Preview: Cloud Dance Festival @ Pleasance
Kinisi Dance Company
Trouble and Desire marks the return of Cloud Dance Festival for another year of new contemporary choreography and we can’t wait to see how will they follow their excellent end of year ‘best of’ showcase last December.
Slanjayvah Danza are back “by popular demand” with their beautiful duet “Blind Passion – Live Cut” and the exquisite Mavin Khoo appears on Saturday and Sunday with a new duet based on Romeo and Juliet. We can’t wait to see Rambert dancers, Jonathan Goddard and Gemma Nixon’s ‘Ladies and Gentlemen: how bored are you?’ as we anticipate being not bored at all by these fabulous performers.
Pleasance Islington is the venue for 26-28 March with 3 eclectic mixed bills of 19 dance companies, a smattering of dancers off those reality telly shows and others from around the world – including a rare trip to town for Welsh rep company, Ffin Dance – over one performance pick and mix of a weekend.
More info at www.cloud-dance-festival.org.uk Tickets £12.
Man Utd: The takeover maths
Now that the Red Knights have formally appointed Guy Dawson of Nomura to advise them on their plans to bid for Manchester United, there can be no doubt of their serious intent.
Dawson has been one of London’s most prominent corporate advisers for 25 years. And Nomura is Japan’s leading investment bank, by a margin.
So what will Dawson actually do?
Well his first priority is to interview the 50 odd wealthy individuals who’ve indicated to the Knights that they’d provide funds for a bid – to see if money really will follow mouth.
The sums required are not trivial.
Here’s the basic maths.
The Knights would probably leave the £500m of debt recently raised by Man Utd in the bond market in place – so long as bondholders can’t force them to repay (which is by no means certain).
But the Knights would want to buy out the so-called payment-in-kind notes, which is debt whose interest rate is currently an eye watering 14.25%, rising to a penal 16.25% in August.
Redeeming that debt would probably cost more than £230m.
Of course the Knights’ priority is to buy out the equity in the business held by the Glazer family.
The Glazers reportedly invested $495m of their own money into the business – equivalent at today’s exchange rate to £330m.
Since the Glazers aren’t forced sellers, they will presumably demand a hefty premium to what they paid before they even contemplate cashing in.
Let’s assume that they would think about dealing if offered a 50% uplift – which is not an outrageous gain on an investment held for five years.
That would mean the Knights would have to find £500m for them.
Rounding up, that implies that the Knights need to raise £750m in total, to buy out the Glazers and pay off the cripplingly expensive payment-in-kind debt.
Would that be a walk in the park?
Not exactly.
If in the end some 50 deep-pocketed Man Utd fans can be persuaded to stump up, each would have to provide £15m.
Which is quite a lot to pay for a lifetime season ticket.
If David Beckham were to follow up on last night’s sartorial gesture of support for the ousting of the Glazers with a cheque, he might not notice any serious shrinkage in his bank balance. But even in the City of London’s bonus-land, there aren’t that many football supporters keen to invest that kind of sum purely for the love of a club.
Of course it’s theoretically possible that Nomura will be able to demonstrate that there’s lots of money to be made from investing in Man Utd at an enterprise value of £1.25bn (which is the sum of the £750m take-out price and the bond debt).
However, the profitable upside is not conspicuous, given that Man Utd’s annual turnover is just £278m, or less than a quarter of the putative takeover valuation.
Hidden Florence
Most tourists head straight for the Uffizi, but Florence has dozens of smaller museums full of world-class art. The curator of the V&A’s new Renaissance galleries was our guide
Stendhal syndrome is a sickness known to afflict those of a sensitive nature who visit Florence. It’s named after the French author, who was left sick and dizzy by the vast amount of art he viewed on an 1817 visit to the city. There have since been many cases documented of visitors fainting in the face of Florence’s glories. Add in queuing for hours to get into museums such as the Uffizi and the Accademia, jostling for space once in and then peering over heads to catch a glimpse of Botticelli’s Birth of Venus or Michelangelo’s David, and a visit to Florence starts to look a little dangerous for the health.
Inspired by the opening of the Victoria and Albert Museum’s £30m Renaissance Galleries last November, I spent a day in Florence with the galleries’ chief curator, Peta Motture, who convinced me that there are many gems still to be discovered in Florence which illuminate not just the Renaissance but the history of art, all without the risk of fainting. We started at tourist central, Piazza del Duomo, now pedestrianised. But instead of joining the queues to climb Brunelleschi’s dome, we ducked into a smaller building, the Museo dell’Opera del Duomo (9 Piazza del Duomo, +39 055 230 2885, entry €6), where sculptures that once packed the Duomo and Baptistery are exhibited.
“Not many people come here,” Peta promised, “but all the most wonderful original art from the Duomo is here.”
Although just behind the Duomo, the museum was virtually empty. At the top of the monumental staircase stands Michelangelo’s radiant Pietà. It was intended for the artist’s own tomb until, Peta told me, he broke the arm and left leg of Christ in a fit of temper, dissatisfied with the stone. They were later restored – Peta pointed out the cracks, which are still visible. Another work, the beautifully mature figure of Nicodemus, is a self-portrait – Michelangelo himself looming above the other figures, his eyes downcast.
Peta led us upstairs to a gallery at the top where a rust-coloured figure stood alone in the centre of the room, shocking in its bedraggled emaciation. The polychrome wooden sculpture is not what one expects, either from Donatello, its sculptor, or in representations of Mary Magdalene. Hollow-eyed, wearing rags, her hands coming together in prayer, she is an intense figure, almost frightening. Peta explained that this sculpture embodies the dark mood that engulfed Florence at the end of the Renaissance. Savonarola was a hell-fire preacher who thought much Renaissance art was immoral. Donatello had come under his influence, and carved the Magdalene as a beggar, a pitiful figure whose past decadence is clear in the cadaverous lines of her repentant figure.
Emerging into the daylight, we headed for lunch. Teatro del Sale (Via dei Macci 111, +39 055 200 1492), is an intriguing mix of private members’ club, canteen and theatre. Buying an annual membership (€5) allowed us entry, then we paid just €15 to serve ourselves as much food and wine as we liked. After dinner (€30) in the evenings the room converts to a theatre, with entertainment ranging from tango to chamber orchestras.
After lunch, Peta suggested seeing some classic Donatellos, so we headed to what was once the city jail to see the bronze David that scandalised Renaissance Florence with its nudity. The crenellated walls and tower of the Bargello (Via del Proconsolo 4, +39 055 294883, €4) feel squeezed into the narrow streets of the centre. This is Florence’s oldest public building, begun in 1255, and it is said to be where condemned prisoners spent their last night. It is now one of the city’s loveliest museums, being to sculpture what the Uffizi is to painting, only without the queues. The Bargello is serene and quiet, giving plenty of room and time to digest the beauty of the works and the setting. The atmospheric courtyard is the setting for a permanent exhibition of sculptures by masters such as Michelangelo and Cellini, as well as Donatello. On the first floor, in a sweeping 14th-century hall, are some of Donatello’s finest works, including a youthful David in marble, as well as the aforementioned bronze David.
Leaving the Bargello, we wove our way past the shops selling leather in all colours of the rainbow, to a discreet little building near the Arno. A plaque announced it as The Horne Museum (Via de’ Benci 6, +39 055 2466406, €5), another secret Florentine gem. Herbert Percy Horne was a late-Victorian Englishman who came to Florence to study the Renaissance and filled his house with the sort of art that would have been seen in a home of the period. The collection boasts works by key artists such as Giotto, Filippo Lippi and Giambologna, as well as furniture and domestic objects from the period.
Over drinks that evening at the top of the Torre dei Consorti, now home to the Hotel Continentale’s Sky Bar, we discussed Stendhal syndrome, and how we had been spared any such cultural indigestion. We looked out at the river and the Ponte Vecchio on one side, and the illuminated towers of the Palazzo Vecchio and the Duomo on the other. It is easy to be overwhelmed by the sheer consistent beauty of Florence. But Peta had shown me that by concentrating on some of the quieter museums, you can still find yourself standing in front of a dazzling Michelangelo, almost totally alone.
More ways to avoid the tourists
Where to eat
Just 10 minutes east of the overcrowded Piazza del Duomo is the Sant’Ambrogio neighbourhood. There is a covered market for divine Tuscan cheeses and meats. Florentines stop at Cibrèo Caffè (Via Andrea del Verrocchio 5r, +39 0552345853) for a pre-lunch prosecco. Pizza may not be native to Tuscany – neither pizza nor pasta makes an appearance on Cibrèo’s strictly Tuscan menu – but still, competing for the title of best pizzeria is still taken seriously by Florentine restaurateurs compete seriously to be the best pizzeria. This corner is home to the Cibrèo empire – the internationally renowned restaurant where chef Fabio Picchi made his name serving traditional Tuscan dishes, as well as a trattoria, the café and Teatro del Sale (111 Via dei Macci; tel: 055 200 1492), a mix of private member’s club, canteen and theatre. Teatro is squarely aimed at locals, with a nominal membership fee (€5), then a set sum paid at the door for an all-you-can-eat breakfast, lunch or dinner. In the evening the €30 cover price includes not only the best food and wine in town but then converts to a theatre where entertainment can range from a tango show to a chamber orchestra. Antica Porta (via Senese 23, +39 055 220 527) is a buzzing pizzeria outside the Porta Romana on the south side of the river.
Da Ruggero (via Senese 89r, +39 055 220 542), run by the Colsi family for over 30 years, is a classic Florentine trattoria serving the usual Tuscan favourites. Book a table or be prepared to wait in the line that snakes out of the door.
Half an hour south, in the pretty village of San Casciano is Nello (via 4 Novembre 66, San Casciano in Val di Pesa, +39 055 820 163), an unpretentious restaurant with 70s décor but heavenly Tuscan specialities and wine cellar.
Those who really care about their gelato go to Gelateria Badiani (Viale dei Mille, 20r), famous for its Buontalenti flavour – named for the Renaissance architect Bernardo Buontalenti.
Gardens and walks
The centro storico’s towering stone palazzi and narrow alleys fill with tour groups. For verdant space head south of the Arno where the ochre and burnt umber facades are backed by sloping green hills dotted with cypress trees. Head to the Rose Garden (Via di San Salvatore al Monte), tucked behind a small gate en route to the Piazzale Michelangelo and open from May to July.
A truly secret garden also below the Piazzale Michelangelo (on the corner of Viale dei Colli) is the Giardino dell’Iris (open to the public 2-20 May only), which contains row upon row of irises, the city’s emblematic flower, in every imaginable shade.
For Florence’s prettiest “country” walk, take a sharp right out of San Miniato gate onto the Via di Belvedere and along the medieval wall verged with grassy banks dotted with wild flowers. Continue beyond the Forte di Belvedere into birdsong, olive groves and ordered tranquillity. The road leads through the village of Arcetri, with saffron and terracotta-coloured villas, stone walls with tumbles of honeysuckle and the charming church of San Leonardo – a mere 20-minute amble out of town.
• Meridiana (0871 222 9 319) flies from Gatwick to Florence from €59 one way. The Relais Santa Croce (+39 055 2342230), close to all the museums, has doubles from €250, room-only. Further information on the V&A at vam.ac.uk.
Pension tax changes are severely flawed and should be withdrawn
The Government’s pensions tax relief reforms for those on higher incomes are ill thought out, complex, costly to implement and will damage the pension prospects for those on middle and low incomes…
In a detailed response to the HM Treasury and HM Revenue & Customs consultation paper Implementing the restriction of pensions tax relief, the Association of Consulting Actuaries (ACA) has said that the policy is ‘seriously flawed’ with each attempt to try to make it fairer only increasing the complexity and adverse impact on pension schemes.
Whilst identifying ways in which some of the worst anomalies could be avoided in the response, the ACA has called for an evidence-based impact assessment of the real costs of the reforms -properly identifying how this hits the private sector, and the remaining defined benefit schemes in particular – few believe the consultation paper’s figures are at all realistic.
Commenting on the response, ACA Chairman, Keith Barton said:
"We understand the desire to raise additional revenues in the current climate and that those on higher incomes must accept they will bear a higher proportion of the tax take.
"However, the policy proposed, centred round an income threshold, is just about the most complex and inefficient way possible – it seems to have been dreamt up with scant regard to how arbitrary it will be as comparing one individual to another. Worse still, it seems almost to have been designed to do maximum damage to ongoing pension provision – in direct opposition to the Government’s stated policy of encouraging the retention of ‘quality’ schemes.
"The policy is intended to raise revenues from around 300,000 high earners, but in reality it will directly affect many more people, and will have the effect of reducing pension prospects for hundreds of thousands of employees on low and middle incomes as the closure of good schemes accelerates, as a consequence of the measures.
"Simply put, the policy – to use the politest descriptions – is dreadfully conceived, but stubbornly pursued, despite pretty well unanimous warnings from across the business and pensions world echoing our conclusions. Hasn’t enough damage been done to quality pensions? We can only hope an incoming Government after the General Election – of whatever political colour – will be sensible enough to look again at a simpler way of achieving the same end objective."
The ACA points out that the tax measure proposed breaches just about every aspect of the Canons of Taxation developed by Adam Smith to denote a ‘good tax’:
- Equitable: the tax is not equitable as similarly situated taxpayers will pay very different taxes (see examples in Note to Editors)
- Convenient: the tax is not readily and easily assessed, collected and administered - quite the opposite
- Certain: there is no consistency and stability in the prediction of taxpayers’ bills and the amount of revenue collected over time
- Economical: the compliance and administration of the tax will certainly not be minimal for the HMRC or employers, schemes and individuals (and the complexity means mistakes will be rife).
Commenting on the detail of the response, Karen Goldschmidt, Chairman of the ACA Pensions Taxation Committee said:
"We have been told that the Government will not change course, which is desperately concerning given the anomalies and substantial administration that will flow from implementation. Our detailed response identifies and seeks to resolve the anomalies that we can, but, whatever we propose, implementation will be seriously flawed unless the policy is totally re-thought.
"As just one example, we site in our response where with just a one pound difference in ‘income’, individuals could experience a tax charge varying from nil through to over £13,000.
"Already, we have seen employers proposing withdrawing pensions as an element of pay package for salaries well below the £130,000 income threshold because of the risk that granting some normal element of income (or indeed some personal income) or a quirk of the way pension is valued could trigger this super-tax.
"And separately, we have noted how, unless properly carved out, redundancy payments could inadvertently cause a large tax charge for middle income employees, at just about the worst time possible, when an individual loses their job. And, be warned, senior directors too. You may pay thousands in extra tax based on what your DB pension is assessed to be worth only to find in, say, ten years time your scheme enters the PPF – you could then lose most of your pension because of capping and receive no tax rebate at all! Of course, senior civil servants and Cabinet Ministers won’t have the same worry.
"We are 13 months off the date after which making pension savings could trigger the new tax. The detailed drafting of the legislation has barely begun.
"In such circumstances, it cannot be surprising so many employers are turning away from pension provision.
"We are aware of the NAPF’s proposals that Government instead should slash the amount of pension savings that can get full tax relief, from £245,000 a year (introduced as recently as 2006) to £45,000-£60,000 a year. This would be a transparent mechanism and would directly withdraw relief from very high levels of pension savings. It would avoid the complex income test with its arbitrary outcomes, and mean continued engagement of management in pension provision. The complexity, administration and cost of running such a system should not be underestimated – but this is an approach that that should be seriously considered."
Copies of the full ACA response are available from the ACA (call 020 3207 9380) or can be viewed at the ACA website at www.aca.org.uk see ‘Recent Publications’.
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