Derbyshire science company raises more than £20,000 for Macmillan

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Derbyshire science company raises more than £20,000 for Macmillan

Derbyshire science company employees have been thanked by cancer charity Macmillan after raising more than £20,000 – and they are still going strong!  

Lubrizol, which has a UK technical centre at Hazelwood near Duffield, has now donated £20,951.16 to the cancer charity having been raising funds since 2008. 

The science company is dedicated to giving back to the community and to charity, supporting a different cause every two years. Macmillan has previously been the company’s chosen charity with £11,300.72 raised between 2015 and 2016.  

Lubrizol employees have also been popping the kettle on and putting their baking skills to good use by holding Macmillan’s famous coffee mornings in September each year to raise extra funds which contributed to the mammoth total. 

The amount is enough to pay for a Macmillan nurse for 616 hours – around 25 days; take 355 support line calls or provide 104 cancer patients with a grant to help ease the additional financial pressures caused by a diagnosis.  

Hannah Lumb-Smith, Macmillan’s relationship fundraising manager, said: “It’s thanks to the dedication and generosity of people and companies like Lubrizol that we can continue to do whatever it takes to support people with cancer and their families. 

“This money could pay for a nurse for 616 hours to help people living with cancer and their families receive essential medical, practical and emotional support. These nurses coordinate care services and advise patients on clinical and practical issues.  

“Or it could fund our helpline which allows our teams to answer questions about cancer types and treatments or provide clinical, practical, emotional and financial support. We are also there if someone just wants to talk. 

“There are also grants available which can be a lifeline for families to help ease the financial pressures that come with a cancer diagnosis, such as increased energy and water bills, cost of travel to and from hospital, home adaptations or pay for a wig for someone who has lost their hair due to the treatment.  

“We would like to thank Lubrizol for its continued support. This has helped us to support so many families battling cancer in so many different ways.”  

More than three million people are living with cancer in the UK and this figure is set to rise to four million by 2030, according to figures from Macmillan. The charity provides vital cancer services, research and campaigns to achieve better cancer care. 

Claire Hollingshurst, from Lubrizol’s charities and communities committee, said: “Our charitable work with Macmillan is very important to us and we are proud of how much we have raised to help the charity continue supporting people with cancer and their families.  

“Everyone is affected by cancer in some way – whether they have received a diagnosis or someone close to them has.   

“It is charities like Macmillan that are there when patients need them most, offering the professional help and support they need. It is a lifeline for so many families and it is wonderful to see how far this money will go towards helping so many people. 

“We will be carrying on holding regular coffee mornings as I know what an important charity Macmillan is within our Lubrizol community.”

Team of the Year award for IP lawyers helping small businesses

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Team of the Year award for IP lawyers helping small businesses

The Intellectual Property team from Nottingham Law School’s teaching law firm, NLS Legal, has been crowned Team of the Year 2024 at the Nottinghamshire Law Society Awards for its work supporting small businesses with complex legal matters.  

The award recognises consistent, outstanding performance, requiring firms to demonstrate evidence of a growing reputation or maintaining their standing as a leader in their field, their dedication to clients, the value they add to the business or organisation, and/or the contribution they make to the legal community. 

The four-person IP team at NLS Legal is supported by student volunteers and offers free advice to individuals, sole traders and start-ups, addressing an unmet legal need in the community.  

It acts across trademarks, designs and copyright, providing support on contentious and non-contentious matters, and is the only team in England and Wales providing IP advice and representation on a completely pro-bono basis.  

In the past 12 months, the team of lawyers and students have assisted 27 clients across 45 matters, including supporting small businesses and start ups in successful legal challenges against much larger organisations, covering issues such as trademark applications and branding disputes.  

It has also developed and run 20 public education sessions to more than 180 attendees with the aim of increasing awareness of IP amongst local businesses and individuals. 

Working as part of the service, 39 Nottingham Law School students have gained volunteering experience in IP, giving them valuable insight into a competitive field and enhancing their employability skills. Several volunteers have received job offers to train as IP lawyers. 

Head of NLS Legal, Laura Pinkney, said: “All the lawyers involved in our IP team balance the service alongside either academic commitments or supporting other services within the firm – yet they still provide an invaluable service to their clients, helping them to navigate a very complex field of law.”  

Executive dean of Nottingham Law School, Jenny Chapman, said: “The team has a growing reputation for its IP pro bono work without which many clients would have been unable to withstand the pressure from much larger opponents. We know from client feedback that the impact of the team’s work on the local community has been significant.” 

As a not-for-profit teaching law firm with charitable status, NLS Legal was the UK’s first law firm fully integrated into a law school when it obtained an ABS (Alternative Business Structure) licence in 2015. It is currently the only firm in the UK operating in this way. 

Supervised by a small team of experienced lawyers, Nottingham Law School students support members of the local community with free legal advice on a range of areas, including employment, family, housing, business, civil litigation, intellectual property, special educational needs and disability, welfare benefits, and victims’ rights. NLS Legal also delivers public legal education sessions to raise awareness of legal rights and responsibilities. 

Unexpected fall in corporate insolvencies

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Unexpected fall in corporate insolvencies

A significant month-on-month fall in the number of corporate insolvencies in England and Wales is an additional sign that economic conditions are starting to improve and revenues may increase this year.

This is according to the Midlands branch of the UK’s insolvency and restructuring trade body R3 and comes on the back of lower inflation, expected interest rate cuts and latest figures published by the Insolvency Service which show that corporate insolvencies decreased by 16.6% in March to a total of 1,815 compared to February’s total of 2,177.

The government figures also show a decrease of 17.2% against March 2023’s figure of 2,193, and a fall of 2.2% in comparison with March 2022’s total of 1,856.

R3 Midlands chair Stephen Rome, a partner at local law firm Penningtons Manches Cooper, said: “The biggest driver of the monthly and yearly fall in corporate insolvency numbers is a reduction in Creditors’ Voluntary Liquidations. However, it should be noted that numbers for this process and overall levels of corporate insolvency are still higher than they were pre-pandemic.

“High costs and constrained spending have continued to hit businesses hard in the first three months of 2024. But while the trading climate is a challenging one, there are signs that directors expect revenues to increase this year, suggesting the mood among much of the local business community is becoming more positive.

“It remains to be seen, however, whether inflation will fall quickly enough to benefit businesses, and whether the hoped-for increases in income will outstrip potential rises in costs and wages.

“Importantly, directors need to be alert to any indications of business distress and act on them promptly. Cashflow issues, increases in stock, and problems paying taxes or invoices are all signs to watch out for. The sooner these are acted upon and professional advice sought, the greater chance there is of the situation improving.”

New chair named for East Midlands Institute of Technology

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New chair named for East Midlands Institute of Technology
A new chairperson has been appointed to lead the East Midlands Institute of Technology board. Martin Rigley was confirmed as the new chair of East Midlands IoT at its latest board meeting and will also become one of its directors. He replaces Baroness Nicky Morgan, who stepped down in February (2024). The East Midlands IoT is an innovative partnership between Loughborough College, Derby College Group, Loughborough University and the University of Derby. From September 2024 it will begin delivering technical education for students – from T-Levels through to postgraduate education – with training and qualifications in engineering, digital skills and professional construction. EMIoT will focus on skills for a greener economy, future energy and leadership in those fields. As a former Chief Executive and Managing Director of Notts-based engineering innovation firm Lindhurst Engineering, past chair of Nottingham City Council N2 Skills & Employment Board, and current business leadership coach and mentor; Martin will bring a wealth of both business experience and technical skills development knowledge to his position as chair. He said: “I am honoured to have been appointed as chair of the East Midlands Institute of Technology. “The employment opportunities the rapid growth in technology presents is a challenge for the UK and in particular the East Midlands, with its strong focus on engineering and manufacturing jobs. The links between higher-level skills in the technology field and their positive impact on social mobility very much appealed to my personal values.” Rachel Quinn, executive director of the East Midlands IoT, added: “Martin has the solid background in business and the technical skills sector we were looking for, to help the East Midlands Institute of Technology further develop its courses offer; in a way which engages both prospective students and new industrial partners. “The East Midlands IoT has already begun making a name for itself as the ‘go to’ for technical skills training in the region. Martin’s know-how will be a key asset for us, as we move towards welcoming the first cohort of students to our Derby and Loughborough sites in September 2024.”

Former trainee returns to professional services firm to bolster tax dispute offer for Midlands clients

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Former trainee returns to professional services firm to bolster tax dispute offer for Midlands clients

A former KPMG UK trainee has returned to the firm as a director to help support tax dispute clients across the Midlands and beyond.

Vicky Topps, who returns after 14 years, has taken on the role as director in KPMG Law’s Tax Disputes team, and plans to use the knowledge and skills spent working at HMRC to help a wide range of firms of all shapes and sizes.

Her most recent role at HMRC saw Vicky acting as deputy director overseeing the Large Business Midlands region, looking after the compliance affairs of 340 of the UK’s top 2000 businesses.

This work ranged from listed entities and household names to large privately owned groups, including utilities companies, breweries, pharma companies, construction companies, transport and logistics.

She said: “I was interested in working as part of a multidisciplinary team, which includes some dispute people with tax backgrounds, but also those with legal skills, and who have together been recognised for being ahead of the pack.

“The team are committed to growing the practice in early dispute resolution and advocating alternative dispute resolution as a tool to resolve issues through our mediators here.”

She thinks these approaches will help KPMG Law clients get to certainty and resolution without tying up resources, and “hopefully come up with an outcome that’s compliant and allows streamlining and fast tracking.”

Football promotions across the East Midlands set to boost economy

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Football promotions across the East Midlands set to boost economy
Leicester City’s return to the Premier League and Derby County’s rise to the Sky Bet Championship are set to positively impact the economy in each city, says East Midlands Chamber.

The promotions follow celebrations at the weekend for Chesterfield FC’s recent return to the English Football League and Mansfield Town going up to League One. 

East Midlands Chamber Chief Executive Scott Knowles said: “These promotions showcase the sheer talent we have at our clubs across the East Midlands. Four football teams celebrating simultaneously is just fantastic for this region. “I send my warmest congratulations to the outstanding players, coaches, managers and staff – everyone that backs and supports their club week in, week out. “There were jubilant scenes in Chesterfield and Mansfield at the weekend as they celebrated. To then see Derby County promoted to the Sky Bet Championship and Leicester return to the Premier League capped off a superb weekend for sport in the East Midlands. “The injection the economy gets when a football club is promoted cannot be underestimated. We can expect increased ticket and merchandise sales at all four clubs, but then the wider economy and supply chains benefit too. “You get increased hotel occupancy and the whole hospitality sector gets buoyed as crowds flock to restaurants and food outlets. The feelgood factor encourages spending, while being in higher leagues gains recognition on a bigger stage, including overseas.  That can only be good for the economy.”

Listed Midlands companies record nine profit warnings in Q1 2024 – an 80% year-on-year increase

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Listed Midlands companies record nine profit warnings in Q1 2024 – an 80% year-on-year increase

Listed companies in the Midlands issued nine profit warnings in Q1 2024, an increase of 80% on the same period in 2023 – and the highest number of warnings since Q4 2022, according to the latest EY-Parthenon Profit Warnings Report.

Nationally, in Q1 2024, the number of profit warnings issued by UK listed companies fell 7% year-on-year to 70 and dropped slightly from Q4 2023, when 77 warnings were issued. Despite the quarterly fall in warnings, the number of companies warning for the first time in 12 months reached its highest level since Q1 2022, with 61% of companies in Q1 2024 issuing a ‘new’ warning.

By the end of the first quarter of 2024, 39 companies had issued three or more warnings over the last 12 months, with just over a fifth of these companies delisting – or in the process of doing so – due to insolvency or acquisition.

Contract cancellations and delays were cited as the main reason for warnings by 29% of companies, whilst higher costs and weaker consumer confidence each accounted for 17% of warnings in Q1 2024.

Companies within the Midlands operating in Consumer Discretionary FTSE sectors continued to issue the highest number of warnings (five), making up 56% of the region’s total warnings. This is an increase of two (66%) on the final quarter (October – December) of 2023.

Dan Hurd, Turnaround and Restructuring Strategy Partner at EY-Parthenon in the Midlands, said: “While the UK economy is predicted to see a subdued level of growth in 2024, high interest rates, energy, supply chain and labour costs in addition to persistent inflation, continue to impact businesses in the region.

“As a result of these pressures, many consumer facing companies within the Midlands continued to experience weaker performance in Q1 2024 as the prolonged cost-of-living crisis further impacted consumer spending in many areas.

“While inflation is forecast to fall as the year progresses, growth for many companies may remain slow and steady, so it’s critical that boards look at ways to stimulate demand whilst remaining focused on costs and working capital to build resilience and safeguard against any future economic or geopolitical shocks.”

Jo Robinson, EY-Parthenon Partner and UK&I Turnaround and Restructuring Strategy Leader, said: “Macro-economic pressures, while less intense, have not relented in 2024 and the full impact of interest rate increases is yet to be felt by many businesses. Larger companies and sectors such as luxury goods, which typically show resilience in economic downturns, are now starting to feel these pressures build.

“The data in EY’s latest Profit Warnings report underlines how integral swift action is to preserve value. Whilst the green shoots of recovery can be seen, companies cannot afford to ignore the warning signs and rely on economic resurgence, particularly as we continue to navigate through an unprecedented period of uncertainty with forthcoming global elections and geopolitical risks still high on the agenda.

“Although this looks like an economically easier year on paper, companies still need to be scenario planning as the macro-economic pressures we have seen over recent years are far from over.”

FTSE Consumer Discretionary sector accounted for a third of all warnings in Q1 2024

Companies within FTSE Consumer Discretionary sectors continued to issue the most profit warnings (24) in Q1 2024, accounting for 34% of all warnings during the period. The biggest growth in warnings has come in the FTSE Personal Goods sector, where over 50% of the sector warned in Q1 2024 alone, as earnings pressure spread further into the luxury goods sector.

The FTSE Industrial Support Services sector, which encompasses business service providers, industrial suppliers, and recruitment companies, issued nine warnings in Q1 2024 and 18 warnings in the last six months, more than the whole of 2022, with the sector significantly impacted by falling business spending and recruitment, rising costs, and cancelled or amended contracts.

Companies in financial services sectors reported 11 warnings in Q1, which is the highest number since the pandemic, and before that, the Global Financial Crisis in 2008. The increase in warnings indicates challenges facing pockets of the financial industry, namely certain lenders exposed to auto finance and some parts of the wealth and asset management industry.

A high level of warnings was also seen across FTSE Retailers (7), FTSE Household Goods and Home Construction (5), FTSE Personal Goods (5) and FTSE Pharmaceuticals, Biotechnology and Marijuana Producers (5).

‘Golden Triangle’ warehouse sold to US investor

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‘Golden Triangle’ warehouse sold to US investor

A warehousing and distribution hub at Kettering Venture Park has been sold to a US-based investor for £7.9 million.

Watling Real Estate secured a sale of the property on behalf of Rajnesh Mittal and Philip Armstrong of FRP Advisory, who were appointed as administrators of Knights of Old Ltd in September 2023.

The property has been acquired by Cabot Properties, a private US-based conglomerate which invests in and develops logistics sites in strategic locations across the globe.

The two freehold units at 2300 & 2350 Kettering Venture Park, totalling 118,337 sq ft on an 8.11 acre site, sit within the ‘Golden Triangle’, adjacent to Junction 9 of the A14, with direct links to the national motorway network and ports to the east.

The UK’s ‘Golden Triangle’ is considered the premier distribution location in the UK due to its accessibility, with approximately 90% of the population within four hours’ drive time.

It has attracted a high concentration of retailers, distribution and third-party logistics companies.

Ben Holyhead, an associate in the Birmingham office of Watling Real Estate, said: “We received considerable interest in the property from all segments of the market, including occupiers, investors and developers.

“The property’s strategic location and excellent distribution specification made it an attractive proposition. We are pleased to have secured a strong price for the property for the benefit of the administration.”

The administrators were advised by law firm Gateley Legal and Mayer Brown and Savills acted for Cabot Properties.

Frasers Group acquires intellectual property assets of fashion retailer following fall into administration

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Frasers Group acquires intellectual property assets of fashion retailer following fall into administration

Shirebrook-based retail giant Frasers Group has reached an agreement with the joint administrators of online fashion retailer Matches to acquire certain intellectual property assets.

The transaction was completed following a marketing process by the joint administrators. Under the terms of the transaction Frasers Group has granted a licence that allows the administrators to sell the stock Matches holds through a period of continued trading.

Frasers Group acquired the Matches business, which had been loss making in recent years, at the end of 2023 in a £52m deal. At the time it said the acquisition would be an opportunity to further develop Frasers’ Elevation Strategy and strengthen its luxury offering. By March, however, Matches had been put into administration, with Frasers Group saying it consistently missed its business plan targets and continued to make material losses. At the time Frasers Group told the London Stock Exchange: “Whilst MATCHES’ management team has tried to try to find a way to stabilise the business, it has become clear that too much change would be required to restructure it, and the continued funding requirements would be far in excess of amounts that the Group considers to be viable. “In light of this, Frasers has been informed that the directors of MATCHES have taken the decision to put the MATCHES group into administration. Frasers remains committed to the luxury market and its brand partners.”

East Midlands business confidence holds steady in April

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East Midlands business confidence holds steady in April

Business confidence in the East Midlands remained stable at 35% during April, according to the latest Business Barometer from Lloyds Bank Commercial Banking. 

Companies in the East Midlands reported slightly lower confidence in their own business prospects month-on-month, down three points at 34%. When taken alongside their optimism in the economy, up three points to 36%, this gives a headline confidence reading of 35% (the same reading as in March). 

Businesses in the East Midlands identified their top target areas for growth in the next six months as investing in their team, including hiring new staff and investing in training (37%), evolving their offering with new products or services (37%) and introducing new technology (32%).  

A net balance of 49% of businesses in the region also expect to increase staff levels over the next year, up 22 points on last month.  

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.  

National picture 

Overall UK business confidence held steady at 42% in April, the same level as recorded in March and February.   

While firms’ confidence in their own prospects dipped marginally by four points to 45%, their confidence in the economy rose by four points to 39%. Meanwhile, the net balance of companies planning to increase staff levels over the coming 12 months climbed six points to 33%.   

The East of England was the most confident UK nation or region in April (56%), followed by Wales (51%) and the North East (46%).   

Sector insights 

Businesses in the manufacturing sector reported increased confidence this month, recording an increased score of 45% (up four points) which is the highest level for three months. Similarly, confidence among firms in the services sector (42%) and construction (41%) also improved, largely driven by greater economic optimism.  

In retail, confidence pulled back slightly from last month’s strong showing to 40%, illustrating that confidence in this sector remains fragile. Retail is also more liable to be impacted by external factors other sectors do not face into, such as the poor weather. 

Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking, said: “Although confidence remained flat this month, East Midlands businesses are still demonstrating positivity, with more firms looking to increase staff levels alongside active plans to grow their offerings to staff. 

“We know from our conversations with local businesses that the ambition and drive is there to carve out new routes to growth, and the region’s £1.4bn devolution deal, which will see the appointment of the first ever mayor for the East Midlands Combined County Authority, will only create more exciting expansion opportunities.” 

Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking, said: “We are beginning to see a consistent trend emerge from our Barometer results in recent months. Businesses are feeling increasingly confident about the economy, coinciding with falling inflation and hopes that interest rates will start to fall this year.  

“There continues to be a mixed picture among the regions, with the biggest rises seen in Wales and the South West. The strongest confidence was reported in the East of England, with confidence rising for the third consecutive month. Confidence in the North East eased slightly but remained strong in April.   

“The second quarter of 2024 has started brightly for businesses, and we are seeing firms expressing greater confidence in an enduring economic recovery.” 

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