Following a run of 14 increases, the Bank of England has chosen not to hike interest rates today (21 September).
It sees the current base rate remain at 5.25%, and comes after a surprise slowdown in inflation figures. This is thought to have eased pressure for another rise in rates.
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 5–4 to maintain the Bank Rate.
Anna Leach, CBI deputy chief economist, said: “The Bank of England said they’d be data-driven: a sharper-than-expected fall in services inflation driving a small fall in the headline inflation rate has proved enough for the Monetary Policy Committee to hit pause on rate rises after 14 consecutive increases. Despite the pause and a slowing of inflation, many businesses and households will be still feeling the impact of tighter credit and higher prices.
“The coming months will be tricky for the Bank. They’ll be vigilant regarding developments in wages and inflation expectations, given private sector wage growth is still topping 8%. Meanwhile, the outlook for energy prices has shifted, with oil prices now pushing up and European gas prices once again at the mercy of the winter weather outlook. This could slow the pace of decline in the headline inflation rate and risks underpinning still-high core inflation. But the economy is showing signs of turning too: the unemployment rate has risen, vacancies are down and activity is slowing.
“The MPC’s next meeting date in November coincides with the publication of the Bank’s updated forecast and their full assessment of economic conditions. And before that we’ll see the full set of revisions to GDP from the ONS, as well as more data on economic conditions, before heading into the Autumn Statement later in the month. With business investment crucial to delivering growth, this presents an ideal opportunity for the Chancellor to shore up business confidence.”
Nottingham Venues has completed a significant refurbishment and re-brand project at its Jubilee Hotel and Conferences venue.
The project has seen the refurbishment of its meeting space in the East Atrium at the venue, and also the re-brand of its Spokes Café. Taking inspiration for its name from Raleigh, whose factory used to be on the Jubilee site, Spokes has undergone significant changes to both its menu and décor and is now aiming to make the most of its attractive lakeside location.
Commenting on the relaunch, Stephanie Moss-Pearce, Director of Marketing at Nottingham Venues, says: “We are privileged to have such a fantastic location with The Jubilee Hotel and Conferences and so wanted to breathe new life into our facilities and start putting the location on the map. We are delighted with the results and have had great initial feedback from the public and our business clients who use the flexible meeting space on offer.”
Nottingham Venues celebrated the launch of its new look with a ‘Party By The Lake’. Attended by its meetings and events clients and a wide range of people from Nottingham’s business community, the event was the perfect way for people to experience the venue and try the menu. The event also raised funds for Footprints Conductive Education Centre, with the money raised on the night being added to the overall total Nottingham Venues is raising as part of its Robin Hood Half Marathon Corporate Challenge.
Stephanie Moss-Pearce adds: “We were pleased that so many people could join us to celebrate the completion of the work. It was the perfect way for people to experience our setting and I would like to thank all our clients and contacts for their support. We look forward to welcoming you back soon.”
Nottingham Venues operates a collection of independent venues specialising in meetings and events, set within the grounds of the University of Nottingham campus. These include the East Midlands Conference Centre, the Jubilee Hotel and Conferences venue, Campus Venues and the 4* Orchard Eco Hotel. It provides meeting space from 5 to 1000 delegates, with over 40 meeting rooms, 2000 sq ft of exhibition space and 300 bedrooms at the Orchard Hotel and Jubilee Hotel combined.
Streets Chartered Accountants covers self-employed tax changes, fortitude in family businesses and more in its latest monthly news roundup.
Webinar: Changes to the way the self-employed and those in business partnerships are taxed
HMRC, His Majesty”s Revenue and Customs, has introduced changes to the basis period, the defined timeframe used to calculate the taxable profits for taxing the self-employed and those in business partnerships. The changes relate to this tax year, 2023/24 and beyond. Book Now
Mersea Week celebrations continue into September with the Round Mersea Island Race, sponsored by Streets Whittles
With time and tide waiting for no man, this year’s popular Round Mersea Island Race took place on Saturday 2nd September, the weekend after its usual scheduling at the end of the celebratory Mersea Week. The reason for the WMYC making a change to the usual format is to work with the tides. With High Water at 14.43 and a height of 5.7m, this was one of the highest of the year and perfect conditions for the race round the island covering over 14 nautical miles. Read MorePodcast:How Streets Banking and Finance is supporting SMEs and owner managed businesses
In this episode of The Streets Sessions, Streets talks to their Head of Banking & Finance, Martyn Shakespear, about the work of his team in supporting businesses and gains an overview of the challenges and trends in business finance and funding. Listen Now
A time for fortitude for family businesses…
One of the key characteristics of many family businesses is their often-exceptional resilience to cope with the challenges faced. Whilst in the past, such challenges may have included one-off situations, even a crisis, we now seem to have moved to one where we appear to have a number of challenges affecting or impacting businesses. Read More
SmartMoney – September/October 2023
SmartMoney is the bi-monthly magazine from Streets Financial Consulting plc, Streets’ independent financial planning arm, full of news and helpful information on personal financial planning. Download Now
Next has reported further increases to pre-tax profits and sales in results for the half year ending July 2023.
Total group sales hit £2.6bn, up from £2.5bn in the same period of the year prior.
Profit before tax meanwhile grew to £420m up from £401m.
The results have seen the Leicestershire-based retailer raise its profit before tax guidance for the year from £845m to £875m, up 0.5% on last year.
Full price sales guidance for the second half has also been increased, to be up 2% on last year, compared with previous guidance of +0.5%. This would take full year growth to +2.6%.
The Board of Directors of Pendragon has unanimously rejected a proposal from shareholder Hedin and PAG International to jointly acquire the entire issued and to be issued share capital of Pendragon for 28 pence per share, in cash.
Pendragon said: “The Board carefully considered the proposal, including taking advice from its advisers, and concluded that it fundamentally undervalues the company and is therefore not in the best interests of shareholders or other stakeholders.”
It follows news earlier this week that Nottingham-based Pendragon and Lithia Motors, one of the largest automotive retailers in North America, had agreed the terms of a proposed sale by Pendragon Group Holdings Limited (PGHL) of the entire issued share capital of Pendragon NewCo 2 Limited (Pendragon NewCo) which will hold, either directly or indirectly through its wholly-owned subsidiaries, the company’s entire UK motor business and leasing business, to Lithia UK Holding Limited (Lithia), a wholly-owned subsidiary of Lithia Motors, Inc. for a gross aggregate consideration of £250 million.
Pendragon and Lithia Motors, Inc. have also agreed the terms of a strategic partnership with Lithia, including the rollout of Pinewood, the company’s dealer management software (DMS) business, to Lithia’s existing 50 UK sites and the creation of a joint venture to accelerate Pinewood’s entry into the highly attractive North American DMS market.
As part of the transaction, Pendragon’s Pinewood division, which operates the company’s proprietary DMS business, will become a standalone entity, retaining Pendragon’s existing listing on the London Stock Exchange and creating a pure play Software as a Service (SaaS) business with an accelerated growth plan.
Pendragon added: “The Board is excited about the future prospects for Pendragon as a result of the transaction announced with Lithia Motors, Inc on 18 September 2023, which, if completed, will deliver a substantial cash dividend and create a pure play Software as a Service business with an accelerated growth plan and a strategic partnership to enter North America.”
For the first time, the UK will have a ‘National Rehabilitation Centre’ (NRC) following Government approval for the £105 million plans today (Thursday 21 September 2023).
Approval by HM Treasury means work on the site (near Loughborough in the East Midlands) can now start in earnest, creating a 70-bed, purpose-built and highly energy efficient new facility as part of the Government’s New Hospital Programme.
The specialist NHS facility will be built on the Stanford Hall Rehabilitation Estate, already home to the Defence Medical Rehabilitation Centre which opened in 2018.
Combining patient care delivered by staff from Nottingham University Hospitals with research, innovation and training, the centre’s objective is to act as the National hub to transform how people recover and regain fitness and function following serious injury or illness, and to widen access to rehabilitation beds.
The unique opportunity to pioneer innovative new approaches to rehabilitation, including new technologies, with real time feedback from clinicians and patients, is a clinical model that it is hoped will be rolled out across the country. This will be enabled not least via an academic partnership led by the University of Nottingham and Loughborough University.
The construction of the centre aims to be completed by the end of 2024. Contracts have been exchanged between NUH and its construction partner Integrated Health Projects (IHP), a joint venture between VINCI Construction UK and Sir Robert McAlpine.
Miriam Duffy, NRC Programme Director at Nottingham University Hospitals NHS Trust, said: “The National Rehabilitation Centre will transform how we provide clinical rehabilitation in this country. This long overdue centre will push the boundaries of rehabilitation for the next generation and bring real impact in terms of helping people to realise their full potential following injury or illness.”
The designs for the NRC are inspired by best practice from around the world with the facility purpose-planned and purpose-designed around the patient. The new building will be carbon net zero.
With the East Midlands Bricks Awards 2023 set to take place next week (Thursday 28 September), there’s not long left to secure your seat at the prestigious event.
The awards recognise and celebrate those behind the changing landscape of our region – the very best companies, teams, individuals and projects.
They also present a prime opportunity to network with property and construction leaders from across the East Midlands over canapés and complimentary drinks, sponsored by Nicholas Associates.
Attend the glittering awards ceremony at Trent Bridge Cricket Ground to see who takes home the title of Contractor of the Year, Developer of the Year, Commercial Development of the Year, Residential Development of the Year, Sustainable Development of the Year, Deal of the Year, Most Active Agents of the Year, Architects of the Year, Excellence in Design, Responsible Business and of course Overall Winner.
The event, which will begin at 4:30pm and continue until 7:30pm, will also feature Matt Wallace, Director of Estates and Building Services at Leicester City Council, as keynote speaker.
Guests network at the East Midlands Bricks Awards 2022
Shortlist for the East Midlands Bricks Awards 2023
Most Active Estate Agent – sponsored by OMS
BB&J Commercial
Mather Jamie
FHP
Commercial Development of the Year – sponsored by MKM
HBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Bolsterstone Group Plc, Chesterfield Borough Council – One Waterside Place, Chesterfield
Responsible Business of the Year – sponsored by Press for Attention PR
Cawarden
G F Tomlinson
Aspbury Planning Limited
Residential Development of the Year – sponsored by Sterling Commercial Finance
Phoenix Brickwork UK Ltd – St Marks student accommodation, Lincoln
Elms Developments – Elms Phase Two Ltd
St James Securities, Grainger – The Condor, Derby
Deal of the Year – sponsored by Mather Jamie
Rushton Hickman Limited – Branston Locks deal
Bassi Group Nottingham Ltd – Job saving Pizza Hut takeover
Rigby & Co – Aida Factory deal
Developer of the Year – sponsored by Ward
Chevin Homes
Clowes Developments
Brackley Property Developments
Architects of the Year – sponsored by Blueprint Interiors
IMA Architects
Matthew Montague Architects
Influence Landscape Planning and Design
Excellence in Design – sponsored by Cawarden
Chevin Homes – Amber Farm
Marchini Curran Associates – Phoenix cinema and art centre
Trident Construction Services – Lark Hill Retirement Village refurbishment
Sustainable Development of the Year – sponsored by Viridis Building Services Ltd
HBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Elms Developments – Elms Phase Two ltd
Contractor of the Year – sponsored by RammSanderson
Cawarden
EE Smith Contracts
Bowmer + Kirkland
The Overall Winner,sponsored by Streets Chartered Accountants, will also be announced at the ceremony, who will be awarded a year of marketing/publicity worth £20,000.
East Midlands Bricks Awards 2023When: Thursday 28 September 2023, 4:30pm – 7:30pm
Where: The Derek Randall Suite, Trent Bridge Cricket Ground
Keynote speaker: Matt Wallace, Director of Estates and Building Services at Leicester City Council
Dress code: Standard business attire
Tickets: Available hereParking: Due to the Notts V Middlesex 4 day County Championship fixture, parking will likely be limited at Trent Bridge on the day, therefore parking has been made available for Bricks guests at the Notts Sports Club, Holme Road, NG2 5AA (by Nottingham Rugby Football Club), quoting “Bricks Awards” to any parking and gate stewards.
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Emh group (East Midlands Housing), one of the largest providers of affordable homes and support services in the East Midlands, has completed the refinancing of its debt. It refinanced £270 million bank facilities, including new finance of £90 million, and successfully sold £100 million of its bonds.
The refinancing and bond sale are part of its strategy to ensure sufficient and flexible funding is in place to fund its business plan. Emh can continue its commitment to delivering high-quality new homes and investment in its existing properties to improve energy efficiency and decarbonise its homes. This is to create thriving communities, drive economic growth, and contribute positively to the East Midlands landscape.
Geoff Clarke, emh’s executive director of finance, said “We are delighted to have completed this refinancing and bond sale, which is a testament to the confidence our funding banks, Lloyds Bank, NatWest and investors have in our vision and track record. Their support will enable us to develop innovative and sustainable properties that enrich lives and contribute to the development of vibrant neighbourhoods.”
Lloyds Bank and NatWest, as core relationship banks, have played an important role in ensuring the success of this project. Their commitment to emh’s mission has reaffirmed the company’s position as a trusted player in the social housing sector, with growth and innovation.
The £370 million of loan facilities and bonds will provide emh with the necessary resources to complete its development projects, with sustainable new and existing homes to enhance the lives of residents. The £100 million bond sale reflects the confidence of investors in emh’s long-term viability and contribution to the social housing market.
With this financing in place, emh can deliver its business plan’s mission to provide homes and care to improve opportunities for people, developing partnerships with key stakeholders in the East Midlands.
Chatham Financial acted as funding advisor and Anthony Collins as legal advisor.
John Horton, director, Housing Finance at NatWest, said: “We are very pleased to build on our long-term relationship with emh by providing support which helps them to fulfil their strategic goals. It is important to NatWest that our customers and wider communities succeed, and assisting emh in addressing the demand for affordable and energy efficient homes is reflective of this ambition.”
Jatinder Dhaliwal, regional housing director at Lloyds Bank, said: “We’re proud to support emh and look forward to seeing it realise its ambitions to provide people in the East Midlands with affordable, quality housing that is future proofed for years to come.”
Gowsikan Shugumaran, associate director, Chatham Financial, said: “We are delighted to have supported Geoff and his team in delivering this strategy through a mix of bank and capital markets funding, despite the challenging wider economic context. The successful outcome of this refinancing project has helped to unlock capacity and offers the management team greater flexibility to deliver the mission set out by Group Board.”
Business, industry and academic leaders gave a firm pushback against the Government’s “shifting of the goalposts” on net zero policy at an East Midlands Chamber event yesterday (20 September).
Speakers at the Sustainability Summit said “flip-flopping” over net zero commitments from Westminster created huge uncertainty that undermined long-term investments and would ultimately harm the UK’s quest to become a global leader in the green economy.
About 200 people representing organisations from across Derbyshire, Leicestershire and Nottinghamshire gathered at Reach Events, in Derby, for the event, held in partnership with the University of Derby, Mazars, Thompson Tree Services and Epson.
Exploring how to unlock the green growth for SMEs and the wider East Midlands economy – across themes including leadership, innovation, international trade and best practice – it took place against a backdrop in which Prime Minister Rishi Sunak announced the Government will water down net zero policies, including delaying a ban on the sales of new petrol and diesel cars and phasing out gas boilers.
East Midlands Chamber director of policy and insight Chris Hobson said: “We heard at our Sustainability Summit about some of the great things that businesses are doing in pursuing green growth and the very tangible rewards they are reaping with innovation and financial growth.
“These are the shining examples of success we can glean from embracing net zero, which means viewing it as not just a challenge but a golden opportunity.
“Yet while our national leaders correctly talk up the research and development strengths of our businesses and ambitions to be a global leader in developing low-carbon goods and services, there is a huge disconnect between this messaging and Government policy – as evidenced by the Prime Minister’s ill-judged shifting of the goalposts on our country’s net zero commitments.
“We saw first-hand the impact policy flip-flopping has on business decision-making during the chaotic political landscape of 2022, which quashed business confidence and thus investment. The lack of certainty about the future direction of our economy will unfortunately have a similar impact at a time when we should be encouraging transformational long-term investment.
“Having net zero targets is one thing, but to get us there we require a roadmap that will be led by business innovation. The vacillating from our political leaders instead undermines our ability to make real progress in this space and we instead find ourselves stuck in limbo when it comes to the most significant economic opportunity of our lifetime.”
Findings from the Green Growth Trends in the East Midlands research conducted by the Chamber and University of Derby were discussed by report author Dr Polina Baranova, associate professor of strategy and sustainability.
It showed the proportion of East Midlands businesses that have made any income from environmentally-friendly goods and services dropped from 45% in 2022 to 36% in 2023, decarbonisation investment varies significantly according to business size and sector, and a widening gap in business support and information.
Dr Baranova said this illustrated not only the impact of the cost-of-doing business crisis but the “fragility” of the current policy landscape, with green growth yet to be a firmly embedded business philosophy.
Other highlights at the Sustainability Summit included:
· East Midlands Chamber president Stuart Dawkins discussed how sustainability is at the heart of businesses’ responsibility to support their communities and future generations
· Professor Chris Bushell, pro vice-chancellor and head of sustainability at the University of Derby, outlined how the institution is taking a lead in the net zero agenda via its research, innovation, thought leadership and knowledge capital
· Ian Meikle, director of clean growth at Innovate UK, explained how Britain can create jobs and sustainable economic growth by developing its own low-carbon products and services, but this required stable policy and regulation, innovation in business models and supply chains, and a step-change in access to capital
· Chris Fuggle, global head of sustainability services at audit, tax and advisory services firm Mazars, provided practical strategies to upskill leadership teams on the environmental, social and governance (ESG) agenda and embedding sustainability at board level
· Charlie de la Haye, communications manager at Epson UK, gave an insight into how the global printing manufacturer had pivoted its business model to deliver green goods and services while demonstrating how it could deliver cost-saving benefits to customers.
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