James Bennett and Ed Boyle from Interpath Advisory have been appointed joint special administrators to Chesterfield-based Viola Money (Europe) Limited.
Viola Money (Europe) Ltd is an electronic money institution focused on digital payments, offering e-wallet accounts, prepaid cards and money transfers to individuals.
On 21 December 2021, a special administration order was made by the Court in relation to Viola under the Payment and Electronic Money Institution Insolvency Regulations 2021.
The application to the Court for the special administration was made by the FCA and follows requirements imposed on Viola by the FCA on 14 December 2021, which required it to cease all regulated electronic money and payment services and not to deal with any of its client funds. This is the first special administration order made under these regulations.
The special administration process includes provisions to facilitate the return of customer monies by the administrators. The joint special administrators will carry out an assessment of all the customer funds held by the firm to confirm the current position.
James Bennett, Managing Director at Interpath Advisory and joint special administrator, said: “Our immediate priority is to gather in the assets of the Company, and those it safeguarded on behalf of its customers. We will also seek to reconcile the accounts of the Company before distributing the safeguarded funds as quickly as possible.”
Wren Sterling completes secondary management buyout
Nottingham-based Wren Sterling has revealed that its secondary management buyout has completed, following approval from the Financial Conduct Authority.
In July 2021, Wren Sterling agreed terms on a majority investment from investment funds affiliated with Lightyear Capital LLC (Lightyear) to complete a management buyout from Palatine Private Equity and shareholders. Terms were not disclosed.
Lightyear is a New York-based financial services-focused private equity firm with sector expertise in asset and wealth management.
The deal will see Wren Sterling’s management team and staff remain in place to deliver the business plan goals of growing the business through organic strategies plus, with access to funding, continuing to make selective acquisitions. The business now has more than 200 employees and intends to extend its office network in key areas.
Wren Sterling was created following a management buyout of Towergate Financial led by Ian Darby and supported by Palatine Private Equity in March 2015, and the intervening six years has seen Wren Sterling double its assets to £4.7bn under management and substantially increase its profitability.
In the period since the deal was first announced in July, Wren Sterling has enjoyed strong trading performance, welcoming hundreds of new clients and increasing its AUM by £200m.
Ian Darby, Wren Sterling’s executive chairman, said: “We are all delighted that we have been given the green light to proceed. It marks the start of an exciting new chapter in the history of Wren Sterling and, with Lightyear’s backing, the management team can now deliver on our growth plans, while investing in continually improving our client service and developing our talent.
“This deal is a fantastic result for Wren Sterling’s shareholders including our former investor, Palatine Private Equity, clients and employees.
“Lightyear has significant experience in our market, which will complement the ability of Wren Sterling’s management team to continue to build a successful financial advice business in the UK.”
Work poised to start on phase four of Lincolnshire housing development
Work is poised to get under way on phase four of Charterpoint’s housing development in Louth, Lincolnshire.
It will bring a further 40 plots into build at Westfield Park on the edge of the town.
Planning permission was granted for 240 homes on the site in 2018. This latest phase is the penultimate phase and will bring the total number of homes built at Westfield Park by Snape Properties to 200.
Charterpoint CEO Adrian Goose said: “Westfield Park has proved to be a very popular housing development and the new homes can’t be built quick enough to keep up with demand.
“It’s an excellent location which has already become a thriving community for families in Louth and we are delighted to be releasing a further 40 plots to Snape Properties so that they can continue building and move onto the penultimate phase of the development.”
The housing development features a mix of three and four-bedroom semi-detached houses and four and five-bedroom detached houses.
A two-storey, 66-bed care home has also been built on the site, which is off Grimsby Road.
Bridge Help smashes fundraising target for Chesterfield Foodbank
More than £4,000 of much-needed food and toiletries was donated to Chesterfield Foodbank just before Christmas thanks to a fundraising appeal by commercial bridging finance company Bridge Help.
Launched in November 2021, the team at Bridge Help hoped to raise £2,021 of food and toiletries but, thanks to the generosity of its brokers, suppliers and Chesterfield’s business community, Bridge Help smashed its original fundraising target in just six weeks.
A total of £2,130 of food and toiletries was collected which was matched pound for pound by Bridge Help. The match funding pledge meant a total of £4,360 – more than double the original fundraising target – was donated to Chesterfield Foodbank.
With the help of eight volunteers, hundreds of packets, tins, boxes, cartons, sacks and bottles were transported from Bridge Help’s offices in Chesterfield to the Foodbank warehouse ahead of Christmas.
As well as Christmas treats of biscuits and crisps, Bridge Help also collected essentials, such as nappies, toiletries, tins and dried foods, which were all donated to Chesterfield Foodbank to ensure the charity had stock to distribute well into 2022.
The haul filled the Chesterfield Foodbank van as well as two additional vehicles, with Bridge Help CEO Chris Sellars also pitching in to help with a delivery when it became evident there was too much for two vehicles.
The annual charity fundraising campaign was organised by Phoebe Sellars, a Business Development Manager at Bridge Help and also a trustee of Chesterfield Citizens Advice.
Phoebe said: “Wow, just wow. I can’t thank everyone enough who donated. It was a pleasure and an honour to be able to hand over everything we collected and know that, together, we have made a small difference in the lives of people who are facing hardship not just at Christmas but throughout the year.”
Rolls-Royce completes sale of Bergen Engines
Rolls-Royce has completed the sale of its Bergen Engines business to Langley Holdings plc for an enterprise value of €63m.
The completion of the transaction, which was announced on 3 August 2021, follows the conclusion of work to separate the business from the Group.
Sale proceeds of €91m from the transaction, together with €16m of cash held within Bergen Engines which has been retained by Rolls-Royce, will be used to help rebuild the Rolls-Royce balance sheet in support of its medium-term ambition to return to an investment grade credit profile.
In 2020, Bergen Engines generated revenues of approximately €200m.
Wabtec Faiveley takes Derby office building
FHP Property Consultants have let 39 Brunel Parkway, Pride Park, Derby to Wabtec Faiveley, a rail equipment company.
The property comprises a modern semi-detached two storey office building.
The offices have been let on new lease terms for a period of 5 years at a headline rent of £12.80ft2.
Darran Severn of FHP Property Consultants says: “I’m pleased this letting has completed and it’s been a great result for both our client and the new tenant.
“Pride Park is Derby’s primary office location and is still very popular with local businesses due to its connectivity. 39 Brunel Parkway offers modern air-conditioned office space with good parking. I look forward to seeing the tenant in occupation in the new year.”
More local businesses and workers to benefit from skills project
Nottingham city councillors have accepted almost £1m of external funding to expand a project so that more local businesses and employees can access skills and training.
The D2N2 Skills Access Hub was set up in April 2020 with an award of £4.8m and since then has been supporting 888 small and medium-sized businesses to access skills provision and 2,220 individuals to improve their own skills attainment.
By agreeing the extra £926,633 of funding, the council can increase the number of businesses supported to 1,060 and the number of individuals supported to 2,650. Half the funding will come from the European Social Fund and half will come from Skills Access Hub delivery partners including the University of Nottingham, West Nottinghamshire College, Futures, Direct Help and Advice, and Nottingham College. At least half of the project participants are expected to be based in Nottingham.
The project will help towards the council’s aims to:
- Increase the number of Nottingham residents with Level 2 qualifications
- Create 15,000 new jobs for Nottingham people
- Continue to support residents into work through the Nottingham Jobs Hub
- Support 1,000 residents into work by securing external funding for programmes across the city
- Support 1,000 more Nottingham young people into learning and work with businesses to create 500 new apprenticeships.
Aiming for promotion: how to set yourself apart
In the world of work and business, we all dream about climbing the corporate ladder to better ourselves and our position within our companies. One of the most gratifying aspects of work is having our achievements recognised or rewarded through employee appraisal systems and promotions.
Subconsciously or not, we all strive to climb the career ladder; however, our individual qualities and skills play a massive part in whether or not we achieve this. Not everyone is bound for advancement, but if you’re looking to develop the skills necessary, we’ve created this piece to help you secure a promotion and set yourself apart from other employees.
Showing Innovation and Planning Ahead
One way to set you apart from competing colleagues and aim for promotion is by showing innovation and planning. Management is impressed by individuals who think forward and do tasks without being told. It shows that you can be independent and possess leadership qualities, making you a desirable candidate for promotion. You can strive to become more innovative by being open to change, voicing your opinions, studying others in management roles, or you could try attending extracurricular courses or workshops to bolster workplace skills. For instance, you could use training providers such as Skills Training Group who offer first aid courses in Birmingham, plus a range of other courses that can help get you noticed by employers and set you apart from others.
Having Good Communication Skills
Another skill to develop to set you apart from others is good communication skills, which are prerogative in the workplace to avoid miscommunication and unnecessary problems. Successfully communicating with others is how ideas come to fruition; a good candidate for promotion needs to demonstrate these skills so that employers know that you’ll help the team maintain positive working relationships and increase productivity. Alongside having quality communication skills, it’s also essential to have sound listening skills, as successful managers listen to their colleagues and empathise with their worries or opinions to keep the team running smoothly.
Show That You’re A Team Player
Ultimately, an entire workforce ensures a company’s success, not just one individual. It also increases relationships between colleagues and employers and improves company loyalty. So if you’re looking for a promotion, you must show employers that you can work as part of a team and uplift other members so that the maximum production level is achieved. You can do this by volunteering yourself for jobs without being asked or by offering to help co-workers that are struggling, which will make you favourable to both colleagues and management, plus highlight your leadership skills.
Always Strive For More
The employees who achieve promotion always strive for more, show passion for their work, and aren’t content with attaining the bare minimum. Set yourself apart from others by showing pride in your work and continue pushing yourself to do better each time. You could do this by organising your workload more efficiently to complete deadlines quicker or by grouping yourself with like-minded individuals who inspire you to do better every day. Being passionate and confident in your work will make employers or management notice you and give them reasonable grounds to reward you for your hard work.
Semcon expands in digital learning through acquisition in the East Midlands
In the wake of the COVID-19 pandemic, a growing number of organisations are discovering that digital learning solutions offer learning that is flexible and targeted to their audiences. Through the acquisition of the UK company Walkgrove, Semcon is expanding its leading offering in digital learning with a local presence in a new geographic market.
Walkgrove began operating back in 1994 and the company has a long tradition of providing high-quality learning solutions. Its customer base includes organisations from many different sectors, such as insurance, health and social care and humanitarian, including The UN and Oxfam. Its operations are based near Nottingham and Derby in the UK East Midlands. Walkgrove’s 20 employees have broad expertise in the development and production of learning material, with 85% of its current portfolio being digital. Most of Walkgrove’s deliveries comprise bespoke learning content, but its offering also includes a generic digital library with courses in areas such as management, IT and health & safety, as well as a digital learning platform.
Johan Ekener, business area president for Product Information said: “We are very pleased that Walkgrove is now becoming a part of Semcon. This will provide us with a solid base from which to grow our strong offering within digital and blended learning to existing and new customers in the UK. The east Midlands is an ideal location near customers in the rail industry cluster around Derby and close to Semcon’s existing operations within product information in Warwick, just south of Birmingham.”
Sarah Smith, managing director of Walkgrove said: “This is a great opportunity for Walkgrove to complement Semcon’s products and services within learning. We had been approached by several interested organisations before finding the synergy and cultural fit that Semcon offers. We are all looking forward to meeting new challenges and opportunities.”
Semcon is the largest Nordic provider of digital learning courses and has extensive expertise in the production of interactive online and mobile learning material as well as the implementation of distribution platforms for learning (Learning Management Systems and Learning eXperience Platforms). Walkgrove will become part of Semcon’s Product Information business area, which is a leading provider of digital aftersales solutions and digital learning in an international market.
In the 2020/2021 financial year, Walkgrove’s operations reported sales of approximately GBP 1.4 million. The acquisition will be consolidated into Semcon from 1 January 2022.
Why surface plate calibration is crucial in manufacturing
A surface plate is the standard reference for making sure that dimensional measurements are accurate and precise. But you have to make sure that your surface plate is precise; otherwise, everything will go wrong when your point of reference itself for all your measurements isn’t accurate. The most commonly used material for making surface plates is granite. But some are made of metal, cast iron, or glass.
Granite is thought to be the best material for making surface plates. The reason for this is its surface hardness. It also has low thermal expansion. It doesn’t rust or corrode. There’s very little warping, and it can last for a very long time without much wear and tear. These attributes help calibration at Eley Metrology and other shops achieve accuracy, stability, and precision in measurements.
Importance Of Surface Plate Calibration
Regular calibration of the surface plate you use is highly important. It’s one of the most reliable ways to make sure all the dimensional measurements that you do at work are accurate. No matter how advanced engineering and manufacturing become, precision will still be a crucial part of their design and processes.
You might think granite is the same as all other materials you can use for a surface plate but they’re not. Granite’s physical characteristics make it a special tool for ensuring precision of your measurements.
To be able to provide accurate dimensions that are reliable and consistent, you should maintain the flatness of surface plates. This way you can make sure you’ll be able to repeat your dimensions and measurements but still get the same results. The term flatness refers to the measurement of the surface plate from the bottom to top.
Repeatability means that you’ll be able to get the same uniform measurement wherever you move or slide your measurement tool on the surface plate. You should be able to get the same equal measurements all over the surface plate. If there are any discrepancies at all, they should be within the tolerable range.
Uses Of Surface Plate Precision In Manufacturing
A precise and accurate surface plate is critical in manufacturing. Most of the things that are done in manufacturing plants require high precision in dimensions and measurements. An imprecise dimension can put a lot of raw materials and even end products to waste. Flatness and repeatability are the two critical aspects to make sure that a surface plate would be giving a precise surface. A precise surface plate serves as the reference point for calibrating the other tools and equipment in the manufacturing plant.
The surface plate serves as the baseline for all the measurements you do in your manufacturing plant. This makes it a critical tool for quality control both before starting the production process and post-production. In manufacturing, the accuracy required for surfaces should be up to 0.00001 of an inch. This is considered 250 nm for grade AA or AAA plates.
Surface plates are also used to calibrate the accuracy of other smaller pieces of equipment and tools. Most of the machines, equipment, and measurement tools in machine shops are calibrated using surface plates. Manufacturers of cars and even airplanes, and their spare parts, rely on surface plates to inspect and calibrate their equipment and tools. These industries require tight tolerances and very high precision for their equipment.
This is crucial in manufacturing. For example, in cutting aluminium into sheets or rods, you set the dimension measurements of your machines and equipment against the surface plate. If your surface plate isn’t calibrated up to tolerable variances, your machines might cut the aluminium material into uneven sheets or bars. Often the result of imprecise surface plates is that your machines will churn out highly defective products with unacceptable imprecisions in measurements.
Importance Of Routine Surface Plate Calibration
It’s important to have routine plate calibration for your surface plate. This is the only way to make sure that its flatness and repeatability stay the same throughout the entire time that you use your surface plate. Calibration shops use various kinds of certification for flatness and repeatability. One is the Mahr Surface Plate Certification System. This system employs the following:
- Isometric or Numeric plotting technique
- Moody and Profile Analysis
- Automatic Grading. This is done according to the standards of your industry
- Multiple Run Average
