The Business Exchange Bath & Somerset Issue 9: Autumn 2018 | Page 29

BATH’S TOP 100 BUSINESS COMMENTARY
There’s definitely something in the water...
Thermae Bath Spa continues to boost economy
This August marked 12 years since Thermae first opened – and the business
has been on quite a journey. After a challenging start, the Spa has proven itself
a huge success, contributing an additional £110 million into the local economy.
When Thermae Bath Spa opened
in 2006 it initially employed 65
people. Now it employs 223 and
has taken on over 40 young people
from Bath College as trainee spa
therapists.
Demonstrating its support
of the local economy, it has
developed productive working
relationships with a wide range
of local food suppliers and
businesses in the spa, tourism,
creative & technical industries.
The image of the rooftop
pool has become synonymous
with Bath as a destination;
Thermae’s global profile has
risen considerably and the image
of the open-air rooftop pool has
appeared in publications in over 30
different countries including the
USA, Canada, Australia, Germany,
China and Japan – all driving
more business to Bath.
Over the last ten years, an
independent research company
has carried out a survey of visitors
to Thermae Bath Spa. Some of the
key findings are:
• On average, 58% of visitors
stated that Thermae Bath
Spa was their main reason for
visiting Bath
• 33% are repeat visitors
• 88% stated that they are likely
to re-visit Thermae
• Over £110 million additional
spend has been generated in
the local economy by visitors to
Thermae
Thermae Bath Spa has been
incredibly well supported by local
residents and businesses as well
as day visitors and staying visitors.
Thermae has been a catalyst
for other developments, such
as The Gainsborough Bath Spa
hotel, and is also a good example
of effective partnership working.
Relationships with organisations
such as the Roman Baths,
National Trust, Visit Bath, Visit
Britain and the Bath BID, continue
to develop the city’s spa culture
and re-establish Bath as one of
the Great Spa Towns of Europe.
“Thermae Bath
Spa has been a
catalyst for other
developments,”
Marketing and
Communications Director Peter
Rollins said: “Bath has always
been a truly fascinating place
to live and visit, but I’m glad
Thermae is able to add another
dimension to the experience, by
providing an exceptional facility
that is accessible to everyone
wishing to bathe in the natural
thermal waters.”
For more info:
www.thermaebathspa.com
Bath Fintech more than doubles in size
Novia Global, the sister company of Novia Financial has seen
substantial growth in the last 12 months.
The international online
financial services investment
business provides market-
leading technology, enabling
professional advisers to
efficiently and effectively manage
their client investments.
David Field, head of customer
service for Novia Global, said:
“The first half of 2018 was up
510% on the same period last
year and we had written more
business by the end of June than
we did in the whole of last year.”
Novia Global’s distribution
has rapidly expanded and is
now available in 80 different
jurisdictions including the United
Arab Emirates, United States,
the Channel Islands and Malta,
with new openings in Malaysia
on the way. Key partners abroad
include BMP Paribas and BMT.
David added: “There are two
main things that have driven
growth, a change in regulations
in UAE and an increase in ex-pat
pension business.
“In the UK we are very
tech savvy, but offshore is the
opposite and still very paper-
based. Clients are still largely
filling in forms and sending them
back to advisers by post. In a
global marketplace this is hugely
in-efficient and we are leading
the way with our technology.
“It’s very much a relationship-
based business and we have
spent a lot of time helping
partners understand and trust
our software. There’s a natural
nervousness about entrusting
someone with your life savings,
which can often be investments
of up to 10 million dollars.”
The Novia Global team is now
15-strong with plans to create
two more roles in the customer
service and IT development sides
in the coming months.
When asked about the impact
of Brexit on the business David
said: “We are comfortable that
Brexit won’t have too much of
an impact. To do business in
Europe you have the equivalent
of a British passport. When we
leave there’s a potential this
could change, but it would be
hugely disruptive if this isn’t
allowed to continue, so we
expect some kind of continuation
plan. We have put a plan in place
regardless and are prepared for
the worst.”
“The first half
of 2018 was up
510% on the same
period last year”
THE BUSINESS EXCHANGE 2018
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