Food and home furnishing retailer gets taste for James Cowper
Thames Valley/Southampton accountants and business advisers James Cowper have provided advice and support to an exciting proposed food and home furnishing retail experience, called Holme Rose, at the old Wilton carpet factory close to Salisbury. Holme Rose is currently seeking £1.9m of investment to launch its business.
James Cowper has provided advice on the formation of the company, on the structuring of the primary shareholdings, and on ensuring that investment into Holme Rose will qualify for tax relief under the Enterprise Investment Scheme (EIS). The firm has also been able to introduce Holme Rose to potential investors.
The EIS offers considerable tax advantages for investors including income tax relief at 30% of the amount invested, and exemption from capital gains tax on any eventual exit after three years. Tax on gains from sales of other assets can be deferred and, in the event of a loss on the investment, the loss can be offset against taxable income at a rate of up to 50%.
Euan Kelway-Bamber, CEO of Holme Rose, said: “This is a very exciting retail scheme, combining a distinctive retail environment with the very best of British foods, a restaurant, home furnishings and retail events, such as Christmas markets. It is our intention to build Holme Rose into a nationally recognised brand, adding new sites every year.”
Chris Lee, a partner at James Cowper with considerable expertise in EIS qualifying investments said: “The Government has improved the tax relief under EIS, and ensuring EIS compliance is now essential if start-up businesses are to attract the investment needed. Holme Rose is an exciting prospect, capturing shoppers’ desires for good quality, local food, and for unique home furnishings and we are delighted to have been able to help Euan and his team start the ball rolling.”
James Cowper offers considerable expertise in EIS acting for businesses as diverse as bloodstock, adventure golf courses, nuclear fusion and even oil wells in Texas. Chris Lee has been shortlisted for ‘Tax Award of the Year (national/mid-tier/national category)’ at the British Accountancy Awards for his work with EIS.
Chris Lee, Partner, James Cowper LLP +44(0)118 9590261 or email clee@jamescowper.co.uk
17.10.11