Why invest in the Central South
One year on from his appointment as BDO’s regional managing partner, Steve Le Bas explains how the firm is investing in Central South for the long-term.
BDO has signed a 15-year lease and invested into an office refurbishment to provide the home for its 260-strong team and support future growth ambitions. We are firmly committed to the local market and our refurbished office will provide the foundations for us to continue investing in the region by creating jobs and supporting ambitious organisations and growing businesses across all corners of the region. It’s these businesses that we call the UK’s Economic Engine, and we are proud to offer a range of advice and expertise to help them succeed.
The multi-million-pound renovation project at Arcadia House on Maritime Walk, Ocean Village, in conjunction with the landlord Forelle Estates, provides our people with a modern and collaborative working space, along with investing heavily in its ESG credentials. Our people are at the heart of our business, and we believe the Central South has some of the top talent in the UK, which is why
we continue to invest here. As such, it’s hugely important for us to provide a more flexible working model, which allows us to blend digital connectivity and physical space, encouraging effective collaboration with each other, the businesses we work with and colleagues in BDO’s global network.
Our latest round of promotions also reinforces our commitment to investing in our people, whose expertise and dedication is the secret to our long-term success. In total, 81 people were promoted in recognition of their talent and hard work. The round of promotions follows the appointment of 25 new trainees to our Southampton office as we invest in the next generation of advisers.
We also named two new partners in the Central South with Chris Williams and Aaron Winter promoted in our Southampton office. Public sector audit partner, Aaron Winter has played an integral role within Southampton’s audit practice, leading the delivery of internal audit and advisory services to local government and NHS organisations.
In his new role, Chris Williams, tax partner, will work alongside the 50-strong Central South tax team to continue to build the firm’s portfolio of entrepreneurial and high-growth businesses.
Our people have all worked extremely hard to build what has now become a £1bn firm. We remain committed to investing in first-class people and first-class infrastructure in the Central South and across the UK regions. The underlying strength of our firm and the talent perfectly positions us for success in the years ahead as we look forward to working with businesses in the region and beyond.
Recently promoted tax partner, Chris Williams looks at what motivates him about the Central South businesses he works with and what he thinks the future holds.
As the new year approaches, businesses across the Central South are looking ahead with optimism and their hallmark resilience. Despite the economic headwinds and policy changes that have buffeted the market in recent months, there is a palpable energy and determination to seize the opportunities that lie ahead. We’re seeing a real shift in the mood and mindset of businesses in our region.
There’s a recognition that while challenges remain, such as the impact of the national minimum wage rise and increase in National Insurance Contributions, there are also significant avenues for growth and expansion, which is a hot topic for the businesses we speak to every day.
This sentiment is echoed by BDO’s recent economic engine survey, which found that despite the seemingly never-ending challenges facing businesses in the region, more than a third of Central South businesses (37%) intend to prioritise expanding their product and service lines over the next six to nine months, in a bid to achieve their growth targets. Two-fifths are planning to invest in research and development, including new technologies.
It’s encouraging to see that innovation remains at the core of how businesses intend to reach their growth potential. Businesses in our region have demonstrated time and again their ability to find a way forward, even in the face of adversity. We believe that this resilience will continue to drive progress in 2025.
Overall, the recent clarity provided by the government’s budget has helped alleviate some of the uncertainty that had caused businesses to hold back in recent months.
As businesses navigate the evolving landscape, many are also looking beyond their traditional domestic markets and exploring new geographies for growth. There’s great potential in exploring overseas opportunities and international trade is something our region has a rich heritage in. Right now, we’re seeing a real appetite to take bold steps and pursue new markets.
It’s because of this resilience and ingenuity that I’m so passionate about working with the businesses that make up the economic engine. However, businesses will need support to achieve their ambitions.
The businesses that we describe as the UK’s ‘economic engine’ include medium-sized businesses with a turnover of £10m - £300m, as well as those that are private equity owned, or AIM listed.
Despite accounting for just 1% of the number of UK businesses overall, these businesses report revenues that are equivalent to more than half the value of UK GDP and they’re responsible for almost one in three private sector jobs. However, they continue to fall into a public policy gap – too large to benefit from policies tailored to small businesses, yet too small to command the same attention as the biggest end of the scale. They are the unsung heroes of UK economic growth.
Our BDO Mid-market Manifesto for mid-sized businesses outlines measures to enable these businesses to succeed. Amongst other asks, it calls for the Government to create a cross-party commission on tax to develop pragmatic solutions to key fiscal matters, and ensuring mid-sized businesses have the skills pipeline they need to grow and expand.
We’re excited about the future potential of the Central South specifically and it’s fantastic we are continuing to invest here. Our knowledge of the region’s business community means we’re embedded in the fabric of the Central South. We have a unique perspective on the challenges and aspirations of the businesses we serve because of our local expertise, combined with the strength of our global network.
We believe mid-sized businesses in Central South are the driving force of the regional economy. The key to future success will be that they are encouraged and incentivised to grow through policy and a tax system that supports their strategic ambitions.
