The Wates Group is over a century old, and one of the country’s most prominent family firms and has evolved over time as it continues to build for the future. Over that time, it’s evolved to match the evolution of the construction industry, moving from building suburban terraced homes in the 1930s, to developing construction services in the ‘50s, to volume house building in the 70s and 80s, to the business model it has today, which spans construction, property investment, and housing maintenance. All of which sit alongside a renewed interest in housebuilding. As Tim Wates says, “Over the years we’ve had to reinvent ourselves more than once. What’s always held us together is the ‘family factor’ – that’s what’s given us continuity, which is especially important in an industry that’s as cyclical as this is.” The stability of the family ownership structure helped the Wates business weather the downturns – even the severe recession of the 1990s – and learn the lessons of those challenges. “We realised that we’d been too highly geared, in an effort to achieve more aggressive growth. These days we aim to grow more sustainably and keep the gearing at more manageable levels. The overall objective is to be ‘cycle resistant’. No-one can be cycle proof, that’s impossible, but you can have strategies and be structured in such a way as to make you more resilient. That’s what we’re aiming for. We want to be a top-notch business in the built environment – substantial, ambitious, and sustainable. That’s the bottom line.” ‘Keeping it in the family’ remains important too. “We’re looking 15 or 20 years ahead, at the sort of business we want to hand over to our children. We need an outlook and a corporate structure that’s flexible enough to adapt to new trends, and could allow us to change direction if that’s what we decide to do. We’re also looking at how to manage the family wealth, but also to support our children, whether that’s into a career in Wates, or not.” “We don’t expect any of the next generation to come into Wates and be Wates their whole life, without exploring what else might be out there. We wish to create opportunities for the whole of the next generation, so they can determine their own path, and become entrepreneurs, if that’s where their talents lie.” “We’ve looked at what other families do, and we’re clear that this has to be the right thing to do. It’s all part of developing a ‘professional ownership’ mentality, rather than a ‘running a business’ mentality, which I think all family firms need when they get to this size and stage of maturity. Values are a key component of that – we have values that we consider are the values of family ownership, which relate to but aren’t the same as, the corporate values of the group.” Wates also has a family council, and the younger generation will be encouraged to participate in that. “Though that, in itself, creates challenges. Sitting in a council meeting alongside the very experienced older generation can be daunting if you’re only 20 or 21, so we’re exploring ways to introduce them to it gradually, and build their confidence. The council is really important to us as governance mechanism, so getting this right is key.” “Looking ahead, setting the right corporate strategy for the long term is a big challenge for us, and in a family firm you also have to be mindful of the day-to-day challenges of working together. We do work together well, but you can’t allow yourself to get complacent, and as time goes on and the number of shareholders grows, it gets harder. That’s why regular, respectful communication is absolutely critical.” Tim’s advice to other family firms? “Don’t rely on friendship and love to get you through – if issues arise get stuck in and address them properly. And if it helps, bring in professional facilitation.” This piece was featured as part of the PwC Family Business Survey and has been reproduced with their permission. Find out more about the survey here .

Leisurewear International is the business behind the Minoti children’s clothing brand, which is rapidly becoming a major international success story. The parent company has been in existence since 1998 and grew its business by making a range of adult and children’s clothing for retailers like TKMaxx and Next, under those labels. But in early 2015, the decision was made to focus on Minoti and its babywear extension Babaluno, and grow these brands both in the UK and overseas. Yamin Ibgui, the Finance Director, explains: “For many years we designed and developed brands and ranges for retailers. But we want more than that now. We are focused and driven to develop our own brands and that’s where we are now. From 2015 we have mainly designed and developed our brands, so we can be more independent. We aim to have a full Minoti range by the end of 2017 – everything from clothes to shoes and accessories. Our mission is for Minoti to be a one stop shop. We’re starting to implement that up to age eight, but in time the ambition is to go up to age 13.” Growing the Minoti business isn’t just about building the brand, it’s about becoming a fully-fledged retail operation, from stores, to stock, to distribution. One way the company is doing this is by expanding its franchise operations: “As well as five Minoti shops in the UK there are now five franchise outlets in China, and four in Venezuela. Two will be opening soon in Pakistan, and we think the Middle East will be really big for us. We’ve also had enquiries from as far afield as Azerbaijan, Colombia, Dubai, Iran, and Libya.” Leisurewear’s export strategy is reflected by two thirds of family businesses in the UK, currently exporting their goods or services (up from 61% in 2014 and higher than the global average). When choosing new export markets, economic and political stability followed by the size and growth potential of the country are the key considerations for Leisurewear. This mirrors 71% of UK family businesses who ranked economic and political stability as the main factor in deciding which existing countries and/or new countries they will sell their goods and services to in the next 5 years, followed by size/growth potential (51%). Yamin Ibgui, continues: “managing the financial aspects of doing business in some of those countries is very challenging.” Leisurewear is also making use of agents in some markets: Damian Curran, the UK and European Sales Executive believes that this approach “is a good route for Leisurewear – they’re representing us in the Netherlands and in Spain, which has started growing again now that the economy is picking up, and we’re looking at how we replicate that model elsewhere in Europe – Denmark, Switzerland, Germany, France. Also in the US, eventually. Over the next year I’d like to see our overseas sales via the agents to grow to around £1m and after that, who knows?” Digital is another growing area, as Damian explains: “We’ve started selling through Amazon. That has its own challenges but when it works, it works really well. It’s a massive marketplace and I’d like to get to the stage where they’re doing all the fulfilment for us – in other words, they store, pack, pick, and deliver. We want to grow our own online shopping too, but at the moment the site is more about building the brand, if I’m honest. But that’s really important, and we’re backing it up by doing a lot more with the specialist bloggers, who are real trendsetters when it comes to teen clothing. In this game, you absolutely have to keep up with trends.” About the piece - this piece was featured as part of the PwC Family Business Survey. It has been reproduced with their permission. Visit their site here to find out more

The JW Lees brewing business goes back as far as 1828, when John Lees started up a brewery as – in effect – a hobby business, after a lifetime as a cotton mill owner in Oldham and Manchester. In the 190 years since then, the business has grown, diversified, reorganised, and weathered wars, both inside and out. As William Lees-Jones, its current MD says, “by the time my father joined in 1958 the firm was struggling – like lots of post-war family businesses, it had nearly been sold, was short of cash, and my grandfather and his brother had been at loggerheads since 1906 when third generation family owner John Willie Lees had died.” “But in 1955 JW Lees was back under single family ownership – since my grandfather had finally bought out all of the rest of the family – and so the business was ready to rejuvenate itself. The family pulled together and then set about rebuilding the business, with my father running the beer business, and my uncle running the pub business, and then in the 1970’s we acquired Willoughby’s which is the wine and spirits side of the business.” “At one point we had probably gone too far in terms of diversification with pubs in France, a hotel in Wales, off-licences and cash and carrys. You see that a lot in family firms – they often grow by expanding into a range of closely related segments, all of which seem to make sense at the time but sometimes it’s hard to keep all the plates spinning at the same time.” “I became joint managing director in 2000 and then sole managing director in 2003, and spent the next ten years focusing us again on our core activities, which are running pubs and brewing beer. That said, we’ve also sold lots of pubs that were no longer fit for purpose, which means we currently have a war-chest which has been specifically built up for growing our pub estate. In fact we’ve bought six new pubs in the last two months which is good to see.” These days, three of the sixth generation of the family work full-time in the business, and sit on [both] the executive committee and the Board, alongside other directors who have been hired in from outside to fill key roles like Finance Director, Operations Director, People Director and Sales Director. Two more sixth generation family members are non-execs and sit on the Board along with two members of the fifth generation. “We also have external advisers, who are very important to us in terms of challenging our strategy and offering their own expertise. But the business is still very much family-led. In fact, my personal view is that family firms should always have a family CEO or Chair, and if they don’t they should really sell the business because they could probably invest their money better elsewhere.” William began his career in advertising in London, and joined the firm seven years later as a marketing manager, then moved to sales and after that the commercial side, before taking on the role of joint managing director. “And the ‘joint’ aspect of it was very important – it was a key part of our succession thinking. We built in an extended handover period as part of the plan, and it was over two years in the end. That type of long-term planning is so crucial in family firms. If you talk to people in the family business sector and ask them what’s the biggest issue they always say ‘succession’.” “Getting the timing right, ensuring you have the right skills coming through, and that the next generation are properly prepared. We have a rule that family members have to work for at least five years somewhere else before they join. My elder son, for example, is studying for a degree in Hospitality and Hotel Management at the Ecole Hoteliere de Lausanne and spent two weeks with us on a fairly rigorous programme this summer, so he could experience the business at first hand and then, when he comes to decide whether he wants to join the family business, he’ll be making an informed decision which will be good for him and good for the business. When he graduates I think he’ll probably go and work for one of the big international hotel groups overseas – that sort of outside experience is invaluable. Also, I do not think that rushing family members into family businesses is a good idea.” Another challenge is combining the values and stability of the family firm with the need to look to the future and embrace change. “In the family business sector, there’s always going to be a challenge attracting talent and there’s always going to be a challenge in terms of innovation. You can’t afford to be too paternalistic and over-controlled – you have to give the people the freedom and ability to achieve. That means being a progressive business, and finding a way to balance the experience of older family members with the enthusiasm of the younger generation as well as listening to and engaging with the professional managers that are working in the business.” What does the future hold for JW Lees? “The thing that keeps me awake at night is how we can continue to build a really great business. The family firms who are really good at that are in markets like Germany – there’s a lot we can learn from their approach in terms of building long-term businesses and attracting talent. In the next few years we think the real growth in the UK leisure and hospitality sector will be in food pubs and hotel bedrooms, rather than city-centre bars, and we’re shaping our business accordingly. We’re keeping our business structure simple so that it can support that growth, and investing in the infrastructure and resources we need. Our biggest challenge is to get people to physically leave their homes and come into our pubs and pub restaurants, and to do that we have to exploit all the resources technology now gives us. We just doubled our digital marketing budget, and that’s just the start.” This piece was featured as part of the PwC Family Business Survey. It has been reproduced with their permission. Find out more here .

The evolution of the Ferrero Group is a third generation story starting with a tenacious Piedmontese family and their sweet taste for success. We have to return to the ‘40s to discover the roots of this success. These were the years when Piera and Pietro, Michele’s parents, transformed a pastry shop into a factory. The Ferrero’ Family was the first Italian manufacturer after World War II to open production sites and offices abroad in the confectionery sector, turning the Company into a truly international Group. These first and decisive steps forward were thanks to the products ‘invented’ by Pietro Ferrero and his son Michele, who was then very young. Another key to success was the effective sales network organized by Giovanni, Pietro’s brother, who died in 1949. A worldwide success Following the success of the company in Italy, Michele Ferrero decided to start producing also abroad. In 1956 a large plant in Germany was inaugurated and a short time later a plant in France. It was the prelude to a rapid expansion of Ferrero in Europe, with the establishment of commercial offices and production centres in Belgium, The Netherlands, Austria, Switzerland, Sweden, United Kingdom, Ireland and Spain. In the following decades Ferrero becomes global, with companies and plants in North and South America, South East Asia, Eastern Europe, Africa, Australia; and, more recently, in Turkey, Mexico and China. The first acquisitions During 2015, Ferrero opened the dawn of a new era for the company through two important acquisitions. In March, the Company obtained the final approval to start the integration process with Oltan, the leading company for collecting, roasting and trading hazelnuts in Turkey. The second acquisition, as of August, was Thorntons, the chocolate confectionery company founded in 1911 in the United Kingdom. Thorntons, employing more than 3.300 people, is now part of the extended family. Both businesses have rich family histories and share a strong commitment to delighting customers with high quality, premium confectionery products. Group social responsibility Ferrero is now steadily ranked among the first companies in the world for its reputation. Certainly, this is due also to the social responsibility initiatives of the Group. These are summarised in Ferrero’s CSR strategy, which is focused on the highest quality and innovation, transparent communication, the care for people that have made and are still making the Group’s history, the support of local communities, the promotion of active lifestyles amongst young people as well as its strong engagement towards sustainable agricultural practices and the protection of the environment. Ferrero today Today, Giovanni Ferrero continues to run the Company successfully, aiming to reach goals that are even more ambitious and ensuring that the company inspiration and motivation that was so strongly shared with his father Michele and his brother. Today, just as yesterday, it is a structure based on solid family values. 2018 sees the continued evolution of the business with the acquisition of Nestlé’s US confectionery business and as Giovanni Ferrero, Executive Chairman of the Ferrero Group, said, “We are very excited about the acquisition of Nestlé’s US confectionery business, which has an outstanding portfolio of iconic brands with rich histories and tremendous awareness. In combination with Ferrero’s existing US presence, including the recently acquired Fannie May Confections Brands and the Ferrara Candy Company, we will have substantially greater scale, a broader offering of high-quality products to customers across the chocolate snack, sugar confectionery and seasonal categories, and exciting new growth opportunities in the world’s largest confectionery market. We look forward to welcoming the talented team from Nestlé to Ferrero and to continuing to invest in and grow all of our products and brands in this key strategic and attractive market.” Ferrero continues to flourish as a family business and is continuing to invest and evolve as it moves further into the 21st Century, building on a story that transcends three generations and is a far cry from the transformation of their first shop into a factory back in the 1940’s.

Distribution and disruption at RH Amar, a family firm of over 70 years that has ensured that it stays ahead of new trends in food shopping and eating. RH Amar started life 70 years ago, when Raoul Amar started importing continental foods and selling them in the UK, at a time when food was still rationed. As the founder’s grandson, Rob Amar, says, “He was a real entrepreneur – he spotted an opportunity, and borrowed a couple of thousand pounds to set himself up. That’s the only money the company has ever needed to borrow.” Over the years the focus has shifted to building premium brands, with a strong emphasis on imported and speciality products. RH Amar is now the UK distributor for household names like Crespo olives, Starbucks coffee, Ella’s Kitchen baby foods, and Kikkoman sauces. And over the years it’s helped shape the way Britain eats: “The product that really put us on the map was Filippo Berio olive oil. When we started distributing for them in 1983 the only place you could buy olive oil was in a pharmacy. We were instrumental in creating the whole olive oil category. We did a great job with Filippo Berio for 25 years – it was a great relationship.” Relationships are at the heart of the firm’s success story. “Grocery is one of the biggest industries in the UK and it’s one of the toughest too. To be a success in this sector you need to build really strong relationships with your partners – relationships built on performance, and on trust. Otherwise there’s a risk they either go elsewhere or think they can do a better job themselves.” “One of our great strengths – which we’ve built up over not just years but decades – is taking smaller challenger brands with limited budgets and competing against the big boys. The quality of the product itself is the foundation for that; the value we add is our understanding of the market, and our distribution capabilities.” The company is now applying those same skills to a growing range of its own food brands, as well as those it distributes for other companies. “Being a brand owner as well as a distributor is something that started back in the 1990’s, but it’s become much more important in the last few years, highlighted by our acquisition of the Mary Berry’s grocery brand in 2014. One of the great things about being a family firm is that you can move really quickly when you need to. That was absolutely key in 2009, when the opportunity came up to partner with two big brand owners that fitted really well with our portfolio: Del Monte and McCormick, who own the Schwartz herbs and spices brand.” Since then, the company has ensured it stays ahead of new trends in food shopping and eating, including the emergence of the new ‘dinner in a box’ companies like HelloFresh andGousto, both of which are now customers. It also expects Amazon to be a top 10 customer before too long, having supplied them since their entry to UK grocery in 2010. “All these players are disrupting the way the market works, using technology to offer people something different, that fits into their lifestyle. And in terms of product, they’re a perfect fit for us. It’s also a great way for us to diversify our revenue stream, and tap into a rapidly-growing part of the market.” Rob joined the business in 2001 and has been MD for the last six years, though his father is still actively involved. “It’s a challenge all family firms go through, as the business transfers from one generation to the next. We do have different management styles, but we both believe passionately in this company, and we both share the same values, the same values that inform the whole business. The most important of those is integrity, which is about how we do business, how we behave, how we work with customers, and how we treat our colleagues. It’s also the thing that a few years ago led us to commit to giving 10% of profits to charity. We call it: Winning the right way.” This piece was featured as part of the PwC Family Business Survey and has been reproduced with their permission. Find out more about the survey here .

A fantastic family business that started from a single barrow in an East End fruit market just after the Second World War, and that very same barrow is still there in Reynolds’ reception! Reynolds’ strapline is ‘more than just a greengrocer’. These days it’s one of the UK’s biggest suppliers of fruit, vegetables, and dairy products to restaurants, hotels, schools and caterers, though the business started from a single barrow in an East End fruit market just after the Second World War (and that very same barrow is still there in Reynolds’ reception). Tony Reynolds, the third-generation MD, started working weekends at the firm in 1988, while he still had a fulltime job at a bank. “It was right at the beginning of the move towards themed restaurants – the first one we supplied was TGI Friday’s in the West End. And at the same time the big supermarket chains were just starting to make inroads on the traditional High Street greengrocery shops. So between those two trends, I spotted an opportunity. That’s how we’ve ended up in the sector we’re in.” And very few firms are as good at it as they are: the key to success in fresh food is fast, efficient distribution. “When you’re delivering fresh produce, you have to be able to deliver it seven days a week, because the product life is so short. Especially when your customers are at the premium end – quality is absolutely vital. That’s why we’ve invested so much in our infrastructure and our technology, and that’s why we took out our first-ever loan to increase our warehouse space – and that was a really scary moment. But it’s all geared to meeting really, really high levels of service on a very consistent basis across the whole of the UK. My mantra has always been that I never want to lose a customer on a quality or service issue. It sounds so simple, but it is all about your logistics.” The demand for fresh and nutritious food is rising: it’s the growth segment of the market and Reynolds has the business model to make the most of it. “We’ve been supplying quinoa for years, for example, so superfoods are not a new thing for us. And we also work alongside our customers to help them capitalise on new ideas and keep their menus fresh – we’ve got our own chefs and our own food development team too, which helps us keep ahead of trends in the eating out market. And in the last years we’ve been through a big exercise looking at what new products could complement our existing range. You have to keep it fresh.” New ideas are important in other ways too: “We talk a lot now about millennials as a key consumer group for the restaurant sector. They’re adventurous, and they’re very demanding, and all the trends of healthy eating, freshness, and provenance are bang on for them. You also have to use different channels to reach them – especially social media, – and that’s why it’s great to have young people in the business. That’s where my son Tom really brings something different – he can add so much more through his network and how his generation are thinking and shopping and eating.” Tom worked in Wagamama for two years before joining the family firm, which gave him an invaluable insight into how customers in Reynolds’ sector operate. He’s now being mentored by one of the other senior Reynolds team – Paul Pegg, the operations director, who used to be CEO of the McDonalds supply chain for the UK and Europe. “I think it would be a lot harder for Tom to report directly into me,” says Tony, “but he’s learning a fantastic amount from Paul, as well as giving us that extra bit of dynamism that comes from the younger generation. Every business needs agitators – you always need disrupters, you need people who are going to make you think differently. And you need some humility too – just because my name is Reynolds doesn’t mean I have a divine right to sit in this chair.” The biggest challenge right now? “Realising our potential,” says Tony. “We’ve made huge strides in the last few years in areas like brand positioning, infrastructure and customer satisfaction. The challenge now is to make sure the benefits of all that hard work flow through to the bottom line.” “As for the future – who knows? We’re making sure we stay flexible, and agile, and open to new ideas. You never know, we could end up being bought by an overseas investor – not because of what we sell, but the incredible platform we’ve built to sell it from. That’s a bit like being more interested in the barrow than the fruit. That would have made my Grandad smile.” This piece was featured as part of the PwC Family Business Survey and has been reproduced with their permission. Find out more about the survey here.

The Whitworths milling business is perhaps unusual in that it has been the family business of two families but it is certainly going from strength to strength. The second generation of Georges expanded the business both organically and by acquisition, opening a second mill in Peterborough, and diversifying from milling to grocery products like dried fruit, and then into other sectors, some related (like bakeries) and some not (like the motor business they bought because it was the cheapest way to run their vehicle fleet). The speed of growth was so fast that Martin George, the third generation of the family and now the Chairman, was drafted into the business rather earlier than expected. “Our family has always believed in giving the younger members of the family the chance to develop their own skills and successes elsewhere before they come into the business – it’s all about confidence. When my father died I felt ready to take it on, but the Trustees of the family trust held a majority holding of the shares and decided to run it themselves. It was a very difficult transition, and it’s really coloured my own views about how important it is for family firms to think through the whole succession and handover process very carefully, and understand all the implications. I would like to envisage one of my grandchildren doing what I’m doing and I’m sure my grandfather wanted that too.” Martin left the business temporarily, when he was appointed Chairman of Leicester City Football Club, which allowed him to prove his managerial skills and build some important new relationships, in particular with advisors and bankers – relationships that have stood him in good stead over the years when he has needed to act quickly with the entrepreneurial spirit that he has repeatedly demonstrated. When Martin eventually re-joined the business in 1992 the business needed to refocus and Martin set about a back to basics shake up which saw a renewed focus on milling and a desire to be best in class. “My strategy is simple: focus on what you do best, invest in the future with the best new technology, and invest in people – both inside the business, and the partners you work with outside. We have an amazing network in our industry, and many of them are family businesses, just like us. They have the same long-term view and the same values. That combination is very powerful. Our customers regard Whitworths as being a world class operator, and we have grown to such a degree that only one company in Germany is producing more flour than we do in Europe. They are indeed bigger, but not better.” “We say it is more difficult to retain excellence than it is to attain excellence; that is our ethos. We cannot allow our standards to drop and our people know that as my Grandfather used to say a good name goes a long way and a bad name goes a sight further!” And Martin is clear that having a family member on the board is desirable, and indeed his son, Michael, is very much involved in the business now, but more important is the continued success of the business and the welfare of the families who work within the business The business strategy may have evolved over the years, and the technology has certainly changed out of all recognition, but the same qualities that made Whitworths a success in the past are still underpinning its progress today: the ability to take the long view, while at the same time making bold decisions quickly in the here and now, to capitalise on new opportunities. “This is especially important when it comes to acquisitions – we were able to move very fast when it came to buying the Carr’s milling business last year. That’s the sort of business we are – agile, adaptable, and always aspiring to be ahead of the game.” And the strategy is clearly paying off with results to last April being the strongest ever, of which Martin is rightly proud. And will Martin ever hang up his boots? Unlikely “work is my centrum – everything that happens has the business at the centre, even if I am shooting or on holiday or out a business event Whitworths is at the heart of it all. The fact is I get my biggest buzz out of what we’re doing now and continuing to do it.” This piece was featured as part of the PwC Family Business Survey and has been reproduced with their permission. Find out more about the survey here .

The Scottish family firm with a history dating back to 1840 begins a new chapter. Laings has a vibrant history spanning 177 years and they’ve recently celebrated another landmark moment with the acquisition of Laing stores in Edinburgh, Cardiff and Southampton. Over the past few weeks they’ve been exploring the journey of Laings leading up to 2017 and the start of a new chapter of Laings. Founded in 1840 Laings has had an exciting history and over the years many changes have taken place. The family-run business is now in the hands of the sixth generation and the Laing family has retained its reputation for sparkling diamonds and luxurious timepieces, but above all else, excellent customer service. The recent acquisition sees the family business coming back together. The business which split in 2005 has a shared history of 165 years and it is a heritage that they are extremely proud of. Before they begin the next chapter as one company let’s explore the Laings journey, #Laings1840to2017, highlighting the growth of the business and how the company adapted with changing times. So here’s the story of Laings from 1840 to 2017. 1840 It was in 1840 that Laings was born. Brothers James and William Laing established a business supplying the revered Clydebuilt vessels, which traversed all corners of the globe, with Glasgow-made crockery, silverware and precision instruments. This is also where their expertise in timepieces began and they were appointed by the Admiralty and the Clyde Port Authority as official clockmakers. They soon expanded into retail and became the jeweller of choice amongst the Victorian gentry. Their sparkling history had begun! 1914 As the business flourishes, James’ son, Robert, moves the original Merchant City, Glasgow workshop to a new location beside Glasgow Central Station. Several showrooms are acquired, and Robert works on growing the retail side of the business. 1938 James’ grandson William joins the family business in 1938, and Laings opens as a retailer for the first time. As World War II takes hold, the demand for jewellery hits rock bottom, and Laings begins to sell antique furniture and crockery from their new art deco premises on St. Vincent Street, Glasgow. 1960 As Laings grew in the 1960’s Robert Laing took on the challenge of re-inventing the family business. He devised a fresh motif for the family business with a contemporary image change and a trailblazing approach to retail environments, establishing Laings as the destination for unique jewellery by leading designers. He also set new standards of customer experience, drawing crowds four deep for a glimpse of a stunning display of Rolex watches sharing a tank with real fish! Laings was the store to shop in. 1970 Stuart Laing joined his father in the early, 1970’s. Now the emphasis was very much on galvanising the Laings signature style of presenting jewellery and watches in a captivating atmosphere. Laings stores exuded luxury, taking design themes from high-end jewellery retailers in Switzerland and other European trend-setters. By 1991, they introduced the first ever Watch Gallery and, at the time, the only Ring Room in Glasgow. 1971 – 2005 Stuart went on to open a new showroom in 1971 in the Argyll Arcade, Glasgow, known as ‘Stuart Laing Jewellers’. The name changed when his brother Michael joined the business and another store in Edinburgh opened. They continued to grow the company, buying another family jewellers in Southampton and later opening a new store in Cardiff. In 2005 the family business was split between Michael and Stuart. 2011 Stuart’s daughter Wendy and her husband Joe Walsh joined the business in Glasgow in 2011. With them they brought a wealth of new and exciting brands including Chanel, Breitling, Officine Panerai and Jaeger LeCoultre. Wendy and Joe also launched laingsuk.com bringing the luxury of the Glasgow stores to the online domain. A huge achievement for Laings, the website continues to build on its success in online retailing today. Laing stores in Edinburgh, Cardiff and Southampton also continued to grow with luxurious make-overs and indulgent jewellery and watch brands joining their portfolio. 2015 Both Edinburgh and Glasgow drew on their years of diamond jewellery expertise and introduced their own unique collections. In Glasgow there was the Botanic Collection. Created by their own in-house designer, the collection takes inspiration from the beautiful parks and green spaces in the city with intricate floral designs. The Edinburgh store released a stunning collection of pieces inspired by the ladies of the Laing family. The different designs are infused with the individual character and personality of the family members they represent. 2017 Wendy and Joe bought Laing, Michael’s business (Wendy’s uncle), and in doing so brought in Michael’s son and Wendy’s cousin Richard Laing within the board of directors. The acquisition reunites the two family businesses to become one and Laings as one of the largest independent jewellery businesses operating seven stores across the UK under one brand ‘Laings’. There are three stores in Glasgow’s Argyll Arcade, two in Edinburgh, one in Cardiff and one in Southampton. Commenting on the re-merger, Joe Walsh, CEO, Laings said: “We’re delighted to have this unique opportunity to ultimately bring the companies back together. Michael and his team have built a very successful business and it’s an honour to build on his legacy and help to take the family business to the next stage of its evolution.”

When most pub operators talk about hosting live music, they’re usually referring to local bands and open mic nights. At DHP Family, things are taken a little more seriously. Over the last two decades, DHP has developed its musical offer and built relationships and a reputation within the industry that can only come from years of expertise and experience. Back in the 1980’s, the company’s portfolio was more diverse, featuring arcades, casinos and bookmakers. Rock City in Nottingham – previously a space for boxing and variety acts – was taken on by George Akins’ father (also George) as an added extra to the business in 1980. It wasn’t until 2000, after other avenues of investment had been trialled and abandoned, when that attention was fully focused towards the music side of the business. Expansion and refurbishment Akins became managing director of DHP in 1994, when he was 18 years old. Back then, the estate solely consisted of Rock City. He now owns venues in London, Nottingham and Bristol, as well as running concert operations when gigs are held at Manchester Cathedral. The Rescue Rooms opened in Nottingham in 2001, followed by The Social, which became The Bodega. By the time DHP had bought Thekla in Bristol, the company was a live music business. Acquisitions dried up during the recession, so the company focused instead on running tours for big artists across the UK, generating the skills and relationships that would carry them forward. “That was when we started becoming not just a promoter of concerts in our own venues,” says Akins. “We started by doing shows outside our venues in Nottingham and Bristol, and then in Manchester, Birmingham, London, all over the country – Rufus Wainwright, The Human League, The Flaming Lips, James Blunt, Ed Sheeran. Our main point of difference is that we deal with live music. We’re not talking about pub bands – we’re talking about major touring artists. You don’t get relationships in live music in a year, you get them over 20 or 30. When we started nationally promoting and doing concerts for big international artists, it had taken us years and years to build up the roster of artists and the trust from the industry to look after their artists.” Three years ago, DHP restarted its acquisitions, entering London for the first time. Oslo opened in Hackney then DHP took on leaseholds at The Garage in Islington and The Borderline in Soho. With the latest freehold acquisition in Birmingham, the geographical spread continues and the company’s experience running concerts across the UK means it has the know-how to set up in any city. Akins has ambitions to add five sites in the next five years, but acquisitions will be organic, determined by finding the right site in the right city to create the right concept. “As the team grows we can do more,” says Akins. “We don’t have a brand we can just fold out – it’s not what we do. We’ve come from an independent attitude and we try to keep that. Our venues have to have their own soul, their own essence. We won’t be putting mobile phone company names over our doors. That is not what rock and roll is about. You’ve got to think about someone listening to live music at the grassroots stage.” A glance across the estate reveals that independent approach. Akins enjoys coming up with the concept for each site, identifying spaces that can be used, areas that can be improved, layouts that can be altered. Major refurbishments at The Borderline and The Garage were intended not only to spruce up venues in need of a facelift, but also to create spaces that will stand the test of time and not require any further tinkering. “When we do a major refurbishment, we try and make that work for life,” says Akins. “We spend big upfront once and it’s there. We don’t need a five-year payback because our venues don’t last five years, they last 50 years. We want to get all the elements in place and take that headache away, so that we can concentrate on the real thing, which is our customers.” A 360 degree experience Over the years, Akins’ business has changed in many ways, but a major shift has been driven by the kind of people visiting his venues. In the 1980’s, live music gigs started at 11pm and were frequented by 18 to 30-year-olds. Now, as live music has overtaken recorded music as the highest grossing part of the industry, the demographics have expanded massively – both in terms of tastes and age groups – while changes to licensing laws have enabled DHP to put on live music earlier and set up the nightclub afterwards. “The ’60s and ’70s generations have grown older, but they’ve not stopped going to see live music,” explains Akins. “Now the concert-going public runs from the age of 14 to 60 or even 70 years old. You can treat live music like a cinema experience. We have concerts that finish by 10:15pm, so our customers are home for the babysitter. We can clear it again and reopen for 11pm and the club night can run until 3am. We suddenly get two bites of the cherry from Monday to Thursday. That was a big change.” Another wider trend revolves around the rising customer expectations and the growth of premiumisation. Live music venues, like any others, have had to adapt. That means that when I visited The Borderline last month, the drinks list included a strong range of craft beers – on draft and in cans – cocktails and spirits, all served in high quality, plastic glasses by attentive staff. “Back in the 90s it was about volume,” says Akins. “Service standards weren’t a key part of what we were about. Our whole attitude to product range, mix, staff training has completely changed in the last 15 years. The customer is no longer only coming for a live music experience; they want to come because you do a good live music experience. We get people coming in when the doors open to have a drink because they like the set-up rather than having a pint round the corner because that’s the only place they can get a decent drink.” The change in attitude towards food and drink has been part of an overall expansion of the offer at a DHP venue – what Akins calls the “360 degree experience”. DHP no longer concentrates solely on the musical aspect of its offer; it is now embracing every aspect of the customer experience. All DHP venues bar The Borderline serve food, while Oslo combines a restaurant offering table service with a bar, a live music venue and a club all in one site. “People’s attitudes to going out have changed,” says Akins. “They’re no longer thinking ‘that’s a bar, that’s a restaurant, that’s a nightclub’. There are still specialist places, but customers are quite happy to go for the 360 experience now. So when we look at a new site or try to create a new business, we try to do that whole 360 experience, and if we don’t know how to do it then we’re going to learn how to do it.” Staff The changes in approach have been built around having staff who are willing and able to implement them. Recruitment and retention in the on-trade are ongoing challenges, so DHP has taken steps to attract the right people, then invest in them to make sure they stay and grow. Students in university cities like Nottingham and Bristol working in the bars can bring important skills to the company after they’ve graduated, and Akins trades on the appeal of music to retain them and move them to the back offices. Staff members are sent to other sites to gain further experience – almost every general manager has managed Thekla at some point. “People work for me because they love great music,” says Akins. “That’s part of our strategy. Do you really want to be an accountant at a solicitors firm when you could come and work here and when you’re finished go and watch a gig? We tend not to employ people who don’t give a shit about live music or music in general. It means we’re more likely to hold onto those people because they’re passionate about what we do.” The attitude to staff training has changed as markedly as the drinks lists, with investment expected to grow further still. The company employs training managers, offering training at all levels up to senior management, and Akins is keen to see bigger and better systems put in place, particularly when it comes to marketing. If changing customer expectations have driven refurbishments and the overhaul of the offer, the way that customers receive information requires a constant evolution of approach. With a wide range of age groups after a wider range of musical acts, Akins needs to understand how to market to each group and keep ahead of the latest trends. “We have to tailor our marketing to different elements – we’ve got club night marketing and live music marketing,” he explains. “We’re investing in database technologies. We have to find ways of making it more automatic and staying ahead of it because what was working last week is not working anymore. Hand flyering moves onto postering, which moves onto Facebook, which moves onto Instagram, which moves onto Snapchat. And as you think you’ve mastered something it changes again. You often find that methods that worked a decade ago that stopped working have been reintroduced and are working again.” The live music industry is a challenging one, requiring the flexibility and awareness to keep things fresh while investing time and energy building relationships. There are political challenges ahead, but Akins has no interest in worrying about what he can’t control. Instead, he will focus on his staff, his sites and his acts to ensure that his primary concern – the customer – is satisfied and coming back for more, bringing music to their ears. This article was first published in Pub & Bar magazine. It has been reproduced with their permission. To find out more visit their website here .

Latest research highlights that there is a willingness by family firms to consider alternative sources of finance for their business. Family businesses tend to take a cautious approach to financing in their business, as they do with many other business areas, focusing on long-term stewardship of the family business and protecting the ‘family assets’ for future generations. Latest research from the team at Family Business United (‘FBU’) highlights that there is a willingness by family businesses to also consider alternative sources of finance. Highlights: 72.5% finance their business through bank loans and overdrafts 42.5% felt access to finance is an issue for family firms 35% would consider investment from a family business or a family office 5% currently finance their business with investment from non-family shareholders This latest research reflects an element of tradition in how firms are financed. As Paul Andrews, Founder and Managing Director of FBU explains “We undertook this piece of research to explore not only the sources of finance currently used by family businesses across the UK but also to gauge whether these businesses have access to the funds they need." "With 42.5% of family firms stating that access to finance is an issue, and a further 22.5% saying they are unsure, there is evidence to suggest that access to finance may indeed be constrained and may be holding back the growth of these businesses.” As Paul continues, “The sources of finance available and used by family firms is not surprising as many would have started out historically with funds from the founders themselves or family and friends before being in a position to take out a bank loan or overdraft. As businesses become more established with more professional governance, reporting and management structures in place they have a greater availability of sources of finance to choose from, one of them being investment from third parties.” The key sources of finance for family firms in the UK Bank loans and overdrafts (75%) Hire purchase and leasing (42.5%) Asset finance (40%) Investment from family shareholders (22.5%) Government grants (22.5%) Factoring and invoice discounting (20%) Mortgages (20%) Investment from non-family shareholders (5%) Business angels (2.5%) “A really interesting take-away from the results is that whilst only 5% of respondents have received investments from non-family shareholders, 35% would consider investments from a fellow family or family office,” added Paul. Eli Bronfman from the Bronfman Family Office, sponsors of this research added, “We are trying to provide a much-needed solution for family and entrepreneur owned companies – funding shareholder liquidity or growth, whilst allowing them to maintain control. In doing so, we see ourselves as one of the few groups acting as respectful, long-duration, value-added minority partners.” “It’s unfortunate that the investment banking and advisory infrastructure is not accustomed to properly servicing these family and entrepreneur-owned firms. We hope that more family offices will come to market in due course, allowing families and entrepreneurs more options in helping them do what they do best: run and grow their businesses – businesses that provide jobs and support both local communities and the national economy." "As a business that makes long-term, minority investments in family owned firms and not having a predetermined fund life and exit strategy gives us the flexibility to make long-term decisions in the interests of the family businesses, and we are delighted to see the willingness of the sector to consider family offices as a source of investment in a positive light.” As Eli concludes, “In 15 years’ time, we want to be able to say that we created many meaningful partnerships with other families in Europe – partnerships that can proudly continue the family legacy for generations to come.” Download and read the report below:

It’s relatively rare for Russian businesses to be genuinely international, and even more so for a private business. But Avgust is an exception. The first Russian pesticide producer to operate across the world, Avgust has a joint-venture company in China, a subsidiary in Brazil, sales in Eastern Europe and Latin America, and plans to expand in Asia and North Africa. The ambition, says Boris Tarasov, one of the founders and CFO of Avgust, a pesticide producer in Russia, is to “be one of the top twenty companies in the sector in the world. And we think we can do it. Five years ago, we predicted that Russia would be the world’s biggest grain exporter, and no-one believed us. But we were right. During that time, our own business has grown dramatically, and we’re competing successfully with global brands like Syngenta and Bayer.” Globalisation is clearly opening up significant opportunities for Avgust and it has made the successful transition from selling in adjacent markets, to those with very different languages and business practices: “Our business has its historical base in Russia, Belarus, Ukraine, and Kazakhstan, and the ‘mindset affinity’ between those countries has made it easy for us to trade between them. But now we’re looking much further away, and we have to find new ways to build relationships. We do this by hiring experts who understand those markets, and as a result we’ve discovered some important common ground with farmers in Colombia.” Another megatrend that Avgust is exploiting is digitisation. “There comes a time when you realise the world is never going to be the same. People are ordering taxis via their smart phones – they have everything they need on their tablets. Clearly, agriculture will never be entirely digital, because farmers will always have to go out in the field and see what’s going on. But there’s a lot happening in this sector all the same. Remote monitoring of crops, using temperature and precipitation data to help improve yields – that sort of thing. We are always open to new ideas. When we started, 26 years ago, no-one could have predicted the world we have today, but we’ve survived and grown by being flexible – by being able to adapt.” One thing that certainly can be predicted over the next 26 years is the impact of demographic change. More people will become middle class, and have the spending power to buy better goods, and eat better food. “That’s an opportunity for us too. The long term trend for our sector can only be positive, as the world’s population keeps growing, and people eat more and more meat. That’s why we’re positioning our business for growth. As well as selling into new markets, we’re also constructing a new plant in Russia, one of the biggest in Eastern Europe.” “We’re lucky in that we are generating enough cash to fund our expansion – we have a great credit rating so we could raise money from outside if we wanted to, but we don’t. That said, I think we will go for an IPO in the next five years or so. Not so much to raise funds, but more as part of our work to professionalise the company. Having a listing forces you to be more transparent, to comply with accounting and other regulations. That’s a good thing.” This feature forms part of the PwC Global Family Business Survey 2016. It has been reproduced with their permission. Find out more about the survey here .

When crisis strikes a family business, advisers need a clear plan, with an emphasis on honesty, to minimise reputational damage Many businesses have been through a tough time over the past few years. Public mistrust of politicians and bankers has spilled over into wider cynicism about businesses generally. The ‘information age’ also means journalists are no longer the only people who tell us about the world; the web allows anyone to assume the role of public commentator. With so much information out there, the noise can be deafening. The writer Linda Stone describes our response to this as ‘continuous partial attention’: we never really focus in detail on anything, but we are always tuned in. For businesses with complex issues to explain, it is often difficult to get a message across to the public. Media Attention Family businesses are confronted with their own particular pressures. Private and inherited wealth have become an increasingly prominent political issue, and, in these times of economic hardship, the tax debate has become heated. Adopting a low profile is seen by some as ‘hiding something’. As for the UK media, its notion of what makes a good story has not changed much in recent years. The mishaps and lifestyles of people always make better copy than the issues of corporates. Significant moments in a family business’ history, such as the death of a founder or the transition from one generation to the next, are analysed as never before. The media has few scruples about the cost of such personal attention. When a crisis does occur, whether the media focus on the family or the business that the family owns, these can be highly stressful times. Close media attention can call into question the management’s values and competence, and cast a critical light on the business. A crisis can erode trust not only between the business and its employees or customers, but also between family members and within the business itself. But how the family or business handles such a crisis is part of the story itself, and can often give that story longevity, long after the original issue is forgotten. Protecting Reputations In one sense, there is no such thing as ‘crisis management’, if that implies media attention can be stamped out through clever public relations. Managing a company and a family through the media storm requires leadership, and a measured and unemotional sense of how the business’ reputation can be best protected. This requires the family business adviser to know the facts and have a clear idea of how to respond to them. Saying nothing to the media is sometimes an option, but, when silence is untenable, the adviser will need a clear idea of what to say. Hiding behind lawyers rarely works. The media, the adviser’s staff and others need to have a clear sense that the affairs of the family business are being managed with confidence, and that the adviser is in control. Reputational damage does not always finish once the media move onto other subjects. Having a long-term plan to address the issues raised by the crisis, and to rebuild trust, is vital. Throughout, advisers need to be mindful of the views of all stakeholders. Understanding the family members’ perspectives and being seen to be sensitive to them will help the adviser to respond effectively and mitigate criticism. Managing a family or business’ reputation in advance of a crisis is the best way for advisers to protect themselves from the consequences of a crisis. Knowing your advocates, knowing your detractors, and making sure the media have a sympathetic view of the family business are all important. None need preclude a family maintaining a low profile, but having some prior information on the issues that might make a family vulnerable, and where the threats might come from, is useful preparation. The most important point in a crisis is that everything said and done must be authentic. Corporate speak is out. Family members and the business managers need to be clear in their own words about what has happened, why it matters and what they are doing to address it. Their values and character should come through in all of their communications to employees, customers, suppliers, media and even regulators. If this is done, advisers will be able to influence and shape a crisis and have a better chance of surviving it. About the Authors - Alex Finnegan is an Associate and Richard Meredith is a Partner at the Brunswick Group. Reproduced with permission from the Society of Trust & Estate Practitioners. For more information please visit www.step.org