news section - info magazine

20 - info - july / august 2011

like business angels and venture

capitalists. These presently get

a tax break of €50,000, a very

poor comparison with the UK

situation. Mr Vaissié explains, ‘In

the UK you can deduct 30 percent

of your investment up to £1m, and

you can deduct all capital losses.

If you make an investment of a

£1m, the government guarantees

you 65 percent of the investment.

That is absolutely massive. The

UK has done this in a time of

austerity. The prime minister

David Cameron has massively increased tax breaks

because the UK thinks it is crucial that the UK keeps

having new emerging companies. France is miles

behind. We are not in the same league.’

Government has an important role in this rebooting

of the SME sector, he says. ‘SMEs are dramatically lacking

capital. We would like government funds to match

investment by private equity funds. Private Equity

companies would have the right to go to government

and invest on a matching basis in SMEs. This would

increase the odds on the investor making money.’

The second critical boost for the SME sector will

come from universities who need to bring business

more closely into their programme. The priority placed

on a civil service career needs to be replaced with that

of business and commerce. Students who today study

social environment should be encouraged to study

business at the terminale level. There is a clear need

for closer relations between universities, research and

investors. The final piece in the jigsaw sees students

learning English, the international language.

Mr Vaissié, who has discussed the issue with

President Sarkozy, believes government has taken on

board the message. It now needs to act upon it. ‘They

recognise the problem, they recognise that things have

to change. The issue is whether they will be fast enough

in facing up to the challenge.’ � NK

The damage being done by this decline in competitiveness can be seen in the falling share of French exports within

the Eurozone.

NEWS

||| France urgently needs to boost its small and

medium size corporate sector or it will continue to

lose competitiveness against the German sector and

its market share will decline. That is the message

of a report entitled “De la naissance à la croissance:

comment développer nos PME” published on July 8

by the working group “Création et développement

d’entreprises en France” at the Institut Montaigne

(One of France’s most influential think tanks). This

group is chaired by Arnaud Vaissié.

The damage being done by this decline in

competitiveness can be seen in the falling share of

French exports within the Eurozone. These have

collapsed from 17 percent in 2002 to 13 percent in 2011,

and the number is falling. Meantime, German share of

export markets has grown by 3 percent and the country

is gaining competitiveness. Mr Vaissié says that the

strength of the German ‘Mittelstandt’ or middle-sized

company sector accounts for its export growth. France,

in turn, needs to boost its SME sector.

This boost needs to take three forms, he says. First, the

country needs to increase the incentives for investors

Back French SMEs or lose competitiveness

Arnaud Vaissié

The French Economy is losing market share in Europe, in part because its SME sector is undercapitalised.

Arnaud Vaissié, President of the Chamber and chairman of a working group concerned with

developing business at the institut montaigne, calls for a more energetic approach.

info - july / august 2011 - 21

NEWS

Defeating the French tax that spelt disaster

from income tax. The new law might have netted a

few million euros, he says, ‘but the long term impact

would have been much worse than the short term

benefits.’

Not all Brits in France are super-wealthy either, so

another financial burden might have persuaded them

to decamp, adds Deschamps. ‘France is wonderful and

the people are charming, but in Tuscany or Spain the

sun also shines and things are a little less expensive’.

Even humble British retirees in Dordogne are vital

to the local economy. Their sudden departure would

represent a major blow.

Discriminating against expatsThe President of the CCE UK branch regards L’Elysée’s

primary target as the French abroad. ‘I was concerned

about this trend of pointing fingers, as if expats are bad

people and tax evaders. This is lunacy: who would leave

France to pay the UK’s 50 percent income tax bracket?’

Deschamps asks rhetorically. ‘The truth is that expats

are hard-working people who took a painful decision

to leave their country. They fly the flag for France and

contribute greatly to its image abroad.’

The tax might have harmed bilateral relations too.

‘The UK and France have never been as close as now.

Relations are excellent, brilliant. Yet small things like

the second home tax could cause a lot of collateral

damage’, says Deschamps. And maybe the threat of

five million disgruntled expat voters also persuaded

L’Elysée to reconsider…

Victory and vigilanceDeschamps and his fellow CCE members took the

matter to assembly deputies and senators, and even

gained a direct audience with President Sarkozy. They

feel they were merely fulfilling their three-year mandate,

to act for France’s better economic interests.

‘We have to stay vigilant’, says Deschamps, ‘because

governments can change’. Right now, though, the

CCE are pleased that their concerted response won

the day. � LRJ

A tax on second homes in France could have ruined French competitiveness and harmed bilateral

relations, says Bruno Deschamps. Here the President of the CCE UK branch tells INFO how and

why the law was stopped.

||| It took four weeks of intensive

lobbying, but for Bruno Deschamps,

President of the 70-strong British

branch of French Foreign Trade

Advisors (CCE), the effort was

well worth it. At issue

was a proposed tax on all

French expatriates and

foreigners who owned

second homes in France.

Bruno Deschamps duly

galvanised CCE representatives in Britain, Germany

and America, and in June – a month after the French

parliament approved the tax on first reading – they

persuaded President Sarkozy to abandon the venture.

So why did the CCE consider the tax so dangerous, and

how did they succeed in stopping it?

Robbing Peter to pay Paul?Understandably any government wants to balance

its books, concedes Deschamps. But in application

the proposed tax was ‘short-sighted, unfair,

inequitable and inefficient – and it would have been

tremendously negative for France’s competitiveness

and attractiveness.’

The idea for a “second home tax” arose when

earlier changes in legislation exempted 300,000

French citizens from paying the wealth tax (ISF). To

compensate for the expected shortfall in revenue,

the Sarkozy administration turned to foreigners with

French homes, including about 200,000 Brits; and

French citizens whose primary homes were now

abroad, but who maintained properties in their mother

country. The latter group consists of some 400,000 in

Britain and up to five million worldwide.

Driving away Deschamps rejects the argument that second home

owners pay no income tax in France yet benefit

from state services. ‘This tax on assets was totally

absurd’ because owners already pay every levy apart


NEWS

The 2011 Coface ‘Opportunities in Trade’ Country Risk Conference at the Emirates Stadium

||| During this annual ‘flagship’ half-day conference, high

profile speakers assessed the economic developments of

the past year and examined the main trends shaping the

UK, European and world economies.

Companies and their advisers need to be aware of

both the opportunities and risks of trading at home

and overseas. From protection against the risk of

non-payment to maximising domestic and export

opportunities, there are steps that can be taken to

support corporate survival and success.

The Coface Country Risk Conference helps companies

and their advisers define strategies that will help them

achieve both. With over 260 delegates attending this

was the largest UK Coface Country Risk Conference to

date. Delegates heard 5 keynote speakers discuss the

opportunities and risks of trading at home and overseas.

David Smith, Chief Economics Editor of The Sunday

Times, analysed the broader world economic picture;

Dr Robin Niblett, Director at the international ‘think-

tank’, Chatham House, looked at the challenges facing

Europe and the Eurozone; and the UK economic picture

was updated with the latest market data from Chris

Williamson, Chief Economist at Markit, the publishers

of the highly-regarded Purchasing Managers’ Indices.

Coface’s view on the global trading risks was presented

by Yves Zlotowski, Chief Economist, Coface Group. Three

major trading risks were identified by the speakers:

The combination of budget cuts and inflation (“an

unforeseen and unwelcome invitee”) could choke the

recovery in the highly indebted Western economies

The Euro crisis has not been resolved yet

Overheating may lead some emerging countries to

have a hard landing.

Companies in the UK & Ireland also face day-to-day

risks. The number of insolvencies in the UK and abroad

is currently low, mainly because the most fragile

companies have disappeared during the recent crisis.

However, Coface does expect insolvencies to increase

in the coming months – and this is where trade credit

insurance has a vital role to play. Coface’s scoring

models have improved dramatically over recent years

and provide more transparency in risk underwriting.

‘Trust’ and ‘confidence’ were key words throughout

the Conference - this being exactly what Coface’s

business is about. 18 months on from the financial crisis,

Coface is also “confident on China, Brazil and India”,

according to its UK and Ireland Managing Director and

Conference host, Xavier Denecker. “These are examples

of the countries that are generating strong demand

and will be able to pull the global economy through

the future. They are good countries to export to,” he

stressed to the conference delegates. �

1.

2.

3.

Xavier Denecker, Managing Director of Coface UK & Ireland


NEWS

Approximately 27 per cent cut back on food shopping

||| London & Partners, the official promotional agency for London

representing tourism, foreign direct investment and higher education, has

announced the appointment of its CEO on the 25 May. Gordon Innes will

lead the new agency, launched on 1st April 2011, by bringing together the

remits of three separate agencies Visit London, Think London and Study

London to create a single vehicle to promote London to visitors, investors

and students with one voice.

Gordon joins London & Partners in the summer from the Department

for Business Innovation and Skills, where he has led the team which

oversees the UK’s transition to a green economy and the creation of a

Green Investment Bank.

The Mayor of London, Boris Johnson, said: “An extraordinary city

requires extraordinary leadership. In Gordon Innes, London & Partners has

found the skills to take London’s stunning new brand to project our story

around the world.” He joins at an amazing point in the capital’s history.

With the 2012 Games just over a year away we have this unique, once in a

lifetime opportunity, to secure London as the best big city in the world for

generations to come. �

Gordon Innes appointed as London & Partners Chief Executive Officer

Gordon Innes

AXA reveals that up to 20 million consumers cut spending as a result of financial pessimism

||| The new “Big Money Index” from AXA reveals that

40 per cent of consumers (up to 20 million people)

have made significant spending cutbacks in their daily

lives since the end of last year. Recording a dramatic

fall in financial confidence over 12 months across eight

demographic groups, the Index also reveals that one

in five regret some of their pre-recession financial

decisions and are not confident investing in British

shares. One in four consumers have used their savings

in the last quarter in order to make ends meet.

AXA’s new quarterly report presents an in-depth view

of financial confidence, behaviour and attitudes with a

unique, detailed focus on eight distinct demographic

groups. It provides a comprehensive portrait of the

impact that falling consumer confidence is having on

spending habits and confirms that those with least

money are feeling the most “squeezed”.

As a result of this, a striking 40 per cent of consumers

chose to go out less between January and March this year,

a five percentage point increase on the previous quarter.

Even half (48 per cent) of those in the least pessimistic group,

Young Professionals, cut back on going out. The proportion

among The Stretched was even higher at 56 per cent.

With soaring petrol prices, more than a quarter (27

per cent) of consumers reduced car usage in the first

three months of the year (up 10 percentage points on

Q4 last year) and a similar number say they cut back on

food shopping. Thirty five per cent tightened the reins

on alcohol and takeaway spending while an increasing

number cut back on holidays. The last quarter saw an

eight percentage point rise in those cutting expenditure

on food, oil, gas and electricity.

The report also shows a clear lack of enthusiasm

for the UK tax system. Not only do almost half (49 per

cent) of people in the UK think inheritance tax should

be abolished, when asked if they think the top-end 50

per cent UK income tax rate should be kept for the long

term, around half of respondents (47 per cent) agreed. �


NEWS

EDF Energy to provide Electric Vehicle recharging solutions to Peugeot UK and Citroën UK

||| The partnership between EDF Energy, Peugeot

UK and Citroën UK will create a one-stop-shop for

customers, ensuring best in class motoring technology

and safe and convenient recharging solutions. It will

support the development, future marketing and up-

take of fully electric and plug-in hybrid vehicles. Both

companies are leaders in electric vehicle research and

development, with EDF Energy’s proven expertise in

the field of safe recharging and PSA Peugeot Citroën’s

recent involvement in European trials.

EDF Energy will offer business fleet customers a

range of recharging products and services depending

on the organisation’s requirements. These include:

site survey, technical report, a range of recharging

products, installation services and smart metering

technology. EDF Energy has been facilitating the site

survey and installation of charge points at all Peugeot

and Citroën appointed EV dealers across the UK. In

addition, EDF Energy has already provided training to

dealership staff on safe recharging.

The development of plug-in and other hybrids is

also an integral part of Peugeot UK and Citroën UK’s

strategic commitment to offering “everyone an eco-

car”. For example, the Group is planning to extensively

deploy the Stop & Start micro hybrid system across all

of the Peugeot and Citroën model line-ups. Peugeot

UK and Citroën UK will also offer full diesel hybrids

that will deliver radical improvements in both fuel

efficiency and CO2 emissions. These developments

will enable Peugeot and Citroën UK to consolidate

its environmental leadership in the competitive

automotive industry. �

Capgemini CEO Hermelin Appointed Chairman of France-India CEOs

||| Capgemini’s CEO, Paul Hermelin, has been appointed Chairman of the Board of

France-India Chief Executive Officers on the 16 of May. Created by Medef International

in 2000, this body informs French enterprises about opportunities in India, promotes

and defends French investment there, and organises CEO delegations to India.

The appointment is particularly timely as Capgemini is one of the largest French

employers in India, employing around 33,500 people and representing 30 percent

of total Group headcount. In this role Paul takes over from Guy de Panafieu, Crédit

Agricole Corporate and Investment Banking senior advisor.

Medef International brings together French and foreign companies of all sizes

and from all sectors. Through networks with governments and civil services, Embassies, Chambers of Commerce

and Industry, and French companies already present abroad, Medef International helps companies develop their

business on an international scale. �

Paul Hermelin

Luc Oursel replaces Anne Lauvergeon at the head of Areva

||| On the 17th of June, the Government announced that Anne Lauvergeon would

not be renewed in her position as CEO of Areva, on the expiry of her term in late

June but replaced by the current number two Luc Oursel, Chief Operating Officer in

charge of International, Marketing and Projects.

Luc Oursel is a graduate of the Ecole Nationale Supérieure des Mines de Paris and is

a Chief Engineer of Mines. On January 2007 he became President and CEO of Areva NP

and a member of the Executive Committee and Nuclear Executive Committee of Areva.

“Luc Oursel responsabilities will include imple- menting a plan to improve the

performance of the company, to strengthen its competitiveness and continue its

development” said Francois Fillon, French Prime Minister. �

Luc Oursel


NEWS

GDF Suez, VINCI and Areva join forces to develop France’s offshore wind industry

||| GDF Suez, VINCI and Areva have signed a partnership

agreement on the 18 May 2011 to build up a competitive,

sustainable offshore wind industry which will bring

thousands of direct and indirect jobs.

The alliance has been formed to allow the groups to

reply jointly to the call for tenders announced by the French

President of the Republic in January 2011. The government

is targeting 6000 MW of offshore wind capacity by 2020

(versus 5322 MW today) and intends to build five offshore

wind farms along the French coast. This agreement will

lead to the creation of an industrial platform around three

major players with complementary expertise in renewable

energies and construction, applies exclusively to three

wind farms at Dieppe - Le Tréport, Courseulles-sur-Mer and

Fécamp. These three offshore wind farms should cover the

electricity requirements of several million people for an

average duration of 30 years.

GDF Suez, France’s leading wind power producer

with almost 1000 MW of installed capacity, has acquired

comprehensive know-how across the entire chain. For

this major offshore wind project in France, VINCI will be

mobilising both VINCI Concessions and its Contracting

(construction and energies) branch, and will be taking

full advantage of its firmly-rooted network of experts

and integrators around the country.

Areva, which has been present in the sector since

2004 and which is Europe’s second-largest offshore

wind industry player, is in a position to propose an

offer which is perfectly tailored to the requirements of

the French offshore wind market.

“GDF Suez is pursuing its strong growth in renewables

and confirming its ambitions as regards offshore wind.

With its partners, GDF Suez is positioning itself as a key

player in the creation of a true offshore wind industry

in France. The Group will be providing its expertise as

an integrated supplier of energy solutions, combined

with that of its specialised subsidiaries”. Said Gérard

Mestrallet, Chairman of GDF Suez. �

Areva offshore windfarm

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NEWS

Alstom wins contract to construct Israel’s biggest private power station

||| On the 6 of June, Alstom signed an EPC (engineering,

procurement and construction) contract worth

approximately €500m with Dalia Power Energies

Ltd to build the gas fired Tzafit power plant in Israel.

The project represents Alstom’s first entry into the

Israeli gas market and will be the country’s largest

privately-owned power station.

The power plant, located 40km south-east of Tel

Aviv, will be commissioned in 2014. It will add 835 MW

to the national grid, which corresponds to about 7%

of the country’s installed power generation capacity.

The Israeli government is encouraging investments

by IPPs (independent power producers), while the

recent discoveries of major gas reserves near the

3i and Pragma Capital invest €60 million in Loxam

||| 3i and Pragma Capital announced, on the 1st of July,

they have taken a minority stake in Loxam Holding,

the French and European leader in the equipment

rental industry. 3i and Pragma Capital have invested

approximately €60 million.

Established in 1967, Loxam is a pioneer in rental

equipment for the construction and civil engineering

industries. By focussing its development on organic

growth and strategic acquisitions in France and abroad,

Loxam now has a total of 541 branches worldwide.

The investment by 3i and Pragma Capital will

accelerate the company’s growth strategy which

includes: 1) Further increasing Loxam’s profile and

presence across Europe thanks to the international

network of its shareholders. 2) Ensuring the liquidity

of Loxam’s employee shareholder scheme. 3)

Strengthening the equity of the company to facilitate

potentially significant acquisitions �

Cassidian receives Innovation Award at the Soldier Technology 2011 conference in London

||| Cassidian, an EADS company and leader in global

security solutions and systems, has won an award for

innovative technology at the Soldier Technology 2011

conference in London. At the event, Cassidian received

the commendation for its Future Soldier System, in its

basic version, which can be fully integrated into Armoured

Fighting Vehicles (AFVs) like the Boxer or the Puma.

Recent field trials have demonstrated the system’s

potency, and the German Army is currently using the FSS

during both mounted and dismounted operations in

Afghanistan. One key pioneering aspect is the exchange

of voice and data between the communication systems

connecting soldiers and vehicles. � Soldiers in Afganistan

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Israeli coasts is likely to encourage investment in

gas fired combined cycle power stations. �

Alstom’s gas fired power plant


NEWS

JCDecaux’s Health & Safety Manager David Dixon (right) accepted the award at the Hilton Birmingham Metropole Hotel

professional identity, networking with

their peers, accessing business insights

and discovering new opportunities

wherever they are.

In January 2011, the number of French

professionals on LinkedIn passed the two

million mark. An exclusive Ipsos study

commissioned by LinkedIn in February 2011

found 50 percent of French professionals

intend to change their job in 2011.

‘The French have a strong appetite for networking. Our

research also shows that 84% of professionals look to their

networks to make their professional goals happen’ said

Bret Stern, Marketing director for EMEA. �

||| LinkedIn, further demonstrated its

commitment to global expansion by the

opening of a sales office in France last

March. Located in central Paris, the new

team will offer local support to the growing

number of French companies who use the

LinkedIn platform to market to and recruit

from its professional audience.

LinkedIn currently has European

offices in London, Amsterdam, Dublin and

now Paris. This latest step in LinkedIn’s expansion follows

widespread adoption of the site as the professional

network for people across Europe. More than 20 million

European professionals are now establishing their online

LinkedIn opens sales office in France

L’Oréal recognised by Ethical Corporation for its innovative reporting on sustainable development

||| At the 10th Responsible Business Summit (16 May)

in London, L’Oréal was recognised for its innovative

reporting on sustainable development by Ethical

Corporation, an organisation that promotes debate

and discussion about Corporate Social Responsibility.

L’Oréal has made a firm commitment to sustainable

growth and to demonstrating measurable progress

in sustainable development. This award recognises

the group’s ability to communicate its achievements

in sustainable development. The group published

its first Sustainable Development report in 2004. In

2010, L’Oréal decided to make the report more widely

available through its website. �

www.sustainabledevelopment.loreal.com

JCDecaux wins prestigious 7th Gold Award at RoSPA awards

||| JCDecaux UK is celebrating winning a Gold Medal

at the prestigious RoSPA Occupational Health and

Safety Awards on the 1st June 2011. This is JCDecaux’s

7th consecutive Gold Medal in the awards. JCDecaux’s

David Dixon accepted the award at a ceremony at the

Hilton Birmingham Metropole Hotel in May.

The RoSPA awards scheme is not only about

reducing the number of accidents and cases of ill

health at work; it also encourages organisations to

develop robust health and safety management systems.

The majority of awards are non competitive and mark

achievement which is graded at merit, bronze, silver

and gold levels. Organisations maintaining high

standards can win Gold Medals, President’s Awards

and Orders of Distinction. �


Pension changes in the UK and France: between flexibility and tax

||| Given the public deficits and the recent changes in

Public Pensions which took place on both sides of the

Channel, private pensions plans are becoming more

and more important to all of us.

For years, British pensioners have contributed into

their private pensions. They have seen many changes

through “A-Day” and the recent changes on the Annual

Allowances. Whether they had decided to contribute to

Personal Pension, SIPP, Company Occupational pension

or other schemes, they recently have been given more

choices to access the income from their pension after

reaching 55 years old.

Parallelly, across the channel, new exit rules for Private

pensions were put in place over the past few months.

New pensioners will gain more flexibility when

accessing their pension. It will certainly be considered

as a progress as the responsibility of a pension has over

time switched from Governments to employers and

now to the retirees.

Governments seem to acknowledge this, and have

made these pension products more attractive to savers.

Nonetheless they haven’t forgotten the need to

finance the current public deficits and thus the increase

of flexibility has been balanced by an increase of tax

charges for many.

Pension solutions are becoming more flexible:The French government has intended to modernise the

Plan d’Epargne Retraite Populaire (PERP) which hasn’t

had a great success since its launch by the Loi Fillon of

August 2003.

Until recently, the only exits allowed by the French

PERP were under the form of annuities for the retiree

or his /her spouse. This was also the case in the event

of death of the individual during the saving phase. Only

a few exit options with a lump sum capital payment

were allowed in case of very exceptional situations.

By comparison, in the event of death of the plan

saver, all funds saved in a UK plan are paid to the

nominated beneficiaries tax free.

Since November 2010, French retirees can access 20%

of the amounts saved in their PERP in capital at retirement.

The remaining 80% of the funds will still be accessible via

a lifetime annuity which is taxed as an income.

Even though it might not seem much to a British retiree

who can receive from age 55 a lump sum up to 25% of the

funds saved, it is a great improvement on the French side.

The British authorities have themselves amended

the Income Drawdown plan which allows the retiree

to access 25% of their capital tax free, and to withdraw

the remaining funds via annual withdrawals which are

limited in value.

The Capped Drawdown Plan and the Flexible Plan

were introduced from April 6th 2011. In both plans the

Tax free lump sum is maintained.

The Capped Drawdown plan is replacing the actual

plan, the income available from the withdrawal will be

lower but is expected to be in line with what could be

received from a lifetime annuity. The capped drawdown

can be continued up to the end of the retiree’s life

whatever his/her age.

With the previous legislation at age 75 the retiree

had to purchase an annuity or opt for another plan

(Alternatively secured Pension) where the sums left to

his beneficiaries upon death were taxed up to 82%.

The recent introduction of the Flexible drawdown

plan provides extra flexibility to the British retirees.

It allows the individuals to withdraw all the

funds from their plans provided that they can prove

when accessing the plan from age 55, that they have

a guaranteed income of at least £20,000 from other

sources such as lifetime annuity, final salary pensions,

or state pension.

It is expected that around 200,000 individuals will

be able to access this Flexible Drawdown Plan.

In balance for a greater flexibility; some tax charges:For the French PERP, the access to 20% of the funds in

capital will not be tax free, as all payments in capital from a

retirement plan will be taxed in France at income tax rate.

It means for French expatriate or British citizens

retiring in France that a careful planning must be set.

As it will also include all payments in capital from non-

French pension plans and therefore the British Tax free

lump sum could be caught into this new taxation.

In the United Kingdom the increased flexibility will

also be balanced by some increase in taxation.

Upon death the Income withdrawal Plan can allow

the remaining funds to be passed to the beneficiaries

provided a charge is paid. This charge which was at 35%

will now be at 55% of the remaining funds.

All these parameters should be taken into account

when one considers changing residency. The retirement

age may vary, and depending on one’s personal

NEWS

Legal


Alan Jenkins retires from Eversheds

||| Alan Jenkins has retired as a partner from Eversheds and in consequence as a member

of the Advisory Council of the Chamber. He was Chairman of the firm from 2004-2010. His

successor as Chairman is John Heaps. The Chamber would like to truly thank him for his

support and wish him all the best for the future. �

Lionel Ravix becomes VINCI Construction Grands Projets new MD

for the British Isles

||| In the past ten years, VINCI Construction Grands Projets was involved in

major successes in the UK like the completion on time and on budget of

the tunnels of the new Terminal 5, large sections of the Channel Tunnel Rail

Link or the Widening of the M1 near Nottingham (junction 25 to 28) thanks

to the management of Eric Chambraud. Eric started as MD for the British Isles in 2001 and was promoted MD

for the British Isles and North America in 2006. As he is now going back to Paris to be the new Director for

Northern, Central and Eastern Europe, Russia and Americas, it’s now to his deputy since 2007, Lionel Ravix to

take over and be in charge of the British Isles. This logical move comes after his achievements as deputy MD:

securing the signature of the £417M Lee Tunnel and the £238M Crossrail C510 contracts. �

circumstances, planning may vary as well.

For those with sufficient funds and retiring abroad,

the Qualified Recognised Overseas Plan scheme

(QROPS) might be an option to consider, as it could

allow a greater flexibility.

It is important when considering saving through

a pension plan to balance the advantages of the Tax

relief concerning the contribution and the gross roll up

during the life of the plan, which are being offered in

both countries, and the constraints at the exit of these

plans set in place by our governments who would like

to ensure that all retirees will have enough to live on to

an increasing old age.

This should only be used as an overview and not in

any way as advice. Only an analysis of one’s personal

circumstances will ensure a proper planning. �

Bérangère Hassenforder is Managing Director of Anthony

&CO UK Ltd

NEWS

Lionel Ravix

hello, goodbye...

The French Chamber of Commerce would like to welcome the new representatives of existing member

companies. We would also like to express our gratitude to members who have made outstanding

contributions to the Chamber, but who are now moving on to different destinations. We wish them all the best

in their new posts.

hats off to...Congratulations to Le Manoir aux Quat’Saisons following double wins at the Cateys 2011

At the Cateys 2011 (Caterer & Hotelkeeper’s annual hospitality awards – 6 July

2011), Le Manoir won Hotel of the Year (Group) and Philip Newman-Hall, Director/

General Manager, was also presented with the ‘Manager of the Year’ Award. The

judges were particularly impressed with his ability to nurture staff, command the

admiration and respect of his boss, renowned Chef Raymond Blanc, and have a

direct impact on the success of Le Manoir aux Quat’Saisons. Raymond Blanc, who

is filming in France at the moment, has sent a message of support to all his team.

He added, “You have supported me in realising my dream and I think we have

succeeded in creating a rare thing, a modern classic. It might be that initially I own

the vision behind it – but it was always my aim that those who work with me should share its ownership – I always wanted

you to own it, too. And now, with this award, you truly do”. �

Eric Chambraud

news section - info magazine

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