Monthly Archives: November 2020

COVID-19, News, PPE

Bumpaa™ Face Masks Gain ISO Certification For SARS-COV-2

Screenworks, is proud to announce its Bumpaa™ face masks have passed the ISO method1 test on the SARS-CoV-2 virus (Covid-19).

Since the garment screen print, embroidery and digital print service provider launched its face coverings the company has witnessed huge demand from both its trade clients and also across the sporting, events and hospitality industries.

The customisable Bumpaa face coverings are manufactured in the UK using a technical fabric, which is treated with an antiviral treatment – ViralOff®  ViralOff technology effectively reduces viruses and bacteria on the product by over 99 per cent over two hours1. Having recently become the first commercial textile treatment in the world to pass the ISO method1 test on the Covid-19 virus, the Bumpaa face masks were directly tested immediately after, and are now also ISO method certified against SARS-Cov-2.

The treatment is designed to protect the mask fabric from harbouring viruses or bacteria. It does not interfere with the skin’s natural bacterial flora and lasts for the product’s lifetime. When the face covering is safely removed, if any virus or bacteria is present on the surface, 99 per cent will be safely deactivated within a maximum of two hours1. The masks do not require regular washing. For best performance and sustainability, the products should be washed less, only when needed2.

Duncan Gilmour, managing director at Screenworks, said: “We were very excited to launch our face coverings to help meet huge demand earlier in the year, and this presents another major breakthrough. We truly believe the Bumpaa™ face coverings can play a vital role, providing some reassurance and support during the difficult and uncertain times that lie ahead. This recent news means all Bumpaa clients can now be assured that if their product comes into contact with Covid-19, the ViralOff treatment will deactivate the virus; just let the product rest for two hours, and the product is good to go again.

“Antiviral is becoming the norm as people know that they need to do as much as possible to protect themselves and those around them. As the Coronavirus continues to overshadow all our lives, more and more of us are becoming aware of the need to wash and sanitise frequently. Additional washing will have an environmental impact, so we are pleased to be behind a product which does not require frequent washing, and which can be safely reused, thus reducing disposable mask waste.

“The face coverings can be customised and produced very quickly, as the fabric is milled and treated with the ViralOff® treatment, decorated and packed in the UK, all in as little as three days.”

Further details can be found at http://bumpaa-protect.com/.

News, Tech

Five innovative companies come together to form an exciting new player in integrated tech and networking industry

Five pioneering UK technology, networking and safety & security providers have come together to form a new company with ambitious growth plans, having secured a £30m plus forward order book since the Covid-19 emergency began.

Wales-based Pinacl and Pinacl GDA, Glasgow-based Boston Networks, North Shields and Birmingham-based 2020 Vision Systems and London-based PEL Services have united to rebrand as North.

The five companies had been brought together via a series of acquisitions and mergers – as part of the specialist investment fund Aliter Capital’s strategy to build a modern and progressive network infrastructure, smart buildings, Internet of Things (IoT) and safety and security business, delivering innovative and specialist services to its clients.

While businesses in other sectors have struggled throughout lockdown, the expertise of North’s constituent parts in providing integrated technology and networking provision has been in big demand to help companies adapt to the new environment.

In recent months North’s constituent parts have won a string of new business wins totalling over £30m in a diverse range of industries right across the UK as organisations start to prepare for the post-Covid world.

Throughout this period, North has strengthened its team through new strategic appointments and will be recruiting further to increase its 250 headcount. Plans are in place to exceed £100m turnover in the next three years.

Among recent project wins are:

The creation of North gives birth to a collaborative business which offers a unique breadth and depth of expertise across the Internet of Things (IoT), networking and connectivity, and safety and security.

North is running the £6m IoT Scotland network, part funded by the Scottish Government, supporting businesses across the country with innovative projects via hundreds of LPWAN (Long Range) wireless gateways situated throughout the country.

An early target of the new company will be to engage with other UK local and regional authorities aiming to roll out similar IoT infrastructures UK-wide.

Due to the strength that each of the businesses have brought in forming North, and their respective loyal customer base, there are very few companies in the sector with such a broad and complementary range of expertise. North’s complete independence also means it is free to select the right technologies for its customers.

North’s Group Executive Chairman Rob Bardwell, former Chief Executive of Pinacl, said:

“This remarkable year has seen a shift in the way we all live and work, with working from home now a reality for many now and into the future.

“Technology and network solutions have never been more pertinent for companies and we know they are now high up on the board agenda of every organisation.”

“While most sectors have experienced a heavy burden from Covid restrictions, the tech industry is well placed for a steady stream of business and we will be the gold star option.”

North’s Group Executive Director Scott McEwan, former Chief Executive of Boston Networks, said:

“Throughout the pandemic all of our constituent companies have bucked the trend by securing major contract wins which have added to our growth trajectory and it’s a very exciting time for North to be born.”

“In recent years we’ve gone from strength to strength, and through bringing each of the group’s companies together we have a unique offering and expertise within the business to tackle the challenges of our customers across the UK and globally.”

“Covid-19 has put network infrastructure and the safety and security of people, buildings and assets at the top of the agenda for both private sector companies and the public sector as they require robust and secure systems at the heart of their organisations during the pandemic and in the future.”

Education, Education News

Discovery Education Acquires Mystery Science

Discovery Education—the global leader in curriculum-aligned digital resources and professional learning for primary and secondary schools—today announced the acquisition of the popular US-based science and STEM provider Mystery Science. Created in San Francisco, California, Mystery Science is used in more than 50% of United States’ elementary schools each month. Terms were not disclosed.

The acquisition of Mystery Science supports Discovery Education’s ongoing effort to keep students and teachers connected to curiosity. Mystery Science will complement Discovery Education’s other successful digital services supporting science education.

“The extraordinary team developing and delivering Mystery Science share Discovery Education’s dedication to helping students understand and make sense of the natural world around them,” said Discovery Education President of K-12 Education, Scott Kinney.  “Like educators and students nationwide, we deeply admire Mystery Science, and we look forward to adding it to our existing suite of award-winning digital resources currently supporting instruction in classrooms everywhere.  Together, we are better positioned to deepen our impact by providing all learners endless opportunities to investigate real-world problems, uncover understanding, inspire innovation and pursue unlimited possibilities.”

Mystery Science features ready-to-teach multimedia science and STEM lessons for primary students. Each lesson begins by posing a question commonly asked by young students, which is followed by a series of brief videos and prompts used to guide class discussion. The lesson concludes with an activity incorporating basic supplies commonly found in a classroom or at home.

Mystery Science lessons cover a wide range of questions children wonder about, including:  Where do rivers flow? Could a volcano pop up where you live? Why do the stars come out at night? and How far can a whisper travel?

“Mystery Science was created to help educators turn the conventional approach of answering children’s questions on its head,” said Doug Peltz, Co-Founder of Mystery Science. “Keith Schacht and I wanted to unlock student curiosity by helping students explore the world around them through a unique inquiry method. Our core goal, also shared by Discovery Education, is to help as many educators as possible nurture students’ natural curiosity through the Mystery Science resources, and we look forward to expanding our impact together.”

“Mystery Science has always been dedicated to helping children stay curious,” said Keith Schacht, Mystery Science Co-Founder. “We’re incredibly excited by the opportunity to reach even more children in classrooms with Discovery Education.”

K&L Gates LLP served as counsel to Discovery Education in connection with the transaction, and Fenwick & West LLP served as counsel to Mystery Science.

Mystery Science is Discovery Education’s latest acquisition. In August of 2019, Discovery Education announced the purchase of Inspyro and in July of 2020, Discovery Education acquired Spiral.

For more information about Discovery Education’s digital resources and professional learning services, visit www.discoveryeducation.co.uk

Law, News

Boilerplate Clauses – The Devil is in the Detail, warns Expert Law Firm

Conexus Law, the specialist advisory firm that provides legal and commercial advice to clients who work in sectors where the built environment, technology, engineering and people converge, is warning companies to check the boilerplate clauses on all existing and future contracts in the light of the impact of Covid-19. The firm is warning that failure to do so could be costly and disruptive.

Ian Timlin, at Conexus Law, explains:

“Boilerplate clauses, also known as standard, miscellaneous or general clauses, are generally found towards the end of most contracts or commercial agreements. They are normally standard commercial terms that do not vary much from one transaction to another. They often regulate the operation of the contract (ie. its duration, interpretation, transferability, and enforceability).

“Understandably when people are using an existing contract, for example a supplier agreement, they concentrate on the operative terms and conditions of the agreement and pay less attention to these standard provisions at the end of an agreement. However, many contract disputes depend on the drafting of boilerplate clauses such as termination, force majeure, and entire agreement clauses. This is particularly important during Covid-19 for organisations who are struggling to deliver a contractual service as a force majeure clause might allow for the suspension of performance as a result, for example, of quarantine or other employee restrictions.

“In addition, most boilerplate clauses clarify the relationship between the contracting parties. Generally, subject to statutory restrictions and illegality, the parties to an English law contract are free to define their contractual relationship between each other which can provide certainty if terms in the contract are ever disputed.

“This is especially important given the strain that Covid-19 has put on relationships throughout the supply chain, with many businesses now looking at their financial and logistical obligations to third parties to prepare and protect their operations and staff. Just re-hashing clauses and omitting properly thought out boilerplate clauses may create uncertainty and expose certain elements of the relationship or agreement between parties open to interpretation in a court of law, which is often an expensive and unpredictable exercise.

“Finally, it is worth checking these clauses for another reason. They may assist you in your commercial aspirations – you may be pleasantly surprised by what is hidden there!”

COVID-19, Employee Benefits, Exercise, News, Remote Working

Boss Crowned ‘Joe Wicks of Bolton ’ for Lockdown Daily Staff Workouts

With Greater Manchester placed in tier three Covid restrictions, followed by National lockdown, one boss is going the extra mile to ensure his staff keep sharp, fit and focused through winter.

Phil Foster, CEO of Bolton-based Love Energy Savings, has pulled on his shorts and laced up his trainers to lead his team in daily video workouts live from his garage.

The half hour sessions, which have been running since the first lockdown in March, are experiencing a surge in popularity now that people are once again reluctant to return to their gyms and experiencing tighter restrictions on social mixing in Tier 3.

And with the almost 300 team mates at Love Energy Savings working from home for the foreseeable future, the 8am Instagram workouts with the boss internally dubbed ‘the Joe Wicks of Bolton’ ensure colleagues have something to look forward to on a daily basis.

Phil, 47, says: “I wanted to give my team something to focus on through lockdown outside of work to keep them active, focused and strong and whilst still ensuring we all felt part of the same family. I’ve always kept fit, but never been a fan of this kind of HIIT workout before. However, when the pandemic forced us all out of our office it was time for us all to do something different.

“I’ve grown to love it and seen the benefits it has for the health and the mental wellbeing of everyone.

“These are not all gym bunnies who are joining the session, people all have different reasons for taking part – some want to stay fit, lose weight or just see their team mates.

“It’s great for me to see so many people and their families – my wife and son get involved each day, too.

“With new restrictions meaning the prospect of a long winter at home, there is going to be a real de-motivation for a lot of people. It’s so important for your happiness as well as your fitness to have something to look forward to each day and provide a distraction from what’s going on in the world.”

At the same time as keeping its staff in tip top condition – throughout lockdown Love Energy Savings has been providing a shot in the arm for the nation’s small businesses – who have been facing significant pressures – by driving down their energy bills by an average of £875 a year.

Holly Pepper, who works in IT, says: “The workouts are structured well, covering cardio, glutes, abs, shoulders, everything! I feel so fresh, motivated and happy afterwards. I’m pretty sure I’m more productive too. Aside from the exercise aspect, it is another reminder of how great a place this is to work. The fact that our CEO has thought to do this for us, and done it every day even on his holidays, encourages you to do it too.”

Holly’s colleague Ben Birch, who works in Operations, adds: “I’ve not missed one class. While we are at home it just keeps you focused – keeps the mind and body active.

“Also body wise I’m feeling in the best shape I’ve been in in five years – I’ve lost over a stone – and can feel muscle gain. It’s completely changed my mentality and become part of day-to-day life.”

People worker Laura Higson adds: “I’ve never actually worked my muscles before, previously I would go to the gym on a cross trainer for 30 minutes and that’s about it.

“This came at a perfect time for me, the gyms closed down due to Covid-19 and I had all my baby weight to lose. Without the sessions from Phil, I wouldn’t have the motivation to work out five days a week. Now I’m back working, I can’t always make the live sessions however I still complete my work out later on in the day. Altogether I’ve lost three stones. This is from eating a healthy diet, working out daily and going for regular runs. I feel so much healthier.

“I really appreciate Phil taking time out of his daily schedule to do the live work outs for such a long amount of time.”

 

Entertainment, News

Pantomonium! to grace Blackpool Grand Theatre in time for Christmas

Blackpool Grand Theatre has announced that with the generous support of producer Martin Dodd of UK Productions, panto legend, BBC Radio Lancashire presenter, and Britain’s Got Talent ‘finalist’ Steve Royle, and special guest West End and TV’s Tom Lister a condensed and COVID-safe pantomime fundraiser will ensure Christmas isn’t cancelled this year at Blackpool’s Grand!

The Christmas production Pantomonium! will run with strict COVID safeguards for a limited time and for a limited period – a sell-out is guaranteed!
Created by Jon Monie (winner of Best Script at The Great British Pantomime Awards 2019 for ‘Beauty & the Beast’), Pantomonium! is a specially written, one-act pantomime about pantomime.

When the beloved panto character, Fairy Tales, is kidnapped by the villainous Killjoy, an extraordinary adventure unfolds as the hunt for the all-powerful magic book begins.
Stepping out of the chorus-line, a young unnamed girl from the village of Ensemble joins the adventure to help find the missing manuscript. Along for the ride are the handsome Prince Charmless, and the hapless Tilly and Billy Topps from the local Panto Emporium.

With laughter and mayhem at every turn, the forces of good and evil fight to the final page over the future of pantomime itself.

A concentrated pantomime……just add laughter!

Matin Dodd, Producer UK Productions said ‘Blackpool Grand is very close to my heart, and this year would have been our 25th pantomime in this beautiful theatre. Our Wardrobe Department and costumes for all our productions are still housed in Blackpool.

‘Unfortunately, we had to postpone our usual major production as the costs and limitations just wouldn’t work based on COVID safe admission numbers.
‘However, after long discussions and the generous support of Steve Royle, Tom Lister and many of our regular suppliers we’ve created a show, a fantastic show, that’s all about Panto!

‘Full of all the great panto elements Comic, Dame, Prince and Princess (a girl from the village in this case!), and the usual mayhem Steve creates (safely distanced, of course!), we just can’t wait to get started. I am thrilled that we can bring Steve and Tom back together following their hilarious antics in last year’s hit Peter Pan.
‘All profits will go to Blackpool Grand, and we hope with the support of our great audience we create a total sell-out.”

Actor, Comic, and Presenter Steve Royle added ‘It was understandable but heart-breaking getting the call saying Pantomime was postponed. I just simply couldn’t let it go, I’d promised Martin and Ruth I’d do anything to make it work.

‘We kept talking and we all agreed our love for Blackpool’s Grand just made us want to find a way to help secure the theatre’s future and save panto and Christmas at the same time, so a fundraiser of a shorter, more COVID-safe version was considered and we are all working hard to make it work along with the kindness and support of others.

‘I cannot wait to be back on that stage, every performance is going to be so special…oh and very, very, funny!’

Ruth Eastwood, Chief Executive Blackpool Grand Theatre added ‘I’ll tell you, there’s been many sleepless nights! First having to close and then to cancel pantomime – the one show that we know means so much to local families – it’s been devastating. But the wonderful support we have received has been really heart-warming and spurred us on to try and salvage Christmas.

‘After days and nights of conversations about how we could make a production work, I am delighted to say with the support of Martin at UK Productions, Steve Royle and Tom Lister we are able to offer this unique Seasonal experience and help raise funds the theatre desperately needs. I guarantee this production will be from the heart, every single person involved just wants to get back on our beautiful stage and entertain. It has been an incredibly emotional time.

‘This will be a unique production, the only show of 2020 following our closure in March. All socially distanced seats will be the same price and, limited numbers available for each performance, you’ll need to book yours fast!’

Tom Lister joined adding ‘Having performed at Blackpool Grand many times it’s a favourite of mine. I was keen to help them last year with their 125th Anniversary and it’s hard to believe only months later the building was forced to close its doors. Martin contacted me and I agreed we had to do something.

It’s going to be a fantastic production and we all know the quality UK Productions are known for at Blackpool Grand. There is going to be a few less people on stage and a few less of you, so bring your enthusiasm in spades, you’re in for a great time! We can’t wait to see you all.’

Pantomonium! will run at Blackpool Grand Theatre from Friday 18 December 2020 to Sunday 3 January 2021. There will be three performances a day (11am, 3pm, and 7pm, running for approx. 1hr.15mins with no interval). All seats will be £25.50 per person and only available in set bubbles of 2, 3, 4 or six.

For your safety: Strict COVID-safeguards will be in place including track-and-trace, specialist cleaning, temperature checks, facemasks must be worn, and sanitiser will be provided. Tickets will only be available in advance and full customer details will need to be provided for UK Government Track and Trace. If a performance is cancelled full refunds will be given. Tickets will only be available in bubbles of 2, 3, 4, 5 and six. Set timed arrivals will be in place, and late arrivals will not be accepted.

Cleaning & Facilities Management, Contract Wins, News

Significant Win for Incentive QAS

Leading contract cleaning specialists Incentive QAS, the cleaning arm of the Incentive FM Group, have secured a significant contract amidst unprecedented pressures within the sector. After 12 months of a delayed and competitive tender, Incentive QAS are now the chosen partner for 65 mixed-use properties across London and the South East of England for a leading property management company.

Our new client were forced to pause the procurement phase due to the pandemic but have now appointed Incentive QAS to oversee cleaning services within the 65-strong buildings portfolio that includes commercial property, business park, retail outlets and mixed-use commercial spaces. Incentive QAS will be delivering daily cleaning and housekeeping, washroom hygiene, pest control, window and periodic cleaning throughout the portfolio.

David Brown, Incentive QAS Commercial Director, said: “It’s a fantastic testament to our operations and our track record in securing this prestigious contract. We were told that we stood out as a front runner from the start, and it was our strong management structure, innovation, and experience in the industry that set us apart. The tender was very challenging, particularly with a backdrop of the pandemic, but we didn’t compromise our efforts or commitments during this time.”

Incentive QAS has now entered the mobilisation phase for the new contract, which is set to take around three months. Account Manager, Tony Hall, will be bringing his expertise and experience to oversee the commercial partnership. Worth over seven figures, this contract adds to Incentive QAS’ growing and enviable client list and portfolio.

David Brown added: “We’re really excited to deliver these services across the portfolio and we’re confident that our services will further strengthen their customer and client experiences across London, Greater London and the South East. We pride ourselves in prioritising innovation and manageable solutions across commercial and mixed-use spaces, and we look forward to delivering these services successfully over the duration of the contract.”

News

The Marine Group expands its fleet with a larger, more powerful ‘Water Injection’ dredger

The Marine Group’s Harbour Management Division has expanded its dredging capabilities with the recent completion of their bespoke built water injection dredger, CMS Seaka. Following the successful deployment of CMS Innovation, The Marine Group has made a significant investment in the development of a more powerful and highly efficient machine that adopts the same environmentally friendly water injection technology.

The Marine Group purchased CMS Seaka as a multicat in 2018, which was then comprehensively redesigned by OSD-IMT and rebuilt by the original builders, GRA ltd, and our own in-house team of engineers, Cardiff Diesel Services. The new design will allow the team to dredge more efficiently and in higher volumes than previous operations.

The commission of Seaka is part of The Marine Group’s ongoing commitment to the evolution and development of Burry Port Marina. While water injection dredging has continually been used to develop channels and berths in the marina, CMS Seaka will accelerate the process of taking Burry Port from a forgotten sailing destination back to its rightful status as the jewel of the Carmarthenshire coast.

While not working on The Marine Group’s numerous marinas around Wales, Seaka will be able to provide cost effective solutions for dredging to customers all over the country. Seaka is transported to site via road in one piece, allowing the team to start work within 30 minutes of being in the water. The size of Seaka will allow marinas and ports to remain fully operational while dredging is undertaken.

Reaching a maximum depth of 8.5m Seaka will be the one of the most efficient water injection dredgers in the country, and ideal for marinas and smaller ports where traditional dredging is un-economic.

Director of Operations Rob Freemantle said “Seaka was designed and built to keep small harbours and marinas viable with a cost effective dredging solution.”

Whilst 2020 has been an arduous year for a lot of Welsh businesses, The Marine Group continues on its path of expansion, investment and diversification. Its investment in CMS Seaka highlights the business’ commitment to growing its Harbour Management Division. Whilst adopting an environmentally friendly approach by pioneering water injection technology it is also supporting its commitment to the environment. In the same year the business has expanded its offer to its fast-growing customer base and is now providing hydrographic surveying and harbour management consultancy services.

Finance News, News

New research reveals UK businesses are sleepwalking into a hidden payments crisis

Research published today has identified the current payments dilemma UK businesses are facing. Businesses are caught between the need to reduce operational costs in harsh economic conditions, while continuing to meet rising customer expectation. The research also reveals that the hidden costs of payment process will have an exponentially greater impact on the wider business if left untreated.

A major new independent study of 200 payments decision makers in employment and payroll services, travel, traditional and digital banking and lending and fintech businesses across the UK has revealed the challenges faced when it comes to payment strategy in 2020, which adds to the impact and cost of the COVID-19 crisis.

The research, commissioned by Modulr and carried out by research agency LoudHouse and thinktank TechPros, explores the rising costs of the payment process and its hidden impact on the wider business, and benefits from the commentary of professionals invited to speak on the subject of the research (see below).

UK businesses are spending an average of £1.5m a year in costs attached to payments and, as the UK enters the worst recession on record, this is money they cannot afford to lose to unnecessarily inefficient processes. The payments process now represents a huge 12% of a business’s total operational expenditure, with two-thirds (64%) of all businesses expecting the cost of payment processing to increase over the next two years.

67% believe the way they process, and service payments has a direct impact on their customer experience. In fact, 62% of respondents believe the hidden costs of poor payments outweighs the hard costs. This indicates that a poor payments strategy is no longer something business leaders can ignore as it now has a far greater and unseen impact on wider business mechanics.

The top three hidden costs attached to inefficient payment processes was ‘impact on customer experience/satisfaction’ (38%), ‘influence on relationships with other teams and departments (35%) and ‘impact on competitor differentiation’ (31%).

This suggests there is widespread consensus that getting payment operations right, directly creates performance boosts elsewhere in the business. When asked to estimate as a percentage the business performance boost received if hidden payment inefficiencies were resolved, the average margin for improvement was +14%, with traditional banking the sector most likely (31%) to predict a performance gain greater than +15%.

It also reinforces the critical role infrastructural FinTechs will play in building business efficiency for the next normal. Infrastructural FinTechs, like Modulr, build the ‘tech behind the tech’ that delivers the underlying payments technology for businesses by providing fast, cost effective and efficient alternatives that are accessible and relevant to SMEs and enterprise alike.

The industry reacts to the hidden cost of payments study
(Full commentary can be found in the research)

Sulabh Agarwal, Managing Director and Global Payments Lead at Accenture, comments: “The first reaction when revenue goes down for high fixed cost businesses is that the costs need to come down, to keep the business afloat and keep the cashflow going. The more mature organisations, though, are looking at what has changed with the customers – their buying habits have changed, their needs and requirements have changed. And that clearly has an impact on what can be offered and be made relevant to them.”

Michael Rennie, Chief Digital Officer, Cynergy Bank, comments: “At Cynergy Bank, there is a huge focus on creating efficiencies. Ultimately, if we can invest in creating efficiencies, it not only reduces costs for us but more importantly, allows us to deliver what our customers need, when they need it. This could be providing quicker lending decisions or access to finance, enabling our customers to meet their goals for their businesses.”

Paul Sweetingham, Global Solution Leader: Banking & CX at DXC Technology, comments: “The focus needs to be more on the customer rather than internal operational efficiencies and improvements. Obviously, it’s really important to lower costs. But sometimes I feel there’s a danger in too much internalisation of cost reduction. Optimising process automation, we need to ensure we’ve always got customer needs in mind.”

Janis Legler, Chief Product Officer at bitcoin banking app, Mode, comments:
“If you’re a financial services company, it’s not that easy to just partner with an up-and-coming backend service provider or just start a digital transformation project. If you don’t have the technology at your core, it will be difficult going forward. We work with many merchants and a lot of them tell us about the ‘hidden inefficiencies’. These result from working with incumbent payment players, which has a knock-on effect on other departments such as operations and compliance.”

What’s clear is that by not shedding legacy technology and shoring up operational efficiency, UK businesses are following an increasingly risky strategy, and one which will have an exponentially greater impact on the wider business if left untreated. Particularly when this widespread failure to act concerns the customer experiences that sit at the very heart of a proposition – the payments.

Myles Stephenson, CEO of Modulr comments on the findings: “A poor payment strategy is not just inefficient, it can have a significant and hidden impact on bottom line performance and customer satisfaction. As we enter into one of the worst recessions on record, businesses must plug any holes in their boat to avoid sinking – and for many this includes their payment operations.

“In the face of increasing amounts of digital payments, and a tough economic environment, UK businesses must ensure they have a robust payments strategy if they are to be in the strongest position to move into the next normal with confidence. This strategy needs to place new technology at the centre of how they operate and receive payments, addressing the hidden inefficiencies that can have a big impact on a businesses’ bottom line and commercial performance.”

Blockchain, News

Blockchain boom: car sales company expands UK operations as consumers turn to virtual currencies

London-based automotive sales platform Auto Coin Cars has today announced it is set to double in size and recruit for at least another 10 positions before the end of this year. The planned expansion is down to a surge in demand from consumers turning to cryptocurrencies as a means of purchasing second hand luxury vehicles in the midst of the pandemic. Auto Coin Cars is an online platform offering new and used cars for sale online through virtual monies.

The increase in demand comes despite new figures from the Society of Motor Manufacturing and Traders (SMMT) which reveal new car registrations have fallen by 4.4% across the UK due to the impact of COVID-19. This expansion will see over 10 people recruited across sales, compliance, management and anti-money laundering.

According to The Financial Conduct Authority (FCA), 2.6 million people in the UK own cryptocurrencies. With the majority of businesses in the UK failing to accept digital currencies as a means of payment, Auto Coin Cars has experienced a spike in demand for consumers looking to purchase BMWs, Audis, Aston Martins and Ferraris among others. Such is the need for vehicles that can be bought and sold via cryptocurrency that the company has increased the number of cars available on their platform by 40 percent, while crypto sales in the past month alone have increased by 65 percent.

Due to Auto Coin Cars’ adoption of blockchain technology, the company was able to pivot to contactless sales swiftly since the pandemic first swept the UK in March this year. Transactions made via cryptocurrency are processed instantaneously, involving almost immediate drop-off of cars at the new owner’s home. In addition to this, Auto Coin Cars’ pre-existing innovation with blockchain adoption enabled them to engage in socially-distanced trading during the pandemic.

Auto Coin Cars is currently headquartered in London and employs 10 people. Earlier this year the company welcomed the new FCA regulation which states UK firms cannot sell or advertise products based exclusively on cryptocurrency prices to consumers. In the face of stronger regulation, the expansion of the company’s operations is set to strengthen the position of Auto Coin Cars amidst a fast evolving market. With the current acceleration of blockchain adoption, it’s predicted digital currencies will boost the UK’s GDP by £57 billion over the next decade.

Commenting on the expansion of their operations, Operations Director of Auto Coin Cars, Luke Willmott, said:

“Due to a boom in cryptocurrency adoption across the UK we are expanding our team to ensure we can continue to provide for our customers in the challenging times COVID-19 has created. An increasing number of consumers are looking for ways to spend their digital assets and we expect a further boom in virtual currency spending post Brexit.. We would not be in this position if we were not constantly innovating and pioneering blockchain technology adoption at an industry level. We are looking to hire for a number of roles across management, compliance, sales and anti-money laundering. We feel very fortunate to be growing during a time where the car sales industry is shrinking. With an expanded team, we are better positioned to promote automotive trading using blockchain technologies at this crucial time for the industry.”