Post on 16-May-2015
Leading The ChangeAssisting with Restructuring Plan for the
National Development Foundation of Jamaica
Maurice Williams PMC, MIMC
NDFJ BackgroundSINCE 1982 the National Development Foundation of Jamaica (NDFJ) has loaned approximately $141 million to farmers for agricultural purposes and of the amount the farmers have repaid $90 million to date.
According to a release from the Jamaica Information Service, most farmers tended to organise their enterprise so they could maximise on earnings from the production of specific crops. This, has helped borrowers to plan and budget for the repayment of loans.
In general farmers are earnest in repaying their loans, and that small farmers took pride in owning and operating agricultural enterprises.
The NDFJ was established in 1981 to offer a variety of low cost loans to meet the borrowing needs of the small and micro-business sectors at interest rates that are lower than most other financial institutions.
All loan programmes are enhanced with a comprehensive training programme in record keeping, time management, book-keeping and supervisory management. This is aimed at helping borrowers to develop sound business practices.
NDFJ Background
Total Assets by Type of Financial Institution, 2006 -2008
Types of Financial Institutions
2006 2007 2008
Assets % of Total Fin.Sys
Assets % of Total Fin.Sys
Assets % of Total Fin.Sys
FSC-Regulated Inst.Life Ins. Co. 94 718.6 8.2 108 051.6 8.4 127 007.9 8.9Gen. Ins. Co. 35 195.2 3.1 40 495.8 3.2 43 565.5 3.0Securities Fir. 393 075.3 34.1 415 861.3 32.4 480 937.9 33.6
Sub-Total 522 989.1 49.4 564 408.7 44.0 651 511.3 45.5
Deposit-Taking Inst.Banks 438 438.6 38.0 504 293.4 39.3 556 650.2 38.9Building Soc. 105 617.4 9.2 122 905.8 9.6 135 611.8 9.7Merc. Banks 46 732.9 4.1 47 332.1 3.7 33 891.8 2.4Credit Union 38 549.6 3.3 44 223.1 3.4 50 618.0 3.5
Sub-Total 629 336.4 54.6 718 754.4 56.0 779 771.8 54.5
Total 1 152 325.5 100.0 1 283 163.1 100.0 1 431 283.1 100.0
The Number of Commercial Lending Institutions and Volume Continues to Grow
5 Building Blocks for The Change
Leading this change will be structured from two distinct dimensions; Grassroots Innovations and Crisis or Galvanizing events This would subsequently lead into identification of Change Strategists and Strategic DecisionsFrom here will arise the installation of Individual Implementers and Change ChampionsLeading into Action Vehicles for Change Recipients
NDFJ Programme Delivery Plan
5 Building Blocks for The ChangeAction
Vehicles For Change
Recipients
Individual Implementers &
Change Champions
Change Strategist &
Strategic Decisions
Change Driver
Gra
ssro
ots
Inno
vatio
ns Crisi
s Or
Galva
nizi
ng Eve
ntNDFJ Programme Delivery Plan
3rd Phas
eOct - Dec
• In country consul. And dissemination of strat. plan with NDFJ
• Finalisation of strat. plan
•Trg. And dev. prog
2nd Phas
eJuly - Sep
• Submission draft strat. plan
• Submission draft staff trg. Plan
•Feedback on draft strat. And staff plans
1st Phas
eJune - Jul
• Consultation with NDFJ
• Consultation with stakeholders
8 Elements in Planning The Change
The elements that are key to formalizing the change will include:- Backers & Supporters- Symbols, Signals & Rewards- Standards, Measures & Feedback- Local Participation & Innovation- Policy & Systems Review- Communication, Education & Training- Guidance Structure & Process- Shared Vision
NDFJ Programme Delivery Plan
8 Elements in Planning The Change
Change Effect
Backers & Supporters
Symbols, Signals & Rewards
Standards, Measures & Feedback
Local Participation & Innovations
Policy & Systems Review
Communication, Education & Training
Guidance Structure & Process
Shared Vision
NDFJ Programme Delivery Plan
Adding Metrics To The Elements
Developing standards, measures and feedback mechanisms will be key to keeping the programme on track. Useful measures for employ will be:- Results Measures for Target Achievements- Process Measures along Change Journey- Routine Data Collection for Progress Monitoring & Midcourse Adjustments (surveys, quantitative data, focus groups, etc.)
NDFJ Programme Delivery Plan (responsibility)
Adding Metrics To The ElementsNDFJ Programme Delivery Plan (responsibility)
• Results Measures (to know how we have achieved targets)
Programme Targets
• Process Measures (to know that we are doing all right along the way)
Continuous Assessment • Routine Data
Collection ( surveys, quantitative data, focus groups, etc.)
Random Sampling
The Basis for The Organizational Change
The three criteria the programme for change will be:
Beginning with use-direction, action oriented information from all stakeholders
- Improving the quality of information about customers’ and employees’ situations; suppliers, regulator’s concerns
- Key: market shifts often caused by changing nature of value as defined by clients
NDFJ Programme Delivery Plan
The Basis for The Organizational Change
Building on platforms already in placeEncourage problem-solving and incremental
experimentation that departs from tradition without destroying the current formLogical incrementalism is used as an
interactive process in which the we will collectively probe the future, experiment and learn from a series of incremental commitments rather than through a global total strategy
NDFJ Programme Delivery Plan
The Basis for The Organisational Change
NDFJ Programme Delivery Plan
Reason For Change
Use Direction and Action Orientation
Use of Existing
Platforms
Encouragement for Problem
Solving and Experimentati
on
The Levers to Control The Organisational Change
The Levers of Control to be exercised will be hinged to:
- Motivate through mission-vision-values; concise-broad inspiration; making managers walk the talk, reaffirming beliefs with peer pressure
- Negative biased limits will be set to foster creativity. Fortifying trust in the organisation
- Supervision will monitor critical performance variables within the limits; monitoring goals and profitability, revenue growth, market share; whilst maintaining efficiency, guarding against surprises
- Learning through formal informational systems will be encouraged to managers so as to garner involvement with their peers, subordinates and superiors in a climate of dialogue and learning
NDFJ Programme Delivery Plan (role)
The Levers to Control The Organisational ChangeNDFJ Programme Delivery Plan (role)
Leverage Helps the Employees
The Specific Process
The Specific Outcome
Beliefs To ContributeCommunicate Core Values and Mission
Uncertainty about
Purpose
Boundaries
To Do Things Right
Specify and Enforce
Rules of the Game
Pressure or Temptation
Diagnostic Control
To Achieve Objectives
Builds and Supports
Clear Targets
Lack of Focus or Resources
Interactive Control
To Create New
Open Organizational Dialogue to
Create Learning
Lack of Opportunity or Fear of
Risk
The New NDFJ Business Strategy Moving Forward
The framework for the delivery plan is bound by 4 key areas of work. These are the formalisation of what construes NDFJ’s Beliefs, Boundary of Work, Extent of Interactivity and Level of Diagnostic Control achievable
The establishment of these 4 sections will consequently set the framework for creation of the New NDFJ Business Strategy moving forward
NDFJ Programme Delivery Plan (role)
The New NDFJ Business Strategy Moving Forward
• Diagnostic Control Systems
• Interactive Control Systems
• Boundary Systems
• Belief Systems
Core Values Risk to be Avoided
Critical Performance Variables
Strategic Uncertainti
es
NDFJ Busine
ss Strateg
y
NDFJ Programme Delivery Plan (role)
Key Infrastructure Stakeholders to work with Moving Forward
Ministry of Finance & Public Service
Ministry of AgricultureAccountant GeneralBank of JamaicaBetting, Gaming and Lotteries CommissionCaymanas Track Limited
Container Stripping StationCultural, Health, Arts. Sports and Education(CHASE)CustomsDevelopment Bank of JamaicaFinancial Services CommissionFiscal ServicesInland RevenueJamaica Racing CommissionNational Investment Bank of JamaicaPlanning Institute of JamaicaProjectsPublic Accountancy ActRevenue Protection DepartmentSelf-Start FundSocial Investment FundStatistical Institute of JamaicaSugar Company of JamaicaTax Administration Services DepartmentTaxpayer Audit and Assessment DepartmentTaxpayers� Appeals Department
*Bold denotes key associations required
4H ClubsAgricultural Credit BoardAgricultural Development CorporationAgricultural Marketing CorporationCommodity Boards (incl. Banana, Coffee and Coconut Industry Boards and Tobacco Industry Control Authority) Forestry Department Hope Botanical GardensNational Irrigation Commission Limited National Land Agency (NLA) Rural Agricultural Development Authority (RADA)Sugar Industry AuthorityVeterinary Board
NDFJ Programme Delivery Plan
Key Infrastructure Stakeholders to work with Moving Forward
Ministry of Education Ministry of Industry, Commerce & Investment
College of Agriculture, Science and Education (CASE)
Community CollegesEdna Manley School of the Visual ArtsEducational InstitutionsG. C. Foster College of Physical EducationHuman Employment and Resource Training (HEART)Institute of Folk CultureInstitute of JamaicaJamaica Cultural Development Commission (JCDC)Jamaica Foundation for Life Long LearningJamaica Library ServiceJamaica National Commission on UNESCOJamaica National Heritage TrustNational Council on EducationNational Library of JamaicaNational Youth Service (NYS)Teacher Training CollegesUniversity Council of JamaicaUniversity of TechnologyUniversity of the West Indies
Anti�Dumping and Subsidies CommissionBureau of StandardsCentral Information and Technology Office (CITO)Companies Office of Jamaica (Office of the Registrar of Companies) Consumer Affairs CommissionElectricity AuthorityFactories CorporationFair Trading CommissionFood Storage and Prevention of Infestation DepartmentFree ZoneJamaica Commodity Trading Company (JCTC)Jamaica Business Development Centre Jamaica Exotic Flavours and Essences Company Limited Jamaica Export Trading Company (JETCO)Jamaica Intellectual PropertyJamaica Trade and Invest (JTI) formerly JAMPRO Micro Investment Development Agency (MIDA) Office of the Registrar of CompaniesPetrojam LimitedPetrojam/Ethanol Company LimitedPetroleum Company of JamaicaPetroleum Corporation of JamaicaPost and Telecommunications DepartmentRegistrar of Co-operatives and Friendly SocietiesRural Electrification ProgrammeScientific Research CouncilSelf-Start Fund Spectrum Management AuthorityTrade Board Limited
NDFJ Programme Delivery Plan
MSME & Government Development Bodies
Singapore Economic Branding Taskforce
Ministry of Trade & Industry, Singapore2003 – 2008
Integrated Resort Selection CommitteeMinistry of Trade & Industry, Singapore
2006 – 2007Practicing Management Consultant BoardPMC
2010 – PresentInstitute of Management ConsultantsMIMC
2010 – Present
Relevant Work Experiences
Regional Development Work & Organisations
DominePress Singapore / Australia / China
DominiePress had built its reputation on Service + Expertise + Fidelity + Excellence
They were intent on creating high-desirability products delivering high fidelity, high precision, high-quality lithographic printing to clients internationally.
Their award winning work was not effective testimony amidst a growing competitive print production landscape internationally. Profit margins were being squeezed, technology (www) was redefining pre-press systems and procedures.
24-Hour Print was dictating that larger geographic and time zone foot-prints needed to be applied to capture greater economies of scale.
Relevant Work Experiences
Dominie Press Regional Development Work
New Management Strategies Initiate a plan of action to create a better
working atmosphere Reduce cost and increase profits Through new formats and procedures,
increase profitability Strengthen present customer base and expand customer
base to outside areas (Melbourne, New York) Update DTP equipment to expand into more
specialized areas of the printing market Increase employee benefits
Dominie Press Regional Development Work
New Operation StrategyCost Contain
Establish costing/ production reporting process at Storage/ Pre-Press/ Press/ Post-Press
Extend QC processes across all aspects of production and storage
Examine costs/ expenditure on a regular basis during quarterly financial review
New Production / Efficiency Strategies Install employee suggestion box with cash incentives for
suggestion that result in cost savings on increased productivity. This will lead to a team based presentation program through TQM in the long-run.
Dominie Press Regional Development Work
New Business StrategiesSales Targets & Projections
Install and establish an end of month forecasting format for the upcoming quarter
Install and establish an annual setting of sales targets by industry and key accounts
New Marketing StrategiesEstablish and implement plan to address business
projections based on long run/ short run/ agency and direct client business
Dominie Press Regional Development Work
New Human Resource StrategiesEstablish a regular HR audit to determine company and
staff KPI, directly impacting bonus and salary pay-outs on a quarterly and bi-annual basis(Ex. Total Remuneration = Monthly Salary
+ Allowances (as applicable) + Company Performance (max. 1 mth)
+ Individual Staff Performance (max. 1 mth)
Info
rmati
on
Sou
rces
Sales Dept
CustomerAgency
Publisher
Pre-Press Printing PressPost Press/Finishing
Distributor
Con
sum
er/
Cu
stom
er
Storage
Supplier
Database
Originals
Data
Consumables
Plate, Etc
Data
Data
Printing Pages
Film, Plate, Etc Paper, Ink, Etc.
Data
Printed Product
QUOTATIONS
New Internal Charge Model to Maximize Efficiency & Minimize Wastage
Regional Development Work & Organisations
etgShanghai / Beijing / Guangzhou / Singapore
ET Graphics Pte Ltd was founded in 1985 by Mr. Michael ET Yap providing event support services. In 2005, the company was restructured and renamed ETG Pte Ltd (ETG) with capabilities in sound and lighting systems, AV production and staging. This was predominantly targeting the Meetings, Incentives, Conferences & Events (MICE) industry.Their services encompass the range from providing technical consultancy to production and staging and rental of equipment inclusive. Primarily, the 4 areas of specialization are in Sound, Lights, Video and Staging.ETG’s business has been reasonably stable over the last two decades however moving ahead the company is looking to position themselves better in the industry and more efficiently through more formalized business models.Currently ETG is primarily a supplier to the Event Companies, Exhibition Organizers, Advertising and PR firms and other creative resource driven organizations.Specific to the two IR’s in Singapore and with governmental encouragement for the tourism and travel trade industry they intently want to work this sector staving off entry of international competition. Such as Acoustic Art, LB Production Center and other overseas staging facilities that may be intending to impact this market.The competitive framework of this industry appears to be in its adolescent stage in Asia Pacific which currently mostly competes on hardware and price.ETG has to establish a position as partner of choice not only with the organizers but also with program owners themselves.
Relevant Work Experiences
etg Regional Development Work
3. Proposed Project 3.1 Approach & Methodology Involving the interviews with ETG client and suppliers and internal discussion to formalize a business landscape to chart. The advisor
advocates working with the Sales and Business aspects of the business. This will illuminate the path ahead in the coming months giving clearer dimension for decisions to be made.
Fundamentally, this is to confirm the workable segmentation of clients by: - Creative services providers including, advertising agencies, public relations companies, etc. - Show organizers and venue owners who primary role is focused on the softer business aspects of the event. - Direct clients who own or intend to put out programs. 3.2 Statement of Work 3.2.1 Precedence Study Perform an analysis of production services companies with a pre emptive view of new industry developments in leading staging
environments. Research the overseas markets that can be identified as potential competitive targets, threats or alliances for ETG. Meet with existing clients to properly categorize business segments to pursue. Item One. Development of a sales plan and strategy for the coming year. Item Two. Draw up a sales projection format for coming and subsequent quarters. Item Three. Draw up and formalize a sales target. 3.2.2 Markets Research To develop and implement a feedback mechanism with existing client base. This is to ascertain current expectation and satisfaction
levels. Additionally, investigation into new interest and feasibility of specialist lighting architecture solutions in Asia. Investigations will be
carried out by way of direct contact with leading service providers in more developed markets. Item One. To draw up a potentials actionable program. 3.2.3 Market Collateral Generation Help develop the required sales specific marketing collaterals to assist ETG’s sales unit to make explicit their products to prospective
Clients. Item One. Sales ppt (generic) Item Two. Sales collateral existing (tidy up)
etg RegionalDevelopment Work3.2.4 Market Projections & TargetingAs aboveTo work with the current business team to establish a sales projection system and format moving forward. This does not
preclude the requirement for a formal monthly sales targeting format which needs to be developed and installed only after potential revenue streams and performance levels have been sorted out.
3.2.5 ExecutionExecute a Business Development plan that will be able to safeguard existing clients for ETG. The execution should focus on achieving the following:a) A clear sales objective and strategy for the business department.b) Provide management a simple and clear dashboard for business activity and potential for the future.c) Sales organizational structure review that corrects any overlap.d) Specific to the market segmentation development of individual sub-sales strategy.Taking into consideration:a. Possible emerging markets by territory.b. Industry Shift amongst show owners, promoters, organizers and specialists.c. IR requirements.d. Singapore Exportability (or rising exchange rate may force a strategy refocus)3.2.6 Final Report & PresentationPrepare a final report and recommendation for the Sales Department.3.2.7 Start of Project < 0 week >3.2.8 Business / Sales Department Review < 3 weeks >3.2.9 Value Proposition & Business Models < 6 weeks >3.2.10 Structural Model Review and Recommendation < 3 weeks >3.2.11 Sales Collateral (Website, Brochures as appl.) < 12 weeks >3.2.12 Final Report & Presentation < 2 weeks >3.2.13 End of Project Grand Total < 26 weeks >
etg Needs To Engage Expanding Markets
"AV solutions are growing in all markets. The survey findings clearly indicate the upturn of mainstream awareness of AV technologies,"
ICIA Board Member Jim SmithInternational Communications Industries Association, Inc
Beyond the top markets, such as business, education and government, ETG needs to make significant gains in other areas such as:
Retail – fashion, financial, lifestyle, sports arenas museum exhibits meetings and conventions healthcare and the worship market
etg Needs To EngageSignage & Displays
The market for large information displays is growing at a rate that ETG cannot ignore.
There is increased use of digital signage, particularly in the retail sector, for delivering a message, selling products or simply providing information along our roads.
etg Needs To EngageAV Converging With IT
AV/IT convergence is driving the introduction of technologies supporting a number of newer applications including streaming media, webcasting, wireless and software, all relative newcomers in the AV space.
Currently these segments have low penetration rates but are expected to grow significantly as products continue to web-enable technologies.
It will be prudent for ETG to take an early adopter lead in this regard.
BusAdsRegional Development Work
BusAdsSingapore / Kuala Lumpur / Mumbai / Seoul / Tokyo / Bangkok
BusAds started operation as a one-man show in 1983. Then known as BusAds, its core business consisted of one-off bus advertisement projects, mainly bus panels advertising. The business grew tremendously and within five years, the company started its in-house production team. By 1995, BusAds was clearly the market leader in outdoor advertisement production.
Today, BusAds is proud to operate a fleet of machine which is capable of satisfying the various graphic print requirements, such as banners, posters, fleet and MRT advertising, etc. BusAds maintains its position as a market leader with its commitment to provide the highest level of quality printing and service to our clients.
It was Bus Ads intention to break into the Aircraft Graphic Laminates industry. The task ahead was to promote that BusAds obtained the Production Organization Approval (POA) from Civil Aviation Authorities for printing of interior and exterior aircraft decals and install this as the new reference standard across Asia Pacific countries. Specifically, the target was intended for military applications.
Relevant Work Experiences
BusAds Air Warfare Challenge for Military Applications
Split upper/lower color camouflage patterns reveal aircraft belly on banking
Contrasting lower surface colors with backgrounds compromise aircraft’s position and maneuver
BusAds Air Warfare Case Study (Learning)
F-105G Weasel Thud (Vietnam)Two Tone, Green & Sand (upper surface) with
Light Green (belly)Aircraft flashed ‘White’ on low-level banking
giving away position
BusAds Presentation Air Warfare Case Study (Applications)
F-105 Weasel Thud Green & Sand Camouflage applied to belly
F-4G Weasels and A-10’sCommitted to wrap around camouflage
Split upper grey and lower blue or black camouflage used as far back as 50’s by RAF
There are many more examples
BusAds Recommendation for Military Aircraft Camouflage Considerations
Mostly depends on aircraft operating environment
Considerations could include:low level daylight operationsbombardmentmaritime strikesreconnaissance rolesair to air detectionlarge aircraft concealment, etc.
BusAds Presentation on Air Warfare Concerns Today
Perspective shift in air warfare strategyConcern is with air surveillance detectionReduction of radar emissions
Other Regional Projects
Thang Long Hanoi Light-up of Long Bien Military Veterans and Ministry of Defense Vietnam and SingaporeHanoi, Vietnam
Marketing & Organizational Skills Development ProgrammeAsian Institute of MarketingMakati / Manila, Philippines
MSME Development ProgrammeCommonwealth SecretariatJaipur, India
MSME Development ProgrammeChandrigah, India
Youth Entrepreneurship Development ProgrammePacific Youth CommonwealthPort Vila, Vanuatu
Youth Entrepreneurship Development ProgrammeMinistry of LabourPort Moresby, Papua New Guinea
Total: 12 Countries 16 Cities
Relevant Work Experiences
Detailed Work PlanPhase 1
Project Launch, including Project Preparation, Preparation of Consultation Materials and Preliminary Research on Marketing Environment in Jamaica, including Financial Services industry
Prelimirnary field mission for consultations with stake holders, field research and evaluation, including meeting with agribusiness sector’s
Post-filed mission analysis, report to stakeholders and preparation of training plan
Detailed Work PlanPhase 2
Investigations and local research and analysis. Consultation with industry leads within Jamaican environment. Record local market norms
Capacity building including marketing training for agro business with emphasis on MSME development bias
One to One Counseling to companies in manufacture and packing sectors
Detailed Work PlanPhase 3
Finalize and deliver new organizational strategy including training and continued implementation plan
Deliver capacity building training modules on product marketing design and developmentFinal report preparation and submission to the Commonwealth Secretariat
Detailed Work PlanActivity Period Level of Effort
Phase 1 3 weeks in JamaicaJune – mid July 2011; report to be
submitted within 2 weeks of completion of outputs
Phase 2 3 weeks at Consultants Base or in JamaicaJuly - September
Phase 3 4 weeks in JamaicaOct – Nov 2011 (final project report to be submitted by 16 Dec 2011) Submission of a detailedproject delivery report, along with outputs
The Project Team LeaderMAURICE WILLIAMS PMC, MIMC
Tel: (65) 96755719; (65) 6892-1978 Email: mauricewilliams.esq@gmail.comAddress: 35 Dairy Farm Road #01-04 Dairy Farm Estate Singapore 679052
With 20 years of marketing, advertising and sales expertise, in positions such as the Chief Marketing Officer of public-listed Singapore Post, Marketing Director of Sentosa, and a member of the Economic Branding Task Force and the Integrated Resort Selection Committee (Ministry of Trade & Industry), I am confident in contributing positively to the continued growth of your organisation.
Possessing extensive experience in multi-dimensional programs required for consumer, corporate and stake-holder perspectives across geography, I have vast expertise in articulating unique propositions, channel management, event marketing, exhibitions, branding, market research and product development, coupled with a strong background in operations, strategic planning, resource acquisition and media analysis. Some of my career highlights include:
Transformed Sentosa into a star attraction with 1m visitors monthly. Attained over 30 marketing awards. Attracted S$10.2b in investments and increased rental revenue 13-fold to S$15m annually. Staged world-class events such as Barclay’s S’pore Open, Forbes Global CEO Conferences, Volvo Ocean Race. Streamlined S’pore Post’s image in 122 properties. Introduced logistics, mail, retail & financial products - won a Direct Marketing Award, and increased a business unit’s revenue 400% to S$1m annually.
Set up the world’s 1st Wired on Wireless digital broadcast application across 1800 buses, taxis & trains, and across 225 supermarkets, to enhance advertising impact.Managed up to 36 staff and annual budgets of up to S$15m. Collaborated with organisations such as DHL, China Post, banks, government bodies, MTV, SIA, and National Geographic.
As a manager who attracts, retains and motivates staff to build sustainable teams, I believe in empowerment to question organisational assumptions in decision-making, resulting in higher performance. I possess boardroom experience in managing restructures and change management with investors and stakeholders, and have a nurturing, inspiring, open and objective leadership style. Analytical and creative, I have developed strong interpersonal, teamwork and problem-solving skills in fostering numerous partnerships and translating top management decisions into actionable programmes. With a keen attention to detail, I am perceptive in decision-making and am able to deliver under pressure.
Currently, I am a CFTC Expert (Commonwealth Fund for Technical Co-operation) with the Commonwealth Secretariat where I provide on-the-job training and introduce new technologies and practices in CSAP (Commonwealth Service Abroad Programme) projects.
I believe my background is a good match with your requirements, and look forward to further discussion regarding how I could help fulfil your organisation’s objectives. Thank you for your consideration.
Management Consultant Certification
Project BudgetComponents
Consultancy Fees 18 000Air Travel (two missions) 4 000Travel Related Expenses 400Subsistence (35 nights) 1 400Repro. of training material 500Other assig. related exp. 600
Total Circa 25 000 Pounds Sterling