Top 100: Profits up for tech firm that makes our cashless economy possible
If you have ever paid for something with your bank card or mobile phone you've probably used the technology made by a Gloucestershire business that's shaping the way the UK carries out transactions.
Dear Readers,
We hope you all had a great weekend.
Last week we ran three stories that all fared particularly well. A week ago today it was a piece looking at our ageing workforce and the problematic attitude we have towards those who are over 50.
You might think that all points towards ageism, but experts we spoke to said it also flagged the UK’s rather unhealthy relationship with investing in its staff throughout their careers. If we changed our attitudes to that, it seems there is a win-win for everyone, including increased productivity for businesses. You can read that here.
On Tuesday what started as a look at Gloucestershire Airport turned into a feature with a very big question mark over whether the planned sale of the operation would go ahead afterall. You can read that here.
And then on Friday we looked at the county’s reaction to the Government’s plans to increase housebuilding nationwide and how it might cope. You can read that here.
Today, we’ve decided to spare you the usual long read and gone with an edition of shorter articles, leading with one from our Top 100 Businesses in Gloucestershire series, which we publish into our reports and deals channel and which tracks the fortunes of the county’s biggest firms by turnover. If you have ever paid for anything with a bank card or mobile phone, this firm probably made it possible.
Have a great week.
Your briefing notes...
🏗️ More detail is beginning to emerge of what the Golden Valley scheme will contain, the much-trumpeted bid to develop land to the West of GCHQ with a tech park at its core. A new set of plans has been submitted to Cheltenham Borough Council for an 11.4-hectare area within the allocated plot for the main development. The plans, submitted by London firm NEMA Golden Valley Ltd, run by serial developer and investor David Elghanayan, are for a £7,560 square foot business park, 2,475sqm of retail space, 3,750sqm of food and drink venues, 365 homes, a 727sqm healthcare centre and a 8,972sqm transport hub. NEMA estimates its development will bring an estimated £103 million economic boost to the area. Outline plans for the overall Golden Valley development have already been submitted. It’s claimed the 47-acre scheme, said to be worth £1 billion, has the potential to help generate 12,000 new jobs.
⚖️ A Gloucestershire law firm has announced two associates. WSP, which has offices in Stroud and Gloucester, has promoted Lisa Hope in its residential conveyancing department, and Louise Kelly, in its family law department. Hope has nearly 25 years experience working in residential conveyancing and in 2023 qualified as a chartered legal executive. Kelly is a family law specialist across divorce, financial and matters relating to children. In 2023 she was accredited as a resolution specialist in children’s law and complex financial remedies and has since qualified as a resolution together expert (one couple, one solicitor divorce cases).
⛔ 🚗 🚛 If you are thinking of driving from Cheltenham to Birdlip Hill and beyond and plan to travel via Leckhampton Hill it will be worth thinking again. A seven-week full closure at Leckhampton Hill, which links Cheltenham with the A417 and A436, has begun and is expected to last until Sunday, September 22. The road will be closed just beyond Crickley Hill Country Park up to the junction of Ullenwood Manor Road with access to Ullenwood Manor Road from the A436 also blocked at this point to prevent rat running past National Star College. From Monday 27 August to Sunday 22 September the road will also be shut from the new temporary roundabout at the Leckhampton Hill junction to the entrance of Crickley Hill. Access to Crickley Hill will remain open at all times and National Star College will be open as usual.
🏘️ A Surrey-based housebuilder is hoping to build 83 new homes on a 19 acre Cotswold site. Cala Homes has submitted plans to Cotswold District Council for the development in Fairford on a site formerly owned by educational outdoors charity Ernest Cook Trust. The site has previously been granted outline panning permission. Cala has said it will keep ‘important’ green spaces within the site, and these will include a children’s play area. The development design has been awarded a Building with Nature (BwN) accreditation, which aims to encourage high-quality green infrastructure on new-build schemes, and Cala said it would also be creating a bursary fund, with the trust, to support local projects and groups.
Gloucestershire benefits from a share of £11 million of business loans
British Business Bank is shouting about the £11 million of loans it has arranged for South West businesses in the financial year 2023 to 2024, and we spotted a Gloucestershire start-up as one of the most recent beneficiaries. Apparently, the cash has gone to a diverse range of businesses across the region, including Andrew Gardiner’s clothing brand Wolf London. The 30-year old’s firm specialises in clothing for equestrians, a world in which as a rider and competitor he is well steeped - and one he chose to target after deciding there was a distinct lack of stylish clothing for men. Products range from breeches to hoodies. Gardiner received a £20,000 loan from business support partners X-Forces Enterprise, as one of his parents served in the military, and he used the funds to manufacture stock, build out a storeroom, commission photography and design signature shipping boxes. He runs the business in his spare time, alongside his job as a project manager, selling his wares at the likes of the Gloucestershire Festival of Polo and Blenheim Palace International Horse Trials. Other county firms to benefit previously include Town Owl Taphouse bar in Stroud, run by husband and wife team Adam and Celie Pilmer, and The Neutral Dog company, a pet accessory business run by Nomi Nellen.
Hit light show returns
Squidsoup, the team that helped attract 51,000 to Gloucester Cathedral when it staged its Submergence light show in back in 2020 is back to stage the event again – this time in the city centre. Described as ‘an immersive walk-through experience’, visitors will be invited to enjoy the atmosphere created by thousands of lights and an accompanying live soundtrack. Supported by Arts Council England, the National Lottery, Gloucester BID and The University of Plymouth, Submergence Gloucester will also feature a series of specialist workshops, play sessions and other events involving music and movement. The programme is also supported by the Vilk Collective, The Music Works, GARAS and others. It can all be found within the shop unit situated between H&M and JD Sports in Eastgate Shopping Centre and will be open between 10am and 5pm from Wednesday 7 August to Saturday 31 August, Tuesdays to Saturdays. To find out about all the events and workshops click here. For more information click here.
* Everything you read on The Raikes Journal is made possible by our incredible Founding Partners: QuoLux, Willans LLP, Gloucestershire College, Merrell People and Randall & Payne, our sponsors Hartpury University and Hartpury College, our Founding Members and wonderful paying subscribers.
If you upgrade to paid, you’ll be part of this community interest company too. In an era when local journalism is all but gone, we are dedicated to delivering quality journalism for Gloucestershire, to championing the county, in particular its businesses, charities, education and training providers, to defending it, challenging those who need to be held to account and to helping create an even stronger community. If you upgrade to paid you will be able to see past the paywalls on our second and third email editions of the week, that lock all our archive after two weeks and lock our rolling Top 100 Businesses in Gloucestershire, the series that follows the financial fortunes of our biggest firms by turnover. You will be able to comment on our stories too. You’ll be helping make this CIC sustainable. Please do join us.
You can sign up for just £2.30 a week - or £1.80 a week if two or more people sign up at once.
If you have a story idea, want to know more or are interested in commercial opportunities please email andrew.merrell@raikesjournal.co.uk or telephone 07956 926061.
Profits up for tech firm that makes our cashless economy possible
If you have ever paid for something with your bank card or mobile phone you've probably used the technology made by a Gloucestershire business that's shaping the way the UK carries out transactions.
It has more than 300 staff and operates from two sites, including its UK headquarters and manufacturing site in Tewkesbury, and it provides technology that allows our contactless, cashless economy to work securely and efficiently.
Those with long memories may recall its previous incarnation, Oberthur Technologies, back when it specialised in credit and bank card technology, and that was at the forefront of payment technology.
That was before it came under ownership of French giant IDEMIA - the result of a merger between Oberthur Technologies and Safran Identity & Security (Morpho) in 2017.
Today the group can boast close to €3 billion in revenues and 14,000 employees. It serves clients in 180 countries and its technology shapes the UK payment and telecom markets.
It supplies the three largest UK mobile phone operators, is the leading supplier of contactless payment cards in the UK, issuing 40 million a year for our leading banks, and is a trusted partner of the UK government.
It offers its expertise in the fields of digital identification, identification management, digital security and smart transactions and its UK customers include the public security and healthcare sectors and Government.
And although in the year ending 31 December 2023 its turnover fell to £72.98 million, profit for the year increased and the firm feels in good shape.
“Turnover decreased by £9 million. This is in line with expectations considering the exceptional program in 2022 driving an additional £8 million,” said Laura Cassey, the firm’s chief financial officer writing in the recently published annual report - approved on July 1 2024.
“Digital products stable. SIM card business has seen a significant increase as demand seems to be returning along with transition onto 5G products.
“The business made a profits after tax of £4,161,000, which was increased by actuarial gains after tax of £105,000 and therefore shareholders’ funds have increased.
“The company has a stable customer base consisting largely of major banks, building societies and mobile network operators.
“Sales grow and profitability in the coming years is likely to be steady, as the markets for the company's products and services become increasingly mature.”
* The story above will be filed in our Reports & Deals section of Raikes, which is also home to its star attraction, the perpetual Top 100-plus Businesses in Gloucestershire list. The series tracks the financial fortunes of the county’s biggest firms by turnover, and is made possible by its sponsor, Randall & Payne, also one of our Founding Partners. We usually keep all our Top 100 stories locked so only our member can read them, but today we keep the paywall off to give you a feel for the kind of story you are missing. It’s just one of the perks of supporting what we do - proper journalism about Gloucestershire, for Gloucestershire. If you want to support us too, please consider becoming one of our paying members. Contact andrew.merrell@raikesjournal.co.uk.