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Autumn Budget – seasonal change for Property

uk commercial property

As Philip Hammond prepares to take to the stand in the Commons with his little red case for what he hopes to be his last Autumn Statement (again), the commercial real estate sector will be watching with baited breath as the contents could signal a watershed moment for the industry. It is an important budget, given that the Bank of England looks to have handed over the economic stimulus baton to the Treasury which will need to address the weakening trend in household spending, still the mainstay of the UK economy. [Read more…]

Britain Opts for a Bubble Play

Cameron - UK Government

The UK government has “lost patience” with austerity, and with a general election two years away, has abandoned it in favour of a new bout of debt creation, “tempting consumers to leverage their balance sheets into a new housing bubble,” suggests Trevor Greetham of Fidelity Worldwide Investment. [Read more…]

£36.9 Billion Paid Out In Bonuses

Financial London

Total bonus payments received across the whole economy during the financial year April 2012 to March 2013 were £36.9 billion, an increase of 1% compared with the same period in 2011/12. This equates to an average of around £1,400 per employee. [Read more…]

Osborne Must Resist New Wealth Tax Temptation

Gordon Osborne

Gordon Osborne

Despite growing fears of a triple-dip recession, Chancellor George Osborne must resist pressure from his Liberal Democrat coalition partners to introduce a new wealth tax in his 20th March budget, as it could “deter much-needed new foreign wealth from entering the UK and drive out wealthy foreigners who already live here,” says the chief executive of the world’s largest independent financial advisory firm. [Read more…]

Housing Market Returns To Growth

House Sales UK

House Sales UK

Housing Market Returns To Growth In October As Prices And Transactions Climb

– Transactions increase by 24% in October compared to previous month
–  House prices see first monthly increase since May, rising by 0.1% [Read more…]

Pensioners Face Retirement Tax Bill

Retirement

Retirement

Increasing longevity adds up for pensioner households, MetLife analysis shows

The average UK pensioner household faces a £111,400 tax bill in retirement as increasing longevity means pensioners are living on average up to 19 years past the age of 65, new analysis from MetLife shows. [Read more…]

Big Profit Thinking To Stop Your Small Business Sinking

Annette Du Bois -  Growth Expert

Annette Du Bois – Growth Expert

Business growth expert Annette Du Bois’s new book Big Profit Thinking To Stop Your Small Business Sinking: Powerful Strategies To Accelerate Your Business Success will allow you to unlock the true potential in your business using powerful, practical and proven strategies for success. [Read more…]

CISI And FINRA Announce Cooperation

Chartered Institute for Securities & Investment

Chartered Institute for Securities & Investment

The Chartered Institute for Securities & Investment (CISI) and the Financial Industry Regulatory Authority of the USA (FINRA) have announced the signing of a Memorandum of Understanding (MoU) which will provide FINRA member UK-based retail investment advisers a program to meet the new UK exam standards to continue to be able to advise on securities and derivatives in the UK market and be entitled to CISI membership. [Read more…]

The Profits of Oppression

Luke Johnson

Luke Johnson

A greater threat to open markets than bureaucrats, union bosses or socialists are business owners who exploit regulations to prey on entrepreneurs, argues well-known commentator Luke Johnson of the UK private equity firm Risk Capital Partners. [Read more…]

RKH Group receives funding

RK Harrison Group receives funding

RK Harrison Group receives funding

RK Harrison Group Ltd (RKH), a leading London-based, independent insurance broker, recently secured a new £30 million refinancing deal with Clydesdale Bank and RBS.

The new revolving credit facility is a club deal with Clydesdale Bank and RBS both holding 50% of the funding and replaces RKH’s existing £23 million debt facility.

RKH employs around 560 staff at 12 offices in 8 locations worldwide and has a turnover of approximately £80 million.

The firm specialises in providing tailored solutions to businesses, insurance brokers, trade associations and private individuals operating across four broking subsidiaries – RK Harrison Insurance Brokers, RK Harrison Insurance Services, RKH Financial Risks and Bowood Insurance Brokers in addition to Aqueduct Underwriting Management, their MGA vehicle.

Established in 1882, RKH was incorporated in 1998 via a management buyout from Hiscox Harrison Ltd.

The company has enjoyed strong growth in recent years via a series of acquisitions.

The Clydesdale Bank Corporate and Structured Finance team was led by Paul Hambrook, a Director in the Corporate Banking team in London. He said:

“RKH has positioned itself as one of London’s foremost insurance brokers via a carefully targeted strategy of ongoing acquisition.

“The quality and breadth of the services the firm offers to the market across its four divisions have been instrumental in enhancing their reputation in the sector and we are pleased to be able to support them as they continue to realise their ambitions for the business.”