READ NG NUMBER1readingnumber1city.co.uk/wp-content/uploads/2016/... · 3 CONTENTS READ NG NUMBER CITY 1 TM 4 READING: Making its own headlines 10 Savills Reading goes from strength

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Building for the futureDevelopment and redevelopment

Location, location, locationCrossrail’s role in the ranking

Skills-rich zonePower of people

T H EBusinessM A G A Z I N E

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A supplement of:

Reading Station Area Regeneration

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 @peterbrettllp to find out how your next project could be #poweredbyPBA.

We’re proud to support Reading’s most important development and infrastructure projects

Christchurch Bridge, CavershamThames Tower and Station Hill, Reading

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CONTENTS

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4 READING: Making its own headlines

10Savills Reading goes from strength to strength

11 Hello Reading

12 Law firm looks to the future

13Your technology specialist legal partner in 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

20Reading hits its commercial property prime

22 The opportunity’s in connectivity

23 Reading roars

24A REIT breathing 21st century life into outdated buildings

@TheBusinessMag

READING NUMBER 1 CITY – JUNE 2016businessmag.co.uk

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‘Reading and Bracknell best places to live in UK’ – PwC/Demos ‘Good Growth for Cities Index’

READING: Making its own headlinesReading, a city in all but name, makes news that is essential reading for aspiring business leaders. Why?

‘The UK’s most successful economic city – for the third year running’ – PwC /Demos Good Growth Index

‘A top location for business growth’ – LSH report, UK Vitality Index

‘Most prosperous UK city outside London’ – Barclays survey

‘Fastest-growing conurbation in the country’ – EY report, UK Region and City Economic Forecast

‘A top 25 European Business City of the Future’ – FDI European Future Cities Awards, 2016

‘UK’s No.1 regional technology cluster’ – KPMG Tech Monitor

Consider the headlines:

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 and as a one-stop shop for overseas companies seeking a UK base.

From Reading’s existing showpiece rail station, new hotels, its riverside apartments, world-class university, huge retail choice of The Oracle and Broad Street Mall, plus attractive lifestyle amenities, to the town’s future residential developments at Green Park, Kennet Island, and south of the M4, plus proposed world-class convention centre at Royal Elm

Park, it’s plain that Reading is growing dynamically.

So, this special edition on the town provides an informed insight into Reading now, and through a SWOT analysis, its attributes, progress, opportunities and challenges in maintaining its economic prowess and growth as the number one ‘city’ in the UK.

Thames Tower

But the headlines don’t just feature the town’s business attractions:

Peter Brett Associates (PBA) partner Scott Witchalls, who has worked on strategic planning with Reading Borough Council and developers over the past 15 years, summed it up recently: “If you compare Reading to a lot of the towns and cities we work in, they would give their right hand for some of the things that Reading has already got. It is way above others in terms of what it can already offer, and in what it is planning to achieve.”

Witchalls also resolved the ‘town or city’ question. “It doesn’t really matter, we just view it as a regional hub. It is the biggest and most successful town in the UK, and compared to cities it would be one of the most successful cities as well. Our planning is around scale, characteristics and growth agenda, so our proposals for Reading are city-type initiatives.”

Photograph courtesy of Reading UK CIC

READING NUMBER 1 CITY – JUNE 2016 businessmag.co.uk

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TOPIC STRENGTHS WEAKNESSES OPPORTUNITIES THREATS

Government Key contribution to UK economy of Reading GVA

Cuts in Government funding

Economy Established high-standard business community and workforce

Top 25 European City for Inward Investment

Business-friendly area

Esteemed academic base

Lack of technology innovation Business growth Brexit

Infrastructure Near London/Heathrow

Reading Station upgrade

Crossrail by December 2019

Green Park Station by 2019

GWR electrification

M4 ‘smartway’ plans

Completion of Mass Rapid Transit (MRT) system. (New park-and-ride sites at Winnersh and Mereoak now open)

Integrate transport measures to connect Reading and ease any congestion

Build third Thames bridge for vehicles

Regeneration of neighbouring towns/cities (eg Slough, Bracknell, Maidenhead)

Housing Strong housing demand Need for more residential units

Rising cost of home ownership for incoming talent

Property developments to help satisfy demand

eg *Royal Elm Park

* Station Hill

* M4 SDL

* Green Park Village

Lack of affordable housing

Key workers priced out

Other Thames Valley regional shopping hub

Award-winning Reading Buses operator

Lack of identity

Low tourism

Year of Culture 2016

Reading 2050 vision

Redevelopment of Reading Jail

Strengths: A town that is making the City take notice

Vital for the profitability of UK plc

Cities Outlook 2016, produced by the think-tank Centre for Cities, ranks Reading second in the UK behind London for the economic contribution per worker (GVA), with an average contribution of £70,900 per person. It also ranks Reading 2nd for the number of businesses per capita and top five for average wages, skills and the dynamism of the business community.

Attractive to City, European and International investors ...

At the FDI European Cities of the Future Awards this year, Reading collected six awards, including the Top 25 Overall European Business City of the Future for

foreign direct investment (FDI). These bi-annual awards rank European cities of all sizes against various business criteria to assess the attractiveness of each location for future investment.

Reading-focused dealmaking, often involving FDI or City private-equity funding, is vibrant. Only last month, Mapletree Investments acquired Reading’s 79-hectare Green Park, one of Europe’s leading business parks, from Oxford Properties Group. The £563 million purchase aligns with the Mapletree’s strategy for investment in new growth opportunities that possess strong economic and property fundamentals.

... and small businesses too!

Reading is in the top 10 of the urban hub league table created by Octopus Investments, which ranks UK cities most friendly to High Growth Small Business (HGSB).

“I am doing everything I can to ensure that this culture of enterprise continues to grow and that Reading remains one of the economic powerhouses of the UK” – Rob Wilson, MP for Reading East

Superb connectivity

Current plans are for full Crossrail services on the Great Western corridor to commence in December 2019, with two London-Reading trains in each direction per hour. Reading will appear on London’s

iconic tube/rail maps, formally connecting it to the City and importantly making it more accessible.

If Reading continues on its upward economic growth trend, this enhanced connectivity will be a key element in Reading’s ability to offer a strong economic alternative to London for both domestic and foreign businesses.

Reading’s past reputation as a travel bottleneck is long gone, says Witchalls: “It’s not merited at all because investment in transportation infrastructure has been exponential compared to other towns and cities in the country. We are almost off the scale of connectivity. Reading’s links are fantastic.”

In addition to motorway improvements, travellers from Reading can reach in excess of 500 direct rail stations, plus Reading is part of a trans-European network.

Integrated academia

The University of Reading is a national and international university, but one which is proud of its local ‘town and gown’ connections. The university encompasses a wealth of academic talent, including the renowned Henley Business School, as well as research capabilities, as evidenced by the ambitious plans for Reading’s new science park at Shinfield. Nearby is the European Centre for Medium Range Weather Forecasting.

Continued overleaf ...

The White Building



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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 work on creating a sense of place, provide better opportunities for startups and independents and ensure we celebrate our history and diverse culture by weaving these through both current and new developments.” – Kim Cohen, planning partner, Barton Willmore.

Technology mainstream rather than innovation centre?

Surprisingly, although the greater Reading area (including Bracknell, Theale and Wokingham) is home to over 20% of the south’s most successful private, independent tech companies, Reading does not yet feature within the government supported Tech City UK Cluster Alliance.

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Many Reading tech companies are now mature operators, but tech innovation, R&D, and business startups are very much to the forefront at Reading’s own fast-growing entrepreneurial Thames Valley Tech hub created by Connect TVT at GROW@Green Park.

Disjointed ‘city’ transport

Although external public transport links have received huge funding, sustainable integrated transport plans within Reading are still to be achieved.

While award-winning Reading Buses is a pioneer of services such as real-time

running information, ticketless fares, onboard wifi, sustainable fuels, and 24-hour services, and the ongoing Ready Bike hire scheme successfully began in June 2014, a city-like mass rapid transit system objective remains ‘in progress’.

As Reading Cycling Campaign chairman Adrian Lawson commented In 2014: “They (Reading Borough Council) plan a cycle hire scheme, but what is limiting people in Reading isn’t the availability of a bike but somewhere to ride it.”

Reading has about 40 miles of cycle routes, but many are shared with pedestrians or general traffic, or are not well connected.

Thames Valley Science Park

Forbury PlacePhotograph courtesy of Reading UK CIC



7Opportunities: A ‘city’ with more positives than negatives

Property development is buoyant

“The surge of interest from investors and developers, offers Reading the opportunity for major change and improvement” - Kim Cohen. In 2013, Barton Willmore, Reading UK CIC and the University of Reading began a Reading UK 2050 project to deliver a strategic, long-term vision that will support Reading’s growth and prosperity.

With Kennet Island, Chatham Place and Green Park Village homes under construction, over 600 homes planned for Royal Elm Park, 2,500 for the SDL region, and further mixed-use development planned for both the Station Hill and Reading Gateway sites, Reading is beginning to address its housing shortage.

Recent government initiatives should help further – in his recent Spending Review, George Osborne announced that £2.3 billion would be earmarked for private developers to build 400,000 new homes in England, and the relaxation of Permitted Development Rights make it easier for developers to gain planning permission for changes of use from commercial to residential

Culture is becoming a key priority

Reading’s Year of Culture 2016 will be the most important cultural and creative activity undertaken in the ‘city’ in a generation. The aims of the initiative include uniting existing arts and culture organisations, and making Reading a destination for arts and culture in the UK. Every month this year will see a unique theme, from music, to dance, to food, led by a flagship project with a high-profile name.

As part of Reading’s Year of Culture, a ‘Step into Reading 2050’ bus sparked the public Continued overleaf ...

imagination with ideas on what Reading could be like in 34 years – its futuristic visions of Reading locations designed to transport people into a smart and sustainable future town.

Transport links are being integrated

Network Rail is developing plans to build a 3.8km rail tunnel as part of a new Western Rail Link to Heathrow (WRLtH) to London Heathrow Terminal 5. The proposed rail connection, which could be operational by 2021, will speed up journeys to the UK’s busiest international airport, by allowing passengers to travel to the airport from Reading without going into London Paddington.

Reading Central Station has recently undergone a major renovation, and work is still ongoing to develop its wider transport links. This includes Reading’s biggest cycle parking hub, with space for around 600 bicycles.

The Royal Elm Park development next to the Madjeski Stadium will host a series of new transport measures, such as subsidised local public transport, a new transport hub and shuttle bus services to help relieve matchday congestion.

Threats: A ‘city’ that needs to resolve its growth issues

Central government funding cutbacks

Reading has been quite reliant on funding from central government sources, either directly to Reading Borough Council or via the Thames Valley Berkshire LEP gaining Local Growth Fund support for its Strategic Economic Plan. Private investment has underpinned many Reading developments.

Reading’s highways maintenance budget, for example, has more than halved over the

last two years to just £1.35m for the current 2016/17 year. Initiatives such as the Local Sustainable Transport Fund have also been cut severely.

Since 2005, Reading has had a Business Improvement District (BID) with an agreed levy on local businesses to fund extra services – Reading town centre has been transformed as a result.

While the government’s Business Growth Service was axed in March 2016, the Reading-based Thames Valley Berkshire LEP Business Growth Hub, delivered by VitalSix has continued to operate.

Riverside location carries risks

Reading’s continuing development is constrained by its existing infrastructure and housing stock, which are the legacy of a manufacturing town that has grown exponentially and diversified into services over the past 40 years.

The combination of climate change and Reading’s proximity to the River Thames, has given rise to increased flooding in recent years. Ironically, opening up Reading’s waterways could increase development values quite significantly.

“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 hotspot, with prices rising 16.1% over the previous 12 months to an average of just over £270,000.

Brexit or Bremain?

Reading has traditionally been an attractive place for foreign companies to set up, given its cost-advantages and proximity to London and Heathrow. As such, Reading has benefitted more than other cities from the free movement of trade and workers, so a vote to exit the EU could have more severe ramifications for Reading.

Station HillPhotograph courtesy of Reading UK CIC

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Project Area sq ft Timescale Benefits

Thames Valley Science Park, ShinfieldThe University of Reading is one of the UK’s leading research-intensive universities, and Phase I of Thames Valley Science Park is already established on the University’s main Whiteknights campus

Phase I (completed)*30,000 – Science & Technology Centre*45,000 – Reading Enterprise Centre*75,000 – R&D Centre for Mondelez

Phase II (planning consent granted)*200,000 development on 45 acre green field site

1st Phase II building due by 2017*70,000 –Gateway Building

The park’s ‘Gateway Building’ will provide offices and fitted laboratories for biomed, biotech and health sciences related companies as well as facilities for companies requiring high Internet connectivity, clean rooms or similar specialist requirements

It will also comprise amenity space of a café and meeting area and will be positioned as a centre of innovation for the vibrant Thames Valley enterprise economy

Reading Gateway siteThe site near M4 J11 is identified as a South Reading Strategic Development Site, designated for employment, residential, leisure and small-scale retail

Current consent for 427,000 of distribution warehouses

Site acquired in Oct-14

Kier and Investec are planning a major mixed-use scheme on this site, which previously contained Hewlett-Packard’s offices

Station Hill redevelopment (SH3)From the revitalised rail station on its doorstep, the new buildings at Station Hill will make for an impressive and inviting gateway to Reading centre

*930,000 of highly-flexible office space*150,000 of retail*300 residential units

With nearly 930,000 sq ft of office space, this mixed-use development by Stanhope/Benson Elliott is the largest of its kind in the Thames Valley

A further proposal by Sackville Developments to extend the current SH3 development footprint includes additional flats, shops, “a range of town centre uses”, public realm works and associated infrastructure

Royal Elm ParkThis project involves the transformation of an undeveloped parcel of land into a mixed-use development with Madejski Stadium at its heart, providing more than 1,000 new jobs

Proposed:*World-class convention centre*630 new homes*A new mix of leisure facilities, including an ice rink, restaurants and a large public square

The development will promote this area of Reading and engage the public more with Reading Football Club.In particular, there will be a series of transport measures including subsidised local public transport for supporters, a new transport hub, and shuttle bus services to work in conjunction with the arrival of Crossrail and the opening of the new Green Park station in 2019

Winnersh TriangleAn 85-acre, mature business environment, which offers office and industrial business space for a wide mix of uses, including headquarters buildings, R&D, technical, life sciences and logistics

Two key projects for 2016:*60,000 Grade A office*52,000 office redevelopment

By end 2016 Winnersh Triangle has 1.4 million square feet of built stock with more than 60 diverse companies employing 4,500 people on site

The Park sits in a superb strategic location just five minutes from the motorway network and less than 25 minutes from Heathrow International Airport, and even boasts its own rail station with direct services to Central London and Reading

South of M4 SDLTaylor Wimpey, David Wilson Homes Southern and The University of Reading are working together as the South of M4 SDL Consortium to provide an overall area strategy for development

2,500 new market and affordable homes in: *Shinfield*Spencers Wood *Three Mile Cross

Wokingham Borough has to meet sizeable targets for new housing over the next decade

The Wokingham Core Strategy for the Borough has allocated the south of M4 Strategic Development Location (SDL) area as one of four strategic development sites which will deliver the new homes Wokingham needs up to 2026

Thames TowerOpposite Reading Station, the Thames Tower office refurbishment is currently underway

The new Thames Tower has been redesigned with the addition of three extra storeys.

Completion 2017

Additional Grade A office space

Forbury PlaceThe final office building of three is under construction on this site, walkable from Reading Station

Scottish & Southern Energy (SSE), has recently taken 186,000 across eight floors at No 1 Forbury.

No.2 Forburycompletion in summer 2017

New headquarters offices for SSE. Consolidation of 1,900 regional staff in Reading

Additional Grade A office space

Kenavon Drive site Forbury/Kennet area

Potential reworking of current Homebase and Toys R Us sites with 19-storey block of up to 800 flats.

Local planning screening advice stage

Boost to residential provision, plus commercial, community or retail floorspace, and revitalisation of the Kennet riverside public realm

Reading Jail Currently offered to market for redevelopment bids and proposals.

Opportunity for mixed use and the highlighting of town’s heritage with Reading Abbey and Forbury Gardens on adjoining sites

Reading: Planned and Potential Development Projects


9Conclusion: 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 geographically – why else would Tesco distribution, and recently IKEA, SSE, Bayer and Thales make Reading their new home – but this ‘city’ needs to be seen as going places.

Crossrail, GWR electrification, Green Park station, improved rail links to Heathrow and the M4 smart motorway will be valuable assets for Reading as the Thames Valley’s regional travel, logistics and distribution hub.

Alongside those significant improvements in its external transportation links, Reading needs to improve its internal offering.

“Funding use in relation to Reading’s future growth strategy needs to be really carefully managed, because sustaining more congestion is not the right answer for a future city,” says Witchalls.

“Any further growth needs to be squarely focused around integrated movement by passenger transport, cycling or walking – which is why Mass Rapid Transit has been in the strategic plan for some years now.”

And better use of Reading’s core of technology talent?

“We are making some headway. Reading, for instance, already uses predictive systems for assessing transport trends; systems that could also be rolled out across the healthcare, energy, and education sectors. The potential is huge,” adds Witchalls.

“We have the expertise and foundations to do all of these things, and by promoting the capabilities of the Thames Valley, we could help drive significant investment and deliver the capacity for development and growth. The future is on our doorstep.”

Royal Elm Park

R+Photograph courtesy of Reading UK CIC

Photograph courtesy of Barton Willmore


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Having been part of the Reading team since the outset, I have been delighted to see the office grow over the course of the past three years. What began as a team of 15, working in partnership with professionals from Savills’ offices in Oxford, Henley and Newbury to offer property services in the region, has now grown into a multi-discipline team of 32. Services on offer range from property estate management, and property development to planning advice and professional advisory services, with the more recent addition of residential development sales.

We have already established a track record in the Reading property market both in providing professional services to local clients and

Savills Reading goes from strength to strengthSince its inception in Spring 2013, Savills Reading has firmly established itself in the Thames Valley business community and has expanded considerably in terms of headcount, client base and expertise writes Phil Brown, head of Savills Reading

engaging in transactional activity over a range of property types, including development land and office agency. Our team operates throughout the Thames Valley and so have a detailed knowledge of local and regional markets.

The office has been strengthened by the introduction of a residential development sales team in August 2015. Abby Malton leads the residential development sales team, bringing over 15 years’ experience in the market. Malton held roles at developers Berkeley Homes and Willmott Dixon, and sales agent Hamptons International before joining Savills. She and her team have marketed key developments locally including The Parklands,

Woodley from Bewley Homes and Cumber Place and Theale from Beechcroft Developments. Penny Brooke has also recently joined the team bringing with her over 20 years’ experience of residential sales and residential development sales in the Berkshire and Buckinghamshire areas.

As a measure of the office’s success there have been a number of promotions within the team as well as new appointments. Rebecca McAllister, formerly of Hives Planning and Smiths Gore, has been promoted to head of planning. Ed Keeling has been promoted to director and now heads up the development team. Having joined Savills as a graduate in 2007, Keeling has spent the best part of his career advising on land acquisition and disposals in the Thames Valley. Planners Claire Cook and Sophie Lucas, and Rhiannon Sim from our worldwide occupier services team have all been promoted to associate with Gareth Thomas named as senior planner.

Looking ahead to the coming months, we are continuing to expand. As part of our worldwide occupier services, we have brought in a new estates team manager Andrew Cox, along with new employees Jane George, property manager and Jules Lunness to support the 12-strong estates team. Steven Roberts also joins as associate in the planning team. I am therefore very much 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 [email protected] savills.co.uk

Clearwater Court

Phil Brown


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To find out more, please contact: Christopher Averyt: +44 (0) 118 900 0879 e: [email protected]

@GateleyPlc /company/gateley-plc

Christopher Avery Senior Partner, Thames Valley office

Hello ReadingGateley 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 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.”

GLP3235_Reading_Article_AW3.indd 1 13/05/2016 10:03


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2015 was a very successful year for the firm, with the opening of a new second office at 33 Blagrave Street, the appointment of four new partners (pictured) and the firm’s first female chairman and further growth pushing its headcount towards 100.

Joint managing partner Philip D’Arcy explained: “As a wealth of recent research has highlighted, both the immediate and longer-term prospects for Reading are very exciting.

“Reading has one of the most highly educated workforces outside of London, represents an almost unrivalled location and offering for businesses, large and small, and the town and its surrounds provide an excellent place to live and work.

“As Reading continues to grow and evolve so do we. We have recently welcomed new partners with experience in areas including inward investment, working with clients ranging from overseas banks and lenders to large companies moving into the UK, and intellectual property, working with hi-tech developers and innovators and on a number of high-profile matters. In addition, several colleagues will soon be visiting Singapore in relation to a number of ongoing projects, as our work continues to take us far beyond the Thames Valley.

“As active members of the international Law Firm Network, an association of law

Law firm looks to the future‘As Reading continues to grow and evolve so do we’

Blandy & Blandy’s newest partners, John Dingle, Joanne Frears, Jonathan Williamson

and Claire Dyer

firms in over 50 countries, we have seen a rise in work for clients based outside of the UK and indeed are also able to refer our existing clients to like-minded firms around the world where they have operations and interests overseas. Later this year we are delighted to be hosting the LFN’s annual EMEA conference, welcoming guests representing firms from across Europe.”

D’Arcy credits the firm’s culture as a key ingredient in its sustained success, a culture that he describes as “open” and “inclusive” and in support of Blandy & Blandy’s values; namely excellence, integrity and approachability.

Another key factor in the firm’s ethos is a forward thinking approach to gender equality, an issue that continues to challenge many employers, including large law firms.

Brenda Long recently became the firm’s first female chairman, one of very few women to hold a similar role in the region and indeed nationally.

She commented: “Blandy & Blandy is proud of its longstanding history of nurturing and supporting the careers of female colleagues and in my opinion is among those firms leading the way on this, both in the region and beyond. Last year I was delighted to attend the Women in Business Awards evening, where Blandy & Blandy

was named a finalist in the ‘enlightened employer’ category.

“Nine of our firm’s 19 partners are female – a flagship balance that we are very proud of and committed to maintaining. And this is not a new occurrence or the result of a pre-planned project. For us it’s very much business as usual; it stems from our culture and values. For example, when looking at the firm’s six most recently recruited partners, the gender split is exactly 50/50.”

Looking to the future Long continued: “I am honoured and excited to be the firm’s chairman at a time when the firm is poised to capitalise further on the investments it has made, both in recruiting excellent staff, and in our premises and infrastructure. We are looking forward to continuing to serve our clients to the same high standards of excellence and I am looking forward to leading the firm into the future.”

blandy.co.uk

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


13Your technology specialist legal partner in the Thames ValleyBased in Apex Plaza, the Reading office of top 50 law firm Penningtons Manches continues to expand. Led by a team of eight partners, the office has strong corporate, data protection and IT, intellectual property, commercial, banking and employment practices as well as highly-regarded family and charities teams

With 110 partners and over 600 staff, Penningtons Manches has established itself as a key player in the local business community since setting up the Reading office in 2008. The office plays a pivotal role in the technology sector, one of the firm’s key markets, working closely with the firm’s London, Oxford, Cambridge and San Francisco offices.

As a member of international law network, Multilaw, Penningtons Manches is a truly international practice that regularly co-ordinates multi-jurisdictional projects for clients as well as working seamlessly across its own seven offices. The Reading office can therefore call upon the expertise of its UK and international colleagues – particularly those specialising in capital markets, pensions and funds formation – whenever required.

Strong tech sector credentials

Rob Hayes and Justin Starling lead the Reading corporate team whose work is split between midmarket M&A work and venture capital (VC) transactions. The team has competed more than 25 VC transactions over the past year, acting for both high growth technology businesses

BGF investment in Adestra

We acted for the Business Growth Fund (BGF) on its investment into IT solutions business Adestra. A team of three Reading-based corporate lawyers led by partner Rob Hayes, supported by specialist tax, employment and IT lawyers, worked with the local BGF team to complete the transaction in early January.

Sale of Europe’s leading life sciences staffing group

We advised the owners of Clinical Professionals/Pharma Professionals Group on its sale to Ireland’s leading employment services group, 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.

Electric car charging network

We acted for BluePointLondon (BPL) on the implementation of a scheme to provide a network of charge points for electric cars throughout London. BPL is part of the Bolloré Group, a French conglomerate that provides the installation and maintenance of charge point infrastructure in major global cities.

Joanne VengadesanRob Hayes Justin Starling Nicola McConville

and institutional investors specialising in the sector.

The team acted for the Business Growth Fund on its investment into Oxford-based Adestra and recently for Nexeon on its £30 million fundraise from a syndicate of institutional investors led by Woodford. Other clients include institutions such King’s College, London and Imperial Innovations.

The arrival of corporate partner Nicola McConville from Blake Morgan has further strengthened the corporate team. With a strong reputation in the Thames Valley for her extensive experience in the technology sector, she is a member of the firm’s renewable energy and cleantech group.

Partner Joanne Vengadesan, one of the firm’s key Multilaw contacts and vice-chair of the Data Protection Committee for global technology association iTechLaw heads the IP, IT and commercial practice.

The Reading team’s expertise spans technology licensing, data protection, IT and telecoms service agreements, general commercial contracts and intellectual property. Current projects include an innovative smart city initiative for BluePointLondon; data protection audits and

compliance work for the planned revamp of data protection laws; and the development of best practice contracting under the new Consumer Rights Act for consumer facing businesses.

Partner Eugene Wojciechowski leads the Reading employment practice which advises on all employment-related matters including TUPE, redundancy and restructuring, severance deals and a full range of employment disputes, including the representation of employer clients at tribunal. He also co-ordinates immigration and pensions law advice for clients.

Partner Kerry Fretwell heads the Reading family team which specialises in advising parties on divorce and separation and is experienced in negotiating complex financial settlements between both married and unmarried parties. Matters often include complex trusts, company structures and international elements. The team also advises mothers and fathers in disputes about arrangements for children.

Thames Valley partner Alison Talbot heads the firm’s multi-disciplinary charities team which advises a wide range of national charity and education sector clients on charity structures and restructuring, trustee duties, legacy management and litigation.


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Since 2000, our team and dedicated office here has provided the perfect vantage point to witness the rise of Reading, but also provide the critical capital investment to fuel the growth of businesses here.

And now, looking ahead, Reading’s status as a powerful economic centre is set to strengthen further with the development of the Thames Valley Science Park, which will endorse the region as an innovation hub for the technology sector, not only here in the UK, but also in Europe, along with of course the much anticipated completion of the Crossrail link.

Against this backdrop, success stories of businesses small, medium and large abound.

Information management specialist EDM Group is a good example of a technology-led business that has scaled successfully and achieved substantial growth with the support of the local LDC team in Reading.

We originally backed the business in 2011 and it has since completed eight acquisitions in the UK and US, with turnover growing from £23 million to over £70m. With our support, EDM continues to identify further opportunities to extend its global footprint and spread its offering across new verticals.

Reading and the wider Thames Valley is a hub for successful businesses with ambition. This is why LDC originally chose to establish an on-the-ground presence back in 2000 and has demonstrated a

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

The rise of Reading

track record of successfully investing in and supporting the growth of Thames Valley-based companies from this local base. We were also recently awarded Private Equity Firm of the Year at the 2016 Thames Valley Deals Awards for our investment activity in the region.

Our success as an investor is measured by the value that we can create within a business and transformation we can deliver. From our office here in Reading we supported the growth of Leasedrive over a five-year period, and subsequently reinvested in the business to continue to support its merger with Zenith, to form what is now the UK’s largest independent vehicle leasing company.

More recently, our Reading team completed the sale of Property Software Group (PSG) to Zoopla Property Group plc, the digital media and lead generation platform, for £75m. After originally backing the £17.8m management buyout of the business in 2013, we supported the development of PSG’s cloud-based offering, which now accounts for almost 50 % of revenues, and supported the acquisition of its smaller rival, Jupix in June 2014. This two-pronged approach resulted in sales growing by 56 % from £10.2m to £15.9m during our tenure.

We have also brought firms in the region to the public markets - the flotation of ULS Technology, the leading provider of online legal services is a good example. After working with the management team for three years, we helped support its revenue grow five-fold to £16.3m.

Success stories like this underline why Reading remains an important strategic focus for us 15 years on.

During that time, LDC has invested over £500m of equity from our Reading office, and today supports a 10-strong portfolio of companies with combined turnover of £440m and 2,700 employees.

What is clear, is the opportunity to go further. We are committed to finding more high-quality businesses to back from across the region.

In fact, we recently announced our pledge to support Britain’s mid-sized businesses with up to £1.2 billion of equity capital over the next three years. Reading and the wider region will now be a key focus for us in delivering such a significant investment.

With a strong population of quality, owner managed companies, investors with the capital and expertise to facilitate their growth and a professional community which stands ready to support, Reading has an unmistakable and unmissable opportunity to continue its own success story.

LDC’s team in Reading was recently voted Private Equity Firm of the Year at the Thames Valley Deals Awards.

Details:Yann Souillard0118-9580274 [email protected] ldc.co.uk


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Regional presence

For the last decade, SGPB Hambros has been developing its regional strategy in the UK, which has enabled the Newbury team to establish and develop relationships with the business and professional community in the Thames Valley region as a full-service private bank

The business community in Reading and the surrounding areas very much mirrors SGPB Hambros’ culture and approach. We have all witnessed the extraordinary growth in Reading over many years, the great variety of businesses that have centred their organisations here and the depth of expertise that is needed to support this most vibrant of regions.

The pace of change and expansion in the Thames Valley has been phenomenal. Our challenge is to be equally innovative and entrepreneurial in our approach to clients, providing the original and creative solutions they need. This is demanding but we know that by having close relationships with business owners and our fellow professional advisers, we are able to provide the best possible advice.

A flexible solution for entrepreneurs

SGPB Hambros operates on both sides of the balance sheet, often lending in situations which require short-term financing for clients’ property and business interests. Investing their own capital, entrepreneurs fuel early-stage businesses before private equity and bank debt become involved. The regional economy is exceptionally well represented and advised where corporate finance is concerned, with top-tier legal, tax, accounting and corporate finance professionals. Connections and relationships within this space are crucial in sustaining the outstanding growth of the region.

Diversification

SGPB Hambros’ investment views seek to identify value in large or smaller capitalised listed businesses, sometimes directing client

investments’ into companies which have local presence, such as Microsoft, Oracle, Verizon, Vodafone, Mars and Telefonica. Foreign direct investment is attracted to the region by the global connections via Heathrow and its proximity to London, first-class academic research centres, globally recognised schools and an excellent standard of living. We also advise executives moving to the area and assist in the journey from house acquisition to pension provision.

Investors are also interested in the potential higher returns offered by Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) investments and it is interesting to see how many of the underlying investments chosen by managers such as Calculus, Parkwalk and Draper Esprit are based in the Thames Valley.

In the current period of very low or negative interest rates, SGPB Hambros alternatives team are seeking investments with a reliable income stream, such as student accommodation, with Empiric Student Property plc. In Q1 2016, the board of this company announced that the Group had acquired the freehold of Saxon Court, the Group’s first acquisition in Reading.

Client service

The team is passionate about client service and acts as a gateway to the specialist advisers in London and the Channel Islands, who are keen to visit the region, participate in the longstanding series of investment breakfasts held at The Forbury Hotel and meet its clients as often as possible.

For further enquiries see below.

Details: Rebecca Constable 0207-5973017 [email protected]. societegenerale.com/hambros

SGPB Hambros is active in ReadingThe 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”

Jeremy Hill, banker “excellent professional and entrepreneurial people”

Daniel Way, banker “constantly adapting to the changing economic climate”

Julie Brine, assistant banker “benefits from fast connections to London”

Nigel McAllen, assistant banker “a modern and forward thinking town”

What the Newbury team of SGPB Hambros have to say about Reading


16

Fast forward to 2016 and it is clear SME banking has changed materially – the credit process is more stringent and complex than it was. A positive feature of the current lending environment is the increased level of choice available to SMEs when they consider accessing new borrowing – in part, this is driven by the following:

• Recovery in appetite – traditional clearing banks have recapitalised and refocused on asset and income growth, particularly in lower-risk commercial banking areas;

• Challenger banks – new and revitalised secondary banks have (re)entered the SME market and are keen to grow their presence and market share;

• Credit funds – alternative and overseas lenders view the UK lower-mid market as an attractive place to deploy capital and have developed significant market shares in certain segments, eg funding MBOs; and

• Asset-backed lenders – ABLs are enjoying continued success for what were once seen as last-resort lenders, but whose prominence has grown post 2009.

The table below highlights some typical differences between credit funds and banks.

Since 2010 we have seen a large number of credit funds (direct lenders) enter the UK market. To date, their focus has been on raising capital from institutional Investors to lend to mid-market corporates, often supporting private-equity backed transactions. Most data and commentary suggests credit funds have cornered up to 50% of the acquisition finance market, which replicates a trend seen in the US where funds provide debt to SMEs and corporates whilst banks provide ‘safer’ working capital and other banking services.

At HMT, we have observed an increase in the number of credit funds now exploring the SME and lower mid-markets, with some now specifically keen to fund non-private-equity owned businesses (sponsorless transactions). While banks will no doubt protect their customer base, we expect the number of new market entrants to grow and therefore choices available to SMEs to increase further.

On the supply side, Institutional Investors see the UK as an attractive place to invest, particularly compared with other G8/G20 countries, and are keen for credit funds to explore lending opportunities here. In addition, we note borrowers are increasingly content to utilise what are considered ‘non-traditional’ sources of capital, so long as it meets their funding needs.

Whilst there are some significant differences between credit funds and

banks, fundamentally both focus on the quality of earnings generated by a borrower along with the strength and 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.

Last year, we established a debt advisory business to help potential borrowers navigate the market and find the most appropriate debt provider for their business. We are currently assisting a range of businesses (privately-owned, private-equity owned and listed companies) access debt funding between £2 million and £25m from clearing and secondary banks, credit funds and asset-backed lenders.

This new offering has been welcomed by new and existing HMT clients who appreciate:

• our reputation in the market combined with our established contact base helps bring borrowers and lenders together efficiently;

• our unique experience and position in the SME market enables us to offer impartial advice and guide borrowers towards their best debt-funding solution;

• our commercial excellence means we can source and negotiate the best deal delivering the optimum balance between pricing and commercial terms; and

• partner-level resource to project manage the debt raise, which can be time consuming on top of the finance team’s day job.

Increased competition coupled with continued low interest rates makes for great news for SMEs. While further choice in the future is likely, the potential of interest rate rises at some point in the future means the second half of 2016 could be an attractive year for potential borrowers.

Insights: the debt market for SMEsBefore the financial crisis, most SMEs used their local High Street bank for clearing services, working capital facilities and medium-term debt requirements. In effect, banks were one-stop shops dominating the markets they operated in and business customers were very loyal and rarely changed bank, writes Chris Gow, debt advisory partner of HMT LLP

Banks Credit Funds

• SME and Mid-Market• All debt sizes• Debt, working capital & clearing• Support all business types• Sponsor and Sponsorless• Senior only• Capital and Interest across term • Binary credit view irrespective of price• Proven business cycle• Often cheaper than funds• Still relationship led

• Starting to focus on SMEs• New entrants focusing <£10m lends• Debt only• Often focused on growth companies• Increasing interest in sponsorless• Flexible capital across balance sheet• Interest-only during term • Bespoke risk-and-reward methodology• Unproven long-term in the UK• Minimum return hurdles • Can have very granular requirements

Details:Chris [email protected]


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running and demonstrate a tangible return on investment, in many cases for the same cost as their junior full-time equivalent. This is great news for SMEs of course but similarly Capability Jane has a unique offering for larger corporates. It is finding itself working with a growing number of blue-chip companies to address the ‘hot topic’ of diversity at board level or to draw on a niche talent pool for jobs that are proving hard to fill.

With such a powerful concept and a growing reputation in the changing world of work, the Capability Jane team has gone from strength to strength. It has recently welcomed Rebecca Eames as a new regional account manager to launch Capability Jane in the Thames Valley. You will no doubt see her name crop up at various networking events and exhibitions

Jelf Insurance Brokers Ltd (Reg No. 0837227) is part of Jelf Group plc (Reg No. 2975376) and is authorised and regulated by the Financial Conduct Authority (FCA). Registered address: Hillside Court, Bowling Hill, Chipping Sodbury, Bristol BS37 6JX (Registered in England and Wales). Not all products and services offered are regulated by the FCA.

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If you didn’t enter the competition, how on earth did you win it?

JIB098.04.16

On the back of her own experience Hill identified a gap in the market for a recruitment boutique to specialise solely in part time and flexible working for senior level executives.

Since its inception Capability Jane has amassed a talent pool of over 17,000 candidates whose typical profile is that of an exec at manager or C-Level with 10- 15 years of experience. It has become a brand name that is synonymous with any variation of part time or flexible working strategies. Its value proposition allows fast-growing companies to access the strategic and experienced talent that they need when adding commercial function. Its part-time talent pool is niche, largely untapped and often not readily available on the mass market.

Its recruitment service represents an affordable hire; a part-time manager or head of function who can hit the ground

Details: Rebecca [email protected]

Capability Jane Recruitment was started nine years ago by its owner Sara Hill

and she warmly invites you to connect with her or register online if you feel that part-time recruitment could be of interest.

The changing world of work

Rebecca Eames

READER OFFER

Today, to mark Reading’s position as the UK’s Number 1 City, Capability Jane would like to offer a 25% discount on its standard fee structure to readers of this magazine and acquaintances in its professional network. So perhaps you are a potential candidate who would like to work flexibly across a portfolio of clients? Or perhaps you are the founder of an SME which is looking to increase their headcount but who doesn’t have the budget or the need for a full-time contract? There really is no better time to explore how consideration of flexible working could help you to build a first-class team and offer a salient advantage in today’s competitive workplace. Contact Eames and quote ‘reader offer’


18

If you follow property trends and you’ve kept half an eye on investable locations, Reading will already be on your radar. The demand from buyers, tenants and investors is so high that Romans hasn’t got just one local branch but five, covering Caversham, Lower Earley, Tilehurst, Woodley and of course its flagship branch on Market Place in central Reading.

Reading is an exciting area for property and with prices showing no signs of slowing down there is a renewed trust in the market with demand from buyers and investors creating a competitive environment.

“March was the best ever business month for Romans Reading; a promising start to the year,” comments Jon Roberts, regional sales director at Romans.

“We recognise the appetite from buyers and tenants and with a shortage of stock available our focus has moved to business acquisitions to help us to fulfil the demand, including the purchase of

Romans continues to investOpen since 2001, Romans’ flagship Reading branch is the agency’s biggest office in its 28-strong network with a larger team of experienced agents than any other location and the highest turnover. So what makes Reading such a successful location for the growing property Group?

Atlantis Sales & Lettings in 2015.”

Investment hotspot

One in five of Romans’ managed properties are in the Reading area demonstrating its popularity among investors. The industry did have concerns that the recent stamp duty surcharge on property purchased as a buy-to-let investment would deter investors, however Romans has seen no evidence of this.

John Sumner, regional lettings director at Romans, comments: “Reading is already a highly commutable town and with Crossrail arriving in 2019 the transport links will be vastly improved attracting more tenants. Large corporate companies have also moved into the area, such as Southern Electric, Pepsi and Huawei, fuelling the buyer and tenant numbers.

“In short, there is an ongoing demand for rental properties and I cannot see this slowing down anytime soon.”

The statistics support the strength of Reading’s investment market with Rightmove’s data showing that house prices have risen by 13% year on year, and by an incredible 29% since 2013.

Annual value of new build sales is £71.3 million

It’s no secret that there is not enough new-build activity across the whole of the UK and Reading is no exception. The appetite for new homes is considerable and the significant investment in business and transport infrastructure, such as Green Park Village and Crossrail, is driving this demand.

In the Reading area the value of new homes sales was £71.3 million in the past year, and on average, in the past five years new-build sales have accounted for 6.4% of all property sales across the area.

Roberts says: “This is a thriving area for developers and the popularity from first-time buyers and investors is evident with close to 60% of buyers interested in new builds looking for apartments rather than houses.”

Committed to Reading

Romans’ passion and commitment to the property market in Reading is evident

from the regional directors to the office administrators, with one-third of all Romans’ employees living in the Reading area. This not only supports local recruitment but ensures expert guidance and advice on the local market.

Romans’ own dedication and commitment to its people has resulted in it being recognised for the second time as one of the best companies to work for with a 2016 UK Best Companies Accreditation.

The Accreditation recognises that the Romans Group has created a workplace environment that’s engaging and uplifting, while offering employees all the support they need to do a great job and progress.

“Our people are our strength,” adds Roberts, “and this is why we ensure that our work environments are designed to support the needs of our employees. The Reading branch has recently been completely transformed bringing the office in line with Romans’ familiar, welcoming and modern interior.

What’s next?

Reading remains the heart of the Thames Valley and property is at the forefront of much of the economic expansion here. During the next 12 months Romans is sure to see more growth, more 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 Roberts0118-9538700readingsales@ romans.co.uk

PROPERTYPERFORMANCE

Giles Blagden 0118 959 [email protected]

www.hicksbaker.co.uk

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Our integrated service aims todeliver superior performance fromthe commercial property portfoliofor our clients through a range ofservices. We help to reduceoverheads and improve capitaland rental value on their behalfthrough a greater clarity ofunderstanding, market insightand decisive action.

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The firm’s 50-strong ‘award-winning’ team is based at Thames Valley Business Park. It lives, works and plays in the heartland of the Reading community and so offers real depth and breadth of local property knowledge. Some of the key benefits of the region include:

Lifestyle

Reading has a fantastic skilled labour pool, cost-effective accommodation, and enjoys an unrivalled transport infrastructure. Allied to the ‘lifestyle’ choice available to staff with healthy river walks and lush green surroundings, Reading is a great base for all occupiers. The Crossrail project will make Reading an even more appealing option for London commuters than it already is – with quick access to the capital and far more affordable housing, it’s a huge ‘win win’ for the area.

Offices

Pre-letting office stock has been limited to the immediate town centre. Out of town there has been a lot of ‘back-to-frame’ refurbishment rather than ‘new build’ but there are signs that this is changing led by PATRIZIA UK’s £27 million, 61,780 sq ft new build Grade A office development at 1030 Winnersh Triangle.

The Forbury View letting of 185,000 sq ft to SSE was a strong marker for the strength of Reading’s town-centre offer. Alongside Winnersh Triangle, other out-of-town business parks also continue to thrive, with recent letting activity at both Green Park (Bayer taking 110,000 sq ft and Thales 80,000 sq ft) getting the office market off to a strong start in 2016 – building on last year’s success with PepsiCo.

Reading hits its commercial property primeReading has reached new heights as it continues to promise strong commercial property opportunities for landlords and occupiers. With over 25 years of experience in the Reading market, commercial property expert Vail Williams is well placed to help drive such opportunity forward

Strategic land development

It is this valuable local presence and knowledge, combined with its significant planning expertise, that enables Vail Williams to help landowners campaign for and move forward with strategic land sites over the lifecycle of Reading Borough Council’s local plan. Jane Terry, planning associate at Vail Williams, commented: “We have helped a number of landowners increase the value of their strategic land holdings through redevelopment, change of use or lobbying for allocation within the local plan.”

Rents and rating

Despite rent levels in Reading increasing significantly in recent months (£37.50 per sq ft headline for new Grade A offices) with expectations that these may push to £40 per sq ft, they still remain much better value than in London. When compared to £60 per sq ft in Paddington, or Mayfair’s eye-watering £120 per sq ft, Reading is certainly an attractive prospect in terms of value for money – even more so following the £500 million recent upgrade at Reading station, and with the impending delivery of Crossrail services allied to easy access to Heathrow.

Both Vail Williams’ lease advisory and ratings divisions are seeing the impact of the rent rises. David Barden, associate in the lease advisory team, states: “We work closely with landlords to consider the opportunity to push rents on at review. We also act for a number of occupiers looking to protect their position who have benefited from structured professional advice.”

With the approaching rating revaluation in 2017, Vail Williams strengthened its rating expertise in the Thames Valley and across the country with the strategic acquisition of specialist rating consultancy Bissett Moffatt Hill in early 2016.

Stephen Hill, rating partner at Vail Williams commented: ”With resurgent rental growth across the office sector, plus strong growth in the industrial sector in 2015, Reading is a key area to keep an eye on ahead of the rating revaluation in 2017. Our in-house team of experts is perfectly placed to help clients appeal their business rates position.”

New developments

A number of large development projects are ongoing around Reading, including the Royal Elm Park proposals for a potentially transformative residential, leisure and convention centre development at the Madejski stadium. The site will be more accessible than London’s ExCel and is heralded as a game-changer for Reading. With other projects such as the University of Reading’s science park in the offing, the future looks very bright for further strong inward investment in Reading.

Team changes

Details:vailwilliams.com0118-9097400

David Thomas is set to become the new regional managing partner for the Thames Valley region, taking effect from June 2016. He will be heading up a growing team of over 50 specialist surveyors, consultants and project administrators – all still smiling from their recent win in the Client Service category of the Thames Valley Property Awards.

Based in Reading for over eight decades, we can quite confi dently say that we know the town inside out...we’ve helped shape the built environment that surrounds us today and mould many plans for Reading’s future growth and success.

Find out more about our work in the Thames Valley area, and the Reading 2050 initiative at www.bartonwillmore.co.uk


22

David Crichton-Miller is head of Oxford Innovation, an organisation dedicated to supporting entrepreneurs and SMEs, through a combination of activities. These include operating innovation centres dedicated to the needs of startups and small businesses, and through the provision of coaching, advice, and other support services.

“Reading is enjoying very high growth and is on its way to becoming a very successful city, one which we’re very committed to supporting and contributing to during its development,” he said.

“Like a number of places however, Reading has developed and been slightly defined by London and the new challenge is for its economy to evolve and develop its own personality and identity. Reading is an exciting place to be. It now needs to become even more exciting by emerging from London’s shadow and establish its own economic gravitational force, building on strengths, increasing its power as a cluster of capabilities and developing its support services.

“Businesses that operate in Reading and the Thames Valley need to feel they are as well connected, and can offer the same level of service to their customers, as they would if they were in London.”

Crichton-Miller says Reading’s hard connectivity – its roads, rail and infrastructure – already provide excellent benefits but its soft connectivity needs to improve. By that he means making sure there are clear pathways for businesses to discover the information they need to grow and develop for future growth.

“Businesses need to know where to find each other; meet similar organisations with whom to collaborate, and there needs to be more informal networks where people can turn for advice, market insight and help with business development. Reading doesn’t yet have that soft connectivity which is so important, and that’s what we all need to work on together,” he said.

Providing such opportunities is one of the things that Oxford Innovation does best. It was founded in 1987 by Sir Martin Wood, co-founder of Oxford Instruments plc, in order to support innovative growing companies and to promote enterprise.

With a team of over 100 employees – including 50 expert, high-growth business coaches – Oxford Innovation supports businesses across the south of England with coaching support, ranging from innovation expertise to understanding challenges to growth, accessing finance or finding European partners. Additionally, Oxford Innovation manages the Thames Valley Investment Network, which has brought hundreds of companies seeking finance and support to the attention of local angel investors.

Crichton-Miller says the team is keen to operate an innovation centre in Reading, similar to one it operates in Bracknell.

“The majority of UK economic growth comes and will come from innovative small business and entrepreneurs. Small businesses are vital for Reading and the Thames Valley and we very much want to be part of the community which supports them, helps them to succeed and encourages others to start,” continued Crichton-Miller.

As Reading goes full steam ahead for growth, the CEO of one major business support organisation says it must develop its own vibrant personality to set it apart on the business stage and it can do so through working on its ‘soft connectivity’

The opportunity’s in connectivity

“Reading is an incredibly vibrant city with an economy significantly built around technology and digital expertise, a great university, a strong reputation for computer sciences and technical capability.

“Reading has some great names and innovators and, as these surveys demonstrate, it has a bright future.

“The question for us all is: what can we do to augment and accelerate Reading’s development of its own clusters of expertise? One solution is connecting its entrepreneurs, encouraging startups and aiding connection of larger and smaller businesses with the university and wider economy so the strengths and personality of the economy can shine through.”

He is very supportive of the work of the Thames Valley Berkshire Local Enterprise Partnership (LEP) and says it can play the crucial role of bringing together the business community with local authority support, other public bodies and the university.

“We are one of the most fervent supporters of the policies and programmes that generate benefit for the wider economic community and there is much to feel hugely optimistic about in Reading,” he concluded. “By coordinating public sector funding and the business community and focusing on attracting and keeping innovative companies, we can ensure that Reading is successful in its own way.”

Over the past 20 years, Oxford Innovation has delivered some £50 million worth of business support programmes, provided bespoke one to one coaching to over 6,000 businesses and facilitated over 350 events on key topics, such as strategy and planning, and sales and marketing.

It has raised over £50m directly through its angel investment network, which in turn has been further leveraged to raise almost £100m. In doing so, it has supported over 500 companies to commercialise their innovations and create or safeguarded over 9,000 jobs.

Details:David Crichton-Milleroxfordinnovationservices.co.uk

David Crichton-Miller

Is it just me or has London shifted 20 miles to the West? It certainly feels like it if you’ve been to Reading recently. No longer just the capital of the Thames Valley, Reading has a legitimate claim to be

Cast your eyes skywards and chances are you’ll see a crane either in the process of demolishing a 1960’s eyesore or constructing an impressive new landmark apartment block. Some development is speculative but most is not: there is real demand from investors, owner occupiers and tenants. These developments are on the back of recent infrastructure projects such as the massive £850m transformation the mainline Station, huge upgrades to junction 11 of the M4, and the arrival of Crossrail from 2019. Individually these are large projects

property prices with Crossrail alone expected to add an incremental 74% to property prices between 2014 and 2021. Is it a false dawn? Far from it, Reading has always been the powerhouse of the Thames Valley and has evolved from reliance on the traditional industries of beer, bulbs, and biscuits, to the likes of IT, telecoms,

by the fact that it is one of the best connected areas in Europe. Its’ historic unfashionable image is changing as quickly as its’ development landscape and consequently new build apartments have

Reading roarsReading’s residential property market is one of the fastest growing in The UK. Mike Shearn investigates if this performance is set to continue.

#1 outside of London

most prosperous places to live in the UK (August 2015): 1. London2. READING3. Cambridge4. Birmingham5. Bristol

there’s a lot for Reading’s ever increasing population of 150,000 people to feel good about.

Crossrail alone expected to add an incremental 74% to property prices between 2014 and 2021.

increased in value by 17.4% year to date and it is consistently in the top 5 places to invest in the UK. So there’s a lot for Reading’s ever increasing population of 150,000 people to feel good about and there’s certainly no complacency on the part of Reading’s progressive Council that continues to look for big and fresh ideas. This coupled with a skilled workforce, stable local economy, high employment, and better connectivity than most other major towns and cities in Europe means that property prices are set to continue to rise for the foreseeable future.

Little London

of commuters coming into Reading, its’ proximity to London

(30 minutes by frequent and direct trains) and Heathrow, means that it is increasingly becoming a London satellite: o�ering more value and choice.

Crossrail: a platform for growthProperty values within 1km of

Crossrail stations will increase by at least 74% between 2014 and

2021 (source: Network Rail)

Flying to HeathrowThe proposed £500m rail link to Heathrow will reduce journey times to just 28 minutes AND

add an estimated £2 billion to the Thames Valley economy.

Transport central Reading is designated a key transport hub for the South East.

£850 million has transformed the mainline station (the UK’s 2nd

busiest interchange), whilst £65 million has seen major improvements to connections onto the M4.

Attracting and connecting businessSME, UK corporates, and Global businesses locate to Reading.

It’s highly skilled workforce has attracted the likes of Microsoft, ING Direct, Huawei, Symantec, Quintiles, and Verizon, whilst Green Park’s new Innovation Centre is attracting start-ups.

In a nutshell...Why Reading?











Little London
























Little London
























Little London














Haslams Estate Agents159 Friar Street

ReadingRG1 1HE

Tel: 0118 960 1000

transformation of the mainline Station, huge upgrades


24

Available this summer, 9 Greyfriars will be one of Reading’s ‘greenest’ buildings, with EPC A and BREEAM excellent ratings, providing sustainable low energy costs –anticipated energy consumption will be 80% less than a typical UK office.

While providing almost 40,000 sq ft of contemporary office space, the four-storey Grade A premises has features such as a roof terrace and extensive natural light, enhancing occupier health, wellbeing and productivity. It is also a short walk from Reading’s town centre and new rail station.

Formed in 1946 and London Stock Exchange floated in 1959, McKay Securities is a commercial property investment company, with Real Estate Investment Trust (REIT) status, specialising in the development and refurbishment of quality buildings within the proven and resilient markets of south-east England and central London. It currently owns a £400 million portfolio of predominantly offices and distribution/warehouse properties.

As a developer-investor, locations are key to McKay Securities’ long-term strategy. Its properties are chosen for their future income and capital growth potential, and actively managed to maximise a realisable return through refurbishment or redevelopment, then rental letting or sale.

Interestingly, McKay Securities selected Reading as its head office location and built 20 Greyfriars in the mid 1980s for its own occupation, letting the balance to BT.

A REIT breathing 21st century life into outdated buildingsSimon Perkins can view the result of his investment from his Reading office window – which is quite a feat with his professional work spanning from London to Newbury. Admittedly, the stylish 9 Greyfriars office redevelopment across the road is only a sample of his work as managing director of McKay Securities (supported by a 15-strong team), but it is a good example, writes John Burbedge

With the REIT’s portfolio heavily focused around the M4 corridor, Reading was the natural strategic location, explained Perkins.

“For running our business, Reading has an extremely well-placed set-up, enabling us to meet and manage our occupiers, create and maintain relationships.”

Reading has now evolved as a hi-tech business ‘city’, said Perkins, noting its travel links, (Crossrail, WRAtH, motorways), highly-skilled workforce and professional services community, attractive lifestyle offering (homes, education, leisure and retail), landmark buildings (The Blade, Green Park) and upcoming science park. “It’s a vibrant town with a lot of very talented and competent people here.”

McKay Securities is happily placed, working in a region where it knows and understands the market drivers, explains former University of Reading graduate Perkins. “We focus on popular centres for occupiers, because without them we don’t have a business. Those locations tend to be around towns close to motorway corridors. And then, we ensure that the buildings we build, refurbish or own are attractive to occupiers.

“One market ripple we are seeing is the attraction of western corridor locations to occupiers in London, where occupation costs continue to increase while communications west of London continue to improve.”

Noting also the Thames Valley’s attractive lifestyle, Perkins added:

“Last summer, standing outside Reading’s newly refurbished £800m rail station, I looked at the range of new buildings going up and recognised that there was a genuinely national, if not international, offering of properties coming through. The quality of available buildings in Reading has massively improved.”

Similar dynamic developments are attracting, consolidating and creating a critical mass of Thames Valley occupiers. Perkins pointed out that along with 9 and 20 Greyfriars Road, McKay Securities now has modern commercial properties in Reading at Great Brighams Mead, and nearby in Theale, Bracknell, and Maidenhead.

However, quality commercial space is still in short supply. “Although we had a 1980s building boom, many buildings from that era are now outdated and unsuitable for modern business.

“Companies seeking to move want to go to better quality stock, which is limited in popular occupier centres,” explained Perkins, adding that today’s office premises often needed to reflect CSR credentials. “There is a clear trend towards occupation of Grade A office space.”

In recent years 70% of market transactions have been sub-60,000 sq ft. “That’s also around the right size for us to

find a product, acquire it, work it through planning, improve and deliver it to the market.”

Raising capital in 2014, McKay generated £130m to invest, partly in eight recent property acquisitions and four refurbishment projects around the Reading area.

“We take great pride in transforming properties. Trying to add an entrepreneurial slant, breathing life into older buildings and attracting new occupiers.

“At any time over a 5-10 year period we will always have in our portfolio a balance of schemes under implementation and a pipeline of future schemes.”

For McKay Securities, the continuing challenge is to buy well, then create or refurbish properties to a level that will encourage occupiers to move from those outdated buildings into affordable quality premises fit for modern business purposes.

Details: mckaysecurities.plc.uk0118-9502333

The UK group of companies and LLPs trading as RSM is a member of the RSM network. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm each of which practises in its own right. The RSM network is not itself a separate legal entity of any description in any jurisdiction. The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number 4040598) whose registered office is at 11 Old Jewry, London EC2R 8DU. The brand and trademark RSM and other intellectual property rights used by members of the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland whose seat is in Zug.

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Calling all successful Reading companies

It’s time to enter the Thames Valley Business Magazine Awards

The longest-running business awards in the region – now celebrating its 22nd year

Nominate your company for a prestigious trophy

Book a table for the gala dinner on November 17 at Reading’s Madejski Stadium

[email protected]

businessawards.co.uk

Tel: 01494 671331Email: [email protected]

Where?Seeking land opportunities in Greater London and the South-East

What? Land with or without planning consent and residential and mixed use sites such as:

• Car parks• Vacant or let buildings• Former pubs, care homes or offi ce buildings• Private sports grounds, depots, hotels or marinas• Residential properties on large plots

How?• Excellent fees paid for off market

introductions• Quick responses on any opportunities

off ered• Funds available for immediate purchases

Who?A privately owned, award-winning regional housebuilder established for over 46 years with a reputation for excellence

If you are a landowner or agent, or simply know of a location that would benefi t from redevelopment, please get in touch with our helpful and friendly land team for a confi dential chat.

Shanly Homes are looking for land

Calling all successful Reading companies

It’s time to enter the Thames Valley Business Magazine Awards

The longest-running business awards in the region – now celebrating its 22nd year

Nominate your company for a prestigious trophy

Book a table for the gala dinner on November 17 at Reading’s Madejski Stadium

[email protected]

businessawards.co.uk

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A development by

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