BUSINESS REPORT


STEPPING OUT WITH AWARD WIN


VI managing director Jacqui Wilkins (second from right) with the team from Barker Shoes and Milton Keynes Chamber chief executive Paul Griffiths (far left) at the Northamptonshire Business Awards


After recently being crowned E-Commerce Business of the Year at the Northamptonshire Business Awards 2019 – for the Shopify website that Visual Identity (VI) launched earlier this year - Barker Shoes have been crowned winners in the East Midlands heats of the Chamber Business Awards 2019. VI and Barker Shoes will now go forward to represent the East Midlands


in the national finals along with two other regional winners, which take place in London at the end of November. Barker Shoes also won the 2018 Northamptonshire Business of the Year


title and will be hoping to make it two years in a row after winning the Digital Communications Campaign of the Year title at last year’s national


BFS SUPPORTS FIRM’S QUEST FOR FUNDING


Business Finance Services (BFS) has raised £675,000 finance to support growth plans for well-known Milton Keynes IFA firm, Wealth and Tax Management. Just over 12 months ago, Wealth and Tax Management managing


director Tony Byrne approached BFS to discuss future plans for his business and the funding required to achieve them. Tony had been approached to sell his business but he preferred to


build it with strategic acquisitions of other smaller independent IFA businesses. Having agreed terms of engagement, that involved a nominal


monthly retainer and a success fee, BFS worked with Tony and his external accountant to produce a business plan that reflected the funding required to acquire an IFA business he had identified. BFS managing director Peter Douglas said: “Once the plan was finalised, we explored funding options and identified a private fund that provided equity and lending facilities. Tony was introduced to the fund directors and after several weeks of negotiation, they agreed to provide new loan facilities of £400,000 at more competitive terms and subscribe £275,000 of new equity for a minority stake in the business in order for the first proposed acquisition to be completed. “Tony confirmed he is very pleased with the introduction BFS have


made to his new equity and funding partner not least because they’ve indicated their willingness to look at supporting him with future acquisitions once the first one has been successfully integrated. “We’re pleased to say Tony has the finance needed to expand his


business and has been able to raise some additional funds to assist with working capital.”


Email: enquiries@bufinserv.co.uk Call: 0800 093 5240


8 inbusiness DECEMBER 2019/JANUARY 2020


finals for their project work with VI. VI managing director Jacqui Wilkins said: “To make it through for a


second year running is an incredible achievement and extremely important to Visual Identity as we chose to specialise in e-commerce as a business and to therefore have our project work and one of our most valued clients acknowledged as the ‘best of the best’ in our region, is something we’re immensely proud of. “We look forward to celebrating with the Barker team in November and


we’ll be keeping our fingers crossed for another national win!” Visit: www.visualidentity.co.uk


COST OF THE SKILLS SHORTAGE REVEALED


The Open University’s (OU) annual report on the UK’s skills landscape has revealed employers in the South East of England spent £417m on temporary staff, recruitment fees and increased salaries in the past 12 months. The Open University


Business Barometer found three in five employers in the region are currently facing a skills shortage. But while recruiter spending is on the rise, there is also a greater focus on re-training existing staff. Two in five organisations are


increasing their training and development budgets in the past year and two-thirds of employers agreed that developing the skills of the existing workforce is a more sustainable approach. The OU believes this is a


welcome shift in gear. Work-based, flexible training, such as higher and degree apprenticeships, helps to upskill and reskill staff.


The OU is working with over


2,400 employers to deliver training across a wide range of sectors. David Willett, corporate director


at The Open University, said: “It’s encouraging that employers are looking to invest in the talent of their existing workforce, with businesses increasingly turning to strategies that will serve their skills


requirements for the years to come. “Current uncertainties


may see businesses understandably focusing on the short term, but initiatives like work-based training are essential for


those looking to remain agile and competitive throughout in a rapidly changing business environment. Training, such as apprenticeships, provides a long-term solution to UK business looking to adapt to challenges on the horizon.”


To find out more about The Open University’s work with employers visit open.ac.uk/business


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