Mon, 20 Mar 2023 | MBO/MBI
Swann Systems (UK) Ltd, the parent company of Leicester-based CAPITAL Seating and AUTO-TRIM Systems, has successfully completed a management buyout. Following the deal, which was backed by FRP Corporate Finance and Santander UK, the firm will seek to continue the strong performance indicated by key financial ratios from its recent accounts. CAPITAL Seating, established in 1968, is a well-regarded supplier of vehicle suspension seating and accessories, while AUTO-TRIM Systems provides vehicle upholstery services. Operating as an official distributor for leading seat brands such as Grammar, KAB, and Recaro, the company caters to a diverse range of sectors, serving trade and retail clients throughout the UK and Europe. Recent financial analysis of the company highlights its robust liquidity position, demonstrated by a current ratio of 3.11 and a quick ratio of 2.27. Additionally, the company has a low debt-to-equity ratio of 0.145, suggesting financial stability. The management buyout, led by Joe Beales, Darren Tuckley, and Melinda Tyack, will see the experienced team assume control of the business as part of its long-term succession strategy. Santander's financial support will also facilitate future growth and expansion. The Swann family, who have been involved in the ownership and management of the company since its founding, will exit the business. Stephen Swann, the current managing director, will transition into a consultancy role, offering non-executive support to the new management team. FRP Corporate Finance director Harry Walker commented: “For any business owner, formulating a viable succession plan is a key step in ensuring that the vision they have worked so hard to deliver is continued into the future." “With this in mind, we’re glad to have been able to support CAPITAL with its management buyout and financing in anticipation of future growth. We’re excited to see where they go next and wish the Swann family, the management team and everyone at the company the very best.”
Outgoing managing director Stephen Swann said: "I am proud to be handing on the business to a management team that have worked alongside me and led the business for a number of years now. The company is in a great place for further growth and development in the future and this deal will provide a fantastic platform for the team to take it forwards." “Fahim and Harry at FRP Corporate Finance exceeded our expectations in securing a range of attractive funding options for the buyout, whilst ensuring the deal was transacted smoothly for the benefit of all parties. We’re very thankful for their support and really appreciate the value that their involvement in the deal added.”

Vehicle seat distributor undergoes MBO backed by FRP and Santander

The holding company behind a Leicester-headquartered supplier of vehicle suspension seating has completed a management buyout backed by Santander. Swann Systems is behind CAPITAL Seating, which was established in 1968 and specialises in the supply of suspension seats and accessories to improve driver safety and comfort, as well as vehicle trimming services under the AUTO-TRIM Systems brand. The company is an official distributor for major seat brands including Grammar, KAB and Recaro, and supplies a range of sectors, catering to trade and retail customers across the UK and Europe. The sale to a new holding company will see the existing, long-serving management team led by Joe Beales, Darren Tuckley and Melinda Tyack assume control of the business, as part of the next stage in the company's long-term succession planning. The buyout will also provide finance for further growth of the company into the future. It also involves an exit for the Swann family, who have been involved in owning and managing the business since its inception, with current managing director Stephen Swann transitioning into a consultancy role to provide on-going non-executive support for the management team. Stephen Swann said: "Since the businesses' founding more than 50 years ago by my father, we've prided ourselves on being a local employer that strives to deliver the best client service in our industry. "I am proud to be handing on the business to a management team that have worked alongside me and led the business for a number of years now. The company is in a great place for further growth and development in the future and this deal will provide a fantastic platform for the team to take it forwards." FRP Corporate Finance was appointed to assist CAPITAL in raising new debt facilities to support the management buyout. Led by corporate finance partner Harry Walker and senior manager Fahim Kassam, the team sourced a number of offers from several traditional and alternative debt funders and worked closely with the team at CAPITAL to identify Santander as the eventual provider. Walker added: "For any business owner, formulating a viable succession plan is a key step in ensuring that the vision they have worked so hard to deliver is continued into the future. "With this in mind, we're glad to have been able to support CAPITAL with its management buyout and financing in anticipation of future growth. We're excited to see where they go next and wish the Swann family, the management team and everyone at the company the very best." FRP Corporate Finance provided fundraising, project management and deal structuring advice, with tax advisory support from Rowley's Chartered Accountants. A team from BHW Solicitors led by Steve McElhone provided legal advice to the vendors, with a team from Howes Percival led by Jahid Ali, Oliver Brookshaw and Haydon Simmonds supporting the MBO team and company. A team from Browne Jacobson led by Chereta Edmeade and Emma Hinton provided advice to Santander UK's team led by Simon Clewlow and Paul Elliott. Pippa Miller-Hawkes and Phil Todd from BSN Associates provided financial due diligence to Santander UK. TAGS

Vehicle seating firm completes Santander-backed MBO

Even £250,000 per year
The BritishGovernment website states, "the levy will be paid as a fixed fee based onthe size band an AML-regulated entity falls into based on their UK revenue. "The government has set four size bands: small (under £10.2m UK revenue), medium(£10.2m – £36m), large (£36m - £1bn) and very large (over £1bn). Smallentities will be excluded, while medium entities will incur a fee of £10,000,large entities £36,000, and very large entities £250,000 on a yearly basis. The FCAtakes AML breaches seriously, as evidenced by the recent £7.67 million fine imposed on Guaranty Trust Bank (UK) Limited (GT Bank). GT Bank was fined for itsAML systems and controls deficiencies from October 2014 to July 2019. The FCAimposed a £10.9 million penalty, but a 30% discount was granted for notchallenging the findings, resulting in a settlement. ADVERTISEMENT
Last year, Santander UK paid a fine of £108 million for similar offenses . According to FCA's then-statement,Santander UK unit's AML systems were inadequately managed for almost five years,from December 2012 to October 2017, affecting oversight of 560,000 businessclients. The FCA's'Dear CEO' letter to trade finance firms on 9 September 2021 highlighted theneed for a financial crime risk assessment based on significant issues. Thisimplies increased surveillance and monitoring, making it crucial for firms toaddress concerns by implementing effective policies, procedures and anti-moneylaundering controls. The UK'sgovernment is introducing an 'economic crime levy' (ECL) to fund its efforts inthe fight against financial crime and boost anti-money laundering (AML) activities. Brokers of contracts for difference (CFDs),including foreign exchange (FX), as well as cryptocurrency exchanges anddigital asset wallet providers, are among the list of companies that will berequired to pay the levy. UK Introduces EconomicCrime Levy

FCA to Collect Up to £250k Economic Crime Levy, Including Crypto Firms

February 23 2023
Santander Taps Salesforce to Support UK Businesses Expanding Overseas
Salesforce , the global leader in CRM, has announced that Santander UK is using its technology to power Santander Navigator, its digital platform designed to help UK businesses expand internationally. The platform, launched in 2022, brings together an international ecosystem of expertise and knowledge to help businesses overcome trade-related obstacles and to understand the various attributes of doing business in a new market. These features are delivered via one “easy to use” online system for all UK companies. International trade is a fundamental driver of UK economic growth, and data from Santander’s Autumn 2022 Trade Barometer indicates that over two thirds (70%) of UK businesses are confident about growth over the next three years. Almost half (44%) of UK companies cite growth in both new and existing markets as a key driver of economic recovery. However, currently less than 10% of UK businesses export their services. Santander Navigator has been designed to help small and mid-sized UK businesses navigate international expansion opportunities. The subscription-based platform uses Salesforce technologies, including Experience Cloud, Commerce Cloud, and Marketing Cloud, to provide a personalized service based on subscribers’ individual needs. “Supported by Salesforce technology, Santander is accelerating its transformation into a digital bank focused as much on the future as its customers,” said Zahra Bahrololoumi, CEO, Salesforce UKI “The Santander Navigator platform uses automation, intelligence, and real-time data to deliver smart, tailored customer experiences at scale that exceed expectations and brilliantly fits Santander’s ambition for a simpler way of serving its customers, It’s hugely exciting to be helping Santander create a new, consistent standard for banking that will drive growth and personal impact for customers all over the world,”
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Santander Taps Salesforce to Support UK Businesses Expanding Overseas

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(Bloomberg) -- The UK’s biggest banks haven’t made progress around boosting the relative pay of Black workers at their firms, three years after the Black Lives Matter movement prompted the finance industry to unleash a wave of pledges to improve diversity and inclusion. HSBC Holdings Plc, Santander UK and Barclays Plc all saw the median pay gaps for Black staff increase slightly from the year before, according to their 2022 reports. At Lloyds Banking Group Plc the gap dropped from a year previously, but by just 0.6%. NatWest, which didn’t break out a pay gap for Black employees in its previous reports, reported a median gap for Black staff of 20.5% in its latest filing.For all of the largest banks which provided the data, Black employees face a bigger difference than for ethnic minorities overall. The companies mentioned in their pay gap reports that the disparities for Black employees reflected the fact they tended to be in more junior, lower-paying roles. A Lloyds spokesperson said the bank voluntarily discloses the data as it wants to be transparent and held accountable. A spokesperson for HSBC said the bank is on track  to double the number of Black employees in senior leadership by 2025 but said the firm realizes there is still much work to be done in this area.A Barclays spokesperson declined to comment beyond the report. Spokespeople for NatWest and Santander UK didn’t immediately respond to emailed requests for comment. Almost three years ago, in the aftershock of George Floyd’s murder, UK businesses, including banks, renewed pledges to level the playing field for ethnic minorities. But the commitments have translated into little progress, particularly when it comes to Black employees. Among those banks which disclose the data, the proportion of Black people who make up the highest paid quartile of employees average about 2%. Non-White people make up 18.3% of the population in England and Wales, according to census data from 2021; 4% are Black. In London, where most of the banks are headquartered, 14% of the population identify as Black. Meanwhile, ethnic minorities continue to face discrimination across financial services, according to a   study at the end of 2022. The survey showed the majority of respondents had experienced unwelcome comments based on their background, while some also felt racial jokes were still tolerated in the workplace. ©2023 Bloomberg L.P.

Pay Gap for Black Workers Widens at Some of UK’s Biggest Banks

Salesforce (NYSE: CRM) is an enterprise cloud computing provider. The company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Its clients use salesforce.com to manage their customer, sales, and operational data. Sales Cloud, Service Cloud, Marketing Cloud, Community Cloud, Salesforce Analytics, and App Cloud are the product developed by the platform. It primarily focuses on automotive, communication, healthcare, education, financial services, non-profit, media, and other industries. The company was founded in 1999 and is based in San Francisco, California.

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Santander UK taps Salesforce to support UK firms expanding overseas

Santander taps Salesforce to support UK firms expanding overseas

NCR (NYSE: NCR) provides omnichannel technology solutions that enrich the interactions of businesses with their customers. Its solutions are designed to allow businesses in the financial services, retail, hospitality, travel, and telecommunications, and technology industries to deliver a rich, integrated, and personalized experience to consumers across physical and digital commerce channels. The company's offerings include a portfolio of omnichannel platform software and other software applications, industry-focused smart-edge devices including automated teller machines (ATMs), point of sale (POS) terminals and devices and self-service kiosks, and a complete suite of consulting, implementation, maintenance, and managed services. NCR also resells third-party networking products and provides related service offerings in the telecommunications and technology sectors. Its solutions create value for our customers by increasing productivity and allowing them to address consumer demand for convenience, value, and individual service across different commerce channels.

NCR Corporation

The expanded partnership comes over two months after NCR announced its division into two distinct publicly traded entities , with one dealing exclusively with ATM 's and the other focused on online commerce .

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Levidian is a climate-tech business accelerating the transition to net-zero. Its patented decarbonization device, LOOP, docks with existing infrastructure to strip carbon from gas flows, helping businesses to decarbonize instantly. Levidian was founded in 2012 and is based in Cambridgeshire, U.K.

Levidian

Santander UK has today announced a new collaboration with pioneering climate tech business Levidian , to market and expand the reach of their ground-breaking decarbonisation technology .

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ICICI Bank (BSE: ICICIBANK) (NSE: ICICIBANK) (NYSE:IBN) is a private sector bank in India. ICICI Bank's subsidiaries include private sector insurance, asset management, and securities brokerage companies, as well as a private equity firm. It is present across 15 countries, including India.

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Santander UK is a commercial bank that offers personal and commercial financial products and services. It provides savings and current accounts, loans, mortgages, credit cards, insurance, savings and investment services, and more. It was founded in 2004 and is based in London, England.

Name	Work History	Title	Status
Duke Dayal	Santander Bank, Bank of the West, Brysam Global Partners, Citigroup, and Diageo	Chief Financial Officer	Current
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Name	Duke Dayal	Subscribe to see more	Subscribe to see more	Subscribe to see more	Subscribe to see more
Work History	Santander Bank, Bank of the West, Brysam Global Partners, Citigroup, and Diageo	Subscribe to see more	Subscribe to see more	Subscribe to see more	Subscribe to see more
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Name	Francoise Cumming
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