March 2024 – FBUK

FBUK Announce strategic partnership with Saxton Bampfylde

Posted on March 28, 2024April 18, 2024 by Alan Fitzwater

Family Business UK are delighted to announce a new corporate partnership with executive search and leadership advisory experts Saxton Bampfylde launching today, Thursday 28th March 2024.

FBUK has established partnerships with carefully selected and highly respected organisations, that provide compelling professional services to family businesses.

They are critical allies and supporters of our work with family businesses, to ensure generations to come inherit a more prosperous, inclusive and sustainable future.

And we are delighted to announce the launch of our corporate partnership with Saxton Bampfylde.

For nearly 40 years Saxton Bampfylde has worked in partnership with some of the UK’s leading family businesses, bringing the most talented, innovative and strategic leaders to their clients’ organisations.

As a founder-led business, with second generation family members working in the organisation today, Saxton Bampfylde are uniquely placed to advise businesses that have a distinct and unique structure and culture.

Taking an approach that combines their expertise in different ownership, having transitioned from their original founders to being the UK’s first employee-owned search firm – with complementary sector experience, from consumer & retail, professional & financial services to manufacturing & construction, and every sector in between.

The Saxton team harness decades of experience in supporting family businesses through key points of transition – partnering with businesses on key leadership appointments, succession planning, board reviews, assessment and leadership development.

Kate Ludlow, Managing Partner said: “Saxton Bampfylde are delighted to partner with FBUK. As a privately owned search firm we take a long-term view in our business, and this translates into the way that we work and the relationships we build with clients”.

“Over the past 35 years we have developed a strong track record partnering with family owned businesses; as a result we bring a clear understanding of the challenges and opportunities they face”.

“It’s a fascinating sector, that makes a significant contribution to the UK’s economy. We look forward to working with FBUK members, and hope that we will be able to play a role in ensuring the ongoing success of their businesses and the sector.”

Neil Davy, CEO at FBUK said ““We’re delighted to welcome Saxton Bampfylde as our newest Corporate Partner, and are excited to be working closely with them in the years ahead, to help support family business thrive and prosper, both through the challenging times businesses are facing at the moment, and the longer term.”

Contact the Saxton Bampfylde team today, for further information as to how they can support your family business at: www.Saxbam.com

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FBUK announces strategic partnership with Redgrave

Posted on March 27, 2024March 27, 2024 by Alan Fitzwater

Family Business UK are delighted to announce a new corporate partnership with executive search and leadership advisory experts, Redgrave Search launching today,
Wednesday 27^th March 2024.

Family Business UK has established partnerships with carefully selected and highly respected organisations, that provide compelling professional services to family businesses.

They are critical allies and supporters of our work with family businesses, to ensure generations to come inherit a more prosperous, inclusive, and sustainable future.

And we are delighted to announce the launch of FBUK’s new corporate partnership with Redgrave.

Redgrave, a leading executive search, interim, and leadership advisory firm supporting business owners, families, investors, and leaders, recognise the immense contribution family businesses make to the UK’s economic landscape and beyond.

Redgrave and Family Business UK share a deep understanding of the specific challenges faced by family-owned enterprises, including navigating leadership transitions, strategic decision-making, and ensuring a smooth generational handover.

Redgrave offer a comprehensive range of services tailored to the needs of family businesses, including:

Executive Search and Interim Support
Leadership and Board-level Recruitment
Talent Assessment and Leadership Development
Leadership Transition Planning and Strategic Advisory

Through this partnership, Redgrave will leverage its expertise to provide tailored support for the family business community, including talent acquisition, leadership development, interim support, and governance across generations.

This collaboration signifies a further step in strengthening the support framework for family businesses, helping ensure these businesses flourish for generations to come.

David Angel, Managing Partner at Redgrave said

“Our partnership with FBUK highlights our commitment to empowering family businesses through their unique challenges and opportunities. Driven by a dedication to partnering with family businesses, we advocate for their business with the same passion they have”.

“Whether it’s navigating generational transitions, leadership assessments or supporting family businesses in times of immediate need for talent, Redgrave’s expertise ensures every decision aligns seamlessly with both the family’s vision and the business’s needs”.

Neil Davy, CEO of FBUK added – “We are delighted to welcome Redgrave as our latest Corporate Partner, further enriching our network of leading service providers working to support family businesses in navigating family business governance, family dynamics, and multi-generational change and succession”.

“Redgrave’s approach and track record in helping family business identify and attract leading talent will be invaluable to the growing body of family businesses, who are supported and represented by FBUK.”

Find out more about Family Business UK’s support to the sector, and our carefully selected corporate partners, providing meaningful services to UK family businesses at www.familybusinessuk.org

About Redgrave

Redgrave is a global executive search, interim, and leadership advisory firm with a relentless passion for people.

We help leaders shape the future of businesses by delivering solutions that complement their culture and ambition.

Redgrave connects organisations with exceptional talent to drive their growth and success. The firm offers a range of services, including search, executive assessment, executive interim, and talent consulting. Find out more at https://redgravesearch.com.

Contact the Redgrave team for further information as to how they can help your family business, with executive’s and board search, talent assessment and strategic advisory, at: redgravesearch.com/family-business

Historic London family businesses play host to FBUK Community

Posted on March 8, 2024March 28, 2024 by Alan Fitzwater

The FBUK Non-Family Executive Community were delighted and grateful to be hosted by community members Emma Fox, CEO of Berry Bros. & Rudd and Ben Dalrymple, MD at Lock & Co Hatters this past week.

The evening started with a tour of the two iconic family businesses, neighbours on London’s historic St James’s Street.

At Berry Bros. & Rudd, the group heard the businesses story and history, across multiple generation, sine foundation in 1698 by the Widow Bourne. The building at No3 still houses the weighing apparatus and ledgers of famous figures throughout history upstairs.

Whilst the cavernous cellars downstairs house the family’s private store of wines, old photographs through the generations, historic drinking vessels and a beautiful new entertaining and events space to-boot.

The group then toured Lock & Co Hatters, the oldest hat shop in the world! Founded in 1676, with its stunning, original window-front and beautiful collections of men’s and women’s hats.

As the old London adage would have it – “a gentleman buys his hats at Lock’s, his shoes at Lobbs, his shirts at Harvie and Hudson, and his cheese at Paxton”.

The ‘Tardis-like’ shop houses all stock for the business, 2 floors of displays with spaces for hat-fittings and the workshop upstairs in which every hat is created by hand.
A business of just 31 people, each individual feels part of the family and brings unique skills to the company to continue the legacy of craftsmanship and care.

The Community then continued the evening with a wonderful drinks reception and dinner; with discussions on key challenges and opportunities facing those in the role of “non-family” executive, in a family business.

This discussion, under Chatham House Rule, epitomised the nature of the Community, and indeed all our family business communities, allowing everyone to share knowledge, experiences, and gain advice and support from their peers.

Find out more about FBUK ‘s Member Communities at: www.familybusinessuk.org

“The tour of both businesses was excellent. Dinner was great and Emma facilitated an interesting discussion where everybody was encouraged to share their views on a variety of topics.” – Ryan McKnight, Collinson Grant

Discussing Family & Non-family NED’s in Family Business with Deloitte

Posted on March 7, 2024March 27, 2024 by Alan Fitzwater

Last month we were delighted to be hosted by FBUK Partners Deloitte in Manchester to discuss the important role of Non-Executive Directors (NEDs) as well as some key differences between family and non-family NEDs.

Starting the session by tackling some common preconceptions, the presentation then went on to highlight 3 significant attributes which make NEDs valuable to family business: independence, expertise and representation.

The attendees were asked to question what support their family business needed from a NED and an open and interactive discussion ensued about challenges and opportunities a NED might present.

The non-family NEDs shared their experiences of joining family businesses, how they felt they had added value and how they had navigated the internal family dynamics.

Family NEDs shared stories of success around bringing in outside voices, but also when things hadn’t gone right and some of the causes for that including misaligned expectations.

The group also discussed the role that non-family NEDs can play in supporting the next generation to improve their knowledge and understanding of the business, and in providing a more neutral but supportive place to take questions they may not feel comfortable putting to their senior family members.

FBUK would like to extend their thanks to Deloitte for hosting this session and sharing their presentation.

If you would like to delve deeper into the topic of NEDs or find supporting materials to answer your questions (on hiring or becoming a NED), the FBUK Member Resource Centre has a wealth of materials accessible to you, particularly:

Further NED Resources for Members

NED Masterclass 2024

FBUK are also delighted to be holding a one-day, comprehensive NED Masterclass this year; bringing you an in-depth programme to aid and support people involved in family businesses (be they owners, family members, executives or in Board roles) navigate the complexities and nuances of managing, leading and/or owning a family business.

The NED Masterclass programme will include:

Real-life examples and case studies – Getting the right people;
How to position the family business when recruiting and attracting NEDs;
Board composition; assessing skill gaps, differences between family and non-family NEDs;
The role of the NED, onboarding and embedding NEDs for value-add.

Find our more about the Family Business Masterclass programme

Family Business UK response to Spring Budget 2024

Posted on March 6, 2024March 28, 2024 by Alan Fitzwater

Fiona Graham, Chief Advocacy Officer at Family Business UK responding to the Spring Budget said:

“With challenges facing them on multiple fronts, the family business community has been waiting on tenterhooks about what support the Chancellor would offer to help kickstart the economy.

“While there were incremental improvements on full expensing and VAT thresholds, sadly today’s announcement lacked the strong long-term vision for family firms to help them grow and provide more opportunities within the communities in which they operate. With the recent appointment of a new SME Council by the Government, we hope to see continued engagement with the family business community and more policies for long term support in due course.

“On pensions the Chancellor mentioned moving ahead with the Mansion House Reforms.

“In the election year it’s essential that some of existing reforms around defined benefit pension scheme surplus sharing and consolidation keep moving ahead, and don’t come to a halt because of the election.”

Read the 2024 FBUK Budget submission

You can find the full Spring Budget, and accompanying documents, here.

Beyond the Headlines

There were updates to existing policies within the accompanying documents which will be of interest to many family firms, including:

Further details on six Investment Zones in Greater Manchester, Liverpool City Region, North East of England, South Yorkshire, West Midlands and Tees. Find out more here.
Levelling up funding and UK Community Renewal Fund updates. Find out more here.
The Government’s response to changes around Agricultural Property Relief (APR) where land is being put to environmental uses. FBUK has engaged with HM Treasury and HMRC on this issue, and the need to update legislation to ensure family landowners are not penalised for tackling part in environmental schemes, as promoted by other parts of Government policy. You can find the response to the consultation here.
The Chancellor also announced the Government’s intention to regulate the provision of Environmental, Social and Governance (ESG) rating providers. More information here.
HM Treasury and DLUHC published their response to a consultation on Business Rates Avoidance and Evasion

Summary of Announcements

Tax

2p cut to employee National Insurance, from ten percent to eight percent.
Self-employed National Insurance will be cut from eight percent to six percent.
The non-domiciled tax status will be scrapped and replaced with a residency-based system from April 2025, raising £2.7bn in tax revenue a year by 2028/29.
Fuel duty 5p cut will be maintained for a further 12 months.
Alcohol duty freeze extended until 1 February 2025. Abolish the furnished holiday lettings regime.
Abolish stamp duty relief on the purchase of multiple dwellings in one transaction.
Reduce the higher 28 percent rate of Capital Gains Tax on property to 24 percent.
Fuel duty 5p cut will be maintained for a further 12 months.

Business

Planned legislation for full expensing to apply to leased assets.
From April 1, increasing the VAT registration threshold from £85,000 to £90,000.
£200m of funding to extend the Recovery Loan Scheme as it transitions to the Growth Guarantee Scheme.
New powers for The Pensions Regulator and the Financial Conduct Authority to ensure better value from defined contribution (DC) pension schemes.
Introducing new requirements for DC and local government pension funds to disclose publicly their level of international and UK equity investment.
Introduce the British ISA with an additional £5000 tax free allowance for investments in UK equity.
£270m for advanced manufacturing, to be spent on innovative automotive and aerospace R&D projects.
Up to £120m more will be allocated to the Green Industries Growth Accelerator to build supply chains for new technology such as offshore wind and carbon capture.
Extend the energy profit levy, the “Windfall Tax”, to 2029 to raise an additional £1.5bn.
Abolish the energy profit levy if the energy market price falls back to a historic norm for a sustained period.

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