Kreston Reeves advises Falkland Islands-based Fortuna on its acquisition of Holyhead Towing Company Ltd 

Kreston Reeves has advised Fortuna Ltd on its acquisition of Holyhead Towing Company Ltd.

Fortuna Ltd, based in Stanley, is the leading company in the fishing industry in the Falkland Islands with a strong international reputation for wild-caught and sustainably fished seafood.

Holyhead Towing, based on the Isle of Anglesey in North Wales and with strong and historic connections to the Falkland Islands, operates a fleet of 15 modern and versatile vessels used to support energy, marine civil engineering, dredging and renewable energy projects in the Arabian Gulf, Africa, Indian Ocean and throughout Europe.

The Kreston Reeves team was led by Corporate Finance Director Craig Dallender, supported by Partner Tom Wacher, Corporate Tax Senior Manager Mohammed Mujtaba, Corporate Finance Manager Sakshi Gupta, Corporate Finance Assistant Manager Mark Cheung, Private Client Tax Partner Tom Boniface, Corporate Tax Assistant Manager Jieun Shin and VAT Semi Senior Tanraj Bansal.

Overseas tax support was provided by Kreston ITH and Breaking the Mould Accounting Limited. Legal advice was provided by Pinsent Masons.

Craig said: “We are delighted to have assisted the team at Fortuna with this important transaction. The complexities of the deal required input from a range of the experts across the services we offer here at Kreston Reeves; a clear demonstration of our ability to help clients to achieve the best possible outcomes.”

James Wallace, Managing Director, Fortuna Ltd, said: “This is a significant acquisition for Fortuna which builds on our strengths as a company, helps further diversify our business and provides exciting capabilities and opportunities for the Falklands in the future. Holyhead Towing is a strong company that we know well, with a clear plan for growth. We are very excited to be involved in the future of the Company, and I am delighted to welcome them into the Fortuna Group.

“I’d also like to take this opportunity to thank the teams at Pinsent Masons and Kreston Reeves for their invaluable assistance in progressing this acquisition”

James Burns, Managing Director, Holyhead Towing Company Ltd, said: “This is a great step forward for the company, allowing us to chart a course toward an impressive future. Over the coming years, we will focus on strategic investments in our fleet, driven by our commitment to safety, quality, and innovation, all grounded in our extensive experience and deep understanding of our customers’ needs. We extend our gratitude to the board of Fortuna, as well as the crews, management, and customers of HT, for their patience and support throughout this process.”

Looking for a Career in Accountancy?

For those interested in a career in accountancy, Sussex and South East firm Carpenter Box is holding a Trainee Scheme Open Evening in November at their main office in Crescent Road, Worthing.

Accountancy continues to be a very popular career for college leavers and graduates, as evidenced by the increasing number of new trainees recruited each year by Carpenter Box.

Following their popular open evening in February, Carpenter Box is running another informative event on Tuesday 19^th November from 5.30pm. The event is aimed at sixth form and college students who are looking to find out more about starting a career in accountancy or tax in 2025.

At the open evening, one of the Carpenter Box Partners will introduce the firm and provide some information about the different pathways available to become an accountant, tax or business adviser. Attendees can also chat with current trainees to get first-hand insight into their role and experience so far and speak to representatives from ACCA and ICAEW to find out more about the various qualification options. Their HR team will also be on hand to provide some CV and interview tips when applying for a trainee role at Carpenter Box.

For further information on the open evening and to register for a free place visit: https://www.carpenterbox.com/event/open-evening/

www.carpenterbox.com

Carpenter Box Wins Top Tax Team Accolade at Industry Awards

Carpenter Box has been named the Tax Team of the Year at the prestigious 2024 Accounting Excellence Awards. 

The accolade, presented during a red-carpet ceremony hosted by comedian Rob Beckett at London’s iconic Roundhouse, recognised the Sussex and South East firm’s innovative approach to tax services and its commitment to client support.

The Carpenter Box tax team is led by five partners and comprises 35 members of staff across six offices, of which 20 are chartered tax advisers.

In their citation, the award judges described the firm as ‘innovative…with a clearly defined strategy and goals...and a real focus on client care.’ They highlighted Carpenter Box’s successful StarBox initiative, which offers tax-driven support to YouTubers and content creators, as an example of ‘how the firm is responding to wider changes in society’.

“This award is testament to the teamwork that is at the heart of the service we provide to our clients,” said Stuart Noakes, Chairman and Head of Tax Services at Carpenter Box. “We focus unerringly on staff development and training to ensure that every single team member is not only recognised and valued but also equipped with the technical and personal skills they need to deliver high quality service and appropriate professional advice.

“Tax is central to the firm’s wider growth strategy, and this award helps to solidify our growing reputation as the premier tax team in the South East,” said Stuart.

(Receiving the award are l-r: Carpenter Box Partners David Crowter, Nathan Keeley & Robert Lee, Chairman & Head of Tax Services Stuart Noakes, Managing Partner Alan Edwards, Matthew Barnes, Sales Director at Wolters Kluwer & comedian Rob Beckett.)

www.carpenterbox.com

Sussex-based Lightning Fibre launches Full Fibre Broadband Sale 

Lightning Fibre delivers lightning-fast full fibre broadband to Eastbourne, Brighton and Hove, Worthing, Lancing, Hastings and St Leonards, Heathfield, Hellingly and Broad Oak, Hailsham and Polegate. This ‘sale for everyone’ gives a range of price points and speeds for every type of user and budget.

150Mbps 24 month contract, residential customers, was £26 per month plus £48 one off set up fee. NOW £22 per month, free set up and first month FREE.

500Mbps 24 month contract, residential customers, £35 per month, free set up and THREE months FREE.

1Gbps 24 month contract, residential customers, was £39 per month. NOW £29 per month, free set up and first month FREE.

2Gbps 24 month contract, residential customers, was £99 per month. NOW £49 per month, free set up and first month FREE. (where available)*

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Additionally, the Lightning Fibre offers a social tariff on a rolling 30 day contract for £15 per month for households in receipt of means-tested benefits, delivering 50Mbps symmetric full fibre to the home.  Plus, until 30^th Nov, anyone over 66 years can also access FullFibre50 for £15 per month fixed for 24 months.

Lightning Fibre operates a Sussex-based customer service call centre, available every day from 8am to 8pm (except on Christmas Day) and has a retail unit in Eastbourne, located in the Enterprise Shopping Centre, open Monday to Friday 9am to 5.30pm.

Rob Reaks, chief commercial officer, commented, "This is the first time we have discounted all 24 month packages, and I am particularly pleased to see the 2Gbps package reduced to half price*. It makes a residential multi-gig package more affordable for busy homes and gamers and we expect it to be very popular this winter. One Touch Switch now makes it easier than ever before to switch providers, and we can typically install new broadband customers within a few weeks of placing an order.”

The company offers a fixed price for 24 months, although 12 month and rolling contracts are available. 12 and 1 month rolling contracts are not part of the Winter Sale. Unlike many mainstream ISPs, Lightning Fibre does not increase prices during a minimum service period, which means these sale prices can be locked in for a full two years. The sale ends 31st December.

Lightning Fibre is working with Global Radio, Bauer Media, More Radio and Gaydio to deliver radio campaigns across East and West Sussex and Kent, and is running TV and VOD campaigns on Sky TV, Channels Four and Five and ITV.

Lightning Fibre is the UK's best consumer ISP (<50k customers) - Internet Service Providers' Association Awards 2023, and also a finalist for the Best Consumer ISP (<100k customers) category in 2024, the winner will be revealed on 21^st November.

www.LightningFibre.co.uk

01323 380260

_{*2Gbps package is not available in Brighton & Hove, or Worthing at this time.} 

Tony Hedger, President of Worthing & Adur Chamber shares his thoughts on the recent Autumn Budget

The dust is settling on the 2024 Autumn Budget and the reaction from the small business sector has been interesting. Bust or boost? And how are firms going to finance operations and investment into 2025 and beyond?

Budget 2024: bad, good, somewhere in between?

The build-up to the Budget featured plenty of doom-mongering, and there were some tough measures for businesses, but at the same time, there were positives, not least a widespread focus on increasing investment. So, really, a mixed bag.

The rise to employers’ national insurance and the increase in the National Living Wage were the bad points for small businesses, both of which sparked some significant knee-jerk reactions involving claims of layoffs, redundancies and closures.

Heaping more pressure on cash flow and profit margins is the last thing small businesses wanted from the Budget and on the surface these measures do add to the burden. But it is worth pointing out that small businesses have been shielded to some degree from the rise in employers’ national insurance contributions through an increase in the related employment allowance.

There was also some good news with regard to business rates. Although the wide-ranging reform that the small business sector wanted didn’t materialise, retail, hospitality and leisure properties will benefits from lower rates, while the 40% relief framework will stay in place in the short term. Yet another review of the system has been promised by the government.

Aside from business rates, the reaction to the treatment of the corporate tax system has been largely positive, with important investment reliefs remaining in place. The targeting of greater stability has been praised here. Increased investment in workplace training and protection of R&D tax relief has also been welcomed.

Following our recent survey the main area of concern for our members is uncertainty and instability. Only time will tell if this budget has done anything for business confidence or if those business’s still feel uncertain for the future.

One thing we can absolutely reassure businesses of is that we are here to raise the voice of business in Worthing and Adur loud and clear and will continue to do so.

Esteem are looking for a Monitoring and Evaluation Consultant

Esteem is seeking a Monitoring and Evaluation Consultant to work with our youth charity, Esteem to establish a consistent framework for managing and measuring our impact. The ideal candidate will bring an innovative, participatory approach that actively involves young adults in the process, ensuring that the data we collect is not only robust but also reflective of the lived experiences of those we work with. Additionally, this framework will provide the quality of data needed to effectively communicate our impact to funders and stakeholders.

Our Theory of Change:

Our Theory of Change, identifies five key benefits we aim to deliver:

●     Thriving: Supporting young adults to live fulfilling and healthy lives.

●     Coping: Helping young adults build resilience and navigate challenges.

●     Using Initiative: Encouraging proactive behaviours and self-leadership.

●     Feeling Valued: Creating environments where young adults feel recognised and appreciated.

●     Adding Value to Others: Empowering young adults to contribute positively to their communities.

We believe that if we can evidence these benefits it will lead to our long term aims of creative positive cycles of growth, contributing to the wider community and resilience into adulthood.

Research shows that when social and emotional skills are developed, it leads to broader positive outcomes in both personal and community life. Our monitoring and evaluation process will ensure we are effectively capturing and communicating these benefits. We want to highlight areas where we could be doing more, being more effective or missing a vital area of support.

Esteem employs a staff team of 14 and works with over 250 young adults each year offering opportunities such as social activities, mentoring, volunteering and participation opportunities, wellbeing sessions and counselling. The organisation has grown year on year with our annual income rising from  £329,700 in 2021/22 to £497,409 in 2023/24

The brief includes working with Esteem’s staff team and young adults to meet the following key objectives:

1. Establish a Consistent Evaluation Framework:

-      Help us to design a framework that enables us to systematically measure and evaluate the impact of our programs across multiple projects and time periods. This framework should provide consistency in how data is gathered and reported.

-      Ensure the framework is built around our Theory of Change and our five core aims: Thriving, Coping, Using Initiative, Feeling Valued, and Adding Value to Others.

1. Use a Participatory Approach:

-      Work closely with young adults to co-create the evaluation process. This includes involving them in defining the key questions we should be asking to assess progress in each of the five benefit areas.

-      Employ participatory and creative data collection methods alongside our existing quantitative systems that empower young adults to contribute meaningfully. This could include workshops, interviews, storytelling, and arts-based methods that align with the participatory ethos of our charity.

-      Ensure that these methods are replicable and can be applied across future projects to ensure consistency.

1. Diverse & Inclusive Monitoring:

-      Develop a strategy for tracking the demographics and backgrounds of the young adults we engage with, focusing on ethnicity, socio-economic background, gender, and other intersectional factors. This will help us identify who we are reaching and who we are not, ensuring our programs are inclusive and reaching diverse groups.

-      Identify gaps in our reach and propose actionable recommendations on how to better engage underrepresented groups.

-      Take a DE&I approach to M&E and embed in the framework

1. Data Collection & Analysis:

-      In addition to our existing qualitative data (stories, case studies, etc.) and attendance figures, introduce quantitative and mixed-method approaches that provide a more holistic view of our impact.

-      Create tools and templates for staff to use in data collection that are user-friendly, trauma-informed and aligned with the framework, and can be integrated within our youth work offer.

-      Ensure that all data collected can be compared year-on-year and across projects to track long-term progress and trends.

-      Support the production of high-quality impact measurement data that can be used to report back to funders and stakeholders, demonstrating the effectiveness of our work and ensuring continued support. The data should enable us to clearly show how our programs contribute to the personal, social, and emotional development of young adults, as well as broader community benefits.

-      Explore options for ways young adults can benefit from the data that is collected eg. documenting, tracking and acknowledging their journey with Esteem

1. Reporting and Communication:

-      Develop a reporting structure that allows us to communicate our impact clearly to internal stakeholders (young adults and staff), funders, and external audiences. Reports should be clear, concise, and accessible, highlighting key outcomes and impact areas and identify ways to give feedback ongoing.

-      Ensure reports capture not just quantitative outcomes but also the personal, social, and emotional development of the young adults we work with, in line with our long-term goals of fostering Positive Cycles of Growth, Resilience into Adulthood, and Positive Contribution to the Community.

-      Provide funders with compelling evidence of the value of their investment, showing how their support contributes to tangible, positive outcomes for young people.

Current Data Collection:

We have a foundation of data, including:

●     Quotes, stories and case studies that highlight individual experiences.

●     Attendance figures and session reports that show engagement levels.

The consultant will build on this existing data, enhancing our ability to gather rich, participatory insights while ensuring our tools and methods are adaptable for future use.

Esteem is looking for a consultant who has:

●     Proven experience in designing and implementing monitoring and evaluation frameworks, ideally within the youth or charity sectors.

●     Demonstrated experience with participatory and creative data collection methods.

●     Strong understanding of intersectionality and inclusive practices in monitoring and evaluation.

●     Ability to involve young adults in co-creation processes.

●     Strong communication and reporting skills, with experience creating accessible reports for diverse stakeholders.

●     Understanding of the need for charities to produce impact measurement data that meets the needs of funders and demonstrates the value of the work being done.

Please provide a proposal for how you intend to meet the needs of the objectives, along with evidence of your experience, such as a CV to hr@esteem.org.uk. If you are successful you will be required to undertake an interview and enhanced DBS.

200 people benefited from Help to Grow

It’s been over two years since the first cohort of SME (Small and Medium Enterprise) business leaders graduated from the Help to Grow: Management programme at the University and they’ve just celebrated filling their 10^th cohort. The numbers tell of a success story for the programme and the businesses that have grown with them.

Help to Grow is a 90% Government funded 12-week programme for SME business decision makers designed to boost their leadership skills and business performance with them developing a bespoke  Growth action plan for their business.

The programme is proving a success with thousands of businesses throughout the UK being supported with 200 SME business leaders having taken the programme with the University of Brighton so far. These businesses come from all sectors - ranging from construction to a glamping site and from a mobile cocktail bar to a dental practice.

Catherine Robinson, Dean of the School of Business and Law said

“Aligned to the School of Business and Law’s mission Help to Grow cohorts are delivering on the school’s commitment to shape responsible enterprise for a fairer society by supporting local entrepreneurs with tailored further education and distinct executive coaching. When we speak to our graduates, we hear the huge impact that the Help to Grow programme makes to the sustainable growth of their businesses as well as their own personal development.”

Blue Billboard launches 24 D6 and D4 displays across Victoria Place Woking

Blue Billboard, a leading provider of digital out-of-home (DOOH) advertising, is pleased to announce the installation of 24 D6 and D4 advertising screens in key locations throughout Victoria Place shopping centre in Woking. These screens were installed to provide both engaging advertising content from our local and national advertisers, and also to provide way finding and centre information to visitors of the centre.

Blue Billboard partnered with Theravada to deliver the project, which included the design and build of custom wall mounted surrounds and Totems. In addition we chose Theravadahttps://www.bluebillboard.co.uk/as an all in one solution provider to also install and configure a local Wi-Fi network for both the screens and public use.

The new screens are located in high-traffic areas throughout the complex, including by escalators and stairs, adjacent to several busy large retail units, and covering the foodcourt with it’s high density footfall and dwell times.

“We are proud to announce the completion of this installation at Victoria Place” said Justin Howard, Co Founder at Blue Billboard. “This is one of the largest shopping areas in Surrey, located only 30 minutes from London and with an average footfall of 150,000 people a week – we’re confident that our advertisers will get incredible advertising exposure, at Blue Billboards competitive price.”

Blue Billboard would also like to thank the Centre Management team (Simon Cuckow, John-Paul Jackson and Martin Pooley) from Savills for their help, Stewart Pegum from Woking Borough Council and Neil Buckland from Mall Solutions – all who played a key role in enabling this project.

Benefits of the New D6 Advertising Screens

The new advertising screens offer a number of benefits for both advertisers and shoppers. For advertisers, the screens offer the following benefits:

For shoppers, the new screens offer the following benefits:

Conclusion

The installation of the new D6 advertising screens is a significant investment by Blue Billboard in Victoria Place Woking. The screens will provide a more engaging and informative experience for shoppers, and they will give advertisers a new and effective way to reach their target audience.

www.bluebillboard.co.uk

Carpenter Box appoints two senior managers to growing audit team

Sussex and South East accountancy firm Carpenter Box continues to grow from strength to strength, with two new Senior Managers appointed to the firm’s expanding audit team, which now comprises 65 specialists.

Annemarie Fern joins the Worthing office, while Emily Girling will oversee audits run by the Carpenter Box Portsmouth team.

Annemarie brings more than 18 years’ professional experience to her new role, having qualified as ATT (Association of Taxation Technicians) before gaining ICAEW Chartered Accountant status in 2012.

She has specialist audit knowledge covering UK and international groups of companies and occupational pension schemes, and is an acknowledged expert in innovative auditing techniques that enhance both accuracy and efficiency for clients. She will manage a portfolio of clients and act as mentor to a team of 12, as well as advising on technical auditing and financial reporting requirements.    

Emily Girling joins the firm’s fast-growing Portsmouth office, which has doubled its headcount to 20 people in the last year.  She is an ICAEW Chartered Accountant with specialist knowledge of the not-for-profit and education sectors, and will oversee client audits as well as developing her own portfolio of clients in the Hampshire area.

“We are delighted to welcome two experienced audit managers to our growing team,” said Tony Summers, Carpenter Box Partner and Head of Assurance & Advisory. “Annemarie and Emily bring technical knowledge, specialist sector expertise and customer service experience that will add value to current clients while contributing to the wider expansion plans of the firm.” 

(Image shows l-r: Emily Girling and Annemarie Fern)

www.carpenterbox.com

George Square Financial Management Update - This month's three big investment themes

Pain from London

It is possible our new chancellor Rachel Reeves had hoped to stimulate some Churchillian spirit with her bleak description of the problems faced by the UK economy and public finances. In reality, she seems to have just perpetuated gloom. Since the election, consumer confidence has fallen, business investment has slowed, and many have felt they are waiting with something of a sense of foreboding for the budget on 30th October.

It remains to be seen what tax changes this will bring, although the mood music suggests some of the more dramatic moves planned around pensions have been withdrawn after much scrutiny. The big picture, of course, is that Reeves is seeking ways to both close a short-term funding problem and work out how to get long-term investment up to stimulate growth. She must do this within a double-tied straitjacket of firstly her own promises (not to raise the main rates of tax) and secondly the very real threat that too much more borrowing could lead to a re-occurrence of the market turbulence which accompanied Liz Truss’s mini-budget. Investors’ patience with the UK is after all somewhat thin after the events of only two years ago.

However, we should note that whilst it is easy to paint a dramatic narrative about these things, most economic policymaking is about incremental moves which over time add up to real change rather than dramatic events. We believe it is likely she will shift the accounting around enough to find a way to invest more but being mindful of the market reaction will provide enough reassurance to avoid a serious rise in UK borrowing costs. This at least means that whilst the budget could feel like a bleak day, it could be the start of a new, albeit muted, cycle of investment for the UK. And we should remember that the indications are that the global economy continues its recovery so Reeves may yet get some help from the wider world. Improvements will take much time to come through but ultimately, we believe the gloom will lift.

Promises of hope from Beijing

Whilst the UK grapples with the question of whether it can invest at all, in Beijing a different process is underway. Here, after years of tepid growth, President Xi has promised to start a major cycle of government investment in a bid to revive Chinese economic growth back up to its 5% target. This promise elicited a sharp rally in Asian shares over the past month. We believe that an eventual recovery in Asia could be a significant long-term source of returns for portfolios in the years ahead and have made a modest move, particularly in higher-risk portfolios, back into Asian companies. However, as with all changes like these, we move gradually, knowing that there can be false as well as real dawns. Nonetheless, there can be little doubt that Asian shares are cheap compared to historical prices and the rest of the world. A revival here has the potential to be significant in the years ahead for the returns we can deliver.

Thin gruel for the UK

The other major news story, of course, is the upcoming US presidential election which is just less than one month away. The polls are about as close to an exact tie as it is possible to imagine. On the face of it, if this were a game of poker you would probably rather have Kamala Harris’s hand. She has a very small lead in just enough swing states to win. But all of these leads are within the margin of error for polling and her advantage could well be illusory. For investors, the key consideration is really around US debt. The spending plans proposed by Donald Trump and the tax cuts he is adding indicate a significant expansion of US borrowing in the next four years. This could have the effect of raising global borrowing costs and forcing interest rates down faster than expected, but also could lead to a correlated rise in inflation. The United States, though, really is different to every other economy in the world. As the world’s reserve currency and the lender of last resort, US administrations have far more leeway to borrow and invest than the painfully narrow wriggle-room enjoyed by our own leaders in the UK. We believe the US economic recovery can continue under both potential presidents. 

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