Tag Archives: Money

News

Plumbing business opens new 20,000sqm HQ as part of multi-million pound expansion

A BOOMING bathroom business is preparing to open new headquarters and create more jobs as part of a multi-million-pound expansion.

Plumbworkz is putting the finishing touches to its 20,000 sqm warehouse and offices in Kinmel Bay, following refurbishment of its Rhuddlan showroom.

Director Gary Hughes thanked FFP Solutions in St Asaph for helping to secure a financial package that enables the company to grow even further in the years ahead.

Gary, from Abergele, launched the business in 2009, as a bathroom and kitchen fitter, before taking on his first premises in Rhuddlan.

Having relocated to Saltney and then Llay he is delighted to return to the area and looks forward to a bright future on Tir Llwyd Industrial Estate.

“The warehouse and offices should be ready to open soon, and we also have permission to build another 20,000 sqm facility next door, so there are big plans in the pipeline,” said Gary.

“Plumbworkz has gone from myself to 20 staff, we have grown organically over the last 15 years and faced challenges along the way, but they’ve all been overcome.

“We embraced ecommerce early on and that was a prime reason for an increase in sales, which really spiked in the pandemic when more and more people were investing in their properties because they were unable to travel or take a holiday.

“The world is constantly changing, and we’ve managed to move with the times, we’ve kept evolving and sell products to people all over the UK.

“The new site allows us to bring everything under one roof, every piece of furniture, every fixture and fitting will have a home. At present we have things in different places, different locations and in containers, so this will streamline everything from that perspective.”

He added: “The expansion is self-funded and that has been supported by FFP Solutions, who helped us to secure further finance. Without them we might not have got to this point, they helped me bring the vision to reality and were a pleasure to deal with.

“As a result, we will be able to meet demand, continue to increase turnover and continue supporting the local economy – thanks to our customers for their support, and to everyone who’s been with us on the journey to this point.”

FFP Solutions Director Richard Pape congratulated Gary on these developments and said: “We are pleased to have been able to secure financing so Plumbworkz could take this step and realise their exciting expansion plans.

“This is another example of an ambitious local business which has used our services to accomplish their goals and keep moving forward, successfully – anyone else in that position should definitely get in touch to find out how we can help.”

Visit the website www.ffp-solutions.co.uk or email admin@ffp-solutions.co.uk for more information on FFP Solutions.

For more on Plumbworkz, visit the website: www.plumbworkz.co.uk.

News

Golfer is fairway to achieving pro dream with backing of leading finance firm

A TALENTED golfer is a fairway to achieving his sporting dream with the support of an acclaimed finance firm.

FFP Solutions, based in St Asaph, is the new sponsor of up-and-coming North Wales star, Caolan Burford.

Having made waves as a junior player, the 18 year-old, from Rhyl, is already hitting the headlines in the men’s game.

A member of Rhuddlan Golf Club, Caolan – a former pupil at Christ the Word School – is now an important part of Wales’ Euro Nations Cup team and has one eye on Walker Cup selection for Great Britain and Ireland vs the USA at St Andrews in September.

He was the first Welshman since 2013 to win the Welsh Men’s Open Strokeplay, picking up the trophy last Spring, and wowed fans to reach the semi finals of the Spanish Amateur in March.

Caolan also tied for ninth place at the 128th Amateur Championship at Hillside just weeks ago.

FFP Solutions directors Richard Lloyd-Jones and Rich Pape – themselves members at Rhuddlan Golf Club – congratulated Caolan on his success.

“Caolan has got off to an incredible start in his career, he’s definitely one to watch and has a bright future in the sport,” said Richard.

Rich added: “We are pleased to be able to sponsor Caolan as he is now in a position where the tournaments come thick and fast, there is a lot of overseas travel and the opportunities get bigger, so as a company FFP Solutions is glad to be able to support him with that.”

In past months, Caolan has journeyed to Ecuador, Portugal and Spain, with upcoming appearances pencilled in at competitions in the US and Belgium.

Currently number 33 in the European Golf Rankings (www.europeangolfrankings.com), he thanked FFP Solutions for getting behind him at a key stage in his golfing career.

“This is my first season in men’s golf and there are a lot of tournaments so to have their support is fantastic,” said Caolan.

“I am still eligible to play junior events in the US so that is giving me more experience as I build up my name and keep working hard on the UK circuit.

“I’m practising every day and will keep working hard to achieve my ultimate ambition of becoming a professional golfer.”

FFP Solutions specialise in all types of Commercial and Property Finance. For more information visit the website www.ffp-solutions.co.uk or email admin@ffp-solutions.co.uk.

News

Sisters secure investment to buy care home as part of North Wales expansion

SISTERS expanded a successful care business and acquired their dream home with the support of a prominent finance firm.

FFP Solutions, based in St Asaph, secured “significant investment” for sisters Olwen Dean, Helen Darling, and Cathy Williams to purchase Chaseley House Care Home in Rhos-on-Sea.

The home will form part of their successful domiciliary care agency, Tender Loving Care Ltd in Llandudno Junction, which employs 85 staff.

Following in the footsteps of their mum Margaret, all three have decades of experience in the sector and even worked alongside her in their first jobs at a residential care home.

“TLC Ltd has provided care in the community for almost 15 years and did so throughout the pandemic, which was one of the toughest times the industry has faced,” said Olwen.

“It showed how important care workers are and made us reflect on our next steps as an organisation.

“From there the natural progression for us was to buy a care home where we can do what we do best.

“Our mum was in care, we are, and our daughters Andrea and Sarah have management roles with TLC, so this truly is a family business, and we are excited to see how things develop.”

After identifying Chaseley House as a location, FFP Solutions was tasked with brokering the deal.

Cathy said: “We needed financial support as our business bank would not consider the significant investment needed to move forward, which is why we contacted FFP.

“They came to our office to discuss options, loved our enthusiasm and the business and the rest is history, as they say.”

But it wasn’t all plain sailing, according to Helen: “The day we took over there were confirmed cases of Covid-19 with staff and residents, so we reintroduced PPE and other measures while having a very tough first few weeks with staffing issues.

“It meant we all had to roll up our sleeves and do what was necessary to provide care and a safe environment for those who avoided the virus, alongside those who tested positive.

“It was a case of sink or swim, and thankfully the three of us are decent swimmers!”

Thanking director Richard Lloyd-Jones and the team at FFP Solutions, Olwen added: “They have been fantastic to deal with, but we must also thank our families and employees for their high standards of service to clients and the community.

“We have big plans – staff are progressing towards being registered with Social Care Wales – and if the pandemic taught us anything it is how precious life is and how important people are.”

Richard congratulated them on their new venture and said: “The care sector has faced many challenges in recent years but TLC Ltd is an example of an organisation which will play a big part in taking it forward post-pandemic.

“We are delighted for Olwen, Helen and Cathy, from the moment I met them their energy and vision were so impressive, we wish them every success and were pleased to be able to help them step up to the next level in business.”

Visit the website www.ffp-solutions.co.uk or email admin@ffp-solutions.co.uk for more information on FFP Solutions.

For more information on Tender Loving Care Ltd, visit www.tenderlovingcare.org.uk or call 01492 592177.

Fintech, News

Paysend partners with Damane Cash to enable transfers to Morocco

LONDON – 28 JULY, 2022 – Paysend, the UK-based FinTech with over 7 million customers, today announces a partnership with Damane Cash, a payments institution and subsidiary of Bank of Africa, to enable money transfers to Morocco.

With features such as low fixed fees, upfront exchange rates, faster transfer speeds and the ability to make instant, digital end-to-end international payments, this partnership will enable Paysend to transform how communities in Morocco manage money online globally.

Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend, said: “This partnership between Damane Cash and Paysend will encourage users all over the globe to connect across borders and send money to support loved ones in Morocco. They will experience more affordable rates and quicker processing speeds when sending important remittances. Through Paysend’s easy-to-use app, automated phone number and text ID verification, users can benefit from a quick and simple onboarding process, allowing them to make transfers through the Paysend platform immediately.”

To start sending money to Morocco, download the Paysend app from the App Store or Google Play, or visit www.paysend.com to find out more.

News, Pensions

Triple lock won’t save the ‘Golden Years’, Warns Kinesis

Brits must look for alternative assets as retirement wealth comes under threat

Financial security is the bedrock of a happy retirement – referred to as the ‘Golden Years’ – but the changing economic landscape is currently threatening people’s retirement wealth.

Although the government recently increased the state pension by 3.1%, it is actually a fall in real terms and will not provide pensioners with what they need. Following this increase, the full basic state pension is £185.15 per week which is a fraction of the Living Wage at £380 per week*. With the UK already on the cusp of a pension poverty crisis, and energy prices rising by an average of 54%, a state pension simply isn’t enough to make retirement as golden as it should be.

Most of the UK now rely on a private pension to set them up for the golden years, but these come with their own challenges, and the outlook is extremely uncertain. Not only are they not protected by the triple lock, but pension funds are struggling to counterbalance key inflation levels. Between 2020 and 2022, UK pension funds grew an average of 7.2%, barely beating UK inflation which currently sits at 7%.** Pension funds have had a poor start to 2022 as the war in Ukraine has sent shares and bonds plummeting. This means that private pensions are no longer the safe option they once were to bolster state contributions.

Many are looking for alternatives, with almost 60% of investors wanting digital assets in their retirement plans.*** While this is a step in the right direction, the same survey highlighted that some digital assets, particularly cryptocurrencies, are too volatile to play a long-term role in people’s pension plans.

Kinesis is highlighting that there is a safer, more stable alternative – gold. New technologies are enabling gold to be part of retirement plans, meaning that retirees can not only benefit from a historically stable asset which has been proven to maintain its value over time, but Kinesis’ industry-first fee-sharing yield on gold means they can also see their wealth grow in real terms.

 

Jai Bifulco, Chief Commercial Officer of Kinesis Money, says: “People’s hard-earned wealth is currently under threat, but retirement savings especially. Many are currently sticking to the status quo and do not realise the impact this could have on their wealth in later life.

“It’s great to see some people seeking alternatives, like digital assets. But cryptocurrencies are not conventionally known to be a source of stability and may not provide the steady interest needed to build a retirement nest egg.

“There are, however, other paths people can take to protect their wealth in preparation for later life. As a starting point, individuals can limit the amount of money they store as cash savings, and begin to explore assets that are recognised for their price stability. Gold offers a proven capacity to store value over time and is now more accessible than it has ever been, through its digitalisation. Gold has shown resilience during notable economic crashes, more so than stocks and bonds, and brings with it a track record for value appreciation, seen over the past 50 years. Better yet, you can now also earn a yield on gold, providing a steady and stable return for those sacred golden years.”

 

—

* https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/state-pension-how-much-what-2022-increase-means-how-check-explained-1568395

** https://moneyfactsgroup.co.uk/media-centre/consumer/pension-funds-and-annuity-income-returns-growth/#:~:text=The%20volatility%20of%20pension%20funds,will%20vary%20by%20individual%20fund.

*** https://www.planadviser.com/nearly-60-investors-surveyed-want-digital-assets-retirement-plans/

Accounts and Accountancy, Environment, FInance, Finance News

Finance firm doubles workforce and secures major investment for revolutionary recycling plant

FFP SOLUTIONS has more than doubled its workforce and secured £35m for clients during the Coronavirus pandemic.

In just 12 months the North Wales firm unlocked millions of pounds for SMEs nationwide via the Coronavirus Business Interruption Loan Scheme (CBILS).

And now the St Asaph-based finance brokerage is aiming to support more people through the UK Government’s new Recovery Loan Scheme (RLS), the replacement for CBILS.

Having grown from four to 11 staff in the last year, FFP Solutions is even better placed to help those affected by the pandemic to access relevant funding.

Director Richard Lloyd-Jones said: “To have secured more than £35m through CBILS is a fantastic result for us, and there is still more to come.

“A lot of people missed out on CBILS because they had not been trading long enough or didn’t meet the lending criteria, and many still don’t know what they are entitled to. It was uncharted territory.

“We encourage them to get in touch because they may be eligible for the RLS and should capitalise on any support available.”

He added: “Throughout Covid it hasn’t just been a case of getting money into businesses to help them survive, for us it’s always been about long-term planning.

“As a result, so many of the companies we work with have pivoted and shown great innovation so they can move forward with confidence and be even more resilient in the future.”

Among the companies to have benefited from joining forces with FFP Solutions was Waring Waste Ltd.

The Nottinghamshire waste recycler is set to unveil a £3m facility transforming household and garden waste into ethanol for the aviation industry after completing a £1.5m refinancing package with Directors Richard Pape and Gareth Jones.

“We are delighted to be able to help organisations looking to diversify and create solutions to global issues,” said Gareth.

Richard added: “The way we as a business have been flexible and dynamic has enabled us to grow, but also to add significant value to the companies we work with, and Waring Waste is an example of that.”

Waring Waste owner John Brooke thanked FFP Solutions for helping to make his vision a reality.

“I have already invested more than £1m into our Wildmerpool site and this extra finance will enable us to implement the changes needed – including new technology, equipment and infrastructure – and open the facility this autumn,” said John.

“We will be able to produce up to 10 million litres of sustainable ethanol a year from around four tonnes of waste a day, so it’s a massive operation.

“Our workforce will double to almost 40 staff and the output will have a positive impact on our environment and the local economy, so we are so glad to have worked with FFP Solutions on bringing this huge project to fruition.”

Visit the website www.ffp-solutions.co.uk or email admin@ffp-solutions.co.uk for more information.

Alternatively, call 0800 783 3117 or follow them on social media at @FFPSolutions.

NOTES: The Recovery Loan Scheme (RLS) is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period. Up to £10m is available per business, and the UK Government guarantees 80% of the finance to the lender. No personal guarantees are required to be signed by the business owners up to £250,000. The scheme is open until December 31.

News

Industry first as OneFamily welcomes The Share Centre’s LISA customers

OneFamily has announced a deal with interactive investor that will see the Brighton-based mutual welcoming The Share Centre’s 1,500 Lifetime ISA customers to its books in what is thought to be the first transfer of its kind in the industry.

The transfer of accounts, which will come into effect on 3 July 2021, follows interactive investor’s acquisition of The Share Centre’s business in July last year. Interactive investor does not offer lifetime ISAs and sought a provider to take on this area of the business.  It comes in the wake of The Share Centre’s recent transfer of 83,000 child trust fund customers to OneFamily, which is a market leader in child tax efficient investments.

A lifetime ISA is designed to build savings for a first home or retirement.  Savers can invest up to £4,000 each year and receive a 25% tax free government bonus of up to £1,000 annually.  OneFamily’s stocks and shares-based Lifetime ISA invests in forward-thinking climate-friendly companies that are committed to reducing their impact on the environment.

Paul Bridgwater, OneFamily’s Head of Investments said, “We’re pleased to have been chosen by interactive investor as the new home for The Share Centre’s Lifetime ISAs in the industry’s first ever bulk transfer of lifetime ISA accounts.  We’ve a strong heritage of partnering with other organisations to support investment propositions and are always looking for opportunities to help partners in this area.

“As we welcome our new customers, we’re going to let them know that we’re here to support them as they plan for their futures – whether that’s in saving for their first home or for their retirement.  The added bonus in switching to OneFamily is that as they continue to build up their savings with us, they are also going to be looking after the planet.”

Richard Wilson, CEO of interactive investor, said, ““We believe we have found a good home for Share Centre LISA accounts, and customers will be best served by a specialist provider. Those who want to transfer to a different provider can do so without penalty.

“The transfer will allow us to continue to focus on enhancing our core offerings. We remain concentrated on building a best-in-class customer experience, that is unrivalled in value and a trusted source of impartial information.”

To find out more about OneFamily’s Lifetime ISA, visit www.onefamily.com/lifetime-isa/

FInance, News

Four media events that rocked the financial markets

The media has incredible influence over many facets of life and the financial markets are no exception.  A famous study by Huberman and Regev showed how an article in the New York Times directly caused a 600% increase in one biotech company’s stock price, despite not actually revealing any new information.

The impact of news stories is often felt worldwide and, with this in mind, a new interactive tool has been launched to help traders get an instant picture of international repercussions.

Market Health by DailyFX, the leading portal for forex trading news, provides a snapshot of global markets and indices all in one place, allowing people to quickly assess the consequences of big events.

To launch the tool, Daily FX has analysed how four major news stories from the last decade have impacted the financial markets, to help investors better understand this complicated relationship.

Brexit rumours

Brexit sent shockwaves through the markets, with virtually every British industry from manufacturing to farming experiencing volatility. This uncertainty has seen the value of the pound fluctuate dramatically, particularly when the media speculate about the future.

In August 2019, rumours of a no-deal Brexit began to circulate in the press and sterling subsequently fell to a three-year low against the dollar.

However, in December, when news broke that the Conservatives were about to secure a large majority in government, the pound rose to a year-high. Many newspapers claimed a new period of calm, with hopes that Boris Johnson’s landslide victory would finally bring some stability to the country.

Unfortunately, the Coronavirus has meant 2020 has been anything but stable. The pandemic has completely dominated the news agenda, removing Brexit from the public eye. It’s hard to say whether its absence from the news is affecting trading, as Covid-19 is now the main influence on global markets. However, previous Brexit announcements have led to big price movements, so as soon as they inevitably make headlines again, the markets will surely respond.

Peter Hanks, Analyst at DailyFX, commented: “While Brexit headlines may not dominate the front page as they used to, it is important to consider the effect of persistent uncertainty derived from the theme.

“As the EU and UK clash, regulatory guidelines remain in flux and businesses may look to delay capital expenditures as a result. Consequently, the current Brexit proceedings may not spark dramatic price swings that dominate the tabloids as they used to, but the lingering uncertainty can certainly erode price over time. Thus, it can be argued Brexit is still a very real headwind for the British Pound and FTSE 100, perhaps just not to the degree that it has been in the past.”

US and Iran oil crisis of 2019

In the autumn of 2019, Iranian officials reported that one of their oil tankers had been hit by two rockets while in Saudi Arabian waters. The explosions damaged the vessel, causing oil to leak into the Red Sea and tensions between Iran and the USA – a strategic ally of Saudi Arabia – to escalate further.

An Iranian news agency first broke the story and then NBC broadcast it to the Western world, with allegations wildly thrown around. The National Iranian Oil Company said that the cause was under investigation, however rumours were already spreading.

With the media fanning the flames, Brent crude futures – the international benchmark for oil prices – rose by 2.4% to reach over $60.50 a barrel. Part of this increase will have been due to the impact of the attacks on oil reserves, but the media storm surrounding the event suggested that the Iran-US conflict was set to intensify. This prompted traders to jump on commodities in case the hostilities continued to send prices skywards.

Coronavirus vaccine

In 2020, the coronavirus ignited global panic as millions of people were infected, businesses closed and share prices tumbled. It was, and remains, the international health emergency of a generation and its unprecedented and universal nature means that it has wholly dominated the news agenda.

As the pandemic worsened, a worldwide search for a vaccine began and rumours of breakthroughs in the media led to movements in the stock markets. Share indexes, such as the FTSE 100, rose and fell with the emergence and then eventual discrediting of new drugs.

In April, stories began to circulate that claimed the American company Gilead had found a drug that was effective. This optimism led to surges in Asian, European and US stocks.

However, as doubts started to appear about the treatment’s reliability, the markets fell once more. The FTSE 100 dropped by 0.7% and the Stoxx 600 traded 0.3% lower.

While Gilead’s proposed remedy was ultimately unsuccessful, it does show the power of the media, as such updates directly boosted investor confidence. News of a successful medical breakthrough could well be the catalyst that sees the world’s markets start to recover.

Powerful posting

In today’s world, most breaking news stories are first revealed on social media, with information able to be shared as soon as events occur. Traders now need to monitor content on both traditional news sites and channels like Facebook and Twitter, as sometimes a single post can create waves in the financial markets.

In 2015, the billionaire activist, Carl Icahn, tweeted that he believed Apple’s stock was undervalued. This simple post caused the tech giant’s market value to rise by more than $8 billion in just one day. Conveniently for Icahn, a major Apple shareholder, his own investment in the company increased in value by $76.5 million.

With social media clearly holding great power, it’s crucial that traders are also wary of fake news stories. When somebody hacked The Associated Press’ Twitter account and posted that President Barack Obama had been injured in an explosion at the White House, the DOW Jones dropped by over 140 points. The temporary loss of market cap in the S&P 500 alone totalled a staggering $136.5 billion. The story wasn’t true, but it shows how significantly markets can fluctuate as a result of social media.

John Kicklighter, Chief Currency Strategist at DailyFX, said: “Before a day begins, traders need to check how markets around the world have performed and how they have reacted to any latest news. A single story can send ripples across the planet, so it’s important to assess it’s full impact before making any moves on the domestic stock exchange.

“The DailyFX Market Health tool has the advantage of a clear and interactive structure, giving traders exactly the benefits they need to start a day.”

To learn more about Market Health and to view the tool, visit: https://www.dailyfx.com/research/market-status

Business Investment, European News, Research

Invest but have no input – the best way for government funding to be a success

Governments that invest in businesses, but then have no say on any decisions made by company managers, are much more likely to see their investments be a success, according to new research by Vlerick Business School.

Professor of Corporate Finance, Sophie Manigart, and post-doctoral researcher, Thomas Standaert, found that governments that invested but had no input were more successful in stimulating growth in companies and providing more resources to the private risk capital market.

Whereas, the researchers found that governments that invest directly in a company and have complete control of all of the decisions tend to yield the poorest results. Businesses that raised funding this way did not grow faster than companies that raised no funding at all.

The research findings came from a previous study on both literature on government investments, but also from a dataset of 345 Venture Capital funds established between 1996-2017. The researchers analysed how a number of European companies developed after receiving venture capital through four different models, ranging from full government control, to government investment, but independent decision-making. The researchers compared the performances of each firm, up to five years after the initial VC investment.

The four key investment models that the researchers analysed were:
1. Direct and solitary – where a government invests directly in a target company and all decisions are made by the government
2. Direct but in partnership – the government invests directly in target companies, but in partnership with private investment funds
3. A passive government role – the government co-invests in target companies with private players who take all decisions. The government plays a passive role and is hands-off when it comes to most investment decisions; the government merely follows the private sector.
4. A government invests in a fund-of-fund and does not mingle in investment decisions – this goes a step further than the third model by having governments invest in private funds that are managed entirely by equally private fund managers.

Professor Manigart says,
“Government intervention in the risk capital market is needed in Europe and worldwide, but governments should respect the role of private players and not become dominant decision makers. Governments who simply provide this funding, but let the firm work independently and autonomously are much more likely to see growth, which can only be a benefit for investors, the firm, and customers alike”.

The researchers state that governments need to apply the fourth method more often in order for the target companies to be more innovative and successful. A good example of this model being implemented successfully is the Canadian government, who pioneered this model with the launch of the Venture Capital Action Plan, which has resulted in over $900 million in private investor capital being added to the ecosystem.

Government aid is genuinely effective for businesses, even companies like Apple and Tesla would not have survived without government funding. If there’s no financial help, then it could be argued that there would be no high-tech developments and innovations in society. Therefore, it is important that governments look to invest in the most effective way possible for growth in these companies, so that high-tech, social projects and high-employment companies have the greatest chance of growth and survival.