Digital marketing agency expands to new Nottingham workspace
Digital marketing agency, Adtrak, has celebrated its first anniversary at Cubo Nottingham by revealing its plans to expand into the new Cubo workspace at Standard Court in the city.
Founded in 1995, Adtrak originally moved into Cubo’s first Nottingham building at Fenchurch House on King Street in May 2022 after deciding to make the move to flexible working.
A year on, the company has announced its expansion to a 40-desk office at Cubo’s new Standard Court building in Nottingham, which is set to open in September.
Cubo acquired the former Nottingham General Hospital headquarters on Park Row on the Royal Standard Place development in April following accelerated growth at its existing building.
The new workspace features 50,000 sq ft of office accommodation arranged over four floors, with 630 desks available.
As well as the regular Cubo member benefits, Standard Court will offer a full wellness centre, including gym and spa. It also has a secure car park with 44 spaces.
Commenting on expanding their private office at the new Cubo Nottingham workspace, Chris Rutter, IT and systems director at Adtrak Media, said: “When we decided to move to flexible working, we wanted to relocate to a shared office space with a mix of environments. Moving to Cubo has exceeded all our expectations and provided us with a collaborative and inspiring work environment that aligns perfectly with our brand values.
“Our people are our best assets, so by becoming members of Cubo, we have been able to give them more flexibility in where and when they want to work, which has created a happier team. Choosing their work environment between the communal space or our private office to work for the day, as well as giving our remote colleagues the choice to work in any of the other Cubo offices throughout the country, is fantastic.
“We can’t wait to move into our new workspace at the exciting new Cubo at Standard Court.”
Marc Brough, CEO of Cubo, added: “Chris and his team are one of a growing number of progressive SMEs, tech companies and corporate companies who are looking for the best Grade A space in each location.
“Over the last two years, Cubo Nottingham has gone from strength to strength thanks to our unbeatable location, amenities and high-quality space. The addition of our second site in Nottingham will enable more local, regional and national operators to take advantage of the unique Cubo offer.”
Garendon Park access road gets green light in Loughborough
Approval has been granted by Charnwood Borough Council for the creation of a key access road at Persimmon Homes’ Garendon Park development in Loughborough.
The access route – located off Hathern Road in the town – was initially granted outline approval in 2018, with this latest application seeking to define specific elements of the access. The road will provide access to the community of over 3,000 homes on the Garendon Park estate. Across the whole of the SUE, a cumulative figure of over £43m will be paid to support local infrastructure delivery and ensure economic development. As part of the application process, Persimmon worked with local community groups to inform the proposals, as well as working to ensure that the infrastructure is delivered at an earlier date than required, before Garendon Park is at a larger occupancy. Dan Endersby, Managing Director of Persimmon Homes North Midlands, said: “Approval for the Hathern Road access at Garendon Park comes at a particularly exciting time as we welcome our first residents and continue to build our presence in Loughborough. “Throughout the application process for this vital piece of infrastructure, we have worked hard to engage with key stakeholders and local residents to take their feedback on board. Garendon Park will be one of Persimmon’s flagship communities, with over 3,000 homes, employment and leisure facilities, and a range of preserved historic monuments around the site.”Trading Standards officials intercept £15.3m in potentially dangerous goods at airport
Almost 440,000 potentially dangerous or non-compliant items have been intercepted and seized by Leicestershire Trading Standards at East Midlands Airport in the last year.
The seizures are worth more than £15.3m and include electrical goods which could overheat and cause fires, toys which failed to meet UK safety standards, jewellery with high levels of hazardous metals and cosmetics containing toxic ingredients.
All of these unsafe items have now been stopped from making it into shops and online marketplaces. They are all sent to a specialist disposal firm for recycling.
The Trading Standards team works in partnership with Border Force on the nationally-funded project at East Midlands Airport. The partnership is intelligence-led, which means that Trading Standards and Border Force can target resources in the areas of highest risk, with potentially unlawful and non-compliant consignments being identified, targeted and then intercepted.
Most of the seized items are destined for sale at large online marketplaces, where they are sold on behalf of the importer.
East Midlands Airport is the UK’s second busiest cargo airport, handling more than 320,000 tonnes of flown cargo each year. The role of Trading Standards and Border Force is to examine imported items and take enforcement action, to ensure that consumers are not exposed to unsafe and dangerous products.
Potential buyers may need to invest £70m to rescue Wilko
Reports have revealed that possible buyers of Wilko, which filed a notice of intention to appoint administrators last week, will need to invest up to £70m to rescue the Nottinghamshire retailer.
According to The Sunday Times, the business’s advisors, PwC, are in talks with a discount retailer and private equity firms as they look to secure a buyer to avoid Wilko’s collapse.
Of the £70m, roughly £25m to £30m is required to get stock moving through to Wilko stores and £40m is needed to pay off debts to Hilco. Hilco is said to remain willing to continue to lend to Wilko however.
The UK’s 23rd biggest retailer, Wilko employs 16,000 team members and operates 400 stores across the UK.
Government confirms funding of LEPs will cease from April 2024
The government has confirmed that its sponsorship and funding of Local Enterprise Partnerships (LEPs) will cease from April 2024. The news came in a letter from the Minister for Levelling Up and the Minister for Enterprise, Markets and Small Business to LEP chairs, combined authority mayors, and local authority leaders.
At the Chancellor’s 2023 Spring Budget, it was announced that the Government was “minded to” withdraw central government support (core funding) for LEPs and transfer their functions – including business representation, strategic economic planning, and the delivery of government programmes – to local authorities, where they are not already being delivered by combined authorities.
An information gathering exercise on the practical implications of this proposal was launched on 17 March 2023.
Now that the Government’s sponsorship and funding of LEPs will cease, local and combined authorities are to take on the functions currently delivered by LEPs.
Where not already delivered by a combined authority, or in areas where a devolution deal is not yet agreed, the Government expects these functions to be exercised by upper tier local authorities, working in collaboration with other upper tier local authorities over functional economic areas as appropriate.
The information gathering exercise identified overlap between some of the functions being discharged by LEPs, local authorities and combined authorities, as well as confirming that there is already a high level of integration of LEP functions in Mayoral Combined Authority areas. The exercise also highlighted the different perceived levels of benefit and engagement between LEPs and local authorities.
The Government’s view is that there is likely to be scope for greater join-up, efficiencies, and clarity for the private sector by these functions being discharged within Mayoral Combined Authorities, devolution deal areas and upper tier local authorities, working together as appropriate.
The Government will therefore provide some revenue funding to local and combined authorities in 2024/25 to support them in delivering the functions currently delivered by LEPs.
The letter said: “Reiterating the message we sent to LEPs in March, we would like to thank LEPs and their staff for their hard work in supporting and driving local economic growth across England since 2011.
“We remain enormously appreciative of all the work LEPs have done in advising and supporting businesses and local decision makers for more than a decade, including through EU Exit and the COVID-19 pandemic. We would again like to thank those LEPs that have played an important role over the last year in helping areas broker new devolution deals and prepare Investment Zone bids.
“The Government remains committed to our goal that by 2030, every area in England that wants a devolution deal will have one. By empowering local democratically elected leaders to deliver these key local growth functions from April 2024, we are accelerating the integration process set out in the Levelling Up White Paper.”
Lincolnshire retail park acquired
Commercial property and investment company LCP, part of M Core, has taken ownership of the largest retail warehouse scheme in Grimsby.
It has acquired Alexandra Retail Park, Alexandra Road, for an undisclosed sum from an institutional vendor, as part of its proactive acquisition drive in shopping parades, centres and retail parks across the country.
The 125,695 sq ft retail park comprises eight units, with tenants Matalan, SCS, The Food Warehouse, My Energi Ltd, Argos, Pets at Home and Poundstretcher. There are also about 560 parking spaces for shoppers.
It is prominently situated, adjacent to a Sainsburys superstore and petrol station, with access directly off Corporation Road, which is one of the key routes through the centre of the town. It is also close to the A180, the main arterial route and dual carriageway through the town.
James Buchanan, LCP group Managing Director, said: “Our asset management team is working hard to identify sites that have potential for us to add value to, provide good value for money for tenants, a great shopping experience for local people and a good return on our investment.
“M Core has already invested more than £100 million in the first half of 2023 across the UK. We continue to believe this is a strong and positive market to be in and because we have healthy cash reserves, we can move swiftly when we want to complete a transaction.
“This approach has stood us in good stead for years, which is why we are renowned in the commercial property sector for our acquisition and intense asset management strategy.”
Barry Flint, LCP director and asset manager at Alexandra Retail Park, added: “Alexandra Retail Park is well positioned in the town and has a strong tenant line-up. We’ll be exploring options over the next few weeks to see how we can add to it further.”
The solicitor acting on behalf of LCP was Catherine Gunz of Osborne Clarke and ESH acted as the agent for LCP. Savills acted as an agent for the vendor, and its solicitor was Gowling WLG (UK) LLP.
Appointed agents are Henry Phipps of Edgerley Simpson Howe and Duncan Wiley of PPH Commercial.
100 jobs saved in Slack & Parr acquisition
The Hayward Tyler Fluid Handling subsidiary of Avingtrans has acquired certain assets of Slack & Parr from administration, together with Slack & Parr’s overseas subsidiaries in the USA and Asia for a total consideration of up to £4.9m.
Slack & Parr is a family-owned manufacturer of specialist pumps and a supplier of high-precision gear metering pumps, hydraulics flow dividers and industrial pumps to customers around the world.
Founded in 1917, it has a strong track record in supporting global blue-chip OEMs and end users, with a large installed base, supported by service facilities in the USA and Asia.
Slack & Parr operates from a 64,000 sq ft manufacturing facility in Kegworth, Derbyshire and it also has facilities in Charlotte, North Carolina and Shanghai, China. The acquisition has secured the employment of 100 skilled employees.
Slack & Parr entered into administration on 3 July 2023, following ongoing losses and funding issues. The last audited annual accounts to March 2022 reported revenue of £13.6m and a loss before tax of £1.9m.
Avingtrans will acquire the UK Trade, IP, Fixed Assets and Stock and the Investments in Slack & Parr’s US and China Subsidiaries. The acquisition is expected to further strengthen Slack & Parr’s market presence, improving operational efficiency and reinforcing its position as a leading force in the gear pump market, embracing innovation and delivering world-class products and services.
Slack & Parr has been acquired by Hayward Tyler, to capitalize on the common knowledge of specialist pumps. The integration phase will be managed by the group’s PSRE team, to optimise the cost base and to review all contracts and margins, whilst looking to strengthen its aftermarket activities.
Austen Adams, Divisional Managing Director at Avingtrans, said: “We are pleased to have completed this acquisition, which brings another globally-respected, British heritage brand under the direction of the Avingtrans team.
“The sorts of challenges this business has faced are familiar to us and we are experienced in resolving them, having successfully turned around other businesses under similar circumstances.
“Slack & Parr’s global footprint, combined with its well-invested operational capability, powerful brand, highly skilled workforce and large installed base provide a great opportunity to re-establish the business on a firm footing going forward.”
Edward Barrington, Managing Director of Slack & Parr, added: “We are delighted to be part of Avingtrans and eagerly anticipate the opportunities this partnership will unlock for the business. Together, we are confident we can build on our heritage of precision engineering and continue to provide our clients with the quality and reliability they have come to expect from us.”
Professional services firm snaps up Nottingham wealth manager
Multi-disciplinary professional services firm, Progeny, has acquired Nottingham-based wealth manager, Fiscal Engineers.
This will strengthen Progeny’s presence in the Midlands and take its assets under management to £8 billion.
The move will allow the two businesses to combine their expertise, complement each other’s offerings and build on their shared principles, values and strategic thinking.
Fiscal Engineers uses a Family Office approach to provide bespoke services for business owners, entrepreneurs and other individuals who have substantial investment needs.
The company, which is based in Nottingham and also has offices in Birmingham and London, has won a number of awards for financial services and innovation since its launch in 2000.
Fiscal Engineers executive chairman and founder Shane Mullins said: “This move will enable us to keep building on everything we’ve achieved over the course of the past 23 years.
“We believe combining our own unique strengths with Progeny’s will help both businesses fulfil our shared ambitions of delivering a world-class wealth management service and continually improving what we offer to clients.
“We’re very excited about this chance to grow the Fiscal Engineers family, broaden our proposition and deliver even more benefits to our clients, team and professional friends.”
Progeny CEO Neil Moles said: “Over nearly a quarter of a century, Fiscal Engineers has built a highly prestigious advice firm that services a select and extremely discerning client base.
“Their well-researched and methodological approach to providing advice is progressive and effective in equal measure and will add a great deal of value to our own proposition.
“It’s great to be able to welcome Fiscal Engineers and their clients into Progeny as we realise the full potential of two great businesses coming together.”
A team from global law firm Squire Patton Boggs acted as legal adviser to Progeny during the deal. Fiscal Engineers’ side of the transaction was led by the company’s own management team.
We Are Fulfilment secures £700,000 to accelerate growth plans
Foresight Group, a listed regional private equity and infrastructure investment manager, has made a £700,000 growth capital investment into We Are Fulfilment Limited (WAF), using equity finance from the Midlands Engine Investment Fund (MEIF).
The Nottinghamshire company connects e-commerce businesses’ sales channels – such as Shopify, Amazon, eBay and others – with WAF’s warehouse management system so that businesses can receive and ship customer orders. It was founded in 2022 by business partners Trent Peek and Richard Ardis who spotted an opportunity after failing to find a fulfilment service for their own e-commerce businesses.
In its first year, WAF experienced rapid growth by partnering with over 60 e-commerce businesses and reached full capacity at its current warehouse facility. The investment will enable WAF to open a second fulfilment centre, improve automation of its systems, optimise supply chain processes across its two fulfilment centres and create high-quality, local jobs.
Following investment, the company has appointed Jamie Clark, a supply chain specialist, as Chief Operations Officer, and Sarah Gilling, former Managing Director of Ocean Saver and an existing partner of WAF, as Chief Finance Officer.
Commenting on the investment, Trent Peek, co-founder and CEO at WAF, said: “We’ve experienced meteoric growth in the last year. As the e-commerce markets continue to show double-digit growth in the UK, the need for reliable, transparent fulfilment is enormous. With this support from Foresight, we’ll strengthen our offering to existing clients and we’re poised to deliver even better customer satisfaction for our growing number of partners.”
Line Kristine Gauteplass, investment manager at Foresight, added: “We are delighted to support Trent and Richard and the rest of the team at WAF to enable them to achieve their business ambitions. The company has demonstrated significant growth, attracted a growing customer base and built an excellent reputation within the fulfilment and e-commerce markets. With our investment and support, WAF is well placed for its next stage of growth, and we look forward to being part of its growth journey.”
Will Morlidge, Chief Executive, D2N2 LEP, said: “I was delighted to support this new investment that will enable the business to expand, improve processes and create high quality, sustainable jobs in the D2N2 region. It is great to see WAF going from strength to strength.”
Property and construction businesses take centre stage at the East Midlands Bricks Awards 2023
Shining the spotlight on the region’s property and construction businesses, raise the profile of your firm, developments, and reward your people by submitting a nomination for Business Link’s prestigious East Midlands Bricks Awards 2023 before entries close on Thursday 31 August!
While winning an award at the Bricks will add considerably to a company’s or individual’s brand and enhance their commercial reach significantly, the business that clinches the ‘overall winner’ award will also take home a year of marketing/publicity worth £20,000.
A highlight in the business calendar, winners will be revealed at a glittering awards ceremony on Thursday 28 September, at the Trent Bridge Cricket Ground – an evening that will also provide plenty of opportunities to forge new contacts with property and construction professionals from across the region.
The event will additionally welcome Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, as keynote speaker.
Entries for the awards are open until Thursday 31 August. 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, with the winner, and recipient of a year of marketing/publicity worth £20,000, selected from those nominated)
Find out who last year’s winners were here.
Book your tickets now
Tickets can now be booked for the East Midlands Bricks Awards 2023 – click here to secure yours. The special awards evening and networking event will be held on Thursday 28 September 2023 in the Derek Randall Suite at the Trent Bridge Cricket Ground from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region, and hear from Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, our keynote speaker. Dress code is standard business attire. Thanks to our sponsors:
To be held at:
