Tim Rigg is Lloyds TSB Corporate Markets’ Area Director, looking after business in Merseyside.

Tim works alongside the management teams of numerous businesses in the region providing advice and financial support. We sat down with Tim, to talk about how the region is performing during the current climate.

Q. What examples have you seen of businesses in the area capitalising on the current economic climate?	Our team in Merseyside Tim Rigg Area Director 07876 790 082 Email Tim Alistair Pike Business Development Director 07879 604 542 Email Alistair
We are seeing an increasing number of successful businesses looking at growth opportunities be they acquisitions, mergers or organic expansion. Plans that have been put on hold through the worst of the financial crisis are now being 'dusted off', and we're delighted to talk to these businesses about the funding available from Lloyds Banking Group that can be used to support these plans
Q. How are confidence levels of business leaders in the region at the moment?
Mixed I would say. Those in businesses continuing to do well despite the economic downturn are confident, but most definitely not complacent. Others who have seen sales figures decline are realistic enough to appreciate that recovery may take some time. Clearly they will be less confident about the future and continue to take appropriate action to address. My experience is that business leaders in this region are very realistic and pragmatic.
Q. What would be your top tips for local businesses during the current recovery?
Continue to do all the things you have done in the downturn that served you well. Manage and continually review costs. Focus on cash flow as cash is your lifeblood. Keep challenging ways of doing things and focus on what you do well, perhaps harshly seeing where this might provide an advantage over less resilient competitors.
Q. What would be your recommendations for businesses outside the region, looking to expand into the Merseyside area?
Engage with the professional community here. Accountants, lawyers, bankers and property professionals are as good as anywhere and there is no need to go to other cities for advice! People are hard working, realistic and tell it how it is. Quality of life should be important to most people and it is in abundance here on Merseyside!
Q. Do businesses in Merseyside specialise in a certain sector?
Not really. There is a lot of variety although manufacturing is a major sector with motor, chemicals and food particularly prevalent. The Port of Liverpool supports a number of businesses. I should also mention retail, tourism, leisure and of course the education sector.
Q. Since winning the 2008 Capital of Culture have you seen any major changes in business practices in the region?
I think confidence levels have risen since the award. Liverpool and the wider Merseyside region are more widely recognised and businesses have realised that they can compete with others in the North West, the wider UK and the world economy. Liverpool One has also enhanced Liverpool's standing.
Q. As a city with a renowned docklands area, are their many business that have an international trade arm?
Absolutely. We deal with a number of importers and exporters across a whole range of industry sectors. Businesses in this region compete globally nowadays.

 

 

 

Gordon Ray is one of our Sales & Derivatives Structuring specialists in the North of England - Wholesale Markets Team.

He sat down and gave us an insight into some of the questions he gets asked on a regular basis from businesses in the Merseyside region.

Customer Question: I'm a producer of engineering goods and mainly export my finished product to Europe. With current exchange rates my profit margin is acceptable, although I'm concerned that the Pound will strengthen over the next 12 months and will erode my income and ultimately my profitability.	Our specialists in the North John Wood Regional Director Wholesale Markets 07793 669 841 Email John Gordon Ray Wholesale Markets 07768 143 802 Email Gordon
Gordon Ray: We can work with you to ensure that you have a balanced approach to managing the risk of Foreign Exchange movements. We have a team of locally based market professionals who will be happy to meet with you, and help you to establish a Foreign Exchange policy, including Forward Contracts and Currency Options, in order to help mitigate Exchange Rate risk and protect profit margins.
Customer Question: During the last 18 months Interest Rates have fallen dramatically to record lows and as a result the interest costs on my loans have reduced significantly. As the economy improves I am now aware that Interest Rates may start to rise again in the future, and my Interest costs may increase, but I'd also like to take advantage of low interest rates for as long as possible.
Gordon Ray: Our regionally based experts will undertake a thorough review of your current debt position with you, and together we can build a bespoke Interest Rate Hedging solution to help you manage your interest costs effectively. This can include a combination of Fixed, Floating, Capped or other forms of interest rate profiles dependent upon your needs.
Customer Question: In a very uncertain world, I am constantly being given a mixed message on the outlook for the Economy and I'm not sure of the impact on my business.
Gordon Ray: Lloyds Banking Group has a team of Economists who produce regular research on topical economic issues, which you can access for free through our website. We also provide you with the opportunity to pose questions to them directly on our monthly Economics call. The aim is to add value to our customers through economic analysis and research into financial markets and industrial sectors, allowing you to make informed financial decisions for your business about the future.