Compton has launched a business rates advisory division, hiring a former director from flexible workspace operator The Office Group to lead the new team.
The four-year-old agency, known for its work on London’s City fringe submarket, will work with tenants and landlords – and will aim to, in the words of Compton co-founder Shaun Simons, “make rates sexy”.
“Business rates are something which everyone pays, no one understands and it also so happens that next year there is new legislation coming in which is going to mean everyone’s going to be paying more,” Simons told Estates Gazette in an exclusive interview ahead of the launch.
“We feel that not only is there a gap in the market for us to create our own business rates department based on the amount of business we do, but we thought that we can benefit our consumers in a much better way.”
Simons continued: “We’re trying to break down the barriers, which is what we tried to do in our leasing business, our investment businesses, studio business and the concierge business. It’s all about taking the things that are very traditional, formulaic, have never been changed ever and just breaking down the bullshit… And of all the things I’ve launched, I believe that business rates has got the most scalable opportunity.”
Real talk
The new division is led by new partner Marcus Plows. Plows started his rates career at Camden Council, collecting business rates in the borough for three years.
From there he moved to The Office Group in 2016, prior to its merger with Fora. At the time the company operated some 30 buildings, and Plows oversaw business rates operations, eventually as the company’s head of business rates.
“They were having these massive fees,” he said. “Business rates could be the make or break about taking a building and being profitable or not.”
Now he has the chance to bring his own lessons from the corporate world to other landlords and occupiers.
“The rating industry is filled with incredibly intelligent people but sometimes it feels like they’re hiding behind the terminology,” he said, adding: “I’m bringing what I’ve learnt from that side of things over to advisory, and ensuring that when you’re having a conversation with a property owner or occupier, they’re coming away feeling they’ve actually understood what you’re talking about.”
A cut above
Four years on from the launch of Compton – although much of the team has worked together since the establishment of Hatton Real Estate and its subsequent sale to Colliers – the team has been busy expanding the firm’s offering.
The rates division is the third launch in a year, following the set-up of a marketing studio and a property management offering.
“The analogy I use is that Compton, when we started, was a barber shop,” Simons said. “You go in and have your short back and sides. Now, Compton is men’s grooming. You come in, have your hair washed, cut, get a beard trim, and at the same time, I’m going to sell you a product that’s going to be really good for your hair. We are creating bolt-ons that complement our existing brands and our existing business.”
And having made itself the name to try to beat in the City fringe, Simons hinted that the next steps could see the firm look further afield in the capital.
“We believe that the property industry is changing,” he said. “We believe that our brand and the narrative that we carry is very transferable provided we can find the right skill set. So could you see another Compton office presenting itself in the next 12 or so months? I’d be disappointed if it didn’t.”
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