The Case for Mutual Healthcare

Tom Woolgrove, Chief Executive - Benenden Health

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Tom Woolgrove is Chief Executive of Benenden Health, a healthcare provider with over 875,000 members across the UK. Stemming from its roots as the Post Office Sanatorium Society in 1905, Benenden remains a not-for-profit mutual, distinguishing itself from most other private healthcare models. Tom explains that the mutual model is a strength in the private healthcare field, because they can focus solely on the long-term health of their members rather than shareholder returns.

Tom also distinguishes Benenden’s role in healthcare from that of the NHS. Benenden specialises in ‘everyday’ elective procedures which often have long NHS queues, such as cataracts surgeries. Benenden members are able to access this important routine care and diagnostics much more quickly. Benenden leaves the more acute and critical situations like cancer treatment to the NHS. In this way, Benenden and the NHS are meant to complement each other, not compete.

Tom challenges the common view that private healthcare is only for the wealthy. Their not-for-profit, mutual, discretionary coverage model keeps the rate at about £16 per month, which Tom emphasises is affordable and easily accessible relative to their competitors. He reflects on the intrinsic reward that comes with leading a purpose-led business, and the pride he takes in Benenden’s ability to support so many people through a mutual healthcare business model.

Check out the Benenden Health website.

A special thanks to Norman Broadbent’s Mike Davies for suggesting this conversation!

Supported by Norman Broadbent.

Tom Woolgrove

Property is Personal

Richard Bruce, CEO - Carter Jonas

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In this episode we speak with Richard Bruce, CEO of Carter Jonas, a leading UK property consultancy working across commercial, residential, rural, planning and development and infrastructure.

Richard explains how their LLP structure, management approach, and partnership culture enables Carter Jonas to bring together expertise from across the property lifecycle to support clients throughout the UK.

He elaborates on how their LLP structure enables them to make transparent decisions quickly, and how they have built a culture of empowerment, accountability and open debate. Richard describes how a decentralised team structure helps them to offer specialised support for a wide range of property needs.

Richard also gets into their purpose and strategy, emphasising that “property is personal” and deeply cared for by their clients. As property is the world’s largest asset class and something that touches nearly every aspect of modern life, he reflects on the responsibility property advice demands.     

He also emphasises the importance of sticking to their strengths and to adhering to long-term plans. He observes that over a 5-year strategy many things will change, but many will also come to pass, so it’s important to keep the ship pointed in the right direction.

Check out the Carter Jonas website.

Supported by Norman Broadbent.

Richard Bruce

Bringing Immunotherapy “Far On”

Juho Jalkanen, CEO - Far On

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Juho Jalkanen is the CEO of Faron, a biotechnology company on a mission to bring immunotherapy to as many patients as possible. Immunotherapy uses the patient’s own immune system to attack the disease, circumventing the need for more destructive treatments like chemotherapy.

Juho’s dual expertise as a vascular surgeon and business leader enables him to make the business case for their most promising findings and treatments. He discusses how Faron does research, procures investment, and keeps pharmaceutical companies updated as they “de-risk” the product through clinical trials. While many biotech companies shed the research in favour of a safer business model, Juho frames Faron’s steadfast commitment to research as its greatest asset. If the science is strong, they can find the next groundbreaking treatments.

Juho also describes his motivation behind the biggest decision of his career: moving from the surgery to the board room. Ultimately, Faron’s mission is to bring immunotherapy “far on,” from the science lab to the patient, so that as many patients as possible can be saved.

Check out the Faron website.

A special thanks to Norman Broadbent’s Luke Horrigan for suggesting this conversation!

Supported by Norman Broadbent.

Juho Jalkanen

Brought to You by the Customer

Rory McKeand, CEO - TSG

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In this episode we speak with Rory McKeand, CEO of TSG, an IT services company helping UK businesses fit technology seamlessly into their operations. TSG is among the largest Microsoft training partners in the UK and helps clients implement and adapt to new technologies.

Rory emphasises that TSG’s business strategy centres on the customer experience, and how that focus has been embedded in TSG's company culture. He lays out the keys to great customer care and describes how TSG has been making use of AI while keeping customer service extraordinarily human-focused.

Rory also talks about TSG's history, including its founding through a consolidation of over 20 businesses and the transformations it has gone through since. He discusses their journey into employee ownership, and PE investment by Pictet, the entrepreneurial capital arm of the Swiss private bank. He shares why Pictet's flexible, long-term hold period, rather than a fixed exit timeline, made them the right fit as TSG heads into its next stage of growth.

Check out the TSG website.

A special thanks to Richard Rankin for suggesting this conversation!

Supported by Norman Broadbent.

Rory McKeand

“Investing Well” in the Financial Sector

David Ferguson, Executive Chair - Seccl

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In this episode we speak with David Ferguson, Executive Chair at Seccl. They provide the back-end infrastructure for numerous investment and wealth management companies including Monzo’s pensions and GoHenry’s Junior ISA. To David, Seccl is a force for positive change in an industry which “has not always been fair to people.” He describes how they encourage “investing well” across the sector, first by choosing to work with firms who have fair consumer practices, and second by leveling the competitive playing field, enabling smaller companies to enter the market with their ready-made infrastructure.

On strategy development, David emphasises the power of rigorous, blunt analysis of where they are now, as a foundation for charting a clear path forward. He reflects on how Seccl has matured in its vision of itself and who it works with.  David also makes predictions on the future of digital infrastructure in wealth management and the limitations of AI, and he discusses what drew him to Seccl. Overall, David’s goal is for “investing well” to become the modus operandi of the financial sector.

Check out the Seccl website.

Supported by Norman Broadbent.

David Ferguson

Growing Fast Without Losing What Matters

Peter Haden, CEO - Fletchers Group

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In this episode we speak with Peter Haden, CEO of Fletchers Group, one of the UK's leading personal injury and clinical negligence law firms. As a PE-backed firm, a major focus of Fletchers is growing [a lot] while maintaining their service and values.

Belden and Peter discuss the relatively new role of PE in the legal space, including how the focus on rapid growth squares with the unique management needs of a law firm. Peter speaks to the challenges of balancing the legal and business sides, the strategy behind choosing acquisitions, and the value of holding weekly review meetings of every aspect of the practice.

They also discuss Fletchers’ enduring social values in caring for clients and colleagues. Peter describes the need for empathy and professionalism when serving clients as they deal with the pain and uncertainty of a serious injury or malpractice incident. In recruiting colleagues, he notes that benefits such as flexible work help them to attract and retain top talent. In all cases, Peter observes a clear alignment between doing the right thing for people and doing the right thing for business.

Check out the Fletchers website.

A special thanks to Ken Fowlie for suggesting this conversation!

Supported by Norman Broadbent.

Peter Haden

Getting More People on the Bus

Janette Bell, Managing Director - First Bus

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In this episode we speak with Janette Bell, Managing Director of First Bus, the bus division of FirstGroup Plc and one of the largest bus operators in Britain, running around a fifth of all bus services outside London across a fleet of more than six thousand vehicles. Janette has a simple, steadfast purpose since she entered the role in 2020: “to get more people on the bus!”

Janette bolsters this purpose by laying out the social and economic benefits of a robust bus transit system, and directly connects these benefits to their bottom line. For instance, bus service increases public access to opportunities, thereby driving economic activity in the local area, creating a feedback loop straight to the fare box. As Janette describes these and other local benefits, a through line is that the better the bus operates for the community, the more people will ride it.

We also discuss the push for net zero, which Janette sees in terms of opportunities, not obstacles. Electrification of the fleet has spurred First Bus to enter innovative collaborations and partnerships. And as Janette sees it, the benefits of the bus will increase as the fleet gets cleaner.

Janette leaves us with a profound question. In a highly competitive industry with a broader purpose, what does winning mean? Her answer after over 40 years in service industry leadership: if the social benefits are the focus, the profits will follow.

Check out the First Bus website.

A special thanks to Lesley Cotton for suggesting this conversation!

Supported by Norman Broadbent.

Janette Bell

The "So What" of Energy Data: Cutting Cost and Carbon at IMSERV

Jo Cox, CEO - IMSERV Europe

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In this episode we speak to Jo Cox, Chief Executive Officer of IMSERV Europe, a provider of meter and data services to the UK’s commercial and industrial energy sector. Jo reflects on joining a long-established but under-the-radar business which is trusted by the industry, yet perceived as slow to change. She discusses the choices she has made since arriving in early 2025 to move it forward at pace.

Jo explains where IMSERV sits in the energy system: installing and maintaining the meters behind business energy bills, collecting the data, and making sure it is accurate for utility providers and the regulator. She describes the three pillars of her strategy: high-performing field engineers who keep meters communicating, collecting accurate data across large meter portfolios, and the IMSERV Astral data platform – an acquisition which will turn their data into insights to reduce both cost and carbon. It’s a strategy she’s continuing to build on, with IMSERV’s more recent acquisition of arbnco, a Glasgow based proptech company whose AI-powered platform helps real estate owners and asset managers turn energy data into decarbonisation action, further strenghtening IMSERV’s ability to help customers cut both cost and carbon across their portfolios.

The conversation also explores Jo’s approach to leadership, which is non-hierarchical, fast-paced, and willing to get “into the weeds.” She talks candidly about treating private equity as a partner rather than holding them at arm’s length, and shares her advice for any CEO walking into a business for the first time: don’t lead with an ego, and ask a lot of questions before assuming you have the answers.

Check out the IMSERV website.

A special thanks to Michael Diamond from Norman Broadbent for making this conversation possible!

Supported by Norman Broadbent.

Jo Cox