24 July, 2023
Some businesses could streamline complex corporate structures much more quickly if they had the right tools in place, an industry expert has revealed.
Navigating the process of corporate simplification in order to achieve greater financial transparency was the focus of a webinar hosted by Evelyn Partners, the leading integrated wealth management and professional services group.
The event, held with corporate performance management (CPM) platform Lucanet provided guidance to businesses on integrating and configuring entities and simplifying complex group structures.
It was hosted by Helen Bassett, partner at Evelyn Partners in Bristol, who heads up the firm’s business outsourcing services team, fellow partner Claire Burden, who leads the advisory consulting team, and Michael Wensauer, team lead sales engineering at Lucanet.
The webinar audience heard that corporate simplification can often be a complex and time-consuming process, particularly if there are international divisions involved, for example, or different regulators need to give their approval. But having the right performance management tools in place could help some businesses speed up the process.
Claire Burden said she had recently worked with Lucanet on a project involving a large business with 42 separate entities that were eventually reduced down to seven.
“Corporate simplification can range from a highly complex group structure that wants to put its activities through a smaller number of groups to a smaller business that may have entities that they want to clear out,” she said.
“Closing down a business merely involves a ‘strike off’, a simple filing with Companies House, although that can pose its own risks if there are any outstanding issues. There is also a longer process known as a Members’ Voluntary Liquidation which offers more protection if you have been trading for a while.”
Michael Wensauer, team lead sales engineering at Lucanet, said corporate simplification can sometimes be a far simpler process than was often imagined.
“Our clients are typically up and running with their new corporate structures in three to five months,” he said.
“A corporate performance management platform like Lucanet helps businesses to streamline their financial processes and achieve far more financial transparency. Our system is very intuitive so many of the repetitive manual tasks can be eliminated with the click of a button.”
About Evelyn Partners
Evelyn Partners is the UK’s leading integrated wealth management and professional services group, created following the merger of Tilney and Smith & Williamson. With £54.4 billion of assets under management (as at 31 March 2023), it ranks as the second largest UK wealth manager measured by EBITDA and the fifth largest professional services firm ranked by fee income (source: Accountancy Age 50+50 rankings, 2022).
It has a network of offices across 28 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands. Through its operating companies, the Group offers an extensive range of financial and professional services to individuals, family trusts, professional intermediaries, charities and businesses.
Evelyn Partners’ purpose is to ‘place the power of good advice into more hands’, and it is uniquely well-placed to support clients with both their personal financial affairs and their business interests. Evelyn Partner’s personal wealth management services include financial planning, investment management and advice, personal tax advice and, through Bestinvest, an award-winning online investment service for self-directed investors. For businesses, its wide range of services includes assurance and accounting, business tax advice, employee benefits, forensic advice, fund administration, fund governance, recovery and restructuring and transaction services.
For further information please visit: www.evelyn.com
Disclaimer
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication.
Investment does involve risk. The value of investments and the income from them can go down as well as up. The investor may not receive back, in total, the original amount invested. Past performance is not a guide to future performance. Rates of tax are those prevailing at the time and are subject to change without notice. Clients should always seek appropriate advice from their financial adviser before committing funds for investment. When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable.
*Issued by the Evelyn Partners group of companies (the “Group”) which comprises Evelyn Partners Group Limited and any subsidiary of Evelyn Partners Group Limited from time to time.
© Evelyn Partners Group Limited 2023
Contacts
For more information, please contact: pr@lucanet.com