Property Focus – The Interview: Karen Campbell
TheBusinessDesk.com speaks to Karen Campbell, a partner in the Manchester office of accountancy firm Grant Thornton and the North West head of property and construction.
How difficult is it to operate in the property sector at this time?
Housebuilders are doing better but in general terms it’s still challenging, especially around funding. We have seen more financial innovation – such as peer-to-peer lending, which is now an option for developments. We’ve also seen money and expertise teaming up to make things happen. There are funds supported by high net worth individuals joining forces with property specialists, who have the knowledge and networks.
That might mean taking an asset which is somewhat run down and needs a bit of work. The project team invests in improvements, works on bringing in new tenants and ultimately improves the yield and capital value. There’s also a lot happening around refinancing, much of it under the radar. Banks are now better placed to take the pain and, if required, move things off their balance sheet. There’s more realism about valuations. Generally, banks want to lend – but only to the best propositions.
If you could improve anything in the region, what would it be?
Really big global brands relocating or setting up significant operations here. Manchester and Liverpool have to compete with the likes of Dublin, where there is a very different approach to taxing businesses. The debate around corporate tax tends to ignore the point that the UK has to be competitive with other jurisdictions.
How does the North West property market compare to other regions in the UK?
London and the South East are more active – but that’s always been the case. The North West has acquired more critical mass in some areas, such as with the development of MediaCityUK. Manchester very much feels like the second city.
What has been your biggest business mistake/achievement?
I owned a pub for a time – not an experience I’d be in a hurry to repeat. In terms of achievements, I head up a North West tax practice of some 70 people. I enjoy the role and working with very bright, capable people.
What is the best project you’ve been involved in?
Given the nature of tax advice it’s difficult to pick out individual projects. That said, there’s always professional pride if you take over a project that has been handled by a rival firm, review the submissions in detail, and find things your predecessor missed and ways you can still help the client. That’s often about applying knowledge in a different way and a certain amount of lateral thinking.
Name the person who has most inspired you and the one who has had the biggest influence on your career?
Graeme Whittaker, who was the managing partner at Grant Thornton in the North West and who sadly passed away in 2009. The North West business community is full of people who have stories about Graeme, which always bring a smile. He could bring the best out in people and was not afraid to say and do things differently and he was a big influence in getting me to where I am today.
What are the best and worst pieces of advice you’ve been given?
The best advice was given to me on a management training course and was simply: be authentic. Don’t try to be something you are not. Play it straight – ‘no meetings outside the meeting’ was a phrase that stayed in my mind. In terms of worst advice, I was somehow persuaded that cycling for fitness might suit me. Having lost my balance on the Pennington Flash and ended up in the canal, I’m now much less inclined to agree.
