Over 30 Manufacturing Businesses attended a Manufacturing Forum hosted by Lloyds Bank Plc, Sydney Mitchell Solicitors, Mazars and the Manufacturing Advisory Service (MAS) on 25th September at Malmaison in Birmingham.
The theme was “Focus on Growth” reflecting the emerging buoyancy of the manufacturing sector especially in the West Midlands. The seminar was well attended by a cross section of manufacturing clients of the four organisers from the Midlands and beyond.
Commenting on the very active contribution from the invited delegates John Irving Partner at Sydney Mitchell, who outlined some supply chain issues and lessons, said:
“When asked to identify the major barriers to growth our guests cited
· the lack of job candidates having the necessary employability skills or experience;
· the lack of resources available at major customers to deal with new suppliers;
· the difficulties being experienced by some smaller manufactures as a result of multiple applications for flexible working, and
· the lack of available credit insurance.
“Overall there was optimism that the economy was showing early but real improvement.”
Andy Moss, Senior Manager SME Banking with Lloyds Bank Plc focused on its active lending position and the availability of low cost capital especially with the benefit of the Funding for Lending initiative and the valuable contribution being made by the Regional Growth Fund.
Andy commented: “As businesses create growth opportunities, it’s vital that they have the right level of funding in place to fulfil their working capital cycle. I am excited by the growth we are seeing across most, if not all of our manufacturing clients and actively playing our part in ensuring the right funding lines are in place.”
Ian Holder, Partner at Mazars introduced the valuable tax breaks available through Patent Box and R&D Tax credits whilst Rachel Eade reminded delegates that MAS can provide specialist support with long term strategy, process improvements, innovation and supply chain development.
Ian Holder commented "there are some great tax breaks available to manufacturing businesses which can enable them to retain cash in the business to support growth, you don't have to employ 'men in white coats' to claim R &D tax credits."
One of the guests at the event commented: “An excellent factually orientated event.”
Rachel Eade, Automotive Supply Chain Lead at the Manufacturing Advisory Service, commented: “We are committed to helping the region’s manufacturing SMEs grow and create jobs and we have dedicated Manufacturing Advisors working on the ground to make this happen.
“MAS can also help with identifying funding opportunities and working with companies to ensure the applications are worded effectively. There are grants out there and, with the right assistance, all firms can access them.”
The Business Growth Fund has over £2.5bn of capital available for growing British businesses and they are looking for management teams with good track records, proven business models and a desire to grow. Businesses who would like to gain access to funding or help with their business contracts should speak to their usual business advisor or talk to one of the specialist advisers mentioned above; Lloyds Bank Plc, Sydney Mitchell LLP, Mazars or the Manufacturing Advisory Service for help and guidance.
-Ends-
Picture – Ian Holder, Mazars; Rachel Eade, MAS; Andy Moss, Lloyds Bank Plc and John Irving, Sydney Mitchell LLP
For further information, please contact:
Linda Heyworth, Senior Marketing Manager, Sydney Mitchell LLP
Tel – 0121 746 3300 Mobile: 0777 279 5041
Email – l.heyworth@sydneymitchell.co.uk
NOTES TO EDITORS
FOCUS ON GROWTH
SPEAKER AND ORGANISATION INFORMATION
The Manufacturing Advisory Service (MAS) is funded by BIS (Department for Business, Innovation and Skills). They provide manufacturing business support for companies based in England, helping them to improve and grow. MAS is designed to help the manufacturer, streamline processes, reduce waste, become more energy efficient, develop your strategy, improve and grow your business.
Regardless of the size of business, experienced and highly skilled advisors like Rachel Eade can help manufacturers. They all have 'hands-on' experience of both shop floor working and management skills. They will work with organisations and their workforce to ensure that business is run in the best way possible and whether small or medium sized manufacturer in England, many of their services are free and supplemented by appropriate grant funding.
MAS has been a huge success since its launch in 2002. Working with thousands of companies it now plays a vital role in helping manufacturers in England to share knowledge, improve productivity and achieve success in an increasing competitive global economy
Sydney Mitchell LLP is an award winning Birmingham based legal firm which has been providing legal advice to businesses for 250 years. Commercial Department partner John Irving has a background of 13 years as Director of Legal Affairs for a US/European motor manufacturer. In the Focus on Growth event John focused on the critical importance of understanding the contractual obligations suppliers frequently but unknowingly accept, in particular from vehicle manufacturers but which are characteristic of large corporate buyers generally.
Sydney Mitchell LLP offers a range of specialist legal and services for both businesses and individuals, Sydney Mitchell is listed in Legal 500, Lexcel accredited and won the Law Firm of the Year in 2013, 2011 and 2008 (5-15 partners) in the Birmingham Law Society Legal Awards. The firm’s specialist teams include employment, commercial property, company and commercial services, litigation, insolvency, licensing and gambling law. Private client teams include family law, residential property, dispute resolution and wills and probate, tax and trusts and personal injury
Achieving growth demands cash – reserves, bank funding or alternative sources. Lloyds TSB Commercial has grown its net lending to SME’s by 5% in the last year, against a market that’s declined by 3%. It is often reported in the media & by politicians that ‘the banks aren’t lending’ and that is simply not the case, as far as Lloyds is concerned. In the Manufacturing Event businesses had the opportunity to take a look at some examples of how Lloyds have supported manufacturers in the West Midlands, through a variety of funding schemes.
Andy Moss heads up the £5-25M SME team in Birmingham; he has 28 years banking experience, which includes being accredited by Warwick Manufacturing Group in a programme that is designed to help Lloyds bankers deepen their understanding of the sector.
Mazars is an international, integrated and independent organisation specialising in audit, advisory, accounting, tax and legal services. As at 1st January 2013, the Group operates in 71 countries, and draws on the expertise of 13,500 professionals to assist companies – major international groups, SMEs, private investors – and public bodies, at every stage in their development. Mazars also has correspondents and representative offices that give the capacity to serve clients to the same high quality standards in a further 14 countries.
At the core of Mazars operation in the UK are our services to manufacturing businesses. Ian Holder and Peter Jeffs of Mazars advise businesses how to use the tax system to minimise cash outlay and enable organisations to focus cash on growth.
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