The traditional gift to mark a first anniversary is paper. While not putting pen to actual paper, it is perhaps more appropriate (in 2020) that we have adopted a “virtual alternative” by writing this blog to mark Throgmorton’s first year as part of the Apex Group. In this blog, we reflect on the biggest events of the last year for our business and look ahead to the exciting plans for the years to come.The acquisition of Throgmorton last year was part of Apex’s expansion over, in particular, the last two years, expanding its capabilities to meet client demand and to offer a unique single-source solution. In July 2019, we joined Apex, adding 150 employees and over 350 clients to the group.Our excitement when we announced our acquisition by Apex has not abated, and looking at the achievements of the last year, we remain certain that this was the right strategic opportunity for us, and our clients.Our Year in Numbers:
- 1 new service line: with Compliance services joining the Tax, Accounts, Company Secretarial, Human Resources and Payroll support that Throgmorton UK can provide to clients;
- 150+ staff moving seamlessly to remote working, in light of the year’s events; and
- 4 new locations in which Throgmorton will operate with locally based staff supporting clients, namely:
- The United States of America;
- Jersey;
- Switzerland; and
- United Arab Emirates
As alluded to above, geographic expansion has been a key focus for us this year. As part of Apex, we have had the opportunity (and the investment) to leverage our 20 plus years of experience of delivering accounting and business services across the UK so as these can be delivered internationally via local teams.
- In March 2020, Apex broadened their US offering, establishing Throgmorton USA to provide local accounting, tax, payroll and employee benefits solutions. Given the immense importance of the United States, both in terms of expansion and Throgmorton UK’s clients, this business will be led by Jon Hanifan. When travel restrictions allow, Jon will relocate to the United States as part of a broader Apex role (as Head of Corporate Solutions, Americas).
- The following month, Throgmorton expanded into Jersey (Channel Islands). Jersey is an important market for Apex and Throgmorton’s depth of experience supporting UK businesses over the last two decades means this is natural progression and an immediate value-add for businesses on the Island.
- In June, Throgmorton set up a new office in Switzerland to offer company secretarial and governance and payroll services to businesses operating locally there. These complement Apex’s existing Swiss operations delivering corporate services and private client solutions.
- Most recently, Throgmorton made the fourth new office announcement in as many months, launching locally delivered corporate services to clients in the UAE. This latest move adds the local provision of accounting, payroll, employee benefits and VAT reporting, as well as outsourced finance officer services to UAE managers.
As also noted above, we are not just expanding our footprint internationally. The next evolution for Throgmorton is to expand our product and service suite to meet the needs of our clients. We have long sought to offer regulatory Compliance advice to our clients. In July 2020, we were delighted to launch Throgmorton Compliance solutions. Led by the well-known and widely respected Mel Scotland (formerly Firth), we can now deliver tailored services including license applications to the FCA, the NFA/CFTC and the SEC, compliance monitoring and management services, company health checks, regulatory audits, outsourced registered compliance and MLRO functions, plus options for board liaison and training.As each and every reader will be all too aware, the first half of 2020 has thrown up a significant, and unexpected, challenge for our clients in the shape of COVID-19. While we are seeing increased demand for our advice and services (e.g. UK tax advice or changes to payrolls we run), we have also pro-actively taken the benefits of experience and breadth to clients. For example, Lauri Cox, Throgmorton UK’s energetic and experienced Head of HR Consulting, has been releasing Frequently Asked Questions that have:
- incorporated the input of other members of our established Senior Management Team, and in so doing demonstrated the depth of talent Throgmorton has; and
- helped guide clients through evolving matters such as the Coronavirus Job Retention Scheme, furloughing and safely returning staff to the office. I don’t know about you, but it certainly feels to me like “furloughed” and “furloughing” have made an impact on our professional discussions not seen since “rehypothecation” leapt up the most used words list back in 2008.
After a dynamic and busy first year for Throgmorton as part of Apex, we remain energised, focused and excited for our second year as part of the group. Our appetite for growth remains and we are looking forward to a busy second half of the year, in which we will focus on:
- embedding the new businesses and colleagues that have joined Throgmorton in H1;
- accelerating the pace at which technology is used in and shapes our businesses and the services they provide.
Watch this space…For more information about Throgmorton and Apex’s Corporate Solutions services please contact: Adam Hewitson, Head of Throgmorton
