Pace of AI adoption means Government and education system have to catch-up fast, say small firms

Tess Egginton
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Pace of AI adoption means Government and education system have to catch-up fast, say small firms
Small firms need protection from deepfakes and improvements to the education system to allow Artificial Intelligence (AI) to live up to its true potential, a new report by the Federation of Small Businesses (FSB) shows. Redefining Intelligence: The Growth of AI Among Small Firms, published today, emphasises that while the technology can work in tandem with human intelligence and creativity, it should not replace human judgement entirely. It also highlights the importance of Intellectual Property (IP) rights, over fears that allowing AI to sidestep IP could disincentivise small firms from coming up with new, creative ideas. Figures show that small firms are adopting AI at a rapid pace, with one in five (20%) already using it, and 11 in 20 (55%) recognising its potential benefits. Similarly, three in five (60%) aiming for rapid growth plan to use it – but these figures are likely to grow quickly as the technology gets smarter. But while AI will bring many benefits, the risks must not be glossed over as the AI debate gains more traction, with the 73 per cent yet to embrace it worried about:
  • 46% not having the knowledge to use it correctly.
  • 31% their ability to manage security risks.
  • 24% the impact of deepfakes.
  • 20% the abuse of their IP rights.
  • 12% whether it will reduce the long-term viability of their business.
The fear of being left behind is most prominent in the information and communication sectors, with 25 per cent of small businesses in this sector concerned that it could undermine their viability. Despite this, small firms, who are nimbler by nature and tend to harness new technologies quicker than their larger rivals – do have plans to grow their business using AI. Indeed, 16 per cent plan to enrol on an AI course, 8 per cent will invest in training for their staff, 13 per cent want to use it to improve customer experience and 13 per cent want to explore how they can initiate new business models with it. Elsewhere, over a quarter (26%) do not believe AI is appropriate for their business – including over half (51%) in the construction sector and 45% in hospitality. However, as AI’s capabilities evolve, there needs to be a solid regulatory framework in place to help small firms use it to their advantage. Redefining Intelligence recommends the Government:
  • Make it illegal to use deepfakes with the intent to cause commercial damage, with legal recourse available for victims.
  • Request the Law Commission conduct a review into the use of AI and how it relates to IP, and how best to update existing laws to make it clear that copyright can only sit with a human author.
  • Broaden the remit of Ofcom so it regulates cloud infrastructure in the same way as utility providers, ensuring cloud infrastructure remains affordable.
On skills, FSB recommends:
  • Creating a GCSE and A-Level qualification in applied computing, that focuses on the practical use of AI.
  • Specific new programmes to help make small business owners make the best possible use of AI in their business, including to better assess training and to make sure take-up of new technology is supported.   
Federation of Small Businesses (FSB) Development Manager Jennifer Thomas said: “Sadly, our future is unlikely to hold flying cars and time travel, but it does hold AI – and that is something to be marvelled at. It has the potential to shape our economy in ways the dot.com boom only hinted at. “However, there is a genuine buzz of concern that AI must be properly regulated. It’s important to recognise that despite its leaps and bounds, the technology remains firmly in the shadow of the human mind’s creativity and critical thinking. “It might excel at recognising patterns at speeds that dwarf human capabilities, but it falls short on nuance, ethics, and empathy – qualities only humans can bring to the table. AI is great for supplementing human intelligence and creativity but will never replace it. “That is why it is more important than ever to prove that it can be an ally instead of a foe by investing in upskilling programmes, banning deepfakes and crafting sensible regulations that ensure small businesses’ intellectual property is not misused. “Small firms are agile and can make quick changes to their operations, and with the right framework, will be able to embrace AI at pace. It would be a big shame to leave them behind as AI grows in capabilities.”

New Government railway funding needs to do more to respond to East Midlands’ needs, warns Chamber

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New Government railway funding needs to do more to respond to East Midlands’ needs, warns Chamber
Long-anticipated government funds of £123 million allocated to Midlands Rail Hub – a project to improve connectivity between train stations across the Midlands – is to be welcomed, however does little to meet the needs of those in the East Midlands, say East Midlands Chamber. The initiative uses cash freed up by abandoned HS2 funds to upgrade stations and improve infrastructure across the overall Midlands area. East Midlands Chamber Director of Policy and Insight Chris Hobson said: “While any investment in Midlands railway infrastructure is to be welcomed, we’re concerned that once again the primary focus is on towns and cities outside of the East Midlands. “Our Manifesto for Growth 2024, which we’re taking to Westminster on 11th March, asks our policy makers to ensure we deliver fair funding for infrastructure in the East Midlands. This isn’t about receiving investment at the expense of our neighbours to the west, it’s about Government doing more to rectify the fact that we are the most under-funded region in the country when it comes to rail travel. “We have desperately inadequate service between stations within the East Midlands and this hampers the tremendous growth potential of businesses. It’s all very well that a Birmingham-bound passenger might be able to jump on an extra train here and there at Nottingham but what we’re stating loud and clear in our manifesto is the huge need for transformational improvement within the East Midlands. “We look forward to taking our manifesto to Westminster on 11th March and insisting politicians listen to what our businesses need to succeed.”

Chesterfield plant company secures £400,000 asset finance package to support growth

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Chesterfield plant company secures £400,000 asset finance package to support growth

Paragon Bank’s SME Lending Division has supported Chesterfield-based plant company SH Plant Ltd to purchase two trucks through an asset finance funding solution of £400,000. The company has purchased two Volvo articulated dump trucks through an asset finance package of £400,000 to support its growing business, adding to its fleet of existing vehicles. Of the two vehicles purchased, one of the articulated dump trucks was bought at auction, with the finance agreed with Paragon Bank before the auction took place. This enabled SH Plant to finalise the deal with the auction house on the day and collect it in less than a week. The second vehicle was purchased directly from Volvo, via Paragon Bank. SH Plant is a family-run business in Chesterfield operating in the quarrying industry. It specialises in rock extraction, soil stripping, hauling, and restoration works. The company was founded by company Director, Terry McGrael, who has over 40 years’ experience in the industry. Terry works alongside his wife, Hazel, and daughter Rosie to manage the day-to-day running of the business. This deal was led on behalf of Paragon’s SME Lending division by Todd Auger, Business Development Manager who works in the Vendor team, headed by Terry Lloyd.

SH Plant Limited Managing Director, Terry McGrael said: “It’s been great to work with Todd and the Paragon team for the purchase of our two new Volvo articulated dump trucks that will help us to expand our business operations.

“We’re pleased that we were able to source the vehicles from two different suppliers, one direct from Volvo and the other via auction, and still work with Paragon to fund both.”

Paragon Bank SME Lending Division Business Development Manager Todd Auger added: “It’s been a pleasure to work with Terry again, we’ve had a relationship with SH Plant Limited since 2021 and have helped the company to acquire various types of machinery and vehicles to support its expansion over the years.  “At Paragon we can offer flexibility when it comes to the method of purchase, therefore we were thrilled to be able to support Terry to purchase one of the vehicles at auction, helping him to agree the funds before the auction took place.”

M&A report reveals Midlands ‘significantly outperformed’ other UK regions in 2023

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M&A report reveals Midlands ‘significantly outperformed’ other UK regions in 2023

Despite deal volume declining across the UK, the Midlands ‘significantly outperformed’ other regions, according to Experian’s 2023 UK and Ireland (UK&I) M&A Review.

Although the Midlands saw a 7% year-on-year decline in deal numbers, it performed better than other UK regions, which all experienced steeper declines from 2022 to 2023. National deal activity overall declined by 12% during a challenging year for market conditions, however a connection to the Midlands was found in approximately 15% of all UK transactions.

Despite the widespread decline in deal volume, advisers PKF rose three ranks to become the 5th most active dealmaking team in the Midlands and a further six places in the national rankings to become the 7th most active in the UK. PKF completed 103 eligible deals, with the Midlands division and mid-market specialists PKF Smith Cooper securing 22 of those deals with a combined value of £277m.

Darren Hodson, Corporate Finance Partner, said: “93% of our transactions involved Midlands businesses, clearly demonstrating that Midlands-based companies remain attractive to investors.

“In addition to fuelling M&A activity on home soil, we completed a number of cross-border deals, drawing on our global reach and access to international purchasers.

“We are in the midst of ambitious expansion plans for our advisory team and are actively recruiting. We have been growing team numbers to prepare for anticipated increased deal activity in 2024-25 and also seeking to expand our financial due diligence services where we feel there is significant demand for our quality of service.

“We are currently seeing high levels of M&A interest in the technology and renewables sectors and we are optimistic that dealmaking levels in the Midlands and UK will recover from 2023 levels, as uncertainties around inflation, interest rates and political and macro concerns subside, especially with alternate funders and increasing PE activity supporting the market in 2024.”

Firms offered chance to learn about fusion energy at West Burton

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Firms offered chance to learn about fusion energy at West Burton
UK Atomic Energy Authority has launched a new online tool for business and residents  near West Burton to learn more about the vision for the site’s role in developing a prototype fusion power plant with the potential to create nearly four million times more energy for every kilogram of fuel than burning coal, oil or gas. A team from UK Atomic Energy Authority has developed the online tool alongside development of the Spherical Tokamak for Energy Production vision for the West Burton site near Gainsborough, where the prototype fusion powerplant will be built. It’s said that fusion has the potential to become a near-limitless source of low carbon energy by copying the processes that power the sun and stars, where atoms are fused to release energy. Nearby businesses and residents can see for the first time how UKAEA is approaching the layout of the site, which is underpinned by four key themes:
  • the environment, innovation and climate change resilience
  • health and wellbeing
  • an inclusive economy
  • identity/distinctiveness, taking into consideration culture and heritage.
The four themes are supported by eight ‘spatial principles’ which is a planning term for how the site will develop, including sustainable transport, ecology & environment, connecting with communities and clean growth & innovation. Dr James Cowan, STEP Director Programme Development, said: “One of the most important parts of what STEP will do is to benefit the wider region, and to achieve that, we need to focus on developing the vision specifically for STEP at the West Burton site. “Launching our visual online tool, also accessible in other formats, provides the local community and other stakeholders with an opportunity to help inform and shape how the West Burton site should take shape. “STEP will only be a success with the continued support of the community that it will impact most, so please do provide us with your feedback. We want to hear from you!” The energy transition can make a real difference to individuals as well as the global climate challenge and STEP aims to do that at West Burton, creating thousands of jobs during the construction phase in addition to employment opportunities for generations to come. Fusion energy is based on the same process that powers the sun and stars, and promises to be a safe, low carbon and sustainable part of the world’s future energy supply.

East Midlands law firms unite to create dynamic legal partnership

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East Midlands law firms unite to create dynamic legal partnership

Sills & Betteridge LLP have acquired Nottingham-headquartered Campions Solicitors. The collaboration is a significant development in the East Midlands legal landscape and realises the ambitions of both firms to create a dynamic legal partnership in the region. Sills & Betteridge were founded over 265 years ago and are consistently ranked among the top-performing law firms in the UK. The firm first expanded into Nottingham from neighbouring Lincolnshire in 2013 when they acquired MacLaren Britton of King Street. In 2019 they undertook extensive sympathetic refurbishment of their current offices on George Street, Hockley to where the Campions team will now relocate. Campions offices on Mansfield Road in the city will close – and their operations in Pride Park, Derby and Grove Park, Leicester will remain open and be further developed by the firm. The merged practice will operate across the East Midlands as Sills & Betteridge incorporating Campions. Sills & Betteridge Chief Executive Martyn Hall explained the reason for the merger: “Bringing an established East Midlands brand like Campions on board will help us to develop our profile in the region and gain real competitive advantage in our complementary practice areas of family law, residential conveyancing and wills, trusts and probate. “We look forward to working with their team and providing additional personal and commercial legal services to their clients.” Campions Founder Stephen Campion said: “We are very pleased to be joining forces with Sills. We are aware of their strong reputation and wide range of legal services and believe our collective expertise and commitment to delivering excellent client care will truly benefit existing and future clients.” Daniel Priest, joining the merged practice as a Partner agreed: “Having worked in family law for over 20 years I am very excited to be bringing my experience and expertise of working with clients throughout the East Midlands to such a large and established legal practice.” The acquisition will see the 400 strong team at Sills & Betteridge deliver legal services from 18 locations across Lincolnshire, Yorkshire and the East Midlands.

Collaboration between property businesses to give Chesterfield homes new lease of life

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Collaboration between property businesses to give Chesterfield homes new lease of life
A section of houses in Chesterfield which have been unoccupied for many years are being brought back to life, following a collaboration between two property businesses. The buildings at 18-20 Highfield Road date back over 150 years, and are now being restored into high-end and co-living homes. Once complete, the properties will be managed by Dovedale Property Lettings, who are working alongside Property Projects Group on the revamp. The works will also greatly improve the energy efficiency of the properties, with plenty of insulation being installed ready for the arrival of new occupants. Rick Cusimano, Co-Owner of Dovedale Property Lettings, explained the story behind the project: “Overgrown with trees and weeds, the houses were barely visible from the road for many years. “I first became aware of them around 5 years ago, when I tried to make some enquiries to locate the owners, to no avail. Eventually, I saw them go up for auction and immediately knew I had to try and restore them if I could. “Mark-Jonathan Wilkinson from Property Projects Group shared my vision for bringing these properties back into use and after a few visits he decided to take it on! His team is doing a great job over there. “With super-fast broadband and modern decor, these will be stunning places to live. I’m incredibly excited to be able to restore these houses to high-end homes, it’ll be an incredible transformation. Work is progressing well and we’re hoping to be able to officially launch in August this year!”

Modular house builder plans job cuts

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Modular house builder plans job cuts
Derby-based modular house builder TopHat is planning to make redundancies to cut costs. Around 70 jobs are at risk, according to reports in the Construction Enquirer, with consultation now underway. Investors have injected £200m of funding into the business since it began trading in 2016. The news comes after the company’s results for the year to October 31 2022 indicated a widening of pre-tax losses (to £20.4m from £19.4m) and reduction in turnover (to £10.2m from £12.3m). TopHat told the Construction Enquirer: “TopHat is consulting with employees as part of a programme to reduce the costs of the business in response to the prevailing challenging market. “The changes are a prudent step to ensure the business maintains current delivery levels during 2024 and is well positioned for growth as the market returns. “The medium and long term need for volumetric modular homes is becoming ever clearer as traditional build capacity is constrained by the growing skills shortage. “While cost cutting is always tough, these changes will put TopHat in pole position for growth when demand rebounds.” In November 2023, the volumetric modular house builder agreed a £15m debt facility with Homes England. This followed news that TopHat had raised £70m from existing and new shareholders including listed housebuilder Persimmon and institutional investor Aviva Capital Partners.

East Midlands manufacturer awarded £1m fitout contract for build-to-rent scheme

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East Midlands manufacturer awarded £1m fitout contract for build-to-rent scheme

Mansfield-based Deanestor, the fitout specialists, has been awarded a contract worth over £1m by Gilbert-Ash for the first build-to-rent scheme in Oxford. This will involve the manufacture and installation of more than 6,500 items of fitted furniture – kitchens and wardrobe sets.

The £63m second phase of West Way Square in Botley will deliver 150 rental homes for Grainger plc – the UK’s largest listed residential landlord.

Deanestor previously provided kitchen and bedroom furniture for phase one of this mixed use development, which created 264 purpose-built student apartments and studios, as well as retail, hotel and commercial space and other amenities.

Due for completion by the end of 2024, this latest scheme is designed by architects Mountford Pigott to be net zero carbon.

Commenting on this new contract win, William Tonkinson, Managing Director of Deanestor, said: “This is our first contract with Gilbert-Ash but our second on the West Way site. It follows our successful delivery of multiple fitout contracts for private rental developments across the UK, including two other Grainger schemes.”

The kitchens for West Quay Square will be manufactured and pre-assembled in Deanestor’s factory in Mansfield to reduce work on site and will be fitted in a range of linear and L-shaped configurations. Each kitchen will have grey base units with contrasting porcelain white wall cabinets, quartz worktops with matching upstands and splashbacks, under-cabinet feature LED lighting, and matt aluminium handle trims.

Appliances will be integrated and include dishwasher, tall fridge freezer, oven, hob, extractor and washer dryer.

Deanestor will also manufacture and install 230 sets of fitted wardrobes to the bedrooms, in a light grey matt laminate finish and with different combinations of hinged doors, internal shelving and hanging rails.

Minister for Levelling Up visits Rutland to discuss proposals, progress and plans for £22.9m projects

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Minister for Levelling Up visits Rutland to discuss proposals, progress and plans for £22.9m projects
Rutland County Council and Melton Borough Council welcomed the Minister for Levelling Up, Jacob Young, on Monday 26 February, as he visited Rutland to discuss the proposals, progress and plans for the £22.9m joint Levelling Up Fund (LUF) projects.

Both councils successfully submitted a joint bid to the Government’s LUF and are already putting in place projects that will help boost the economy of the local towns and improve connectivity. At the heart of the joint LUF bid is revitalising rural economies and market towns.

The projects within Rutland will include the development of a new 100m2 facility at Oakham Enterprise Park, which will provide clinical, development and training medical space. The vision of this project is to help to grow the area’s economic development and provide high level jobs in the area.

A second project is a 500m2 travel anchor Mobi-Hub, focussing on two routes that will enable access to work, learning and services across both Rutland and Melton. The Mobi-Hub will further facilitate significant improvements to public transport and bus connectivity, with two initial funded routes being a catalyst to enable more far-reaching developments within Rutland.

The Council is also using the funding to support the economic regeneration of the area by the introduction of a mobile, digital visitor experience that will enable visitors to view two of the area’s unique heritage treasures. The digitisation of these assets will be a huge boost to Rutland’s tourist industry and will also enable the council to develop the display of all heritage assets to maximise their potential.

Melton Borough Council is using the funding to develop over 2500sqm of flexible food and drink production units, including a support service to help small or upcoming local producers develop and grow in the Rural Capital of Food. In addition, £2m funding was also awarded to Melton College to refurbish the theatre, delivering a multifunctional event space that is more accessible and will attract larger events.

The Minister’s visit included a presentation of these LUF projects at Rutland County Council offices, Catmose House, followed by a tour of Rutland County Museum.

The Minister for Levelling Up Jacob Young said: “Levelling up is about spreading the equality of opportunity everywhere and it’s been fantastic to visit rural communities in Rutland and Melton to see for myself how levelling up investments are helping here.

“Projects like these sits at the heart of our levelling up ambition for the country and they will create long-lasting change and greater opportunities and jobs for people in communities such as these that we care so much about.

“It is also fantastic that some of this funding is being invested in the area’s rich culture and heritage, all of which will boost the local economy by attracting visitors for years to come.”

Leader of Rutland County Council, Cllr Gale Waller, said: “Both Oakham and Melton Mowbray are rural, historic market towns with huge potential for economic growth. We are delighted to welcome the Minister to Rutland to show how this funding is being used and how these five key projects really focus on economic innovation, cultural destinations, health, science and mobility.

“We have already approved the purchase of 3 electric minibuses that will run between Rutland and Melton, it is therefore exciting to have the opportunity to show how the LUF projects are progressing.”

Leader of Melton Borough Council, Cllr Pip Allnatt said: “I am pleased that locally we are working to use taxpayer’s money to implement really worthwhile projects across Melton and Rutland.

“These projects will provide more job opportunities, enhance the quality of life for residents across Melton and Rutland and also provide valuable tourism assets which will attract more visitors to the area. I especially welcome the chance to improve public transport linking Oakham and Melton via our villages providing much needed services to our rural residents.”

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