Later this month a pilot programme will kick off a new LLEP Business Gateway Growth Hub peer network for business owners.
The group is aimed at developing leadership skills in businesses in Leicester and Leicestershire and is called Transform to Grow.
It will support the growth and development of businesses trading for a minimum of 12 months, and which have five or more employees.
Peer Networks have been a success story of recent years, enabling business owners to build and strengthen their organisations through a trusted support network.
Transform to Grow will be facilitated by Maria Peggs of Vispera. It will enable 12 business owners to share ideas, collaborate and network with fellow entrepreneurs at a similar stage in their business growth journey.
There will be five online sessions, of three hours each, including the following topics:
Values: Impact of your personal values on quality and the business
Change: How to manage all forms effectively
Pricing: The Most Powerful Profit Lever
Leadership: Understand Your Style
Resources: Effective Management.
There will also be a celebration lunch at the end of the programme, which is fully funded for eligible businesses.
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 Seb Saywood, investor at BGF in the Midlands.
There’s no doubt that the majority of businesses currently face a challenging economic environment, and growth businesses are no different. However, dynamic, well-capitalised companies are well positioned to seize opportunities and manage challenges ahead in a measured way.
That’s why the current market conditions present an opportunity for BGF, as it was created to fund promising businesses with limited access to capital.
From our perspective, momentum really picked up in the final quarter of 2023, with deal pipeline building towards a strong Q1 across a variety of different sectors.
The issue of raising capital has been a real sticking point over the last few months, with the cost of lending increasing substantially.
Unsurprisingly, the cost of lending has led to an increase in companies exploring minority equity deals. BGF’s unique balance sheet investment model means that we are well positioned to continue investing throughout the economic cycle, forming long-term partnerships with companies and supporting them over time as they grow.
While we don’t expect to see a shift in interest rates in the coming months, we do expect to see better deal flow more broadly across the Midlands in 2024. This is largely due to pent up demand, following a more subdued first three quarters of 2023, and this is likely to be a major contributor to increased activity.
What’s more, the political backdrop may also drive M&A activity in the first half of 2024. An election tends to bring a degree of uncertainty and we expect many will think hard about the sustainability of current capital gains tax rates.
Real Fun Group Ltd is set to become a prominent player in the UK’s independent bingo sector following the acquisition of eight bingo clubs and their freeholds from Majestic Bingo Limited out of administration.
This strategic acquisition expands the group’s portfolio to a total of 10 bingo clubs throughout England and Wales, further establishing its presence in the industry, whilst safeguarding the employment of over 140 individuals.
Experienced entrepreneurs backing the group, which already operates two independent bingo clubs, have reinforced their commitment to growth and community engagement through this significant expansion.
Majestic Bingo Limited entered administration on 7 July 2023, overseen by Tim Bateson and Chris Pole from Interpath Advisory as joint administrators.
Tim Bateson, director at Interpath Advisory and joint administrator, said: “Having been appointed in July 2023 and traded the business for nearly six months, we are absolutely delighted to have achieved this going concern sale, which not only will see all eight venues continue to trade, but which also both safeguards the employment of 140 people and ensures continuity for the communities which these clubs serve.
“We would like to extend our thanks to the many stakeholders who have provided support to the administration team since our appointment, including customers, suppliers and Majestic’s dedicated staff. Their support has enabled us to conclude this transaction which will enable the business to continue under new ownership.”
Kevin McGinnigle, CEO of Real Fun Group, shared his enthusiasm for the new venture, stating: “I’m incredibly excited by this opportunity. This was a well-run business that was hit with devastating luck over the last few years, and I can’t wait to work with the team. To sit here today, knowing we’re able to keep so many people in work is an unbelievable feeling.”
He further added: “Undoubtedly there is a lot of work ahead of us and I’m confident we’ve got the right people within the business to make this a huge success for everyone concerned. Coming from a family of bingo players, I’m aware of the role that local bingo clubs play in their community and to get the opportunity to keep these historic clubs open for our customers is just fantastic.”
With this acquisition, Real Fun Group now employs nearly 200 staff across 10 bingo clubs nationwide, positioning itself as one of the UK’s largest independent bingo operators.
Shoosmiths’ Corporate Restructuring & Advisory Team acted for Real Fun Group. Sarah Teal, partner, said: “It was an absolute pleasure to have supported Real Fun Group with this acquisition, securing the future of these bingo clubs that are integral to the communities in which they operate and securing jobs in time for Christmas.”
Stuart Taylor, partner in the Restructuring & Insolvency Team at Harrison Clark Rickerbys, acting for the joint administrators, said: “It was great to work with the joint administrators on the sale of Majestic Bingo, a deal that safeguards a number of jobs and ensures continuity of local businesses.”
Majestic Bingo operates from eight sites across England and Wales including:
BGF-backed Business Support Experts Group (BSE) – business tax relief specialists – has donated more than 500 presents to children through an initiative with Nottingham City Council and The Children’s Adventure Farm Trust (CAFT) in Altrincham.
The BSE team hand-picked personalised toys from Smyths and thanks to Nottingham based Global Solutions Clothing (GSC) they dressed up as elves to deliver the gifts and share with the children. They also provided the opportunity for children to meet Santa in Nottingham for a framed photo, thanks to the team at Captcha Photography.
Commenting on the Christmas appeals, BSE CEO Mark Joyner, said: “Our team wanted to give back to the communities we all live and work in, especially during such tough financial times. We’ve absolutely loved this Christmas charity campaign which allowed us to spend time with some of the children, as well as donating the toys & creating some smiles.”
Mark Joyner added: “As a business, we are committed to supporting the growth of other SME companies and it is thanks to our clients and partners continued support that we are able to do more for those who have less. As we have ambitious plans to expand further in 2024, we hope to be able to bring even more joy to children next Christmas.”
Business confidence in East Midlands rose by five points during December to 34% – one of only two regions to report an increase – according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Firms in East Midlands saw a five point increase while those in West Midlands saw confidence up by one point to 33%.
Companies in the region reported higher confidence in their own business prospects month-on-month, up 13 points at 51%. When taken alongside their optimism in the economy, down four points to 17%, this gives a headline confidence reading of 34%.
East Midlands businesses identified their top target areas for growth in the next six months as investing in their team (51%), evolving their offer (32%) and investing in sustainability (26%).
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
A net balance of 40% of businesses in the region expect to increase staff levels over the next year, up ten points on last month.
Overall UK business confidence fell two points in December to 35%, the first decrease since August, driven largely by firms’ outlook on the overall UK economy which dipped by eleven points from 38% to 27%. Businesses’ optimism in their own trading prospects also decreased, but less markedly so – by five points to 43%.
Companies’ hiring intentions also dropped slightly with 29% of firms intending to increase staff levels over the next 12 months, down six points month-on-month.
The North East was most confident, remaining at 48% for the second consecutive month, followed by the East of England (45%), London (38%) and the South West (36%).
Firms in the services industry reported a significant decrease in confidence, down 16 points to 30%, due to moderation in both trading prospects and economic optimism.
Manufacturing confidence also eased back (38%, down seven points). However, retail and construction both bucked the trend with rises to 44% (up two points) and 37% (up two points) respectively.
Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking, said: “Businesses in the East Midlands have marked the largest rise in confidence of any UK region or country as we conclude the year.
“The rise was recorded following the Chancellor’s Autumn Statement where a new East Midlands Investment Zone, which could bring in £383m of private investment and create 4,200 jobs, as well as a deal to bring devolution to Greater Lincolnshire, was announced.”
Hann-Ju Ho, senior economist, Lloyds Bank Commercial Banking, said: “This December data was collected following several key announcements, including energy prices rises and the UK economic outlook being revised down in the Autumn Statement. All of this will undoubtedly have had an impact on business confidence as we head into 2024.
“Businesses are also balancing cost pressures with a challenging labour market that will see increases to minimum wage in April 2024, as perhaps indicated in the wage growth figures, at a time when they are managing staff retention and recruitment decisions.
“However, over the course of the year confidence has steadily increased from an average confidence of 25% in the first three-months of 2023 and ending the year with a three month average of 39% – an indication of the positive trajectory business has seen this year. This provides a healthier position to begin 2024 with, compared to 2023.”
The business owners of Swithland’s The Griffin Inn are investing £1 million into an extensive renovation of the pub, in conjunction with Everards.
The gastro pub forms part of The Cat & Wickets Pub Company, owned by ex-England cricketers Harry Gurney and Stuart Broad. Over the past year, £75,000 has been spent on refreshing the pub’s interiors and creating an elevated courtyard. A further £1 million is to be spent on further renovations, with work due to start at the beginning of January 2024.
The kitchen will be overhauled to double its existing size and will include fully electric equipment. The Old Stables will be transformed into an additional dining space within the gastro pub, creating 80 more covers. 30 additional covers will also be created in the courtyard as part of the planned work.
The management team anticipates a 60% increase in turnover following the renovations, which will equate to a 60% uplift in available working hours. As a result, the team anticipate that 20 new jobs will be created alongside progression opportunities for the existing team.
The management team hope to reopen the pub’s doors in March.
Harry Gurney, Managing Director at The Cat & Wickets Pub Company, says: “We’re really excited about this next round of renovations. I’m a Loughborough lad, and Stuart and I both know that we are simply caretakers of a pub that has meant a lot to the local community for hundreds of years.
“We promise to continually nurture and cherish it, while always looking for new and innovative ways to improve the customer experience along the way.”
Matt Crehan, business relationship manager at Everards, said: “We’re delighted to work with the Griffin team to bring their vision for the pub to life. In 2023, we’ve invested over £4 million in supporting our business owners with repairs and investments.
“We look forward to kickstarting 2024 by supporting the Griffin and the Swithland community by investing in their pub.”
Legal & General Investment Management (LGIM) has sold Meridian Leisure Park in Leicester to Greenridge Opportunities LP for £25 million reflecting a yield of 8.50%.
Montagu Evans advised the seller and Savills advised the buyer in this off-market transaction.
The East Midlands destination leisure park extends to 155,071 sq ft GIA across a 19.8-acre site southwest of Leicester City Centre, directly off the Leicester Ring Road (A563) and 1.5 miles from the M1 (J21). It is anchored by Vue Cinemas and Hollywood Bowl, with other occupiers including David Lloyd, Nando’s, Five Guys, Burger King, Pizza Hut and Frankie & Benny’s.
It has been owned by LGIM’s Leisure Fund since 2002, with a number of new leases and regears undertaken during this time. The park is 99% let with over half the income benefitting from rental indexation or fixed uplifts and a term certain of approximately 12 years.
Bik Bhuptani, partner at Greenridge, said: “We are excited about the addition of Meridian Leisure Park to our portfolio. This acquisition perfectly aligns with Greenridge Opportunities LP’s strategy of investing in high-quality, income-generating assets.
“The park’s robust tenant mix and prime location underscore our commitment to identifying and capitalising on unique opportunities in the leisure sector. We see significant potential for value creation and look forward to enhancing the park’s offering, further cementing its status as a key leisure destination in the East Midlands.”
Andrew Ferguson, senior fund manager of the Leisure Fund at LGIM, said: “The leisure sector has been tested over the past few years in the face of wider economic challenges, particularly within the cinema market – however, good quality, well managed leisure schemes in prime locations continue to remain resilient; Meridian Leisure Park is testament to this.
“As the sector is stabilising once again, with a positive pipeline of films over the next three to five years, we hope and expect to see a strong rebound for the cinema market. We’re pleased to have completed this transaction with Greenridge, allowing us to re-invest for new opportunities.”
Edward George, partner at Montagu Evans, said: “This is an exceptional transaction and an important benchmark for demonstrating liquidity in the sector. LGIM is one of a number of institutions looking to free up capital for new opportunities and portfolio-wide improvements, including ESG commitments. It sets the tone for a number of leisure park transactions expected over the next 12-18 months as the market recalibrates.”
Tramlink, which operates Nottingham Express Transit (NET), has completed a financial restructuring project which has secured the future of the network for the next ten years.
The news follows the successful renegotiation of loan terms from lenders, and was necessary to avoid further and ongoing breaches of banking covenants. It puts the concession, which allows Tramlink to run the NET tram system, in a stable position to move forward, following significant market changes.
The network is still feeling the effects of the pandemic, with passenger figures remaining around 80% of pre-COVID levels. Meanwhile, the impact of rising electricity costs as well as a period of sustained hyper-inflation are all contributing towards a changing market dynamic.
However, the move, which has been praised by Nottingham City Council and the Department for Transport, will ensure NET can continue to offer a green, convenient and affordable way to travel through the city and the surrounding areas.
The deal, which has been two years in the making, will also allow the team to focus on improvements across the board, including investment in new technology, the recruitment of more revenue protection officers and updates to ticketing systems. It will also allow them to look to the future with possible expansions to the network.
Tim Hesketh, CEO of Tramlink, said: “Nottingham’s trams are an integral part of the city’s life, helping to connect thousands of people each day who rely on the network to travel to work, to their place of study, or for days out with family and friends.
“This new financial restructuring has been an ongoing project we’ve been working on for two years following the challenges we faced during the pandemic. There will be no changes to our customers in terms of how they use the trams as a result, and they can still expect the same great service from us.
“However, it gives us a secure financial position which will ensure we can keep on providing the people of Nottingham with reliable, convenient and sustainable travel for many years to come, whilst also allowing us to make key improvements across the whole network.
“We’d like to thank the City Council and Department of Transport for all their support as we look ahead to a brighter future for the city.”
Tramlink has been the private investment partner in the Nottingham Tram since 2011, when Nottingham City Council entered into a Private Finance Initiative (PFI) with the business to build NET Phase Two and operate the extended tram system. Under the PFI, Nottingham City Council has a range of financial commitments, including annual payments to NET for the ongoing operation and maintenance of the whole service.
The council has welcomed the restructuring during a difficult time.
Councillor Angela Kandola, Nottingham City Council’s Portfolio Holder for Transport, said: “This deal to secure the future of our tram system post pandemic is great news for Nottingham, reflecting the culmination of nearly two years of collaborative effort among Tramlink, shareholders, lenders, ourselves, and the DfT.
“Given the current financial challenge being faced by the city council, it is even more important that we have worked with partners to secure a thriving future for our system – a cornerstone achievement in our mission to offer top-tier public transport, alleviate congestion, achieve cleaner air and less emissions and foster local economic growth.
“This achievement not only ensures financial stability for our tram network but also empowers Tramlink to focus on making the network even more successful and useful going forwards.”
Flexible working, continuous personal development and maintaining a work-life balance are top of the list for the next generation of business, according to a report by East Midlands Chamber’s network for young professionals.
A healthy work-life balance was ranked as the most important aspect of a job by employees aged 18 to 35 in Derbyshire, Leicestershire and Nottinghamshire, with 34% citing this as being above all other considerations in a survey by the Generation Next network.
This was followed by salary (30%), entrepreneurial freedom (20%), benefits (10%) and innovation (7%).
When asked how important hybrid and remote working is to securing a role, respondents gave it an average score of 7.3 out of 10.
Generation Next, which runs professional development events and mentoring services for 18 to 35-year-olds, carried out its first-ever Young Professionals in the East Midlands Survey, with the aim to help businesses and other key stakeholders in the region understand the development needs and preferences of the future and existing workforce, as well as to align the network’s offering to members.
The findings, which also covered challenges encountered by young employees and the type of learning they desire, will be discussed at the inaugural Generation Next Conference happening at Nottingham Forest’s City Ground stadium, on Friday 12 January.
Lucy Robinson, director of resources at East Midlands Chamber and Generation Next lead, said: “Undertaking this survey has been a really important piece of work for us, not only to help the wider East Midlands business community to retain and attract young talent, but also to ensure our services are still relevant in developing the region’s skills.
“Our Generation Next board of champions, chaired by Daniel Nikolla and featuring young professionals representing a broad range of sectors across the region, have spearheaded this work as they felt it was integral to giving a voice to young people working in our businesses, while enabling the network to stay committed to our mission of helping the young business community in the East Midlands to thrive.”
Other key findings in the survey, which was completed by 116 participants, included:
While four in 10 of respondents use to LinkedIn for career development opportunities, 22% look to their own organisation, with local business groups and education institutions also accessed. Some 77% said a company’s training policy is an important driver for recruitment.
Continuous learning was valued by 82% of respondents throughout their careers, with 32% interested in accredited learning.
Networking was found to be either a somewhat or incredibly significant driver of career development for 98% of respondents, and 82% expected their employers to finance a subscription to a membership organisation, such as the Chamber or Generation Next, to support their skills development.
Thirty-six people said they had been mistreated for being young or inexperienced, with other challenges reported including a lack of resource, disrespectful behaviour, a lack of self-confidence, resistance to change from their employer and restricted flexibility.
Generation Next was launched by the Chamber in February 2020 to offer support to young professionals working in Derbyshire, Leicestershire and Nottinghamshire. The network has since grown to more than 300 members, and offers networking opportunities, skills webinars, a mentoring scheme and resource library.
Family-owned vehicle parts distributor SDL Minorfern has teamed up with the Matthew Good Foundation to launch the Minorfern Foundation, which aims to give £40,000 in grants to charities and community groups before the year is out.
With a team of more than 320 employees, the newly-created Minorfern Foundation has received a wide range of excellent nominations from SDL Minorfern employees for local organisations needing support, covering four main areas: Alleviating poverty, supporting children and young people, improving health and wellbeing, and caring for animals.
Nick Holland, MD of SDL Minorfern said: “I am thrilled to announce the launch of the Minorfern Foundation on behalf of our entire team. Committed to making a positive impact in the communities where we live and work, our foundation aims to support smaller regional charities that are truly making a difference.
“Over the next year, our team spanning 12 branches will select ten charities that have had a meaningful impact on either our staff members and wider families or great causes in our local communities.
“By the end of 2024, we aim to donate £40,000 and we look forward to actively contributing to these causes and creating a lasting, positive change in the regions where our business operates.”
Along with announcing the launch, the Minorfern Foundation has named the first two shortlisted charities to receive donations.
The Children’s Hospital Charity was nominated to receive £4,000 by the SDL Minorfern head office in Clay Cross, Chesterfield. The charity supports Sheffield Children’s NHS Foundation Trust to change lives every day.
The grant will support the specialist Pre-Operative Healthcare Team that cares for children and young people with complex health needs that require specialist care. The funding will be used to create a calming atmosphere and welcoming environment for patients and their families that will include sensory equipment, toys and books.
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