H edition September 2014

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G L O B A L P R E S E N C E W I T H L O C A L K N O W L E D G E

EDITIONIssue 6

INVESTMENT | NEWS | CULTURE | LUXURY | LIFESTYLE

IN THIS ISSUE

DOMENICOLOMBARDIIt’s a turbulent time for sovereign debt markets.

THE ROYALOPERA HOUSEThe place to watch and learn about world-class opera, music, ballet and dance.

SUPERYACHTSShowcasing the Tankoa S693.

DES McDONALDFormer Ivy Head Chef talks about his new ventures.

Pictured: Royal Ballet Principal Dancer Zenaida Yanowsky

15-September 2014 FC.indd 1 28/08/2014 13:19


This month’s issue was a joy to compile. Autumn is a time for new beginnings, children are back at school after a busy summer break and we head towards the last quarter of the year with a countdown to Christmas. so much has happened in the last few months at hamble Group hQ that we have prepared a

bumper issue with plenty of news on the economy, business, travel, culture and the arts.

Pietro Poletto, head of Fixed income at the London stock Exchange Group, discusses Retail Bonds and whether they are an alternative to shares. 2014 has seen increasing inflows of capital into equities and a surge in iPO activity with over 100 iPOs on our markets raising more than £15 billion to date. Read his thoughts on page 7.

i am delighted that Professor Domenico Lombardi an expert in international monetary relations, the global economy, and the G-20 and G-8 summit shares his article on sovereign debt markets with us. Ever since the outbreakout of the euro zone crisis, sovereign debt has become a hotly debated topic with an uncertain future.

Rebecca Cowing showcases London’s top events on pages 30 and 31.

Last but not least, our cover picture is dedicated to Zenaida Yanowsky, the Royal Ballet’s Principal Dancer. Working with such a committed and inspiring team was a joy and we share an article on pages 28 and 29 which explains how The Royal Ballet and The Royal Opera house provide such exquisite and demanding performances.

i do hope you enjoy this month’s magazine and i look forward to seeing you soon.

Tweet me @hEditionMag and download our app via iTunes and GooglePlay.

Dina Aletra, Editor

Welcome toEDITION

The Team Editor: Dina Aletra [email protected]

Publishing Assistant: Rebecca Cowing

Features Writer: haydn squibb

Freelance Writer: Lucy Freeman

Intern: Vittoria Fattori

Design: Typetechnique

Digital Director: Glenn Norman

Cover Photo: The Royal Ballet Principal Dancer Zenaida Yanowsky

Photographer: Rick Guest

Stylist: Olivia Pomp

h Edition is published monthly and offers advertisers an exclusive audience of affluent readers. Each issue has an estimated 20,000 plus subscribers. Whilst every attempt has been made to ensure that content in

the magazine is accurate hamble Group cannot accept and hereby disclaim any liability to loss or damage caused by errors resulting from negligence, accident or any other cause. Views expressed are not necessarily those of hamble Group.

All rights are reserved no duplication of this magazine can be used without prior permission from hamble Group Ltd.

Thanks also this month to: The Royal Opera house, hublot Ch, Tschuggen Grand hotel Ch, London stock Exchange, Prof. Carlo Pelanda, Graham Davidson,

Mike Rainey, King & spalding, Rolls-Royce, Zaha hadid for Blohn-Voss, Prof. Domenico Lombardi, Tankoa iT, Fiona Maclean, Tonia Buxton, Des Mcdonald, Neil Reading PR, JsC sport, Audi Ch, Barclays, Callum Robertson, John Brash, Angela Mingardo, Quintessentially Travel.

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05-Welcome pp3.indd 3 05/09/2014 16:16Hublot_HMag_FerYel_210x297.indd 1 30.07.14 09:32

7 Retail Bonds by Pietro Poletto, Head of Fixed Income at the

London Stock Exchange Group

9 the MaRket MoMent by Prof. Carlo Pelanda

10 1914 and the euRo by Prof. Peter Oppenheimer,

Prof. Jean Jacques Rosa and Prof. Jean-Pierre Vesperini

12 the new woRld oRdeR in luxuRy BRanding – fRoM ostentation to appReciation

by John Brash, CEO, Brash Brands

14 thinking outside the Box in pRopeRty investMent by Graham Davidson, MD of Sequre Property

Investment

15 why invest in uk pRopeRty by Callum Robertson,

Director of UK Investment at Deloitte Real Estate North West

16 gcc investMent in uk pRopeRty using shaRi’ah coMpliant finance

by Mike Rainey, Partner, King & Spalding

18 it’s a tuRBulent tiMe foR soveReign deBt MaRkets by Prof. Domenico Lombardi

20 Rolls-Royce by Haydn Squibb

28 the Royal opeRa house – the place to watch and learn

about world-class opera, music, ballet and dance

30 living the london life

by Rebecca Cowing

32 Business tRavel featuring Hong Kong, Madrid, Paris

and Tokyo

36 antigua sailing week – the jewel in the Caribbean’s

sailing calender by Fiona Maclean

38 inteRview with tonia Buxton on being a woman

in business

40 inteRview with des Mcdonald former Ivy Head Chef

on his new ventures


CONTENTSISSUE 6

27

36

03-Contents pp5.indd 5 05/09/2014 08:33

TSCHUGGEN.CHMEMBER OF TSCHUGGEN HOTEL GROUP

«FINEST MOMENTS»

EXCLUSIVITY INCLUDED


This year has seen increasing inflows of capital into equities and a surge in iPO activity, with over 100 iPOs on our markets

raising more than £15 billion to date. Good news for London stock Exchange, however it might surprise you to know that we offer access to another fast growing market called the Order Book for Retail Bonds (ORB). This was born directly out of conversations with the retail investor community, the brokers, investor groups and independent Financial Advisers and over the last few years we have seen this new market rapidly establish itself as an increasingly popular choice for investors looking to diversify their portfolios.

Launched in 2010, ORB is the UK’s first transparent, electronic order book for the trading of retail denominated bonds. This was in response to demand from the retail investor community for greater access to fixed income products and alternative asset classes, against a backdrop of low interest rates on deposits and volatility in the equity markets.

Traditionally, most companies have issued bonds with a minimum denomination of £50,000 to £100,000 which was out of reach for the vast majority of private investors. ORB has encouraged corporates to make bonds available to private investors in denominations of typically £100.

The platform in turn allows businesses of all sizes and across all sectors to tap into a new pool of capital outside of the traditional wholesale markets. We have seen a wide range of companies issue bonds on the platform, including large household names

such as National Grid, Tesco Bank and severn Trent. Ladbrokes, the FTsE 250 betting and gaming company, also recently launched a retail bond issue on ORB. With a range of maturities, options in terms of bond structures and issue sizes ranging from £25 million to over £300 million, ORB offers flexibility to firms looking to raise debt finance.

Looking more broadly at the UK investor community, private investor appetite in the financial markets is gaining momentum but market participation in fixed income has traditionally been indirect, through pensions and managed mutual funds. Appetite for investing in fixed income in the UK remains lower than in other countries such as italy, where Borsa italiana, part of London stock Exchange Group, manages the most liquid European retail bond market, MOT. The italian market has almost 1200 corporate and government bonds available for trading and regularly sees over €1.5 billion of trading a day.

Much is being done in the UK to support the growth of the private investor community. The introduction of the Financial Conduct Authority’s (FCA) Retail Distribution Review in 2006 was aimed at targeting the quality and standard of advice available to consumers in the financial services sector, and was a positive step in boosting overall activity. Additionally, London stock Exchange is committed to improving the public’s understanding of the financial markets and in particular areas of investment such as ORB. information on all securities listed on ORB can be downloaded from our website, where

investors can also access free educational information about bonds to help them make informed investment decisions.

We have also been working closely with the UK government to ensure the environment for private investors in the UK is one which encourages investment in products which can benefit the economy as a whole. As we touched on in a previous column, the Chancellor’s recent Budget improved the private investor cause and from 1 July 2014, bonds with less than a five year maturity became isA eligible, offering private investors additional investment opportunities.

The Budget also signalled the potential for significant changes in the UK savings and investment market. if the proposals do become law, beneficiaries of defined contribution pension schemes will no longer be obliged to purchase an annuity and will be allowed to manage their own pension pots. ORB and retail bonds could offer an opportunity to those investors who are looking for a stable source of income but with the usual proviso that investing in fixed income products such as bonds is not suitable for everyone and any investment carries risk.

Although change takes time, we have seen a large amount of interest in ORB from independent Financial Advisors, and the wider private investor community. investment in this asset class has had a very positive start to the year and we have seen a three-fold increase in on-book trading of retail bonds, reflecting the growing maturity of the market.

To find out more visit: www.londonstockexchange.com/retail-bonds

RETAIL BONDSAn Alternative to SharesBy Pietro Poletto, Head of Fixed Income, London Stock Exchange Group

EDITION | BUSINESS

02-LSE spread pp7.indd 7 05/09/2014 11:50

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HAMBLE REAL ESTATE: FINE PROPERTIES, Smart Investments

[email protected] PRESENCE LOCAL KNOWLEDGE

[email protected] 5 09/07/2014 19:21

EDITION | NEWS

Portugal’s Golden OpportunityPortugal has also seen the introduction of the golden Visa Scheme, and the association of estate agents, aPEMIP, predicts that the country’s new scheme could attract €600 million in investment this year. the scheme, which offers residency to non-Eu buyers who invest a minimum of €500,000 in real estate within Portugal, has already been cited as a success since its launch in late 2012. It has seen an incredible 542 permits issued to buyers thereby generating €336 million worth of investment.

THE MARKET MOMENTThe Central Banks have not finished their reflationary job yetBy Professor Carlo Pelanda

ThE Central Banks did their job, though the ECB not fully yet, and provided the globe with tons of liquidity being able to restore

and keep decently high the confidence in the market.

technically and in theory they cannot do much more. Now the responsibility of boosting global growth passes to the western politicians. In fact China and other emerging economies show that to become less dependent on exports is a long way to go. the global demand still needs the drive of the american and European locomotives.

the obama administration should make a fiscal policy less uncertain and more friendly toward the small business. the main national economies in the Eurozone – France, germany and Italy – should start to change their inefficient models in order to stimulate growth – investments, in particular – in their stagnant internal markets.

Can we hope that a pro-market season of reforms will rapidly take place in the West? I doubt it. therefore the Central Banks has not finished their job yet and will have to explore new inflationary territories in order to compensate the political inertia. Dangerous.

Prof. Carlo Pelanda, www.carlopelanda.com, is Director of the PH. D. Programme in Geopolitical Economy, Marconi University, Rome, and Member of the Academic and Policy Board of the Oxford Institute for Economic Policy (OXONIA), Oxford.

Greek Property MarketgrEECE has recently seen a fall in house prices, but with this occurrence there has been an influx of interest from oversea property investors according to leading agent Panos Danos.

Many new-build projects have been springing up which has led to the agency to set up the golden Visa scheme.

this provides residency to non-European citizens who buy property worth more than €250,000. the idea has been well received by non-Eu citizens, and has set in place great foundations to attract Chinese, arab and russian investors.

Style Icon StationthE architects and developers behind the transformation of Battersea Power Station have just unveiled plans for phase three of their ten year project. architect Frank gehry said the new development would be a hub that would attract people from all over the world.

the Battersea Power Station Development Company and architects have presented designs for a new high street called the Electric Boulevard. the heritage building had been abandoned until a consortium of Malaysian investors rescued the site, funding the regeneration of the deserted chimneys and engine rooms into luxury penthouse apartments.

the third phase will deliver over 1,300 apartments and town houses, including 130 affordable homes, alongside a 160-room hotel, retail and leisure facilities.

When completed the whole complex, overlooking the thames, will bring more than 3,400 homes to the south west london borough.


04-News in Brief pp9.indd 9 28/08/2014 18:01

www.hamblegroup.com 11www.hamblegroup.com10

This year’s French “rentree” – return from summer holidays – in the last week of August saw a dramatic reshuffle of

President hollande’s government. A group of ministers led by Economics Minister Arnaud Montebourg demanded the abandonment of austerity policies in favour of economic expansion. They were promptly sacked. The elephant in the room was the Euro. Fatuously, none of the politicians mentioned it. Neither in France nor in Germany, where Chancellor Merkel’s office described the French government changes as a “purely domestic French matter”. Europe’s economy will continue accordingly to languish.

historians recalling the stepwise descent into World War i a century ago look nervously at today’s possible flashpoints in Eastern Europe, the Middle East, or the borders of China. They thereby neglect today’s more obvious folly, economic rather than diplomatic, perpetrated by Europe’s rulers to the detriment of its well-being, its concord, and ultimately (if not undone) its global standing and credibility. And yet the centenary highlights this folly. One need only distinguish between the recoverable and the irrecoverable in the march of economic events.

RetuRn to globalisation

Globalisation was disrupted after 1914 for over half a century. Now it is back with a vengeance. international market flows of goods, services and capital even exceed their pre-1914 prominence. By contrast, gone forever is the liberal, Adam-smith-

style, political regime which formed the background to pre-1914 globalisation; a regime of minimum government, negligible regulation of business activity, no welfare state and no mixed economy.

it was this regime which accommodated monetary union over much of Europe, and indeed more widely, in the shape of

the classical gold standard. The crucial enabling factor was a degree of flexibility (in both directions) of national money wages, sufficient to make them a passive or endogenous variable, determined by the operation of the international economic system as a whole. A member country’s money wages were propelled towards a level at which its external payments balanced without recourse to unsustainable external borrowing, or to serious under-employment of the labour force, or of course to any departure from the declared exchange rate.

By 1914 this state of affairs was coming to an end, because of the growing rigidity of money wages and hence production costs. World War i made the change more abrupt, just as World War ii accelerated the development of the welfare state. in the modern era a key degree of freedom allowing economic structures to adapt, and globalisation to co-exist with the mixed economy, is provided by the separation of national currencies and the resulting scope for altering – whether occasionally, periodically, or continuously – the exchange rates between them.

Following the heRd

The attempt to deny this by imposing a single currency on the majority of EU member states is hugely, gratuitously and persistently damaging to the peoples of Europe. so what is preventing its abandonment? The short answer is a mixture among Europe’s ruling circles of herd behaviour and self-deception. Not unlike 1914 in fact.

herd behaviour results when reason is outweighed by pressure to conform, and breaking ranks becomes the ultimate sin regardless of its beneficial consequences for all and sundry. Accordingly, output loss, mass unemployment and unsustainable indebtedness in various, mainly southern European countries must be endured, together with mounting resentment between them and their creditors, notably Germany which itself is living in a fool’s paradise of unsustainable competitive dominance. All this in order to “save the Euro enterprise” – “at all costs”, including the destruction of Europe.

selF-deception

The accompanying self-deception is of two kinds. The first denies the reality of Euro-generated damage. The second admits the reality but claims that it is transient and/or remediable without dismantling the Euro. Adherents of the first view makebelieve that the miseries and resentments are caused largely by phenomena other than the Euro, such as the international banking crisis emanating chiefly from the United states after 2007. A comic variation on this theme came from a group of mostly italian economists not long after April Fool’s Day 2014, in the shape of a letter to the Corriere Della sera, claiming that in italy’s case leaving the Euro would merely destroy people’s savings, magnify the country’s debts and prop up the least competitive parts of the economy, but do nothing to solve long-standing problems of structural disequilibrium, poor schooling, bureaucracy and corruption. The only items missing

from the catalogue of woes were climate change and the rise of China.

back to the gold standaRd

As for the supposed transience of Euro-calamities, two possible exits are envisaged, diametrically opposite, but equal in absurdity. One is back to the gold-standard mentality. After a few years of German discipline, we are assured, money wages will start to behave as they did in the nineteenth century. The other is forward to the United states of Europe, and hence to great-power rivalry with the UsA, China and india, through amalgamation of banking systems, public-sector budgets, and entire national governments. For the sake of the Germans, God forbid that this too should be under their tutelage.

Any dissolution of the Euro is better than none. But there will be technical complexities, beginning with extended bank holidays and ending probably with a clutch of legal cases concerning the size and distribution of debt burdens and their write-offs. The mode of dissolution may be wholly piecemeal (with one country leaving at a time, albeit in fairly rapid succession) or partly co-operative. The latter would have the merit of demonstrating that dismantling the single currency is fully consistent with the maintenance of European co-operation and partnership.

poison oF conFoRmity

Numerous analysts across Europe, notably including the network of participants in

EDITION | ECONOMY

“heRd behaviouR Results when

Reason is outweighed by

pRessuRe to conFoRm, and

bReaking Ranks becomes the ultimate sin

RegaRdless oF its beneFicial

consequences FoR all and sundRy”

Peter Oppenheimer (above) is Student (ie Fellow) Emeritus of Christ Church, Oxford.

Jean Jacques Rosa is Emeritus Professor of Economics and Finance at the Institut d’Etudes Politiques de Paris.

Jean-Pierre Vesperini is Professor of Economics at the University of Rouen and a former member of the French Prime Minister’s Council of Economic Analysis.

By Professor Peter Oppenheimer in collaboration with two French colleagues: Jean Jacques Rosa, Emeritus Professor of Economics and Finance at Institut d’Etudes Politiques de Paris

and Jean-Pierre Vesperini, Professor of Economics at the University of Rouen.

1914 and the Eurothe European solidarity Manifesto, have argued that a commendable approach, politically as well as economically, would be for France and Germany as founding partners in the European enterprise jointly to announce their abandonment of the Euro and reversion to Franc and D-mark respectively. This would be decisive in a way that the exit of a peripheral country such as Greece might not be. But one way or another, Europe must find an escape from the poisonous blend of fantasy and conformity in which its economic fortunes are currently engulfed. The well-being of Europeans does not deserve to be sacrificed on the altar of the Euro.

02-Peter O pp10-11.indd All Pages 05/09/2014 11:54


From gold-plated loo seats to crystal-encrusted Hummers, the showy trappings of wealth that symbolised status and success

were once a common sight among the native growing elite residing in the world’s emerging markets. optimism brought on by the boom spawned a luxury sector that feasted on the sales of gaudy goods. Bling and excess was favoured over class and taste. one got a sense that the bewildered wealthy were almost trying to grapple with managing their newfound riches.

But there’s since been a change in luxury trends that is signaling the dawn of a new, understated and sophisticated type of spender. opulence and extravagance have been tempered by the demand for more specialised services that shy away from conspicuous displays of wealth.

Status is still important but frivolous spending has been replaced by more considered purchases that have substance, longevity and give a return on investment. Passion along with a genuine appreciation for craftsmanship and aesthetics are shaping the luxury sector in emerging markets today. While some globally iconic luxury brands have lost their lustre because

of their new wider appeal to a mass market, the growth in hyper-exclusive products and services that offer the rare and the ephemeral have really risen in prominence.

Bling in the new world is dying. Style, sophistication and the elegantly understated confidence of real class is what’s governing spend among the new rich.

This shift in consumer behaviour poses an interesting challenge for brands that market to the ultra rich. With the emergence of the ‘explorer’ trend, where audiences crave a truly premium and exclusive brand experience, there has been a growing need for luxury labels in emerging markets to sell their story in new, imaginative and ever more engaging ways.

Branding has become an essential tool in helping them bring their unique story to life for the new discerning buyer. Craftsmanship, authenticity and provenance form the narrative for engagement and a platform for creating immersive, sensory, all-encompassing experiences that captivate and build ties with the luxury customer.

reflecting on examples of our work creating identities for some of the emerging

markets’ most luxurious brands – from Dubai’s Burj Khalifa, the world’s tallest building, to repositioning aviation brand royal Jet as a luxury private airline that’s not just exclusively for the governmental elite – we had to delve deep into the customer journey to devise a mechanic where the unique brand story would resonate and be felt through every single touchpoint. We did that by mapping out the ‘experience’ in first person – every sight, touch and smell was noted. From the subtle creak of premium leather as you recline into the plushness of First Class, to the distinctive ‘ping’ of crystal flutes as you clink glasses over a michelin-star meal. No detail is ever too small.

This forensic insight into the premium experience enables us to capture the essence and spirit of a brand so it can communicate its unique narrative in a memorable and evocative way – via the littlest vessels, to the grandest of them all. It could be accents of neo-classical architecture and its concept coming through in a brand design, or the sheen and gloss of a specially-made brochure that alludes to the high shine of a palatial atrium floor. Every trapping and every

embellishment celebrates craftsmanship, beauty and an ultra-premium lifestyle that only the supremely wealthy are privy to – a return to greatness, if you will.

one sector that is really honing a four-dimensional approach to the luxury brand experience is real estate. Developments of premium apartments and hotels catering to the high networth individual are fuelling an appetite for long-term investments. It’s become part of a major strategy for many emerging territories to reposition themselves as a new global capital for growth, business and wealth. Dubai is an obvious example, but the once turbulent Serbia is fast becoming a new world-class destination for prosperity and power too. Plans for the launch of its luxurious Belgrade Waterfront development, comprising luxury apartment blocks, hotels and a shopping mall are set to revitalise both the district and the economy.

Yet despite the magnificence of these ultra-luxe structures, emerging markets face a curious problem that is almost Faustian. Shiny new builds scream wealth and prosperity yet have all the soul and provenance of a Premier Inn off a ringroad in milton Keynes. So where provenance and indigenous culture is young in such markets, branding has played a critical role in giving these shiny prime new builds an identity, sense of provenance and legacy that the new luxury consumer craves. The ultimate aim is to create a brand that captures the aspirations and optimism for an economy that will continue to grow and prosper.

our work on branding Dubai’s magnificent Burj Khalifa is an example of this thinking at play. The stance was to position this marvel of modern engineering as an iconic brand: a symbol of the area’s recent growth. We developed the brand idea of ‘history rising’ – an identity that alludes to a promising future – a building and brand that will transcend time, going down in history not just for its sheer scale, but elegance too.

Similarly, for our work on the mardan Palace in Antalya, we were tasked with creating a legacy and sense of provenance for the new ultra-luxury hotel and spa, fleshing out a brand that captured the vision, grandeur, heritage and regal opulence of the property itself. our creative platform ‘return to greatness’ re-awoke the illustrious past of the ottoman Empire, but is redefined for the modern age. Ingrained in the brand’s philosophy, this old spirit would live, breathe and run through the very veins of the brand, from the elaborate swirls and embellishments of its ornate scorpion logo embossed on a napkin ring to the gold leaf detail on the service staff’s regal looking uniforms. The immersive, sensory experience is one that nods to exclusivity and grandness of the highest order – one that’s fit for royalty.

Luxury brands operating in emerging territories and, indeed, all markets have to become increasingly adept in engaging their audiences with captivating storytelling. It’s no longer satisfactory to have products and services that are deemed ‘luxury’ simply because of the huge price tag they

may command. Now everything is pointing towards an appreciation of craftsmanship, a brand story that pays tribute to all the vital materials and ingredients to create something truly luxurious. This is the defining trend of the luxury market today, and it is crucially shaping the way branding campaigns are executed for businesses targeting the ultra-rich consumer. one thing is certain: the delivery of an outstanding, immersive experience is a powerful tool for ensuring that a brand resonates and lives on, even outside of its natural environment.

Luxury businesses that are attuned to evolving tastes and trends – and are agile enough to innovate their approach – will be best placed for success and will weather the unpredictable future.

John Brash is the CEO of Brash, and was recently named 17th ‘Most Influential Brit in the UEA’ by Arabian Business Magazine. He has also been made an Honorary Professor by Amity University in recognition of his distinguished 27-year career in branding. His company, Brash (www.brashbrands.com), is a leading independent brand consultancy. With a growing global presence at the forefront of brand strategy, Brash has recently added a new London base to its portfolio of international offices which include Guangzhou, Mumbai, Bangalore, Singapore, Jeddah, Abu Dhabi, and Doha.

www.brashbrands.com

EDITION | LUXURY BRANDING

The new world order in luxury branding

A lifestyle governed by opulence and excess is no longer in vogue for the native global elite living in the world’s emerging markets.

By John Brash, CEO, Brash Brands

03-Luxury Branding pp12-13.indd All Pages 05/09/2014 14:11

www.hamblegroup.com14

The South east and London in particular has never been short of property investment options. You only need to look to the exclusive

London penthouse apartment at One hyde Park that recently sold for a record £140 million.

When it comes to property, in particular buy to let, people are beginning to recognise that the North West provides some of the best returns on investment. The recent announcement of direct flights between Manchester and Beijing makes the city an even stronger candidate to consider when it comes to making major investments.

Media City has been a fantastic addition to the entire Manchester economy for well-documented reasons. 2014 so far has seen Salford’s property prices rise faster than anywhere else in Britain, with an average increase of 12% thanks to the ‘BBC effect’. Rental yields in Salford now average out at 6.4%, surpassing the 5.9% to be found in outer London and the South east.

In Manchester, we target properties achieving yields of around 8% and genuine

discounts of up to 20% off a true market value. This is much higher than those found in London and other city centres, and far surpasses the returns offered by

the banks and avoids the volatility of the stock market. There are more finance options coming to market, but deposits of approximately 30% are still needed to get the very best mortgages.

We are also seeing a rise in interest in our buy to let property from Chinese investors. The additional focus from China on Manchester’s Airport City Development will undoubtedly bring huge benefits with it. Sustained investment into the region will ensure that rental property will be in high demand due to the growth in workforce that the development will bring. This investment, set to be the biggest since the London Olympics, will further help cement Manchester as england’s ‘second city’.

Sequre Property Investment specialises in the provision of discounted, high-income producing, buy-to-let property in a number of major UK cities. Sequre provides an expert acquisition and investment service to individuals ranging from first time property investors to those with portfolios worth several million pounds.

www.sequre.co.uk

Our Friends in the NorthThinking outside the box in property investment – Graham Davidson, Managing Director

of Sequre Property Investment, shares his thoughts on the property market and why Manchester offers some of the best opportunities for investing in buy to let property.

“SuStained

inveStment into the

region will enSure

that rental property

will be in high

demand due to the

growth in workforce

that the development

will bring”

EDITION | PROPERTY INVESTMENT

03-Property Investment pp14.indd 14 05/09/2014 08:45


The gulf between the capital city and the regions is a reluctantly accepted

truth, but that does not mean that regional investment should remain stagnant as London continues to outperform its regional counterparts.

house price growth has remained stubbornly single digit throughout 2014, although we have observed some growth in the private rental market. In terms of commercial prospects, office demand has strengthened, as investors focusing on key markets and top grade product. With a number of exciting developments in the pipeline in Manchester, Leeds, Sheffield, Glasgow and edinburgh we can look forward to the investment market’s continued progress.

The regions will still need to benefit from an improving national economy if we are to drive profitable inward investment in our major UK cities. Therefore if, as George Osborne’s professed vision of a “northern powerhouse” of linked cities ready to “take on the world”, is to be believed, what can we look forward to in 2015?

Well, the next year looks promising with incoming infrastructure developments, established enterprise Zones and housing

initiatives, all of which are poised to deliver a necessary boost to regional investment.

In terms of infrastructure, the dominant influence over the coming years will be hS2, which is already making waves in Birmingham and we anticipate a wider ripple effect to have a positive impact on both Leeds and Manchester. high-speed rail is currently driving activity in the planning and investment markets, particularly in the locations proximate to the stations, so it will certainly prove to be a development to watch over the coming period.

Another factor to consider is the influx of impending initiatives for housing, as the hCA introduces its new investment programmes to improve market conditions. These will see more capital made available in order to support schemes ranging in size from 15-1,500 units, a new approach which will widen accessibility as funding will now be available to better support smaller projects.

In terms of business rejuvenating the property market, we can look forward to enterprise Zones beginning to deliver results, with the major schemes in Leeds, Manchester (Airport City) and Birmingham projected to yield strong employment-generating projects over the next year. This one has been

a relatively slow burner, but 2015 looks set to be the year that we enjoy the full potential of the enterprise zone delivery.

With economic growth now coming through, a London market that is continuing to outperform and an improved picture for the regions there is a real opportunity for the developer/investor community to grasp the opportunities emerging. This can ensure that 2015 offers further increase in investment appetite and transactional activity.

www.deloitterealestate.co.uk

Why invest in UK property?Callum Robertson, Director of UK Investment at Deloitte Real Estate North West gives us

an assessment of investment beyond the South East.

02-Investment article pp15.indd 15 05/09/2014 13:16


The UK is a familiar jurisdiction to residents from the GCC, many having

spent holidays and/or been educated in the UK. The UK is also an investor friendly jurisdiction. Non-resident investors (i.e. investors who do not permanently live in the UK) are able to structure real estate investments in a tax efficient manner. Recent changes to the UK tax code relating to the taxation of residential property held by non-resident investors have led some investors to look again at the economics of investing in UK residential property, but the tax changes still leave the UK looking quite cheap compared with the tax charges in other jurisdictions, such as the USA and hong Kong.

In the last 10 years it has become more common for GCC investors to finance their UK property acquisitions using Shari’ah compliant finance.

An investor operating on a Shari’ah basis may make their investment using a combination of equity and finance, with finance being obtained from a bank or another type of financial institution on a Shari’ah compliant basis (for instance, by entering into a murabaha financing secured against real estate). Currently in the UK, if a property has been financed

on a Shari’ah compliant basis it will usually mean it has been financed by way of a commodity transaction under a murabaha agreement. Whilst a murabaha agreement is structured differently from an interest bearing loan agreement, the economic terms of both agreements are similar, specifically the bank’s customer will (following a draw down under a loan agreement or the acquisition of commodities under a murabaha agreement) owe the bank a debt which in each case may be secured against the property being acquired.

As a general rule, an investor from the GCC will not insist on a real estate transaction being Shari’ah compliant (i.e. the asset itself and any financing being Shari’ah compliant). however if Shari’ah compliant finance is available and the IRR

is not materially impacted (for example by the profit rate under a murabaha agreement being materially higher than the interest rate the investor would have to pay under a conventional loan), the GCC investor’s preference will be to put in place a Shari’ah compliant structure.

Shari’ah compliant financing is available in the UK, the most common as noted above being murabaha financing. Provided such financing is taken out with a bank (i.e. an entity authorised by the UK regulators to take

deposits), such financing is tax efficient. Specifically the profit amounts payable under the murabaha agreement may be accounted for as a deductible expense. This is important if the investor has income which is taxed in the UK (for example rental income from a commercial property), the profit amount will be able to be deducted from such income with the investor being taxed on its net income and not its gross income.

GCC investors have always been interested in single assets (such as houses, apartments and commercial buildings), holding them either on a short term or a long term basis.

GCC investors are also returning to the UK market through fund platforms. This is after the complete disappearance of fund structures immediately after 2008.

Those funds may originate in the UK (i.e. an asset manager in the UK establishes a fund targeted at GCC investors) or, as is more common, funds are being raised in the GCC and then deployed in the UK. Non-resident investors (whether investing directly or through a fund structure) will hold commercial property and/or development property (whether commercial or residential) though an off shore company (for example a company incorporated in Jersey or the Isle of Man). This is to ensure the correct tax treatment of capital gains and/or profits. Following the changes to the UK tax code with respect to the holding of residential property, there is now little to be gained by holding such property through an off shore structure.

Since 2008 there have been very few fund platforms that have been able to raise money in the GCC based on an offering memorandum alone. Those that have been successful will typically have acquired or secured the rights to an asset and have a compelling story to tell about that asset. The days of travelling to the GCC and expecting to raise funds based on a strategy are long gone; the investors are keen to invest in individual assets themselves, or if they are going to invest

through a fund they often insist on seeing the asset and the plan before they invest.

Many GCC investors look to partner with UK property developers and/or asset managers. Some may be happy to hand a development mandate or asset management mandate directly to a partner, but more often the investor wants to play an active role and have the opportunity to share asset manager fees/developer adviser fees in addition to any income or capital appreciation from the asset.

Shari’ah compliant financing and conventional financing can be used together – if a bank does not have the appetite to take on the whole transaction or it will only lend up to a certain value, there is a Shari’ah compliant solution to fill the gap.

With conventional banks shrinking their balance sheets there is an opportunity for Islamic banks in the UK (there being several) to capture a larger share of the UK real estate finance market. Often it is said that the Islamic banks in the UK are not competitive on pricing. however that is not always the case and as the Islamic banks look to expand and compete with the conventional banks for market share they are working hard to ensure their pricing is competitive.

If an investor wishes to finance its UK real estate acquisitions on a Shari’ah compliant basis it should always look into whether competitive financing is available. The UK is well set up to access Shari’ah compliant financing and as the Islamic banks in London grow the price differential between those banks and their conventional counterparts is shrinking.

www.kslaw.com

EDITION | FINANCE

GCC investment in UK property using Shari’ah compliant finance

“IN THE LAST 10 YEARS IT HAS BECOME

MORE COMMON FOR GCC INVESTORS TO FINANCE

THEIR UK PROPERTY ACQUISITIONS USING SHARI’AH COMPLIANT

FINANCE”

The UK remains a popular destination for investors from Gulf Co-operation Council countries wishing to invest in real estate. By Mike Rainey, Partner, King & Spalding

03-Business article pp16-17.indd All Pages 05/09/2014 16:18


In June 2014, the Supreme Court of the united States – the country in which Argentina’s bonds were issued – denied Argentina’s request to

appeal a lower-court ruling which, based on a particular interpretation of the pari passu (equal treatment) clause contained in Argentina’s original bonds, specified that the country cannot make payments to the 92 percent of creditors who accepted restructured claims unless it also repays “holdouts” the full value of their original claims plus interest. If it complies, Argentina could be looking at a $15 billion hit to its already depleting foreign reserves.

The court’s decision raises some serious concerns. By ruling in favour of holdouts, many of whom bought their bonds after default at a big discount, the decision rewards recalcitrant creditors and punishes cooperative ones. To be fair, the holdouts claim they tried to strike a fair deal with Argentina on several occasions but were

ignored and offered only harsh take-it-or-leave-it bond exchanges.

To say that Argentina is a “uniquely recalcitrant debtor” is certainly not a fringe view. But in setting legal precedent under new York law – the law governing a large portion of sovereign bonds – the court’s decision creates a perverse incentive for all creditors to holdout from future restructurings, essentially making them impossible to achieve. It also throws into

question the attractiveness of new York as a financial hub.

unsurprisingly, the recent economic and legal developments in europe and the united States have put sovereign debt restructuring at the top of the IMF’s agenda. In June 2014, the Fund released a staff report considering a new approach to its “exceptional access” lending framework as it relates to sovereign debt.

The Fund’s current framework bears an embarrassing mark left from the hasty – and deeply political – choices made during the euro zone crisis.

When the Greek crisis broke in 2009, it was clear the country would need a lot of money and help, but it was not clear that, even with such help, Greece’s public debt would remain sustainable – a precondition of IMF lending. Still, the Fund wanted to help and was under mounting pressure from its powerful european members to get involved.

“to say that argentina is a ‘uniquely

recalcitrant debtor’ is certainly not a

fringe view”

“normally a country in

greece’s situation would be required to restructure its debt

before accessing large-scale

imf resources”

EDITION | FINANCE

Turbulent time for sovereign debt marketsBy Professor Domenico Lombardi

It’s a turbulent time for sovereign debt markets. Ever since the outbreak of the euro zone crisis, sovereign debt has become a hotly debated topic with an uncertain future. Even as the euro zone crisis cools down, the sovereign debt debate has been heating up after the recent legal victory of Argentina’s “holdout” creditors – a minority group of creditors who continue to hold bonds Argentina defaulted on in 2001 and who refused to restructure those bonds in the 2005 and 2010 debt exchanges.

normally a country in Greece’s situation would be required to restructure its debt before accessing large-scale IMF resources. But the IMF’s large european members worried that a Greek restructuring in Greece would trigger widespread contagion; in 2010, the Fund’s executive board voted to waive the “debt sustainability” criteria in cases where there’s a “high risk of international systemic spillover effects,” drastically changing its lending rules to bail-out Greece in the absence of restructuring.

unfortunately, the Fund’s program failed to put Greece’s public debt on sustainable ground and, in 2012, it underwent the largest sovereign default and debt restructuring in history.

Although it achieved very large debt relief – more than 50 percent of 2012 GDP – Greece’s restructuring was not enough to restore debt sustainability. In retrospect, the Fund admitted that the restructuring was “too little, too late.” If adequate debt restructuring had taken place back in 2009, Greece’s return to economic health could have been much sooner and stronger and the eventual haircut significantly less than it eventually turned out to be.

The IMF’s recent staff paper therefore recommends reversing the 2010 amendment. But it also finds fault in the pre-2010 framework.

under the old framework, if debt sustainability could be deemed highly probable, the Fund

would rely on its traditional approach: provide money to bailout creditors as long as the borrowing country agrees to an economic adjustment program. If a country’s debt sustainability could not be assured with high probability, however, it would have to undertake a deep enough debt restructuring to restore sustainability before it could receive IMF assistance.

While this approach works in some circumstances, it becomes problematic in cases of genuine uncertainty, where it’s not clear with high probability whether debt is sustainable or unsustainable. In these cases, debt restructuring, which imposes steep costs on creditors and debtors, may be unnecessary. So when uncertainty prevails, IMF staff advocate an approach that relies on reprofiling debt rather than restructuring it.

under a reprofiling, there would be an extension of maturities on existing sovereign debt, but no change to the nominal interest or principal. Reprofiling would come only after a country has lost market access, so as not to trigger a loss of market confidence. used appropriately, reprofiling could help buy much needed time to assess the situation, restore growth and debt sustainability, and avoid the costs of unnecessary bailouts and restructurings.

In seeking more economically potent and politically acceptable policy tools, the IMF’s staff will have to convince its most powerful members to get on board. This includes the uS and europe, whose officials may worry that even reprofiling could threaten domestic financial markets. It also includes increasingly influential emerging powers such as China, whose officials do not see reprofiling as a particularly potent option.

If the IMF’s staff can convince its member-states to chart a new course, it will have a transformative – and likely positive – impact on the way the world handles sovereign debt crises.

Professor Domenico Lombardi is an expert on international monetary relations, the global economy, and G-20 and G-8 summits. His current research focuses on the global financial crisis, the European crisis, and the reform of the international monetary system.

www.domenicolombardi.org

02-D Lombardi pp18-19.indd All Pages 05/09/2014 12:03


Bespoke, according to the oxford Dictionary means made to order, and Rolls-Royce are the kings of bespoke. over the years they have produced the ‘one Thousand and one Nights’ and the phantom IV, that

was ordered by princess elizabeth and the Duke of edinburgh in 1950, that is still in Royal service today.

It takes 60 pairs of hands more than 450 hours to design, construct and craft each Rolls-Royce before it’s handed to its owner. All cars are customised at Rolls-Royce Goodwood headquarters where buyers can choose from a range of over 44,000 paint colours including one flecked with real gold pigment. There is a vast array of upholstery options and buyers can supply wood from their own orchard should they desire something a little more personal than the usual walnut, ash, elm or mahogany trim.

James Warren, Communications Manager for Rolls-Royce, points out that the bespoke service is nothing new, “we’ve been doing this for a century; for the first 30 or 40 years of the brand, you didn’t buy a full car – you bought a chassis and an engine, and then took them off to your coach builder.”

The Celestial Phantom

The Celestial phantom was featured on the Inside Rolls-Royce

television show on Channel 4, and captured the hearts of men

and women alike with it being the most expensive Rolls-Royce

ever made.

Hundreds of tiny LeDs have been weaved into the fabric of

the roof to recreate the star-filled sky as it was on the night of

phantom’s birth, 1st January 2003. The starlight Headliner in the

roof of the car was first featured in the Celestial phantom and has

been used since as it was such a unique idea.

The inside of the Celestial phantom recreates the night sky

with 446 diamonds in and around the panelling. The Celestial

phantom’s beautifully crafted clock features four of the stunning

diamonds placed at the points of 12, 3, 6 and 9.

The ‘Dusk’ colouring of the leather work inside the Celestial

phantom continues the theme of the night sky and compliments

the starlight Header and diamonds.

The plates included in the Celestial phantom’s picnic set, who were crafted by renowned porcelain maker Nymphenburg, map the constellations of the stars. The glassware of the picnic set features a hand engraved Celestial motif to match the starlight Headliner.

The Celestial phantom is filled with visually appeasing surprises such as the tread plate commemorating the car’s beginnings at Goodwood, and the subtly uplit spirit of ecstasy on the car’s bonnet. To create depth and light, fine glass particles are integrated into the paint so the exterior sparkles perfectly.

The incredible Celestial phantom made its debut at Frankfurt Motor show and had already been purchased prior to the show by an unknown buyer as a birthday present to himself for a rumoured cool one million pound!

The Ghawwass

Abu Dhabi Motors is the sole dealer of Rolls-Royce Motor Cars in Abu Dhabi and Al Ain won the Global Dealer of the Year in 2013; you can see why when they showcase some of the Bespoke

motors they have created. several more new concepts will be finding their way to Abu Dhabi during the course of this year that will ensure the dealerships success in Bespoke will continue.

The phantom Coupé is the most driver orientated car in the phantom range and was inspired by the phantom II Continental of the 1930s. The Ghawwass phantom Coupé, derived from the Arabic word for “diver,” comes in a striking Turchese Blue exterior to pay tribute to the traditional craft of collecting pearls by diving into the Bahrain pearl banks. In contrast with the rest of the car, the engine hood and the A-pillar feature a brushed aluminium look.

The turquoise colour can be found on the inside as well, with the leather seats and interior trims being painted similarly. The headrests feature the Dhow sailing boat motif, which is also featured in the coach line, and as a unique raised chrome motif laid into the aluminium of the passenger panel. pearl veneers complete the interior modifications to make this one-off something completely out of this world.

Words by Haydn Squibb

www.rolls-roycemotorcars.com

EDITION | LUXURY CARS

Rolls-Royce

Rolls-Royce Celestial

01-Rolls Royce pp20-21.indd All Pages 28/08/2014 16:06


The Unique Circle Yachts is a concept designed by famous female architect Zaha hadid for Blohm+Voss, the innovative German shipyard specialising in the construction of naval vessels and technically

sophisticated mega yachts.

Zaha hadid created a concept for a 128-metre yacht, which then led to the design of the five smaller vessels engineered by Blohm+Voss.

The ‘Unique Circle Yacht’ series is based around the sculptural form of the master prototype, conceived as a 128-metre yacht. The individual 90 metre yachts creatively explore the design philosophies of the master prototype within the technical requirements of a fully-engineered yacht design.

As you would expect, Zaha hadid Architects have not designed a traditionally sleek yacht. The vessel is more space age, with a futuristic, even sci-fi appearance.

The overall design is informed by fluid dynamics and underwater ecosystems, with hydrodynamic research shaping the design of the hull. The exoskeleton structure of the upper section is an interwoven network of supports that vary in thickness and lend a natural aesthetic to the yacht’s external appearance; evoking

the organic structural systems of natural marine formations and connecting the various levels and decks of the ship seamlessly via expressive diagonals.

The fluid design language of the master prototype has been applied to the five subsequent 90 metre variations of the Unique Circle Yachts, creating a design with the highest correlation between the various options.

The 90m JAZZ yacht is the first of the five Unique Circle Yachts that has been technically specified and detailed by the naval architects at Blohm+Voss. In addition to JAZZ, four further 90m yachts have been designed to fulfil the different requirements and individual requests of their designated owners. each design will vary in layout according to the owner’s preferences.

The design process was very much a collaborative one, with Blohm+Voss and ZhA working together to address the practical challenges of designing a yacht while remaining true to the design language of the master prototype. The resulting designs are the synergy of hadid’s design vision and the technical expertise of Blohm+Voss, allowing a flexibility and customisation in the eventual design of the yacht.

www.blohmvossyachts.com

EDITION | LUXURY

Unique Circle YachtsDesigned by Zaha Hadid for Blohm+Voss

04-Zaha Hadid Yachts pp22-23.indd All Pages 05/09/2014 08:54

Tankoa – the first boutique shipyard with a multi-cultural approach to yacht construction has pleasure in announcing the sale of Tankoa S693 – 69 Metres. The yacht will be available for charter from august 2015 and

will be exhibited at the Monaco Yacht Show 2015.

The Tankoa Yachts project launched in 2008 with a business plan based on a new philosophy on yacht construction. “Boutique Shipyard” is a top quality shipyard focusing on yachts ranging from 50 to 90 meters. Limited production, attention to detail, use of the latest technology, precision, rich specifications, ethics and emphasis of the Italian building excellence are just a few of Tankoa’s values. The management team is proud to have successfully merged German business ethics, Dutch quality engineering, Japanese precision and Italian design and flexibility.

Francesco Paskowski, who designed Tankoa’s original first two projects, was asked to revise the lines in collaboration with

Yacht-ology his mission was to make it a timeless modern classic pleasure yacht just under the 70 metres mark.

The S693 Tankoa is a modern classic yacht with a high efficiency hull developed by renowned naval architect professor Ruggiero, and a contemporary style by Francesco Paszkowski. The yacht features an oversized beach club complete with bar, sauna and hammam. on upper deck you will also find a saloon and sushi bar, an outdoor jacuzzi and glass bottom sun deck with swimming pool; these are only some of the luxury touches the S693 has to offer.

now sold and under construction, a full displacement yacht with a 1,300 + Gross Tonnage, S693 will be capable to sail at a maximum speed of 16.5 knots with a cruising speed of 15 knots, and an economical long range speed of 12.5 knots with over 5,000 nm range. Efficiency, reliability and practicability are words that best describe Tankoa S993’s core values.

www.TANKOA.it

THE TANKOA S693


Tankoa yachts pp24-25.indd All Pages 05/09/2014 11:59


What was your inspiration for becoming a ballerina?

I have danced since I was five years old. Little girls are attracted to the pink pointe shoes and the tutu, but for me, that was where not just the magic began, but the passion for the whole world of ballet. In my mid-teens the passion had become a conviction; I knew my vocation was dance. At first I began working in the arena in Verona, MaggioDanza in Florence and then Balletto del Sud in Lecce. It’s a huge shame that the Italian artistic world is not thriving as it should, and ballet companies are closing, so there was simply not enough work for an ambitious dancer. Although it hurt to leave my home, when I was given an opportunity to audition for the prestigious Hungarian National Ballet two years ago, I did so and was lucky enough to be taken on.

You currently dance in the Corps de ballet, what is your dream role?

I love the romantic ballets, like Giselle, and the emotion and passion of the principal

roles. I dream of dancing Tatiana in Onegin, as it’s such a uniquely poignant love story, and Mercedes, a seductive gypsy, in Don Quixote. This season I’ll have the pleasure of dancing in Swan Lake, which is every ballet dancer’s dream. I’m very, very happy.

What does the future hold for you in ballet?

A ballerina’s working life is that of a butterfly; exquisite but short. I am 26, and these are the best years for a dancer so I want to enjoy them and do as much as I can. A ballerina’s career usually ends at 45, and by that time I would like to have become a soloist. When I stop dancing, I would love to open a ballet school in my home town of Padova, Italy, and use my passion and my experience to inspire others.

What has been your proudest moment as a ballerina?

There have been so many moments of such pride and pleasure. Passing the audition for the Munich Ballet Academy

at 15 years old, which was the moment I felt that dance was my destiny, and dancing the first act of Giselle in the Verona Arena, at a gala, in front of a 15.000 strong audience. I’m also hugely proud to be working with such a large, culturally rich and thriving ballet company. Over the year I get to work with and learn from so many different ballet masters and choreographers. The enormous pleasure I get from this is compensation for having to live so far from my family.

Which dancers inspire you as a ballerina? There are so many genuinely inspirational ballet stars that it’s hard for me to choose just one. I spend a lot of time on the internet, watching prima ballerinas like Natalia Osipova, Olesya Novikova and Isabelle Ciaravola to try and infuse my career and performance with the verve and skill that make them so magical to watch.

www.opera.hu/en/balett/

The Hungarian National Ballet is a classical ballet dance company based in Budapest, Hungary and was established in 1884.

ANGELA MINGARDO

03-Angela interview pp27.indd 27 05/09/2014 16:19


The buzz inside the Royal Opera house on every performance night is substantial but even more so on nights where the opera or ballet is being screened live to cinemas across the world.

Cinema screenings have grown hugely since the first live screening in September 2009 when Mozart’s Don Giovanni was relayed to 45 sites in the UK and 120 sites in just 12 countries. This Season, the performances will be seen in almost 2,000 sites across more than 40 countries.

For the dancers, singers and musicians, there is an even greater sense of occasion knowing that there is a global audience watching them live as well as the 2,000 people sitting in the auditorium. “I love dancing on the nights that get shown in cinemas – it means my family can see me dance back home in Argentina!” said Marianela Nunez, Principal Dancer with The Royal Ballet. Similarly, Principal Dancer Lauren Cuthbertson’s family and friends pack their local cinema in Devon when she dances the lead role in a production shown in cinema. No doubt they will be back to see her dance the role of Alice on 16th December in Alice’s Adventures in Wonderland, a constant sell-out production for The Royal Ballet since it was created in 2011 by Christopher Wheeldon, Associate

Choreographer with The Royal Ballet, and much in demand by other companies around the world.

With more than 400 performances each year, the Royal Opera house is the busiest theatre of its kind. New productions and new commissions keep art forms alive, complementing the full schedule of the classic and heritage operas and ballets. For the 2014/15 Season The Royal Ballet has commissioned three world premieres including one full length work by Resident Choreographer Wayne McGregor, and two new one act ballets from hofesh Shechter and Liam Scarlett. Woolf Works will be McGregor’s first full length ballet for the Company and is based on the writings and life of Virginia Woolf with a newly commissioned score by Max Richter.

Similarly, The Royal Opera has commissioned four world premieres including Philip Glass’ The Trial. There will also be four London premieres and a new production of a work never before seen at the Royal Opera house, Szymanowski’s Krol Roger. These works sit within a rich Season of favourites from the repertory including Madama Butterfly, The Magic Flute, La Traviata and Don Giovanni as well as contemporary opera such as Anna Nicole and new productions of William Tell and A Masked Ball. For the Wagner fan there’s also The Flying Dutchman and Tristan and Isolde.


The stage of the Royal Opera house in London’s Covent Garden has seen the greats of opera and ballet tread the boards over the years. This Season is no different and we look forward to welcoming Placido Domingo, Jonas Kaufman, Bryn Terfel and Anna Netrebko amongst others, dancers including Natalia Osipova, Carlos Acosta, Steven McRae and Sarah Lamb scaling new heights of virtuosity and artistry, and Alessandra Ferri making a welcome return.

As well as watching a world class performance at the Royal Opera house, take a tour of the building which in itself is an iconic London landmark. Inside, the rich red and gold beauty of the old Victorian theatre combines with the technical wizardry of the redeveloped backstage area, and the elegant Paul hamlyn hall where newly launched Afternoon Tea can be taken.

The regular tours allow visitors to see behind the scenes and observe the craftsmanship of costume and prop makers, gain an understanding of the scale of the productions and hear fascinating insights into the working of this extraordinary building.

To find out more about this exciting new Season visit www.roh.org.uk

Steven McRae as The Mad Hatter in Alice’s Adventures in WonderlandPhoto: © ROH / Johan Persson, 2011

Sarah Lamb as Alice in Alice’s Adventures in Wonderland

Photo: © ROH / Johan Persson, 2011

Lauren Cuthbertson as Alice in Alice’s Adventures in Wonderland

Photo: © ROH / Johan Persson, 2011

Sarah Lamb as Odette and Federico Bonelli as Prince Siegfried in Swan Lake

Photo: © ROH / Bill Cooper, 2011

Dancers of The Royal Ballet in Swan LakePhoto: © ROH / Alice Pennefather, 2012

The Royal oPeRa hoUSeHome to The Royal Opera and The Royal Ballet – the place to watch and learn about

world-class opera, music, ballet and dance

04-Royal Ballet pp28-29.indd All Pages 05/09/2014 08:54


Where to eatBRASSERIE CHAVOT

Located in the heart of London’s Mayfair, Eric Chavot’s elegant brasserie boasts delicious French cuisine with a stylish

interior by Alex Kravetz.

41 Conduit Street, Mayfair, London W1S 2YF

NOBu: LONdON OLd PARk LANE

Treat yourself to celebrated chef Nobu Matsuhisa’s delicious Japanese cuisine.

19 Old Park Lane, London W1K 1LB

Where to stayTHE GORING

Join World Leaders, Heads of State and Presidents at this beautiful, luxury Hotel.

The Goring boasts London’s finest family-owned hotel. Located next to Buckingham

Palace and a convenient distance from Belgravia’s finest shops and boutiques.

The Goring, 15 Beeston Place London SW1W 0JW

JuMEIRAH CARLTON TOWER

This quintessentially British hotel is situated in the hub of Knightsbridge and is perfect for business and pleasure, a short walking

distance away from Sloane Street’s boutiques. Award winning restaurants,

sophisticated bars and an exclusive Health Club ensure luxury is coupled with British

elegance and sophistication.

2 Cadogan Place, London SW1X 9PY

eVeNtsWEddING dRESSES

1775-2014Trace the development of the white

wedding dress and its treatment by key fashion designers.On display are the most

romantic, glamorous and extravagant wedding dresses from the V&A’s superb

collection. The exhibition will highlight the histories of the dresses, revealing

fascinating details about the lives of the wearers.

V&A 3rd May 2014-15th March 2015

Cromwell Road, London SW7 2RL

LONdON COCkTAIL WEEk A unique celebration of our capital’s

unrivalled cocktail culture. For seven days, 200 of the best bars throw open their

doors to offer £4 cocktails to wristband wearers, plus there’s pop-ups, parties

and tastings galore. A festival to inspire, educate and unite cocktail lovers across

our brilliant city – Drink Up London!

www.londoncocktailweek.com 6th-12th October

Seven Dials, Monmouth Street Covent Garden WC2H 9DD

GREENWICH MARkETRegarded as one of London’s best

covered markets with up to 120 stalls showing antiques and collectables on

Tuesday, Thursdays and Fridays, and craft and design on Tuesdays, Wednesdays and weekends. Greenwich buzzes with

creativity and, thanks to the many designer-maker independent shops in and around the town centre, is just the place to find

something really special and different. Enjoy a relaxing day out with a great choice of take away food from the market and a range of gastro pubs, restaurants, and

wine bars.

Until 31st December 2015 5b Greenwich Market, London SE10 9HZ

BONd IN MOTION Bond in Motion has over 100 individual

original items on display from all 23 James Bond Films from concept drawings,

storyboards, scripts, model miniatures and full size vehicles from cars, boats, bikes

and gyrocopters.

London Film Museum, until March 2015 45 Wellington Street, Covent Garden WC2E 7BN

ANNA NICOLEThe opera based on the life of late

American actress and glamour model Anna Nicole Smith gets its first revival at the

Royal Opera House. This provocative opera that challenges the celebrity and high-

profile lifestyle.

11th-24th September Royal Opera House, Bow Street

London WC2E 9DD

INTERNATIONAL BALLROOM dANCING CHAMPIONSHIPS 2014

The 58th annual International Ballroom Dancing Championships are being held at

the Royal Albert Hall this year.

9th October Royal Albert Hall, London SW7 2AP

HydE PARk WINTER WONdERLANd

Winter Wonderland provides a spectacular festive destination, there’s something to excite people of all ages. Popular

attractions include the thrilling rides, The Magical Ice Kingdom,Circus shows and Ice Skating. Make sure to take a trip to

Santa Land, browse the Christmas markets and enjoy the festive fare. Free to enter. However you will need to buy tickets for

the attractions & rides, Tickets are available to buy in advance online.

21st November-4th January 2015 Hyde Park, London W2 2UH

VOGuE FASHION’S NIGHT OuT

The event will be returning to London, marking the sixth year of the international event, which was created initially in 2009 to celebrate fashion and boost the retail

economy during challenging financial times. Enjoy special discounts and events within

both high-street and designer brands.

23rd September Across two of the UK’s largest shopping streets – Oxford Street and Regent Street

LIVING THE LONDON LIFE

If you would like your event to be showcased within our London Living section please contact [email protected] @HEditionMag

I duE FOSCARIOctober marks the beginning of the Royal Opera House’s new production of Verdi’s classic I due Foscari. Don’t miss Placido Domingo as the Doge Francesco Foscari.

14th October-2nd November Royal Opera House, Bow Street,

London WC2E 9DD

REMBRANdT: THE LATE WORkS

Don’t miss this outstanding Rembrandt exhibition, in collaboration with the Rijksmuseum the Dutch National

Museum.

15th October-18th January 2015 National Gallery

London WC2N 5DN

WILdLIFE PHOTOGRAPHER

OF THE yEAR Explore images of the most extraordinary

species on the planet captured by professional and amateur

photographers.

National History Museum Cromwell Road, London SW7 5B

06-London Life pp30-31.indd All Pages 05/09/2014 13:23


EDITION | TRAVEL

Where to eatEl Club AllArdEclectic Fusion Cuisine

Opened in 1998 as a private club, El Club Allard has since opened to the general public in 2003. Since then, it has become one of Madrid’s most prestigious gourmet temples. In November 2007, El Club Allard premiered its first Michelin Star and in 2011, El Club Allard was awarded its second.

Calle de Ferraz, 28008, Madrid

Where to StayThE WEsTin PAlACE MAdridThis luxury hotel is located in the heart of Madrid, within the Art Triangle. The Parliament is across the road, and the Royal Palace and Opera House within walking distance. The Westin Palace offers elegant facilities only 300 metres from the Prado, Thyssen and Reina Sofia Museums. The hotel is famous for its beautiful stained-glass dome under which your breakfast will be served.

Plaza de las Cortes 7, 28014 Madrid

What to doPArquE dEl rETiroThis is one of the largest parks of the city of Madrid. The park belonged to the Spanish Monarchy until the late 19th century, when it became a public park. The Parque del Retiro a magnificent park, filled with beautiful sculpture and monuments, galleries, a peaceful lake and host to a variety of events, it is one of Madrid’s premier attractions.

C. Alfonso Xii and Avenida de Menendez Pelayo, Madrid

EssEnTiAl FlAMEnCoSince its beginnings, Flamenco has evolved in hidden places. It is danced and sung in private, often a brick cellar due to its wonderful acoustics. This is the authentic, unvarnished performance that Essential Flamenco seek to recreate: a man and a woman dancing, a singer, a guitarist, sounds and shadows on ancient brick-lined cellar walls.

Calle de la Cruz 26, Madrid, 28012 Madrid

bErnAbEu sTAdiuMThe Real Madrid stadium is more commonly known by the name of its founder, Santiago Bernabeu, and is used to host Real Madrid´s 1st team matches, one of the best teams in the world. There are daily tours for football lovers.

Avenida de Concha Espina, 1, 28036 Madrid

MADRID

Where to eatMAndArin Grill + bAr AT MAndArin oriEnTAlInternational Cuisine

Overseen by Executive Chef, Uwe Opocensky, the Mandarin Grill + Bar is proud to have retained its Michelin star for the fifth year running. Using the finest organic ingredients and seasonally inspired produce, they offer an exciting interpretation of grill classics with a dash of progressive gastronomy.

5 Connaught road Central, hong Kong

Where to StayThE uPPEr housEBoasting panoramic views of Victoria Harbour and the city, The Upper House is centrally located in Hong Kong Island right on top of Pacific Place, the city’s premier shopping mall. The hotel is located a 40-minute drive from Hong Kong International Airport and a 10-minute walk from Star Street featuring galleries, chic furniture outlets, trendy booksellers, cosy cafés and stylish restaurants. The Hong Kong Convention and Exhibition Centre is situated about 1 km away.

Pacific Place, 88 queensway, hong Kong

What to doViCToriA hArbourVictoria Harbour is a natural landform harbour situated between Hong Kong Island and Kowloon. Long famous for its spectacular views, the harbour is a major tourist attraction of Hong Kong. Lying in the middle of the territory’s dense urban region, the harbour is the site of annual firework displays and its promenades are popular gathering places for tourists and residents.

Central and Western district, hong Kong island

Chi lin nunnEryIf you are into ancient Chinese architecture and Buddhist art and peace, then the nunnery is a must, the building is beautiful. The nunnery is an actual Buddhist place of worship and behind the nunnery is a small market.

5 Chi li drive, hong Kong

drAGon’s bACKIf you are looking for a reward like no other and have some time to spare, then this is the place to go. Plan a morning hike to the Dragon’s back and you will have enough time to relax on the surf beach at the foot of the Dragon.

shek o road, To Tei Wan, hong Kong

HONG KONG

Where to eatEPiCurEFrench Cuisine

Epicure, Le Bristol’s triple Michelin-starred gastronomic restaurant, is located next to the Hotel Le Bristol’s magnificent French-style garden, and its bay windows allow diners to make the most of this lovely setting.

112 rue du Faubourg saint-honore, 75008 Paris

Where to StayhoTEl lE brisTolLe Bristol Paris’ exemplary service and unrivalled elegance make it the hotel of choice in the French capital. The hotel is located on the prestigious rue du Faubourg Saint-Honoré at the heart of Paris’ fashion and arts district, where it has been welcoming its esteemed guests since 1925.

112 rue du Faubourg saint-honore, 75008 Paris

What to doPAlAis GArniEr – oPErA nATionAl dE PArisPalais Garnier hosts opera, ballet and chamber music performances. In September the Paris Opera is presenting a new exhibition devoted to the Ballets Suédois, an avant-garde company which revitalised the Parisian artistic scene during the 1920s.

8 rue scribe, Place de l’opera, 75009 Paris

FEsTiVAl ilE-dE-FrAnCE The Festival Ile de France celebrates the end of the summer, with many concerts spread all over Paris and the local region. The venues are selected for their beauty and cultural significance. You can travel to castles, private mansions, barns and gardens to listen to music of all genres.

From 7th september to 13th october 2014

GArdE rEPubliCAinEThe presidential guard opens its doors to the public during the Open Weekend at the Garde Républicaine headquarters in Paris. This is an enjoyable day for families, as well as a chance to learn something about the history of this old regiment. The brass bands and horses in full ceremonial dress are paraded by the French Presidential Guard at the Casernes des Celestins on the last weekend in September.

quartier des Célestins, 18 henri iV, Paris

PARIS

Where to eatshiMonosEKi shunPAnroJapanese Cuisine

Japan’s first restaurant to serve blow fish which had previously been prohibited until Japan’s first Prime Minister Hirobumi Ito ate it at Shunpanro. Menus here are pre-ordered based upon what is available on their website.

2-7-9 hirakawacho, JA Kyosai bldg., Chiyoda, Tokyo Prefecture 102-0093

Where to StayPArK hyATT ToKyoHigh above Shinjuku’s lively streets, the wide windows of Park Hyatt Tokyo’s spacious rooms offer beautiful views of Mount Fuji or Shinjuku. An indoor pool and 52nd-floor restaurant are featured. Rooms at this superb hotel boast Hokkaido wood panelling and Egyptian cotton sheets.

3-7-1-2 nishi shinjuku, shinjuku, Tokyo Prefecture 163-1055

What to doshinJuKu GyoEn nATionAl GArdEnShinjuku Gyoen National Garden is a large park with an eminent garden in Shinjuku and Shibuya. It was originally a residence of the Naito family in the Edo period. The garden blends three distinct styles: a French Formal and English Landscape in the north and to the south a Japanese traditional. A traditional Japanese tea house can be found within the gardens.

11 naitocho, shinjuku, Tokyo Prefecture 160-0014

ToKyo sKy TrEE EAsT ToWErTokyo Skytree is a broadcasting, restaurant, and observation tower in Sumida. It became the tallest structure in Japan in 2010 and reached its full height of 634 metres in March 2011, making it the tallest tower in the world.

1-1-2 oshiage, sumida, Tokyo Prefecture 131-0045,

sEnsoJi TEMPlEAccording to legend, two brothers kept trying to return a statue of Kannon, the goddess of mercy, to the Sumida River only to have it returned to them the next day. This temple located in Tokyo’s Asakusa district was built to honour her.

2-3-1 Asakusa, Taito, Tokyo Prefecture 111-0032

TOKYO

02-Travel DPS pp32-33.indd All Pages 05/09/2014 08:55

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Walking up the red carpet towards the Hotel De l’Europe, the ‘Royal Palace of amsterdam’, is the closest one might get to the sensation that one actually is of royal descent. With a little imagination,

the warm welcome that awaits within does well to confirm it. Repeatedly listed in the top one hundred hotels of the world, and the backdrop of choice for Hitchcock’s glamorous ‘Foreign Correspondent’ (1940), guests here can expect dutiful staff on arrival ready to help with their bags and lead them to their chamber.

after settling in our beautiful room, overlooking the canal and amsterdam’s town hall, i felt wholly reluctant to venture out. However, once my boyfriend had located the in-room iPad with its litany of local temptations, we simply had to prise ourselves away from the sun-filled boudoir. Downstairs, the ever-friendly concierge team – shining beneath the three-tiered glass chandeliers – were happy to highlight the hot spots of the city before sending us on our way to take in amsterdam’s aesthetic highs. They are too numerous to illuminate in detail here, but take my word for it – the architecture, the serene bicycle rides, the shops, the criss-cross maze of canals that surround the artsy locales of the Museum Quarter, the Bloemenmarkt where you can buy the infamous tulip, cheese at the Wegewijs emporium, the Van gogh museum, the languid café culture… it’s all absolutely mesmerizing should you have the strength to prise yourself away from the masterpiece that is the hotel itself.

after an idyllic afternoon spent negotiating amsterdam’s long canals, tiny streets and charming squares, we returned to the hotel to take afternoon tea at De l’Europe’s modern interpretation of a traditional British tea salon – a wonderful spot for people-watching by the canal. next i was in the mood for some more R&R (no excuses needed on holiday) so crept off to our marble bathroom for a bubble bath. With a TV hidden in the mirror and Blaise Mautin

products, including body milk, shampoos and bath salts, this was yet another locale i was loathe to depart from.

after a divine night’s sleep we wandered down the stairs to take breakfast in the Hoofdstad Brasserie. i plumped for Eggs Benedict paired with smoked salmon, while my partner couldn’t resist the full English. Much attention is given to small details like the fruit display, creating the perfect start to a Holland-aise morning. Taking a short wander around the hotel to take in the atmosphere (the gym looks out over the amstel river), we were seriously impressed by the exquisite interior and the alluring confines of Freddy’s Bar, a drinking den complete with cosy leather banquettes and an impressive cocktail list that was frequented by Freddy Heineken (president of the eponymous brewing company that is certainly worth a visit).

after such a delightful breakfast, and a menu that we had yet to fully appreciate, we decided to dine back in the airy Hoofdstad Brasserie for lunch. i dined on the sea bream special that was served with greek orzo (simply divine), and my partner greatly enjoyed their famous steak. Paired up with perfect wines from the sommelier, we mused on how best to approach the rest of the day. Perhaps a dip in the mosaic-lined pool? Or people watching outside in the city square?

With a recent £60 million renovation, high style and sophistication is guaranteed from the moment you step into your superior deluxe room to the moment you leave its rich art collection and fancy mirrored bar behind. in summary, it is quite simple to see why film royalty (Richard gere was resident during our stay) and those that opt for a spectacular weekend in Europe’s kitsch capital swear by this fancy hotel on the river.

www.leurope.nl

Hotel De L’Europe is part of the Leading Hotels of the World.

EDITION | TRAVEL

Haydn Squibb takes you on a journey to one of the only 5 Hotels in Amsterdam.

04-Luxury Travel Amsterdam pp35.indd 35 05/09/2014 09:06


Planning your sailing trips for next year may seem premature, but if you want to compete in one of the world’s largest

regattas, it’s worth starting early. Held at the end of april each year, antigua Sailing Week has fabulous sailing conditions combined with the chance to party from sunset until dawn after the racing is done. From scratch crews chartering yachts in antigua through to super yachts with professional crews, everyone seems to be there.

This year 23 countries were represented in boats from 24ft to over 100ft, yet the regatta retains a genuine feeling of camaraderie. antigua Sailing Week was first held in 1968 and has taken place every year since then. antigua is one of the gentlest of the Caribbean islands with a wealth of sandy beaches (the locals claim there are 365, one for every day of the year) and a relaxed and friendly atmosphere. The island itself is stunningly beautiful; inland you’ll find wild flowers, palm trees and tropical forests. With a naval heritage most visible at the georgian nelson’s Dockyard and an economy based on tourism, the local population seem to have developed an innate sense of hospitality.

EDITION | SAILING

if you want to take part, there’s a range of options from bringing your own yacht to local charters, both skippered and bareboat. Sunsail are the official charter company for Sailing Week though there are plenty of other charters available, some with training sessions starting the week before, sailing across to antigua from nearby islands. Whether you charter or bring your own yacht you’ll be competing against similar crews and yachts with every entry rated according to the CSa. While the regatta attracts serious racing boats including state-of-the-art, high-tech racing machines, there are a mixture of performance cruising and cruising boats too.

Plans for 2015 include a fun class for three days of racing, designed to attract more cruisers and participants who can’t take a whole week out to race. and it is recommended that anyone joining for the first time look at the Round antigua Race the day before Sailing Week starts. Dean Street, Sunsail antigua Base Manager says “This regatta generally provides a good opportunity to race in a bare boat (charter class). at Sunsail we normally have boats entered in 3 classes but the most popular class this year we entered approx. 15 of our 44 yachts so you are racing against

identical boats. Weather conditions are generally pretty favourable for a good racing week that also has a very good social event organised each night of the week.”

You wouldn’t expect an event in the Caribbean to have anything less than a party atmosphere and here it’s particularly true. There are headline events starring international artists like Shaggy on Shirley Heights each night. Sip your rum punch overlooking the harbour and get into the Caribbean vibe. Beach parties every day after the sailing is over are a great, informal way to let off steam though there’s still something of a competitive spirit, while champagne receptions with fine dining provide an excellent way to celebrate or drown your sorrows. last year’s Veuve Cliquot reception and dinner at Catherine’s Café Plage on Pigeon Beach was a sell-out event.

What’s it really like? louis grignon from Sag Harbor Yacht Yard in the Hamptons, new York won the Hamptons Challenge, which got him a prize of a trip to Sailing Week in antigua. “i have heard the stories of antigua Sailing Week for twenty years. it had been on my life list of things to do. i was placed in a highly competitive class, eight boats in total, seven from antigua. The sailing was

terrific. not only highly competitive, but the most fun i have ever had.”

His advice to new participants? “Pace yourself! The parties were fantastic and exciting. The sailing was the cherry on top. Outstanding sailing conditions, well run racing, great competition and a good boat; it couldn’t get better”

no one can predict what the weather will be in 2015, but last year saw a regatta enjoying winds between 15-25 knots throughout the week with sunshine and temperatures on shore in the upper 20s making this a perfect climate to enjoy both sailing and shore life. antigua’s place in history as one of the leading naval outposts in the Caribbean came from a unique geography that makes the island less prone to extreme weather conditions than some of its neighbours while still benefiting from glorious Caribbean sunshine. and Sailing Week, the grand finale to the Caribbean season, is the ideal way to experience some of the best sailing conditions in the world.

Words by: Fiona Maclean Photography: Tim Wright, Ted Martin

For more about antigua Sailing Week 2015 check the website www.sailingweek.com

AntiguA SAil ing Week

“ The jewel in the Caribbean’s sailing calendar”


02-Antigua DPS pp36-37.indd All Pages 05/09/2014 16:20


TONIA BUXTON

EDITION | LIFESTYLE

Tell us about a life transforming event that led to where you are now?This is such a challenging question! I don’t have a life transforming ‘event’ more a life transforming ‘change of mind set’. I just really started to believe in myself and what I had; the power to achieve.

What or who has been your greatest influence in business and why?Actually I have two; my parents have been a huge influence on me as they have an amazing work ethic. They came to the UK from Cyprus with literally nothing and worked very hard. They made an amazing life for them, my siblings and me.

The other huge, constant influence is my husband Paul. He has always said that if you really want something, no matter how untenable it seems, as long as you work hard you will get it. He was the one who gave me the confidence and support to go from a primary school teacher in Tottenham to a global TV show.

What would you say is your greatest professional accomplishment to date?I am very proud of the book I published with Hestia press, ‘Tonia’s Greek Kitchen’. I put together a great team and I think we produced a beautiful book.

I also have to add that I still can’t believe I started filming My Greek Kitchen, series one, when my son Zephyros was just ten weeks old! We had a low budget so we had to do a lot in a short period of time. I was filming, breast-feeding and suffering from a hormonal whirlwind, but I really wanted the show, so I got on with it and did it.

How do you define success?By happiness because if you are not happy with what you do, no matter how much money you have made, you have failed.

What’s the best advice you have received in business that you wish to pass on to our readers?Just keep going! If it’s important to you and you believe in your project, then it is worth persevering; I’m still taking that advice now! I get so frustrated with television

commissioners & their constant obsession with trash, cheap reality TV, but I keep plugging on because I believe that all TV should be an entertaining education. It should leave your either thinking about it or having learnt something from it.

What business goal do you plan to accomplish over the next year?I would like to have a television series on British terrestrial TV.

Share your secret weapon – what helps you run your business/life efficiently?My secret is to surround myself with positive good people; I’m still working on being a little more efficient!

What three things do you enjoy doing outside of work?Spending time with my husband and family, dancing and eating!!!

What’s the best way for our readers to connect with you?You can find me at www.toniabuxton.co.uk and ToniaBuxton on Twitter and Instagram.

Interview by Rebecca Cowing

Photography: Antony Alexandrou from www.3Aphotography.com

“I WAS FILMING, BREAST-FEEDING AND

SUFFERING FROM A HORMONAL WHIRLWIND, BUT I REALLY WANTED THE SHOW, SO I GOT ON WITH IT AND DID IT”


Tonia Buxton is a Greek Cypriot television presenter and author. She is the host of the Discovery Channel Travel & Living show My Greek Kitchen.

“MY SECRET IS TO SURROUND MYSELF WITH POSITIVE GOOD PEOPLE; I’M STILL WORKING ON BEING A LITTLE MORE

EFFICIENT!”

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Des McDonald has always loved the restaurant industry, and after completing culinary school he pursued his dreams

and began cooking in 5 star hotels. He then moved on to work with Caprice Holdings as Head Chef at the legendary Ivy Restaurant. After working with the Caprice Holding for 20 years in roles such as Managing Director, Group CeO, and overseeing the acquisition and running of, in addition to Caprice Holdings, the soho House Group and Annabel’s Group. Des decided to set out and go at it alone. The first two years have gone from strength to strength seeing the opening of The Fish & Chip shop and Q Grill, with many more great ideas in the pipeline.

What are your tips for people starting off in the industry?I’ve enjoyed my first 30 plus years in this amazing business and it’s really simple to advise; “study this creative art, it’s not a 9 to 5 job, but if you enjoy food and beverage and hospitality then work hard, find your mentors, travel, and try to soak up all the amazing recipes that this world offers.”

You enjoyed a very successful 20 years with the Caprice Group, what made you leave and start your own business ventures?I had 20 great years at Caprice Group as an employee, ultimately I wanted to own my own business, and it was always my goal.

What inspired you to open your consultancy? How do you find the time to focus on this and the running of your own restaurants?I’m lucky to have a great team around me. I have invested in my own brands

that I want to grow whilst on my advisory side I’m very fortunate to work with many amazing companies and hotel groups who allow me to develop really exciting and varied projects. I like being really busy.

Which business leaders or companies do you admire?I’ve always admired Virgin and Apple’s achievements, and friends of mine, sir stuart Rose and Nick Candy.

What do you feel has been your greatest challenge or your best learning experience to date? My biggest challenge is working in London with current commercial rent rates, parking restrictions in many areas, and onerous draconian licensing laws all hamper entrepreneurial spirit.

If you could cook for and dine with anyone, past or present, who would they be?My dinner guests would be in no particular order; Mohammed Ali, Barrack Obama, Richard Branson, Martin Johnson, Zach Galifianakis, Margaret Thatcher and sharon, my partner.

DES McDONALD

EDITION | INTERVIEW

How do you define success?success is to have financial security and happiness in equal measure.

Earlier in the year you opened Holborn Dining Room and Q Grill in Camden, any further exciting new ventures you would like to share?I’m currently working on my city opening of The Fish & Chip shop, and Q City.

What’s the best advice you have received in business that you wish to pass on to our readers?Best advice I’ve been given was from my father, at 17 at the Ritz hotel. I finished working late and went to a leaver’s party after work; I reached home at 4am forgetting I had to leave for work at 5am to work a breakfast shift. I wanted to crawl into bed but my father put me in a cold shower and said “Get your sorry arse to work!” Those good old east London values have stayed with me forever. I’ve instilled the same values in my daughter, and wish this would prevail with the young of today.

Interview by Rebecca Cowing.

www.desmcdonald.com


“I’m very fortunate to work wIth many amazIng companIes

and hotel groups who allow me to develop really excItIng and varIed projects”

The former Ivy Head Chef shares his story.

07-Des McDonald DPS pp40-41.indd All Pages 05/09/2014 11:41

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BusinessInspiration

“Building a mission and building a business go hand-in-hand. It is true that the primary thing that makes me excited about what we’re doing is the mission, but I also think, from the very beginning, we’ve had this healthy understanding which is that we need to do both.” Mark Zuckerberg

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” Steve Jobs

“Don’t be intimidated by what you don’t know. That can be your greatest strength and ensure that you do things differently from everyone else.” Sara Blakely, Founder of Spanx (Worlds Youngest Female Billionaire)

“I always did something I was a little not ready to do. I think that’s how you grow. When there’s that moment of ‘Wow, I’m not really sure I can do this,’ and you push through those moments, that’s when you have a breakthrough.” Marissa Mayer

“Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself” Oprah Winfrey

“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” Charles Darwin

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” Warren Buffett

“Chance favours the prepared mind. The more you practice, the luckier you become.” Richard Branson

02-Quotes page 42.indd 42 05/09/2014 11:43

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