Surrey Business Magazine - issue 71 by Platinum Business

SURREY

BUSINESS THE OFFICIAL SURREY CHAMBERS OF COMMERCE MAGAZINE

ISSUE 71

Is the M&A market about to turn? SURREY BUSINESS SCHOOL

MSc Corporate Challenge

Gatwick partners with the Surrey and Sussex Institute of Technology

The Accidental Manager

MOTORING

EV reliability – the best and worst

DYNAMIC MAGAZINE

INSIDE

BIG STORY

THE RAMPION WIND FARM

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@WWW.SURREY-CHAMBERS.CO.UK @WWW.SURREY-CHAMBERS.CO.UK

@SURREYCHAMBERS @SURREYCHAMBERS

01483 735540 01483 735540

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ISSUE 71

CONT ENTS EVENTS

BIG STORY

32 The Rampion Wind Farm Opinions are being sought for the next stage of the Rampion Wind Farm - a more than double-sized Rampion 2 Wind Farm

SURREY CHAMBERS

11 Surrey Chamber News A round up of Surrey Chambers of Commerce members’ news 14 Surrey Chamber Events What’s on for Surrey Chambers members 17 Local Skills Improvement Fund Improvements to the programme announced as fast-tracked employment skills training is set to boost the local economy 19 Surrey Business School The School’s MSc programme has designed an MSc Corporate Challenge to leverage the skills of students to support businesses

NEWS

23 International news A round up of the important business stories from around the world

TECH WEEK 2024 42 The largest tech, digital and innovation event ever to take place in the south east. Get involved!

PLATINUM MEDIA GROUP

20 Central South Business Awards Entries are now open for this prestigious event, being held in a new venue 26 Platinum Club Now in its 15th year, it remains the pre-eminent networking forum in Sussex 47 Gatwick Diamond Business Awards Platinum Media Group is a proud sponsor of the GDBA. Have you booked your seats to this event?

FINANCE

40 Kreston Reeves SMEs are currently hoarding £273 billion in low or no interest accounts. Kreston Reeves suggests how you could start growing your cash reserves 50 FRP Corporate Finance New year, new opportunities – a chance to reflect on you and your business 54 EMC The M&A forecast for 2024 is warm, though with the possibility of some cold blasts

BUSINESS

28 Gatwick Airport London Gatwick to partner with Sussex and Surrey Institute of Technology, plus news of another carrier from this summer 58 Surrey Research Park Setting the stage for innovation and growth 61 Creative Pod The Crawley-based marketing agency has brokered a deal for Rubix VT to sponsor the Brighton Half Marathon

LEGAL

38 DMH Stallard How to minimise your personal risk at the time of a company crisis 46 DMH Stallard commentary Is the M&A market about to turn? 56 Loch Associates The prevalence of the ‘Accidental Manager’; people being promoted above the level of their managerial capabilities 62 Mayo Wynne Baxter The changing landscape of costs recovery: winning a court case doesn’t mean you get your legal costs back. You may not get anything

INNOVATION

48 Sussex Innovation Interior office design - putting your stamp on your workspace

OPINION

66 Anger Management It might be upsetting but Maarten Hoffmann has decided a dose of reality is urgently required on the subject of climate change

TRAVEL

68 Space Coast Tess de Klerk visited Florida’s Space Coast, where NASA sends its rockets in to space from

MOTORING

70 Most - and least - reliable EVs Maarten reports on the survey of EV owners to the most and least reliable electric cars. And there are a few surprises in there

All rights reserved. The views expressed in this publication are not necessarily those of the publisher. The publisher cannot accept responsibility for any errors or omissions relating to advertising or editorial. The publisher reserves the right to change or amend any competitions or prizes offered. No part of this publication may be reproduced without prior written consent from the publisher. No responsibility is taken for unsolicited materials or the return of these materials whilst in transit. Surrey Business Magazine is owned and published by Platinum Media Group Limited.

CREATING BETTER BUSINESSES – AND SOCIETY As the country prepares for a General Election within the next 12 months, chambers across the country are gathering intel from our businesses to inform future policy makers. At last year’s Global Annual Conference held in London, we announced the “future of the economy” programme, looking at five of the biggest challenges, and opportunities, the country was facing. Over the past few months, with input from Business Council members (including Surrey members, Heathrow Airport) and the Chamber Network, reports have been compiled and are currently being finalised. Over the next quarter, we will be launching these policy recommendation reports to the UK government and other parties on the key areas of n Green Innovation n People and Work n Global Britain n Digital Revolution n Local Economy of the Future We will also be publishing these reports on our website for businesses to see and comment on. All feedback is very welcome, especially as we ensure our local voice is heard.

The Workplace Equalities ❛❛ Commission aims to produce practical

and realistic recommendations for SMEs, intermediaries and government, enabling them to create more fair and equitable workplaces

❜❜

WORKPLACE EQUALITY COMMISSION

Set up by the British Chambers of Commerce, the Workplace Equity Commission comprises business leaders and experts from across civic society. The commission will meet regularly over the next 12 months to gather and consider evidence from a wide range of people. The Commission aims to produce practical and realistic recommendations for SMEs, intermediaries and government, enabling them to create more fair and equitable workplaces. It defines ‘workplace equity’ as creating a level playing field for individuals, recognising that we do not all start from the same place and that adjustments may be required to provide fair access to opportunity. Businesses, individuals and organisations with views and experience are all encouraged to contribute to the research, and we would be very happy to hear views from local businesses. Surrey Chambers is already doing a number of things in support of giving access to opportunities. Our Accessing Untapped Talent workshops are demonstrating to employers that with small adjustments it is possible to investigate a much wider talent pool.

WELCOME INTERNATIONAL WOMEN’S DAY

It’s that time of year again when Surrey Chambers of Commerce Businesswomen In Surrey (BWIS) Steering Group presents its International Women’s Day Lunch on March 8th. This is an event open to all interested in supporting women in the workplace. We are always very pleased to see men at the event as the underlying theme is always inclusivity. This year’s straplines are: #InvestInWomen and #InspireInclusion – so very appropriate. We already have over 40 bookings so hope to see many businesses there to transform challenges into opportunities, and shape a better future for all!

GOLF SOCIETY

One of the hidden secrets at Surrey Chambers is our fantastic Golf Society (SCGS) run by Tara Wavre and members of the Society. We have a golf day every month, visiting some courses not open to the public. Our ﬂagship event this year is at The Addington, proudly sponsored by WillU Financial Group on March 20th.

Last year’s event was a huge success, with Surrey businesses competing against each other in teams for the coveted SCGS Claret Jug, while also raising £1,700+ for charity. We look forward to doing the same this year by supporting The Counselling Partnership with a charity raﬄe.

SKILLS

Don’t forget to look at our Future Skills Hub, sharing resources and events aimed at businesses and providers to help bring them closer together and solve skills gaps: https://www.surreychambers.co.uk/future-skills-hub Surrey Chambers of Commerce can be reached on 01483 735540, info@surrey-chambers.co.uk; @surreychambers on X (formerly Twitter); www.surrey-chambers.co.uk

Louise Punter CEO Surrey Chamber of Commerce

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DON'T JUST JOIN JOIN IN! www.surrey-chambers.co.uk 01483 735540 Please email our Head of Membership for further details sarah.butcher@surrey-chambers.co.uk

NEW MEMBERS

Surrey Chambers of Commerce welcomes its latest member companies

When you join Surrey Chambers of Commerce, your company details automatically get listed on this page alongside fellow new members. What a fantastic way to let the Surrey Business community know you are out there and ready to get those all-important connections.

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All new Chamber members are entitled to a one-off 50% discount for a company proﬁle within this magazine. Contact lesley@platinummediagroup.co.uk for more details

If you are looking to join Surrey Chambers, then please do get in touch: sarah.butcher@surrey-chambers.co.uk or call 01483 735540. We look forward to hearing from you! @surreychambersofcommerce @surreychambers @surreychambersofcommerce

www.surrey-chambers.co.uk 01483 735540 @surreychambersofcommerce

SURREYSurrey CHAMBERS COMMERCE Chambers ofOF commerce

EXECUTIVE PARTNERS EXECUTIVE PARTNERS & PATRONS & PATRONS Learn more about executive partner membership or patronage at www.surrey-chambers.co.uk

Learn more about executive partner membership or patronage at www.surrey-chambers.co.uk

@surreychambersofcommerce www.surrey-chambers.co.uk @surreychambers 01483 735540 www.surrey-chambers.com @surreychambersofcommerce @surreychambersofcommerce

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MULTIPLY PROGRAMME Designed for working people who want to improve their number skills SURREY CHAMBERS OF COMMERCE IS RUNNING A NUMBER OF SESSIONS TO HELP PEOPLE WHO MAY HAVE MISSED OUT ON SOME OF THE WELL-KNOWN NUMERACY CONUNDRUMS!!

If you or someone in your organisation would benefit from a refresher on all things mathematical, our courses are the ones to attend.

Do you sometimes get confused with percentages?

Are fractions confusing?

Does your budget at work or at home add up?

With or without VAT - does this tie you in knots?

P&L - What does that even mean?

What will be covered? Calculating Percentages Profit and Loss Basic accounting VAT Net and Gross Income Financial Analysis

Because of government funding via Surrey County Council we are able to run these courses at no cost to the business

We have 5 new locations. Find one that works best for you! TO BOOK ON: EMAIL NIAMH.LOOBY@SURREYBOOK NOW CHAMBERS.CO.UK OR CALL 01483735540

FREE MONEY FOR SCIENCE & TECH BASED BUSINESSES SPEAKERS

FREE EVENT

Anton Hutter Venner Shipley

Surrey Technology Centre

Vinod Keshav RSM

Wednesday, 21st February Peter Hornsby Chair of Surrey 100 Club

09:00 - 11:00

Paul Zimmerman COO INV Group (Panel Moderator)

www.surrey-chambers.co.uk

CHAMBERS NE WS HELP PEOPLE MONITOR THEIR OWN AIR QUALITY Empowering the public to monitor pollution in their communities could lead to cleaner air, say researchers from the University of Surrey. During a five-month study, scientists from Surrey’s Global Centre for Clean Air Research (GCARE) worked with volunteers from Zero Carbon Guildford to create a new way of monitoring air quality in real-time. The data made the public more aware of pollution levels. The team hopes similar projects can empower communities to improve their air. The team installed ten low-cost sensors in the Zero Carbon Guildford building, a large public space in the town centre. The public had asked for live air pollution data, which researchers presented using a newly designed system. Emojis represented the levels of pollution, from “good” to “very high”. Professor Prashant Kumar, Director of the Global Centre for Clean Air Research

at the University of Surrey, said: “Rather than study them from afar, we asked the local community what they wanted to know. We designed this research with them and helped them understand how to improve their air quality. We need more work like this. When scientists, public bodies and citizens come together, they can create a healthier environment for all.” Researchers found that large gatherings led to more dust in the air and more CO2, thanks to more people breathing it out. At peak times, high air pollution in the street outside led to a rise in smaller particles inside the building, too. Members of the public then got tips on how to improve air quality through an interactive quiz. Professor Kumar said: “We found that large gatherings can worsen the air quality indoors, and pollution outside can find its way in. But knowledge is power. Our study helped people find better ways

to ventilate their homes and workplaces – improving air quality and improving their health.” Ben McCallan, former chair of Zero Carbon Guildford and co-author of the study, said: “Polluted air causes around seven million premature deaths a year. This collaborative work is a leading example of how to help local communities understand the situation where they live and work. This empowers them to solve their own air quality challenges. Our approach does not cost much, but could transform public health for millions.” The study demonstrates Surrey’s contribution to UN Sustainability Goal 11 – Sustainable Cities and Communities. The research is published in the journal Sustainable Horizons.

VENNER SHIPLEY’S CELEBRATES 10 YEARS IN GUILDFORD European IP firm Venner Shipley opened its Guildford office in 2014 in the Surrey Technology Centre before moving to Stirling House on the Surrey Research Park in 2016 in the heart of Surrey. The office has grown from three people in 2014 to 17 staff members ten years on, and now comprises four partners, seven Patent & Trade Mark attorneys, and six administrators. Deeply rooted in the innovation ecosystem of the University of Surrey and a long-standing member and sponsor of the S100 Club, Venner

Shipley provides the full range of IP services to large corporations, SMEs, university spin-outs, start-ups and investors. With a broad range of legal services to draw on, experts at Venner Shipley develop a unique and effective approach to protecting and exploiting clients’ intellectual property based on their own objectives, offering more than an off-theshelf solution for intellectual property law. Each member of the team brings his or her own expertise and unique perspective.

Venner Shipley’s diverse team of experts works across a broad range of sectors, including software, AI, electronics, medical devices and bioscience. Challenges differ from sector to sector, which is why they take a sector-focused approach to connect their clients with the right members of their team. To get in touch with a member of our team please visit Guildford oﬃce page. www.vennershipley.com

Surrey Chambers Golf Society SCGS 2024 Golf Fixtures

22nd February: West Hill Golf Club

20th March: The Addington Golf Club

Member rate 100.00 + VAT Sponsorship Available

SCGS Golf Major Member rate £180.00 + VAT Golf day sponsor Willu

11th April Sunningdale Golf Club

28th May: Coombe Hill Golf Club

36 holes, breakfast, lunch & afternoon tea Member rate £450.00 + VAT Sponsorship Available 12th June: Hindhead Golf Club SCGS vs Hampshire Chamber Member rate £175.00 + VAT Sponsored by CD Surveys

Member rate £180.00 + VAT Sponsored by Vooba

9th July: Hayling Island Golf Club Member rate £125.00 + VAT Sponsored by Maris Interiors

20th August: Hankley Common

3rd September: New Zealand G. C.

Member rate £180.00+ VAT Sponsorship available

Member rate £160.00 + VAT Golf day sponsor: No Grey Area

16th October: Worplesdon G.C.

7th November: Swinley Forest G.C.

Member rate £190.00+ VAT Golf day sponsor: Lester Aldridge Solicitors

Member rate: TBC Sponsored by Commtel

December: Woking G.C.

Member rate: TBC Sponsored by Cintriq

Order of Merit sponsored by:

Nearest the Pin sponsored by:

Surrey Chambers Of Commerce

@surreychambersofcommerce

@surreychambers

01483 735540

NEWS

PRESERVATION, PROGRESS & SUSTAINABILITY

Does the adaptive reuse of heritage buildings create the most sustainable oﬃce space? It has been widely reported that, following a prolonged period of working from home during the pandemic, many office workers now find that they are more creative and productive when in an office environment. The sustainability of a workspace is a draw for office occupiers who value the wellbeing of their staff and the planet. It has now become a significant factor in the selection of office space, as the working environment is crucial in attracting new talent and keeping staff happy and motivated. An often-overlooked aspect of sustainable office space is ‘adaptive reuse’; an existing building is reused for a purpose other than that for which it was originally built or designed.

produced in their delivery can be a much less wasteful approach.

Therefore, a workplace that inspires and offers something different from the generic office supply has become an important recruitment tool.

Historic buildings offer alternative and more inspiring office environments, Upgrading a treasured infrastructure appealing to businesses and occupiers who place a premium on beauty, heritage to modern standards without compromising the historical integrity and authenticity. of the existing building is a delicate balancing act. So, too, is striking the Offices are increasingly the locations right balance between function where people interact and collaborate. and history. Regular maintenance The advancement of technology has is required to prevent deterioration meant that the office has become and to ensure both energy efficiency more about meeting, team working and socialising and less about accessing the and security without damaging the building’s appearance whilst adapting phone, computer, filing, and stationery. to changing needs. The adaption and reuse of old buildings can be essential to preserve heritage, promote sustainability and enhance the built environment, whilst creating and providing economic, social, and cultural benefits. It’s a way to balance modern needs with respect for the past, which contributes to more vibrant, attractive, and sustainable communities.

A new building requires land, energy and materials, making it carbon-hungry. Adapting an existing building, which reuses the historic layout, reduces the quantity of new materials and carbon

VIRGIN MONEY HELPS IOT LEADER WITH MULTI-MILLION POUND GROWTH FUNDING PACKAGE Eseye, a leading provider of technology services for the global Internet of Things (IoT) market, has finalised a £10 million growth funding package with Virgin Money that will help the business spearhead its continued plans for growth in 2024 and beyond. Headquartered in Guildford, Surrey, Eseye specialises in providing leadingedge global cellular IoT connectivity solutions. The company’s awardwinning eSIM and connectivity platform technology helps leading businesses across the globe to connect millions of IoT devices. This includes items such as smart vending machines, medical devices, EV charging units and payment devices - to over 700 mobile networks to deliver near 100% connectivity uptime to any device, anywhere in the world. Eseye’s customers include global brands such as Amazon, Shell, Bosch and Costa Coffee.

The funding package, supported by Virgin Money’s Venture Debt team, will help Eseye to continue to innovate and push the boundaries in IoT connectivity technology. The company will use the funds to invest in technology research and development and support expanding customer reach internationally, as well as take advantage of upcoming changes in GSMA’s (Global System for Mobile Association) standards for IoT devices. Tony Byrne, Chief Financial Officer of Eseye, said: “We are delighted to secure this additional growth investment from Virgin Money, which validates our business strategy and the growth potential for our leading edge IoT connectivity solutions in the market. We look forward to working with the Virgin Money team as one of our key investment partners to support our future expansion.”

Andrew Stirrat, Senior Director of Venture Debt at Virgin Money, said: “Eseye is a great example of how continued investment and a strong growth strategy can help ensure a company remains at the forefront of its sector. The business has seen a fantastic level of growth in recent years and with the plans it has in place for 2024 and beyond, we are very optimistic this will continue. At Virgin Money we aim to ensure businesses have access to key specialists and for more than a decade we have been providing this service to help businesses achieve their ambitions. We are delighted to support Eseye in the next stage of its growth story.” www.eseye.com uk.virginmoney.com/business/ﬁnance

SURRE Y CHAMBERS E VENT CALENDAR FEBRUARY ONWARDS….

MULTIPLY REDHILL

FREE MONEY FOR SCIENCE & TECH-BASED BUSINESS IN SURREY

Tuesday February 13th | 09:00-17:00 Morr & Co - Redhill Surrey Chambers of Commerce is running a number of sessions to help people who may have missed out on some of the well-known numeracy conundrums. If you or someone in your organisation would benefit from a refresher on all things mathematical, our courses are the ones to attend. Because of government funding via Surrey County Council, we are able to run these courses at no cost to the business over five different locations in Surrey.

Wednesday February 21st | 09:00-11:00 Surrey Technology Centre There is a real lack of knowledge on funding and support available to businesses with respect to their IP needs such that many don’t protect themselves and don’t even realise what they need to do. Join us to hear from our panel of experts on a variety of key areas including: IP Audits, the Green Channel, Patent Box, R&D tax credits, EIS and SEIS tax breaks and ask those all important questions

MULTIPL

MEMBERS NETWORKING EVENING

Tuesday February 27th | 09:00-17:00 The Rutland Group Ltd, Cranleigh Surrey Chambers of Commerce is running a number of sessions to help people who may have missed out on some of the well-known numeracy conundrums. If you or someone in your organisation would benefit from a refresher on all things mathematical, our courses are the ones to attend. Because of government funding via Surrey County Council, we are able to run these courses at no cost to the business over five different locations in Surrey.

Thursday February 29th | 18:00-20:00 Runnymede Hotel Our Members Networking Evenings are monthly events where we invite our current members to join us to catch up on the happenings of the previous month’s business calendar. Running from 18:00– 20:00, Members Networking Evenings are the perfect opportunity for an informal, relaxed gathering with members you already have relationships with and those you don’t.

CRANLEIGH

RUNNYMEDE

ACCESSING UNTAPPED TALENT

INTERNATIONAL WOMEN’S DAY

Wednesday March 6th | 08:00-10:00 Manor Collection, Reigate If you are finding it diﬃcult to find applicants? How about thinking outside the box and considering employing people from a wider pool of talent. In Surrey there are around 12,000 autistic people, many of whom would love to be working but they find the application process a real barrier. Once they secure a job, they become key employees and contribute a great deal to the business. At this event you will find gain advice and guidance, to build your confidence and enable you to cast your net more easily across a broader pool of talent.

Friday March 8th | 12:00-15:00 Holiday Inn, Guildford For International Women’s Day 2024 and beyond, let’s Invest in women: Accelerate progress #InvestInWomen #InspireInclusion When we inspire others to understand and value women’s inclusion, we forge a better world. When women themselves are inspired to be included, there’s a sense of belonging, relevance and empowerment. This IWD, let’s unite to turn challenges into opportunities and shape a better future for all! Surrey Chambers of Commerce and the Business Women In Surrey (BWIS) Steering Group present our Inclusive IWD 2024 Lunch. Open to all.

BUSINESS BREAKFAST

BUSINESS BITES NETWORKING LUNCH

WAVERLEY

Tuesday March 12th | 08:00-10:00 Lythe Hill Hotel Our bi-monthly Business Breakfasts are a wonderful opportunity to meet a range of Surrey businesses over a delicious breakfast. With a calendar bursting with interesting and stimulating events, we are sure you will find topics that are current and relevant to you and your business. We acknowledge that making new contacts is rather high on your priority list, so start your day with networking, hearing from a possible guest speaker.

Tuesday March 19th | 12:00-14:00 Yvonne Arnaud Theatre, Guildford Welcome to Business Bites - a networking lunch with a guest speaker and an interesting topic of choice. Dipping into our vast pool of members and all their knowledge, we have decided to present Business Bites, with various of our members presenting of a variety of business-related topics! Running from 12 - 2pm, the Networking Lunch is the perfect opportunity to meet new clients in the area.

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BUSINESS

SKILLS GIVEN A BOOST IN LSIP REGION

New, fast-tracked employment skills training is set to boost Hampshire and Surrey’s economies by helping businesses fill specific skills shortage vacancies and so increase productivity. Courses offered include cyber security, digital marketing, retrofit, heat pumps and electric vehicles.

On the launch of the new courses, Louise Punter, CEO at Surrey Chambers of Commerce said. “The addition of Skills Bootcamps to the arsenal of local skills initiatives is a welcome one, with businesses from both Surrey and Hampshire being able to utilise the range of courses available.

Since Autumn 2023, Hampshire County Council, in partnership with Surrey County Council, has led on delivering Skills Bootcamps – a new, fast-tracked employment skills training programme for adults aged 19 and over across the area.

“What we are seeing in this space is a drive to implement the changes employers want to see regarding the skills that are coming through to the workforce, and this is sure to be a positive for those coming out of further education, and for those already in employment looking to re-skill.”

Securing funding for skills bootcamps was one of the LSIP’s key priorities, highlighted in the LSIP report, and employers around Hampshire and Surrey are now able to utilise the free courses for individuals as a way to re-skill / upskill in areas of high demand. The courses offer flexibility with learning planned to fit around family and other commitments, allowing people in different circumstances to gain the skills employers are looking for.

Check out the full suite of courses and funding opportunities: www.hants.gov.uk/ business/SkillsBootcamp

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BUSINESS

MSc CORPORATE CHALLENGE Surrey Business School values its connection to the local business community. Interaction with local businesses enriches the student experience while it is also an opportunity to leverage the expertise of the faculty to support the local community too. In this effort, the MSc programme has designed an MSc Corporate Challenge to leverage the skills of students to support businesses with their digital marketing strategies. MSc students put theory into practice working with company stakeholders. The project runs from February to May. Initially, the students evaluate existing digital marketing activity for a designated company and then present their findings to the stakeholder. Key topics which they review include the following: ■ Customer journey mapping ■ Social media & channel management ■ SEO strategy ■ UX / UI website design The student teams then present their findings to the stakeholder before agreeing on specific tasks to execute for the remainder of the project. This may include setting up a social media channel; managing posting activity; researching personas for the target market, SEO optimisation or even e-commerce website migration.

Last year, the Surrey Business School partnered with 14 companies including Vision Engineering, a world-leading optical equipment manufacturer. Phill Townend, the key company stakeholder, decided to engage two student teams for the project because they were launching the next generation of their state-of-the-art Mantis ergonomic microscope. Phill intended the teams to support the product launch. A first team led by Bhumi Sahi supported their SEO strategy,

including optimising key words and technical SEO for the website. The second team led by Charlie Piper-Gamage supported the social media strategy; they prepared posting activity up to the launch date and set up content to be posted afterwards to continue to support the product launch. Phill was delighted by their support and offered the following comments: “The student teams provided valuable insight into both SEO and social media strategies which was instrumental with the success of our new product launch.”

The School is now recruiting more local businesses to support in the MSc Corporate Challenge for 2024 in February. If you’re interested, please consult www.innomatters.co.uk for more information or contact Jim Sears, MSc Programme Director for Entrepreneurship & Innovation Management at Surrey Business School at j.sears@surrey.ac.uk

CENTRAL SOUTH BUSINESS AWARDS 2024 The Central South Business Awards, in association with Business South, celebrates all the remarkable businesses in the region – and the people that work for them! Any business with an office based in Central South can submit entries in up to three categories. The entry fee is £25 plus vat per category.

SUBMIT ENTRY ONLINE

www.platinummediagroup.co.uk

To be recognised for our ❛❛ business performance in the region where we operate is a true honour. This award is a testament to the whole team and their hard work, expertise, and dedication

toob

❜❜

SME Business of the Year Winner 2023

MAGA ZINE

IN AI D O F

OPEN FOR ENTRIES ENTRY DE ADLINE: APRIL 17 TH 2024 AWARDS CEREMONY: JULY 4TH 2024 L EO N A R D O H OT E L S O U T H A M P TO N CATEGORIES

To be recognised and chosen as ❛❛ the winner meant the absolute world. It was overwhelming and an immensely proud moment

The Forest Foodie

❜❜

Best Customer Service Winner 2023

Best Customer Service Award Best New Business Award Business Growth Award Businessperson of the Year Community Hero Award Company of the Year Construction Project of the Year Employer of the Year Future Talent of the Year Innovation of the Year International Business of the Year Large Business of the Year Professional Services Award SME Business of the Year Sustainability Champion Award

SURREY HAMPSHIRE

DORSET

WEST SUSSEX

“The economy is uncertain. You needn’t be.” Smart advice to help you make the right decisions for your financial future.

Call our Gatwick office to arrange a free introductory meeting with Paul Cannons. Call 01293 661323 or email paul.cannons@brewin.co.uk brewin.co.uk/gatwick

The value of investments can fall and you may get back less than you invested. RBC Brewin Dolphin is a trading name of Brewin Dolphin Limited. Brewin Dolphin Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register reference number 124444) and regulated in Jersey by the Financial Services Commission. Registered Office; 12 Smithfield Street, London, EC1A 9BD. Registered in England and Wales company number: 2135876. VAT number: GB 690 8994 69

NEWS

ROYAL MAIL SAVINGS PLANS REVEALED Royal Mail could save up to £650m if it delivered letters just three days a week, and £200m by stopping Saturday deliveries, Ofcom, the communications regulator has said. In a much-anticipated review, Ofcom laid out a series of options for the future of the universal service obligation (USO), which requires Royal Mail to deliver nationwide, six days a week, for a fixed price. Ofcom stated that it was not consulting on specific proposals, but that the two “primary options” for reform were the cuts to the number of letter delivery days, or changes that could mean making current deliveries take up to three days or longer, accompanied by a next-day service for ‘urgent letters’.

NEWS BULLETIN ISRAEL PROMOTES ISLAND SETTLEMENT FOR PALESTINIANS In a closed-door meeting, EU foreign ministers pressed Israel’s top diplomat to ease civilian suffering in Gaza and move toward supporting the establishment of an independent Palestinian state. Israel’s foreign minister, Yisrael Katz, surprised the 27 EU foreign ministers by screening a video of a project that would create an artificial island off Gaza as a logistics base to inspect cargo and passengers heading by sea into the territory. The island could also include housing for Palestinians. The plan, Israeli officials said, was not an official government policy. The meeting followed recent statements by Prime Minister Benjamin Netanyahu of Israel doubling down on his opposition to a two-state solution.

DRIP PRICING TO BE OUTLAWED Fake reviews and hidden online charges – so-called ‘drip pricing’ – are to be banned under new laws to force businesses to be more clear with shoppers. The charges are said to cost consumers £2.2bn a year. Drip pricing occurs when consumers are shown an initial price for an item or service, only to find additional fees are revealed later in the checkout process. Under the new rules currently making their way through parliament, mandatory fees must be included in the headline price. This will include booking fees for cinema and train tickets. However, optional fees such as airline seat and luggage upgrades for flights will not be included in the measures.

NEWS

❛❛ Whatever you do,

always give 100% – unless you’re donating blood ❜❜ Bill Murray

WOOLWORTHS TO MAKE UK RETURN? Once loved for its pick ‘n’ mix sweets and bargain prices, Woolworth stores could return to the UK. Its last British shop closed after the financial crisis. The name (minus the ’s’) is now owned in Germany by HH Holding. Current CEO Roman Heini says the UK is on his “bucket list” of destinations as he seeks to expand internationally. Mr Heini, Woolworth CEO since 2020, told trade magazine Retail Week that, despite a cost-of-living crisis, he could still “make Woolworth great again.” Woolworth Germany said it was “unable to confirm any plans for Woolworth to return to the UK market,” but that such a move was not ruled out.

CONSTRUCTION AND PROPERTY FIRMS IN BIGGEST FINANCIAL TROUBLE More than 47,000 UK companies are on the brink of collapse, according to a report by insolvency specialists Begbies Traynor. There was a 25% jump in the number of businesses facing “critical” financial distress in the final three months of 2023, it said. This is the second consecutive quarter-on-quarter period when critical financial distress has risen by 25%, the latest “Red Flag” report found, with the construction and property sectors accounting for 30% of all businesses facing this issue. The quarterly rate of increase in the number of companies grew by 32.6% in the construction industry; 41.3% in health and education; 25% in real estate and property services; and 24% in support services.

❛❛ Every day I get up and look

through the Forbes list of the richest people in America. If I’m not there, I go to work ❜❜ Robert Orben, comedian and magician

RECORD NUMBER OF UK ENTREPRENEURS 2023 saw company registrations reach a record high, meaning there are more entrepreneurs in the UK than ever, according to Companies House. Data published by the Office for National Statistics shows a total of 859,007 companies were registered last year, an increase of almost 75,000 on the previous year (784,762), which was, in turn, 30,000 higher than in 2021. This increase in entrepreneurial ambition was further confirmed by a report by Enterprise Nation in January, which found 35% of UK adults were considering starting a business in 2024. The research found those starting their own business to supplement their full and part-time income had jumped from 33 to 40%.

★★★★★ THE PLATINUM CLUB IS A REALLY WELL ORGANISED NETWORKING GROUP, ❛❛WITH THE HOSTS HELPING TO FACILITATE TO ENSURE WE ALWAYS MAKE USEFUL, NEW CONTACTS AT EACH EVENT ❜❜ LLOYDS BANK

The Platinum Club is now in its 15th year and remains the pre-eminent networking forum in Sussex. The Club launched based on no seated meals, no sponsors and no speeches – rather, an elegant but informal cocktail party with delicious hand-made canapés, and Platinum hosts making relevant introductions throughout the evening and all in the luxurious surroundings of the Grand Hotel, Brighton.

CURRENT PLATINUM CLUB MEMBERS INCLUDE

NO MEMBERSHIP REQUIRED Apply here to attend the next event

info@platinummediagroup.co.uk

★★★★★ ALL BUSINESS IS BASED ON RELATIONSHIPS AND PLATINUM GIVES YOU THE ❛❛ PLATFORM TO CREATE THE MEANINGFUL HUMAN CONNECTIONS THAT MATTER ❜❜ BAILEY AND FRENCH

Barry Carden, Partner, Galloways; Nigel Lambe, CEO, Sussex Innovation; Neil Laughton, CEO, Laughton & Co; Rob Clare, Director, Innovation Capital Team

Donna Holland, CEO, Rockinghorse Children’s Charity; Maarten Hoffmann, Managing Director, Platinum Media Group; Senda Kavindele, Senior Partner, KPMG

Lesley Alcock, Commercial Director, Platinum Media Group; Dr Adam Jones, Principal Lecturer, University of Brighton; Colin Laidlaw, VAT Director, Kreston Reeves

David Boosey, Partner, MHA MacIntyre Hudson

John O’Connor, General Manager, Watches of Switzerland; Maarten Hoffmann, MD, Platinum Media Group; Jonathan Grant, Partner, DMH Stallard LLP; Neil Kester, Financial Reporting Director, RSM UK

Maarten Hoffmann, Managing Director at Platinum Media Group; Kirsty Sadler, Regional Director at Lloyds Bank

We meet once per month, excluding August. If you would like to attend an event, please get in touch info@platinummediagroup.co.uk As annual membership is no longer required and we look forward to welcoming you to the most effective, enjoyable and lively networking group in the South

★★★★★ WE SEE THE PLATINUM CLUB AS AN IMPORTANT AND ❛❛ INTEGRAL PART OF OUR BRAND AWARENESS STRATEGY, THROUGH INTERACTIONS WITH WELL CONNECTED BUSINESS PEOPLE AND OTHER INFLUENCERS. IT IS WELCOMING AND GREAT FUN TOO! MATTIOLI WOODS

❜❜

BUSINESS

London Gatwick has partnered with the Sussex and Surrey Institute of Technology (IoT) in a collaboration between businesses and education providers to deliver technical skills and qualifications required in the region

London Gatwick to partner with Sussex and Surrey IoT By partnering with the Sussex and Surrey Institute of Technology, which launched earlier this academic year (2023-24), students will gain first-hand airport experience, network with professionals and learn about the latest technical developments across London Gatwick.

education providers in a collaborative partnership to support the technical skills requirements of the area they serve. The aim is to create a diverse and skilled pipeline of local talent which is critical to the local community and London Gatwick’s future growth.

London Gatwick has helped shape the curriculum to ensure the courses are relevant and responsive to the needs of the local economy. Specialist staff at the airport will also host masterclass sessions for students and hold mock interview sessions and feedback.

London Gatwick’s Cyber Security Apprentice, Malaika Khan, is also studying through the Institute of Technology. She said, “My experience at London Gatwick as a Cyber Security Apprentice has been nothing short of extraordinary. I have gained a deeper understanding of cyber security and developed a stronger passion for this dynamic field thanks to the incredible support of my team members and plenty of hands-on experience.

The Institute of Technology differs from colleges and universities by bringing together businesses with a group of

❛❛ The aim is to create a diverse and skilled pipeline

of local talent which is critical to the local community

❜❜

“London Gatwick and the Institute of Technology have provided me with invaluable guidance and an environment of collaboration which is helping me to shape into an enthusiastic cyber professional. I’m grateful for this opportunity and excited for the continued growth ahead!” As part of London Gatwick’s sustainability policy, Decade of Change, the airport has committed to dedicating time to support local workforce skills initiatives. As a result, Gatwick has been involved in the design and delivery of training, with a focus on IT and cyber security. Nick Batchelor, Director of Information Technology, London Gatwick said: “We are delighted to be an industry partner of the Sussex and Surrey Institute of Technology, an exciting institution for the region, its learners and employers. “As a major employer in the region, London Gatwick is committed to supporting local and regional workforce skills partnerships and initiatives. We recognise the value of investing in higher level technical skills to meet employer needs and to support future sustainable growth.” The Sussex and Surrey Institute of Technology sets out to address higher level skills needs in engineering and manufacturing technologies; digital technologies; construction, planning and the built environment and sustainable technologies. Courses through the IoT are available at Chichester College, Crawley College, NESCOT, University of Brighton and University of Sussex.

BUSINESS

NORTHERN RUNWAY PLANNING PROCESS CONTINUES London Gatwick’s Northern Runway project is moving into the examination phase this month.

new jobs and injecting £1 billion into the region’s economy every year.

Last summer, the airport submitted plans to bring its existing Northern Runway into routine use alongside the Main Runway.

The application was accepted for detailed examination by the Planning Inspectorate on August 3rd last year, and a period of detailed and rigorous examination of the proposals by a panel of independent experts will now follow, starting with a series of public hearing dates throughout February and March.

This forward-looking and low impact plan aims to use the airport’s existing infrastructure to unlock new capacity and improve airport resilience, in line with government policy. By investing in its long-term future, London Gatwick will also enhance the crucial economic role the airport plays, by creating around 14,000

Throughout the DCO planning process, all documents submitted by London Gatwick to the Planning Inspectorate will be publicly available at: infrastructure.planninginspectorate.gov.uk

www.gatwickairport.com

BUSINESS

London Gatwick has recently announced the latest airline to secure slots at the airport, with Singapore Airlines services taking off from this summer

Singapore Airlines to take-off from London Gatwick The renowned carrier – recently crowned World’s Best Airline at the 2023 Skytrax Awards – will begin flying five times per week from London Gatwick to Singapore Changi Airport from June 22nd 2024. Flights are available to book now.

best carriers, we are delighted to welcome Singapore Airlines to London Gatwick. It showcases the high regard in which Gatwick is held, and connecting to the impressive Changi Airport is a big boost for the whole region.

Stewart Wingate, CEO, London Gatwick said, “Renowned as one of the world’s

“For passengers across London and the South East, the new route will provide huge connectivity potential, not only to the fantastic destination of Singapore, but more widely across Southeast Asia, Australia and New Zealand. With significant increases in trade between the UK and Singapore in recent years, the service also provides exciting opportunities for local and regional businesses.” The service will enable passengers across London and the South East to seamlessly transfer onto flights to Southeast Asia, Australia and New

Zealand from award-winning Changi Airport.

The 13-hour flight will be operated with the Airbus A350-900, a highly fuel-efficient and quieter aircraft. The 253-seat aircraft features three cabin classes, with 42 seats in Business Class, 24 in Premium Economy Class and 187 in Economy Class. Passengers can enjoy world-class service, an award-winning wine collection, gourmet cuisine, and complimentary in-flight Wi-Fi as a KrisFlyer member.

www.gatwickairport.com

Business Advice Service

You’re busy. Let us help.

Whether you are just starting out, looking to expand your business, or perhaps preparing to sell, our business advice service can help you achieve the lifestyle you deserve. Scan the QR code for more information HJP Chartered Financial Planners is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website http://www.sjp.co.uk/products.

Senior Partner Practice

The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. HJP Chartered Financial Planners is a trading name of HJP Wealth Management Ltd

SJP approved 18/12/2023

BIG STORY

THE ANSWER IS BLOWING IN THE WIND Brighton, and indeed all of the Sussex coast, may be a wonderful spot to visit whether as a day-tripper, a business visitor, or creeping in as ‘Mr & Mrs Smith’. There is so much to do along the county’s various towns and resorts. There was also, however, the view out to sea; a vast, featureless seascape, occasionally broken up by an amazing murmuration, but – other than that – blank. For the past six or so years, that horizon has been alive with the rotating powerhouses of the Rampion Wind Farm. At a time when renewable energy - wind, in this instance is finally being harnessed on an industrial scale, Rampion represents a more positive outlook for energy production. So much so, that there are now plans to increase the size of the wind farm, to more than double its size and, because of advances in efficiency, more than triple the output. By Alan Wares

BIG STORY

Construction of the substation

RAMPION WIND FARM

The genesis of the original Rampion Wind Farm started in earnest around 15 years ago. Wind technology had hitherto been too expensive to scale up to such a necessary and worthwhile size. However, by the late noughties, with the advancing technology, and the associated falling costs, tenders had been invited by the Crown Estate, owners of the seabed around the

UK within British waters for energy production. In January 2010, E.ON was awarded the development rights to the zone off the Sussex coast. Initially known as ‘Zone 6 off the Sussex coast’, it was later named the “Southern Array (Hastings)”. The developers must have gone on such long flights of fancy to come up with those evocative names. It soon became clear that the original

E.ON held a competition with local schools ❛❛ to suggest a new name. ‘Rampion’ was voted the winning suggestion, submitted by a pupil at Davison High School in Worthing

❜❜

DCO PLANNING The Planning Act 2008 (PA2008) process was introduced to streamline the decision-making process for major infrastructure projects, making it fairer and faster for communities and applicants alike. A DCO – development consent order – is one which has to pass through a pre-application stage with the Planning Inspectorate before the developer or project holders send it out for consultation. As a story that has been mentioned in Platinum many times, this is not dis-similar to the process London Gatwick is going through in order to get its Northern Runway into commercial use. And like, Gatwick, Rampion 2 has passed the DCO Planning stage, and is out for public consultation. The examination of this order takes place in Brighton from February 6th-9th.

site, off the coast of Hastings, was not going to prove appropriate – it being not deep enough, and by the time appropriate depth was reached, the farm would be in International Waters, and cutting into the English Channel – the world’s busiest shipping lane. The site of the wind farm was changed from near Hastings to its eventual site off Brighton. E.ON held a competition with local schools to suggest a new name. ‘Rampion’ was voted the winning suggestion, submitted by a pupil at Davison High School in Worthing. She named it after the round-headed rampion (phyteuma orbiculare), also known as the Pride of Sussex, and the county flower of Sussex.

BIG STORY THE CASE FOR WIND The UK is the windiest country in Europe so it makes sense to harness this wind to generate our electricity. n Wind is carbon neutral – there’s no fuel to burn and no emissions n Wind is home grown – there’s no need to import or transport fuel n Wind is free – there are no fuel or waste management costs n Wind turbines are very efficient at converting wind power to electricity n Offshore wind farms can be built at large scale – to match the output from a fossil fuelled power station n Tackling climate change is not going to break the bank – the cost of offshore wind technology has plummeted in recent years and as Rampion 2 would only be built in a few years’ time it will be cheaper than a new build gas power station † † carbonbrief.org – 2019. Analysis of wind farm contract prices

Locals recall with huge amusement when an ❛❛ excavator was stranded and disabled after completing cable trench backfilling work on Lancing beach ❜❜ THE FARM

E.ON’s final plans use 116 turbines of approximately 3.45 megawatt (MW) capacity. Each turbine is 140 metres (459.3 ft) high to the tip of the blade, the blade length is 55 metres. This represents a 43% reduction in the size of the development after planning consent was granted. Each turbine is 500 metres from its nearest neighbour. Boats are allowed into the wind farm zone with permission, though none are allowed closer than 50 metres to any turbine. Fishing – personal or commercial – is banned within the wind farm zone. E.ON eventually set up shop in two purpose-built office-factory units in Newhaven, housing the administration and engineering functions of the wind farm. The site and associated buildings act as the combined servicing point for the wind farm. The project was approved by the Government in July 2014. In November 2014, E.ON announced that it had reduced the proposed capacity of the project by approximately 40%. Onshore building work began in June 2015 with the construction of a new electricity substation adjacent to the existing

National Grid Bolney substation in the middle of Sussex. Offshore, the 116 foundations were piled into the sea bed and, on completion of this, the first wind turbine was lifted into place in March 2017. Coincident with this was the ongoing work to backfill the cable duct trenches off Lancing beach initially due to be completed in Spring 2017. Installation of the remainder of the 150kV cable through to Bolney and the burying in the sea bed of the 33kV inter array cables was also completed during this time following the installation of a 2,000 tonne offshore 33/150kV substation. This was completed in April 2017. Locals recall with huge amusement when an excavator was stranded and disabled after completing cable trench backfilling work on Lancing beach in April 2017; getting stuck there for over two months before it was finally removed. Electricity production commenced during November 2017. Construction of the wind farm was completed in 2018 at a cost of £1.3 billion. Since then, the blades have been turning, producing electricity for the equivalent of up to 350,000 homes, and saving an approximate 600,000 tonnes of carbon had the same energy been produced by fossil fuels.

BIG STORY

RAMPION 2

Such has been the success of the Rampion Wind Farm that RWE, the company that now operates it, has applied for a larger wind farm, imaginatively called ‘Rampion 2’. The project is currently at the stage where the DCO application for the Rampion 2 Offshore Wind Farm has been accepted for examination by the Planning Inspectorate. The Preliminary Meeting and first public hearings will be held from February 6th-9th 2024 at DoubleTree by Hilton Brighton Metropole. To view the application and examination documents, visit the Rampion 2 page on the Planning Inspectorate website. The application is for an offshore wind farm, mainly to the west of the current wind farm, though with some turbines to the south, and all the onshore electrical infrastructure required to transmit the power to the final connection into the national electricity network at Bolney. This includes an underground onshore cable route approximately 25 miles long from the landfall at Climping to a new onshore substation at Oakendene, near Cowfold.

This excavator got stuck in the low tide sand on Lancing beach during construction. It was there for two months in 2017 before it was pulled to safety

The intended zone will ❛❛ be an area up to around 196 sq.km. To give some context, the entire area of Brighton & Hove is just shy of 90 sq.km.

❜❜

The intended zone will be an area up to around 196 sq.km (increased from 72 sq.km), comprising up to 90 wind turbines and associated foundations, inter-array cables connecting the turbines to up to three offshore substations, and export cables taking the power to shore at Climping, between Littlehampton and Bognor Regis. The enlarged wind farm, like the current incumbent, will still be no closer than eight miles from the coast. To give some context, the entire area of Brighton & Hove is just shy of 90 sq.km. In short, it’s massive.

BIG STORY THERE IS STRONG SUPPORT FOR THE DEVELOPMENT OF OFFSHORE WIND FARMS OFF THE UK’S COAST Q. In general, do you support or oppose each of the following... n Strongly support n Somewhat support n Neither/nor n Somewhat oppose n Strongly oppose n Don’t know

Development of offshore wind farms off the UK’s coast

71%

The development of onshore wind farms in the UK Development of new nuclear power stations in the UK

20%

51% 18%

Gas-fired electricity stations

The extraction of shale gas using fracking in the UK

6% 9%

16%

20% 33%

17%

4% Support 7% 5% 1% 82%

32%

25%

15%

3% 1% Support 2% 91% 3%

14%

20%

Support 43%

22%

15%

Support 24%

Support 15%

48%

THE PUBLIC IS MOST POSITIVE TOWARDS THE RAMPION OFFSHORE WIND FARM’S ROLE IN GENERATING RENEWABLE ENERGY AND ITS APPEARANCE Q. In general, do you feel positive or negative or neutral about the following aspects of the Rampion Offshore Wind Farm? n Very positive n Fairly positive n Neutral n Fairly negative n Very negative n Don’t know

Its role in generating renewable energy

52%

The appearance of the wind farm

36%

Its economic impact in the local area

19%

The way the project was communicated

14%

25% 24%

20%

2% Support 11% 2% 5% 81%

29% 30% 40% 40%

4% Support 4% 1% 61% 3% 11% 3%

Support 43%

11% 7% 8%

Support 34%

Source: Telephone survey among 1,001 Sussex residents, November 2022

DEVELOPMENT

Rampion 2 is classified as a Nationally Significant Infrastructure Project (NSIP) because of its capacity to deliver large amounts of electricity. The process for gaining consent to develop major offshore wind farms is set in legislation. National planning policies set out what documents and evidence Rampion 2 need to submit. There are stringent rules on how to consult stakeholders about the project. There is a formal process that the application and decision making must follow. The owners of Rampion 2 must apply for a Development Consent Order (DCO) to the Planning Inspectorate and the DCO application is then assessed and determined under the Planning Act 2008. One problem the developers have is a fairly nice one – on a certain level. While the project is intended to be fully operational by the end of this decade, the advances in the technology to generate renewable electricity are predicted to be

fast paced. Turbine designers aim to capture and convert as much of the wind’s power into electricity as possible. Greater blade ‘tip heights’ have been key to advances in technology to date. The power of offshore wind turbines has increased fivefold in just 20 years, and this pace show no sign of abating. By assessing maximum parameters for turbines, the developers claim to have the flexibility to produce an optimal layout for them within this envelope. The turbines will be no taller than the maximum blade tip height. In October 2022, the Rampion 2 Project Team reduced the maximum number of turbines down from

116 to 90. This was in response to feedback on visual effects and shipping from key stakeholders, including Natural England. As a result, the maximum height of 325 metres tip height above Lowest Astronomical Tide (that’s up to 2.3 times the existing Rampion turbine height) and will have a 22m minimum air gap above Mean High Water Springs (MHWS). By the time of the intended start of electricity production, Rampion 2 will have the capacity to generate up to 1,200 MW of power which, given the average domestic electricity consumption, is the equivalent of one million homes – while reducing carbon emissions from electricity production by 1.8 million tonnes. The answer would certainly appear to be blowing in the wind.

LEGAL

My previous articles focussed on seizing the opportunities economic challenges create, and minimising supply chain risks in the meantime. Economists report that in 2023 UK economic activity outperformed expectations, but the outlook remains uncertain. So, I now look at how to minimise your personal risks as a director in case the worst happens. By Frank Bouette, Partner and Head of the Restructuring and Insolvency Team at DMH Stallard

When the going gets tough, directors get going To resign or not to resign? A tight labour market, services price inflation, and businesses passing on cost rises to consumers continue to create challenges. The Insolvency Service statistics for November 2023 confirmed 2,466 registered company insolvencies (December figures are due this month). This is 21% higher than in November 2022, and 7% higher than October 2023. It suggests business failures are increasing, and further challenges lie ahead for boards of directors. Individual directors may be fatigued from the challenges of recent years, and lacking appetite to carry on. Some may find it all too daunting and decide to throw in the towel, and hand over to others. It’s easy to assume a director isn’t subject to any ongoing obligations or risks following their resignation (aside from any restrictive covenants), and that they can just walk away. Whilst an individual director’s general directors’ duties may end when they cease to be a director, there are some instances when they may find themselves still personally liable to claims post resignation.

Even if a director ❛❛ resigns while the

company is solvent, their conduct may still be investigated ❜❜ 38

LEGAL

The key to minimising the risk is to ensure that, while you’re in office as a director, the company’s finances are properly managed, and to deal with any pressing matters (where you can). Practical steps you can take are:

The circumstances when a director may still find themselves personally liable after resigning include where – while in office as a director: n they acted negligently or fraudulently, or in breach of their directors’ duties. If so, they can be held personally liable for any losses incurred by the company as a result. This applies whether or not the company goes bust, although insolvency often precipitates the issue as administrators and liquidators, more often than not, pursue these claims. However, other directors and shareholders can also pursue them against former directors on behalf of the company; n they allowed the company to continue trading when they knew, or ought to have known, that there was no reasonable prospect of it avoiding insolvency, and they failed to take every practicable step to minimise the loss to creditors. This is known as wrongful trading; n they put themselves in a position where their interests conflicted with those of the company, or they harmed its interests for their personal benefit. For example, by exploiting their position to benefit personally from company property, information or opportunities; and/or by diverting profits that the company would otherwise have benefited from; n they accepted unauthorised benefits or payments from a third party; or n they personally guaranteed company liabilities. Dependent on the guarantee terms they may remain liable for these regardless of whether or not they continue to be a director.

n know what’s in the company’s constitution (and any related shareholder agreements) and that you comply with it; n maintain accurate and up-to-date financial management information – it’s no good if it’s not current. Don’t wait until the year end accounts – it’s usually at least nine months out of date by then;

The key to ❛❛ minimising the risk

is to ensure that, while you’re in office as a director, the company’s finances are properly managed ❜❜ Even if a director resigns while the company is solvent, their conduct may still be investigated – and they may be open to claims – if it goes bust in the years following (generally the following three years). If the company goes bust and they are found to have contributed to the company’s failure prior to resigning, as well as claims for the above, they could also face disqualification from acting as a director of another company for up to 15 years under the Company Directors Disqualification Act 1986.

n prepare and regularly review and update business plans and forecasts; n hold regular board meetings to review the business plan, the company’s finances, and other matters. Keep proper minutes of those meetings, and the reasons for decisions made. This will help spot potential problems early on, and enable decisions to be explained when they are questioned years down the line; n take professional advice as and when you need it. The earlier you do so, the more options you’re likely to have. The above is a general guide only. The expert team here at DMH Stallard is able and always happy to assist both boards and individual directors who need more tailored advice.

Frank Bouette is a Partner at DMH Stallard, who heads up the Restructuring and Insolvency Team. Frank is recognised as an expert in restructuring and insolvency law and one who provides decisive, practical solutions. Please get in touch: Tel: +44(0)1293 558554 E: Frank.bouette@dmhstallard.com

FINANCE

Research from Allica Bank suggests that small and medium-sized businesses are holding an astonishing £273 billion in cash in low or no interest bank accounts. But just what should businesses do with cash reserves to make them work harder, ask funding experts, Abbey Watkins and John Walsham of Kreston Reeves

SME CASH RESERVES SMEs are the engines of the UK economy. The trade body, the Federation of Small Businesses, reports that there are 5.5 million small businesses in the UK, employing over 16 million people, accounting for half of the turnover of the UK’s entire private sector. The financial health and success of SMEs matters.

The SME landscape is, of course, nuanced, with many businesses enormously successful, holding considerable cash reserves while others operate on a more hand-tomouth basis. SMEs have felt the economic crunch of the pandemic and subsequent cost of living crisis harder and deeper.

❛❛ Research from Allica Bank suggests

that small and medium-sized businesses are holding an astonishing £273 billion in cash in low or no interest bank accounts ❜❜

Yet, Allica Bank’s research, published in a report called The Great British Savings Squeeze: A Report Into the State of the UK Business Savings Market, is astonishing. Of the £273 billion in cash reserves, £149 billion sits languishing in accounts with zero interest, with the remainder typically earning less than 2%. Allica Bank suggests that £7.5 billion a year is effectively being lost from this interest rate deficit. For many, holding cash reserves has been a lifeline, keeping businesses going through some of the toughest trading conditions in recent memory. But it does beg the question just what should a business do with cash reserves in bank accounts that offer little in way of return? What other options are open to them and what are the risks? Making cash reserves work harder for a business will always be a balancing act between ease of access, liquidity requirements and appetite for risk. Here are a few options that businesses might want to consider. There is, of course, the caveat that business owners and directors should always take professional advice before taking action.

FINANCE

BUILD THE BUSINESS

Whilst savings and investment products have a valuable role to play, perhaps the best option for business owners is to invest and grow their business. That might be through the investment in plant and machinery to improve ef f icie n cy (wi th at trac tive ta x incentives), commercial premises for the business itself or to lease to other businesses, or in the people employed. In a tight labour market, ensuring you continue to attract and retain the very best people is a significant competitive advantage.

HIGH INTEREST ACCOUNTS

It is still possible to find high yield savings accounts offered by business banks. Interest rates are unlikely to be high – perhaps between 3.5% and 4.8% – and will require a minimum balance to be retained.

MONEY MARKET ACCOUNTS

Typically, money market accounts require a fixed deposit held for a set period of time. Interest will be calculated depending on the size of the deposit and agreed length, which can be anywhere from a few days, to a few months, or even years. Cash deposits will be tied to the agreed deposit period.

CERTIFICATES OF DEPOSIT

A certificate of deposit is a savings product that offers higher rates of interest on lump sum deposits. However, cash must be committed for an agreed period of time with penalties for early withdrawal.

STOCKS AND SHARES

Whilst there is scope for higher returns, the stock market does fluctuate making it a riskier investment. A diversified investment portfolio can counter that risk.

PEER TO PEER INVESTMENT PLATFORMS

P2P platforms allow businesses and individuals with cash to invest in other businesses. They have the potential for higher returns yet with the risk of higher default, low liquidity and no insurance cover. There are other more niche options open to businesses, such as currency exchange and digital currencies, that are considerably higher risk and not always a se nsib l e o pti o n fo r inexperienced investors. Businesses should also note that the Financial Services Compensation Fund offers protection on savings held by banks of up to £85,000 (per bank, not individual account) should that funder collapse. This protection is not extended, for example, to peer to peer investment platforms.

Looking to future growth, a business with significant cash reserves might want to explore acquiring key parts of its supply chain or competitors to build a bigger and more resilient business. We recognise that most entrepreneurs do not start a business with growth through acquisition as a strategy or priority and this might at first seem a daunting prospect. Yet with specialist advisers working alongside the business, it can relatively straightforward process. Directors should not overlook their own personal financial future and take advantage of the generous tax position on pension contributions. In reality, businesses with strong cash reserves are likely to adopt a mix of different approaches depending on the needs of the business. But leaving cash in poorly performing bank accounts makes little commercial sense.

To learn how you can balance risk and returns for optimal financial growth, please contact Abbey Watkins or John Walsham: Email: enquiries@krestonreeves.com Call: 0330 124 1399 Visit: www.krestonreeves.com

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The investment aims to enable more than a million British people to gain crucial skills in AI over the next three years

MICROSOFT TO INJECT £2.5BN TO JUMPSTART THE UK’S AI INDUSTRY On January 18th, the US tech giant, Microsoft, announced a staggering $3.2bn investment into the UK over the next three years in a move to drive future growth within the emerging artificial intelligence (AI) industry. The funding will more than double Microsoft’s data centre footprint in Britain, providing the infrastructure crucial for new AI models to work. Microsoft’s announcement has provided lawmakers and investors with much needed optimism in the future of the UK’s macroeconomy, with Chancellor Jeremy Hunt declaring that date to be a “massive day in the UK’s ambition to be the next Silicon Valley”. Claire Trachet, CEO/Founder of leading business advisory, Trachet, welcomes the move as a significant step towards the UK’s ambitions to become a global tech leader whilst also urging legislators to take this opportunity to address the risks of a fast-growing, under-regulated sector.

Microsoft’s multi-billion-dollar investment will enable more than a million people to gain crucial skills in the burgeoning sector, bringing more than 20,000 of the most advanced graphics processing units (GPUs) into Britain, and kickstart the growth of AI infrastructure across sites in London, Cardiff and potentially the North of England. Following the Autumn Statement 2023 that saw an additional £500m committed to the development of the UK’s computer capacity, the UK is well poised to become an AI powerhouse over the next several years. Claire Trachet asserts that continued capital investment into the UK’s AI infrastructure will provide the backbone of Britain’s ambitions to become a global leader in the tech sector, with Microsoft’s announcement providing the most significant step towards this goal. However, Trachet herself notes that whilst the announcement should be welcomed by those looking to invest in the growing market, policymakers and legislators should be turning their attention towards making AI an industry that works for everyone through pursuing regulation that fosters innovation whilst, at the same time, protecting consumers. Currently, the UK lags sorely behind the EU, US and China in the policy area of AI regulation. Claire comments: “This announcement should provide some much needed optimism to those initially sceptical of the UK’s ambitions to become an AI powerhouse. The $3.2bn will hopefully lay the bedrock for continued interest and enthusiasm within the burgeoning tech sector.

Microsoft’s multi-billiondollar investment will enable more than a million people to gain crucial skills in the burgeoning sector

“Coupled with the additional £500m in funding promised in the Autumn Statement, smaller-scale start-ups and SMEs, the backbone of the tech sector, will have renewed confidence to deliver cutting-edge products to market faster and ensure that Britain doesn’t lose its spot as a leader in Europe for this sector. “However, what policymakers mustn’t lose sight of, is the essential need for regulation and a cohesive roadmap detailing the exact trajectory of the UK’s AI ambitions. At a time of sustained, high interest rates, investors can no longer take promises of growth for granted. Venture capital funds and high net worth individuals are more frequently ranking security and transparency as core values when it comes to making investment decisions, and the UK should take this opportunity to join the likes of the US and EU in the pursuit of sensitive regulation.”

Microsoft President Brad Smith stated: “Microsoft is committed as a company to ensuring that the UK as a country has a world-leading AI infrastructure.” The funding, announced by Prime Minister Rishi Sunak, will more than double Microsoft’s data centre footprint in the UK, providing the infrastructure crucial for the new AI models to work. As a part of the deal, the company will bring more than 20,000 of most advanced Graphics Processing Units to Britain, tech which is key to machine learning and developing AI. The investment includes a training plan to help ensure Britons have the skills they need to build and work with AI.

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Corporate Commentary Welcome to this monthly series for business owners, where myself and my team aim to demystify the corporate market and highlight trends in a non-technical manner Jonathan Grant Partner and Head of Corporate

IS THE M&A MARKET ABOUT TO TURN? Private Equity (PE) has been notable by its absence in 2023, and the resulting M&A market was more challenging, with less pressure on buyers to close deals. Given many PE deals are supported by debt, the high cost of borrowing combined with a series of global disruptions have limited appetite. While we are not out of the woods yet, the picture is beginning to change. Certain sectors which have been quiet, such as travel, are now returning to a more normal pattern. Capital markets are becoming more active after a quiet couple of years, led in part by investors factoring in interest rate drops in 2024, plus increasing demand for natural resources and minerals. Whilst global events continue to have the potential to disrupt trade, the immediate impact of war and lockdown have been (largely) adjusted for. PE are targeting high net worth investors looking for more exciting returns; this produces pressure to invest into growing businesses. PE need to “turn” their investments every three to five years, to generate required returns to investors. Many of those sales have been delayed over recent years, given the slower M&A market, but will need to happen soon. Sales will often be to other PE houses (secondary/tertiary deals) but they can also lead to IPOs, or trade sales.

www.platinummediagroup.co.uk

Capital markets are ❛❛ becoming more active

after a quiet couple of years, led in part by investors factoring in interest rate drops in 2024

❜❜

While trade deals, management buyouts (MBOs) and employee ownership trusts (EOTs) have filled some of the gap left by PE, a more active PE market will increase competition for quality assets, impacting price and the pressure to close deals quickly. This will in turn drive up prices and reduce deal timetables. Businesses coming to market in this climate are well advised to take time and be well prepared. Whilst businesses can

wait for an approach, having your story and numbers clear, puts you in a far better negotiating position. Finally (in case you have missed it), there will be an election in 2024/very early 2025, with the potential for tax changes. Whilst this should never be a reason for businesses to sell, the current attractive Capital Gains Tax rates will tempt some to take the opportunity while certain.

If you would like to discuss any of these themes further, please get in touch with either: Jonathan Grant Partner and Head of Corporate Mobile: +44 (0)7912 087173 E: Jonathan.Grant@dmhstallard.com

CELEBRATING BUSINESS EXCELLENCE

The Gatwick Diamond Business Awards - 21st March 2024

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The 2024 winners of the prestigious Gatwick Diamond Business Awards will be announcedon the 21st March, in the Empress Suite of The Grand Hotel, Brighton. Join us for apre-dinner drinks reception, before taking your seat for a sumptuous three course dinner and wine, with our celebrity host, Simon Brodkin. Acclaimed character comedian and “the world’s most famous blagger” (The Daily Telegraph), Simon is now performing as himself and is fresh off a sold-out, critically acclaimed 120-date international tour with his latest show, Screwed Up. The show had performed to sold-out audiences at the Edinburgh Fringe in 2022 and Dominic Maxwell (The Times) said “no show has made (him) laugh more than this one…”. Simon’s many television appearances include Live at the Apollo and Sunday Night at the Palladium, as well as his own documentary Britain’s Greatest Hoaxer on Channel 4. Britain’s Greatest Hoaxer was nominated for best Documentary at the Monte Carlo TV Festival Golden Nymph Awards 2018. Recently, Simon broke records on TikTok with one of his videos reaching over 40 million views, making it the most viewed video by any British comedian ever. This Black-Tie event will once again see the very best of the Gatwick Diamond Business community come together to celebrate the achievements of World-Class businesses in this World Class region. Now in their 16th year, the Awards are a well-established highlight of the business calendar. They celebrate the achievements of individual businesses and business people across a wide range of categories. Importantly, they also showcase the success of the Gatwick Diamond economic area as major driver of the regional and national economies.