business month april 2015

16 April 2015 BUSINESS MONTH3 November 2014 BUSINESS MONTH

April 2015 • ISSUE 53PRICE £2.50 (Where sold)

• PAUL GOSLING ON EUROZONE TENSION • MANUFACTURINGAND TELECOMS • ULSTER BANK’S ELLVENA GRAHAM

How new owners are making changesat a Londonderry country hotel

A FRESH STARTAT ARDTARA

In association with

Business Month 124-144 Royal Avenue,Belfast, BT1 1EBEditor - Margaret Canning

Sales manager - Jackie ReidContact: +44 2890 264070 or email:[email protected]

Design and production: RE&DBusiness Month is an imprint ofIndependent News and Media (NI)

Editor’s noteMargaret [email protected]

CONTENTS

313 April 2015 BUSINESS MONTH

WELCOME tothe April issueof BusinessMonth, inwhich we take

a look at Ardtara House, a gemof the hospitality industry inNorthern Ireland.

The Co Londonderry venueformerly belonged to the lateDr Alistair Hanna and has nowcome under the same owner-ship as Browns RestaurantGroup.

And while many business-people are pleased that thebill to devolve corporation taxpowers to Northern Ireland hasreceived Royal Assent, thereis plenty of trepidation aroundwhat be around the corner forthe UK economy after nextmonth’s election.

Richard Ramsey considershow last month’s Budgetmay turn out to be quite anephemeral matter if a newgovernment is at the helm,while Quintin Oliver considershow the economy can catchelection fever as well as thepolitical anoraks.

Ellvena Graham fromUlster Bank shares some ofher wisdom in business, whileGoWalkTalk’s Tony McIntyretalks about his passion fortechnology.

The Chairman gives hisdispatches from the socialevents he’s attended in the lastfew weeks.

And finally, Paul Gosling hasthe Last Word with hisargument that skills are atleast as important to our fu-ture as lower corporation tax.

Enjoy.

FEATURES

COVER STORY

48

A TASTE OF THE COUNTRYHow new owners are making changes at a topLondonderry country hotel

48

58

37

12 Analysis: Why top-class officespace can trigger additionaldevelopment, according to CBREdirector Robert Ditty14 Profile: A look at the home-grown pharmaceutical firm Almac,working to provide internationalsolutions to healthcare16 Economy Watch: Our politicaland economic experts give theirview on the forthcoming generalelection and what it means for allof us22 Analysis: Alan Watts exploresthe funding escalator, an idealmethod for financing companiesfrom one stage of development tothe next37 People: Signstik owner JamesCourtney talks about his high-speed parallel existence in theworld of motorbike racing

FOCUS38 Breakneck broadband: A lookat how telecommunications arechanging and developing42 Chasing the big ticket: Howmanufacturers are fighting back

OFFLINE46 Out to Lunch: Joris Minne goesout to lunch with PSNI AssistantChief Constable Stephen Martin48 Day in the life: Why DeclanO’Mahoney wants to put a defi-brillator everywhere that you finda fire extinguisher58 The Chairman: Reports from astring of glitzy social events62 Last Word: Our schools mayhave highest rate of leavers goingto university, but that doesn’t tellthe full story, says Paul Gosling

24

in association with

NEWS BITES

4 BUSINESS MONTH 13 April 2015

30.0%Living comfortably

35.1%Doing alright

24.8%Just about getting by

6.8%Finding it quite difficult

3.3%Finding it very difficult

Lurgan jobs boost ascall centre expands

A SOUTHERN Irish call centrefirm is creating 320 jobs at itsnew Northern Ireland offices.Waterford-based Eishtec,

whose main client is mobilephone network EE, will addthe posts to its service centreoutside Lurgan in Co Armaghover the next three years.The jobs will bring in more

than £5.5m a year in salariesand will have a variety of roles,including management.They will pay an average of

£17,000 a year. Some 60 of theroles are already in place at theSilverwood Business Park.Eishtec’s co-owner and

director Colm Tracey said ithad chosen to expand into thewider Craigavon area “becauseof the large pool of talent”.“The impetus to set up

a third customer servicecentre was through increaseddemand from our client EE,”he added. “The site will play avital role as we diversify.”

NI outshines UK asbuyout deals soarTHE value of big business dealshere has shot up by almost athird — rising to £175m in thepast three months, according toa report by Experian.That figure was driven by

big deals including Aventas— formerly Quinn Group —which sold off its Polycasabusiness in a deal worth £90m.Other deals included

Londonderry firm 8over8,which was taken over byCambridge-based Aveva for£27.9m, back in January.Business deal values

increased by 31% in the firstquarter of 2015, year-on-year.The value of merger and

acquisition deals in NorthernIreland grew faster than mostother areas in GB and the Re-public, but the overall numberof deals fell by around 20%.Belfast law firm Tughans

came out on top for the num-ber of business deals done inthe first quarter of the year.

Some of its transactionsincluded acting on behalf ofCurlew Capital for the pur-chase of the former Belfast Metat College Square East.John George Willis, head of

the corporate department atTughans, said: “Our expecta-tion is that deal numbers in2015 will outstrip 2014 spurredon by US corporations takingadvantage of the strong USdollar to buy NI businesses.”The report showed that busi-

ness acquisitions here madeup the bulk of deals in the firstthree months of this year.And interest from abroad

was also “showing no sign ofabating”, it added.

Construction firmsannounce mergerTWO of Northern Ireland’sbest-known constructionnames have joined forces asH&J Martin becomes part ofLagan Construction Group.H&J Martin has been

bought over by Lagan Con-struction Group for an undis-closed sum but will continue totrade under its own name.Thanks to the merger, which

was supported by DanskeBank, Lagan ConstructionGroup will employ more than900 people and will have aturnover of more than £300m.Colin Loughran, chief exec-

utive of Lagan ConstructionGroup, said: “As two fami-ly-owned and run businesses,there are many similaritiesbetween Lagan ConstructionGroup and H&J Martin.“This will enable us to offer

new integrated services to cli-ents in both the domestic andinternational marketplace”.

Software firm’s tripledeal signals big plansNEWRY financial software andconsulting firm First Deriva-tives (FD) announced a hat-trick of acquisitions in a £20mspree over recent weeks.

The company, which is led byBrian Conlon, bought up firmsin Canada, Republic of Irelandand Massachusetts.FD held a £15.3m share

placing in February in a bid toraise money. Late last month, itannounced it was paying up to$14.5m (£7.7m) for Affinity Sys-tems Limited in Canada, whichprovides software developmentand consultancy services.Mr Conlon described FD as

a natural fit and said: “Thestrategy of developing softwareproducts built on one of theworld’s most powerful data-bases and the ethos of Affinitymirror that of FD. Affinitybrings the company expertiseacross sectors. We see this asan exciting opportunity.”That deal came not long af-

ter the plc acquired Irish techcompany Activate Clients for€4.75m (£3.4m).The first of its recent spree

was Prelytix in Masschusetts,for which FD parted with$20m (£13.45m).

DIGITAL DERRY: Londonderry reinforced its credentials as a thriving digital hub when it hosted the first vis-it to the city of Mike Butcher, editor-at-large of online forum TechCrunch. A lecture, organised by CultureTECHand supported by urban regeneration company Ilex, saw a host of technology entrepreneurs pack into theNorth West Regional Science Park to hear from Mr Butcher. His key message was that the internet has madeit easy for anyone to start a company and take it to market anywhere in the world. Mr Butcher (third from left)was joined by (left to right) Diarmuid Moloney of Rotor Video, Stephen O’Reilly of Gramofon, SDLP Foyle MPMark Durkan, Mark McKeague from Ototo and Mark Nagurski

Findings from 2012/13 on how the UK population is getting by financially, Office for National Statistics

NEWS BITES


major growth in several keyinternational markets.Core Systems specialises in

offender-focused technology forprisoners in high-security facili-ties and for former prisoners inthe community.The company’s systems help

inmates access information andeducate themselves, thereforeaiding their rehabilitation.Their chief executive is also a

member of the Economic Advi-sory Group and was awarded anMBE in the Queen’s New YearHonours List in 2013 for herservices to the economy.

THE chief executive of North-ern Ireland offender technologycompany Core Systems has wona UK-wide entrepreneur of theyear award.Patricia O’Hagan triumphed in

the Entrepreneur of the Year cat-egory in the FDM Everywomanin Technology Awards.The 2015 FDM Everywoman

in Technology Awards are heldto champion the advancement ofwomen in technology and STEMcareers.Ms O’Hagan joined the north

Belfast firm in 2005 and sincethen has led the company into

UK gong for Core Systems’ Patricia

▲ OUTPUTLEVELSOutput grew 1.9% over the lastquarter of 2014, according tothe Index of Production

▲ MANUFACTURINGAs a part of output, manufac-turing grew 2.3% during thelast three months of 2014

▲ HOUSE PRICESAverage house prices inNorthern Ireland were up 7.3%to £142,000 in the year to Janu-ary, according to the Office forNational Statistics.

▲ RETAIL SALESThe CBI said sales on UK highstreets bounced back duringMarch after a slow February aslow inflation loosened people’spurse strings

▲ EMPLOYEE JOBSThere were 720,130 employeejobs in Northern Ireland inDecember, according to theEmployment Survey — up11,990 over the year

t CORPORATIONTAXThe main rate of business taxcame down to 20% duringApril as part of the Conserv-atives’ pledge to keep the UKbusiness-friendly

t GROWTH FORECASTSPwC predicts growth of 1.7%in GVA for Northern Ireland —lower than the Danske Bankforecast of 2.2%

t INFLATIONConsumer price inflationreached a nadir of 0% in Feb-ruary — the lowest since CPIrecords began in 1989

t MINING AND QUARRYINGOutput from this sector fell14.5%, according to the Indexof Production

t UNEMPLOYMENTThe rate in Northern Irelandwas 6.0% between November2014 and January 2015 — down1.5 percentage points on thesame period in 2013

from the previous year.And while it still only repre-

sents 3.9% of the total NorthernIreland supermarket playingfield in terms of sales, the latestexpansion should boost its placein the market here.It has also enjoyed similarly

positive growth in the Republic.Lidl has remained tight-lipped

about the details of the expan-sion, but a spokesman said “as

part of Lidl’s long-term commit-ment to Northern Ireland... thecompany intends to expand itsoperations”.“This will lead to increased

investment, the creation of fur-ther well-paid jobs in the retailsector as well as greater choicefor consumers,” it said.Lidl opened its first store in

Northern Ireland in 1999, whenit had just 18 staff on its payroll.

Lidl is set to become the second biggest food retailer in Northern Ireland

GERMAN supermarket giantLidl is to open asmany as 15 newstores in Northern Ireland —making it the second largest foodretailer here for store numbers.It is set to open 60 stores across

the island, and it’s understoodbetween 10 and 15 of those couldbe in Northern Ireland.The expansion would make

Lidl the second biggest supermar-ket here after Tesco— bringing itsstore numbers to more than 50.The discount chain currently

has 38 outlets scattered through-out Northern Ireland.Tesco is the only major su-

permarket which operates moreoutlets in Northern Ireland.And Lidl’s sales are also grow-

ing faster here than they are inthe Republic or Britain.It is eyeing up bigger proper-

ties and premises to accommo-date the expansion.And it could also add new

stores to areas it already has apresence — including Belfast.Commercial property agent

CBRE—operating in both Belfastand Dublin — has been appoint-ed to find key sites in cities andtowns across Ireland.It’s understood it is exploring

areas that are currently withouta store, areas where there is“room for further expansion”and existing stores “that can bemade larger”.And the “ideal” size of the new

locations is thought to be aroundtwo acres.The latest expansion comes as

Lidl continues its crawl up thesupermarket leaderboard.It witnessed growth of more

than 17% at the beginning of2015 — compared with figures

Expanding Lidl plans 15 new outlets

Patricia O’Hagan at FDM Awards

and loudly criticised him forfailing to take a stand against thegovernment back home.But what had happened at

Louis Vuitton in Vienna’s baroque“Golden Quarter”, where thesuper wealthy — often from theformer Soviet republics — visitto spend their cash in Armani,Cavalli and Prada stores?Vienna is a prime des-

tination for such oli-garchs, partly thanksto its close proxim-ity to the east and,cynics say, its re-laxed approach toinvesting themoneythat passes through,regardless of origins.Events revealed in

an Austrian magazine lastmonth suggest the latter reputa-tion is not entirely deserved. Forit was an Austrian bank, BawagPSK, that alerted the authoritiesto the transactions.Being owned by the US invest-

ment funds Cerberus and GoldenTree, Bawag is particularly waryof its duties to the AmericanGovernment. And, little knowntoMr Firtash, he was on the FBI’swatchlist.According to Format maga-

zine, and unconfirmed by thebank, Bawag and the US embassyin Vienna kept a close eye

on America’s oligarchenemies by alleged-ly surveilling thetransactions in theGolden Quarter’sglittering emporia.So, when Mr

Firtash used theBawag bank ac-count of his Vien-na-based Scythian

Consulting business atthe Louis Vuitton checkout, alarmbells rang. He was suspected oftrying to disguise “who reallyordered the payment by makinga payment via one of his foreignsubsidiaries”, Format reported,

quoting from the Regional Courtfor Criminal Cases.Not only that but, according to

themagazine, Bawag then tried toblock his bail payment— a record€125m—prolonging his custody.But, perhapsmost crucially for

Mr Firtash, the report containeda critical detail: the Vienna courthas now closed its domestic crim-inal probe, including the Bawagfiling on his activities.Furthermore, the Higher Re-

gional Court of Vienna has con-cluded in his favour on the USgovernment’s allegations, sayingthe Americans offered insufficientevidence of corruption. Now, fewthink Mr Firtash will be extra-dited at his hearing on 30 April.The question now is, when

he is free to return to Ukraine,where the country’s oligarchsare manoeuvring for power likenever before, what will be his nextmove? A spree in Kiev’s LouisVuitton will probably be the lastthing on his mind.


IF there is any lesson to belearned from the high-pro-file arrest of the billionairegas tycoonDmitry Firtash, itis this: watch where you do

your luxury shopping in Vienna.For it was as a result of this ex-

ceptionally well-connectedmag-nate’s €75,510 (around £55,500)spending splurge on handbags,skirts and jewellery in LouisVuitton one day last April that hefound himself getting, for wantof a better word, nicked.Soon after the transaction,

Mr Firtash (pictured below) wasarrested under a warrant fromthe FBI.Ever since, due to his being

banned from leaving Austria, hehas been absent from his palatialhome near Harrods in London’sKnightsbridge. Nor, for thatmat-ter, has he visited home in hisnative Ukraine.The US said it wanted the

tycoon extradited because it al-leged he was involved in bribingofficials in India.But he and his supporters, who

strenuously deny the allegations,believe the arrest was far moreabout the powerplay betweenMoscow andWashington than hisbusiness dealings in Asia.Why do this think this? It is

because Mr Firtash is not justany billionaire, but one reportedto have had the ear of VladimirPutin. As such, he was a valid tar-get for US authorities in the earlydays of Russian intervention inthe Crimea.Shortly before his arrest, his

links to senior ConservativesJohnWhittingdaleMP and LordRisby, a former vice chairman ofthe party, were reported. Bothare on the board of the Fir-tash-backed British Ukraini-an Society. Tory donor RobertShetler-Jones and Lord Oxford,a former diplomat in Kiev, werealso board members, as wasVladimir Granovksi, a spin doc-tor who worked on an electioncampaign for Viktor Yanukovychand was also on the board of MrFirtash’s TV business.None of this went unnoticed

by the demonstrators who gath-ered outside Firtash’s UK officesduring Kiev’s Maidan protests

In bags of botherAuthoritieskeepacloseeyeonoligarchs’spending,saysJimArmitage

Mr Firtash was arrested under an FBI warrant after buying £55,000 of Louis Vuitton bags, skirts and jewellery

NEWS ANALYSIS

10

NEWS ANALYSIS

BUSINESS MONTH 13 April 201510

investment in research anddevelopment (R&D) tax incen-tives which were set to rise yetagain for both SMEs and largecompanies on April 1.The clear winners from a

corporate perspective weresmall businesses which lookto benefit from a series oftargeted incentives. NationalInsurance Contributions (NICs)proved to be the mechanismof choice with the abolition ofboth Class 2 obligations for theself-employed and EmployerNICs for under-21s and youngapprentices taking centre stagein the push to reduce costs forstart-ups.The Chancellor went further

in his support of small busi-nesses to introduce a sweepingnew approach to annual taxreturns with a view to lesseningadministrative burdens. Anupdate to HMRC technologywill allow the extension ofdigital tax accounts to providea streamlined real-time systemfor individuals and small busi-nesses by 2020.

While perhaps not as familiarto the Budget spotlight, theagricultural sector was notoverlooked on this occasion.Farmers will now be extendedthe flexibility to average profitsover five years instead of twoas previously determined forincome tax purposes. Given thesignificance of this sector to theNorthern Ireland economy, thiswill offer vital and welcome re-lief for the hard pressed sector.If the sun was shining on

small businesses in this Budget,the job of “fixing-the-roof”appeared to fall firmly on theshoulders of the large mul-ti-nationals and banks. Thenew diverted profits tax wasintroduced on April 1. This isintended to penalise corporatesthat arrange their affairs inways so as to shift profits eitherout of the UK or to achievelower tax rates. It is levied at arate of 25% to encourage groupsto change their behaviour.As George Osborne packs

away his red briefcase for now,in Northern Ireland the focus

now shifts fromWestminsterand rests firmly on Stormont.While this was a largely positiveBudget for Northern Irelanddue to its benefits for smallbusinesses, farmers, and lowincome earners, the attention isstill firmly fixed on the fate ofthe Northern Ireland CorporateTax Bill. The Bill received RoyalAssent nearly three weeksbefore the publication of thisarticle.The ball is now very much

in the Executive’s court. Whilethe issue of welfare reform andparty-politics persists, supportfrom the business communityand political parties in West-minster appears strong and thepotential value to the NorthernIreland economy very clear.While the general consensus

may be that this was a relativelyrestrained Budget, there arestill clear positives to be takenfrom this announcement.However, in a Budget clearly

choreographed for an elector-ate, all eyes are now on thegeneral election on May 7.

THE looming generalelection ensured thatthe Chancellor tooka largely cautiousapproach to what

was a mixed Budget on March18. With no real scope for bigpre-election giveaways, MrOsborne trod a guarded path,focusing on the individual overbusinesses. As a result, whatwas delivered was very much aBudget for the electorate.While restrained public

spending and anti-avoidancemeasures were pepperedthroughout, the flagshipmeasures were reserved forlow earners and the stretchedmiddle class. Above-expectedincreases in the personal allow-ance, increases in the minimumwage and extension of the basicand higher rate thresholdsrepresented the headline itemsin this Budget. By sanctioning apersonal allowance of £11,000and basic rate limit of £32,300from April 2017, the Chancellormade clear his intention toremove the lower paid from thecharge to income tax and pro-vide fiscal flexibility for middleearners.With austerity anticipated to

come to an end a year earlierthan previously expected anda record number of peopleemployed, the Chancellor alsoprovided a helping hand to sav-ers via a new personal savingsallowance and more flexibletax incentivised ISAs. Greaterflexibility was also extendedto first time home buyers andlow-income pensioners viamechanisms for savings andannuities respectively.The Budget was less headline

grabbing for businesses thanindividuals — however, theenvironment for businesses inthe UK is still improving. TheUK now boasts one of the low-est corporate tax rates in theG20, after moving from 21% to20% on April 1, reaffirming theGovernment’s commitment tocreating the most competitivetax system in leading econo-mies.A key driving factor of this

ethos has been government

Election-style budgetMichaelHall, managingpartner,EYNorthernIreland

Adding it all up: the pre-election Budget focused on low earners and the stretched middle class

NEWS ANALYSIS


could increase to £16-£17 sq ft in2015, amuch needed 15% growth.A key benefit of reaching this

level of rent is that it should act asa catalyst and trigger additionaldevelopment in the city.The reduction in Northern Ire-

land’s corporation tax will bring asignificant boost in foreign directinvestment (FDI) into NI.We believe it will give Northern

Ireland, and Belfast in particular,a real opportunity to compete onamore equal footing with Repub-lic of Ireland.With primeDublin office rents

currently €45 per sq ft and fore-cast to rise to €55-60 per sq ft thisyear, Belfast can confidently com-pete for FDI against the backdropof a highly educated labour pool,first-rate transport infrastructureand an increasingly successfulFDI track record.In the last number of years

Belfast has attracted global namessuch as Liberty IT, Citigroup,Microsoft, NYSE and Cybersource—many of whomhave expandedtheir initial operations, signifi-cantly increasing their originalworkforce levels. With Dublin’sproperty and salary costs consid-erably higher than Belfast, thereis an opportunity for Belfast toattract significant global invest-ment to occupy existing Grade A

stock and assist in triggering newdevelopment activity. Our recentanalysis shows that the city hasapproximately 2.5m sq ft of of-fice planning permissions eithergranted or pending in 23 differentschemes. Grade A office supply iscritical to the success of North-ern Ireland’s FDI strategy; theproblem needs to be addressedacross the entire stakeholdermap, including government.Throughout 2014 we saw signs

of greater investor appetite forBelfast office investment, forexample, the purchase of Obel(occupied by Allen & Overy) byMarathon Asset Management,the acquisition of Victoria House(which has a blue-chip tenantlisting) by F&C Reit, and theG4S office building in SydenhamBusiness Park which was sold toBelfast Harbour Commissioners.Only three months into 2015

and we are already seeing moreinstitutional and overseas inves-tor interest seeking to acquireBelfast office stock in order totake advantage of the next growthcycle. We forecast significantlymore investment activity in thissector, but the issue of supply of“best in class” Grade A offices willremain an issue.With only a smallnumber of buildings in Belfastable to meet the criteria, we ex-

pect to see a lotmore competitivebidding when stock comes ontothemarket over the comingweeksand months. Secondary stockrequiring refurbishment willremain attractive to buyers expe-rienced in adding value to driveboth rental and capital growth,as well as taking advantage of taxallowances (BPRA).Belfast prime office yields will

remain strong in 2015 with CBREforecasting 6.25%.This still compares favourably

when benchmarked against otherUK and Ireland locations, as wellas similar sized European cities.Even with our forecast that

rents will hit £16-£17 per sqft, the city still remains highlycompetitive when benchmarkedagainst other leading UK cities.With a number of significant

office sales pending completionin Q1 2015, and increased activityacross commercial property in-cluding the hotel, leisure and re-tail sectors, we believe NorthernIreland will continue to attractinstitutional and internationalinvestment further strengtheningnot only the commercial propertymarket but the Northern Irelandeconomy as a whole.

Robert Ditty is senior director,capital markets at CBRE

THIS year is shapingup to be another re-markable 12 monthsfor the commercialreal estate sector in

Northern Ireland. Last year wesaw the volume of transaction-al activity in the investmentmarket exceeding expectations,with in excess of £500m in-vested in commercial property.With the volume of assets thatwe are expecting to see tradein 2015, we are anticipating aneven higher value of investmentactivity in the months ahead.The real estate investment

model has been transformedfrom a primarily debt-based oneto a more equity-based model,with a large proportion of institu-tional activity now taking place.Major acquisitions during 2014

have included the purchase ofSprucefield Retail Park by Intuplc for £68.4m and Project Swal-lowtail, the sale of three primeshopping centres acquired byNew River and asset manage-ment company AFG for £207.1m.More importantly, we are seeingan increase in respect of propertyvalues primarily driven by yieldcompression, and this trendseems set to continue through-out 2015 as many investors whopurchased assets in the regionover the last few years commenceintensive asset managementstrategies in order to enhancethe value of their investments.In some cases this may result

in complete redevelopment orrefurbishment programmes, ormay include a combination ofre-gearing existing leases, reduc-ing vacancies and negotiatingnew lettings, all of which will bepositive for the market.One area of the market which

still presents challenges (as wellopportunity), is the lack of supplyof Grade A office space.With CityQuays 1 being the only new buildprime office development availa-ble in themarket in 2015, there isstill a significant dearth of qual-ity prime office space to satisfycurrent and future demand. Theincreased pressure on the sectorwill undoubtedly have a positiveknock on effect on prime rentsfor investors, which we forecast

Prime offices are vitalTop-class space can trigger additional development says RobertDitty

The provision of Grade A office supply in Belfast is critical to the success of Northern Ireland’s FDI strategy

Students from Lurgan College helped launch a schools outreachprogramme at Almac. Pathway promotes science, technology, engineer-ing and maths (STEM) subjects as a route to an exciting career. (From left)Derek Baker of the Department for Employment and Learning was joinedby students Jamie Davison and Samantha Bann, and Stephen Barr fromAlmac’s science business unit

COMPANY PROFILE

Almac’s headquarters atCraigavon, Co Armagh

In a nutshellThe typical cost of creating anew drug was estimated in 2013at £3.3bn taking, on average,12 years before reaching thepatient. The Almac Group’s aimis to provide solutions to phar-maceutical and biotech firms tospeed up this entire developmentpipeline, thereby savingmoney inthe process. But Almac is not justabout the science— the companyemploys a vast range of people invarious roles which support thecompany’s research and develop-ment efforts, including engineers,software developers, project staff,creative marketing and HR pro-fessionals and accountants.Over the past decade Almac

has been making waves in theindustry by achieving successafter success in a number of keyareas – some of which have beenincluded below:

New cancer drugInMarch, Almac Discovery initi-ated its first clinical trial (phaseI) on a proprietary drug for thetreatment of advanced ovariancancer. The drug, ALM201, is atherapeutic peptide derived froma natural protein and has mul-tiple modes of action includinganti-angiogenesis which meansthat it prevents the growth ofnew blood vessels — somethingof particular relevance for ovariancancer. This drug, which targetscancer stem cells, has the po-tential to revolutionise the wayovarian cancer and potentiallyother cancers are treated.

Cancer treatmentLast year the group released newsof its revolutionary gene expres-sion test — AADx — developedby in-house biomarker experts attheir CraigavonHQ campus. Thetest, available for clinical use thisyear, is a significant developmentin the field of personalised med-icine and has a highly beneficialimpact for ovarian cancer pa-tients, demonstrating likely treat-ment outcomes, which will enabletailored care plans and provideclinicians with better data to

prescribe appropriate drug treat-ments. In some patients, the useof certain drugs may produceadverse outcomes — this Almactest will help better identify thesepatients and potentially improvelife expectancy as a result.In late 2013 Almac’s proprie-

tary DNA Damage Repair Defi-ciency (DDRD) technology andintellectual property was devel-oped for use in the treatmentof high risk breast cancer. Ex-perts have predicted that up to200,000 patients in the US andEurope could benefit from thenew Almac test which will notbe commercially available for atleast another year.

Continual expansionAs a pragmatic and dynamicorganisation, the group made astrategic decision to expand itsglobal operations into the AsiaPacific region in 2014 and estab-lished regional hubs in Japan andSingapore. This move enablesAlmac to provide on-the-groundleadership, technical, project andoperational resources to supporttheir clients and the wider indus-

try’s growing need to conductclinical trials in Asia and/orman-age global trials from the region.Local teams apply knowledge andexpertise gained from the group’svast experience managing morethan 10,000 clinical trials aroundthe world to design, implementand manage drug supply strat-egies and efficient technologysolutions throughout the life ofthe clinical study. Almac is alsostrengthening its Asia Pacificofferings by establishing a newprimary and secondary packagingfacility in Singapore that willopen later this year. Through thisfacility, the companywill improvesupplymanagement and supportdrug pooling strategies, whichfurther optimise the supply chain,minimise waste and reduce costs.

Research and developmentAlmac also works in close collab-oration with Queen’s Universityon a number of cutting edge pro-jects. Most recently the companyinvested £4.6m in a three yearbiocatalysis research and de-velopment programme whichseeks to find new platforms and

products which can be used inapplications as diverse as devel-oping new flavours, fragrances,agrochemicals and fine chemi-cals. Biocatalysis is a relativelynew scientific approach to findingenvironmentally-friendly alterna-tives tomanufacturing chemicalsand Almac is leading the way inthis new technology.This approach has the poten-

tial to lower the cost of chemicalmanufacture and, as they are en-vironmentally friendly, producesignificantly less harmful wastethan traditional methods. Theirinvestment will introduce fasterand better methods of access-ing novel enzymes with uniqueproperties that are required forcutting-edge chemical processes.

Advancing healthcareThrough its 40 years’ experience,Almac has supported global phar-ma and biotech companies in avariety of therapeutic areas —some of the top 20 blockbusterdrugs the public has been pre-scribed have almost certainlybeen handled, at some point, byAlmac. The company’s continuedgrowth and success in interna-tional markets is a result of itsproactive approach to changingmarket needs and adapting itsbusiness model to suit as it re-mains committed to developingits markets and client base inorder to ensure long-term sus-tainable success and future-prooflocal jobs.To discover more about theglobal organisation, visit www.almacgroup.com.


Making a real differenceHomegrown pharmaceutical firm Almac, which has 2,200 employees in Craigavonand another 1,400 across the US and Asia, is working across the world to provide solutionsto healthcare. It is involved in ground-breaking cancer research, as well as rolling outservices to world-renowned pharmaceutical and biotechnology companies.

ECONOMY WATCH


X marksAs the general election campaign

result expected, our economic andthe politics of a post-election Britain

THE Chancellor of theExchequer last monthdelivered his sixthand perhaps finalBudget. It was his

most polished delivery to date.After five years of austerity,

anyone listening would havefelt uplifted.“Today, I report on a Britain

that is growing, creating jobsand paying its way. We tookdifficult decisions in the teethof opposition and it worked —Britain is walking tall again.”The Chancellor highlighted

that last year the UK expandedfaster than any major ad-vanced economy and “morepeople have jobs in Britainthan ever before”. The UK’smuch-maligned “deficit” as ashare of national income hashalved in the last five years.The Chancellor set a lofty

goal for Britain to become themost prosperous major econ-omy in the world, with thatprosperity widely shared.The feelgood factor was

supplemented by gimmicksand giveaways (eg: cuts in beerduty). These took attentionaway from the higher impact,less media-friendly issues thatdidn’t feature in the speech.Osborne’s predecessor,

Gordon Brown, was famed forhis Gatling gun-style deliveryof statistics. Osborne’s styleis rattling off short bursts ofpositive bullet points. Thesereached a crescendo at theend of his Budget speech. “Thedeficit down. Growth up. Jobsup. Living standards on therise. Britain on the rise. Thisis the Budget for Britain. Thecomeback country”.Even economists were brief-

ly on a high after the Budget.This positivity was followed bywhat the Chancellor dubbed a“hat-trick of good news aboutthe British economy”. This wasa reference to data showingeconomic growth was revisedup, consumer confidence wasup and living standards were

now officially higher than atthe last election.However, huge economic

and fiscal challenges remain.The word ‘productivity’

was not even mentioned inlast month’s Budget speech.However, it remains critical tothe health of the UK econo-my and its public finances.Unfortunately, the headline onApril 1 that “UK productivityweakness worsening” was notan April Fools’ joke. Outputper hour worked in 2014 wasbroadly unchanged relative to2013, and slightly lower thanin 2007. The official statisticalrelease noted that “the absenceof productivity growth inthe seven years since 2007 isunprecedented in the post-warperiod”. Rising economic out-put is only coming about fromadditional workers employedfor longer hours.The Office for Budget Re-

sponsibility’s fiscal plans laidout last month assume thatlabour productivity growthreturns and averages over 2%p.a. for the next the five years.There is a significant risk that

this, and the associated strongrates of average earningsgrowth (3.5% p.a.), simplydon’t materialise.Without productivity growth

there will be no meaningfulrise in wages and living stand-ards. In turn, rising incomesare required to boost revenuesand repair public finances.Without productivity growth,public finances will deterioratefurther, necessitating a com-bination of more expenditurecuts, tax rises and borrowing.The UK’s medium-term

fiscal outlook is still prettydire, even with some optimisticassumptions about productiv-ity. Public sector borrowingis falling, but the governmentstill has to borrow £75bn for2015/16 alone to balance thebooks. A surplus of revenueover expenditure does notmaterialise until 2018/19.Meanwhile, UK deficit as ashare of GDP is one of thehighest in the developed world.At 5% in 2014/15, it is only setto fall below the EU Stability &Growth Pact threshold of 3% in2016/17.

Beware election gifts The UK’s overall stock ofdebt (or the sum of all thedeficits) expressed as a shareof national income peaks at80.4% in 2014/15. It only startsfalling in 2015/16 (80.2%)due to the sale of a number ofstate assets. By 2019/20, debtto GDP ratio will still be at anuncomfortably high 71.6%.Looking at the overall stockof public sector net debt, thiswill breach the £1.5trn marklater this year and £1.6trn by2017/18. This is perhaps notquite “the comeback country”the Chancellor referred to.Private debt, particularly

among households, is alsohigh. UK household debt as ashare of income has been fall-ing from 2008-2013. However,it has started to rise again andis set to return to its 2008 peakof 169% in four years’ time. Todate, the economic recoveryhas been facilitated by recordlow interest rates. These willnot last forever.While the pace of austerity

appears to have eased lately,the UK faces a second Parlia-ment of fiscal pain. Day-to-daypublic spending is potentiallyfacing cuts in 2016/17 and2017/18 that are more thantwice what has been experi-enced on average in the lastfive years. The 2015 GeneralElection has acted as a speedcamera for the pace of auster-ity, and after May the accel-erator will have a heavy rightfoot on it again. We just don’tknow who the driver will be. Itis likely the most unpalatablemedicine will come at the startof the fixed five year Parlia-ment with a potential “Emer-gency Budget II” in June.Irrespective of which parties

form the next UK Government,they face the same fiscal andeconomic challenges. While wecan be certain that the politicsof austerity will be with usover the next Parliament, theonly uncertainty is what formthat austerity will take.

Richard RamseyChief economist, Ulster Bank

ECONOMY WATCH


the spotreaches fever pitch with a closepolitical experts take a look at howwill affect Northern Ireland

ALREADY the clichésare running aheadof the discourse onthe 2015 Westmin-ster elections — ‘too

close to call’, ‘on a knife edge’,and our favourite at Stratagem,‘the first e-election’.So let’s give our top ten tips

on how #GE15 (as the Twittera-ti will refer to it) will play outfor Northern Ireland plc andthe economy.Tip 1: This first five-year

fixed term Parliament meansthe campaign has alreadybeen interminably long; theeconomy has lost out to flashy,uninformative TV debates,the ‘two kitchens’ and how theScottish National Party (SNP)can be held at Hadrian’s Wall.Tip 2: The economy has lost

out to campaigning priorities— trust, credibility, authen-ticity, personality, rebuttaland prebuttal, imagery andposter design are all the stuffof electoral campaigners. Theyfind this easier than explain-ing new approaches to fiscalpolicy, currency exchange,interest rates, quantitative eas-ing, public sector reform andforeign direct investment. Thelatter are boring manifestomatters. Prepare in NorthernIreland for much talk on de-volved matters, as a rehearsalfor the Assembly elections in2016, and precious little on UKissues. ‘All politics is local’, asTip O’Neill opined.Tip 3: Numbers are

everything … who’s put morebobbies on the beat, jobs onthe estates, defence commit-ments and pension credit, toseats won and lost (322 is thekey one, after taking out theSpeaker and the five Sinn Féinrevolutionary abstentionists tosecure a majority of 650 MPs)that play into coalition-forma-tion on May 8 (the day after…).Expect Conservatives and

Labour to score about 270-290each, with the single Greenholding on, only three Ukip

wins and about 30 LibDems(proving incumbency works),our 18 MPs, and the resurgentSNP the best of the rest.Tip 4: Northern Ireland will

teach them about coalitions— we have a five-party ‘grandcoalition. Beware any partyin Great Britain that takes theDUP for granted when it comeslooking for their nine or 10votes. Their skills are well-honed and practised — unlikeNicola Sturgeon MSP, theyhave not given away their handin advance, and are studious-ly appealing to both GB bigbeasts.Tip 5: Pacts in four seats

here will represent a furtherdistraction from serious policy.Once ‘unionism’ or ‘national-ism’ is elevated above healthor education, chances of policyclarity — or even policy dif-ferentiation – on other issues,including economic ones, areseriously diminished. Threeparty leaders here could begone within months of May,and new manifestoes preparedfor the next elections.Tip 6: Whatever government

is formed, it is likely that theSNP will be involved (morethan the LibDems, UKIP andGreens combined). Prepare foreven more commitments on de-volved powers — where standsNorthern Ireland on this? Dowe want landfill tax, stampduty, the Crown Estate, inher-itance tax, income tax respon-sibilities, or are we fixated oncorporation tax and not usingair passenger duty (APD)?Tip 7: Ask any party or can-

vasser to articulate their visionfor the Northern Ireland econo-my — if they repeat the clichésof ‘prosperity, rebalancing andequality’, ask for more.If we do not enjoy a shared

vision of how we wish to growand improve our economysustainably, we cannot makeprogress. How will we tackleenergy infrastructure? Whatwill we draw down from theEU’s massive Juncker Plan forinvestment? Will we sell offTranslink, NI Water and theHarbour? What does ‘rebal-ancing the economy’ actuallymean? How does the privatesector contribute to poverty

Tips for polling fans

Quintin OliverPolitical consultant

alleviation? Can we live withsharp and inefficient inequali-ty by building higher walls andhiring more security? Will weraise any taxes?Tip 8: For the geeks among

us, what will happen toturnout? Can we replicatethe terrific 85% of #IndyRefor 82% for the Good FridayAgreement in 1998? The lastouting in 2010 attracted 57%of us, unusually lower than the65% across the water; some saythat represents creeping nor-mality, others despair at ourdisinterest. For those protest-ing ‘it makes no difference’ justremind them that the ElectoralCourt reduced Michelle Gild-ernew’s majority of four, to asingle vote in her favour. That’swhy every vote counts.Tip 9: At Stratagem we have

predicted since our formationin 1998, that this next onewill be an ‘e-election’ — in onesense, they all have since then.Let us not confuse the mediumwith the message. Everycampaigner uses the tools nowavailable, from postcards andposters in the 19th century,through town hall meetingsand rallies to clever Saatchiand Saatchi billboard ads in1979, now to Twitter, Facebookand Instagram. Neverthelessat its essence it is all aboutargument, ideas and promises— that is what should excitethe voter and test the proposi-tions of the parties, logicallypresenting their pitch to forma government to deliver ontheir commitments. Simple.Let’s keep it so.Tip 10: Enjoy this festival of

democracy ... elections shouldbe challenging, thought-pro-voking and above all, fun. Ifyou become depressed, justremember the very electoralprocess brings millions intoour needy economy!

Quintin Oliver runs political con-sultancy www.Stratagem-ni.comand tweets @QuintinOliver

COVER STORY


Audrey Watson talks to the new owners of country manor Ardtara House- rural Co Londonderry’s answer to Downton Abbey

A TASTE OFTHE COUNTRYRARELY do businessmen lettheir hearts rule their head, butwhen it came to a stunning 19thcentury manor on the edge ofthe Sperrin Mountains, MarcusRoulston and Ian Orr, the duobehind Londonderry-basedBrowns Restaurant Group,couldn’t resist.“We just fell in love,” says Mr

Roulston (below), recalling thereason for the swift purchase(within two weeks of viewing)in December 2014 of ArdtaraCountry House, an award-win-ning hotel and one of Mid-Ul-ster’s most treasured andspectacular rural homes.“We already had three huge-

ly successful restaurants – twoin Derry and one in Letterk-enny – and although it hadalways been an ambition to buya country house venue, Ardtaracame along probably a yearor two earlier than originallyplanned,” he adds.“The heart definitely ruled

the head on this occasion. Wejust fell completely in lovewith the place – with what itwas and with what we coulddo with it – and didn’t spendas much time looking at thefinancial aspect as we usuallywould.”However, the move should

prove to be an inspired onefor the pair, who have been inpartnership since 2009.Situated on the Gorteade

Road, just outside Upperlandsin Co Londonderry, opportu-nities to purchase propertiessuch as Ardtara don’t comealong very often. The beautifulvenue is regarded as one of thefinest Victorian country housesin Northern Ireland and hasearned a top reputation as awedding venue and exclusiveboutique hotel.One of only three Northern

Ireland members of Ireland’s

prestigious Blue Book – aunique association of elegantcountry and manor housesand historic hotels in Europe,Ardtara was also included inNational Geographic Travellermagazine’s Best Places to Stayin Britain and Ireland, 2010,and was named Most Roman-tic Hotel of the Year by theAutomobile Association (AA)in 2009.Formerly home to world

famous linen makers the Clarkfamily, the mansion was builtin 1895 by Harry JacksonClark, and remained the familyhome until Harry’s death in1956.By 1975, the building was

bereft of life and lay emptyuntil 1990 when Northern Ire-land woman Maebeth Martinhelped by her mother, civilengineer father, investmentfrom North America and anatural gift for interior design,restored the home to accom-modate visitors in the comfortand style of Harry’s bygone era– but with all the conveniencesof a modern hotel.Ardtara Country House

opened for business in 1994and won best accommodationaward at the annual NorthernIreland Tourist Board awardsin 1995.In the early 21st century,

ownership passed to Ul-ster-born US businessman,Dr Alistair Hanna – theman behind the controver-sial Bushmills Dunes golfproject – and his wife Nancy,who continued the supportand investment necessary tomaintain the standardswhich have helped Ar-dtara achieve a loyalclientele.Sadly, Dr Hanna

passed awaylast year and the

property was put up for saleat an asking price of around£500,000 and purchased foran undisclosed sum by BrownsRestaurant Group on Decem-ber 12, 2014.“It’s actually perfect for us

because it’s not on the doorstepof our other venues and there-fore won’t affect our existingbusinesses,” says Mr Roulston.“But it’s still close enoughto manage from our base inDerry.“Offering accommodation

is a new departure for Browns.Ardtara has nine bedrooms(furnished with period an-tiques, but with all mod cons)and a period dining room, allset in 10-acres of beautifulparkland, which people cannow come and enjoy as well asexperiencing our great food.”Originally from the village

of St Johnston in Co Donegal,Marcus Roulston, 43, studiedcivil structural engineering atSheffield University. However,after graduating he turneddown a job with British Railand returned home to Ireland.“I guess I’m a bit of a home-

bird,” he laughs. “Plus by thetime I had finished my degree

I knew engineeringwasn’t for me.“I initiallystarted teachingmathematicsand engineer-ing, but didn’tenjoy workingfor other peo-ple, so became

self-employed.“Over the last 20 years, I’ve

been involved in 20 or 30 dif-ferent businesses, from hospi-tality to property development.“Some won, some were lost,

but thankfully, Browns hasworked big time and we arenow firmly established as ahigh-end, affordable luxurybrand.”Derry-born super-chef, Ian

Orr, 32, (see picture p20) needslittle introduction. Regardedas one of Ireland’s top culinarytalents, he trained under thelate Robbie Millar at NorthernIreland’s ground-breakingMichelin-starred restaurant,Shanks, before moving to Lon-don’s River Cafe (where fans ofhis dishes included Tony Blair,Gwyneth Paltrow, Madonna,Rick Stein and Coldplay) andthen returning to Ireland ashead chef at Rathmullan HouseHotel in Co Donegal.His culinary finesse has

caught the attention of numer-ous food writers and expertsresulting in several awardsand listings in leading foodguides. In 2013, he was namedGeorgina Campbell Chef of theYear.Ian is also brand ambassa-

dor for supermarket chain Lidland creates exclusive recipesfor customers using locallysourced ingredients.Not surprisingly, the two

men first met in a restaurantand five years ago, joinedforces to form BrownsRestaurant group.“In 2009 everyone was

really feeling the effects ofthe recession and like manyself-employed businessmen,I was wondering where andhow I could build somethingthat would last in the eco-nomic climate,” recalls MrRoulston.

19

“I had recognised for sometime that Derry was lacking areally good, high-end restau-rant – one that could push for aMichelin star.“Ian was the foremost young

Irish chef at the time (and stillis) and I had got to know him,having dined many times atRathmullan House.“I became aware that

Browns, an already establishedrestaurant on Bonds Hill onthe Waterside area of the citywas for sale, and when I nextsaw Ian, discovered that he wasactually born just around thecorner from Browns.“All the positive signs were

there and we decided to go intobusiness together.”“It was a big step for me, but

I wasn’t worried at all,” says MrOrr. “I loved being head chef

at Rathmullan House, but thiswas the chance to be a 50/50partner in a restaurant in myhometown – something I hadalways dreamed of.“It was too good an opportu-

nity to miss – I just decided tolet Marcus do all the worry-ing,” he laughs.”Rather than rename the ven-

ue, Ian and Marcus decided toretain the already-establishedBrowns branding.“From a business point of

view, at that time in 2009, whatwith the recession, it mademore sense to buy a buildingthat was already kitted out asa restaurant and just changeand upgrade the décor,” MrRoulston says.“The kitchen fixtures and

fittings were already in placewhich was a great boost finan-

cially, so we needed minimalinvestment.“Plus, the previous owners,

who were retiring from thetrade, had built up a reallygood reputation over the yearsand were happy to hand overthe mantle to us.“From the very beginning,

we were determined to create ahigh-end, destination restau-rant.“And because it was a desti-

nation venue, location was notas important and so we wereable to set up in the Waterside,where building purchase costsand rates are much cheaperthan on the city side.“We did debate whether or

not to change the name, but asBrowns had become so well-known and regarded, it madesense to retain the customer

base that was already there.“Had the old Browns not

enjoyed such a good reputationit might not have been such agood idea.“However, with the economic

climate, it was still a very bigrisk and difficult at the start. Ittook around two years to startmaking a profit, but we stuckto our guns and it paid off.“Our ethos was great food

and great service – and it stillis.”Back then, the duo had

no plans to expand beyondthe Bonds Hill venue (nowcalled Browns Restaurantand Champagne Lounge), butits success prompted them toopen a second restaurant inDerry – Browns in Town (on


>> Continued on page 20

COVER STORY


Strand Road) in 2012, followedby Browns on the Green inLetterkenny in 2013.“The hospitality industry is

notoriously tough and even abusy fine-dining destinationis never going to be a gold-mine,” says Mr Roulston. “Pluswe felt there was an openingfor a more casual, yet stillhigh-quality venue withinwalking distance of the mainshopping areas on the city side.“Again, we chose a venue

that didn’t require majorinvestment.“Likewise with the Letterk-

enny venue which was alreadyan established restaurant andlocated at the Golf Club atBarnhill.“We had found that a lot of

people were coming to BrownsRestaurant and Browns inTown from Letterkenny andDonegal.“The Derry venues were

constantly booked out at week-ends and because Letterkennydidn’t have a stand-alone des-tination restaurant of its own,we were confident that wewould fill our new premises.“It turned out to be a very

good move especially nowwith the strength of the poundagainst the euro.”Both men admit that these

days it’s not enough to justserve food – albeit high-endfood – and offer special eventsfor customers such as golfdays, clay pigeon shooting

trips and shopping excursionsto Belfast, all bookended withmeals at a Browns restaurant,as well as wine tastings, bar-becue evenings, and cookerydemonstrations.“The restaurant and

hospitality industry is incred-ibly competitive,” says MrRoulston. “And although thesetrips and events take a lot oforganising, they are a greatway of enticing new customersto Browns and/or encouragingregulars to visit on otherwisequiet days and evenings.“At the beginning, take-up

was quite slow, but now mostof our events are fully-booked.”Another strand of the

Browns business is outsidecatering.“Customers had been asking

us for some time if we couldprovide the catering for eventssuch as weddings that were be-ing held in different venues.“We had never hosted

weddings in any of ourrestaurants as we didn’twant to impact on thecustomers who came indaily or weekly, so webegan an outside cater-ing operation which hasbeen hugely successful.“And now we

have beautifulArdtara,where wecan hostwed-dingsandother

functions.”Over the next few months

the pair plan to devote lots ofcare and attention to their newpurchase and labour of love.“The major plan is to get Ar-

dtara busy,” says Mr Orr. “Weare in the process of giving itlots of TLC.“Because it is an old country

house and a listed building,we don’t want to rush things,or ruin its charm in any way,but we have plans to investsubstantially.“There are currently nine

bedrooms and we wouldeventually like to increase thatto 20.“We are also planning to

hold events such as weddingfairs to showcase the houseand its wonderful grounds.”Mr Orr has also just appoint-

ed Eddie Attwell as Ardtara’shead chef.

Eddie, originally fromAntrim, is a two-timeRoux scholarshipfinalist who onceworked in the kitchensat L’Enclume, a Miche-lin two-star restau-rant in the EnglishLake District,The 28-year-old hasalready come up with

his first Ardtara ex-clusive – primecuts of waterbuffalo froma herd rearedjust outsideMagherafelt.Milk from

the animals is used to makebutter and cheese.“I had known Eddie for some

time and it was important toget someone that understoodthe Browns brand and ethos,”says Mr Orr.“Eddie was a perfect fit for

the venue as he is passionateabout local seasonal ingredi-ents, foraging and cultivating.“With 10 acres at Ardtara, he

can utilise all of his skills.”Asked about future plans

for the company, Mr Roulstonexplains that the next step forBrowns is to consolidate.“We are going to pause and

look at all of the venues and en-sure that they are all achievingtheir full potential.“Our restaurants in Derry

are both three-storey build-ings, with floors that arecurrently unoccupied. There ishuge opportunity for devel-opment and we are looking atthe viability of converting thisvacant space into boutique-ho-tel-style accommodation.“We also want to ensure

Ardtara is thriving as a hoteland that it becomes a success-ful destination restaurant in itsown right.”Ever since they first joined

forces in 2009, Roulston andOrr have had their eye on aMichelin star for Browns Res-taurant (where Mr Orr remainshead chef) and are hopingthat 2015 might just be theiryear, or even 2016 – which waslast month officially declaredas Northern Ireland’s Year of

Formerly home to world famous linen makers the Clark family, the mansion was built in 1895 by Harry Jackson Clark, and remained the family home untilHarry’s death in 1956.

<< Continued from page 19

week, I was out digging in thegrounds of Ardtara and Ianremains head chef at BrownsRestaurant.“The great thing about being

a partnership is that we cansupport and motivate eachother. Honestly, we have neveronce fallen out.“I concentrate on the busi-

ness end and the overheads,and Ian concentrates on thecreative and food side – he cancook and I can count.”“But we’ve learned lots from

each other,” continues Mr Orr.“I’ve had to develop businessacumen and take on a moreexecutive role, overseeing thekitchens, looking at margins,new products etc.“And I’ve finally learned to

cook – well maybe a little bit,”laughs Mr Roulston.“Ian and I are both control

freaks when it comes to thebusiness.The hospitality industry de-

pends on satisfied customers,returning customers and newcustomers being attracted toyour venue.“You can never let your

standards drop.”www.brownsrestaurant.com

13 April 2015 BUSINESS MONTH 21

Food by Enterprise Minister,Arlene Foster.Food tourism already gen-

erates more than £350m peryear to the local economy anda dedicated ‘year’ will see sup-port for the industry throughmasterclasses and mentoringprogrammes, the developmentof new food experiences andtrails, and development of atoolkit to enable a wide rangeof people across NorthernIreland to get involved inpromoting their produce andtheir area.“Tourism is imperative to

Ardtara,” says Mr Orr. “And itis a big factor in the continuingsuccess of Browns as a whole.“Ardtara has Blue Book sta-

tus and as such attracts manyvisitors from the United Statesin particular.“The Year of Food will be a

wonderful new opportunity toshowcase Browns and Ardtaraand we are looking at ways tobring as many people, fromas many different places aspossible to our venues.”It’s obvious that the pair

get on incredibly well – notalways the case with businesspartners.

The beautiful venue is regarded as one of the finest Victorian countryhouses in Northern Ireland and has earned a top reputation as a weddingvenue and exclusive boutique hotel

“We bounce stuff off eachother all the time and are onthe phone 24/7 – much to ourwives’ annoyance,” says MrOrr.“There is a tremendous re-

spect for each other,” adds MrRoulston. We know that this isa tough business and neither ofus expects anything other thantough graft.

“When we started, there waspretty much just the two of usand Ian was sometimes chef,porter and everything else inthe kitchen, while I was out onthe restaurant floor servingmeals and clearing tables.“Even though we now

employ 84 full and part-timestaff, we’re both still happy tomuck-in if needs be. Just last

NEWS ANALYSIS

22

the amount of work neededeach time have put pressure onangels to work in teams. Andwith so many high tech compa-nies appearing, it’s very hard tobe a savvy investor across theboard. It’s much better to workas a group and pool the experi-ence and knowledge, as well, ofcourse, as spreading the workand the costs.Statistics suggest that in plac-

es like Scotland, which has beenconcentrating on angel syndi-cates for a while, the results aremore deals — and eventually(hopefully) more success.Research from the University

of Glasgow and the Adam SmithBusiness School now takesthis further. Not only do thesegroups do more deals, they alsojoin up with other groups to

syndicate later on, follow-on in-vesting as the companies grow.And in doing so, they actuallyform a new and different stairon the escalator.A syndication of a number of

angel groups can collectively,and across a number of rounds,put, say, £2m into a good com-pany. This is sufficient to allowthem to exit, probably by thecompany being acquired, beforethe sums of money dictate themuch deeper pockets of a VC.With an estimated 100 angel

groups across the UK, and withthe previously largely invisibleangel market becoming higherprofile, these bigger amountsare becoming more realistic.And, as they do larger deals

without resorting to higherstairs on the escalator, the

groups are in some ways start-ing to act like VCs themselves.So, in the words of the report,

‘out goes the funding escalator.In its place new businessesare increasingly raising asmall amount of seed financeand then going on to a largefunding round, raising anythingbetween £500,000 and £2mfrom one or more angel groupsand perhaps also a public sectorco-fund.’And in the immortal words of

Robert Plant — ‘oh it makes mewonder ...’

Alan Watts is the director of Halo,the Northern Ireland business an-gels network. More informationabout Halo can be found at www.haloni.com. Mr Watts can also becontacted through the site.


HERE’S an excellentbit of pop trivia foryou. Did you knowthat the first per-formance of what is

now the rock classic and baneof guitar shop sales assis-tants everywhere, Stairway toHeaven, was in Belfast? It wasfirst heard when Led Zeppelinplayed the Ulster Hall in 1971.And the link to risk finance

here? Well, it’s something calledthe funding escalator. This par-ticular stairway describes howa company ideally progressesfrom one step to the next, withever larger rounds of financeeach time.The typical path might be

to start with your friends andfamily, say £50,000, then angelfinance at perhaps £200,000,before moving to venture cap-ital (VC), probably starting at£500,000.It doesn’t stop there, as suc-

cessful and fast growing com-panies can absorb many tens ofmillions if they are to achievetheir maximum potential.In Northern Ireland, we have

our own funding escalator.Invest NI (intervening to fill

what is known as a market fail-ure) has established a steppedset of options.These start with small loans

and a seed equity fund, expandthrough a co-investment fundand a growth loan fund, rightup to two development fundswhich act like small VCs.And somewhere in the mid-

dle of this is the Halo businessangel network, which alsoreceives support from Invest.This is an excellent ladder tohelp companies grow and isbased on classic experienceand practice from around theworld.But this world is perhaps

changing. Angels are nowworking much more in groupsor syndicates. The classic angelmodel was somewhat akin toDragons’ Den, where strongindividuals champion the com-panies they like, investing andonly occasionally joining withothers to do the deal.However, the high risks and

Steps to heavenAlan Watts explores the funding escalator, an ideal method forfinancing companies from one stage of development to the next

BREAKING THE MOULD


I got into a technology businessbecause....I am passionate about productdesign and like how good,well-designed products canmake our lives better. I oftenfelt that users are expectedto fit and understand thecomplex technology needed tomake a product work, insteadof technology being devel-oped with the user’s needs inmind. I wanted to redress thisimbalance, and I developedproducts with this ethos inmind. Thankfully, I foundthat we were able to get repeatbusiness and user engagementfrom the products that wedeveloped.

I haven’t always done this...Before I started my businessin 1990, I used to be part ofengineering teams working allover the world for some of themost highly technical facilitiesin oil and gas, pharmaceuticaland biotechnology. I also ama chartered safety consultant,and I have been able to use thisbackground to ensure qualityand integrity in everythingthat we do. This is why themain aim when developingproducts is to ensure the enduser has an easy experienceat the interface points. Bydoing this, they do not have acomplex set of instructions tofollow when using a product,which this can often lead tohuman error. When creatingproducts, we have a simplechecklist: Is it easy to use,and can you just plug it in andhit play? But even our simpledesign style has complex tech-nology built-in to ensure it isfuture-proofed.

The best thing about my work...I control the outcome and itgives me great satisfaction tobuild something that turnsout exactly how I designed it.

It’s a lot of hard work and longhours, but it is worth it when Ireceive positive feedback fromcolleagues, customers and,importantly, peers, becausethey are usually outside myfamily and friend circle and aretherefore more critical.We are already working with

major brands and businessesacross the world, and this is anexciting time for GoWalkTalk.com and the upcoming launchof our LiveAlert product.We are looking forward to

seeing the first real deploy-ment of the solution and havebeen lucky to get support from

the Alzheimer’s Society, InvestNorthern Ireland and Tech-startNI, who have just provid-ed a significant award aftera lengthy review process thatincluded a panel of venturecapitalists.

The person who I take inspirationfrom is...I know it might be a bit of acliché, but the person I takeinspiration from is RichardBranson. He has proven thathaving an idea and not givingup is the way to achieve some-thing in business, and not onlyin terms of money — the same

principles apply to family lifeand your relationships withothers. I follow the principle ofbeing honest and straightfor-ward in all business dealings,and the truth always comes outin your favour in the end.

My advice to anyone starting off intechnology is...Get involved in a techhub andlearn from a shared experi-ence. There are so many greatideas and entrepreneurs acrossNorthern Ireland. It is impor-tant to tie in with as many aspossible to help nurture andsupport your own idea.

Talking technologyGoWalkTalkLtd’s Tony McIntyre explains product design

Well-designed products can make our lives better , according to Tony McIntyre, founder and MD of GoWalkTalkLtd

Name: Tony McIntyreCompany: Tech companyGoWalkTalkLtd, North WestScience Park, LondonderryTitle: Founder andmanaging director

AND I’LL TELL YOU ANOTHER THING...


Name: Ellvena GrahamCompany: Ulster Bank NorthernIrelandTitle: Head of Ulster Bank North-ern Ireland and managing directorof SME Banking

My first job was....I first started out as a petrolpump attendant in my earlyteens in my father’s business.It certainly taught me a lot oflessons that I remember to thisday — how to make decisionsfor myself, what makes forgood customer service, andhow to resolve disputes. I alsodeveloped a great sense ofindependence, as well as pridethat I was working in a familybusiness. In terms of my pro-fessional life, I joined UlsterBank in 1982 and have had avery fulfilling career there eversince.

The businessperson who taughtme to succeed was:That’s an easy question for meto answer. The late Will McK-ee, a successful businessmanand entrepreneur, taught mea great deal. (Portadown manWill McKee worked for firmssuch as Shell, Mivan and PaulCostelloe over a long career).Will was hugely supportive ofme. He instilled confidencein me and encouraged me tograsp every opportunity, evenwhen I didn’t think I was readyfor it.

My business mantra is:It’s attitude, not just aptitude,that determines your altitude.The most successful people Iknow have a fantastic pas-sion for their work, and it isabsolutely infectious for thoseworking with them. I wouldalways look to hire someonebased on attitude. Goingthrough CVs, you’ll often seepeople with great technicalqualifications. I like someonewith a bit of gumption and acan-do attitude.

It’s all changed since I started out:When I started in, digital in-formation was stored on main-frame computers that were the

size of a living room. Now, ourcustomers carry out most oftheir banking through a mobilephone a fraction of the size andmany times more powerful.Banking, as an industry, haschanged in recent years. Thereare many things that haveimproved for the benefit of thecustomer. People can accessmoney at a time and placethat’s convenient for them .

In 10 years the world will be…I think the world will feel likean even-smaller place than itdoes now — with a growing

population and new technol-ogies that bring us closer inways that we can’t imagine atthe moment. One of my hopesis that we’ll see a more equalrepresentation of women insenior management positions.

My one business regret is…I’m not one for regrets. It’s afact of life that anyone, in anycareer is going to have theirfair share of challenges.

My one piece of business advice is:If you’re not happy in anenvironment, then you need to

think long and hard about whyyou keep doing it . You’ll have afar more fulfilling life spend-ing your time and passion onthings that you want to do,rather than persevering withthings that you feel you aughtto do.

I couldn’t start the day without:Blueberry tonic and a cup ofPunjana tea. I haven’t alwaysbeen a morning person, butI find listening to classicalmusic a good way to start theday, certainly, more Classic FMthan Radio One.

Seizing the chanceEllvena Graham of Ulster Bank tells us she hopes more womenwill gain senior management jobs and how she isn’t one for regrets

Banking has changed dramatically, making it very easy for customers to access their accounts

SME WATCH

Hardscape provides a one-to-one service to councils, landscape architects and contractors, making and supplyingpaving, design features and artscape. Its base in Northern Ireland is on the Hollywood Road in Belfast


NATURAL andman-made pavingmaterialsmanufactured byHardscape are on

view in urban spaces acrossBelfast and beyond.The company, which de-

scribes itself as having ethicalresponsibility at its heart, isheadquartered in Bolton andalso has offices in StratfordUpon Avon and on the Holly-wood Road in Belfast.On top of its UK and Ireland

business, Hardscape alsoworks with partners in theNetherlands, Portugal, Spain,Italy, India and China.The projects which its

team of “passionate urbanspacemen” have worked on inNorthern Ireland include theBelfast Streets Ahead develop-ment in the city centre, BelfastDonegall Quay, Antrim CastleGardens and Castlehill in Dun-gannon, as well as Newry CityLinkages and Portrush Eastand West Strand.Glenn Bradley, Hardscape’s

regional manager for Ireland,told Business Month a little bitabout the background of thecompany.“Following a proven success-

ful career in the brick manu-facturing industry, HardscapeProducts Limited was createdin 1994 by gifted entrepre-neur Mathew Haslam, who isa geology graduate from theUniversity of Hull,” Mr Bradleysaid.He said the company

provided a one-to-one serviceto councils, landscape archi-tects and contractors, makingand supplying paving, designfeatures and artscape masonryfor projects across Britain andIreland.The supply chain profession-

al heads up the Irish operationof the business and the compa-ny activity within the EthicalTrading Initiative (ETI).Mr Bradley said: “Our

business is about local peoplesupplying global expertise tosupport local councils, govern-ment or landscape architectswith the inspiration to select awide pallet of hard landscapematerials which we can man-ufacture then supply on timeto specification in an ethicalmanner.

Right pathAmanda Ferguson talks to Glenn Bradley, Hardscape’s regionalmananager for Ireland, about the company’s passions and ethics


“We are passionate urbanspacemen.”The ETI is an alliance of

companies, trade unions andnon-governmental organisa-tions, working in partnershipto improve conditions forworkers within supply chainswhich provide goods to the UKand Ireland consumer marketHuman rights abuses, in-

cluding the use of slave labourin many countries across theglobe is an issue of concern forMr Bradley and the company.On the importance of an

ethical approach in business,he added: “It is a reality thatslave or bonded or child labouris used to manufacture manyproducts coming to Ireland orBritain.“Our business in collabora-

tion with other stakeholdersprovide assurance that suchlabour malpractice and humanrights abuse does not exist inour supply chain and we canprove it.“Given the UN Guiding Prin-

ciples for Business and HumanRights rolling out in 2016 ourproduction and supply chainis at the forefront of makingpaving materials in an ethical

manner that assures workersare free from exploitation orabuse”Hardscape had a turnover

of £16m in the last financialyear with a 12% growth planthis year.They are also achiever

status members of the EthicalTrading Initiative and where

recognised in recent Top 50SMEs of the UK poll.Hardscape Ireland materials

can be seen throughout North-ern Ireland and also at SpencerDock Dublin, Grafton StreetDublin, City Quays Limerick;Market Square Dundalk &Viking Triangle Waterford.The Belfast business is pres-

ently producing and supplyingto Holywood & Bangor EISBallymena Regeneration andWicklow Street and St John-sons Court Dublin.Hardscape are on Twitter at:

@hardscape_irela @hard-scape1994 and @stockscapeFor more about Hardscape

visit www.hardscape.co.uk

Hardscape staff Paul Irvine (I), Glenn Bradley and Brian John Spencer (r)

ASK THE EXPERTS

All questions should be addressed to: [email protected] and advice are publishted in good faith but should not replace the advice of your professional financial advisor.

ASK THE EXPERTS


to demand both continuousand discontinuous leave.As employees are protected

from detriment and unfairdismissal connected withthe taking of shared parentalleave, employers will need to beconsistent when dealing with

SPL requests from all employ-ees, whether male or female.All internal policies and

processes should be put inplace now, to ensure a smoothintegration of this new law intothe business.

EJF

I am a business owner looking to purchase second hand commercialproperty. Will I be able to claim capital allowances on parts of itsacquisition cost?A purchaser’s ability to claim capital allowances is dependent on the ven-dor’s position, and whether or not they have already made an appropriateclaim on the asset.

Under new rules introduced by the Government in 2014, a tax payingpurchaser will not be eligible to claim any allowances for expenditurewhere the vendor was entitled but did not previously make a claim forplant and machinery allowances on fixtures.

The rule changes, which are triggered on the acquisition of secondhand commercial property on or after April 1 or 6 2014 (for corporationand income tax purposes respectively), were introduced primarily toprotect HM Treasury from providing tax relief more than once on thesame asset.

However, businesses acquiring property from developers or non-tax-payers, such as charities and exempt government bodies, should notnormally be restricted.

Whilst the vendor is still in ownership of the asset, capital allowancesclaims should be available in the period of sale, even if the relief has notbeen utilised previously.

Therefore, as a business owner in the market to purchase, you shouldensure any potential future capital allowance claims are considered inthe sale agreement.

Should claims not have been made previously, vendors, and purchas-ers, are advised to seek assistance from a professional adviser in theearly stages of the sale.

PL

EVERY employer will be im-pacted by the changes that thisnew regime will bring fromApril 2015.The new Shared Parental

Leave (SPL) legislation statesthat following after two com-pulsory maternity leave, themother’s remaining 50 weeks’of entitlement can now be splitbetween both the mother andfather from April 2015.For example, a mother could

end her leave and return towork after 20 weeks, leaving32 weeks of the total 52 weekentitlement available for SPL.If both the mother and her

partner are eligible, they canthen chose to share thoseremaining 32 weeks betweenthem. Employees are requiredto give their employer at leasteight weeks’ notice of entitle-ment to shared parental leave,and at least eight weeks’ noticeof any leave they intend totake.By communicating the

updated entitlements to youremployees, you can encourageearly dialogue which will facil-itate better forward planning.This is of particular impor-tance to smaller businesses, asemployees will have the right

I’m a business owner, employing eight staff. Will I be affected bythe new Shared Parental Leave rules in the new Work and Fami-lies Act (NI) 2015?

We own a limited companyand profits have beenexcellent. Do you have anyrecommendations in relationto profit extraction that couldlimit tax ?Business owners looking to ex-tract surplus profits from theirbusiness should be lookingforward to April’s new pensionincome flexibility rules. Notonly does pension fundingremain the most tax efficientway to extract profits from acompany, but those funds willalso become far more accessi-ble for the individual than everbefore.

From April 6, 2015, retire-ment income limits will beremoved for defined contri-bution (DC) pension owners.This means that DC pensionowners will be able to accesstheir pension plans from age55 typically without restrictioni.e. their entire pension can bewithdrawn in one lump sumif required. At the point ofwithdrawal, 25% can be takentax-free with the remaindersubject to income tax on theindividual.

Company pension con-tributions has the doublebenefit of reducing profitssubject to corporation tax,without incurring an employerNational Insurance (NI) liability.Extraction by salary or bonuswill reduce profits before tax,but will not side step employerNI ( typically 13.8 % of salary orbonus ) .

If an individual has not paidanything into their pension fora number of years, the compa-ny could potentially contributeup to £ 230,000 with the indi-vidual utilising a facility called‘carry forward’.

Unlike personal contri-butions, company pensioncontributions are not limitedby the business owner’s earnedincome. The company should,however, ensure that thereare enough profits in theaccounting year to receive thefull benefit of corporation taxrelief, and that the contributionwill satisfy the ‘wholly andexclusively for purpose oftrade’ rule.

As always, professionalindependent financial adviceshould be sought.

BDH

Sound advice can be a valuable commodityWe put your questions to the experts with the answers

Brian David HornerM&D Financial Management Ltd(Independent financial advisers)

Emma-Jane FlanneryEmployment law associate,Arthur Cox Solicitors

Peter LeggeTax partner at business advisoryfirm Grant Thornton.

INSIDE REPORT

32

AWALK around thecentre of Athensdoes not evoke asense of crisis at themoment. Nor does

a boat trip to the islands. Thetourist season is underway andon the surface, all seems well,with lots of visitors crawlingover the Parthenon. Even thestreet sleepers that were so evi-dent when I last visited Athensthree years ago, are less obvioustoday.Beneath the surface though,

the sense of crisis is very real anddamaging the value of the euro.It is the topic of conversationacross Greece—will the countrystay in the euro, or does it facethe dreaded ‘Grexit’? While thepopulation seems loyal to thenewly elected anti-austerity Syr-iza government, other eurozonegovernments — led by Germanyand strongly backed by Finland— seem determined to force com-pliance on Greece, even if theirdemands lead to the break-upof the euro. No wonder the eurohas lost value in recent months.It is not only the Greek fiscal

crisis that has pulled the euro’svalue down — so, too, has theEuropean Central Bank’s pro-gramme of quantitative easing(increasing the money supply).Eurozone QE is buying €1.1trnof bonds, at a rate of €60bn amonth. Based on the experienceof QE programmes in the UKand the US, this will push upasset prices (including stocksand top properties) – though itis less clear that it will boost theeurozone economy.Meanwhile— and ironically —

most of the rest of the eurozone

TRAGEDYPaul Gosling mulls over the euro’s recent trajectory during a trip toGreece and wonders, just how low is the currency likely to go?

is benefiting from the Greekcrisis. The euro has fallen 25%against the dollar in the lastyear and by about 15% againststerling. Largely as a result ofthis, Greece’s dedicated enemyin the austerity argument in theeurozone is raking in the profits.Last year, German exports to

the US rose by 6.5%, while thoseto China jumped 11%.The cheap euro is good news

for German exporters.But there are losers as well as

winners when it comes to the cur-rency roundabout. AndNorthernIreland is near the top of the pileof those losers. Shoppers from thesouth who swarmed into Derryand Newry shopping centresduring the days of weak sterlingand high euro valuations havestopped making the journey.Instead the cars head the other

way, to Letterkenny andDundalk, as northernconsumers buy petrol,diesel, food and clothesacross the border.Tourists that might

in the past have bookedholidays in the north, arenowmaking reservationsin the south. Here theyare influenced not onlyby the weak euro, butalso by the difference inVat rates— the Republiccharges just 9% Vat onhotel stays and restau-rant meals, compared to20% inNorthern Ireland.Our manufacturing

sector is also damagedby the weak euro andthe ECB’s quan-titative easingprogramme to

hold down its value. Dr EsmondBirnie, PwC chief economist inNorthern Ireland said that weare particularly affected by thisgiven that the eurozone is theUK’s largest exportmarket, whileNorthern Ireland’s exportersnow face even tougher pricecompetition from the Republic inthe food processing and tourismsectors. But, Birnie points out,the injection of extramoney willnot, in itself, fix the eurozone’seconomic problems. “Theremaybe some benefit to Europeangrowth from a weaker euro,though this will also result inhigher import prices, squeezingconsumer spending,” he said.“Fundamentally, QE does not ad-dress themajor structural factorsholding back eurozone recovery.Growth is very weak in Franceand Italy, the second and thirdlargest economies using the euro

and collectively accounting fornearly 40% of eurozone GDP.“Businesses are reluctant to

invest, labour markets remaininflexible and governments havebeen slow to undertake muchneeded economic reforms. Untilthese issues are addressed, weare likely to continue to seedisappointing growth in the

euro area economies.”Stephen Kelly, chief execu-

tive of Manufacturing NI, alsoexpresses gloom. “With 55% ofexports into EUmarkets, North-ern Ireland’s manufacturers arehugely experienced in dealingwith themovements in currencyexchange provided these are rela-tively small movements,” he said.“What we’ve seen, particularly


GREEK

33

since last autumn, are very largeshifts, almost on a daily basis, inthe euro value after a number ofyears of relative stability. This hascreated some difficulties.“With the slide in the euro

value to 2007 levels, there is anopportunity to purchase rawmaterials, particularly cross-bor-der, but for the wider economythat has an impact on Northern

Ireland suppliers. And, we arehearing thatmany [manufactur-ers and suppliers] are sacrificingmargin in an effort retain custom-ers. As a border economy, manyrisk losing long-term contractsfor supply to similar businessesin the Republic.This is particularly noticeable

in the important food sectorwhere buyers for supermarkets

and others are freer to choose thesource of their supply.“For the larger sales in engi-

neering and construction relatedindustries, suppliers are havingto carefully manage their flowof currency and work harder todemonstrate additional value.Right now, how manufactur-

ers manage their currency is asimportant as how they manage

their productivity and their rawmaterial sourcing. It has thatimpact on profitability and salessustainability.“Our manufacturers are used

to currency fluctuations, but thepace and the scale of the shiftin the euro’s value has for manycome at just the wrong time —


Turn to page 34 >>

The Acropolis, theancient citadel on a

high rocky outcropabove Athens,

contains the remainsof several ancient

buildings. However,the most famous is

the Parthenon

INSIDE REPORT


just as business conditions werebeginning to pick up and invest-ments being made. Squeezingmargin is hopefully a temporaryissue, but it does reinforce theneed to take action on the costsof doing business here inNorthern Ireland. Ac-tion is needed on areaswhich impact on ourmanufacturing com-petitiveness, particu-larly energy pricesin order to sustainand secure our criticalmanufacturing sector.”For the moment it is

impossible to predict how eventswill play out in the eurozone— and, accordingly, what willhappen to the value of sterlingcompared to the euro. Greecemay be pushed out of the euro— and if it does the euro mayplunge further, as speculatorsbet on other countries also fallingout. Or, just possibly, everythingmay go so well in the eurozonethat the euro begins to recoverstrongly.For the moment, though, that

looks the least likely outcome.

>> From page 33

A year ago, a euro was worth83p. Today it is hovering a lit-tle above 70p. Goldman Sachshas predicted it could go downfurther to 65p. It is a similarstory with the euro’s valueagainst the dollar – 12 monthsago a dollar bought 70 centsin the euro – now they areheading apparently towardsparity. But the euro has beenhere before – back in 2007,when everything seemed wellwith the world’s economy.

EURO’S VALUEFALLING AGAIN

TICKERS


Ulster Bank chief economist Richard Ramsey gives a rundown on the latest key pointers

JANUARY saw the annual rateof UK consumer price inflation(CPI) ease to a record low of 0.3%.The February figures eclipsedthat record with UK consumerprices unchanged relative to thecorresponding month last year.However, the headline rate of

0% concealed diverging infla-tionary trends when looking atthe price of goods and services.Within these two categories, it isa case of goods deflation (fallingprices) and inflation (rising pric-es) for services.The price of consumer goods

fell by 2% year-on-year in Feb-ruary which compared with adecline of 1.5% in January. Feb-ruary’s 2% fall marked the fastestrate of decline since June 2002and compares with a long-termaverage rate of inflation of 1.7%.Meanwhile, service price in-

flation has remained broadlyunchanged at 2.4% over the lastsixmonths. This compares with along-term average of 4.4%.

UK consumers are benefitingfrom the huge fall in oil pricessince the middle of 2014. Thishas fed through to falling petrolprices.The latest figures note that

transport, fuels & lubricants(petrol & diesel) category report-

ed annual price falls of 16.6%in February. This represented arecord rate of decline.Meanwhile food prices fell by

3.5% y/y last month which alsorepresents the steepest declineon record.It is noted that the annual

rate of core CPI inflation, whichexcludes food and energy prices,eased from 1.4% in January to1.2% February.This is amoremeaningful indi-

cator to gauge deflationary fearswithin the United Kingdom’seconomy.

This month’s local indicators at a glance

THE number of new housingstarts (public and private) in NIfell to a 36-year low of 5,100 in2013, and private sector starts hittheir lowest (4,200) since 1981.Last year, starts rose for the firsttime in four years. The overall14% year-on-year rise concealeda 24% increase for the private sec-tor but a 35% fall in public sectorstarts. Last year’s overall startstotal of 5,750 is half (56%) the

long-term average (1978-2007)and 38% of 2006 (15,260). Com-pletions hit a record low (seriesbegan in 1978) of 5,400 in 2013.Last year saw the first annual risein completions in eight years —albeit the 2% rise to 5,500 unitswasmarginal. Completions havestagnated at 5,500 for the lastfour years. This is half the statedannual need and 70% below the2006 peak of 18,000 units.

THERE are significantly fewer‘R-plates’ on our roads today thanthere were before the recession.The number of private car driv-ing tests conducted in NorthernIreland peaked at 68,444 in 2008.This followed an increase of28% between 2005 and 2008.Following five years of decline,with a cumulative fall of 37% (or25,511 tests) driving tests hit alow of 42,933. An R-plate recov-

ery appears to have taken holdwith 2014 posting the first risein six years. Despite the modest2% rise (+989 tests), last year’stotal remains 36% (24,522) belowthe 2008 peak. The number ofindividuals aged 17-24 years ofage also peaked in 2008. Thisage group accounts for the vastmajority of driving tests. Formany taking their tests, learningto drive in not a necessity.


BUSINESSPEOPLE

the TT again, having enjoyedsome good results there theprevious year.I was riding in the 250cc

race when I fell and crashedheavily, landing feet first intoa wall and badly damaging myfeet, legs and ankles. It took memany months to recover and Inever really got back to full fit-ness, as I couldn’t regain 100%mobility in the joints.I did race on for a couple

more years but I had to make alot of modifications to my bikejust to allow me to ride and itjust wasn’t the same.The reality is that in racing

there are highs and lows andI’ve found that being a businessowner is exactly the same.I founded Signstik in 1998,

offering specialist services in-cluding general signage, retailsignage, large format printingand graphic design.

It all started when I madethe graphics for my bikes andtruck. I soon started doingmore for other riders and itsimply grew from there. Todaywe work a wide range of localand international clients.One client, located just a

few miles from our offices inNutts Corner and that is closeto my heart is The MetzelerUlster Grand Prix. We providesponsor branding and signagefor the track and podiums,although my connection to theraces runs a little deeper.I’m the president of the

Dundrod & District MotorcycleClub, the organisation behindthe Metzeler Ulster Grand Prix.In my role I help out with the

executive board to ensure thatBike Week is as successful andsmooth running as possible.It may be four months away,

but we’re already busy prepar-

THe new road racingseason is almostupon us and it’salways a busy time ofyear for me. Whether

it is as a fan, competing as Idid many years ago, or in mywork with the Dundrod &District Motorcycle Club thereis plenty to keep me occupied,alongside my day job of course.My own racing career

started in 1988 and I competedfor almost 15 years across theUK & Ireland on both road andshort circuits. I’d always beeninterested in the sport and Iloved the competition, so itwas a natural progression forme to get involved.I got into racing quite

seriously, taking part in themajor international and Irishmeetings and I managed torack up almost 100 wins andsix championships across arange of classes, from 125cc tosuperbikes.It’s given me some great

memories. I had one interna-tional win at the Ulster GrandPrix in 1995 and three wins atthe Manx Grand Prix that defi-nitely stand out, and I stood onthe podium a few times at theIsle of Man TT.I was also the first rider to

win every round of an Irishroad race championship in oneseason in 1995 and I held laprecords at quite a few circuitstoo, some of which still stand.Throughout my career I

was fortunate to be on thegrid with some of the sport’slegends including Joey andRobert Dunlop, Phillip McCal-len and Brian Reid, and I wasalways full of admiration forJoey in particular, as he was agentleman racer and was at thefore for so many years.They were great times and

there were so many good daysbut as I found out, there willalways be bad ones too.In 1999 I was competing at

The Northern Ireland Businessperson who...

Signstik owner and ex-racer James Courtney on his high-speed parallel existence

James Courtney raced motorbikes, on track and road, for 15 years

... is head of a motorcycle club and a former champ

ing for 2015. After many yearsof planning and fundraising,one of the biggest develop-ments is that work has startedon UGP David Wood House,the new home for the raceoffices, timekeepers and amen-ities in the pits at Dundrod.It’s part of our continuing

efforts to improve Bike Week,which runs from August 3 to 8this year, for competitors andfans of all ages.The races are in good health,

as the Metzeler Ulster GrandPrix has become a true familyevent, with competitions, en-tertainment, hospitality and ofcourse, plenty of between thehedges action.We also see a growing num-

ber of international fans andwe hope to attract more in thecoming years, as the World’sFastest Road Race has a hugefan base across the world,many of whom would love theopportunity to visit the racesand Northern Ireland.As a country we are now

recognised as a leading touristdestination.There is so much to see and

do, and I feel that the UlsterGrand Prix can play a signif-icant part in this growingappeal and potential.We have a great team at the

DDMC who give up their timeto drive the races forwardevery year.For me personally, I’ve

stayed close to the sport thatgave me so much, even inmy professional life, and theUlster Grand Prix has alwaysbeen my favourite event so I’mproud to lend my support.While work keeps me busy

all year round, in the weeksleading up to Bike Week freetime becomes an almost alienconcept and sometimes it’sdifficult to switch off, but it’salways enjoyable.All I know is that I wouldn’t

have it any other way.

FOCUS ON: TELECOMMUNCIATIONS


FAST and furious: these two wordsneatly sum up the changingfortunes of Northern Ireland’stelecoms sector in recent years.While the region continues

to set a blistering pace with its rollout offaster broadband internet speeds and nearuniversal coverage, mobile phone cover-age on the other hand is rated among thepoorest in the UK, with ‘not spots’ as dis-tinct from ‘hot spots’ hampering everydaybusiness and infuriating users.Northern Ireland Chamber of Commerce

chief executive Ann McGregor said: “Therehas been investment by operators in recentyears to improve 3G coverage especiallyand it is important that operators continueto invest in their 3G networks and acceler-ate the rollout of 4G in Northern Ireland.“But coverage for mobile phones is

generally poor in Northern Ireland,” shesaid. “Anecdotally, I drive all around thecountry and I can tell you exactly where Iam going to lose mobile coverage. Thereare serious issues around coverage whichaffect businesses. We need lots of newmasts to plug some of those gaps.”The UK Government’s £150mMobile

Infrastructure Project is a major initia-tive which could potentially have a verypositive impact here, she said. This fund isdesigned to help plug mobile ‘not spots’ —places where there is no mobile coveragewhatsoever.While industry chiefs complain that

mobile phone coverage still seems to beplaying catch-up with consumer demands,they are quick to praise Northern Ireland’ssuperfast broadband services for havingmade quantum leaps in recent months.The ongoing Northern Ireland Broad-

band Improvement Project (NIBIP), whichbegan last year with a first phase invest-ment of £23.5m, is currently on target andhas been boosted by another £17m.Over 200,000 homes and businesses

in Northern Ireland are now connectedto BT’s open-access fibre network. Theservice enables users receive broadbandspeeds of up to 80 Mbps and upload speedsof 20Mbps. BT also announced that it has

BREAKNECKHigh-speed dealings: Northern Ireland is uniquely placed to use its telecoms advantages


completed phase three of the Departmentof Enterprise, Trade and Investment’sbroadband improvement project — withover 17,500 homes and businesses now re-ceiving better broadband services in ruralcommunities across Northern Ireland.Alex Crossan, managing director of

commercial networks at BT Ireland, said:“We’re delighted to have reached ourlatest milestone in the Northern Irelandbroadband improvement project, enablingeven more homes and businesses to availof improved broadband speeds.“In some cases, we’ve been able to take

customers from speeds of less than 2Mbpsup to 330Mbps which makes a phenome-

nal difference to the end user.”With high speed fibre broadband,

photos and videos can be uploaded to theinternet in seconds, IP telephony and HDquality video calls can be used to stay incontact with colleagues through businessconference calls.The overall verdict on broadband ser-

vices is that the vast majority of NorthernIreland is already well served with NextGeneration Access (NGA) style infrastruc-ture. Ofcom’s 2014 Infrastructure Reportcited a coverage figure of 94%, althoughthis fell to 77% for those able to receivesuperfast broadband (24Mbps+) speeds.The latest tranche of NIBIP investmentis earmarked to make up this shortfall insuperfast broadband coverage.Business groups insist completing the

scheme is vital, especially for firms inrural areas.

BROADBANDincluding Project Kelvin to exploit opportunities across the Atlantic, writes Simon Rowe

In some cases, we’vebeen able to takecustomers fromspeeds of less than2Mbps to 330Mbps

>> Turn to page 40

FOCUS ON: TELECOMMUNICATIONS


Ireland financial traders if theychoose to seize it. Across theglobe there has been a massivegrowth in high-frequencytraders (HFTs) who installultra-fast fibre-optic data con-nections between their systems

and modern stock exchanges,giving them a minuscule speedadvantage over rival traders.This advantage, just millisec-onds (thousandths of a second),allows HFTs to see other buy-ers’ orders before they are ex-

ecuted. The financial rewardscan be astronomical.With the likes of high-fre-

quency trading arising fromour superfast telecoms sector,Northern Ireland looks poisedto make another quantum leap.

“Reaching the most ruralpremises is a challenge thatis technically complex andexpensive, but it is importantthat these remaining homesand businesses are not leftbehind,” said Ann McGregor.Indeed, more and more en-

trepreneurs are realising thatNorthern Ireland is uniquelyplaced to take advantage of itstelecoms superiority. And onearea where it could flex its cor-porate muscles is in high-fre-quency trading. The reason issimple. Following the launchof Project Kelvin, the £30mtrans-Atlantic telecoms cablerunning from North Americato Ireland, with spurs to keycities and towns in NorthernIreland and the border areas ofthe Republic, Northern Irelandnow enjoys a ‘nanosecondadvantage’ for Ireland in re-ceiving data from America. Ineffect, this direct link makesNorthern Ireland “closer” tothe east coast of North Ameri-ca than California.This ‘nanosecond advan-

tage’ offers a very lucrativeopportunity for Northern

Reaching rural areas poses a complex and expensive challenge for telecoms firms, but Ann McGregor, CEO of theChamber of Commerce, believes it’s imortant those remaining homes and businesses are not left behind

>> From page 39

FOCUS ON: INDUSTRIES

CONTINUED ON P44 >>


THE last 12 monthshave been mixed forNorthern Irelandmanufacturers withindustry insiders

divided on the question ofwhether the sector’s glass ishalf-full or half-empty.Northern Ireland Cham-

ber of Commerce chiefs havewarned that while there wasan increase in export salesand orders, “there are fewsigns of stability for NorthernIreland manufacturers withtheir domestic sales and ordersfalling and almost all balancesfor Northern Ireland below theUK average”.Northern Ireland Chamber

of Trade and Commerce chiefexecutive Ann McGregor saidthat competition remainsthe key concern for NorthernIreland’s manufacturing base,and with each quarter thecompetitive environment isbecoming more challenging.While rising energy costs

and burdensome commercialrates have been a bane ofstruggling firms, the strengthof sterling in recent monthshas eroded business competi-tiveness even further, especial-ly cross-border trade.However, it’s not all doom

and gloom. Industry expertswho adopt a glass half-fullapproach predict that the ‘bigticket’ item of devolved corpo-ration tax will usher in a newera for economic development,albeit one that will demandtough choices.The DUP and Sinn Fein have

agreed that the new rate ofcorporation tax in NorthernIreland should be 12.5% — tomatch the Republic’s rate. Inthe UK, corporation tax is

charged at 20% since April 1.Each percentage point cut incorporation tax will cost theNorthern Ireland economyabout £40m a year from ourblock grant.The impending rate cut,

which will be used by InvestNI to tempt potential US andoverseas investors, looks tohave already boosted confi-dence in the manufacturingsector with last month’s pur-chasing managers’ index (PMI)survey by Ulster Bank showingthat staffing levels rose for thefirst time in four months andorder books grew again.Ann McGregor said: “Re-

ducing our corporation taxwill help ease the pain of cutsto our block grant and willhelp keep our big indigenousmanufacturing companieslocated here.“Everyone assumes that the

corporation tax issue is justabout attracting inward in-vestment but we already havean established manufacturingbase here in Northern Irelandand it’s probably the one sectorthat is spread right across thecountry.

“The big spin-off fromlowering corporation taxwill be that our indigenousmanufacturing companies willhave more money to spend oninnovation, reinvestment andinvestment in jobs,” she said.The manufacturing sector in

Northern Ireland generates an-nual sales of almost £20bn anddirectly employs 80,000. But itis under competitive pressuresfrom all sides. Manufacturing’simportance to the NorthernIreland economy has declinedsharply. As recently as 1995,manufacturing generated15% of Northern Ireland jobswhereas today it only accountsfor about 10%.The planned closure of the

JTI factory in Ballymena withthe loss of nearly 900 jobs,and recent cuts announcedby Northern Ireland’s threebellwether manufacturingfirms Bombardier, Caterpillarand the former Quinn groupAventas, are seen by some asfurther signs of this inexorabledecline in the sector.In the wake of these neg-

ative trends, however, lobbygroup Manufacturing NI hascalled on Stormont to devisea promotion strategy for theindustry to maximise the bene-fits that will accrue from lowercorporation tax.The umbrella body repre-

sents over 500 of the province’stop manufacturing companies.“Manufacturing is far from

being a twilight part of oureconomy,” insists Stephen Kel-ly, the spokesman for Manufac-turing NI.While total numbers of man-

ufacturing jobs have declined,

STRIVING FORTimes are increasingly challenging for Northern Ireland’s manufac-turing industry, with competition proving to be a major concern. Butas Simon Rowe finds out, things aren’t quite all doom and gloom

Manufactur-ing NI has

called on Stormontto devise a promo-tion strategy for theindustry to maximisebenefits that willaccrue from lowercorporation tax


ust volorrum utatiata volenda quiani alitati ratiumet et vendus diset voluptas ut ium nihilla quamusduscipis ressequam quassimus.

THE BIGTICKET

FOCUS ON: INDUSTRIES

<< CONTINUED FROM P43


there are strong clusters ofgrowth dotted around theprovince, he said.Mr Kelly cites Toome-

bridge-based manufacturerSDC Trailers as an example ofa local firm that is achievinggreat things “all under theradar”.“SDC has taken on almost

250 people in the last year andthat is all under the radar, youdon’t see any big announce-ment about that.”The firm was awarded

Northern Ireland’s TopManufacturing Company atthe Made in Northern IrelandAwards last month.SDC is part of the Retlan

Manufacturing Group, whichalso owns Antrim-based MDFEngineering, which has aturnover of £170m and em-ploys a total of 900 staff.“We have similar examples

of engineering firms spreadacross provincial towns. Theyare providing good, well-paidsustainable jobs in commu-nities where people want to

live and where those firms arecontributing to those localcommunities.”Indeed, other manufactur-

ing success stories in the last12 months include Ballyme-na coachbuilder WrightbusInternational winning a £30mcontract to supply 415 doubledeck bus kits to Singapore.Down-based Denroy Plas-

tics secured a multi-million

dollar five-year contract witha Texas-based aviation firm.Swedish multinational engi-

neering group Sandvik AB cre-ated 160 new jobs in Co Tyroneafter a consolidation processat its Ballygawley plant.And Enterprise Minister

Arlene Foster’s announcementof a new industry-led £6.8mAdvanced Engineering Com-petence Centre in Northern

Ireland is a further sign ofconfidence in the future of thesector and our talent pool.While such developments

highlight just how attrac-tive Northern Ireland is tointernational firms, soaringenergy costs — which are thethird biggest cost to manufac-turing firms after labour andmaterials — are continuing tohamper the region’s growthpotential, business groupswarn.Electricity costs in NI are

now the second most expen-sive in Europe.“Manufacturers in GB

pay about 20% less in theirelectricity than we pay,” saidStephen Kelly. “That’s why weneed a Manufacturing Strate-gy from Stormont. By drawinga coherent manufacturingstrategy together, whichsets a target for competitiveenergy prices, secures indus-trial de-rating in long-termlegislation and cements askilled qualified workforce,we can set Northern Irelandplc on the path to sustainableprosperity.”

Manufacturers say moves on corporation tax give them hope for future

45

WALKING INPOLDARK’S

FOOTPRINTSTHERE’S A LOT MORETO CORNWALL THAN

TIN MINING AND TV

MOTORING

ABSOLUTELYFABIAJim McCauley test drives the new Skoda

DAY INTHE LIFE

MEET DECLANThe CEO of Heart Sine technologies

MANABOUTTOWN

THE CHAIRMANInside track on Northern Ireland business

OFF LINE SECTION



OUT TO LUNCHof

flin

e

James Street South3 -course lunch x 2 £37.00

Total £37.00

Policing can helpstability but alsobring prosperityJoris Minne goes out to lunch with PSNI Assistant Chief Constable Stephen Martin andinterrogates him about his successful policing strategy during Derry’s City of Culture year

LIKE all smart people AssistantChief Constable Stephen Martinhas a sense of humour, a talent fortalking and a well disguised streakof ambition. Not like all smart

people, the senior policeman also has a realinterest in humanity.When he recently left his position in

Londonderry to take up new responsibili-ties in Belfast, this interest in and respectfor people was acknowledged by all polit-ical parties and ordinary citizens by host-ing going away parties for him. One evencalled him “the adopted son of Derry”.This summer he will be overall com-

mander for parading where he’s sure to becalled a few other things.We are in James Street South and he’s

enjoying (and possibly inwardly laughingat) the interrogation. I can’t help think hisinterview techniques are a good deal moredeveloped than mine so try to steer theconversation into safe territory by talkingabout policing and business.He is responsible for district policing,

which means everyday matters such asburglaries, accidents, general security.Which is why he spends so much time

talking to business leaders.He engages with the CBI, NI Chamber

and other business organisations becausehe understands the need for stability.

These attributes made him a profoundlypopular chief in the north west where heintroduced new levels of discretion andsubtlety in policing to help get the UK Cityof Culture through 2013 without incidentdespite the bomb attacks which heraldedthe year-long event.He was part of the Derry delegation

which secured the Fleadh in the face ofdoubts by organisers as to whether the citywas a safe place to host such a fixture.“We were asked about rings of steel

being put up to secure the city. But whatwould be cultural about a ring of steel?” herecalls.“We wanted Derry to have its moment

but not at any price and my job was to pro-vide security which on the one hand wouldnot encroach or interfere with the festivalsyet would be powerful enough to protectthe citizenry and withstand any attack.”“These projects are evidence that PSNI

provides stability in the face of greatestthreat,” he says, encapsulating the very es-sence of what businesses everywhere want.Doesn’t he get frustrated by politicians

who seem to pick at the very delicate fabricof our post-conflict society he and his col-leagues claim to be trying to knit together?“I want politicians to get us over the line

and my role and that of the PSNI is to helpthem get there,” he says, still the diplomat.

“Timing has not been our friend: asNorthern Ireland moves from conflict topost-conflict we have been trying simulta-neously to survive an economic recessionand financial crisis,” he says. “We want tocreate the conditions for Northern Irelandto be a safe and prosperous place and Ithink we are going about it the right way.”This thought brings back memories of

Chris Patton (the architect of the 50/50PSNI) in his other role as governor of HongKong in the lead up to the hand over to theChinese in 2000. Business chiefs then allagreed: as long as there was no politicalinterference in the economy of Hong Kongeveryone would get along fine. Does hethink this may be the case in NI consider-ing the lack of leadership from Stormont?“Politics require time and we are in a far

better place than we were,” he says.“Those who say we have not yet achieved

normality should look at the progress wehave all made.“We’ll get there and the business com-

munity will go from strength to strength.”


YOUNG ENTERPRISE

offl

ine

TAKE a moment to think aboutwhat your life was like this timelast year. Or two years ago. Orthree. Isn’t it crazy howmuch canchange?How you can do somuchand become awhole new personin such a short period of time?You hear one year and it doesn’tseem that far off, yet the past yearseems like centuries ago.As my Young Enterprise ex-

perience comes to an end, I havebeen reviewing everythingmyselfandmy team have done over thepast six months, and the list isendless.Last month concluded the

final judging section of the com-petition, when each teamwas re-quired to submit a report, presentits company’s achievements andtake part in an interview in frontof a panel of judges. This was theopportunity to showcase yoursuccesses, failures, improvementsand everything you’ve learnt,which was an amazing feelingbeing able to timeline your pro-

AOIDIN GORMLEYRATHMORE GRAMMAR SCHOOL

I’m feeling more confident after rollercoaster ridegress. I have accomplished somuch from Young Enterprise: Ihave improved my relationshipswith my peers, my communica-tion style, met with the heads ofsomany big businesses across thecountry, and made a campaignthat we can be proud of.My team have learnt a lot,

both about ourselves and eachother. Every stretch of the waywe have got stronger, wiser andmore confident, and I couldn’tbe prouder. I’ve never done aninterview before, so I was veryanxious going in, but once weactually got started my nerveswent away, leaving a calm, confi-dent person and I am thrilled tosay it went well.We put in a lot of effort. It

has been one rollercoaster of aride, with many ups and downs,but I am coming away feelingexhilarated and ready for mynext adventure. Young Enterprisehas been an incredible buildingblock, setting up with a fantasticfoundation to support me withwhatever I choose to do with therest of my life. The skills I have

learnt and the qualities I havehoned have made me a better

person, ready to take on the big,bad world of business.

Aoidin Gormley found her nerves went away once the interview began

DAY IN THE LIFEof

flin

e


‘Our goal is to puta defibrillator inevery locationthat you find afire extinguisher’

Declan O’MahoneyChief executive, HeartSine Technologies, Belfast

6.30amMy home is in Cork, but thismorning I’m in Belfast as Ihave been in the office most ofthe week. I usually try to havea run or a swim first thing andthat gets my energy levels up.When I’m on the road I typical-ly have a good breakfast, anduse this time to catch up onemails that arrive overnight.HeartSine has people and

does business in every cornerof the world so there’s al-ways something happeningthroughout the day or nightthat needs my attention.The best emails I receive are

the reports of “saves”. Whenour defibrillator has been usedto save a life somewhere in theworld, we are notified by ourcustomers or distributors.Just last week I received an

alert of a 13-year old girl inAsia who was saved after shesuffered a sudden cardiac ar-rest — thankfully she survivedand is doing well in hospital.These save notifications aresent to our entire organisa-tion and give us a great boostalmost every day. It’s whatmakes HeartSine a great placefor everyone to work.

8.30amAt the office I spend most ofthe morning on calls with ourteam in Asia. With few defi-brillators installed in the Asiancountries, and such large andgrowing populations, the com-pany’s opportunity for growthis fantastic. Our distributor inSingapore has placed thou-sands of AEDs in that countryalone the past 12 months.

10amMymid-morning scheduleincludes a customer meeting,an operations meeting anda technical review with theengineering team. While wehave sales and technical teamsaround the world, most of theorganisation is stationed inBelfast on Airport Road Westwhere we do leading resuscita-tion research and developmentand have expert clinical teams.HeartSine is the only manu-facturer of defibrillators in theUK and Ireland with produc-tion and R&D teams.

12.30pmI try to take time and eat prop-erly at lunch. If I don’t, I knowI’ll get caught up in something

else and miss it. Today lunch iswith colleagues in our Belfastcanteen. We like to eat there ifat all possible so that we canget the chance to mix with theteam, with over 100 people it’shard to interact with everyone.

1.15pmThe first part of my afternoonis spent making sure that ourcompliance to regulations,quality control and pursuitof excellence is always at theforefront. We’re doing businessin over 70 countries in 32 lan-guages which is a great successstory for the team.

3:00pmThis a good time of day toreach my teams in the US. I’mon the phone non-stop thisafternoon discussing a largeopportunity in the States. Weare winning huge contractsglobally and it’s always excitingto see the sales and operation-al teams shipping product tosome of the world’s biggest air-lines, railroads, hotel groups,armies and governments.Next I have a Skype con-

ference with my marketingteam regarding our upcoming

regional distributor conferencewhich we’re holding in Barcelo-na next month. HeartSine sellsits defibrillators through aglobal network of distributors.

7pmI’m driving home to Cork forthe weekend. I always makea point to be home at theweekends as I am away everyweek for some or all of theweek. When I work from myhome office, I will usually beup around 7am and spend timewith my wife and three kids inthe everyday panic for school.After that I’m back to my nor-mal routine of calls and emails.Our goal is to put an AED

in every location you find afire extinguisher. Fire claimsthe lives of 600 people in theBritish Isles every year, butsurprisingly 100,000 in the UKdie from sudden cardiac arrest(SCA). If you suffer an SCAyour chances of survival withCPR alone are less than 5%, butwhen combined with the useof a defibrillator survival ratesincrease to over 75%.Our goal in HeartSine is to

save as many of those lives aswe possibly can.

MOTORING NEWS

offl

ine

MOTORING NEWS

offl

ine


Better wage welcomed formotor trade apprentices

THE Institute of the MotorIndustry’s CEO Steve Nash haswelcomed Government plansto implement a 57p an hourincrease for apprentices agedunder 20. He urged employersto increase the starting rate forjunior apprentices to £4 hour,a 70% rise, to help the industryattract the top talent it needs.Mr Nash said: “A sum of 20%

on top of today’s apprenticeminimum wage is a great stepforward; it should help attracttalented youngsters intovocational training as a viablealternative to university.”

Tougher drive test needed,says road safety charity

AS the UK driving test reachesits eightieth anniversary, lead-ing road safety charity the In-stitute of Advanced Motorists(IAM) says it’s time to overhaulthe way we teach new drivers.The 1934 Road Traffic Act

paved the way for compulsorydriving tests in the UK in 1935.In 1996 a theory test was add-ed; 2002 added a hazard per-

ception exam. The IAM wantsroad safety to be part of theNational Curriculum, a mini-mum learning period prior tothe practical test, inclusion ofhigh speed roads in the test,limits on peer passenger num-bers after passing a test, and alower drink-drive limit for newdrivers. It also wants learnersallowed on motorways so theycan learn from an expert.Northern Ireland is the only

region in the UK where a GCSEroad safety exam is offered.

Tyre fitter graduate Andyproves he is a ‘Michelin’ star

CO Down tyre fitter AndyCummins has graduated fromMichelin’s new in-house acad-emy after a year studying tyretechnology and delivering a topfitting service.Employed by A One Tyres in

Dromore, Andy (29), is one ofnine technicians to have suc-cessfully completed the course,which included tyre test daysat Silverstone race track.A One Tyres is one of a

small group of Irish and UKtyre retailers recognised as aMichelin Certified Centre.

Construction work startson motor innovation centre

SENIOR figures in the TataGroup joined Jaguar LandRover chief executive officer DrRalf Speth and Professor LordBhattacharyya to unveil thefoundation stone for the newNational Automotive Inno-vation Centre (NAIC) at theUniversity of Warwick.The ceremony marked the

formal launch of the con-struction phase for the £150mproject which will create a new,cutting-edge UK automotivetechnology, innovation andeducation centre.

British cars are made withmore ‘homegrown’ parts

BRITISH cars are being madewith more British-sourced partsas the UK automotive industry’srenaissance continues. Figuresfrom a new Automotive Councilreport show that domestic com-ponent makers sold 19% moreproducts to UK vehicle produc-ers last year than in 2013.The figures are an important

step in the right direction forthe UK automotive supply base.

Currently, around one third ofthe components in a UK-builtcar are domestically sourced,compared to more than 90% inthe mid-1970s. But vehicle man-ufacturing in the UK is under-going rapid growth — Britishcar production has increasedby more than 50% since 2009,creating new opportunities fordomestic suppliers.

Skoda breaks one millionmilestone for first time

SKODA has confirmed its greatsuccess and growth with recordsales and financial results for2014 — breaking the one mil-lion deliveries milestone for thefirst time in its 120-year history.Global deliveries rose 12.7%to 1,037,200 vehicles (2013:920,800) while its worldwidemarket share rose to 1.4% (2013:1.3%). Skoda also posted recordfinancial results, sales revenueup 13.9% to €11.8bn/£8.6bn;(2013: €10.3bn/£7.5bn) andoperating profit increasing56.5% to €817m/£597bn; (2013:€522m/£381bn).Chief executive Winfried

Vahland said: “2014 was anoth-er good year for Skoda”.

MOTORINGof

flin

e


SKODA has justlaunched the thirdgeneration Fabia,updated with its newcorporate exterior

apparel and latest engine ad-vances. Easily recognised byits beak bonnet dipping intothe grille to carry the famouswinged arrow badge andheavily creased body-sidesadding visual strength andthrust, it immediately assertsitself as a strong contenderagainst the in-house competi-tion across the VAG group.As with all Skoda models,

there is a sensible choice ofpetrol and diesel engines and

the test car sits at the top ofthe 5-model petrol range,using the 1.2 litre 4-cylinderunit. While this capacity alsocomes with a 90PS rating,the test car was the higheroutput 110PS engine deliver-ing power to the front wheelsvia the company’s 7-speedDSG automatic transmission.Weighing 65kg less than

its predecessor, the new mod-el goes from rest to 60mph

in around 9 seconds with thepotential to top 122mph. Thetwin-clutch DSG gearbox isa familiar option in largerand more powerful Skodamodels and is an unexpectedbonus in a smaller car. The7-speed unit uses a pair ofdry clutches, one controllingthe ‘odd’ gears and the othercontrolling the ‘even’ gears.The system enables the nexthigher gear to remain en-

gaged, but on standby untilit is actually selected. Theelectronic management ofthe system sees the operationof the two clutches overlapand the change takes justfour-hundredths of a second.On-road, and the benefits

are smooth changes up thedown the ‘box increasing theappeal of the car, allowingthe driver to tease out itssuperb handling. The DSGgearbox keeps the enginebalanced for immediateresponse and there is neverany hesitation in relationto throttle application. Sup-portive ride from the all-new

It’s an absolutelyThe new Skoda has been updated insideand out, with great engine advances andinfotainment extras. By Jim McCauley


SKODA FABIA 1.2 TSI

Engine: 1.2 litre TSI petrol; 110PS at 4,600-5,600rpm; 175Nm torque at 1,400-4,000rpmDrive: To front wheels, via 7-speed dual clutch automatic gearbox (DSG)Performance: 0-62mph (100km/h) in 9.4 seconds; max, 122mph (195 km/h)Fuel on combined cycle: 60.1mpg (4.7 l/100km)CO2: 109gms/km; VED Band B for annual car tax of £20Trim: SEPrice: £15,040Insurance: ABI Group 12EWarranty: 3 year/60,000 miles with 12-year body protectionBenefit-in-Kind: 14%Euro NCAP: Driver 81%, Pedestrial 69%, Child 81%Available extras: Special colours £535, Two-tone £250, Space saver sparewheel £85, Smartgate (links mobile phone via WiFi to car infotainment sys-tem) £100, Alloy wheel upgrade to 16in rims £250.

chassis encourages the driverto maintain good pace, aidedby the pin-sharp steeringand competent brakes.Inside, and the dashboard

layout is refined traditionalrather than ultra-modern buthas clear, easily read graph-ics as well as an inset digitalscreen which can be set todisplay speed in addition tothe analogue speedometer. Acentral 6.5in screen providesthe infotainment controlwith docking in the centralconsole for auxiliary input.Driver positioning is excel-

lent as the steering columnis adjustable for reach and

rake. Cabin accommodationis good for three rear seatpassengers although overallwidth is tight for the fullcomplement. However, kneeand head room are good andwould meet with approval forjust two rear seat occupants.The rear cabin also benefitsfrom excellent storage, roofmounted grab handles andside courtesy lights for nightuse.A generous 330l boot adds

to the versatility of the car,while split-folding rear seatsprovide the usual flexibilityfor passenger/load options.Equipment wise, the test

car was in mid range ‘SE’trim, a necessary step upfrom the basic ‘S’ model toget air conditioning, theheight adjustable front seats,leather trimmed steeringwheel, and rear parking sen-sors. This is over and abovethe standard provision ofelectric front windows, elec-tric and heated door mirrors,tyre pressure monitoringsystem, Bluetooth connectiv-ity and speed limiter.Safety provision includes

six airbags and ElectronicStability Control supportedby handling control packageswhich include an electronic

differential lock.Economy wise, the Fabia

with the 7-speed DSG gear-box has a given combinedfuel consumption of 60.1mpg,some 6.8mpg improvementover its predecessor.With a CO2 emissions of

109gms/km, the car is inBand B for annual car taxof £20, and like all Skodamodels, it is covered by thecompany’s 3-year/60,000mile warranty, 3-year paintwarranty and 12-year bodyprotection cover. The testcar is listed at £15,040 and isin Group 12E for insurancepurposes.

Fabia-lous drive


TECHNOLOGYof

flin

e

52

1. Dyson Fluffy £299@ www.dyson.co.ukThe Dyson Fluffy sucks up as much dust as acorded vacuum and is perfect if you have a hardfloor and are plagued by microscopic dust, aswell as larger debris like cereal. Like the namesuggests, instead of hard bristles, its full-widthroller is covered by soft fluffy nylon and rows ofcarbon fibre filaments.The soft material envelopes the larger debris and flings it inside

the cleaner head, while the carbon fibre filaments get to work onthe fine dust, so now there is no excuse for a dusty house.

3. Apple MacBook£1,000 [email protected] has unveiled the all newMacBook, a new line of note-books reinvented in every wayto deliver the thinnest andlightest Macs ever. Every com-ponent of the newMacBook hasbeen meticulously redesignedto create aMac that weighs just2lb and is 13.1 mm thin.It features a 12-inch retina

display that is the thinnest everon a Mac, an Apple-designedfull-size keyboard which isdramatically thinner and highlyresponsive, the all-new ForceTouch trackpad that brings anew dimension of interactivityto the Mac, an incredibly com-pact USB-C port for data trans-fer, video out and charging ina single connector, and a newbattery design that maximisesevery millimetre of space todeliver all-day battery life.The design has also beenrevamped, for the first time,MacBook is available inthree gorgeous aluminiumfinishes—gold, silver andspace grey.

4. New wristband that makes passwords a thing ofthe past

2. PebbleSteel Watch £179@ www.getpebble.comThere is a lot of hype around thenewAppleWatch, but if you can’tafford the designer price tag thenthis latest addition to the Pebblefamily might offer a cheaperalternative. Pebble Steel, the pre-miumwatch for iOS and Android,wraps everything users know andlove about Pebble— clear e-paperdisplay, long-lasting battery life,

andwater resistant design— into a slimmer, classicform factor.The instant notifications

are the best feature as itallows you to see who is call-ing and receive importantemails and texts without hav-ing to pull your phone out. Avail-able in black matte or brushedstainless.

Passwords are so yesterday, according to the Nymi Band, as it simul-taneously solves the security and conveniences flaws of passwords.The Nymi Band streamlines the repetitive task of authenticationwithunprecedented certainty and unlike a password, even if your NymiBand is stolen, no one but you can use it to unlock your digital world.It enhances everything that your computing devices already do,

and also enables a new world of possibilities. The vision for theNymi Band is to become a credit card,hotel concierge, alarm clock, fitnesstracker and much more. In theory,Nymi works like this: you wake up,get ready, and strap the gadget toyour wrist. In practice there are afew technical issues to iron out, butaccording to designers this is the shapeof things to come.

FASHION

offl

ine


By Grainne McGarvey

WE are in thethroes ofspring thismonth andthe forecast

should be improving, butdue to the uncertainty of ourweather the chance of raincan be high.This is no excuse not to

look your best, as there arelots of ideas on the high

street to keep you dry whilelooking chic if caught out inan April shower. A bright-ly coloured mac coat willensure you stand out, whilea more muted option cantone in with pastel springcolours. Statement walkingumbrellas have been givena designer makeover andprovide the perfect accesso-ry for your arm.

Yellowflower tote£269 @ OrlaKiely

Square Weave Jump-er £79 @ Reiss

Rain mac £65 @ Topman

Floral Print Sweat-er £28 @ Next

Howick Stripe poloshirt £40 @ HoF

Cloud Walking Umbrella£35 @ Cath Kidston

Pastel mac£45 @ BHS

Rainy days

Paisley Printumbrella £40@ Ted Baker

TRAVELof

flin

e

NATURALA new TV adaptation of romantic novel Poldark has swept viewers off their feet —

54

Apillar of sunshine movedacross the cliff face, high-lighting an arch of blueoxidised copper. My com-panion, Hetty, smiled at my

amazement: there are plenty more seamslike this, she said.In the waters just beneath, a seal

popped up, looked about and, as ifsimilarly nonchalant about the band ofcopper, smoothly disappeared. Frommyvantage point above Trevaunance Cove Igazed down in hope of spotting it again,then stretched my eyes up to the minebuildings dramatically punctuating theinland horizon.Seal colonies developed after the

mines in the district closed down, Hettyexplained. She runs kayaking tours hereand often sees seals in the caves, swim-ming below the remnants of oldshafts. Energetic winds hadthwarted our kayaking plansthat day, so instead wewere taking a spectacularwalk around St Agnes,on Cornwall’s northerncoast. Hetty was keen toshare insights about thearea, particularly its re-markable industrial her-itage. The mines, she said,followed seams of copperand tin inland and under thesea, with tunnels kept relatively

free of water by steam pump engines,developed in the early 19th century.In the wake of the new Poldark

television drama series, I had come toCornwall to revel in the landscape. Win-ston Grahamwrote the first of his talesabout the tin-mining Poldark dynasty ina beach hut at Perranporth, just aroundthe coast from St Agnes. Back in the1970s his novels became one of the mostsuccessful small-screen dramas ever, at-tracting an audience of some 15 million,of which I was one. I put it down to giddyyouthfulness that while I followed thesaga of Ross and Demelza, the miningaspect of the story passed me by. It won’tthis time around — in exploring Poldarkcountry I became increasingly intriguedby Cornwall’s industrial legacy.My first stop was Poldark Mine,originally calledWheal Roots. Itlies north of Helston in theWendron Valley, where astaggering 640 miningconcerns are recorded inparish records. Like manyother such workings,Wheal Roots becamea “lost” mine after the1860s (they say gardeningin this region comes withthe occupational hazard ofthe sudden shafts you might

uncover). This mine was redis-covered in the 1970s, developed

into a visitor attraction and, with permis-sion from Graham, was cleverly renamedPoldark Mine, which contributed to itspost-industrial success.Latterly, though, it fell on hard times. It

was acquired in May by retired busi-nessman David Edwards, who is set totransform its fortunes. His timing wasperfect: the mine became one of thesettings of the new series. Its strength,both as a tourist attraction and a filmlocation, is that you can access the tun-nels, descending as far down as 160 feet.I emerged humbled by the hardship theworkers endured and amazed by tales ofthe extent to which mining became partof the Cornish DNA.“They say that wherever in the world

you find a hole in the ground, there willbe a Cornishman at the bottom,” said myguide Alan, alluding to the fact that in the19th-century Cornish miners took theirexpertise to Australia, South America,Mexico, and more — and often stayed.Onwards and westwards, I headed to

Porthgwarra. Set down twisting lanes,this hamlet is so romantically remoteyou feel you’ve time-travelled back toPoldark’s late-18th century. It was herethat the pilchard fishing scene wasfilmed, and it was here that I stayed,my whitewashed cottage so perfectlypositioned that it would surely win anycontest for prettiest accommodation inCornwall. Yet for all the fresh-air beauty,


BEAUTYbut will its picturesque Cornish setting have a similar effect on Harriet O’Brien?

55

there’s a strong mining connection. Youreach the small beach via a slipway oralong a tunnel running through graniterock. Created to give local farmers easyaccess to seaweed used for fertiliser, thiswas drilled in the 1890s by miners fromnearby St Just.The next day I explored St Just’s

bleakly bewitching landscape, studdedwith chimneys and crumbly lookingmine buildings that in many cases arecliff-edge dramatic. The film crew hadbeen here, too, shooting around theBotallack and Levant mines. It wasLevant I especially wanted to see, for herethere’s a working steam-powered beamengine which hauled rock up from theshafts. I watched it in action — a fabulousarrangement of levers and hissing pistons— and I talked to the volunteer guides,learning how Levant’s tunnels extendedunderwater a good mile from the cliff.Moving up the coast I called in at Por-

treath, where I met Marion Symonds whoruns Portreath Bakery and is passionateabout the Cornish pasty. This poor man’sfood was the miners’ staple work meal.Often unable to wash their hands, they

would eat a pasty holding on to the crimp— the pastry seam on the side (never onthe top for a proper Cornish pasty) whichthey would then discard. Arsenic waspresent in many of the mines, extractedfor use in glass manufacturing and dyes.Marion had recently returned fromMexi-

co, where she explored the links betweenCornwall and Hidalgo province. In 1826,a group of Cornish miners arrived there,revolutionising mining life in the region— and they brought the pasty with them.Today, there’s a pasty museum and evenan October pasty festival in Hidalgo.North of Portreath is seal-enriched

St Agnes, which stands in for NamparaValley in the series. From here, I turnedsouthwards to visit Charlestownon the outskirts of St Austell.Used for scenes of Truro,this is an untrumpet-ed gem; a beautifullyconserved Georgianharbour, complete witha small collection oftall ships. It’s a havenfor film crews, too, andits screen appearanceshave ranged from TheOnedin Line to the 2010version of Alice in Wonder-land. Its presence in Poldark isparticularly apposite: Charlestown wasconstructed in the 1790s to service themining industry. I strolled the old wallsfeeling out of sync in jeans and raincoatand then, with a sense of culture shock,drove back into the 21st century.

Where to stayHarriet O’Brien stayed at Corner

Cottage, Porthgwarra, owned and run bySt Aubyn Estates Holidays (01736 888 515;staubynestatesholidays.co.uk). Sleepingtwo, it costs from £450 per week. Shealso stayed at The Rashleigh Arms (0172673635; rashleigharms .co.uk) in Charles-town, which offers doubles from £80B&B.What to doKoru Kayaking (0779 4321 827; ko-rukayaking.co.uk) offers two-hourNorth Coast Poldark Countryguided kayak adventures from£35pp.Poldark Mine (01326573173; poldarkmine.org.uk), admission for adults£15.Levant Mine and Beam

Engine (01736 786156; na-tionaltrust.org.uk), adults£7.70.Where to eatTerrace Restaurant (01209

842 354; gwelanmor.com) at GwelanMor, Portreath, is lauded locally for itsCornish-Spanish cuisine.Portreath Bakery (01209 842612; por-

treathbakery.co.uk).More informationCornwall and Hidalgo, the story of

Cornish miners in Mexico, is publishedby San Angel Ediciones – £21.99 fromsanangelediciones.com.Visitcornwall.co.uk


TRAVELof

flin

e


Ten of the best: Infinity pools

AliceTate takes a dip in some of theworld’s best infinity pools, from amountain top in St Lucia tooverlooking the jungle in Bali.There are swimming pools, andthen there are these pools.The ones that look out over oceans,jungles and mountains, and appearto glide into the distance forever.These ones you don’t want to getout of. Ever.

Jade Mountain,St LuciaAll 24 of the hotel’s suites havetheir very own infinity pools (withadjustable fibre optic lighting), butthe most magical aspect is thepanorama of the Pitons from thecommunal infinity pool at the topof the mountain, glinting in the sunwith its colourful mosaic tiles. www.mrandmrssmith.com/luxury-hotels/jade-mountain

The Sarann,Koh SamuiInfinity pools don’t have to costyour life savings. Stay atTheSarann on Chaweng Noi Beach, Koh

Samui and swim in this oceanfrontinfinity pool from just £75/night.thesarann.com

Shangri-La Shard,LondonSee London from a differentvantage point: in your bathers 52floors up.The pool at the Shangri-La Shard Shard easily takes thetitle as the best pool in the city.www.shangri-la.com/london/shangrila/

Marina Bay SandsHotel, SingaporeThe 5* Marina Bay Sands Hotelboasts the largest rooftop pool inthe world, curved in shape andoffering unbeatable views of theSingapore skyline. www.marina-baysands.com

Puri Mas BoutiqueResort & Spa, LombokPrivate villas, a spa and a glitteringoceanfront infinity pool; believe itor not nightly rates start as low as£40/night. www.purimas-lombok.

com/index.php

Ciragan KempinskiPalace,IstanbulSwim in Europe, waveto Asia.The pool atCiragan KempinskiPalace lets youswim in onecontinent whilstgazing over another.www.kempinski.com/en/istanbul/ciragan-pal-ace/welcome/

Alila Vills Uluwatu,BaliYou could sit and ogle this pictureall day but imagine what it’s like tobe there?The cliff top pool at AlilaVillas Uluwatu has to be up therewith the crème de la crème ofinfinity pools. http://www.alilahotels.com/uluwatu

Monastero Santa Rosa,Amalfi Coast, Italy

Perched on a cliff on the AmalfiCoast, the pool at MonasteroSanta Rosa is seriously impressive— even more so when you take a

further hike and look down on itfrom above. http://www.

mrandmrssmith.com/luxury-hotels/

monastero-santa-ro-sa

Grace Hotel,Santorini

Worthy of a pilgrimage,the infinity pool at Grace

Santorini is cut into the cliff andoffers uninterrupted views of theglittering blue sea and Greece’sfamous sunsets. www.gracehotels.com/santorini

Kebun Villas Resort,LombokSet in the depths of Lombok’sluscious landscape, Kebun VillasResort runs with the mantra‘natural luxury and modestliving’, thus simple but effective.Look at that pool. www.kebunre-sort.com

OUT AND ABOUT

offl

ine

withTheCHAIRMAN


THE Chairman isunsurprisingly havinga ball — literally andfiguratively — asblack-tie season gets

back into full swing.In fact, there’s nothing

finer to the Chairman than agathering of the cream of thebusiness world with a soupçonof the political classes and ajournalist or two thrown in forgood measure.And it was even better that

the CBI Gala Dinner was heldat the Ramada Plaza Hotel,just a stone’s throw from theChairman’sMalone Road lair.The Chairmanmet some

of his old Belfast Telegraphfriends there, including its neweditor Gail Walker.And the boys were also back

in town, with Kevin Traynorand Simon Snoddy from RoyalAvenue great company, as ever.The Chairman also enjoyed

a catch-up, as he always does,with Barry Turley of theeponymous PR firm, who wasaccompanied in the revelrybyMark Cuskeran of SDCTrailers.The Chairman relished a

good chin-wag withMr Cus-keran on goings-on and oldfriends west of the Bann.Elsewhere in the elegant

ballroom were members ofthe media, including GaryMcDonald of the Irish News,David Elliott of Ulster Busi-ness, the BBC’s Clodagh Riceand, last but most definitelynot least, Gerry Moriarty ofthe Irish Times.On this august occasion,

the political classes wererepresented by none other thanTaoiseach Enda Kenny.Thankfully, an earlier wrin-

kle in his schedule had beenironed out and the Taoiseach

The Chairman is delighted to report from a string of interestingsocial events as the glitterati lure him from his BT9 mansion

Appointments

made it to the podium just intime to discuss north-southrelations (majoring on theperils for Northern Ireland ofa Brexit).Knowing his audience (as all

good speakers must), he also

Gail Walker has been ap-pointed Editor of the BelfastTelegraph. Ms Walker startedher career with the Belfast Tel-egraph as a graduate traineein 1990 and was most recentlythe paper’s deputy editor (fea-tures). Throughout her careershe has won numerous awards.

Francis Shields has been ap-pointed head of professionalpractices at Grant Thornton NI.He will specialise in tax advicefor businesses with partner-ship structures across theprofessional services sector inIreland and the UK. Mr Shields’experience includes working ina ‘Big 4’ practice in London.

Michael Barnett has beenappointed audit director atGrant Thornton NI. He willprovide audit, assurance andgeneral business advice acrossa range of industry sectors.He will have an active role inthe growth of the firm’s auditpractice in NI.

made some references to therugby and Ireland’s triumph atthe Six Nations.The Taoiseach was certainly

a tough act to follow, as JohnCridland, outgoing CBI direc-tor general, found.

Adrian Doran of Barclays Northern Ireland, CBI Northern Ireland chairmanColin Walsh, Taoiseach Enda Kenny, CBI director-general John Cridland andSean Lavery of BDO at the CBI’s annual dinner in the Ramada Plaza Hotel

Kirsty McManus of the Ulster Business School and other guests withTaoiseach Enda Kenny at the CBI annual dinner

Smarts Communicate has been appointed by BT as its public relationsagency in Northern Ireland. After the announcement, Priscilla O’Regan,BT’s head of communications, was joined by Leontia Fetherston, jointmanaging director of Smarts Communicate


Appointments

Lorraine Tierney has been ap-pointed a paralegal of Belfastlaw firm Cleaver Fulton Rankin.She will focus on residentialproperty and re-mortgages.She currently acts for one ofthe leading lenders in the UKsecuring their interests overtheir properties and oversee-ing transactions.

Rory McCurry has beenappointed associate at LanyonCommunications in Belfast. Hewill work with partners at thepractice providing corporatecommunications services toits clients in the financial, legal,commercial property and tech-nology sectors in the UK andIreland and further afield.

Jude Ashworth has beenappointed as the salesdevelopment manager forEngland at Willowbrook FineFoods. Ms Ashworth will bebased in Lancashire and willbe in charge of identifying newbusiness opportunities for thecompany.

He also ruminated on theperils of a Brexit (a prospectnow keeping the Chairmanawake at night, so dire are thewarnings) and reminiscedabout landmarks in north-south relations.With the CBI itself celebrat-

ing 50 years, he mused on oth-er significant dates, such as thevisit of then-Taoiseach SeanLemass to then-Northern Ire-land PM Terence O’Neill, alsoin 1965 and the first visit of itskind in 40 years.The Chairman was also

pleased to have a chat withEamonn Donaghy of KPMG,who was revelling in his ownsignificant landmark.Mr Donaghy revealed that

corporation tax legislation hadjust received Royal Assent thatvery day — a milestone in hiscampaign for Northern Irelandto have its own rate of the tax.

Maud Kells, a missionary midwife from Co Tyrone who was shot by bandits in the Democratic Republic of Congo,was named Woman of the Year at the Belfast Telegraph Woman of the Year Awards. She was congratulated bySiobhan McKeown, marketing manager at sponsor The OUTLET, and Belfast Telegraph editor Gail Walker

Turn to page 60 >>

THE CHAIRMANof

flin

e


...

THE CHAIRMAN prides him-self on blending in at almostany business or social event,using his skills as a wit andraconteur to win over even thetoughest audience.But even our chameleon-like

social correspondent felt outof place amid the hip andhigh-achieving crowd at thefirst NI Tech Meet Up event,hosted by the Northern IrelandScience Park.The venue was trendy coif-

feur Hedonist Hair on BotanicAvenue. It attracted morethan 100 entrepreneurs — andthe Chairman—who heardfrom many tech success storiesfrom Belfast and Derry SciencePark.Equipped with a hi-tech

tabard for exchanging emailaddresses with new contacts,the Chairman set to workingthe room.Out of the corner of his

beady eye, the Chairmanspotted Mojo Films’ man PaulMcParland schmoozing Bel-fast Telegraph business editorMargaret Canning betweenmini-burgers and hot-dogs.The Chairman was pleased

to run into the divine PulsePR owner GrainneMcGarvey,

Appointments

Sarah McAndrews has beenmade service delivery managerat Eircom Business SolutionsNI. She will oversee a numberof key government and cus-tomer projects. She has 20years’ experience in IT, includ-ing 15 in serving management.She is a Managing SuccessfulProgrammes practitioner.

Steven Grimason has been ap-pointed business developmentmanager at Eircom BusinessSolutions NI. He will managerelationships within the publicsector. Stephen holds a degreein marketing and advertising,and he has 19 years’ experiencein the sales and business devel-opment markets.

David Sturgess has joined theproperty and private clientdepartment at Edwards & CoSolicitors. He has 17 years’ ex-perience in property and bank-ing. David will be responsiblefor commercial and residentialproperty and will also help thefirm’s corporate department.

The team from the Northern Ireland Science Park at the recent NI Tech Meet-up

The Publicity Association of Northern Ireland (PANI) has had a busy fewmonths of events. (l to r) Karen McGarvey and Mark Fullerton of the Bel-fast Telegraph were joined at one meeting by Rebecca Rodgers and AnnaBalfour from Ardmore, and Joy Rodgers, also from the Belfast Telegraph

who organised the lively eventwith her usual aplomb anddynamism. And who should theChairman spot but the VIEWMagazine’s Una Raffertyand Brian Pelan, and his oldfriendWillis McBriar, a STEMambassador and former BBCengineer.

The event was hosted inHedonist Hair and Irish beat-boxer Cull, DJs Kwa Danielsand Defcon entertained theaudience. With the mixes ofKwa Daniels and Defcon ring-ing in his ears, the Chairmancame away racking his brainsfor his own start-up.

>> From page 58

THE LAST WORD

with PaulGosling


THERE is a widespreadmisun-derstanding as to the causes ofIreland’s growth during the yearsof the Celtic Tiger. The assump-tion is that it was based on lower

corporation tax rates, plus the generous grantfunding regime of the Industrial Develop-ment Agency.While it is true this was significant, it is

a long way from the full story. Ireland ben-efited from amix of factors. Alongside lowtax rates and the IDA’s grant support therewere three other decisive advantages. Two ofthese are shared with Northern Ireland— aclear legal framework for investors, plus theEnglish language, which is important to USinvestors seeking a bridge-head in Europe.But there is one ingredient that Ireland

had— and still has —which is currentlymissing from the Northern Ireland Execu-tive’s plans to expand our economy. That keyingredient is skills.It would be easy tomiss this crucial fact.

Our society bangs on about how good ourschools are and how this leads to NI havingthe highest rate of school leavers going on touniversity. Both these ‘facts’ aremisleading.At the top end, our grammar schools pro-

duce brilliant exam passes. Toomany of thenon-selective schools, though, have childrenleaving without the basic skills needed fora worthwhile working career. Much of ourfurther education budget is spent on tryingto put that right.A third of those school leavers going on

to university do so in Great Britain. Morethan half of those do not return. Hence ourgrammar schools are ‘brain factories’ thatprovide great outcomes for the economiesof England and Scotland. Our export ofstudents to universities in Great Britain isequivalent to the size of a third university inNorthern Ireland. This would notmatter ifour outflow of students wasmatched by aninflow from elsewhere. Sadly precious fewstudents from other nations come to North-ern Ireland to study.It is no accident that Ireland was able

to attract overseas investment— andboost indigenous businesses — througha high-quality system of education. TheIrish government long understood that theskills base not only boosted investment andgrowth, but also orientated this towardsthose sectors that aremost beneficial to itseconomy. To quote from an Irish govern-ment report from 2007, “this increasein supply of skilled graduates had a verysignificant effect in influencing inward in-vestment bymulti-nationals both in terms of

expectation of an increased supply of skilledgraduates and a perception that the Irishgovernment were responsive to the needsof the ICT industry and were prepared todevelop rapid policy and practical respons-es to those expressed needs”. It added thatduring a previous downturn, the high skillsbase in Ireland caused overseas corporationstomaintain their operations in the Republic,move up the value chain in doing so, whilecutting lower value operations in otherjurisdictions.None of this should be a surprise. A report

for the Scottish Executive found that whileNorthern Ireland benefits from significantlevels of inward investment, we have the low-est percentage of high quality foreign directinvestment of any UK region. The highestinvestment in the UKwent to the region con-taining the highest quality university-basedresearch— the east of England.This is not a criticism of Northern

Ireland’s two universities —Queen’s andUlster. Our university population is just toosmall. We need about 5,000 extra universitystudents every year — equivalent to a 15,000place university. Just as important, the extrastudent places need tomostly be in thosedisciplines that service our economy— afterall, student places are supported by publicfinance. For those who say this is unafforda-ble, one solution is to look again at our policyon tuition fees. While undergraduates herewill pay £3,805 for the 2015/16 year, they

are likely to pay about £9,000 to study inEngland. Our universities are subsidised bythe public purse to keep fees down.Thatmay seem generous, but it is in some

respects counter-productive. We have ‘gradeinflation’ in Northern Ireland, making itmore difficult to gain a place in one of ouruniversities.The choicemade by politicians has been

the wrong one. They need to lift the cap onstudent numbers at Northern Ireland uni-versities and encouragemore school leaversto study within Northern Ireland. Theyshould reconsider their policy on tuitionfees, which in reality discriminates againstbright pupils from poorer families.A change of policy would not only improve

social mobility, but could be the basis for astronger economy. Corporation tax reformwill have limited impact without a big im-provement in our skills base.

Schools in Northern Ireland may have highest rate of leavers going on to university, but someof these facts don’t tell the full story — and changes are needed to keep our students here

It’s no accident thatIreland was able toboost indigenousbusinesses through ahigh-quality systemof education

business month april 2015

Documents