Corporate Finance specialist Stephen Reed has been promoted to partner at regional chartered accountancy practice Price Bailey. Based in their Thorpe St Andrew office, Stephen joined Price Bailey in May 2012 as Corporate Finance Director, and over the past two years he has been key to the development of the firm’s Corporate Finance offering not only in Norwich but across the whole of East Anglia.
Stephen’s wealth of specialist knowledge and experience has proven invaluable to a number of local businesses, including SignsExpress whom Stephen advised on last year’s management buyout and the owners of SK Sales which was sold to SIG plc. Stephen joins Daren Moore, Aaron Widdows, Richard Day and John Warren to bring the total number of Norwich-based partners to 5.
Commenting on his promotion, Stephen said: “I am delighted to be in a position to help with the continued development of Price Bailey’s corporate finance proposition. the team and our service offering have grown significantly over the past two years. As the largest SME-focussed Corporate Finance team based in East Anglia, we’re perfectly placed to help business owners and investors take advantage of market opportunities – whether this is by helping to grow businesses through acquisition, better planning and investment or by achieving optimum value from their business sale.”
Stephen would be delighted to hear from any fellow Chamber members who are looking to develop their business to discuss how hecan help. Please call on 01603 709330 or email [email protected]
Today, the new single Family Court comes into being and most of the family justice provisions from the Children and Families Act 2014 take effect. The legislation has been described as “the largest for a generation”.
Emma Alfieri, from Steeles Law’s family team, comments that these reforms bring about the introduction of a new single Family Court in England and Wales, intended to make the system easier, less confusing, to provide greater flexibility and to avoid delay.
The new Family Court is designed to ensure that the right level of Judge is appointed for a particular case, in the most suitable location. The idea being that this will reduce unnecessary delays caused by cases being transferred between Courts.
The most significant changes apply to matters concerning public law and care. The idea is that the reforms will result in a swifter system and give greater certainty to the children involved.
In respect of private children law matters, child arrangements replace contact and residence orders.
Emma commented that there has already been a lot of media coverage about the changes and the focus to the general public appears to be about mediation. This is in view of the fact that the Children and Families Act includes provision that parties wishing to go to Court in respect of a child dispute, or in relation to financial matters upon divorce, have to attend compulsory mediation before they may do so. However, Emma adds that in this respect little has changed, as in recent years family mediation has been compulsory to most in any event. Whilst family lawyers have actively been promoting mediation for some years, until now the general public appeared unaware of this option which could explain the mediation focus.
There are two practical points of note, which the public should be aware of:
2. Some media reports are suggesting that parties seeking family law advice have to attend a session of mediation before they may consult a lawyer. This is certainly not the case. The situation remains the same as before, in that anyone wishing to seek legal advice may contact a lawyer at any point.
For further information regarding the changes, please contact us.
Give the gift of Park Farm Hotel, with one of our gift vouchers. You can purchase our vouchers online and use them to dine with us, stay overnight, indulge in some relaxing spa treatments and much much more. Buy a voucher for that special someone and have it emailed directly to them. Or receive the voucher yourself and wrap it up for them. Ultimately the choice is yours. Click the links below to purchase your voucher today.
Arthur Jary & Sons Ltd. are having an ‘Open Afternoon’ at their memorial showroom and workshop, on Northgate Street in Great Yarmouth, on Friday 25th April. Please come and meet our staff, and see how our craftsmen create a lasting memory to a loved one.
Window graphics are a fantastic way to announce to the world (well, at least your passing customer traffic) of any seasonal promotions or new services you may have. They are cost effective and more importantly they’re not permanent – meaning your message can be readily changed to suit your promotion.
Take for example Easter (because let’s face it, it’s literally around the corner!), using bright and engaging temporary window graphics could be the difference in securing a sale from a passing customer who may otherwise have gone to a competitor.
Shallow, we know, but we are all guilty of being attracted to pretty things – and there’s nothing wrong with that. But why not increase your potential sales by making sure your windows are the prettiest out there? It’s fast and easy to do resulting in dramatic effects on the look of your business exterior for a relatively low cost.
If you go to an experienced and reputable sign maker (like us, for instance) then you can even ask them to create the graphics on your behalf to make sure your message packs the punch it really deserves and is targeted to the right market audience. Plus, window graphics can be turned around pretty quickly (depending on the complexity) so even if you think it might be too late to meet a seasonal promotion, it’s always worth asking.
These days there are lots of different materials to choose from, making sure you can always create the perfect display for your purposes. Take a look at our portfolio for a little bit of inspiration and then get in touch to see how we can help.
Steeles Law is holding a Legal Clinic at its 2 Mount Street, Diss offices on Friday 30 May, with pre-bookable 15 minute consultations available between 3.00 and 6.00pm.
Whether you a private individual or business owner, you can book a complimentary appointment with a legal professional in connection with any of the services we offer.
Please call 01379 652141 to make a booking. Appointments are offered on a first come, first served basis and must be booked before the day.
Following its success in reaching the last six of the prestigious Business Moneyfacts Broker Awards in 2012 and 2013, Norwich based commercial finance broker B2B Cashflow Solutions has gone one better in receiving a ‘Commendation’ this year at the recent awards in London.
A privately owned and independent commercial finance, business banking and financial management consultancy, the business has been shortlisted three years running.
The company was nominated and recognised from within the industry based on the high level of excellence across all aspects of its business model throughout the year prompting Director Simon Reynolds to comment “We are delighted that this industry award has not only continued to acknowledge the work we are doing on behalf of SME’s, but has recognised our ongoing development compared with the two previous years. Some would say this is a case of ‘third time lucky’ but perhaps we are simply delivering our strategic development objectives (with an element of luck thrown in!)?”
Simon reflected “In an ever challenging financial climate for UK businesses we believe we continue to fly the flag for Norfolk by being shortlisted in the Business Moneyfacts Broker Awards for the third year running. Furthermore we finished in the top three this year marking an improvement on our top six finish in the previous two years. This reaffirms acknowledgment for B2B Cashflow Solutions in regard the quality of our service and our overall creativity in championing financial solutions within our local business community. Our business model offers region-wide coverage throughout East Anglia, with dedicated local support, and it is encouraging that our approach is recognised within the industry.”
B2B Cashflow Solutions was launched back in 2006 with a vision to broaden the scope of asset finance lending through innovative products and services. Following the 2008 banking crisis, the directors identified the opportunity to develop more diverse funding solutions, within an increasingly restrictive financial climate, which complement those offered by the banks and other traditional lenders, on behalf of their business customers.
Simon continues: “Our differentiation in creatively bringing together a wide range of elements to build financial solutions is underpinned by our consciously relationship driven and person- centred approach to our customers, partners, and our business.”
This approach has proven very successful. B2B Cashflow Solutions has gone from strength to strength in their eighth trading year, with lending in excess of £20,000,000 facilitated on behalf of local businesses in its current financial year.
Today, more than 50% of the company’s business originates from referrals from the major financial institutes while maintaining and developing a direct, proactive approach to relationships with business customers to deliver asset based lending solutions throughout the East of England and beyond.
For the third consecutive year Pure Resourcing Solutions (Pure), a leading recruitment consultancy in eastern England, has been shortlisted for the Recruitment Firm of the Year Award at the 2014 FDs’ Excellence Awards.
Nominated by a record-breaking 1,800 chief finance officers, financial directors and other senior financial decision makers within the UK’s finance sector, the Excellence Awards applaud service providers including recruitment firms, auditors, business banks and financial software suppliers.
“We are very proud to make the shortlist for this prestigious awards category and we are the only regional independent recruitment agency to do so!” said Ian Walters, Managing Director of Pure. “The nomination means a lot to us because it is based on the opinions of our clients. It is great to know that our personal approach is highly valued by the people we work with and have recognition for that. And, as a regional recruitment consultancy, we are honoured to be shortlisted alongside the large national recruitment agencies.”
The shortlisted businesses were judged on a range of criteria including business knowledge, innovation and quality of advice. Over the last year, Pure has continued to build on its reputation as an expert in its field by offering clients guidance and information on a variety of subjects, from recruitment and retention to employee engagement.
Pure has always strived to develop new and relevant initiatives within their region that add value. Recent examples include the Senior Finance Forum in partnership with Deloitte-, Best Employers, Eastern Region with eras ltd- an initiative that identifies and promotes the best employers and encourages employee engagement and more recently, Women’s Leadership Programme. For more information on these initiatives please visit our website The winners will be announced in a ceremony, taking place at the London Marriott Hotel in Grosvenor Square on May 1st, which promises to be a superb, entertaining and inspirational event.
To find out more about Pure’s professional recruitment services, contact Anna Hill, Marketing Manager, on: 01223 209888 or [email protected]. Or visit www.prs.uk.com.
For more information about the FDs’ Excellence Awards and the full shortlist visit: www.fdsawards.co.uk.
Air Malta commenced Norwich summer flying programme 4 weeks early. Excited holidaymakers descended on Norwich International Airport yesterday for the first Air Malta holiday charter flight of the summer 2014 season direct to the sunshine island of Malta. A welcome addition to the April flying programme following Air Malta’s decision to offer four extra departures from Norwich this April to accommodate the noticeable increase in demand for off-peak holidays from regional airports. Andrew Bell, the airport’s CEO commented “It was great to see the Air Malta aircraft land at Norwich yesterday, Malta is an exceptionally popular destination from our region and we are pleased that Air Malta has increased their service and enhanced the travel options from Norwich International Airport this spring”. Air Malta flights operate every Tuesday through to 21st October 2014 with holidays and flights available through numerous tour operators and travel agents. Flights are also bookable on www.airmalta.com
Crowdfunding is fast becoming a popular source of alternative finance for entrepreneurs and business start-ups who are unable or unwilling to approach a bank or other ‘conventional’ source of investment.
The idea is simple – business owners and entrepreneurs ‘pitch’ their ideas to a large number of individual investors, usually via a crowdfunding website. Those seeking finance can publish details of their project, including how much cash they need, how they will use it and how investors stand to profit. The ‘crowd’ can then choose whether or not to invest.
Whilst there are a variety of different models, many investors consider equity crowdfunding to be the purest form of crowd investment. The idea is compelling: individuals pool small funds together to become equity stakeholders in early stage companies, when the opportunities – and risks – are the greatest. Many insiders anticipate the growth in equity crowdfunding will transform startup finance.
The growth in the US is already considerable – angels have invested $393 million on the 10 largest equity crowdfunding platforms to date, with $90 million of that being invested in the first quarter of 2014 alone. So what is behind this growth? The payback from equity crowdfunding can be enormous.
‘Facebook’ and ‘Dropbox’, two headline businesses that have benefitted from crowdfunded investment, achieved returns on investment of 62,000% and 39,000% respectively. Whilst not all investments could achieve that sort of stellar performance, a long-term investment of five to eight years in the right startup could produce higher returns than any other asset. Indeed, such is the growth in crowdfunding websites, London based UP Investments is seeking to raise £100,000 on Crowdcube to establish a ‘crowdfunding supermarket’ where investors can view pitches from dozens of crowdfunding websites across the UK.
Local businesses are already benefitting. Yippydada, a Buckinghamshire based business which has developed a stylish baby bag range, hopes to secure £100,000 through Crowdcube, in return for a 10 per cent stake. ‘Ready Steady Mums’, a Cambridgeshire based fitness enterprise for mums, has recently secured £57,190 for a 6.68 per cent stake in its business on crowdfunding platform Seedrs.
Against a backdrop of low interest rates for savers and a general perception (however accurate) that banks are reluctant to lend to small entrepreneurial businesses, it is perhaps no surprise that crowdfunding is becoming more mainstream. It cuts out the middle man, allowing small businesses to get the funding they need without banks taking a slice of their profits. For savers, these ventures offer the potential for much greater returns and to potentially qualify for special tax reliefs under the Enterprise Investment Scheme (EIS) or Seed Enterprise Investment Scheme (SEIS) rules.
But what about risk? The Financial Conduct Authority is taking a close interest in crowdfunding and wants to ensure private investors fully understand the risks they are taking. Under new rules which came into force on 1 April, equity based crowdfunding is now subject to the ’10 per cent rule’. This means that investors must certify that they are not committing more than 10 per cent of their net investible assets (excluding their home, pensions and life insurance). The new rules are only waived for those deemed sophisticated investors and do not apply to peer-to-peer loans.
Some platform providers have claimed the increased regulation may prove detrimental to both investors and businesses alike, unfairly disbarring small investors and ultimately leading to a “thinning of the crowd”. Peer-to-peer lenders on the other hand, fear that the rules are not tough enough to protect individuals from bad debts.
Whoever is right, the phenomenal growth in crowdfunding looks set to continue. Recent figures suggest that over £1,700 per hour is currently being raised through crowdfunding in the UK, with more than 45 new equity and rewards projects having being launched each day in the first three months of 2014. Although this represents only a fraction of the total value of investment being raised, crowdfunding is clearly becoming an attractive means of raising finance for businesses who need that vital injection of cash.
After six years of consistent growth, True Traders Ltd has broken through £1m turnover for the 2013/14 financial year. A family run company, True Traders are a leading seller of temporary barrier fencing, alongside many other products ranging from garden & allotment netting, to construction safety equipment.
They have grown considerably since their inception by Michael Bezance, in his garage, in 2007. The company has now outgrown two storage facilities and moved to their current warehouse, on Caister Road in Great Yarmouth, in April 2013. The new warehouse, at 6300sq ft, is more than double the size of their previous.
Marketing Director Tom Bezance said ‘Breaking the £1m turnover mark is a significant milestone for True Traders. It has been the main target of the company since day one and everyone here at True Traders has worked very hard to achieve it. We are very proud of where we are now.’ ‘Obviously the hard work doesn’t stop here. New targets have been set so we can continue to push forward and grow. We now have two new employees starting to help us lay the foundations for a larger and more dynamic company.’
The company currently run seven online shops, each with its own particular niche. One of a number of aims for the current financial year is to combine these shops into a single superstore under the True Traders brand. This would allow truetraders.co.uk to become a one-stop shop for products from all seven shops, something which will be a great benefit to customers.
Tom Bezance added ‘We want to make the whole experience for customers as smooth and effortless as possible. This new superstore, coupled with easily contactable sales staff, will be a huge step in the right direction. 2014 certainly looks like an exciting year for us.’