< PreviousTHE BIG INTERVIEWCris Stephenson -‘We’re the backbone ofUK business’East Midlands Business Link www.eastmidlandsbusinesslink.co.uk20EMBL JULY:Layout 1 26/6/14 09:43 Page 20www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 21THE BIG INTERVIEWWhat is your initial aim for Pall-Ex?Pall-Ex is a fantastic business. I want to ensure that the ethos andculture within the company are maintained while its planned growth andexpansion continue to gather pace.Taking the network forward and invigorating our UK operations will becentral to my strategy. My team and I are committed to progress andinnovation. Making sure that Pall-Ex’s UK network is central to everythingthat we have in place for the future will be our main priority.Strengthening the position of our member hauliers, and giving each ofthem the opportunity to grow their businesses within Pall-Ex’sinternational network, is a key goal for the UK board.How are you taking advantage of the upturn in the economy?Business confidence is higher now than at any time since the recession.There is a feeling that now may be the time to allocate increased budgeton expanding and growing businesses. Logistics is a market that alwaysbenefits from increased activity in other industries and we are poised totake advantage of every opportunity.I will be focused on making sure that the benefits Pall-Ex obtains fromeconomic growth and strengthened markets are distributed throughoutthe network. In particular, the expansion of services will allow ourmembers to grow and gain advantages within the market.Does being based in the East Midlands offer you any particularadvantages or disadvantages?The East Midlands is the golden triangle for all national networkoperations. Put simply, geographically, our prime location is vital for ourbusiness model.If you had three wishes to give to the government, what would they be?The haulage industry is still the backbone of business operations in theUK. In some way, shape or form the health of the sector affects nearlyevery industry and company in the country. It’s about time that thegovernment took note and gave the logistics industry the economicsupport it needs to grow and improve. A reduction in Fuel Duty,investment in our infrastructure in all of its forms and innovative,progressive road transport legislation would all go a long way tostrengthening the market in the coming years.How has the industry changed since you started out as a driver?The industry as a whole has become far more regulated, which in terms ofsafety and environmental impact is a good thing. But there is a danger thataspects of this regulation could go too far, and without adding additionalsafety benefits will begin to impact on the prospects of the logisticsmarket.What are you looking forward to most in your new role?I am excited by the prospect of carrying on the Pall-Ex success story.Ensuring that Pall-Ex is the number one network of choice for bothmembers and customers is a challenge that I am driven to undertake andachieve.And where do you want Pall-Ex to be in ten years’ time?Simply, to be the best freight distribution network operating in the UK,Europe and beyond.Sam Metcalf spoke to the newmanaging director of Pall-Ex, CrisStephenson, about his plans for thefuture of the company, and why theEast Midlands is the perfect locationfor Hilary Devey’s business.EMBL JULY:Layout 1 26/6/14 09:43 Page 21LICENSINGEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk22The leisurelandscape in theEast Midlands David Lucas, head of licensing at Fraser Brown, assesses licensing sector in theEast Midlands.During a recent visit to Molson Coorsbrewery in Burton on Trent, PrimeMinister David Cameron said “I am a bigfan of the traditional British pub and Ithink the British beer industry is a reallyvital industry”.In response, Andrew Griffiths, Chair ofthe All Party Parliamentary Beer Group,said “This visit and the Prime Minister’skind words are recognition that theGovernment is on our side”.It will certainly assist the pub trade andother operators to cope with the effectsof the recession if the Government issupportive of the leisure industry.As a result of the recession we haveseen large numbers of pubs and otherbusinesses closing their doorspermanently. The East Midlands has seena number of casualties including the FatCat Group which operated premises inNottingham, Derby and Leicester.It may be tempting fate but there areindications that the economy isimproving. The housing market is now morebuoyant with the value of residentialproperties and the number oftransactions in the market bothincreasing.There has also been movement in theleisure industry with new premisesopening in major cities within the region.At the end of last year Derby saw theopening of Iberico World Tapas in the citycentre. The Derby site is approximatelytwice the size of the original IbericoWorld Tapas in Nottingham, which was arunner-up in the best restaurant categoryof the Observer Food Monthly Awards.Derby has seen further investments inthe city during 2014 with the Eclectic BarGroup opening Lola Lo and Marston’s re-opening Pitcher & Piano following asubstantial refurbishment.Red Hot World Buffet, owned by LukeJohnson’s Risk Capital Partners, is due toopen a new restaurant in Leicesterfollowing a £2million investment,reported to be the highest singlerestaurant investment ever made inLeicester. Next door to Red Hot World Buffet inLeicester, Matt Saunders, a co-founder ofthe Fat Cat Group, has re-opened theQueen of Bradgate as a combined puband furniture showroom.The Australian juice bar Boost, theMexican restaurant chain Chimichanga,the gourmet hamburger venue Byron andStone Baked Pizza are all due to open inthe Highcross Centre in Leicester in thenear future.Bill’s Restaurants are reported to beone of the fastest growing restaurantgroups of 2014 with the latest venueopening in Nottingham in June. Bill’s is part of a development onQueen Street in the city centre which willalso see the opening of a fish and chiprestaurant operated by George’sTradition.Completing the line up on Queen Streetwill be Red’s True Barbeque which is dueto open in September.As we have seen, Risk Capital Partnershave funds available to invest in theleisure industry. In addition, NatWestannounced last year that as part of theirparticipation in the Government’s fundingfor lending scheme, NatWest had a£150million fund available to supportSME businesses within the UK leisuresector. The aim of the fund being to helppromote jobs and growth in the sector.There is, therefore, some cause foroptimism but the effects of the harsheconomic environment during the pastfew years cannot be ignored.The squeeze on disposable income andother factors has produced a highlycompetitive market.Luke Johnson and other individualswith specialist knowledge of the leisuresector have identified that it is essential tobe aware that customers are particularlycost conscious and seek the best valuefor money.As such it is important to pay particularattention to basic details including servicelevels, employing well trained andcommitted staff in an environment whichdelivers consistent high standards acrossevery aspect of the business.Location is obviously an importantconsideration but not always for reasonswhich are immediately apparent.Operators of licensed premises must beaware of the attitude of the relevantauthorities towards applications for thevariation of existing licences andapplications for the grant of new licences.A cumulative impact policy can beintroduced by a local council as part of itsgeneral licensing policy. The effect ofadopting such a special policy is todetermine that there is an identifiedgeographical area in which theconcentration of licensed premises is sogreat that any applications for variationsor new licences will be subject to arebuttable presumption that they will berefused in the event that they areopposed.Nottingham City Council adopted acumulative impact policy in 2005 and hasEMBL JULY:Layout 1 26/6/14 09:43 Page 22LICENSINGwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 23since extended the policy. A furtherextension of the area covered by thepolicy is currently under consideration bythe Council.The current cumulative impact policycovers virtually the whole of the citycentre of Nottingham. The statedpurpose of the cumulative impact policyin Nottingham is to enable the authoritiesto control applications within the citycentre.Derby City Council has also adopted acumulative impact policy for the areacontained in the city’s inner ring road.By contrast, Leicester City Council hasnot implemented a cumulative impactpolicy for the whole of the city centre buthas identified three areas (Church Gate,Belvoir Street and Braunstone Gate) ascumulative impact areas which affectlicensed premises. There is also a furthercumulative impact area (GranbyStreet/London Road) which relates to offlicences only.The introduction of a cumulative impactpolicy is meant to be a measure of lastresort when all other methods of dealingwith issues of alcohol related crime anddisorder have failed.There is therefore a reputational issue tobe considered in connection with theintroduction of a cumulative impact policy. The existence of such a policy may alsoact as a disincentive to existing and newoperators to invest in an area covered bysuch a policy.Another measure which may dissuadeoperators from investing in an area is theLate Night Levy.The Late Night Levy has only beenavailable to Councils since October 2012.The levy is discretionary and allows aCouncil to charge businesses licensed tosell alcohol during a time determined bythe Council between midnight and 6.00amin order to fund policing and otherservices connected to the management ofthelate night economy.Subject to discretionary reductions andexemptions the levy must apply to allrelevant licensed premises and clubsthroughout the whole of the Council’sarea.In December 2013 the licensingcommittee of Nottingham City Councildecided to consult on the introduction of aLate Night Levy. The committee considered theresponses to the consultation at theirJune meeting and resolved torecommend the introduction of the Levy.That recommendation will be consideredby the full Council at their meeting in Julyand if approved the Levy will come intoeffect across the whole of the Council’sarea on 1st November.At present there are no proposals tointroduce a Late Night Levy in Derby orLeicester and operators may thereforefind those areas are more attractive as aresult.It will be obvious to any responsibleoperator of licensed premises that it isessential to have the best advice inconnection with the establishment,alteration and maintenance of licensedpremises. At Fraser Brown we canprovide assistance in all aspects of theoperation of licensed premises includingassistance with funding arrangements,acquisition of premises, design ofpremises, recruitment and training ofstaff, regulatory compliance and disposalas part of an exit strategy. EMBL JULY:Layout 1 26/6/14 09:43 Page 23It’s a minefield out there for today’s ITmanagers. Few other professions haveundergone such radical change in arelatively short period of time. Newoperating systems, methods of working,technologies and compliancerequirements seem to emergeon a daily basis in the ITprofession. What’s more, arecent Timico survey foundthat 52% of IT managers are alsoresponsible for business telecoms.Unfortunately, all of this is coupled witha wealth of industry misinformation –making it all the more difficult to makethe right decision for your business. Herewe address some of the latest challengesfacing the IT world, helpingIT managers tomake informed,practical andbusiness-boosting changes.The missing LyncOne of the hottest topics at themoment is whether or not to invest inthe benefits of Unified Communicationsby exploring offerings like MicrosoftLync. A desire to stay ahead of the curveis natural for IT managers, which is whythe perks of instant messaging, presenceand video conferencing are so appealing.But before putting pen to paper on a UCdeal, IT managers need to think aboutthe wider implications. Is theinfrastructure available ready to supportsuch a system? How will it integrate intodaily office life? Have the securityaspects been considered? These are allquestions that IT managers should beraising with their suppliers. If you’reworking with the best ones, they willalready have a solution to hand.Chicken or the egg?As with most professions, a certainlevel of understanding is key. Many ITmanagers unwittingly find themselves ina bit of a chicken and egg scenario whenPHOTOGRAPH COURTESY OF ©ISTOCKPHOTO.COM/ZOTHENThe IT manager’s Neil Armstrong, director of business services at Newark-basedTimico gives an overview of everything the modern IT managerneeds to know about IT and communications.ITEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk24EMBL JULY:Layout 1 26/6/14 09:43 Page 24to get a firm grasp on how the networkcan be enhanced on an ongoing basis. Agood disaster recovery solution isessential too, as even the best laid planscan go awry. Make sure your data isn’tjust earthquake, fire and hurricane proof –but human error proof, too. This isanother reason why it is important for in-house IT managers to network withlikeminded professionals – it breeds newideas and prevents organisations fromgrowing stale. Ideas and understandingare two key characteristics of anysuccessful IT manager.Safe and secureThere’s a lot more to a secure networkthan ticking a box to install a firewall. Theinflux of big data has created a wealth ofpotential pitfalls for the IT manager – soit’s important to have a thoroughunderstanding of just how protected yournetwork is. These days, just having afirewall often isn’t enough. Educatingemployees throughout the business onthe importance of data protection is alsoparamount – especially if you work in asector which relies on PCI compliance.Unfortunately, the question of whether abusiness is going to experience a databreach is now ‘when’ as opposed to ‘if’.An increase in global DDoS attacks andrecent high-profile security scares such asHeartbleed means that online securitybreaches are a very real threat across theworld. A robust security solution shouldnot just include antivirus and anti-spamsoftware, but also intrusion prevention,web filtering, traffic shaping andapplication controls. This doesn’t justapply to computers either – transferringto SIP-based phone systems also throwsup security concerns. A recent Timicosurvey found that a shocking 54% of ITmanagers were unaware that IP phonefraud even existed. Ask yourself – arethose calls conducted over the web 100%secure? If you don’t know the answer, it’sprobably time to bolster your securitysolution.it comes to updating systems with newproducts. What comes first – a review ofyour Unified Communications or a reviewof your infrastructure? The best solutionsin the world can be easily undone if theyaren’t underpinned by solid and resilientconnectivity. Take some time to considerthe importance of each aspect of a newsolution as well as the capacity of yournetwork – and don’t be afraid to talkthrough every aspect of a new systemwith your suppliers. Worryingly, a recentTimico survey found that a quarter of ITmanagers didn’t even know whether theyused a single network infrastructure forvoice and data. Don’t get caught outthrough a lack of knowledge.Putting a price on serviceOf course, a large part of being an ITmanager is managing budgets. And whilethe old adage ‘you get what you pay for’can often ring true, that is not to say thatthe most expensive option is always best– or the least expensive is the worst. WhatIT managers really need to establish iswhich provider best suits their needs -rather than equating everything back tothe bottom line cost. IT managers shouldbe putting a greater emphasis ondeveloping a flexible and consultativeapproach to network design, whichmatches their budget requirements.Embarking on a lengthy contract with aprovider you’re not 100% happy with willcost a lot more in time and energy in thelong run.If it isn’t broken…You probably still need to fix it. That’sthe issue with IT management – if youwait until something is broken, it’s alreadytoo late. Downtime in today’s workplacesimply isn’t an option – it just costs toomuch in both time and money. Businesscontinuity is the lifeblood of manyorganisations, especially in this age ofglobal networking. A strong relationshipand good consultancy from your networkprovider is key, as it enables IT managersBring your own disaster The majority of IT managers foundthemselves having to deal with BYODalmost overnight – tasked withmonitoring and managing a systemwhich is inherently difficult. A good starting point is to implementa decent BYOD policy – depending onthe size of your business, assessing howmany different types of device exist inan organisation, and establishing whichof these should (or shouldn’t) link upwith the technical support on offer.There are additional security concerns tobe considered too – do all devices usedin a professional capacity need a remotewipe function installed? Bear in mind though that a one-size-fits-all solution probably isn’t the bestidea – developing a hybrid approach fordevice and content management whichis in line with the requirements of yourbusiness is much savvier. These are allimportant questions to pose to bothhigher management and your ITsuppliers.Cloud 9?Cloud may have been a buzz-wordsince the early noughties, but its gradualcreep into public dialogue has thrownup some familiar questions. It’s notenough to just understand cloudyourself these days – many IT managersare now also having to explain andoutline the benefits of migrating to acloud-based solution to the entirety ofthe workforce. Virtual servers, disasterrecovery as a service, off-site back up…They are all issues that not only needaddressing, but explaining too,especially as businesses progresstowards remote working at an increasingrate of knots. There are new kids on theblock too – with virtual desktops andsoftware-defined networks making theirway onto the scene. As always, chatthrough the best options with yourprovider to work out your best course ofaction.s toolkit ITwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 25EMBL JULY:Layout 1 26/6/14 09:43 Page 25THE BIG INTERVIEWEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk26What first attracted you to theNottingham job?I stepped out of the profession twoyears ago. It was a difficult decision toleave but a much easier one to comeback. Joining Baker Tilly in Nottinghamgave me the opportunity to be part of abusiness undergoing significant changefollowing its merger. I knew the officehad its challenges but that’s what madeit exciting. What do you make of the strengthsof Nottingham?I did some research before I camedown, and I was a little surprised thatNottingham had a bigger GDP thanSheffield. Nottingham’s professionalcommunity is close-knit – more so thanmost other cities of a similar size. What Idid first notice was how difficultNottingham was to drive into! To be fair though that is because ofthe significant investment that is beingmade in the transport infrastructure,which is absolutely essential. The Citycentre could do with some polishing upto say the least but it is well served interms of culture and retail. How important is it to you thatBaker Tilly is in Nottingham citycentre?There was never a question that wewould leave Nottingham – we werealways going to stay in the city centre,because it’s essential for the future ofthe business to be part of the thrivingprofessional community here. It’s verydifficult to be embedded in that cultureif you’re not physically in it. We alsowanted to be part of the wider businesscommunity. Our staff like to be able togo out at lunchtime to get some lunchor do some shopping for example. Ineed to be in walking distance of aStarbucks. These smaller things matterto people.I can understand others moving outof town if the majority of a company’sworkforce isn’t Nottingham-based.There are also money-saving aspects tothat and, to some extent, additionalsynergies – but we’re in Nottingham tostay.What have you added to the teamsince the merger?When I arrived, I expected a certainamount of trepidation from moreestablished members of staff. Thecompany was going through hugechanges, and an outsider coming inwould have only compounded that.However, I have to pay a huge tribute tomy staff who have worked tirelessly tocombine the cultures of RSM Tenon andBaker Tilly. They’ve coped with massivechanges in a short space of time. It’sbeen tumultuous, but they’ve comethrough it with flying colours.The integration is still ongoing, ofcourse. There was no real lead-up to themerger deal – it happened very quickly,and so it will naturally take time for thetwo companies to combine.I think it was perhaps easier for mecoming in. Out of my 25 years or so ofworking, only six have been spent atBaker Tilly, so in many ways I’m neithera Baker Tilly nor an RSM Tenon man.It’s been a lot more of a challenge forthe staff, but they’ve been superb. Iwould definitely describe myself as aBaker Tilly man now though! I perhaps don’t thank the staffenough. People have stepped up to theplate without question – many of whomwent home on Friday night working forone firm, and came back on Mondaypart of a completely different one. Ican’t take any of the credit for howsmoothly the merger has gone – I camein when most of the harder decisionshad been made, so it’s credit to themfor the fantastic job they’ve done.What can we expect from BakerTilly over the next twelve months?We’ve got more strategicappointments to announce. We mightnot have that many actual vacancies butwe will always invest in talent. It’s anexciting time for Baker Tilly inNottingham, and I’m excited about whatthe future has to bring. Richard King - We’rein Nottingham to stayEight months on from stepping into the role of officemanaging partner at Baker Tilly in Nottingham, Richard Kingspoke to East Midlands Business Link about how the firm iscommitted to Nottingham, how his staff reacted after themerger with RSM Tenon, and why he needs to work in anoffice near a Starbucks...EMBL JULY:Layout 1 26/6/14 09:43 Page 26ROUND TABLEwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 27Building onconfidenceWith the London residential market so hot, can some of the heat be drawnup the M1 to the East Midlands? Our latest round table, sponsored by nicheproperty firm Brady Solicitors, found out.Has the London property boom hadany effect on the East Midlandsresidential property sector?Claire Brady: London is a very differentmarket from anywhere else, but it doeshave a certain effect on the rest of theUK. It’s all about how we can link withLondon for the benefit of the Nottinghamand wider East Midlands market. Localbusinesses can take their services to theLondon market – we’ve grown ourbusiness doing just this, and there aredefinite opportunities that can beproactively tapped into.Robert Hartley: Do you think we canpersuade investors to come up here?Brady: There’s no harm in going downto the investors in London and trying topersuade them to come up here.Jane Urquhart: There’s a lot of workbeing done in this area by Invest inNottingham, but it’s how we make thoseefforts greater, and what kind of messagewe want to portray to investors.Jenna Frudd: There’s a London MIPIMthis year, and it’s a great chance for TeamNottingham to get in front of investors.Robert Galij: We’re seeing investmentPanel:Clare Brady, Brady SolicitorsAmy Hope-Smith, BradySolicitorsRobert Galij, Barratt HomesMatthew Robertson, JLLDavid Smith, Strata RealEstateRobert Hartley, InnesEnglandDavid Thomas, FletchergateJenna Frudd, FC7Jane Urquhart, NottinghamCity Council28 EMBL JULY:Layout 1 26/6/14 09:43 Page 27ROUND TABLEEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk28coming out of London, along with privateinvestors.Matthew Robertson: It all comes downto price. In London you can sell for £2,000per sq ft – it’s £200 up here. Trying toconvince a developer to take that risk uphere is very difficult. It’s in the studentmarket where Nottingham has made quickwins, and has brought in interest frominvestors from outside the city.Amy Hope Smith: Romax opened up atUNIP because they wanted to be close tostudents. They can see that this is wherethe best people will come from, and theywant to be near them.Galij: It’s a package; the train, tram thewidening of the A453 – all of these thingscan be instrumental in attracting investorsand part of our package.Hartley: This is true, but if we look atthe returns on the East Midlands market,then they’re just not enough. If you don’tget capital growth, then it ends up being arotten investment.David Smith: If you buy for 10 or 20years, then it could be good investment.But London is a different city and adifferent market.Galij: We have rebranded Barratt in thecapital to call it Barratt London, such isthe attraction of the city. There is always aripple effect out of London, but it’s wherethe rest of the company takes its leadfrom.Hope-Smith: We should see it as anadvantage; at least it is London, notSydney or New York. If we can’t beatthem, join them – we’re not that far away.We employ around 30 people inNottingham at Bradys and the majority ofour work is with the London market.Historically St Pancras was built becausewe wanted to show London how well thenorth was doing – we’re only two hoursaway.What sort of residential developmentsare coming out of the ground at themoment?Galij: It’s not apartments, it’s familyaccommodation – that’s what peoplewant.Urquhart: There also seems to be a fairamount of eco-developments, such asBlueprint’s at Green Street in TheMeadows. I think we might see more ofthis, as development is dictated by spaceavailable.Hartley: Robert, have you noticed anyland-buyers who are only interested ingreenfield land? Would you say investorsare still willing to put their money intobrownfield land?Galij: Yes and no. We do a highpercentage of brownfield development,but if the greenfield site is in the rightlocation, then we’ll do it.Hope-Smith: What’s everyone’sopinion of flats, and the amounts of themthat have been left derelict?Robertson: A lot of people becameaccidental landlords, and they haven’tbeen able to dispose of the propertiesbecause of the dilapidated state they’vebeen allowed to slip into. Being a landlordis fine when the rents are coming in, butthings change when they’re not.Brady: There has to be confidence interms of creating demand, not justexternally but also in terms of civic pride.What we have to do then is sell on thatimage outside of the city.Robertson: If we look at the city centremarket, then there are fewer and fewerowner-occupiers. They don’t want to livein the city centre any longer.Hartley: Do you think it will affectinvestment if Ed Miliband looks likewinning the General Election next year?He’s said he’ll introduce rent controls.EMBL JULY:Layout 1 26/6/14 09:43 Page 28ROUND TABLEwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 29Galij: For us that’s absolutely centrestage, yes.Frudd: I think, from the governmentside, there seems to be a lot of incentivesfor smaller housebuilders to developresidential schemes as well as the biggerboys.Hope-Smith: It’s encouraging to seeplanning committees being so proactivearound the change of use from offices toresidential. Right next to where we’resitting are the new Birchover apartmentsabove Delilah, for example.David Thomas: It’s all about havingconfidence in what people want. There is anarrative that students will pay more –that’s not always the case. Luxuryapartments will always be more lucrative.Smith: That’s true, but studentaccommodation has its place. TalbotStreet in Nottingham is full of it, but that’sbecause students want to fall out of bedand into a lecture.Robertson: We have to recognise thatmuch of the empty office space which isnow student accommodation would neverhave been occupied again, and that itwould’ve been left and left until it was onlyfit for demolition. And because studentsare moving back into the city centre, thenfamily homes in the suburbs are beingfreed up again.Hartley: I agree entirely – thesebuildings would’ve stayed empty for years.Does the East Midlands have enoughskilled professionals to deal with anyresi boom?Galij: I don’t think it’s just advisers,there’s a shortage on many levels – ashortage of materials, for example. Thebrickmakers, for example, are flat out; it’sas if someone’s flicked the switch on alightbulb and everyone is now working atmaximum capacity.Frudd: During the recession a lot ofbuilders simply concentrated on gettingthrough and surviving. Wages and hourswere cut and their teams of trusted peoplewere kept close.Galij: This is true – it was a case of: “Wewill pay you – it might take longer thanusual, but you will get paid – please bearwith us and carry on supporting us”.Thomas: Why has the lightbulb not goneon with suppliers?Galij: They simply can’t triple productionovernight.Brady: Our workload has definitely risen.We have won a lot of work in London, andthere has been a real increase over thelast 18 months on the transactional siderather than the litigation side, and that’sbecause there is more confidence in themarket.What one piece of advice would yougive to an investor?Brady: Get your lease reviewed at theoutset. Get in the mindset of how soundyour investment has to be going forward,get a good agent and make sure youhave everything in place to protect yourinvestment for the future.Hope-Smith:A good example of this isa local mixed-use development that Ihave advised on recently. By clearlyreviewing the commercial and residentiallease at the outset we are now ready forany issues with the commercial tenantsbefore they happen and have alreadybegan to agree certain compromises in acommercial pain free fashion. This is incontrast to a London mixed use blockthat we have just taken on who haveencountered all sorts of issues as thelease wasn’t reviewed and now there is adispute with the commercial tenant andthe institutional investor freeholder ishaving to fund the matter to court. EMBL JULY:Layout 1 26/6/14 09:43 Page 29Next >