Founder and MD of M-EC Development Technical Consultants sells stake in company after 14 years
Nottingham-based credit firm secures £500,000 investment
Foresight Group, a listed regional private equity and infrastructure investment manager, has announced a £500,000 investment from the Midlands Engine Investment Fund (MEIF) into Lightbulb Credit Ltd.
Founded by James Piper in 2018, Lightbulb provides UK companies with the opportunity to improve their credit ratings with the main UK based credit agencies. The company is based in Long Eaton, Nottingham, where it employs six individuals. Since 2020, Lightbulb has successfully developed a technology-based approach to its unique solution enabling it to scale quickly without incurring additional costs.
Foresight’s investment will enable Lightbulb to expand its reach, improve its service offering and target new customers. Foresight’s Private Equity portfolio companies have previously used Lightbulb’s solutions.
James Piper, CEO of Lightbulb, said: “We’re delighted to receive funding and support from Foresight and the Midlands Engine Investment Fund. We see this as being a real catalyst for our growth and expanding our reach.”
Ray Harris, director based in Foresight’s Nottingham office, added: “We were amazed by the service provided by Lightbulb. James and the team have built a fantastic business and we look forward to supporting them on their next stage of growth.”
Get ready to celebrate the region’s property and construction industry at the East Midlands Bricks Awards 2023
Tickets can be booked for the glittering awards event here.
Attend to forge new contacts and see who takes home most active estate agent, commercial development of the year, responsible business of the year, residential development of the year, developer of the year, deal of the year, architects of the year, excellence in design, sustainable development of the year, contractor of the year, and overall winner. The overall winner of the East Midlands Bricks Awards 2023 will also be awarded a year of marketing/publicity worth £20,000.
To be held at:
Ward expands trade waste services with commercial compaction launch
Midlands-based metal recycling and waste management firm, WARD, has launched new trade waste and compaction services, further expanding its commercial waste management offering.
With an investment of over £1 million, it has upgraded its fleet to accommodate the extended services, with the addition of new wheelie bins, Front End Loading (FEL) vehicles, skips and bespoke containers.
The new services boost Ward’s commercial waste management offering across several sectors, including hospitality, construction and demolition, manufacturing and industrial, retail, facilities management, offices and public sector organisations such as education and local authorities.
The service will initially focus on Derby, Nottingham, Chesterfield and the surrounding area, with plans to expand beyond the East Midlands over time.
Ward has also launched a new dedicated online quoting system, providing clear and concise pricing information which allows customers to raise estimates for services in their area.
Heather Foo, Head of Sales (Waste) at Ward, said: “This is a great addition to the wide range of waste management solutions we already provide, offering a comprehensive waste collection and recycling service across all sectors.
“Our compaction business provides a cost effective service solution for regular waste management with our fleet designed to meet the needs of every customer. We are proud of our reputation for providing an exemplary service and this new launch underpins our commitment to being a leading provider of waste management solutions.”
Ward is focused on providing its customers with the most cost efficient carbon neutral recycling service via its modern energy efficient fleet, all recycled at its state-of-the-art new £10m recycling facility in Ilkeston.
Ward’s existing waste management solutions include a fully comprehensive collection service for commercial, industrial and construction waste, ferrous and non-ferrous recycling, hazardous waste management, secure destruction, confidential waste management and textile recycling.
Ultra Events smashes £30m charity fundraising target
A company that helps adventurous people fulfil life-affirming ambitions while raising money for charity has hit its much-anticipated £30m fundraising target.
Derby-based Ultra Events, which operates across the UK, from Exeter to Inverness and Norwich to Belfast, has achieved its magic milestone in just nine years.
The firm lays on ‘experience’ events including white collar boxing, mixed martial arts (MMA), ballroom dancing, mountain climbing and stand-up comedy, and provides participants with eight weeks of free training prior to their event.
More than 150,000 individuals have taken up the challenges since Ultra Events launched in 2009, with formal tracking of fundraising starting in 2014.
Now that the firm’s original £30m target has been surpassed this week, participants can raise money for any charity of choice.
Ultra Events’ Jon Leonard said: “We are so proud to have facilitated donations of such a massive amount in such a short space of time.
“At the same time, we have provided an outlet for thousands of people to fulfil their dreams, maybe get fit in the process and all the while doing it for a good cause.
“Participants can choose their own charity to raise funds for, so we will hopefully support even more worthy causes and bring even more adventurous people on board.”
The most popular challenge is the Ultra White Collar Boxing (UWCB) programme, where participants receive eight weeks of intensive training followed by a nerve-wracking fight night in a boxing arena, taking on other Ultra Events challengers.
UWCB is followed by MMA, ballroom dancing and stand-up comedy in the popularity stakes. Participation in many of the events, particularly ballroom dancing, was badly affected by the Covid pandemic, which makes the firm’s fundraising achievement even more spectacular.
The most amount raising at a single event was £67,087 at a London UWCB event in 2019, while the record amount of funds raised through Ultra Events in a single day has topped £100,000.
The highest individual fundraisers over the years include Mark Solan, from Durham, who raised more than £22,000 for his UWCB challenge in 2015, while Derby’s Steph Snooks has so far raised over £20,000 for her UWCB event that’s due to take place in October.
This week’s £30m target has been achieved by the contingent of participants who are currently fundraising for their forthcoming challenges at around 160 events across the UK this autumn and winter.
“It’s a case of scale,” said Jon. “Most people raise a few hundred pounds, which all adds up to create an amazing sum.
“We’re blown away that we’ve managed to change so many people’s lives and enable them to do things that they otherwise would never have been brave enough to attempt.
“So, whether you want to be punched in the face, kicked in the leg, trip over your two left feet or make an audience laugh, we’ve pretty much got it covered.
“Everyone is pushed out of their comfort zone, but not a single person has regretted taking up their challenge over the years.”
Autumn boost for East Midlands businesses as start-ups increase, cashflow improves and insolvency-related activity falls
A late summer hike in the number of start-up businesses in the East Midlands, as well as indications of improving cashflow and a drop in insolvency-related activity, could give the region’s economy a much-needed boost heading into the final quarter of 2023.
This is according to the Midlands branch of national insolvency and restructuring trade body R3, and is based on an analysis of data from business intelligence provider Creditsafe.
R3’s figures show a month-on-month rise of 4.10% in the number of businesses set up in the East Midlands in August, while the quantity of debts owed by liquidated firms in the region fell by a sizeable 10.68% over the same time period.
There has also been a significant month-on-month decrease of 19.62% in insolvency-related activities in the region, which include liquidator and administrator appointments as well as creditors’ meetings.
R3 Midlands chair Stephen Rome, a director at law firm Thursfields in the region, said: “This research reveals some positive news for the East Midlands, with an indication of growing business confidence. We should remain tentative, however, in how we view these figures in the context of a hugely challenging economic backdrop.
“Inflation, higher wage and utility bills, plus the rising cost of borrowing are but a few of the factors impacting heavily on the profitability of local businesses as they fight hard to survive and thrive.
“Our advice to any directors who are worried about the viability of their company, start-up or otherwise, is to seek professional help and to do it as soon as possible. Many R3 members offer a free consultation to those who wish to explore their options.”
Growing Nottingham wealth management company makes new appointment
Independent financial planning and wealth management specialists Stephen Eve Financial Planning has bolstered its team with the appointment of Rav Jackson.
Rav will be based at Stephen Eve’s office on Regent Street, Nottingham, and will join the company as Trainee Paraplanner. Having previously worked at Cockburn Lucas Independent Financial Consulting Limited and The RU Group, Rav brings several years of experience to the team and will play an important role in supporting clients and the future growth of the business.
Commenting on his appointment, Rav Jackson said: “Joining a new business and having the opportunity to play an integral part in its growth really appealed to me, so I am thrilled to be joining Stephen Eve and looking forward to taking the next step in my career.”
Stephen Eve Financial Planning was established in 2022 by Chartered Financial Planner Ben Slater and marketing specialist Danielle Slater. It already has over £20 million in funds under management with clients drawn to the firm’s practical, holistic approach to financial planning.
Ben Slater began his career in wealth management aged 18 by undertaking an apprenticeship with The RU Group where his talent was spotted and developed. In 2019, he became one of the youngest Chartered Financial Planners in the UK and also scooped the ‘High Achiever of the Year’ award from the Chartered Insurance Institute.
Danielle specialises in marketing strategy, particularly around the customer journey and building loyalty, from acquisition to retention. During her career she has delivered campaigns for Boots, Chanel, Dior, Philips, L’Oréal as well as numerous SMEs across the Midlands.
Ben said: “It has been a successful first year for the business and we are delighted that so many people have trusted us to look after their financial future. Throughout my career, I have always valued continual professional development and training very highly, and this is a founding principal of Stephen Eve. Having in depth and up-to date knowledge means we can help our clients achieve their financial ambitions.
“We will be investing significantly in Rav’s ongoing training and development. He will be completing the CII Aspire Apprenticeship which will see him achieve the Diploma in financial planning after 18 months. He will also learn the client facing skills through ongoing work with us. I am excited to have Rav on board and to be laying further foundations in the growth of our business.”
£1.9m funding boost for new leisure centre in Clay Cross
- 6 lane x 25m pool & spectator seating
- Teaching Pool
- 4 badminton court sports hall
- 100 station fitness suite
- 2 studios (1 group exercise, 1 group cycling)
- Treatment room
- Soft play & TAG active
- Multi-purpose room
- Full size, floodlit 3G pitch
- Citizens Advice
- Clinic Facilities
- Café
- Wellness Suite to cater for people of all fitness levels, those less mobile, suffering from illness or undergoing post-operative rehabilitation
Derby City Council seeks talks with Alstom as job losses announced
Acquisitive wealth management business sees strong results
Specialist wealth and asset management business, Mattioli Woods has welcomed increased profit, revenue and client assets in its final results for the year ended 31 May 2023.
Total client assets of the group and its associate rose 2.7% to £15.3bn, up from £14.9bn in the year prior. Meanwhile profit before tax at the company grew to £11.9m from £8m.Revenue increased 2.8% to £111.2m, from £108.2m, driven by a combination of continued organic revenue growth, positive contribution from acquisitions, increased total value of new client wins and improved new client lead generation.
During the year, Mattioli Woods acquired Doherty Pension & Investment Consultancy Limited and a 50.1% stake in White Mortgages Limited.Ian Mattioli MBE, Chief Executive Officer, said: “The last few years have been complex for our clients. This has reinforced our commitment to putting clients first and developing our service offering.
“We are building a business that is sustainable and ethical, but resilient over the long term, and I am pleased to report this approach has delivered revenue growth of 2.8% to £111.2m, reflecting the combined impact of organic growth of 3.7% and the revenue contribution of recent acquisitions being partially offset by the market impact on ad valorem, placement and performance fees.
“Adjusted EBITDA was up 1.8% to £33.2m and adjusted EBITDA margin was 29.8% with the positive impact of the change in revenue mix following the acquisitions made during the current and prior year being partially offset by inflationary increases in administrative expenditure.
“Basic EPS was up 79.9% to 14.9p and adjusted EPS of 47.8p was down (0.9%). The Board is pleased to propose a final dividend of 18.0p per share. This makes a proposed total dividend for the year of 26.8p a year-on-year increase of 2.7%, demonstrating our desire to deliver value to shareholders and confidence in the outlook for our business.
“We expect the current macroeconomic conditions and recent legislative changes to drive continued demand for high quality advice as we expand capacity within our adviser training academy to train a greater number of advisers each year, seeking to capitalise on the current ‘advice gap’ and drive strong organic growth in our financial planning and specialist pension consultancy businesses.
“We are progressing our other strategic initiatives, including the roll-out of our new, Group-wide client relationship management system Xplan. We are confident in the resilience of our business model and excited by the opportunity to accelerate growth and make meaningful progress towards our strategic goals.
“While inflationary cost pressures and investment in our strategic initiatives may impact margins in the short term, we are confident that we will continue to deliver attractive, long-term sustainable shareholder returns.
“Our focus remains on delivering great client outcomes. We have continued to develop our client proposition, reviewing the range of investment management options we offer and identifying opportunities to enhance the proposition and realise revenue synergies across the Group. The implementation of Consumer Duty regulations brings a welcome focus to the value that clients derive from the various services we offer and accords with our principles of integrity and professionalism.
“Previously acquired businesses are integrating well, with synergies being realised and additional cross-sell opportunities targeted for the new financial year.
“There continues to be a high level of M&A activity in the wealth and asset management sector and we were pleased to complete the acquisition of Doherty and our investment in White during the year. We have a strong pipeline of bolt-on acquisition opportunities to assess, as well as potentially more substantial opportunities in the longer term. We plan to build on our track record of successful acquisitions by continuing to assess and progress opportunities that meet our strict criteria.
“Our Executive team continues to bring new ideas to drive further growth and generate sustainable shareholder returns. We were pleased to announce the appointment of Michael Wright as Deputy Chief Executive Officer to lead and support the delivery of certain strategic goals alongside his current responsibilities.
“I wish to thank David Kiddie for serving a 3-year term as Non-Executive Director and more recently as Non-Executive Chair as he steps down from this role at the next AGM as part of our long-term strategic planning. We are pleased to retain David’s services in a consultancy role with the Group given his expertise and extensive career background in investment management.
“His insight will be invaluable to support the continued development and structure of the Group’s investment proposition required to deliver our next phase of growth.
“Over 31 years since founding the company, I continue to be thankful and humbled by the enduring culture of professionalism, positive mindset and commitment that our entire team continues to show when managing our clients’ affairs throughout another complex year. I look forward to the future with confidence.”
