Rolls-Royce to supply engines to Indian airline

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Rolls-Royce to supply engines to Indian airline
Rolls-Royce has secured its first agreement with Indian airline, IndiGo, which is placing an order for 60 Trent XWB-84 engines, assembled in Derby.
Flying to more than 110 domestic and international destinations, IndiGo flew 100 million passengers in 2023 and is among the fastest growing airlines in the world. The new order will power the airline’s expansion plans, particularly its growing footprint on international routes.

Ewen McDonald, Chief Customer Officer, Rolls-Royce plc, said: “This substantial order from IndiGo for our Trent XWB-84 engines is a great win for Rolls-Royce. It re-affirms the position of the Trent XWB as the future-ready, engine of choice among airline operators.

“India is an important market for Rolls-Royce. The future promises to be exciting, with significant infrastructure developments and further growth expected in air travel. “We are grateful to IndiGo for placing their trust in us and we look forward to partnering with them on this journey. Together we will reach more destinations, serve more customers and capture the opportunities of this exciting market.”

Pieter Elbers, CEO of IndiGo, added: “We are delighted to partner with Rolls-Royce for their future-ready Trent XWB engines as we expand our widebody aircraft fleet with an agreement to order a new fleet of A350-900 aircraft.

“We have immense trust in the reliability and efficiency offered by Rolls-Royce’s Trent engines and we believe it will reinforce our vision to connect the length and breadth of India to the world.”

As the “world’s most efficient large aero engine in service,” the Trent XWB, which is assembled in Derby, is also well-positioned to help fast track IndiGo’s sustainability journey. With a 15% fuel consumption advantage over the first generation of Trent engines, the Trent XWB goes further on less fuel and offers leading performance and noise levels. It is also certified to operate on a 50% Sustainable Aviation Fuel (SAF) blend today and has been proven to be compatible with 100% SAF for the future.

Markham Vale expansion plans submitted

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Markham Vale expansion plans submitted
Property developer HBD, part of Henry Boot, is bringing forward a new 31,264 sq ft commercial scheme at Markham Vale which could create more than 100 new jobs. Reserved matters planning has been submitted for Markham Vale Trade Park; a brand-new development designed for trade counter businesses and SMEs. A 4,000 sq ft pre-let is already under offer to a national operator in a deal that could create around 16 full-time jobs. Markham Vale is a 200-acre industrial and logistics scheme delivered in joint venture between HBD and Derbyshire County Council. Vivienne Clements, Executive Director at HBD, said: “The Trade Park will be the newest addition to Markham Vale aiming to accommodate trade occupiers and smaller businesses who want to benefit from the scheme’s prominence and accessibility to the surrounding demographic. “The Trade Park will provide much-needed Grade A space, allowing smaller trade businesses to operate from energy-efficient buildings in a prime business location. The job creation element is also significant, with the potential to provide 100 full-time jobs. “Almost 20 years after development began, Markham Vale remains one of HBD’s most successful projects and we’ve no doubt this latest addition will see strong interest from potential occupiers looking for well-located, high-quality space in an area with a strong local labour market.” Councillor Tony King, Derbyshire County Council’s Cabinet Member for Clean Growth and Regeneration, said: “This is a fantastic addition to Markham Vale bringing more jobs to the area and opportunities for small businesses, as well as providing a supplies hub to trades operating in the area. “We’re proud of the positive impact Markham Vale continues to have on the local economy and this announcement sends yet another strong signal to other investors that Derbyshire is a place that helps businesses to survive and thrive.” Occupiers will benefit from Gridserve’s new Electric Forecourt being developed on the adjacent plot. Markham Vale Trade Park is expected to start on site late this year. The letting agents on Markham Vale Trade Park are JLL and M1 Agency. Harry Fullerton, Associate Director at JLL, said: “This is an excellent opportunity for trade occupiers and small businesses to capitalise on the prominence of Markham Vale as well as the growing number of homes and population surrounding the scheme. “The energy-efficient specification and long track record of delivery by HBD at Markham Vale will undoubtedly make this latest development an attractive proposition for occupiers in a market of low supply. “Markham Vale offers an appealing location for occupiers given its population of 270,000 (expected to increase further with more than 4,000 new homes being built within the area) and 119,000 passing vehicles each day on the M1. “Its location close to amenities including McDonalds, Starbucks, KFC, ASDA and Burger King, plus the new Gridserve EV charging forecourt, will also benefit occupiers.”

Third-party logistics specialist raises over £80,000 for children’s hospice

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Third-party logistics specialist raises over £80,000 for children’s hospice

A third-party logistics company currently operating from warehouses at Magna Park, in Lutterworth, and Nuneaton has raised over £80,000 for Rainbows Hospice for Children and Young People.

Rhenus Warehousing Solutions UK has been supporting the charity since 2007. Fundraising carried out by the company and its employees is vital in helping Rainbows provide invaluable care to around 750 babies, children and young people with terminal and serious illnesses.

The £80,000 has been raised through various initiatives including seasonal raffles. Employees have also provided donations for the Rainbows’ recycling bins – which are distributed to its seven shops in the East Midlands.

Yvonne Fenwick, HR director at Rhenus, said: “We are incredibly proud to have reached, and indeed, passed the milestone of £80,000 for this amazing charity.

“I’d like to thank our extremely kind and generous employees and suppliers, as well as our Charity and Events team for taking part, donating and all their fundraising efforts in numerous charity events.

“At Rhenus Warehousing Solutions UK, charity is something that is very close to our hearts and we pride ourselves on our commitment to raising money, for not only our nominated charity Rainbows, but for a number of other local causes too.

“We’re already planning on how we can reach the next milestone and hosting more fundraising events.”

Lauren Baker, Corporate Partnership Fundraiser at Rainbows, added: “Over the years, Rhenus has raised a staggering amount – which will all help us to provide a service to the families who need us the most.

“On behalf of everyone at Rainbows, I thank each and every member of the Rhenus team, and its suppliers, who have supported us in our commitment to brightening short lives.”

Mattioli Woods receives shareholder approval for acquisition by Pollen Street Capital

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Mattioli Woods receives shareholder approval for acquisition by Pollen Street Capital
Mattioli Woods, the specialist wealth and asset management business, has received shareholder approval for its acquisition by Pollen Street Capital at a Court Meeting and General Meeting. The acquisition of Mattioli Woods by Pollen Street Capital was approved by over 95% of shareholders who voted. The offer values Mattioli Woods at approximately £432 million. Completion remains subject to regulatory approval and the next stage is for the FCA to approve the Change in Control application that has been submitted. The transaction is currently expected to complete in the second or third quarter of 2024. Listed on the AIM exchange since 2005, Mattioli Woods is a provider of wealth management and employee benefits. They look after more than 11,000 clients and have £15.3 billion of assets under management, administration and advice. Following the completion of the deal, Mattioli Woods will be delisted from AIM. Ian Mattioli MBE, CEO of Mattioli Woods, said: “We are really pleased that our shareholders have overwhelmingly voted in favour of our acquisition by Pollen Street Capital. This is the next step in the evolution of the business and while the transaction is still subject to regulatory approval, receiving shareholder approval is an important milestone in this process. “We are excited for the future and to work with Pollen Street Capital who share our passion for delivering exceptional client outcomes and together we will accelerate the delivery of our strategy and provide our clients with the proactive advice and bespoke investment solutions they require.” Michael Wright, Deputy Chief Executive Officer at Mattioli Woods, said: “We are very grateful to our shareholders, over 95% of those that voted approved the acquisition by Pollen Street Capital. “This is a significant step forward in the Mattioli Woods journey and shows the strong financial and strategic rationale underpinning this deal and that is what is so exciting for all of us. We will continue to invest in our staff, our business, and our client propositions and look forward to doing this with the support of our partner, Pollen Street Capital.”

Second deal in a week sees Ideagen expand Australian capabilities

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Second deal in a week sees Ideagen expand Australian capabilities

Ideagen has further strengthened its position in regulatory compliance software with the acquisition of Australian workforce safety solution, Damstra Technology.

Damstra’s suite of cloud-based contractor and workforce management tools complement Ideagen’s existing portfolio of quality, compliance, health, safety and risk management software, enabling Ideagen to offer even more comprehensive, tailored solutions to regulated industries.

Speaking about their latest acquisition, Ben Dorks, Ideagen CEO, said: “We’re thrilled to welcome Damstra into the Ideagen family. This acquisition significantly strengthens our solutions for high-risk industries such as mining, energy and construction.

“Damstra’s robust safety and compliance solutions enhance our EHS capabilities enabling us to help our customers meet regulatory requirements, mitigate risk and achieve operational excellence.”

Damstra software provides end-to-end safety solutions for workforce management that allows organizations to predict, mitigate and reduce unforeseen and unnecessary business risks to people, workplaces, assets and information.

Christian Damstra, CEO of Damstra Technology, commented on the acquisition: “Joining Ideagen is a pivotal moment for Damstra. We’re excited about the opportunities this acquisition opens up for customers and colleagues.

“Leveraging Ideagen’s global footprint and deep industry expertise means we can offer our customers enhanced support, scalability and a wider portfolio of products.

“As Ideagen Damstra, we can continue to introduce cutting-edge, integrated solutions, redefining industry standards and creating safer, more efficient workplaces. Together, we’ll enhance our capabilities and further solidify our dedication to innovation and excellence, delivering solutions to regulated industries worldwide.”

This acquisition is the fifth Australian business to be brought into the Ideagen family since the start of 2023. It is their third acquisition of 2024 and follows Monday’s announcement that InPhase, the mobile frontline worker safety solution, would be joining Ideagen.

Green Light for redevelopment of Derby’s Friar Gate Goods Yard

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Green Light for redevelopment of Derby’s Friar Gate Goods Yard
Wavensmere Homes and Clowes Developments’ £75m proposals for the redevelopment of the city’s historic Friar Gate Goods Yard have been approved by Derby City Council’s Planning Committee. The detailed designs – submitted in August 2023 – set out the vision for the reanimation of two landmark Grade II listed buildings into over 110,000 sq ft of commercial space, alongside 276 new build homes. A painstaking restoration of the 19th Century Bonded Warehouse and Engine House will deliver a total of 111,275 sq ft of flexible offices, health and fitness space, a restaurant/café, together with a regional sales centre for Birmingham-headquartered Wavensmere Homes. Extensive new areas of open space, including play areas and pocket parks will be installed, in addition to the retention of the TPO tree buffer, to help enhance the biodiversity of the site. The elevated area adjacent to Friar Gate Bridge will become a new multi-purpose public realm and community space, with retention of some of the original railway arch facades. New vehicular, pedestrian and cycle access will be created at various points around the 11.5-acre (4.96Ha) site, from Uttoxeter New Road, Great Northern Way, and Friar Gate, with the Mick Mack cycling route also to be extended. Friar Gate Goods Yard has been in the ownership of the Clowes family for over 40 years, with a number of options for redevelopment proposed but not progressed, due to heritage constraints and commercial viability. Wavensmere Homes and Clowes Developments worked with Glancy Nicholls Architects and Pegasus Group to incorporate the views from over 200 local public consultation responses into the comprehensive plans for the redevelopment of the derelict site. ​James Dickens, Managing Director of Wavensmere Homes, said: “Receiving the green light at Committee for the reanimation of this significant historic landmark has been six years in the making. There has been a tremendous amount of effort by our multi-disciplinary team – working alongside Tom Clowes and Tom Morley of Clowes Developments – to get to this fantastic result. “It is very rare to have a such a large, primely located asset of this architectural quality that has lain derelict for so long – since 1972. Bringing it back into public use will have a transformational impact on Derby’s landscape, supported by much-needed attainable city centre housing. “With the full support of the City Council’s planning department and planning committee, we look forward to commencing the restoration and construction work – to fulfil our promise. The fine attention to detail and £75m investment we will inject in the reanimation of Friar Gate Goods Yard will see it become a nationally important trophy asset in Derby’s ongoing renaissance.” Wavensmere Homes anticipates receiving formal planning approval in time to commence work on site this summer. Strong interest has already been received from prospective operators of the health and fitness centre, office space, and the restaurant/café – all of which will be within the Bonded Warehouse. The housebuilder also has a database of over 500 prospective purchasers wishing to buy one of the townhouses, indicating the pent-up demand and appeal. Adam McPartland, Director of Glancy Nicholls Architects, said: “We are overjoyed that the required funds can now be invested into saving these distressed 150-year-old listed buildings. Glancy Nicholls Architects has proudly brought its expertise in restoration and retrofit design to visualise the sustainable future of two of Derby city centre’s most notable historic structures. “From the outset, the overarching brief from Wavensmere Homes was for a huge emphasis to be placed on exemplary placemaking. By having a mix of commercial uses within the two buildings – and opening the inaccessible site up to create a series of new linear parks – hundreds of people will be able to appreciate these heritage assets on a daily basis. “The designs for the 227 two- and three-bedroom townhouses that will surround the two listed buildings are bespoke. Curved and terraced street scenes will celebrate the beauty and vista of the Bonded Warehouse, while incorporating a range of energy saving technologies and strategies. “A four-storey apartment building containing 49 apartments will also reinstate the lost streetscape of the Stafford Street frontage. The highest EPC rating of A is being targeted for the new homes, with all plots designed to be future-proofed ahead of the 2025 Future Homes Standard.” The site sits just outside the Friar Gate Conservation Area, which features notable Georgian townhouses with high-quality brickwork and fine architectural detailing. The Friar Gate Goods Yard was intended as the main goods depot for the Great Northern Railway line, to handle coal, livestock, timber, and metals. Designed in 1870, and entering operation in 1878, the Bonded Warehouse building contained extensive warehouse space and offices. It was used as a store for the American Army in WWII to house ammunition and other supplies. The Engine House was also built for the Railway by Kirk & Randall of Sleaford. It is Italianate in style and built from Welsh slate roofs. The Engine House supplied power to the hydraulic lifts and capstans at the Bonded Warehouse. The site first became derelict in 1967, and overtime became overgrown and fell into a poor state of repair. An arson attack took place at the Goods Yard in 2020, which exposed the whole inner iron structure of the two historic buildings. The Goods Yard redevelopment will promote sustainable development through the use of low carbon materials, modern methods of construction, and renewable energy generation. The redevelopment will see the retention of the majority of the protected mature trees, together with a range of biodiversity enhancements.

Global recruitment consultancy takes newly refurbished office in Nottingham city centre

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Global recruitment consultancy takes newly refurbished office in Nottingham city centre

Clearbell UK Strategic Trust (CST or Clearbell), a Trust advised by Clearbell Capital, has agreed a new lease at 55 Maid Marian Way, Nottingham, to global recruitment consultancy, Metric Search, following a significant refurbishment project at the property.  

Located in the heart of the city centre, the office, totalling over 14,600 sq ft across five floors, has seen its communal areas transformed with new feature walls, floor coverings, lighting and external works.   

As part of the project, the c. 3,000 sq ft third floor suite was also completely refurbished to a CAT A standard and steps taken to improve energy efficiency, including the introduction of LED lighting and electric heating throughout resulting in an EPC B rating.   

Dovetailing with the refurbishment, the floor has been let to Metric Search on a five-year agreement. The speciality search recruitment business, founded in New York in 2019, works across the life sciences, MedTech, infrastructure and engineering sectors from its offices across the US and UK.  

Other occupiers at the property include wealth management platform, FNZ UK third-party capital advisors, and ALM.     

Rhys Jones, asset manager at Clearbell Capital, said: “Our refurbishment project at Maid Marian Way has completely transformed the property and the experience of our customers there, which is the driving force behind our active asset management programme across our portfolio.    

“And, it has supported us in welcoming Metric Search to the building’s community; a fast-growing and ambitious business who we have no doubt will thrive in this new space. We look forward to working with them over the coming months on this next phase of their journey.”  

Zac Flint, finance director at Metric Search, said: “Although we have offices all over the world, Nottingham is our home, so we needed an office that reflected the importance of this location to us.

“Having the opportunity to move into a newly refurbished building, that is also in such close proximity to the city centre, meant that Maid Marian Way was an obvious choice for us.   

“We are looking forward to moving in in the next few weeks and starting the next chapter of our journey in the city.” 

Clearbell Capital was supported on the refurbishment by Reynolds Associate and Interiora Projects, while FHP advised on the letting to Metric Search.  

The Access Group appoints new Chief Information Officer

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The Access Group appoints new Chief Information Officer

The Access Group, a Loughborough-headquartered provider of business management software to mid-market organisations in the UK, Ireland, US and Asia Pacific, has appointed Conor Whelan in a new role as Group Chief Information Officer (GCIO). 

The appointment will further support The Access Group’s growth objectives, enhance customer experiences, and boost employee productivity.

In his new role, Conor will be responsible for strategically managing The Access Group’s technological resources and will help drive both organic and inorganic growth. He will also focus on delivering operational excellence across The Access Group and in its regions to further enhance efficiency and agility.  
 

Before joining The Access Group, Conor held the UK Chief Operations Officer & Chief Information Officer role at Experian. Conor has a track record in leading businesses through technology transformation.

Before joining Experian, Conor was the Group CIO at Jardine Lloyd Thompson, a global insurance broker, from 2015 to 2019. There, he created a global technology function that drove cost savings and improved operational resilience.
 

In 2021 and 2023, Conor was recognised in the Global UK Top 100 CIOs, listed in the Top 10 in 2023. In 2022, he was awarded Male Advocate of the Year by the Great British Businesswoman Awards. He was also recognised as one of the most influential people in technology by Computer Weekly in 2018. 

Conor said: “I am delighted to be joining The Access Group. Its fabulous track record, entrepreneurial style and global growth ambitions were the deciding factors in my move. I cannot wait to learn more about The Access Group and its culture, to meet my new colleagues and to help deliver its strategic goals.”

The Access Group CEO, Chris Bayne welcomed Conor into the business: “I look forward to working with Conor, who brings a wealth of expertise and specialist knowledge to the business. Conor is joining The Access Group at an exciting time, and I am confident that his skillset will support us as we continue our growth journey.”

Ibstock battles challenging trading conditions as sales volumes sit below expectations

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Ibstock battles challenging trading conditions as sales volumes sit below expectations

First quarter sales volumes are below expectations at Ibstock, the building products manufacturer, amidst a challenging trading environment.

In a new update for the first quarter of 2024 the firm noted: “Trading conditions in the first quarter remained challenging, with activity levels across residential construction markets remaining subdued during the period.

“As a result, sales volumes were below our expectations, with weaker end market demand in part reflecting the exceptionally wet weather experienced across the UK during the early months of the year.”

Despite weaker volumes, Ibstock said a strong performance across its cost reduction actions, commercial discipline and operational execution enabled the group to deliver adjusted EBITDA in line with expectations.

The company added: “We are encouraged by recent lead indicators which suggest some improvement in future demand, and it will be important to see how this translates into activity during the spring season.

“We remain focussed on costs and operational performance during this period of market volatility but continue to expect volumes to improve as the year progresses, with our expectations for full year adjusted EBITDA remaining unchanged.”

Major capital projects are on track at Ibstock, with commissioning of the new Atlas factory and the first phase of the brick slip systems investment in Nostell progressing well.

Joe Hudson, CEO of Ibstock PLC, said: “Trading conditions remained challenging in the first quarter. Against this background, adjusted EBITDA for the period was in line with our expectations, supported by our disciplined action on costs and strong operational execution.

“While we expect market demand to remain subdued in the near term, lead indicators reflect an increase in housing market activity, which offers encouragement for an improvement in volumes in due course. 

“Our medium-term prospects remain strong, underpinned by our robust balance sheet, well invested manufacturing network and leading market positions. We have the capability to take advantage of opportunities against the current subdued backdrop, and the business is well placed to achieve strong, profitable growth as our markets recover.”

National Gas boosts design engineering expertise with acquisition of Leicestershire firm

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National Gas boosts design engineering expertise with acquisition of Leicestershire firm
National Gas is boosting its design engineering capability by acquiring Leicestershire’s Premtech Ltd. Premtech, founded in 2010 and based in Ashby-de-la-Zouch, has 50 full-time staff – mostly engineers and designers – who will all be taken on as part of the acquisition. Premtech will remain completely independent from the regulated business of National Gas Transmission, and will continue to operate its own offices, IT and People systems, hiring processes, and benefits.
Jon Butterworth, CEO of National Gas, said: “Premtech is a highly respected and successful company that’s renowned for its expertise in engineering consultancy and design in the energy sector and we’re extremely proud to become their new owners. “We’ve forged a strong relationship with Premtech over many years; as a result, it has an in-depth knowledge of our business and how we work. “This transaction brings important design capability in-house, enabling us to better deliver on our capital expenditure plan as well as support our future work in the vanguard of developing hydrogen, carbon capture and storage, and a wide range of digital and innovation projects.”

Nottingham College secures £2.6m to fund decarbonisation initiatives

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Nottingham College secures £2.6m to fund decarbonisation initiatives
Nottingham College has been awarded a grant of over £2.6m, in a successful bid to fund decarbonisation and energy efficiency initiatives across its estate over the next two years.
The funding is from the Phase 3c of the Department for Energy Security and Net Zero’s Public Sector Decarbonisation Scheme, which is run by Salix. £2m will fund decarbonising work within the Adams Building in the Lace Market, and £660k is allocated towards Highfields, part of Nottingham Science Park. The college will use this funding to make important upgrades to the two campuses’ heating, ventilation systems and lighting, as well as to replace boilers, improve insulation and introduce other new measures to reduce water usage and reliance on other consumables. Nottingham College has pledged to become carbon neutral by 2030 as part of its ​‘Zero’ campaign, with this £2.6m project just one of the many initiatives designed to hit this target. Work will commence on the Adams project in autumn 2024 and take two years to complete the planned improvements, whilst the Highfields project works will begin in 2025 and are scheduled to last for one year, completed in 2026. The projects will play a vital role in bringing down the college’s overall carbon footprint over the next six years, and will further improve the study environment for students in both Adams and Highfields once complete. Janet Smith, Chief Executive and principal of Nottingham College, said: “We are really pleased to have been successful in our bid for this funding. As a college with a rich heritage and wide range of facilities across the city, this funding will help us on our journey to be carbon net zero by 2030. “The College’s Zero campaign has seen us make great strides over the past 12 months with a 30% reduction in our carbon footprint so far – but we know there is more to do.
“As an education and employment leader in our city we have a significant part to play in reducing the college’s impact on the environment. To highlight our commitment to this, sustainability is one of the key pillars of our new five-year strategy. “Nottingham is a city that is taking climate change seriously with the city aiming to be the first UK net zero city through the city council’s CN28 project. As such, funding like this is going to make an excellent contribution to that objective.”
Director of programmes at Salix, Ian Rodger, said: “Nottingham College has an ambitious carbon reduction strategy, and we are looking forward to supporting them to deliver this important Public Sector Decarbonisation Scheme project.”

Graduate talent to support businesses in 2024 internship scheme

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Graduate talent to support businesses in 2024 internship scheme
The Graduate Internship Scheme offers employers across the UK the opportunity to host a Nottingham Trent University (NTU) graduate for a fully funded internship. For six weeks, NTU will cover the salary whilst businesses access new ideas, extra resource, and provide invaluable experience to NTU graduates from the Class of 2023.   Last year’s scheme was incredibly successful with over 295 internships taking place, and 94% of employers indicating they would take part in the scheme again. Salman Shaik – graduate employed by Mocean, said: “To businesses contemplating participation in the Graduate Internship Scheme, I would emphasise the mutually beneficial nature of the programme. By engaging with talented graduates, businesses can infuse fresh perspectives and innovative thinking into their operations while also nurturing a pipeline of potential future hires.” The Graduate Internship Scheme is open to organisations of any size or sector, offering a foundation for all businesses to build a sustainable recruitment pipeline. Taking part is a cost-effective way to explore how early careers talent can fit into an organisation. Many previous participants have used the scheme to explore how a graduate role can be embedded into their business, before extending the internship with the help of the NTU Employability team.  “Without Salman’s knowledge and skills, we wouldn’t have been able to complete the project… Salman played a vital role in the delivery of the project, and we soon realised that we needed to extend his time at Mocean,” said Siena Taylor, Events and Marketing Manager – Mocean – 2023 Graduate Internship Scheme employer. New for 2024 This year the Graduate Internship Scheme will run for six weeks, from Tuesday 13 August 2024. Graduates will be contracted to work 30 hours per week (working Tuesday to Friday), and their salary will be fully funded by NTU for this duration. Ahead of the internship, graduates will have completed an academy of professional and personal development workshops, equipping them with transferrable skills and demonstrating their commitment to accelerate their career development. Additionally this year, businesses in Nottingham City and Ashfield may be eligible for financial support to extend their internships. Get involved To learn more about the Graduate Internship Scheme contact Grad.Internship@ntu.ac.uk

Ofgem called upon to take action on standing charges paid by small firms

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Ofgem called upon to take action on standing charges paid by small firms
The Federation of Small Businesses (FSB) has called for the energy regulator Ofgem to take action on the standing charges paid by small businesses, many of whom have seen the daily fixed price they pay, regardless of usage levels, soar over recent months.
FSB has written to Ofgem’s Chief Executive Jonathan Brearley to draw his attention to the issue, and to recognise the “specific, negative impact standing charges are having on small firms,” the letter says. FSB’s correspondence follows on from a letter to Ofgem regarding standing charges from the Energy Secretary, Claire Coutinho MP, and the Minister for Affordability and Skills, Amanda Solloway MP, sent at the end of March, which highlighted that the Ministers wish to “ensure that bills are fair and affordable for all consumers.” The points raised by the Ministers’ letter about potential harms to energy customers apply to small businesses as well as households. FSB is asking Ofgem to investigate the impact of high standing charges for small business customers, with the issue made more pressing by the economic challenges small firms are facing at the moment. One small firm whose owner got in touch with FSB reported an increase in the business’s daily standing charge from 70.94p per day in July 2021 to 969.64p per day in September 2023 – over 13 times higher. Small businesses based in rural areas have been disproportionately affected by standing charge increases, which exacerbates the existing rural-urban divide and “[undermines] efforts to level up more remote parts of the UK,” FSB’s letter says. Standing charges are used to fund network infrastructure, operating costs, and policy costs for schemes such as the Warm Home Discount, but this can be difficult for small firms to comprehend. Business customers are not covered by the energy price cap for consumers and many small firms suspect that their costs have been hiked as a result. The Ministers’ letter makes the point that “the growing number of energy users striving to consume energy more efficiently and help towards achieving net zero see standing charges as a disincentive to doing so.” This is highly pertinent to small businesses, the majority of whom are keen to play their part in reducing carbon emissions, and underlines the need for greater transparency around what standing charges are actually used to fund. Ofgem has asked for views on standing charges via a Call for Input, to which FSB has responded. The cost of utilities continues to be cited as a major driver of increased costs for small businesses, with three in five small businesses (62.5%) reporting this in FSB’s Small Business Index for Q4 2023. FSB’s Policy Chair, Tina McKenzie, said: “We want Ofgem to do a thorough review of standing charges for businesses as well as consumers, for better transparency and to discern whether energy companies are behaving fairly towards their small firm clients. “Small business energy customers behave in a way more akin to consumers than big businesses, lacking the resources, the expertise and the buying power necessary to get the best possible deal out of their energy suppliers. However, they do not benefit from anything like the same level of protection as that rightly available to households, leaving them caught between two stools. “Many small businesses could be forgiven for suspecting that they have been seen as something of a soft target for price hikes in their standing charges, and they do not have a full picture of where the money they pay on a daily basis is going – something that needs to change. “Small firms were put through the wringer by the energy price crisis, which sadly spelled the end for many otherwise viable businesses who saw their utility bills become completely unmanageable. “The price increases which led to the crisis have thankfully eased off to an extent, but many thousands of small firms are now stuck on tariffs which are far higher than before, which is a leading driver of cost increases. “While it’s possible for most firms to cut their energy use – something which many did in response to spiralling bills – the standing charge must be paid day in, day out, so ensuring that small firms aren’t being fleeced is absolutely vital. “We’re very keen to hear what Ofgem’s next steps in this area will be, to ensure that small firms pay standing charges that are fair and transparent, no matter where they’re based.”

Tax take rises by almost 5% to £827.7bn in 23-24

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Tax take rises by almost 5% to £827.7bn in 23-24
New provisional figures show that the tax collected by HMRC in 23-24 reached £827.7bn, almost 5% higher than the previous year. The combined effects of inflation and fiscal drag contributed to income tax, CGT and national insurance contributions rising by £23.7bn during the year to a total of £466.5bn, a 5.4% rise over the previous year. Income tax receipts jumped 10% year-on-year to reach £273.3bn in 2023/24. PAYE income tax receipts grew by 11.4% year-on-year while receipts from income tax collected via self-assessment declined slightly by 1% year-on-year. However, employee NICs fell during the year to £60.9bn from £65bn last year, a decline of 6%. This reflects the cuts introduced in November 2022, as well the further reduction in January 2024. Business taxes and VAT also rose by £10.3bn and £9.5bn respectively, with corporation tax receipts rising by 11.6% year-on-year, reflecting the rise in the main rate of corporation tax which increased to 25% on 1 April 2023. The highest increases in percentage terms came from air passenger duty which rose 21% to £3.8bn during the year to the end of March. This reflects changes to the APD duty rate structure introduced in April 2023 and the continued bounceback in air travel following the pandemic. The most significant decline was in stamp taxes which reduced by 22% year-on-year. Stamp Duty Land Tax receipts dropped by 24% to £11.6bn in 23-24. Inheritance tax receipts rose by 5.8% year-on-year to £7.5bn. IHT receipts have risen steadily since 2019-20 when IHT pulled in £5.1bn. Paul Falvey, a tax partner from accountancy and business advisory firm BDO, said: “The combined effects of inflation and fiscal drag have played a role in driving up income tax receipts. It’s notable that the rise in receipts has been through PAYE rather than self assessment where receipts actually declined slightly this year. “This suggests that middle earning employees have borne much of the impact from the freezing of tax thresholds. It may also reflect a small decline in self employment during the period, possibly stemming from IR35 rules which have encouraged employers to put freelancers onto the payroll. “The decline in Stamp Duty Land Tax receipts during the year indicate the impact of comparatively high interest rates and the resulting decline in home buying by around 17%. Housing transactions in each quarter of 23-24 were down on the previous year. There are some suggestions of further cuts to Stamp Duty before the general election which will be of particular interest to first time buyers. “Fiscal drag and rising asset values have also played a role in the increase in IHT that we saw during the year. Many families will be exploring options to pass on wealth outside the IHT net.”

Manufacturing sentiment improves

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Manufacturing sentiment improves
Sentiment within the manufacturing sector improved in April and output expectations were the strongest for six months, according to the CBI’s latest quarterly Industrial Trends Survey. Output volumes were broadly stable in the three months to April, following strong declines in output over the first quarter of 2024. Manufacturers expect output to rise over the next three months, with expectations the strongest since October 2023. Average cost growth remained elevated compared to historical norms, with costs also expected to increase at a strong pace in the quarter to July. Domestic and export price inflation are expected to pick up slightly in the next three months. With demand uncertainty falling back, and concerns over the cost of financing diminishing, investment intentions for the year ahead improved relative to January. Manufacturers expect investment in buildings and plant & machinery to be stable over the year ahead, which marks a shift from the picture in January, when investment intentions sank to their weakest for three years. Moreover, spending on product & process innovation is now expected to increase over the year ahead. Anna Leach, CBI Deputy Chief Economist, said: “Conditions facing manufacturers have taken a turn for the better, with sentiment improving and expectations for future output growth their strongest in six months. “A softer labour market has eased concerns that skills and labour could constrain output and orders. Concerns about access to materials and components are also at their lowest since January 2020. These brighter conditions are supporting a more stable picture for investment over the year ahead. “With the recovery still to fully pick up steam, we need to see everyone laser focused on delivering the big reforms that will help manufacturers grow and invest. Full capital expensing, with the potential to extend this to leased and rented assets, can be a game changer that unlocks the incredible power of our manufacturing sector and drives economic growth.” The survey, based on the responses of 257 manufacturing firms, found:
  • Business sentiment rose in the quarter to April, having been broadly unchanged in the three months to January (balance of +9%, from -3% in January). Export optimism for the year ahead also rose moderately (+6%, from -20%). Both sentiment indicators had shown declining optimism in all but one quarter throughout 2022-23.
  • Output volumes were broadly unchanged in the quarter to April, after falling in March (balance of +3%, from -10% in the three months to March). Firms expect volumes to grow in the next three months (+11%).
  • Total new orders fell in April, but at a slower pace than in the previous quarter (balance of -6%, from -13% in January). Manufacturers expect orders to return to growth over the next three months (+8%).
  • Growth in average costs per unit of output rose strongly but at a slightly slower pace in the quarter to April (balance of +39%, from +43% in January; long run average of +18%). Cost growth is expected to remain elevated in the quarter to July (+42%).
  • Domestic selling prices increased over the three months to April (+10%, from +2% in January). Export price inflation decelerated from January (+9% from +14%, and now the weakest since January 2021). Both domestic and export price growth is expected to pick up in the next three months (+27% and +22%, respectively).
  • Investment intentions for the year ahead improved relative to January. Manufacturers expect to raise investment in product & process innovation (+15% from -5% in January, the strongest since the quarter to January 2022). Investment in training & retraining is expected to be broadly unchanged (+1% from +6%). Investment in tangibles is expected to be unchanged, including buildings (-3% from -29%) and plant & machinery (+2% from -15%), with the balances having recovered from three-year lows in January.
  • The main constraint on investment was uncertainty about demand (cited by 49% of manufacturers), followed by inadequate net return (36%), and a shortage of labour (+15%, the lowest in three years). Concerns around the cost of finance have retreated from a 33-year high (excluding the pandemic period) but remain double the long run average (11% from 22%).

Purpose Media to support major children’s charity

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Purpose Media to support major children’s charity
Marketing agency Purpose Media is supporting a charity which transforms the lives of thousands of disabled and disadvantaged young people in the UK. Variety, the Children’s Charity, has raised more than £300 million since it was established in 1949, providing practical assistance through wheelchair and specialist equipment grants, experiences on their Variety Great Days Out, fully accessible transport for schools in the form of their famous Sunshine Coaches, and work experience on their new Access Interns programme. Last year alone it came to the aid of more than 160,000 youngsters, with 143 wheelchair and equipment grants, 38 Sunshine Coaches and 31 Variety Great Days Out, where children could build confidence and make memories. Now digital marketing agency Purpose Media, based in South Normanton, Derbyshire, has teamed up with the charity as a media partner, helping it deliver two high-profile events aimed at raising significant funding to further the organisation’s work. The agency will provide video services for The Midlands PROPS Awards in Birmingham next month (May 2024) and The North West PROPS Awards in Manchester in October – both honouring outstanding achievements in the property industry. Purpose Media Head of Video Alistair Bullock said his team was delighted to be using its expertise to assist such a worthwhile cause. “These stunning events are already highlights of the UK charity calendar and have raised incredible sums,” he said. “We aim to further amplify that success and encourage even more people to support the work of this brilliant charity.” Purpose staff will produce video packages showcasing award sponsors and nominees to be shown during each event and will record interviews with winners, as well as compiling highlight reels. “Video is a great medium for helping audiences connect emotionally with a subject and will be the perfect vehicle to communicate the profound difference Variety makes to the lives of the people it works with,” Alistair added. Lyn Staunton, Variety’s Development Director, said Purpose Media’s expertise would help the charity develop an even wider reach, enabling it to assist even more disabled and disadvantaged children. “We want to give even more children the specialist equipment they need to transform their lives and to access experiences that otherwise they might never have,” she said. “This is our 75th anniversary and the year is going to be a big one. To have a company as well established and respected as Purpose Media on board is incredible and will really help further our ambitions.”

Blueprint Interiors drives wellbeing in design with workplace experience manager appointment

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Blueprint Interiors drives wellbeing in design with workplace experience manager appointment
Workplace consultants and commercial interior design specialists Blueprint Interiors have appointed Claire Lacey as workplace experience manager. Claire brings a wealth of experience to the role, having previously worked as a personnel manager, kitchen and bathroom showroom manager and run her own interior design business for six years. In this newly created role at Blueprint Interiors, Claire will be responsible for ensuring the smooth running of the company’s busy office and showroom, Worklife Central. She will also assist Blueprint’s design, furniture, finance and contracts teams to deliver excellent customer service at every stage of the workplace design and fit out process. As workplace consultants, Blueprint Interiors supports its clients to achieve accreditations including the WELL Building Standard, which Claire will also be involved with to ensure requirements are met at Blueprint Interiors’ own office, as well as at client workplaces. Claire commented on her appointment: “I’m delighted to be joining Blueprint Interiors, a reputable company in my hometown that I’ve admired for several years. I’m passionate about creating inspiring and functional workspaces and I very much align with Blueprint’s focus on incorporating wellness principles into their designs.” Chloe Sproston, creative director at Blueprint Interiors, said: “Claire’s experience and enthusiasm for workplace design will be a valuable asset to our team. “Our work often involves guiding our clients at a time of wider business and cultural transformation, and we are committed to providing exceptional support throughout the entire process and beyond. Claire’s appointment underlines this commitment.” Claire is one of several new team members to join Blueprint Interiors so far this year, as well as a raft of internal promotions.

Pendragon’s new owner to slash hundreds of jobs

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Pendragon’s new owner to slash hundreds of jobs
The new owner of Nottingham-based car retailer Pendragon is set to cut hundred of jobs following the drop in supply of used vehicles post-pandemic, according to reports in the Financial Times. After a long bidding war, Lithia agreed to buy Pendragon’s dealerships and used car marketplace CarStore last year. Now, however, as noted by the Financial Times, staff have been told of plans to close CarStore. Around 250 roles could be lost across the UK if the plans go ahead, with most of these coming from the closure of 16 CarStore sites. Lithia is to start consultations with colleagues about potential redundancies.

How your East Midlands business can get the edge over the competition

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How your East Midlands business can get the edge over the competition
According to recent local reports, there’s good news and bad news for new businesses in the East Midlands. The bad is that the total number of new companies starting up in the area has decreased by over 7%, but the positive to this is that the overall number of new firms is still quite strong, despite UK-wide economic uncertainty.  At the same time, these new companies pose a challenge for any other startups or existing businesses looking to improve their performance, in that there’s more competition out there at a time when consumers don’t have as much disposable income. So looking at ways to give your company the edge over others, has never been more important. Here are a few ways you can go about this: Have a strong online presence You’d be hard-pressed to find a business today that doesn’t have a website and in many ways it’s now an expectation. As such, your firm’s website should reflect the quality of your goods or services. Plus, a strong website can also be an effective means of converting more ecommerce customers, so it’s worth investing in something quality, as it may well pay for itself as more users head to your site to make purchases.   Streamline internal processes If you’re looking to cut down on time-wasting and unnecessary expenses, you may also want to digitise some of your internal processes. Everything from automated payroll software to remote working and training portals, live chat customer services and much more can be found these days, each with the potential to bring invaluable efficiencies to your operations.  Make the most of your customer feedback They say “the customer is always right” and while that might not strictly be true in all aspects of business, what is certain is their feedback can be a useful tool to help you grow and improve. Consumer insights can give honest thoughts on what you’re doing well or where you could be doing better to convert or support them. So be sure to ask for their comments, whether it’s in-store, online or even as an email marketing competition. Partner with other firms Sticking with old adages – “if you can’t beat them, join them.” This of course won’t work in all sectors, but if used strategically, you can find another company to work with in a way that’s mutually beneficial. One example could be if you offer online marketing services, you could partner with a web development company to then promote the sites they build. Platforms like LinkedIn can be great for finding such connections in and around the area. Get recognition Another great way to differentiate yourself from others is to have awards and badges that show you’ve been recognised for the quality of your work or expertise in your sector. You may have to pay to enter these, and it can be an effort to put an entry or case study together, but the positive PR and the positive impact you can have on your brand could significantly increase your chances of converting customers.  Final thoughts To return to a key point mentioned above, today’s markets – whether in the East Midlands or further afield – are challenging, but it’s you that needs to rise to this challenge. So give some or all of the above some thought and be sure to try some out. The last thing you should do is rest on your laurels, as it’s more than likely your competitors will also be looking at how they can get the edge over you as well.

Private equity firm invests in replacement vehicle parts supplier

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Private equity firm invests in replacement vehicle parts supplier

Radial Equity Partners has invested in Rimmer Bros, a Lincolnshire-based supplier of replacement parts for UK marque vehicles, including Jaguar, Land Rover, MG, Mini, Rover and Triumph.

Founded in 1982, Rimmer Bros maintains a comprehensive product library of over 50,000 SKUs sold primarily on a direct-to-consumer basis. The company has approximately 80 employees working out of its operation in Lincoln.

Radial has simultaneously invested in Moss Motors, a U.S.-headquartered aftermarket supplier of parts for British cars, to form “a leading, global specialty supplier of restoration & replacement parts focused on British vehicle brands.”

Bill and Graham Rimmer, founders of Rimmer Bros, said: “The merger of these highly complementary businesses creates a global business with immense R&D, sourcing, marketing and distribution capabilities to better serve our loyal customers.”

“We are excited by the opportunity to carry on the great legacies of these two family-owned businesses,” said Jim McDonough, partner of Radial. “We are committed to continuing to provide leading service to customers as well as expanding the offering of parts solutions across existing British brands as well as new vehicle marques.”

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