Business - page 6

Monaco Yacht Show

in Business Insight

Gibraltar took pride-of-place as one of the 600 exhibitors at this year’s Monaco Yacht Show. The Gibraltar Port Authority and the Gibraltar Maritime Administration’s Yacht Registry hosted a stand with the intention of showcasing the Rock.

The yacht show is iconic and is the benchmark that other events in the marine industry aspire to. It brings together superyacht builders, award-winning yacht designers, luxury suppliers, and influential brokerage houses. It also acts as a showcase for the most sought-after water toys, prestige cars, helicopter and private jet manufacturers.

CEO and Captain of the Port, Manuel Tirado, commented that “this event is the perfect platform to showcase Gibraltar’s growing profile within the superyacht industry.”

Minister for the Port and Maritime Affairs, the Hon Gilbert Licudi QC MP, added that “HM Government of Gibraltar is working hand in hand with the private sector to promote superyacht and megayacht calls to Gibraltar and to further grow our services in this industry. We continue to see the fruits of this hard work with some of the world’s best known luxury yachts continuously visiting the Rock over the last couple of years.”

Also present at the show were representatives from GBZ Media Limited, publisher of Gibraltar Insight and the Superyacht Owners’ Guide (SYOG).

The Work 1AB

in Business Insight

Who owns the WorkLab, and what was the reasoning for setting it up?

The WorkLab was created by the team at Bentley Investments, one of Gibraltar’s leading property developers. We jumped on the co-working bandwagon having taken a look at what was happening across the commercial market – advances in technology have completely disrupted the traditional office model – most employees nowadays just want flexibility and a good WiFi connection in order to be productive. We decided that since the market was moving towards co-working, we’d like to take the opportunity to open a space of our own, that would blend together all the elements we believed a good co-working space should have. Somewhere professional with world class facilities, but that simultaneously has an atmosphere that clients would find cosy and welcoming, and where they could be part of a community. Best of both worlds. 

Is Gibraltar the only Worklab owned by the company?

Yes, so far it’s our only location, however we’re hopeful to potentially expand with the completion of EuroCity, our new residential-commercial development. 

How do small businesses benefit from the WorkLab? 

The benefits are twofold:

  • We provide a plug and play solution. We take care of absolutely everything so that businesses can have the office of their dreams at a fraction of the cost, and minus the headache. For a set price a month you get a totally furnished workstation, ultra fast wifi, a fully stocked kitchen, business class printers, a receptionist and access to world class conference rooms. And the business doesn’t have to worry about a thing – nor the rates, utilities, connections. If anything happens they simply call the receptionist and we solve everything for you. Before services like this could only be afforded by massive corporations for thousands a month – The WorkLab gives small business, freelancers and entrepreneurs the same perks minus the costs. It’s honestly a win-win. 
  • No matter what your profession, working from home can not only get lonely, but it can also be unmotivating because the distinction between professional and personal gets blurred. The WorkLab helps promote the most critical aspects of human life – interaction and growth! Co-working spaces create dynamic workplace environments, promoting creativity, inspiration and collaboration between members. They allow employees to feel like they’re part of a community. And knowing that you have a support network as a small business is an invaluable asset. 

What has the response been locally?

Honestly we’ve been blown away by the positive feedback. The main compliment we’ve heard again and again when people walk through the door is “Wow, I feel like I’m back in London/Madrid/New York”, which is amazing because we really we’re trying to bring the big city buzz to Gibraltar. When designing the space we wanted to make it stand out –make it the kind of space where people would feel simultaneously cosy and at home, yet energised and productive. I hope we’ve been able to find that perfect balance.  

What are your aims and ambitions for the WorkLab in the future?

Developing our community, both within the WorkLab and with local businesses. We’d like to get to the point where we’re holding regular events in partnership with local businesses: skill share evenings, cocktail making classes, art workshops, you name it. Something that would help promote the local entrepreneurs whilst at the same time developing this feeling of camaraderie within the WorkLab, as members get to know each-other in a more relaxed setting outside of work hours. 

Haven’t you won an award for WorkLab?

We were voted Gibraltar’s No.1 Coworking Space in the Coworker Members Choice Awards 2019 (Coworker is one of the worlds largest platforms for finding co-working spaces around the world, used by over 3 million people annually, including Fortune 500 companies such as Google, Uber, Tesla and Spotify). Established in 2018, the CMCAs are the highest honour Coworker can bestow.

You must be pleased?

We’re very chuffed. We absolutely love the space we’ve created and we try and go the extra mile with everything we do to make sure our clients feel loved, appreciated and supported. To be honest we see the space as this nurturing mother for the entrepreneurs within, so we value their success and happiness of each company as though it were our own. So to have this recognised is very heart warming.

Gibraltar Tourist Board

in Business Insight

The Gibraltar Tourist Board has been busy strengthening ties with their counterparts in the UK. Part of this strategy involves hosting familiarisation trips for UK travel agents so that they can best match Gibraltar as a tourist destination with potential clients.

The first such group has already been to the Rock, and enjoyed some of Gibraltar’s highlights with a packed itinerary of activities, including getting up close with the Barbary apes, dolphin watching plus visits to many further attractions.

Minister for Tourism, Gilbert Licudi QC said, “The travel trade is a vital route to market for us, which is why we have formulated this strategy to further develop our bonds with UK agents. We have recently experienced extensive investments in our accommodation sector and it is increasingly becoming appealing to a broader demographic. The uniqueness of the warm British Gibraltarian welcome in the heart of the Mediterranean and a good value pound Sterling destination continues to be an important message in times of currency volatility”.

The plan includes trade advertising and an incentivised e-learning course where agents can win familiarisation trip places. Those interested should head to gibraltartraining.com to find out more.

Natwest Reorganisation

in Business Insight

NatWest International has reorganised its leadership team in Gibraltar as well as simplifying its structure.

Personal, Premier Banking, Business Banking, Corporate & Commercial and Local Real Estate Finance, have been combined under a new division called ‘Local Banking’. Funds Banking, services for Financial & Corporate Service providers, and Institutional Real Estate Finance, now form a new ‘Institutional Banking’ division. 

Gordon Paterson has been appointed to the new role of Head of Local Banking, NatWest International, Gibraltar.  Gordon, who has moved to Gibraltar to take on the post, has held various roles within the RBS Group. His most recent roles since joining RBS International in 2007 have been as Head of Corporate Credit and latterly leading the Real Estate Finance business for RBS International based in Jersey.

Ian Harcourt – who has been appointed Head of Institutional Banking in Luxembourg – will continue to have responsibility for Financial & Corporate Service providers in Gibraltar, and the customer team that is already in place will remain and report to Ian. 

Commenting on the re-structure and the new roles that have been created, Andrew McLaughlin, CEO, said, “To truly become a bank that’s easy to deal with, both for our customers and our colleagues, we know we have to make changes to how our business is organised to support this. Congratulations to our new leaders, and those taking on new roles within our business.” 

No Brexit Advice Highlighted

in Business Insight
Brexit

Despite a change in leadership in 10 Downing Street, the position of the UK, along with Gibraltar, in leaving the European Union remains unclarified, although at the time of going to press diplomatic manoeuvres were under way between the UK and primary EU players, Germany and France.

HMGoG’s message to citizens and businesses is that they should inform themselves and make the necessary preparations for a “no deal” Brexit. Businesses should contact suppliers and establish that there are no issues with the supply chain that could affect getting anticipated goods to Gibraltar. The Brexit section of the Gibraltar Government website (gibraltar.gov.gi) contains copies of the Technical Notices which have already been published across a number of different areas.

Businesses who have a query should contact the relevant department for advice.

The Deputy Chief Minister, who is responsible for work related to Gibraltar’s departure from the European Union said, “The Government, over the next few weeks, will be reminding the public to prepare for a ‘no deal’ Brexit. We intend to issue once again the advice we have given covering issues like passports, identity cards, driving licences and health cards. This is important to both the general public and to the business community.

An advertising campaign in the local press and on the Government’s social media platforms will be part of the strategy as we prepare to leave the European Union on 31 October.”

Gib wins as new base for Virgin Bet

in Business Insight

Gaming stalwart Gamesys has been successful in its application for a new gambling licence in Gibraltar, aimed at the UK sportsbook market. Virgin Bet will join the other brands operated by Gamesys in Gib, which is the only jurisdiction that has guaranteed market access to the UK in the event of the UK and Gibraltar leaving the EU. Existing offices, staff and technical infrastructure are already located in Gibraltar.

Minister for Commerce, the Hon. Albert Isola MP said, “We maintain that Gibraltar is a leading jurisdiction from which to operate a remote gambling business. A large number of existing operators, despite Brexit challenges, continue to maintain faith in the jurisdiction and this is shown by the increase in start-up businesses aimed both at the UK and non-EU international jurisdictions.

Gamesys’ Gibraltar Marketing Director Simon Mizzi added, “We’re excited to launch Virgin Bet into the world’s most competitive sportsbook market, and we feel that Gibraltar is the perfect location for us to base our operations.”

10th European Bunker Fuel Conference

in Business Insight

The Gibraltar Port Authority recently took part in the 10th European Bunker Fuel Conference in Amsterdam.

John Ghio, Deputy Captain of the Port, participated in panel discussions on setting the shipping, bunkering and energy sectors’ strategies in the route towards the enforcement of the International Maritime Organization (IMO) cap once it comes into place, and the preparations Gibraltar Port is making. This cap will further reduce the use of sulphur in fuel to 0.5%.

John also met with some of the Port’s partners based in the Netherlands during his trip and was another opportunity to reassert Gibraltar’s status among industry peers, and this was confirmed by Manuel Tirado, CEO and Captain of the Port, who commented that invitations to events such as these continued to demonstrate the importance of Gibraltar Port within the bunkering and shipping community.

Legal Services firm Ramparts Acquired by Ince Gordon Dadds

in Business Insight

Now the name Ince is back in prominence in Gibraltar with the acquisition of legal services firm Ramparts by Ince Gordon Dadds, to be known in future solely as Ince Gibraltar.

Chief Minister Fabian Picardo attended the launch of Ince Gibraltar on the Sunborn Yacht Hotel on the 1st June. The acquisition brings together three companies as part of a bigger group, all specialists in their fields, with more access to resources and expertise.

Founder of Ramparts Peter Howitt first came to Gibraltar in 2005 to join gaming company Party Gaming, now GVC, and after working in a few different roles he decided to start Ramparts seven years ago. “We focused primarily on e-gaming which is obviously a huge part of the Gibraltar economy, and my experience in-house as a lawyer helped us grow a gaming practice,” he states. “We do a lot of work for payments companies that has led to work in cryptocurrency related activities and we also have a company administration side, so we manage companies for clients. We also undertake financial services advisory and compliance work.”

In a place not lacking in law firms, Peter comments that some people were a bit surprised at his decision to start another, but he felt that coming from an in-house background would mean he would have an advantage in persuading clients that Ramparts was solutions focused, somewhere people could go to for solving problems, whether related to the law or to practical issues.

Having grown Ramparts as a one-man-band from 2012 to a team of fifteen in just seven years, Peter realised that the company had reached a point where it needed to offer something else in the local community. It was an introduction by Andrew Tait, who had spent ten years as General Counsel and Chief Compliance Officer at Gibraltar-based operator Mansion Group and had then moved to London as a Partner in Gordon Dadds, which opened negotiations between Gordon Dadds founder Adrian Biles. “It has taken about nine months or so, but we are delighted to be part of a bigger group,” Peter says.

Adrian Biles founded the business in 2013 with the acquisition of Gordon Dadds, a small traditional Mayfair law firm specialising in private clients and family law matters. “At that time it was about 2.5 million pounds of annual fee income and from there we have grown it largely by mergers and acquisitions to a business with 13 offices in 8 countries, 1,000 people and an annualised income of 100 million pounds,” Adrian states. The different sectors of business of the company are shipping, transport and logistics, energy and infrastructure, insurance, technology, media and telecoms, regulatory solutions and gaming.

Listed on the Alternative Investment Market (AIM) of the London Stock Exchange in August 2017, Adrian explains that Gordon Dadds undertook a merger with world leading shipping firm Ince, and the company is now rebranding the London international offices of the business as Ince. “Gibraltar is a jurisdiction which is extremely attractive from a shipping point of view and, although we are specialists and world leaders in shipping and in gaming law, we have not had our own people on the ground here before, and from that point of view we have recruited a leading shipping lawyer , Anne Rose from Hassans, who will join Ince as Shipping Partner,” Adrian states, continuing, “add to that the relocation of Andrew Tait, who is one of our leading gaming practitioners, so we see that as an investment in Gibraltar and we are looking to contribute to the local economy and to grow our business here over the next few years.”

In terms of what Ince will now be able to bring to Gibraltar, Peter is confident that it will mean better recognition internationally for the jurisdiction as a good place to invest in or to move to. “Having an international brand and network will enable us to go out and sell Gibraltar plc really easily and to get those key messages across.”

The effects of Brexit on Gibraltar are as yet still unknown but whether there is a ‘withdrawal agreement’ or ‘no deal’, there are bound to be challenges for the jurisdiction. Peter comments that although they were very concerned prior to the referendum, he thinks that one of Gibraltar’s key strengths is resilience, and although it would be nice for the uncertainty to be over – he doesn’t think it really matters long-term to Gibraltar’s future.

“Luckily for us it isn’t about being in the EU, which is why we think the Ince deal is good and why we will be able to bring business to Gibraltar, because for many of the businesses and individuals that we can attract to Gibraltar it is not that important – it really depends on the sector.”

Another key area where Peter is confident that they can offer value, both with their experienced personnel in Gibraltar and access to people in the teams in London and elsewhere, is compliance. “This is a massive part of many operations now where they need to meet all sorts of compliance obligations and it is not just data protection; there is also anti-money laundering, responsible gaming for gaming companies, financial `promotion and conduct of business.”

“We also recognised that Gibraltar could really benefit from a different approach to dispute resolution and we are pleased to have on board Fiona Young as a Senior Associate,” Peter says. Fiona has experience as a commercial and employment lawyer and mediator which will help to open up new opportunities for Ince.

“We are looking at our clients as more than just their particular issue but identifying what their needs might be in the whole and taking those forward, which is exactly what the Ince brand is doing globally,” Fiona explains. “The other area that I am involved with is diversity and inclusion which is something that a lot of the local gaming companies are developing, so my work is very project based which is also exactly what the Ince brand are doing , breaking the mould of the traditional law firm and looking at our clients’ needs.”

A final point from Peter: “Brexit and the uncertainty surrounding is obviously a really important thing, but the fact is that an international business looking at acquisitions around the world decided that Gibraltar was investable in.”

1 4 5 6
0 £0.00
Go to Top