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2 NEWS 2.9.2021 NOTWITHSTANDING the pandem- ic, the past eight months have been very active and positive for consulting firm NOUV. During this period, the company doubled its workforce, moved to new and larger offices, and embarked on a redefined growth strategy while keep- ing firmly to its original boutique con- cept. Recently, the company organised an event during which it managed to regroup all its employees to update them on how the recent additions en- riched the firm's service offerings. The event also served to align every team member with the firm's strategy. "A lot has happened in the past eight months, including gradually coming out from a pandemic which involved helping our clients face the same chal- lenges as ours. During this period, we chose a proactive approach which saw our firm growing and strengthen- ing itself further. Today, I find myself leading a company with a renewed sense of purpose and newfound en- thusiasm," said Mark Aquilina, Man- aging Partner of NOUV, who founded the company in 2008. "We employed new people and dou- bled our workforce. As a result, we moved to new and more spacious of- fices. We acquired a management con- sulting firm specialising in Informa- tion Security, Sustainability, Human Capital, business performance opti- misation, and business intelligence. We also set-up up a Corporate Finance & Strategy team and strengthened our compliance and assurance arms." Aquilina outlined how NOUV's mission revolves around three pil- lars: management consulting, busi- ness support, and assurance services, which define best how the firm helps tune organisations towards achieving excellence. "With the acquisition of Tuning Fork earlier this year, we not only increased our workforce, but we also managed to boost the collective talent in our organisation. Today NOUV boasts a beautiful diversity of skill sets that en- ables us to assist any organisation at any stage of its journey," he said. He urged all employees to remain faithful to NOUV's values and to con- tinue showing their qualities of trust, perseverance, passion, and commit- ment as they assist clients. "We plan to keep growing, and the future is looking bright. NOUV is al- ready looking into new areas of oper- ation as more services will be plugged into the company in the near future," he said. NOUV invests in new, bigger offices, doubles workforce MINISTER for the Economy and In- dustry Silvio Schembri launched the Lands Authority Scheme in relation to the revision of commercial leases and recognition of heirs upon demise of the lessee. Schembri explained that there are cur- rently 400 commercial leases on gov- ernment properties which have expired or are about to expire, as well as a large number of renewals which are also on hold in view of the rise in rental value – much of these commercial leases are generally considered to be traditional, family-run businesses with a limited turnover. In fact, scenario leading to the scheme showed a rise in the increase of the revised rental value, thus the Lands Authority sought to intervene in es- tablishing a scheme. "rough this scheme, as a government, we are seeking to provide an equitable and affordable solution in order to aid all businesses in the current situation. e scheme shall be limited to those leases which have expired and are pending re- newal," he said. e Minister explained that the scheme is limited to those leases which have expired, those pending renewal and those which are due to expire in the near future, up to the end of year 2023. e scheme shall take into account all requests for recognition of heirs up to the end of the year 2023. Minister Schembri explained that the Lands Authority identified three sce- narios in which the scheme would be beneficial to owners. e first scenario is lease holders with expired leases or leases about to expire, but only up to the end of 2023, who have either refused new terms or haven't applied for renewal. In this case, commercial leases entered into prior to 25 April 2017, and which have now expired, or shall expire before the end of 2023, shall be automatically renewed with a standard annual increase of 5% for date of expiry up to 1 June 2028. e second scenario is that of lease holders who have accepted the renew- al and are paying the revised rates, but their lease has expired before the 1 June 2028. In this case, an automatic exten- sion up to the 1 June 2028 applies, to- gether with refund difference in rates, by giving notice of a credit note, as well as establishing a new rental value of +5%/annum as of the last expiry date. Commercial leases entered into prior to the 25 April 2017 and which have now expired or shall expire before the end of 2023 shall be automatically renewed with a standard annual increase of 5% from date of expiry up to 1 June 2028. e third scenario is that of lease holders who have already accepted the renewal and are paying the revised rates and will have their lease expire af- ter the 1 June 2028. In this case, lease holders can retain the current lease agreement, together with the current rental rates and relative expiry date, or accept the renewal of commercial leases and revision of rental rates of 2021, in which case the lease expiry date shall be changed to the 1 June 2028. With regards to the recognition of heirs upon demise of the lessee, Min- ister Schembri explained that before, when a commercial lease was passed from father to son, the stima peritali was done. Now, the heirs will be rec- ognised and the 5% rental increase per annum will be applied. For more information, one may con- tact the Lands Authority Customer Care Service on 1577. Around 400 businesses to benefit from Lands Authority scheme Economy minister Silvio Schembri

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