LDC hosts inaugural LDC Network Reception

On Thursday 14 September 2023, LDC hosted its inaugural LDC Network Reception, bringing together a cohort of highly experienced Non-Executive Directors from every sector of the UK economy.

The LDC Network was established to provide relevant introductions to complement the boards of our 90+ portfolio companies, while also seeking mutually beneficial opportunities. Many of our Non-Executives hold positions at multiple LDC portfolio companies and have been working with us for many years.

Following a welcome from LDC’s Chief Executive Toby Rougier, Jeavon Lolay, Head of Economics and Market Insight at Lloyds Bank CIB took to the stage. He shared a fascinating economic update on the UK’s growth prospects; the contrasting impact of rising costs across industries; and the interest rate outlook. A few key takeaways include:

• While subdued, the risk of recession has diminished and UK growth prospects are  better than at the start of the year
• Inflation could pick up near-term but is forecast to fall significantly into the year end, with lower energy prices the main driver, but services inflation remains uncomfortably high
• Financial markets are currently not fully-priced for a 25bp rate hike next week, which signals a key turning point in expectations. However, a first rate cut is unlikely till late next year and policy rates are predicted to hold nearer 3.5% further out
• Data from the latest Lloyds Business Barometer shows that UK businesses chief concerns from the start of the year are now fading, underpinning confidence, and hopefully fostering more investment and M&A activity

In the context of LDC’s partnership with The Prince’s Trust to support young entrepreneurs across the country, guests also heard from Robert Ginsberg, Managing Director of HiB and Vice Chair of The Prince’s Trust Enterprise Network, and from Kyle Frank, Founder & Formulator of Frank’s Remedies®.

Robert was awarded a Queen’s Award for Enterprise for Innovation in 2020 and named as one of The LDC Top 50 Most Ambitious Business Leaders in 2019. He talked passionately about his role as Vice Chair of The Prince’s Trust Enterprise Network where he helps young people explore their own potential and ideas and make them come alive.

Kyle is a young entrepreneur who benefited from The Prince’s Trust’s ‘Explore Enterprise’ programme through gaining valuable knowledge and skills to help him start his own business. After suffering from acne in his teenage years, Kyle started developing his own skincare which became the basis of his successful skincare brand Frank’s Remedies®.

In addition, a further three Prince’s Trust-supported young entrepreneurs showcased their products and personal stories at a Young Entrepreneurs’ Marketplace over the course of the evening. These included Farhana Ibhrahim of Binta’s Kitchen, Kamilah Nasi of Kam Creates, and Adam Haycock of Lucas Ruth Handmade Leather.

LDC extends its thanks to everyone that joined the event and is looking forward to continuing to develop the Network in the months and years ahead.