Late payments top 330,000 as East Midlands firms struggle with overdue invoices
Latest research from the Midlands branch of national insolvency and restructuring body R3 reveals that East Midlands firms had over 330,000 overdue invoices on their books in June, a figure which has increased steadily in recent months, rising by over 4% since March of this year.
According to R3’s report, which is based on an analysis of data from business intelligence provider Creditsafe, there is also a sizeable increase in insolvency-related activities in the region. The number, which includes liquidator and administrator appointments as well as creditors’ meetings, rose by over 12% between May and June of this year, indicating the extent of the economic challenge currently facing the region’s companies.
R3 Midlands chair Eddie Williams, a partner at PwC in the East Midlands, said: “Late payment is a key contributory factor in business insolvency, despite huge effort being made by professional bodies such as R3, policy makers and opinion formers to improve business practice around paying suppliers on time.
“With the UK inflation rate spiralling upwards, along with the cost of raw materials, manufacturing and distribution, there is enormous pressure on business cashflow, which bears the added strain of rising fuel and utility costs and decreasing consumer confidence.
“Now, more than ever, it is crucial for business owners to ensure that they are in control of their invoice ledger and tackling late payment challenges as soon as they become apparent.
“If problems linked to late payment or any other cashflow issue arise, then the sooner business owners look for expert advice on what they can do to resolve them, the more options they will have for finding the best possible outcome.”
Securiscape gets set to bring safety to the Middle East as it ties up export deal
Life-saving counter-terrorism products designed and manufactured in the heart of the UK could soon be installed across the Middle East after a Derbyshire security products firm signed a new export deal.
Securiscape, which supplies hostile vehicle mitigation planters, guardrails, bollards and temporary street barriers, has entered into a partnership with Dubai-based Securicity IFZA, which plans to supply the equipment to countries including Qatar, United Arab Emirates, Saudi Arabia and Kuwait.
The company, which is operated by entrepreneur Erna Agustin, will promote and sell Securiscape’s products, which include street planters designed to be positioned outside buildings such as hotels and banks to prevent ram raids or hostile attacks, gliding bollard systems used to control vehicular access into residential developments and reinforced pedestrian guardrails, which can be used to line roads and protect pedestrians from cars or trucks driven deliberately towards them.
Securiscape, which is based in Ashbourne and began developing its first product in the wake of a vehicle-borne attack on Glasgow International Airport in 2007, has supplied its products to businesses and councils across the UK over the past 16 years but, apart from supplying a row of street planters to New York, this is the first overseas distribution deal of its type.
Mark Stone, Managing Director of Securiscape, said: “This is a very exciting opportunity for Securiscape and we’re thrilled to be working with Erna and her team, who have more than 30-years industry knowledge and excellent contacts in the region.
“We have spent the past 18 years developing our product range, which has included carrying out hundreds of crash tests and working with a designer to make sure that they do not look out of place in the public arena, so they’re tried and tested.
“We have no doubt that they will help defend communities and organisations in the Middle East as well without creating a climate of fear.”
Erna said: “Safety and security are of as much paramount importance to both residents and visitors to the Middle East as much as anywhere else and we’re thrilled to be able to work with Securiscape Ltd as its distribution partner in this region.
“The quality, performance and breadth of its product range means that there is massive scope for Securiscape Ltd to be able to play a leading role in helping to protect people in towns and cities across the Middle East and beyond.”
Beeston student scheme tipped for approval
Officers at Broxtowe Borough Council have asked its planning committee to approve a mixed-use scheme of student accommodation and commercial space in Beeston.
The 419-student bed space scheme in Station Road, next to the Arc Cinema, was submitted for planning earlier this year. At the borough council’s planning committee on Wednesday (27.7.22), councillors will be asked to approve the scheme proposed by Midlands-based developer Cassidy Group.
Cassidy says that the scheme at the edge of Beeston town centre will breathe new life into a derelict site and will bring increased footfall and economic benefit to local retailers. It will also free up much-needed housing in the town, currently occupied by students, for family homes.
A council report agrees and recommends that councillors approve the scheme. The recommendation comes after months of deliberation by the council and an extensive public engagement exercise led by Cassidy. Council officers say in a planning report that they agree the student scheme will free up many of Beeston’s houses – particularly since a restriction in change of use from houses to HMOs (houses of multiple occupation) earlier this year.
The report states that the scheme would create a “significant boost of housing numbers when maintaining an adequate supply is becoming more challenging. The additional dwellings would also be on previously developed land that is not in green belt or otherwise protected, reducing pressure on land that is.”
The report adds: “The proposal would therefore be purpose built and could accommodate occupiers who could otherwise occupy C3 dwellings [houses, flats, apartments], to the detriment of the wider community, as this would represent the loss of accommodation that would be more suited to families and other longer-term residents.”
In the report, officers noted that while a part of the building rises to eight storeys and would be the tallest structure in Beeston, the development would take place on a prominent town centre site “considered to be capable of accommodating a building of the height proposed without detriment to the character of the area or neighbour amenity.”
The report also noted that the design and scale of the Station Road development would relate well to its town centre location and that the building’s tallest block would be of a comparable height to the cinema complex next door.
The planning report also touched on concerns by residents that the six parking spaces proposed as part of the development were insufficient.
But officers say in the report: “When considering there are regular public transport services and amenities within the immediate locality, and parking on surrounding roads controlled by Traffic Regulation order, it is not envisaged that any shortfall in parking would result in a highway safety issue.”
Cassidy has stated in its planning application that students would be prohibited to park on site and it would be made clear in tenancy agreements. Furthermore, Cassidy has committed to providing a free tram pass to all students for the entire duration of their occupancy. It will also provide on site bike storage for 114 bicycles.
Officers also stated that the scheme would boost local trade in terms of restaurants, leisure and retail.
The 34-page report concludes that “any potential concerns would be outweighed by the benefits of the scheme, which is considered to be in accordance with the policies contained within the development plan.”
Officers recommended that planning permission is granted subject to 26 conditions – including the provision of a detailed landscape and ecological management plan and that plans for community artwork features are provided.
As part of a list of contributions to the town, Cassidy has been asked to contribute towards local GP services in Beeston.
The Cassidy scheme is a few minutes’ walk from the University of Nottingham campus and is on the tram route. The scheme is situated next to new exciting bars and restaurants such as Ottimo and the forthcoming Beeston Social.
Sam Rose, of Cassidy Group, said: “We are excited to bring this student scheme to Beeston. Not only will students love living there – so close to the amenities they enjoy, as well as their university campus – but we are bringing a derelict site back to life.
“We feel the scheme fits well with the fantastic Beeston town centre that is emerging as a busy and exciting place to be, both day and night. We know from our research that Beeston is becoming a more desirable place for families and students to live.
“By creating sensitively designed student schemes with fabulous interiors like the one we are proposing for Beeston, we know we can not only create something that benefits the local area – but also an additional student environment where people really want to live.”
Cassidy says the scheme will rely heavily on local transport. It will provide limited parking – allowing only for deliveries and disabled parking – because of the variety of public transport access through bus, tram, and pedestrian routes. It is just a few minutes’ walk from Beeston Railway Station.
Businessman Ross Considine, who owns the nearby Ottimo, said: “I am sure I speak for a number of retailers and bar-restaurant owners when I say that I would welcome this scheme with open arms.
“We opened our third bar-restaurant in Beeston because we could see what an amazing, lively town centre it is. In our first few weeks of opening, we have had great feedback – and have also welcomed students. This scheme will further boost local shops and restaurants and of course local transport.
“Student footfall boosts local economies, and the student spend is worth tens of thousands of pounds a year for Beeston – and that must not be forgotten. We want the town to continue to be the bustling, lively and exciting place it is.”
Seven senior promotions at BRM Solicitors
Growth at regional law firm BRM Solicitors continues with seven promotions across its two offices in Chesterfield and Sheffield.
The promotions include two new heads of departments, one director, three senior associates and an associate.
The round of promotions are to acknowledge the continued hard work of key staff within the firm.
James Alger, newly appointed as head of Sheffield real estate, said: “This is an important chapter in the continued growth of BRM, I aim to continue to grow the real estate team and continue to provide a top-tier service to all clients.”
New corporate director Trevor Bird said: “The team at BRM are very talented and it is great to see the team being strengthened to support our growing client base.”
Property litigation solicitor, James Parden, plot sales specialist, Rachael Sawyer, and real estate solicitor, Chris Hey have all been promoted to senior associate.
Wills and probate solicitor, Rose Evans, was promoted to associate.
Additional promotions have also been made at the firm, including employment specialist Ellie Leatherday who has been promoted to the position of senior solicitor in the employment team, who have seen strong growth in its client base over the last 12 months.
Sanjeev Batra, new head of Chesterfield real estate, said: “The promotions highlight BRMs commitment to staff development and we are dedicated to offering mentoring and clear career progression for our staff.”
Ground broken at £20m HQ for fast-growing pharmacy chain
St Francis Group, a property development and investment group, and its joint venture partner ALMCOR have officially broken ground on a new 113,000 sq ft robot led HQ/warehouse for fast growing Chesterfield-based pharmacy chain Peak Pharmacy at its Horizon 29 industrial development site at Bolsover, North Derbyshire.
Works on the £20m ultra-modern headquarters and facility commenced at the start of June and are accelerating rapidly. The new facility will use state of the art robotics and automated systems to support staff handling over 400,000 medicines and other prescribed items every month, equating to 20,000 a day, more than 40 every minute.
The new Pharmacy Service Centre will handle prescriptions and dispatch medicines for the firm’s 150 community pharmacies across England. Prescriptions will be assembled for individual patients, then either delivered to local pharmacies for collection the next day, or direct to patients’ homes.
The new hub is expected to take nine months to build and due to open in April next year. It will house up to 100 staff, with the potential to grow into a 24-hour operation in future.
MCS Construction has been appointed as the main building contractor. St Francis Group also acknowledges the support of the Northeast Derbyshire District Council, Bolsover District Council, Derbyshire County Council and the D2N2 LEP in bringing this development forward.
Speaking about the start on site Gareth Williams, development director at St Francis Group, said: “We are absolutely delighted to have formally marked the start of works onsite and to be building this fantastic new facility for fast-growing customer Peak Pharmacy with the team onsite already having made significant progress.
“This new facility serves as the first unit to be built at Horizon 29, welcoming our first occupier. Since we commenced the extensive remediation of the site interest in the scheme has been extensive and the recent sale by the JV of 80 acres of land to BentallGreenOak for the speculative development of 1.2 million sq ft of warehouse and logistics space speaks to that.
“We look forward to working with the team at Peak Pharmacy and delivering a first-class facility next year.”
Joe Cattee, Managing Director of Peak Pharmacy, said: “These are ambitious plans for our company, staff and customers – in the face of a rapidly changing pharmacy landscape.
“This new facility will be truly transformational for us. We’re investing now to future-proof our business, so that we can continue to provide great local customer service which means so much to us.
“We are very pleased to be working with St Francis and ALMCOR and the full project team and look forward to seeing the development rise out of the ground as it happens.”
6 acre Nottingham site to be acquired by Lidl
FHP have negotiated the acquisition of a 6.6 acre site next to the Nottingham City Hospital for Lidl on a subject to planning basis.
The site was marketed jointly by Nottingham City Council and Stephen Hemming of Lambert Smith Hampton – Birmingham.
David Hargreaves said: “This is a much larger site than the typical Lidl site of 2 acres. FHP provided advice to Lidl about the development options for the likely surplus land of some 4 acres and because the location will fill a gap in the Lidl network in Nottingham they decided to buy the whole site subject to planning.”
FHP subsequently agreed terms on behalf of Lidl with MyPad to sell on the surplus land subject to planning which will be developed to provide new Affordable Family Housing.
A mixed use joint Planning Application has now been submitted to Nottingham City Council by Lidl and MyPad.
Hargreaves said: “This acquisition is a great example of the flexibility that Lidl bring to their site acquisition programme, whilst demonstrating FHP’s ability through our market knowledge and contacts to be able to underwrite risk for our clients.”
It is hoped planning consent will be secured this summer with Lidl opening Spring 2023.
Phase 2 of College Retail Park in Derby sold
FHP acting on behalf of Wheatcroft Land have sold a 1.2 acre site on Burton Road, Derby to Burney Capital Partners, a specialist roadside developer.
David Hargreaves of FHP, who handled the sale, said: “The whole site had been used for many years as a Pay & Display Car Park, but when Catherine Haward took over the running of the company from her father plans were put in place to develop out the prominent 3.15 acre site.
“The first phase saw the sale of land to Aldi who built a 20,000 sq ft food store, whilst the remaining land was to be developed for unit shops for which Planning Consent was secured.
“However, as the Wheatcroft Homes Business expanded, it was decided to sell the site to release funds to build more houses with a new 17 House development site subsequently acquired.”
After a couple of false starts, terms were agreed with Darren Burney for a sale on an unconditional basis with the sale quickly completed early Summer.
The Burney Group are proposing to develop 2 Drive Thru Restaurants on the site and a 3,500 sq ft Retail Unit, subject to planning.
Catherine Haward of Wheatcroft Land said: “We are delighted that FHP were able to secure a quick and easy sale enabling us to further invest in our new homes developments and our forthcoming scheme of 17 stunning new homes and barn conversions in Kirby Muxloe in Leicestershire.”
Nottingham and Derby based FHP Property Consultants acted for Wheatcroft Land in conjunction with Siobhan Smyth of Knights who acted on the legal side of the sale to the Burney Group, who represented themselves.
Frasers Group reports record-breaking year
Frasers Group has hailed a record-breaking year in an unaudited full year trading update for the 52 weeks to 24 April 2022.
The Shirebrook-based retail group said it was “delighted” as it recorded adjusted profit before tax of £344.8m, “despite the significant economic headwinds and well-chronicled challenges across the sector.”
Group revenue meanwhile grew 30.9% to £4.7bn, up from £3.6bn in the prior year.
UK sports retail revenue increased by 31.2%, which Frasers said was largely due to the strong reopening of stores after the last lockdown in March 2021 and the comparative period being impacted by lockdowns as a result of COVID-19.
Premium lifestyle revenue increased by 43.6%, largely due to new FLANNELS stores, continued growth in online, and the strong reopening of stores after the last lockdown in March 2021.
Furthermore European retail revenue increased by 28.4%, largely due to strong growth in Ireland and the lockdowns experienced in the prior year.
Frasers Group noted that it is now confident of achieving adjusted profit before tax of between £450m and £500m for the next financial year.
Michael Murray, Chief Executive of Frasers Group, said: “I am really proud of the record performance we’ve announced today.
“It’s clear that our elevation strategy is working and we are building incredible momentum with new store openings, digital capabilities and deeper brand partnerships across all of our divisions.
“We’ve got the right strategy, team and determination to keep driving our business from strength to strength.”
Intellectual property law firm secures 15,000 sq ft of space in Nottingham
Intellectual property law firm, Potter Clarkson is moving to new offices in the heart of Nottingham city centre, with Geo Hallam & Sons securing a 10-year lease on 15,000 square feet of space at Chapel Quarter.
The search for new space has been driven by a desire to provide a modern, sustainable and technologically advanced office environment, which more closely supports the new working practices established during the pandemic. It also follows the recent relocation of the firm’s London team.
In an unusual transaction, the accommodation has been acquired in it’s existing un-refurbished condition which will be stripped back to a shell, fully refurbished and fitted out as Grade A offices by Claremont Group Interiors, with an element of the cost being funded by the landlord.
The refurbishment works are due to commence shortly with Potter Clarkson set to relocate from their existing offices in January 2023.
Steve Smith, managing partner of the Potter Clarkson group, said: “In Chapel Quarter we have found an office that supports our position as a leading European intellectual property law firm.
“We are excited by the opportunity to design and develop a new working environment that supports greater flexibility and productivity – something that is tailor-made for our staff and clients.
“Our new office will provide the highest quality environment to meet the new and future needs of our business, ensuring that Nottingham remains the beating heart of our firm.”
The lease negotiations were overseen throughout by Roger Davis of Geo Hallam & Sons and supported by Freeths. Additional support was provided by Oval Real Estate, as advisers to the Landlord along with Mark Tomlinson at FHP who acted for the outgoing tenant Adrak, in the surrender negotiations.
Approval recommended for Nottingham Forest’s football ground redevelopment and residential plans
Rushcliffe Borough Council’s Planning Committee will meet on Thursday July 28 to consider Nottingham Forest’s major plans for amendments to the City Ground and a residential development.
The Council’s planning application report recommends approval of the plans which consist of a full planning application for the redevelopment of the Peter Taylor stand, including the demolition of existing buildings/structures, new public realm and car parking, and an outline planning application for up to 170 residential units.
The residential scheme, meanwhile, would be housed in a 13 floor development with vehicle and cycle parking, commercial floor space, back of house and plant spaces, access and support facilities at the ground floor, additional vehicle parking and resident amenity space at first floor level followed by 11 levels of mixed sized residential units and roof top plant/terrace areas.
The stand redevelopment will see it replaced with a new three tier scheme, increasing capacity and enhancing facilities. The new stand’s primary uses would include seating for spectators, players and match official facilities, media facilities, premium hospitality, conference facilities and staff accommodation.
