Nordic company Milient Software is enhancing its international presence by acquiring the Nottinghamshire-based business Flo10. Milient and Flo10 will deliver next-level project management solutions. Lars Owe Berge Nyland, CEO at Milient, said: “This acquisition marks a pivotal moment in Milient’s international expansion, cementing our status as a premier provider of innovative project management tools. We eagerly anticipate collaborating with the Flo10 team to elevate customer value and foster innovation in the architecture and engineering sectors.” Combining Milient Software’s project management solutions with Flo10’s Knowledge Management System and project compliance will give architects, engineers, and construction professionals a complete platform to successfully manage their operations and projects. Flo10’s founders, Matthew Nickerson and Aidan Boustred, said: “We are looking forward to taking the next step together with Milient Software, providing complementary products to our customers, adding value, and entering new markets.”

Fostering a culture of innovation and sustainability is pivotal for local businesses aiming for growth and resilience. These two elements are the backbone of success in a competitive market, ensuring companies thrive today and continue to lead into the future. By embracing these principles, businesses can navigate challenges more effectively, adapt to changes in the market, and build a loyal customer base committed to their success. The foundation of innovation Innovation isn’t just about groundbreaking technology or disrupting markets; it’s fundamentally about solving problems in new ways that add value to customers and the business itself. Local businesses stand to gain significantly by fostering an environment where every team member feels empowered to suggest and try new approaches. A culture that celebrates creative thinking and learning from trial and error can transform modest ideas into impactful innovations. To create such an environment, leadership should openly encourage and reward creativity. This could be as simple as setting aside time each week for team members to work on projects outside their regular responsibilities or offering small incentives for ideas that improve efficiency or customer satisfaction. Highlighting and celebrating these innovations, no matter how small, reinforces their value to the company and encourages ongoing participation. Building blocks of sustainability Sustainability goes beyond environmental stewardship; it’s about creating practices ensuring long-term economic viability and respecting the community and the natural world. For local businesses, this means integrating sustainable practices into everyday operations, ranging from reducing waste and energy consumption to sourcing materials responsibly and supporting local economies. One effective step is to conduct a sustainability audit to identify areas where improvements can be made, such as switching to energy-efficient lighting or reducing unnecessary packaging. Another strategy is to engage employees in sustainability efforts, making them active participants in the company’s green initiatives. This helps achieve sustainability goals and builds a sense of purpose and commitment among the team. Sharing these efforts and their impacts with customers can also enhance brand reputation and customer loyalty, showing that the business is a responsible member of the community. Leveraging technology for a greener future Adopting technology smartly can lead businesses towards greener practices, significantly reducing their environmental footprint while enhancing efficiency. A standout move for local businesses is transitioning towards paperless operations. This shift conserves resources and streamlines processes, making information more accessible and reducing clutter. A practical step towards achieving a paperless environment is the digitalisation of documents. By moving invoicing, record-keeping, and communications online, businesses can reduce their reliance on physical paper. A digital management system facilitates easier access to documents, improves security, and speeds up information retrieval, enhancing overall productivity. It is easy to create an interactive PDF flipbook. These flipbooks represent an innovative solution for when documents or booklets are necessary. They provide an engaging user experience, combining the tactile feel of flipping through pages with the convenience and sustainability of digital media. These flipbooks can be used for marketing materials, product catalogues, or training manuals, offering an immersive and interactive experience without the environmental impact of printed materials. Moreover, integrating features such as videos, links, and animations into these flipbooks can elevate the content, making it more attractive and informative for the audience. Strategies for cultivating an innovative and sustainable culture Cultivating a culture that prizes innovation and sustainability begins at the leadership level. Leaders must embody the values they wish to instil in their teams, demonstrating a commitment to sustainable practices and innovative thinking in their decision-making and problem-solving approaches. Encouraging a culture of open communication and collaboration is key. This involves creating spaces where employees feel safe expressing their ideas, and cross-departmental teams can collaborate on projects that drive innovation or enhance sustainability. Regularly scheduled brainstorming sessions can unleash the team’s collective creativity, while workshops on sustainability can educate and inspire employees to incorporate green practices into their work. Recognising and rewarding innovative ideas and sustainable initiatives within the company can further reinforce these values. Through acknowledgement in company meetings, a spot in the company newsletter, or a rewards program, showing appreciation for employees’ contributions can motivate continued innovation and dedication to sustainability. Engaging with the community for broader impact Local businesses thrive when they actively engage with their communities, and fostering innovation and sustainability offers an excellent avenue for this engagement. By partnering with local schools, non-profits, and other businesses, companies can extend their impact beyond their immediate operations, contributing to a more vibrant, resilient, and sustainable community. Collaborating on sustainability projects, such as community clean-ups or green space developments, benefits the environment and strengthens the bond between the business and its community. These activities can raise awareness about sustainability issues while showcasing the business’s commitment to making a positive impact. Moreover, engaging with the educational sector by providing internships or project-based learning opportunities can spark innovation and nurture the next generation of leaders. Sharing insights and challenges with students brings fresh perspectives to the business and helps develop solutions that could lead to groundbreaking innovations. Using social media and the company’s website to share stories of community engagement and collaboration can further amplify the impact. It enhances the business’s reputation and encourages other organisations and individuals to join these efforts, creating positive change throughout the community. Overcoming challenges on the path to innovation and sustainability While the journey towards embedding innovation and sustainability into the fabric of a local business is rewarding, it’s not without its challenges. Resistance to change, budget constraints, and limited resources can hinder progress. However, these obstacles can be navigated successfully with strategic planning and perseverance. Identifying champions within the organisation who can drive sustainability and innovation initiatives can help overcome resistance to change. These individuals can inspire and motivate others by demonstrating the tangible benefits of new practices and innovations. For budget constraints, focusing on low-cost or cost-saving innovations and sustainability measures initially can demonstrate value and build the case for larger investments. For instance, energy efficiency measures often reduce costs and can fund further sustainability initiatives. Leveraging local networks and partnerships can also provide resources and support. Joining forces with other businesses to purchase sustainable materials in bulk or share best practices can make sustainability efforts more feasible and effective. Alongside this, continuous education and keeping abreast of technological advancements can empower businesses to overcome these challenges. Learning from others, attending workshops, and participating in industry groups can provide fresh ideas and innovative solutions to drive the business forward. The way forward Embracing innovation and sustainability is essential for local businesses aiming to thrive in today’s competitive environment. This journey involves fostering a culture that values creative problem-solving and responsible practices, leveraging technology to minimise environmental impact, and engaging actively with the community to extend the reach of these efforts. Commitment to these principles must be ongoing. The landscape of technology and sustainability is continually evolving, offering new opportunities and challenges. Staying informed, being open to change, and maintaining a proactive stance is vital for businesses that wish to remain relevant and successful. Finally, the call to action for local businesses is clear: Begin today by setting concrete, achievable goals for innovation and sustainability. Whether reducing waste, implementing a new technology solution, or starting a community engagement project, each step is towards a more sustainable and innovative future. By taking these steps, businesses contribute to their success and the well-being of their community and the planet.

Five people have been sentenced for their involvement in a “persistent and carefully prepared” Leicestershire fraud and money laundering scheme which cost banks more than half a million pounds. Ringleader and convicted fraudster Neale Rothera, 49, was jailed for six years and four months when he appeared at Leicester Crown Court for sentencing on Tuesday 19 March. Four companies Rothera helped establish claimed to be in the business of selling carpets and furniture in the Leicestershire area. However, investigations by the Insolvency Service revealed all the companies, and most of the associated invoices, were in large part a sham. Rothera’s accomplices Simon Wakefield, Frederick Penn, Shona Walters, and Laura Perkins were all sentenced at the same hearing. Mark Stephens, Chief Investigator at the Insolvency Service, said: “This has been an extremely complex investigation taking place over a number of years into a very sophisticated, persistent, and carefully planned fraud. “Neale Rothera was the common theme throughout, devising the schemes and orchestrating their implementation.

“Rothera was ably assisted by the others who fronted the companies or helped him launder the fraudulently obtained funds while he acted as a shadow director. None of the individuals involved were exploited or coerced into taking part in this criminal behaviour and we hope these sentences serve a warning to those considering such fraudulent actions.”

The fraud centred around so-called ‘invoice factoring agreements’ between financial services institutions and four companies: Thistle Interiors Ltd, Sorrel Trading Ltd, Wakefield Trading Ltd, and Penn Interiors Ltd. Invoice factoring is a legitimate type of finance which allow businesses to access the money tied up in unpaid invoices from banks, instead of having to wait 30-90 days to be paid by their customers. But investigations by the Insolvency Service revealed many of the customers Rothera’s companies claimed to deal with either did not exist or they had not traded with them in the manner suggested by the invoices. The scheme was the brainchild of Rothera, who was previously convicted of fraud in 2011. A total of £562,901.64 was ultimately never recovered by the banks. Rothera was unable to put himself forward as a company director, as no bank would enter into a credit agreement with him. He therefore enlisted the help of Walters, Wakefield and Penn who became the sole directors of Thistle Interiors Ltd, Wakefield Trading Ltd, and Penn Interiors Ltd, and acted upon Rothera’s behalf. Walters, Wakefield and Penn played a willing and active role in dishonestly helping secure the factoring agreements for the companies and in obtaining the money from the banks. They all also maintained the lie that Rothera was actually called Neil Franklin as part of the deception. Once the credit had been successfully secured, the funds were either withdrawn in cash by each of the defendants or transferred into other accounts. Rothera used money from this fraud towards compensation he was ordered to pay after being convicted of another fraud offence in Scotland. He was sentenced at Elgin Sherriff Court in April 2012 after conning people out of thousands of pounds by fraudulently selling caravans at a holiday park in Moray. Wakefield withdrew £235,340 of the fraudulently obtained funds on Rothera’s behalf during a two-month period in July and August 2012. When interviewed by Insolvency Service investigators, Wakefield said that Rothera in return had paid for his car, gave him free meals, and provided free drink for him and his family. Rothera, 49, formerly of Station Road, Quorn, Leicestershire pleaded guilty to four counts of fraud by false representation and one count of money laundering in June 2022. He was jailed for six years and four months and disqualified as a company director for nine years. Shona Walters, 54, of Church Street, Lossiemouth, Moray, pleaded guilty to one count of fraud by false representation and one count of money laundering on the first day the trial was due to start in January 2024. She was sentenced to 19 months in prison, suspended for two years, 20 days rehabilitation activity, and 140 hours of unpaid work. Simon Wakefield, 53, of St Mary’s Crescent, East Leake, Nottinghamshire, pleaded guilty to one count of fraud by false representation and one count of money laundering in July 2022. He was sentenced to 22 months in prison, suspended for two years, 10 days rehabilitation activity, and 175 hours of unpaid work. Frederick Penn, 76, of Roughlands Drive, Carronshore, Falkirk, also pleaded guilty to one count of fraud and one count of money laundering on the first day of the trial in January 2024. He was sentenced to 19 months in prison, suspended for two years, 20 days rehabilitation activity, and 140 hours of unpaid work. Laura Perkins, 31, of Mundy Close, Burton on the Wolds, Leicestershire, also pleaded guilty to one count of money laundering in October 2020. Perkins, a bar manager who worked for Rothera, was handed an 18-month community order and ordered to complete 50 hours of unpaid work.

The East Midlands will elect its first Mayor in May following the creation of the new East Midlands Combined Authority but only 33 per cent of public were aware of the date of the East Midlands mayoral elections and less than half (45 per cent) stated they will vote according to new public polling from Centre for Cities and Focaldata. Awareness of the date of the mayoral election lags other areas of the country with mayoral elections in May, such as Tees Valley (45 per cent) and the West Midlands (38 per cent). On average across nine areas with mayoral election in May, 61 per cent of people said they expected to vote. Higher figures in other places show there is potential to raise awareness. In areas with incumbent directly-elected mayors, 74 per cent of people were able to name their directly-elected mayor compared to 20 per cent who could identify their local authority leader and 43 per cent who could identify their MP. Polling in East Midlands also found:

• When the electorate come to vote, the individual candidate matters more at mayoral elections than at a general election. At a mayoral election 46 per cent said they will cast their vote based on the individual candidate (and 54 per cent of people will vote for the party of their choice) but at a general election the figure for the individual candidate was 28 per cent (compared to 72 per cent voting for the party).

• People in mayoral areas are in favour of more devolution. Across a range of policy issues, there is an appetite to see decisions made at the local level, whether it is by metro mayors or the local authority. Most respondents believe that local leaders should have more responsibility over housing, transport, and homelessness in particular. Respondents in the East Midlands said they wanted local authorities to take on more power over housing (70 per cent) and transport (59 per cent).

Andrew Carter, Chief Executive of Centre for Cities, said: “The level of recognition for mayors in places that already have one shows they are fulfilling the purpose their role was created for – establishing a visible and accountable leader for their place. “The fact that people are more likely to vote for the individual candidate rather than the political party they represent emphasises this. People want local leaders to put place before politics. “But the findings also show that in the new combined authorities in the North East and the East Midlands in particular, there is work to be done to raise the awareness of why having a mayor will benefit the area and to draw attention to the upcoming mayoral elections. “Local news sources, and trusted institutions and individuals have important roles in raising the prominence of mayoral elections and supporting discussions about what issues matter most locally. And in return, mayors must deliver on them. “The fact that the public wants powers to be held at a local level is good news, and shows a strong appetite for devolution to move further and faster. Places are demanding more of a say over the decisions that make a difference to their lives – housing and transport in particular. Westminster and Whitehall need to respond.”

Working Capital Cycle

Every business has a working capital cycle. This is the time it takes for your business to turn net current assets into available cash.

The longer the working capital cycle, the more time it takes for your business to get a robust cash flow. It’s good practice for businesses to manage their cycle by looking at each step where possible. This could be by selling stock or product quicker, collecting monies owed sooner and possibly paying bills later on. Read more.

Podcast: Purchasing your car through salary sacrifice? There’s a thought…

This episode of The Streets Sessions features Steve Thornton of Motor Source Corporate, a business set up by Steve to provide a car salary sacrifice programme.

In conversation with him Streets discuss how both employees and employers could benefit from using a car salary sacrifice programme. Listen now.

How do you avoid financial forecasting that ends up with rain instead of sunshine?

Financial forecasting can often feel like the weather forecast, financial predictions not always being as rosy as planned, or in many cases, as hoped – a bit like the weather whilst sunshine is predicted rain all too often can be the outcome.

Whilst many businesses will look to use financial forecasting as part of their day-to-day management, there are also many who only produce financial forecasts based on need, say for external finance or investment. Read more.

Annual Tax on Enveloped Dwellings (ATED)

The Annual Tax on Enveloped Dwellings (ATED) was introduced in 2013 to eliminate any tax advantages from holding high-value homes in a corporate structure. In particular the intention was to prevent non-domiciled investors gaining an advantage by holding UK residential property in a non-UK company to avoid triggering UK stamp duty land tax or capital gains tax charges on a subsequent disposal.

However, the charge can apply to any UK residential property wholly or partly owned by a company (including a partnership with a corporate member). Read more.

The Budget 2024 – catch up!

Last week Streets hosted a post Budget webinar, ​​​​​​​providing 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. Watch now.