Financial News

National audit, tax, advisory and risk firm, Crowe, has appointed Martin Chapman as a partner in the firm’s Forensic Services practice.

Martin has upwards of 17 years’ experience providing forensic accounting and investigation services, and has worked in the broader audit, accountancy and corporate services space for more than two decades.

Crowe is developing its forensic accounting offering and reinforcing its commitment to the Midlands region by establishing a new presence in Birmingham’s city centre. Martin will be based in Birmingham’s Colmore Building, working with clients both regionally and nationally. He will be joined by Neil Rudd, who has been appointed as senior manager.

Martin has worked with a range of clients including law firms, insurance companies, corporate entities, individuals in dispute, not-for-profit organisations, public sector bodies including the NHS, and government and regulatory bodies. He has provided expert witness and advisory support for defendants and claimants and acted as a single joint expert.

Martin’s specialisms cover the broad spectrum of forensic services. At Crowe, his focus will be to undertake expert witness work as either a named expert or advisor, as well as assist clients in investigation work and insurance claims where necessary.

The appointments of Martin and Neil come at a time of significant and sustained growth for Crowe. The expansion of the Forensic Services team further underlines the firm’s focus on attracting and developing top talent.

Martin Chapman, partner in Forensic Services, said: “I am absolutely delighted to join Crowe and take a lead role in developing Crowe’s forensic offering in the Midlands.

“The demand for forensic accounting services is rising in tandem with legal disputes resulting from the heightened financial pressure on entities and individuals. With the increased number of firms offering legal funding and the rise of class actions, forensic services will be a vital tool in litigation proceedings. Furthermore, as fraud continues to dominate the criminal landscape amidst economic downturn and a cost-of-living crisis, the requirement for forensic services will be even more prevalent.

“I see this as an exciting time to be a forensic accountant and to be a partner at Crowe.”

Nigel Bostock, chief executive of Crowe, said :“I am very pleased to welcome Martin to the Crowe partnership. His appointment is an important step in our ongoing growth journey and is testament to our commitment to building market-leading teams to offer our clients practical, pragmatic advice in these challenging times.”

Johnathan Dudley, Midlands and South West Managing Partner and Head of Manufacturing at Crowe has welcomed Chancellor Kwasi Kwarteng’s announcement in the mini-Budget.

He said: “My initial reaction is ‘wow’, particularly in the removal of the 45% higher tax rate. Clearly what this government wants is to encourage the high rollers and wealth creators to come to, or stay in, the UK.

“And we have an interesting alignment in the basic rate of income tax and corporation – both 19%.”

He said that scrapping the rise in corporation tax and National Insurance would be welcomed by businesses.

He added: “There has been criticism in some quarters for scrapping the cap on bankers’ bonuses, but it wasn’t really having much impact. And if they want to strengthen the City of London as a centre for international banking, it sends all the right signals. It’s a very clear defensive move in light of growing competition from the likes of Frankfurt.

“And the scrapping of the most recent IR35 reforms will be welcomed by sub-contractors, and the companies who will find it much easier to hire them now. The changes were very restrictive.

“It appears the focus is very much on identifying the barriers to growth. And the big push for housing and construction will have major benefits for manufacturing and the wider economy if the developers are buying their bricks and steel in the UK.”

He said he thought the current low-rate of the pound against the dollar was unlikely to prove a long-term problem.

“I can recall how low it fell after Britain fell out of the ERM in 1992; it actually provided a huge boost for growth.

“There is a lot of interest from the US in buying UK goods at the moment, including major capital items, and a low pound won’t hurt.

“It makes goods from China more expensive too – they usually want paying in dollars – and hopefully that would see more people buying goods from the UK rather than importing them.

“There is a lot of interest around the new Investment Zones, but the big question is where will they be? There is a strong suggestion that in the Black Country, where I am based, it will be along some kind of Wolverhampton to Walsall corridor.

“But the factsheet from HM Treasury shows them talking to the West Midlands Combined Authority rather than the individual local councils. A lot of the combined authorities seem to be involved, so are we seeing a shift in planning responsibility to these authorities and the Metro Mayors like Andy Street?”

Ross Prince, Partner at Crowe said: “I think we are seeing three main prongs in the government’s plan for growth: construction, strengthening the City of London as a global financial centre, and using lower tax rates to put more money in shoppers’ pockets to spend on the high street.”

Johnathan Dudley added: “Again, it’s important that what they buy is made in the UK rather than imported, if that money spent on retail is to help the economy grow.”

Ends 

Contacts:

• Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, sherwood@crowe.co.uk

Notes to Editors:

About us
Crowe is a national audit, tax, advisory and risk firm offering global reach and local expertise. We are an independent member of Crowe Global, one of the top 10 accounting networks in the world. With exceptional knowledge of the business environment, our professionals share one commitment, to deliver excellence.

We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

For more information, visit: www.crowe.co.uk

• Follow Crowe UK on LinkedIn
• Follow Crowe UK on Twitter @CroweUK

Crowe industry recognition

• UK Member of one of the top 10 accounting networks in the world (International Accounting Bulletin World Survey 2021)
• Top charity auditor (Charity Financials Auditor Benchmarking and Charity Finance Audit Survey, 2009 – 2020)
• Ranked 5^th in the AIM auditors ranking by number of audits (AIM Advisers Rankings Guide, January 2022)
• 9^th largest audit firm in the UK (UK fee income of audit firms that audit PIEs – by fee income on audit, FRC Key Facts and Trends in the Accountancy Profession, Figure 33, July 2021)
• Risk Consultancy of the Year 2021 for the second consecutive year (InsuranceERM) – Crowe was recognised to be at forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
• Awarded Bronze for Accountancy Firm of the Year – Large (2020 Citywealth Magic Circle Awards)
• Global Mobility Provider of the Year (Global Payroll Awards 2020)
• Employment Tax Specialist of the Year (Global Payroll Awards 2019)

The first of two surveys to establish the true health of UK manufacturing has been launched by national audit, tax, advisory and risk firm Crowe.

Crowe has teamed up with the Confederation of British Metalforming to gauge the opinions of those who work in the industry on key issues such as funding, growth, technology and which business relationships they value.

It asks business-critical questions on how and where manufacturers are sourcing funding.

The survey also seeks to establish the level of awareness of the existing Research & Development tax reliefs and whether businesses have made a claim in the preceding 12 months. A second survey in early 2023 will address barriers and the future of the sector.

Johnathan Dudley, Crowe’s Head of Manufacturing and Midlands managing partner, said: “It is becoming increasingly clear that manufacturing faces a perfect storm of issues in the coming 12 months.

“While some will be in survival mode, others are still seeking to grow and we want to know what is proving their main barrier to growth in the next 12 months.

“Global and economic conditions are likely to be exacerbated by pressures on working capital and generating cash, and access to finance, plus issues such as Brexit and trading tariffs, difficulties in recruiting, upskilling and retaining staff, and a nationwide shortage of industrial space.”

He added that many employers would come under severe pressure to increase wages in line with inflation as the cost of living crisis continues to bite.

“Meanwhile, business owners must also factor in issues such as Industry 4.0 replacing more traditional manufacturing methods and pressures to invest in becoming carbon neutral.”

The survey also asks whether government support for manufacturing is seen as adequate and seeks to identify manufacturing’s preferred support network, such as external advisors and members of manufacturing networks, trade organisations, and local chambers.

Stephen Morley, president of the Confederation of British Metalforming, concluded: “We are continually lobbying Government for support for our 200 members and, importantly, industry in general, as supply chains are all so closely interlinked.

“In order to make the most persuasive case and suggest the best possible solutions to the powers that be in Whitehall, we need intelligence from the people at the coalface, telling us about their challenges, their opportunities and the issues they’d like us to address.

“Energy is obviously a major concern for all of us at the moment and inflation continues to place increased pressure on management teams emerging from the shadows of Covid-19 and the complexities of Brexit.”

The survey includes 12 multiple choice questions that should take less than five minutes to complete, and one lucky winner will win a Formula E Scalextric set in December, with the results being published in January 2023.

For further information, call 0121 543 1900 or email nathan.sanghera@crowe.co.uk

Ends (466 words)

Contacts:

• Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, sherwood@crowe.co.uk

Notes to Editors:

About us
Crowe is a national audit, tax, advisory and risk firm offering global reach and local expertise. We are an independent member of Crowe Global, one of the top 10 accounting networks in the world. With exceptional knowledge of the business environment, our professionals share one commitment, to deliver excellence.

We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

For more information, visit: www.crowe.co.uk

• Follow Crowe UK on LinkedIn
• Follow Crowe UK on Twitter @CroweUK

Crowe industry recognition

• UK Member of one of the top 10 accounting networks in the world (International Accounting Bulletin World Survey 2021)
• Top charity auditor (Charity Financials Auditor Benchmarking and Charity Finance Audit Survey, 2009 – 2020)
• Ranked 5^th in the AIM auditors ranking by number of audits (AIM Advisers Rankings Guide, January 2022)
• 9^th largest audit firm in the UK (UK fee income of audit firms that audit PIEs – by fee income on audit, FRC Key Facts and Trends in the Accountancy Profession, Figure 33, July 2021)
• Risk Consultancy of the Year 2021 for the second consecutive year (InsuranceERM) – Crowe was recognised to be at forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
• Awarded Bronze for Accountancy Firm of the Year – Large (2020 Citywealth Magic Circle Awards)
• Global Mobility Provider of the Year (Global Payroll Awards 2020)
• Employment Tax Specialist of the Year (Global Payroll Awards 2019)

National audit, tax, advisory and risk firm Crowe is launching its Black Country Business Breakfast, in aid of Acorns Childrens Hospice.

The event on Tuesday 27 September at Crowe’s Midlands office in Black Country House, Rounds Green Road, Oldbury, will enable local businesses to network and also find out more about how Acorns Business Club works. 

Johnathan Dudley, Crowe’s Midlands managing partner, said: “As an Acorns Business Club Ambassador, I am very proud of the work carried out by Acorns and keen to help raise awareness of the organisation’s work within the business community.

“Our first Black Country Business Breakfast will enable business owners and directors not only to find out more about Acorns, but also network with the brightest and best that this region has to offer.“At Crowe we are very proud of our dual role within the local and the business community and mindful of the part we can all play.”

Each of the Acorns Business Ambassadors joins in a two year partnership, adding their own voice and experience to help raise awareness, campaign and fundraise, with each committing to raise £5,000 each year.

Paul Cadman, Acorns vice president and chairman of the Business Club, said: “We’re so grateful to Acorns Business Ambassador Johnathan Dudley and the team at Crowe in the Midlands for bringing our first Business Breakfast to the Black Country.

“Our Business Ambassadors play an important role in raising funds and awareness of Acorns’ lifeline care and support and this event is a fine example of how club members like Johnathan are championing our cause within their local networks and helping us to grow our reach within the community.

“We’re excited to showcase the wonderful work Acorns does across the Black Country and meet some of our incredible supporters, who we hope will join us as Acorns Business Club members and Ambassadors.” 

Acorns Children’s Hospice provides specialist palliative care for life limited and life threatened children across the Black Country and wider West Midlands, and support for their families.

In the past year, the charity has cared for more than 700 children and almost 1,000 families, including those who are bereaved.

It cost Acorns £27,000 per day to provide its services, the bulk of which comes from fundraising and partnerships with local businesses.

The Black Country Business Breakfast starts with registration and breakast at 08.00 on Tuesday 27 September and costs £10, with all proceeds going to Acorns. 

Those interested in attending can apply via https://www.eventbrite.co.uk/e/black-country-business-breakfast-in-support-of-acorns-childrens-hospice-tickets-399427407127

Or email nathan.sanghera@crowe.co.uk or call 0121 543 1900. 

Acorns Business Club offers exclusive benefits including the opportunity to network with some of the biggest names in business from across the region, access to free training and development opportunities and ‘money-can’t buy’ events.

To find out more about becoming one of Acorns Business Ambassadors, please email the Partnerships Team on partnerships@acorns.org.uk or call 01564 825037. 

Ends

Contacts:

• Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, sherwood@crowe.co.uk

Notes to Editors:

About us
Crowe is a national audit, tax, advisory and risk firm offering global reach and local expertise. We are an independent member of Crowe Global, one of the top 10 accounting networks in the world. With exceptional knowledge of the business environment, our professionals share one commitment, to deliver excellence.

We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

For more information, visit: www.crowe.co.uk

• Follow Crowe UK on LinkedIn
• Follow Crowe UK on Twitter @CroweUK

Crowe industry recognition

• UK Member of one of the top 10 accounting networks in the world (International Accounting Bulletin World Survey 2021)
• Top charity auditor (Charity Financials Auditor Benchmarking and Charity Finance Audit Survey, 2009 – 2020)
• Ranked 5^th in the AIM auditors ranking by number of audits (AIM Advisers Rankings Guide, January 2022)
• 9^th largest audit firm in the UK (UK fee income of audit firms that audit PIEs – by fee income on audit, FRC Key Facts and Trends in the Accountancy Profession, Figure 33, July 2021)
• Risk Consultancy of the Year 2021 for the second consecutive year (InsuranceERM) – Crowe was recognised to be at forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
• Awarded Bronze for Accountancy Firm of the Year – Large (2020 Citywealth Magic Circle Awards)
• Global Mobility Provider of the Year (Global Payroll Awards 2020)
• Employment Tax Specialist of the Year (Global Payroll Awards 2019)

National audit, tax, advisory and risk firm Crowe has advised on the acquisition of 16 pharmacies in the north of England.

Crowe’s Midlands corporate finance team, led by partner Andy Kay and associate director Phoebe Turner, provided specialist financial due diligence and transaction support to Allcures plc, which has purchased the chain of pharmacies built up by The Hub Pharmacy Ltd.

The purchase, for an undisclosed sum, brings the number of branches operated by Allcures to 48, plus an online pharmacy business.

Andy Kay said: “The Hub Pharmacy branches are all located within health centres, or in the proximity of GP surgeries, offering significant potential for growth.

“We are pleased to have assisted in an acquisition which enables Allcures to develop its service in the north of England and to continue to enhance the strong reputation built by The Hub Pharmacy Ltd.”

Kiran Cheema, managing director of Allcures, said: “We are delighted to have acquired The Hub Pharmacy Ltd, delivering on our strategy to develop our service offering into the north of England. Andy and Phoebe were a great support during the process, providing valuable and timely advice throughout.”

The branches are spread across the north of England, including Greater Manchester, Warrington, Halifax and Rochdale.

The Hub Pharmacy Ltd was established in 2015, via a management buyout of MedicX Pharmacy Ltd, with funding support from Bridges Fund Management. Starting from a core group of nine pharmacies, the group has grown to 16.

Essex-based Allcures plc, is a 32-strong pharmacy group operating across the south of England.

Gemma Mintram of Knights plc provided legal advice to Allcures and Chris Christodoulou of Shawbrook Bank provided the funding.

Ends (275 words)

Contacts:

• Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, sherwood@crowe.co.uk

Notes to Editors:

About us
Crowe is a national audit, tax, advisory and risk firm offering global reach and local expertise. We are an independent member of Crowe Global, one of the top 10 accounting networks in the world. With exceptional knowledge of the business environment, our professionals share one commitment, to deliver excellence.

We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

For more information, visit: www.crowe.co.uk

• Follow Crowe UK on LinkedIn
• Follow Crowe UK on Twitter @CroweUK

Crowe industry recognition

• UK Member of one of the top 10 accounting networks in the world (International Accounting Bulletin World Survey 2021)
• Top charity auditor (Charity Financials Auditor Benchmarking and Charity Finance Audit Survey, 2009 – 2020)
• Ranked 5^th in the AIM auditors ranking by number of audits (AIM Advisers Rankings Guide, January 2022)
• 9^th largest audit firm in the UK (UK fee income of audit firms that audit PIEs – by fee income on audit, FRC Key Facts and Trends in the Accountancy Profession, Figure 33, July 2021)
• Risk Consultancy of the Year 2021 for the second consecutive year (InsuranceERM) – Crowe was recognised to be at forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
• Awarded Bronze for Accountancy Firm of the Year – Large (2020 Citywealth Magic Circle Awards)
• Global Mobility Provider of the Year (Global Payroll Awards 2020)
• Employment Tax Specialist of the Year (Global Payroll Awards 2019)

National audit, tax, advisory and risk firm Crowe is teaming up with experts from the manufacturing sector to present a major briefing on the future of advanced technologies.

The event will take place at The School of Engineering at the University of Birmingham on Wednesday 29 June.

The briefing includes Crowe, in association with the Advanced Manufacturing Technologies to Create, Activate & Automate (AMTECAA) programme, Gauge and Tool Makers Association (GTMA) and Confederation of British Metalforming (CBM).

Johnathan Dudley, Head of Manufacturing at Crowe, said: “If you are looking to explore how advanced manufacturing technologies can help you be more productive, or provide a competitive edge, then this is the perfect opprtunity to see what fully funded support you can access through AMTECAA.”

The event includes sector updates from Crowe, CBM and GMTA, as well as an introduction to the AMTECAA programme, followed by the opportunity to visit state-of-the-art laboratories.

Dudley said: “During the tour, delegates will be able to see how they can create new products with additive, subtractive and hybrid engineering.

“Demonstrations will include how they can activate surfaces with laser and plasma processes and how to increase the automation of processes with robotics.”

The free event is open to businesses with fewer than 250 employees, and a turnover of less than 50 million euros, located within Greater Birmingham and Solihull, the Black Country, Coventry and Warwickshire and Stoke and Staffordshire.

To be held in the Staff House at University of Birmingham, the programe will include registration and breafast, sector updates, a tour of the laboratories and a Q&A session to conclude the event.

More details can be obtained from https://www.crowe.com/uk/events/accelerate-your-manufacturing-business-29-june-22

Or call Nathan Sanghera on 0121 543 1900, email nathan.sanghera@crowe.co.uk

Ends (283 words) 

Contacts:

• Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, sherwood@crowe.co.uk

Notes to Editors:

About us
Crowe is a national audit, tax, advisory and risk firm offering global reach and local expertise. We are an independent member of Crowe Global, one of the top 10 accounting networks in the world. With exceptional knowledge of the business environment, our professionals share one commitment, to deliver excellence.

We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

For more information, visit: www.crowe.co.uk

• Follow Crowe UK on LinkedIn
• Follow Crowe UK on Twitter @CroweUK

Crowe industry recognition

• UK Member of one of the top 10 accounting networks in the world (International Accounting Bulletin World Survey 2021)
• Top charity auditor (Charity Financials Auditor Benchmarking and Charity Finance Audit Survey, 2009 – 2020)
• Ranked 5^th in the AIM auditors ranking by number of audits (AIM Advisers Rankings Guide, January 2022)
• 9^th largest audit firm in the UK (UK fee income of audit firms that audit PIEs – by fee income on audit, FRC Key Facts and Trends in the Accountancy Profession, Figure 33, July 2021)
• Risk Consultancy of the Year 2021 for the second consecutive year (InsuranceERM) – Crowe was recognised to be at forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
• Awarded Bronze for Accountancy Firm of the Year – Large (2020 Citywealth Magic Circle Awards)
• Global Mobility Provider of the Year (Global Payroll Awards 2020)
• Employment Tax Specialist of the Year (Global Payroll Awards 2019)

A major update on the current issues facing the Academies sector is being held by national audit, tax, advisory and risk firm Crowe at Sixways Stadium, Worcester, on Thursday 9 June.

Crowe’s annual Academies Conference will be the first in-person event the firm has held for the sector since 2019, and partner Dave Darlaston said they were looking forward to the personal interaction that a live, face-to-face discussion will offer.

Crowe speakers Dave Darlaston and director Matt Doyle-Healey will be joined by Robert Gould of Barker Associates and Phil Herriott of Lloyds Bank to discuss the issues facing the sector.

Robert Gould is a chartered building surveyor who provides strategic estates advice and specialises in the education sector. Phil Herriott is a commercial banking manager in Lloyds Bank’s dedicated team of specialist education relationship managers.

Matt Doyle-Healey said: “We have all had a difficult three years to negotiate since we all sat down face-to-face to share insights with our colleagues in the academies sector.

“Together with our panel of experts, we will be discussing topical issues including sustainability, cyber security and fraud, trading subsidiaries and VAT and tax implications.

“We will also review the implications of the Schools’ Bill, review governance matters, provide an accounting update to include accounts direction, and consider the 2022 Academy Trust handbook.”

The event is ideal for trustees, accounting officers, finance directors and business managers of academy trusts who are seeking real insight and an update to ensure they are up to speed both on changes and policy developments in their sector.

Crowe is a leading advisor to academies, providing regular technical update and risk management to accountants, school business managers, governors and trustees.

The event, which is free to those working in the academies sector, will run from 08.30 to 13.30. To register go to https://www.crowe.com/uk/events/academies-conference-9-june-2022, email nathan.sanghera@crowe.co.uk or call 0121 543 1900.

Ends (310 words)

Contacts:

• Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, sherwood@crowe.co.uk

Notes to Editors:

About us
Crowe is a national audit, tax, advisory and risk firm offering global reach and local expertise. We are an independent member of Crowe Global, one of the top 10 accounting networks in the world. With exceptional knowledge of the business environment, our professionals share one commitment, to deliver excellence.

We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

For more information, visit: www.crowe.co.uk

• Follow Crowe UK on LinkedIn
• Follow Crowe UK on Twitter @CroweUK

Crowe industry recognition

• UK Member of one of the top 10 accounting networks in the world (International Accounting Bulletin World Survey 2021)
• Top charity auditor (Charity Financials Auditor Benchmarking and Charity Finance Audit Survey, 2009 – 2020)
• Ranked 5^th in the AIM auditors ranking by number of audits (AIM Advisers Rankings Guide, January 2022)
• 9^th largest audit firm in the UK (UK fee income of audit firms that audit PIEs – by fee income on audit, FRC Key Facts and Trends in the Accountancy Profession, Figure 33, July 2021)
• Risk Consultancy of the Year 2021 for the second consecutive year (InsuranceERM) – Crowe was recognised to be at forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
• Awarded Bronze for Accountancy Firm of the Year – Large (2020 Citywealth Magic Circle Awards)
• Global Mobility Provider of the Year (Global Payroll Awards 2020)
• Employment Tax Specialist of the Year (Global Payroll Awards 2019)

The UK’s future energy security strategy needs to tread a fine line between the practical needs of industry now and its medium to long-term targets, the Head of Manufacturing at national audit, tax, advisory and risk firm Crowe is warning.

Johnathan Dudley said there was the inherent risk of securing the UK’s domestic energy policy and committing to a greener future, while businesses simply imported products from countries that paid only lip service to the environmental agenda.

“It’s no good being ‘clean’ but importing products from countries that aren’t. It’s just creating poverty here while moving the problem elsewhere.

“Not all countries are committed to net zero, let alone by 2030/2050, and this is what is behind the rumoured threat by Toyota to move manufacturing away from the UK. Others may follow.” he said.

He cautioned that an over-aggressive, early implemented energy security strategy has grave short-term risks for business.

“In the short-term there will undoubtedly be an impact on cashflow, on the return on capital employed, and an impact on profits which, ultimately, may risk the survival of some businesses.

“We need a balanced and affordable strategy that supports UK industry in the short-term and incentivises investment for the future. This will need grant funding, as loans are already gearing balance sheets too much.

“Organisations with money will only invest in countries with the best incentives and a more realistic, balanced approach to net zero.

“Industry has a key role to play here as an influencer, to help the UK government steer a viable path between ultimate energy security for the country, and the current practicalities facing manufacturing businesses.”

Ends 

Contacts:

• Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, sherwood@crowe.co.uk

Notes to Editors:

About us
Crowe is a national audit, tax, advisory and risk firm offering global reach and local expertise. We are an independent member of Crowe Global, one of the top 10 accounting networks in the world. With exceptional knowledge of the business environment, our professionals share one commitment, to deliver excellence.

We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

For more information, visit: www.crowe.co.uk

• Follow Crowe UK on LinkedIn
• Follow Crowe UK on Twitter @CroweUK

Crowe industry recognition

• UK Member of one of the top 10 accounting networks in the world (International Accounting Bulletin World Survey 2021)
• Top charity auditor (Charity Financials Auditor Benchmarking and Charity Finance Audit Survey, 2009 – 2020)
• Ranked 5^th in the AIM auditors ranking by number of audits (AIM Advisers Rankings Guide, January 2022)
• 9^th largest audit firm in the UK (UK fee income of audit firms that audit PIEs – by fee income on audit, FRC Key Facts and Trends in the Accountancy Profession, Figure 33, July 2021)
• Risk Consultancy of the Year 2021 for the second consecutive year (InsuranceERM) – Crowe was recognised to be at forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
• Awarded Bronze for Accountancy Firm of the Year – Large (2020 Citywealth Magic Circle Awards)
• Global Mobility Provider of the Year (Global Payroll Awards 2020)
• Employment Tax Specialist of the Year (Global Payroll Awards 2019)

Likewise Group plc, the Birmingham AIM-listed floor coverings distributor, has announced that trading in the first three months of 2022 is ahead of internal budgets.

Valley Wholesale Carpets Ltd, which operates autonomously and was acquired by Likewise in January 2022, is also trading ahead of initial expectations.

Chief executive Tony Brewer and the board of the fast growing company congratulated the management, sales representatives and all staff in Likewise, and group businesses A&A, Factory Flooring, H&V and Valley, for their excellent contribution to the performance of the business.

He added that while the first three months can only ever provide limited indication of the year as a whole, early trends are positive, and the board remains confident in meeting market expectations for 2022.

“The horrific events in Ukraine are tragic for the people and devastation caused. The inevitable consequences are impacting the cost of our products.

“These include manufacturers’ energy costs in production, increases to the costs of various raw materials and transportation. The Group’s trade brands will issue a new price list on 1 May to reflect cost price increases. It is very difficult to predict the wider economic repercussions of the current macro environment and resulting effect on consumers’ disposable income,” he said.

Notwithstanding this short-term uncertainty, Likewise continues to develop its logistics infrastructure. Birmingham is now operational which doubles the carpet capacity for the Likewise branded businesses. Construction is underway for a new distribution centre in Glasgow and the business in Newcastle has now moved into an enlarged facility adjacent to its previous location.

The search continues to relocate A&A into significantly larger premises in the North West. The Group is also establishing a new logistics centre in Newbury to service the South of England.

The Group has obtained planning permission to extend the freehold distribution centre in Sudbury and is currently working on constructing the extension in the most cost effective method while keeping with the original design concept. This development will allow Likewise Rugs & Matting to increase product offering and service to its diverse customer base.

Construction is also due to commence to extend the freehold distribution centre in Derby by 20%, and a new carpet cutting machine is on order to increase the cutting capacity in Valley.

When this machine is operational, it will allow Valley and Likewise to operate from the currently unused distribution centre in Newport, South Wales. This will take both businesses into new geographical territories of South Wales and South West England.

Likewise continues to increase market presence through the recruitment of experienced sales representatives and has numerous point of sales initiatives including display stands, lecterns, wall stands and sample books. All of these initiatives further establish the Likewise trade brand.

Mr Brewer added; “In the immediate term, Likewise believes it has the supplier and customer relationships, combined with excellent management and staff, to continue to outperform the marketplace. This is consistent with the development of Likewise, particularly over the last two years.

“While there are short term global and economic issues, the group is confident that establishing the enlarged infrastructure outlined above will allow Likewise to achieve its medium term objectives and beyond.”

The acquisition of Delta announced last Friday (1 April) confirms the Group’s intention to make strategic additions, particularly where they can increase or create capacity. This will augment the organic opportunities to enlarge the current businesses of Valley, A&A, Factory Flooring, H&V plus the Likewise branded businesses through continued investment in sales teams and increased market presence through sampling and display.

Likewise Group plc will release its final results for the year ended 31 December 2021 on 24 May 2022.

As previously announced, total revenue in 2021 increased by 29% to circa £61 million (2020: circa £47 million) and management expects that the adjusted profit before tax for the 2021 financial year will be circa £1.6 million.

The Group also intends to commence a progressive dividend policy and declare its maiden dividend alongside the announcement of its 2021 Final Results to be approved by shareholders at the Annual General Meeting.

Tony Brewer, Chief Executive of Likewise said: “Notwithstanding challenges in the immediate term, the Group is now well established and has plans to further enlarge its geographic reach. With the investment in distribution centres, sales resource and market presence, we are confident of exceeding our medium and long term aspirations as previously communicated.

“We would like to thank all of our staff, suppliers, customers and shareholders for their support and look forward to a positive future”.

Ends (751 words)

Issued on behalf of Likewise Group plc, Unit 4, Radial Park, Birmingham Business Park, Solihull Parkway, Birmingham B37 7YN

For further information, please contact:

Andy Skinner, at ASAP PR – 07990 978257

Editors’ Notes

Likewise Group plc is a distributor of floorcoverings and mattings established with the intention of consolidating the domestic and commercial floorcoverings markets to become one of the UK’s largest distributors in this sector. The UK floor and wall covering market is worth circa £3.2 billion and is expected to increase at a compound annual growth rate of 2.1% from 2019 to 2024 to reach £3.5 billion, split between the residential, commercial, public and industrial markets. Likewise Group’s strategy is to focus on the residential and commercial sectors.

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Specialists from national audit, tax, advisory and risk firm Crowe are teaming up with the Black Country Chamber of Commerce to provide live commentary on Chancellor Rishi Sunak’s Spring Statement on Wednesday 23 March.

Johnathan Dudley, managing partner of Crowe in the Midlands, said: “The Chancellor will be presenting his economic and fiscal forecast after one of the most troubled times in the UK economy in the past year, and against the backdrop of the current situation in Ukraine.

“The Conservative Party has traditionally been the party of low tax but, notwithstanding the economy is picking up faster than some anticipated, he still has some serious holes in his budget.

“Add to this domestic issues such as the growth of electric vehicles reducing his Vehicle Excise Duty (VED) take, albeit there is a rise in VED from April 2022, and he has some critical issues to face in coming years.”

Mr Dudley and Crowe partner Rob Gunn will be joined at their Midlands office by senior officers from the Black Country Chamber of Commerce who will help analyse the key outcomes and how they may impact business leaders and their companies.

Corin Crane, chief executive of the Black Country Chamber of Commerce, said: “On the back of what we long hoped would be a period of gradual recovery as we learned to live with COVID, we’ve entered 2022 in a very precarious position for the economy.

“On the one hand, some sectors are rebounding strongly yet, for many, the escalating costs of doing business, supply chains and world events continue to cause concern for those trading across the region and beyond.

“We’re delighted to working be working with Crowe to bring reaction and analysis following the Chancellor’s remarks of this keenly anticipated economic forecast which will likely frame forthcoming decisions in businesses across the Black Country.”

The event will start with a working lunch from 12:00 before the Chancellor stands up to speak. There will be the opportunity to take part in a question and answer session with Crowe and Chamber specialists on the panel.

There is no cost to attend the event. To register, email nathan.sanghera@crowe.co.uk or call 0121 543 1900.

Ends (359 words)

Contacts:

Miriam Sherwood, Director, People Communications & Marketing

Crowe UK. Tel: (0)121 543 1900, miriam.sherwood@crowe.co.uk

Notes to Editors:

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We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

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