The latest edition of FBUK’s magazine has been published and is now available to download.
Full of insights, analysis, feature interviews, Member news and highlighting important Member anniversaries, the magazine is now published every three months.
Following his keynote address to the FBUK Annual Conference in June, the magazine profiles Sir John Timpson, one of the UKs best loved and most successful family entrepreneurs. You can read that article online too.
In addition you’ll find:
Views from the leaders of European Family Business and FBN Sweden on how these regions are dealing with and have dealt with inheritance tax for family businesses,
An Autumn Budget look ahead from Chris Romans, Chair of FBUK’s Tax Committee,
Mark Samworth, Chairman of Samworth Brothers on saving the unique status of an iconic pork pie,
Peter Leach on Family Councils
And we celebrate with FBUK Members who’ve received prestigious awards
Get Involved
Do you have news about you or your family business you’d like us to cover? Perhaps there’s an issue you’d like to read about or you sharing your views on an important subject? Drop us a line and contact the team.
Advertise With Us
Would you like to advertise your business and services to some of the UK’s premier family business owners? You can find more information below about securing space in future editions of the magazine. And, if you’d like to talk to us about other advertising, sponsorship and partnership opportunities, we would love to hear from you.
Returning in November this year, FBW25 will shine a light on the vital role played by family businesses in creating sustainable, long-term growth and opportunities in every corner of the UK – and beyond.
This year’s theme, Global Legacies: Expanding Horizons for UK Family Businesses highlights the ambition and resilience of family firms as they look beyond borders to shape a connected, global future.
Growth Through International Trade
Around 11.5% of UK businesses export to more than 200 companies around the world. Those exports of goods and services are worth almost £840 billion to the economy.
But, despite the clear challenges of trading internationally, the potential for growth is enormous.
To succeed on the international stage family businesses need the right support – from policymakers, trade bodies, and partners to unlock exports, access new markets, and drive sustainable growth.
Events Through The Week
Join us for a week of events, insights, and stories from Westminster to shop floors as we showcase how family businesses power inclusive, long-term economic growth.
Whether you’re a business owner, policymaker, or partner, this is your chance to get involved, be inspired, and help shape the future of UK family businesses.
Head to the FBUK Events Page to find the latest events and to register your interest.
FBUK says media reports the Government may be looking to change the rules on Lifetime Gifts in the Autumn Budget would be “an enormous disincentive” that would “further reduce investment and jobs.”
In response, FBUK CEO Neil Davy wrote to the paper saying:
New changes to inheritance tax, and their impact on Britain’s family businesses, will lead to further economic damage as owners again cut investment and jobs.
The Guardian’s article states that changes to IHT announced in last years’ budget may have a significant impact on how much money is raised by IHT, but it is unclear how they might alter behaviour.
Neil Davy continues:
Independent research conducted earlier this year, commissioned by FBUK and conducted by CBI Economics, has already answered these questions.
Responses from over 4,200 UK family business owners and backed by over 30 leading industry bodies, predicted that far from increasing tax receipts, capping APR and BPR at £1m will result in a net fiscal loss to the Treasury of £1.9 billion over the course of this parliament.
The research also predicted a reduction in GVA of £15 billion to the UK economy, and the loss of 208,500 full time jobs and as a direct result of the policy change.
And we know precisely how family business owners have behaved; 55% have already paused or cancelled planned investments (and a further 44% expect to do so); 23% have reduced headcount; 12% are contemplating selling their businesses or shutting shop entirely.
Our research remains the only credible assessment of the impact of changes to inheritance tax on family businesses in last year’s budget.
Another potential hit on family business through more IHT policy changes will act as an enormous disincentive, and business owners will further reduce investment and jobs.
We continue to urge the Government to hold a formal consultation on the changes so that IHT policy changes can achieve their stated objective of raising tax receipts, whilst continuing to protect family businesses and incentivise them to invest and support badly needed economic growth.
You can read and download a copy of our research by clicking the image below.
“Our future is shaped by what we do today and today reveals what we did in the past”
By Neil Urquhart, Chairman of heritage UK brand Gordon & MacPhail
From humble beginnings as a grocer in Elgin to purveyor of the finest and rarest Scotch whiskies enjoyed by enthusiasts around the world, Gordon & MacPhail has grown significantly since our family-owned UK brand was established over 130 years ago.
Heritage UK brand Gordon & MacPhail was established on the 24 May 1895 by James Gordon and John Alexander MacPhail as a family grocer and purveyor of the finest teas, coffees, groceries, meats, cheeses, wines, spirits and Scotch whisky.
These types of merchants were a feature of the era, with Johnnie Walker of Kilmarnock, Chivas Brothers of Aberdeen or Matthew Gloag and Son of Perth; all starting out as high-quality grocers, wine, spirits and whisky merchants, bottling and selling their own ‘house’ blends. These businesses focused on blended Scotch Whisky and today these ‘house’ blends are enjoyed throughout the world.
Gordon & MacPhail took a different path, choosing to specialise in single malt whisky.
Licensed bottlers
In the first year of trading, my great grandfather, John Urquhart, joined to assist with the whisky side of the business. John became well versed at negotiating with the distillers and blenders of the day. They bottled several single malts under license from distilleries that are now established household names.
He had begun to order new fillings to help the brokering business and for Gordon & MacPhail’s own label bottlings. John would become senior partner and sole owner of the business in 1915. Since this time Gordon & MacPhail has remained independent and owned by descendants of John Urquhart.
Relationships matter
George Urquhart
Forming strong working relationships with likeminded people and businesses is of huge importance to Gordon & MacPhail. John’s son George, my grandfather, joined the business in 1933 and together father and son forged relationships with, not only distillery owners around the region, but also with sherry producers in Spain to acquire sherry for bottling and casks for sending back out to distilleries to be filled with new make spirit.
Whilst the industry focused on blended Scotch Whisky, John, and George, went against the grain. They chose to bottle whisky as single malt and leaving casks to mature for longer than was the norm.
The Father of Single Malt
Acclaimed whisky writer, Charles Maclean MBE described George Urquhart as the ‘Father of Single Malt’. Mr George as he was known by many, learnt the arcane knowledge about evaluating the quality of a whisky. Moreover, he learnt how to mature a good whisky first hand from his father.
He applied that knowledge to construct a solid whisky business, which enjoys an unrivalled position in the whisky industry today. He shrewdly forged long-term contracts for new fillings with distilleries in the post-war period. Gordon & MacPhail enjoys the benefits of the long-term approach adopted through the generations of a family owned UK brand; typified by our Generations Range of world class long aged single malts. Furthermore, our range of rare old single malts is unparallelled having won great acclaim and many awards through the years.
Gordon & MacPhail 80-Years-Old from Glenlivet Distillery
Growth continues
Furthermore, as John brought his son into the business, George’s children joined Gordon & MacPhail. Together, Ian, David, Michael and Rosemary, grew the company, expanding from the grocery business into wholesaling wines, spirits and whiskies throughout Scotland and the UK.
3rd Generation of the Urquhart family – Michael, Ian, Rosemary and David
From the early years of the business, Gordon & MacPhail exported whiskies to markets in Europe – in particular Italy and France – and during the second world war to the USA. The international business grew as Gordon & MacPhail’s whiskies gained further popularity around the world. In 2009 and again in 2013 the company was awarded The Queen’s Award for Enterprise in International Trade.
Today, members of the 4th generation of the Urquhart family work for the business alongside over 150 colleagues and the company’s products are enjoyed in more than 40 International markets.
Becoming a distiller
Benromach distillery
It was always a desire for the company to become a distiller. This ambition became a reality in 1993 as the company purchased Benromach Distillery in Forres.
Further distilling capacity was added to the company’s estate in 2020 when the construction of The Cairn Distillery began. It started on the outskirts of Grantown-on-Spey, before distilling commenced in May 2022. Additionally, the Benromach range is handcrafted using traditional working practises by skilled distillers using the finest Scottish barely and pure spring water from the nearby Romach hills.
The Cairn adopts a modern approach the ancient art of whisky making, having started distillation in the spring of 2022. While we wait until future years to release a single malt from The Cairn, we have created a portfolio of blended malts, called CRN57°, to provide whisky explorers the opportunity to discover the aromas and flavours of the future. Moreover, a high-quality visitor experience opened in autumn 2022 offering tours and tastings, aiming to attract visitors from around the world.
Our core principles remain as we look to the future
Gordon & MacPhail working in partnership with Trees for Life in 2021
An unwavering commitment to quality, long-term thinking, investment for future prosperity, and the value of relationships, are all key principles. Moreover, these have helped guide success throughout the company’s long history and they will continue to drive our business as we look to the future. This helps us focus on growing the company’s brands in key international markets.
The plan, which has been developed in consultation with FBUK and FBUK Members, includes important new initiatives designed to provide greater support to small businesses looking to grow.
FBUK Chief Operating Officer Fiona Graham said:
“We welcome today’s publication of the Small Business Plan as a positive step towards creating a fairer and more resilient environment for small family-run firms. We are pleased to see many of the areas highlighted by our members addressed in this plan.
“Family businesses make up over 85% of all private sector firms in the UK and are deeply rooted in their communities. But like many small businesses, they are held back by red tape and limited access to finance and support – challenges that this plan rightly seeks to address.”
Key elements of the plan include:
New legislation to tackle late payments – an issue that costs the UK economy £11bn a year and shuts down 38 businesses every day
Increasing access to finance through a £4 billion package including start up loans and expanding lending guarantees
Making SMEs a priority during the awarding of public sector and government contracts
Establishing hospitality and night-time economy zones alongside additional measures to support High Streets and local economies
Providing more money for skills training and leadership development
“The announcement of a Business Growth Service will give small family-run businesses the tools they need to grow, scale up and expand into international markets, as well as streamlining essential advice and support into one national platform. This will give small businesses peace of mind that support is readily available and easily accessible when they are looking to invest and grow.
“We look forward to continuing to support small businesses as the initiatives in this plan are developed and rolled out. We are also committed to working with DBT in the development of a future strategy to ensure that mid-sized businesses are also getting the bespoke support they need.”
Commenting on speculation that the Government is considering introducing a Wealth Tax, Fiona Graham, Family Business UK’s Chief Operating Officer said:
“Speculation about the introduction of a wealth tax—whether one-off or annual—comes at a time when the UK should be focused on unlocking growth. For family businesses, the majority of their wealth is tied up in the business itself: in jobs, equipment, buildings, and innovation. These are not liquid assets. A wealth tax would therefore require extracting capital from the business just to meet a tax liability—directly undermining investment, productivity and growth.
“This follows proposed changes to Business Property Relief and Agricultural Property Relief which have already made it harder for family firms to plan for the future. Adding a wealth levy on top seriously risks UK attractiveness for long-term enterprise.
“Family businesses already contribute significantly to the UK tax base – contributing £422 billion in taxes in 2023 through corporation tax, income tax, employment taxes and more. What they need is a tax system that recognises the importance of reinvestment and growth. If this government is serious about growing the economy, it must avoid disincentivising the very firms that are embedded in communities and committed to building for the long term.”
Family Business UK and the accountancy and advisory firm S&W have agreed a new silver-level Corporate Partnership.
Founded in 1881, S&W is a top 10 UK accountancy firm, supporting more than 23,000 clients from their 17 offices across the country.
Neil Davy, CEO FBUK said
“I am delighted to welcome S&W to Family Business UK adding their knowledge, expertise and counsel to our own, and supporting our Members in building Britain for generations.
“Our Corporate Partners are critical allies in our work. Together, we can better support our Members to navigate the challenges they face today and build strong, innovative family businesses for tomorrow.”
As a silver-level Partner of FBUK, S&W will help deliver thought leadership and meaningful content and guidance to the family business community.
Laura Hayward, Partner S&W added
“We are thrilled to join Family Businesses UK as a new Corporate Partner, joining a movement of businesses and supporters advocating for family businesses and their positive impact in the UK.
“S&W’s partners and professionals are devoted to supporting family businesses through every stage of their journey helping them navigate challenges, unlock potential and achieve the extraordinary.
“We look forward to championing these remarkable businesses that drive innovation, generate employment, and stimulate economic growth across the UK.”
Hot off the press, the latest edition of the Family Business UK magazine has been published and is available to download digitally.
Coming at a pivotal moment for family businesses, with important policy changes creating an uncertain outlook, this edition explores some of the key issues you should consider when planning for the journey ahead.
Steve Rigby – the Chair of FBUK on his ‘North Star’ for FBUK,
Views from Westminster including:
Gareth Thomas MP the Minister for Services, Small Businesses and Exports,
Andrew Griffith MP the Shadow Secretary of State for Business and Trade,
Daisy Cooper MP the Deputy Leader of the Liberal Democrats and the Party’s Treasury Spokesperson,
William Lees-Jones – Managing Director of JW Lees on campaigning against the changes to BPR,
Sarah Dean – Chair of Noble Foods on leading with purpose and the importance of staying true to your values,
FBUK Corporate Partners Farrer & Co, Clarion and PwC give their tips on what you need to do to plan for the changes to BPR and APR.
We mark 500 years of family business history with FBUK Members Neville Trust (150 years) and Morning Foods (350 years),
Caroline Platt shares her lessons from conquering daring adventure challenges and
Holly Thallon Steenson on her journey into the family business.
All this, and you can read about our latest research looking at the impacts of the changes to BPR and APR.
Get Involved
If you’ve got news to share, an issue you think we should be covering or perhaps you fancy writing an article yourself, reach out and get in touch with a member of the team.
Advertise in the FBUK Magazine
Would you like to advertise your business and services to some of the UK’s premier family business owners? You can find more information below about securing space in future editions of the magazine. And, if you’d like to talk to us about other advertising, sponsorship and partnership opportunities, we would love to hear from you. You can contact a member of the team here.
“Our future is shaped by what we do today and today reveals what we did in the past”
