Streets Chartered Accountants covers updates to payroll management, HR and compliance, Trade Credit Insurance, and more in new news roundup

Tess Egginton
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Streets Chartered Accountants covers updates to payroll management, HR and compliance, Trade Credit Insurance, and more in new news roundup

Streets also looked at the broader HR matters that may concern employers now and in the year ahead, along with the potential impact of changes to and the introduction of new employment legislation. If you missed it you can catch up now!

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Trade Credit Insurance can protect your business 

Does your business have Trade Credit Insurance? Have you reviewed it recently to ensure that your policy is the right fit and level of cover your business needs?

Trade Credit Insurance protects manufacturers, traders and service providers against losses from non-payment of a commercial trade debt. Debts can arise as a result of a customer becoming insolvent or failing to pay within agreed terms.

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Open Road is Colchester office’s new nominated charity As part of Streets’ commitment to the communities in which its teams live and work, the Colchester office of Streets Whittles has an established approach to supporting a nominated local good cause. 

As of March 2024, Streets has selected Open Road to benefit from its support. An established drug and alcohol recovery support charity in Essex and Medway, Open Road provides services to support individuals on their journey to recovery from drug and alcohol addiction.

Have we become too obsessed about the use of technology in our businesses?

Is it time to regain control of our senses about the benefits and use of technology? The last 12 months seem to have been unprecedented in terms of the use and introduction of technology and digital innovation.

Who would have thought that OpenAI and ChatGPT only really came to market and wider use in November 2022? With the launch of Google’s AI and other platforms there does seem to be a frenzy of activity as organisations seek to understand what artificial intelligence can do for them or how it might impact their businesses.

York House gets new lease of life in £800k transformation

Stuart Pearcey
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York House gets new lease of life in £800k transformation
Investment of £800,000 is giving Chesterfield’s York House a new lease of life as a business centre. The building, on St. Mary’s Gate, will now be known as York House Business Centre following the transformation of the property by Sovereign Assets & Developments. A spokesperson for the developer commented: “Our vision for York House is to create a space that not only serves as a practical work environment but also fosters a community of innovation and growth for all its members. “Every corner of York House has been reimagined to offer the perfect blend of heritage charm and modern convenience, with state-of-the-art facilities that businesses need to thrive in today’s fast-paced world. “The choice to develop York House into business units was driven by the building’s innate potential and Chesterfield’s growing demand for quality office space. We recognised the opportunity to create something that could truly make a difference for local and incoming businesses. “York House will play a pivotal role in growing the local economy by attracting diverse businesses and talents to the area. By providing top-notch facilities, we’re helping start-ups, scale-ups, and established companies to operate efficiently, which in turn will generate job opportunities and stimulate economic activity.”  

Aggregate Industries develops cement storage facility at Southampton

Stuart Pearcey
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Aggregate Industries develops cement storage facility at Southampton
Coalville-based Aggregate Industries has signed a 20-year deal with Associated British Ports and cargo handler Solent Stevedores who will be operating a major cement storage facility at Southampton for deep-sea shipping lines. This latest investment will help the business maintain a continuous supply of lower carbon cementitious solutions throughout the South and South West of England, and together with the expansion of storage capacities and enhanced infrastructure, the Port will be able to accommodate larger vessels and improve overall transport efficiencies. It constitutes an important first step in the cement leader’s ambitious strategy to transition to deep sea terminals, with a number of further import network improvements planned and due to be announced over the coming years. With each import investment strategically chosen to support the firm’s regional logistics infrastructure, this growth in distribution capability will help Aggregate Industries to offer best in class service to local customers – with minimal lorry miles from terminals to sites – for the ultimate in sustainable, agile, secure supply. Matt Owen, Head of Supply Chain at Aggregate Industries Cement Division said: “This is a significant project for us. It constitutes the first stage in a wider programme of planned investments over the short to medium term in deep sea imports designed to enable us to serve growing demand. “The Southern construction market remains buoyant with lots of major projects in the pipeline this year and beyond. Constituting one of the few deep-sea vessel facilities of its kind in the region, this facility will enable us to remain primed and ready to meet our customers rising demand for lower carbon solutions.” “Our investment in this Port is indicative of the key role freight is playing in helping us to build resilience and surety of supply for customers, so we can always respond in an agile way to customer demand.” Clive Thomas, Commercial Director at Solent Stevedores, said: “Welcoming Aggregate Industries to the port with this long-term contract will facilitate a significant upgrade in the facilities and increase the range of products Team Solent handles through the Bulks terminal.”

“Step-change in performance driven by transformation” at Rolls-Royce

Tess Egginton
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“Step-change in performance driven by transformation” at Rolls-Royce
Rolls-Royce has delivered a record performance in 2023, driven by transformation. Underlying operating profit of £1.6bn was up from £652m in 2022. Meanwhile revenues grew from £12.7bn to £15.4bn. The business also highlighted record free cash flow of £1.3bn. Net debt at the Derby manufacturer was £2bn, down from £3.3bn at the end of 2022. Looking to 2024, Rolls-Royce is expecting underlying operating profit between £1.7bn and £2bn and free cash flow between £1.7bn and £1.9bn. Tufan Erginbilgic, CEO, said: “Our transformation has delivered a record performance in 2023, driven by commercial optimisation, cost efficiencies and progress on our strategic initiatives. “This step-change has been achieved across all our divisions, despite a volatile environment with geopolitical uncertainty, supply chain challenges and inflationary pressures. “We are managing the business differently and our significant performance improvement in the year reflects the hard work and focused actions of all our teams. We are also continuing to invest to drive future sustainable growth. “Our strong delivery in 2023 gives us confidence in our 2024 guidance and is a significant step towards our mid-term targets. We are unlocking our full potential as a high-performing, competitive, resilient, and growing Rolls-Royce.”

Partners& boosts Midlands presence

Tess Egginton
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Partners& boosts Midlands presence
Monaco Insurance Services and Church Side Insurance Services are the latest additions to Partners&’s growing team in the Midlands. Monaco Insurance Services, based in Edgbaston, was founded in 2010 by Amrik Chote and Kay Gill. The team plan to rebrand to Partners& in June 2024 and will report to Neil O’Sullivan, Managing Partner for the Midlands region, which includes offices in Hereford, Shrewsbury, Nottingham and a new office soon to open in Birmingham. Phil Barton, CEO, said: “Amrik and Kay have built a highly respected and professional business, and I’m delighted they have chosen Partners& as their new home. They are a phenomenal team whose experience and relationships in the Birmingham market are second to none. “Their commitment to the community and the charitable work they have done is fantastic, and they’ll be a great addition to our Midlands team based in Birmingham.” Church Side Insurance Services, based in Mansfield, was founded in 2013 by Dean Parrish and Damian Booker. Specialising in providing SME and mid-corporate clients with insightful and practical advice to protect their businesses, they complement the Partners& Nottingham team. In early February, Church Side rebranded to Partners&. Phil said: “As they have grown their business, Dean and Damian have demonstrated significant business acumen and a professional approach that is very much aligned with Partners&. From the first time we met, they felt like one of the team. As we look to bolster our presence in the region, and in Nottingham in particular, the team represents a great asset for our growing our East Midlands hub.” Commenting on the move, Dean said: “When we started to discuss future partnerships, synergy and longevity were top of our agenda. We wanted to make sure that we could look after our customers and staff, in the same way we always had, whilst also having the knowledge and resources of an excellent company alongside us. “During our first meeting with Partners& it became quickly apparent, that they were the only company we wanted to work with. “The quality of the people, and the principles that Phil Barton and his team have built are immense. We are really looking forward to becoming part of the Partners& family.”

Trio of Derbyshire day nurseries sold to major group

Tess Egginton
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Trio of Derbyshire day nurseries sold to major group
Specialist business property adviser, Christie & Co, has sold three established Derbyshire day nursery settings trading as Kingfisher Day Nurseries. Kingfisher Day Nurseries comprises Kingfisher Day Nursery Donisthorpe in Swadlincote, Kingfisher Day Nursery Chapel Street in Spondon, and Kingfisher Day Nursery Kilburn in Belper. Together, they cater for up to 186 children aged between one and four years. Kingfisher Day Nurseries was previously owned by Helen Allanson, who established her first setting in Spondon in 2004 and grew the group from there. She decided to sell to retire from the sector. Following a sales process with Jassi Sunner at Christie & Co, the three settings have been purchased by Kids Planet Day Nurseries, bringing the group to 188 settings across the UK. Helen Allanson, former owner of Kingfisher Day Nurseries, says: “I acquired my first settings (Spondon nursery and pre school site) in 2004 and increased numbers and facilities here from 20 children to 68. Other settings were purchased in 2011 and 2015 and each nursery was updated and modernised where needed. “It has been a busy and productive 20 years but it was time for a break to follow other opportunities and to spend more time with children and grandchildren. I feel Kids Planet will care for and develop the excellent staff team at each nursery and will have the resources to further improve facilities for the children.” Clare Roberts, CEO at Kids Planet Day Nurseries, says: “We are thrilled to have added Kingfisher Day Nurseries to the Kids Planet family. They are truly lovely nurseries that very much mirror the ethos of Kids Planet in both quality practice and provision. “I am really looking forward to working closely with the settings over the next few months as we support and develop the nurseries further.” Jassi Sunner, Associate Director – Childcare & Education at Christie & Co, says: “I have had the pleasure of working with Helen since 2019 when we managed to sell the first of the fantastic five settings she had at the time. We continued our good working relationship with another single-setting sale in 2021. “I knew that Helen may have plans to exit so presented the opportunity of a well-known buyer for her remaining five settings and we were quickly able to agree a closed and confidential sale. “The span of these settings across various boroughs of Derbyshire was a key attraction to the buyer and Helen’s strong relationship and dedicated teams have always been a key factor to the range of buyers we have agreed sales to. “I am sincerely pleased to help Helen exit the sector and I hope she can benefit from the additional time she now has to spend with her lovely family.” Kingfisher Day Nurseries was sold for an undisclosed price.

NTU awarded £112k to expand digital apprenticeships provision

Tess Egginton
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NTU awarded £112k to expand digital apprenticeships provision
Nottingham Trent University (NTU) has been successful in gaining funding for the first wave of the Office for Students apprenticeships funding grant.
The Office for Students recently announced £40 million pounds worth of funding available for training providers to increase participation in apprenticeships at Level 6, with some smaller pots of funding available at Level 4 and 5. This funding will be allocated in 2 waves, in 2024 and 2025. NTU was awarded £112,000, aimed at increasing apprenticeship starts on its Digital courses of Level 6 Data Scientist, Level 6 Digital Technologies Software Professional and Level 6 Digital Marketer Degree Apprenticeships for 2024.
The office for students announced the funding aimed at: expanding the number of available courses; increasing the number of students on Level 6 degree apprenticeships with historically low starting numbers; increasing equality of opportunity within Level 6 degree apprenticeships. John Blake, Director for Fair Access and Participation at the Office for Students, said on the funding: “Degree apprenticeships can provide students with the best of both worlds; the opportunity to combine paid work with a high-quality undergraduate in their chosen industry. “These qualifications help enhance diversity with flexible, innovative opportunities and provide an alternative route into higher education for students to learn skills that meet society’s current and future needs.”

BRM corporate team completes over £85m of deals in 12 months

Tess Egginton
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BRM corporate team completes over £85m of deals in 12 months
Regional law firm, BRM has completed more than £85 million in corporate deals in the last 12 months. BRM’s corporate team, led by Executive Director Sarah Rowland, brought in more than £85 million in high-profile transactions during 2023. The deals spanned a variety of sectors including healthcare, construction, logistics, energy and transport. Completing more than 20 large transactions last year, BRM, which has offices in Chesterfield and Sheffield, advised on deals including supporting Classic Lifts on one sale and two purchases including their acquisition of Southern Counties Lifts. 2023 also saw the firm’s corporate team advise Synecore Ltd in their sale to H.I.G Capital, as well as advising Sheffield-based All Seasons Energy in their acquisition by Swedish counterpart, Aira. BRM Executive Director Sarah Rowland predicts another strong year in 2024: “In 2023, we saw a positive deal flow which has been reflected in the volume of deals we managed to complete. “Although a demanding and busy period, our team has risen to the challenges to provide first-class specialist corporate legal advice to our clients. “We have had the pleasure of working with some of our long-standing clients in getting their deals over the line and helping them with their strategic goals. “We predict a buoyant 2024, with yet again another solid pipeline of deals across a variety of sectors. We look forward to another strong year.”

Planning granted for £77.5m multi-tenure new home development in Clifton

Tess Egginton
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Planning granted for £77.5m multi-tenure new home development in Clifton

Nottingham-based Avant Homes East Midlands will deliver 265 multi-tenure new homes in Clifton after being granted planning permission for a £77.5m residential development.

Called Foxgrove Village and located off Hawksley Gardens, the 24-acre site will comprise a mix of one-, two-, three-, four- and five-bedroom homes.

It will feature 15 of Avant Homes’ practically designed, energy efficient house types including terraced, semi-detached and detached homes as well as townhouses.

Of the 265 properties on the development, 20 per cent will be affordable homes.

Work at Foxgrove Village is scheduled to start in April. It is anticipated that the first properties will be released for sale in May and the first residents will move into their new homes in November.

Avant Homes East Midlands managing director, Ben Felton, said: “As a business, we are committed to providing quality new homes for everyone in locations where people want to live.

“We know from the popularity of our nearby Wilbur Chase development in Ruddington that there is strong demand in the area for our practically designed, energy efficient multi-tenure new homes.

“We now look forward to starting work on Foxgrove Village to provide local residents and people wanting to move to Clifton with a range of homes at a variety of price points.

“We have great mix of properties that will appeal to everyone from first time buyers, to second steppers, families and downsizers.

“This is demonstrated by the significant number of sales enquiries we already have for Foxgrove Village and, now that we have been granted planning, we expect demand to increase further.”

Streets Chartered Accountants backs awards celebrating family businesses

Tess Egginton
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Streets Chartered Accountants backs awards celebrating family businesses

The not-for-profit Midlands Family Business Awards are back for the 12th year – backed by Streets Chartered Accountants.

Organised by third generation family business, The Wilson Organisation, the Midlands Family Business Awards gives family businesses the opportunity to be recognised for the contribution they make to the region.

Charlotte Perkins, Group Managing Director of The Wilson Organisation, said: “As a family business ourselves, we understand that these businesses operate in a unique way. According to the Family Business Research Foundation 2023 report, the sector is estimated to have contributed £225 billion to UK public finances in 2021.

“That’s a huge contribution to our public purse, as well as the local communities that they play a vital role in through employment and social value. We want to recognise, acknowledge and celebrate these accomplishments through our awards.”

Across 10 categories, family businesses across the Midlands can submit entries for free. All the shortlisted businesses are then eligible for the People’s Choice award which is determined by a public vote in September.

“With Streets Chartered Accountants’ longstanding association and reputation for looking after family businesses we are delighted to once again be supporting and sponsoring the Family Business Awards and in particular the People’s Choice category for 2024,” a spokesperson from Streets Chartered Accountants shared.

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