• New seven-day-a-week banking experience to arrive in Crawley town centre
• Free coin counting facilities available for everyone, as well as thousands of safe deposit boxes and instant account opening                                                                                     

Metro Bank, the revolution in British banking, is set to open a brand-new store in Crawley this autumn, creating around 25 new jobs for local people.

The store will combine face-to-face banking with state-of-the-art technology, providing residents and businesses with a customer centric and convenient banking experience right on their doorstep.

Following the closure of a number of bank branches in Crawley, Metro Bank is investing in the heart of the community with a seven-day-a-week store, which will offer business, personal and private banking services. It will occupy a prominent site in the town centre at 25 Queens Square, RH10 1HA.

The bank, which prides itself on making a tangible difference to its customers’ banking experience through its award-winning stores and digital platforms, will be open from early in the morning until late at night. Customers can pop into the store at a time convenient to them, and with no appointment necessary, open an account there and then, leaving with their debit card printed, as well as internet and mobile banking fully set-up.

Steve Sawyer, Executive Director at Manor Royal BID: “Metro Bank’s investment is a real vote of confidence in Crawley. They will be breathing new life into a very prominent building and we look forward to them playing an equally significant and active role in the revitalisation of Crawley town centre and the wider community.”

With Crawley home to over 3,000[i] active businesses, local professionals will now benefit from store-based expert Business Managers ready to support them grow and develop, as well as free access to the Forum of Private Business’ wealth of bespoke resources and use of the store’s meeting space.

Craig Donaldson, CEO at Metro Bank added: “We understand that communities want choice when it comes to their banking, so they can bank however, wherever and whenever they choose and that’s why we’re constantly investing in all of our channels, including our high street store presence. Our high profile stores enable us to provide banking services and build real relationships with local people and businesses. It is this commitment to relationship banking underpinned by the very best in customer service that we’ll be bringing to the Crawley community shortly.”

Metro Bank Crawley will act as a hub for the community, hosting a range of charity fundraisers and business events for local people throughout the year. The store will also deliver its free financial education programme, Money Zones, to schools and youth groups in the area. The National Curriculum approved training, which is provided through classroom and store based sessions, has already supported more than 1000,000 children across the UK with their financial literacy.

All stores are open at the most convenient time for local people from 8am to 8pm Monday to Fridays, 8am to 6pm on Saturday and 11am to 5pm on Sundays and bank holidays, 362 days a year.

[i]Crawley Borough Council

• Perkbox is used by 6,850 companies including household names such as Nandos, Caffe Nero, Whole Foods and Wasabi
• Perkbox Insights is a simple, lightweight tool that helps create a transparent feedback loop between HR, management and staff, to break down the silos and keep teams truly engaged
• To subscribe to Perkbox Insights press here https://bit.ly/2M6HJxd 

Perkbox, Europe’s fastest growing employee engagement platform, is today announcing the launch of Perkbox Insights, a simple, lightweight tool to measure employee engagement, helping HR teams break down silos between management and staff. Designed to get to the bottom of what’s really happening in your business, it creates an environment in which everyone feels safe sharing information, employee sentiment can properly be measured and actionable insights can be shared to help solve problems before they turn into bigger issues.

Insights works on a simple premise, ‘the more questions you ask, the more you’ll be able to discover and improve’.

Every week it automatically checks-in with your teams to ask them about their day at work, management and what can be improved. Instead of getting bogged down with the latest “fad” metrics, it cuts right to questions that matter through a complete library of engagement questions, based on the most up to date research undertaken in collaboration with HR specialists, behavioural psychologists and customers.

Insights’ technology has been developed by leveraging Perkbox’s unrivalled experience in the employee engagement space. In order to provide a comprehensive picture of performance, Insights technology does all the legwork for HR leaders and managers. It automatically spots and highlights team, individual and company trends – from performance to engagement and employee satisfaction, so that they can solve problems before they become bigger issues.

One of the main reasons why traditional engagement surveys fall short is that they are time consuming and employees fail to see their value. Insights’ innovative technology uses real-time dashboards highlighting trending feedback and keeping everyone accountable for making meaningful changes. It also provides targeted, actionable suggestions so you can ensure employees feel like they have a voice and be sure your company is always improving. The product will be enhanced with AI capabilities such as providing predictive insights into employee churn across teams in organisations.

Perkbox aims to sign up 5,000 customers in the next six months and is offering a free 12-month subscription for a limited time period.

Ben Leeds, Director of Product at Perkbox comments, “For employers looking to improve performance and increase employee engagement, the data and trends generated by our new Insights product will allow them to see exactly how their performance improves over time. Further, HR leaders, managers and teams will be able to hold themselves accountable and track the progress that has been made on employee feedback and concerns throughout the transition.”

Novatech, award-winning provider of Managed IT and Print Services, has announced the purchase of e/Doc Systems, an independent document management and copier dealership servicing Memphis, Tennessee.

“For over 25 years, e/Doc Systems has built a professional and well-respected reputation throughout the greater Memphis area with its customers and the local business communities,” said Novatech CEO Darren Metz. “We are very excited for both companies as we move forward.”

With the acquisition, Novatech will retain the e/Doc name and its staff.

An industry-leading Managed IT and Print Services provider offering on-site and remote support of network infrastructure and peripherals, Novatech is recognized a record 12 times by Inc Magazine as one of the fastest growing companies in the United States with 13 branches throughout the South and revenues of $83 million.

“Novatech is an industry leader who has been working with customers in Memphis, West Tennessee, Mississippi and Arkansas for well over 20 years,” said Tom Pease e/Doc Systems president and CEO. “Together, the e/Doc team and Novatech will be able to offer enhanced services and even more state-of-the-art equipment and solutions to our customers and communities.”

Founded in 1998 in Memphis before moving its headquarters to Nashville in 2004, Novatech is continuing with plans to expand its footprint throughout the South. This is the 12th acquisition for Novatech and the fourth in the past year and a half.

“As we seek to grow throughout the South, we’re reminded of Novatech’s mission to flourish as a team by delivering caring, efficient service and support to our customers and to each other,” Metz said. “We deliver outstanding equipment and service performance beyond our customers’ expectations, with the fastest on-site service available. And, that’s what sets us apart from all the rest.”

Venable LLP is pleased to announce that William “Bill” C. Hoops has joined the firm’s Real Estate Practice as counsel in the Washington, DC office. Mr. Hoops, who was previously vice president and senior corporate real estate counsel with a financial institution, will focus his practice on real estate finance and project development matters involving the purchase, sale, construction, and build-out of retail, office, and warehouse properties.

Mr. Hoops brings a career’s worth of experience from both his banking and legal background. He has represented borrowers and lenders in loan originations and credit facilities for commercial real estate, multifamily, and senior housing properties, including commercial mortgage-backed securities, private equity, and portfolio. He has managed litigation, property management, enforcement proceedings, and legal matters, including the Americans with Disabilities Act, fire and life safety requirements, and environmental, Occupational Safety and Health Administration, insurance, and condemnation matters. Mr. Hoops has advised landlord and tenant clients on leasing matters involving shopping centers, office buildings, and warehouse facilities.

“We look forward to Bill joining our esteemed group of real estate practitioners who have decades of experience servicing clients in all areas of commercial real estate,” said Thomas E.D. (Ted) Millspaugh, chair of the firm’s Real Estate Practice.

Commenting on his move to Venable, Mr. Hoops said, “The attorneys in Venable’s Real Estate Practice are highly regarded and well respected in the industry, and I am excited to start the next chapter of my legal career with the team.”

Mr. Hoops received his LL.M. in Real Property Development from the University of Miami School of Law in 2006, his J.D. from the University of Miami School of Law in 2004, and his B.A. in English and German from the University of Michigan in 2000.

At Venable, Mr. Hoops joins a Real Estate Practice with 70 attorneys in six offices representing real estate investors, developers, landowners, and public agencies in the legislative, administrative, and regulatory aspects of complex zoning. Chambers USA, Legal 500, and U.S. News-Best Lawyers“Best Law Firms” have consistently recognized the group among the top practices, both regionally and nationally.

Venable LLP is an American LawyerGlobal 100 law firm headquartered in Washington, DC that serves as primary counsel to a worldwide clientele of large and mid-sized organizations, nonprofits, and high-net-worth entrepreneurs and individuals. With more than 700 attorneys across the country, including California, Delaware, Maryland, New York, Virginia, and Washington, DC, the firm strategically advances its clients’ business objectives in the U.S. and around the globe. Venable advises clients on a broad range of business and regulatory law, legislative affairs, complex litigation, and the full range of intellectual property disciplines. For more information, please visit www.Venable.com.

New technology, digital currencies, open banking, business model disruption and unprecedented compliance, regulation and geopolitical issues will change the treasury function beyond recognition in the next decade. Designed to fit six months of meetings into three days, delegates to the event will hear fresh perspectives from thought leaders and learn about cutting-edge solutions that will assist change and prepare them for the future.

Speakers are futurists, economists, experts, technology businesses and a number companies will share their own experiences of keeping up with the pace of digital transformation. 10 sessions you don’t want to miss in Geneva are:

1. Reinvent or die. Time to look at the world differently.
   Hear from the compelling Stéphane Garelli, world authority on competitiveness, as he takes you on an entertaining journey through the changing business landscape.
   Learn how to compete in today’s changing environment. Day 1, Plenary, 9:15am 

2. The rise of tech giants
   As business models change dramatically, how can treasury teams be instrumental in supporting their businesses? Alibaba and Amazon showcase their insightful solutions and approaches. Day 2, Plenary, 9:10am 

3. A masterclass in treasury best practice
   Eight case studies from eight award winning treasury teams. Hear how they have taken the first steps towards building a smart treasury, applied new technology to solve a problem and delivered genuine value to their business through innovation. Practical lessons in abundance. Day 1&2, Stream 1 

4. How to survive the future
   Which jobs will exist in the future and who is most at risk? Howard Tullman, author and chief executive of the world’s largest incubator fund, 1871, gives us concrete examples on the required process, system and strategy to survive the future. Day 3, Plenary, 11:50am 

5. Discovery Labs
   Four stages on the exhibition floor breaking down the latest innovations in payments & FX, trade and supply chain finance, emerging technologies and open banking. Using an exciting mix of formats from Q&A, demos, panels and sessions, get under the hood of how new tech is solving treasury’s pain points.  Day 1&2, Exhibition floor 

6. The future is now: How ready is treasury.
   How ready is treasury for new technologies, ongoing changes to business models and new regulatory initiatives? Hear from Uber, Deutsche Bank and Merck as they discuss the results of a recent survey by the Economist Intelligence Unit. Day 1, Stream 4, 2:00pm 

7. Treasury tips for high growth companies
   Whether you need to start an international treasury from scratch or reshape an existing operation, this stream will guide you through the right structures and strategies. Discover practical applications you can take back to the office.  Day 1&2, Stream 3 

8. Re-imagining cash flow forecasting and treasury reporting in the digital age
   Bombardier automated manual tasks, created data-driven cash flow forecasting models and designed a scalable, real-time dashboard for reporting. Hear how they did it.   Day 1, Stream 5, 2:40pm

9. Virtual accounts are gaining critical mass
   As treasuries struggle to do more with less, virtual accounts are proving a tool for rationalisation, reconciliation and money management. Hear from Booking.com. LV=, IWG, WorldFirst on their different drivers and outcomes.  Day 1, Stream 2, 4:00pm 

10. Scenarios that could change the world
    A whirlwind tour of major trends and what they mean for business and treasury: A cashless world, cryptocurrencies, regulation, re-localisation, a world of debt and a jobless society.  Day 1, Plenary, 11:20am

Research from property website OnTheMarket.com has found that renting a two-bedroom furnished flat can cost up to 21% more per month than renting an unfurnished property of the same size in the same area.

The data gathered uses average monthly rental prices based on two-bedroom flats across nine major UK cities, to determine the average difference in cost between renting a furnished or an unfurnished property.

The graph below shows the average difference in rental costs between furnished and unfurnished two- bedroom flats or apartments across 9 major UK cities (prices are per calendar month).

The graph below shows the average difference in rental costs between furnished and unfurnished two-bedroom flats or apartments in London (prices are per calendar month).

The cost of furnishing a two-bedroom flat can be around £1,800 including a sofa, coffee table, bookcase, TV, table and chairs, two double bed frames, two mattresses, a desk and an office chair. This amount is calculated based on furniture from IKEA and a TV from Curry’s.

With prices for furnished flats commanding up to 21% more than unfurnished, it is a decision for the tenant to decide whether or not to save a lump sum to buy basic furniture.

According to the results, renting a two-bedroom furnished property in the city of Sheffield costs tenants an average of £726 compared to £598 for an unfurnished property of the same size – a 21 per cent increase in price.

In Newcastle upon Tyne the difference is £85 more – a 14% difference, Birmingham (£127 more – a 20% difference), Sheffield (£128 more – a 21% difference), Manchester (£101 more – a 15% difference), London (£128 more – a 9% difference), Leeds (£128 more – a 19% difference), Glasgow (£86 more – 13% more), Coventry (£102 more – 15% more) and Cardiff (£50 more – 7%).

 Helen Whiteley, Commercial Director at OnTheMarket.com said: “Ultimately this research suggests it’s worth calculating the cost of furniture to decide whether the initial financial outlay can be off-set over time during the rental period.

“Spread throughout a 12 month tenancy, these costs become around £150 per month meaning it is worth prospective tenants giving serious consideration to whether or not they are embarking on a long term let. That said, there are clear benefits and a level of convenience of walking into a ready-to-live-in property when weighed against the alternative of buying everything yourself.”

Denise Brown, Property Management Manager at Andrew Craig in Newcastle, said: “Newcastle has a strong hold on student accommodation that requires fully furnished because tenants travel to this area for university and do not have many goods of their own.

“Gateshead has more long term tenants and mostly family homes, it is not normally their first rental and the tenants have collected goods along the way.

“Since the Government abolished tax relief for landlords on furnishing properties, we have noticed a significant drop and over three quarters of our management/let-only business is now unfurnished.

“Landlords are more likely to buy rent guarantee insurance, which protects the landlord against the tenants not paying the rent, than furnish properties.”

WorldSIM, specialists in international roaming, have launched a brand new dual SIM smartphone which will enables users to receive free international roaming in almost 100 countries.

As one of the few 3G GSM Quad band dual SIM phones on the market, this mid-range phone will enable users to benefit from being able to select the best network tariffs for their location as well being contactable on their work SIM/ personal SIM and travel SIM card. The Orbizz from WorldSIM comes unlocked with a travel SIM card that gives cheap call and data worldwide.  With its 4.0” display screen makes and 4.2.2 Android software the WorldSIM Orbizz is lightweight with fast reaction times.

WorldSIM’s CEO, Arif Reza, commented “We developed the Orbizz with international travellers in mind and we have had really positive feedback.  It will make life much easier for frequent travellers and those wanting to benefit from the best tariffs without the hassle of doing the dreaded SIM card swap.”

The Orbizz went on sale to public on the WorldSIM website today and will be distributed worldwide to over 4000 resellers over the coming months.

About WorldSIM:
WorldSIM is a global company providing a range of solutions to reduce the cost of using your phone, laptop and tablet while travelling internationally. As specialists in international roaming and data roaming, WorldSIM offer a selection of award winning travel accessories suitable for leisure and business use.

For more information about WorldSIM international roaming products please visit: http://www.worldsim.com.

By Gary Hemming, ABC Finance 

What is a bridging loan?

Bridging loans, also known as bridging finance is a type of loan which is secured against property, much like a mortgage.

The key difference is that bridging loans are usually designed to cover a short-term need, whereas mortgages are longer term.

Due to a simplified application process, bridging loans can be arranged quickly, often in 5-10 days. This is far quicker than the average property-backed loan, with traditional mortgages usually taking around 6 weeks to complete.

There is a price to pay for the speed and convenience with interest rates and fees usually coming in higher than with mortgages.

Bridging Loan Uses

Bridging finance can be used for almost any purpose, although there some common uses, such as:

• To complete a purchase quickly (such as a property purchased at auction)
• Funding the refurbishment of a property
• To fund the forward purchase of a property before your current home is sold
• To purchase a property below market value
• Completing a purchase on an otherwise unmortgageable property

How Bridging Loan Applications Are Assessed

There are a few key factors in the assessment of bridging loan applications, the main ones are:

• The ‘exit strategy’
• The’ loan to value’
• The applicant’s credit history
• Experience of the borrower

The interest charged on a bridging loan is often rolled into the loan and paid on redemption of the loan. As such, strict affordability calculations aren’t needed in most cases.

The key to most bridging loan applications is how the loan will be repaid at the end of the term. The method of repayment is usually referred to as the ‘exit strategy’. Common exit strategies are for the property to be refinanced onto a traditional mortgage, or sale of the property.

Where the property in question is being sold, the lender will be keen to ensure the term offered is sufficient for the property to sell.

Where the exit strategy is through refinancing the loan to a mortgage, the lender will be keen to see proof that this is possible. Usually, a decision in principle from the new lender is accepted.

The ‘loan to value’ of the proposed loan is crucial to most applications, with rates increasing as the LTV increases. A higher loan to value increases the risk to the lender in the event of default, as such, lower LTV applications tend to see a simpler application process and a higher chance of success.

Although the monthly payments are usually added to the loan, most lenders will still pay attention to the applicant’s credit history. This is because there is still a chance of default through failure to repay the loan at the end of the term.

It’s still possible to get a bridging loan almost regardless of your credit history, you may be ineligible for some of the lower rate products.

Finally, experience can be a key factor for some lenders, especially where conversion or refurbishment work is to take place. Again, a lack of experience doesn’t mean you will be unable to secure bridging finance, it can limit the number of lenders that are willing to lend.

Bridging Loan Costs

Bridging loan rates are lower than ever, with rates for residential properties currently starting at 0.43% per month. This rate is only available up to 50% loan to value, with rates at 75% coming in from 0.64% per month.

Rates for commercial and semi-commercial bridging loans tend to be higher, with rates starting from 0.65%. Again, these rates are only available for LTV applications, with rates at 70% LTV starting from 0.84%.

Although low headline rates are available, they are for lower risk applications only, with rates of 1% common.

In addition to the interest charged, lenders will usually charge an arrangement fee – usually 2% of the loan amount. The lender arrangement fee can be higher, as much as 3% with some lenders and may reduce as low as 1% for low-risk, larger loans. Lender arrangement fees can usually be added to the loan.

Where a broker is used, some will charge a fee for their services, often as much as 1.5% of the loan amount. There are fee-free brokers out there, so choosing one of them can represent a considerable cost saving. Broker fees are also usually added to the loan.

4 Things To Consider Before Taking Out A Bridging Loan

The total cost of borrowing

Rather than chasing the lowest possible interest rate, consider the total cost of the loan before proceeding. Some lenders will charge additional fees, which can increase the total cost of borrowing, meaning a higher rate loan may actually be cheaper.

Other fees, such as broker fees can significantly add to the cost of borrowing, so always ask for and compare the total cost of borrowing where possible.

Am I getting the best deal?

The best deal isn’t always the cheapest deal. By talking to your lender or broker, you should aim to understand other factors associated with the loan. Always ask how quickly the lender will be able to complete the application and try to find out if the lender charges default interest rates if you’re unable to repay on time.

Remember, you’re looking for the cheapest loan that fits your purpose, not just the cheapest product. If the loan can’t be completed as quickly as you need it, it may not be of any use to you.

How the loan will be repaid

As mentioned earlier, lenders will be keen to know how the loan is to be repaid. This should also be your number one concern, if your exit strategy is far from guaranteed, you’re taking a big risk.

As with other types of secured borrowing, if you default on the loan, you’re risking repossession of the property. This risk can be dramatically reduced by considering your exit strategy carefully before you begin your application.

Is a bridging loan the most suitable product?

Bridging loans can be expensive, but invaluable in the right circumstances. Before committing time and money to finding the best bridging loan for you, consider whether there are other options available.

For lighter refurbishment projects or fast purchases, there may be mortgage lenders who are suitable. In this situation, you could open yourself up to big savings by going straight to a ‘term loan’.