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.
Contractor G F Tomlinson has started work on the site of a multi-million-pound refurbishment of Chesterfield’s theatre and museum.
The refurbishment of Stephenson Memorial Hall home to both the Pomegranate Theatre and Chesterfield Museum includes the creation of a single entrance to both facilities, an expanded theatre, a reconfigured museum, community spaces and a new café bar. The project is led by Chesterfield Borough Council, and is due to be complete by the end of next year.
Construction firm G F Tomlinson has taken control of the site and will now work to deliver the enhanced building along with improvements to Corporation Street.
Initially announced in 2021 following a funding commitment from the Government’s Levelling Up Fund, the project has been in development ever since. The Museum and Theatre closed in 2022 to allow preparatory works to begin including the removal of asbestos, ground investigations and a strip-out.
Councillor Kate Sarvent, Chesterfield Borough Council’s cabinet member for town centres and visitor economy, said: “Since closing in 2022 we’ve been very busy behind the scenes both preparing the building for renovation and finalising the plans with our partners including our fantastic architecture team to ensure our ambitions can be realised. I’m delighted that G F Tomlinson have now begun work on site to deliver this project for our residents, we look forward to working closely with them over the next few years and keeping everyone updated on progress within the building.
“This is a landmark building in our town and a place where generations of Chesterfield residents have created lasting memories. This project seeks to protect this building for the future but also enhance the visitor experience which will encourage more people to attend shows and visit our museum.
“This ambitious project will benefit both our community and our economy – we are committed to investing in the future of our borough, to ensure it can thrive for years to come and has first class facilities for both residents and visitors to enjoy.”
With Christmas just around the corner, new data from insolvency firm Begbies Traynor covering the first 10 weeks of Q4 2023 shows that thousands of UK retailers are in critical financial distress – including almost 1,000 online-only organisations.
Nearly 4,500 businesses are now in critical financial distress as poor consumer confidence, sticky inflation, and elevated interest rates force consumers to hold back from spending big, even in the run up to Christmas.
The decision by many consumers to remain very prudent on household expenditure during the most important shopping weeks of the year only adds to the pressures faced by this embattled sector, says the company.
Julie Palmer, Partner at Begbies Traynor, said: “There is no doubt about it; the last 12 months have been incredibly difficult for British retailers as an increasingly tough economic backdrop continued to pile on the pressure, with businesses that were only just standing on two feet again now feeling the pain this Christmas.
“And, after a year where consumers faced one of the worst cost-of-living squeezes on their wallets, the shopping bonanza many retailers were relying on this Christmas does not seem to have materialised, pushing many businesses close to financial ruin this winter.
After the boom during the enforced lockdowns of the pandemic, the data also highlights the shift away from online only retailers as consumers return to bricks and mortar stores, favouring an omni-channel offer. In Q4, the number of online only businesses in critical financial distress leapt 11.7% to 910, representing over 20% of all the businesses in critical distress, while 7,393 online businesses were in significant distress, up 6.48% on the prior quarter.
“What’s particularly interesting is the number of online only retailers now in critical financial distress. After the surge during the pandemic, it looks like the need to operate an omni-channel business model is more important than ever for retailers looking to succeed in this market.
“Sadly, after the year they have just been through, many business owners will be looking ahead to 2024 with a degree of hope, but there’s nothing to suggest it’s going to be any easier next year.
“After years of being addicted to cheap money, many of these businesses must now grapple with increased costs and another minimum wage hike in April, while converting their stock into cash to avoid quarterly rent day turning in to a fatal New Year hangover.
“On top of that, the situation is deteriorating for many consumers as energy bills and interest rates remain stubbornly high. It is likely this situation will only get worse when over 1.5 million UK households roll off cheap fixed rate mortgage deals in 2024.
“Ultimately, many of these businesses will have loaded up on debt during the good years and must now deal with the painful reality of higher interest rates at a time where demand is shrinking and margins are being eroded. So, plenty could fall victim to these pressures as the debt storm breaks across the country next year.”
Nottingham-based SDL Property Auctions has been acquired by Leeds-headquartered Eddisons in a deal worth up to £3.25m, forming one of the country’s largest property auction houses by volume.
Led by MD Andrew Parker, SDL sells residential and commercial properties across the UK, offering around 2,000 lots for sale annually. Employing 46 people, the firm is particularly active in the South East, Midlands and Scotland, complementing Eddisons’ property auction strengths in Yorkshire and the North West.
The acquisition builds on Eddisons’ auction business, which trades under the Pugh and Mark Jenkinson brands, with SDL Property Auctions set to integrate with the Eddisons team post-acquisition.
Eddisons managing partner Anthony Spencer said: “This acquisition significantly increases the scale of our auction business, and I look forward to working with Andy and the team.
“This is the fourth acquisition of the year for Eddisons and we continue to seek further opportunities for expansion across the UK.”
Eddisons’ strategy of increasing the scale and quality of its business, both organically and through acquisitions, has seen the firm increase turnover from £20m in 2020 to more than £40m this year.
The SDL Property Auctions deal follows previous acquisitions this year of Sheffield auctioneer Mark Jenkinson in March, Lincoln-based consultancy Banks Long & Co in May and last month’s acquisition of Andrew Forbes Surveyors in Bristol.
Mr Parkeradded: “Through our team of talented people who place our clients’ interests at the forefront of everything we do, SDL Property Auctions has developed an award- winning reputation for selling property by auction.
“We are excited to be joining Eddisons and I look forward to working with like-minded individuals to develop the opportunities that the deal presents.”
A Nottingham man who operated three illegal East Midlands waste sites – including one at which a fire took a month to put out – has been jailed for ten months and disqualified as a director for seven years.
Paul Riina-Moretti, 46, of Sneinton Dale, Nottingham had previously admitted three offences of operating a waste facility without an Environmental permit.
The court heard that a major fire broke out at the biggest site, Oakham Farm, Forest Lane, near Walesby in north Nottinghamshire, which took the Fire Service over a month to put out in the autumn of 2016.
The other sites were at Hathernware Industrial Estate, Rempstone Road, Normanton-on-the-Soar, and Horse Leys Farm, Melton Road, Burton on the Wolds.
Also sentenced at the same hearing was Paul Billingham, 55, of Wolverhampton Road West, Willenhall, who admitted depositing waste at the three sites. He received a six-month custodial sentence which was suspended for 18 months and ordered to do 200 hours unpaid work.
An investigation by the Environment Agency discovered that Riina-Moretti was operating the three sites illegally without an Environmental Permit.
Waste was deposited in vast quantities and there was no real plan as to how it was going to be processed.
At Oakham Farm, the defendant had rented two former poultry production units, telling farm officials that he wanted to store clean plastics. He said that his intention was that the plastics would be transferred to an incinerator for burning and converting to energy.
However, the reality was that significant amounts of mixed waste were deposited and stored at the site a where a fire broke out on 21 September 2016.
It generated a huge plume of smoke and residents at nearby properties were required to close doors and windows while one mother and baby were forced to move out temporarily due to the smoke.
Properties were covered in smoke and smog and there was the distinctive smell of burning plastic. Smoke was still noticeable five days later and the fire was not fully extinguished until 7 November 2016.
The fire completely destroyed the two poultry units which resulted in the landowner incurring clear up costs of £478,000.
Environment Agency officers also gained CCTV pictures from the farm which showed Billingham to be a frequent visitor from the end of August 2016 into September.
Footage showed Billingham driving an articulated lorry and trailer to deposit waste at the site on 13 occasions.
At Hathernware Industrial Estate, Environment Agency officers received complaints about waste being dumped.
They discovered that some 100 black polythene wrapped bales had been stored at the front of the warehouse, with similar baled waste stored at Horse Leys Farm.
A spokesperson for the Environment Agency said: “We welcome these sentences which should act as a deterrent to others who are considering flouting the law.
“These sites posed a significant environmental threat due to the high risk of fire and potentially significant impact to local communities and amenities.
“As a regulator, the Environment Agency will not hesitate to pursue individuals and companies that fail to meet its obligations to the environment.
“The conditions of an environmental permit are designed to protect people and the environment.
“Failure to comply with these legal requirements is a serious offence that can damage the environment, harm human health and undermine local legitimate waste companies.
Hinckley & Rugby Building Society has appointed Barry Carter as the mutual’s new Chief Executive Officer, effective from 2 January 2024.
Announcing the news, the Society confirmed that current CEO, Colin Fyfe, is stepping down after five years in the role. His successor, Barry Carter, is currently the Society’s Chief Operating Officer; a role he has held since July 2022.
Colin Franklin, Chair of the Board, said: “Colin leaves us in fantastic shape and with a great team of people in place, and we are incredibly grateful for all the good things that he has achieved. In passing the reins to Barry, he is handing over to someone who has already proved to be an effective leader, and who is clearly passionate about our Society and its members.”
Speaking about his appointment, Barry Carter said: “As COO I have been working very closely with Colin Fyfe for the last eighteen months. We have shared a vision and have developed the Society’s strategy together, enjoying a partnership with the same synergy that a Chair and Vice-Chair would. Consequently, this feels like a very smooth and natural transition.
“In planning for this change, I have sharpened my focus on developing a truly customer-centric organisation. I have strong plans for growth, both in our business and in our people, and a strong desire to make us the most efficient and effective organisation that we can possibly be. That’s something I’m very passionate about.
“During the last eighteen months, I have come to understand the beating heart of the Society and its unique personality. I believe that my strong and highly participative style of leadership will continue to benefit the Society at every level, and that I will lead us into an even more prosperous future.”
Barry Carter has more than 21 years of experience in financial services. Prior to joining Hinckley & Rugby as COO in July 2022, he was COO at HSBC Private Bank. He is a Chartered Certified Accountant, Chartered Banker, and is a Member of the Chartered Institute for Securities and Investments.
Outgoing CEO, Colin Fyfe, will begin his new role as CEO of Unity Trust Bank in 2024. Reflecting on his time at the Society, he said: “I have thoroughly enjoyed my five years at Hinckley & Rugby, and I feel that’s about the ideal period for a chief executive. My plan was to make a big difference, and then hand over the reins to someone who would take the Society to the next level, and Barry is the right person to do that.”
Robin Fieth, Chief Executive of the Building Societies Association, added: “On behalf of the BSA, I would like to thank Colin for the huge support he has shown the BSA during his time at Hinckley & Rugby. Colin has been a great champion for the mutual sector and has been instrumental in achieving positive change for building societies, their employees, and local communities.
“During his time in the sector, Colin has been a valued member of the BSA council and a committed Chair of the BSA’s green finance taskforce, where he has worked tirelessly towards the goal of improving the energy efficiency of the UK’s housing stock. We wish him every success in his next role and look forward to working with Barry Carter.”
Nottingham Venues has appointed Mark Pook as food and beverage manager at its Jubilee Hotel and Conferences venue.
With over 30 years’ experience in the catering, events and hospitality industry, Mark started his career as a bar person in Devon and worked his way up to general manager and area operations manager roles all around the UK. As general manager his particular expertise lay in opening large multi-scene businesses for a number of different operators. He has also owned and managed his own late-night businesses in Derbyshire, where he is now based.
Situated within a 65-acre lakeside landscape of the University of Nottingham, close to Nottingham city centre, Jubilee Hotel and Conferences is an innovative venue catering for everything from small meetings to large events up to 250 capacity. With 14 meeting and training rooms, a hotel with 101 guest rooms and suites, a newly refurbished atrium space and the Spokes café offering breakfast and lunches daily, it caters for wide variety of guests.
Mark Pook, new F&B manager at Jubilee, said: “I’m excited to become part of the Nottingham Venues team and bring my industry expertise to enhance Jubilee’s offer even further. It is in a fantastic location, with the superb Spokes cafe, as well as an extensive banqueting menu and lakeside BBQ options. It’s one of Nottingham’s best kept secrets, so I’m looking forward to seeing how we can help it reach its full potential and open it up to a wider audience.”
Tom Waldron-Lynch, general manager at Nottingham Venues, said: “The Jubilee Hotel and Conference is a key asset in our collection of independent venues specialising in meeting and events. Set in the beautiful grounds of the University of Nottingham. We’re so pleased to have found someone of Mark’s calibre with extensive expertise and vision for how we can continually provide an unrivalled guest experience at Jubilee in the future.”
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 Alex Hudson, Market Senior Partner at PwC East Midlands.
It’s fair to say that 2023 was a challenging year for businesses, from economic uncertainty to geopolitical events which impacted the market. That said, there were also many opportunities created, and as we look forward to 2024, we should consider how we can take advantage of these.
Productivity was a hot topic for 2023 and this is set to continue. The PwC Productivity Tracker, which takes a human-led and tech-powered approach to analysing the various components that make up productivity, focused on the regional differences in terms of productive growth. Out of the 12 regions, when comparing rates of productivity growth, the East Midlands achieved fourth place, highlighting the opportunity we have to increase our regional output.
The Tracker indicated that the regions who perform the best prioritised change and innovation, be it through development, regeneration or investment to name a few. It also underlined the close relationship between strong productivity growth, talent availability and high skills levels, all of which we have here in the East Midlands.
With the recent announcement that the East Midlands investment zone is to be extended, as well as the free port we have at East Midlands and the Combined County Authority devolution deal set to be realised in summer, 2024 should present a lot of opportunities for growth for East Midlands businesses.
UK inflation has dropped more than expected, with annualised inflation rate, measured by the consumer prices index (CPI), dipping to 3.9% from 4.6% in October.
This is the lowest rate since September 2021, is below the expectations of analysts, and comes largely thanks to declines in motor fuel prices and recreation costs and a slowdown in food and drink inflation.
Annualised inflation had been forecast to come in at 4.4%.
Meanwhile, core inflation, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, was more stubborn at 5.1% in the 12 months to November 2023, falling from 5.7% in October.
Responding to the news, Martin McTague, national chair of the Federation of Small Businesses (FSB), said: “The decrease in inflation is a whisper of relief to small firms as we end the year. The reduction marks a significant shift from the staggering 10 per cent figure this time last year at the peak of the cost-of-doing-business crisis.
“As inflationary pressures ease, small firms will be wanting the Bank of England to indicate when interest rates may start to fall – this would increase access to finance, drive economic growth and provide a fighting chance at avoiding a recession.
“Businesses will be hoping for a stable environment characterised by more predictable market conditions and lower costs in 2024.”
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