Rights to offshore wind innovation for sale after administrators appointed

The rights to an innovative product in the offshore wind market, Gravity Tripod™, are up for sale after Michael Roome and Dean Nelson, Business Recovery and Restructuring Partners at PKF Smith Cooper, were appointed as administrators of East Midlands-based OWLC Holdings Limited on 26 February 2024.

OWLC Holdings Limited own the rights to Gravity Tripod™, a unique and internationally patented design for an offshore subsea foundation structure.

Following the appointment of administrators of OWLC Holdings Limited, an accelerated sale of business has commenced with the aim of finding a purchaser for Gravity Tripod™, which management believe can deliver an average of 11-12% reduction in the cost of electricity generated by offshore wind.

The Gravity Tripod™ is a unique design for an offshore subsea foundation structure, requiring little or no seabed preparation.

It uses concrete in place of steel, which allows the Gravity Tripod™ to expand the supply chain and deliver an offshore wind solution that is quicker, cheaper and more environmentally friendly than traditional monopoles or jackets. The patent is registered in a number of key geographies worldwide.

Michael Roome, Business Recovery and Restructuring Partner at PKF Smith Cooper, said: “Our aim is to maximise returns for creditors by seeking a sale of this unique design in the offshore wind market.

“If you are interested in purchasing the company, please contact me as a matter of urgency. We will keep stakeholders and the press informed of any developments as matters progress.” 

Full occupancy reached on Nottingham’s Castlebridge Office Village

FHP have reached full occupancy at Castlebridge Office Village, with the remaining suite secured by Altia Solutions Ltd. The Village is set within Castle Marina and benefits from being situated within 1.25 miles from Central Nottingham with retail and leisure facilities in immediate vicinity. Altia Solutions Ltd secured a self-contained office suite situated on the ground floor and benefited from a generous level of parking set within an ‘in-town’ location. Castlebridge Office Village is occupied by a diverse range of tenants including legal, technological, professional services and more. Initially the property was available over two floors with a floor area of circa 5,000 sq ft. But the demand for this type of office size was scarce due to government implements that have been put in place such as the ‘working from home’ / hybrid approaches. With further advice and discussions with the client, FHP said it was evident that they needed to reduce the size available to attract further enquiries to achieve occupation. Amy Howard, Surveyor at FHP Property Consultants, said: “Castlebridge is an estate I have been working on from the start of my FHP journey, so to achieve full occupancy is a great result, having secured 6 new tenants. It portrays the desire for office space is still apparent and that demand is still there within the market. “If landlord’s are open to spending capital on their properties and listening to the market to improve overall quality of the office space, the demand is still there and tenants will pursue these spaces. “Altia Solutions Ltd have been in the market for several months and viewed numerous properties over this time frame, so not only was it a good result for my client but also great to see Altia secure their new premises and I wish them all the best in their new premises.” Sarah Venn, from Altia Intel Ltd, said: “After diligently searching for alternative office space throughout 2023, we are thrilled to have found the perfect unit to accommodate our needs. Amy Howard and John Proctor’s support and expertise made the entire transaction seamless and efficient. Their professionalism ensured that every aspect of the process was handled with the utmost care and attention to detail. “As Landlords, FHP have proven to be a breath of fresh air – their approachable nature, coupled with their commitment to simplifying processes and addressing queries promptly has made our transition into Castlebridge a smooth and enjoyable experience.”

Streets Chartered Accountants reflects on the Spring Budget

Post Budget Webinar

Today Streets hosted its post Budget webinar in which it provided details of the announcements along with an update on topical issues affecting business clients and private individuals for the new tax year 2024/25.

This presentation was recorded and is now available on demand for those who weren’t able to join live. Click here to catch up.

A Budget built on loss leaders or a leadership that might have lost its way? Was it more ‘Middle Lidl’ than Middle England? The headline grabbing announcement from the Chancellor Jeremy Hunt’s Spring Budget, and perhaps his last before an election, was the 2% cut in rate of National Insurance. This second cut follows a similar cut given in last year’s Autumn Statement and comes with an election looming. Read more.

More families will be eligible for Child Benefit

What has previously been thought to be an unfair system, with eligibility for Child Benefit being withdrawn when one parent earns more than £50,000, now sees a welcome change.Currently, if one partner earns more than £50,000, child benefit starts to be gradually withdrawn, and where the individual earns more than £60,000, they do not receive child benefit at all. Read more.

Guide to The Spring Budget 2024 The 2024 Spring Budget contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, Streets put together a report containing the latest tax and financial information, which is available to download using the link below.

Download now

Expanding your team with staff augmentation services in the UK

Feeling the pinch in your talent pool? Struggling to keep pace with the ever-evolving landscape of technology? Don’t let resource limitations hinder your growth. In the dynamic world of UK business, staff augmentation services offer a potent answer, empowering you to supercharge your team, conquer complex challenges, and embrace cutting-edge solutions. Vodworks, your trusted partner in software and product engineering, unlocks the doors to this game-changing approach. Let’s dive into the exciting world of staff augmentation, exploring its intricacies and unveiling how it can propel your business to new heights. How Staff Augmentation Services Work in the UK Imagine seamlessly integrating pre-vetted, experienced professionals into your existing team – that’s the magic of staff augmentation. Here’s the lowdown: · Clearly define your needs: Discuss your project scope, skill requirements, and desired timeline with a trusted staff augmentation provider like Vodworks. · Matching talent: We leverage our extensive network to find qualified individuals who perfectly align with your needs. We handle the sourcing, vetting, and reference checks, saving you precious time and resources. · Onboarding and integration: We ensure a smooth transition by providing comprehensive onboarding, cultural sensitivity training, and ongoing communication support. Your new team members hit the ground running, seamlessly integrating into your workflow. · Project execution: The augmented team operates under your direct supervision, collaborating effectively and delivering results aligned with your vision. · Flexibility and scalability: Need to adjust team size or skillsets based on evolving demands? No problem! We offer flexible engagement models to adapt to your dynamic needs, ensuring you have the right resources at the right time. Engagement Process · Deep Dive Discovery: Our expert team dives headfirst into your project, understanding your challenges and desired outcomes. Think of it as a collaborative brainstorming session to paint a crystal-clear picture of your needs. · Skills on Point: We meticulously analyze your specific needs and skill requirements like detectives on a mission. This ensures we find the perfect match for your project – no square pegs in round holes here! · Meet Your Dream Team: Forget endless resumes. We present you with top-tier candidates who possess the exact skillset and experience you require, saving you precious time and energy. · Seamless Start, Smooth Sailing: Once you choose your dream team, we handle all the legal intricacies and ensure a smooth onboarding process. No paperwork headaches, just a seamless transition to focus on what matters most. · Project Powerhouse, Ongoing Support: Your augmented team seamlessly integrates with your existing team, becoming a powerhouse for your project. And we don’t just leave you to it – we provide ongoing support throughout the engagement, ensuring everything stays on track and you reach your goals. Legal and Regulatory Considerations · Employment contracts: Ensure compliance with UK employment laws by utilizing clear contracts outlining roles, responsibilities, and payment terms. · Data security: Implement robust data security measures to protect sensitive information and comply with regulations. · Intellectual property (IP): Establish clear ownership of IP rights created during the project to avoid future disputes. Advantages of Staff Augmentation for UK Businesses Staff augmentation unlocks a treasure trove of benefits for UK businesses, propelling them towards success: Flexibility and Scalability Easily adjust your team size up or down based on project demands, avoiding the rigidity of permanent hires. No more overstaffing or scrambling to fill sudden gaps. Access to Specialized Skills Tap into a wider talent pool of highly skilled professionals, finding the niche expertise you need without lengthy recruitment processes. Whether it’s cutting-edge AI developers or seasoned cybersecurity experts, you have access to the best. Cost-Effectiveness Reduce overall hiring costs compared to traditional employee recruitment, avoiding onboarding, training, and overhead expenses. Pay only for the skills you need when you need them. Speed of Hiring Fill talent gaps quickly, accelerating project progress and reducing time-to-market. Don’t let slow recruitment processes impede your growth – get the right people on board instantly. Selecting the Right Staff Augmentation Partner in the UK Choosing the right partner is crucial for a successful staff augmentation experience. Here’s how to find the best fit: Criteria for Selection · Industry knowledge is key: Find a partner who knows your industry inside and out, like a seasoned friend who’s seen it all. They’ll understand your specific challenges and craft solutions that perfectly fit your needs, no generic advice here. · Don’t settle for second-rate talent: Look for a provider brimming with amazing, pre-vetted professionals across all sorts of skill sets. It’s like having a talent magnet that attracts the best and brightest. · Clear pricing is a must: Avoid hidden fees and nasty surprises. Choose a provider with crystal-clear pricing structures, so you know exactly what you’re getting and can budget confidently. Because transparency and cost-effectiveness go hand in hand. · Communication is important: Find a partner who talks straight and listens even better. They should offer ongoing support throughout your journey, keeping you informed and empowered every step of the way. Think of them as your communication cheerleaders. Key Questions to Ask Potential Providers · How do you ensure the quality and skill set of your candidates? Don’t compromise on expertise. · What is your experience working with businesses in my industry? Industry-specific knowledge is invaluable. · What are your onboarding and integration processes? Smooth transitions are crucial for success. · How do you handle legal and regulatory compliance? Ensure peace of mind with a compliant partner. · What support do you offer during the project execution phase? Ongoing support is key for a smooth and successful project. Integration Tips · Clear communication: Establish clear expectations, roles, and responsibilities for both your internal team and augmented staff. Foster a transparent environment where everyone knows their part. · Regular feedback and collaboration: Encourage open communication and collaboration between your team and the augmented professionals. Feedback is a powerful tool for growth and improvement. · Cultural awareness: Be mindful of cultural differences and create a welcoming and inclusive environment for all team members. A diverse and inclusive team fosters innovation and success. · Knowledge sharing: Encourage knowledge sharing between your internal team and the augmented professionals. This ensures smooth project execution and future knowledge retention. In conclusion, by partnering with Vodworks, you gain access to a world-class staff augmentation experience. Our deep industry expertise, vast talent pool, and commitment to client success ensure you have the right resources at your fingertips. Let us help you unlock your full potential and achieve your ambitious goals. Contact Vodworks today to discuss your specific needs and discover how staff augmentation can propel your UK business to new heights.

Emerging opportunities: The business boom in the East Midlands

The East Midlands region is traditionally known for its rolling countryside and historical landmarks. However, it is now making headlines for a different reason: a significant business boom. Entrepreneurs and investors are turning their attention to this area, drawn by its economic resurgence and the diverse opportunities it presents. Let’s explore the sectors driving this growth and offer actionable advice for those looking to capitalise on the emerging opportunities. The Economic Resurgence Of The East Midlands Recent years have seen the East Midlands transform into an economic powerhouse thanks to strategic infrastructure investment, supportive government policies, and a vibrant community of innovators and business leaders. Understanding the region’s economic strengths is essential for anyone aiming to tap into this growth. Networking with local business groups and engaging with regional development programmes can provide invaluable insights and open doors to new opportunities. Sector-Specific Opportunities The East Midlands is not merely growing; it’s diversifying. This diversification provides a fertile ground for varied sectors, offering unique opportunities for astute investors and innovative entrepreneurs. · Digital And Technology: The tech sector’s significance in the East Midlands cannot be overstated. The region is ripe for digital exploration and investment, from bustling tech hubs to innovative startups. Entrepreneurs should consider leveraging local tech incubators and accelerators offering funding and mentorship to nurture digital innovations. · Manufacturing And Engineering: This sector’s evolution from traditional industries to innovation-driven engineering is remarkable. Entrepreneurs looking to enter this space should focus on developing products that solve real-world problems, capitalising on the region’s rich manufacturing heritage. Collaboration with research institutions can drive innovation and give businesses a competitive advantage. · Green Energy And Sustainability: With a global shift towards sustainability, the East Midlands’ green energy sector is flourishing. Entrepreneurs can innovate in renewable energy solutions, waste reduction, and sustainable practices. Partnering with local governments and communities to pilot green projects can pave the way for scalable businesses. Franchise Opportunities: A Gateway To Business Success In The East Midlands Franchising offers a compelling route into entrepreneurship, especially in a growing economy like the East Midlands. For those considering this path, thorough research is paramount. As such, utilise resources like www.franchiselocal.co.uk to help get started. Potential franchisees should evaluate the market demand for the franchise’s products or services in the region, understand the franchisor’s support systems, and assess the alignment of the franchise with their personal and business goals. Networking with existing franchisees can offer real-world insights into the franchise model’s strengths and challenges. Navigating The Investment Landscape The East Midlands’ investment climate is as diverse as its sectors. Success here requires a strategic approach: · Understanding market trends · Identifying sectors with high growth potential · Connecting with local business ecosystems Building relationships with regional investment networks and attending industry events can offer valuable market insights and investment opportunities. The Future Is Here: Innovating For Tomorrow The dynamic sectors within the East Midlands indicate that the region is not just living in the present but also preparing for the future. Entrepreneurs and investors should stay abreast of emerging trends, such as artificial intelligence, biotechnology, and sustainable transport, which are set to define the next wave of opportunities. Emphasising continuous innovation and adaptability will be essential to thriving in the East Midlands’ evolving economic landscape. Ultimately, the future of business in the East Midlands is bright, and for those ready to explore these opportunities, the time to act is now.

Contractor appointed to build new Staveley canal bridge

The Chesterfield Canal Trust has appointed O’Brien Contractors Ltd. to construct and install a new bridge for pedestrians and cyclists over the soon-to-be restored route of the canal at Staveley. This will be the first stage of the Trust’s £6 million restoration project. The bulk of the money is from the Staveley Town Deal, a government levelling up project. The new 38 metre long bridge will take the Trans Pennine Trail across the canal to meet the Arkwright Trail. Later the canal itself will be restored including a new bridge for farm vehicles and a new lock. There will also be a freshly landscaped relaxation area including picnic benches and information boards. This will be carefully planted to encourage wildlife. O’Brien’s will start on site in April and major groundworks will start in May. The bridge will be installed in the summer and there will be a formal opening ceremony in September. Tony Mitchell, Director, O’Brien Contractors Ltd, said: “We are extremely pleased to have been appointed by The Chesterfield Canal Trust to provide the new canal bridge at Staveley. “This prestigious project will be a huge benefit to pedestrians and cyclists all over the region and the restoration of this historic route will benefit the community for many years to come. We look forward to working with the Trust and their team over the course of this exciting project.” Chesterfield Canal Trust Development Manager, George Rogers, said: “This is a big milestone for the Chesterfield Canal Trust, and we are delighted to appoint O’Brien Contractors to deliver this statement structure over the canal. “Installing this bridge will open up the route for future restoration in multiple ways and I am looking forward to seeing it progress over the summer.” Ivan Fomin, Chair of the Staveley Town Deal Board, said: “It’s taken a huge amount of work by the team at the Chesterfield Canal Trust to get to this point and I want to thank them for their efforts and congratulate them on reaching this important milestone. “The expansion of the canal is an important project for the town deal – it will help make the town a more attractive place to visit and provide residents with new outdoor facilities to explore. I look forward to seeing the bridge completed as this will unlock the next stages of this project.” The Trust currently has an appeal to raise £50,000 to go towards the cost of the gates for the new Keith Ayling Lock, named after a former Chair of the Trust.

Banking Hub coming to Moor Market in Kirkby

Ashfield District Council’s Moor Market in Kirkby is set to be home to a new banking hub. Last year, Kirkby in Ashfield was chosen as a location for one of 68 new banking hubs across the UK, owned by Cash Access UK. The banking hubs are shared spaces on the high street that allow customers of multiple banks to deposit and withdraw money, get face-to-face help, and carry out regular banking transactions. They also have a private room available for one-to-one discussions. Ashfield District Council have been working with Cash Access UK to find a suitable location, and now the planning application for the hub in Kirkby has been submitted to the Council. The new banking hub will allow more residents and businesses access to their money, without having to travel out of Kirkby. Cllr Jason Zadrozny, Leader of Ashfield District Council, said: “We are delighted that the planning application for the banking hub at Kirkby has now been submitted. We know that so many residents have struggled with the lack of face-to-face banking in Kirkby since the banks closed, and the banking hub will make a huge difference to people’s lives. “It’s not just residents who will benefit from this hub, our small businesses will also be able to utilise it. This is an exciting step towards the hub opening in Kirkby.”

Nottinghamshire manufacturer sold to Portuguese company

Duke Capital, a provider of hybrid capital solutions for SME business owners, has revealed the successful exit of its investment in Meteor HoldCo Limited, the 100% owner of Fabrikat (Nottingham) Ltd, a manufacturer of street lighting columns and guard rails.

The exit comes three years after Duke’s financing solution enabled Fabrikat’s established management team to become majority equity owners.

Fabrikat is being acquired by Metalogalva – Irmãos Silvas, SA, a Portuguese company in the area of engineering and steel protection with more than 50 years of history and operations spanning across 14 countries and four continents.

Neil Johnson, CEO of Duke Capital, said: Fabrikat is a real success story for Duke and a great case study for why Duke’s capital is a perfect fit for individuals seeking to execute an MBO.

“Our capital allowed long-standing employees of a strong business to step up into large equity ownership positions and in that role, they continued to prove themselves as great stewards of the business, creating value for all stakeholders. In turn, we are pleased to build on our already robust track record of achieving above-average returns on exits.”

Duke had invested a total of £6.2 million in Fabrikat to date.

Paul Allen, CFO of Fabrikat, said: “We would like to thank Duke Capital for buying into our vision in a way which motivated us to drive significant growth in the company. Duke’s capital enabled us to execute the MBO while the team supported us by becoming partners in our growth and success.

“Initially we went through a very competitive process but only Duke Capital’s offer allowed us to keep 70% of the business that we had spent years crafting as the senior management team. And to top it off, we were able to keep control of the timing of the sale and the counterparty to whom we entrust the future of Fabrikat and our employees.”

Training provider moves to larger Chesterfield premises

Skills and employability training provider DBC Training is expanding into larger Chesterfield premises, following successful growth in the town. The organisation will move into new offices at Markham House in the centre of the town, allowing more learning space for the business to deliver its courses. Commenting on the expansion of the business, Luke Brailsford, Senior Performance Manager at DBC Training, said: “As a business we are growing, and we see Chesterfield as a key part of our growth plans. The investment in our new premises supports this, offering more learning space for us to deliver high-quality employment and skills training courses in Chesterfield. “This supports our ultimate aim to support local residents back into employment and to help more employers upskill their workforce through our award-winning apprenticeship service. “We are still in Chesterfield Town Centre, on the top floor of Markham House. There are many benefits to this move, however, key ones being more space and room for the courses we deliver, along with being centrally located and close to partners that we work with.” DBC Training has been delivering employment and skills training since 2000. The business matches skills training to local job vacancies and offers a range of courses to help unemployed people transition into work.

Legal and financial services business moves into Chesterfield’s Northern Gateway Enterprise Centre

A new legal services business has moved into Chesterfield’s Northern Gateway Enterprise Centre. Clearlines is a first for the UK Care market allowing care providers to help their clients as they transition into care by providing them with with an assessment of their legal and financial foundation and offering them an opportunity to mitigate any of the issues that may have arisen in the assessment. The business was founded last year and is part of the W & P Legal Group. W & P Legal specialises in legal services for later life planning. As such, a lot of the firm’s work was helping clients prepare for entering care or helping them transition a loved one into care. From this experience came Clearlines. Tom Ash, Director, Clearlines Solutions LTD, said: “Clearlines is still a new product but we are starting to forge partnerships with national care brands and launching the service with several care providers. As such we have already outgrown our home office. “We feel that the move to Northern Gateway Enterprise Centre is a statement of intent for our new company. We will grow into our new premises, we will contribute to our local community and we will create jobs within Chesterfield. “The location of Northern Gateway Enterprise Centre was our main attraction. Its central location meant that it puts us in the heart of Chesterfield. The proximity to the train station is also a huge benefit. As we welcome colleagues from the rest of the W & P Legal group it means they are just a skip away from our new home.”