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Businesses Need To Seize Opportunities Created By Brexit

Ards businessman, Dr Adam Hunniford is urging Northern Ireland businesses to seize the opportunities created by the contentious Brexit NI Protocol.

Dr Hunniford, of PiP Chemicals said that whilst the issue remains politically divisive businesses can use the unique position of Northern Ireland to boost existing trade with the EU and develop new contracts.

“The Irish Sea Border means that for EU companies buying from Great Britain, they cease to be simple distributors who can rely on their suppliers meeting the regulatory requirements” he said.

“Rather, they become importers who must ensure these are all met – themselves – and shoulder the responsibility should there be failings.

“The same is not the case for EU buying from Northern Ireland, as Northern Ireland is in both the EU and GB regulatory systems. So a PiP Chemicals competitor in GB trying to sell to an EU company causes the EU company a set of issues they never had before that do not exist when buying from PiP.

“In real terms what that means is that if you get your supplies through GB the EU can ask about regulations, compliance and any relevant duties.”

Dr Hunniford said that this has created the circumstances that can be capitalised on.

“The opportunities lie in the EU market for Northern Ireland companies,” he explained. 

“At the moment Northern Ireland is still operating in the EU system, comply with the rules and customers in Ireland remain a distributor and which means any compliance issues remain with the Northern Ireland company.”

He explained that already the Irish Health and Services Agency is clamping down on GB companies trading to the Republic of Ireland leading to many no longer supplying south of the border.

The Co Down businessman said that now was the time to promote Northern Ireland’s position.

“We should be shouting loud that we are still part of the EU, you can buy from us, there are no delays or regulatory hurdles,” he explained. 

“It may be politically sensitive, but the reality is that we are now in direct competition with Britain.

“We are separate but we can offer something that GB cannot and so we should be saying ‘buy from Britain, have difficulties, buy from us, they will be fewer’.”

Dr Hunniford acknowledged that this will not be a popular strategy for many.

He said: “The broader government, of course, won’t like that companies like ours are attempting to take this strategy and it may not go down well with the public at all if Northern Ireland companies started stealing business from other regions of Britain, but that’s what has been created, whether we like it or not.”

He also explained the Brexit situation has been taking place within the context of the global pandemic, meaning most have been trying to cope with unprecedented pressures.

“Shipping containers are in the wrong place, and it will take some time to resolve this,” he said. 

“Add into that is there are fewer haulage drivers across the UK.  A lot of the lorry drivers were often Eastern European, and they have gone home, and that means there are fewer lorries coming and going.

“Hauliers will not be able to supply services at the same level, as the paperwork and lack of full containers going back and forth to GB is hitting their bottom line and that leads to increasing prices.”

However, whilst there are opportunities to be had, Dr Hunniford also warned there are inflationary pressures building.

“It is imperative that companies look to the current unique position of Northern Ireland to look to EU solutions, including transport and seeking new markets,” he said. 

“PiP Chemicals have tried to mitigate the issues by having more stock and supplies, but that has extra storage costs. Had we not had to do that we may have been able to hire extra staff.

“Every company is facing cash flow problems, and that too will lead to price increases.”

PiP Chemicals, based in Newtownards, specialises in designing, formulating and manufacturing products for the automotive business and wider industrial uses. It sells directly to the automotive trade

Business

Northern Ireland Construction Company Named Winner of Prestigious Responsible Business Award

Kieran Harding, Managing Director, Business in the Community NI, Ian Henry, Director, Henry Brothers Ltd and Jennifer Cruickshank, HR Manager, Henry Brothers Ltd)

Henry Brothers Ltd has been named NI Responsible Company of the Year at Business in the Community’s 2021 Responsible Business Awards.

A panel of independent judges awarded Henry Brothers with this prestigious top award for demonstrating the implementation of a wide range of successful corporate responsibility initiatives that strategically address key issues and challenges in a way that creates value for both society and the business.

Winners in all eleven responsible business categories were announced at a hybrid Awards event, hosted in-studio by TV and weather presenter and journalist Barra Best and broadcast live across Business in the Community’s digital platforms.

Northern Ireland’s leading responsible companies were recognised for outstanding contributions to their people, the planet and the places where they operate, with categories that cover all themes in responsible business, including wellbeing, diversity and inclusion, environment, community, digital innovation, and more.

The Awards, organised by responsible business network Business in the Community, take place annually and in 2021 the event was run in partnership with JP Corry, SPAR and Department for Communities, and in association with Ulster Business and U105.

The eleven 2021 winners were:

  • Age-Friendly Business Award, sponsored by Age-Friendly Network – Bank of Ireland
  • Diversity and Inclusion Award, sponsored by Belfast Harbour – AMS
  • Education Partnership Award, sponsored by Allen & Overy – Heron Bros. Ltd
  • Environmental Leadership Award, sponsored by Heron Bros – Danske Bank
  • Innovation in Employability Award, sponsored by George Best Belfast City Airport – Translink
  • Investing in Your Community Award, sponsored by Arthur Cox – PwC
  • Responsible Digital Innovation Award, sponsored by Allstate NI – Sentireal Ltd
  • One-to-Watch Award, sponsored by Ciena – Dowds Group
  • Responsible Product / Service Award, sponsored by Translink – Huhtamaki
  • Wellbeing at Work Award, sponsored by Larne Port – Northern Ireland Water

Kieran Harding, Managing Director, Business in the Community says: “Congratulations to each of the winning organisations for leading the way in responsible business. This year has been really challenging for a lot of businesses and people in Northern Ireland, so I want to thank our winning, highly commended, and shortlisted organisations for continuing to make responsible business action a priority.

“The judging process of the Awards is robust, and the standard of entries was phenomenally high this year. All winners demonstrated true leadership in the area of responsible business and their entries are sure to inspire others in their own responsible business journey.”  

Online attendees of the event enjoyed a community digital showcase highlighting positive stories of business action for the benefit of communities during the past year.  Entertainment pieces included a performance of uplifting original song ‘Calendar’ by Northern Ireland singer Daisie Conway, and a specially commissioned poem ‘Defining Hope’ screened at the event was written and performed by Belfast-based poet Niamh McNally.

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Business

Par Equity Seeks to Double Northern Ireland Funding to £20m

Pictured (l-r) are Andrew Noble, partner at Par Equity and Ronnie Geddis, Par Equity’s regional chairman for Northern Ireland.

Edinburgh-based venture capital firm has already invested £10m in the region

Par Equity, an Edinburgh-based specialist in high-growth early-stage tech businesses, is increasing its support for cutting-edge companies in Northern Ireland to £20 million after a string of successful transactions.

Established in 2008, Par Equity has built a strong reputation for backing young, innovative companies in Northern Ireland, Scotland and England’s northeast and supporting them with its growing team of expert advisors.

The company, which has already invested £10 million in a range of successful early-stage companies including Datactics, Cumulus, Plotbox and TriVirum, said the additional funds would help ambitious local firms to develop new technologies and expand into new markets, unlock other forms of funding along the way.

Andrew Noble, partner at Par Equity, said:

“We’re hands-on investors at Par Equity and, together with our network of industry experts, we’re providing that much-needed business advice as well as the financial support.  We’ve identified, and heavily backed, some excellent companies in Northern Ireland and we’re excited about unearthing new opportunities in the region over the next two or three years.”

Par Equity’s first major funding success in Northern Ireland was Belfast-based digital imaging analysis and software company PathXL in 2012. Since then, it has provided essential finance, direct support and management advice to some of the region’s most successful new companies.

In April 2021, Par Equity invested further in Trivirum, Plotbox and Datactics, leading investments rounds of up to £3.5 million. This included a £2 million investment round into data management specialist Datactics following on from its initial investment into the company in 2019. The Datactics investment round, which was supported by other existing investors, Kernel Capital and Clarendon, will see the company grow to beyond 50 employees and into profitability.

In addition to these three investments, Par Equity also provided a £1.1m bridging round in Belfast start-up Cumulus Neuroscience last year, leveraging a further £6 million of investment from the UK’s Dementia Discovery Fund.

The funds are being used to help Cumulus develop a new, industry-leading integrated physiological and biomarker platform that provides clinical trial data and AI-powered insights to accelerate the development of therapies for Alzheimer’s and other brain disorders.

Cumulus Neuroscience’s CEO, Ronan Cunningham, said:

“Great ideas can be the foundation of a great business, but without the necessary funding, the potential for growth will always be capped. We’re delighted that after just a few short years, we’ve secured the finance we need to accelerate our technology to market and address exciting new growth opportunities on the global stage.

Funding through Par Equity, the Dementia Discovery Fund, and other partners are helping us to scale-up quickly and establish ourselves as a market leader in our space.”

As one of the larger investors in Northern Ireland, Par Equity believes it can help fill a gap in the market and provide the scale of funding fast growth companies need to get to the next level, but which is not currently available through local financing options. In 2020, Par Equity appointed Ronnie Geddis as the chair of its investor network in Northern Ireland deepening its activity in the region.

“Like Scotland, we know that Northern Ireland businesses don’t always get their fair share of venture capital funding in the UK and that business often struggle to get that next level of funding they need to really scale up their operations,” said Ronnie Geddis.

As someone who has invested and been in receipt of investment in Northern Ireland, there is a clear role for Par Equity to bring its scale and expertise to Northern Ireland to help some of our most exciting businesses achieve the global success they deserve,” added Ronnie.

Par Equity has invested in more than 60 companies since it launched in 2008. Collectively, those companies have raised £266 million from investors.

Earlier this year, it secured three major awards at the UK Business Angel Investment Awards 2021, including Angel Group of the Year, Scale-up Team of the Year and Exit of the Year.

A panel of 37 judges reviewed the hundreds of nominations received across the 12 categories to select the leaders and trail blazers from the UK’s investment ecosystem.

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