There was fire on the grill and a buzz in the air as The White Hart, Whitchurch, welcomed back landlord Nick Panterlis with a proper South African braai—complete with sizzling steak, traditional boerewors, droëwors, and chilled cans of Arkell’s Malthouse Craft Lager. The event, held on Wednesday 16th April, marked not just Nick’s return, but also the official launch of Arkell’s best-selling lager in cans for the very first time—perfectly timed for Indie Beer Week. It was a welcome homecoming for Nick, who has returned to manage The White Hart after spending time back in his native South Africa. Nick, who began his Arkell’s hospitality journey at The White Hart in 2017, was warmly welcomed back by locals, with many long-time customers turning out for an evening of food, drink and community spirit. Originally from South Africa, Nick grew up helping out in his family’s bakery business, where his love of food and service first took root. Julie Moss, Managed House Controller at Arkell’s Brewery, said: “It’s fantastic to have Nick back at The White Hart. He brings real warmth and personality to the pub, and the connection he has with the community here is something special. Seeing him back behind the bar—and the BBQ—felt like a proper homecoming.” The evening also marked the official launch of Malthouse Craft Lager in cans—an exciting new chapter for one of Arkell’s most popular and awarded beers. Known for its crisp, refreshing character and brewed with local barley and Saaz hops, Malthouse (4.2% ABV) is now available in a can format for the very first time. Unlike many lagers, Arkell’s slow-ferment Malthouse for up to a month, creating a softer, cleaner flavour with a satisfying fullness in the mouth. After this, rather than pasteurising and cooking the aromas, they gently triple micro filter the beer to lock in the thirst-quenching flavour. Alex Arkell, Head Brewer at Arkell’s, said: “We’re really proud of Malthouse—it’s one of our flagship beers, and it’s fantastic to see it go into cans. The flavour holds up beautifully, and it’s a perfect beer for moments just like this—chilled, outdoors, shared with good people. What makes this launch extra special is that it coincides with Indie Beer Week, which shines a light on the independent breweries up and down the country who are committed to making great beer, by hand, with real care. That’s what we’re all about.” The cans proudly bear the INDIE BEER mark—a symbol of quality and independence that beer lovers can trust. This is the first Arkell’s product to highlight Indie Beer, but as new bottling runs take place all Arkell’s bottled beers will also highlight the campaign. The launch event was held during the nationwide Indie Beer Week (11–20 April), a campaign led by SIBA (Society of Independent Brewers) which aims to make the INDIE BEER mark the recognisable standard for high quality craft and cask beer, brewed across the UK, by truly independent breweries. Independent beer is handmade by real people who truly care about the quality and flavour of the beer they are producing. By choosing independent beer you're not only getting a great tasting pint, but supporting local business, protecting pubs, and making a more sustainable choice. With pub locals able to meet the sixth-generation family brewer, Alex Arkell, at the launch, there was a perfect mix of warm food, cold beer and community spirit, which set the tone for a week all about showcasing what makes small, passionate breweries so special. While The White Hart serves Malthouse on keg day-to-day, the can launch made for a fitting celebration—and the BBQ setting was perfect for cracking open something cold and refreshing.

Al Shira’aa, the title sponsor of the Hickstead Derby Meeting, has increased its support of Hickstead with an extensive new sponsorship deal. The sponsorship agreement for the Al Shira’aa Derby has been extended for another five years, lasting until at least 2029. In addition, Al Shira’aa has become the new sponsor of the historic King George V Gold Cup, held on the final day of the Agria Royal International Horse Show, and have also taken on the title sponsorship of the British Young Horse Championships in August. Her Highness Sheikha Fatima bint Hazza bin Zayed Al Nahyan, founder of Al Shira’aa commented: “As a historical sponsor of the Hickstead Derby, I am delighted to extend our partnership for a further five years and support the King George V Cup, such an important legacy of British showjumping at the highest level." “Following on from this is a very important show for British breeders, myself being one, whereby we have a Lanaken qualifier at the Al Shira’aa Hickstead Young Horse Championships. The development of young horses is a great passion of mine, breeding and producing is something I take much pride in as an owner.” Show Director Lizzie Bunn added: “We would like to express our gratitude to Her Highness Sheikha Fatima bint Hazza bin Zayed Al Nahyan, and to the entire team at Al Shira’aa, for their ongoing support of Hickstead. Al Shira’aa is now one of our longest-standing sponsors, and we are delighted that this partnership has been expanded." "The Sheikha has shown unwavering commitment to the sport and its development over the past decade, culminating in success at both the Paris Olympics and the recent World Cup Final, and we are delighted to be welcoming a team from the UAE to compete in the Nations Cup for the very first time. Sheikha Fatima first became involved at Hickstead as a rider herself, and she is now one of the biggest supporters of equestrian sport in Britain and internationally.” Al Shira’aa first took on the title sponsorship of the iconic Hickstead Derby as a means of promoting Al Shira’aa Stables and its stallions, encouraging riders to take part in the Al Shira’aa International Horse Show in Abu Dhabi, and developing the sport of showjumping in the UAE. Since the sponsorship began in 2017, there is now an extensive UAE showjumping tour at the beginning of each year, and the country has flourished as a showjumping nation, qualifying for the Olympics for the first time last summer thanks to the dedication of HH Sheikha Fatima over the last decade. Al Shira’aa has also become a major sponsor of a number of other British and international events, including the Hamburg Derby in Germany. “I remain as committed to the development of international showjumping as ever, as highlighted in our multiple partnerships for 2025 across the globe which include Montefalco, Hamburg, Bolesworth, Munster and Lanaken with other exciting shows on the horizon,” said Sheikha Fatima. “Supporting youth and the development of our next generation of riders remains at the forefront of my vision ­– a vision that began over a decade ago. My mission is to bring the sport to the people and I look forward to seeing what we can achieve collectively this year and beyond.” As well as the new five-year deal for the British Jumping Derby Meeting, Al Shira’aa will now sponsor the King George V Gold Cup, one of the most prestigious classes in British showjumping. This five-star Grand Prix has been won by many of showjumping’s best riders, and it remains a class that all international showjumpers want to win. The British Young Horse Championships (14-17 August) moved to Hickstead last summer. Now they are returning for a second year and will be run under the title sponsorship of Al Shira’aa, with a prize fund of over £80,000 and UK qualifiers for the prestigious World Breeding Championship for Young Horses in Lanaken in Belgium. “Al Shira’aa have always championed young horses, having sponsored many of the age classes at our shows,” added Lizzie. “This new deal underlines their support of British Breeding and of the sport of showjumping in the UK.” Top Photo: William Funnell and Dublon, winners of the Al Shira'aa Derby in 2024 Photo Credit: Boots and Hooves Photography

Lately there has been a marked uptick in commentators predicting an impending mass transfer of wealth to the next generation within families. My experience suggests that such predictions should be regarded warily. 13 years ago I undertook a qualification in business exit planning, designed to equip consultants with the skills needed to help business owners prepare for their inevitable exit, either by external sale or transition to the next generation of their families. The text for this course was a book titled “The $10 Trillion Opportunity” (Peter Christman) which was based on the premise that an impending tsunami of businesses was about to be transferred. At the same time, ABS statistics suggested that Australian baby boomers were about to reach 65 years of age at the rate of 5,000 per week from 2011 onwards. The book was written in 2005. It’s now 2025. The tsunami never arrived, but we’re now seeing the same predictions. What happened was that owners held on to their businesses. Whilst some advisers may have noticed more activity in exit planning work, there was no mass transition. In fact, many of the owners who turned 65 after 2011 are still actively involved in their businesses today. In the same way, the anticipated transfer of wealth as business owners cashed in hasn’t occurred as expected. As Professor Julius Sumner Miller may have put it…why is it so? In my experience there are some trends which have emerged. Inadequate Preparation Of The Incumbent Generation Many baby boomers have not adequately planned for the transition of their wealth. This lack of preparation is often due to the complexities involved in estate planning, which can be both time-consuming and emotionally challenging. Additionally, there is a tendency among the incumbent generation to defer discussions regarding estate planning and wealth transfer, often due to the discomfort associated with contemplating their mortality. This avoidance leads to a lack of structured plans and legal mechanisms necessary to facilitate a smooth transfer of wealth. The tenacity of business founders to hold onto their “baby” was also underestimated. For many founders, their business is closely tied to their feeling of purpose and self worth. Often, the harder the rising generation push to move on the founders, the tighter the founders’ grip becomes. The status quo becomes a comfort zone which founders find difficult to escape from, particularly when the founders have no other meaningful pursuits to fall back on. Financial Constraints Of The Incumbent Generation The financial landscape has changed considerably over the past few decades, with rising costs of living, healthcare, and unexpected economic downturns caused by world events, most notably the GFC and global pandemic. Consequently, many boomers find themselves relying on their accumulated wealth to sustain their retirement, leading to less available for transfer. This financial dependency has been exacerbated by increasing life expectancy, meaning that the incumbent generation needs to ensure their resources last longer than previously anticipated. Transition can also be derailed by the failure of incumbents to build wealth outside of the businesses they founded. This can be compounded by the typically conservative family business mindset that profits should be reinvested rather than distributed, either by way of dividends or by building sufficient superannuation funds for the incumbents to retain their pre-transition lifestyles. Unpreparedness Of The Rising Generation The rising generation, often referred to as Millennials and Gen Z, has also played a role in the delayed wealth transfer. Many members of this generation are not adequately prepared to manage and sustain large inheritances. This unpreparedness is partly due to a lack of financial literacy and education about wealth management. Additionally, the values and expectations of younger generations differ from those of their predecessors. There is often a focus on immediate financial stability, career progression, and personal fulfilment, rather than long-term wealth planning and inheritance. Families can also fail to adequately prepare the next generation for the responsibilities of business leadership, further delaying transition. Family Complexity Families of today often look different than those from the incumbent generation. Modern families can be more complex, with blended families, divorces, and remarriages adding layers of complexity to estate planning and wealth distribution. These issues can foster uncertainty and discourage the transfer of wealth whilst incumbents are still living; it can be easier to leave it to the next generation to decide amongst themselves after the incumbents are gone. Taxation The taxation laws in Australia are punitive for those attempting to transfer assets or wealth during their lifetimes. Capital gains tax, which applies specifically to assets acquired after September 1985, discourages intra-family wealth transfers and leaving assets via an estate plan usually results in a lower taxation impost, as well as potentially delaying the taxing point for many years. Philanthropy There is a growing trend of philanthropy among the baby boomer generation. Many wealthy individuals are choosing to allocate a significant portion of their assets to charitable causes rather than passing it down to their heirs. This philanthropic mindset is in part driven by a desire to create a legacy and make a positive impact on society. Some of these factors can be influenced by dedicated and meticulous transition planning. Without it, expectations of a wealth transfer tsunami might again be premature. About the Author - Robert Powell FCA GAICD is the founder and managing director of Family Boards Pty Limited , a specialist consultancy helping family companies achieve best practice in succession planning, wealth transition, board governance and risk management. He is a Chair of the business leader peer support group Leadership Think Tank Australia, an accredited specialist adviser member of the Family Business Association (AU), a Graduate of the Australian Institute of Company Directors, and a Fellow of Chartered Accountants Australia & New Zealand.

In the intricate world of family business, where personal ties and commercial ambition are woven tightly together, the notion of purpose is not just a guiding light—it is the very foundation upon which enduring success is built. Unlike publicly traded companies driven predominantly by shareholder returns, family enterprises are often defined by deeper motivations. These businesses carry legacies, shape communities, and frequently strive for something far greater than mere profitability. At its heart, purpose gives a family business its sense of direction. It is the force that unites generations, aligns decision-making, and provides resilience during times of change or crisis. While strategies may evolve and market conditions fluctuate, a clearly articulated purpose serves as a compass, reminding all involved why the business exists and what it seeks to achieve beyond the balance sheet. For many family enterprises, purpose is born from their origin story. Perhaps it is a grandfather’s ambition to create opportunities for his children and grandchildren, or a mother’s commitment to improving the livelihoods of the local community. These founding intentions often become deeply embedded in the culture of the business, subtly influencing everything from hiring practices to customer relationships and philanthropic efforts. When nurtured properly, purpose transcends generations, giving younger family members a profound reason to engage with the enterprise and carry it forward with pride. Moreover, purpose plays a pivotal role in navigating succession, a perennial challenge for family-owned firms. It can act as a stabilising force, helping to ease tensions that inevitably arise when passing the baton from one generation to the next. A shared commitment to a higher goal ensures that discussions about the future are grounded not just in personal aspirations, but in the collective vision for the business and its role in the wider world. This shared vision fosters cohesion and trust, critical ingredients for successful leadership transitions. Purpose also strengthens a family business’s relationship with its stakeholders. In an era where customers and employees alike are increasingly drawn to organisations that stand for something meaningful, businesses with a clear and authentic purpose enjoy distinct advantages. Employees feel a stronger sense of belonging and motivation when they understand how their daily efforts contribute to a larger mission. Customers, in turn, often demonstrate greater loyalty towards businesses that reflect their values and make a positive impact on society. However, articulating and maintaining purpose requires conscious effort. As families grow and generations diversify, perspectives can shift, and the original purpose may risk becoming diluted. Open dialogue, regular reflection, and the willingness to evolve are essential to keeping the purpose alive and relevant. When family members come together to revisit and refine their shared goals, they not only reinforce their commitment to the business but also to each other. Ultimately, purpose is what transforms a family business from a commercial endeavour into a legacy. It is the invisible thread that connects past achievements with future ambitions, binding family members together across time and distance. In a world that often feels increasingly transactional, family businesses that lead with purpose stand out as beacons of continuity, authenticity, and hope. As they look to the future, family enterprises that embrace and embody their purpose will not only thrive in the marketplace but also leave an indelible mark on the communities they serve and the generations that follow.

Big Shots, the furnishing industry’s favourite clay pigeon shoot in aid of industry charity The Furniture Makers’ Company, is celebrating its 30th anniversary this summer. The milestone fundraiser will once again be held at Holland and Holland, Middlesex – one of the UK’s premier shooting destinations – on Wednesday 11 June 2025. Kicking off with a hearty breakfast, the fun-filled day will begin with a safety briefing before the traditional cannon signals the start of the 100-bird shooting competition. Teams will make their way around 10 stands spread across 60 acres of stunning open countryside. Alongside the main competition, guests can look forward to some novelty stands, including the ever-popular flash clays and a thrilling eight straight stand. After the shoot, a three-course lunch with wine will be served, followed by prize-giving, a charity raffle, and a lively auction. As ever, Big Shots provides plenty of opportunities to raise funds for The Furniture Makers’ Company, which supports people in the trade facing hardship and champions new talent entering the industry. Now in its 30th year, Big Shots is a brilliant day out for experienced and novice shooters alike – ideal for entertaining clients or suppliers, team building with colleagues, or simply enjoying a unique experience with friends. The event is proudly sponsored by Furniture Village, which has supported the fundraiser for many years, with managing director Charlie Harrison once again helping to organise the day. Charlie Harrison, managing director at Furniture Village, said: “We’re incredibly proud to be the main sponsor of Big Shots again this year – especially as it celebrates its 30th anniversary. It’s always a great day out, and the fact that it supports such a meaningful cause makes it even more special. We’re looking forward to seeing both new and familiar faces at Holland and Holland in June.” Jonny Westbrooke, CEO of The Furniture Makers’ Company, said: “Reaching 30 years is a fantastic achievement for Big Shots, and it is testament to the ongoing generosity and camaraderie of the furnishing industry. We’re immensely grateful to Furniture Village for their continued sponsorship and support. The funds raised help us continue our vital work, and we can’t wait to celebrate this landmark year with our guests.” To enter a team or find out more details available here:

Running a family business can be one of the most rewarding yet challenging ventures one can embark upon. Whether you’re planning to start one, currently involved, or just curious about how they operate, gaining insights into the foundational aspects can be incredibly beneficial. The Importance of Family Business Family businesses are integral to the economy. Approximately 70% of global businesses are family-run. These enterprises contribute significantly to local communities, providing jobs and driving innovation. A family business can take many forms, from small local shops to large multinational corporations. Regardless of size, the principles of trust, commitment, and shared vision often underpin their success. A busy family-owned marketplace thriving in the community But what is it that makes these ventures successful? Understanding key aspects of family dynamics and business strategies is vital. What Defines A Family Business? The definition of family business can vary across different cultures and regions. Generally, a business can be recognised as a family enterprise if it meets certain criteria, such as management control by family members or a significant share of ownership held by one family. Keeping the family involved in both governance and decision-making processes is crucial for sustaining the business over generations. Family members collaborating on a project in their family-run workshop For example, in Italy, you might find a family-owned pasta company that has been in operation for generations. Family members might oversee different aspects of the business, ensuring tradition and quality are maintained while also innovating for the future. Unique Challenges Faced by Family Businesses While family businesses come with benefits, they also face unique challenges that can hinder their growth: Succession Planning : One of the most critical hurdles is planning for future leadership. Many family businesses fail to prepare the next generation to take over, leading to conflicts and disarray. Emotional Dynamics : Personal relationships can lead to complications in decision-making. Disagreements on business strategy can often intertwine with family disputes. Balancing Roles : Family members often wear multiple hats, simultaneously acting as business partners and relatives. This dual role can confuse boundaries and lead to tension. Resistance to Change : Established family businesses may find it hard to adapt to new trends, technology, or market demands. This rigidity can make them less competitive. Funding Challenges : Without a robust financial backing, family businesses may struggle to secure necessary funding or investment, impacting growth opportunities. Strategies for Success Despite these challenges, many family businesses thrive by employing effective strategies: 1. Open Communication Fostering a culture of open and honest communication is essential. Regular family meetings can help ensure that everyone is on the same page, reducing misunderstandings. Encourage sharing concerns and aspirations within the family and the business. 2. Clear Roles and Responsibilities Clearly defining roles and responsibilities can help mitigate confusion. Establish a professional structure that separates family dynamics from business operations. This could involve defining job descriptions, reporting relationships, and accountability. 3. Succession Planning Begin planning for succession early. Discuss potential successors among family members and provide them with training, mentorship, and exposure to different aspects of the business. Having a structured succession plan can ensure a smoother transition when the time comes. 4. Embrace Professionalism While family ties are crucial, treating the business with professionalism can foster growth. This might mean hiring external managers or advisers who can bring new perspectives while remaining objective in their decision-making. 5. Innovation and Adaptation Stay current with industry trends and be flexible enough to change. This can involve investing in market research, adopting new technologies, or embracing digital transformation to remain competitive. A family business team discussing strategy in a modern office environment By focusing on communication, professionalism, and innovation, family businesses can not only survive but prosper, carving a path for future generations. The Role of Family Values in Business Family values play a significant role in shaping the character and identity of family businesses. The core principles, such as trust, respect, and shared vision, can guide business practices and decision-making processes. For instance, a family business that prioritises sustainability may invest in eco-friendly practices, drawing from the family's values regarding environmental responsibility. This can boost their brand image, attract like-minded customers, and even reduce operational costs. Incorporating values into your business can reinforce a positive corporate culture, helping to attract employees who resonate with your mission. Alignment around shared values can also enhance collaboration among family members and create a sense of belonging. Building a Legacy One of the most rewarding aspects of running a family business is the opportunity to build a legacy. A well-maintained business can not only provide financial security but also contribute positively to the community and instil a sense of pride in future generations. Building a legacy requires both strategic planning and emotional investment. Celebrate milestones, document experiences, and maintain transparency throughout the family history to create a lasting impact. Consider implementing a family council to discuss long-term visions for the business. This council can include family members and trusted advisors, providing a platform for collaborative discussion about the future. Final Thoughts Running a family business requires a blend of love, dedication, and strategic planning. By understanding the definition of family business and acknowledging both the challenges and strengths, families can create a framework for resilience and success. As you navigate the complexities of family dynamics and business functions, remember that the bonds that keep families together can also sustain a thriving enterprise. Invest in communication, succession planning, and the nurturing culture of shared values to ensure that your family business stands the test of time. A community event showcasing family-run businesses and local partnerships Family businesses hold a unique position in the economy and society. Embrace the journey, learn from past experiences, and look ahead with a proactive mindset that prepares future generations for continued success.

KFE are delighted to announce that they have been presented with the Digital Supporter of the Year award by maritime charity The Fishermen’s Mission, in recognition of their continued fundraising efforts. The award was presented at the charity’s Annual General Meeting on Tuesday 15th April, held at Trinity House in London. The award celebrates the success of their 12 Days of Christmas Charity Auction, which raised nearly £2,000 to support the charity’s vital work within the UK’s fishing communities. This latest honour marks a significant moment for KFE, as they become the only supplier to have received two awards from The Fishermen’s Mission, having previously been named Fundraiser of the Year in 2018. Presenting the award, Alison Godfrey, Director of Business Development and Deputy Chief Executive of The Fishermen’s Mission, praised the impact of the campaign, acknowledging not only the incredible amount of money raised but also its role in increasing awareness of the charity across social media. The auction, which ran on Facebook and Instagram, is one of many initiatives KFE have championed, helping raise over £50,000 for The Fishermen’s Mission through their annual dinner dances, race days, and other events. In 2017, they launched ‘KFE on a Mission’, which brought together ten award-winning friers who visited shops across England, Scotland and Wales in exchange for donations. The campaign culminated in a charity dinner and auction, raising £13,000 – and returned in 2019 to raise an additional £14,500. Tanya Henderson, Managing Director of KFE, shared her excitement: “We are truly honoured to receive this award. The Fishermen’s Mission is a cause very close to our hearts – without our brave fishermen, there would be no fish and chip industry. Beyond fundraising, this charity supports active and former fishermen and their families with housing, healthcare and essential services. We are delighted to be a small part of that help." “I would like to take this opportunity to thank all the generous suppliers who donated prizes, and to the amazing fish and chip community who placed such fantastic bids. This wouldn’t have been possible without your support. We’re already looking forward to continuing our fundraising efforts in 2025.” Special thanks to the following supporters for their auction contributions: BDSigns and BDigital, Kerry Foods, Friars Pride, Tower Leasing, Middleton Food Products, QBTEC and The NFFF. KFE Win Award From The Fishermen’s Mission

Arco announces its biggest ever launch of a wider, modernised brand portfolio: ‘Including PPE, hi-vis clothing, chemical protection, responsible choice workwear, fire resistant/arc clothing, working at height products and gloves. Arco, the UK’s leading safety expert, has launched its most extensive range of safety products to date, bringing over 140 years of experience and expertise, to their PPE and workwear range. The new range includes high-performance PPE, hi-vis clothing, chemical protection, responsible choice workwear, flame-resistant/arc flash garments, working at height products, and gloves – all designed, developed and tested by Arco, focused on compliance through quality, sustainability and ethical responsibility, the range is Arco made. Arco tested. Designed to exceed industry standards, by Arco experts, with performance, compliance and responsible manufacturing in mind. The new range brings cost-effective safety equipment to customers without compromising on quality, included in the range: Hi-vis range: visible and stylish with enhanced hardwearing materials. Chemical protection range: defends against chemicals, contaminants, and pathogens. FR/arc clothing: Flame resistant and safety tested, made with superior flash protection, yet comfortable for the wearer. Working at height: 15 expertly designed products that are lightweight, padded, and fully compliant. Gloves: Dextrous protective gloves, with touchscreen functionality to keep workers protected at all times. Responsible choice workwear: featuring Global Recycled Standard (GRS)-certified recycled materials, this range offers ethical, durable, and traceable workwear without compromise. All Arco products are designed to the highest of safety standards, surpassing basic industry criteria and are rigorously tested in the company’s independent UKAS accredited Product Assurance Laboratory and backed by its unique five-step product assurance process. The British Safety Industry Federation (BSIF) found that between December 2023 and December 2024, only 10% of non-member products tested fully met compliance standards - underscoring the importance of trusted suppliers.1 Simon Allan-Brooks, Chief Commercial Officer at Arco, said: “At a time when non-compliant products are easier to purchase and harder to spot than ever before, workers need to be confident that what they’re purchasing will protect them. Our new range has been a cornerstone in our safety products offering, enabling customers to purchase all of the necessary items for their working environment at a competitive price, with the peace of mind that the products will keep them safe." “Revitalising this portfolio with modernised, responsible and optimised safety equipment, designed and tested by Arco means that customers can be confident they are making the ethical, quality and compliant choice. Our commitment to workplace safety has never wavered and with over 140 years of safety experience woven into every product, customers can trust that they and their workers are in safe hands. When it comes to protecting your people, chance nothing.” To support the launch, Arco is investing in national advertising across TV, digital streaming, outdoor media, radio, and paid social. The full range is also available to explore in person at the Arco Discovery Centre in Hull—offering a hands-on experience of Arco’s innovative approach to safety. Visitors to the Health and Safety Event at Birmingham NEC (8th–10th April) had the opportunity to explore the new range first-hand. The launch was showcased at the event, giving attendees a preview of Arco’s latest innovations in compliant, high-performance safety products—backed by over a century of expertise.

Navigating the ups and downs of financial markets can be daunting. Remaining invested when markets fall may seem counter intuitive, but it can be the best way to not crystalise losses and avoid your portfolio underperforming over the longer term. Trying To Time The Market Can Seriously Damage Your Investment Returns Amidst heightened volatility, it is understandable that you may be concerned about the impact on the value of your investments. But, while sharp declines in markets can naturally be disconcerting, if you want to give your investments the best chance of earning a long-term return, then it’s a good idea to practice the art of patience. Events Through Time Source: Bloomberg, MSCI World £ Price Index (MSCI: please see important information). Logarithmic Scale. 01/01/1971 – 07/04/2025. Past performance is not a reliable indicator of future results. A logarithmic scale represents data by showing proportional changes rather than equal increments. It progresses in multiples of 10 instead of linear steps. This approach is used here to effectively display both small initial returns and larger long-term growth within a single chart. When markets fall and fear dominates, it can be difficult to resist the temptation to sell out of the financial markets and switch to cash, with the idea of reinvesting in the future when feeling more positive about market prospects – trying to ‘time the market’. But this is a strategy that carries with it the risk of missing out on some of the best days of market performance. And this could have a devastating impact on long-term returns. Remaining invested may be an emotional rollercoaster during times of market stress, but research shows time and again that this is the best investment approach over the long term. For example, one study of US equity mutual fund investors showed that their tendency to try and time the market was a key driver of their underperformance (Dalbar, 2019)1. In the current environment, it is understandable that many people are concerned about geopolitical risks, and how this is being reflected in the value of their investments. Despite temptations to switch into cash, data shows that missing out on just the 10 best market performing days can have a big impact on long-term returns. Staying ‘fully invested’ during the ups and downs has resulted in an initial £100,000 portfolio, for example, having an ending value of £468,000, compared to £258,000 for those that missed the 10 best days in previous 25 years. This effect also highlights the powerful effect of ‘compounding returns’ over time. If, for example, the 50 best days are missed, the long-term returns are indeed negative. Timing The Market Source: Bloomberg, MSCI AC World TR £ (MSCI: please see important information), Dates 01/01/2000 to 09/04/2025. Chart shows performance of a £100,000 investment. Past performance is not a reliable indicator of future results. A different way of delivering the same message, where staying invested over the 25-year period generates annualised returns of 6.1%, compared to 1.1% annualised returns if one misses the 30 best days: Staying Invested Source: Bloomberg, MSCI AC World TR £ (MSCI: please see important information). Dates 01/01/2000 to 09/04/2025. One of the most common reasons investors lose money is when they try to time the market, trying to avoid the worst days of the stock market by cashing out and then re-investing when they think the market is going to pick up. However, as the chart below shows, the best and worst days of the stock market cluster. Try to miss the lows and you’ll probably miss the highs too. Missing the best days during the downturn and subsequent upturn can again have a large impact on the returns generated over the subsequent period. Best And Worst Days Tend To Cluster Source: Bloomberg, MSCI World £ TR (MSCI: please see important information), Dates 01/01/2000 to 09/04/2025. Chart shows 50 worst and 50 best days of one-day performance. Past performance is not a reliable indicator of future results. With the benefit of hindsight, we are now fully aware of the global impact of COVID-19, and the rapidity in which it has hit equity markets. While markets rivalled the speed of the virus in trying to price-in the near-term damage, we expected they could also be swift to act when a tipping-point was seen to be close- at-hand. World equity markets returned to highs around 120 days following 2020 lows. The current market meltdown appears politically driven, sparked by President Trump’s tariff policies rather than any inherent weakness in the economy. If history is a guide, recovery could unfold as swiftly as the decline once trade tension de-escalates. By keeping to an established and proven investment framework, we can look to take advantage of short- term volatility as we continue to seek out longer- term investment opportunities. We look to avoid behavioural biases that may result in decisions that negatively impact long-term return potential. Yes, the journey may not be smooth, but generally it is important to look through the noise, and remain invested during times of market stress. Important information Investors should be aware that the price of investments and the income from them can go down as well as up and that neither is guaranteed. Past performance is not a reliable indicator of future results. Investors may not get back the amount invested. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment. Investors should be aware of the additional risks associated with funds investing in emerging or developing markets. The information in this document does not constitute advice or a recommendation and you should not make any investment decisions on the basis of it. This document is for the information of the recipient only and should not be reproduced, copied or made available to others. The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Brooks Macdonald is a trading name of Brooks Macdonald Group plc used by various companies in the Brooks Macdonald group of companies. Brooks Macdonald Group plc is registered in England No 4402058. Registered office: 21 Lombard Street, London, EC3V 9AH. Brooks Macdonald Asset Management Limited is regulated by the Financial Conduct Authority. Registered in England No 3417519. Registered office: 21 Lombard Street, London, EC3V 9AH.

Leading national maintenance contractor Novus Property Solutions has mobilised a significant contract with Anchor in the North West of England, closely following commencing work for another contract with Anchor in the South West. Last year, Novus was awarded two lots on the Anchor Outsourced Responsive Repairs and Asset Investment Works programme, which features a series of deals worth a total of around £1.7 billion over 15 years, as England’s largest not-for-profit provider of housing and care for people in later life pioneers the digitisation of its operations. The contractor’s work with Anchor in the North West covers a wide geographical spread including Merseyside, Cheshire, Greater Manchester and Cumbria. As part of the initial five-year contract, which has the potential to be expanded for a further five plus five years, Novus’ expert team will be carrying out a series of responsive repairs and voids as well as planned improvements across Anchor’s portfolio in the region. Collaboration between Novus and Anchor has played a vital role in the successful mobilisation of the programme, which was meticulously planned and featured regular progress meetings. As part of the mobilisation process, Novus’ team made around 20 scheme visits across the North West to identify potential social value projects for the duration of the contract. Furthermore, the contractor’s successful regional recruitment drive and week-long induction for around 50 local roles ensured staff were in place and engaged ready for the contract to go live. Steve Gayter, Executive Director at Novus Property Solutions, said: “We’re proud to have recently begun our work with Anchor in the North West, marking the next stage of our partnership with the organisation. The successful mobilisation of both projects with Anchor – located hundreds of miles apart – demonstrates our team’s dedication and skill, and further cements our position as a maintenance contractor of choice across Great Britain." “We look forward to further building our relationship with Anchor’s team in the North West, as well as making a real difference to communities across the North West through local employment and social value projects.” Anchor’s Chief Executive, Sarah Jones, said: "We are pleased to be working with Novus in the North West and South West. Completing repairs and planned property works on time, to a good standard, at a price that represents value for money, is central to our residents’ experience of their homes and it is vital that we get this right. We will work in partnership with our new contractors and our technology provider to achieve this outcome for residents, and make the process more efficient for colleagues.” About Anchor Anchor began more than 60 years ago and today is England’s largest not-for-profit provider of housing and care for people in later life. It provides housing to rent and to buy and residential care homes, including specialist dementia care. In total, Anchor serves more than 65,000 residents in almost 55,000 homes across almost 1,700 locations. Its residential care services employ the majority of the 10,000 strong workforce, providing services to residents at more than 120 care homes. Anchor operates in more than 85% of local councils in England. Anchor is an accredited real Living Wage employer – a mark of recognition awarded by the Living Wage Foundation.

Family-owned business, Little’s Chauffeur Drive has announced its expansion into the Aberdeen market through the acquisition of Vigilant Chauffeur Services. This strategic acquisition brings together two highly respected names in the industry and marks an exciting new chapter. Whilst Little’s has supported clients in Aberdeen for nearly 60 years through its established operations in Glasgow and Edinburgh, this move represents a significant local investment – including the introduction of a dedicated fleet based in the North East. Vigilant Chauffeur Services (Vchauffeur) has built a strong reputation for exceptional service and local expertise. To ensure a smooth transition and maintain the high standards both companies are renowned for, Little’s will work closely with Vchauffeur Director, Mark Cochrane, over the next year. His in-depth knowledge of the local market and long-standing client relationships are expected to be instrumental in further developing Little’s presence in Aberdeen and the surrounding areas. With this acquisition, Little’s will now offer its full suite of award-winning services directly from Aberdeen, and clients – both new and existing – can expect 24/7 access to a world-class service, not only in Scotland, but across the UK and internationally. Heather Matthews, Managing Director of Little’s Chauffeur Drive, said: "This acquisition is a great step forward for both businesses, combining strengths to enhance our service in Aberdeen. As we near Little’s 60th anniversary, it reflects our continued growth as a proud family business with a strong heritage and commitment to excellence." Mark Cochrane, Director of Vchauffeur, commented: "After an exciting five-year journey building the Vchauffeur brand and reputation, our recent acquisition by Little’s made perfect sense. We share the same principles of providing our clients with exceptional service, discretion, and professionalism. I now look forward to working closely with Little’s to further develop and enhance their presence within the North East of Scotland." About Little’s Chauffeur Drive Little’s is a highly respected luxury chauffeur company established in 1966. Headquartered in Scotland, the company operates in over 125 countries, delivering unparalleled travel support to ensure clients experience five-star service wherever they are in the world. From VIP airport transfers and large-scale events to bespoke chauffeur-driven tours of Scotland and more, Little’s caters to a wide range of travel needs with professionalism and care. Services are available 24/7, with every call answered directly by the team – no automated systems or recorded messages. Little’s is known for its personal touch, commitment to discretion, and seamless delivery, making it a trusted supplier for exceptional travel experiences.

St Austell Brewery’s first-ever low-alcohol IPA has taken the low/no alcohol scene by storm, winning its second award in just six months since its launch. Proper Job 0.5%, which was modelled on the business’s renowned flagship Proper Job IPA, scooped a silver award at the prestigious World Alcohol-Free Awards 2025. The World Alcohol Free Awards is the only international competition aimed exclusively at judging non-alcoholic drinks, from beers, wines and spirits to soft drinks. At the blind tasting, judges described Proper Job 0.5% as having "enticing colour, with a classic hop-driven nose, and flavours of pine, grapefruit, and caramel. Medium-bodied, with good richness of flavour, firm bitterness, and a long finish. Refreshing, sessionable, and pairs well with full-textured dishes.” Proper Job 0.5%, which made its debut in October 2024, is the result of over two years of careful development and taste testing. Led by Brewing Director Georgina Young, the team worked tirelessly to create an authentic low-alcohol version of its flagship Proper Job IPA. The result is a crisp, refreshing beer brewed with the same hops – Cascade, Willamette, and Chinook – as the original Proper Job, delivering the signature citrus, grapefruit, and pineapple notes that have made it a favourite among beer lovers. Georgina Young, Brewing Director at St Austell Brewery, said: "It’s amazing to see the rapid success of our first low-alcohol beer. While it took time perfect the recipe, that has clearly paid off, resulting in a well-balanced IPA that offers exceptional flavour without the alcohol. Launching Proper Job 0.5% was a proud moment in itself, and receiving this award celebrates the craft, quality and excellence that went into creating it." Following its successful launch in bottle, and with demand for low/no alcohol products ever-growing, the beer was also launched in a convenient can pack this month. The beer won its first award earlier this year, taking home a gold in the beer category of Taste of the West. The awards are run by the UK's largest independent regional food group which promotes and supports food and drink from the South West of England.