Member News

Howes Percival has advised on the successful management buyout of the Falcon Tower Cranes Group from the founding shareholders.

Originally established in the 1970s as a self-erecting tower crane rental company, Falcon has evolved from a regional tower crane supplier to an international brand, selling and renting tower cranes all over the world. The firm’s head office is based in Shipdham, Norfolk.

Managing Director, Andrew Brown said,

“This deal marks an important milestone for our business and I am thrilled to have led the management team towards this exciting new phase. We are delighted that the founders, Doug Genge and Barbara Brown will remain on the board to pass on the benefit of their experience to the new management team. Since it was established, the business has gone from strength to strength and we look forward to driving it towards the next chapter of its impressive journey. It was a pleasure to work with the team at Howes Percival, who provided a seamless service throughout and we look forward to continuing our relationship as we move ahead.”

Corporate law specialists, Oliver Pritchard and Brigitta Naunton from Howes Percival advised the management team on the legal aspects of the buy-out. Corporate finance and tax advice was provided to the management team by Cambridge based, corporate finance specialist, PEM Corporate Finance.

Commenting on the deal, Oliver Pritchard, a Partner at Howes Percival said, 

“We are delighted to have supported the management team of this fantastic local business which is going from strength to strength. The company has an incredible story and we are looking forward to working with the management team as they continue to grow the business over the coming years.

“There was much speculation that capital tax gains rates would increase in the March budget, which undoubtedly increased the level of deal activity over the last couple of months. Now that this particular issue has gone away, at least for now, with no CGT rate rises announced by the Chancellor, we expect to see continued high levels of activity in the market generally. Within the East Anglia region alone, our work includes deals across a diverse range of sectors from construction to technology, manufacturing to renewable energy, and fashion to education. Trade buyers and institutional investors are showing a strong appetite for sectors which are either Covid-resilient or, increasingly, those which are likely to bounce back strongly post lockdown.”

For more information on Howes Percival’s corporate advisory services visit: https://www.howespercival.com/services/corporate/

In the current circumstances excitement can be hard to come by, however, we are lucky to announce an exciting piece of news – an interview with Mio Conferencing Solutions about the Future 50 programme and its role in developing our international audio, web, and video conferencing.

Future 50 is a business growth programme open to Norfolk and Suffolk’s small-to-medium-sized businesses. Its purpose is to give recognition to innovative businesses and help them thrive and develop. Mio Conferencing Solutions is grateful to have been interviewed about how the Future 50 programme helped us develop our business. Read the interview below.

Transcript:

The business landscape has changed a lot since audio-call specialists Mio Conferencing Solutions took part in Future 50 in 2018. Managing director Kay Daodu shares how the scheme helped the business.

How has the business changed since it was in Future 50?

The business has definitely changed since Future 50 – from the way it competes to its approach towards innovation and also access to regional resources that have helped us stay competitive. 

How did taking part in Future 50 help that process?

It put me in contact with some very valuable resources and organisations dedicated to making my business more successful. Some of the opportunities my company has experienced were as a result of some of these relationships. 

What were the most helpful aspects of Future 50?

It introduced us to the Enterprise Centre – a very underrated resource when it comes to opportunities for businesses to grow, from its on-site business facilities to research and development funding, to the innovation grants and access to the right resources needed for a company like Mio Conferencing to grow. 

What was the best piece of advice from Future 50?

It’s a bit of a bizarre one: a cyber security talk – funny now everyone works remotely and there are more cyber security threats out there. This was a specialist topic so an expert was brought in to present it. The information was invaluable and more relevant today. This particularly stuck with me. 

What’s your advice for companies starting Future 50?

This is a massive opportunity to get your business out there… but you have to put in the work on your side as well. 

If you are a Norfolk or Suffolk business, take a look at the Future 50 programme which will reopen again for applications in Autumn 2021. 

To find out more about what we do, visit www.miocommunications.co.uk/services or contact us on info@miocommunications.co.uk and we will help you make online conferencing easier!

Experienced accountant Sanjay Parekh FCCA, joined TaxAssist Accountants just as COVID-19 hit in March 2020.

Determined to pursue his dream of establishing his own practice in his local area, he has been busy finding and fitting out his TaxAssist Accountants shop, which is now open for clients to attend a face-to-face meeting or arrange a telephone or video consultation.

“I’m so pleased the shop is now open, allowing me to showcase the services we offer, as it’s clear that small business clients are in need of as much help and support as possible to get through these challenging times,” said Sanjay.

“As a small business owner myself, I know and understand what people are going through right now, and am passionate about making a real difference to people’s lives and businesses.

“We are here for much more than tax returns, accounts and bookkeeping. We’re here to help clients to understand how their business is performing, plan for growth, access finance and make key decisions. We can also talk clients through a range of software solutions to help them to select the right package for their needs. I’d urge anyone interested in finding out more, to contact us for a free initial consultation.”

To contact Sanjay visit his website here www.taxassist.co.uk/wood-green or call 0208 0371500.

If you share a passion to help your local small businesses, a TaxAssist franchise can provide the systems and support you need to be successful. Regular Virtual Discovery Days are being held, where you can find out more about the technical, marketing and business development support on offer. Call 0800 0188297 or submit an enquiry via the button at the top of the page to register your interest.

The Coronavirus Job Retention Scheme extended until the end of September 2021

The Coronavirus Job Retention Scheme began in March 2020 and was introduced to assist both employees and employers from the impact of the coronavirus pandemic. The Scheme currently pays 80% of an employee’s wages when they are unable to work during the pandemic. At a cost of almost £50 billion, it has protected 11 million jobs so far and has already been extended twice with a further extension recently revealed until the end of September as part of the Budget for 2021. The price of not extending it would probably lead to a further rise in unemployment, which has already reached a new rate of 5.1%, the highest figure for five years.

What is furlough?

Employers might need to put some or all of their employees on temporary leave (‘furlough’) during the coronavirus pandemic. This means an employee can agree with their employer to be put on furlough to stop work temporarily but remain employed or to work some of their usual hours and be put on furlough for the hours they did not work; this is ‘flexible furlough.’

Who can be furloughed?

Employers can put someone on furlough provided they were employed on or before 30 October 2020. They do not need to have been on furlough before.

Employers can furlough employees who are temporarily unable to work because they are shielding, they have childcare responsibilities whilst the schools are shut or if they are caring for a vulnerable person in their household.

Extension of The Coronavirus Job Retention Scheme

Under the latest extension, employers will pay 10% of the furlough in July and 20% in August and September.

From 1 July 2021:

• the government will pay 70% of wages, capped at £2,187.50
• the employer will need to contribute 10% (up to £312.50)

From 1 August to 30 September 2021:

• the government will pay 60% of wages, capped at £1,875 each month
• the employer will need to contribute 20% (up to £625)

As with the Scheme when it was first introduced back in March 2020, the employer should decide whether they will top up furloughed employees’ wages to 100% however, they are not obliged to.

Redundancy Pay and Notice Pay

When calculating Statutory Redundancy Pay or Statutory Notice Pay for furloughed staff, the employer must use the employee’s full normal pay, not their reduced furlough rate.

What furloughed staff can and cannot do

Furloughed staff can do:

• volunteer work – as long as it is for another employer
• training to keep their skills up to date

Furloughed staff cannot:

• do tasks or activities that make money for their employer
• provide a service for their employer

How many people have been furloughed?

• 11.2 million jobs have been supported by the scheme since March 2020
• About 4.7 million people are currently on furlough (up to 31 January 2021)
• The highest take-up rate has been in the hospitality industry with 1.2 million jobs furloughed (as of 31 January 2021)
• 4 out of 10 employers are using the furlough scheme

What help are self-employed getting from the government?

A fourth grant from the Self-Employment Income Support Scheme will be available from April 2021.

The Self-Employment Income Support Scheme is set at 80% of 3 months’ average trading profits, paid out in a single instalment and capped at £7,500. The fourth grant will take into account 2019 to 2020 tax returns and will be open to those who became self employed in the 2019/20 tax year – the rest of the eligibility remains unchanged.

Who can claim the fourth grant?

You must be a self-employed individual. To work out your eligibility, your 2019 to 2020 Self Assessment tax return is first looked at – your trading profits must be no more than £50,000 and at least equal to your non-trading income. If you are not eligible based on your 2019-2020 Self Assessment tax return, the tax years 2016-2017, 2017-2018 and 2018-2019 are then looked at.

You must have traded in both tax years:

• 2019 to 2020 and submitted your tax return by 2 March 2021
• 2020 to 2021

You must either:

• Be currently trading but are impacted by reduced demand due to coronavirus
• Have been trading but are temporarily unable to do so due to coronavirus

You must also declare that:

• You intend to continue to trade
• You reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus

The UK government also announced that there will be a fifth and final grant covering May to September. You will be able to claim from late July if you are eligible for the fifth grant. The fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.

The fifth grant will be worth:

• 80% of three months’ average trading profits – capped at £7,500 (for those with a turnover reduction of 30% or more)
• 30% of three months’ average trading profits – capped at £2,850 (for those with a turnover reduction of less than 30%)

Hatch Brenner Solicitors offers Employment Law advice to Employers and Employees. Contact info@hatchbrenner.co.uk or call 01603 660 811.

• The Hopestead Community Champions initiative recognises, celebrates and thanks people who have been making a difference in their community in Norfolk;
• Organisers have had a fantastic response with many acts of kindness highlighted in the nominations;
• The closing date is 14 March and people in Norfolk are encouraged to nominate their community champions.

‘A tower of strength,’ ‘guardian angels’, ‘an inspiration’, and ‘selfless’ are just some of the descriptions for nominees of the Hopestead Community Champions initiative – with organisers saying they have been inspired and humbled by the response so far.

The initiative was launched in February to recognise, celebrate, and thank people in East Anglia who have made a positive difference in their communities during the challenges of the last year.

Over 100 nominations have been received so far with each one highlighting the incredible ways that people have been supporting others during the pandemic.

Now, with the closing date of 14 March fast approaching, people in Norfolk are being encouraged to nominate friends, family, neighbours, or themselves – who have gone the extra mile in their communities.

The initiative has been set up by Hopestead, the charity which aims to end homelessness in the East of England.    Marie-Claire Delbrouque, CEO of Hopestead explained:

“At Hopestead, we believe in community and the response to our Hopestead Community Champions initiative is testament to the power of community, and the difference that we can all make for each other.

“Our nominations reveal kindness in abundance, and it is a privilege to read about the support and help that so many have given within their communities. It is truly humbling and reminds us that positivity can emerge from the most difficult of situations.

“If you haven’t yet nominated there is still time to do so. This is our opportunity to share your stories of support and shine a light on those people who have made a tough time a little easier through their actions.”

Nominating is simple, and can be done by emailing Weare@hopestead.org  or by visiting www.hopestead.org. Alternatively, people are also encouraged to post pictures and their nominations on social media with the hashtag #HopesteadChampions

The deadline for nominations is Sunday 14 March and all nominees who have been making a difference in their communities will be recognised and provided with a thank you gift. Hopestead will also seek to announce and feature the Hopestead Community Champions on their social media channels.

Attleborough-based renewable heating firm, Finn Geotherm, is seeking 10 new employees following the award of a multi-million pound contract to install 21 heat pump projects in the public sector.

Established in 2006, Finn Geotherm is one of the UK’s most experienced heat pump installers. The new contracts will see the company design and install 21 different air and ground source projects in public sector locations across East Anglia and further afield. These landmark installations will use the latest in large scale heat pump technology to deliver renewable heating systems which are highly energy efficient and will significantly reduce carbon emissions.

Finn Geotherm is recruiting for the following positions:

• 1 x multi-skilled maintenance engineers
• 2 x commercial plumbers / pipe fitters
• 3 x electrical engineers
• 2 x trainee heating engineers
• 2 x trainee electrical engineers

Guy Ransom, commercial director for Finn Geotherm, said: “Having been awarded these significant new contacts, we are in a privileged position to be able to appoint 10 new team members to join our award-winning business. We have been installing heat pumps for more than 15 years and there is no doubt that as the Government continues to press forward with its targets to meet net zero carbon emissions, heat pumps are the future of heating. This is an opportune time to join an expanding and very exciting industry. We’re looking forward to welcoming successful applicants to become part of our team and get straight to work on these brilliant green heating projects.”

Finn Geotherm recently completed the installation of a six-phase district (communal) heating scheme for housing association Flagship Group to provide heating and hot water for 113 homes in Felixstowe. Using a ground source heat pump system, this was the third project Finn Geotherm has completed for Flagship and the largest of its kind in the region.

Applications for all the vacancies can be made by emailing a CV to info@finn-geotherm.co.uk or see www.finn-geotherm.co.uk for more details.

The Norwich Good Economy Commission (NGEC) is a collaboration between Norwich City Council, University of East Anglia and other organisations in the local economy.

The NGEC will create a unique forum for our community to come together and address some of the problems in our city’s economy, by creating a space for sustainable, innovative projects, backed by consistent research and evidence.

The NGEC are currently offering an exciting opportunity to help promote the NGEC and its mission. They are calling for tenders to help them create a product or platform that can be used to initiate conversations about the economy and encourage community engagement with the Commission.

For more information about the opportunity visit their website: https://www.norwichgoodeconomy.com/invitationtotender

Southgate are proud to announce that we have ranked 48th in the Sunday Times HSBC  International Track 200.

The International Track 200 ranks Britain’s mid-market private companies with the fastest growing international sales, measured over the last two years. With past alumni include Dr Martens, THG and IHS, eligible companies are required to have international sales greater than £1 million and total sales greater than £25 million.

At Southgate have seen an impressive average growth of international sales by 68.38% over the last two years. Southgate is one of the leading packaging distributors in Europe and with our exciting international developments we look forward to globally expanding our trade network.

Delivering critical care throughout the pandemic has significantly impacted waiting times for non-urgent treatment, leaving many people left coping with pain for months. NHS waiting time data in September 2020 showed that 39.4% of patients had been waiting more than 18 weeks at the time the statistics were recorded. Though the treatments are classed as non-urgent, painful conditions or injuries can significantly impact quality of life and overall wellbeing.   Supporting your people   For those looking to avoid adding to the NHS’s growing burden whilst still accessing affordable healthcare, Surgery Choices can help your people get the treatment they need to get back on their feet quickly and return to work sooner. Surgery Choices provides your people with immediate cover for new conditions and fast access to fixed price private treatment packages, should they need surgery. With two options to choose from, the plans cover over 60 specific surgical procedures for conditions such as slipped discs, hip and knee replacement, gallstones, hernias and carpal tunnel. If you’d like more information about Surgery Choices and the benefits for your people and your business, don’t hesitate to get in touch.   Our friendly Customer Care Team is here to help.   Online westfieldhealth.com   Email businessenquiries@westfieldhealth.com   Phone 0114 250 2000   9am-5pm, Mon-Fri (except Christmas Eve and public holidays)

With Schools opening back up on the 8th March, we’ve put together a Back to School range of products to ensure the safety of all staff and pupils, with everything from Hand Sanitisers and Surface Sanitisers to PPE and Safety Screens. Get in touch now for your copy of the brochure or special bespoke pricing. 01328 851407 | sales@anglianchemicals.com

On the day The Chancellor of the Exchequer, Rishi Sunak, delivered his second Budget on 3rd March, TaxAssist Accountants was pleased to provide its franchisees with personalised versions of the Budget 2021 material to share and communicate with clients, prospects and business referral contacts.

This included a summary highlighting the announcements that will affect businesses and the self-employed, and an e-mail newsletter to its clients.

The latter was personalised for franchisees’ individual websites enabling them to share with their clients the changes pertinent to their businesses just hours after the Budget was delivered.

During the day, the Support Centre team posted live updates to the @TaxAssistUK Twitter, as well as posts on the national Facebook and LinkedIn accounts. The centralised mailing system meant franchisees were able to benefit from the Support Centre sharing the Budget Summary and Highlights to franchisees’ Facebook, Twitter and LinkedIn Business Pages and personal profiles on their behalf.

Over the next few days, the Support Centre will be posting the following Budget-related stories, all housed in the Budget Reports Hub, across franchisees’ social media profiles and pages:

• Furlough scheme extended until the end of September
• Budget 2021: Self-Employment Income Support Scheme extended
• New Recovery Loan Scheme set to launch in April

TaxAssist Accountants will be also be running a client facing webinar covering all of the key topics announced in the Budget, which will be hosted by Daren Moore FCCA, Group Commercial Director and Andy Gibbs FCCA, Group Technical Manager on Tuesday 9th March 2021.

James Mattam, Group Business Development Director, said: “The Support Centre team pulled out all the stops to ensure we delivered bespoke Budget commentary in a timely and efficient manner for the benefit of both the accountants in our network and their clients. This Budget was hugely important for business owners across the UK to understand how the Government is going to support them as we come out of lockdown and get the economy firing on all cylinders once again.

“We emailed the Budget summary to over 77,000 clients on behalf of franchisees, leaving them free to concentrate on running their practices – one of the many beneficial services we offer to our network of accountants. The accountants and tax experts in the TaxAssist Support Centre who have put together all of the Budget content are digesting the deeper details released by The Chancellor and will present a webinar to franchisees this week to support them with many new updates we all need to be aware of, in order to advise clients of the changes that affect their businesses.”

If you are interested in joining the TaxAssist Accountants network, regular Virtual Discovery Days are being held, where you can find out more about the technical, marketing and business development support on offer. Call 0800 0188297 or submit an enquiry via the button at the top of the page to register your interest.

In this week’s episode of Impromptu Business Chat, James and Mark talk about the encouraging signs coming out of lockdown and the prospect of economic recovery and growth. They provide 3 top tips to help you grow your business over the coming months by proactively managing cash flow and managing working capital. Along the way they make reference to the Toyota production system, Johnny Cash, and Mark’s fridge freezer.

Listen here!