UK AL MAPS ANALYSIS OF THE POPULATION OF ECONOMIC ENGINE BUSINESSES ACROSS THE UK
2 DOMINANT S UK AL MAPS Contents, sources and definitions BY AL CONTENTS Part I Sector mapping by region Pages 3 to 14 Part Regional profiles by sector Pages 15 to 25 Part I contacts Page 26 to 27 SOURCES AND DEFINITIONS Economic Engine: Midmarket businesses with annual turnover of 10m to 300m, PEbacked or AIMlisted FAME data (accessed Sep 26) provided the details of registered businesses, including location, annual turnover and number of employees; businesses were mapped regionally based on their registered addresses SIC codes were mapped/recoded as per sector definitions I
3 DOMINANT S PART I: BY CLICK BELOW TO EXPLORE: DOMINANT S BY SOURCE DATA AL I
4 DOMINANT S DOMINANT S Regional contribution BY LARGEST MARKET SMALLEST MARKET SCOTLAND 95bn Retail and wholesale 26.1bn 27% AL I NORTHERN IRELAND 31bn Retail and wholesale 10.5bn 32% NORTH WEST 150bn Retail and wholesale 48.2bn 32% WEST MIDLANDS 124bn Retail and wholesale 37.7bn 30% WALES 35bn Manufacturing 12.7bn 37% SOUTH WEST 89bn Retail and wholesale 25.7bn 29% NORTH EAST 40bn Retail and wholesale 16bn 40% YORKSHIRE AND THE HUMBER 108bn Retail and wholesale 32bn 30% EAST MIDLANDS 92bn Retail and wholesale 30.5bn 33% EAST OF ENGLAND 142bn Retail and wholesale 46.2bn 32% LONDON 576bn Professional services 143.5bn 25% SOUTH EAST 252bn Retail and wholesale 75.4bn 30% 10m to 300m, PEbacked or AIMlisted
5 DOMINANT S BY Top five sectors BY AL I 10m to 300m, PEbacked or AIMlisted
6 DOMINANT S Regional Profile BY LARGEST MARKET SMALLEST MARKET SCOTLAND 18bn 449 Companies 1,638 Employees AL I NORTHERN IRELAND 9bn 190 Companies 41,096 Employees NORTH WEST 34bn 854 Companies 188,939 Employees WEST MIDLANDS 33bn 810 Companies 195,389 Employees WALES 13bn 291 Companies 61,427 Employees SOUTH WEST 20bn 487 Companies 119,369 Employees NORTH EAST 9bn 249 Companies 48,993 Employees YORKSHIRE AND THE HUMBER 31bn 787 Companies 207,473 Employees EAST MIDLANDS 25bn 628 Companies 163,848 Employees EAST OF ENGLAND 22bn 515 Companies 1,207 Employees LONDON 27bn 632 Companies 143,5 Employees SOUTH EAST 36bn 867 Companies 172,0 Employees 10m to 300m, PEbacked or AIMlisted
7 DOMINANT S Regional Profile BY LARGEST MARKET SMALLEST MARKET SCOTLAND 3bn 73 Companies 26,878 Employees AL I NORTHERN IRELAND 1bn 26 Companies 8,486 Employees NORTH WEST 6bn 133 Companies 29,833 Employees WEST MIDLANDS 4bn 108 Companies 19,627 Employees WALES 2bn 43 Companies 8,345 Employees SOUTH WEST 4bn 113 Companies 22,210 Employees NORTH EAST 1bn 25 Companies 9,0 Employees YORKSHIRE AND THE HUMBER 5bn 123 Companies 34,807 Employees EAST MIDLANDS 3bn 96 Companies 19,308 Employees EAST OF ENGLAND 7bn 175 Companies 46,369 Employees LONDON 59bn 1,281 Companies 280,5 Employees SOUTH EAST 23bn 543 Companies 109,668 Employees 10m to 300m, PEbacked or AIMlisted
8 DOMINANT S Regional Profile BY LARGEST MARKET SMALLEST MARKET SCOTLAND 6bn 173 Companies 14,1 Employees AL I NORTHERN IRELAND 1bn 25 Companies 4,893 Employees NORTH WEST 9bn 2 Companies 70,357 Employees WEST MIDLANDS 7bn 179 Companies 36,331 Employees WALES 2bn 67 Companies 17,270 Employees SOUTH WEST 6bn 126 Companies 32,539 Employees NORTH EAST 1bn 31 Companies 7,208 Employees YORKSHIRE AND THE HUMBER 5bn 143 Companies 29,639 Employees EAST MIDLANDS 3bn 69 Companies 25,369 Employees EAST OF ENGLAND 8bn 148 Companies 32,715 Employees LONDON 1bn 2,2 Companies 288,7 Employees SOUTH EAST 19bn 371 Companies 87,267 Employees 10m to 300m, PEbacked or AIMlisted
9 DOMINANT S Turnover, contribution by top five sectors within region BY LONDON 576BN SOUTH EAST 252BN EAST MIDLANDS 92BN TOP 5 S 000 Professional services 3,252 143,463,6 Retail and wholesale 2,7 125,107,390 Financial services 2,2 1,9,872 Technology and media 1,281 59,327,885 Real estate and construction 1,112 43,876,382 TOP 5 S 000 Retail and wholesale 1,629 75,356,395 Professional services 1,8 48,388,4 Manufacturing 867 36,309,642 Technology and media 543 22,996,2 Real estate and construction 542 21,693,985 TOP 5 S 000 Retail and wholesale 646 30,489,715 Manufacturing 628 25,155,555 Professional services 282 12,410,392 Real estate and construction 234 8,422,781 Financial services 69 3,314,511 NORTH WEST 150BN EAST OF ENGLAND 142BN WEST MIDLANDS 125BN AL TOP 5 S 000 Retail and wholesale 1,126 48,2,070 TOP 5 S 000 Retail and wholesale 1,4 46,197,496 TOP 5 S 000 Retail and wholesale 844 37,662,324 Manufacturing 854 33,912,940 Professional services 529 25,262,487 Manufacturing 810 33,114,721 I Professional services 569 26,447,920 Manufacturing 515 22,395,196 Professional services 418 17,980,657 Real estate and construction 426 13,830,651 Real estate and construction 429 17,394,512 Real estate and construction 317 11,230,798 Financial services 2 9,118,213 Financial services 148 7,885,195 Financial services 179 7,7,355 10m to 300m, PEbacked or AIMlisted
10 DOMINANT S Turnover, contribution by top five sectors within region BY YORKSHIRE AND THE HUMBER 109BN SOUTH WEST 89BN SCOTLAND 96BN TOP 5 S 000 Retail and wholesale 778 32,0,0 Manufacturing 787 30,947,463 Professional services 331 14,074,009 Real estate and construction 307 11,369,992 Financial services 143 5,109,860 TOP 5 S 000 Retail and wholesale 642 25,743,609 Manufacturing 487 20,354,449 Professional services 320 13,749,357 Real estate and construction 261 8,798,966 Financial services 126 5,823,951 TOP 5 S 000 Retail and wholesale 567 26,1,915 Manufacturing 449 18,460,439 Professional services 472 17,590,370 Real estate and construction 307 11,158,596 Financial services 173 5,774,3 NORTH EAST 40BN NORTHERN IRELAND 31BN WALES 35BN AL TOP 5 S 000 Retail and wholesale 265 16,2,6 TOP 5 S 000 Retail and wholesale 267 10,459,451 TOP 5 S 000 Manufacturing 291 12,655,412 Manufacturing 249 9,197,235 Manufacturing 190 8,733,6 Retail and wholesale 253 9,143,299 I Real estate and construction 113 4,515,481 Professional services 120 4,319,425 Real estate and construction 108 3,808,799 Professional services 54 2,255,3 Real estate and construction 107 3,829,357 Professional services 99 2,617,271 Financial services 31 1,339,313 New energy and environment 31 2,152,362 Financial services 67 2,348,9 10m to 300m, PEbacked or AIMlisted
11 DOMINANT S Total contribution and by most dominant sector within region BY AL I TOTAL ( BN) DOMINANT CONTRIBUTES ( BN) % OF TOTAL London 576 Professional services 143 25 South East 252 Retail and wholesale 75 30 North West 150 Retail and wholesale 48 32 East of England 142 Retail and wholesale 46 32 West Midlands 125 Retail and wholesale 38 30 Yorkshire and the Humber 109 Retail and wholesale 32 29 Scotland 96 Retail and wholesale 26 27 East Midlands 92 Retail and wholesale 30 33 South West 89 Retail and wholesale 26 29 North East 40 Retail and wholesale 16 40 Wales 35 Manufacturing 13 36 Northern Ireland 31 Retail and wholesale 10 34 10m to 300m, PEbacked or AIMlisted
12 DOMINANT S : Ranked by turnover, and showing number of companies and employees by region BY AL I ( MILL) # EMPLOYEES ( 000) RANKING BY EMPLOYEES South East 867 36,311 172 4 North West 854 33,913 189 3 West Midlands 810 33,115 195 2 Yorkshire and the Humber 787 30,947 207 1 London 632 27,387 143 6 East Midlands 628 25,156 164 5 East of England 515 22,395 1 9 South West 487 20,354 119 7 Scotland 449 18,460 1 8 Wales 291 12,655 61 10 North East 249 9,197 49 11 Northern Ireland 190 8,734 41 12 Grand Total 6,759 278,624 1,546 10m to 300m, PEbacked or AIMlisted
13 DOMINANT S : Ranked by turnover, and showing number of companies and employees by region BY AL I ( MILL) # EMPLOYEES ( 000) RANKING BY EMPLOYEES London 1,281 59,328 280 1 South East 543 22,996 110 2 East of England 175 6,849 46 3 North West 133 5,9 30 5 Yorkshire and the Humber 123 5,089 35 4 South West 113 3,760 22 7 West Midlands 108 3,592 20 8 Scotland 73 3,151 27 6 East Midlands 96 2,857 19 9 Wales 43 1,6 8 11 North East 25 1,4 9 10 Northern Ireland 26 856 8 11 Grand Total 2,739 117,0 614 10m to 300m, PEbacked or AIMlisted
14 DOMINANT S : Ranked by turnover, and showing number of companies and employees by region BY AL I ( MILL) # EMPLOYEES ( 000) RANKING BY EMPLOYEES London 2,2 1,9 288 1 South East 371 19,273 87 2 North West 2 9,118 70 3 East of England 148 7,885 33 5 West Midlands 179 7,7 36 4 South West 126 5,824 33 5 Scotland 173 5,774 14 9 Yorkshire and the Humber 143 5,110 30 6 East Midlands 69 3,315 25 7 Wales 67 2,349 17 8 North East 31 1,339 7 10 Northern Ireland 25 950 5 11 Grand Total 3,736 172,858 645 10m to 300m, PEbacked or AIMlisted
I 15 AL PART : AL AND SUB OVERVIEW CLICK BELOW TO EXPLORE: RETAIL AND WHOLESALE PROFESSIONAL AND SUB OVERVIEW RETAIL AND WHOLESALE PROFESSIONAL 07 08 09 10 REAL ESTATE AND CONSTRUCTION NEW ENERGY AND ENVIRONMENT HEALTHCARE NATURAL RESOURCES REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I
16 AL AND SUB OVERVIEW AND SUB OVERVIEW RETAIL AND WHOLESALE PROFESSIONAL REAL ESTATE AND CONSTRUCTION 07 S COMPANY EMPLOYEES BN Retail & wholesale 10,787 2,531,522 482,484 Professional services 7,514 2,637,261 328,558 Manufacturing 6,759 1,547,454 278,624 Financial services 3,736 645,693 172,858 Real estate and construction 4,263 653,000 159,930 Technology and media 2,739 614,580 117,0 New energy and environment 939 256,755 41,9 Healthcare 883 633,589 31,316 Natural resources 544 74,079 27,8 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I 10m to 300m, PEbacked or AIMlisted
17 AL RETAIL AND WHOLESALE Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE PROFESSIONAL REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I # EMPLOYEES ( 000) ( m) London 2,7 692,414 125,107 South East 1,629 343,592 75,356 North West 1,126 267,314 48,2 East of England 1,4 241,257 46,197 West Midlands 844 196,550 37,662 Yorkshire and The Humber 778 169,7 32,0 East Midlands 646 149,564 30,490 Scotland 567 152,489 26,107 South West 642 136,279 25,744 North East 265 86,8 16,3 Northern Ireland 267 48,632 10,459 Wales 253 48,326 9,143 Grand Total 10,787 2,531,522 482,483 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 500 1,000 1,500 2,000 2,500 3,000 3,500 EXCLUDING OUTLIERS: LONDON 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 500 1,000 1,500 2,000
18 AL PROFESSIONAL Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE # EMPLOYEES ( 000) ( m) 1,200,000 1,000,000 PROFESSIONAL REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I London 3,252 958,229 143,463 South East 1,8 311,734 48,388 North West 569 278,686 26,448 East of England 529 3,8 25,262 West Midlands 418 195,099 17,981 Scotland 472 120,978 17,590 Yorkshire and The Humber 331 152,096 14,074 South West 320 115,989 13,749 East Midlands 282 112,937 12,410 North East 120 37,599 4,319 Wales 99 31,761 2,617 Northern Ireland 54 18,350 2,255 Grand Total 7514 2,637,261 64,663 800,000 600,000 400,000 200,000 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 EXCLUDING OUTLIERS: LONDON 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 200 400 600 800 1,000 1,200 1,400
19 AL Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE # EMPLOYEES ( 000) ( m) South East 867 172,0 36,311 250,000 200,000 PROFESSIONAL North West 854 188,939 33,913 West Midlands 810 195,389 33,115 150,000 100,000 REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT Yorkshire and The Humber 787 207,473 30,947 London 632 143,5 27,387 East Midlands 628 163,848 25,156 East of England 515 1,207 22,395 South West 487 119,369 20,354 Scotland 449 1,638 18,460 Wales 291 61,427 12,655 North East 249 48,993 9,197 50,000 200 400 600 800 1,000 1,200 09 Northern Ireland 190 41,096 8,734 HEALTHCARE Grand Total 6,759 1,547,454 278,624 10 NATURAL RESOURCES I
20 AL Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE # EMPLOYEES ( 000) ( m) 400,000 350,000 PROFESSIONAL London 2,2 288,7 1,9 South East 371 87,267 19,273 North West 2 70,357 9,118 300,000 250,000 200,000 150,000 REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I East of England 148 32,715 7,885 West Midlands 179 36,331 7,7 South West 126 32,539 5,824 Scotland 173 14,1 5,774 Yorkshire and The Humber 143 29,639 5,110 East Midlands 69 25,396 3,315 Wales 67 17,270 2,349 North East 31 7,208 1,339 Northern Ireland 25 4,893 950 Grand Total 3,736 645,693 6,869 100,000 50,000 500 1,000 1,500 2,000 2,500 3,000 EXCLUDING OUTLIERS: LONDON 120,000 100,000 80,000 60,000 40,000 20,000 50 100 150 200 250 300 350 400 450
21 AL REAL ESTATE AND CONSTRUCTION Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE PROFESSIONAL REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I # EMPLOYEES ( 000) ( m) London 1,112 133,107 43,876 South East 542 93,652 21,694 East of England 429 64,4 17,395 North West 426 70,470 13,831 Yorkshire and The Humber 307 57,529 11,370 West Midlands 317 48,991 11,231 South West 261 37,474 8,799 North East 113 22,656 4,515 Wales 107 17,452 3,829 Northern Ireland 108 14,723 3,809 Scotland 73 26,878 3,151 East Midlands 96 19,308 2,857 Grand Total 3,891 6,254 146,357 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 200 400 600 800 1,000 1,200 1,400 EXCLUDING OUTLIERS: LONDON 120,000 100,000 80,000 60,000 40,000 20,000 100 200 300 400 500 600 700
22 AL Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE # EMPLOYEES ( 000) ( m) 350,000 300,000 PROFESSIONAL REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I London 1,281 280,5 59,328 South East 543 109,668 22,996 East of England 175 46,369 6,849 North West 133 29,833 5,9 Yorkshire and The Humber 123 34,807 5,089 South West 113 22,210 3,760 West Midlands 108 19,627 3,592 Scotland 73 26,878 3,151 East Midlands 96 19,308 2,857 Wales 43 8,345 1,6 North East 25 9,0 1,4 Northern Ireland 26 8486 856 Grand Total 2,739 614,580 117,0 250,000 200,000 150,000 100,000 50,000 200 400 600 800 1,000 1,200 1,400 1,600 EXCLUDING OUTLIERS: LONDON, SE 60,000 50,000 40,000 30,000 20,000 10,000 50 100 150 200 250
23 AL NEW ENERGY AND ENVIRONMENT Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE # EMPLOYEES ( 000) ( m) 140,000 120,000 PROFESSIONAL REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I London 154 45,774 8,372 South East 151 1,3 7,289 East of England 99 19,625 4,644 Scotland 98 25,8 4,147 Yorkshire and The Humber 77 10,274 3,281 South West 76 13,963 3,199 North West 80 10,880 2,767 East Midlands 65 8,2 2,312 Northern Ireland 31 3,098 2,152 West Midlands 66 7,653 2,1 North East 20 5,688 1,0 Wales 22 1,428 589 Grand Total 939 256,755 41,9 100,000 80,000 60,000 40,000 20,000 20 40 60 80 100 120 140 160 180 EXCLUDING OUTLIERS: LONDON, SE 30,000 25,000 20,000 15,000 10,000 5,000 20 40 60 80 100 120
24 AL HEALTHCARE Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE PROFESSIONAL REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I # EMPLOYEES ( 000) ( m) London 262 170,236 9,646 South West 62 48,214 5,824 South East 135 69,962 4,450 East of England 72 69,578 3,225 West Midlands 76 70,567 3,2 North West 78 55,962 2,487 Scotland 56 37,236 1,555 Yorkshire and The Humber 45 38,455 1,524 East Midlands 42 31,836 1,466 North East 22 23,438 761 Wales 19 11,190 546 Northern Ireland 14 6,915 290 Grand Total 883 633,589 31,678 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 50 100 150 200 250 300 350 EXCLUDING OUTLIERS: LONDON 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 20 40 60 80 100 120 140 160
25 AL NATURAL RESOURCES Regional Profile AND SUB OVERVIEW RETAIL AND WHOLESALE PROFESSIONAL REAL ESTATE AND CONSTRUCTION 07 08 NEW ENERGY AND ENVIRONMENT 09 HEALTHCARE 10 NATURAL RESOURCES I # EMPLOYEES ( 000) ( m) London 273 35,096 14,2 Scotland 90 10,738 4,480 South East 48 5,650 2,536 East Midlands 22 5,427 1,155 North West 17 3,086 823 East of England 20 1,857 790 Northern Ireland 14 3,478 786 West Midlands 17 1,7 779 South West 16 3,009 568 North East 7 2,126 392 Yorkshire and The Humber 13 742 274 Wales 7 1,164 271 Grand Total 544 74,079 27,9 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 50 100 150 200 250 300 350 EXCLUDING OUTLIERS: LONDON, SCOTLAND, SOUTH EAST 7,000 6,000 5,000 4,000 3,000 2,000 1,000 5 10 15 20 25 30
26 AL I Sectors CONSUMER MARKETS Stuart Collins +44 (0)207 893 26 stuart.collins@bdo.co.uk Neil FungOn +44 (0)207 893 3779 neil.fungon@bdo.co.uk Tom Lawton +44 (0)121 352 6372 tom.lawton@bdo.co.uk NATURAL RESOURCES Scott McNaughton +44 (0)207 893 2371 scott.mcnaughton@bdo.co.uk NOT FOR PROFIT Phil Cliftlands +44 (0)207 893 2414 phil.cliftlands@bdo.co.uk PRIVATE EQUITY Jamie Austin +44 (0)207 893 38 jamie.austin@bdo.co.uk PROFESSIONAL Nick CarterPegg +44 (0)207 893 2552 nick.carterpegg@bdo.co.uk PUBLIC James Nicholls +44 (0)207 893 3267 james.nicholls@bdo.co.uk Tony Spillett +44 (0)207 893 3315 tony.spillett@bdo.co.uk REAL ESTATE AND CONSTRUCTION Russell Field +44 (0)129 384 8947 russell.field@bdo.co.uk
27 AL I Locations BRISTOL LONDON MIDLANDS SCOTLAND Andrea Bishop Lead Partner Tony Perkins Audit Lead Partner Richard Rose Lead Partner Martin Gill Lead Partner +44 (0)117 930 1579 andrea.bishop@bdo.co.uk +44 (0)207 893 2347 tony.perkins@bdo.co.uk +44 (0)121 352 6218 richard.rose@bdo.co.uk +44 (0)131 347 46 martin.gill@bdo.co.uk EAST ANGLIA Lisa Clampin Lead Partner +44 (0)147 332 0716 lisa.clampin.bdo.co.uk Adam Frais Tax Lead Partner +44 (0)207 893 2392 adam.frais@bdo.co.uk NORTH WEST Ed Dwan Lead Partner +44 (0)161 817 7676 ed.dwan@bdo.co.uk SOUTHAMPTON Malcolm Thixton Lead Partner +44 (0)238 088 1895 malcolm.thixton@bdo.co.uk GATWICK David Eagle Lead Partner +44 (0)129 384 8950 david.eagle@bdo.co.uk GUILDFORD Richard Faulkner Lead Partner Peter Hemington M&A Lead Partner +44(0)207 893 2344 peter.hemington@bdo.co.uk Chris Grove Transaction Services Lead Partner +44 (0)207 893 2163 chris.grove@bdo.co.uk READING Simon Brooker Lead Partner +44 (0)118 925 4488 simon.brooker@bdo.co.uk YORKSHIRE & NORTH EAST Terry Jones Lead Partner +44 (0)113 2 1284 terry.jones@bdo.co.uk +44 (0)148 340 8095 richard.faulkner@bdo.co.uk
FOR MORE INFORMATION: KAREN MEENDERINK +44 (0) 1189 254448 +44 (0) 7800 682969 karen.meenderink@bdo.co.uk DANIEL TOMPSETT +44 (0) 207 893 3816 daniel.tompsett@bdo.co.uk This publication has been carefully prepared, but it has been written in general terms and should be seen as containing broad statements only. This publication should not be used or relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained in this publication without obtaining specific professional advice. Please contact LLP to discuss these matters in the context of your particular circumstances. LLP, its partners, employees and agents do not accept or assume any responsibility or duty of care in respect of any use of or reliance on this publication, and will deny any liability for any loss arising from any action taken or not taken or decision made by anyone in reliance on this publication or any part of it. Any use of this publication or reliance on it for any purpose or in any context is therefore at your own risk, without any right of recourse against LLP or any of its partners, employees or agents. LLP, a UK limited liability partnership registered in England and Wales under number OC3127, is a member of International Limited, a UK company limited by guarantee, and forms part of the international network of independent member firms. A list of members' names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. LLP is authorised and regulated by the Financial Conduct Authority to conduct investment business. is the brand name of the network and for each of the member firms. Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international network of independent member firms. Copyright May 27 LLP. All rights reserved. Published in the UK. www.bdo.co.uk HB008893