Everything you need to know about Newable
When was Newable established?
We were founded in 1982 as Greater London Enterprise (GLE). In 2016, we re-branded as Newable to reflect our bold growth agenda and the wider national footprint of our activities.
Who owns Newable?
Newable is a company limited by guarantee. A company limited by guarantee is much like an ordinary private company limited by shares. We are registered at Companies House, we submit our accounts and an annual return each year and we have directors. A major difference is that a company limited by guarantee does not have share capital or any shareholders but has members who control it. Our members comprise the 32 London boroughs and the City of London Corporation.
What is Newable's purpose?
Newable strives to unleash the extraordinary potential of British business men and women.
What are Newable's values?
Newable is a values-driven business. Our values were defined as a result of a company-wide engagement process. The five values are: Dream Big, Get Going, Grow Together, Always Improve, and Pass it On. Together the values help foster a culture that generates business confidence.
What products and services does Newable offer?
Newable helps companies thrive by providing the essential resources they need to take the next step with their business.
Whether that is patient capital to get help get ideas to scale. Or financing to help with the peaks and troughs of trading, to hire new staff and operationalise growth plans.
No one can do everything on their own. Many need external support to get trading overseas or develop new management capability.
Flexible workspaces and commercial developments to call home and from which to grow. Our website and Products & Services brochure provides further information.
How does Newable deliver its products and services?
Newable operates a flexible business model. Most of our products and services are wholly owned by Newable. In addition, we work in partnership with other leading companies. Finally, we also deliver products and services on behalf of others; for example, we are a leading delivery partner of the Department for International Trade, providing exporting advice to UK businesses.
How is Newable managed?
Newable has a Board of Directors, Executive Directors and a Leadership Team of business leaders.
The Chair of the Board of Directors is Guy Nicholson.
The Executive Directors are Chris Manson CEO, Mike Walsh CFO, Monica Whitefield Human Resources Director and Nick Wright Marketing and Communications Director.
Profiles of the Board and Executive Directors as well as the Leadership Team can be found in the Team section of this website.
Newable strives to meet the governance standards expected of a FTSE 250 company. Details of our governance procedures can be found in our annual report.
How big is Newable?
Newable’s net assets were £56.9m at 31 March 2018. Our operating profit was £9m. We have c185 staff.
In the year to March 2018, Newable:
- assisted 13,800 companies to increase their exports;
- assisted nearly 2,200 companies to start exporting for the first time;
- provided start-up, growth loans and enterprise support services to 1,300 people and businesses;
- lent some £12m to small businesses;
- provided innovation support to over 1,000 companies;
- facilitated equity investment in 36 high growth potential companies raising £35m
- created, acquired or managed business and industrial space to accommodate over 370 small businesses.
How diverse is Newable?
Treating everyone equally and fairly is central to our business. It is not only the right thing to do; it is because we believe that diversity fuels prosperity. We support companies of all shapes, styles and sizes because we know variety and diversity fuels a thriving economy, building resilience and sparking innovation. Reflecting that diversity within our business is a key priority for us. Details of our gender balance, age profile and ethnic diversity can be found in our annual report.
Modern Slavery Act Statement
Introduction and Purpose
The Modern Slavery Act 2015 (the “Act”) is a UK law which came into force in 2015. The Act requires commercial organisations with an annual turnover of more than £36 million, to publish a slavery and human trafficking statement for each financial year. This is Newable’s first Modern Slavery Act Statement and Newable is fully supportive of the Act. As required by the Act, now that Newable is likely to exceed the minimum turnover threshold for the first time, this statement sets out the steps taken during the financial year ended 31 March 2019 to combat slavery and human trafficking in our business and supply chains, and the further steps that we will continue to take.
Newable has a zero tolerance approach to any form of modern slavery. Newable is committed to acting in an ethical manner, with integrity and transparency in all business dealings and is committed to putting effective systems and controls in place to safeguard against any form of modern slavery or human trafficking, taking place within our business or partnership or supply chain.
Our commitment to our clients is very clear, we will always treat people in our businesses, partnerships or supply chain fairly. Newable expects its employees, suppliers and business partners to act responsibly and to comply with the requirements of this statement.
Our Business Activities
Newable’s purpose is to make a sustainable profit from helping other businesses thrive, principally by providing services to UK Small and Medium Sized Enterprises (“SMEs”).
As a group, Newable’s strategy is to provide money, advice and workspace for clients. Newable also aims to make finance fairer, easier and more accessible to businesses. The legal entities that undertake lending and mortgage broking activity are authorised and regulated by the Financial Conduct Authority (FCA). The alternative funds business is an Appointed Representative of a Fund Manager that is also authorised and regulated by the FCA.
As a group Newable has in excess of 350 staff in our nationwide offices and all of our business is within the UK, which Newable believes is a lower risk jurisdiction.
Our Partnership and Due Diligence Practices
Newable’s partners or suppliers are predominantly based in the UK. Our partners or supply chain includes business partners in the provision of mortgage services, alternative funds, office space, brokers and distributors; and also providers of other services necessary to run our business effectively, such as IT, payroll and facilities.
Our employees who arrange significant contracts with partners or suppliers will be requested to undertake a risk assessment prior to the commissioning of any new partner or supplier, which will consider slavery and human trafficking risks prior to entering into significant new partner or supplier contracts. We have a separate Partnership Transparency Statement which our current and future significant partners or suppliers will be asked to sign to confirm that they are aware of the Act and will comply with the Act, in order to reduce or remove the risk of slavery or human trafficking in their own businesses. Risk assessments and potential additional due diligence will be undertaken by Newable for those partners or suppliers deemed higher risk or who are located in higher risk jurisdictions.
All procurement is based on objective and fair criteria that reflect the principles of non-discrimination, equal treatment, transparency, procedural fairness, mutual recognition, proportionality and business efficiency. In addition to carrying out due diligence on prospective partners or suppliers, as part of any tender process (where applicable) prospective partners or suppliers are expected to confirm their agreement to Newable’s contractual terms and conditions, and confirm that they will comply with Newable’s policies and procedures and provide the services in accordance with all applicable laws and regulations. Newable expects its partners or suppliers to exercise due diligence along its partnership or supply chain. Newable has the right to end its relationship with a business partner if the supplier or business partner does not comply with these requirements or take alternative action if the supplier or business partner is not able to prove to Newable’s satisfaction, that it has implemented immediate countermeasures to prevent comparable violations occurring in future. Newable is introducing additional specific obligations in its agreements with partners or suppliers requiring partners or suppliers to comply with all laws relating to slavery and human trafficking and to undertake that there is no trafficked, bonded, child or forced labour within their supply chain. Newable has the ability to terminate the relevant contract immediately if the partner or supplier does not comply with these requirements.
Partners or suppliers will be requested to notify Newable prior to sub-contracting any significant services, and that they will ensure that any sub-contractors also comply with the Act. Newable will request the right to audit partners or suppliers where deemed necessary, and to potentially terminate contracts based on any unfavourable results.
Newable treats its employees with respect and dignity and operates internal policies to ensure that it is conducting its business in an ethical, considerate and transparent manner. Newable’s recruitment policies ensure that employee screening checks are carried out to ensure that the individual is legally entitled to work in the UK to safeguard against human trafficking or individuals being forced to work against their will, and expects the same of each of its suppliers and business partners. Employees are free to leave their employment after reasonable notice and are not required to lodge deposits of money or identity papers with their employer. The compensation and benefits paid to employees for a normal working week comply at least with guaranteed minimum legal requirements, including minimum wage legislation and working hours comply at least with the national legal standards and are not excessive.
Newable has a whistleblowing policy intended to encourage and enable employees to report suspected wrongdoing and raise serious concerns within the workplace. Newable is committed to ensuring that any employee concerns are taken seriously and investigated.
Further Steps and Employee Training
Following the publication of Newable’s first Modern Slavery Act Statement, Newable will develop a broader understanding of the areas within our businesses that require further focus to identify potential risks which relate to modern slavery and human trafficking. To ensure that there is a high level of staff awareness of issues relating to modern slavery and human trafficking, Newable will require relevant employees to complete modern slavery and human trafficking computer based training. The training will raise awareness and understanding of the changing expectations around human rights and modern slavery risks.
This statement has been approved by the Board of Directors of Newable who will review and update it as necessary on an annual basis.
Newable’s Partnership Transparency Statement
The Transparency in Supply Chain provision in the Modern Slavery Act 2015, seeks to address the role of businesses in preventing modern slavery from occurring in their supply chains and organisations.
Almost all of Newable’s business is undertaken in the UK and our suppliers are predominantly located in the UK. Having considered the risks to the business, Newable is of the view that the area which could be at risk of slavery and human trafficking taking place, is in our supply chain. To reduce this risk, Newable will not source goods or services from any high risk countries where modern forms of slavery are prevalent. Newable also holds our suppliers to high standards of ethical conduct and treatment of workers. In the UK, Newable expects every supplier that we deal with to adhere to the Modern Slavery Act 2015, as we do ourselves. Newable refuses to do business with any supplier that fails to uphold these basic human rights, or has links with an oppressive regime that gives Newable cause for concern.
The purpose of this statement is to detail the steps that Newable has undertaken to reduce the risks in our partnership or supply chain.
Suppliers will be requested to share our commitment to respecting, protecting and promoting:
- The principles set out in the United Nations Universal Declaration of Human Rights and UN Global Compact initiative
- The International Labour Organisation’s standards regarding child labour and minimum age
- The Ethical Trading Initiative (ETI) Base Code
- The principles of our Statement
- The principles of the Modern Slavery Act 2015
- National legal requirements regarding wages, working hours and the right to work
Prior to commissioning the services of a significant partner or supplier, Newable will undertake due diligence on the partner or supplier and may request assurances. Due diligence procedures and assessments will be proportionate to the identified modern slavery risk, taking into account the severity of the risk, the level of influence a business may have and will be informed by any broader risk assessments that have been conducted.
In the event that a partner or supplier is found to have been involved in modern slavery, then the relationship with Newable will be terminated.
Prior to commissioning the services of a partner or supplier, the partner or supplier will be requested to confirm:
- That they have appropriate policies and procedures to reduce the risk of the firm being used in modern slavery
- That they meet basic minimum labour standards (or they only use reputable employment agencies to source labour)
- That employment is freely chosen by employees, child labour shall not be used, and no harsh or inhumane treatment will occur
- That all employees retain passports, ID cards, bankcards and similar documents to facilitate their unhindered freedom of movement
- That sub-contractors will not be utilised without the prior agreement of Newable
- That they have implemented a whistle-blowing policy to facilitate employee reporting
Newable expects partners or suppliers to pay workers fairly without lawful or unethical deduction of wages. This means:
- Employees, agency workers or independent contractors engaged by suppliers or their supply chain (“workers”) are paid fairly and in accordance with legal requirements regarding wages and working hours and, where applicable, agreed contractor rates without unlawful deduction.
- Workers are not charged for administration, employer PAYE contributions, training levies or any other costs which unfairly disadvantage them or cannot be justified
- To observe, protect and promote these rights wherever we operate
- To encourage our employees and partners or suppliers to identify any person they think may be at risk from these practices and so assist us to help people at risk
The partner or supplier confirms that they commit to Newable’s Partnership Transparency Statement requirements.