BUSINESS NEWS
Celebrating things made in Wiltshire
To complement our ‘ Made in Wiltshire ’ special ( turn to pages 14-15 ) Rob Perks , CEO of Inspire , gives his thoughts on manufacturing in the region and tells us how Inspire Elite has been supporting local business RI Manufacturing .
Wiltshire has a diverse business landscape with many manufacturers choosing the county as their home .
At Inspire we are working with a number of high growth businesses in this sector , who are proud to call Wiltshire their home .
One business we ’ ve been working with recently is RI , based near Salisbury . RI ’ s core business is the manufacture of security cabinets for out of hours deliveries . They are the market leader in the sector working with many household names including Waitrose , Aldi , Co-op , Asda , WH Smith and Lidl .
RI ’ s future relies on innovation and they are currently developing six new concepts for completely new markets . Six months ago , they joined the Inspire Elite programme , a peer-to-peer and business support group , designed to help firms with an annual turnover in excess of £ 1 million and 10 + employees go for growth and achieve their goals .
Andrew Knight , managing director of RI said :“ My previous experience of business support has been endless offers of ‘ mentoring ’, so I was pleasantly surprised that Inspire separate members into different groupings to best provide what each business needs . Since being part of the Inspire Elite programme we have started working with several recommended partners and have been introduced to realistic routes to finance and expertise in other valuable areas .”
If you are a growing , ambitious business there are lots of ways in which we can help you unleash your full potential and take your company to the next level .
To find out more and how to qualify , visit www . inspirebiz . co . uk or call 01225 355553 . We would love to hear from you .
Rob Perks , CEO Inspire
PLAICE YOUR TRUST IN NEW WAYS OF LENDING
If you are a business struggling to get help from traditional lenders , South West Business Finance ( SWBF ) is keen to speak to you .
A high street bank recently decided to withdraw from the commercial mortgage market , notifying clients they were required to repay their commercial loans sooner than expected . This has left many businesses not knowing where to turn and having to consider selling their property to clear the debt .
SWBF is successfully helping local firms find new ways to access finance , allowing companies to continue without business interruption .
They have recently helped a fish and chip shop refinance their property , helping the client negotiate a three month window to sort out the problem and securing the funds needed to repay the bank .
This amount has doubled in less than two years and the general consensus is that it ’ s likely to rise again in the future , getting ever closer to the VAT rate .
David Wood , from regional insurance firm PIB said :“ It would be prudent to make allowances for this increased additional cost in your insurance budget as , depending on the combined spend of all your insurances , this could equate to a considerable extra cost .
“ Furthermore , this should also place a focus on
Zoe Morgan , partner at SWBF said :“ It was hugely satisfying to be able to help our client in this very tricky situation . I ’ m delighted that we were able to help save this business and secure the finance necessary to meet the requirements .”
To find out more about new funding options call 01225 800849 or visit their website
For more info : www . swbf . co . uk
INSURANCE PREMIUM TAX TO RISE BY 2 %
As reported in the Autumn Statement 2016 , Insurance Premium Tax ( IPT ) will increase again , from 10 to 12 per cent with effect from June 1 2017 .
ensuring that you are receiving the best terms for insurance , from a consistently competitive market and this may require a review of your current provider .”
To find out more about this policy change visit : www . gov . uk / government / publications / insurance-premium-taxincrease-of-standard-rate / insurance-premium-tax-increaseof-standard-rate
And for more about PIB visit : www . pib-insurance . com or call 0117 926 9937
4 THE BUSINESS EXCHANGE 2017