Sector Focus
Finance Optimism in light of the Brexit vote
New research from business and financial adviser Grant Thornton International has found that business confidence in the Midlands remained strong in the third quarter, despite the UK's vote to leave the European Union, and the majority of businesses remained optimistic about the year ahead. The firm's International Business Report, conducted in August and
September, found that nearly 63 per cent of surveyed businesses operating across the Midlands were optimistic about the economy’s outlook. The global survey, including 500 UK-based businesses, reported that
business confidence in the Midlands was amongst the highest in the UK this quarter, but the report recorded a significant drop in confidence nationally compared to last quarter, with a -19 percentage point drop in net business optimism, to 21 per cent.
‘Whereas there is still uncertainty as to what Brexit will actually look like, our clients in the main remain positive about the opportunities in the West Midlands’
The report found that 72.1 per cent of locally-based businesses were
expecting an increase in annual turnover, 64 per cent were expecting to increase profitability and a total of 50 per cent were expecting to increase or maintain export activity. According to the report, growth and expansion is also on the cards
across the region. Grant Thornton’s report found that 39.5 per cent of Midlands-based businesses planned to expand their operations in the UK and 19.8 per cent planned to expand overseas. Despite the survey being conducted in the wake of the UK's EU
referendum vote, economic uncertainty was relatively low amongst Midlands firms, with just over eight per cent reporting any major concerns. David Hillan, practice leader at Grant Thornton in Birmingham, said: “Whilst the result of the EU referendum was a surprise to many, the results
David Hillan: It’s business as usual
of this survey support what we are seeing amongst our clients. There is very much a ‘business as usual’ mentality in evidence and whereas there is still uncertainty as to what Brexit will actually look like, our clients in the main remain positive about the opportunities in the West Midlands.” The survey also examined whether business leaders across the globe
have put key investment decisions on hold, pending greater clarity on the UK’s future relationship with the EU. More than a fifth (22 per cent) of UK businesses and nearly a third (30 per cent) of Irish businesses indicated they had put key decisions on hold as a result of the Brexit vote. When asked what areas the government should prioritise in its Brexit
negotiations to support their businesses' growth, UK respondents named full access to the single market and continued free movement of people across Europe as among their chief concerns.
Cooper Parry makes a new appointment
The corporate finance team at Midlands-based Cooper Parry has appointed experienced deal-maker Phil Hinson (pictured) as a director to its rapidly expanding team. Phil has more than 16 years’ experience as a mid-market private
equity investment director, a corporate finance lead advisor with a Big 4 firm and head of corporate development in industry. A fellow of the Institute of Chartered
Accountants in England & Wales (FCA), Phil has established a successful end-to- end track-record of originating, structuring and leading M&A transactions, providing strategic and financial advice to senior executives and Boards, as well as leading multi-disciplinary teams, project management, due diligence and fulfilling post-deal board roles. In his new role as a director in the corporate finance team at Cooper
Parry, Phil will advise companies, management teams, entrepreneurs and investors on M&A transactions and raising finance. Phil will also lead Cooper Parry’s business services sector, building
on his focus developed over many years as an advisor and investor. Phil said: “Having spent a number of years as a principal in both private
equity and industry, I can bring a genuine client perspective to the advice we provide. I was attracted to Cooper Parry by its unique culture and ambition. Everyone here has a real commitment to helping their clients achieve their objectives and having some fun at the same time.” Andy Parker, corporate finance partner at Cooper Parry, added:
“We’re thrilled to welcome Phil to our brilliant corporate finance team. His unique experience of working across a number of areas of deal- making, both in the UK and internationally, and his deep sector experience will be a real asset to our clients.”
52 CHAMBERLINK December 2016/January 2017
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