Work begins to build new homes on former Long Eaton lace factory site
Representatives from emh group, Erewash Borough Council and developers MyPad held a ground-breaking ceremony recently to celebrate the start of work to build new affordable homes on a brownfield site in Long Eaton.
The new Oakleys Road scheme is being developed on the former Oaklea Mill lace factory site, and will provide 46 new, mixed tenure, affordable homes. The new homes include 29 homes for affordable rent, and 17 for shared ownership. Work has recently begun on the site, and the homes are expected to be completed in winter 2024.
The £10m scheme is being funded and delivered by emh group, with a grant contribution from Homes England as part of its Strategic Partnership agreement with Homes England.
Chan Kataria, Group Chief Executive at emh, said: “We were delighted to join our partners Erewash Borough Council and MyPad to celebrate the start of working on this exciting new scheme.
“We are proud that our close work with Erewash Borough Council means we can be certain that the homes offered by the scheme will contribute towards meeting the housing aspirations of local people. We look forward to seeing the development progress in the coming months.”
Through close partnership working with Erewash Borough Council, emh group has ensured the types and size of the homes meet the housing needs of local people. The new homes, developed by MyPad, will be available in a range of sizes, including one-bedroomed apartments, and two-, three- and four-bedroomed houses. The houses come with gardens, apartments have amenity spaces, and there is plenty of parking available for the new homes.
Councillor James Dawson, leader of Erewash Borough Council, says: “We need more homes in the borough, particularly affordable housing for those on Erewash’s housing register, some of whom will be facing homelessness, or living in difficult conditions.
“Also, buying a home is out of reach for many people. So these 46 new homes for rent and for shared ownership are really welcome. We know that emh will provide well-managed, energy efficient and long-term homes for local residents.
“The Council is proud of our partnership working with emh and we look forward to coming back again in the next 18 months or so, to greet residents in their new homes.”
Dave Holland, operations director at MyPad, said: “We are thrilled to be the chosen developer working closely with our partners, emh and Erewash Borough Council in developing this project. Our emphasis is to create affordable, sustainable and efficient housing, that will provide quality homes for a thriving community.”
All homes will be provided by emh group, who will manage the sale of the shared ownership homes. Once completed, the rented homes will be available through Erewash Borough Council’s housing register.
Duo of deals sees finishing line crossed at Dunstall Park
Derby-based developer Ivygrove Development’s successful Dunstall Park regeneration scheme has been brought to a satisfactory conclusion with the letting of the last remaining space.
Salloway Property Consultants, Ivygrove’s agents, have secured two tenants for the concluding block of units at the business park.
Totalling some 31,500 sq ft, the two units will be occupied by West Midlands-headquartered Advanced Maintenance Supplies Limited and Derby-based Riverside Medical Packaging Limited.
Hugo Beresford, the surveyor at Salloway who negotiated the two simultaneous lettings, is thrilled with the final outcome.
“I am delighted that we have been able to attract two high-calibre tenants to complete the final furlong. In tandem with Ivygrove, we were able to agree terms early enough in the construction process in order to meet the tenants’ requirements for slightly larger units than those initially planned.
“It is typical of Ivygrove to show flexibility and they should be congratulated for delivering yet another successful regeneration scheme in Derby which provides much needed workshop and warehouse space accommodation for forward-looking businesses.”
Dunstall Park occupies a former Rolls Royce car park site of some 7.18 acres, located just off Ascot Drive, on the Osmaston Park Industrial Estate. Following its completion, it now provides 21 business units totalling approximately 81,200 sq ft along with a new Police Station.
Salloway Property Consultants has worked closely with Ivygrove since the inception of Dunstall Park. Beresford outlined the process: “Initially we acquired the site for Ivygrove and our first deal saw an agreement with Derbyshire Constabulary to procure a new Police Station.
“Since then, Ivygrove has built a range of workshop units in their trademark high-quality style, all of which we have let or sold. The park is now the home for 19 progressive businesses. Ivygrove has already embarked upon its next project known as Merlin Park on Osmaston Road where we can offer new build industrial premises from 240 sq m, with practical completion of the first available units anticipated at the end of this year.”
Leicester electrical retailer sees strong trading momentum
Leicester online electrical retailer, Marks Electrical Group has seen strong trading momentum in the first four months of its new financial year.
In a new trading update, for the four months ended 31 July 2023, the company saw revenue growth of 30.7%, reaching to £36.2m, up from £27.7m in same period of the prior year.
Mark Smithson, Chief Executive Officer, said: “We’ve made a fast start to FY24 with revenue growth of over 30% against an MDA & CE market that is marginally down in the first months of our financial year.
“We’ve maintained our industry leading Trustpilot score of 4.8, and reached over 50,000 reviews on Trustpilot, which I am particularly proud of as it takes a combined effort from all our excellent team members, from sales ordering, through to picking, logistics, delivery, and customer aftercare, to deliver an exceptional customer service.
“Our focus and attention on growing our installation offering is enabling us to create a truly differentiated, market-leading proposition for customers, further enhancing the strengths of our operating model. We have been very encouraged by the take-up of this service, which is now available to over 65% of the UK population on a next-day basis, and are excited about its potential.
“Despite a challenging market backdrop, including wage inflation and strong competitor activity on gross margin, we have maintained our tight control on inventory, overhead cost management and disciplined capital allocation, ensuring we have a healthy cash position and remaining focused on profitable market share gains as our brand awareness continues to grow.
“We’ve started August well and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”
Interim Chief Officer of East Midlands devolution programme named
Mark Rogers has been appointed as the Interim Chief Officer of the East Midlands devolution programme, as part of plans to set up a new mayoral combined authority covering Derbyshire, Nottinghamshire, Derby and Nottingham.
Having played a pivotal role in the formation of the West Midlands Combined Authority, Mark will take the lead in ensuring the region is well-placed to establish the East Midlands Combined County Authority, which is due to come into existence next year subject to Royal Assent for a new Act of Parliament.
In his most recent role in public service, Mark served as a Director General for the Government of Jersey. Since 2022 Mark has held the role of Chief Executive of the Leadership Centre.
Mark, who also has extensive senior leadership experience in local government as Chief Executive of both Birmingham City Council and Solihull Metropolitan Borough Council, will be joined by other new interim appointments.
Working with the four councils involved in the devolution programme, Mark and his team will develop the key actions underpinning the deal, which include improving transport, skills, education, housing and working towards net zero across the region.
Derbyshire County Council, Nottinghamshire County Council, Derby City Council and Nottingham City Council have been working with the Government on devolution plans, which include a package of local powers and funding worth £1.14 billion.
Plans for an East Midlands Combined County Authority is subject to legislation being approved, but it would mean a new guaranteed funding stream of £38m a year for the region, over a 30-year period.
A regionally elected mayor would lead a new combined authority, which would include representatives from existing local councils, with decision-making powers and resources moving from London to the East Midlands.
Local councils across the region would all continue to exist as part of the devolution plans and would still be responsible for most public services in the area. The mayor and combined authority would instead focus on wider issues like transport, regeneration, and employment across the cities and counties.
Network with property and construction professionals at the East Midlands Bricks Awards 2023
On Thursday 28 September, at the Trent Bridge Cricket Ground, the esteemed East Midlands Bricks Awards 2023 will celebrate the region’s property and construction industry while providing the ideal opportunity to connect with local decision makers.
With canapés and complementary drinks, and plenty of time for networking, the event will also welcome Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, as keynote speaker. To book tickets for the awards event, which will run from 4:30 PM – 7:30 PM, please click here.
Following the conclusion of last year’s event, Donald Ward, operations director at Ward, said: “We had a really great time at the Bricks Awards, think it was the best one yet. So good to catch up with so many industry friends and we made some great new contacts too. It was lovely to meet some familiar faces from just down the road from us in Derbyshire who we’ve not had the opportunity to really chat to before. We’ve exchanged details with a number of building and construction firms we’re hoping to build relationships with. A really positive event which showcased some of the excellent work that is going on in the East Midlands. Congratulations to all the finalists and winners from the night.”
As nominations for East Midlands Business Link’s annual Bricks Awards close on Thursday 31 August, it’s time to ensure you have submitted your entries for the prestigious event – shine the spotlight on your business, team and projects.
To nominate your (or another) business/development for the East Midlands Bricks Awards 2023, please click on a category link below or visit this page:
To be held at:
- 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
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
The Overall Winner of the East Midlands Bricks Awards 2023 will also be awarded a year of marketing/publicity worth £20,000.
Find out who last year’s winners were here.
East Midlands Bricks Awards 2023
When: Thursday 28 September 2023, 4:30pm – 7:30pm
Where: The Derek Randall Suite, Trent Bridge Cricket Ground
Keynote speaker: Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council
Dress code: Standard business attire
Tickets: Available here
Connect with property and construction professionals over canapés and complimentary drinks while applauding the outstanding companies and projects in our region!
Thanks to our sponsors:
To be held at:
Agricultural schemes and IHT reliefs: by Michael Ball, partner at Streets Chartered Accountants
Michael Ball, partner at Streets Chartered Accountants, discusses the reliefs for inheritance tax that can apply to farmland.
There are two main reliefs for inheritance tax that can apply to farmland. These are Agricultural Property Relief (APR) and Business Property Relief (BPR).
APR applies to the agricultural value of the land and applies where it is occupied for the purpose of agriculture. The length of ownership and occupation required depends on who occupies the land; if it is occupied by the owner or a company they have a controlling holding in then the period is two years, if occupied by another, e.g. a tenant, then the period is seven years.
BPR applies where the asset is used in a business that is not wholly or mainly one of holding investments. Therefore, a business that is more than 50% trading will qualify for the relief and this can apply to the full value of the land, including development value. The rate of BPR applicable depends on the circumstances and there are some restrictions, therefore advice should be sought out to confirm the qualifying status of a business and its assets.
Potential issue
Land that has been taken out of agricultural production over an extended period for an environmental scheme or project is unlikely to qualify for agricultural property relief from inheritance tax as the rules currently stand.
Specific provisions were previously added to the APR rules to ensure that relief was not lost for previous schemes such as former set-aside land under The Habitat (Former Set-Aside Land) Regulations 1994.
The new Environmental Land Management Schemes in England that will pay for environmental and climate goods and services, the Sustainable Farming Incentive (SFI), Countryside Stewardship (CS) and Landscape Recovery, do not currently have these provisions.
So, where land has been taken out of agricultural production over an extended period for an environmental scheme or project, it is unlikely to qualify for APR based on the current rules.
However, owner-occupiers may continue to benefit from BPR if the land is still used in the business and the overall business is not one of wholly or mainly making or holding investments.
A particular area of concern is where a non-farming landowner leases the farm to a tenant. BPR would not be due and APR would be restricted to the land still being used for the purposes of agriculture.
A consultation which discussed this matter (Taxation of environmental land management and ecosystem service markets) was issued in March and the consultation period ended on 9 June.
It is therefore hoped that a reasonable solution is reached, such as the inclusion of specific provisions in the legislation to ensure that land under an Environmental Land Management Scheme will benefit from APR.
See this column in the August edition of East Midlands Business Link Magazine here.
Midlands comes out on top when it comes to being named ‘High Investment Area’ by new study
Both East and West Midlands have come out first and second when it comes to areas of high investment based on data in a new quarterly economic study from KPMG UK and the University of Nottingham.
The newly launched Local Business Pulse Index (LBPI) showed that both areas have been identified as High Investment Areas – places which share an expected high rate of growth in business investment – with 40% in the west and 33% in the east, first and second respectively when compared to the rest of England and against an average of 18%.
Standout areas identified for high levels of investment included:
- East Midlands – Amber Valley, Hinckley, North West Leicestershire and Ashfield
- West Midlands – Cannock Chase, Nuneaton, Stafford, Tamworth and Sandwell
- The East Midlands stands out for also experiencing strong growth in consumer spending, with households in better financial health compared with other parts of the UK.
- Across the West Midlands, cities in the region are also seeing high rates of research and innovation growth and employment growth.
Professor John Gathergood, at the University of Nottingham School of Economics, said: “We are delighted to bring together the latest economic data, together with artificial intelligence technologies, to create this exciting new product with KPMG. It will support businesses and governments to help make better decisions about localities across Great Britain.”
Connecting with the EU: why UK businesses need to increase trade in the European Union
The departure of the UK from the EU single market and customs union at the end of 2020 marked a significant shift in the trade dynamics between the two entities. The complexities of post-Brexit relationships are further compounded by external factors such as the Covid pandemic and geopolitical tensions, making it challenging to isolate the direct effects of Brexit on trade.
Understanding these dynamics has become crucial for strategic planning and decision-making as businesses begin to trade in the EU from the outside.
Opening A Business Bank Account In The EU
One of the primary steps for businesses looking to expand into the European market is setting up a business bank account. While the EU is known for its intricate regulations, the good news is that non-residents can indeed open a business bank account in Europe. However, the process may require physical presence, specific documentation, and sometimes, a justification for the need to open such an account.
For those who wish to bypass the traditional banking bureaucracy, there are alternative solutions. Platforms like Silverbird offer a streamlined approach to opening a UK bank account for non residents in the EU, UK, or US. With an easy onboarding process, Silverbird provides global accounts, facilitating large international transfers and offering local EU/UK bank details, including IBAN. This digital approach not only simplifies the process but also offers a cost-effective solution for businesses.
The reasons for opening a European business bank account can vary, from accepting payments from European customers, and growing business operations in Europe, to requiring European payment processing. Regardless of the motive, understanding the requirements and choosing the right platform or bank is crucial for a smooth business operation in the European Union.
Understanding the Trade and Co-operation Agreement
After the Brexit vote, the UK and EU eventually established the Trade and Co-operation Agreement (TCA) to uphold their long-standing trade relationship. This pivotal agreement ensures that goods can be traded without tariffs, safeguarding the economic bond that has thrived for years.
While the TCA has been a beacon for tariff-free trade, it has also ushered in non-tariff barriers. Businesses now face regulatory checks and customs declarations, occasionally causing border delays. Notably, the Trade and Co-operation Agreement doesn’t encompass services, a vital part of the UK’s economy, leaving service providers uncertain about the near future.
The TCA is a blend of rights and responsibilities, crafted to ensure both the UK and EU can engage in fair trade. As the business world adjusts to this new deal, grasping the TCA’s subtleties becomes crucial in order to thrive in an evolving UK-EU trade scenario.
The Significance Of The Trade Deficit
The UK’s trading dynamics with the EU took a new turn in 2022. A striking £92 billion trade deficit with the EU emerged, indicating that the UK bought more from the EU than it sold. Why does this matter? Well, for starters, it underscores the UK’s continued dependence on EU products and services, even in the post-Brexit era. It’s also a stark contrast to our trade with non-EU countries, where we enjoyed a £5 billion surplus.
This deficit isn’t just a number; it’s a reflection of the broader trade landscape. It raises questions about the challenges UK businesses might be facing when trying to sell to the EU. On the flip side, it suggests that the UK market might be a lucrative destination for EU exporters.
EU’s Role In UK Exports Over The Years
A closer look at the UK’s export trends reveals a changing narrative. Once, the EU was the cornerstone of the UK’s export market, gobbling up a hefty 50-55% of our exports between 1999 and 2007. Fast forward to 2022, and that figure has slimmed down to 42%. This isn’t just a blip on the radar; it’s indicative of a broader shift in the UK’s trading focus.
What’s behind this change? After Brexit, new trade deals and the emergence of other global players have had a hand in reshaping the UK’s exports. There’s been a concerted effort from the UK to bolster trade relationships outside the EU, leading to a richer, more varied export mix.
While the EU remains an essential partner, this drop in share highlights the UK’s evolving trade ambitions. It’s a call to action for UK businesses; keep nurturing those EU ties, but also venture out and seize opportunities in other booming markets.
The evolving landscape of UK-EU trade relations post-Brexit presents both challenges and opportunities for UK businesses. From understanding the intricacies of the Trade and Co-operation Agreement to navigating the £92 billion trade deficit, businesses must stay informed and agile. The significance of setting up financial footholds, like opening business bank accounts in the EU, cannot be understated, especially for those looking to expand their European footprint.
UK businesses must seize opportunities, address challenges head-on, and foster a spirit of collaboration with their European counterparts. The future of UK-EU trade may be complex, but with informed decisions and forward-thinking, prosperity lies ahead for both parties.
Acres Engineering sees record year
Derby-based Acres Engineering has achieved record sales for their closing financial year and now their best ever quarter following a series of major contracts in the automotive and aerospace sectors.
The family business, which is located on Castle Lane Industrial Estate, Melbourne, faced significant challenges during Covid, as did the majority of the industry.
However, they are now growing again after a stellar 12 months which has also seen them expand the footprint of their manufacturing and assembly space by a third.
“We are proud of these figures which are the results of tough decisions, prudent planning and ultimately, a huge amount of hard work from everyone on the team,” said MD Luke Parker, speaking at a company-wide briefing to launch their new ‘Vision, Mission and Values’.
Along with the expansion of the facility, there have been a number of role changes across the team and a new apprentice fabricator has joined.
Luke continues: “Acres is a family-firm with a proud history but we are very firmly focused on the future, embracing modern methods and new ways of working which have already helped significantly drive performance and productivity.
“This is more of a repositioning of the business as opposed to a reorganisation and with a very busy autumn ahead in terms of projects, we hope to be announcing further investments in advanced manufacturing and technology later this year.”
Demolition works to start on Blackwell estate to make way for new development
Bolsover District Council have agreed to start work on demolishing 20 bungalows on Woburn Close in Blackwell.
The bungalows have been vacated and will make way for a brand new development which will include a new Independent Living Scheme (ILS) with 20 self-contained flats, together with a mix of 23 houses and bungalows with a further 2 properties being built at a nearby disused parking area at Pendean Close.
The site has attracted anti-social behaviour including break-ins at the bungalows and the council want to demolish the bungalows, at a cost of £86,736.
The tenants in the current ILS will continue to live in the building until the new one is constructed, after which the building will be demolished to make way for the remaining bungalows and housing.
Cabinet Member for Housing, Councillor Sandra Peake said that starting demolition work on the properties was a priority to meet the March 2024 start date.
“We promised the tenants and residents of the area that we would redevelop the site and we intend on keeping our promises. The removal of the bungalows will allow a clear site for us to redevelop it into modern, energy efficient social housing more suited to meet the needs of the local community.
“I would like to reassure local residents that we will do everything we can to ensure we reduce disruption and thank them for their understanding.”
The scheme is part of the council’s £36 million Bolsover Homes project which is aimed at building new council houses for affordable rents across Bolsover District.
It uses council land by replacing end of life, unfit for purpose dwellings, with new homes that exceed today’s living standard whilst benefiting the District’s economy through training, skills development, and local supply chain.
