spend a leisurely afternoon. And both centres quickly bloomed, becoming highly successful and well-known throughout the South.

Since then, Haskins has acquired and opened two new locations, both in West Sussex. With four garden centres in total, it is now one of the largest independent garden centre operators in the country. But it remains keen to grow.

“We’ve been looking for opportunities to expand,” says Jonathan, “either through acquisitions or by developing our existing sites. It turned out that investment was the best way for us to grow, so we’re rebuilding in Roundstone.”

Haskins now plans to redevelop one of its newer centres, Roundstone, where planning permission has been granted for a brand new building and restaurant facilities. The expansion is supported with a loan from Santander Corporate Banking, and will create new jobs in the area.

Gardening and growth“Roundstone is our oldest building,” says Jonathan, “and with the loan from Santander, we’re now able to upgrade it to a state-of-the-art garden centre, with a new restaurant with 500 covers, much better parking and generally a much nicer environment. It should create around 50 new jobs.”

With the same loan, Haskins also has plans to

improve its successful West End centre. The company never stands still, and will redevelop its restaurant with an extension and give the rest of the garden centre a facelift with brand new shop fittings, carpets and signage.

When planning for expansion, Haskins approached a number of banks, and chose Santander on the basis of pricing and attitude. Jonathan says it quickly became clear that Santander were the winning combination. “I hit it off with the Santander Corporate Banking team straight away – I knew they were a team I could work with.”

So what next for Haskins? It turns out that – like most gardeners – the garden centres are hoping for rain. Jonathan says, “This year, we had the driest spring for 100 years. We reached summer early which has affected our late May and early Junes sales. If we see more rain, then it’s good for gardeners – and good for us.” In addition, Haskins is keen to continue growing through investment and is on the look-out for additional centres.

If your business could benefit from a personal approach to corporate banking, contact us today:

Mike Donaldson [email protected] on 07595 403 940

www.santandercb.co.uk BMS

JUN

11

““with the loan from Santander, we’re now able to upgrade it to a state-of-the-art garden centre…

““…it quickly became clear that Santander were the winning

combination.

Whilst it is often true that to save a business there will be a requirement for recourse to administration or liquidation it does not always have to be the case. Key will be the nature and causes of the problems faced by a business and the extent of any cashflow problems – attention to which at an early stage can be the determining factor in whether formal insolvency is avoidable.

When, for example, James Cowper was consulted by a hi-tech company working in the field of space exploration, the size of the business had reduced substantially over a number of years. The management, bank and institutional shareholder were all evaluating their options and administration was a possibility. The company had a very clear idea of its work volumes for at least six months ahead and faced a real risk of running out of cash. Were there to be any suggestion of financial problems, however, there was a real risk that key contracts would be terminated exacerbating the position. By embarking on an accelerated disposal process it was possible to sell the company – ensuring all creditors were paid and some value was secured for the institutional investor (and the management).

Underwater

A recurrent theme arises with management teams, which perhaps embarked on leveraged acquisitions prior to the banking crisis in 2008 and now find that the business is no longer able to service the level of debt burden. In corporate finance parlance such businesses are described as ‘being underwater’.

Another example: the turnover of a consumer electronics business which approached the firm had reduced by more than half. Nevertheless, because of strong management the company was able to operate perfectly well in the short term until it faced the prospect of breaching banking covenants and later of being unable to meet scheduled repayments of loan capital. The shareholders, in this instance, were generally unable or unwilling to inject fresh capital whilst they were not receiving a return on their existing investment, and the management felt left ‘holding the baby’. Unless something could be done, there was a risk that key personnel would leave the business. In the

The term 'corporate recovery' has become a euphemism for 'corporate insolvency'. For many companies that is not the case, as James Cowper’s business recovery team explains

circumstances, they would prove hard, if not impossible, to replace.

In such situations, one obvious option is to restructure the finance of the business. By agreeing to reduce the level of debt the lender assisted management to restore the company to a viable footing. Such negotiations are delicate and often require an outside adviser to ‘hold the ring’. The adviser’s role will be to try to ensure the ‘pain’ is shared as fairly as possible between all parties for the greater good.

Insolvency

Sometimes circumstances dictate that formal insolvency cannot be avoided. Team Precision Pipework was a subsidiary of a US group until its turnover dried up following the financial crash and subsequent downturn in motor manufacturing. The company supplied parts for automotive air conditioning and the parent company decided that it was unable or unwilling to sustain it through a prolonged period of uncertainty. In the circumstances, the decision was made to place the company into administration. The administrators were able to negotiate terms with key suppliers, customers and staff which enabled the business to continue. An expedited marketing of the business was conducted and a buyer was found for it. The sale resulted in all creditors being paid in full.

Key to these types of solution is short-term cashflow – is funding available to run the business whilst a turnaround strategy is developed? Where cash is constrained such strategies are not impossible but they are made much more difficult.

A final word of warning: HMRC is proving less accommodating than it was at the height of the financial crisis and directors who allow substantial arrears to accrue risk actions to hold them personally liable or disqualification from the management of a company for a period of two to15 years.

Details: Peter [email protected]. www.jamescowper.co.uk

James Cowper’s Business Recovery and Insolvency team

James Cowper has one of the Thames Valley and south coast’s leading corporate recovery and insolvency teams. The 11-strong team operates from offices in Oxford, Newbury, Reading, Southampton, Henley and London. The team prides itself on working with clients to achieve the best solutions for debtors – be they companies or private individuals – and their creditors.

The firm offers a full range of business turnaround and restructuring support across a variety of industry sectors. Its focus is to assist in the recovery or rescue of struggling businesses however the firm recognises that this is not always possible. When a business has failed James Cowper can assist in choosing the right insolvency procedures to minimise losses to creditors and exposure on the part of directors.

From left: Sue Staunton, Peter Whalley and Sandra Mundy, James Cowper

Corporate recovery should mean precisely that

corporate recovery24


NatWest and HJS teamed up last month to bring a free business advice seminar to Southampton.

Local business owners attended a seminar aimed at helping them to find out more about the government assistance available to them and how to take advantage of it. The event, at Kuti’s Royal Thai Pier Restaurant on Town Quay, featured representatives from HJS and NatWest who covered topics including sources of business finance, government grants and maximising tax relief on business investments. Guests enjoyed a Thai BBQ, drinks and networking.

Derek Hatton, business development director for NatWest Commercial Banking in Southampton, said: “Having access to advice and guidance from banks and other advisory organisations is vital to businesses and this event gave people a great opportunity to chat through their ideas and circumstances and discover the wealth of support available.“

Added Julian Sims, tax director at HJS: “We believe it is vital for business owners to take all the advice they can, on any matters which can help the success of their companies – however long they may have been in business. Legislation is constantly changing, as is government support. Businesses should be taking advantage of any support, especially in the current economic climate.“

The number of troubled companies falling into insolvency in England and Wales rose for the second successive quarter, with administrations up 22% to 782 in Q1 2011 (Q4 2010: 642), according to statistics released by the government’s insolvency service.

“The rise in corporate insolvencies results from a combination of factors that are dragging economic growth to a snail’s pace. Rising global commodity prices are putting pressure on businesses at the same time that demand is falling,“ said Trevor O’Sullivan, partner at Grant Thornton in Southampton.

“Of particular note is the volume of distressed retailers we are dealing with. This is unsurprising given the rise in input prices and increase in VAT which comes at the same time as the Government and households implement austerity measures

to reduce their debts. In the south we have been dealing particularly with a number of marine leisure retailers in crisis. Perhaps this can be attributed to consumers no longer having the disposable income to buy luxury items.

“Whilst CVAs have recently been the insolvency process of choice in the retail sector, creditors are increasingly questioning whether a CVA will improve their ultimate return.“

Meanwhile, the number of companies entering liquidation saw an increase of 3.7% to 4,121 in Q1 2011 (Q4 2010: 3,973). The latest figures reflect a 2% increase on the same quarter a year earlier (Q1 2010: 4,036).

“The number of administrations is a more accurate barometer of the health of the UK economy than liquidations. Typically

Bournemouth-based tax advice service TaxNetUK has seen significant business growth in the past few months, thanks to the Budget.

TaxNetUK has experienced a substantial increase in those seeking advice about tax issues, from capital gains to inheritance tax, with many people unsure of their options because of the recent Budget changes. Having only launched at the end of last year, it has gone from strength to strength due to the Budget and new government tax-approved schemes.

Graham Wilde, managing director of TaxNetUK, has more than 25 years’ experience in UK tax and started his own company in response to a growing demand for the provision of cost-efficient, online tax services to individuals and companies alike.

“With the recent Budget announcements, people are

Corporate insolvencies still on the increase

Trevor O’Sullivan

Business owners should take all the advice they can

Tax services in demand

large employers are first placed into administration when declared insolvent. Additionally, most companies entering administration are liquidated later, creating both a lag and double counting effect that distorts the liquidation statistics,“ concluded O’Sullivan.

concerned about how it will affect them,“ Wilde said. “Some of the changes are actually good news, for example the improvements to the Enterprise Investment Scheme, which increases tax relief for businesses and individuals alike.“

Graham Wilde


corporate recovery


David Charlesworth - Private ClientMartin Duck - Land DevelopmentClaire Haverfi eld - Dispute ResolutionPeter Jeffery - Company Commercial

Left to right

“I’d like to introduce youto some of my colleagues”Once you get to know one of our legal experts, you get to know all of us. Teamwork and building lasting relationships with clients are what we’reall about. So if you need help with a legal issue, we’re here to help.

11 The Avenue, Southampton, Hampshire SO17 1XFTelephone: +44 (0)23 8071 8000 www.mooreblatch.com Offi ces also in Lymington, Whiteley & Richmond-upon-Thames

25

Many banks are in the process of building their balance sheets through disposal of non-core business, raising money on the capital markets and appraising their portfolios. Meanwhile, the political and public pressure to lend money grows unabated, especially in the SME sector. These competing pressures have created certain financial situations unique in the banking field which are worthy of scrutiny.

Consider this proposition – ABC bank has provided a number of complimentary facilities to you (overdraft, clearing, hedging and term loan) for 15 years. You have never been in default but because of the poor trading environment, your three monthly cashflow projections are going to be harder to meet.

You ring the bank, not for more money but to let your client manager know the state of affairs as you are upfront and an

open finance director. You are subsequently called by someone you do not know in Specialised Lending who tells you that your accounts are being transferred to this unit. He continues that although the accounts are not on stop, a representative of the unit wishes to meet you to:

understand and review the •businessevaluate its security•determine whether on a going •concern or break up basis the bank can exit this relationship without losing moneyrequest you appoint a firm •of turnaround professionals (another name for an insolvency practitioner).

You are shocked. From the innocuous call to your relationship manager to this! But please don’t panic.

Firstly, although you may be aggrieved by the way this issue

has arisen, given the relationship developed over a number of years, don’t be overly defensive. Smooth the way by trying to be measured and balanced.

Secondly, try and find other sources of finance from a variety of funders (sometimes through independent brokers) if there is a threat, perceived or otherwise, that the bank wishes to exit the relationship. Banks like to sell their products to you on the basis of price and administrative ease. However, putting all your eggs in one basket may not be wise in these difficult times so consider giving discrete parts of your lending requirement to a number of lenders.

Thirdly, always remember it’s the bank’s money. It may have genuine anxieties based perhaps more on the lack of understanding of how you do things. Try and make the complex simple.

Managing your bankAbe Ezekiel of Penningtons Solicitors LLP examines how SMEs can work effectively with their banks during mutually testing times

There are no rules in this situation but a level head, good professional advice, and a clear strategy for the future are strong attributes to weather the storm.

Details: Abe [email protected]

Abe Ezekiel

corporate recovery deals26


Based in Greenwich, London, GSoM was established in 1973 and today has over 1,500 students. It has strong partnerships with the University of Plymouth and the University of Wales and has been an accredited degree provider since 1991. In addition to degrees, GSoM also offers a selection of travel and tourism courses in professional diplomas.

Dr William Hunt, principal, will continue with GSoM and will be joined by Paul Brett as group chairman and Alex Sheffield as finance director.

Additional finance for the transaction has been provided by Lloyds Bank Corporate Market Acquisition Finance and Sovereign has committed further funding to develop GSoM through its 'buy and build' strategy.

Dr William Hunt commented: “The increasing demand for higher education in the UK coupled with the financial constraints placed on public sector providers offers an exciting opportunity for the independent sector. There has never been a better time for Greenwich School of Management to expand its operations. With Sovereign’s investment and support, the college will be well placed to become one of the UK’s largest independent providers of university management education.“

The Moore Blatch team of six lawyers, led by partner Roger Bailey, advised the existing GSoM shareholders and included Jeremy Over (senior corporate solicitor), Katherine Maxwell (employment partner) and Julian Parkes (property partner). Sovereign Capital was advised by the London office of Jones Day.

Bailey commented: “We are delighted to have guided the project to a

successful completion. With Sovereign Capital’s investment, the transaction enables GSoM to be developed into a multi-site higher education group with strong employer links.“

Moore Blatch worked with Sovereign in November 2006 when advising on Sovereign’s investment in London Property Maintenance (Cleaning).

According to Bailey: “This transaction is the latest in a line of projects we have worked on in London and it is very satisfying to us that we are able to continue attracting such high-calibre work to Southampton.“

Hunt commented: “We have been delighted with the support and pragmatism of Roger Bailey, Jeremy Over and the rest of the Moore Blatch team. Indeed, they provided an excellent and professional service demonstrating insight into the commercial as well as legal aspects of the acquisition process.“

Details: Roger Bailey023-8071-8061roger.bailey@mooreblatch.comwww.mooreblatch.com

Moore Blatch swots up on higher education deal

Roger Bailey

Moore Blatch LLP has successfully advised on Sovereign Capital’s recent investment in Greenwich School of Management (GSoM), a leading private-sector provider of university-accredited masters and doctoral programmes in business, law and management“If people got professional help

when the ‘sparks’ had just started to ignite, I think that nine out of 10 cases could be saved or turned around, but that’s not the typical scenario,” says experienced business recovery professional Sandy Kinninmonth of RSM Tenon, talking to John Burbedge.

Too often owner-managed businesses and even large established companies fail to spot the warning signs of commercial distress. Some spot the signs but fail to take the right recovery action soon enough – either through lack of knowledge and experience, or because the remedy falls into the ‘too hard and time-consuming to tackle at the moment’ tray.

Too often entrepreneurs and management boards also see the problem as one to be kept secret within the company; best handled internally by adopting the ‘we’ll work extra hard to get ourselves out of this mess’ attitude.

Kinninmonth has seen it all before. “When people come to us they have ‘zoomed in’ and are micro-managing aspects that shout loudest at any particular time. They lose awareness of the true overall shape of the business, their objectives, and where it should be going. Directors tend to get diverted onto fire-fighting issues that waste valuable management time and company resources.

“When they come to see us, directors can be like rabbits in headlights; they don’t know which way to turn, they are frozen in time and may be in denial as well. As part of our services we try to get them to take a step back and see things from a wider angle.”

Of course with an early warning system in place, seeing the wider picture is much easier – and fewer rabbits get run over.

More and more businesses are becoming aware of the benefits of RSM Tenon’s Tracker early warning service – an interactive real-time online monitoring system that accesses numerous trusted data

sources to flag up potential business and financial risks across a client portfolio and supplier base.

“We believe Tracker’s scope, flexibility and tailored detail makes it a market leader, and excellent value in terms of restoring control of one’s company, and providing management peace of mind,” says Kinninmonth.

Using an early warning system like Tracker not only helps to bring stability and confidence to business operations, it can also highlight the need for change – leading to innovation and market gain opportunities.

With regular information generation, junior and middle managers can also proactively douse problem embers before they become corporate fires that burn up valuable senior management time.

Kinninmonth says the need for his business recovery skills, and those of his many RSM colleagues, usually stems from two main factors:

•businessesnothavingappropriatesystems in place to generate satisfactory management data and reporting

•peoplebecomingtooemotionallyinvolved with their business, and not being able to become detached when making decisions

Overseen by RSM Tenon, Tracker provides that appropriate system and assists from an external and impartial stance.

If you are interested in learning more about Tracker, email [email protected]

Details for RSM Tenon offices: Southampton: 023-8064-6464Basingstoke: 01256-312312Bournemouth: 01202-554456 Portsmouth: [email protected]

No fire without smoke

Sandy Kinninmonth

Smoke alarms save lives and costly fire damage. An early warning that a business is heading for trouble can save livelihoods and costly corporate damage


property 27


One of the largest regional distribution hubs of its kind in southern England is set to be transformed into a thriving business park by its new owner.

M7 Real Estate, a pan-European fund and asset management specialist based in London, acquired High Post, a 20-acre site near Salisbury in Wiltshire, for an undisclosed sum in a deal handled by Philip Holford, a partner at the Salisbury office of regional commercial property consultancy Myddelton & Major.

Comprising 252,000 sq ft of manufacturing, warehousing, technology and office space, High Post was placed into administration by KPMG last year after the freeholder ran into financial difficulties.

Plans are now underway to transform High Post, which will be jointly marketed by Myddelton & Major and Warwick Martel, into a mixed-used business park through a multi-million pound investment programme by M7. Conversion work will create self-contained

units from 10,000 sq ft each, and a further 25,000 sq ft has been signed up by a national brand.

Holford said: “This is fantastic news for the local and regional economy. High Post is clearly an asset with great potential. The aim is to create a thriving, regional commercial employment site with hundreds of people on site.“

A refurbished High Post is likely to appeal to manufacturing, distribution, freight transport, logistics, assembly, research and

Mixed-use business park in the pipeline for Salisbury

A multi-million pound scheme for two headquarters buildings at Solent Business Park, Whiteley, has been unveiled.

The development would see a 25,320 sq ft office, called One Olive, and a 30,580 sq ft office, entitled One Lime.

Planning permission has been granted for One Olive One Lime, with allocation for 202 car parking spaces.

The development is a joint one by Obsorne, a family-owned construction, civil engineering and property services company, and Bell Hammer, which has been developing HQ office buildings since 2000 and has a 750,000 sq ft portfolio.

Both companies are familiar with the location, having completed a

nearby 55,000 sq ft HQ building in 2008 for Zurich Insurance.

One Olive One Lime, officially launched on site to commercial property agents across the region, is either for sale or pre-let, with a quoting rental figure of £20 a sq ft.

The development will enable companies not only to have state-of-the-art offices, but to also comply with their own corporate responsibilities for the green agenda and sustainability, as the new buildings will provide next-generation construction techniques.

Hughes Ellard, the regional commercial property agency with offices in Southampton and Fareham, is jointly marketing the development with London-based

From left: Russell Mogridge of Hughes Ellard and Ed Smith of Strutt & Parker with David Sarlson and Mark Swindall, both of Osborne

development, start-ups and light industrial operations, with related opportunities in accountancy, sales and marketing.

Continued Holford: “There is a marked shortage of these kinds of units and strategic location in south Wiltshire. There is no availability of such space at Solstice Park, Amesbury, and there are road congestion issues in Salisbury.“

High Post is on the A345 midway between Salisbury to the south and Amesbury and the A303 to the north. It is one of only four centralised distribution hubs on the market across southern England; the others are at Swindon, Wantage and Thatcham. The facility was formerly occupied by MAHLE Filter Systems, one of the 30 largest companies in the automotive supply industry worldwide, which relocated to Shropshire with the loss of more than 500 jobs.

Extended in 1992, 1998 and 2004 the landscaped site, which has 350 car spaces and 15 lorry spaces, provides high-calibre production, high-bay warehousing and a detached technical centre for research and development.

Simon Martel of commercial property consultancy Warwick Martel, based in Romsey, Hampshire, advised M7.

Strutt & Parker. The bespoke scheme, to be triggered when buyers and/or tenants have signed up, would be completed within 12 months.

Russell Mogridge, business space director at Hughes Ellard, said:

“The beauty is that buyers can influence specification of the offices, such as incorporating solar heating, heat exchange units and rain water harvesting, an opportunity that rarely exists when so many HQs are developer-driven in design and function.“

One Olive and One Lime on the Whiteley menu

technology28


Blue Chip offers SMEs briefing on secure virtual computingAs the next generation of employees descends upon businesses bringing iPads, iPhones and Blackberries into the office, SMEs not yet embracing mobile technology for their workforce are starting to acknowledge its multi-layered benefits, now and for the future.

IT provider Blue Chip has designed a free Secure Virtual Computing Briefing to give SMEs all the information they need about desktop virtualisation, mobile devices and security, by bringing together technology expertise from Citrix, Wyse and RSA in a single session for a complete overview of what is really involved.

Blue Chip sales director, Anthony Green, explained this briefing is a significant starting point for businesses researching mobile technology as a tool for increasing productivity and flexibility: “Our briefing is designed to spare IT managers and business owners the time and confusion of researching the technologies and their application, with the rare opportunity to talk directly with the experts.

“They will demonstrate how the technology, devices and security all work together, talk about how the application of mobile technology can truly enhance business performance, competitive edge and staff retention, and reveal the reality of bottom-line savings and reduced overheads.

“We are now of the age where the ability to work from anywhere, any time, on any device is no longer a luxury but the norm. There is an expectation for flexibility in the workplace, which has influenced how people approach their working day, regardless of which generation they are from.

“Flexible working has meant that people are happier to spread their workload over a longer day, whether they are in the office, on the move, or working from home – or a combination of all three – instead of shoe-horning it into regular working hours from a single premise.

“This means they are not only able to achieve more for your business, they are more inclined to, simply because their working day has a better fit with their out-of-work lives. So when there’s a deadline to meet, a new deal to be worked on, or even when the weather prevents the rest of the country from getting to their place of work, there’s nothing to stop your business from flexing with the times.“

Digital copier specialist Canotec has been named the UK’s top provider of green IT for paper-hungry document management.

The company, based at Ringwood, won the national accolade for reducing paper volumes by as much as 40% for customers through smarter printing and document management technology. Canotec attracted the most votes from the national business community, ahead of six other short-listed contenders. The Document Management Product of the Year Award was bestowed in front of 200 industry figures in London in an event run by Green IT Magazine.

Through Canotec’s newly-installed less-paper printing fleet, national law firm Bond Pearce, which has 700 staff across five offices, recorded an average monthly reduction of 432,000 pages. In one month, 700,000 unnecessary pages were purged, saving the equivalent of 84 trees, and the reduction in energy usage for the first year alone is equivalent to the power required to boil 71,568 kettles. Bond Pearce’s annual paper consumption was previously twice the height of the world’s tallest building.

David Newman, a co-founder of Canotec, said: “It is an honour to be officially recognised by

the IT profession for the way we’ve utilised a mix of complementary software and hardware products to make a significant contribution to our customers’ environmental performance by shrinking their carbon footprint.

“Our less-paper solutions are dramatically reducing paper waste and related consumables, saving customers thousands of pounds a month on paper and ink costs whilst enhancing operational efficiencies and the storage and retrieval of digital documents. So many companies have paper-hungry document management issues yet fail to get to grips with the problem. It is costing them the earth, in more ways than one.“

As well as many law firms, clients include high street fashion chain New Look, international freesports brand Animal, countermeasures specialist Chemring, filtration giant Fairey Microfiltrex and Datacard, a world leader in secure ID and card personalisation solutions.

The national award is the second within months; the company, which has 55 staff and a combined turnover of £7 million, was named Technology Provider of the Year at the British Legal Awards in 2010 for similar reasons.

Top: 'Cheers' – staff at Canotec celebrate being voted the UK’s top provider of green IT relating to document management

Left: Tackling the paper chase, David Newman

Copier specialist Canotec tops the green IT charts


people 29


Movers and risers ...

Hampshire business •leader Phil Boyle, managing director of talent management specialists The Ramsey Hall Group, has been appointed as the next president of the prestigious Royal Aeronautical Society. Boyle, who heads Ramsey Hall’s Global Aerospace & Defence practice, officially takes over the presidency in 2012. Past presidents of the 17,000 member-strong worldwide Society include HRH Prince Philip and military aviation pioneer Baden Baden-Powell, brother of the founder of scouting Robert Baden-Powell. Boyle is the longest-serving trustee of the Royal Aeronautical Society and the current chairman of the Solent branch.

Personal injury specialist Moore •Blatch Resolve has promoted senior solicitor Anne Cassidy to the firm’s partnership. Cassidy originally studied biochemistry and medicine at St Thomas’ Hospital and worked as a hospital doctor for two years after qualification. She then trained and qualified as a solicitor, specialising in clinical negligence claims, covering both medicine and surgery. She is based at the firm’s Southampton office.

Ed Gould• , partner of marketing communications agency Carswell Gould, has surprised his peers by secretly planning an adventure to the Arctic Circle. Gould became involved through client, Hugo Montgomery-Swan of RIB International, and this month takes part in the first GORE-TEX(r) Arctic Challenge using RIBs for six days.

Grant Thornton’s personal tax compliance department in Southampton •has grown with the addition of nine members of staff. The department has also seen several promotions as part of the recruitment process. Newcomers include (from right): Leah Ross (executive), Lucy O'Connor and Philip Coombes (both trainee associates), Russell Dickie, Sarah Brown (executive) and Andrew Perkinson. The Southampton tax team, headed by partner in tax, Ian Govier (far left), deals with the tax affairs of businesses and individuals in the south, as well as clients in Oxford, Severnside and the north west.

NatWest has unveiled a new •commercial team which will provide a dedicated and individually-tailored service to businesses in and around Southampton with a turnover of between £2-25 million. Led by Andy Swift, director of commercial banking for Southampton (seated on the sofa on the right), the locally-based team of more than 30 staff, includes nine relationship managers. The team also includes a business development director, plus specialists in corporate finance, international trade, asset finance, invoice discounting, private banking and real estate finance. Swift said: “I’m delighted that our commercial clients in the area can deal directly with a relationship manager who is locally based and committed to becoming an active partner in their business.

Lloyds Bank Corporate •Markets has strengthened its Thames Valley and South team with the addition of Parul Odedra as relationship manager. Odedra, an experienced corporate banker, will look after a portfolio of clients in the £15 million to £100m turnover space.

diary/news extra30


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

5 IoD Hampshire and Isle of Wight guided tour of Harwoods, Basingstoke operation. Chance to win a Jaguar XJ for a weekend.Details: Claire Fisher, [email protected]

6 Business Solent Directors’ Forum, Dolphin Hotel, Southampton.Details: [email protected]

Apprenticeships: Building skills for business, EEF, Broadway House, London. Keynote address from John Hayes MP, minister with responsibility for apprenticeship policy. Details: Rose O’Garro [email protected]

7

Hampshire Chamber breakfast seminar on increasing profit, Dolphin Hotel, Southampton. Details: www.hampshirechamber.co.uk

14 Hampshire Chamber networking barbecue lunch, New Place, Shirrell Heath.Details: www.hampshirechamber.co.uk

15 Business Solent Business Awards (with Southern Daily Echo and The Coast), De Vere Grand Harbour Hotel, Southampton.Details: [email protected]

diary – july

print & distributionCirculation: 12,500 Readership: 53,000

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Managing Editor & Publisher David Murray

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2 The Courtyard The Old Dairy House

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Berkshire RG8 8HP

how to reach usWinners of the Langtry Manor 2011 Business Women Awards have been announced.

The awards, now in their second year and becoming a permanent fixture on the Dorset social calendar, caught the attention of well-respected business women and celebrities throughout the UK.

Debbie Moore, founder and chairman, Pineapple, said: “The opportunity to be a nominee, or even winner of this prestigious award presents a wonderful platform to raise the profile of your business and the benefit of a great network for valuable information exchange with like-minded women.“

This year there was also an additional award: The Judges’ Exceptional Achievement Award, presented by Jackie Phillipson and Tara Howard to Joannah Bishop of Bournemouth Town for her outstanding contribution to local business, charity and the community.

Tara Howard, managing director of the Langtry Manor, and Jackie Phillipson, managing director of P-PR Media Solutions, created the inaugural Langtry Manor Business Woman’s Awards in 2010 to recognise the efforts of business women in Dorset and the New Forest.

CATEGORY WINNERS

New Business Award (NatWest Bank) – Heavenly Bump Maternitywear, Amy-Kate Crane and Kirsty van Deurs Goss

Business Woman of the Future (Women in Business Network) – Hannah Leary, creator of The Adventures of Sam

Best PR Initiative (P-PR Media Solutions) – The CobWebs Company, Su Cowell

Special Woman Award (Job Shop UK) – Natasha Jones, Leaf Charity

Dot Com Business of the Year (Bournemouth Town) – Landlordtolandlordsales.com. Sharon Canning

Green Business Award (The Green Energy Centre) – Farmer Palmer’s Farm Park, Sandra Palmer-Snellin

Best Employer (The Coast FM) – Tanner & Tilley, Roger Tilley

Small Business of the Year (Federation of Small Business) – Chapter 2, Karen Bidgood & Tracey Cooke

Entrepreneur of the Year (Princecroft Willis) – Kia Smith, Kiki’s

Lifetime Achievement Award (The Bournemouth Chamber of Trade & Commerce) – Cheryl Hadland, Hadland Care Group

Business Mother of the Year (The Daily Echo) – Angela Fletcher, Rock Recruitment Specialists

Extraordinary Achievements (P-PR & Langtry Manor Hotel) – Joannah Bishop, Bournemouth Town.

Photo courtesy of P-PR Media

Award winners announced

20 Business Solent informal networking evening Business Awards, Yuzu Lounge Bar, Southampton.Details: [email protected]

21 Family law seminar, Paris Smith. The Harbour Heights Hotel, Poole.Details: [email protected]

august11 Hampshire Chamber activities and lunch, Chewton Glen. Details: www.hampshirechamber.co.uk

www.southamptonairport.com/meeting

Spitfire Meeting Roomand Conference Facilities

Available now in heart of the terminal, for more details and booking contact us.3 [email protected] or call 02380 627187.

SPITFIRE 20%

As the next generation of employees descend on businesses bringing the likes of iPads, iPhones and

and on any device is no longer a luxury – but the norm.

virtualisation, devices and security.

For further information, or to book a complimentary consultation please contact

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