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Double award glory for Northamptonshire housebuilder
A Northamptonshire housebuilder is celebrating after winning big at a local business awards ceremony.
East Haddon-based Cora took home the gold award in the Sustainability category at this year’s SME Northamptonshire Business Awards, while Managing Director Luke Simmons scooped silver in the Business Person of the Year category.
The business creates developments throughout the Midlands, focused on sustainability and building energy efficient homes for the future.
The shift in focus comes after the business rebranded from Barwood Homes late last year.
Luke said: “We are absolutely thrilled to take home such prestigious awards, in recognition of all the hard work put in over the last year.
“Everyone at Cora is committed to sustainability and creating amazing places that support our environment. We are proudly Northamptonshire-based, so winning a local award makes this feeling that extra bit special.”
Cora has invested heavily in renewable energy alternatives on its sites, while it is also researching innovative new ways to heat its homes using waste water recovery systems.
It has also contributed more than £11,000 towards nature preservation in the last year while planting over 9,000 trees and shrubs.
The business also recognises its social responsibility and puts great emphasis on training apprentices and graduates, while setting targets to hire more people from disadvantaged backgrounds.
It has also set a goal of designating 50% of its homes for affordable housing over the next two years.
Luke added: “As a business we recognise the impact our industry has on the world – and we want to make it a better one.
“We are proving that investing in sustainable practices and delivering on our social ambitions can have a real impact not just on our customers, but us as a business too.
“This is a very exciting time for our business and I speak on behalf of the whole team when I say we are looking forward to extending our reach further throughout the Midlands and beyond.”
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Growth Hub celebration event sells out as European business funding support draws to a close
All tickets have now been reserved for a one-off event celebrating business growth success in Leicester and Leicestershire.
The LLEP Business Gateway Growth Hub organised the event to mark the conclusion of a partnership project – part-funded by the European Regional Development Fund (ERDF) – run by Leicester City Council, Leicestershire County Council, East Midlands Chamber, and the LLEP.
The event, on 23 June, will feature a host of local businesses and service providers.
It will be hosted by Jim Willis, Managing Director of digital agency Bulb Studios, and will include updates on future business support available from Leicester City Council, the county, and the LLEP.
The end of the project, on 30 June, means that the Business Gateway Growth Hub will return its focus to signposting local businesses to support available locally, regionally, and nationally.
Keynote speaker Tajinder Banwait will tell guests about the journey of her fragrance brand, Urban Apothecary London, from kitchen table in Leicester to 30 international markets.
Tajinder, honoured with a Queen’s Award for Enterprise last year in recognition of excellence in international trade, will also share tips as businesses from across the city and county gather to recognise outcomes of the Business Gateway Growth Hub.
Tickets have sold out for the showcase, which takes place at the Holiday Inn, St Nicholas Circle, from 9.30am to 2pm on Friday 23 June.
There is now a waiting list and anyone with a ticket who will not be able to attend is asked to let event organisers know.
Tajinder said: “I’m looking forward to sharing my story with the Leicester and Leicestershire business community, and in doing so I will hopefully inspire others.
“I’m proud of how far I’ve come and of Urban Apothecary’s Leicestershire roots and connections. By returning to where it all started for me I hope to encourage other local entrepreneurs to follow in my footsteps.”
A mini expo at the event will outline the Growth Hub’s ongoing offer and signpost businesses to further support.
Those attending the event will gain tips on business growth and be able to network with other business owners and entrepreneurs over a buffet lunch.
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Corporate insolvencies surge by over 50% as businesses battle high prices and borrowing costs
A month-on-month surge of over 50 per cent in the number of corporate insolvencies in England and Wales highlights the toll that three years of economic turmoil is taking on local businesses, with increasing numbers of companies expected to turn to an insolvency process over coming months to help resolve their financial issues.
This is according to the Midlands branch of the UK’s insolvency and restructuring trade body R3 and comes on the back of latest figures from the Insolvency Service which show that corporate insolvencies jumped by 51.2 per cent in May 2023 to a total of 2,552 compared to April’s total of 1,688, and by 39.8 per cent against May 2022’s figure of 1,825.
Furthermore, the May 2023 corporate insolvency levels shot up by 151.9 per cent in comparison with May 2021’s total of 1,013 and by 170.3 per cent against May 2020’s total of 944. Corporate insolvencies also increased by 89.3 per cent compared to the pre-pandemic figure of 1,348 in May 2019.
R3 Midlands chair Stephen Rome, director of law firm Thursfields in the region, said: “These corporate insolvency figures are the highest we’ve seen since January 2019, as the fallout from battling the effects of the pandemic – coupled with rising costs, increased creditor pressure, and high inflation – is causing more businesses to turn to an insolvency process.
“The key driver of the rise in numbers is the increase in Creditors’ Voluntary Liquidations, which are at a near four-and-a-half year high, and more than double the number they were in May 2019. Many directors are running out of time and options, liquidating their businesses before the choice is taken away from them.
“Firms are operating in a market where consumers are spending cautiously, costs are increasing and suppliers are chasing debts in an attempt to manage their own cashflow challenges. This is creating a tough climate for businesses of all sizes at a time when they need an injection of cash.
“While the summer months might provide some relief from energy costs, firms will have to pay to keep their premises, staff and customers cool, which will hit any potential savings.
“Going forward, interest rates and inflation will continue to create challenges for businesses seeking funding over the summer, which could be the tipping point for those companies on the brink of insolvency.
“Directors need to remain vigilant to signs of corporate distress and seek advice if they start to see stock levels increase, cashflow become an issue, or if there are issues paying rent, staff or bills. Seeking appropriate support as early as possible will give more potential solutions than acting only when problems become more severe.”
