In this interview, Brid McColgan, Director in Cleaver Fulton Rankin’s Private Client team, explains how tailored legal strategies, can help manufacturing firms navigate rising costs, labour shortages, and upcoming BPR reforms.
1) You specialise in advising Private Clients in Personal Legal Matters. Tell us about your areas of expertise in the Manufacturing Sector.
My work focuses on personal legal matters including, succession planning through wills, trusts and lifetime gifting, as well as trust and estate administration, with a bespoke approach for clients in manufacturing. These businesses often face unique challenges, from intergenerational ownership to capital-intensive operations, requiring nuanced legal strategies.
2) You have provided bespoke legal advice and services to clients in the Manufacturing Sector in Northern Ireland. Are there any stand out matters and any key learnings you can share?
One client faced uncertainty around succession due to upcoming changes in Business Property Relief (BPR). We worked to restructure ownership through a combination of lifetime gifting, trust planning, and updated wills, ensuring both tax efficiency and family harmony.
3) What do you see as being the primary challenges and opportunities for the Manufacturing Sector in Northern Ireland currently?
Some of the primary challenges facing the Manufacturing Sector include:
- Rising costs of materials and labour coupled with a shortage of skilled trade labour in the local market
- A widening skills gap in advanced manufacturing and digital tech
- Difficulty accessing finance for capital investment
On the positive side, there are a number of emerging opportunities for the sector including:
- Sustainability & Net-Zero: Innovation in materials, energy use, and circular economy models
- Digital and automation innovation: Industry technologies—robotics, AI—are helping firms boost productivity and resilience. Support from government and innovation hubs is making this more accessible.
4) What are your predictions for the year ahead in the Manufacturing Sector in Northern Ireland?
From April 2026, major reforms to BPR will reshape the landscape for family-owned manufacturing firms:
- 100% BPR will only apply to business assets up to £1 million
- Assets above this threshold will face a 20% Inheritance Tax (IHT) charge
This is a seismic shift. Now is the time for business owners to engage with legal and financial advisors to:
- Review ownership structures
- Update wills and succession plans
- Explore lifetime gifting and trust options
- Conduct business valuations ahead of the April 2026 deadline
The manufacturing sector in Northern Ireland is resilient and innovative but legal foresight is essential to protect what has been built. If you’re a business owner or advisor in this space, I’d be happy to connect and explore how we can future-proof your legacy.
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This article has been produced for general information purposes and further advice should be sought from a professional advisor. For more information on our Manufacturing team click here.
For advice and guidance, please contact our Manufacturing Team.
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