041123 - LIES 14 Template Nov 04 LDPG.qxd

Newsletter Issue 14
Digging for Value
Mind the (funding) Gap
Your Business needs You!
Floating Charges
Where Do You Go To
My Lovely..?
Inside Story
Women in Business
65 Duke Street London W1K 5AJ
T 020 7495 2244 F 020 7499 9442
[email protected]
www.wingrave.co.uk
Wingrave Yeats Partnership LLP is registered to carry on audit work and regulated to carry on a range
of investment business activities by the Institute of Chartered Accountants in England and Wales.
Winner of:
Best Medium Sized Firm of the Year Accountancy Age Awards for Excellence [2003/2004]
Best Business Adviser of the Year CBI Growing Business Awards, Christopher Jenkins [2001/2002]
Contents
Editorial
1
Mind the (funding) Gap
2
Your Business Needs You
4
Skiing with Gordon Brown
6
Floating Charges
8
Where Do You Go To My Lovely..?
9
Inside Story
10
Women in Business
12
Back to my Future?
13
Intelligent Cost Cutting
14
Lending Index
16
Courtney Miller
17
Anorak’s Corner
17
Time Saving Office Technology
18
News about You
20
News About Us
21
“Sisters 2003” - Watercolour - (H) 8
3/4”
(W) 9”
Disclaimer
This newsletter is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no
action should be taken without consulting the detailed legislation or seeking professional advice. The fact that certain companies have taken advertising
space / or written articles in this issue does not imply that their product or service is recommended by Wingrave Yeats. Therefore no responsibility for
Editorial
Digging for Value
A couple of months ago, Cordelia, my 20 year old, asked me to entertain several of her second year university
friends at supper. The discussion inevitably turned to their career prospects. To my amazement not only did they
all know what they wanted to do but one of them had already chosen the law Firm, with which she wanted to take
articles. Asked whether I felt that one particular Firm in the Magic Circle was better than another, I replied that I
didn't think it really mattered which one she chose, nor which Profession she entered, nor indeed whether she were
to turn down the lot of them and choose to become a journalist.
She probably wrote off my reply as an infuriatingly obscure response from a "grumpy old man" but the truth of the
matter is that the creative process is common to any activity. Over time we all find fulfilment and value in the
strangest of places and in the strangest of careers. A career in the Professions brought out the journalist in me;
one would hardly have expected that Accountancy would have offered an opportunity to write about dysfunction in
human relationships. The reward lies in discovering the talent in oneself and using it creatively.
Speaking of the Arts, Courtney Miller, the painter we are featuring in this issue, spends much of her time studying
every day objects and ordinary places. With the eye of an artist she discovers in them what others with a less
tutored vision fail to appreciate. In her case it is her ability to change our perception that creates something of real
value.
As accountants and business advisors we are there to do the same for our clients, albeit using the language of the
Business World: that of numbers, balance sheets and percentages.
For more information contact Christopher Jenkins @ [email protected] / 020 7495 2244
If any of you would like to take space in the next issue, do contact Emma Glancy:
Direct Dial +44 (0)20 7317 6669
Switchboard +44 (0)20 7495 2244
Email [email protected]
Fax +44 (0)20 7499 9442
Web www.wingrave.co.uk
1
“Mind the (funding) Gap”
Client in Pub: "I can't believe the last lot of
interest charges that the Bank dumped on me just
before I went off for Christmas... it might just about
have been bearable if they had showed the slightest bit
of interest in supporting the business, now it's taken
off. I suppose I should have listened to a friend of mine
when he said that he'd put in the funding in return for
half the business. At least I could have slept at night."
Ever caught yourself thinking the same thing? Or have you
been one of those very clever people like Graham Kirkham
who brought DFS to the main market still owning a huge slice
of the equity? I know that most people would tell you they
would rather have 1% of ICI than 100% of their own
business, but I then asked Matthew (he runs a media
business- sales of £10m) whether he had actually thought
about how much that 50% equity stake would have cost him.
It would have been an awful lot more than the interest he had
paid his Bank to achieve the same funding. And did his bank
ask for a slug of his business? No!
Yes, but everyone, including you, tells me that cash is the
lifeblood of a business, borrowing puts the business at risk
and quite frankly I would rather play safe; (agreed, but there
am I thinking about all the other business risks he probably
takes that are far more scary than borrowing money and
which he takes willingly because he knows about that side of it).
2
Well, guess what? It all comes down to the same old thingthinking and planning ahead, understanding how the financial
model works that reflects your business. Have an intelligent,
robust plan, know what your business will look like in 5 years'
time and how you are going to get there. Then you can fill up
with the right mix of debt and equity that will maximise your
wealth at the point at which you have decided to realise it.
How about a few Golden Rules?
Plan your funding.
You have to have a Business plan. It must be robust - be
drop-tested, turned inside out. If you can't do it, then ask
your accountant. If they can't, then find one who can.
Examine thoroughly your profitability and your cash flow.
Know how cash flow behaves in your business. Sensitise the
forecasts and examine the mid-month peaks that don't show
up. Forecast what your existing covenants will look like and
how close you will get to the restraints of the current
agreements. If you choose to rely on debt to fund the
business, arrange it in advance. It is less risky to borrow
more and remain comfortably within your limits, than it is to
have a smaller facility and exceed it.
3/4”
(W) 8
1/4”
“Label’s 2003” Watercolour (H) 7
Assess the risk involved in gearing up before you do so.
Avoid giving away equity unnecessarily.
Your Business Plan will provide the Road Map and will allow
Look at Bartering that can avoid the use of cash. Look at
you to assess what contingencies you need to build in and
doing deals with your suppliers.
what level of Risk you are happy with. If the forecast show an
unacceptable level of risk then you must raise equity.
In the end, the equation may be a difficult one to get right,
but at least spend the time early on in trying to do so. Your
Give it away, but not too early.
business only needs to be half the size it could be, if you have
not needlessly given away twice as much equity than you
The "market" in your shares starts from the minute you
had to!
incorporate, not when you list and the price of your shares
rises far more quickly in the first few years than in the last.
Look
l
at
off-balance
sheet
ways
of
funding
your
working capital.
See if Trade Finance works as it did for a client of ours in the
record business. Mike funded £400k of stock and £200k of
debtors without giving away any equity and only putting up
£10,000 of his own cash. His business is now the largest
re-seller of vinyl in the UK. Yes, it costs but that is irrelevant,
Christopher
Wingrave
Jenkins
Yeats.
is
He
Senior
was
Partner
voted
of
“Best
Business Advisor of the Year” by the CBI in
2001/2002.
Email him at: [email protected]
Or ring and talk to him on: 020 7495 2244
provided that it does not strangle the business and that the
time delay in accumulating profits does not compromise the
business plan.
3
“Your Business
Needs You”
Old fashioned values and what
investors look for in backing businesses
“Location, Location, Location”
This is the time old adage and mantra of what
investors and home owners should look for as the key
criteria in prospective properties they are looking to
acquire.
whether it's a 1 bedroom inner city flat, or a large
landed estate.
the number of bedrooms, the kitchen style and the ability to
park off street. But the fundamental that we all know and
observe as key, is the location - as a nation of homeowners,
we have a preoccupation and inbuilt understanding of this.
considering investing in businesses?
markets,
excellent
products,
leading
edge
technology, a strong growth story, quality clients, a
booming sector… yes, oh yes, I hear you say - all of these
are key, but the real fundamental for investors, and
the
mantra
regarding
businesses,
is
'management, management, management'
knowledge and input are not executives within the business.
best results from a business and ensure that the
performance is maximised.
whilst they will inevitably get to consider all of the facets of
the business, their foremost and primary consideration will
team,
judgement calls on daily business decisions, the overall
composition of which will inevitably make or break a
business.
Technology and work place practices now determine in
management skills of a rounded and complete team more
than at any time before.
However, given the pace of change and speed of
information and communication flows, which in themselves
create
a
more
competitive
and
complex
business
environment, it should not be surprising, albeit perhaps
sometimes paradoxical, that the key to good business is as
long established as it always was and lays at the hands of
This is so, not just in large complex multinational
businesses, but also in owner managed enterprises, where,
whilst there may typically be an entrepreneurial principal,
When venture capitalists and bankers back businesses,
management
and responsible for taking the pulse and making the fine
those responsible for its management.
A good management team will always be able to get the
and
management that they will backing.
4
Investors and bankers, whilst able to add valuable
(let alone compliance) are at an all time high, calling upon
What do venture capitalists and bankers look at when
the
with all the associated aspects within modern commercial
many instances that the pace of change and communication
So what's the story when it comes to business?
be
landscape, economically, technologically and practically,
Accordingly, it's the management who will be ever present
Sure, other components come into play such as the garden,
therefore
through thick and thin and navigate it across a changing
enterprises, is pivotal to the ultimate success of a business.
This we all recognise of course is the property 'story' -
Niche
The management team's ability to manage a business
fundamentally
it's
the
most
successful
businesses
will
comprise
of
complementary supportive teams with experience and input
across all areas of the business.
So let’s consider that classic question:-
What makes a good
management team?
Given the composition of the team is crucial to the success
of the business, advisors and financiers spend considerable
time discussing and debating the make up and coverage of
the management team. They may well suggest adding
- Experience and track record
A demonstrable and relevant track record of experience
pertaining to the business and its development is key
This may include some of the following examples Sectoral knowledge - some e.g.'s (not exhaustive):technology
retail
services
manufacturing
media
- Experience of business stage and development
Having previously seen the stage and structure of the
business development and therefore recognise and
experienced the challenges of that stage (not necessarily
the sector, although each market has its own
challenges) - some e.g.'s (not exhaustive):start up
multi site roll out
rescue and turnaround
going public (ie floating on a stock exchange)
buy and build
additional members so as to enhance the experience and
offering of the management team as a whole.
A typical enhancement may be the introduction of a nonexec Chairman or a Finance Director. Such appointments
frequently comprise the final pieces of the jigsaw in
creating a fully rounded and experienced team to take the
business from one stage to the next level.
As advisors, when we review business plans and consider
the merits of the opportunity, the CV's and description of
the management team are a primary focus.
All of the 'desk top' review components of reading CV's and
considering the complementary composition of the team,
are important. However the real test is meeting the team
and seeing the blend of skills at first hand and how
communication and a shared view and voice is attained.
No matter how well a drafted plan and description of the
management team and its business may appear, there is no
- Market and Client knowledge
Embedded client relationships
substitute for assessing the team in a face to face meeting.
Implicit understanding of key clients
And it's this first meeting with investors and financiers that
Implicit understanding of key markets
proves so vital in the investment process. Will this team be
in a position to deliver and manage the business proposition
- Organisational and motivational abilities
the ability to lead and motivate the team and the
business as a whole
demonstrable evidence of appetite to drive, direct and
manage the business
commonality of focus, aims and objectives of the team
- Complementary composition of the team
Whilst no one individual will be expected to have all the
skill set outlined above, a blend of the above skills and
experience must be evident across the team. The depth
of the team's experience, especially pertaining to the
challenges that lie ahead in their business and its
development, is key.
at hand?
It is one which is prone to subjective, yet
experienced judgement calls on behalf of the financiers.
The financiers view will inevitably make a key contribution
towards the making or breaking of his business.
So next time you are discussing your business and are
describing the leading edge technology, the market niche,
the top quality products etc, don't shy away from the most
important fact: that the real winning combination and
attributable success of the business is down to you, the
management team. You will determine the success or
failure of the business - and if you're in any doubt on this,
ask a venture capitalist or banker when you next see one.
Just because an individual has seen tough times (even
business failure) this doesn't preclude them from being
viewed as a valued member of a management team. What
counts is the experience gained and ability to bring the
lessons
learnt
business model.
from
previous
roles
to
the
present
Jeremy Rayment is a Partner in Magus
Partners,
Corporate Finance arm of
Wingrave Yeats.
Email: [email protected]
Tel: 020 7317 0997
or via the Wingrave Yeats switchboard
Tel: 020 7495 2244
5
Skiing with
Gordon Brown
At this time
of year, with the clocks changing
and the evenings drawing in, I'm sure many of us are
turning our thoughts to spring and for some the
prospect of a week or two on the slopes. I'm not sure
if you will be thinking about Gordon Brown. However,
he may well be thinking about you, and how he is
going to pay for all his expenditure plans.
As you are probably already aware the Chancellor has
introduced new rules which obliged the developers and
promoters of tax schemes to register them with the Inland
Revenue and for tax payers who enter into these schemes
to notify the Inland Revenue on their tax returns. This will
mean that the Inland Revenue no longer have to worry
about identifying these schemes when reviewing tax returns
but can concentrate on blocking loopholes as soon as they
are brought to their attention. When one considers that the
Chancellor has already blocked various commonly used
planning techniques retrospectively with, for example, the
new rules on Pre Owned Assets, and that the Inland
Revenue have enjoyed some success in front of their
Lordships in the Court of Appeal (the Veltema decision), one
might despair.
However, all is not lost.
Basic planning
techniques can save one quite substantial sums each year
and of course there is always the option of spending the money.
6
At a certain stage in ones life one could consider that all
expenditure is tax deductible. Hence the reference to S.K.I.
ing or Spending the Kids Inheritance. If you take the view
that for every £stg above £263,000, or £526,000 for a
married couple, that you leave for your heirs the Exchequer
will receive 40p in Inheritance Tax on your death you may
feel minded to book a second or even third holiday.
However, before you rush out and do so there is certainly
at least one alternative which your heirs may prefer you
to explore.
When looking at how to reduce ones inheritance tax liability
most people are aware that you can give away £3,000 each
year but the fact you can make limitless gift out of income
is less well known.
If you are in the happy position that
your income exceeds your expenditure you can give away
that surplus each year without it being brought back into
charge if you don't survive the gift by seven years.
The
legislation is drafted in terms of "normal expenditure" so
you do need to consider your income and expenditure over
a number of years and establish an intention and pattern of
giving away the surplus. A letter to an heir setting out your
intention to pay a life insurance premium or school fees for
a grandchild should be sufficient provided you can also
show that the income is surplus.
(W) 18
3/4”
“Stair and Shadow 2003” Watercolour (H) 11
If your circumstance should change for some unforeseen
To illustrate, I was preparing a set of Estate accounts for a
reason in the future and you no longer have a surplus you
client who had died recently when I became aware of
are not bound to continue to make the payments.
regular receipts of £500 per month from her son, one of the
principal beneficiaries of her Will. This altruistic gift from
The key issue when considering Inheritance Tax is that the
son to mother, which he had been too modest to mention
donor has sufficient income and capital to meet their own
to me, had been going on for about 5 years since his father
needs in every conceivable circumstance.
had died and came to almost £30,000. How very generous
(I have been
accused of flattery by some when I have told seventy year
I hear you say but you would not be the only one.
old clients that they are far too young to be thinking about
Chancellor would also be happy because in simple terms he
giving away substantial amounts of capital.)
The
Even if you
was going to the recipient of an additional £12,000 because
feel as though you are in a position to help children and
the net Estate exceeded the Inheritance Tax exemption by
grandchildren now circumstances can quickly change and
an additional £30,000.
this is where gifts out of normal expenditure can prove very
flexible.
If mother and son had had an informal agreement in place
it could have acted like an equity release scheme and the
If on the other hand you are asset rich but income poor
regular transfers could have been treated as a loan, thereby
what can you do?
reducing the chargeable Estate and saving Inheritance Tax.
If your main asset is your home you
might consider moving to a smaller property and investing
the capital that this releases but investment returns have
For many people discussing Inheritance Tax issues seems
not been that good over the last couple of years. There has
too morbid and it is often difficult to strike the right balance
also been a certain amount of comment in the Press about
between the generations: sometimes parents are trying to
whether the commonly marketed equity release schemes
give away too much and likewise their (potential)
are caught by the Pre Owned Asset legislation but the
beneficiaries might expect too much.
Inland Revenue have recently confirmed that they are not.
always happy to discuss the options, often in conjunctions
However, I prefer a more holistic approach which takes the
with other advisers, and we will try and ensure that you and
whole family's circumstances into account and potentially
the Kids get the holidays and not Gordon Brown.
However, we are
cuts out the middle man.
Giles Bates is a Tax Partner at Wingrave Yeats.
Email: [email protected]
Tel: 020 7495 2244
7
£
£
Floating Charges
£
Crown's right to be treated as a preferential creditor, there
is still much to fight for because, for insolvencies
commencing after then, up to £600,000 of a company's
realisations
which
would
otherwise
go
to
floating
chargeholders must be set aside for its unsecured creditors.
The issue also has wider significance, since if clearing banks
are denied fixed charges over book debts, businesses will
find it harder or costlier to obtain finance as a company's
debts may often be its most valuable asset. Banks are also
likely to lose out to factors who do not face such difficulties
Victorians were not just great inventors,
they recognised that businesses needed working
capital, so they invented the floating charge too. Two
centuries later, however, a debate is raging about
whether a company which thought it had given a
lender a fixed charge over its book debts may only
have given a floating charge. At the heart of the
matter is whether a borrower's freedom to withdraw
monies from the account into which its collected
debts are paid, deprives the bank of the control it
must have for the debts to be subject to a fixed
charge.
because, instead of charges, they take assignments of the
debts and give notice to the debtors. Many businesses feel
uncomfortable about financing working capital this way.
The first instance Spectrum judgement held that a
borrower's freedom to draw on its account prevented the
bank from having control over its customer's book debts even where the charge was in standard, Siebe Gormanstyle, form. This required the borrower to pay all its debts
into an account at the bank. The Court of Appeal, referring
to Victorian banking principles, held that debts, when
collected and paid into a customer's bank account, cease to
be the customer's property as title passes to the bank. That
That is what the Vice-Chancellor thought earlier this year in
the test case of Re Spectrum Plus Limited which concerned
a paint company that went into liquidation in 2001. In May,
however, the Court of Appeal differed and upheld NatWest's
fixed charge over Spectrum's book debts, agreeing with the
conclusion of the High Court in the landmark case of Siebe
Gorman (1979).
is not inconsistent with the bank having control, because if
the contract between the bank and the customer permits
the customer to draw on the account, it is new monies, and
not the collected debts, that are withdrawn.
Consequently, the Court of Appeal concluded that Siebe
Gorman was correctly decided albeit that its reasoning
differed.
This was a huge relief to the banks who had relied on Siebe
Gorman for a quarter of a century as the benchmark for
security over book debts, until the Privy Council threw this
into doubt in the well publicised case of Brumark (2001).
Since Brumark, millions of pounds have been held up in
company insolvencies with insolvency practitioners not
risking paying the collected debts to banks for fear of
challenge from preferential creditors who stood to gain from
that decision at the expense of the banks. That is because
the nineteenth century legislature established a class of
In an interesting twist, the Appeal judges
postulated that the Siebe Gorman-style debenture on which
banks have relied for 25 years could, by custom, have the
effect given by the judge in that case, even if his reasoning
was wrong!
The result is, for now, a vindication for the
banks who, faced with considerable criticism, refused to
accept that the Privy Council's decision in Brumark was
binding law.
Because of the important issues in Spectrum, the Court of
Appeal has granted leave to appeal to the House of Lords.
Now's the time to place your bets!
creditors, known as preferential, who were given priority
over floating chargeholders.
The class includes certain
employees' claims and, until recently, the Inland Revenue
and Customs and Excise. Even after the implementation of
the Enterprise Act in September 2003, which removed the
8
This article appeared in the
September issue of Financial
World, the magazine of the
Institute of Financial Services.
Rupert Connell, partner, Fladgate Fielder
Tel: 020 7323 4747 Email: [email protected]
“Where do
you go to
my lovely..?”
For many of you
these words will have
conjured up memories of the '60s hit record by Peter
Sarstedt. Sorry! - This article is not designed to bring
back romantic memories but to deal with the serious
question of what to do about process outsourcing especially to exotic places like India, Malaysia or
“Porch 2003” - Watercolour - (H) 7
3/4
(W) 9
even China.
For the largest organisations placing a call or processing
centre thousands of miles away may make excellent sense
in terms of cost savings and service delivery - but for most
small and medium sized firms such considerations are a
distraction. Similar or greater cost savings or service
benefits are readily available from simply just making use
of modern readily available, modestly priced systems and
by implementing straight through processing.
excess cost (which generally have arisen through benign
neglect) does not lie in contemplating transferring the work
Such a solution would almost
certainly tie up a great amount of senior management time,
not to mention the virtually unavoidable stress and worry
associated with the nagging concerns as to whether
outsourcing off-shore is really right for the organisation and
something that the management are confident they can
effectively manage.
'back office' function with invoice processing (both sales and
stock
they are there, never quite seem to be realised
The advent of on-line processing systems, accessible
through any web browser (and giving powerful data capture
and processing capability from any location), together with
well controlled processes can offer many, if not most, firms
a quicker, lower anxiety route to similar (or most likely
greater) service and cost improvements than those
publicised by the myriad of distant off-shore processors.
So - for you - it may be that the answer to the question
‘Where do you go to my lovely’ ..? is:
invest in your own infrastructure and/ or
make use of one of the standardised on line processing
services that are offered by one of the new breed of
Processing operations are typically left to be managed as a
purchases),
savings in back office functions, although everyone knows
modern, standardised, straight through 'touch-it-once' and
In the vast majority of cases the solution to inefficiency and
half-way round the world.
Not surprisingly therefore the potential efficiencies and
recording
and
other
clerical/
service providers that have emerged over the last few
years - and which is located in your own back-yard !
administrative tasks being undertaken and controlled by the
BizzServ FM provides high quality finance and
finance function.
accounting processing services at typically lower
costs than a business can achieve for itself and
Whether its intentional or not, it's generally the unpleasant
Wingrave Yeats is delighted to be involved as a
truth that the back office processing and finance systems
joint venture partner. This article is written by
are at the end of the queue when it comes to doling out the
Martin Delbridge who is one of the founding
spare cash and setting investment priorities. It is often said
Directors of BizzServ FM LLP.
that the back office is the first to be cut and the last to be
For more information contact Martin on:
given to!
Email: [email protected]
Tel: 020 7317 0953
19
3/4
INSIDE
STORY
'O wad some Power
the giftie gie us
To see oursels as ithers see us.
It wad frae mony a blunder free us
An foolish notion..'
So wrote Robbie Burns, in 1786, on spotting a louse
crawling through the feathers of a fine lady's hat in church,
thus still exposing her to our childish sniggers, well over
200 years later. And it's true - how hard it is for us to see
ourselves, the way we go about our lives, our business, and
how easy it is to walk into the same old traps, allow the lice
free reign over our feathers, time after time.
Some of it is because we just don't want to see ourselves to look in the mirror without flinching and face up to what
we see. Other times, we just don't realize what we're doing
- 'Old habits die hard' and its companion 'You can't teach an
old dog new tricks'.
They are somehow universal. They connect with you. You
respond emotionally to them - they make you laugh, they
make you cry. And they make you think about who you are
and how you relate to the world around you.
Imagine, then, what it feels like to see and hear your own
story unfold around you, playing out the issues and
adventures you have faced over the years. A very few
amongst us, who have achieved great things, or endured
terrible events, see this played out on a global scale. True
Stories
of
or
heroic
endeavour
-
The
But most of us, fortunately, don't have to risk our lives in
the same kind of way. We live ordinary lives and do
ordinary things.
Except 'ordinary' here doesn't mean dull; common, yes, as
in 'I know that', 'I've been there', but often the stories
behind the suits and ties, the less obviously heroic
exteriors, are passionately experienced and even more
Which is where a particular kind of storytelling comes in, the
kind of story Shakespeare describes as being able:
'… to hold as 'twere the mirror up to nature, to
show virtue her own feature, scorn his own image
and the very age and body of the time its form
and pressure.'
The greatest stories since human beings first found artistic
expression, from cave paintings to the Bible to Tolstoy,
through to whoever you last read who gave you that glow
of resonance and recognition that only good writing can give
– Mark Haddon’s ‘The Curious Incident of the Dog in the
Night-time’, as a recent example – all have this in common.
Real or imagined, they ring true.
passionately remembered. And this is particularly true in
business. We all have stories to tell but instead of roaring
them out in the pub, or hiding them away out of modesty
or because nobody seems to want to listen, there are ways
in which we can share those stories to look at ourselves and
learn from these experiences.
A number of consultancies now use the stories of everyday
life in business as tools for change and development,
particularly where behaviours and values are concerned.
The stories tend to be about what stops you and your
company achieving what you want and need to achieve, and
how you have found ways through these barriers. By
showing what life is actually like (as opposed to theorising),
they can help you communicate better,
innovate more,
transfer knowledge, see into the future and, above all, deal
with change.
10
Derring-Do
Dambusters and Schindler's List are two that come to mind.
My own company, like all companies, has a story to tell but,
How do our stories compare with this one?'
in our case, there is a difference. Not only is it our business
to tell stories, albeit dramatically, we also emerged because
'The Man Who Never Gave Orders' became our story in that
of a story.
it lit the spark for a new tool for learning in the
market-place through the serendipity of people, skills, place
Once upon a time, a distinguished French industrial
and timing which has evolved into the bespoke creative
consultant became so frustrated with not being able to help
service we operate today. It's still just stories at its heart
companies see themselves as others saw them - and these
but now we make them work to help you merge and grow
were large and famous companies of the scale of Rhone-
and sell and market what you do, and get the very best
Poulenc - that he started writing stories derived directly
from all your people.
from his case studies. What gave them resonance beyond
the natural drama and truth of their actual circumstances,
Homer climbed up into the snowy heights of Mount Olympus
was a particular style, like a cross between the fables of De
so that he could have ( and therefore give us ) a different
La Fontaine and the comedies of Moliere, set in the hard
and clearer view of the landscape before he wrote The Iliad.
commercial context of the 1980's.
'Hwaet!' commands the poet who transcribed the great oral
folk tale of Beowulf in the so-called Dark Ages, so that we
One of these stories was called 'The True and Faithful Story
might, indeed, 'listen' to the wit and wisdom within.
of the Man Who Never Gave Orders'. It tells of a profoundly
Coleridge's Ancient Mariner has held us for over 200 years
authoritarian, hierarchical culture hitting the bump stops of
with his 'glittering eye' so that we listen 'like a three years'
a lack of initiative and disowning of responsibility, to the
child' and 'cannot choose but hear'. Mark Haddon's
point where the company in the story has split into factions
Christopher Boone in the Whitbread winning 'The Curious
and silos all inward looking and bickering with each other
Incident of the Dog in the Night-time' may be a 15 year old
while their market slips away and doom is creeping ever
with Asperger's Syndrome who has a difficulty in reading
closer. Along comes the eponymous Man and - you guessed
emotions but he helps us see ourselves in an all-too-
it - turns the whole thing around.
revealing light.
Of course, the question, and the driver of the learning, is
What is it that changes the way we think and behave? Is it
'How?' How did he change the entrenched behaviours he
being told what to do? Or is it seeing what makes other
found? How did he win over and remotivate a cynical and
people change that helps us see ourselves in a different light?
disaffected workforce who just wanted to be told what to do?
Robbie Burns' 'Power' is out there and all around us. It's
By transferring that shared investigation of the 'how' back
to those doing the investigation - you and me, if you like -
also within every one of us. All we have to do is listen.
Hwaet!
we can then ask the question: 'If we recognize similar
concerns in our world, no matter whether on a different
Tim Bannerman is a founder director of
scale or in a different context, could we not approach them
AKT Productions Ltd.
in similar ways? Are there any lessons to be learned here?
Tel: 020 7495 4043
Email: [email protected]
Website: [email protected]
11 11
Women in
Business
The Female Touch
I have recently joined Wingrave Yeats and amongst
my interests over the past few years has been the
increasing profile of women in business and the
opportunities for formal networking which have
emerged for them. I know from experience that
networking events can be hit and miss unless
carefully chosen. I also recognise that women have a
very different approach to networking from their
male counterparts. With this in mind I have joined
together with the female managers in the firm to
provide such networking opportunities for women in
business.
Why Women Should Network
Whether you are a business owner or a key decision-maker
within your organisation, there is a growing expectation
that the ability to network is a key skill to have. The purpose
of networking can mean different things to different people
at different times, all of which are valid.
There will be many situations you will face when you will
need to promote yourself and your business. They will
range from securing new customers/clients, making
presentations to banks and other institutions for finance,
seeking new suppliers, recruitment of personnel etc. With
an established database of contacts built up through your
networking activities, you can call upon a wealth of
experience and knowledge to assist you in all that you may
face in business.
How Women Network
Women are prepared to invest time to get to know the
people they meet before they commence the process of
promoting themselves and their business concepts. They
are prepared to share their business experiences, both good
and bad and they are prepared to admit when they do not
have all the business knowledge they need. They are far
more likely to ask each other for help than their male
counterparts.
Our understanding of the Old Boys Network is that there is
an overriding expectation that the Network is there to make
the best use of contacts to further a career or business.
There may not be the same desire to build rapport before
seeking to do business. That rapport may arise as the
business
relationship
proceeds.
Generally,
male
counterparts are far more forthright in asking each other for
business.
This is not to say that women cannot or are not successful
in building networks, businesses and careers. They are. It is
just that their approach is different and the traditional, male
orientated networking events (such as go-karting or golf!)
may not be to every woman's taste or strength all of the
time.
How We Can Help
We will be organising facilitated networking events six times
a year for small groups of business women. Past experience
has shown that these intimate events are more successful
and fruitful for those attending in generating opportunities
for doing business with one another.
The events will be a mixture of lunches, breakfasts and
evening drinks.
Some will have inspirational women
speakers, whilst others will be facilitated events to brush off
those networking cobwebs and to encourage everyone to
talk. I hasten to add that in the past this has never been an
issue! What facilitation will encourage you to do is to seek
business opportunities both for yourself and for others,
whilst getting to know more about the people you meet. We
will also include some themed events which will concentrate
on business issues such as financing for growth.
What next?
We would be delighted to hear about your business
ventures and to assist you with building your network. So
why not contact us to let us know if you are interested in
attending one of our networking events? We look forward to
meeting you and to sharing with you our experiences as
women in business.
For further information contact Kathryn Moran
Business Advisory Department:
12
Email: [email protected] /
Back
to my
Future?
The bird may have flown the nest, but it is
amazing how strong my "mother's" apron strings are!
After a year of the most wonderful experiences, I have
returned to Wingrave Yeats. In truth, I made my decision
to return fairly early on and once I had landed, it was made
even easier as I realised that I could start earning almost
immediately. Immediate cash was a pretty key part of the
decision making process. For Gavin and I to travel round
the world for one year it cost us the best part of £25k. But
I don't think even the most conservative depreciation policy
could come anywhere near to spreading the benefit over my
useful economic life.
WY are currently going
through a strong marketing drive and my input from the
contacts that I built up whilst I was away have already
shown results.
Global Olivine, a waste management
business that is in the process of establishing a plant in the
UK, was a client I audited whilst in New Zealand. As a result
of my contact with them over in NZ, their first point of call
for professional advisors in the UK was WY.
I don't think I could quantify the benefits from my career
break. However, I was 26, had finished my ACA exams and
had few responsibilities which meant I could relatively easily
give up my income for a year, but I am not alone. All sorts
of people are now taking the opportunity to improve their
How many of these places have you visited? Canada, Costa
Rica, USA, Australia, New Zealand, Singapore, Thailand,
Vietnam, Cambodia, China, Hong Kong, Japan, Zimbabwe,
Botswana, Zambia, Lesotho and South Africa.
There are other side affects too.
Everyone
asks where my favourite place was. It is difficult to say, but
I could certainly tell you that Vietnam and the States were
the countries that exceeded my expectations.
I was
completely blown away by seeing giraffes in the wild in
Botswana and I definitely want to go back to Canada. Japan
was utterly perplexing and just managing to order a meal
there is one of my proudest achievements. We took lollies
to children in Lesotho and they were in awe of the tasty
treats; I have never felt quite so privileged. The speed of
change and development in China is immeasurable; the golf
courses in South Africa are just stunning; and New Zealand
will always hold the special memories.
After all that I wanted to "get back down to it".
I was
refreshed and revitalised and there was the motivation to
feel more secure and responsible. Not sure that the people
who work with me would see that change, but I can assure
you it's there somewhere! This probably has something to
do with the fact that whilst we were away, Gavin asked me
to marry him. Another very pleasant side affect of having
work/life balance:
"Saga-louts" for example.
This is the
new breed of 50+ (now there are a fair few partners who
would fall into this category!) who see their 20+ offspring
enjoying the benefits of global travel and want a bit of it for
themselves.
It is possible that some firms would see you as not being
ambitious or committed by taking a year out. However I
believe it is important to have a break, to give yourself a
chance to re-examine your career path.
It gave me the
opportunity to mature and make some key decisions (not
least with the surprise marriage proposal!) about where I
wanted to be in 5 or even 10 years’ time.
I could have
spent appraisal after appraisal examining my goals, but I
needed to step away from it for a while to get a proper
perspective of what I wanted.
If a firm can be brave enough to let a valued employee go
at what could potentially be a difficult time, ultimately it will
benefit from giving you that opportunity.
They would
certainly see how long their apron strings are.
If that
person returns then the working relationship will be better
and the employee would be far more committed and
motivated to making their working life a success.
the time off to spend more time with each other.
Like to know more?
Contact Laura Custance in our
Business Advisory Department:
Email: [email protected] / Tel: 020 7495 2244
13
Intelligent
Cost-Cutting
Oh dear, it's that time of year again! How to
shave off another £100,000 of expenditure from a
Budget that you had cut to the bone last year? And if
you were then told to throw away the red ink and
spend your way out of trouble, would that make your
day? If the answer is yes, then have a nice one.
For Cost Centre, Read Valuable Resource
Think of your Profit & Loss Account below the Gross Profit
level (eg marketing, admin, fixed, and finance costs) not
just as the reason why you haven't made Budget, but rather
as a list of resources that can help your business prosper.
What you spend on telecommunications enables you to
communicate: there is bound to be a good business case for
improving effectiveness here, so why spend less on it?
Finance charges are not always bad: they represent the cost
of investing in your business which, in a well-run private
company, should be giving you a return on capital in excess
of 20%. If it's not, then change the Business Model rather
than starving the business of cash by borrowing less.
For those Gardeners of you out there, we all know the
difference between pruning and hacking something to
death. Try cutting your way to prosperity and you may
administer such a shock to the body corporate that it fades
and dies. A strong Business Model can withstand the odd
extravagance but a weak one will grow even weaker if it is
denied the resources to recover. Spend your precious time
strengthening the body of the business rather than just
cutting off its branches; then prune it according to the
seasons.
If you do Cut, do so Intelligently
Ask yourself why spending was authorised in the first placesomeone probably had a good idea. And don't cancel the
Chocolate Biscuits! A well known Global Service Firm
worked out that it could save £160,000 pa in the UK alone
and so stopped them. Result? Immaterial improvement in
profits and then a far more significant deterioration in
output as its people flagged with low blood sugar every
afternoon at 4 o'clock.
“Open 2003” - Oil on Canvas - (H) 30 (W) 30
14
(W) 10”
1/2”
“Billboard 2003” Watercolour (H) 10
How Often Should you Look at Costs
A good Business Plan will provide the detailed picture of
what the business should look like over the next five years.
A business is a living organism: it may be made up of
What needs to be cut should be dictated by its future shape
widgets but it is much likely that its people are the most
not by the whims of one person, even if they happen to be
important constituent. It moves constantly, rarely stays still
the Finance Director!
unless it's about to die. Its cost structure should therefore
be nursed constantly. Managers who only get out the knife
No-one gets rich by wasting cash, but we all know that it's
annually are ignoring the business for the rest of the year.
worth reading the instructions before you start tinkering
with a very delicate machine. The answer to intelligent cost-
The secret to timing is to have in place the right reporting
cutting lies in developing a detailed knowledge of your
structures: sophisticated Rolling Budgets that ape the
business, its product and the marketplace. Learn how to
movement of the Business Dynamic, sensitivity analyses
tune the engine rather than just giving it a good kicking
and "what if" models. Cost centres should be increased as
once a year.
much as reduced. If part of the market opens up to you
unexpectedly
then
pour
resource,
intelligently,
into
exploiting it. Capture the opportunity whilst it presents itself
and before another competitor, more fleet of foot than you,
shuts the door.
Christopher Jenkins is Senior Partner of
Who Gets to Use the Knife?
Wingrave Yeats.
He was voted “Best
Business Advisor of the Year” by the CBI
Well-run businesses are rarely the product of one person's
in 2001/2002.
efforts and no one individual (not even you!) should be
allowed to take decisions in isolation. Difficult cost-cutting
Email him at: [email protected]
decisions need strong central management, but buying in to
Or ring and talk to him on: 020 7495 2244
the consequences requires consensus. Before you deny
resource to a department, ask the unit leaders to make the
business case for budgets that they have set themselves.
15
WY Bank
Lending Index
September Results
The index reads 150.0 up on last month’s figure of 107 and
Table showing dominant reasons influencing lending
continuing the upward trend line. Many bankers have
sentiment
welcomed the Bank of England's decision to leave interest
rates unchanged. Financial markets, however, are still
Table 2
looking for a further quarter of a point rise by the end of the
Quality of proposals
27%
28%
year. We now see a slow down in growth, which is more
Changes in base rate
19%
14%
sustainable. The Bank is aiming for steady growth with low
Internal bank policy
16%
21%
inflation in the coming months. According to the Inflation
Other economic indicators
18%
17%
Report, interest rates will move in line with market
General market conditions
20%
21%
expectation. The surge in oil prices may have contributed to
Totals
100%
100%
% Aug Responses % Sept Responses
some softening of the world economy and held back the
growth of UK export markets, nevertheless, the MPC insists
The quality of proposals is still the highest indicator. The
that rising oil prices are not yet a threat to the economy.
"changes in base rate" is the least influential indicator. This
The UK consumes far less oil and is reliant on oil far less
suggests that the market was expecting interest rates to
than other economies its size.
remain unchanged. Internal bank policy has increased
compared to the past few months. Overall, it seems as
Table of Results
though market performance is not a threat, especially with
Table 1
% of Total Responding
Much more
5%
Slightly more
22%
No change
and its impact on the British economy.
66%
Households are beginning to respond to previous rate
Slightly less
7%
increases. However, this could encourage consumer
Much less
0%
spending as the threat of higher interest rates seems to
Total No. Responses
100%
have diminished.
The section responding to "slightly more" has increased
The UK economy grew by 0.9% in the second quarter, but
compared to last month, indicating that bankers are pleased
weaker manufacturing production during the summer
with the proposals put before them. The section responding
suggests that the pace of expansion could ease in the third
to "no change" is slightly higher than last month. Even
quarter.
though a few bankers have indicated that they were willing
to lend "much less", the overall outcome indicates that
bankers are still positive.
The graph opposite indicates
the relationship between the
WY Index Graph, Base rate
and GDP quarterly growth.
We predict that there will be
an increase in GDP in the
next quarter. Our prediction
seems to be supported by
bankers as the WY index has
increased this month.
For more detail on the Index
do
look
at
our
website
www.wingrave.co.uk
16
the growing uncertainty regarding the increasing oil price
Courtney Miller
'I am inspired by places and environments. These are not
She has received numerous prizes to pursue her work
always glamorous places, but they are always 'real' places.
related to art and architecture and is immersed in painting,
My work investigates everyday life with an interest in
exhibiting and teaching as her practice.
communicating a spatial idea... exploring the ways people
organise, design and colour their individual environments. I
You may contact Courtney on 07973 722 857 or
hope my works inspire the viewer to appreciate everyday
[email protected] to view work or arrange to visit her
environments in a new way and imagine the space and
studio.
place beyond the canvas.'
courtney miller bellairs
So speaks the artist we feature in this issue, of herself.
Unit C, Church Street Workshops
Courtney is a practicing artist influenced by her training and
172 Stoke Newington Church Street
experience in architecture.
London
Her paintings (oil and
watercolour) explore composition, scale, space, structure,
N16 OJL
repetition and social conditions while focusing on everyday
United Kingdom
life.
Courtney studied at the University of Maryland, the
Yale School or Art and the Yale School of Architecture where
Mobile: 00 44 (0)7973 722 857
she received a Master of Architecture degree.
More information available at: www.cmiller.clara.net
Anorak’s Corner:
GoTo... Excel
Some functions the mouse simply can't try like changing
Hot tips:
between absolute and relative references1 using 'F4'.
1. A cell reference eg A1 changes as it is copied from one
Luckily though the GoTo functionality unlocked by 'F5', can
cell to another.
still be reached via the Excel menu using a mouse.
being relative to the position of the cells. This behaviour
This is known as relative referencing,
can be stopped altogether by changing the reference to
Pushing 'F5', (or if you insist on using the menu: Edit…Go
$A$1; also the column can be fixed on its own - $A1 -
To) lets you jump through a time saving tunnel to any cell
or for the row - A$1
by giving its name2 or reference - see figure A below.
2. Names
are
created
using
the
menu:
(Yes, you could scroll there
Insert…Name…Define - see figure C below.
Naming
using the mouse but that
cells or ranges makes formulae more readable and also
punishment is of your own
the names can be selected using GoTo.
choosing.)
positive side effect is that the name box to the left of the
A further
formula bar at the top of the screen can be used to
But wait… there is more. Much
select and GoTo the named cell or range.
more in fact. At the bottom of
the GoTo form is a button aptly
Figure A
named "Special".
Go on… be
adventurous… give it a click (see, even computer vermin
are occasionally preferred) or for the pure of heart "'Alt' S"
does nicely.
The special button opens up a whole new world of useful
options - see figure B.
For example, you can select all
cells with numbers in or with
formulas or just text etc.
Having done this you can then
Figure C
do things like change the
Ralph Ambrose is a consultant to Wingrave Yeats FMS
selected cells format eg add a
department, advising on select assignments.
dash of colour to make them
Email: [email protected]
Tel: 020 7317 6694
stand out. Have Fun!
Figure B
© 2004 Executive-E Limited www.executive-e.co.uk
17
Time Saving
Office
Technology
Electronic Stamps
So you've got a nice address label with the correct postcode,
Computers are everywhere
but
things still seem to take forever. Wouldn't it be great if
technology actually saved you time instead of wasting
it?
We review nine pieces of technology that can
actually make life easier.
Label Printer
Writing out labels on addresses can be a real chore.
Especially if you are used to touch typing or you have a
database of addresses already programmed into your
computer. Now the Dymo Labelwriter eliminates this small
but irritating job. In Outlook or Microsoft Word, all you have
to do is select an address and click on the printer icon and out
pops a neatly formatted, printed address label. The
Labelwriter 330 Turbo we reviewed is a small unit that
doesn't take up much desk real estate.
Dymo Labelwriters start at £82. The 330 Turbo is £135.
www.dymo.co.uk
Get the right address
The Royal Mail's postcode finder is a quick way of checking
you have the right postcode. Go to www.royalmail.com and
click on "Postcode/address finder". You need to register but
the service is free for occasional searches. If you deal with
lots of addresses, QAS's QuickAddress program uses a
database of postcodes and street addresses to make entering
addresses quick and accurate.
QAS QuickAddress, download a free trial from www.qas.co.uk
now what?
The Post Office has a new computer program
called SmartStamp that can actually print digital stamps
straight onto envelopes. No more scrabbling around for
penny stamps or traipsing to the Post Office to stock up. You
can also print your own slogans and logos on the envelope
next to the stamp. The virtual stamps are purchased
electronically over the Internet.
SmartStamp, subscription £50 a year plus the cost of stamps
used, www.smartstamp.co.uk
Electronic Dictionary
The Sharp PW-E500 is the size of a pocket calculator but,
Tardis-like, it contains the Oxford Dictionary of English, the
New Oxford Thesaurus and the Oxford Dictionary of
Quotations. Type in a word on the little keyboard and up pops
the pronunciation, spelling, derivation, alternative words
and quotes.
Sharp PW-E500, RRP £100, www.sharp.co.uk
Send text messages from your PC
Sending text messages is much more time-efficient than a
lengthy
phone
conversation.
However,
using
phone
keyboards to type them is an exercise in frustration for
anyone aged over 16. Luckily, Esendex's Messenger service
lets you send messages from a web browser or via email on
your computer. Alternatively many new laptops support
Bluetooth which means you can send messages to your
existing mobile phone directly from your computer. TDK
make a useful range of add-on Bluetooth adaptors for
desktop PCs which can also do this trick.
Esendex, £250 to set up, £25 per month and 7.5p per
message. www.esendex.com. TDK Bluetooth adaptors,
www.tdksys.com
18
Hands free in the office
You might look daft wearing a telephone headset, but if
you're on the phone a lot, you'll have fewer aches and pains
and you'll be a lot more efficient. Most office phones have
a socket for a headset, so adding one like Plantronic's
excellent Duo Pro is easy and relatively cheap. For more
flexibility go for the CS60 which is completely wireless so
you can walk around, even from room to room and still be
reachable.
Plantronics Duo Pro, £69;
Plantronics CS60, £234,
Dymo Printer
www.plantronics.co.uk
Rapid backups
Iomega's new REV removable disk drive may be the perfect
alternative to slow, tedious tape backups. It uses
removable disk cartridges which makes it easy to take data
offsite once it has been backed up. Each reusable cartridge
can hold 35 gigabytes of date - more than enough to back
up most computers or a large chunk of data from a server.
Because it uses hard disk technology rather than magnetic
tape, you can back up 20 gigabytes in under 20 minutes
(versus several hours for tape).
Iomega
REV,
drive
£190,
cartridges
£34
each,
www.iomega.co.uk
Instant messaging
Businesses are increasingly using instant messaging. Long
popular among home users, it combines the immediacy of
REV Drive Disk
a phone call with the convenience of email. Microsoft's
Windows Messenger is built into Windows and allows you to
see whether other users are online or not. If they are,
sending a message is easy: click on the recipient's name
and type. When you press return, the message appears on
their screen instantly.
Windows Messenger, free,
www.microsoft.com/windows/messenger
News you can use
It would be great if you could get a real time news feed on
all the subjects that matter to you straight to your
computer, without paying Bloomberg or Reuters a small
fortune
in
subscriptions.
Thanks
to
Really
Simple
Syndication (RSS) you can. Best of all, it's free.
CS60 Headset
What happens is that news providers, ranging from
individual bloggers to mighty news corporations like the
BBC, provide RSS feeds. Using free news readers, such as
Pluck, (which integrates with Internet Explorer), Newsgator
(which works in Outlook) or a standalone program like
Awasu, you can get frequent updates of breaking news.
There are tens of thousands of sources and it's easy to set up.
RSS
News
Readers,
www.awasu.com
free,
www.pluck.com,
Like to know more?
Contact Rick Ktorides in our IT Consultancy:
Email: [email protected] / Tel: 020 7495 2244
This article was written by Matthew Stibbe, a business and
technology writer. Website: www.stibbe.net
Chinese Delegation
FMS Tri-athlon
As part of our push towards global domination Giles Bate
Ralph Ambrose, Peter Li,
entertained a party of Tax Inspectors from the Chinese
Greg Dale and Michael
Government. The event was organised by Mrs Johnson of
Ogazi completed this year’s
Discovery Solutions.
Michelob London Tri-athlon,
which took place over the
weekend of 31 July to 01
August at the Excel Centre
close to the Royal Victoria
Docks.
As part of the
Olympic relay team, Ralph
and Greg completed a 1500m swim, 40km bike ride and
20km run. Whilst Peter and Michael completed the Sprint
relay consisting of a 750m swim, 20km bike ride and 5km
run. (Their training regime was assisted by high speed
climbing to 4th floor 65 Duke St!).
The WY Alumni Club
We have always tried to persuade ourselves that no one
ever leaves the Firm, but sadly they do…..
Discovery Solutions
20 Queensberry Place London SW7 2DZ
Tel: + 44 20 7823 8484 Fax: + 44 20 7823 9070
Website: www.discoverysummer.co.uk
Having said that only 4 of us have left to join competitor
firms in the UK in the last four years.
with friends outside the firm.
Did you see it!
Of course the
consolation of saying goodbye to staff is that we end up
We decided therefore to
launch formally our Alumni Club with a get together, which
took place on 18th November in the Boardroom at (good
old!) 65 Duke Street. Following the success of the evening
“Quite Ugly One Morning on ITV”
this will become an annual event.
5th September 2004 | Featured James Newbitt | Based on
Laura Custance will be organising future club events so if
the award winning novel by Christopher Brookmyre |
you would like to become a member do contact her.
Produced by Murray Ferguson.
Clerkenwell Films
Tel: 020 7495 2244
52 Turnmill Street
Email: [email protected]
London
EC1M 5SH
Tel: +44(0)20 7608 2726 Fax: +44(0)20 7608 2226
20
Email: [email protected]
We are pleased to announce the arrival of two new BA
Partners Gerry Collins & Kathryn Moran (Kathryn is our
first female partner). They were both previously at Morley
“Herbal Teas” Oil on Canvas (H) 16” (W) 16”
Joiners
& Scott.
Nasir Khan our new Marketing person, helping with our
drive to bring in new clients and contacts. He is trialling us
for a month and then may decide to take up a permanent
position for two years or so.
Robert Maddows joins us as a Supervisor in the FMS
Nigel Rouse joins Magus from Clifford Chance, where he
department. Robert is a newly qualified ACA having done
spent a year giving forensic accounting input on various legal
his time at Lewis Golden & Co where he’s worked for 3
cases. He qualified with KPMG in 2000 and spent a couple of
years as an Audit Senior. He has also worked and lived in
years with them in Australia before traveling and working in
Japan for a year in 1999.
Italy for a while. Nigel will get involved in due diligence, as
well as supporting all our general advisory activities.
Andy Monteith joins our BA team as a Manager. Andy
comes from Baker Tilly in Watford where he was a Business
Susan Greengrass joins Magus as PA to the Partner team.
Development Manager.
She has a BTEC in Office Management and as a qualified
Executive PA brings with her a wealth of experience. Susan
Eleanor Brown joins us in our BA department.
studying Economics at University,
After
she joined PwC in
previously worked for four years with the forensic team at
Grant Thornton.
London where she trained for just over two years. Eleanor
then spent some time travelling in Brazil.
Leavers
Lucienne Lopez is our new Receptionist. Lucie, as she is
better known, is from Sydney, Australia and lived in Madrid
Alison Miegel is going back to Australia for 4 weeks before
for a couple of months before moving to London.
she starts her new job with OMD Europe Limited, part of the
Omnicom group.
David Hayers ACA Spent 3 years with the BDO Stoy
Hayward Corporate Finance team, before working for the
After nearly 2 and half years with WY Rebecca Evans has
Corporate Finance unit at Deloitte Touche Tohmatsu in
decided to move on and has accepted a position at
Sydney. He joins Magus from Barracuda, a private equity-
Chubb Insurance.
backed managed pub group, where he had responsibility for
reviewing potential acquisitions and other elements of
Elizabeth-Jane Barry has decided to move on to new
strategic financial analysis.
challenges in the world of high finance at UBS Warburg.
Shums Cassim joins the Magus team to run the deal
Ross Burt has decided to move on to new challenges.
origination and acquisition mandate activity.
He has
However, he couldn't find another firm that matches up to
worked at ANZ Investment Bank, PwC and Credit Suisse
WY in the UK so he's moving to Australia to take up 2 year
First Boston.
secondment with Ernst & Young in Adelaide.
His experience covers both the origination
and execution of M&A and capital raising transactions for
corporate clients and private equity houses on an
Chi-Ing Ng has decided to move on to pastures new and is
international basis.
joining Deloittes.
Dominic Barker joins Magus as an Executive.
studying
Banking
and
Financial
After
Management
at
Khilan Shah is off to PwC, where he will be dealing with
£50m+ transactions. It’s nice to be able to reverse the flow!
Loughborough University, he spent the next two years
working with a corporate finance boutique in Manchester.
Gavin Walmsley is leaving our reception but not moving too
He qualified as an ACA with Barnes Roffe in 2003 and has
far. He starts a training contract with the solicitors, Rokeby
since
Johnson Baars LLP who are next door at No.63.
specialised
in
business
disposal
assignments,
acquisition mandates and financial forecasting.
21
Lunchtime at our Annual Conference 2004