blank
Connect with us

Business

Swansea-based accountancy firm handles more than £100m in transactions in 18 months

Published

on

Wales’ largest independent accountancy firm, Bevan Buckland LLP, has advised on a record number of transactions in the last 18 months, worth in total over £100m. 

The deals include a broad range of business sales and purchases, demergers, partial sales, fundraising and refinancing activities. 

Managing Partner Alison Vickers said: “We are pleased to report that we have seen an increase in the number of transactions we have been involved in, boosted by strong activity in Enterprise Investment Scheme funding and a record-breaking number of sales and purchases of online FBA (Fulfilled By Amazon) businesses by our clients. 

“We have also been involved in some sizeable whole business sales and exits.  Advising clients on business growth, fundraising and exit strategies is a core part of what we do and where good accountants can add value to their clients. Of course, this increase in activity isn’t just good news for us, it also illustrates that the economy here in Wales is buoyant and active, despite the challenges of the past 18 months.”

Bevan Buckland LLP expects fundraising and deal activities to continue to grow next year as the various impacts of the pandemic start to roll off.   

Some businesses have performed well over the last 18 months and will be looking to take advantage of their strengthened position.   

The pandemic has also seen significant fundraising activity from businesses in Wales, driven by the availability of CBILS (Coronavirus Business Interruption Loan Scheme) and other loan and grant options that have been open to SMEs. 

Advertisement

While many businesses are now in a strong cash position post-pandemic, those government-backed funding opportunities are disappearing and repayments will start to become due, coupled with expected interest rates rises. So businesses must assess their balance sheets and cash flow and plan accordingly.   

Recent reports from the Development Bank of Wales also show that in some aspects Wales is leading the UK in early-stage funding for new business start-ups and is seeing increasing levels of equity investment, particularly in high growth sectors. Their research showed that 1 in 10 of those high growth start-ups in Wales is based in Swansea, which is a positive indicator for the economic potential of the region. 

Harri Lloyd Davies, Partner, adds: “We expect all these factors to feed into future transaction activity and we are gearing up to support our clients.  We’re particularly proud that we have supported clients to sell or exit their businesses.  Less than 20% of small business owners manage to successfully sell their businesses, and only 5% of those achieve their expected selling price, so if you are planning to sell or exit your business it’s important to have a clear view of your businesses value and a good strategy, which is where having a good accountant helps.”

Tax is an important consideration in every transaction.

Matthew Denney, Tax Partner, says: “The differential between income tax and capital gains tax rates is still significant, despite the reduction to the lifetime allowance in respect of what was called Entrepreneurs’ Relief. It is critical to consider the structure of any deal carefully and to submit the appropriate tax clearances to HMRC.

Advertisement

“With the breadth and complexity of tax legislation increasing, take for example IR35 in the private sector, we are seeing that it is increasingly important to understand your businesses tax profile and compliance processes before your company is subjected to any due diligence.  Everyone expects to take advantage of the 10% tax rate, however, it is rarely that simple.  If you plan to sell your business you should review your tax position and speak with your accountant before the sales process begins.”

Lead image: (l to r) Harri Lloyd Davies, Alison Vickers, Matthew Denney

Advertisement
Click to comment

Leave a Reply

Business

Swansea-based recycling business scoops national award

Published

on

By

Family-run business, Gavin Griffiths Recycling came out top at the Growing Business Awards 2021

This is the second award for the Swansea-based business this year, after the firm found success at the Swansea Bay Business Awards, picking up the Business of the Year 2021 award

The business describes itself as one of the region’s leading recycling, waste management, haulage and aggregate suppliers.

In a very competitive category at an awards ceremony to honour and reward the UK’s most entrepreneurial and high growth business, up against 1,400 other businesses in the category, Gavin Griffiths Recycling came out on top at the Growing Business Awards 2021.  

The firm said they were delighted to be announced B2B Business of the Year 2021 at the ceremony held at the Grosvenor Hotel in London. They described this latest award as further testimony to the hard work and determination that has seen the business accelerate its growth plans since its birth in 2005.

During the last 18 months, the group has opened its second site, a 40-acre inert recycling facility in Carmarthenshire, complimenting its existing mixed recycling facility in Swansea whilst delivering one of its largest and most prestigious contracts working on the Llangennech railway crash land remediation.  

The arrival of new staff, additional machinery, plant and 10 new trucks to support the expansion plans have also seen the continued investment into the business.

The company said that whilst keeping its values as a family business, they have continued their community and social values programme, supporting grassroots sports, individuals, schools, and charities across South and West Wales.

Advertisement

Gavin Griffiths, Group Managing Director commented: “I was very honoured to see us make the final of such a prestigious national award, but when our name was read out as the winner, I was extremely proud of what we have achieved as a team. I would like thank the whole team, as well as every one of our customers, suppliers and stakeholders for supporting us on our journey so far. 

“This recognition is phenomenal, we are so grateful and humbled to have been chosen from so many other amazing throughout the UK. We have some exciting developments on the horizon that will see us pioneer and lead the way in the recycling market. To win two awards in one year, really shows how we have kept our family ethos and worked hard to serve our customers across the whole business.”

Continue Reading

Business

Swansea named the best city in Wales to buy pre-loved presents

Published

on

By

close up shot of a person wrapping a gift box

Sustainable e-tailer Bower Collective’s latest study finds the UK’s top places to buy second-hand gifts this Christmas

As much as £42m worth of Christmas gifts are unwanted (and sent to landfill) each year. To break the taboo around second-hand gifting this festive season, Bower Collective have released a study looking at the number of vintage stores, second-hand shops and vintage and second-hand events per capita across UK towns and cities to find the top places to find pre-loved presents.

Considering all factors, the study found Swansea is the “thrifty-gifting” capital of Wales. Elsewhere in Wales, Wrexham has the most second-hand shops per capita. The Welsh town has 34 second-hand shops per 10,000 people, the most per capita in the UK. Newport has the 4th most second-hand shops per capita, with 38 to offer.

The data for the four major cities can be found below:

LocationOverall rank in WalesNo. of vintage stores (rank per capita)No. of second-hand shops (rank per capita)No. of recent second-hand events (rank per capita)
Swansea1st16th18th47th
Newport2nd30th4th51st
Wrexham3rd49th1st41st
Cardiff4th17th41st44th

The study also researched the search volume of each city for sustainable and second-hand shopping terms like ‘sustainable gifts’, ‘charity shops’ and ‘vintage kilo sale’. Per capita, Cardiff searches the most for relevant terms in Wales. However they also found that searches in Swansea increased by 528% in the past year alone, the biggest one year growth in Wales and the UK overall.

Overall across the UK, Norwich, Worthing, Newcastle and Worcester are the best places to buy a pre-loved present. From looking at Google search trends, the study also found that Brits are searching for ‘sustainable gifts’ 988% more than they were three years ago. Searches for ‘Vintage Kilo Sale’ also rose by 167% and ‘charity shops’ searches went up by 95%.

Norwich, Norfolk featured in the top 10 for all factors, and also ranked top for the most vintage shops per capita, with 28 to choose between. The next best cities to go vintage shopping are Carlisle and Brighton.

Advertisement

The city with the most second-hand events (like vintage kilo sales and table-top sales) is Newcastle-Upon-Tyne. For this festive season, residents of the city have over 30 events to get stuck into. The next places hosting the most second-hand events were Lincoln and Worcester.

The study can also reveal the most ‘thrifty gift’ winners of each UK Nation. Derry in Northern Ireland is the best place to buy pre-loved presents on the Emerald Isle, and considering its smaller size, Derry ranked 4th in the study for the number of vintage shops per capita – with 8 to purchase from. Glasgow is the ‘thrifty gifting’ capital of Scotland, and ranks 5th in the study overall. Glasgow also has the 6th most vintage shops per. capita in the UK – with 44 to explore.

The study was also supplemented with research into the UK’s changing search trends for sustainable and second-hand gift giving. The data found that those in Bath, Edinburgh and Oxford are searching the most for second-hand and sustainable gift giving search terms per capita.

However, since 2020 Swansea has seen the biggest one-year increase in relevant search terms (up by 528%). Milton Keynes (with an increase of 146%) and Woking (with an increase of 134%) were the next cities with the biggest growth of interest in shopping more climate-conciously.

(Lead image: EKATERINA BOLOVTSOVA / Pexels.com)

Advertisement
Continue Reading

Royal Mail

No printer? No problem! Royal Mail will now bring labels and collect your parcel from your door

Published

on

By

The move enables customers without a printer to feel the benefit of Parcel Collect, where posties collect parcels for delivery while carrying out their delivery round.

The plans to deliver pre-printed labels are also aimed at bringing even more convenience to customers who are increasingly time-poor and may not want to leave home to drop off a parcel or wait in queues – especially during the cold winter months. As the festive season approaches, it promises to be one of the most convenient ways to post presents this Christmas.

Under Parcel Collect, customers arrange for their postie to collect their parcel from their doorstep. Customers using the service simply have to book a collection online (https://www.royalmail.com/collection) then signal whether they would like to order a self-adhesive, pre-printed postage label to affix to their parcel*. As part of the service, postmen and postwomen will collect a parcel from the customer’s door or nominated safe place.

Through Parcel Collect, Royal Mail collects from customers at their doorstep as part of our postmen and women’s daily round, which means no additional vehicles on the road resulting in fewer additional emissions and less congestion. With the UK’s largest “Feet on the Street” network of over 85,000 postmen and women, Royal Mail already has the lowest reported CO2e emissions per parcel amongst major UK delivery companies. 

As well as offering even higher levels of convenience, Parcel Collect enables online sellers and online shoppers to mail or return a pre-paid item by post from the comfort of their own home. Parcel Collect is available six days a week and can be booked up to five days in advance and up to midnight the day before. Parcel Collect is currently priced at 60p per item, inclusive of VAT, in addition to postage costs.

Nick Landon, Chief Commercial Officer at Royal Mail, said: “Every day our posties walk past every house in the country at about the same time. People know when their postie is going to deliver and now they can send or return parcels at the same time. If people aren’t going to be in, they can leave their item in a safe place for our postie to collect it and now if they don’t have a printer at home, they can ask their postie to bring the label with them. How convenient is that! As the nights continue to draw in and the weather gets worse, why go out when you can stay safe and warm and leave the hard work to your friendly local postie. And even better, many of our deliveries and collections are carried out by posties who walk their rounds – the greenest way to send and return.”

Advertisement

The nationwide launch of label-less collections follows a trial of the service in four areas of the UK earlier in the year.

Continue Reading

Trending

Copyright © 2021 Swansea Bay News