Financial services firm adds Joseph to its wealth management team

Stuart Pearcey
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Financial services firm adds Joseph to its wealth management team
Financial services specialist Shorts has appointed Joseph Tighe to its Wealth Management Team as Financial Adviser. Partner Simon Hollin said: “Joseph’s appointment marks a welcome addition to our advisory team, enabling us to continue our business development and expansion over the coming years.” Joseph added: “Shorts have a long established and proven reputation for excellence, and I am very excited to join their talented Wealth Management team. I look forward to developing the role and playing a part in Shorts’ continued growth.” Established in 1890 and with offices in Sheffield and Chesterfield, Shorts provides financial services, whilst also offering accountancy and taxation services through Shorts Chartered Accountants.

Work underway on new affordable housing development in Northampton

Tess Egginton
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Work underway on new affordable housing development in Northampton
Colleagues from housing association Futures Housing Group and construction company United Living Group, joined together to visit the start of works on a new affordable home development in Northampton.The site will be home to 38 properties, made up of 20 social rent and 18 shared ownership ones on Central Avenue in Northampton, and will include one bed flats and two and three bed homes.Councillor John Shephard, Chairman of West Northamptonshire Council said: “It was fascinating to go onto a real site where people were working very hard, and I was impressed as it was extraordinarily tidy. “It was remarkable to see the steps being taken to accommodate the rainwater off the site and I look forward very much to welcoming the tenants to their homes later this year. The site has been vacant since the demolition of the squash club some 20 years ago, so we congratulate Futures for bringing it into proper use.”Each property on Central Avenue will have an electric car charging point, solar panels and thicker insulation to help make the homes more comfortable and affordable to heat.Ceri Theobald, Group Director of Strategic Partnerships & Growth at Futures, said: “Making energy efficient homes is important for Futures as it not only helps us on our road to net zero, but it’s beneficial for the people that then live in these homes. Their home will stay warmer for longer, meaning their energy usage should be lower, and the environmental impact will be reduced too.“We’re proud to be working with United Living who clearly share our same vision of providing good quality homes for people in a time where more homes are very much needed.”Caroline Lewis, Managing Director, United Living New Homes, said: “We’re very happy to be delivering this project; providing affordable homes is very important to us and it’s great to have a focus on making them more energy efficient and affordable to run too, through added sustainability measures.”

Record pre-tax profits for Next as sales rise

Tess Egginton
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Record pre-tax profits for Next as sales rise
Sales have risen and pre-tax profits have hit a record high at Next plc, according to its full year results for the year ending January 2024. Full price sales were up 4% at the Leicestershire retailer and total group sales rose by 5.9% to £5.8bn. Meanwhile, profit before tax rose by 5% to £918 million – £3m ahead of the guidance of £915m given in January, largely due to better than expected clearance rates of sale stock. Michael Roney, Chairman, said: “In the context of the wider economic environment, the year to January 2024 was a very good year for NEXT and the business materially outperformed our initial expectations. NEXT Group profit before tax rose to a record high of £918m, up +5.0%. Cash flow remained strong and we returned £425 million to shareholders through a combination of dividends (£248 million) and share buybacks (£177 million). “In the last year we have focused on improving our product ranges, improving our online service levels, managing costs and profitability, whilst also laying the foundations for future growth businesses. We launched three new Total Platform clients (JoJo Maman Bébé, Joules and MADE), taking our total number of clients to seven. We also made a number of new investments, increasing our equity stake in Reiss by 21% to 72% and taking a 97% equity stake in FatFace. We also acquired 100% of the intellectual property in Cath Kidston. “The year ahead will see a number of changes to our Board. Amanda James, who has been with NEXT for 28 years and our Finance Director for nine years, retires from the Board in July. Amanda has seen many changes over that time and has made a huge contribution to the Group. She has been an exceptional guardian of our finances and an integral part of the leadership of the Company. Our financial position today is testament to her diligence and hard work and, on behalf of all of us at NEXT, I thank Amanda for her amazing work. “I am delighted that Jonathan Blanchard will succeed Amanda on the Board. Jonathan was most recently the Chief Financial Officer and Chief Operating Officer of the Reiss Group, having joined Reiss as a Board Director in 2017. We have worked closely with Jonathan for over three years since we acquired an equity stake in Reiss. Jonathan brings to the Board a wealth of retail experience, a strong eye for financial detail and a good understanding of our operations, gained through managing Reiss’s transition onto Total Platform. I am very confident that he will make an excellent addition to our Board. “Dame Dianne Thompson, one of our non-executive directors, is leaving the Board in May. Dianne has made a valuable contribution to the Board over the last nine years. In particular, I would like to thank Dianne for the time and insight she has given to the Board’s relationship with colleagues through her participation in our people and communication forums. “Finally, I am pleased that Amy Stirling and Venetia Butterfield will be joining our Board in April as independent non-executive directors. Between them they bring a breadth and depth of expertise that will enhance and broaden the Board’s collective knowledge. “The continued success of NEXT is built on the hard work, dedication and decision making of all the people who work for NEXT. I would like to thank them all for their contribution during the year; I have little doubt and much expectation that they will rise to the new challenges and opportunities that are presented in 2024.”

Mazars sees third consecutive year of double-digit income growth across Midlands offices

Tess Egginton
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Mazars sees third consecutive year of double-digit income growth across Midlands offices

Mazars, the international audit, tax and advisory firm, has revealed a third consecutive year of double-digit income growth across its offices in the Midlands as part of their annual financial statement report publication.

The Mazars team in East Midlands, across its Leicester and Nottingham offices, significantly contributed to this successful year, which saw an increase of 17% to £39.2m.

The headcount of its East Midlands team grew by over 10% over the year which included welcoming 20 news trainees and 4 new partners, as well as promoting many of its existing team into more senior positions.

The four new partners comprise three internally promoted members of the team – Andy Hickson (Audit), Claire Cowen (International Tax) and Mark Surridge (Audit), as well as recruiting in Hina Desai (Wealth Management). The new partners augment Mazars’ East Midlands senior management team to 10 partners, who oversee and cover the delivery of all of its services locally.

Steve English, Office Managing Partner for Mazars across the East Midlands, said: “We are incredibly proud of our achievements during FY 22-23 and contributing to the growth in our business across the Midlands region.

“We’re confident in continuing this success in the coming years and look forward to expanding and welcoming new talent to support our growth, while also providing opportunities for development for all our team members.

“Our upcoming Forvis Mazars global network gives us a great opportunity to service our existing clients that have, or wish to have, US connections, as well as providing our team members with stronger opportunities in that geography.”

Dedicated Postgraduate Centre completed at Nottingham Trent University

Tess Egginton
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Dedicated Postgraduate Centre completed at Nottingham Trent University

Nottingham Trent University has unveiled a multimillion-pound Postgraduate Centre, featuring state-of-the-art technology and modern teaching and social spaces.

The fully refurbished centre boasts three floors of cutting-edge facilities in the heart of Nottingham city centre.

It will predominately serve around 2,000 international and UK postgraduate students from Nottingham Business School (NBS).

The 4,700 square metre space has been designed to meet the diverse needs of students, including flexible teaching rooms specifically designed to accommodate NBS’ collaborative teaching style, study spaces, bookable meeting rooms, and a tiered lecture theatre alongside employability services, student support and a vibrant café.

Teaching room in the PG Centre

A versatile outdoor space is also being created with an emphasis on supporting local wildlife and settings which promote wellbeing, it will also provide a distinctive venue for events.

The NBS Responsible and Sustainable Business Lab research centre and business development and support team will be located within the Centre to maximise collaboration between students, business, research and consultancy.

The Postgraduate Centre will also feature a lounge for MBA students and alumni. This dedicated space will serve as a hub for networking, mentorship, and knowledge exchange among graduates, fostering a sense of community and connection.

Nottingham Trent University Vice-Chancellor, Professor Edward Peck, said: “The Postgraduate Centre has been designed with an emphasis on collaboration and social interaction, providing all of our postgraduate students with an environment which fosters academic success, personal development and networking.”

Executive Dean of NBS, Professor Baback Yazdani, added: “The development of this Centre demonstrates the confidence we have in our postgraduate community and its growth. It will bring our executive education and postgraduate community together in one space and inspire the business leaders of the future.”

Social seating in the PG Centre

Employers urged to act now on immigration rule changes

Tess Egginton
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Employers urged to act now on immigration rule changes

Nottingham’s OTB Legal, a UK immigration law firm, has issued an update over changes announced by the Government that include new immigration rules.

The updates include issues that face both individuals and businesses, with the Government setting out some of the most significant reforms it previously announced as part of its five-point plans aimed at cutting net migration and the abuse of the immigration system.

The following changes have been made to the partner route:

– The minimum income requirement for partner immigration applications will go up from £18,600 to £29,000 for applications made from 11 April 2024 (if relying on savings only the required amount will increase from £62,500 to £88,500)

– Applicants who have made a partner (fiancé(e)/spouse/civil partner/unmarried partner) application relying on the current financial requirements before 11 April 2024 which is successful will be able to rely on the lower amounts for their subsequent applications

– It remains possible for those who cannot meet the minimum income requirement to raise exceptional circumstances if refusal would amount to a breach of Article 8 of the European Convention on Human Rights which protects the right to family and private life

Meanwhile, a new raft of Business Immigration updates have been published. Plans include:

– Abolishing the shortage occupation list and replacing it with a new Immigration Salary List

– Ending the 20% salary discount for shortage occupation roles

– Increasing the minimum salary threshold for skilled worker visas to £38,700

– Increasing the ‘going rate’ for many other jobs

– Roles on ‘national pay scales’ like NHS workers, teachers etc. being exempt from the salary increases as will be health and social care roles

OTB Legal’s business immigration director, Sally McEwen, said: “This announcement from the Government signals the most wide-ranging reform of UK work routes since Brexit.

“The Government has been clear that it wants to reduce net migration and businesses must act now to review potential applications and assign a certificate of sponsorship before 4th April 2024.

“We know from experience that there are processing delays that could slow this down, so it is imperative that business owners take the correct advice before it’s too late.”

Leicester CEO Sleepout backed by former rough sleeper who says homeless problem ‘worse than ever’

Tess Egginton
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Leicester CEO Sleepout backed by former rough sleeper who says homeless problem ‘worse than ever’
A Leicestershire man who ate from skips as a rough sleeper claims the area’s homeless crisis is ‘worse than ever’. Once a promising footballer with dreams of playing for Leicester City, Enton Barefoot slept under a bridge after becoming addicted to drink and drugs. “At night I’d urinate outside my tent to keep foxes away – but ending up on the street saved my life,” recalled Enton. “That realisation of how hard I’d fallen sobered me up and got me clean. “But that was almost 20 years ago, and my heart breaks for anybody in that situation now because the support for anybody who falls through the cracks is vanishing by the day.” He’s now backing the Leicester CEO Sleepout, which takes place on April 11 at Mattioli Woods Welford Stadium. The annual charity event raises thousands for causes throughout Leicestershire that help the region’s most vulnerable. Sobering statistics published by Shelter last year showed that on any given night, 1,400 people in Leicester were classed as homeless. Of those, a third are children. For Enton, who has since helped local homelessness charities, the current picture is bleak. “If I was homeless now, I just don’t know where I’d go for help,” admitted Enton, who has authored a book on his experience on the streets. “When I was homeless, there were more charities and churches open for me to get food, and there was more funding. “Where I now live, in Loughborough, a homeless hostel is fighting to stay open due to a lack of funding. It gives people who declare themselves homeless a place to stay while their application is processed. “It is a real lifeline and they’ve raised over £115k so far to remain open – but they need £200k and if that goes it will have a massive impact locally. “Charity’s will become inundated with applications and referrals, but there’s not enough money to help get people off the street, and that’s why it is vital as many people as possible support the CEO Sleepout this year – either by taking part or donating – as the money raised can and will change people’s lives.” Last year, the Leicester CEO Sleepout raised over £34,000. This year’s target has been raised to £40,000, with participants from the region’s business community asked to raise at least £1,000 each. The charity’s CEO, Bianca Robinson, said the event isn’t about replicating the real struggles the homeless face every night, but to raise awareness of just how hard their reality is. “The CEO Sleepout is tough and you are exposed to the elements, but participants have peace of mind knowing they will return to a warm home. “For over 1,400 people in Leicestershire, they don’t have the guarantee of a roof over their heads when they go to bed that night. “And as the cost-of-living crisis has exposed, we are all just a few steps away from that once unthinkable prospect. “By 2024, the Government had vowed to end rough sleeping but as Enton said, the current situation is worse than ever before so that’s why we all need to come together and combat homelessness, and hopefully participants will end the CEO Sleepout with a greater appreciation for just how hard life is for the homeless community.” At the event, Enton will also share his story with participants before they grab their bags for the night. Having witnessed people steal simply to get a warm prison cell for the night, he hopes that for those taking part, it will help “humanise” those who have no other option than to sleep rough. “People can forget that everyone sleeping rough is a fellow human being, and I challenge anyone to come along for one night and experience it for themselves,” he said. “Once you know that people have to do this night after night just to survive, it makes you look at homelessness in a totally different light.”

R3 Midlands urges cashflow caution as latest government statistics show surge in insolvencies

Tess Egginton
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R3 Midlands urges cashflow caution as latest government statistics show surge in insolvencies

The current surge in insolvent companies across England and Wales is likely to impact heavily on the Midlands economy over coming months, leading to further substantial rises in corporate insolvency levels across the region for 2024.

This is according to the Midlands branch of insolvency and restructuring body R3 and follows new statistics published by the Insolvency Service which highlight an 18.5% month-on-month increase in corporate insolvencies in February 2024, jumping from 1,774 to 2,102.

Last month’s number is also 16.7% higher than February 2023’s figure of 1,801, and 38.5% above February 2022’s total of 1,518. Compared to the pre-pandemic statistic of 1,213 in February 2019, February 2024 shows an increase of 73.3%.

R3 Midlands chair Stephen Rome, a partner at Penningtons Manches Cooper in the region, said: “These figures are the highest we’ve seen for February in more than four years, which is a sign that more and more businesses are at a point where a sale or a liquidation may be their only option.

“Local businesses are still suffering the after-effects of last year’s economic turbulence, with rising fuel, energy and funding costs and cautious consumer spending continuing to take their toll on the bottom line.

“While there is still some optimism among the region’s firms about what 2024 has in store, the economic conditions remain a key area of concern for many. Unless there is some improvement, we could see several more companies turning to an insolvency process to help resolve their financial issues.

“Directors and management teams need to remain vigilant and take action as soon as they spot any signs that the business could be financially distressed. Keeping that careful eye on cashflow, and acting immediately as soon as red flags are raised, gives more time for decision making and more potential options for resolving the situation.”

Leicestershire Charity Furnley House Foundation Summer Ball returns

Tess Egginton
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Leicestershire Charity Furnley House Foundation Summer Ball returns
The Furnley House Foundation Summer Ball returns on May 6th. Held at Winstanley House, the evening aims to raise a significant amount for three local charities, with the 2023 ball raising over £42,000 for Leicestershire charities. The annual ball was born out of Financial Adviser and Mortgage Brokers Furnley House’s ambition to create opportunities and improve and save lives in their local community. The dedicated Furnley House Foundation holds two flagship events throughout the year, The Furnley House Foundation Summer Ball and The Leicestershire Community Champions Awards, along with other fundraising opportunities to help bring the community together and raise money. This year, all funds raised will be dedicated to supporting three charities that were chosen during the 2023 Leicestershire Community Champions Awards: Charity of the Year winners, Steps Conductive Education Centre, and finalists Focus Charity and Heartwize. Steps Conductive Education Centre is a registered charity supporting families with children who have special educational needs. Focus Charity supports vulnerable young people, many of whom are in a mental health crisis. Heartwize delivers basic life support training including CPR using resuscitation dolls as well as how to use a defibrillator. Simon Winfield (Chairman of the Furnley House Foundation and Managing Director of Red Monkey Play) expressed his enthusiasm, stating: “We would love to see as many people as possible at this year’s Summer Ball. Our hope is that thousands of pounds are raised, and we can make a real difference to the local community. “Previous Balls have been fantastic evenings and have received lots of support, helping us to achieve our mission of improving and saving lives in Leicester and Leicestershire.” The evening is hosted by comedian Patrick Monahan and will feature a three course meal, live music, and the chance to bid on some incredible items, both in live and silent auctions. Last year, tickets sold out so be sure to get your tickets early.

Netherfield-based educational resources supplier acquired by leader in European B2B ecommerce

Tess Egginton
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Netherfield-based educational resources supplier acquired by leader in European B2B ecommerce
Netherfield-based educational resources supplier Findel has been acquired by Paris-headquartered leader in European B2B ecommerce Manutan. Manutan, which has a specialism in educational supplies, employs 2,200 people and operates 28 subsidiaries across 17 European countries, including the UK. The business offers in excess of 800,000 products to its customers and has a turnover of €946m. Findel’s origins as an educational resources supplier can be traced back to 1817. Today, the company’s brands and websites offer more than 32,000 products to educators and parents based in the UK and overseas with the business exporting to 130 countries. In addition to its distribution centre and offices in Netherfield, the company has its headquarters in Hyde, Greater Manchester, and employs around 300 people in total. The company’s brands comprise Hope, GLS, Davies Sports, Philip Harris and EuHu. The company’s current leadership team undertook a management buy out (MBO) of Findel from Studio Retail Group in April 2021. The MBO was supported by Leeds-headquartered private equity firm Endless. Commenting on the acquisition, Findel Chief Executive, Chris Mahady, said: “Over the past three years, Findel has undergone a business transformation thanks to the incredible work and dedication of our people and the support of Endless. “Our acquisition by Manutan marks the end of that journey and the beginning of an even more exciting one. Like Findel, at the heart of Manutan are values and a positive culture that guides everything they do along with an unwavering commitment to sustainability. “This gives Findel a long-term sustainable home for the future which ultimately solidifies our position and will help us to continue to develop an even stronger customer proposition. “In addition, Manutan’s leadership believes in fostering learning environments that inspire growth and innovation, so we are perfectly aligned. “By joining forces, we will leverage our combined strengths in the UK and international educational supplies sectors to achieve even greater success together.” All of Findel’s people have been retained following the acquisition and all commercial arrangements with customers and suppliers remain unchanged. Owner and chairman of Manutan Group, Xavier Guichard, said: “Following on from our strong growth in recent years, we’re delighted to be acquiring Findel, whose culture, focus on people, performance and shared values, is totally aligned with our own principles. “We also share the same business model, which combines the strengths of digital technology (our e-commerce solutions) with a strong focus on sustainability, providing service excellence to customers and suppliers.” Findel was advised on the acquisition by Clearwater and Walker Morris LLP and Manutan was advised by Cripps LLP (legal) and PWC (finance and tax). All values relating to the acquisition are undisclosed.
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