Building products manufacturer to close brick factory

Tess Egginton
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Building products manufacturer to close brick factory
Ibstock Plc, the Leicestershire-based manufacturer of building products and solutions, has issued a trading update for the year ended 31 December 2023, in which the firm has revealed the closure of its South Holmwood brick factory. In the update the business said it had delivered a resilient performance in its final quarter, in line with expectations, despite a continuation of weaker market conditions. Ibstock noted the performance in the final quarter was underpinned by “effective cost reduction action which, in combination with stable pricing, helped the Group maintain solid margins.” Full year revenues for 2023 are expected to have decreased by 21% to approximately £405 million (down from £513 million for 2022), while adjusted EBITDA is expected to be in line with previous expectations, reflecting “cost and capacity reduction initiatives and the resilient margin performance for the year as a whole.” Due to a challenging market backdrop, expected to continue into 2024, during the final quarter of the year Ibstock conducted a comprehensive operational review, with the objective of aligning its fixed cost base and capacity to near term demand expectations. The consequent restructuring plan has included actions to temporarily reduce capacity across the business, as well as the permanent closure of the South Holmwood brick factory in Surrey. The annualised benefit of this restructuring plan will be £20 million, with around £5 million of this captured in 2023 and the balance to be achieved in 2024. The one-off cash cost of the restructuring programme (including the closure of the Ravenhead brick factory announced in August) will be around £15 million. Joe Hudson, CEO of Ibstock PLC, said: “Against a challenging market backdrop, we are pleased to have delivered a resilient performance in the final quarter and for the year as a whole. “Throughout the period we have focused on taking the right actions in light of near term market conditions, which has led to the difficult but necessary decision to reduce headcount across the business. At the same time, we have continued to progress the projects that will underpin growth as our markets recover. “While the pace and timing of the recovery remain uncertain, Ibstock is in robust financial health, with the balance sheet strength and financial flexibility to ensure we remain well-positioned for a return to growth over the medium term.”

77,000ft² let at Castlewood Business Park

Tess Egginton
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77,000ft² let at Castlewood Business Park
Acting on behalf of Hines, Tim Gilbertson of FHP Property Consultants has let prime new build space at Junction 28 of the M1 at Castlewood Business Park. The building has been let to enable the continued growth and expansion of Schoolblazer, the uniform and sportwear supplier, who have signed a 10 year lease within a month of the building’s practical completion. Tim Gilbertson, who acted on behalf of Hines in the disposal, said: “It’s great to see this deal done so quickly after practical completion of the building. “The building formed part of a portfolio that Hines purchased on a forward funding basis from Clowes Developments, with this being the second deal on the portfolio, which means we have now let nearly 200,000ft² of space for them since their acquisition. “We wish our new occupier well in the building, which means Castlewood is down to a final unit of 134,000ft².”

Derby composite materials manufacturer secures capital injection

Tess Egginton
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Derby composite materials manufacturer secures capital injection
Prova has made a follow-on investment in Derby composite materials manufacturer Composite Braiding, having initially taken an equity stake in the business back in 2022. Coming as part of a seven-figure funding round, the capital injection will be used to strengthen manufacturing, bolster the workforce and purchase equipment as the company continues to experience rapid growth. Composite Braiding uses an automated manufacturing process to combine thermoplastics with materials like carbon, glass and basalt fibres, to create a much lower embedded carbon solution for end products spanning the automotive, rail, sports equipment, maritime, and civil engineering sectors. The unique process reduces labour costs by up to 90%, waste by 97% and uses 95% less energy, offering significantly cheaper and more sustainable materials, at scale, and at a faster rate. Richard Postins, founder of Prova Investments, said: “At Prova Investments, we’re excited to continue our journey with Composite Braiding in its mission to decarbonise the composite materials industry. “With its novel processes to automate the manufacture of advanced composites using sustainable materials, Composite Braiding is a great fit for our cleantech and circular economy portfolio, and we’re looking forward to offering ongoing growth and support as it continues to pioneer composite manufacturing.” Steve Barbour, founder at Composite Braiding, added: “Last year was focused on building up foundations, while 2024 will be pivotal for kick-starting production and delivering sustainable products across a variety of sectors. The close of our latest funding round marks a new milestone at the Composite Braiding business. “We are grateful for Prova Investments’ backing since its initial investment last year, and we’re looking forward to the continued support they can bring to our business moving forward.”

Property developer exchanges on two Nottingham affordable housing sites

Tess Egginton
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Property developer exchanges on two Nottingham affordable housing sites
Godwin Developments has exchanged contracts with Nottingham City Council for the acquisition of two brownfield sites, measuring a total of 5.2 acres. Located in the Bulwell area of the city, the land parcels also benefit from detailed planning consent secured by Godwin, which will enable the construction of 102 affordable family homes. The mix of two- and three-bedroom properties will be delivered across two neighbouring developments both of which are currently vacant and are set to be restored for community use after 15 years of being disused. The Maple Fields scheme, which will be built on the site of the former Henry Mellish School on Kersall Drive, will contain a total of 57 homes, while the Crescent development – situated on the previous Piccadilly Playing Field – will provide an additional 45 homes. All homes will be energy efficient with a minimum rating of EPC B, with the potential to improve this to EPC A with a connection to a smart energy grid. The development will be led by Godwin’s newly appointed partnership director Tim Hart, as part of his remit to manage the business’s affordable housing division. Tim will be responsible for delivering all land-led affordable homes projects, from identification and construction through to eventual onward sale. Matt Chandler, Managing Director at Godwin Developments, said: “We are pleased to have reached this important milestone in the transformation of these brownfield sites into 102 much-needed affordable homes in Nottingham. “It provides us with the green light to progress with the construction of these properties as soon as possible and satisfy the growing need for good quality, environmentally friendly and cost-conscious properties in the area. “We are also delighted to welcome Tim to the business to drive forward this project, as well as deliver on our ambitions to grow in the affordable housing space nationwide.” Throughout the approximate two-year construction period, the developments are set to create over 300 temporary jobs and contribute more than £150,000 to the local community and infrastructure. Real estate advisors CRBE and solicitors Field Fisher advised Godwin on this transaction and the ongoing development of these sites.

Professional services group records “resilient” first half financial performance

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Professional services group records “resilient” first half financial performance

Gateley, the professional services group, has hailed a “resilient” first half financial performance, with revenue and profits on the rise against a challenging macro-economic backdrop.

According to unaudited results for the six months ended 31 October 2023, revenue was up 7.6% at £82m, growing from £76.1m in the same period of the year prior.

Group profit before tax meanwhile reached £7.4m, increasing from £6.3m.

Rod Waldie, Chief Executive Officer of Gateley, said: “Given macro-economic conditions during the period, I am pleased with the Group’s resilient H1 24 performance.

“This is testament to, firstly, our strong client relationships, sustained by the excellent service delivered by our people and, secondly, our strategy working in practice as we continue to differentiate Gateley and enhance resilience via the aggregation of, and continued investment in, complementary legal and consultancy services on each of our Platforms.

“Our H2 24 outlook reflects our cautious view on the market conditions we are currently experiencing. That said, I am confident in the ability of our excellent teams to continue to rise to the challenge for the remainder of this year, and beyond. We continue to invest in the business and remain confident and well-positioned to deliver our long-term ambitions.”

Senior living developer sells care home scheme in Leicestershire

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Senior living developer sells care home scheme in Leicestershire

Senior living developer Charterpoint has sold a 66-bed care home scheme in Leicestershire to Octopus Healthcare Fund.

Work is now starting on site to build the development at New Lubbesthorpe, a new community in Blaby.

Charterpoint received planning permission for the scheme, along with a nearby mixed-use, two-storey local centre, from Blaby District Council last year.

Now, in a deal brokered by Christie & Co, the two and three-storey care home development has been sold to Octopus Healthcare Fund, which invests in best-in-class care homes across the UK.

Charterpoint MD Giles Nursey said: “We are very pleased to have secured a deal to sell this site to Octopus Healthcare Fund who will now take it forward through development and to completion.

“This scheme will provide a modern, state-of-the-art care home, offering additional facilities at New Lubbesthorpe which has become a popular and vibrant community just 20 minutes from Leicester city centre.”

The care home was designed by Franklin Ellis Architects.

2024 Business Predictions: Art Lindop, Managing Director, Alphageek Digital

Tess Egginton
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2024 Business Predictions: Art Lindop, Managing Director, Alphageek Digital
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Managing Director Art Lindop from Alphageek Digital. There is no doubt that times will be tough in 2024 for both the UK and global economy, which means that customers will be saving hard and thinking twice before parting with their hard-earned cash. Companies that treat their marketing budget as an investment rather than an overhead will reap the benefits – as long as their activity is focused, and they stay on top of the performance data they’re seeing from their marketing. This means there will need to be an even greater focus on analysis – it will be more important than ever before to have an acute understanding of outlays and efficiencies. Unique and purpose built softwares will be more significant too, enabling clients to see a clear input and output on their spend and revenue. It’s always great to chat with Dan Wild our head of paid digital and we think that in terms of platforms the heavy hitters will still be Facebook and Instagram, but the rise of TikTok will continue; it has had a meteoric rise and still gets the highest number of minutes. Its advertising capacity is still basic, but I’m sure this will develop quickly in 2024 and then TikTok will become a strong port of call for many ecommerce brands, particularly those pushing to a younger demographic. I expect to see increasing use of AI next year and my business partners Alex Mills and Kieran Flynn agree with me. ChatGPT 4 is likely to be increasingly used as a day-to-day assistant and all the best businesses will be asking how they can leverage AI to be more efficient, without sacrificing quality. It’s got to be measured – AI can’t replace finesse, but it can replace legwork, so all firms should consider how they can integrate it.

2024 Business Predictions: Malcolm Prentice, group chairman of MTMS

Tess Egginton
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2024 Business Predictions: Malcolm Prentice, group chairman of MTMS
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Malcolm Prentice, group chairman of Leicestershire depot maintenance firm MTMS. Derby winning the GBR bid was a high point of last year and we thought the city was turning a corner, but then things started going wrong at Alstom, followed by bad news from Hitachi and Siemens saying they haven’t got money and are struggling, which means things are looking dark for Derby. The cancellation of the HS2 project was a further sign that the industry as a whole is in the doldrums and operating under a storm cloud that has not yet broken. If there is a new government in 2024 then they will still have to reduce the revenue to our sector because of previous overspending and what money there is going to be spent on transport infrastructure will go on roads and light railways rather than the major rail links that require the investment we need to catch up with the rest of Europe. That’s the wider picture. As far as MTMS is concerned, we are fortunate to deal with Tier 1 clients who are primary rail operators and we see a bright future there. In 2024 we will extend our services and offer more support with technical innovations that will help the rail industry on its journey to further decarbonisation and towards becoming more efficient and sustainable.

New appointment for recruitment agency

Tess Egginton
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New appointment for recruitment agency

A Northamptonshire recruitment consultancy has taken on a new recruitment resourcer to focus on the company’s business development.

Wills Consultants has welcomed Sally Langley to the Kettering-based fold. Former IT service desk and desktop manager Sally has returned to the world of work after a sabbatical to look after her three children. Before the childcare break, she worked for the St Andrews Group of hospitals and for household brands such as Superdrug, Iceland, and Guinness.

The first female to take an A-Level in Computer Science at her secondary school, Sally has always embraced a challenge, and has already fitted in well at the family-run firm.

Sally said: “When I embarked on my job search, Wills Consultants stood out within in the recruitment industry offering a compelling combination of a thriving work environment, strong values, and a commitment to customer service.

“One of the key reasons behind my decision to join Wills Consultants was their commitment to the employee-focussed culture the directors have developed. From day one, it was evident that the firm prioritises the well-being and professional development of its employees.

“I am confident that my career path and professional journey will be enhanced by a culture that values its employees, upholds strong principles and prioritises exceptional customer service.”

Sally will be working on the business development side of the business, finding new clients and bringing back former customers. She said: “It’s really interesting working on strategies to find the perfect candidate and has given me a whole new appreciation for recruitment.”

Recruitment company moves into Vulcan Works

Tess Egginton
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Recruitment company moves into Vulcan Works
The CEO of a recruitment company specialising in IT and digital has moved his team into Northampton’s Vulcan Works after praising the workspace for its innovation and culture. Founded by Darren Sharp, S-SA Digital has been established for almost 17 years and boasts some big household names as clients as well as having smaller start-up businesses on its books. Darren became aware of Vulcan Works through his work with Digital Northants, which celebrates and promotes the county’s innovation. S-SA Digital has been a part of the initiative since its inception. He decided to move to Vulcan Works to create a new immersive, creative culture for his team of six employees, who were previously housed at Silverstone Innovation Centre. Darren said: “Silverstone was great, we had a good four years there but at Vulcan Works, we are right in the heart of the town centre, the location and infrastructure are fantastic. There’s not been anywhere like this until now. “We wanted to build a culture purely embedded in the tech and digital environment and what Vulcan Works has achieved as an innovation and business hub cannot be overlooked. It made perfect sense to move here.” Darren is now looking to partner with Vulcan Works to build a tech club for likeminded businesses to meet and share best practices. Vulcan Works centre manager Garrick Hurter said: “It has been absolutely fantastic to welcome S-SA Digital to Vulcan Works. Darren and his team represent exactly the type of company that this centre was built to support – digital and creative specialists – and have immediately made the most of all the centre has to offer. “Our community is growing and thriving, and it is wonderful to see and be a part of.”
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