Aztec Group News

Aztec Group appointed to administer A Capital China Outbound Fund FCP SIF

Thu, 10 May 2012 08:50:00 GMT

China Investment Corporation (CIC), the Federal Participation and Investment (SFPI / FPIM) and A Capital, the principal fund manager for investment between China and Europe, announced the creation of a fund that will invest in European based groups with the potential to accelerate growth in China. A Capital plans to target companies whose turnover exceeds 100 million Euros.

The official signature ceremony of the new fund took place in Brussels last week in the presence of the Chinese vice premier Li Keqiang and the Belgian prime minister Elio di Rupo.

A Capital is based in China and Europe and the fund will be administered by the Aztec Group in Luxembourg. A Capital were introduced to Aztec by legal firm Loyens & Loeff, whose team was led by Thibaut Partsch.

James Bermingham, one of the local directors of the Aztec Group, commented. “We are absolutely delighted to be working with A Capital, they are a strong team and this is an exciting business to be partnering with.”

Aztec 10 winners

Tue, 10 Apr 2012 10:41:00 GMT

The Aztec 10 winners were announced and presented with their prizes at the Aztec 10 launch evening yesterday.

The winners are:

Over 18
1st prize Sue Trower with her image ‘Dusk St Aubins Outfall’
2nd prize Kristina Le Feuvre with her image ‘Silhouetted Flora’
3rd prize Sharon Harmeston with her image ‘Bright start to the Day’

Under 18
1st prize Gabriella Street with her image ‘On the Edge’
2nd prize Maria Madelena Goncalves Da Silva with her image ‘Bright Angel’
3rd prize James Goddard with his image ‘In the Park’

The schools of the winning students were also presented with cheques.

The judges for the over 18 were Gary Grimshaw of Photo Reportage, Scott Haynes of our design agency ‘The Beach Communications’ and Edward Moore, CEO of Aztec Group.

Our under 18 judges were Peter Mourant of the JEP, Carol Wilson, COO of Aztec Group and Paul Houghton of Aztec Group.

The photographic competition was launched to celebrate the Aztec Group’s first ten years in Jersey. The idea was to encourage local photography students and budding photographers to submit their own interpretation of one or more of our themes - ‘bright,’ ‘alternative’ and ‘ten.’

The exhibition features over 150 exceptional photographs taken by students from Hautlieu, Highlands College, Jersey College for Girls, Victoria College, De La Salle, Les Quennevais as well as photographs entered by the general public.

Edward Moore, CEO of the Aztec Group, commented ‘I am delighted with the response to our Aztec 10 competition. Having judged over 400 photographs the judges were very impressed with the entries, all of a very high standard and may I take this opportunity to congratulate our talented winners.’

Photographs can be purchased throughout the two week exhibition. Money will be raised for three local charities, Help a Jersey Child, Jersey Hospice Care and Jersey Animals’ Shelter. Each entrant selected their chosen charity and all profits from sales of their images will go to the charity of their choice.

Our exhibition is open every week day from 12.00 until 14.00 and on Saturday 17 March from 10.00 until 14.00 for anyone to pop in and view the exhibition.

Aztec 10 Photography Exhibition

Wed, 07 Mar 2012 14:03:00 GMT

The Aztec Group photographic exhibition, “Aztec 10”, opens on Monday 12 March and runs until Friday 23 March 2012.

The photographic competition was launched to celebrate the Aztec Group’s first ten years in Jersey. The idea was to encourage local photography students and budding photographers to submit their own interpretation of one or more of our themes - ‘bright,’ ‘alternative’ and ‘ten.’

The exhibition will feature 150 exceptional photographs taken by students from Hautlieu, Highlands College, Jersey College for Girls, Victoria College, De La Salle, Les Quennevais as well as photographs entered by the general public.

Edward Moore, CEO of the Aztec Group, commented ‘I am delighted with the response to our Aztec 10 competition. Having judged over 400 photographs the judges were very impressed with the entries, all of a very high standard and may I take this opportunity to congratulate our talented winners.’

Photographs can be purchased throughout the two week exhibition. Money will be raised for three local charities, Help a Jersey Child, Jersey Hospice Care and Jersey Animals’ Shelter. Each entrant selected their chosen charity and all profits from sales of their images will go to the charity of their choice.

Our exhibition will be open every week day from 12.00 until 14.00 and on Saturday 17 March from 10.00 until 14.00 for anyone to pop in and view the exhibition.

Alan Ross, Director at the Aztec Group explores the factors involved in deciding whether to locate a firm's structure locally or offshore.

Fri, 06 Jan 2012 10:20:00 GMT

When raising that next fund the question of where to locate the structure is normally one of the first to be considered and the answer, like most things in life, is never straightforward. In this article we look at the possible locations for a fund and attempt to take an objective look at the key factors to consider in choosing a domicile to suit your circumstances.

The Jurisdictions

Smaller private equity promoters in Europe- in this context those under the €50 million fund size- will almost always establish local structures as the cost and efficiency advantages for funds in this bracket clearly point in this direction, especially where the promoter is establishing a new business. It is only where there is a compelling need, normally related to a cornerstone or dominant investor requirement, that funds of this size should consider the additional expense of taking the fund outside the local jurisdiction. The UK for example, which has the largest number of funds in Europe, has arguably some of the best vehicles for private equity and so an offshore platform should only be considered where it can be demonstrated it provides a real advantage for investors.

In a European context, offshore generally means the Channel Islands. Cayman, Hong Kong, Singapore, Delaware and Mauritius remain very much the exception due in the main to practical considerations such as travel links, direct relationships, time zones and ease of access. As to the relative merits of Jersey vs. Guernsey, despite the not unexpected local bias on both islands, in reality there is almost no discernible difference between the two in terms of private equity fund establishment and administration. The choice of island often comes down to where the fund formation lawyer has contacts, where the last fund went, or indeed even simply which golf courses or restaurants are preferred.

Within the EU, Malta and Cyprus have tried to duplicate the offshore offering, however, to date, both have struggled to make much headway. The reasons for this are not immediately obvious, perhaps, in part, because these islands have still to demonstrate the legal, administration and accounting expertise required to set up and manage increasingly sophisticated structures. Another reason may simply be the lack of new funds over the last three to four years, meaning opportunities to establish a credible track record have been limited. Luxembourg has also been busy promoting itself in this space and, while it is a market leading jurisdiction for real estate and other income generating funds, it lacks an efficient product in the private equity sphere where the same tax advantages do not exist. As a consequence, it is more commonly used by the industry for structured products such as special purpose vehicles and wrapper entities.

The Key Considerations

Additional Costs, Structure and Loss of Control

Locating the general partner, and possibly the fund limited partnerships themselves offshore, will mean a fundamental change in the way a promoter deal team thinks, acts and crucially, is seen to act. To maintain offshore status the fund will be required to demonstrate mind and management offshore which requires a fundamental shift in the way it does business. The role of the deal team will change and be limited to sourcing, negotiating and advising on investment decisions, with the actual investment decisions themselves having to be made by a general partner board located offshore. Consequently, this does add a cost element to the structure and a time element to the decision making progress. A general partner board must be convened and given sufficient time to review documentation in order to make an informed decision. Typically the general partner board requires a minimum of two local directors and administration support which will cost anything from £40,000 per annum to run. The time issue can be managed around time critical closings, typically by preliminary investment approval mandates, but it does require a degree of understanding and respect for the process by all members of the deal team for the structure to work successfully.

A natural result of placing the fund offshore will also, to a certain extent, be a loss of control in investor relations. All correspondence from the general partner- typically call notices, distribution notices and quarterly reports- will need to be sent by your administrators offshore and so it is crucial that thought is given to this and the level of support and oversight you put in place in this area. To some promoters this option is seen as advantageous as it can be argued that an offshore board brings with it a more objective decision making process and the use of a specialist administrator brings expertise and efficiency to the management of a fund. This takes away the back office headache and allows the onshore team to focus on their investment portfolio. To other promoters, the loss of control and the need to share information with a third party are still seen as steps too far.

Tax Neutrality, AIFM and Product Certainty

Crucial to any fund structuring is achieving tax neutrality, or as close to it as possible. Achieving tax neutrality is a much more difficult proposition than it is portrayed and it should definitely not be confused with tax evasion. Tax neutrality in a fund context is determined by reference to:

(i) the tax treatment of the general partner and carry vehicles;
(ii) any VAT payable on services supplied to the fund; and
(iii) the application of withholding taxes to any returns generated by the fund’s investments.

Over a number of years the Channel Islands have developed a fiscal and regulatory environment that provides a simple product and tax neutrality for investors and promoters, both in terms of direct and indirect taxation. For investors this means all distributions, regardless of whether they are income or capital, are returned to them in full without any taxes being withheld. This eliminates the requirement for some investors to claim back or offset taxes paid or withheld in country of fund origin. For promoters the advantage is that it can have a substantial indirect tax advantage in terms of VAT or EU equivalent when compared to an EU context, particularly with regard to supplying an exempt service, such as advisory services. In pure monetary terms, the tipping point of where the Channel Islands may become a more efficient solution is for a fund size of €100 million to €200 million and above, although these headline numbers will vary from structure to structure and country to country.

In terms of non-monetary considerations, while the detail of the AIFM Directive may be less significant in a private equity context than it is sometimes presented and its real impact remains to be seen (particularly, given the likelihood of a separate ‘venture capital’ regime), the Directive does represent a political shift within the EU. Private equity investment is now in the spotlight and the Directive establishes a framework for on-going political interference which may undermine the product certainty that is so critical for long term, high value and otherwise politically sensitive investment activity.

So, in conclusion

The simple questions that promoters and their advisers should ask are: “what is my tipping point and where do the efficiencies and savings of the offshore product outweigh the associated costs?” As a rule of thumb we know it is somewhere between the €100 million to €200 million fund size however, as hopefully this article demonstrates, this is not a simple calculation; it differs substantially from promoter to promoter, jurisdiction to jurisdiction and, crucially, over time.

What is clear is that the more the EU jurisdictions look to the finance industry to shore up their ever increasing debt levels, and the more politically they seek to interfere with the operations of the industry, the more appealing the offshore route and the lower of that tipping point become.

The Aztec Group administers funds in Guernsey, Jersey, Luxembourg and the UK and is agnostic in relation to the choice of jurisdiction of private equity funds. Alan Ross is the Managing Director of the UK onshore office as well as having responsibility for client reporting within the Aztec Group. To discuss any aspect of the above he can be reached at alan.ross@aztecgroup.co.uk

Guernsey-based Perusa Partners Fund 2 Delivers Exceptional Close on €200 Million

Tue, 20 Dec 2011 10:21:00 GMT

Perusa Partners (“Perusa”), investing principally in lower mid-market special situations in German-speaking countries, is pleased to announce a €200 million first and final closing of Perusa Partners Fund 2, L.P. (the “Fund”), a Guernsey limited partnership managed by Guernsey-based Perusa Partners Management Limited.

The success and fast-pace of the Fund’s final closing is attributable to significant support from existing investors, combined with exceptional interest from new ones. Allocation to new partners was limited to select, high quality, long-term institutional investors. Subscribers to the Fund included pension funds and insurance companies from Australia, the Netherlands, Nordic countries and the US. The target and hard cap of €200 million was self-imposed by Perusa in order to stay within the successful mid-market strategy executed by the team since inception.

The Fund will target majority ownership as sole or lead investor in companies that have a strong underlying business and / or balance sheet in potentially attractive industries, but which face issues requiring special expertise to resolve.

The Fund will be administered by Perusa’s own Guernsey staff, supported by private equity specialist administrators, Aztec Group.

Carey Olsen again acted as Guernsey legal counsel to Perusa.

Dr. Hanno Schmidt-Gothan, Partner of Perusa GmbH commented: “We are incredibly pleased with the successful raise of fund 2, the confidence of our investors in the way we do business and the professional advisors we work with has been validated beyond doubt.“

Rob Jones, Guernsey Director of the Aztec Group, commented. “Perusa have demonstrated that a focused strategy and exceptional track record in fund management are instrumental in succeeding in challenging marketing conditions. This popular raise is also testament to the capability of local professional services firms and their ability to work together. As administrator of Perusa Partners since inception, we look forward to working closely with the team and their investors once again in their latest venture.”

Tom Carey, partner at Carey Olsen commented: “We were delighted to advise Perusa on the formation of Fund 2 which demonstrates that Guernsey remains at the forefront of managers’ and investors’ minds as the domicile of choice for private equity”.

Aztec 10 photographic competition and exhibition

Thu, 01 Dec 2011 12:17:00 GMT

The Aztec Group has today launched “Aztec 10”, a photographic competition and exhibition to celebrate the Group’s ten years in Jersey.

The Aztec Group is an independent owner managed fund administration business founded in Jersey in 2001. In ten years the Group has grown to over 110 staff in four jurisdictions, Jersey, Guernsey, Luxembourg and the United Kingdom.

Edward Moore, CEO and co-founder of the Aztec Group said “Our aim is to capture the imagination of the local community to mark this milestone through photographic images at the culmination of our ten years in Jersey. At the same time we hope to raise money for charity and give budding local amateur photographers the chance to have their work exhibited.”

The Aztec Group brand and this decade celebration are at the heart of the competition with local photographers being asked to push the boundaries of their creativity by capturing striking photographic images incorporate one or a combination of themes, Bright, Alternative and Ten.

There are two main competition categories, “Over 18” and “18 and Under”. There are numerous prizes on offer including a weekend photography course in Scotland, cash prizes of up to £250 and cash prizes for schools. There are also special prizes for the most images sold and best images for entrants “11 and Under”.

Money will be raised for three local charities at the exhibition, Help a Jersey Child, Jersey Hospice Care and Jersey Animals’ Shelter. Entrants will select a charity and all profits from sales of their images will go to the charity of their choice.

The competition officially launches on 1 December 2011, with the closing date on 10 February 2012. A local exhibition of the best 150 entries will take place in March 2012.

Full details about the competition can be found on www.aztec10.co.uk

Aztec Group wins 2011 Unquote British Private Equity Fund Administrator of the Year

Tue, 27 Sep 2011 13:31:00 GMT

The Aztec Group has won the ‘Fund Administrator of the Year’ award at the 2011 Unquote British Private Equity Awards held on 22 September 2011 at the Mayfair Millennium Hotel in London. These awards honour innovation and excellence within the private equity industry.

All entries were assessed by the Unquote Advisory Panel, made up of industry experts, to determine a shortlist which was then open to voting. A combination of both the Advisory Panels review and voting determined the final result. The Unquote Advisory Panel commented “The Aztec Group have real energy coming out of them and are service-led rather than system-led like some others. They excel in personal relationships. If you have something tricky, you absolutely want Aztec!”

Commenting on the award, Aztec Group’s CEO and Co-founder, Edward Moore said, “This award demonstrates the ten years of success of the Group and recognises our place as the leading player in fund administration. The award celebrates the focus, hard work and dedication of our teams across the entire Group and, it is apparent that the Aztec Group is held in high regard by the industry for the exceptional standards of service it consistently delivers. Our skilled and loyal staff, hugely supportive client base and strong network of business associates, have all been instrumental in the evolution of the business over the past ten years.”

The Aztec Group was founded in Jersey ten years ago to take advantage of a service gap that was perceived amongst existing institutional and tied administration providers. A successful business model underpinned by an aggressive growth strategy has seen the Group open offices in three additional prime funds’ locations. Their second office opened in Guernsey in 2006, followed by Luxembourg in 2007 and London in 2008, with a fully operational UK presence in 2010.

The Group now employs over 100 staff across the five offices and prides itself on a skilled and stable workforce. The business has excellent staff retention which has been maintained year on year in the mid 90’s in percentage terms. This combined with the fact the majority of client facing staff are professionally qualified has attracted a strong and diverse client base from across Europe.

Exam Success

Mon, 10 Oct 2011 12:48:00 GMT

Zuzanna Florkiewicz recently successfully completed her ACCA qualification with all first time passes and now holds the full professional qualification.

Zuzanna joined the Aztec Group in July 2008 and has progressed to the position of Senior Accountant.

Aztec Group nominated for 'Fund Administrator of the Year'

Tue, 13 Sep 2011 13:10:00 GMT

The Aztec Group has been nominated for the “Fund Administrator of the Year” award at the Private Equity News 6th annual Awards for Excellence in Private Equity Advisory Services, Europe 2011.

The event is distinguished as the only awards ceremony in Europe exclusively dedicated to celebrating the successes of firms providing private equity advisory services.

To decide the winners, Private Equity News has assembled a distinguished panel of judges to vote on the nominees in each category.

Also nominated in this category are Augentius, IPES, Ogier Fund Administration and State Street.

Commenting on the nomination, Aztec Group’s CEO, Edward Moore said, “It is flattering to again be nominated for an award that recognises the Aztec Group’s enduring commitment to client service. Celebrating our tenth anniversary and with a 100% client retention rate these awards are a reflection on the loyalty and dedication of our workforce, whom I thank for their hard work and commitment over the past year.”

The winner will be announced on Wednesday 9 November 2011.

Aztec Group shortlisted for 2011 Unquote British Private Equity Award

Tue, 23 Aug 2011 12:43:00 GMT

The Aztec Group has been nominated for the ‘Fund Services Team of the Year’ award at the 2011 Unquote British Private Equity Awards. The 2011 Unquote British Private Equity Awards honour innovation and excellence in private equity and venture capital.

To determine the shortlist all entries were assessed by the Unquote Advisory Panel which is made up of industry experts. Shortlisted entries were announced in early August and are open for voting. The result will be determined by a combination of the Advisory Panel’s review and the voting.

The winner will be announced at the Awards Dinner on 22 September 2011 which is being held at the Mayfair Millennium Hotel in London.

Commenting on the nomination, Aztec Group’s COO and co-founder, Carol Wilson, said “This nomination is a reflection of the success of the Group and we are pleased to be recognised as a leading player in the fund administration industry. As one of the few owner managed and independent fund administrators left, we are very proud of what we, as a team, have achieved. We have loyal and able staff, a hugely supportive client base and a strong network of business associates, all of whom have been instrumental in the evolution of the business over the past ten years.”

The Aztec Group was founded in Jersey ten years ago to take advantage of a service gap that was perceived amongst existing institutional and tied administration providers. A successful business model underpinned by a dynamic growth strategy has seen the Group open offices in three additional prime fund operating locations. The second office opened in Guernsey in 2006, followed by Luxembourg in 2007, London in 2008, and a fully operational UK presence in 2010.

The Group now employs over 100 staff across the five offices and prides itself on a skilled and stable workforce. The business has excellent staff retention which has been maintained year on year in the mid 90’s in percentage terms. This, combined with the fact that the majority of client facing staff are professionally qualified, has attracted a strong and diverse client base from across Europe.

The Group has seen its funds under management grow by around 20% to over $31 billion in the last 12 months which is largely due to the take on of nine new clients including major industry names such as Henderson Global Investors, Inflexion Private Equity and PPM Managers.

Ten years, 100 staff and one hundred percent client retention rate

Tue, 16 Aug 2011 09:33:00 GMT

Ten years after launching their first office in 2001, Edward Moore and Carol Wilson, co-founders of Aztec Group - the independent fund administrator - have reason to celebrate.

The Aztec Group was founded in Jersey to take advantage of a service gap that was perceived amongst existing institutional and tied administration providers. A successful business model underpinned by an aggressive growth strategy has seen the Group open offices in three additional prime funds’ locations. Their second office opened in Guernsey in 2006, followed by Luxembourg in 2007 and London in 2008, with a fully operational UK presence in 2010.

The Group now employs over 100 staff across the four offices and prides itself on a skilled and stable workforce. The business has excellent staff retention which has been maintained year on year in the mid 90’s in percentage terms. This combined with the fact the majority of client facing staff are professionally qualified has attracted a strong and diverse client base from across Europe.

The Aztec Group has seen its funds under management grow by around 20% to over $31 billion in the last 12 months, with the take on of nine new clients include major industry names such as Henderson Global Investors, Inflexion Private Equity and PPM Managers. A partnership approach to business is at the core of the Aztec Group philosophy which has seen them never lose a client and has supported their continual growth in challenging marketing conditions.

Edward Moore, CEO and co-founder commented, “Our decade in business has delivered a robust and focused company. We have stayed true to what we wanted to achieve at the outset, to be the fund administrator of choice, and have evolved the company with this goal firmly in our minds. As one of the few owner managed and independent fund administrators left, we are very proud of what we have achieved as a team. We have skilled and loyal staff, a hugely supportive client base and a strong network of business associates, all of whom have been instrumental in the evolution of the business over the past ten years.”

The Aztec Group Auditions are back!

Fri, 29 Jul 2011 09:46:00 GMT

Aztec Group is on the lookout for outstanding graduates and A level students with the “X factor” to join its 2011 trainee programme.

The Aztec Group Jersey office will be holding a select number of ‘Audition Days’ which will enable candidates to learn more about the Aztec Group and a career as a fund accountant or administrator. The day will also involve undertaking a series of task-orientated initiatives to aid the selection process, with feedback to all candidates. Each day is a brilliant learning experience for all candidates and will ensure that we find the right individuals who really do have the appetite and aptitude to become a successful fund accountant or administrator.

Those selected to join the Aztec Group will undertake a training programme which will involve spending time in various areas of the business whilst being supported to undertake relevant professional qualifications such as ACCA or ICSA, to become a fully qualified fund accountant or administrator.

In 2010, despite a difficult employment market, the Aztec Group took on three trainees from the Audition Days programme. Jason A’Court one of the successful candidates said, “Last year’s audition days were a fantastic experience and I was very glad to be selected to join the Group. I presently work on a client team alongside experienced accountants and administrators, the day to day learning on the job in addition to a supportive study programme has been a great way to learn and very positive for my career.”

Carol Wilson, Aztec Group’s COO, commented “As a business with strong growth plans we firmly believe growing our talent from within delivers a consistency of service across the Group and at the same time provides local students with excellent career prospects. Our high staff retention rate which stands at over 90%, alongside our 100% client retention rate demonstrates our commitment to our staff as individuals in addition to delivering a first class standard of service to our clients.”

Applications are being accepted now until 27 May with Audition Days taking place in July. CVs can be sent to careers@aztecgroup.co.uk

Aztec Group receives Type II AAF accreditation

Wed, 30 Mar 2011 10:19:00 GMT

Aztec Group, with offices in the Channel Islands, Luxembourg and the UK, has demonstrated its service excellence by obtaining a clean audit on its internal control environment and becoming the first independent fund administrator to obtain a Type II AAF 01/06 accreditation.

The Group, which celebrates ten years in business this year, has had an office in Guernsey since 2006 and now employs over 90 staff administering more than 50 funds valued at approximately $30 billion.

The audit, which is in accordance with the Institute of Chartered Accountants in England and Wales Technical Release AAF 01/06, was once again undertaken by PricewaterhouseCoopers (PwC). The accreditation involved completing a full review of the organisation’s Channel Island offices’ procedures and control environment to ensure the highest standards in corporate governance were being met.

Simon Radford, Aztec Group’s CFO, said “As a business committed to driving forward the standards in fund administration, this independent audit of our controls and procedures exhibits, once again, our commitment to our clients and their investors to provide the very best standards of service. For a sophisticated and risk-aware client base, having industry specific operating platforms and independently audited controls and procedures are important distinguishers and, for many, a prerequisite to potential clients’ selecting an administrator. Our 100% client retention rate is a testament to our service delivery”

Rob Jones, Aztec Group’s Guernsey Director commented “The growth of our Guernsey office has been phenomenal since launching in 2006. Our dedication and focus on delivering a first class fund administration service enveloped in robust process and procedures, which are independent audited, has made us a leading partner choice for fund managers looking to locate their funds offshore.”

The Golden Ratio projecting past the SICAR published in AGEFI Luxembourg, March 2011

Sat, 12 Mar 2011 13:08:00 GMT

Structuring a private equity fund in a non-tax neutral jurisdiction is a complicated business and the political, regulatory and fiscal risks are high. Promoters should be very wary, therefore, of perfectly packaged products offering simple solutions for all. Excellent options do exist though, for those who adopt a classical approach to structuring private equity funds recognising the differences with this asset class. Sophisticated products require fine tools.

To read the full article click SICAR

Listed Aztec Group client wins 'Company of the Year' and 'Investor of the Year' awards at CEE Property Awards

Mon, 07 Mar 2011 09:59:00 GMT

Aztec Group's client, Atrium European Real Estate Limited, one of the leading real estate companies focused on shopping centre investment, management and development in Central and Eastern Europe, has recently announced that it has won both 'Company of the Year' and 'Investor of the Year' awards at the 2010 Europa Property CEE Retail Awards.

The EuropaProperty CEE Retail Real Estate Awards reward the most outstanding and accomplished projects, companies, retailers and individuals throughout the region in 2010. Leading firms and individuals from the dynamic CEE retail real estate markets compete for these prestigious awards.

The awards are decided by an independent panel of experts from the industry with the winners recognised for their contribution to the retail industry across CEE and, in particular, their market contribution, quality of customer service, innovation, commercial success and market penetration in the region.

Mark Wanless, Director at the Aztec Group said: 'We are pleased to have partnered with Atrium for over two years and are delighted that the hard work of the Atrium team have been recognised in this way.'