Pension schemes take business from seating to skate park

By Mattioli Woods

30 Jan 2014

Leyland-based businessman Peter Chandler had no inkling of just how much the world would change during the course of his career when he inherited his father’s furniture manufacturing business.

However, thanks to pension advice from Glynn his financial adviser, he was not only able to invest in the family business when presented with growth opportunities, but was also in an excellent position to completely change direction when competition from China created untenable market conditions.

It was Peter’s accountant that first signposted him to Taylor Patterson, advising him to seek a tax-efficient pension vehicle for the company’s property assets. Taylor Patterson informed Peter that putting the company’s furniture factory into a Small Self Administered Pension Scheme (SSAS) would provide flexible funding options for the business. This move would also create a secure pension fund for Peter, his wife Carol and any additional members that they may want to add to the scheme in the future.

Peter and Carol created the SSAS using the factory as the investment asset in 1986.The couple then used the loanback facility available via the SSAS to invest in automated equipment to help build the business.

Peter said: “The idea of using the factory as a financial asset rather than just our manufacturing premises was completely new to us but the team at Taylor Patterson guided us through the process of establishing the SSAS and helped us to understand how we could use it to help provide flexible finance for the business in a cost-effective and tax-efficient way.”

The investment in new equipment helped the furniture business to expand but, longer term, growth in cut-price furniture imports from China meant that Peter’s family business struggled to remain competitive. Seeing the way the furniture market was going, however, Peter and Carol had already started to use their SSAS fund to refocus their efforts and build on their property portfolio.

Peter added: “We realised that we needed a plan B for the business and used the SSAS fund to finance development of a number of small business units on the factory site. Our financial adviser, Glynn, advised us to put these assets into two SIPPs (Self Invested Personal Pension), one for myself and one for Carol, so that’s what we did. We now manage that property portfolio, putting the rents from the tenants into the SIPP plans and using the available cash to build or acquire additional assets.”

Since the closure of the furniture factory both Peter and Carol have transferred away from the original SSAS plan. However, following on going help from Taylor Patterson the scheme has been kept open for their four children who can now rebuild the fund through their own contributions and investments.

Peter said: “The factory unit itself was too large for a single tenant so we hit on the idea of converting it into a skate park which opened in July 2012 and is now operated by three of the children and we continue to find Taylor Patterson’s help invaluable as we navigate our way through pension rules to maximise the flexibility of our assets.”

Kerry Houghton, SIPP & SSAS business development manager at Taylor Patterson said:“This is one of our more unusual tenants and has presented some challenges which together we have overcome. "As this is not your usual commercial style of property held within a pension fund, it may not have fit into standard requirements with most providers. However with our flexible approach, we are always thinking outside the box to see how we can help clients.”

Latest news

1

University of Lancashire climbs 14 places in student positivity survey Happy students at ULAN

University of Lancashire climbs 14 places in student positivity survey

10 Jul 2025

2

Forbes Solicitors achieves strong growth and promotes 15 Forbes Solicitors promotions

Forbes Solicitors achieves strong growth and promotes 15

10 Jul 2025

3

Communications company raises investment will fuel global expansion Laurence Tan (Investment Associate, Praetura Ventures); Charlie Morris (Director, Corporate Finance (Mergers & Acquisitions); Ian Rose (Chairman, Audiebant); Josh Dean (CEO, Audiebant); Peter Carway (Investment Director, Praetura Ventures)

Communications company raises investment will fuel global expansion

10 Jul 2025

4

Lancaster Spirits Company announces partnership with leading whisky maker Joan Casals, Max McFarlane and Chris Pateman

Lancaster Spirits Company announces partnership with leading whisky maker

09 Jul 2025

5

Viridium appointed to support Indurent with major warehouse decarbonisation project Rebecca Latham, Gemma Cornwall and Ross Cornwall

Viridium appointed to support Indurent with major warehouse decarbonisation project

09 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley College University Courses Building, Burnley, BB12 0AN

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Shaping Preston's future by remembering its past
1750160034867.png.png
LBV Hub Networking
16 Jul 2025 - 16 Jul 2025

Shaping Preston's future by remembering its past

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:30

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

North West Business Expo 2025
https---cdn.evbuc.com-images-880456273-4862066883-1-original.20241022-105445.jpeg.jpg
LBV Hub Exhibitions
24 Oct 2025 - 24 Oct 2025

North West Business Expo 2025

Bolton Stadium Hotel, Bolton, BL6 6SF

09:00 - 15:00

Lancashire Business Day 2025
241122lbvlancashiredaylhp0647web
Networking
27 Nov 2025

Lancashire Business Day 2025

Burnley FC , Burnley, BB10 4BX

12:00 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin