Countybusiness
Read on for two pages of business news and information
New employee shareholder scheme
D
espite coming into some criticism, the government backed employee
share scheme or ‘new employment status’ has been introduced from 1 September 2013. The new scheme introduces a
new employee status or ‘third status’ where a business may have ‘staff’ who are ‘employees’, ‘workers’ and ‘employee shareholders’. This article focuses on the new status ‘employee shareholders’. A participating company can offer
at least £2,000 worth of shares to an employee, which attract certain tax benefi ts: 1. No tax or national insurance is payable on the fi rst £2,000 worth of shares 2. There will be no benefi t in kind income tax charge for the provision of independent advice given on the terms and effects of the agreement (employers are required to pay for this advice whether the employee accepts or not) 3. The gain on disposal of the shares is not subject to capital gains tax providing the value when receiving the shares did not exceed £50,000. A proportion of the gain is exempt if the value exceeded £50,000. This all sounds great, though in
accepting the status of ‘employee shareholder’, the employee will accept a reduction in certain employment rights. This would have to be provided in a written statement, though the legislation sets out the rights lost as generally: 1. Unfair dismissal rights (apart
from
discrimination and health and safety) 2. Statutory redundancy pay 3. Statutory right to fl exible working 4. Certain rights to request time off to train 5. Increase in notice period to return from maternity, paternity or adoption leave. Therefore the move is bold and
has some benefi ts which need to be carefully planned. Should you require any advice
please contact Angela Phillips – Senior Manager, UHY Hacker Young (Abergavenny) – 01873 852124 .
Stephen joins the team
Agricultural and commercial property specialist Stephan Dance has joined Langstone-based RDP Lawyers as an associatre solicitor. Monmouthshire-born Mr
Dance will focus primarily on legal issues affecting the farming community in the county and elsewhere, as well as those relating to business. His move to the Newport-
based fi rm follows six years at Chepstow solicitors Francis & Co. A former pupil of Monmouth
School and Larkfi eld Grammar School, Chepstow, Mr Dance’s 30-year legal career has taken him all over the UK. It includes 10 years in central
London where he specialised in commercial property site development, acquisitions and disposals for major companies and leading lending institutions.
Stephen Dance, RDP Lawyers, with Sophie Adams, of Bishton Farm, near Chepstow “We’re delighted to welcome
Stephen to our property team,” said Robert Davies, chairman, RDP Lawyers. “His extensive experience and widespread knowledge of
Global training centre opens in Monmouth
Economy minister Edwina Hart announced the Welsh Government is supporting key investment plans by the Hong Kong based Tri-Wall Group to establish a global training centre of excellence at its Monmouth facility. The minister made the announcement when she
joined Yuji Suzuki, chairman and founder of the Tri- Wall group, in a ribbon cutting ceremony to offi cially open the Tri-Wall Europe site on the Wonastow Road Industrial Estate. Tri-Wall Ltd took over ownership of the corrugated
packing business at Monmouth when DS Smith was obliged to divest it to comply with an EU Competition Commission requirement earlier this year. Mrs Hart said £150,000 business fi nance has been
offered to secure the £250,000 investment in Wales. The training centre will support the development of the fi rm’s workforce around the globe and provide high- quality accredited training and personal development and become a leading centre for modern manufacturing excellence. It will also house the global design, innovation and
sales management system, enabling close cooperation of Tri-Walls’ design and sales team around the world. Ms Hart said: “I am delighted to support plans
by Tri-Wall to base their global centre of excellence in Monmouth, delivering both on-site and distance learning. It will create economic benefi ts and marks the start of an on-going strong working relationship between the Welsh Government and the Tri-Wall Group, with the aim of ensuring Monmouth is a fl agship site for the global business group.”
Monmouthshire and south east Wales mean he is ideally placed to advise the local agricultural and business communities on conveyancing and other property- related legal matters.”
Ex-staff of Newport’s Rowecord help Chepstow firm Mabey Bridge expand
C
hepstow-based manufacturing fi rm Mabey Bridge has launched a new business and taken on staff
from Newport steel maufacturer Rowecord Engineering which went into administration earlier this year with debts of £24m. Mabey Bridge Ltd has set up Mabey Structures,
which will be based at the company’s £38m facility at Newhouse Industrial Estate on the outskirts of Chepstow. The new operation, which has an initial focus on
manufacturing for stadia, healthcare, and commercial sectors, is led by Jason Churcher, previously sales and proposals director of Rowecord Engineering, supported by Paul Benwell (ex-Rowecord technical director), as well as engineers, estimators and technical staff also from Rowecord. Jason Churcher, sales director of Steel Structures,
said: “This is a fantastic and exciting opportunity. The new business builds on Mabey Bridge’s growing portfolio of business sectors which include infrastructure for road and rail, wind turbines towers, and international bridging. The magnitude of the Mabey Bridge business is greater than that of Rowecord Engineering and the advanced manufacturing facilities are outstanding. The team and I are very excited that we will be able to continue delivering iconic structures from Mabey Bridge.”
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