Corporate insolvencies reach 14-year high

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Corporate insolvencies reach 14-year high

A perfect storm of economic struggles and a covid hangover have forced annual corporate insolvency figures into a 14-year high, with record numbers of businesses now turning to an insolvency process to help resolve significant financial issues.

This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest statistics published by the Insolvency Service which show that corporate insolvencies in England and Wales increased by 6.4% in November 2023 to a total of 2,466 compared to October’s total of 2,317, and by 21.4% compared to November 2022’s figure of 2,032.

Corporate insolvencies have also risen by 47.1% from November 2021’s total of 1,676 and by 63.9% compared to the pre-pandemic figure of 1,505 in November 2019.

R3 Midlands chair Stephen Rome, a partner at the Midlands office of Penningtons Manches Cooper, said: “These latest numbers have been driven by an increase in Creditors’ Voluntary Liquidations and Compulsory Liquidations, as more directors opt to close their businesses while that choice is still theirs. At the same time, creditors are pursuing debts to balance their own books.

“Notably, the figures published this month take 2023’s corporate insolvency figures to the highest annual total since 2009. This 14-year high is due to insolvency numbers being supressed by Government covid support measures and a relay of economic issues impacting heavily on businesses.

“Since the spring of 2020, firms have had to contend with the pandemic, the end of Government financial support, rising inflation, the cost-of-living crisis and supply chain issues – all with no time to draw breath and recover.

“The past year has been especially tough. Costs have increased, people have been reluctant to spend money as they worry about paying for the basics, and high interest rates have made paying debts or securing funding incredibly difficult.

“This point of the year is a critical time for many businesses, and if it doesn’t deliver the rise in revenues many are hoping for, we could see insolvency numbers increase further next month.

“Given the timing and climate, it’s vital that directors and managers are alert to signs their business could be financially distressed and seek advice as soon as possible. It’s a very hard conversation to have, but speaking up when worries are new can provide more options for recovery, as well as more time to consider how to move forward.”

Star Trust finishes anniversary year with regional charity support

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Star Trust finishes anniversary year with regional charity support
East Midlands charity, Star Trust – The Charitable Entrepreneurs, has finished its tenth anniversary year by presenting cheques to four local charities. Charities were awarded funding of more than £37,000 which was raised from the Star Trust’s motoring day at Silverstone Circuit in association with Porsche. Those who attended the presentation were: – Bipolar Lift CIC which extends holistic, no-cost support to individuals living with bipolar disorder and their families in Nottinghamshire. – Bodie Hodges families bereavement support service in Leicestershire and Rutland to provide 100 early therapeutic counselling sessions to adults and children. – British Disabled Angling Association to support adults, young people and children, with physical, sensory and learning disabilities, or terminal illness to enjoy the experience of fishing at Ladybower Fisheries in Derbyshire’s Peak District. – Life Skills Education whose Keep on Track programme supports primary school pupils across Nottinghamshire to lead safe and healthy lives and achieve their potential. Star Trust is run by charitable entrepreneurs and business leaders who are committed to supporting their local communities across Nottinghamshire, Derbyshire, Leicestershire, Lincolnshire and Rutland. Since its launch ten years ago, Star Trust has supported 112 charities with a total of £846,142 and has directly touched the lives of 62,232 people in the East Midlands area. Star Trust founder Steve Hampson said: “We are proud of the support we have provided right across the East Midlands in this, our tenth anniversary year. “Plans are in place to grow the charity over the next decade and our short term goal is to reach the £1 million fundraising mark in 2024. “Since our launch, we have organised up to three high profile events a year with all the money raised going to small charities across the region who apply for funding.” He continued: “Moving forwards, we are looking to supplement this with a corporate giving programme which will enable us to handle the funding applications, site visits and due diligence process on behalf of our partner businesses to achieve the greatest impact for their CSR commitments. “Not only will this save time and resources for like-minded businesses of all sizes, it will increase the spending power through the Star Trust so that we can be the conduit to making an even greater positive impact on people’s lives in our local communities. “Business partners will be able to ring fence where the money they raise and then donate through Star Trust goes – whether that is a geographical area or sector. “The application process is very straightforward so that it is accessible to even the smallest of charities and we look forward to helping even more organisations in the coming year.”

Solicitors’ care conference supports local charities

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Solicitors’ care conference supports local charities
Law firm Timms Solicitors have presented cheques to two local charities following its annual childcare conference for fellow professionals which focused on the impact of family proceedings on siblings and how they are treated by the legal system. The firm organised its tenth annual conference recently at Derby’s Pride Park Stadium which was attended by delegates from across the East Midlands including social workers, CAFCASS, barristers and many solicitors from four Local Authorities and from private practice. The aim of the conference was to provide a thought-provoking insight into how siblings are treated in care and adoption proceedings and beyond. Guest speakers included Daniel Monk – Professor of Law at Birkbeck, University of London and leading academic and researcher in this field; Consultant Clinical Psychologist Dr Jacqueline Lynch and Barrister David Payne. The not-for-profit event raised £500 which was split between Derby and Burton child contact centre where non-resident parents or grandparents and their children can meet, play and interact. Timms managing partner Fiona Moffat, who presented the cheques, said: “This was the largest care conference that we have organised to share key topical knowledge across the profession, giving advice and understanding to help everyone in their day to day jobs. “Timms always donate to a charity as part of this event and we were delighted to again support Derby and Burton Child Contact Centres who have a very important role to play in the childcare system.”

Practical completion reached for major new Nottingham logistics scheme

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Practical completion reached for major new Nottingham logistics scheme

Construction of a significant new logistics facility in Nottingham has reached practical completion, delivering 362,289 sq ft of warehouse and distribution space.

The development has been funded by Barwood Capital’s Regional Property Growth Fund IV and delivered in partnership with Premcor Estates.

Situated just five minutes from Junction 26 of the M1 motorway, Nottingham 360 is a high-bay logistics / production facility with a warehouse on the ground floor of 329,415 sq ft and additional office space of 32,874 sq ft, which includes a hub office to the service yard.

“Nottingham 360 is ideally located in the heart of the UK road network with good accessibility to the M1 motorway and strong employment demographics. With a key focus on ESG, the development has achieved BREEAM Excellent, Net Zero in construction and is Net Zero in operation enabled,” said Adam Smith, Asset Management Director at Barwood Capital.

Simon Hawkins, Director at Premcor Estates, added: “Nottingham 360 offers a best-in-class logistics and production facility with leading ESG credentials. We look forward to working with Barwood and the joint agents in letting the building. We are encouraged by the positive level of demand we are seeing in the market.”

The scheme has been delivered by Winvic as main contractor and C4 Projects and Project Manager. Occupiers nearby include DHL, DPD, Bestway Wholesale and ASDA.

Retained agents for the scheme are James Clements and Edward Kennerley of Knight Frank and Steve Moriarty of Moriarty & Co.

Planning and listed building consent granted for former Bennetts store in Derby

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Planning and listed building consent granted for former Bennetts store in Derby
Commercial property investment company, Manston Investments Ltd, has obtained planning and listed building consent to repurpose its property at 8-9 Iron Gate in the heart of Derby city centre. The property, still known to many in Derby as ‘the former Bennetts Department store’, became vacant just before the first Covid lockdown when the former business went into administration. The building amounts to over 36,000 sq ft over four floors, together with an extensive basement. It has been adapted many times since it first became a department store in the late 19th century to provide the labyrinth of space people remember from the old ‘Bennetts’ days. With the help of a local team comprising architects JSA Consulting, cost consultants Armsons Barlow, and Heritage Planners Urban Fabric, the approved scheme will provide a range of accommodation much better suited to town centre uses post Covid. Partial demolition at the rear of number 8 will allow for secondary access and a goods receiving area – this will also facilitate better daylighting to the upper floors. Internally, the former large single occupier space will be divided to cater for a variety of independent uses. The approved plans show two smaller independent ground floor units fronting Iron Gate and suited to retail, food and beverage or other leisure uses. There will be an independent suite of offices to the rear, and a first floor with potential for open plan or serviced office use. The upper floors show eight residential units. Allowing for the proposed demolition, the building will offer a total area in its proposed format of approximately 30,000 sq ft. Commenting on the proposed scheme, Tom Boardman-Weston, director of Manston Investments said: “This has been a lengthy process due to the historic single use nature of the building and also the Grade 2 Listed status of number 9 Iron Gate. “Repurposing the floorspace to attract a range of current day uses more readily has been a complicated task, but we are delighted that a way forward is now clearer.” John Forkin, managing director of Marketing Derby, added: “We are delighted to see that Derby City Council has granted planning permission and look forward to working with Manston Investments to shape a new chapter for a wonderful building that has played an important role, both in Derby’s heritage and in its future.” Manston Investments intends to bring the property to the market early in the New Year and has instructed joint agents Rigby & Co. and OMEETO in this regard.

Subsidence specialist secures seven-figure loan to support acquisitions

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Subsidence specialist secures seven-figure loan to support acquisitions
A Midlands-based business which specialises in subsidence monitoring has secured a  seven-figure debt funding package from Frontier Development Capital (FDC) to support its acquisition plans.  SML Group has already acquired and successfully integrated six businesses in the past 10 years and now employs 160 staff at its headquarters in Leicester and its offices in Edinburgh, Peterborough, Norfolk, Swansea and Arundel, Sussex. The group operates through a range of brands including My Home Needs, Subsidence Monitoring, Geo Info, Landmark Surveys, Ratcliff Land Surveys, Drillline GPR and The Survey Store. In addition to subsidence monitoring for loss adjusters and insurers, it provides geo-spatial surveys and geo-technical services including materials testing and inspection to the construction industry. SML Group has doubled its turnover in the past 18 months to £12m and aims to continue this rapid growth in the next five years through a combination of organic growth and acquisitions. The business was founded in 2007 by subsidence specialist Thomas Harpin in response to the growing demand for monitoring services.  Thomas Harpin, who is the group’s CEO, said: “SML Group aims to bring innovation into the traditional world of surveying by providing a single point of contact for multiple services and adopting the latest technologies to give our clients added value. “We have a strong track record for integrating and successfully growing the businesses we acquire. Surveying is a very fragmented market with lots of small firms so we see scope for further acquisitions. The funding will support our ambition to become the largest multi-disciplinary surveying company in the UK.”  The Frontier Development Capital team included Charlie Robinson and Kathryn Hoverd. Charlie Robinson, Investment Director, said: “Tom and his team have impressed us with their strategic and operational approach to the subsidence industry. “SML Group is already a leading service provider and has a clear plan for expansion via both organic and acquisitive growth.  This funding will allow the business to take advantage of the opportunities and continue on its growth path. We are looking forward to partnering with the business on its next stage of development.” Stephen Humphrey provided fundraising advice to the company and will take on the role of group Chairman going forward. Paul Tallon and Olivia Dowdeswell of Cooper Parry provided financial due diligence to FDC while Iain Wright of Claritas provided tax advice to the company. Chris Jones, Karem Al-Dahleh and Ginny Tan of Gateley plc provided legal advice to FDC, while BHW provided legal advice to SML Group.

Partnership delivers 348 new homes to Nottingham city centre

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Partnership delivers 348 new homes to Nottingham city centre
blocwork, the partnership between Network Rail and property developer bloc Group, has completed its first build-to-rent scheme for Grainger plc in Nottingham.
The Barnum – a 348-home scheme situated adjacent to the city’s railway station – was delivered in partnership between blocwork and Grainger, the listed residential landlord, and marks the regeneration of a significant area of brownfield land.
The scheme is the first delivered in partnership between blocwork and Grainger, and follows the recent announcement that they will partner again with the potential to deliver some 2,000 new purpose-built BTR homes across sites in major cities across the UK.
Richard Thomas, development director at bloc Group, said: “blocwork was created with the aim of repurposing railway land and buildings into sustainable long-term assets, and The Barnum has been a great project to kick the partnership off.
“As well as the partnership with Network Rail, we’ve worked very closely with Grainger and the contractor Graham to create a development that not only brings much-needed new homes to Nottingham, but also brings life to an area of the city that had previously been restricted to railway infrastructure.”
Robin Dobson, group property director at Network Rail, said: “Combining Network Rail’s infrastructure experience with the private sector development expertise of bloc Group has proved to be a fruitful partnership, which is clear by the successful launch of The Barnum.
“Delivering developments through Partnerships like blocwork are important for Network Rail Property as we look to build housing and mixed-use regeneration across our brownfield estate in a way that can be accelerated and scaled across our portfolio.”

Curve hails one of its most successful years with turnover at an all-time high

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Curve hails one of its most successful years with turnover at an all-time high
Leicester’s Curve theatre has released its 2022/23 Annual Report, detailing one of the theatre’s most successful ever years, with turnover at an all-time high of £17m. The first full year of in-person performances and activities since the pandemic, across the year Curve welcomed 249,900 audience members to see work on its stages. Under the theatre’s Made at Curve banner of produced and co-produced work, 840,500 tickets were sold at the theatre’s Leicester home, on tour nationally and internationally. Off-stage, Curve reported more than 30,000 participants of all ages engaged with its learning, community and artist development work, and the theatre continued to inspire local pupils and students, with over 430 schools and colleges attending performances and participating in activities. 2022/23 also saw the first full year of Curve’s Neighbour-Hubs programme, an initiative which aims to develop long-term, meaningful and creative partnerships with schools, SEND and Alternative Education Providers, and Community and Elders groups across five key areas in Leicester city identified as having high levels of deprivation, high levels of ethnic diversity or low levels of engagement with Curve. Curve continued its commitment to supporting and developing local artists, with over 1,100 creatives, theatre-makers and practitioners taking part in its artist development sessions across the year, and 44 local artists taking part in its New Work Festival. Speaking about the 2022/23 report, Curve’s Chief Executive Chris Stafford and Artistic Director Nikolai Foster said: “In the first full year we’ve been able to welcome audiences in-person since the pandemic, it’s a testament to all the terrific artists, creatives, practitioners, partners and of course, Team Curve, we can report 2022/23 as arguably Curve’s most successful year to date in so many ways. “On stage we have shared phenomenal work, and off-stage there is equal cause for celebration, with our community, learning and artist development work thriving.” Thanks to higher than ever ticket sales at its Leicester home and on tour, Curve has reported a turnover of more than £17m across the year, however, the success comes at a time of increasing costs and further squeezes on audience members’ budgets. “Whilst we celebrate these highlights,” Stafford and Foster continued, “we must also consider these achievements within the context of a challenging landscape. This year has seen soaring production costs, rising electricity rates (leaving our theatre facing a six-figure bill increase) and a cost of living crisis further squeezing budgets. “We are committed to doing everything we can to maintain our artistic ambitions, our community engagement programmes and our accessible pricing, but we must acknowledge and be mindful of the fact that we are navigating an exceptionally difficult period. “We know the next few years will continue to be a challenge for both Curve and our industry, but we remain ambitious and determined for our future success. Our sincere thanks go to Team Curve, our Board of Trustees, our principal funders Arts Council England and Leicester City Council and all of our loyal audiences and supporters – you all play a vital role in making Curve the special place it is.”

2024 Business Predictions: Kul Mahay, founder of Ignite Your Inner Potential

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2024 Business Predictions: Kul Mahay, founder of Ignite Your Inner Potential
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 Kul Mahay, emotional intelligence expert and founder of Ignite Your Inner Potential. The culture within workplaces is changing – and organisations will need to continue to work at relationships with employees and be certain of their core values if they are to succeed in 2024. Over the past few months, I have seen more and more organisations ensuring that their goals and their ethos aligns with that of their employees and clients or, quite bluntly, they’re cutting ties. We’re a changed world, and leaders need to stay relevant and informed if they are to retain talented members of staff. People are our greatest resource as business owners and they need to be seen, heard, valued and appreciated. Creating workplace cultures where people are looked after, and feel psychologically safe is probably the number one priority right now. Only then can they thrive. Organisations need to understand the power of Human Centred Leadership and the value that it can bring in getting the best from your people. Virgin’s Richard Branson is a great example of a human-centric leader; he’s consistently good and knows the value of people. We will see lots of varying leadership styles in the spotlight over the next 12 months, especially with a general election looming. It will be interesting to see and study the contrasting methods of leadership, and maybe take a few notes to bring back to the workplace.

Flex office operator supports nationwide literacy campaign

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Flex office operator supports nationwide literacy campaign
Flex office operator, Cubo, has thrown its support behind a campaign aimed at transforming children’s lives through the joy of reading – and has launched its own fundraising campaign aimed at encouraging members and businesses to ‘Gift a Child a Book at Christmas.’ The company, which has nine sites across the UK including two workspaces in Nottingham and one in Derby, has adopted Bookmark Reading Charity as its annual charity for 2024 and is encouraging donations from Cubo members and the wider business community to provide books to children across the area. Recent SATs results from July 2023 have revealed that one in four children leave primary school without the ability to read proficiently. In addition, the attainment gap between disadvantaged children and their peers has reached its widest point in a decade (FEA, 2022). Bookmark was founded by Sharon Pindar in 2018 and aims to change children’s life stories through the joy of reading. A data driven, impact-focused charity, Bookmark works with children who face barriers to becoming readers by providing one-to-one reading programmes, both online and in person. The charity also equips schools with dedicated resources to offer wraparound support, providing diverse, high-quality books, materials for extracurricular reading, and on-going support for teacher training and development. As part of its mission, Bookmark aims to deliver 50,741 one-to-one reading sessions to children over the next year. This time, when scheduled back-to-back equates to three years of non-stop reading. The charity also aims to send out thousands of books and reading resources to children across the country, putting them directly into the hands of children who need them most. Commenting on their partnership with Bookmark, Rebecca Brough, CMO at Cubo, said: “We’re thrilled to announce Bookmark as our annual charity for 2024 and are really excited to be launching our ‘Gift a Child a Book at Christmas’ fundraising campaign. “We believe that access to books is fundamental to a child’s development, and through our partnership with Sharon and her team at Bookmark, we hope to make a difference to the lives of young readers. “All our management team have young families and share Bookmark’s passion for fostering a love for reading and providing vital resources to children in need. “We hope Cubo members, and the wider business community will support our Christmas campaign and the other exciting initiatives we have planned for 2024.” Sharon Pindar, Founder & Chair of Trustees at Bookmark, added: “We are delighted to be partnering with Cubo as their chosen 2024 Charity of the Year and for the very special ‘Gift a Child a Book at Christmas’ campaign. “With recent research from the National Literacy Trust showing that almost a million children and young people do not have a book of their own, it is more important than ever to fill this resource gap. This is vital to ensure that children have the tools they need to become confident and joyful readers. “Giving a child a book is a gift that will last a lifetime and can be the spark that is needed to ignite the joy of reading. “Thank you to the team at Cubo for supporting Bookmark’s mission. We look forward to working with you throughout the year!” To donate to Cubo’s Gift a child a book this Christmas’ appeal, visit bit.ly/Donate-cubo.
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