law and the legal 500 35


Bucks businesses on tight deadline to avoid £90k fines


Buckinghamshire businesses face hefty fines and risk being publically named and shamed if they don’t sign up to the Energy Saving Opportunity Scheme (ESOS) December 5


The ESOS Regulations 2014 bring into force Article 8 of the EU Energy Efficiency Directive and say that all large businesses in the UK undertake comprehensive assessments of energy use and energy efficiency opportunities at least once every four years. Since its launch in June 2014, take-up has been very low. Just less than 1% of the 14,000 eligible businesses in the UK have signed up according to ESOS Hub.


With just two months to go until the deadline, the 167 businesses eligible in Buckinghamshire that have over 250 employees and/or a turnover greater than £38.94 million that haven’t signed up need to do so immediately, as it takes around three to six


months to conduct an ESOS audit, according to Utiitywise. Otherwise, a serious backlog will ensue if audits are left until the last minute, meaning it’s unlikely that every company will be ESOS registered with the Environment Agency by December 5.


Corporate partner Alex Zachary (pictured) explains the risks of not complying: “Companies in Buckinghamshire, which haven’t done so, need to take action now as audits can’t be completed overnight. Fines for turning a blind eye to the scheme could be as high as £90,000. The apathy towards this scheme is palpable and perhaps understandable – businesses feel they are faced with yet another scheme which they


don’t really have to implement leading them to think, ‘what’s the point?’


“But there are a couple of points and quite big ones at that. The emergency Budget in July brought no current change to the current scheme. While the chancellor announced further consultation in the autumn on environmental regulations, no date has been announced, so it’s business as usual for ESOS.


“More importantly, the long- term financial savings by complying could be huge, not least from avoiding the fine. If a business has spent around £5,000 on an ESOS audit, it’s worth implementing its recommendations and reaping the financial and environmental


What matters to corporate occupiers in


the Thames Valley market? Debra Kent of Charles Russell Speechlys asks: 'Are the issues facing corporate occupiers in the Thames Valley any different to those across the UK as a whole?'


This will largely depend upon the sector in which the occupier operates, its employment strategy, the importance of location, as well as the all-important costs issue.


In the office market, we increasingly see companies looking at the environment in which their workers will operate and how this is likely to affect productivity as well as efficiency. Employment rates have generally risen so that some sectors are experiencing robust growth, but this is not translating directly into a greater space requirement. We are still seeing the effect of mobile working, hot desking and newer design concepts. Employers are also incorporating 'lifestyle' features so that their staff are potentially more involved in work based social activity, interaction and networking. The aim is to drive productivity, improve motivation and staff retention as well as attract talent.


Costs will always be a key concern but the decrease in available Grade-A space in the Thames Valley area has certainly had an impact on rents. Companies need to factor in the entire cost of their space including the rates and running costs. Efficiently run buildings are becoming more attractive and landlords are also keener to stress the sustainability, green credentials and general cost-effectiveness of their properties. Landlords need to focus more on customer satisfaction, and consider the continuous change in tenant requirements, which they are starting to do.


If companies have existing premises, there is little appetite to take on new space without a clear exit route from the old offices, especially if there is any risk of continuing to pay rent and other outgoings under the old lease.


The growing costs of property THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2015


benefits from making energy savings within the company”


Alex Zachary is a partner in B P Collins’ cross-practice environmental team, and has developed specialist expertise in waste management, waste to energy and other renewable energy projects and technologies.


Details: Alex Zachary 01753-279022 www.bpcollins.co.uk


than they have been in the past if the right covenant comes along but only so long as institutional value is maintained. However, advisers are better at covering off both sets of requirements without adversely affecting either landlord or tenant.


in London, both residential and commercial, and the improved transport links in the Thames Valley (especially long term if you consider another runway at Heathrow) is also encouraging corporates to consider decentralisation.


And what about lease terms? Flexibility on space for both expansion and contraction, lease lengths, break options, the ability to reconfigure without delay and expense, and the ability to assign, underlet or share occupation with group companies and related businesses, are all key to tenants. Many landlords are more amenable


Debra Kent, rated as a 'leading individual' in the legal directories, is a partner at Charles Russell Speechlys LLP. She heads up the Guildford Real Estate group for the firm and focuses on corporate occupiers. Charles Russell Speechlys is a top 30 full-service law firm with 168 partners and 505 other lawyers. The property group has 33 partners and 118 other lawyers including specialists in real estate, planning, environmental, property dispute resolution, construction and engineering.


Details: Debra Kent 01483-252630 debra.kent@crsblaw.com


www.businessmag.co.uk


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