Eurocell secures 60,000 sq ft Alfreton distribution facility
Eurocell Profiles Ltd has taken a recently refurbished 60,000 sq ft distribution facility at Garnham Close, Alfreton, Derbyshire.
The building adds to its expanding portfolio of premises and depots across the UK and close to its headquarters, also based in Alfreton.
The recent refurbishment of the property included a new roof and cladding, enhanced loading provision and substantially extended surfacing to create large yards to front and rear.
Eurocell operates a nationwide network of more than 210 branches supplying a complete range of PVC-U roofline, conservatory roof, window trim and door products, as well as fixings, sealants and tools required for plastics-based jobs. It manufactures and stocks around 4,000 product lines and employs more than 1,000 staff across its network.
Commercial Property Partners (CPP), in conjunction with joint agents FHP Property Consultants, negotiated terms and subsequently leased the premises to Eurocell.
Sean Bremner, director at CPP, said: “The property underwent a substantial refurbishment and attracted a great deal of attention before we agreed terms with Eurocell Profiles. A key USP of the site is its low site density setting, creating a large yard for external storage which formed a key part of Eurocell’s requirements. We were delighted to be able to work with Eurocell to agree a final specification to create a facility to aid their expansion in Alfreton.”
Tim Gilbertson from FHP said: “It’s great that we managed to secure such a strong covenant in Eurocell, our joint marketing created interest from any number of parties and we had to disappoint quite a few, which shows the strength of local demand and the lack of space available. We wish Eurocell well in their new home which we are sure will prove to be absolutely ideal for them.”
Leicester solar PV service provider rescued
Rcapital has completed the acquisition of Avonside Energy Limited, the insulation and solar PV service provider.
Avonside Energy is a standalone division of the Avonside Group that entered insolvency proceedings last week. The transaction incorporates the Avonside Renewables business which has also been rescued by Rcapital as part of the deal. The acquisition has been a solvent deal and Avonside Energy is not part of the wider group insolvency.
Headquartered in Leicester, Avonside Energy has a strong national presence with operations in the West Midlands, East Midlands, Glasgow, Leeds, Newcastle, Warrington and Stevenage. This transaction will ensure the preservation of over 100 jobs across the country.
Avonside Energy will generate revenue of over £15 million this year and is profitable and cash generative. It employs over 100 skilled workers and is a key part of the new build supply chain, with major customers including Barratt Homes, Taylor Wimpey, Persimmon Homes, Redrow and Miller Homes.
Rcapital is an experienced investor in the construction services sector, having previously owned Rock Roofing Contractors, Alsop Architects and Plowman Craven. This is Rcapital’s second construction services acquisition in the last two months. Rcapital has appointed experienced operator Nick Alexander as chairman to further strengthen the management team.
Bill Rumble, Managing Director at Avonside Energy, said: “I’m delighted to confirm that agreement has been reached for Avonside Energy to be acquired by its management team with the support of Rcapital. This means it’s business as usual for Avonside Energy and the investment brought by Rcapital will mean we are in an even stronger position to make a major contribution towards the significant challenge our New Build customers face in satisfying the increased energy efficiency demands.”
Chris Campbell, partner at Rcapital, said: “Avonside Energy is a profitable business and a significant employer across the country with an enviable blue-chip client base. We are delighted to be supporting Bill and his team and firmly believe that Avonside Energy will be integral to helping the UK achieve its decarbonisation strategy of net zero by 2050.”
Kirstie Provan, partner at Begbies Traynor and joint administrator of Avonside Group Services Limited, said: “We are delighted to have completed the solvent rescue of the energy division of the Avonside Group, securing the preservation of a significant number of jobs and the future of the business. The purchase by Rcapital gives the business a solid platform from which to move forward, and we wish the management team every success.”
Rcapital was advised by Browne Jacobson LLP. Begbies Traynor were advised by Pinsent Masons LLP.
Strong year for Mattioli Woods
Revenue has skyrocketed at Mattioli Woods, the wealth and asset management business, according to final audited results for the year ended 31 May 2022.
The year saw revenue increase 72.8% to £108.2m, up from £62.6m in 2021. Alongside strong organic revenue growth, acquisitions made a positive contribution of £46.1m.
Meanwhile profit before tax was up 56.9% to £8m, from £5.1m in the year prior.
Ian Mattioli MBE, Chief Executive Officer, said: “The last financial year was another turbulent period for clients, which served to reinforce our commitment to putting clients first, developing our service offering and building a business that is sustainable and resilient over the long-term.
“I am pleased to report this approach delivered strong revenue growth of 72.8% to £108.2m (2021: £62.6m) reflecting the positive contribution of recent acquisitions combined with 10.0% organic growth in our core business and increased levels of new business offsetting the impact of negative market movements on the value of clients’ assets. Adjusted EBITDA was up 88.4% to £32.6m (2021: £17.3m) and adjusted EBITDA margin increased to 30.1% (2021: 27.7%) representing meaningful progress towards our strategic goals.”
He continued: “We plan to maintain this positive momentum, advancing our strategic initiatives: new business generation, growth through the integration of acquisitions, developing new products and services, reviewing our processes and investing in technology to deliver an improved client experience and further operational efficiencies.
“Investment markets are likely to remain volatile for some time, although the spectre of rising inflation typically creates significant advice opportunities given our diverse revenue streams and for further investment inflows as existing and prospective clients consider appropriately investing surplus cash to avoid suffering an erosion in value of savings in real terms.
“We will continue to seek to understand our clients’ needs and provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing market, integrating asset management and financial planning.
“We further plan to build on our track record of successful acquisitions by continuing to assess and progress opportunities that meet our strict criteria. Consolidation within wealth management, asset management and SIPP administration is expected to continue for the foreseeable future, with many more opportunities coming to market.
“I sincerely thank and remain humbled by the continued professionalism, commitment, endeavour and agility that our people have shown in managing our clients’ affairs throughout another challenging year.
“The outlook for the new financial year remains positive, notwithstanding the continuing challenging macroeconomic conditions, and we continue to trade in line with expectations. As previously disclosed, cost inflation and progressing our strategic initiatives including investment in people and technology are expected to impact margins in the short term but will position us to secure future growth in revenue and profits. This will also provide opportunities to deliver future growth and sustainable shareholder returns as a business that is here for the long term.”
Revenue and profit growth continues at Gateley
Gateley, the legal and professional services group, has posted strong audited preliminary results for the year ended 30 April 2022 (FY22), which continue the firm’s pre and post IPO unbroken record of year-on-year revenue and profit growth, and out-performed market expectations set at the start of the year.
The company noted it has achieved significant organic growth and strengthened the business further through diversification and investment into new complementary service lines, while maintaining control on costs in the face of market specific and macro-economic headwinds.
It added that the balance sheet remains strong and the group has significant headroom in its banking facilities to invest in further organic and acquisitive growth opportunities.
During the year Gateley posted group revenue of £137.2m, up from £121.4m in the year prior.
Profit before tax meanwhile hit £18m, up from £16.3m.
Three earnings-enhancing acquisitions were completed in the period.
Rod Waldie, CEO of Gateley, said: “I am delighted with the group’s performance in FY22. We have delivered another set of strong revenue and profit growth figures whilst continuing to strengthen our balance sheet. Legal services generated solid organic revenue growth, comparing favourably with reported UK legal industry performance. Our consultancy service lines delivered impressive organic growth of 26.7% resulting in overall consolidated group organic revenue growth of 10.9%.
“I am particularly pleased that we completed three exciting consultancy acquisitions in the Period and achieved annualised consultancy revenue of over c.£32m as we continue to grow our complementary services, diversifying our offering and deepening our connections with our clients.
“I thank our ever-expanding client base for their trust and support throughout FY22 and for giving us the opportunity to work with them on high quality mandates. We remain committed to our purpose of delivering results that delight our clients, inspire our people and support our communities. We have a good pipeline of work and maintain our expectations for growth in FY23, despite the well-reported inflationary pressures. We look forward to continuing to grow the group, both organically and via acquisition.”
Record first half revenues for Team17
Team17 group, the video games label with offices in Nottingham, Manchester, and Wakefield, has reported another solid performance in unaudited results for the six months ended 30 June 2022 (H1 2022).
During the period, revenues grew 33% to a record £53.2m, up from £40.1m in the same period of 2021.
Profit before tax meanwhile decreased to £11.2m from £14m.
The business completed a number of “high quality acquisitions,” focused on broadening the group’s geographical footprint and operational reach, alongside adding high quality first party IP.
Debbie Bestwick, Chief Executive Officer of Team17 group plc, said: “We are pleased with the group’s first half performance, trading in line with our expectations. Our new acquisitions, led by our talented and committed management teams, have worked incredibly well together across all parts of the group, and we are all looking forward to a busy and productive second half.
“The group now has more evergreen first party IP’s than ever before, alongside a phenomenal back catalogue portfolio, and in StoryToys, a growing subscription revenue model. New releases include additions to many established franchises and licensed global brands as well as exciting new original IP’s that are tracking well.
“Complementing our first half performance, we have made an encouraging start to the second half of FY 2022 and we remain confident about the group’s prospects going forwards.”
Northamptonshire nursery sold to Kids Planet
Specialist business property adviser, Christie & Co, has sold Angels Day Nursery in Kettering, Northamptonshire.
Established in 2001, Angels Day Nursery offers day care to up to 55 children aged zero to four years. The business operates from a large Edwardian converted house on a busy through road.
Following a confidential sales process with Christie & Co, the setting, which has been owned by Simeon Singer since 2016, has been sold to national provider, Kids Planet, which now owns 132 settings.
Simeon Singer says: “During the past seven years, I have been fortunate to be the owner and guardian of this wonderful nursery and I’ve put a huge amount of personal energy, time, and money into improving the facilities to ensure that the team provides the highest standards of care and education for the children in our care.
“I made the decision to sell Angels Day Nursery to allow me the time to focus on my business interests outside of the childcare sector. After a very careful selection process, I decided to sell the nursery to Kids Planet given their ethos as a primarily family-run and highly regarded childcare operator.
“It was a genuine pleasure to deal with Matt and the team at Kids Planet and I wish them every success in the future as they look to build on the nursery’s fantastic local reputation.”
Clare Roberts, CEO at Kids Planet, says: “I am thrilled to welcome Theresa and the team, and we are looking forward to supporting the nursery with their transition into our Kids Planet family. Angels Nursery prides itself on providing a ‘home from home’ environment and delivering excellent quality childcare and education, aligning with Kids Planet’s own values.”
David Eaves, director – Childcare & Education at Christie & Co, who handled the sale, says: “Having originally acquired Angels Nursery via Christie & Co in 2016, we were delighted to support Simeon through his sale process, and I’m confident the setting will go from strength to strength under Kids Planet’s ownership.
“The improvement in performance, both operationally and financially, that Simeon has overseen during his ownership have been truly remarkable and are a fine example of what can be achieved with the right focus and management team.
“This is yet another fantastic deal in what is proving to be an exceptionally busy year, not only in the East Midlands but all across the country where, in many cases, owners seeking to exit have achieved values beyond their expectations due to the competitive nature of the market.”
Angels Day Nursery was sold for an undisclosed price.
An afternoon of celebration and networking: the East Midlands Bricks Awards 2022 takes place this Thursday!
This Thursday (15 September), property and construction professionals will gather at Trent Bridge Cricket Ground for the highly anticipated East Midlands Bricks Awards 2022.
Recognising development projects and people in commercial and public building across the region – from office, industrial and residential schemes, through to community projects such as leisure schemes and schools – there’s not long left to secure your seats at the prestigious event, to celebrate the region’s property and construction industry while connecting with local decision makers.
With time for networking before and after the glittering awards ceremony revealing winners, don’t miss this opportunity to forge new contacts and strengthen existing ones.
The event, which will begin at 4:30pm and continue until 7:30pm, will also feature John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker, as well as award-winning mind reader, magician, and professional mentalist Looch, who will bewilder and astonish guests during the evening’s networking.
Thanks to our sponsors:
Tickets can be booked for the East Midlands Bricks Awards 2022 here.
Complementary drinks and canapés will be served on arrival. Dress code is standard business dress.Shortlist for the East Midlands Bricks Awards 2022
Most Active Agent – sponsored by Blueprint Interiors Mather Jamie OMEETO BB&J Commercial Commercial Development of the Year – sponsored by Frank Key Broad Marsh Bus Station and Car Park – Galliford Try Construction Etiquette Park – Clowes Developments Nottinghamshire Police and Nottinghamshire Fire & Rescue Service joint HQ – Henry Brothers Responsible Business of the Year – sponsored by Press for Attention PR Cawarden Arc Partnership Phoenix Brickwork Residential Development of the Year – sponsored by Sterling Commercial Finance The Rise, Southwell – Stagfield Group Glenvale Park – Glenvale Park LLP Hindle House – KMRE Group Deal of the Year – sponsored by Blythin & Brown Insurance Brokers St James Securities – Phase Two of the Becketwell regeneration scheme in Derby – 3,500 capacity Becketwell performance venue with ASM Global Wells McFarlane, APB and Newton LDP – sale of 460 acres of land in North Leicestershire, making way for a new garden village Morgan Industrial Properties Limited – acquisition of the former Ewart Chain site in Shaftesbury Street, Derby Developer of the Year – sponsored by Ward Hockley Developments St James Securities HBD Architects of the Year – sponsored by OMS Swain Architecture Rayner Davies Architects CPMG Architects Excellence in Design – sponsored by Cawarden St. Peter’s Gate renovation – CPMG Architects Health and Allied Professions Centre at Nottingham Trent University – Pick Everard Brookside Farm – Chevin Homes Sustainable Development of the Year – sponsored by Viridis Building Services Refurbished HQ for LKAB Minerals – Scenariio Northern Gateway Enterprise Centre – Chesterfield Borough Council, Whittam Cox Architects, Robert Woodhead Group Broad Marsh Bus Station and Car Park – Galliford Try Construction Contractor of the Year – sponsored by RammSanderson Galliford Try Construction Cawarden Enrok Construction 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.
To be held at:
Time to focus your energy on managing the cost of living: by James Pinchbeck, partner at Streets Chartered Accountants
James Pinchbeck, partner at Streets Chartered Accountants, presents useful advice as businesses battle the cost of living crisis.
Few, if any of us, will have experienced the current economic conditions that have led to unprecedented cost of living hikes and inflation at a 40 year high, with further increases more than likely.
The skyrocketing increases in energy prices, leading to eyewatering increases to both domestic and business energy costs, are not the only contributor to the current situation and rising prices for goods and services. The conflict in Ukraine, along with labour shortages, wage pressures, frustrated supply chains and growing food scarcity with the prolonged hot weather and lack of rain leading to crop shortages are all contributing to rising costs.
Whilst businesses have shown resilience in managing the impact of the pandemic over the last couple of years, they now find new challenges ahead. Many businesses are still reporting strong order books and customer demand still seems strong. An economic downturn is though predicted, not least by the Bank of England for next year, as consumers and businesses tighten their reins and seek to manage the situation.
Getting ahead of the curve is invariably the trick for any business seeking to deal with the situation. There is a real need for business leaders and owners to assess how their organisation is and might be affected and to look to put plans in place to manage the same.
There is a well-used adage that cash is king, certainly a focus on your cashflow for the year ahead is a great place to start. Reviewing forecasts and considering the demands on cash, along with perhaps changes to the timing of income and expenditure will be key. It may also be beneficial to consider your availability of working capital, perhaps the need to defer capital spend and/or review the facilities you have in place to weather the storm. It might be time to review your funding model, to see if your cost of finance could be reduced and/or additional facilities put in place. Certainly, if you don’t already do it, monitoring of cash within the business needs be a timely, perhaps daily activity, along with the management of debtors and creditors.
The cost-of-living crisis is undoubtedly having a significant impact on margins, with input costs seemingly changing on a daily basis. As a result, greater attention should be given to managing margins with regular reviews helping as much as possible to ensure margins are maintained. There is a need to keep a keen eye on pricing, especially for those quoting or contracting for work. It may be difficult to honour future prices, so do ensure your terms allow for management of any increase in costs.
With some indication that business failures and insolvencies are on the upward trajectory and the risk of bad debts are on the increase, more close management of your aged debtors and rigorous debt collection must be on the cards. A focus on suppliers too could be worthwhile, as the loss of one could have an impact on your own business.
Whilst a focus on finance is key, there are a number of other aspects that you may need to take into account. Like you, your staff are no doubt looking at how they manage the situation, many will be concerned about how they are going to cope. This could lead to increased anxiety and health issues and potentially reduced productivity, even absenteeism. Being aware of this and looking to help where you can no doubt will be beneficial to one and all.
Employers are also likely to see pressure on pay, as employees seek pay rises, along with potentially staff leaving for higher paid jobs.
Unfortunately, like economic down turns, the current situation is likely to give rise to increased fraud, theft and cyber-attacks. It is therefore important that proper and robust systems and processes are in place for early detection, management and avoidance.
To manage the situation, businesses really need to ensure that they have timely and accurate financial information. Certainly, with the development of online/cloud-based accounting applications it is possible to have such information, even in real time. However, there might be a need to ensure the information provided is what you need and that action is taken as appropriate, rather than ignored or kicked down the road. What is measured can and tends to be managed.
See this column in the September edition of East Midlands Business Link Magazine.
Handover of new Harrington School complete
The handover of the new Harrington Junior School building in Long Eaton has been completed.
The school, which was rebuilt after it was destroyed by a fire in 2020, has welcomed pupils back.
The project was designed by Concertus Property and Design Consultants and completed by Ashe Construction. The new school includes 6 new classrooms, a main hall, group rooms, and a special educational needs support space. The building is also fitted with solar panels.
Derbyshire County Council cabinet member for education, Councillor Alex Dale, said: “It’s great to see the new school building completed. The fire was devastating to the entire school and the wider local community and it’s fantastic that pupils have been able to start the new term in their new permanent school building.
“Schools are at the heart of local communities, and we’ve worked hard to deliver the new building as quickly as possible. I know staff and pupils have been looking forward to moving into the new space and it marks an exciting chapter for the school after a difficult few years. I look forward to visiting and hope the school and wider Long Eaton community enjoy this new space for many years to come.”
Paul Cockayne, associate director at Concertus, said: “It’s been an honour to partner with Derbyshire County Council and work alongside Ashe Construction in successfully delivering the new Harrington Junior School.
“The community was devastated following the fire at the original school and we are pleased to have been involved in the delivery of this superb scheme, which has allowed pupils to return in time for a new school year and continue their education journey in a new and enhanced setting.”
Late Night Levy will end next month to ease pressure on Nottingham’s licensed businesses
A levy on late night licensed premises in Nottingham is to be revoked from next month in a bid to ease financial pressure on local businesses.
Nottingham’s Late Night Levy was introduced in 2014, levying a charge on licensed premises across the city operating between midnight and 6am. The funds raised were split between the council and police to tackle late night alcohol-related crime and disorder by providing targeted support to help the police and manage the night-time economy.
An exemption agreed for members of the Business Improvement District (BID) reduced the expected income from the Levy to around £67,000 a year – with the BID continuing to fund other late night support schemes such as street pastors and taxi marshals through its membership subscriptions.
However, as the economic situation for the hospitality industry has changed since the introduction of the Levy eight years ago – first with the impact of the Covid pandemic and now the cost-of-living crisis – it is felt the Levy is placing a difficult burden on existing licensed trade businesses and could be a barrier to incoming or expanding businesses.
The council’s Licensing Committee considered the matter earlier this year and following a consultation where the vast majority of responses were in favour of revoking the Levy, this is what it recommended to the meeting of the Full Council on Monday (September 12th). Full council has endorsed the revocation of the scheme meaning the Late Night Levy will come to an end on October 31st.
Portfolio Holder for Neighbourhoods, Safety and Inclusion, Cllr Neghat Khan, said: “A lot has changed since the Late Night Levy was introduced eight years ago, with the hospitality industry really struggling during the pandemic – only to be hit by the cost-of-living crisis bringing them higher bills and lower incomes from reduced customer numbers.
“It was the right time for us to consider whether the Levy should be revoked, to ease the financial burden on existing businesses and to help encourage businesses looking to expand or invest in Nottingham’s late night economy.”
It is anticipated that the loss of this income will be offset by Nottinghamshire’s Police and Crime Commissioner receiving an extra £13 million towards recruiting more Police Officers. It is expected the licensing regime can provide the necessary safeguards against the potential for more premises seeking to open late at night and any associated anti-social behaviour.
