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#BDOWestMidlandsReport
2016
WEST
THE
REPORT
MIDLANDS
The Midlands Engine
GETS INTO GEAR
OUR REVIEW OF THE BEST COMPONENTS
THE REGION HAS TO OFFER
THE MIDLANDS ENGINE GETS INTO GEAR | BDO LLP
2016
WEST
THE
REPORT
MIDLANDS
SUBHEADING LEVEL 1
Body text
TABLE OF CONTENTS AN HISTORIC OPPORTUNITY
Welcome 01 The West Midlands has a lot to shout about. As one of the main economic powerhouses
of the UK, it encompasses a wide range of companies that lead not just in this country but
What’s happening where 02 internationally, too. And right now the region faces an historic opportunity.
Infrastructure 04 With the creation of the West Midlands Combined Authority comes a chance for industry to
have a greater say than ever in the allocation of resources to critical pillars of competitiveness
Property 06 such as infrastructure, property, skills and welfare. We believe it is a chance that cannot be
Skills and education 08 ignored.
That’s why we are dedicating this, our second edition of the West Midlands Report, to an
Healthcare 10
in-depth review of the Combined Authority and what it could mean for business in the region.
International 12 We also, again, highlight the top 200 West Midlands businesses by turnover.
The West Midlands Top 200 14 We hope you enjoy it.
Top 200 Profile 16
WEST MIDLANDS TOP 200 OVERVIEW
BDO West Midlands contacts 18
2015 2014 CHANGE
Turnover £130.49BN £124.11BN 5%
Operating profit £10.43BN £10.28BN 1%
Profit before tax £8.58BN £9.48BN -9%
Profit after tax £6.67BN £7.64BN -13%
Dividend £1.97BN £2.58BN -24%
No. of employees 648,680 629,524 3%
Total remuneration £17.09BN £16.46BN 4%
Total directors remuneration £298.76M £264.26M 13%
Productivity (per employee) £52K £51K 2%
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welcome
How will we remember this time Within the West Midlands, business is While it is clearly the job of politicians
when we look back in the future? booming, with the automotive sector to tackle these issues, business leaders
It’s an important question. Our alone due to create 20,000 new jobs in cannot stand by idly waiting to be asked for
the next two years, according to reports4. input. With the Combined Authority and
current transition to a Combined
In Birmingham, the private sector created the “Midlands Engine” we are seeing the
Authority, confirmed last 21,000 jobs5 last year, with the highest creation of important roadmaps that will
November in an ‘historic’ £1bn employment rate of any of the eight largest dictate our ability to compete in years to
devolution deal1, is much more city economies outside London. come.
than political window dressing.
Birmingham is also now the UK’s fastest If those roadmaps are going to succeed for
By uniting seven Greater Birmingham local growing regional tourist destination, with business then business leaders must step
authorities and three LEPs into a single the visitor economy growing by half a billion forward and point out the direction of travel.
entity, the Combined Authority will give the in just one year, to £5.98bn6. With growth In future it will not be enough to grumble
West Midlands a focal point to potentially like this it would be easy to assume business that we were not properly consulted. We
rival London or, indeed, any other global leaders could afford to sit back and welcome need to demand a place at the table.
city. And this transition comes at a success with open arms.
propitious time for us. RICHARD ROSE
Nothing could be further from the truth. Lead Partner,
Initiatives such as the £34bn2 “Midlands As this edition of The West Midlands BDO West Midlands
Engine for Growth” aim to build on the Report shows, taking full advantage of
success of a region that has an economy the Combined Authority opportunity will
of £222bn and where private sector depend on joined-up thinking spanning
employment over the last year grew more areas as diverse as infrastructure and inward
than three times faster than London and the investment or skills and healthcare.
South East3.
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what’s happening where
A WEST MIDLANDS REGIONAL OVERVIEW
Who is leading in the West Midlands business world? To find out, we have compiled a list of the region’s top 200 companies by turnover (see
p14). Here, along with other highlights, is how they are split across the region…and how the balance has changed compared to last year.
What emerges overall is a picture of a bustling regional business ecosystem that is well placed to take advantage of the opportunities presented
by devolution. What is the challenge now? To make sure those opportunities are not missed, so the region can continue to build on its current
upward trend.
BIRMINGHAM TOP 200 STATS NEWS FROM THE REGION:
• Birmingham has delivered the biggest growth in start-ups of
all UK core cities, attracting a 95% increase in new companies
£41K
during the last financial year. The city is also still home to
more new companies than any other regional destination7.
• Private sector jobs growth in Greater Birmingham at 6% was
PRODUCTIVITY PER EMPLOYEE
higher than in any other core city LEP area apart from the
2014 2015 West of England and well above the national growth rate of
59/200 48/200 2.3BN 2015 •
4.3% and London’s growth rate of 4.0%8.
Birmingham’s New Street Station is the eighth busiest in the
COMPANIES COMPANIES
2.2BN 2014 country with more than 35 million passengers in a year. New
£25.8BN £21.4BN Street is the only station outside London to make the top ten
TURNOVER TURNOVER OPERATING PROFIT in the ‘top of the stops’ chart9.
THE BLACK COUNTRY TOP 200 STATS NEWS FROM THE REGION:
• More Black Country residents are being educated to NVQ
L4+ than ever before and there is a marked reduction in the
£37K
percentage of people with no qualifications. However, there is
still some way to go to reach national averages10.
• The Black Country is committed to expanding the
PRODUCTIVITY PER EMPLOYEE
availability of employment land, targeting the creation and/
2014 2015 or transformation of 1,571 ha of high quality employment
34/200 25/200 810M 2015 land to meet the needs of expanding and new companies;
currently there are only 696 ha10.
COMPANIES COMPANIES
809M 2014 • Investment projects totalling £229m into transport infra-
£12.5BN £11.7BN structure to support growth via the Local Growth Fund Round
TURNOVER TURNOVER OPERATING PROFIT 1 and Transport Majors is currently underway or planned10.
HEREFORDSHIRE TOP 200 STATS NEWS FROM THE REGION:
• In 2014/15, around 77% of Herefordshire residents aged
between 16 and 64 were employed (70,900 employees and
£55K
18,900 self-employed). This was a two percentage point
increase in the proportion of the working age population
employed from 2013/14.11
PRODUCTIVITY PER EMPLOYEE
• 54% of Herefordshire’s population live in rural areas; 42%
2014 2015 in the most rural locations. Providing services to a dispersed
5/200 5/200 75.1M 2015 •
population across a large geographic area is a challenge.12
£42m funding is being given to the Marches area (covering
COMPANIES COMPANIES
73.5M 2014 Shropshire and Herefordshire) to create much needed homes
£976.5M £1.0BN and jobs. This is the second round of funding announced.13
TURNOVER TURNOVER OPERATING PROFIT
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SHROPSHIRE TOP 200 STATS NEWS FROM THE REGION:
• As part of the Marches area investment Telford will benefit
from £17.4m investment to improve the road structure. Small
£48K
and medium-sized enterprises will be allocated £9.5m to help
them be more competitive.14
• Approximately £12m is currently being invested in the
PRODUCTIVITY PER EMPLOYEE
University of Wolverhampton’s Telford Innovation Campus,
2014 2015 located next to the main business parks of Telford, which
19/200 13/200 37M 2015 is home to some 300 students studying engineering-based
courses as well as around 50 businesses.15
COMPANIES COMPANIES
1.3BN 2014
£5.8BN £5.0BN
TURNOVER TURNOVER OPERATING PROFIT
STAFFORDSHIRE TOP 200 STATS NEWS FROM THE REGION:
• The Stoke and Staffordshire Growth Deal (2015 – 2021) will
see c.£97m of committed government funding resulting in up
£45K
to 7000 new jobs, 1000 new homes and up to c£70m public
and private sector investment.16
• 25% of working age people in the area hold a degree-level
PRODUCTIVITY PER EMPLOYEE
qualification, which is 9% below the average for England,
2014 2015 therefore retention of higher level skills is critical to the
23/200 36/200 1.6BN 2015 continued growth of Staffordshire.17
COMPANIES COMPANIES
836M 2014
£10.2BN £16.9BN
TURNOVER TURNOVER OPERATING PROFIT
WARWICKSHIRE TOP 200 STATS NEWS FROM THE REGION:
• An extra £15.3m will be invested in the region between 2016
and 2021. This is in addition to the £74.1m committed by the
£82K
Government on 7 July 2014. It is hoped that 4000 new jobs
could be created, 1400 new homes built and £220m of public
and private investment generated from this investment.18
PRODUCTIVITY PER EMPLOYEE
• Construction of the inaugural building which is part of the
2014 2015 £100m Friargate Regeneration Scheme will commence early
45/200 52/200 4.9BN 2015 this year. The scheme will connect Coventry Railway Station
with the city centre, whilst providing over 3 million sq ft. of
COMPANIES COMPANIES
4.1BN 2014 mixed use space and creating c.15,000 jobs.19
£57.7BN £62BN • Coventry University won the title of ‘University of the Year’ in
TURNOVER TURNOVER OPERATING PROFIT the Sunday Times Higher Education Awards.20
WORCESTERSHIRE TOP 200 STATS NEWS FROM THE REGION:
• The Worcestershire LEP is working to create 25,000 jobs,
increase Gross Value Added (GVA) by £2.9bn and contribute
£50K
towards the delivery of 21,500 new homes by 2025.21
• The following sectors have been identified as having
particularly strong potential for growth in Worcestershire:
PRODUCTIVITY PER EMPLOYEE
Advanced Manufacturing, Cyber Security and Defence, Agri-
2014 2015 food and Visitor & Destination Economy.22
15/200 21/200 642M 2015 • The direct value of tourism in Worcestershire to be £638m,
incorporating 6% of Worcestershire’s employees.22
COMPANIES COMPANIES
899M 2014 • Worcestershire has talented and trained staff with machine
£11.5BN £12.4BN manufacturing and engineering employment 85% above the
TURNOVER TURNOVER OPERATING PROFIT England average.22
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infrastructure:
the challenge of scale
JOHN STEPHAN
Partner, BDO Corporate Finance - M&A
HS2, a bigger airport and a toll-free By investing in infrastructure, individual
M6 are among the infrastructure places can be joined into one much larger
regional economy that gets the attention
projects that promise to carry
of businesses and investors outside of the
prosperity into the West Midlands. region. Such economies of scale should bring
But are they enough? benefits in a progressive way.
Connecting people, places, businesses and Improving connections with the rest of the
markets is essential to the future of the West UK and globally creates a further multiplier
Midlands. Major infrastructure projects (see effect for the region. This aggregation model INFRASTRUCTURE
panel) are already having a massive impact is one we believe can be successfully pursued
on the region and its fortunes, bringing
PLANS GET THE
by the regions’ leaders to fuel economic
confidence, investment from outside the growth and development for the benefit of
GREEN LIGHT
region and creating local jobs and income. businesses and people. Regional chiefs signalled
And they are not coming a moment too growing support for much-
It can also be a catalyst to attract more
soon. The West Midlands is ideally placed needed infrastructure
businesses into the region to add to the local
for business, at the heart of the UK’s road upgrades in the final weeks of
economy and skill base. The relocation of
and rail networks and with an expanding 2015. Councillors unveiled an ambitious
parts of the UK operations of major financial
international airport. It probably wouldn’t bus, cycle, Metro and rail plan called
institutions such as Deutsche Bank and
come as a surprise that half of the UK’s Movement for Growth, to “help the
HSBC are leading examples of this.
population is within two hours reach of the West Midlands unlock its full economic
region. The benefits of improving infrastructure potential,” the Birmingham Post
and links are clear and can pave the way to reported.
What may be surprising, though, is the greater efficiencies and wealth for businesses
sheer scale of activity that the region’s The long-term, strategic investment
along with a sustainable and successful
infrastructure has to handle. Birmingham’s plan will support the arrival of HS2
future development path for the region as
train stations are the busiest outside of and includes a Metro extension to
whole. Don’t be fazed by the big figures
London, with 1,350 trains passing through Birmingham airport, a wider Sprint bus
already being bandied about. We need all we
New Street daily. network and rail links to Castle Vale,
can get.
Castle Bromwich, Moseley and Kings
Meanwhile, 44 airlines serve 140 Heath.
destinations from Birmingham Airport and
nearly 65 million people visited Birmingham
last year. These are big numbers, and are
getting bigger.
They support the investment levels that are
underway and planned, but one of the major
challenges for the region is that of creating
even more scale. For an individual city or
town there is a limit to how fast this can be
achieved.
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SUBHEADING LEVEL 1
Body text
PROJECT £M BENEFITS TO THE REGION
• Birmingham New Street station 600 • Increase in annual passenger capacity by 50% to 52m
redevelopment • Create £200m of private investment
• Birmingham Metro tram extension 130 • Provide fast link between Snow Hill and New Street
delivering 3.5m passengers pa into city centre shopping
area
• Coventry station scheme and North-South 74 • Improve passenger capacity and increase in train
Rail frequency between Coventry and Nuneaton
• Birmingham Snow Hill improvement and 357 • Improve capacity and access
maintenance of Tame Valley Viaduct
• Wolverhampton interchange project 100 • Improve transport gateways and connections to the city
including a new rail station and Metro tram and unlock key property developments
extensions
• Worcester Parkway Station, located near 22 • Improved links to London, Birmingham and the West
Junction 7 of M5 Country
• Birmingham airport runway extension 200 • Increase in passenger capacity by 27million per annum
and improve global connections
• M54 motorway junction improvement 40 • Improve access to i54 Business Park including JLR engine
plant
• New access to A500 in Stoke 82 • Reduce congestion and improve access to Etruria Valley
Enterprise area and City
• Improvements to Worcestershire Hoobrook 47 • Create faster transport links for local businesses
Link Road
• Darlaston road infrastructure development 26 • Provide improved access for regeneration strategy
including the Black Country Enterprise Zone
• Birmingham City bus interchange 12 • Increase capacity and efficiency
• M5 Junction 4-6a – Smart Motorway TBC • To ease traffic flow
• Superfast broadband in Birmingham city 10 • Faster connections for local businesses
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property: time for
big-picture thinking
GARY ROUSE
Director, BDO Corporate Tax and Head of Real Estate
A shortage of good industrial, The property issues facing the West Midlands commercial property investment volumes
commercial and residential are so large that local responses may no eclipsed those for London26, and in the West
property threatens to hamper the longer be enough to solve it, says Gary Midlands the influx of cash is exemplified
Rouse, Head of Real Estate at BDO in the by projects such as the £500m Paradise
West Midlands’ ability to compete
West Midlands. “Part of the challenge is development in central Birmingham.
on a global level. It will take a trying to understand the issues across the
joined-up strategy to address the whole region,” he says.
The trick now is to make sure the political
challenge. transition to a more autonomous region
That is why the creation of the Combined leads to synergies that will further encourage
The West Midlands has enormous global Authority and moves towards a wider West this influx, rather than hampering it…
opportunities and big ambitions for growth. Midlands powerhouse are so important. along with the chance for increased
What it is missing, however, is large amounts Uniting local authorities can help “the region competitiveness.
of space to grow. take a step back and move beyond local
Jaguar Land Rover (JLR), the region’s top issues,” Rouse believes.
employer, has been expanding facilities This is a debate that extends beyond
in Wolverhampton23 as land gets scarce property, he adds. Where land is scarce,
in its South Birmingham heartland. In authorities may need to make it easier
Birmingham, meanwhile, Savills predicts for workforces to move easily and quickly
grade-A office space will reach an all-time from more distant residential areas, which
low by 201724. requires an investment in infrastructure (see
And land pressures on residential property previous pages).
have sparked concerns about the size of new Making sure key areas within the West
homes, which are now “too small for people Midlands, such as the Black Country,
to live comfortably”, according to reports25. Warwick, Coventry and Worcester, all have
These pressures look set to increase. strategies which are aligned to make the
One of the keys to JLR’s success in the best use of the opportunities will help ensure
region, for example, has been re-shoring: the the success of the Combined Authority.
practice of bringing supply-chain partners Similarly, increasing the rate of new
close to its base so it can profit from just-in- construction is dependent on workforce
time manufacturing techniques. skills that have drained from the region in
This means JLR doesn’t just need space for its recent years, requiring inputs in the shape of
own operations, but also those of its supply education and training (see over).
chain partners. And all the people employed The good news is that money, which has
in this ecosystem need homes to live in, previously been hard to come by for property
retail space to shop in, hospitals to go when development, is now starting to flow.
they are ill, schools to send their children to,
and so on. In the third quarter of 2015, UK regional
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EXPERT VIEW: ADRIAN CLARKE
“The Combined Authority represents a fantastic opportunity for resources to be
effectively deployed at local level, by people who understand where they can
create the most value for the region.
However, whatever format of local government is in place, it remains the
responsibility of the private sector, particularly property developers, investors
and occupiers to make the case for development. It will be interesting to see
the level of responsibility the Combined Authority has in practice.
It’s going to be working across the local authorities, who will each have their
own interests, but one would hope they will understand that by working
together in a cohesive way we can build a region that is better for everyone.
In my view, Birmingham in particular has been very proactive in recent times,
Adrian Clarke is the
Finance Director at IM but this approach needs to be mirrored elsewhere.
Properties, one of the The Combined Authority now represents an opportunity for a more consistent
UK’s largest privately approach across the region, with authorities picking up best practice from those
owned property groups.
that have been more successful in attracting investment in recent years.
The mayoral elections in 2017 will be very important to the success of the
Combined Authority.
It is essential that the right calibre of individual can be identified, someone
who has the gravitas and the vision to bring the local authorities together, and
to manage the inevitable conflicting views that will exist within the Combined
Authority, to achieve the progress so many of us are working to support.”
EXPERT VIEW: SIMON FARRANT
“With Birmingham being so well connected and many big companies wanting
representation, given the lack of recent office development we are now
struggling for enough office stock.
Given the limited existing opportunities in the city centre, a fresh wave of
development is required for demand to be satisfied, which will have the effect
of expanding the overall market size and driving rents to new headline figures.
In terms of industrial space, demand driven by businesses related to the car and
advanced engineering industries have pushed rents to new levels along the M42
corridor, which has had a significant knock-on benefit for the Black Country,
Simon Farrant is the which is picking up elements of the new and latent demand.
Managing Director of
GBR Phoenix Beard, an Just thinking as one region, instead of in isolation and competing, can only
award-winning property lead to benefits in the future. As a region we are much better located than the
consultancy with a blue- Northern Powerhouse and we’ve got a grace period of at least 10 years before
chip client portfolio. HS2 reaches the North.
It’s that joined-up thinking ability that’s key to making this work.”
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skills and education:
has the West Midlands
got talent?
KYLA BELLINGALL
Partner, BDO Business Assurance – Not for Profit
With the West Midlands facing a “But given the high quality and EXPERT VIEW: PAUL THANDI
technologically advanced industry that the
chronic skills shortage, business “I do think the private sector is engaging
West Midlands is renowned for, it is worrying
leaders must push for devolution to note that the region has a significant
with the pubic sector, and that’s good. But
small-to-medium businesses don’t know
to include education and training shortage of skills. Skills training at level 4 or
what’s available. There are so many schemes
packages that will guarantee a above is reported to be 21% for the region,
out there they don’t know where to turn.
6% points below the national average.”
capable workforce in the future.
Finding the time to engage with agencies or
She goes on to say that “a lack of skills will
It’s a serious problem. As business booms channels that can help them is a challenge
restrict economic growth, particularly when
across the West Midlands, the biggest we must work better at solving.”
competition nationally and globally for this
concern for the private sector is not where
pool of talent is increasing.”
to find work, but where to find the people
who will do the work. Polls among business Bellingall believes that “the complexity of
Paul Thandi is the Chief
leaders have revealed up to 77% struggled to the national education and skills system,
executive officer at The NEC
find the right people in 201527. both in terms of structure and funding, Group, a major employer in the
makes it difficult to navigate and can result region.
The education sector is responding with
in a disconnect between demand and supply.
increased investment, such as a £41m
campus extension at Birmingham City “At the micro level, individual providers
University. Students will be delighted; deliver education provision driven by EXPERT VIEW: RICHARD BUTLER
their counterparts at the University of government funding, policies and priorities.”
“Part of the answer to the skills challenge
Birmingham already enjoy the best graduate
For the West Midlands to close the skills is to widen the net of potential recruits. In
employment prospects in the UK, according
gap she considers it “essential that regional manufacturing and engineering there’s a
to The Times28.
leaders break through the complexity of skills gap, but relatively very few women
But more is needed. According to data from skills provision and funding to formulate going in. Financial and business services is
the Office of National Statistics, published a high-level strategic plan for skills, taking growing significantly, but not recruiting from
in the Centre for Economics and Business account of demand now and for the future.” ethnic minorities.”
Research Irwin Mitchell UK Powerhouse
She adds: “This needs to go further than
report of 2013, the West Midlands has the
just aligning demand and supply. It needs to
highest share of unqualified 16-to-64 year
actively manage the talent pipeline ensuring Richard Butler is the West
olds of any UK region bar Northern Ireland.
that young people are encouraged and Midlands Director for the
“The West Midlands is home to a wealth supported early on into career paths that Confederation of British
of education providers that are recognised help drive regional growth.” Industry.
for their contribution to both the local and
national economy,” says Kyla Bellingall, BDO
Business Assurance Partner and Head of Not
for Profit. “The region’s 12 universities alone
contribute an estimated £4bn.”
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EXPERT VIEW: RICHARD HALSTEAD
“If you talk to business, there is a clear skills gap in manufacturing and engineering. That skills
gap has been on two fronts: technical skills, and leadership and management skills. Neither of
these has been fostered since the 1990s. Nor are they skills you will usually pick up at school.
“
Industry has belatedly realised
its loss and started to take
responsibility for solving the
Industry has belatedly realised its loss and started to take responsibility for solving the problem. EEF, for example, runs
problem. EEF, for example, runs an apprentice training centre in Birmingham that has gone an apprentice training centre in
from 90 to more than 200 first-year students in the last three years.
Birmingham that has gone from
Going forward, however, there is a worry about finding enough apprentices looking for a
career in engineering or manufacturing. In part this is down to outdated perceptions of jobs in
90 to more than 200 first-year
“
industry being ‘dirty’. students in the last three years.
But increasingly the low-take up of science, technology, engineering and maths subjects at RICHARD HALSTEAD
school means that many youngsters wouldn’t be suited for such a career anyway.
What is clear is that the private sector has to take an active role in developing skills and Richard Halstead is
training to solve its employee shortages, since there is competition for this talent. Schools are the Region Director
now trying to keep students in education because they get paid per individual. for Midlands and
the East at EEF,
In this respect, the creation of a West Midlands Combined Authority and regional powerhouse the manufacturers’
gives the private sector an added opportunity to state what it needs, in terms of skills, organisation.
to remain competitive. It’s a very exciting opportunity. But you need strong business
engagement.”
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healthcare: how can
we secure a healthy
future for the NHS?
MARTIN CHARTERS
Partner, BDO Healthcare Advisory
The NHS is stretched to the point system works, says Martin Charters, BDO focused on supporting older people to stay
Healthcare Advisory Partner. “There are a fitter and live independently for longer.
that a radical rethink of how we
number of macro factors at work,” he says, GPs are collaborating more effectively, with
deliver care is needed to ensure a “such as an ageing population, a huge rise vanguards such as Modality Partnership
sustainable future. in diabetes and obesity-related issues, and building larger partnerships and federations,
people living longer with chronic disease.” and linking at scale with community, mental
Healthcare in the West Midlands is stretched
health and social care teams to deliver
to the limits. After the first quarter of the The current health system is geared
pro-active care and greater levels of support
current financial year, 27 NHS trusts were in towards treating people when they become
outside hospitals.
deficit across the Midlands and the East, with ill, with payments focused on rewarding
an accumulated debt of more than £171m. inputs, activity and procedures. This needs The creation of the West Midlands Combined
The situation reflected the national picture. to change to a focus on payment for Authority and Midlands Powerhouse
prevention, early intervention and delivering programmes provides additional momentum
In October 2015 regulators said the NHS
better outcomes. There will still be the need and a unique opportunity for politicians to
in general faced the biggest financial crisis
for excellent acute services, but more care engage and support much wider system
‘in a generation’29 after racking up a £930m
should be available within the home and transformation and to combine health and
deficit in the first quarter of the financial
local communities. social care as never before. The health of the
year. Eight out of 10 UK Trusts were in the
West Midlands depends on it.
red. To do this effectively, you don’t just need
a razor-sharp focus on patient outcomes,
Furthermore, the number of people waiting
but also a fully joined-up health and social
for non-emergency operations was at its
care service so that specialists are able
highest level since 2008, while a 62-day
to intervene earlier on in the evolution of
waiting time target for cancer treatment
medical conditions, before they become
had been missed for 16 months in a row.
more expensive to treat. People also need
The Care Quality Commission reported that
to play their part, and be supported to take
three quarters of hospital trusts have safety
charge of their own health and wellbeing.
problems.
In the West Midlands, we have some leading-
The NHS has now received a relatively
edge healthcare provision delivered in
good settlement in the 2015 Spending
organisations with international reputations,
Review, which provides a breathing space
such as University Hospitals Birmingham and
for alleviating deficits and allowing health
Birmingham Children’s Hospital. These will
services to be transformed.
continue to be beacons of excellence, but
The NHS must take this opportunity to most health and social care delivery happens
address fundamental changes in the way outside hospitals.
people’s needs are met.
Radical shifts are happening in primary
Will things get better in future? Not without and community care. The University of
a bottom-up rethink of how the healthcare Birmingham is part of a major new study
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international:
competing on the
world stage
JOHN STEPHAN
Partner, BDO Corporate Finance – M&A
BDO Partner John Stephan praises The automotive sector, and Jaguar Land EXPERT VIEW: NEIL RAMI
Rover in particular, is a major contributor
the progress being made by the “As a city, Birmingham has made great
to this, driving the West Midlands into a
West Midlands on the global unique place as the only region in the UK to strides in recent years. We have the highest
scene. be running a trade surplus with China and start-up rate for new companies of any
Asia Pacific. region outside London, our exports are
Birmingham is the top European city contributing to the UK’s balance sheet
for attracting inward investment. That Further investment in skills, training and and we’re attracting about a quarter of all
startling headline is from the World’s Most infrastructure from the Government’s foreign investment outside London.
Competitive Cities Report 2015, published in devolution deal should help reinforce export
November. The report ranks urban areas by potential. Productivity gains and innovation But there are constraints on our growth.
eight key sectors of major importance to the are key aspects that the region has to focus McKinsey has suggested that two types of
global economy and is judged by industry on to maintain and improve its competitive cities will be successful in future: mega-
experts. edge on the international stage. cities with 10m people or more, or mid-tier
cities with 4 million to 5 million.
The largest city in the West Midlands Our view is that the region will also be
ranks in the top slot in the four sectors of bolstered as manufacturing experiences a Clearly Birmingham will want to figure
aerospace, food and beverage, machinery, move towards reshoring of production that among these, so the development of a
equipment and construction, and metals. It had previously been sourced from countries functioning West Midlands metro area,
ranks second in automotive, transport and with a lower labour cost. with 4m people, is a real necessity, I would
logistics, third in electronics and fourth in suggest. The devolution deal was critical.”
As that cost differential has narrowed
business and financial services.
and service and shorter lead times have
Such standing is built firmly on the local skill been recognised as an important source of
base across a wide spread of sectors, and competitive advantage, local companies are Neil Rami is the Chief Executive
foresight around investment in transport, bringing production and the supply chain of Marketing Birmingham,
infrastructure and commercial property back to the region. the city’s strategic marketing
(see previous pages). In another report, partnership
The West Midlands was once known as
Birmingham is ranked as the sixth best city
the workshop of the world. The industrial
in Europe for property investment, ahead of
decline that followed has been arrested and
London.
progressive thinking has made the region
Overseas investments grew by over 70% attractive to a global audience.
last year, creating record numbers of jobs.
The redesigned wheels of the West Midlands
But inward investment is only part of the
engine are turning again, but business
equation and exporting of product and
leaders should not be complacent: as shown
services is another key part of regional
on previous pages, the region’s growing
growth.
importance on a global scale can only be
In this regard the West Midlands is maintained through careful planning that
performing strongly, accounting for over takes into account the needs of industry.
10% of the UK’s exports from a population
base that is only 6% of the UK’s total.
12 THE WEST MIDLANDS REPORT 2016 | BDO LLPOUR REVIEW OF THE BEST COMPONENTS THE REGION HAS TO OFFER | BDO LLP
EXPERT VIEW: PAUL THANDI
“Who should we compare ourselves to? For
me, it would be Shanghai, Tokyo, New York,
Beijing or Los Angeles. It is achievable, but
it’s not easy. The challenge is selling the
West Midlands internationally.
The Combined Authority has a real
opportunity to get things done quicker than
at present. It’s got the backing and clout to
realise public sector growth opportunities
at a private sector pace. One thing that may
help is if the mayor has to answer to a board
with private sector people on it.”
Paul Thandi is the Chief
Executive officer at The NEC
Group, a major employer in the
region.
THE WEST MIDLANDS REPORT 2016 | BDO LLP 13THE MIDLANDS ENGINE GETS INTO GEAR | BDO LLP
The West Midlands Top 200 KEY: 200. COMPANY
Region / Sector / Turnover £thousands
High profile businesses continue to lead, by a wide margin, our list of the region’s largest 200 companies
by turnover. But there are success stories throughout the Top 200 which is encouraging. RISE FALL NO MOVE NEW
1. Jaguar Land Rover Automotive PLC 25. Alstom Ltd 49. RAC Group Limited 73. Genting UK PLC
Warwickshire / Manufacturer /£21,866,000 Staffordshire / Manufacturer / £1,163,600 Black Country / Motor services / £498,000 Birmingham / Leisure / £316,800
2. E.On Energy Solutions Limited 26. National Farmers Union Mutual 50. CEF Holdings Limited 74. Selco Trade Centres Limited
Warwickshire / Utilities / £7,489,000 Insurance Society Limited (The) Warwickshire / Wholesale / £490,380 Worcestershire / Wholesale / £315,364
Warwickshire / Financial services /
3. GKN PLC £1,162,000 51. Sanctuary Housing Association 75. Titan Europe Limited
Worcestershire / Manufacturer / Worcestershire / Social housing / Worcestershire / Manufacturer /£313,229
£6,982,000 27.Halfords Group PLC £474,000
Worcestershire / Retail / £1,025,400 76. Goodyear Dunlop Tyres UK Limited
4. Aldi Stores Limited 52. Aston Martin Holdings (UK) Ltd. Birmingham / Manufacturer / £311,484
Warwickshire / Retail / £6,893,257 28. Poundland Limited Warwickshire / Manufacturer / £468,355
Black Country / Retail / £997,803 77. Agco Limited
5. Carillion PLC 53. Sun Valley Foods Limited Warwickshire / Wholesale / £310,226
Black Country / Construction / £3,493,900 29. Listers Group Limited Herefordshire / Food / £466,283
Warwickshire / Motor retail / £958,360 78. National Veterinary Services Ltd.
6. Phoenix Life Limited 54. Calor GAS Limited Staffordshire / Veterinary / £306,722
Birmingham / Financial services / 30. Dpdgroup UK Ltd Warwickshire / Utilities / £460,000
£2,801,000 Black Country / Logistics / £872,547 79. ATS Euromaster Limited
55. Hill & Smith Holdings PLC Birmingham / Motor services / £304,023
7. AAH Pharmaceuticals Limited 31. Michelin Tyre PLC Birmingham / Manufacturer / £454,700
Warwickshire / Pharmaceuticals /£2,691,055 Staffordshire / Manufacturer / £846,490 80. TRW Limited
8. J.C.B. Service 56. Punch Taverns PLC Birmingham / Manufacturer / £303,594
Staffordshire / Manufacturer / £2,514,500 32. Marston’s PLC Staffordshire / Pubs / £448,100
Black Country / Pubs / £815,300 81. The Paragon Group of Companies
9. Mitchells & Butlers PLC 57. Rybrook Holdings Limited PLC
Birmingham / Pubs / £1,970,000 33. Spirit Pub Company Limited Warwickshire / Motor retail / £438,011 Birmingham / Financial services /
Staffordshire / Pubs / £800,900 £302,000
10. Jewson Limited 58. Robert Bosch Investment Ltd.
Warwickshire / Wholesale / £1,876,476 34. Greenhous Group (Holdings) Ltd. Worcestershire / Manufacturer / £431,100 82. Countrywide Farmers PLC
Shropshire / Motor retail / £774,811 Worcestershire / Wholesale / £298,172
11. National Express Group PLC 59. Delphi Diesel Systems Limited
Birmingham / Transport / £1,867,400 35. The Midcounties Co-Operative Ltd. Warwickshire / Manufacturer / £428,383 83.Thyssenkrupp Materials (UK) Ltd.
Warwickshire / Retail / £731,883 Black Country / Manufacturer / £296,569
12. Severn Trent PLC 60. Westbridge Foods Limited
Warwickshire / Utilities / £1,801,300 36. Central England Co-Operative Ltd. Worcestershire / Food / £425,456 84. Allen Ford (UK) Limited
Staffordshire / Retail / £717,845 Warwickshire / Motor retail / £290,568
13. Wolseley UK Limited 61. Mentass Limited
Warwickshire / Wholesale / £1,758,046 37. Sims Group UK Limited Birmingham / Wholesale / £387,472 85. Alpine Electronics of U.K. Limited
Warwickshire / Manufacturer / £684,376 Warwickshire / Retail / £286,732
14. IMI PLC 62. Adams Foods Limited
Birmingham / Manufacturer / £1,692,000 38. Doncasters Group Limited Staffordshire / Food / £386,751 86. Goodrich Actuation Systems Ltd.
Staffordshire / Manufacturer / £678,900 Birmingham / Manufacturer / £280,000
15. Rigby Group (RG) PLC 63. Ricoh UK Products Limited
Warwickshire / Wholesale / £1,627,535 39. Headlam Group PLC Shropshire / Manufacturer / £384,588 87. Cookson Precious Metals Limited
Warwickshire / Wholesale / £635,242 Birmingham / Manufacturer / £272,622
16. Bet365 Group Limited 64. LAF Holdings Limited
Staffordshire / Leisure / £1,570,625 40. Enterprise Inns PLC Shropshire / Food / £376,100 88. Eriks Industrial Services Limited
Birmingham / Pubs / £632,000 Black Country / Wholesale / £272,168
17. Compass Contract Services (U.K.) Ltd. 65. Holland & Barrett Retail Limited
Birmingham / Leisure / £1,536,791 41. Schneider Electric Limited Warwickshire / Retail / £368,823 89. Timet UK Limited
Shropshire / Manufacturer / £611,305 Birmingham / Manufacturer / £271,171
18. Muller UK & Ireland Group LLP 66. GE Energy Power Conversion UK
Shropshire / Manufacturer / £1,395,593 42. Homeserve PLC Limited 90. Johnsons Cars Limited
Black Country / Insurance / £584,200 Warwickshire / Utilities / £351,708 Worcestershire / Motor retail / £270,270
19. Melrose Industries PLC
Birmingham / Manufacturer / £1,377,500 43. Finning (UK) Limted 67. Pirelli UK Tyres Limited 91. Dignity PLC
Staffordshire / Wholesale / £568,603 Staffordshire / Manufacturer / £345,054 Birmingham / Funeral services / £268,900
20. Molson Coors Brewing Company (UK)
Limited. 44. Impello PLC 68. Telent Limited 92. Wesleyan Assurance Society
Staffordshire / Beverage / £1,372,364 Warwickshire / Utilities / £562,182 Warwickshire / Telecoms / £331,800 Birmingham / Financial services / £264,900
21. Halcyon Topco Limited 45. Volvo Group UK Limited 69. Baxi Heating UK Limited 93. Centresoft Limited
Staffordshire / Healthcare / £1,366,436 Warwickshire / Motor retail / £561,441 Warwickshire / Manufacturer / £319,771 Birmingham / Wholesale / £263,267
22. Kcad Holdings I Limited 46. Pertemps Network Group Limited 70. Yamazaki Mazak U.K. Limited 94. AGA Rangemaster Group PLC
Birmingham / Construction / £1,353,748 Warwickshire / Recruitment / £555,210 Worcestershire / Manufacturer / £319,134 Warwickshire / Manufacturer / £261,100
23. A.F.Blakemore And Son Limited 47. International Automotive 71. Aviagen International Finance 95. Epwin Group PLC
Black Country / Wholesale / 1,191,658 Components Group Limited Limited. Birmingham / Manufacturer / £259,500
Warwickshire / Manufacturer / £537,359 Warwickshire / Food / £319,027
24. Tulip Limited 96. The Best Connection Group Limited
Warwickshire / Food / £1,170,207 48. Sumitomo Electric Wiring Systems 72. Godiva Mortgages Ltd. Worcestershire / Recruitment / £254,701
(Europe) Limited Warwickshire / Financial services /
Staffordshire / Manufacturer / £509,104 £318,083
14 THE WEST MIDLANDS REPORT 2016 | BDO LLPOUR REVIEW OF THE BEST COMPONENTS THE REGION HAS TO OFFER | BDO LLP
97. ZF Lemforder UK Limited 124. Dyon UK Limited 151. Meyer Timber Group Limited 178. CMS (Kidderminster) Limited
Black Country / Manufacturer / £246,609 Warwickshire / Extraction & mining / Staffordshire / Manufacturer / £145,801 Worcestershire / Motor retail / £122,615
£176,913
98. Magna Interiors (UK) Limited 152. Ingeus UK Limited 179. Riviera Tours Limited
Warwickshire / Manufacturer / £241,776 125. Eagle Superco Limited Warwickshire / Welfare / £145,537 Staffordshire / Leisure /£122,540
Staffordshire / Childcare / £176,018
99. Warwick Holdings Limited 153. VAX Limited 180. M.V. Kelly Limited
Birmingham / Motor retail / £241,343 126. Bridgnorth Aluminium Limited Birmingham / Wholesale / £143,106 Birmingham / Construction / £122,146
Shropshire / Manufacturer / £175,499
100. Cedo Holdings Limited 154. The Works Stores Limited 181. Seafresh Group (Holdings) Ltd.
Shropshire / Manufacturer / £239,771 127. The Woodard Corporation Birmingham / Retail / £141,684 Worcestershire / Food / £121,802
Staffordshire / Education / £175,282
101. Hydriades IV Limited 155. CPC Foods Limited 182. Birmingham Airport Holdings Ltd.
Black Country / Utilities / £238,368 128. Leoni Wiring Systems U.K. Limited Warwickshire / Food / £140,950 Birmingham / Airport / £121,158
Staffordshire / Manufacturer / £171,386
102. Stadco Automotive Limited 156. Reach2 Limited 183. Keltruck Limited
Shropshire / Manufacturer / £232,400 129. East End Foods Holdings Limited Staffordshire / Education / £138,706 Black Country / Motor retail / £120,702
Black Country / Food / £170,276
103. Fedex UK Limited 157. Dana UK Axle Limited 184. Ishida Europe Ltd.
Staffordshire / Logistics / £230,189 130. L A International Holdings Limited Warwickshire / Manufacturer / £138,085 Birmingham / Manufacturer / £120,116
Staffordshire / IT / £170,061
104. Lyreco UK Limited 158. CP Foods (UK) Limited 185. National Exhibition Centre
Shropshire / Wholesale / £229,718 131. Briggs Equipment UK Limited Worcestershire / Food / £136,911 Limited (The)
Staffordshire / Wholesale / £168,813 Birmingham / Leisure / £120,081
105. K.T.C. (Edibles) Limited 159. Renault Trucks UK Ltd
Black Country / Food / £225,499 132. Joy Global (UK) Limited Warwickshire / Motor retail / £135,431 186. Alliance Medical Group Ltd.
Worcestershire / Manufacturer / £168,199 Warwickshire / Healthcare / £119,600
106. Orbit Group Limited 160. Wyman-Gordon Limited
Warwickshire / Social housing / £220,658 133. Midland Heart Limited Herefordshire / Manufacturer / £133,936 187. M And M Direct Limited
Birmingham / Social housing / £167,884 Herefordshire / Retail / £119,336
107. Alliance Automotive UK Limited 161. Special Metals Wiggin Limited
Birmingham / Wholesale / £217,360 134. Premier Paper Group Limited Herefordshire / Manufacturer / £133,437 188. Ashland Specialties UK Limited
Birmingham / Wholesale / £167,594 Worcestershire / Manufacturer / £119,171
108. Bridgestone UK Limited 162. LSP Holding (UK) Ltd
Warwickshire / Wholesale / £211,167 135. Mueller Europe Limited Black Country / Manufacturer / £131,764 189. Qaisar Limited
Black Country / Manufacturer / £166,475 Birmingham / Telecoms / £119,162
109. Palletways Group Limited 163. Castings Public Limited Company
Staffordshire / Logistics / £208,173 136. Culina Logistics Limited Black Country / Manufacturer / £131,268 190. Comau U.K. Limited
Shropshire / Logistics / £162,780 Warwickshire / Manufacturer / £118,303
110. T.G. Holdcroft (Holdings) Limited 164. Mertex UK Limited
Staffordshire / Motor retail / £206,118 137. Ideapark Limited Warwickshire / Wholesale / £131,246 191. Reform Acquisitions Limited
Worcestershire / Fostering / £161,540 Birmingham / Leisure / £116,920
111. Metalor Technologies (UK) Ltd 165. Macfarlane Group UK Limited
Birmingham / Manufacturer / £203,670 138. Assa Abloy Limited Warwickshire / Manufacturer / £130,162 192. GVA Grimley Holdings Limited
Black Country / Manufacturer / £160,478 Birmingham / Property advisors /
112. Beiersdorf UK Limited. 166. B.E. Wedge Holdings Limited £115,318
Birmingham / Wholesale / £199,235 139. W.Brindley (Garages) Limited Black Country / Manufacturer / £129,598
Black Country / Motor retail / £158,356 193. Voyage Care Holdco Limited
113. Goodrich Control Systems 167. Saint-Gobain Glass (United Staffordshire / Healthcare / £114,812
Birmingham / Manufacturer / £188,300 140. Davies Turner Holdings PLC Kingdom) Limited
Warwickshire / Logistics / £158,003 Warwickshire / Manufacturer / £128,842 194. Secure Trust Bank Public Limited
114. Logson Limited Company
Birmingham / Manufacturer / £187,883 141. A.L.E. UK Holdings Limited 168. Victoria P.L.C. Birmingham / Financial services /
Staffordshire / Logistics / £157,084 Worcestershire / Manufacturer /£128,304 £113,800
115. Denso Manufacturing UK Ltd.
Shropshire / Manufacturer / £185,336 142. Brose Limited 169. Fuchs Lubricants (UK) PLC 195. Novus Property Solutions Limited
Warwickshire / Manufacturer / £153,802 Staffordshire / Manufacturer / £127,260 Staffordshire / Construction / £112,747
116. Mondelez UK Confectionery
Production Limited 143. Fujitsu Telecommunications 170. Marubeni - Komatsu Limited 196. Claire’s European Distribution
Birmingham / Food / £184,963 Europe Limited Worcestershire / Manufacturer / £127,176 Limited.
Birmingham / Telecoms / £153,072 Birmingham / Retail / £110,334
117. Tangent Trading Limited 171. Goodwin PLC
Black Country / Manufacturer /£184,488 144. Bromford Housing Group Limited Staffordshire / Manufacturer / £127,049 197. High Value Manufacturing
Black Country / Social housing /£153,002 Catapult
118. Clinigen Group PLC 172. Lexon (UK) Limited Birmingham / Manufacturer / £109,995
Staffordshire / Pharmaceuticals /£184,359 145. Steel & Alloy Processing Limited Worcestershire / Pharmaceuticals /
Black Country / Manufacturer /£152,651 £126,742 198. Thomas Vale Group Limited
119. Nimickay Limited Worcestershire / Construction / £109,913
Warwickshire / IT / £183,795 146. Marley Eternit Limited 173. Enta UK Limited
Staffordshire /Manufacturer/£152,000 Shropshire / IT / £125,720 199. Whittan Intermediate Limited
120. Arcelormittal Distribution Shropshire / Manufacturer / £109,708
Solutions UK Limited 147. Sandvik Limited 174. E H Smith Holdings Ltd
Black Country / Manufacturer / £183,555 Black Country / Manufacturer / £150,468 Birmingham / Builders merchant / £124,769 200. Retail Solutions (Holdings)
Limited
121. DCS INC Limited 175. Wabtec Rail Limited Staffordshire / IT / £109,640
148. Minor,Weir And Willis Limited
Warwickshire / Wholesale / £182,940 Birmingham / Wholesale / £150,021 Staffordshire / Manufacturer / £123,399
122. Roadchef Limited 149. Kingspan Insulation Limited 176. Longdon Estates Limited
Staffordshire / Leisure / £181,400 Herefordshire / Manufacturer / £148,394 Birmingham / Manufacturer / £123,353
123. Sertec Group Limited 150. ROS Roca Dennis RCV Limited 177. Aston Manor Brewery Company
Warwickshire / Manufacturer / £180,773 Warwickshire / Manufacturer / £146,564 Limited
Birmingham / Beverage / £122,773
THE WEST MIDLANDS REPORT 2016 | BDO LLP 15THE MIDLANDS ENGINE GETS INTO GEAR | BDO LLP
TOP 200 PROFILE
turnover analysis
BDO COMMENT: TURNOVER ANALYSIS PER REGION
The county home of 70
JLR, Coventry and
Warwickshire, generates
the largest amount of
revenue, accounting
60
for 47.6% (£62bn) of
the top 200’s £130.5bn
total turnover. The
biggest revenue increase
50
came from Staffordshire
firms, which have
increased their turnover
by 66% to £16.9bn from
40
£ BILLIONS
£10.2bn the previous
year and now contribute
13% of the total
turnover of the region’s
top 200 companies. 30
20
10
GRAPH KEY:
2014 2015
0
BIRMINGHAM BLACK COUNTRY HEREFORDSHIRE SHROPSHIRE STAFFORDSHIRE WARWICKSHIRE WORCESTERSHIRE
BDO COMMENT: TURNOVER ANALYSIS PER SECTOR
It is no surprise that
manufacturing is 60
the region’s most
imposing sector with 82
companies making the
50
regional top 200 list in
2015, increasing by nine. 40
£ BILLIONS
The retail & wholesale
sector is represented by
53 companies, six less 30
than last year.
20
10
0
G LE N G S Y S T ES RK ER
N SA O IN I CE LIT IC TM TI O TH
RI TI US RV TA ST ILI
TU LE C
SE
I GI UT AL
W O
HO RU HO SP LO
AC ST AL HO CI
UF W AL CI & SO
AN
& N CI & RT
AI
L CO SO AN RE PO
&
M
ET & FI
N U S TH
R RT
Y
LE
IS AN AL
PE TR HE
O
PR
16 THE WEST MIDLANDS REPORT 2016 | BDO LLPOUR REVIEW OF THE BEST COMPONENTS THE REGION HAS TO OFFER | BDO LLP
TOP 200 PROFILE
further analysis
PERCENTAGE OF COMPANIES IN THE TOP 200 LIST BY REGION AND SECTOR
REGIONS
Birmingham
GRAPH KEY:
Black Country
Herefordshire
Shropshire
Staffordshire
11%
15% Warwickshire
24%
Worcestershire
8% 3%
14%
SECTORS
30% 4% 4% Manufacturing
22% 5% 37% 41% Retail &
SECTORS wholesale
26% REGIONS 7% 4%
Property &
6%
20 20 construction
14 13% 14
12% 3% Leisure &
17%
hospitality
9% 30%
2% Transport &
201 2% 201 logistics
5 5
Utilities
6%
18% 27% Other
PRODUCTIVITY ANALYSIS (PER EMPLOYEE) BDO COMMENT:
The average
90 productivity per
employee is £52K
82 for the top 200
80
companies in the
70 West Midlands which
is on par with the
60 national average.
£ THOUSNADS
WEST MIDLANDS AVERAGE 55 Warwickshire &
50 Coventry companies
50 48
45 are out performing
41
40 the average with
37 £82K productivity
and Black Country
30 businesses are
lagging behind with
20
£37K.
10
0
BIRMINGHAM BLACK COUNTRY HEREFORDSHIRE SHROPSHIRE STAFFORDSHIRE WARWICKSHIRE WORCESTERSHIRE
THE WEST MIDLANDS REPORT 2016 | BDO LLP 17THE MIDLANDS ENGINE GETS INTO GEAR | BDO LLP
BDO WEST MIDLANDS
CONTACTS
Our commitment to the West Midlands is
reflected in the breadth and experience of
our team. We pride ourselves in being able
main page title
to offer all the ingredients for excellent
client service with our resources in the
region, while providing the national and
international support you would expect of a
major global firm.
RICHARD ROSE
Lead Partner, West Midlands
t: +44 (0)121 352 6218
m: +44 (0)7800 682 745
richard.rose@bdo.co.uk
SUBHEADING LEVEL 1
KYLA BELLINGALL
Body textBusiness Assurance – Not for Profit
Partner,
t: +44 (0)121 265 7220
m: +44 (0)7786 198 735
kyla.bellingall@bdo.co.uk
ROGER BUCKLEY
Partner, Corporate Finance – M&A
t: +44 (0)121 352 6213
m: +44 (0)7966 373 914
roger.buckley@bdo.co.uk
MARTIN CHARTERS
Partner, Healthcare Advisory
STEVE HALE DAVID POOLER
t: +44 (0)121 352 6200
Partner, Business Assurance Partner, Corporate Tax
m: +44 (0)7813 547 974
t: +44 (0)121 352 6268 t: +44 (0)121 352 6208
martin.charters@bdo.co.uk
m: +44 (0)7971 405 489 m: +44 (0)7795 052 559
steve.hale@bdo.co.uk david.pooler@bdo.co.uk
MALCOLM COOK
Partner, Corporate Finance - Transaction KIM RAYMENT
TOM LAWTON
Services Partner, Business Restructuring
Partner, Business Assurance and National
t: +44 (0)121 352 6366 t: +44 (0)121 352 6216
Head of Manufacturing
m: +44 (0)7831 590 025 m: +44 (0)7734 982 174
t: +44 (0)121 352 6372
malcolm.cook@bdo.co.uk kim.rayment@bdo.co.uk
m: +44 (0)7778 343 346
tom.lawton@bdo.co.uk
GRAHAM ELSWORTH GARY ROUSE
Partner, Corporate Finance - Transaction Director, Corporate Tax – Real Estate
ANDREW MAIR
Services t: +44 (0)121 352 6252
Partner, Business Assurance
t: +44 (0)121 352 6212 m: +44 (0)7976 198 489
t: +44 (0) 121 265 7250
m: +44 (0)7966 373 914 gary.rouse@bdo.co.uk
m: +44 (0) 7710 157 939
graham.elsworth@bdo.co.uk
andrew.mair@bdo.co.uk
JOHN STEPHAN
TIM FOSTER Partner, Corporate Finance – M&A
SARAH MOSS
Director, Risk Advisory Services t: +44 (0)121 265 7264
Partner, Private Client Tax – Medical
t: +44 (0)121 200 6917 m: +44 (0)7979 706 731
t: +44 (0)121 352 6365
m: +44 (0)7583 114 121 john.stephan@bdo.co.uk
m: +44 (0)7791 397 696
tim.foster@bdo.co.uk
sarah.moss@bdo.co.uk
TOBY STEPHENSON
IAN GOULD Partner, Business Assurance
SAT PLAHA
Partner, Business Restructuring t: +44 (0)121 265 7293
Partner, Forensic Services
t: +44 (0)121 352 6285 m: +44 (0)7973 732 390
t: +44 (0)121 352 6210
m: +44 (0)7957 819 329 toby.stephenson@bdo.co.uk
m: +44 (0)7720 078 030
ian.gould@bdo.co.uk
sat.plaha@bdo.co.uk
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