Sale of Boots taken off the table
Walgreens Boots Alliance (WBA) has decided to keep Boots under its existing ownership, marking the conclusion of a review that began in January and saw multibillion pound bids put forward for the company.
WBA said that while it has been encouraged by productive discussions held with a range of parties, receiving significant interest from prospective buyers, since launching the process, the global financial markets have suffered unexpected and dramatic change.
As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots.
WBA has therefore decided that it is in the best interests of shareholders to keep focusing on the further growth and profitability of the business.
The decision to retain the business has also been supported, according to WBA, by ongoing strong performance and growth, which have exceeded expectations despite challenging conditions.
Rolls-Royce enters the hydrogen production market and acquires majority stake in electrolysis stack specialist
Rolls-Royce is entering the hydrogen production market and acquiring a 54% majority stake in electrolysis stack specialist Hoeller Electrolyzer, whose innovative technology will form the basis of a new range of mtu electrolyzer products from its Power Systems division.
Hoeller Electrolyzer, based in Wismar, Germany, is an early-stage technology company that is developing highly efficient polymer electrolyte membrane (PEM) stacks, under the brand name Prometheus, for the cost-effective production of hydrogen.
Hydrogen is an increasingly attractive power source to fuel the green energy transition and demand for ‘green’ hydrogen – whose production creates no CO2 – is expected to rise significantly.
It is needed for fuel cells and hydrogen engines, for the production of synthetic ‘drop-in’ fuels and for industrial processes that currently use hydrogen that is not created in a carbon neutral process. Consequently, high-performance electrolyzers are a key component of any hydrogen system.
Dr. Otto Preiss, COO and chief technology officer, Rolls-Royce Power Systems, said: “By developing our own mtu electrolyzers and by taking a majority stake in Hoeller Electrolyzers, we are methodically growing our hydrogen portfolio and securing access to this fascinating technology, which is not a pipe dream but has great market potential.
“This will enable us to supply complete hydrogen solutions and make a significant contribution to protecting the climate. Our complete hydrogen solutions will enable customers to store renewably produced energy in the form of hydrogen for use as and when required, or for further processing or onward sale.”
In hydrogen electrolysis, water is subjected to DC electrical current, producing hydrogen at the negative pole and oxygen at the positive pole. In this way, it is possible to produce carbon-neutral hydrogen by using electricity from renewable sources such as solar or wind. The electrochemical reaction takes place in a cell between plate-shaped electrodes separated by membranes. Hundreds of cells located one above the other and pressed together form a ‘stack’, the heart of an electrolyzer.
Founded in 2016, Hoeller Electrolyzer has positioned itself, with Prometheus, as one of the few highly specialized expert players in the field of high-efficiency PEM electrolysis stacks. Its founder, Stefan Höller, has more than a quarter of a century’s experience of developing electrolysis technology and has already registered 14 patents connected with Prometheus.
Particularly high efficiency is promised by special surface technologies for the bipolar plates which significantly reduce the use of expensive precious metals platinum and iridium as catalysts, as well as increased output pressure.
Stefan Höller, Managing Director, Hoeller Electrolyzer, said: “Our stack is going to produce hydrogen at a price not previously thought possible.”
Rolls-Royce and Hoeller Electrolyzer say they are united by a shared belief in the opportunity of zero-carbon energy – both for power supply and the propulsion of heavy vehicles. With decades of experience and systems expertise, Rolls-Royce is going to develop a complete electrolyzer system and has a global sales and service network, which opens up the potential for significant worldwide sales.
Matthias Kramer, CFO and joint Managing Director, Hoeller Electrolyzer, said: “In Rolls-Royce, not only have we found an important customer for our stacks, we’ve also secured an ideal partner and supporter who shares our vision of putting stacks into full production.”
Development work on the first mtu electrolyzer using a stack from Hoeller Electrolyzer is already underway.
The equity in Hoeller Electrolyzer now held by Rolls-Royce comes from departing minority shareholders and from an increase in share capital. Financial details of the transaction are not being disclosed. Stefan Höller and Matthias Kramer will continue to lead Hoeller Electrolyzer as a standalone company, with the goal of building a leading international stack manufacturer.
Plans to build up to five new train stations in Derbyshire steam ahead
Two projects to reopen existing rail lines to passengers bringing the potential to build up to five new train stations in Derbyshire are steaming ahead with project leaders working with Network Rail to get the plans moving.
Just a handful of projects nationally have been invited to submit an outline business case for funding as part of the government’s £500 million Restoring Your Railway programme to reinstate closed local rail services and restore former stations.
Derbyshire County Council are working with South Yorkshire Mayoral Combined Authority and Network Rail to develop the business case to reopen the current, freight-only Barrow Hill line between Chesterfield and Sheffield to passengers.
If the outline project gets the green light, at the next stage it will signal the start of work to reintroduce passenger trains on the line and build up to four new stations in Derbyshire at Whittington, Staveley Barrow Hill, Eckington / Renishaw, and Killamarsh.
A new station could also be on the cards for Castle Gresley now proposals to reopen the Ivanhoe Rail line from Burton-on-Trent to Leicester are being progressed, with funding provided to Network Rail to carry out more work there too. Derbyshire County Council have supported the application led by local interest group Campaign to Reopen the Ivanhoe Line (CRIL) and Leicestershire County Council.
Derbyshire County Council cabinet member for infrastructure and environment, Councillor Carolyn Renwick, said: “This is all part of the Levelling Up agenda and we’re pleased that Government has recognised the need to reintroduce passenger services along these two routes.
“Significant new employment and housing development is already planned along the Barrow Hill Line route with long-overdue investment in this part of Derbyshire kick-started by the Staveley Town Deal.
“Re-opening both lines would build on this momentum, making it easier for people to travel to work, education, and healthcare, cutting congestion, improving air quality, and promoting greener travel as part of our commitment to cut carbon emissions to help tackle climate change.”
It is anticipated that the next stage of work by Network Rail should take approximately four months to complete.
Freeths bolsters employment practice with raft of new lawyers
Law firm Freeths has further expanded its national employment team with a number of strategic appointments – including two in the East Midlands.
The team has been bolstered by Lee Ashwood (director) joining the Manchester office, Melanie Morton (managing associate) joining the Nottingham office, Jesse Tataobuzogwu (associate) joining the Leicester office and Rajvir Malhi (associate) qualifying into the Milton Keynes office.
Rena Magdani, national head of employment, pensions & immigration, said: “I’m delighted to welcome Lee, Melanie, Jesse and Rajvir to the team. These four new hires reflect the continued growth and success of our employment practice, which is nationally recognised for providing highly responsive, commercial and pragmatic advice to our valued clients.
“We have seen a significant increase in demand for our services since the pandemic and in light of the challenging economic conditions that employers are facing. We are actively looking to recruit and develop further high calibre lawyers across our offices nationally.”
Melanie Morton said: “I am very excited to have joined Freeths, a firm with an excellent reputation both for the quality of work undertaken and its own workplace culture. The employment team at Freeths is very well regarded nationally and I am looking forward to working within a Legal 500 Top Tier department that is clearly committed to working in partnership with clients to provide a prompt and valuable service. The welcome from my colleagues has been great and I look forward to continuing my career here.”
Jesse Tataobuzogwu added: “Freeths has always been a firm I have admired due to its highly regarded lawyers and calibre of clients that it acts for. I am thrilled to have joined this fantastic firm and to be able to contribute towards its continued growth.”
Showcase exceptional property and construction firms at the East Midlands Bricks Awards 2022
With nominations flooding in for East Midlands Business Link’s annual Bricks Awards, showcase your business, team and projects by submitting an entry for the esteemed event.
Celebrating the region’s property and construction industry, award categories include: 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, and overall winner.
Winners will be revealed at a glittering awards ceremony on Thursday 15 September, at the Trent Bridge Cricket Ground – an evening also offering an opportunity to establish new connections with property and construction professionals from across the region, and featuring John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker.
After winning an award at the 2021 event, Allan Joyce Architects said: “We are delighted to have won Architects of the Year at the East Midlands Bricks Awards. It is lovely for the whole team, who always work incredibly hard to create amazing designs, to be recognised in this way. It was wonderful to attend the event in person and to hear about all of the great projects happening in our region and the companies involved in them.”
To submit a business or development for the East Midlands Bricks Awards 2022, please click on a category link below or visit this page.
Thanks to our sponsors:
- 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, the winner will be selected from those nominated)
Book your tickets now
Tickets can now be booked for the awards event – click here to secure yours. The special awards evening and networking event will be held on 15 September 2022 in the Derek Randall Suite at the Trent Bridge County Cricket Club 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. Dress code is standard business attire.
To be held at:
Students and graduates in Nottingham anxious about next steps
New market research released today reveals that, as the class of 2022 get ready to complete higher education this summer, nine out of 10 (90%) final year university students and recent graduates1 surveyed in Nottingham feel anxious about making the right decision when it comes to what their future career should be.
More than four fifths (83%) of those surveyed in the city agree that, given the number of graduate career options that exist, at times they have felt overwhelmed and unable to make a definitive decision when it comes to their future career path.
When asked what factors influence their thinking the most, two fifths (40%) say choosing a career that will allow them a sense of pride in what they do, whilst 49% want a stable salary / financial security. This is reflected by the fact that almost four in five (78%) of respondents in Nottingham feel they ought to future-proof their career prospects by searching in an established or growing sector where their subject knowledge and skills are in demand.
The national survey of over 2,000 final year students and recent graduates in England was carried out for Get into Teaching – the national campaign aimed at encouraging people to consider teaching as a career. It explores how today’s higher education cohort feel when it comes to making decisions about their future career and what factors are influencing their decisions.
When considering their career options and aspirations, the view from others is influencing many in this group as more than three in five (63%) in Nottingham take into account how they think other people will react to their choices when they tell them.
This is a common factor according to career coach Alice Stapleton, who specialises in working with people in their 20s and 30s. She said: “Many of the graduates and early career changers I coach consider heavily what others will think of their career choices. They want their parents to be proud, they want their friends to think it sounds cool, and they want their career to carry with it a degree of societal recognition and status. In early adulthood, we often seek a real sense of belonging, so it makes sense that young adults will be concerned about the reactions of others when choosing a career – we want to be accepted, recognised, and validated as we venture into our early careers.
“Young people are becoming more and more anxious about what others think of them. Fuelled by social media, our life choices are heavily scrutinised and publicly judged way more than they used to be. It therefore makes sense to me to hear that so many of those surveyed take into account the reactions of others when considering their future career paths.”
According to the survey, the majority (86%) of students and graduates in Nottingham agree that they’ll know they’ve found the right career path when it combines their passion for a topic and the opportunity to make an impact.
When asked to consider what they think they would gain from teaching as a career, nearly half (46%) in the city said knowing the job is helping to positively shape the lives of others and their own, among other rewards. A further 63% say that, to find out more about teaching as a career, they would consider discussing it with a teacher/s from their area or network.
Career coach Alice Stapleton continued: “It’s also clear from these findings that this cohort want to be proud of what they do for a living, and that they want their career to have a positive impact. It’s because of these factors that many of the clients I talk to are considering teaching as a possible profession to pursue. It provides the opportunity to combine passion with pride, as well as purpose – a powerful, and much-desired, combination in a career.”
Local businesses helped by Business Gateway during 12-month period topped £2billion combined turnover
The LLEP’s Business Gateway Growth Hub supported more than 1,500 businesses – with a combined turnover topping £2billion – during just 12 months.
The service also helped hundreds more people in Leicester and Leicestershire as they started their own businesses between April 2021 and March 2022.
The Business Gateway is a regional one-stop-shop for businesses, providing free business support including access to grants and funding, one-to-one business advice, events and signposting to other providers.
And a new report to Government describes its positive impact on local small enterprise as the region emerged from Lockdown. Figures show:
- 522 businesses – with a combined turnover of £1.15 billion and employing 4,148 people – received medium density support, including one-to-one consultancy and digital expertise including e-commerce, digital marketing, PR, branding and social media
- 1,013 businesses – with a combined turnover of £1.12 billion and employing 11,412 people – received high density support, including through the nationally-recognised Peer Network programme, the innovative advanced manufacturing programme, APPEX, and Start-Up Business Support (SUBS)
- 344 individuals were helped to start a business through a range of grants and programmes.
Local contractors secure place on £750m Midlands construction framework
SCAPE, the public sector procurement authority, has announced the eight contractors that will deliver up to £750million of new investment in the public sector across the Midlands and East of England via its Regional Construction framework.
Jeakins Weir, Stepnell, GF Tomlinson, Lindum Group, Ashe Construction, Conamar, Clegg Construction and R G Carter have been appointed to help local authorities and public sector organisations deliver ambitious, community-focused construction projects up to a value of £7.5million from 26 August 2022.
Public sector organisations using the direct award framework will gain instant access to high quality construction contractors and an extensive local supply chain, supporting the delivery of projects that will generate social value, training, apprenticeships and leave a positive legacy for local communities whilst helping them to achieve their net zero ambitions.
The new four-year framework will build on the positive impact of SCAPE’s existing Regional Construction framework which has successfully delivered 400 projects over the past four years. During this period, local spend and labour within 20 miles of each project accounted for 62% and 60% respectively of the framework’s output, with waste reduction from landfill achieving more than 96%.
With an increased value banding of up to £7.5million, the next generation framework will operate under a parallel lotting structure to provide public sector clients with a greater contractor choice before commissioning a project.
This is alongside a new ‘net zero-ready’ lifecycle agreement feature, which will support the public sector’s ambitious sustainability goals and provide an effective response to the climate emergency.
John Simons, group procurement director at SCAPE, said: “The next four years represent a pivotal time for public sector construction across the Midlands and East of England to deliver infrastructure that empowers local communities and generates regional economic growth.
“After receiving positive feedback from clients, we’ve enhanced the framework to provide our public sector colleagues with the tools to not only deliver value-driven infrastructure in their areas but support their journey toward a net zero built environment.
“Aligned with SCAPE’s 15-year heritage of empowering local authorities to achieve their infrastructure objectives, the direct award framework is designed to achieve value for money, drive sustainability and deliver a local economic impact on every project.”
Mark Robinson, group Chief Executive at SCAPE, said: “As we continue to play our part in delivering infrastructure projects across the region that are more sustainable and strengthen local communities, our new framework will help our clients meet their goals and allow local contractors to build long-term relationships to grow their business.
“The addition of a new lifecycle contract form as part of the framework’s ‘net zero ready’ offering is testament to SCAPE’s commitment to supporting clients with energy conservation and the operational efficiency and performance of their assets.
“The new framework will act as a vehicle for contractors to champion greener infrastructure and upskill their teams to be able to deliver on the sustainability ambitions across the Midlands and East of England.”
Major warehouse sales completed
FHP Property Consultants has sold Conspare and Prospare’s former site at Bestwood Road, Pinxton to SIS Pitches, after completing the former’s move to Castlewood Business Park, taking a bespoke design and build unit for their new home.
An internationally recognised leader in sports pitches, SIS Pitches will utilise the Bestwood Road site for their own occupation and investment.
James Bullock, Managing Director of Conspare and Prospare Limited, said: “Having built both of our businesses at Bestwood Road over the last 45 years, we are sorry to be leaving our long-term home as a result of continued expansion.
“However, it’s good to know that we are leaving our Pinxton site in the hands of Paul and his team at SIS Pitches, who have been great to work with throughout the sale and handover process. We wish them every success in the future.”
Paul Barker, Managing Director of SIS Pitches, the new owners of Bestwood Road, Pinxton said: “We are delighted to have moved to our new property. The whole process from start to finish has been smooth with a special thank you to Chris Proctor of FHP for assisting us every step of the way. We also have gained some new friends in James and David Bullock (Prospare / Conspare) who have been fantastic sellers. The new facility will really allow us to expand our operation and fulfil our long-term business plans.”
Chris Proctor and Tim Gilbertson of FHP Property Consultants said: “Overall, this has been an excellent result for all parties involved with Conspare and Prospare moving to a superb new facility to aid their further expansion and growth, along with being able to find a new home for SIS Pitches. We are delighted to be involved in both transactions and are pleased to see both these businesses growing in the local area.”
Freeths Solicitors acted on behalf of Conspare in relation to the property transactions.
How businesses can survive the cost of living crisis
The cost of living crisis is having a real impact on business. Consumers are now left with less after their living expenses have increased while wages remain stagnant. Rick Smith of business consultants and insolvency experts, Forbes Burton, explains how businesses can avoid this without taking too much of a bite out of their business.
There’s a significant sense of trepidation in the air at the moment. With energy, food and prices in general rising with no signs of abatement, there’s a real pressure on consumers to spend less and save more. The cost of living crisis has been exacerbated by myriad factors, but real world events such as the conflict in Ukraine and the fallout that has on the global supply chain means wallets are more squeezed than in recent memory. Those with the misfortune to live through the last recession will have feelings of deja vu, while those who have not experienced this before will no doubt be slack-jawed at the almost vertical rises in costs.
But what about business?
As much as individuals are suffering, this will no doubt have impacts on business. As people tighten their belts and ultimately want to spend less as their wages are reserved for the spiralling costs of rent, food, energy and other necessities, businesses are left on the back foot at times. Rather than simply burying heads in the sand however, this is actually a great time to rethink, regroup and think about the future sensibly.
What can businesses do?
It’s simple really, plan ahead. Look at the following elements of your business:
Review your business plan: When was the last time you truly looked at your business plan? A year ago, two years ago? What has changed since then? How can you act on the changes that have been put your way? Seek out new, more realistic goals given the circumstances and even if things are going well now, look at what could be coming your way in the future. Could there be an unseen ramping up of costs for other elements of your industry that will impact you? Are the implications here simply going to be delayed?
Set out a clear marketing strategy: There’s never a better time to go to market than in a crisis or at pinch points in global financial periods of stress. Stopping marketing is what a lot of companies in distress set out to do once trouble heads their way. However, if you stop speaking to your audience, they will presume that you have simply shut up shop. Do some research, where are your customers spending most of their time? What are they searching for? Concentrate on those elements now and commit to a ‘mop up’ campaign to cover other channels to ensure you don’t miss anomalies along the way. Remember, to stop is to block your customers from ever finding you and established ones from coming back.
Look again at cash flow: Take a look at your projections for cash flow. If trouble does head your way, how long can you last on the cash reserves you have? Is it really time for that large purchase or would it be better to be able to pay your staff’s wages for another six months? Do you have enough liquidity or is there a gap in your finances that cannot be plugged? Use your cash wisely, try to consolidate debt to make headway on having a reserve if things get truly bad.
Look after your own: Staff retention is possibly more important now than ever. Making yourself an attractive employer at the moment would be key to keeping staff, attracting more dynamic individuals and keeping afloat. The costs associated with the hiring of new staff or replacing them pales in comparison to simply retaining them. Also reach out to your staff, are you confident they are making it through without too much trouble? Be helpful and offer help if they are struggling.
