H&C EXPO are delighted to now be working with the Bank Brokers team in facilitating meetings with FD’s from hospitality and catering businesses who want to save money.
Ex Wales rugby captain Paul Thorburn introduced Bank Brokers to the Celtic Manor who are now enjoying substantial savings across the business through working with Bank Brokers. Celtic Manor Finance Director Carl Stockden explains below in a video interview, just how that introduction led to their working together.
Bank Brokers first launched its unique benchmarking and renegotiation services in Stockholm in 2008. Since then, the business has helped over 1,500 companies to reduce their bank charges.
So, where did it all begin?
The proposition is the brainchild of Per Bjorgas (former CEO of Dixons International). Per and his son Caspar (an experienced corporate banker) wanted to create more transparency in the banking industry, and given Per’s experience in the retail sector, Bank Brokers originally offered its consultancy services to retailers who were finding that banks’ pricing was too opaque and margins were unreasonably large.
Companies had no easy way of benchmarking their prices and often lacked the in-house banking expertise/resource to renegotiate their charges effectively. Even if a company launched a global banking tender process, they still had no idea if the outcome represented good value (e.g. what if the winning bank was routinely charging the client’s peer group 25% less for the same services, does that tender outcome represent fair market value?).
Tenders are also notoriously time-consuming, complex, disruptive and are still open to over-charging.
So, Bank Brokers was formed in Sweden to make it easier for companies to benchmark and reduce their banking costs, and the team has since grown to 50 of the most experienced bankers and analysts, from over 40 banks, with experience of working in 30 different countries around the world and now operate through 5 offices across Europe (Denmark, Netherlands, Norway, Sweden and UK) helping companies in every sector.
The proposition is simple: Bank Brokers reviews its clients’ current banking arrangements, including transactional banking charges, merchant services fees, foreign exchange margins and interest rates and then negotiates a better deal with the client’s existing providers, delivering immediate bottom-line improvements.
The process is straightforward:
Bank Brokers first understands the company’s current banking arrangements – that creates the starting point.
Their Analysts then benchmark the company’s products, services, transactions (volumes and values) and current prices against its extensive database to assess if the client is receiving fair market value overall, and to identify if there are any aspects of over-charging.
This produces a precise, Board-ready benchmarking report. The report and its recommendations forms the primary discussion document with the client to agree next steps and priority cost lines to address.
The team then renegotiate improved terms for and/or with the client and their existing providers.
So, the client typically stays with their current providers on better terms. The cost savings are then realised by the client on an ongoing basis and Bank Brokers is rewarded by sharing the year 1 savings only.
Hospitality & Catering Sector
Bank Brokers has worked in partnership with a range of companies in the hospitality and catering sector including…Rick Stein’s Seafood Restaurants, Company of Cooks, Grange Hotels, Celtic Manor Resort, Spudulike, Coffee1 and Vale Resort. A common area of focus for clients in hospitality and catering is merchant fees where we often deliver significant savings quickly.
Merchant Services is often seen as a commodity product by our clients (as opposed to their main banking relationship) and most FDs like the quick win nature this type of project brings.
Typically, we can deliver bottom-line savings within one month for limited effort from the client (we just need access to their current pricing and transaction data).
We work collaboratively with all our clients as explained by in the video testimonial from Carl Stockden, Finance Director, Celtic Manor Resort below:
Carl Stockden, Finance Director, Celtic Manor Resort said:
We made substantial savings on our merchant fees, which I’m very, very happy with. Bank Brokers did an amazing job for Celtic Manor and I’d highly recommend their services.”
For more information click here
If you would like to arrange to meet Paul Thorburn and/or Jeremy Wakelin at H&C EXPO, just complete the form below and we will then put them directly in touch with you.
Ex Wales rugby captain Paul Thorburn is also captaining the Bank Brokers Golf Team at the H&C EXPO Charity Golf Day at the Celtic Manor, Monday July 16th, 2018. The first and opening event at H&C EXPO 2018.