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news
Bribery or hospitality? It’s a grey area for business
Business owners in the Thames Valley are calling for greater clarity on what constitutes as bribery and what is considered reasonable corporate hospitality under the terms of the Bribery Act, which came into force less than two years ago.
Companies across Berkshire, Oxfordshire and Buckinghamshire joined Gardner Leader, a Newbury and Thatcham based commercial law specialist, in a roundtable event to discuss the key legal challenges facing businesses today.
The Bribery Act was top of the problems raised by directors from Wilson Partners, LAUDIS Business Advisors, 100 Percent IT, Three Steps
Consulting, Vici Language Academy and Eyes Wide Open.
According to the roundtable panel the Bribery Act has left many business owners puzzled as there is no distinct definition in law between a bribe and hospitality. This is causing senior managers to make, at times, unnecessary changes to the way they do business with their customers, which is affecting client relations and new business opportunities.
Derek Rodgers, managing partner and corporate lawyer at Gardner Leader, advised businesses to have in place adequate anti-bribery procedures to protect against bribery prosecutions. “A company
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will be liable for any bribery offences committed by ‘associated persons’ such as employees and agents. In the end, it’s up to the courts to decide what the Act means in particular cases as there is no clear cut definition of what a bribe is and so there are no hard and fast rules to protect companies. However, a good form of defence for any business is if they can show that they have adequate procedures in place to prevent bribery occurring.
“The Ministry of Justice has developed six guiding principles to help companies introduce robust anti-bribery processes, which are worth checking against your business operations. The
guide includes, demonstrating that top level management are committed to stamping out bribery and have fostered an anti-bribery culture within the organisation. Businesses should also carry out regular risk assessments which are well documented, introduce due diligence procedures to protect against any threat of bribes and ensure that staff are fully aware and trained on any new procedures in place.”
For further comment and analysis on the issues discussed, read Gardner Leader’s blog or follow the Gardner Leader team on Twitter @ GardnerLeader
City Motor Holdings completes
management buyout City Motor Holdings has completed a management buyout (MBO) from its former owner Anthony Wickins
Steve Hemlock, managing director, and Marke Poole, financial controller, have led the buyout with investment from RCapital, a London-based specialist investor.
• Free car parking • Free WiFi • Tea & Coffee included on arrival • Catering options available from a choice menu
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info.reading@
compass-group.co.uk
* Offer is only available Monday - Friday. 08.00 - 17.00 hrs (excluding Bank Holidays). All accounts must be settled on departure. This offer cannot be booked in advance and cannot be used in conjunction with another offer. Subject to availability.
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City Motor Holdings employs 250 staff across three Ford retail dealerships operating in Basingstoke, Newbury and Reading under the banner of ‘Gowrings’ which has been established 93 years, as well as Peugeot, Citroen, Honda, SEAT and Skoda dealerships operating under the ‘City’ banner on the five-acre Houndmills Autoplaza Motorpark in Basingstoke.
The combined operation sells in excess of 6,000 vehicles and generates over £90 million in turnover each year.
Hemlock said: “Our success is built on the very highest levels of customer service and our price promise guarantee never to be beaten on price or service
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underpins our whole business. Our business culture is of a local, family- run business and many of our customers and staff have been with us for many years. The opportunity for growth in the motor market is ramping up and we are looking forward to developing our businesses further in 2013.
“In many ways it is business as usual. We want to protect the future of our employees and gain full control of a business that we believe has enormous potential for growth - there are very exciting times ahead.”
The management buyout team were advised throughout by Darren Miller, corporate finance partner at accountants RSM Tenon.
City Motor Holdings Group is one of the Times Top 100 Automotive Groups.
Details:
www.citymotorholdings.co.uk
THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2013
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