This year’s annual conference brings together technical, industry and economic insights, essential for all business valuers. The morning will focus on the challenges of valuing growth shares in SMEs, starting with an overview of how options pricing can be used to do this, followed by a presentation from HMRC on how their SAV team assess value for these types of shares. Our morning session will conclude with an investor’s perspective of how they approach the valuation of a growth business.The theme of the afternoon sessions will be on the challenges being faced by firms on the High Street, with a particular focus on the retail and food & beverage sectors. Sessions include an economic outlook from Paul Johnson (Institute of Fiscal Studies), technical insights and a valuation investment case study. The day will end with John Park, CFO, McDonald’s UK & Ireland, who will be discussing the market challenges to deliver shareholder value.This full day conference provides an essential technical and market update for all professional business valuers.
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Registration and refreshments
Chairman’s introductionJames Palmer, Managing Director, Valuation Services, Duff and Phelps
Small private company growth shares insights from Black Scholes model
For established companies, the issue of ordinary shares to members of the management team can be prohibitively expensive in terms of tax cost. The issue of growth shares has therefore become increasingly common in consequence. The session introduces Black Scholes option pricing as a means of developing coherent valuations of different forms of growth shares for smaller and medium sized companies.
Andrew Strickland, Consultant, Scrutton Bland
Valuing SMEs: An update from HMRC
Steve Thomas, a representative from HMRC, will be discussing the current view on valuing SME’s as well as a general update from SAV.
Steve Thomas, Shared and Assets Valuation (SAV), HMRC
Investing in growth companies: valuing for deals
Our morning session will end with an investor’s perspective and how they approach the valuation of a growth business. Alistair Brew provides an overview of BGF and how he approaches pricing when looking at a business.
Alistair Brew, Investor, BGF
The global valuation profession
Nick Talbot will discuss the latest developments at the IVSC. Nick’s presentation will also cover the regulatory and standards updates for both business and financial instrument valuations.
Nick Talbot, CEO, International Valuation Standards Council (IVSC)
Economic update: Brexit and beyond
Paul Johnson will present a narrative of what he expects to happen to the economy in the lead up to Brexit and beyond.
Paul Johnson, Director, Institute for Fiscal Studies
Retail: market overview
Jacqueline Windsor, Partner, Retail Strategy PwC and Kellie Gread, Partner, Valuations PwC
Kellie Gread and Jacqueline Windsor will provide an overview of the retail market with a focus on clothing and footwear brands. They will discuss issues impacting the sector, explore how these are affecting trading multiples, and consider how business models in the sector need to evolve.
Building, growing and exiting a brand – the story of Aspall Cyder
Barry Chevallier Guild, will recount the story of his family’s brand Aspall Cyder. Listen to how he and his brother Henry grew their business from selling through a few local outlets, to how they sold their business in 2018 to Molson Coors, as a way of fuelling growth and protecting their business’ values.
Barry Chevallier Guild, Brand Ambassador, Aspall Cyder
Evolving a high street offering to create value
John Park, will present a session on how he manages a franchise model and how changes in the competitive landscape and consumer demands caused a repositioning on the high street. His presentation will include how McDonald’s are responding to the challenges on the high street, with matters like business rates and shrinking consumer spend; as well as the ever changing consumer behaviour, including the move to home delivery. John will also discuss how he believes Brexit will impact the business.
John Park, Senior Vice President, CFO, McDonald’s UK and Ireland
Chairman’s closing commentsJames Palmer, Managing Director, Valuation Services, Duff and Phelps
Close of event
James Palmer, Managing Director, Valuation Services, Duff and PhelpsJames Palmer is a managing director in the London office of Duff & Phelps and is part of the Valuation Advisory Services business unit. James has over 18 years of valuation experience. James has extensive experience in performing valuations of business enterprises, debt instruments, equity securities and intangible assets. These valuations are for the purpose of assisting clients in tax & financial planning & reporting, transaction advisory support, strategic planning & litigation support and portfolio valuation support for the alternative asset industry. James has experience in acting as an expert witness and has spoken on a wide variety of valuation related topics, including the Valuation of Intangible Assets, the Practical Implementation of IFRS 3 and Valuation in Accordance with the IPEV Guidelines. Prior to joining Duff & Phelps, James qualified as a Chartered Accountant in the consumer products practice of PricewaterhouseCoopers in London. James received his MEng. in mechanical engineering from Cambridge University. He is also a Chartered Accountant with the Institute of Chartered Accountants in England and Wales and is a committee member of the ICAEWs Valuation Special Interest Group.
Andrew Strickland, Consultant, Scrutton BlandAndrew Strickland is a member of the ICAEW valuation community, and is a consultant with Scrutton Bland, based in Ipswich, Colchester and Cambridge. He undertakes valuation work in respect of smaller companies for both shareholder dispute and divorce purposes. Andrew is a director of the International Institute of Business Valuers and is the chairman of its education committee. Andrew has given presentations and webinars on various valuation matters and has also delivered business valuation training in Saudi Arabia.
Steve Thomas, HMRC Shares and Assets ValuationHaving entered the Inland Revenue in 1985, Steve spent seven years in HM Inspector of Taxes before first joining Shares and Assets Valuation in 1992. Steve has led a number of the office’s specialist areas and worked in Shares and Assets Valuation’s Intellectual Property Team. He is a Member of the Royal Institution of Chartered Surveyors having successfully completed their Assessment of Professional Competence in the Valuation of Businesses and Intangible Assets. Steve currently leads a team comprising some of the most experienced valuers in Shares and Assets Valuation.
Paul Johnson, Director, Institute for Fiscal StudiesPaul has been Director of the IFS since January 2011. He is also currently visiting professor in the Department of Economics at University College London. Paul has worked and published extensively on the economics of public policy, with a particular focus on income distribution, public finances, pensions, tax, social security, education and climate change. He was awarded a CBE for services to the social sciences and economics in 2018. As well as a previous period of work at the IFS his career has included spells at HM Treasury, the Department for Education and the FSA. Between 2004 and 2007 he was deputy head of the Government Economic Service. Paul is currently also a member of the committee on climate change, the Banking Standards Board and of the executive committee of the Royal Economic Society. He was an editor of the Mirrlees Review of the UK tax system.
John Park, Senior Vice President, CFO, McDonald’s UK and IrelandJohn became SVP, Chief Financial Officer for McDonald’s UK in April 2016 and is responsible for the Finance, Supply Chain and Legal functions. John oversees the company’s annual spend with UK suppliers of almost £1billion. John joined McDonald’s from KPMG, in 2003 as an Assistant Operations Accountant. Since then, his progression through the company has included responsibilities as Regional Accounting Manager, Franchise Finance Manager and Head of Commercial Finance. Prior to his current role, John was Vice President Finance for McDonald’s UK. John is a Fellow of the Institute of Chartered Accountants in England and Wales.
Alistair Brew, Investor, BFGAlistair joined BGF in July 2011 and is based in London. His main role is to identify and successfully execute investments. He also sits on the board of a number of our portfolio companies. Alistair has 16 years’ experience in small company investing and has led investments into over 25 businesses. His investment experience was gained initially at Close Brothers and then at Octopus Ventures, where he was involved in a large number of growth capital and management buyout transactions, across multiple sectors and throughout the UK. In the majority of cases, Alistair also joined the board of those companies. Alistair began his career at Price Waterhouse with direct entry into the Business Recovery Services team. Alistair has an MA in Modern History from Oxford University and is a qualified Chartered Accountant. He is married with three children and lives near Guildford.
Nick Talbot, CEO, IVSCNick Talbot is CEO of the IVSC, and formerly held roles at RICS and in the Big Four accountancy firms. The IVSC works with Valuation Professional Organisations (VPOs) other key stakeholders to develop high quality international valuation standards which underpin consistency, transparency and confidence in valuations across the world.
Kellie Gread, Partner, Valuations PwCKellie has over 15 years of experience valuing businesses and shares and is a Fellow of the Institute of Chartered Accountants in Australia and New Zealand. Her valuations experience is broad - performing valuations for transaction advisory, financial reporting, taxation, restructurings, commercial and international disputes, and expert determinations across a range of industry sectors, however a particular industry of focus is retail and consumer. Kellie is currently assisting a number of retail and consumer clients (including UK based and those with international operations) to understand the value of their business, considering issues such as the value of their brands, cost pressures, foreign exchange impacts, outlook for the high street and new entrants to the market.
Jacqueline Windsor, Partner, Retail Strategy PwCJacqueline leads PwC’s retail strategy practice in London, with 20 years of strategy consulting experience in corporate strategy and transactions. She enjoys working with clients to navigate some fundamental retail challenges – helping management to develop winning strategies and advising investors and lenders to make better investment decisions. Jacqueline brings extensive retail experience across different business models and a range of issues:
• Different retail business models including specialists, general merchandisers, department stores, grocers and online players• Range of retail issues including consumer insights, customer proposition, store portfolio optimisation and roll out, market entry, strategic plans, M&A strategy and commercial due diligence
She also brings wider experience in consumer–facing industries (FMCG, health, leisure, media and retail banking)
Barry Chevallier Guild, Brand Ambassador, Aspall CyderBarry joined Aspall in 1993 taking over the sales role from his father John, becoming only the fourth salesman Aspall customers had seen in the whole of the 20th century. Barry’s background is customer and quality focused, having previously worked for BMW in North London. He joined Aspall as a partner in the business taking on responsibility for sales and marketing whilst his brother Henry managed production. The business focused primarily on own label apple juice and vinegar with their Aspall branded cider selling through a few local outlets and their Aspall branded vinegar through health food stores. In 1997, Barry led the project to redesign the Aspall vinegar range which was the start of the journey that has led Aspall to becoming the leading speciality vinegar brand in the UK today with 11 varieties in the range. In 2000 the brothers re-launched their cyder range with a new recipe and a unique bottle inspired by one used by their great-grandfather JB Chevallier. In 2003 the brothers launched Aspall Draught Suffolk Cyder, their first ever keg product that initially sold through local Suffolk pubs. Now available in pubs and bars nationally Aspall in recent years has seen sales grow overseas in America, Japan, Russia and China. Aspall has been voted a ‘cool brand’ every year since 2011, complementing their success in being the only brand to be declared the ‘world’s best cyder’ twice. In 2018 Barry & his brother Henry sold their business to Molson Coors securing the future not only of the brand but of the people who work in the company at its unique location in the heart of Suffolk.
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