Category Archives: Wales

Awards, Business, Business News, Wales

GS Verde Group lead M&A rankings for another year

GS Verde Group, the award-winning multidiscipline corporate advisory firm, has been named the most active dealmaker in Wales for both financial and legal categories in Experian’s Market IQ full-year report for 2023. This remarkable achievement solidifies the Group’s position as a leading force in the UK M&A landscape, further fuelled by its record-breaking growth in 2023 and exciting plans for 2024.

Unlike any other firm, GS Verde Group is the only one to secure the top spot in both the legal and financial categories. This highlights the Group’s unique advantage – a powerful synergy created through its multidiscipline team; offering legal, finance, tax, and communications services under one roof. This end-to-end approach streamlines the dealmaking process for clients, delivering unparalleled efficiency and expertise to optimise the process and secure successful outcomes.

Nigel Greenaway, CEO of GS Verde Group, commented on the placement: “Being named the most active dealmaking team in Wales by Experian for the third year in a row is a great honour,” said Greenaway. “It validates our relentless pursuit of excellence and the effectiveness of our multidiscipline advisory model. Topping both the legal and financial categories truly demonstrates the value our team delivers to clients seeking seamless, efficient transactions.“

While the UK’s M&A landscape cannot seem to recapture the record heights experienced post-pandemic, Experian’s report highlights Wales as the only UK region to show an upturn in deal activity in 2023, the highest levels recorded in the region in the last decade. This growth mirrors GS Verde Group’s busy year, with consistent deal activity across various sectors that delivered a £2m increase in revenue for the Group in 2023. This exciting growth has continued in 2024 as GS Verde Group has been admitted to prestigious share-dealing platform, JP Jenkins, and appointed a new Non-Executive Director, James Lewis.

With momentum already strong, GS Verde Group is poised to capitalise on this pivotal moment and continue its upward trajectory by implementing its ambitious 2024 growth plans, making strategic senior hires, and building additional expert teams. The Group’s unique multidiscipline approach, combined with its proven track record, positions it as a trusted, in-demand advisor for businesses looking to complete a corporate transaction.

Acquisitions & Partnerships, Business, Business News, Wales

Fast-growth Flotek expands group portfolio with investment in North Wales business

Flotek Group, a leading IT and Managed Services provider, has announced the acquisition of a majority share in OES, a North Wales-based Managed IT, Cyber Security, Managed Print, and Web Development firm.

Displaying rapid growth and a £3.1 million turnover, OES provides digital technology solutions to businesses. Priding itself on its tailored account management and highly trained experts, the business has developed a reputation in North Wales and the Northwest for its bespoke strategies and service delivery, boasting a strong client roster that includes Boots, Hickory’s, and Gamlins, with a particular focus on the legal market.

This strategic move expands Flotek’s regional presence in the area, alongside its Chester office acquired last year, and pushes the Group to achieve a turnover of more than £10.5 million. Additionally, the acquisition brings 22 experienced OES staff into the Flotek fold, bolstering the Group’s team to over 80 individuals.

Jay Ball, CEO of Flotek, said of the investment, “OES’s impressive track record and talented team make them a perfect fit for Flotek. This acquisition will boost our growth and visibility in the area and, crucially, will allow Flotek to enter the Managed Print and Web Business and develop our provision for the legal sector while supporting OES with access to a robust Telecom offering. We’re pleased to be welcoming OES as part of the group and creating new opportunities for our businesses and our customers.”

The deal will see OES’s management team, Wayne Jones, Peter Edwards, and Luke Murray, remain in their roles as Managing Director, Head of Finance, and IT Manager respectively, benefiting from the strategic guidance of the Flotek board, while continuing to run OES and deliver the exceptional service the business has become known for.

Wayne Jones, OES MD, shared his excitement for the investment, “Being part of Flotek is a great opportunity for our team and our clients. It’s a huge deal to receive the investment from a Welsh independent-owned business and I’m personally very proud to remain a Welsh business. We have always prioritized customer service at OES and now we can benefit from the systems and processes that Flotek uses to improve our customer’s experience. We can also offer a broader range of services and use Flotek’s resources to increase our reach in the region. I’m eager to enter the telecoms market and grow with Flotek.”

OES’s brand will be maintained under the Flotek Group umbrella, ensuring continuity and familiarity for clients and employees but delivering an enhanced service through the businesses’ stellar expertise and commitment to future growth.

This is Flotek’s second investment acquisition, following the inclusion of Hampshire-based Flexinet last year, where the Flotek Group can offer its vast service portfolio and expertise alongside the business’s experienced existing management team.

The acquisition was advised on by multidiscipline dealmakers, GS Verde Group, combining law, finance, tax, and communications to offer end-to-end transaction support in one place.

Accountancy, Climate, FInance, Wales

Global accountancy body in net zero first as profession steps up drive for sustainable future

ACCA (the Association of Chartered Certified Accountants) has become the first global professional accountancy body to have its net zero targets verified by the Science-Based Targets initiative.

 

The achievement highlights ACCA’s commitment to a sustainable future and is part of its larger focus on equipping and upskilling the accountancy profession across the world to drive the changes needed in businesses and organisations to achieve this.

 

Helen Brand, chief executive of ACCA, said: “The SBTi applies independent testing to net zero targets in line with climate science, and we’re delighted that it has recognised our approach and targets. It’s a great step forward on our journey to net zero.

 

“The accountancy profession has a critical role to play in driving good business decisions and best practice that will create more sustainable businesses and a better, greener future for all.

 

“We’re working hard to drive this transition through our 773,000 members and future members in 181 countries and our work to influence policymakers. And it’s important that we apply best practice in our own operations.”

 

ACCA is targeting a 50% reduction in carbon emissions by 2030 and net zero by 2045, using science-based best practice.

 

The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organisations to set science-based emissions reduction targets. It brings together experts to provide organisations with independent assessment and validation of targets.

 

Find out more about the role of accountants in sustainability.

Economy & Jobs News, Finance News, Wales

Global economy set for slow growth, high uncertainty for 2024, says ACCA chief economist

  • ACCA’s review of the current global economy suggests 2024 will be beset with risks and challenges
  • Slow growth, geopolitical risks, lagged impact of monetary tightening in 2023 and businesses approaching with caution are likely to shape

 

 

An inaugural annual economic prospects report by ACCA examines the outlook and major risks for the global economy and key countries. The report, 2024 Global Economic Outlook: Slow Growth High Uncertainty, sets out the key events to watch in a year packed with elections; examines three trends to watch closely; and interviews chief financial officers (CFOs) from across the globe.

 

Jonathan Ashworth, chief economist at ACCA and author of the report, said: “The global economy looks set to grow slowly once again in 2024, and the risks are skewed to the downside. The lagged impact of past monetary tightening could lead to an even more pronounced slowing in growth, and geopolitical risks remain very heightened. The busy political calendar, with elections scheduled in around 60 countries, including the US, the UK, India, and the European Parliament, adds a sizable extra degree of uncertainty and potential volatility.”

 

Ashworth added: “It could be risky for central banks to declare imminent victory in their battles against inflation” but suggested that: “Upside risks to the global economy in 2024 could perhaps come from continued rapid improvements on the inflation front, which could pave the way for quite an early and significant easing of monetary policy by central banks.”

 

But he warned that “this could risk sowing the seeds of higher inflation in 2025 and beyond.”

 

In addition to monitoring the usual ebb and flow of economic data, Ashworth suggested watching three key trends this year:

 

  • Further backsliding by governments on policies to achieve the green transition
  • Signs of rising geo-economic fragmentation
  • Developments with artificial intelligence (AI).

 

Ashworth said: “The first two could be particularly impacted by political developments through the year, and we will be watching for early signs that wider AI adoption is beginning to provide a much-needed boost to productivity growth in economies.”

 

Meanwhile, caution was the watch word from CFOs given the challenging global economic backdrop and the geopolitical developments and elections in many countries. Some businesses were naturally less impacted by cyclical economic developments, but a number were impacted by, or at risk from, structural changes related to trade, and supply chain issues. Most were experimenting with AI and other technologies in their businesses, while some noted the difficulty in attracting talent given the changing ways of working.

 

Read the full report here.

 

Please visit ACCA’s website for more information.

Business, Charity, Charity News, Food & Drink, Food and Drink, Wales

Peter’s gets a new look for Velindre campaign

PETER’S, the leading Welsh pastry baker, is proudly partnering with The Charity of Velindre Cancer Centre for its 2024 Wear Red campaign.

 

Peter’s has committed to changing the colour of their brand and packaging for the first time ever to red from the classic green in support of Velindre. Peter’s will also be sponsoring Velindre’s Wear Red event on 2nd February to help raise vital funds and awareness for Wales’ largest cancer centre.

 

Peter’s is a long-standing supporter of Velindre, with donation bins located across their canteens and restaurants. They sponsored last year’s Castle 2 Castle event which marked Velindre’s biggest amount raised to date for the event, totalling £53,023.97.

 

In addition to local fundraising, Peter’s Managing Director Mike Grimwood along with key members of the management team, has participated in number of gruelling charity bike rides and hikes for Velindre, including climbing Mount Kilimanjaro, cycling from Paris to Bordeaux, completing the Las Vegas’ 3 Canyons ride and conquering Sa Calobra in Majorca.  In total, the events raised over £1,595,185.84. The next challenge to be undertaken by the Peter’s team is a 625km ride to Florida Key West.

 

In addition to converting over their flagship products to red packaging, Peter’s will be launching a radio campaign spanning 3 weeks on Heart South Wales and Smooth Radio Wales to support #PaintWalesRed.

 

Known as the ‘Hospital of Hope’, The Charity of Velindre Cancer Centre funds projects that improve the experience of patients receiving treatment and care at the hospital. The charity hosts a range of events and campaigns every year, and funds ground breaking research programmes into many areas of cancer.

 

Mike Grimwood, Managing Director at Peter’s, said: “As a brand deeply rooted in our community, Peter’s are proud to support Velindre Wear Red campaign.

 

“Velindre holds a special place in our hearts, as some of our own team members, family and friends have experienced the exceptional care and support provided by the Velindre Cancer Centre first-hand. Together, we aspire to make a meaningful difference in the lives of those battling cancer, championing hope, and contributing to a brighter future for our community.

 

Kylie McKee, Head of Fundraising at Velindre, said: “The generous ongoing support of Peter’s is one we are incredibly grateful for. We want to spread the word about this campaign to as many people, organisations and groups as possible and encourage everyone to get involved to raise vital funds for Velindre.

 

“All money raised via donations allows us to support the funding of ground breaking research, specialist equipment and nurses which enables us to go above and beyond for our patients and their families.”

 

To continue their commitment to Velindre, Peter’s will once again be sponsoring Velindre’s annual Castle 2 Castle run in September on their 10th year anniversary.

 

In 2023, 450 participants joined in the Wear Red campaign and helped raise £75,000 for the charity, now, with Peter’s on board to help push awareness the charity are targeting £100,000 for this year’s campaign.

 

For more information on how you, or your organisation can get involved, click here.

Business, Business News, Wales

Chamber and Feefo announce partnership

Chambers Wales South East, South West and Mid has announced a partnership with Feefo, the award-winning ratings and reviews platform.

The platform works with over 6,500 brands worldwide, collecting reliable and constructive reviews that businesses can learn from and display. The company has a confirmed-customer-only policy for reviews and an extensive post-moderation process to enable businesses to benefit from authentic feedback.

As a Corporate Partner of the Chamber, Feefo joins an exclusive group that shares a special relationship with the Chamber, connecting with its members to provide support and resources to the Welsh business community.

The Chamber and Feefo have joined forces to offer members access to the platform’s expert feedback tools and specialist insights which can support business growth and development.

The partnership will ensure that Chamber members benefit from the power of customer feedback and the knowledge of how to use it. Honest customer feedback can not only boost a company’s reputation and social trust, but it can also provide invaluable insights to help shape business strategies and opportunities to thrive.

Paul Butterworth, CEO of Chambers Wales South East, South West and Mid, said: “We are delighted to partner with Feefo, the business feedback tool that offers verified feedback on service; an outstanding tool for businesses to develop insights to enable them to improve and prosper.”

Jats Slezak, Head of Partnership at Feefo, said: “The Chamber shares our values for helping business thrive and supporting communities. We’re so excited to help them utilise the power of customer feedback and leverage the wealth of knowledge that comes with it.”

Accountancy, FInance, Finance and Banking, Wales

ACCA welcomes proposals to strengthen auditor reporting requirements on breaches of law and regulations

  • ACCA backs FRC proposals to allow auditors to focus on laws and regulations that are most likely to have a material impact on the financial statements.

 

ACCA (the Association of Chartered Certified Accountants) is backing FRC proposals to enhance auditor quality and foster users’ confidence in financial statements.

 

The FRC – the UK’s accounting regulator – is proposing enhancements to existing requirements. This would strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations, and to clarify instances auditors should report such breaches, and other significant matters, to the relevant regulators.

 

The FRC says updating ISA (UK) 250 and ISA (UK) 2X0 will enhance the usability and informativeness of the audit and provide greater assurance to users of financial statements that potential material misstatements have been properly assessed by the auditor.

 

Jessica Bingham, policy and insights lead, (EEMA & UK), ACCA, said: “Enhanced requirements for auditors to consider and address relevant laws and regulations will promote transparency and accountability, ultimately bolstering investor and stakeholder confidence.”

 

ACCA welcomes FRC’s acknowledgement that auditor’s responsibilities cannot be open-ended in terms of identifying and determining compliance with all laws and regulations relating to the entity.

 

To assist, the FRC is introducing a more robust risk assessment process. This will help auditors identify those laws and regulations that have, or may potentially have, a material effect on the financial statements.

 

However, Bingham adds: “ACCA asks that the FRC carefully consider the risk that in practice the impact of the updated requirements could be to shift workload from management to the auditor.”

 

The FRC is proposing switching from a procedural approach to an outcome-based approach, using risk focused assessment for the identification and assessment of relevant laws and regulations.

 

ACCA says this gives flexibility and discretion to auditors, allowing them to exercise comprehensive professional judgement to identify the likelihood and materiality of misstatements.

 

While acknowledging resource issues, ACCA is calling for ISA (UK) 2X0 to apply eventually to listed entities as well as public interest entities.

 

Bingham said: “We recognise the need to avoid burdening those with limited resources but believe that the proposed application material for ISA (UK) 2X0 appears to be a valuable asset for auditors, offering practical guidance on identifying and addressing suspicions of non-compliance.”

 

The revised ISA is set to come into effect for audits of financial statements for periods commencing on or after 15 December 2024.

 

Visit ACCA’s website for more information.

Accountancy, Accountancy & Accounts, FInance, Finance and Banking, Finance News, Wales

58% of SMEs cite rising costs as top concern for 2024 in new research

  • Challenges in talent acquisition, cost management, and ESG reporting emerge as the three top hurdles for SMEs in 2024.

New research from ACCA (the Association of Chartered Certified Accountants) highlights the pressing challenges and strategic innovation opportunities for small and medium-sized enterprises (SMEs).

The study, SMEs: Business challenges and strategic innovation opportunities, reveals three main challenges: escalating costs, workforce and talent management, and the evolving ESG (Environmental, Social, and Governance) reporting agenda.

Aleksandra Zaronina-Kirillova, head of SME at ACCA, says: “As we enter the new year, SMEs are grappling with a wide spectrum of challenges, but our findings are also a clarion call for SMEs to embrace strategic innovation. By addressing these challenges head-on, SMEs can unlock new growth avenues and strengthen their market position.”

The report emphasises the need for tailored strategies that can help SMEs navigate the evolving business landscape successfully, including embracing innovation, optimising resource management, and staying ahead of regulatory changes.

Key findings include:

  • Cost pressures and the economy: SMEs face significant increases in utility prices and supplies, with 58% of businesses highlighting higher costs as their top concern. A quarter of respondents said utility prices had surged by over 20%. This significant challenge underscores the need for effective cost management and innovative financial strategies.
  • Workforce and talent management: The study revealed a notable rise in job vacancies and challenges in filling specific roles. Increased job vacancies for professional workers were reported by 31% of businesses, and 14% were unable to find suitable candidates for clerical workers, technicians, and service and sales workers. This calls for a renewed focus on talent acquisition, skill development, and retention strategies.
  • SMEs and the ESG agenda: Nearly 50% of SMEs are now required to provide ESG information, highlighting the growing importance of sustainable practices. However, the report identifies a gap in the ability to generate and manage this data, presenting both a challenge and an opportunity for SMEs. Less than 45% of those surveyed said they had received training in how to effectively collect ESG data, leading to a lack of universal framework and metrics for reporting.

Zaronina-Kirillova added: “In these testing times, SMEs must pivot towards innovative strategies to navigate the complexities of cost pressures, talent retention, and sustainable practices. Our research not only identifies the critical hurdles but also offers a roadmap for SMEs to emerge stronger and more agile.”

The roadmap within the report recommends the adoption of digital technologies, enabling SMEs to streamline operations, reduce costs, and enhance productivity. It also emphasises the importance of embracing sustainable practices, not only as a regulatory compliance measure, but also as a strategic move to attract new business and customers.

It also encourages SMEs to develop and retain top talent through continuous learning and development opportunities.

In this rapidly evolving landscape, the role of accountants, especially those in small and medium-sized practices (SMPs) can be pivotal. Accountants are not just financial stewards but strategic advisers who can guide SMEs through complex challenges such as managing rising operational costs, navigating new regulatory requirements, and implementing effective ESG practices.

Accountants’ expertise in financial management and strategic planning is crucial for SMEs to optimise resources, identify cost-saving opportunities, and ensure compliance with evolving regulations.

To access the full report please visit ACCA’s website.

Business News, Insurance, Wales, Wales News

Insurance group Howden expands presence in Wales with new Swansea office

Howden, the international insurance group, has announced the opening of a new office in Swansea.

This strategic expansion is part of Howden UK & Ireland’s commitment to further strengthen its foothold in the South and West Wales region, providing risk advisory services to businesses.

The new office is located at Axis Court, Riverside Business Park, Swansea. Under the leadership of Gary Stevens, Regional Managing Director, who has over four decades of industry experience, the Swansea office aims to become the leading competitor in the commercial broking sector in South and West Wales.

Stevens, previously of Aston Lark, which was acquired by the Howden Group in 2022, has outlined ambitious goals for the office, including doubling the size of the team by the beginning of 2025, reflecting the company’s dedication to employing the best talent and fostering a dynamic team culture.

“I am thrilled to lead the team in Swansea as we work towards becoming the primary choice for risk advisory services in South and West Wales,” said Gary Stevens.

“Howden continues to be a driving force in the insurance industry and our goal is not just to be a significant player within Howden, but also to be the go-to partner for Welsh-based companies seeking high-quality risk advice.”

The investment in the Swansea office underscores the importance of South Wales to Howden UK & Ireland’s overall business strategy, with a second office in the region set to open this spring.

Stevens also emphasises the importance of having a collaborative and enjoyable work environment, stating: “We aim to have fun while delivering exceptional service to our clients. We’re building a team of highly skilled brokers with expertise in various sectors, including transportation, construction, charity, care, professions, sports and leisure, and waste/recycling.”

In July 2023, it was announced that Howden would become a Principal Partner of The British & Irish Lions for the next four years and the official front of jersey sponsor for the upcoming 2025 Lions Tour to Australia. This partnership support extends to a community level via the Lions Origin Clubs, with the Wales office supporting local teams across the region.

About Howden:

Howden is the 5th largest employee-owned business in the UK, and one of the largest insurance groups in the world, with $35bn premium under management and 1.7 million clients served by 15,000 employees.

Howden is made up of talented experts with the freedom and support to do what we do best. We are united by a shared passion and no-limits mindset, and we collaborate to create a powerful international team that can rise to any challenge. Together, we are working to change the insurance narrative – supporting our clients while using insurance as a tool to increase resilience for individuals, businesses, and communities. www.howdenbroking.com

Mid Wales, News, Outdoors, Wales, Wales News

Charlotte Church narrates film to promote The Outdoors Capital of Wales

A promotional film is being launched this morning (January 2) to share the rural market town of Rhayader, branded The Outdoors Capital of Wales, with the rest of the world.

Situated in Powys, in the middle of Wales and heart of the Cambrian Mountains, an Area of Astounding Natural Beauty, Rhayader punches way above its weight and now has Welsh celebrity Charlotte Church singing the town’s praises.

The ‘Voice of an Angel’ star has narrated the new film – which promotes the range of exciting outdoor activities and events that the town and nearby, spectacular Elan Valley have to offer.

A singer-songwriter, actress and television presenter, Church shot to childhood stardom as a classical singer and now runs a wellness retreat, The Dreaming near Rhayader.

She was happy to add her voice to the film when approached by Rhayader 2000, the organisation that promote tourism in partnership with the town council.

“It was wonderful narrating the excellent promotional video for Rhayader The Outdoors Capital of Wales,” said Charlotte. “This really is a magical part of Wales with incredible countryside, spectacular landscapes and warm and welcoming people, which encouraged me to open The Dreaming Retreat near the town.

“I wish Rhayader 2000 every success with this video and hope it helps to attract many more visitors to the area where there’s so much to do, see and enjoy in the magnificent outdoors.”

Rhayader town centre from the air.

The film and two shorter social media clips were made by Tremio over the past year, with supplementary photography for Rhayader 2000 website https://rhayader.co.uk/ captured by Mogwai Media.

 

Kerena Pugh, of Rhayader 2000, thanked everyone who had contributed to the film which she described as a huge community effort. “The work that has gone into rebranding ‘Rhayader the Outdoors Capital of Wales’ has really made a difference and will continue to help the town to grow,” she said.

“Film is a great way to showcase what Rhayader has to offer visitors. The combination of superb aerial footage from Sam Cook at Tremio and contributions by local people has produced something magical.

“With Rhayader already internationally famous for the Hafod Hardware Christmas adverts produced by owner Tom Jones, we wanted to continue the creative use of film to show the varied activities, breathtaking scenery and the welcoming community spirit that we have here all year round.”

The spectacular landscape which is ideal for cyclists, runners and walkers.

Mr Cook said he had been inundated with volunteers during the making of the film, which he described as being “special”.

Rhayader’s Mayor Councillor Rhys Thomas added: “This is another step on the exciting journey to make Rhayader a destination in its own right.”

He congratulated Rhayader 2000 for working with the town council to create a vision for local tourism and thanked MWT Cymru and the Cambrian Mountains Initiative for helping to promote Rhayader.

 

MWT Cymru chief executive Val Hawkins said the film not only promotes Rhayader as the Outdoors Capital of Wales but also captures the strong community spirit.

The film is dedicated to the late Liz Lloyd, a Rhayader 2000 founder who died in 2022. She served the organisation for 22 year and helped to promote local tourism, businesses and the community.

“Liz was very passionate about Rhayader and was part of many organisations and volunteer groups that do great work in the town,” added Kerena. “A donation to Rhayader 2000 made by her family from the funeral memorial service contributed to making the film.”

 

Rhayader 2000 is a member of MWT Cymru, an independent membership organisation representing around 600 tourism and hospitality businesses across Powys, Ceredigion and Southern Snowdonia.