business focus
US firms eye up new opportunities in the UK market Trump’s pro-business approach and weak pound favour inbound investment
It’s less than a month into President Trump’s first term of office and, after a somewhat tumultuous 2016 on the world stage, businesses could be forgiven for wondering what this year has in store for UK-US relations and beyond.
Whilst not claiming to have a crystal ball, two experts who combine first- hand experience with expertise in markets on both sides of the Atlantic are Mayulee Pinkerton, from RSM UK, and Ben Shappell, from RSM US.
RSM is the sixth largest network of accountants and business advisers in the world. RSM US and RSM UK are the first and second largest member firms respectively; there is a strong relationship between the two. The 120-strong Reading office has particular strength in providing advice to internationally-owned organisations.
Audit partner, Pinkerton, who has been with the firm for 17 years, knows the Thames Valley well. She specialises in audit and accounting advisory work for fast-growing international businesses, from start-ups to multi-billion dollar corporations, the majority of whom are in the technology sector.
With more than a decade’s experience with RSM US in Boston, Shappell is a senior manager with a background in audit. Currently in the UK with a remit to help clients grow their businesses across the international arena, he describes his role as “unique” because of the depth of insight and guidance he can offer clients in both markets.
“President Trump has been making a lot of positive noises in terms of helping the US economy, including lower tax rates,” said Pinkerton. “This means if you are a US-owned corporation with an operation in the Thames Valley, as many businesses are, it will be cheaper to take your profits back to the US.”
Both believe the pace of change will be quick and, says Pinkerton, “certainly quicker than Brexit.”
On the topic of Brexit, Shappell says that although the move has created some uncertainty, he doesn’t believe it is enough to put US businesses off investing on UK shores.
“A lot of US corporations have money in their back pocket and even with Brexit, the UK is still the best entrance to Europe; and there is the attraction of the strong dollar and the weaker pound,” he said.
Pinkerton shares this view, and says that after building up their bank balances over the past 12 months, US businesses may see this as the best and cheapest time to make their move.
“Activity in the marketplace hasn’t slowed up at all. If anything, what we’re seeing is a shortage of businesses for sale, which is completely different to two years ago,” she added. “Our expertise enables us to effectively offer a ‘one- stop shop’ to businesses who want to come to the UK.
“In addition, because of the strength of our international teams here and in the US, where Ben and I also spend a great deal of time, we can support UK companies looking at opportunities in the US market.”
Both are fans of the personal approach and say far more can often be gained from an informal chat over a cup of coffee rather than a formal agenda.
“Ultimately, we are a people business and for us it’s all about making sure our clients sit down with the person who has the right expertise to help them achieve their goals,” concluded Pinkerton.
“It’s helping clients to understand the nuances, the rules and the legal issues they are likely to encounter when investing overseas. We have the breadth and depth of expertise to ensure everything goes smoothly, right from setting up new offices and bank accounts to taking on staff and growing the business.”
RSM is a leading provider of audit, tax and consulting services to middle market leaders, globally.
THE BUSINESS MAGAZINE – THAMES VALLEY – FEBRUARY 2017
businessmag.co.uk 27
benjamin.shappell@
rsmus.com 07564 277081
www.rsmuk.com
mayulee.pinkerton@rsmuk.com 0118 9530350 07972 004245
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