Maximising family ownership in a business and leveraging the strengths of familial relationships can be a game-changer for long-term success. Family businesses are deeply rooted in shared values and vision, and when these are aligned with strategic goals, the result is a powerful blend of purpose and profit. The key lies in cultivating a strong family vision and mission, which serves as the foundation for business success. Families that thrive in business often have a shared sense of purpose, driven by values that guide decision-making. By regularly engaging all family members in discussions about the company’s future, the family can create a mission statement that reflects their collective values, ensuring that these principles are passed down through generations. This builds a bond between the family’s identity and the business’s growth trajectory, creating a shared commitment to long-term success. To maximise family ownership effectively, a formal governance structure is essential. While family dynamics are often informal, decision-making within the business must be clear and structured to avoid conflicts. By establishing governance mechanisms such as a family council or board of directors, the family can delineate roles and responsibilities, ensuring that both family interests and business needs are managed professionally. This approach not only formalises decision-making but also ensures that the emotional aspects of family relationships do not overshadow business objectives. Open communication is another critical factor in the success of a family business. Transparent and consistent dialogue helps avoid misunderstandings and potential conflicts that can arise from family dynamics. Regular family meetings, separate from formal business discussions, provide a platform where family members can share their thoughts, voice concerns, and celebrate achievements. This fosters a culture of trust and respect, keeping the family united in their pursuit of business goals. Encouraging open communication also ensures that every family member feels heard, which strengthens the commitment to the business’s success. Education and professional development play a pivotal role in maintaining high standards within the family business. It’s important to ensure that family members earn their positions based on merit, not entitlement. By encouraging family members to pursue relevant education and gain experience outside the family business, they bring valuable skills and perspectives back into the company. This approach prevents complacency and infuses fresh ideas into the business. A structured development plan for family members interested in the business ensures that their contributions are meaningful and that they are prepared to take on leadership roles in the future too. Succession planning is one of the most critical aspects of long-term family business success. Many family businesses falter when leadership transitions are not planned adequately. By grooming future leaders early on, identifying family members with potential, and providing them with mentorship, the family can ensure that the business remains in capable hands. Clear communication of succession plans is vital to prevent uncertainty and to ensure a smooth transition when current leadership steps down. Engaging the younger generation is key to sustaining a family business across generations. Younger family members often bring innovative ideas and technological savviness that can drive the business forward. Actively involving them in meaningful roles early on, while encouraging their participation in governance and strategic discussions, not only fosters their sense of responsibility but also keeps the business dynamic and forward-thinking. Balancing family and business interests is another important challenge. While the family may prioritise stability and unity, the business may demand innovation and risk-taking. By setting clear boundaries between family and business matters, the family can ensure that decisions are made objectively and fairly. Establishing rules around remuneration, hiring, and promotions helps maintain fairness, preventing any sense of entitlement. This balance ensures that both family cohesion and business success are maintained. The mindset of stewardship rather than ownership is another critical factor for long-term success within a family in business together. Family members should be encouraged to see themselves as stewards of the business, responsible for preserving and growing it for future generations, rather than just owners seeking short-term profits. By instilling a sense of pride in the family’s legacy and emphasizing the importance of sustainability, the business can be positioned for success that spans generations. One of the greatest advantages of a family business is the inherent trust that exists among family members. This trust fosters loyalty, long-term thinking, and a culture of collaboration, which can provide a significant competitive advantage. By building on this trust and ensuring that family members work together for the greater good of the business, the family can create a strong, values-driven culture that permeates the entire organisation. However, it’s important to recognise that bringing in external advisors or non-family executives can provide valuable perspectives that may not be available within the family. External advisors offer objective insights and help mitigate family biases, ensuring that decisions are made in the best interest of the business. By forming an advisory board with experienced professionals who understand the complexities of family businesses, the family can gain guidance on tough decisions while maintaining control of the company’s future. In reality, maximising family ownership and leveraging the positive dynamics of familial relationships is a powerful strategy for ensuring long-term success in a family business. By creating a strong shared vision, establishing clear governance structures, fostering open communication, planning for the future, and balancing family and business interests, families can create a legacy that thrives across generations. When the strengths of family unity, trust, and stewardship are combined with professional management, the result is a business that not only grows but also endures, preserving the family’s legacy for years to come.

Family businesses are the backbone of the rural economy in the UK, playing an indispensable role in fostering growth, creating jobs, and maintaining the unique character of rural areas. These businesses, often small to medium-sized enterprises, are deeply rooted in their communities, and their contributions extend far beyond economic benefits, influencing social cohesion, heritage preservation, and sustainable development. In an age of globalisation and large corporations dominating many industries, the importance of family businesses in the UK’s rural landscape cannot be overstated. Economic Stability and Employment One of the most significant ways family businesses impact the rural economy is by providing stable, long-term employment. These businesses range from agriculture, tourism, and retail, to artisan crafts and manufacturing. Given that large corporations often shy away from rural areas due to lower population density and infrastructure challenges, family-run firms fill a vital gap by offering employment where jobs might otherwise be scarce. For rural communities, these businesses create jobs not just for the family members involved but for locals as well, helping to keep communities vibrant. Many rural family businesses are also multi-generational, meaning they provide consistent employment opportunities over decades. This kind of stability is essential in rural economies, where economic fluctuations, driven by factors like agricultural cycles or tourism demand, can create volatility. Strengthening Local Supply Chains Family businesses often prefer to source materials and services locally, further stimulating the rural economy. For example, a family-owned farm may sell its produce to a local family-run restaurant or supply to regional food markets. This localised trade keeps money circulating within the community, helping other businesses to thrive. The inter-connectedness of rural family businesses reinforces local supply chains, which reduces dependency on external markets and imports. Moreover, these local supply chains promote sustainability. Family businesses tend to have a longer-term investment in the well-being of the environment and community, since their success is closely tied to the health of the local area. Whether it is through responsible land use, eco-friendly practices, or investing in local infrastructure, these businesses are more likely to operate with a vested interest in preserving the rural landscape for future generations. Cultural and Community Cohesion Rural family businesses are often stewards of regional identity and heritage. Whether through traditional farming methods, crafts, or regional products like cheese, cider, and wool, these businesses preserve and promote local culture. In many cases, rural family businesses pass down unique skills, crafts, and practices from generation to generation, maintaining a sense of continuity and identity within communities. This connection to tradition often makes family-run enterprises an integral part of the social fabric in rural areas. They contribute to community cohesion, supporting local events, sponsoring village activities, and offering gathering places for locals. In a broader sense, family businesses in rural areas offer more than just jobs—they create spaces where people can engage, form relationships, and feel a sense of belonging. Resilience and Adaptability Family-run businesses in rural areas are often more adaptable and resilient than larger corporations. With their deep understanding of local conditions and community needs, they are in a better position to adjust to economic challenges, such as fluctuations in market demand or disruptions like the recent pandemic. Many rural family businesses demonstrated this resilience by pivoting to online sales, offering delivery services, or diversifying their product ranges during the pandemic, ensuring they continued to meet the needs of their local customers. Their ability to adapt quickly is also linked to their leaner decision-making structures, with family members often working closely together to chart the direction of the business. This flexibility allows them to navigate complex challenges with more agility than larger companies with bureaucratic structures. Sustainability and Environmental Stewardship A growing number of family-run businesses in rural areas are leading the way in sustainability. Agriculture is a key part of the UK’s rural economy, and many family-owned farms are pioneering environmentally-friendly practices such as organic farming, biodiversity conservation, and renewable energy usage. These practices contribute to the UK's broader goals of reducing carbon emissions and promoting sustainable farming. Family businesses are also more likely to engage in long-term environmental stewardship. Because many rural businesses are passed down through generations, owners tend to take a longer view of their land and resources, ensuring they are preserved and nurtured for future generations. This contrasts with some larger corporations, which may prioritise short-term profits over long-term environmental concerns. Tourism and Heritage Rural family businesses often play a key role in the tourism sector, which is crucial to many local economies. From bed-and-breakfasts, heritage sites, and artisanal shops to farms that offer visitor experiences, these businesses provide authentic and unique attractions that draw visitors to rural areas. Tourism not only creates revenue for these businesses but also boosts the wider rural economy, as visitors spend money in local restaurants, shops, and other services. Family businesses that cater to tourism also help sustain rural traditions and crafts by offering experiences or products that are deeply tied to the local area’s history and culture. In this way, they preserve the rural way of life and introduce it to a broader audience, contributing to cultural exchange and appreciation. Challenges and Support Despite their significant contributions, rural family businesses face a unique set of challenges. Limited access to finance, poor infrastructure, and fluctuating market demands can strain their ability to thrive. Moreover, rural areas often face depopulation, as younger generations move to urban centres in search of more diverse employment opportunities, which threatens the continuity of family businesses. To support rural family businesses, there is a need for policies that improve infrastructure, such as high-speed broadband access, which is crucial for modern business operations, especially in more remote areas. Additionally, government initiatives aimed at reducing red tape, providing easier access to loans, and fostering skill development are essential to ensure these businesses continue to thrive and contribute to the rural economy. Family businesses are integral to the rural economy in the UK, offering economic stability, promoting sustainability, preserving culture, and fostering community cohesion. Their contribution goes beyond economic metrics; they help maintain the character and vitality of rural communities. To ensure their continued success, it is essential to address the challenges they face, with targeted support from both local and national governments. In an increasingly globalised world, rural family businesses stand as resilient pillars of tradition, innovation, and community in the UK’s countryside.

British fabric manufacturer and woollen mill Hainsworth has teamed up with final-year BA (Hons) Bespoke Tailoring students at London College of Fashion, UAL on a project to create a unique jacquard cloth design. Hainsworth tasked students from London College of Fashion’s BA (Hons) Bespoke Tailoring course with creating a custom cloth, with the winning designers invited to weave and finish their fabric at the West Yorkshire heritage textile mill. Daniel Poulson, Course Leader, comments, “The London College of Fashion, UAL, is delighted to continue our collaboration with AW Hainsworth. Providing our BA (Hons) Bespoke Tailoring students with the opportunity to design and execute a fully bespoke jacquard weave in partnership with the Hainsworth team is a unique and valuable experience." "Seeing their ideas come to life at the mill, from fibre to finished product, has been rewarding for all involved. As course leader, I am grateful for the investment and exchange of knowledge and expertise throughout this creative process.” The winning students, Anna Zhou, Anastasia Inozemtseva, and Matilda Jonathan, were selected for demonstrating originality, quality craftsmanship, and sustainability. The three students visited the Hainsworth Mill in Yorkshire to see their designs woven on Jacquard looms, ready to transform into expertly tailored garments. These garments formed part of their graduate showcase presentation at Protein Studios in Shoreditch. Andrea Noble, Design and Product Development Manager at Hainsworth, explains, “The 2024 London College of Fashion Bespoke Jacquard Project was another huge success. The students were once again very engaged, professional, and clearly ambitious for a career in tailoring. I enjoyed discussing their creative concepts for their final collections, enabling them to find ways to develop artwork appropriate for jacquard patterning, which expressed and embodied their final collections." “All the students did an excellent job, but in the end, we chose our winners because they did a remarkable job of demonstrating originality, quality and craftsmanship while embracing a sustainability-focused approach. In addition to this, the students also considered how they would reduce fabric waste whilst crafting an expertly-tailored design suitable for their commercial clients.” The 2024 Bespoke Jacquard Project was also shortlisted for the University of the Arts London’s Knowledge Exchange Award. The Knowledge Exchange Awards recognise collaborations with external partners to create positive change through real-life challenges designed to co-create value for society, the economy and the environment. Hainsworth is a truly vertical woollen mill for over 240 years and one of the last remaining in Britain that can process a product from raw fibre to finished cloth entirely from their site in West Yorkshire. Designers, tailors and garment manufacturers choose Hainsworth’s premium woollen textiles from diverse industries, united in their desire for the best craftsmanship and true British provenance.

In today's rapidly evolving work environment, businesses are encountering a unique challenge: managing a workforce that spans multiple generations. From Baby Boomers to Generation Z, each generation brings distinct perspectives, values, and work styles to the table. In fact, a study from LiveCareer discovered that 89% of respondents found generation diversity to be a positive aspect to a workforce, and were able to learn from their peers as a result. However, managing and working collectively with these different generations can become a challenge for managers and colleagues, as they need to adjust their managerial and communication styles to consider varying groups of people that have differing preferences. Shalini Khemka CBE, CEO and Founder of the entrepreneurial community E2E , speaks on how businesses can adjust and tailor their managerial styles through better understanding generational differences. Understanding The Generational Landscape The current workforce is a blend of five distinct generations: The Silent Generation (born 1928-1945), Baby Boomers (born 1946-1964), Generation X (born 1965-1980), Millennials (born 1981-1996), and Generation Z (born 1997-2012). Each generation has been shaped by unique social, economic, and technological factors, which influence their communication styles, work preferences, and attitudes towards authority and career growth. For example, there is often a large debate between Generation X, Millennials and Generation Z about communication style, where some prefer phone calls, and others prefer texting and emailing. In a work setting, this can mean that communication becomes strained due to these differing preferences, and it may hinder processes and relationships between staff. Another difference is how generations approach topics such as race, gender, sex, and mental health, with older generations often approaching these as taboo topics, and new generations feeling more open and comfortable talking about related matters. With diversity in the workplace becoming increasingly prevalent to how a company operates, this example demonstrates how generations can learn from each other, taking into account their varying opinions and how they can work around these. Key Strategies For Managing A Multigenerational Workforce There are certain ways to approach a workforce built up of different generations so that everyone feels included, seen, and heard, fostering a culture of collaboration between different ages. Promote open communication and understanding : Encourage employees to share their perspectives and experiences, promoting mutual understanding and respect. Regular workshops and team-building activities can help bridge generational gaps and create a more cohesive team, allowing everyone to gain a more thorough understanding of their peers and how they might think differently to each other. Lerverage strengths across generations : Each generation brings unique strengths to the workplace. For example, Baby Boomers often have deep industry knowledge and experience, while Millennials and Gen Z are typically more tech-savvy and adaptable. By recognising and leveraging these strengths, companies can enhance collaboration and drive innovation. Flexible work arrangements : Different generations may have varying preferences for work schedules and environments. Offering flexible work arrangements, such as remote work options or flexible hours, can accommodate these preferences, leading to higher job satisfaction and productivity amongst different groups of people. Tailored professional development : Provide training and development opportunities that cater to the diverse learning styles and career aspirations of each generation. For instance, Gen Z may prefer digital learning platforms, while Baby Boomers might value face-to-face mentorship. Inclusive leadership: Leaders play a crucial role in managing a multigenerational workforce. By adopting an inclusive leadership style that values diversity and encourages collaboration, leaders can create a positive work environment where all employees feel valued and motivated to contribute. Mentorship and reverse mentorship programmes : Implement mentorship programmes where experienced employees can share their knowledge with younger colleagues. Alternatively, reverse mentorship programmes can allow younger employees to share their insights on technology and current trends, fostering a culture of continuous learning and growth for everyone.

Family businesses are the backbone of the UK economy, representing around 88% of all UK companies, employing over 14 million people, and generating nearly a third of GDP. Their emphasis on long-term success, strong values, and community impact has made them integral to the nation’s economic fabric. Yet, like any business, family firms face challenges such as skills shortages, the need for innovation, and succession planning. Apprenticeships are emerging as a powerful solution to these issues, offering family businesses a way to nurture homegrown talent while maintaining their unique culture and values. Family businesses are increasingly turning to apprenticeships to sustain their growth and develop the next generation of skilled workers. Addressing Skills Shortages One of the most pressing challenges for businesses in the UK today is a shortage of skilled workers, particularly in industries such as manufacturing, engineering, construction, and technology—sectors where family businesses are heavily represented. Apprenticeships can provide a direct solution to this problem by allowing family firms to develop the skills they need in-house. Industry-Specific Training Apprenticeships offer tailored, industry-specific training that equips individuals with the precise skills required for the business. Unlike traditional hiring processes that focus on finding external candidates with pre-existing experience, apprenticeships allow family firms to mold new employees from the ground up. This ensures apprentices learn the exact skills, processes, and technologies that are critical to the business’s success. Closing the Talent Gap As industries evolve and new technologies emerge, the gap between the skills needed and the skills available in the workforce continues to widen. Family firms that invest in apprenticeships can proactively close this gap by aligning apprenticeship programs with future business needs. Apprentices learn the most up-to-date skills, helping businesses stay competitive in the face of changing market conditions. Boosting Long-Term Talent Pipelines Apprenticeships create a reliable pipeline of talent for family firms. Rather than relying on external recruitment or the unpredictable availability of skilled workers, family businesses can build a steady stream of well-trained employees who understand the company’s culture, operations, and values from the start. Apprentices who stay on after their training are often more loyal and deeply committed to the firm’s long-term success, helping to create a stable, future-proof workforce. Strengthening Company Culture and Values Family businesses are known for their distinctive cultures, often shaped by a combination of entrepreneurial spirit, strong ethics, and long-term vision. Apprenticeships provide an opportunity to embed these values in new employees from the outset. Cultural Integration Apprentices, who typically begin their careers in the early stages of their professional lives, are more open to absorbing the unique culture of a family business. From day one, they can be introduced to the company's history, values, and way of doing things, ensuring a seamless cultural fit. Over time, this can create a workforce that is deeply aligned with the ethos of the business, fostering a sense of belonging and long-term commitment. Building a Loyal Workforce Apprenticeships are often seen as an investment in individuals, helping them grow professionally while offering them a stable career path. Family businesses, with their strong focus on loyalty and relationships, are particularly well-suited to nurturing this sense of belonging. Apprentices, having been trained and supported by the business, are more likely to stay with the company for longer, reducing turnover and enhancing workforce stability. Supporting Diversity and Inclusivity Apprenticeships can also help family firms promote diversity and inclusivity in their workforce. Many apprenticeship programs focus on providing opportunities for young people from different backgrounds, as well as those who may not have chosen the traditional university route. By recruiting a diverse range of apprentices, family businesses can bring fresh perspectives and ideas to the company, enriching the business and enhancing innovation. Driving Innovation and Adaptability In today’s fast-paced business environment, innovation and adaptability are key to staying competitive. Family businesses, which often have deep roots in traditional industries, can sometimes struggle to keep up with technological advancements and changing market dynamics. Apprenticeships can infuse the business with new ideas and skills that are crucial for staying ahead. Bringing in Fresh Perspectives Apprentices, especially younger ones, often bring a fresh perspective and enthusiasm to the business. They are typically more familiar with digital technologies, social media, and modern approaches to business challenges, which can introduce new ways of thinking into the company. Family firms can benefit from this infusion of new ideas, particularly when it comes to digital transformation, marketing, and modern business practices. Supporting Digital Transformation Many family businesses are undergoing digital transformations to remain competitive. Apprenticeship programs focusing on areas like IT, data analytics, and digital marketing can provide the technical skills needed to drive this transformation from within. Younger apprentices who are digital natives can help the business adopt new technologies, streamline processes, and leverage data more effectively. Encouraging Continuous Learning Apprenticeship programs emphasise continuous learning and development, ensuring that employees keep pace with industry changes. This culture of learning can permeate throughout the business, encouraging long-standing employees to update their skills and adapt to new trends. For family businesses that want to maintain their competitive edge, this culture of lifelong learning is crucial. Succession Planning and Future Leadership For many family businesses, succession planning is one of the most critical yet challenging aspects of ensuring long-term survival. Apprenticeships can play a key role in preparing the next generation of leaders and managers, both within and outside the family. Identifying and Developing Future Leaders Apprenticeships can be an ideal way to identify and nurture future leaders within the company. By training apprentices in multiple aspects of the business, family firms can assess their potential for leadership roles over time. This is particularly important for family businesses that may not have immediate family members interested in or ready to take over leadership roles. Apprentices who have grown within the company can step into leadership positions, providing continuity and stability. Passing on Skills and Knowledge Family businesses are often built on specialised knowledge and skills that have been honed over generations. Apprenticeships provide a formal structure for passing this knowledge on to new employees, ensuring that essential skills are preserved within the company. Experienced employees can mentor apprentices, teaching them not just technical skills, but also the values and philosophies that have shaped the business’s success. Retaining Family Legacy While Professionalising For family businesses looking to professionalise while maintaining family control, apprenticeships offer a way to achieve both. The apprenticeship model allows the family to retain its legacy and influence over the business while bringing in professionally trained individuals who can drive operational improvements and innovation. This balanced approach helps the firm evolve without losing its identity. Economic and Social Impact In addition to the direct benefits for family businesses, apprenticeships also have a broader positive impact on the local economy and society. Many family businesses are deeply embedded in their local communities, and by offering apprenticeship opportunities, they can contribute to local employment and social mobility. Supporting Local Communities Family businesses often have a strong presence in their local communities, and apprenticeships allow them to give back by providing valuable employment opportunities. Apprenticeships are particularly valuable in regions where young people may struggle to find jobs or access higher education. By offering these opportunities, family businesses can play a key role in supporting local economic development. Contributing to Social Mobility Apprenticeships provide an alternative route into employment for young people who may not want to attend university or cannot afford to do so. By offering apprenticeships, family businesses can contribute to social mobility, helping individuals from diverse backgrounds gain the skills and experience they need to build successful careers. This social impact aligns with the values many family businesses hold, such as community engagement and social responsibility. Apprenticeships offer significant value to family businesses in the UK, helping them address skills shortages, maintain their unique culture, drive innovation, and prepare for future leadership transitions. By investing in apprenticeships, family firms can ensure that they have a skilled, loyal, and diverse workforce that is equipped to tackle the challenges of the future. At the same time, they can strengthen their ties to their local communities and contribute to the wider economy, embodying the long-term vision and values that are central to family business success. Check out the findings from the 2024 Family Business Apprentice Employers Report, published by Family Business United, which identifies the leading family businesses employing apprentices across the UK today. Check out the findings here

Family Business United has teamed up with CN Strategic Advisors to identify some of the oldest family firms in the North West of England, as part of the programme to compile a record of the oldest family firms in the UK today. Key Findings: Morning Foods is the oldest family business in the North West The oldest family business in the North West dates back to 1675 The ten oldest family firms in the North West have collectively traded for 2,112 years As Paul Andrews, Founder and CEO of Family Business United explains, "We have been compiling lists of the oldest family firms in the UK for a number of years now and wanted to dig deeper into the North West to determine the depth and diversity of long-standing family businesses in the region." "The results speak for themselves and we have uncovered some incredible family firms that have stood the test of time with the oldest dating back to 1675, Morning Foods, a family firm that has a long tradition of providing healthy and nutritious wholegrain oats to the food ingredient and manufacturing sectors in a wide variety of finished product and packaging formats." "Collectively ten of the oldest family firms in the North West that we have identified have been trading for 2,112 years which is an incredible achievement given the events in history that have taken place over the years that they have been in operation. It is also encouraging to see the mix of businesses that include breweries, retailers, supermarkets, transport and food producers, all of whom have stood the test of time." The oldest family firms in the North West: Morning Foods - Founded in 1675 RS Clare & Co - Founded in 1748 Bibby Line Group - Founded in 1807 JW Lees Brewery - Founded in 1828 Peter Marsh & Sons Ltd - Founded in 1837 Frederic Robinson Brewery - Founded in 1838 James Cropper PLC - Founded in 1845 E.H. Booth & Co. Ltd - Founded in 1847 Joseph Holt Brewery - Founded in 1849 Arighi Bianchi - Founded in 1854 You can see how these family firms sit within the oldest family businesses across the UK here In compiling the listings, we have used various means to make it as comprehensive and accurate as possible. However, due to the fact that there is no legal requirement to disclose the status of the underlying ownership in business it is not an easy process. We used our networks, connections at trade bodies and extensive desktop research to determine the oldest family businesses but are not able to say unequivocally that there are not a few other hidden gems out there. From time to time another long-standing family firm is brought to our attention and after the necessary research and confirmations have been obtained, the business is added and the list updated. If you are aware of a family business that needs to be considered for inclusion then please do not hesitate to get in touch so that we can update the list accordingly. As David Baggott, Partner at CN Strategic Advisors adds, "The North West is a extremely important region for the UK economy, employing many millions in its rich and diverse economy." "Family businesses are the backbone of this, with strong values and resilience enabling many multi-generational family businesses to have survived and flourished over many years. We are pleased to support family businesses in their key milestones within their business journey.” “Family businesses across the North West have an extremely strong heritage and are significant contributors to the local economy on many levels, and also being a staple within the growth of the northern powerhouse. It is fantastic to see the resilience of many of the family businesses across the North West and see them grow and flourish over many years and several family generations and to see some great names in the list too."

The Engineering Division of HE Simm (HE Simm & Son Ltd), is forecasting a strong end to 2024 after reporting a difficult financial performance for the period ending 31 December 2023. Whilst the business recorded a loss before taxation of £10.3m (2022: profit £0.9m), a swiftly implemented and newly focused strategy, as well as a capital injection by the Simm family, has meant an immediate return to profitability. Impacted by high inflationary pressures on fixed price contracts, the company also faced issues from a number of legacy projects in London which accounted for the majority of the total reported loss. A strategic restructuring of the business has since led to a streamlining of management structures and reporting processes together with a new selective approach to tendering. Revenue for the period was £118.3m (2022: £54.2) and the orderbook remains strong at £150m with a healthy number of opportunities in the pipeline and several major projects due to be completed this year. The business remains free of bank debt. Gareth Simm, Chief Executive Officer and one of the Grandsons of the founder, commented: “This has undoubtedly been one of the most difficult trading periods in our history. Rigorous management reviews have been undertaken to ensure any operational performance issues have been recognised." “Our review has reaffirmed that our focus needs to be on key - trusted - client and supply chain relationships, risk management and profitability in sectors where we have a competitive advantage and a proven track-record." “We have implemented a newly focused corporate strategy to ensure a strong foundation is in place that is aligned to a return to profitability and excellence in project delivery." “The actions we have taken during the reporting period, which was extended to 17 months to accommodate the strategic restructuring, mean that we are already forecasting a return to profitability for the current financial year with operating margins that have recovered to an acceptable level.”

Family-owned businesses have long been associated with longevity, stewardship, and a commitment to future generations. These values align naturally with the principles of sustainability, particularly when it comes to building long-term, resilient business models. One of the most impactful ways family firms can future-proof their businesses is by embracing the circular economy—a model that focuses on minimising waste, maximising resource efficiency, and creating sustainable value. As concerns about climate change, resource depletion, and environmental degradation grow, the circular economy offers family businesses a powerful framework to remain competitive while safeguarding the planet for future generations. What is the Circular Economy? The circular economy is a systemic approach to economic development designed to benefit businesses, society, and the environment. It contrasts with the traditional linear economy, where products are made, used, and then discarded. Instead, the circular model focuses on: Designing out waste and pollution by ensuring that products and materials are reused, repaired, refurbished, or recycled at the end of their life cycle. Keeping products and materials in use through strategies like recycling, remanufacturing, and product life extension. Regenerating natural systems, where waste becomes a resource, and products are designed with sustainability and resource efficiency in mind. In a circular economy, businesses are not just producing goods for short-term use but are creating systems that extend the life of materials and reduce environmental impact. Why Family Firms Are Uniquely Suited to Embrace the Circular Economy Family businesses, by nature, tend to prioritise long-term thinking and sustainability over short-term profits. This mindset makes them well-positioned to adopt circular economy principles as part of their growth strategy. Here are several reasons why family firms are particularly suited to embracing the circular economy: Legacy and Long-Term Thinking Family businesses often operate with a multi-generational outlook, focused on preserving the firm’s legacy for future generations. This perspective aligns with the circular economy's long-term vision of sustainability. By adopting circular practices, family firms can build resilient, future-proof business models that will remain viable in a world of limited resources and growing environmental regulations. Stewardship and Responsibility Many family firms have a strong sense of stewardship, both toward their business and the environment. The circular economy allows these companies to extend their responsibility beyond immediate stakeholders, such as employees and shareholders, to the broader community and planet. By reducing waste, lowering carbon footprints, and promoting resource efficiency, family businesses can demonstrate leadership in environmental stewardship. Innovation and Flexibility Family firms, especially smaller and medium-sized ones, often have the flexibility to innovate and adapt more quickly than larger corporations. Embracing the circular economy requires innovation in business models, product design, and supply chain management. Family firms, with their entrepreneurial spirit and agile decision-making processes, can lead the way in testing and implementing circular strategies such as product-as-a-service models, take-back programmes, or closed-loop supply chains. Values-Driven Culture Family businesses are often rooted in strong values that guide decision-making. These values—whether they centre around environmental protection, community engagement, or ethical business practices—can drive the adoption of circular economy principles. The circular economy provides a tangible way to integrate those values into the core operations of the business, aligning purpose with profitability. Key Benefits of the Circular Economy for Family Firms Adopting circular economy principles not only benefits the environment but also offers significant economic and strategic advantages for family businesses. Cost Reduction and Resource Efficiency One of the most immediate benefits of the circular economy is the potential for cost savings. By designing products that can be reused, remanufactured, or recycled, family firms can reduce the need for raw materials, lower energy consumption, and minimise waste disposal costs. Over time, this results in a more efficient use of resources, leading to higher profitability. Innovation and Competitive Advantage The shift to circularity encourages innovation across product design, supply chain management, and customer engagement. Family businesses that embrace circular principles can create unique products or services that differentiate them from competitors. For example, offering a take-back programme where old products are recycled into new ones can build customer loyalty and strengthen the brand’s reputation for sustainability. Circular business models also appeal to environmentally conscious consumers and investors, giving family firms a competitive edge in the marketplace. Resilience and Risk Management In a world where resources are becoming scarcer and regulatory pressures around sustainability are increasing, businesses face growing risks if they continue to rely on the traditional linear model. The circular economy helps mitigate these risks by reducing dependency on finite resources, stabilising supply chains, and complying with evolving environmental regulations. For family businesses, this resilience is critical to ensuring long-term viability and weathering economic or environmental shocks. Enhanced Reputation and Stakeholder Trust Family firms often build their success on trust and strong relationships with stakeholders, from customers and employees to suppliers and communities. By integrating circular economy principles into their operations, family businesses can strengthen their reputations as responsible and forward-thinking enterprises. This can lead to stronger customer loyalty, improved employee engagement, and greater appeal to socially conscious investors. Contribution to Regenerative Growth Unlike traditional economic models that deplete natural resources, the circular economy promotes regenerative growth—creating positive impacts on ecosystems and communities. Family businesses can take pride in contributing to the regeneration of natural systems through circular practices such as using renewable energy, minimising waste, and promoting biodiversity in their operations. This regenerative approach not only aligns with environmental goals but also ensures that future generations can continue to benefit from a thriving business and a healthy planet. How Family Firms Can Transition to a Circular Economy While the circular economy offers numerous benefits, transitioning to this model requires careful planning, investment, and a shift in mindset. Here are some steps family firms can take to move toward circularity: Redesign Products for Longevity and Reuse The first step toward circularity is rethinking product design. Family firms should design products with durability, repairability, and recyclability in mind. This may involve using materials that can be easily disassembled or choosing suppliers that prioritise sustainable and regenerative resources. Additionally, businesses can explore opportunities to offer services, such as maintenance and repair, to extend the life of their products. Implement Circular Supply Chain Transitioning to a circular economy involves rethinking the entire supply chain. Family businesses can work with suppliers to source materials that are renewable, recycled, or have a lower environmental impact. Closed-loop supply chains, where waste from one process becomes the input for another, can significantly reduce resource consumption and waste. Collaborating with like-minded partners is essential for building a circular ecosystem. Explore New Business Models The circular economy opens up new business models that can drive revenue while promoting sustainability. For instance, family firms can explore product-as-a-service models, where customers pay for the use of a product rather than owning it outright. This allows the business to retain ownership of the product, encouraging design for longevity and enabling easier recycling or remanufacturing. Engage Stakeholders in the Circular Journey Successful circular initiatives require buy-in from all stakeholders—family members, employees, customers, suppliers, and the broader community. Family firms should communicate their commitment to the circular economy and involve stakeholders in the transition process. This can include training employees on circular practices, educating customers about the benefits of sustainable products, and partnering with suppliers to reduce waste. Monitor Progress and Innovate Continuously The transition to a circular economy is an ongoing process that requires continuous monitoring, evaluation, and innovation. Family businesses should set clear sustainability goals, measure progress, and adapt their strategies as needed. By staying committed to innovation, family firms can stay ahead of industry trends and regulatory changes while creating lasting value. The circular economy presents a significant opportunity for family-owned businesses to align their long-term vision with sustainable growth. By adopting circular principles, family firms can reduce waste, improve resource efficiency, and foster innovation, all while building a resilient business that thrives in an increasingly resource-constrained world. For family businesses that prioritise legacy, stewardship, and responsible leadership, the circular economy offers a roadmap to creating lasting value for future generations and the planet.

Global engineering steel specialist, William Hare Group, has reported a strong financial performance for year ending 31 December 2023. The Group has recorded a turnover for the year of £315.5m, an increase of £67.2m on the previous year and an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of £9.8m – up from £3.4m in 2022. The company operates in the UK, as well as in the United Arab Emirates (UAE), India and Europe. It has a global reputation for offering engineered steel solutions and has one of the largest in-house steel manufacturing teams in the world. Established in 1945, it is looking forward to celebrating its 80th anniversary next year. Sue Hodgkiss CBE, the Group’s CEO and Chair, comments: “Our latest set of results is testament to the hard work and commitment of our talented workforce." “It is also down to a resurgence in international markets, as well as further growth in the UK. We are continuing to build our reputation with global clients and are increasingly recognised as one of the world’s leading engineering steel specialist." “We have taken a very prudent approach financially over the years, which means our balance sheet is a source of strength.” Matthew Nesbit, Board member and Director for the Group, adds: “We are delighted with this year’s results. As a business we have worked very hard to remain at the forefront of our industry during a time that has been challenging given ongoing inflationary pressures, project delays and a changing political landscape." “We are hugely grateful to work with some fantastic clients, who trust us to work with them to deliver some of the most significant and challenging projects in the UK and globally. Our order book is well diversified and in the best shape in our history, giving us much optimism for the future." “I would like to take this opportunity to thank all of our employees, customers and suppliers for their ongoing support. Without them, the business wouldn’t be in the position it is today.” William Hare Group was established in 1945 and provides value-engineered steel solutions to some of the world’s most innovative and sustainable construction projects. A family-owned and run business, it has a turnover of c£315m and over 2,000 people worldwide. For more information about the Group visit here . Photo caption: Matthew Nesbit, Board Member & Director.

Stirling Distillery, situated in the shadow of Stirling Castle, launched its award-winning nettle-infused gin at Co-op supermarkets across Scotland today. The distillery were delighted to agree a deal with the Co-op where their nettle-based Classic gin will be available in a range of Scottish stores. Sealed with a hand-dipped wax seal, and decorated with unique illustrations of the Wallace Monument and the Old Stirling Bridge by Scottish artist Ritchie Collins, this is the bottle all gin-lovers should have occupying pride of place in their drinks cabinet. Made with six botanicals carefully chosen to reflect the unique flavour of Stirlingshire’s countryside, the smooth, lingering finish carries a peppery tang and at 43% the mouthfeel is both spicy and dry. By using local nettles they are working to provide a sustainably sourced spirit with links to their Stirling heritage. Their range of products celebrate local history and folklore, such as their Battle Strength gin which commemorates the Battle of Stirling Bridge. The distillery is a small family-run business creating hand-crafted spirits in the historic ‘Old Smiddy’, Stirling’s first legal distillery on the castle rock. Distilled, bottled and labelled on site, the team have been offering daily gin and whisky tastings, distillery tours and gin school since 2019. Distillery co-founder June McCann spoke of her delight at Stirling Gin being available at supermarkets across the country: “We are proud to be sat on the shelves next to some brilliant Scottish gins. We love that the Co-op supports local suppliers and promotes Scottish food and drink in their stores. A big thank you to the team at the Co-op and Select Drams for bringing our nettle gin to the masses.” Voted Visitor Attraction of the Year at the Stirling Business Awards in 2023, winner of ‘Retail, Hospitality & Leisure Business of the Year’ at the 2024 Stirling Business Excellence Awards and awarded a coveted TripAdvisor Travellers’ Choice Award for the fourth year in a row, Stirling Distillery is listed as the number one thing to do in Stirling on TripAdvisor’s website. The distillery has received a range of awards for their gins including a silver medal at the 2023 Scottish Gin Awards, a coveted Great Taste star, plus a range of London Spirits Awards to name but a few. In 2023 the distillery made history by distilling the first whisky in Stirling for 171 years and launched their King James cask club. Visit here for more information.

The brewery behind some of the nation’s favourite beers has released its first low-alcohol beer under its flagship IPA brand, Proper Job. Launching from 10th October, St Austell Brewery has been perfecting Proper Job 0.5% abv for more than two years. The independent and family-owned 173-year-old brewery has been meticulously tweaking its recipe to create a beer which celebrates Proper Job’s famous flavour profile. The full-strength version of the beer is the best-selling bottled IPA in the off trade* and St Austell Brewery has high ambitions that its 0.5% equivalent will become one of the best no/low IPAs on the market. Masterfully brewed with the same heartfelt craft, Proper Job 0.5% uses a special yeast to create a low-alcohol take on its bold original. It’s St Austell Brewery’s first new category launch since they entered the lager market with their flagship brand korev in 2010. Brewing Director for St Austell Brewery, Georgina Young, said: “Low and no-alcohol drinks have been around for decades but there’s been a significant increase in demand over the past five years." “Knowing how loved Proper Job is amongst beer drinkers, we opted to respond to this demand by bringing the big, vivid flavours of our flagship brand to the low-alcohol market." “Whilst it’s been a long time coming for St Austell Brewery to release a low-alcohol beer, we took time to evolve a brewing method that would create a naturally authentic IPA, worthy of being branded Proper Job 0.5%. We wouldn’t settle for anything less than a well-bodied, tasty IPA without the alcohol, and we’ve finally perfected a recipe which has nailed that.” Georgina added: “Consumer testing was the final stage in our journey and we were thrilled it was deemed the overwhelming favourite against many of our competitors in extensive taste tests.” In a category dominated by lager, and with almost two in three on trade visits involving non-alcoholic drinks,** St Austell wanted to stand out with its much loved IPA. Proper Job is already a nationally recognised brand and has growing volume across both the on and off trade, backed by its recent rebrand in 2024. Proper Job 0.5% is launching into the on trade in a 500ml bottle from October 10th and will also be available to order online via the St Austell Brewery shop and across its pub estate from October 14th. Can and draught formats will follow in the months to come. For more information and to order Proper Job 0.5% visit here .

Business Property Relief (BPR) is a cornerstone of UK inheritance tax (IHT) planning, offering significant tax benefits to business owners, and is of particular interest to the family business sector as businesses are transitioned from generation to generation. Introduced in 1976, BPR aims to facilitate the continuity of businesses across generations by reducing the IHT burden on business assets. This relief is particularly beneficial for family businesses, ensuring that they can be passed down without necessitating the sale of crucial assets to meet tax liabilities. So how does BPR work and why it is especially advantageous for family businesses? What is Business Property Relief (BPR)? BPR is a tax relief that reduces the value of certain business assets for IHT purposes. It can reduce the taxable value of qualifying business assets by either 50% or 100%, depending on the type of asset. Here’s a breakdown: 100% Relief: This applies to business or interest in a business and shares in an unlisted company. 50% Relief: This is applicable to shares controlling more than 50% of the voting rights in a listed company, land, buildings, or machinery owned by the deceased and used in the business. To qualify for BPR, the business or business assets must meet specific conditions: Ownership Period : The deceased must have owned the business or asset for at least two years before death. Qualifying Business : The business must be a trading company and not wholly or mainly involved in investment activities. Continued Use : The business must continue trading after the transfer. Why BPR is Beneficial for Family Businesses? Facilitates Intergenerational Transfer : Family businesses often rely on passing down assets and control to the next generation. BPR reduces the IHT liability, making it feasible to transfer significant business assets without incurring prohibitive tax costs. This ensures the business remains intact and operational, rather than being fragmented or sold to cover tax bills. Preserves Cash Flow and Working Capital : High IHT liabilities can drain a business’s cash reserves, affecting its operational capabilities. BPR helps preserve the working capital and cash flow, which are vital for the business’s day-to-day operations and long-term growth. Encourages Long-Term Planning and Stability : Knowing that BPR is available, family businesses can engage in more strategic long-term planning. It provides a sense of financial security and stability, encouraging investment in growth and innovation without the looming threat of hefty IHT. Promotes Business Continuity and Employment : Family businesses often have a deep-rooted connection to their employees and the local community. BPR helps ensure business continuity, thereby safeguarding jobs and supporting local economies. Fosters Entrepreneurship and Family Values : By enabling the seamless transfer of businesses across generations, BPR fosters an entrepreneurial spirit within families. It allows the next generation to carry forward the family legacy and values, while also adapting the business to modern challenges and opportunities. As Mike Smout, partner at Gorvins adds, "It is vitally important that family businesses consider the succession plan for their business and if the shares in the family company will qualify for BPR." "Businesses are typically classed either as a trading company (to which BPR applies) or they can be classed as an investment company (to which BPR does not apply). Although a company may have a trading element in it, if it holds a high proportion of investment property not used in the trading business or it is sitting on cash significantly higher than what is needed for working capital on a day-to-day basis, then there is a risk the company could be classed as an investment company and not a trading company." "As a result it is key to ensure that professional advisors agree that the family business will qualify for this relief so that inheritance tax is not charged on the value of the business. It is also important to think about the next generation’s entitlement to the value of the shares. It could be that straight gifts of the shares are made on death via the will or that the shares are directed to a trust in the will for the value to be bought by the business or nominated individuals. This may well assist with future inheritance tax problems," concludes Mike. Business Property Relief is a vital tool for preserving the heritage and economic contribution of family businesses in the UK. By significantly reducing the IHT burden, BPR ensures that family businesses can thrive across generations, maintaining their roles as pillars of local economies and custodians of family values. For families contemplating succession planning, understanding and utilising BPR is essential to safeguard their business’s future.