All posts by NTSI Publishing Team

Appointments, Cardiff, Investment, Investment News, South Wales

Howden appoints Account Director to accelerate growth in Wales

HOWDEN, the global insurance intermediary group, has appointed Tony Barber as Account Director as it continues to grow its presence in South Wales.

 

Tony will be based in Cardiff, covering Wales and its surrounding regions, and joins the team having previously worked as Account Director at Willis Towers Watson.

 

In his new role, Tony will help drive Howden’s positive growth in Wales by supporting larger and more complex clients, developing and implementing comprehensive risk management and insurance strategies.

 

Commenting on his appointment, Tony said: “I am thrilled to be joining Howden’s Cardiff office and to build on its already fantastic growth.

 

“I was drawn to Howden due to its employee ownership model as it cultivates a collaborative culture amongst colleagues to the benefit of clients, as well as its renowned entrepreneurial culture.

 

“I’m excited to join a new team and am looking forward to playing a part in shaping Howden’s strategy in South Wales.”

 

Gary Stevens, Regional Managing Director at Howden, said: “Tony is yet another fantastic addition to our Cardiff team, and has already made an extraordinary impact in accelerating our growth and creating new ways in which we can support our clients.

 

“As we continue to grow our Howden team in Wales, I have every confidence that we will continue on our upwards trajectory and expand even further across south and west Wales.”

Business, Cardiff, Cardiff News, Development, Investment, Investment News

Innovation Investment Capital announces multimillion-pound investment in Transcend Packaging

Innovation Investment Capital Limited Partnership (IIC), the Cardiff Capital Region (CCR) backed fund, has today announced a multimillion-pound investment into Transcend Packaging (‘Transcend’), the Ystrad Mynach headquartered sustainable packaging company. This investment round has been supplemented by additional equity from significant global corporations, including ITOCHU Corporation, one of Japan’s largest companies and a leading provider of pulp and paper products, providing further investment to the overall region.

 

Transcend is a leading innovator of environmental packaging solutions across the food service and beverage sectors. It supports a new sustainable manufacturing landscape, driven by improved recyclability and reusability legislation and net zero targets, with 290 employees, across three locations. Since launching in 2017, Transcend has successfully innovated and disrupted the traditional packaging sector, recently developing a first to market premium polyethylene-free cup, highlighting its significant ESG credentials.

 

IIC’s decision to invest was based on a variety of factors, but the commitment to expand its R&D facilities, production innovation with impressive intellectual property, strong experienced management team and blue-chip customer base all supported the decision.

 

Launched in November 2022 and backed by UK Government funds with an initial £50 million from CCR, the fund is looking to invest long-term capital in innovative, sustainable growth opportunities across the ten unitary authorities in the CCR. Capricorn Fund Managers (CFM) is the Alternative Investment Fund Manager (AIFM), responsible for managing the fund and the overall portfolio and risk management, with PwC supporting CFM in advisory matters, including investment research and sourcing. The Transcend investment is IIC’s third investment, following on from AMPLYFI (the Cardiff-based generative artificial intelligence business) and Mazuma (a Bridgend-based tech enabled accountancy platform).

 

Councillor Mary Ann Brocklesby, Chair, Cardiff Capital Region, commented: “Transcend is an exceptional local growth story that we are looking to help scale to even greater heights. Our investment, alongside other investors, will help encourage further growth and development in Ystrad Mynach and the broader Caerphilly region.”

 

Lorenzo Angelucci, Transcend CEO, added: “We are thrilled to receive this substantial investment from IIC, which underscores the confidence in our vision and strategy but also empowers us to accelerate our innovation and expand our R&D capabilities. With the support of IIC and our new investors, we will continue our disruptive journey in the sustainable packaging industry, furthering our commitment to environmental stewardship and economic growth in the Cardiff Capital Region.”

 

“In only seven years, Transcend has built one of the most innovative and sustainable packaging businesses globally. Its growth to date and future commercial partnerships positions it impressively for further growth”, said Rob Asplin, PwC Partner. “Sustainable packaging is a fast growth market and highlights the desire of the fund to support net zero propositions.”

 

Councillor Sean Morgan, Leader of Caerphilly Council, further added: “We’re delighted to have such a success story on our doorstep, bringing real economic benefits and social value to Caerphilly and beyond.  Transcend Packaging’s success is based on innovation and sustainability and the solutions they are developing here in Caerphilly will benefit the environment and communities in many countries.”

 

“Our Transcend investment fulfils much of the IIC investment criteria, not only by investing in innovative sustainability solutions, but also backing an exciting local business to scale up and encourage other international players to invest in the CCR. The benefits to Ystrad Mynach and the wider region will be felt for years to come,” concluded Lynda Stoelker, Capricorn Fund Managers’ COO and Chair of the IIC Investment Committee.

 

For further information on the Innovation Investment Capital visit http://www.innovationinvestmentcapital.com.

Accountancy, Accountancy & Accounts, Accounts and Accountancy

ACCA Cymru/Wales on the King’s Speech

Lloyd Powell, head of ACCA Cymru/Wales, said:

 

“ACCA welcomes the King’s Speech and its positive focus on growth and the importance of stability in economic policy.

 

“However, with so many Bills for parliament to consider, it will be important for government to think small first, ensuring that legislative changes consider the implications for the smallest businesses. The Government should focus on getting the framework right so that businesses can plan and invest to generate growth.

 

“We welcome the commitment to establish a new Council of the Nations and Regions to renew opportunities for the Prime Minister, heads of devolved governments and mayors of combined authorities to collaborate and to bring economic opportunities to all parts of the UK.

 

“Although there are announcements that will affect Wales, such as the opportunities from Great British Energy and potential investments following pension reforms, we now face a further period of uncertainty as the new First Minister is selected, and we hope that this period of tumult will not result in Wales missing out on opportunities arising from announcements and initiatives from the new UK Government.”

Business, Business News, Wales

More exporting support needed for businesses in Wales

Businesses in Wales who trade globally faced challenges in Q2 of 2024, according to Chambers Wales South East, South West and Mid’s latest Quarterly Economic Survey.

46% of businesses in Wales reported in the survey that their export sales had decreased over the last three months, with 38% stating that their sales had remained constant during this period. Over half (54%) shared that export orders and advanced bookings had also decreased in Q2.

This contrasted with the performance of Welsh businesses who traded domestically. 48% of the firms who took part in the survey trade goods and services in the UK only. Three quarters of these businesses saw sales increase or remain at a constant level over the last quarter and 29% saw domestic orders and bookings increase.

To overcome these challenges, businesses in Wales highlighted access to new markets and new international markets as opportunities to help their business recover.

Paul Butterworth, CEO of Chambers Wales South East, South West and Mid, said: “Wales has so much to offer to the world but, as our latest survey shows, more exporting support is needed. It is imperative that businesses who wish to trade internationally receive the correct support and guidance to connect, trade and thrive on the global stage, whether that is from specialist teams within our Chamber network or through government programmes.”

The Quarterly Economic Survey for Q2 also revealed optimism. Half of those surveyed predict that profitability will improve over the next 12 months, and 59% expect turnover to improve.

There were also small rises in the number of businesses in Wales who increased their investment plans for training, equipment, plant and machinery over Q2.

Paul Butterworth added: “It is heartening to see the positivity of the Welsh business community, particularly the gradual shift in confidence that has allowed some businesses to make plans to invest in their resources, people and skills.

“With inflation now at its lowest level in years, and interest rates hopefully soon to follow suit, we hope that the incoming government will foster an environment of economic stability that puts Welsh business on a trajectory to a higher-growth future.”

Business, Cardiff, Events

Adapting to change: CEO of The Royal Mint addresses Cardiff Business Club

Cardiff Business Club marked the last event of its 2023/24 season with insights on change, diversification and authenticity as Anne Jessopp CBE, CEO and Deputy Master of the Mint at The Royal Mint, addressed the Club.

At the event sponsored by Hugh James, Jessopp discussed the recent redevelopment that the Mint has undergone since her appointment in 2018, and following the 35% decline in coin usage through the pandemic.

Highlighting the change in society and industry by asking attendees to raise their hands if they had used coins today, this week, or this month, she went on to say that they have been redefining what it means to be a Mint, building a portfolio of businesses with a £1.9 billion revenue annually.

Before delving into the Mint’s change, she discussed her personal change, from a career in HR to becoming CEO of The Royal Mint. Anne Jessopp stated: “The Royal Mint was like a teenager deciding what to do when it grew up.” To diversify its offering, they had to understand what made the organisation unique, understand the core values held by employees and customers, and understand the capabilities they have, along with those they don’t.

By implementing these steps, The Royal Mint has diversified in absolute marketplaces through product innovation, such as precious metals investments and collectables, and grown into new markets entirely. Jessopp discussed their partnership with Canadian clean tech company Excir, to scale up patented chemistry to extract gold from electronic waste, and their new jewellery line, where their recovered gold is already being used.

She closed by highlighting the importance of job retention through their period of diversification and change, as the organisation will decommission its Overseas Currency business later this year. All 230 employees have been offered new roles in their new industries, be it in the jewellery making section, collectable coin creation, or electronic waste recycling. She stated that people are the most important part of a business, discussing those open to change and those who push against it, but highlighted the importance of them all when it comes to a period of redevelopment.

Anne rounded off by highlighting their overarching goal – to remain authentic to who they are throughout the transformation.

Cardiff Business Club will return for its new season in the autumn.

Cardiff, Construction, Construction News

Dudley’s Aluminium secures another project in the heart of Cardiff

Dudley’s Aluminium, a leading Welsh fabricator, has secured another key project in Cardiff’s city centre, working on the multistorey car park in Central Quay.

Working with Goldbeck Construction, for Rightacres Property and Network Rail, Dudley’s will be installing curtain walling and doors on the build of the car park in the centre of Cardiff, as part of the Central Quay project which also features residential, office, leisure and retail opportunities.

This is not the first time the Welsh fabricator has taken on a city centre project. Dudley’s has played an instrumental role in the regeneration of the city centre with its work on many of the buildings in Central Square including Buildings One and Two, the BBC, HMRC and The Interchange all at Central Square.

Steve Muir, Commercial Director at Dudley’s Aluminium, said: “We are honoured to be working on such an empowering project for Cardiff’s city centre. The Central Quay project is set to create an incredible number of opportunities, and we are delighted to be able to offer our services to the car park aspect of the build.

“With one of our most recent projects being the Fairwater education campus in Cardiff, we are passionate about projects that will bring positive benefits and impacts to the Cardiff community.”

Since 1993, Dudley’s Aluminium has offered clients full in-house design and production facilities, completing many successful and prestigious projects within the education, health, commercial, retail, residential and defence sectors throughout the UK and Channel Islands.

Dudley’s reputation for quality has been recognised with several industry-related accreditations. The company is CHAS accredited, Constructionline registered and BM Trada certified to manufacture enhanced security products to align with PAS24:2016 and BS 4873.

Business, Employment, FInance, Pensions

What are the political parties’ pension policies and is it enough?

With the general election fast approaching, political parties in the UK have set out the steps they propose to take with regards to pension schemes in their manifestos.

When in government, the Conservative party used the Autumn Statement and Spring Budget to announce their plans to make pensions more productive for the UK economy.

In April, the party applied the triple lock in full to the state pension for 2024-2025 (an 8.5% increase) and confirmed the abolishment of the lifetime allowance, while also proposing measures such as a pension ‘pot for life’ and the consolidation of small defined contribution pension funds.

The Conservative party has reaffirmed its commitment to the triple lock in its manifesto, introducing the ‘Triple Lock Plus’ which ensures that both the state pension and the tax free allowance for pensioners always rise with the highest rate of inflation, earnings or 2.5%.

The majority of the other political parties, from the national Labour and Liberal Democrats parties to the regional parties Plaid Cymru and the SNP who do not have devolved control of pension policy, are also committed to the triple lock.

The exceptions are Reform UK, who did not specifically mention the triple lock within their ‘Contract with the People’, and the Green Party who suggest that they would replace it with a double lock system linked to inflation and earnings, moving to a flat rate of pension tax relief in line with the basic rate of income tax.

Stuart Price, partner and actuary at Quantum Advisory, said: “Pensions are a key policy area for political parties as most voters will receive the state pension and employees are contributing to workplace pensions throughout their professional life.

“The increase in the state pension earlier this year thanks to the triple lock was welcome news for pensioners – a demographic likely to turn out for elections. The triple lock was especially welcomed by those who rely on this as their main source of income and is also an increasingly popular policy decision amongst adults over 40, with a recent survey by My Pension Expert revealing that over half (51%) of respondents stated that a commitment to maintaining the triple lock would significantly influence their voting intentions in the general election.

“Therefore, it is not surprising that many of the political parties across the country have stated within their manifestos that they will retain the triple lock. It is interesting to note that proposals to reform pension schemes are also being highlighted.”

Labour intends to review the pensions landscape and adopt reforms to ensure that workplace pension schemes take advantage of consolidation and scale, increase productive investment and boost the country’s growth. Green finance is also high on the party’s agenda, with a requirement for pension funds to develop and implement transition plans that align with the Paris Agreement, a plan also echoed in the Liberal Democrats and Green Party’s manifestos.

Other suggested reforms include the Liberal Democrats investing in helplines to ensure quicker responses to queries and underpayments for the state pension, the Green Party working closely with the higher education sector to tackle challenges regarding the Teachers’ Pension Scheme and Reform UK aiming to review pension provision and minimise the complexity of the system.

Stuart Price added: “Reforms to pension systems are good political strategies to enable growth and economic prosperity. However, what we really need is a full review of our pension system as it is clear that the younger generation are not saving enough, which will lead to huge problems in the longer term. The only real answer in my opinion is a legislative increase into the minimum contributions required under auto enrolment legislation from say, an 8% total to at least 12%. From what I have seen this is not mentioned in any of the political parties’ manifestos, which is disappointing.”

Accountancy, Accountancy & Accounts, Business, Business Advice

Empathy, Flexibility, Innovation: The Keys to Success for SMEs

  • To mark United Nations Micro, Small and Medium-sized Enterprises (MSME) Day, a new report reveals inside stories highlighting resilience and growth as small businesses face broader challenges than ever

Empathy, adaptability and the human touch are vital to SMEs navigating through today’s dynamic and challenging business landscape, according to a new report launched by ACCA (the Association of Chartered Certified Accountants).

This collection of stories and a toolkit brings together real-world experiences from finance leaders, entrepreneurs, and business support organisations across the globe, showcasing the role of accountants in guiding SMEs through the challenges and opportunities of today’s dynamic business landscape.

Aleksandra Zaronina-Kirillova, ACCA’s head of SME professional insights, says: “In a world where SMEs are confronted with rapid change, from navigating digital transformation and sustainability, to managing talent shortages and inflation, the role of accountancy professionals as empathetic and indispensable partners has never been more vital.

“Accountants, with their unique blend of financial expertise, strategic vision, and human understanding, are the listeners, the problem-solvers, and the trusted advisors who stand alongside entrepreneurs, offering not just financial guidance, but also emotional support and a deep understanding of the human stories behind the businesses they serve. This collection of stories celebrates successes from around the world.”

The report, Accountants at the heart of SME resilience and growth, includes a range of stories from around the world – in written and video formats – designed to be a useful resource for SMEs and the accountancy professionals who support them. It also includes a toolkit offering practical tools and insights on a range of topics of interest to SMEs.

To support the launch, ACCA is to host a webinar on June 27, 2024, providing a platform for discussion and deeper insights into the toolkit. Participants will have the opportunity to engage with experts, ask questions, and learn more about the strategic role of accountancy professionals in empowering SMEs. Register here.

Access the stories and the toolkit here.

Visit ACCA’s website for more information.

Business, Cardiff, Cardiff News, Transport, Transport Tech

Veezu returns to Whitchurch Heath Cricket Club as club sponsor

VEEZU, south Wales’ leading private hire platform, is returning as the club sponsor for Whitchurch Heath Cricket Club’s upcoming season.

 

Whitchurch Heath has four Senior league sides and a thriving youth section that runs teams at ages under 9, 11, 13 and 15. They are dedicated to playing competitive cricket in a welcoming, inclusive and social atmosphere in the north Cardiff suburb.

 

This marks Veezu’s third year of sponsoring the club through its ‘Funded by Veezu’ programme, an initiative in which organisations, charities and sports teams can apply for funding and grants, set up to improve the communities in which Veezu operates.

 

The sponsorship will go on to fund day-to-day expenses such as ground maintenance and equipment.

 

Peter Bryon, Whitchurch Heath Chair, said: “We are delighted to be partnering with Veezu once again and are very grateful for their ongoing support and commitment to WHCC. This sponsorship is invaluable to us as we can invest in the club’s grounds and facilities to improve the overall experience for our members.”

 

Sally Krouma, Hyperlocal Marketing Manager at Veezu, said: “We are very excited to be continuing this partnership and supporting Whitchurch Heath in their upcoming season. Funded by Veezu is all about reaching out to our local communities and supporting them in any way we can. It’s wonderful to see another great organisation benefit from the programme, and we look forward to seeing this partnership develop even further.”

Business, Transport, Transport Tech

Veezu headlines Solihull Music Festival as official ride partner

Veezu, the Midlands’ leading private hire operator, is the headline sponsor and official ride partner for the Solihull Music Festival through its new partnership with Solihull BID.

 

The Solihull Business Improvement District (Solihull BID) is a not-for-profit organisation, with a voluntary board of directors to represent the town’s businesses. The group works to improve and promote the town centre of Solihull. For the past 13 years, the work of Solihull BID has resulted in a reduction in crime, increase in footfall and the introduction of a thriving events calendar, such as the Solihull Music Festival.

 

The partnership arose from a mutual agreement between Veezu and Solihull BID to address the need to make travel easier for businesses and locals in and around Solihull.

 

Through its partnership, Veezu is sponsoring six events with Solihull BID. Marking its first event, Veezu will be the official ride partner of Solihull Music Festival on 20-23 June.

 

Veezu will be providing safe, reliable and convenient travel for festivalgoers for the whole weekend, with £5 off rides for event visitors and Solihull BID VIP Membership card holders. Rides can be booked through the Veezu app, available here.

 

Melanie Palmer, Chief Executive of Solihull BID, said: “We are delighted to have the established brand of Veezu join us as our official ride partner for our town centre events.

 

“We know how many people enjoy visiting Solihull for the calendar of iconic events and now we are able to offer tailored discounts for those choosing to arrive in style with a Veezu taxi. Great partnership working makes Solihull the destination of choice for fun and relaxation without the worry of or restrictions of driving. Now, bring on the sunshine.”

 

Letitia Young, Hyperlocal Marketing Manager for Veezu, said: “We are very excited to be the official ride partner for Solihull BID and the Solihull Music Festival. This partnership further marks our commitment toward strengthening our ties with the local community in Solihull. We are especially proud to be playing a part in making travel easier for Solihull locals, and ensuring that more people can enjoy the fantastic events taking place in the town. Keep an eye out for us at future Solihull BID events.”