En Voyage - Issue #8
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Business<br />
BUSINESS NEWS<br />
Page 91<br />
Guernsey<br />
Harbour area:<br />
Building for<br />
tomorrow<br />
Page 103<br />
Guernsey<br />
in winter<br />
Page 109<br />
Let's talk<br />
about risk,<br />
maybe<br />
RAVENSCROFT<br />
ACQUIRES<br />
BULLIONROCK<br />
The stockbroking and investment<br />
management company Ravenscroft<br />
has bought BullionRock, agreeing<br />
to acquire the precious metals<br />
business for an undisclosed sum.<br />
The deal will see BullionRock<br />
founder Robin Newbould return to<br />
the company he helped establish<br />
more than a decade ago.<br />
‘BullionRock has seen incredible<br />
growth and now has more than 500<br />
clients who hold a substantial value of<br />
precious metals,’ said Robin.<br />
‘We have no immediate plans for<br />
change and so it will be very much<br />
business as usual at BullionRock. We<br />
do, however, see real potential for our<br />
clients who will gain access to a full<br />
range of stockbroking and investment<br />
management services as a result of<br />
our business becoming part of the<br />
Ravenscroft Group.’<br />
ALLBEAUTY.COM NAMED UK’S NO 1<br />
ONLINE RETAILER BY WHICH?<br />
Guernsey’s online beauty and fragrance retailer, allbeauty.<br />
com, has been named Which? 2017 Best Online Shop<br />
in the UK for the second year running.<br />
The local eCommerce business has beaten other wellknown<br />
brands such as John Lewis, Superdrug, Marks &<br />
Spencer and Argos as well as specialists Toolstation<br />
and RicherSounds.<br />
Consumers rated allbeauty.com as the number one online<br />
shop, achieving a customer satisfaction score of 91% with<br />
shoppers rating the retailer as excellent for price and range<br />
of products.<br />
allbeauty’s Chief Operating Officer, Janice Mancini, said:<br />
‘Winning this extremely prestigious award last year was<br />
amazing; to do this two years in a row is an outstanding<br />
achievement. Our success comes down to our excellent<br />
team that works so hard behind the scenes. Their passion<br />
and dedication to our customers is second-to-none.’<br />
Deputy Gavin St Pier, Guernsey’s Chief Minister, said:<br />
‘I congratulate allbeauty.com on its achievement, especially<br />
considering some of the giants of online retailing it took<br />
on and beat. allbeauty.com has been a hidden gem but<br />
is a credit to the island, making a significant economic<br />
contribution to Guernsey.’<br />
Ravenscroft Group Managing Director<br />
Mark Bousfield said the addition of<br />
BullionRock to the group’s offering<br />
made sense in the current economy.<br />
‘Investors are becoming increasingly<br />
knowledgeable and we have seen<br />
an increasing demand from them<br />
for parts of their portfolio to be<br />
invested in precious metals. Given the<br />
continuing uncertainty in the global<br />
markets, investors are comforted<br />
by the fact that they are invested in<br />
something which, if they want to, they<br />
can physically touch,’ he said.<br />
‘We want to ensure that as a group we<br />
can offer our clients the investment<br />
opportunities they are asking for and<br />
so the acquisition of BullionRock will<br />
further diversify our offering.’<br />
GUERNSEY-BASED<br />
CHINESE INSURANCE<br />
COMPANY ESTABLISHED<br />
Brilliant Reinsurance (Guernsey)<br />
Limited has become Guernsey’s<br />
first Chinese insurance company.<br />
The company’s formation is<br />
further evidence of the growing<br />
ties between Guernsey’s insurance<br />
industry and China’s business sector.<br />
Managed and established by<br />
Alternative Risk Management<br />
(ARM), Brilliant Reinsurance will<br />
focus on business being retroceded<br />
from the Lloyd’s of London market.<br />
The company’s Directors are Dr<br />
Yu-Tsung Chien and Malcolm<br />
Cutts-Watson.<br />
Brendan Reeves, Client Service<br />
Director at ARM, said the high<br />
regard in which Guernsey’s<br />
insurance sector is held<br />
internationally played an important<br />
part in the vehicle’s creation.<br />
‘It was important that the Chinese<br />
principals felt comfortable with<br />
the jurisdiction they were working<br />
with and Guernsey certainly met<br />
those requirements owing to our<br />
reputation as Europe’s number one<br />
captive insurance domicile and our<br />
well-regarded legal and regulatory<br />
environment,’ he said.<br />
Brendan highlighted Guernsey’s<br />
close proximity to London and the<br />
fact it is in the European time zone<br />
as other important factors.<br />
‘Logistically, Guernsey is really well<br />
placed for Chinese businesses<br />
expanding their focus internationally.<br />
In addition, Guernsey Finance has<br />
had an office in Shanghai for the<br />
past 10 years and done a lot of<br />
valuable work over that period in<br />
raising the profile of Guernsey’s<br />
offering in financial services.’<br />
Guernsey Finance Deputy Chief<br />
Executive Kate Clouston said she<br />
was delighted to see business<br />
opportunities emerging from<br />
the region.<br />
‘Guernsey’s ties with China have<br />
rapidly developed in recent years,<br />
and we are very pleased that the<br />
island has gained such a positive<br />
reputation there as an expert in<br />
many different areas of financial<br />
services,’ she said. ‘The insurance<br />
sector in particular is yielding new<br />
opportunities across the board<br />
and we look forward to helping<br />
Chinese companies enhance the<br />
international aspects of their work.’<br />
78 <strong>En</strong> <strong>Voyage</strong> | Aurigny’s Magazine
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