CITY READ NG NUMBER - T H EBusiness - Reading Number 1 City 2018
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1
NUMBER
READ NG
CITY
TM
Building for the future
Development and
redevelopment
Location, location, location
Crossrail’s role in the ranking
Skills-rich zone
Power of people
A supplement of:
Business
THE TM
M A G A Z I N E
We’re proud to support Reading’s most important
development and infrastructure projects
Reading Station Area Regeneration
Thames Tower and Station Hill, Reading Christchurch Bridge, Caversham
PBA has been supporting development and economic growth across Reading for more than 50 years.
Our innovative and forward-thinking advice maximises value for our clients and the local community.
From infrastructure to land development to the built environment, our work in taking projects through
planning, design and delivery across the region has transformed how people live, work and play.
Visit peterbrett.com or Twitter
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next project could be #poweredbyPBA.
3
CONTENTS
4 READING: Making its own headlines
Savills Reading goes from strength to
10 strength
11 Hello Reading
12 Law firm looks to the future
Your technology specialist legal partner in
13 the Thames Valley
14 The rise of Reading
15 SGPB Hambros is active in Reading
16 Insights: the debt market for SMEs
17 The changing world of work
18 Romans continues to invest
Reading hits its commercial property
20 prime
1
22 The opportunity’s in connectivity
NUMBER 23 Reading roars
READ NG 24
A REIT breathing 21st century life into
CITY
TM outdated buildings
@TheBusinessMag
4
READING:
Making its own headlines
Reading, a city in all but name, makes news that is essential Peter Brett Associates (PBA) partner
Scott Witchalls, who has worked
reading for aspiring business leaders. Why? on strategic planning with Reading
Borough Council and developers over
the past 15 years, summed it up recently:
Consider the headlines: “If you compare Reading to a lot of the
towns and cities we work in, they would
‘The UK’s most successful economic city – for the third year give their right hand for some of the
things that Reading has already got. It is
running’ – PwC /Demos Good Growth Index
way above others in terms of what it can
already offer, and in what it is planning
‘A top location for business growth’ – LSH report, UK Vitality Index to achieve.”
‘Most prosperous UK city outside London’ – Barclays survey Witchalls also resolved the ‘town or city’
question. “It doesn’t really matter, we
just view it as a regional hub. It is the
‘Fastest-growing conurbation in the country’ – EY report, UK biggest and most successful town in
Region and City Economic Forecast the UK, and compared to cities it would
be one of the most successful cities
‘A top 25 European Business City of the Future’ – FDI European as well. Our planning is around scale,
characteristics and growth agenda, so
Future Cities Awards, 2016
our proposals for Reading are city-type
initiatives.”
‘UK’s No.1 regional technology cluster’ – KPMG Tech Monitor
Where else would you want
to be launching, relocating or
running a business?
Many have already answered that
question.
While big-name stars such as George
Clooney, Kate Winslet, Kenneth Branagh
and Ricky Gervais have personal links
with Reading, it is the names of world-
leading multinational businesses such
as Microsoft, Oracle, Cisco, Verizon,
BG, Foster Wheeler, Bayer, Huawei and
Pepsico, now based in Reading’s stylish
business parks and town environs, which
are the local global stars of the town’s
vibrant businessworld.
A skillled local workforce, a supportive
high-quality professional services
community, a new science park being
built at Shinfield, all confirm Reading’s
attraction to relocating businesses
Photograph courtesy of Reading UK CIC
and as a one-stop shop for overseas
Thames Tower
companies seeking a UK base.
From Reading’s existing showpiece Park, it’s plain that Reading is growing
But the headlines don’t just feature the rail station, new hotels, its riverside dynamically.
town’s business attractions: apartments, world-class university,
huge retail choice of The Oracle and So, this special edition on the town
Broad Street Mall, plus attractive provides an informed insight into
‘Reading and Bracknell best lifestyle amenities, to the town’s Reading now, and through a SWOT
places to live in UK’ future residential developments at analysis, its attributes, progress,
Green Park, Kennet Island, and south opportunities and challenges in
– PwC/Demos ‘Good Growth for
of the M4, plus proposed world- maintaining its economic prowess and
Cities Index’ growth as the number one ‘city’ in the UK.
class convention centre at Royal Elm
businessmag.co.uk READING NUMBER 1 CITY – JUNE 2016
5
Photograph courtesy of Reading UK CIC foreign direct investment (FDI). These bi- iconic tube/rail maps, formally connecting
annual awards rank European cities of all it to the City and importantly making it
sizes against various business criteria to more accessible.
assess the attractiveness of each location
for future investment. If Reading continues on its upward
economic growth trend, this enhanced
Reading-focused dealmaking, often connectivity will be a key element in
involving FDI or City private-equity Reading’s ability to offer a strong economic
funding, is vibrant. Only last month, alternative to London for both domestic
Mapletree Investments acquired Reading’s and foreign businesses.
79-hectare Green Park, one of Europe’s
leading business parks, from Oxford Reading’s past reputation as a travel
Properties Group. The £563 million bottleneck is long gone, says Witchalls:
purchase aligns with the Mapletree’s “It’s not merited at all because investment
The White Building strategy for investment in new growth in transportation infrastructure has been
opportunities that possess strong exponential compared to other towns and
Strengths: A town that is economic and property fundamentals.
cities in the country. We are almost off the
making the City take notice scale of connectivity. Reading’s links are
... and small businesses too!
fantastic.”
Vital for the profitability of UK plc
Reading is in the top 10 of the urban
In addition to motorway improvements,
Cities Outlook 2016, produced by the hub league table created by Octopus
travellers from Reading can reach in excess
think-tank Centre for Cities, ranks Reading Investments, which ranks UK cities most
of 500 direct rail stations, plus Reading is
friendly to High Growth Small Business
second in the UK behind London for the part of a trans-European network.
(HGSB).
economic contribution per worker (GVA),
with an average contribution of £70,900 Integrated academia
“I am doing everything I can to ensure
per person. It also ranks Reading 2nd for
that this culture of enterprise continues to
the number of businesses per capita and grow and that Reading remains one of the The University of Reading is a national
top five for average wages, skills and the economic powerhouses of the UK” – Rob and international university, but one
dynamism of the business community. Wilson, MP for Reading East which is proud of its local ‘town and gown’
connections. The university encompasses
Attractive to City, European and Superb connectivity a wealth of academic talent, including
International investors ... the renowned Henley Business School, as
Current plans are for full Crossrail well as research capabilities, as evidenced
At the FDI European Cities of the Future services on the Great Western corridor to by the ambitious plans for Reading’s
Awards this year, Reading collected six commence in December 2019, with two new science park at Shinfield. Nearby is
awards, including the Top 25 Overall London-Reading trains in each direction the European Centre for Medium Range
European Business City of the Future for per hour. Reading will appear on London’s Weather Forecasting.
TOPIC STRENGTHS WEAKNESSES OPPORTUNITIES THREATS
Government Key contribution to UK economy of Cuts in Government
Reading GVA funding
Economy Established high-standard business Lack of technology innovation Business growth Brexit
community and workforce
Top 25 European City for Inward
Investment
Business-friendly area
Esteemed academic base
Infrastructure Near London/Heathrow Completion of Mass Rapid Transit Integrate transport measures to Regeneration of
(MRT) system. (New park-and-ride connect Reading and ease any neighbouring towns/cities
Reading Station upgrade sites at Winnersh and Mereoak now congestion (eg Slough, Bracknell,
open) Maidenhead)
Crossrail by December 2019 Build third Thames bridge for
vehicles
Green Park Station by 2019
GWR electrification
M4 ‘smartway’ plans
Housing Strong housing demand Need for more residential units Property developments to help Lack of affordable
satisfy demand housing
Rising cost of home ownership for
incoming talent eg *Royal Elm Park Key workers priced out
* Station Hill
* M4 SDL
* Green Park Village
Other Thames Valley regional shopping hub Lack of identity Year of Culture 2016
Award-winning Reading Buses Low tourism Reading 2050 vision
operator
Redevelopment of Reading Jail
Continued overleaf ...
READING NUMBER 1 CITY – JUNE 2016 businessmag.co.uk
6
... continued from previous page
Weaknesses: A town that
needs a unique personality
Lack of identity as a major town in the
south
Reading is not on the tourist trail. Nearby
towns and cities often have a far more
developed cultural identity and succeed
in attracting foreign day-trippers from
London.
“An absence of personality and identity
have been key issues discussed at the
Reading 2050 workshops as one of
Reading’s ‘could do betters’ – we have to Photograph courtesy of Reading UK CIC
Thames Valley Science Park
work on creating a sense of place, provide
better opportunities for startups and Many Reading tech companies are now running information, ticketless fares,
independents and ensure we celebrate mature operators, but tech innovation, onboard wifi, sustainable fuels, and 24-
our history and diverse culture by weaving R&D, and business startups are very much hour services, and the ongoing Ready Bike
these through both current and new to the forefront at Reading’s own fast- hire scheme successfully began in June
developments.” – Kim Cohen, planning growing entrepreneurial Thames Valley 2014, a city-like mass rapid transit system
partner, Barton Willmore. Tech hub created by Connect TVT at objective remains ‘in progress’.
GROW@Green Park.
Technology mainstream rather than As Reading Cycling Campaign chairman
innovation centre? Disjointed ‘city’ transport Adrian Lawson commented In 2014: “They
(Reading Borough Council) plan a cycle
Surprisingly, although the greater Reading Although external public transport links hire scheme, but what is limiting people in
area (including Bracknell, Theale and have received huge funding, sustainable Reading isn’t the availability of a bike but
Wokingham) is home to over 20% of integrated transport plans within Reading somewhere to ride it.”
the south’s most successful private, are still to be achieved.
independent tech companies, Reading Reading has about 40 miles of cycle routes,
does not yet feature within the government While award-winning Reading Buses is but many are shared with pedestrians or
supported Tech City UK Cluster Alliance. a pioneer of services such as real-time general traffic, or are not well connected.
Photograph courtesy of Reading UK CIC
Forbury Place
businessmag.co.uk READING NUMBER 1 CITY – JUNE 2016
7
Opportunities: A ‘city’ with more imagination with ideas on what Reading last two years to just £1.35m for the current
positives than negatives could be like in 34 years – its futuristic visions 2016/17 year. Initiatives such as the Local
of Reading locations designed to transport Sustainable Transport Fund have also been
Property development is buoyant people into a smart and sustainable future cut severely.
town.
“The surge of interest from investors and Since 2005, Reading has had a Business
Transport links are being integrated Improvement District (BID) with an agreed
developers, offers Reading the opportunity for
levy on local businesses to fund extra services
major change and improvement” - Kim Cohen.
Network Rail is developing plans to build a – Reading town centre has been transformed
In 2013, Barton Willmore, Reading UK CIC and
3.8km rail tunnel as part of a new Western as a result.
the University of Reading began a Reading UK
Rail Link to Heathrow (WRLtH) to London
2050 project to deliver a strategic, long-term While the government’s Business Growth
Heathrow Terminal 5. The proposed rail
vision that will support Reading’s growth and Service was axed in March 2016, the Reading-
connection, which could be operational
prosperity. based Thames Valley Berkshire LEP Business
by 2021, will speed up journeys to the UK’s
busiest international airport, by allowing Growth Hub, delivered by VitalSix has
With Kennet Island, Chatham Place and Green continued to operate.
passengers to travel to the airport from
Park Village homes under construction, over
Reading without going into London
600 homes planned for Royal Elm Park, 2,500 Paddington. Riverside location carries risks
for the SDL region, and further mixed-use
development planned for both the Station Reading Central Station has recently Reading’s continuing development is
Hill and Reading Gateway sites, Reading is undergone a major renovation, and work is constrained by its existing infrastructure
beginning to address its housing shortage. still ongoing to develop its wider transport and housing stock, which are the legacy
links. This includes Reading’s biggest cycle of a manufacturing town that has grown
Recent government initiatives should help parking hub, with space for around 600 exponentially and diversified into services
further – in his recent Spending Review, bicycles. over the past 40 years.
George Osborne announced that £2.3 billion
would be earmarked for private developers The Royal Elm Park development next to the The combination of climate change and
to build 400,000 new homes in England, and Reading’s proximity to the River Thames,
Madjeski Stadium will host a series of new
the relaxation of Permitted Development has given rise to increased flooding in recent
transport measures, such as subsidised local
Rights make it easier for developers to gain years. Ironically, opening up Reading’s
public transport, a new transport hub and
waterways could increase development
planning permission for changes of use from shuttle bus services to help relieve matchday
values quite significantly.
commercial to residential congestion.
“Reading is definitely getting there in
helping to meet residential demand, but
its biggest problem is the constraints of its
boundaries, its floodplain and the limited
number of available sites. It needs to balance
employment opportunities with in-town
residential accommodation.” – Scott Witchalls
Housing shortages for skilled workers
The housing market in Reading has been very
buoyant, but according to local professionals,
the buy-to-let market has been a key driver,
with young workers finding it extremely
difficult to secure accommodation.
“Buyers are finding better value than in
London, although if property prices continue
to rise at the same pace, that may no longer
be true.” – Jeremy Leaf, former chairman of
Royal Institution of Chartered Surveyors.
Land Registry data from February 2016
showed that Reading was the UK’s housing
Photograph courtesy of Reading UK CIC hotspot, with prices rising 16.1% over the
Station Hill previous 12 months to an average of just over
£270,000.
Culture is becoming a key priority Threats: A ‘city’ that needs to
resolve its growth issues Brexit or Bremain?
Reading’s Year of Culture 2016 will be the
most important cultural and creative activity Central government funding cutbacks Reading has traditionally been an attractive
undertaken in the ‘city’ in a generation. The
place for foreign companies to set up,
aims of the initiative include uniting existing Reading has been quite reliant on funding given its cost-advantages and proximity to
arts and culture organisations, and making from central government sources, either London and Heathrow. As such, Reading has
Reading a destination for arts and culture directly to Reading Borough Council or via benefitted more than other cities from the
in the UK. Every month this year will see a the Thames Valley Berkshire LEP gaining free movement of trade and workers, so a
unique theme, from music, to dance, to food, Local Growth Fund support for its Strategic vote to exit the EU could have more severe
led by a flagship project with a high-profile Economic Plan. Private investment has ramifications for Reading.
name. underpinned many Reading developments.
As part of Reading’s Year of Culture, a ‘Step Reading’s highways maintenance budget,
into Reading 2050’ bus sparked the public for example, has more than halved over the Continued overleaf ...
READING NUMBER 1 CITY – JUNE 2016 businessmag.co.uk
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... continued from previous page
Reading: Planned and Potential Development Projects
Project Area sq ft Timescale Benefits
Thames Valley Science Park, Phase I (completed) 1st Phase II The park’s ‘Gateway Building’ will provide offices and
*30,000 – Science & Technology Centre building due fitted laboratories for biomed, biotech and health
Shinfield
*45,000 – Reading Enterprise Centre by 2017 sciences related companies as well as facilities for
The University of Reading is one of
*75,000 – R&D Centre for Mondelez *70,000 – companies requiring high Internet connectivity, clean
the UK’s leading research-intensive
Gateway rooms or similar specialist requirements
universities, and Phase I of Thames
Phase II (planning consent granted) Building
Valley Science Park is already
*200,000 development on 45 acre It will also comprise amenity space of a café and meeting
established on the University’s main
green field site area and will be positioned as a centre of innovation for
Whiteknights campus
the vibrant Thames Valley enterprise economy
Reading Gateway site Current consent for 427,000 of Site acquired Kier and Investec are planning a major mixed-use
The site near M4 J11 is identified as a distribution warehouses in Oct-14 scheme on this site, which previously contained Hewlett-
South Reading Strategic Development Packard’s offices
Site, designated for employment,
residential, leisure and small-scale
retail
Station Hill redevelopment *930,000 of highly-flexible office space With nearly 930,000 sq ft of office space, this mixed-use
*150,000 of retail development by Stanhope/Benson Elliott is the largest of
(SH3)
*300 residential units its kind in the Thames Valley
From the revitalised rail station on its
doorstep, the new buildings at Station
A further proposal by Sackville Developments to
Hill will make for an impressive and
extend the current SH3 development footprint includes
inviting gateway to Reading centre
additional flats, shops, “a range of town centre uses”,
public realm works and associated infrastructure
Royal Elm Park Proposed: The development will promote this area of Reading and
This project involves the transformation *World-class convention centre engage the public more with Reading Football Club.
of an undeveloped parcel of land into a *630 new homes In particular, there will be a series of transport measures
mixed-use development with Madejski *A new mix of leisure facilities, including subsidised local public transport for supporters,
Stadium at its heart, providing more including an ice rink, restaurants and a a new transport hub, and shuttle bus services to work in
than 1,000 new jobs large public square conjunction with the arrival of Crossrail and the opening
of the new Green Park station in 2019
Winnersh Triangle Two key projects for 2016: By end 2016 Winnersh Triangle has 1.4 million square feet of built
An 85-acre, mature business *60,000 Grade A office stock with more than 60 diverse companies employing
environment, which offers office and *52,000 office redevelopment 4,500 people on site
industrial business space for a wide
mix of uses, including headquarters The Park sits in a superb strategic location just five
buildings, R&D, technical, life sciences minutes from the motorway network and less than 25
and logistics minutes from Heathrow International Airport, and even
boasts its own rail station with direct services to Central
London and Reading
South of M4 SDL 2,500 new market and affordable Wokingham Borough has to meet sizeable targets for new
Taylor Wimpey, David Wilson Homes homes in: housing over the next decade
Southern and The University of Reading *Shinfield
are working together as the South of M4 *Spencers Wood The Wokingham Core Strategy for the Borough has
SDL Consortium to provide an overall *Three Mile Cross allocated the south of M4 Strategic Development
area strategy for development Location (SDL) area as one of four strategic development
sites which will deliver the new homes Wokingham needs
up to 2026
Thames Tower The new Thames Tower has been Completion Additional Grade A office space
Opposite Reading Station, the Thames redesigned with the addition of three 2017
Tower office refurbishment is currently extra storeys.
underway
Forbury Place Scottish & Southern Energy (SSE), has No.2 Forbury New headquarters offices for SSE. Consolidation of 1,900
The final office building of three is under recently taken 186,000 across eight completion in regional staff in Reading
construction on this site, walkable from floors at No 1 Forbury. summer 2017
Reading Station Additional Grade A office space
Kenavon Drive site Forbury/ Potential reworking of current Local Boost to residential provision, plus commercial,
Homebase and Toys R Us sites with planning community or retail floorspace, and revitalisation of the
Kennet area
19-storey block of up to 800 flats. screening Kennet riverside public realm
advice stage
Reading Jail Currently offered to market for Opportunity for mixed use and the highlighting of town’s
redevelopment bids and proposals. heritage with Reading Abbey and Forbury Gardens on
adjoining sites
9
Conclusion: Reading is
definitely going places
Overall, our SWOT analysis illustrates a
mood of buoyant optimism, with Reading’s
strengths and opportunities outweighing
any inherent weaknesses or threats visible
on the horizon.
The near-term challenges will be to
capitalise on this economic momentum
and prosperity, in line with the town’s
long-term goals, in order to develop a
unique personality for Reading as a smart
and sustainable city.
Long-term, Reading needs to take
advantage of its key attributes – location
and technology – to take responsibility
and control of its own destiny.
Reading is in the right place Photograph courtesy of Reading UK CIC
geographically – why else would Tesco R+
distribution, and recently IKEA, SSE, Bayer
and Thales make Reading their new home
– but this ‘city’ needs to be seen as going “Funding use in relation to Reading’s “We are making some headway. Reading,
places. future growth strategy needs to be really for instance, already uses predictive
carefully managed, because sustaining systems for assessing transport trends;
Crossrail, GWR electrification, Green Park more congestion is not the right answer systems that could also be rolled out
station, improved rail links to Heathrow for a future city,” says Witchalls. across the healthcare, energy, and
and the M4 smart motorway will be education sectors. The potential is huge,”
valuable assets for Reading as the Thames “Any further growth needs to be squarely adds Witchalls.
Valley’s regional travel, logistics and focused around integrated movement by
distribution hub. passenger transport, cycling or walking – “We have the expertise and foundations to
which is why Mass Rapid Transit has been do all of these things, and by promoting
Alongside those significant improvements in the strategic plan for some years now.” the capabilities of the Thames Valley, we
in its external transportation links, could help drive significant investment
And better use of Reading’s core of and deliver the capacity for development
Reading needs to improve its internal
and growth. The future is on our doorstep.”
offering. technology talent?
Photograph courtesy of Barton Willmore
Royal Elm Park
READING NUMBER 1 CITY – JUNE 2016 businessmag.co.uk
10
Savills Reading goes from
strength to strength
Since its inception in Spring 2013, Savills Woodley from Bewley
Homes and Cumber Place
Reading has firmly established itself in the and Theale from Beechcroft
Thames Valley business community and Developments. Penny Brooke
has expanded considerably in terms of has also recently joined
the team bringing with her
headcount, client base and expertise writes over 20 years’ experience
Phil Brown, head of Savills Reading of residential sales and
residential development
sales in the Berkshire and
Having been part of the engaging in transactional Buckinghamshire areas.
Reading team since the activity over a range of
outset, I have been delighted property types, including As a measure of the office’s
to see the office grow over development land and office success there have been
the course of the past three agency. Our team operates a number of promotions
years. What began as a team throughout the Thames within the team as well as
of 15, working in partnership Valley and so have a detailed new appointments. Rebecca
with professionals from knowledge of local and McAllister, formerly of Hives Phil Brown
Savills’ offices in Oxford, regional markets. Planning and Smiths Gore,
Henley and Newbury to offer
has been promoted to head of Looking ahead to the coming
property services in the The office has been
planning. Ed Keeling has been months, we are continuing
region, has now grown into a strengthened by the
promoted to director and now to expand. As part of our
multi-discipline team of 32. introduction of a residential
heads up the development worldwide occupier services,
Services on offer range from development sales team
team. Having joined Savills as we have brought in a new
property estate management, in August 2015. Abby
a graduate in 2007, Keeling estates team manager
and property development Malton leads the residential
has spent the best part of Andrew Cox, along with new
to planning advice and development sales team,
his career advising on land employees Jane George,
professional advisory bringing over 15 years’
acquisition and disposals in property manager and Jules
services, with the more experience in the market.
the Thames Valley. Planners Lunness to support the
recent addition of residential Malton held roles at
Claire Cook and Sophie Lucas, 12-strong estates team.
development sales. developers Berkeley Homes
and Willmott Dixon, and sales and Rhiannon Sim from our
worldwide occupier services Steven Roberts also joins
We have already established agent Hamptons International
team have all been promoted as associate in the planning
a track record in the Reading before joining Savills. She
team.
property market both in and her team have marketed to associate with Gareth
providing professional key developments locally Thomas named as senior
I am therefore very much
services to local clients and including The Parklands, planner.
looking forward to Savills’
future in Reading and the
Thames Valley, building on
our current success in order
to reinforce our position as a
key player in the area.
Details: Phil Brown
0118-9520500
pbrown@savills.com
savills.co.uk
Clearwater Court
businessmag.co.uk READING NUMBER 1 CITY – JUNE 201611
Hello Reading
Gateley Plc is a full service national law firm with a passion for
local delivery, promoting the commercial and strategic interests
of companies, individuals and organisations across the UK and
overseas. Offering a partner-led, solutions-driven service, our
teams provide down-to-earth specialist expertise delivered in
a clear and flexible way.
In 2015 we became the UK’s first commercial law firm to
become a publicly-quoted company admitted to trading on the
Christopher Avery
Senior Partner, Thames Valley office AIM market of the London Stock Exchange. Our bold move to go
public embodies the firm’s ethos, which is to think as big as our
clients do. Our strategy is to differentiate ourselves, incentivise our people to retain and attract the
best talent in the industry and become a law-led business services group through diversification.
In May we made our first moves towards establishing a full-service offering from our new
Reading office with the appointment of three partners: Corporate specialist Andrew Peddie,
Corporate Recovery expert Nicola Kirk and Head of Private Client Owen Reynolds. They join
Christopher Avery, Head of our Reading office, in Reading’s premier office building, ‘The Blade’
where we occupy the top floor of the state-of-the-art, 14-floor building.
Christopher Avery commented: “The move to The Blade and the high calibre of personnel we
have already attracted are indicative of Gateley Plc’s future plans for its Thames Valley office.
These appointments are the first part of our journey in Reading. Discussions are currently
ongoing with other partners as we continue to pursue a full-service offering.”
To find out more, please contact:
Christopher Avery
t: +44 (0) 118 900 0879
e: Christopher.Avery@gateleyplc.com
www.gateleyplc.com
@GateleyPlc /company/gateley-plc
READING NUMBER 1 CITY – JUNE 2016 businessmag.co.uk12
Law firm looks to the future
‘As Reading continues to grow and evolve so do we’
Widely considered to be one of the Thames Valley’s oldest firms, founded in 1733, Reading-
based Blandy & Blandy LLP’s focus is firmly on the future
2015 was a very successful year for the firm, firms in over 50 countries, we have seen a was named a finalist in the ‘enlightened
with the opening of a new second office rise in work for clients based outside of the employer’ category.
at 33 Blagrave Street, the appointment of UK and indeed are also able to refer our
four new partners (pictured) and the firm’s existing clients to like-minded firms around “Nine of our firm’s 19 partners are female –
first female chairman and further growth the world where they have operations and a flagship balance that we are very proud
pushing its headcount towards 100. interests overseas. Later this year we are of and committed to maintaining. And this
delighted to be hosting the LFN’s annual is not a new occurrence or the result of a
Joint managing partner Philip D’Arcy EMEA conference, welcoming guests pre-planned project. For us it’s very much
explained: “As a wealth of recent research representing firms from across Europe.” business as usual; it stems from our culture
has highlighted, both the immediate and and values. For example, when looking
longer-term prospects for Reading are very D’Arcy credits the firm’s culture as a at the firm’s six most recently recruited
exciting. key ingredient in its sustained success, partners, the gender split is exactly 50/50.”
a culture that he describes as “open”
“Reading has one of the most highly and “inclusive” and in support of Blandy Looking to the future Long continued: “I
educated workforces outside of London, & Blandy’s values; namely excellence, am honoured and excited to be the firm’s
represents an almost unrivalled location integrity and approachability. chairman at a time when the firm is poised
and offering for businesses, large and to capitalise further on the investments it
small, and the town and its surrounds Another key factor in the firm’s ethos is has made, both in recruiting excellent staff,
provide an excellent place to live and work. a forward thinking approach to gender and in our premises and infrastructure. We
equality, an issue that continues to are looking forward to continuing to serve
“As Reading continues to grow and evolve challenge many employers, including large our clients to the same high standards of
so do we. We have recently welcomed new law firms. excellence and I am looking forward to
partners with experience in areas including leading the firm into the future.”
inward investment, working with clients Brenda Long recently became the firm’s
ranging from overseas banks and lenders first female chairman, one of very few blandy.co.uk
to large companies moving into the UK, women to hold a similar role in the region
and intellectual property, working with and indeed nationally.
hi-tech developers and innovators and
on a number of high-profile matters. In She commented: “Blandy & Blandy is proud
addition, several colleagues will soon be of its longstanding history of nurturing
visiting Singapore in relation to a number and supporting the careers of female
of ongoing projects, as our work continues colleagues and in my opinion is among
to take us far beyond the Thames Valley. those firms leading the way on this, both
in the region and beyond. Last year I was
“As active members of the international delighted to attend the Women in Business
Law Firm Network, an association of law Awards evening, where Blandy & Blandy
Blandy & Blandy’s
newest partners, John
Dingle, Joanne Frears,
Jonathan Williamson
and Claire Dyer
businessmag.co.uk READING NUMBER 1 CITY – JUNE 201613
Your technology specialist legal
partner in the Thames Valley
Based in Apex Plaza, the Reading office of top 50 law firm BGF investment in
Penningtons Manches continues to expand. Led by a team of eight Adestra
partners, the office has strong corporate, data protection and
We acted for the Business
IT, intellectual property, commercial, banking and employment Growth Fund (BGF) on its
practices as well as highly-regarded family and charities teams investment into IT solutions
business Adestra. A team
With 110 partners and over 600 and institutional investors compliance work for the planned of three Reading-based
staff, Penningtons Manches has specialising in the sector. revamp of data protection laws; corporate lawyers led
established itself as a key player and the development of best by partner Rob Hayes,
in the local business community The team acted for the Business practice contracting under the supported by specialist tax,
since setting up the Reading Growth Fund on its investment new Consumer Rights Act for employment and IT lawyers,
office in 2008. The office plays into Oxford-based Adestra consumer facing businesses. worked with the local BGF
a pivotal role in the technology and recently for Nexeon on team to complete the
sector, one of the firm’s key its £30 million fundraise from Partner Eugene Wojciechowski transaction in early January.
markets, working closely with a syndicate of institutional leads the Reading employment
the firm’s London, Oxford, investors led by Woodford. Other practice which advises on all
Cambridge and San Francisco clients include institutions such employment-related matters
offices. King’s College, London and including TUPE, redundancy Electric car
Imperial Innovations. and restructuring, severance charging network
As a member of international law deals and a full range of
network, Multilaw, Penningtons The arrival of corporate partner employment disputes, including We acted for
Manches is a truly international Nicola McConville from Blake the representation of employer BluePointLondon (BPL)
practice that regularly co- Morgan has further strengthened clients at tribunal. He also on the implementation
ordinates multi-jurisdictional the corporate team. With co-ordinates immigration and of a scheme to provide a
projects for clients as well as a strong reputation in the pensions law advice for clients. network of charge points
working seamlessly across its Thames Valley for her extensive for electric cars throughout
own seven offices. The Reading experience in the technology Partner Kerry Fretwell heads London. BPL is part of
office can therefore call upon sector, she is a member of the the Reading family team which the Bolloré Group, a
firm’s renewable energy and specialises in advising parties French conglomerate that
the expertise of its UK and
cleantech group. on divorce and separation and provides the installation
international colleagues –
is experienced in negotiating and maintenance of charge
particularly those specialising
Partner Joanne Vengadesan, complex financial settlements point infrastructure in major
in capital markets, pensions and
one of the firm’s key Multilaw between both married and global cities.
funds formation – whenever
contacts and vice-chair of the unmarried parties. Matters often
required.
Data Protection Committee for include complex trusts, company
global technology association structures and international
Strong tech sector iTechLaw heads the IP, IT and elements. The team also advises
credentials commercial practice. mothers and fathers in disputes Sale of Europe’s
about arrangements for children. leading life
Rob Hayes and Justin Starling The Reading team’s expertise sciences staffing
lead the Reading corporate spans technology licensing, Thames Valley partner Alison
team whose work is split data protection, IT and Talbot heads the firm’s multi-
group
between midmarket M&A telecoms service agreements, disciplinary charities team which
We advised the owners
work and venture capital (VC) general commercial contracts advises a wide range of national
of Clinical Professionals/
transactions. The team has and intellectual property. charity and education sector
Pharma Professionals
competed more than 25 VC Current projects include clients on charity structures
Group on its sale
transactions over the past an innovative smart city and restructuring, trustee
to Ireland’s leading
year, acting for both high initiative for BluePointLondon; duties, legacy management and
employment services group,
growth technology businesses data protection audits and litigation.
CPL Resources plc. Clinical
Professionals is Europe’s
leading life sciences staffing
business with more than
200 customers including
some of the world’s largest
pharmaceutical, biotech
and medical technology
companies.
Rob Hayes Joanne Vengadesan Justin Starling Nicola McConville
READING NUMBER 1 CITY – JUNE 2016 businessmag.co.uk14
The rise of Reading
Reading has fast made its way to the forefront of business
activity in the South East. Its proximity to the capital,
ever-improving transport links and flourishing business
community, notably within the technology sector, have
all contributed to its success in recent years, writes Yann
Souillard, managing director of LDC in the south
Since 2000, our team and dedicated office track record of successfully investing in and
here has provided the perfect vantage supporting the growth of Thames Valley-
point to witness the rise of Reading, but based companies from this local base. We
also provide the critical capital investment were also recently awarded Private Equity
to fuel the growth of businesses here. Firm of the Year at the 2016 Thames Valley
Deals Awards for our investment activity in
And now, looking ahead, Reading’s status the region.
as a powerful economic centre is set to
strengthen further with the development Our success as an investor is measured
of the Thames Valley Science Park, which by the value that we can create within
will endorse the region as an innovation a business and transformation we can Success stories like this underline why
hub for the technology sector, not only here deliver. From our office here in Reading Reading remains an important strategic
in the UK, but also in Europe, along with of we supported the growth of Leasedrive focus for us 15 years on.
course the much anticipated completion of over a five-year period, and subsequently
the Crossrail link. reinvested in the business to continue to During that time, LDC has invested over
support its merger with Zenith, to form £500m of equity from our Reading office,
Against this backdrop, success stories what is now the UK’s largest independent and today supports a 10-strong portfolio
of businesses small, medium and large vehicle leasing company. of companies with combined turnover of
abound. £440m and 2,700 employees.
More recently, our Reading team completed
Information management specialist EDM the sale of Property Software Group (PSG) What is clear, is the opportunity to go
Group is a good example of a technology- to Zoopla Property Group plc, the digital further. We are committed to finding more
led business that has scaled successfully media and lead generation platform, for high-quality businesses to back from
and achieved substantial growth with the £75m. After originally backing the £17.8m across the region.
support of the local LDC team in Reading. management buyout of the business in
2013, we supported the development of In fact, we recently announced our pledge
We originally backed the business in PSG’s cloud-based offering, which now to support Britain’s mid-sized businesses
2011 and it has since completed eight accounts for almost 50 % of revenues, and with up to £1.2 billion of equity capital over
acquisitions in the UK and US, with supported the acquisition of its smaller the next three years. Reading and the wider
turnover growing from £23 million to over rival, Jupix in June 2014. This two-pronged region will now be a key focus for us in
£70m. With our support, EDM continues approach resulted in sales growing by 56 % delivering such a significant investment.
to identify further opportunities to extend from £10.2m to £15.9m during our tenure.
its global footprint and spread its offering With a strong population of quality, owner
across new verticals. We have also brought firms in the region to managed companies, investors with the
the public markets - the flotation of ULS capital and expertise to facilitate their
Reading and the wider Thames Valley Technology, the leading provider of online growth and a professional community
is a hub for successful businesses with legal services is a good example. After which stands ready to support, Reading
ambition. This is why LDC originally chose working with the management team for has an unmistakable and unmissable
to establish an on-the-ground presence three years, we helped support its revenue opportunity to continue its own success
back in 2000 and has demonstrated a grow five-fold to £16.3m. story.
LDC’s team in Reading was recently voted
Private Equity Firm of the Year at the
Thames Valley Deals Awards.
Details:
Yann Souillard
0118-9580274
ysouillard@ldc.co.uk
ldc.co.uk
businessmag.co.uk READING NUMBER 1 CITY – JUNE 201615
SGPB Hambros is
What the Newbury team of
SGPB Hambros have to say
about Reading
active in Reading
The longstanding heritage of both Hambros Bank in
Britain and Societe Generale in Europe and beyond, has
culminated in a well established and trusted private bank,
which has international backing and a highly personal and
local service
Rebecca Constable, team leader “a
vibrant business community”
Regional presence investments’ into companies which have local
presence, such as Microsoft, Oracle, Verizon,
For the last decade, SGPB Hambros has Vodafone, Mars and Telefonica. Foreign
been developing its regional strategy in the direct investment is attracted to the region
UK, which has enabled the Newbury team to by the global connections via Heathrow and
establish and develop relationships with the its proximity to London, first-class academic
business and professional community in the research centres, globally recognised schools
Thames Valley region as a full-service private and an excellent standard of living. We also
bank advise executives moving to the area and
assist in the journey from house acquisition to
The business community in Reading and the pension provision.
surrounding areas very much mirrors SGPB Jeremy Hill, banker “excellent
Hambros’ culture and approach. We have Investors are also interested in the potential professional and entrepreneurial
all witnessed the extraordinary growth in higher returns offered by Enterprise
people”
Reading over many years, the great variety Investment Scheme (EIS) and Venture
of businesses that have centred their Capital Trust (VCT) investments and it is
organisations here and the depth of expertise interesting to see how many of the underlying
that is needed to support this most vibrant investments chosen by managers such as
of regions. Calculus, Parkwalk and Draper Esprit are
based in the Thames Valley.
The pace of change and expansion in the
Thames Valley has been phenomenal. Our In the current period of very low or negative
challenge is to be equally innovative and interest rates, SGPB Hambros alternatives
entrepreneurial in our approach to clients, team are seeking investments with a
providing the original and creative solutions reliable income stream, such as student
they need. This is demanding but we know accommodation, with Empiric Student
that by having close relationships with Property plc. In Q1 2016, the board of this Daniel Way, banker “constantly
business owners and our fellow professional company announced that the Group had adapting to the changing economic
advisers, we are able to provide the best acquired the freehold of Saxon Court, the climate”
possible advice. Group’s first acquisition in Reading.
A flexible solution for Client service
entrepreneurs
The team is passionate about client service
and acts as a gateway to the specialist
SGPB Hambros operates on both sides of
advisers in London and the Channel Islands,
the balance sheet, often lending in situations
who are keen to visit the region, participate
which require short-term financing for
in the longstanding series of investment
clients’ property and business interests.
breakfasts held at The Forbury Hotel and
Investing their own capital, entrepreneurs
meet its clients as often as possible.
fuel early-stage businesses before private
equity and bank debt become involved. Julie Brine, assistant banker “benefits
For further enquiries see below. from fast connections to London”
The regional economy is exceptionally well
represented and advised where corporate
finance is concerned, with top-tier legal, Details: Rebecca Constable
tax, accounting and corporate finance 0207-5973017
professionals. Connections and relationships
within this space are crucial in sustaining the
rebecca.constable@sghambros.com
outstanding growth of the region. www.privatebanking.
societegenerale.com/hambros
Diversification
SGPB Hambros’ investment views seek to
identify value in large or smaller capitalised
listed businesses, sometimes directing client Nigel McAllen, assistant banker “a
modern and forward thinking town”
READING NUMBER 1 CITY – JUNE 2016 businessmag.co.uk16
Insights: the debt banks, fundamentally both focus on
the quality of earnings generated by a
borrower along with the strength and
market for SMEs
depth of the underlying management
team. They have also developed ways of
working together, which is necessary given
credit funds are unable to provide working
capital or clearing facilities.
Before the financial crisis, most SMEs used their local High Last year, we established a debt advisory
business to help potential borrowers
Street bank for clearing services, working capital facilities navigate the market and find the most
and medium-term debt requirements. In effect, banks were appropriate debt provider for their
one-stop shops dominating the markets they operated in business. We are currently assisting a
range of businesses (privately-owned,
and business customers were very loyal and rarely changed private-equity owned and listed
bank, writes Chris Gow, debt advisory partner of HMT LLP companies) access debt funding between
£2 million and £25m from clearing and
secondary banks, credit funds and asset-
Fast forward to 2016 and it is clear SME Since 2010 we have seen a large number of backed lenders.
banking has changed materially – the credit funds (direct lenders) enter the UK
credit process is more stringent and market. To date, their focus has been on This new offering has been welcomed
raising capital from institutional Investors by new and existing HMT clients who
complex than it was. A positive feature
to lend to mid-market corporates, appreciate:
of the current lending environment is
the increased level of choice available to often supporting private-equity backed
transactions. Most data and commentary • our reputation in the market
SMEs when they consider accessing new
combined with our established
borrowing – in part, this is driven by the suggests credit funds have cornered up
contact base helps bring borrowers
following: to 50% of the acquisition finance market,
and lenders together efficiently;
which replicates a trend seen in the US
• Recovery in appetite – traditional where funds provide debt to SMEs and
• our unique experience and position
clearing banks have recapitalised corporates whilst banks provide ‘safer’
in the SME market enables us to offer
and refocused on asset and income working capital and other banking
impartial advice and guide borrowers
growth, particularly in lower-risk services.
towards their best debt-funding
commercial banking areas; solution;
At HMT, we have observed an increase in
the number of credit funds now exploring • our commercial excellence means we
• Challenger banks – new and
the SME and lower mid-markets, with can source and negotiate the best
revitalised secondary banks have (re)
some now specifically keen to fund deal delivering the optimum balance
entered the SME market and are keen
non-private-equity owned businesses between pricing and commercial
to grow their presence and market
(sponsorless transactions). While banks terms; and
share;
will no doubt protect their customer base,
we expect the number of new market • partner-level resource to project
• Credit funds – alternative and
entrants to grow and therefore choices manage the debt raise, which can be
overseas lenders view the UK lower- available to SMEs to increase further. time consuming on top of the finance
mid market as an attractive place to
team’s day job.
deploy capital and have developed On the supply side, Institutional Investors
significant market shares in certain see the UK as an attractive place to invest, Increased competition coupled with
segments, eg funding MBOs; and particularly compared with other G8/ continued low interest rates makes for
G20 countries, and are keen for credit great news for SMEs. While further choice
• Asset-backed lenders – ABLs are funds to explore lending opportunities in the future is likely, the potential of
enjoying continued success for what here. In addition, we note borrowers are interest rate rises at some point in the
were once seen as last-resort lenders, increasingly content to utilise what are future means the second half of 2016
but whose prominence has grown considered ‘non-traditional’ sources of could be an attractive year for potential
post 2009. capital, so long as it meets their funding borrowers.
needs.
The table below highlights some typical
differences between credit funds and Whilst there are some significant
banks. differences between credit funds and Details:
Chris Gow
cgow@hmtllp.com
Banks Credit Funds
• SME and Mid-Market • Starting to focus on SMEs
• All debt sizes • New entrants focusing17
The changing world of and she warmly invites you to connect with
her or register online if you feel that part-time
recruitment could be of interest.
work READER OFFER
Today, to mark Reading’s position as the
Capability Jane Recruitment running and
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was started nine years ago by tangible return like to offer a 25% discount on its standard
its owner Sara Hill on investment, fee structure to readers of this magazine
in many cases and acquaintances in its professional
for the same network. So perhaps you are a potential
On the back of her own experience
cost as their candidate who would like to work flexibly
Hill identified a gap in the market for a
junior full-time across a portfolio of clients? Or perhaps
recruitment boutique to specialise solely in
equivalent. you are the founder of an SME which is
part time and flexible working for senior level
This is great looking to increase their headcount but
executives.
news for SMEs who doesn’t have the budget or the need
of course Rebecca Eames for a full-time contract? There really is no
Since its inception Capability Jane has
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amassed a talent pool of over 17,000 but similarly
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candidates whose typical profile is that of an Capability Jane has a unique offering
build a first-class team and offer a
exec at manager or C-Level with 10- 15 years for larger corporates. It is finding itself
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of experience. It has become a brand name working with a growing number of blue-
workplace. Contact Eames and quote
that is synonymous with any variation of part chip companies to address the ‘hot topic’ of
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time or flexible working strategies. Its value diversity at board level or to draw on a niche
proposition allows fast-growing companies talent pool for jobs that are proving hard to fill.
to access the strategic and experienced talent
that they need when adding commercial With such a powerful concept and a growing Details: Rebecca Eames
function. Its part-time talent pool is niche, reputation in the changing world of work, the rebeccaeames@capabilityjane.com
largely untapped and often not readily Capability Jane team has gone from strength capabilityjane.com
available on the mass market. to strength. It has recently welcomed Rebecca
Eames as a new regional account manager to
Its recruitment service represents an launch Capability Jane in the Thames Valley.
affordable hire; a part-time manager or You will no doubt see her name crop up at
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READING NUMBER 1 CITY – JUNE 2016 businessmag.co.uk18
Romans continues to invest
Open since 2001, Romans’ flagship Reading The statistics support from the regional directors
the strength of Reading’s to the office administrators,
branch is the agency’s biggest office in its investment market with with one-third of all Romans’
28-strong network with a larger team of Rightmove’s data showing employees living in the
that house prices have risen Reading area. This not only
experienced agents than any other location by 13% year on year, and by an supports local recruitment but
and the highest turnover. So what makes incredible 29% since 2013. ensures expert guidance and
Reading such a successful location for the advice on the local market.
growing property Group? Annual value of new Romans’ own dedication and
build sales is £71.3 commitment to its people has
million resulted in it being recognised
If you follow property trends Atlantis Sales & Lettings in for the second time as one
and you’ve kept half an eye on 2015.” It’s no secret that there is not of the best companies to
investable locations, Reading enough new-build activity work for with a 2016 UK Best
will already be on your radar. across the whole of the UK Companies Accreditation.
The demand from buyers, Investment hotspot and Reading is no exception.
tenants and investors is so The appetite for new homes is The Accreditation recognises
high that Romans hasn’t got One in five of Romans’ that the Romans Group
considerable and the significant
just one local branch but five, managed properties are in the has created a workplace
investment in business and
covering Caversham, Lower Reading area demonstrating environment that’s engaging
transport infrastructure,
Earley, Tilehurst, Woodley and its popularity among investors. and uplifting, while offering
such as Green Park Village
of course its flagship branch The industry did have concerns employees all the support they
and Crossrail, is driving this
on Market Place in central that the recent stamp duty need to do a great job and
demand.
Reading. surcharge on property progress.
purchased as a buy-to-let
In the Reading area the value
Reading is an exciting area investment would deter “Our people are our strength,”
of new homes sales was £71.3
for property and with prices investors, however Romans has adds Roberts, “and this is
million in the past year, and on
showing no signs of slowing seen no evidence of this. why we ensure that our work
average, in the past five years
down there is a renewed trust in new-build sales have accounted environments are designed
the market with demand from John Sumner, regional lettings for 6.4% of all property sales to support the needs of our
buyers and investors creating a director at Romans, comments: across the area. employees. The Reading
competitive environment. “Reading is already a highly branch has recently been
commutable town and with Roberts says: “This is a thriving completely transformed
“March was the best ever Crossrail arriving in 2019 the area for developers and the bringing the office in line with
business month for Romans transport links will be vastly popularity from first-time Romans’ familiar, welcoming
Reading; a promising start improved attracting more buyers and investors is evident and modern interior.
to the year,” comments Jon tenants. Large corporate with close to 60% of buyers
Roberts, regional sales director companies have also moved interested in new builds looking
at Romans. into the area, such as Southern What’s next?
for apartments rather than
Electric, Pepsi and Huawei, houses.”
“We recognise the appetite fuelling the buyer and tenant Reading remains the heart
from buyers and tenants numbers. of the Thames Valley and
property is at the forefront
and with a shortage of stock Committed to Reading
“In short, there is an ongoing of much of the economic
available our focus has moved
expansion here. During the
to business acquisitions to demand for rental properties Romans’ passion and
next 12 months Romans is
help us to fulfil the demand, and I cannot see this slowing commitment to the property
sure to see more growth, more
including the purchase of down anytime soon.” market in Reading is evident
acquisitions and more success.
Thanks to the speed of
Romans’ growth there are
more opportunities than ever
for the business to welcome
new members across many of
its divisions.
Details:
Jon Roberts
0118-9538700
readingsales@
romans.co.uk
businessmag.co.uk READING NUMBER 1 CITY – JUNE 2016You can also read
