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 business confidence by helping businesses to thrive.
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 help finding finance 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 Little Book of Newable 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 work with a range of partners to deliver programmes aimed at ensuring everyone in business has the best possible chance to thrive. Our partners and programmes include: London Business Hub, J.P. Morgan, Innovate UK, ERDF and the Department for International Trade.
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 CPO and Mashudul Karim CIO.
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:
- supported 43,000 companies across Newable
- assisted 12,000 companies to increase their exports;
- lent some £30m to small businesses;
- provided innovation support to over 15,000 companies.
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.
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.