Merger sees TC Group strengthen Lincolnshire presence
TC Group, the firm of accountants and tax advisers, has completed a merger with Lincolnshire-based accountancy practice, Brooks & Partners, to form ‘TC Brooks & Partners’.
This deal continues TC Group’s M&A Strategy and enhances the firm’s more than 30 locations across the UK.
Brooks & Partners provide a full range of accountancy services. Their team in Stamford possess extensive expertise across various tax domains and business sectors, enabling them to provide comprehensive services to a diverse clientele, ranging from individuals and small enterprises to large corporate organisations.
Fay Brooks and Kate Howitt, Partners at Brooks & Partners, said: “We are thrilled to join TC Group, marking an exciting chapter in our journey. This partnership will help us work more closely with our clients, offering even better services and support. Our team is eager to meet and collaborate with the new team, building strong relationships and continuing to grow for the benefit of our clients.”
TC Group Partner, Keir Warwick said: “We are delighted to merge with Brooks & Partners, Stamford has always been an area in our sights and Brooks has a great reputation. As a result of this merger we now have a really strong presence in the town and I cannot wait to get started and grow it further with Kate and Fay.”
Frasers Group’s offer for Mulberry rejected
Shirebrook-based retail giant Frasers Group has made an offer for fashion brand Mulberry, which has been rejected.
Yesterday (30 September), Frasers, which is a significant minority shareholder owning approximately 37% of the issued share capital of Mulberry, revealed a possible cash offer for the business.
Under the terms of the deal, Mulberry shareholders would have been entitled to receive 130 pence in cash for each Mulberry share. This implies a valuation of approximately £83 million for the entire issued, and to be issued, ordinary share capital of Mulberry, or approximately £52.4 million for the entire issued and to be issued share capital of Mulberry that Frasers does not own.
The offer followed Mulberry announcing a proposed subscription for 10,000,000 new ordinary shares in the capital of the company by Challice Ltd (the company’s 56.1% majority shareholder), at a price of £1 per share, and a separate offer to existing shareholders of the company of up to 750,000 new ordinary shares at the subscription price. Frasers said: “As a significant minority shareholder, owning approximately 37% of the issued share capital of Mulberry, Frasers was not aware of the Proposed Subscription until immediately prior to its announcement. Frasers first invested in Mulberry in February 2020 and grew its holding to approximately 37% that same year. “As a committed long-term investor in Mulberry, Frasers would have been willing to underwrite the subscription in its entirety, potentially on better terms for the Company. Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares.” The firm added: “We have long been supportive of the brand and commercial opportunities available to the Company. With our leading retail expertise and presence, and best in class distribution capability, we believe Frasers to be the best steward for returning Mulberry to profitability. “As highlighted in the Subscription Announcement, as a standalone business, the Company is facing unabating difficulties. To name a few, rising costs, macro-economic headwinds, and increased selectivity from its discretionary customer base. Frasers are exceptionally concerned by the audit opinion in the latest annual report released on Friday, 27 September 2024, which notes a ‘material uncertainty related to going concern’. As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.” Mulberry, however, has now rejected Frasers’ offer. Mulberry shared: “The Board believes that the combination of the recent appointment of Andrea Baldo as CEO alongside the recently announced Subscription and Retail Offer provides the Company with a solid platform to execute a turnaround and, ultimately, to deliver best value for all Mulberry shareholders. “In light of this, the Board has concluded that the Possible Offer does not recognise the Company’s substantial future potential value. In addition, the Board has been informed that Challice is supportive of the Company’s strategy and has no interest in supporting the Possible Offer. As a result of the above, the Board has rejected the Possible Offer.”Employing people with criminal records could boost East Midlands recruitment says Chamber as it backs launch of new charter
East Midlands businesses could plug gaps in their workforce by hiring people with a criminal record, East Midlands Chamber has said, announcing support for a new Alliance and Employment Charter set to launch with a “Go Live” event on 2nd October.
The UK Fair Chance Business Alliance encourages employers to open up recruitment and career progression to people that have previously offended by promoting the benefits to businesses, and providing employers with resources to safely, successfully and sustainably leverage the talent pool.
The “Go Live” event will detail the mission, overview the Charter itself, plans for the future and those businesses already involved.
East Midlands Chamber Chief Executive Scott Knowles said: “In our Quarterly Economic Survey six out of ten respondents reported having difficulty finding suitable candidates to fill roles. The Chamber has supported prisons in Derbyshire, Nottinghamshire and Leicestershire on their employment advisory boards so supporting the Fair Chance Business Alliance and its ‘Go Live’ event to launch the Charter is a natural progression that builds on that work.
“By embracing, not excluding those with a criminal record, businesses can really take advantage of the vast expanse of this talent pool. Widening the approach to employment would take the pressure off the recruitment process, increasing the number of skilled applicants and, ultimately, productivity.
“One of the best things about the Charter is the way it can provide resources and training to employers that sign up to it, so I’d really urge any business that’s struggled with recruitment to attend the Go Live event and consider joining the Fair Chance Business Alliance.”
Fair Chance Business Alliance Chair Keith Jones said: “Overlooking this large group of candidates at a time when businesses are struggling to both attract and retain talent would be overlooking huge potential. Eight million British adults of working age have a criminal record, so to discount the opportunity presented by this talent pool would be limiting employers’ scope to find the best candidates.
“In addition to filling a vacancy, research shows that businesses gain a more inclusive and diverse workspace. Not only are businesses that join the Alliance likely to see an increase in the number of applications for a role, but customers have the added comfort of knowing the business is community minded.
“Being an employer-led initiative, the Alliance is set up to make implementation easy; we have practical resources to help businesses recruit aligned to the UK’s first dedicated three-tier charter for recruiting and progressing people with criminal records – a disability confident for the Justice sector. A business can ultimately become a ‘Champion’ of Fair Chance Employment, showing that it’s a truly inclusive workplace.”
BDO Midlands welcomes new UK Managing Partner
Kyla Bellingall, Regional Managing Partner at BDO in the Midlands, has welcomed BDO UK’s new Managing Partner who begins his new role today [1 Oct 2024] restating the firm’s commitment to the mid market.
Describing the mid market as the ‘economic engine’ powering UK growth, BDO UK’s new Managing Partner, Mark Shaw, praised the impact these businesses have on growth, skills and employment in the region and across the country.
In the Midlands, there are more than 4,000 mid-sized businesses generating £224bn in revenues. UK-wide, the mid market is responsible for one in three private sector jobs and has revenues equivalent to half the value of UK GDP.
Mark also used his day one message to emphasise the importance of regional offices to BDO’s future success.
“We are proud of our regional network and the knowledge and market understanding of those who work there. Our close connection to local markets allows us to make a difference to regional growth benefiting local economies,” said Mark.
Today also marks the commencement of a new Leadership Team at BDO, which includes Midlands Managing Partner, Kyla Bellingall. Kyla’s national leadership team role sees her responsible for the strategic direction of regions, markets and sectors for the firm.
Kyla has more than 25 years’ experience having joined the profession as a school leaver apprentice. She joined BDO as an Audit Partner in 2015.
Commenting, Bellingall said: “The growth of our Midlands practice is a reflection of BDO’s growth and investment as a firm overall. Our core market of mid-sized, ambitious and entrepreneurially-spirited businesses has demonstrated strength and resilience during a challenging economic period.
“It is an exciting time for Mark, and I am delighted to be part of the new Leadership Team with a firm focus on the regions, where we will collectively build on our heritage while looking to the future.”
Mark Shaw, BDO Managing Partner, added: “I look forward to working with our talented partners and colleagues to achieve balanced growth over the coming years; one that puts serving the public interest, our culture and the wellbeing of our people at its heart.”
Mark takes on the role at an exciting time for BDO. The firm, which has 18 offices across the UK and employs 8,000 people, is fast approaching the £1bn revenue milestone. This has been done through controlled growth across all parts of the firm.
Last year, BDO also invested £120m back into the business – the largest annual investment in the firm’s 100-year history.
East Midlands business leaders invited to make their voices heard on new board
A new board that will strengthen links between businesses and East Midlands Combined County Authority is recruiting members.
Representatives from businesses of all sizes across the East Midlands can submit their interest in joining the Business Advisory Board until Friday 11 October.
The board will provide strategy, advice and guidance to the main EMCCA Board, EMCCA’s committees and Mayor Claire Ward, helping to ensure the experience and knowledge of regional businesses is harnessed when making decisions around the economy, skills, transport, housing and the transition to net-zero.
The Business Advisory Board, chaired by David Williams, Chairman of Geldards, one of the UK’s leading law firms, will meet at least four times a year to shape policy and engage with wider stakeholder networks and activity. Mayor Claire will sit on the Board to hear the voice of business first-hand.
The new East Midlands Combined County Authority (EMCCA) has more powers, more funding and more control devolved from Westminster. Covering Derby, Derbyshire, Nottingham and Nottinghamshire, it is uniquely placed to put the region first, speak with a strong voice and exercise powers to boost the region.
The Business Advisory Board will have 16 members from the private and public sector and East Midlands Chamber of Commerce. Private sector representatives will include experts from large businesses, small and medium enterprises and sectors with a significant chance of attracting further investment.
Members of the Board will be expected to have a good understanding of the East Midlands region and the business sectors that operate within it, experience of leadership roles in business and understand the challenges faced by businesses.
Anyone interested in joining the board must apply by Friday 11 October. There will be a shortlisting process and interview panel for applicants in the second half of October.
Hydrogen power unit builder secures £22m for expansion plans
Hydrogen power unit producer GeoPura, with hubs in Nottingham, Sheffield, Matlock, and Newcastle, has raised £22 million to accelerate its expansion plans.
This announcement builds on momentum from a £56m investment round in February 2024 and a £36m Series A funding round in February 2023, welcoming investment from Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank. This brings total capital raised to £114m over the last two years.
Derek Bulmer, CFO of GeoPura, said: “Securing this debt funding is a pivotal milestone in our journey to build a global fleet of over 3,600 HPUs, which will require over £2.5 billion in capital over the next decade.
“This funding will not only accelerate our expansion but also drive significant reductions in carbon emissions and improve local air quality while contributing directly to the UK’s net zero targets. Partnering with world-class debt funders like BNP Paribas Leasing Solutions, Close Brothers, HSBC UK and Siemens Financial Services is critical to delivering this vision and achieving these goals.
“This milestone supports our commitment to a cleaner, healthier future and underpins the vital role of sustainable finance in advancing global environmental goals.”
Closure of Britain’s last coal fired power station is chance for Green Growth lead in East Midlands says Chamber
East Midlands Chamber says the closure of Ratcliffe-on-Soar power station is an opportunity for the region to continue to lead on Green Growth, but government support is needed.
The site is to cease producing energy today (30th September).
Director of Policy and Insight Richard Blackmore said: “Having powered millions of East Midlands homes for nearly six decades, the steam from Ratcliffe-on-Soar’s towers is a familiar site, whether you fly into East Midlands Airport or drive along the M1, but the continued transition toward reduced greener energy cannot wait.
“Reduced carbon emissions and more sustainable energy production take us closer toward reaching Net Zero, will boost employment and the economy through Green Growth. The East Midlands has development projects underway looking at nuclear fusion, nuclear fission and hydrogen; we have the UK’s only inland Freeport and extensive research is carried out at the region’s universities into future energy technology, but support from the new government is needed.
“With the Autumn Statement fast approaching, it’s essential that priority is given to backing low carbon projects like solar, wind, and small modular nuclear reactors; we need funding for energy storage and grid modernisation and Net Zero initiatives need to be properly incentivised so that the East Midlands can be firmly established as a leader in clean energy.”
£45m Lincoln student development reaches completion
Moorfield Group, the UK real estate fund manager, has completed construction of its 293-bed, £45m PBSA scheme in Lincoln.
The scheme, named BGU Student Village, includes townhouses and cluster flats across almost 90,000 sq ft and seven buildings ranging from one to four storeys, as well as landscaped gardens and leading sustainability credentials – including a +10% Biodiversity Net Gain.
Bishop Grosseteste University (BGU) Student Village is being delivered as part of a development agreement with Melberry Developments, with Bowmer and Kirkland as contractors. The development, which took 15 months to build, is ready to welcome students from BGU.
The scheme has delivered positive social impact, with the local workforce, suppliers, and education providers engaged in the development process. This included 76 hours of education for local students and 130 weeks’ worth of work experience for architecture students from the University of Lincoln.
Bowmer and Kirkland estimates that the social, economic, and local value realised by the scheme’s development amounts to £2.6m.
Charles Ferguson-Davie, Co-CEO and Chief Investment Officer at Moorfield Group, said: “Student housing is a sector of strategic focus for us, with the investment case supported by structural and demographic demand drivers, as well as the undersupply of fit-for-purpose accommodation.
“BGU Student Village will help to plug this gap, with the sector offering those with proven and long-standing expertise the opportunity to fund development and to refurbish existing purpose-built schemes as well as student houses of multiple occupation (HMOs).”
David Sarson, Managing Director at Melberry Development Management, said: “After our successful work together on Enso, the completion of BGU represents yet another vindication of the quality of product produced by Moorfield and Melberry’s development partnership.
“With a conscientiously thought-out amenity offering and best-in-class sustainability credentials, the scheme is all set to provide this generation of Lincoln’s students with high-quality accommodation they can be proud to call home throughout their educational journey.”
Bishop Grosseteste University Chancellor Dr. Tracy Borman, said: “We are thrilled to open the Student Village, which will significantly enhance the university experience by fostering a vibrant and supportive community close to our campus.
“This development is a key part of BGU’s broader growth plan, complementing our existing on-campus accommodation. It’s wonderful to see it all come together, ready to welcome our students to their new homes very soon.”
Caddick appoints Midlands operations team
Caddick has appointed John Currie and Ian Calder to head up its operations team for its growing construction division in the Midlands as the business’s project pipeline in the region hits £250m.
John and Ian join Caddick just over 12 months after it launched its presence in the Midlands construction market following the appointment of Ray O’Sullivan as Regional Managing Director in July 2023.
Fulfilling a remit to oversee the operations of Caddick’s construction division in the Midlands, John and Ian will be involved in all aspects of pre-construction and project delivery for the business’s growing pipeline.
John’s remit will include the operational delivery of the business’s high-rise residential development projects and Ian’s remit will include the region’s broader project base, including commercial, low-rise residential and industrial.
Previously Operations Director for Wates in the North West, John brings 30 years of experience to his new role having started his career as a Site Engineer in Yorkshire, later joining Carillion as a Project Manager in 2005.
Project highlights throughout John’s career include Manchester’s One St Peter’s Square and Beetham Tower, where John led the delivery of the residential floors of the city’s first skyscraper.
Ian started his career as a Site Engineer at Bullock Construction after obtaining a degree in Construction Management at Sheffield Hallam University. Throughout his career, Ian has held a number of senior operational roles for Midlands-based contractors, including Wates and Seddon Construction.
More recently, Ian has spent seven years at Speller Metcalfe where he was based in Wolverhampton, holding the position of Operations Manager and overseeing the business’s project delivery across the Midlands.
Ian said: “I’ve had a varied career delivering and overseeing projects in a number of different sectors from residential to commercial, industrial and public sector development across the Midlands, and I enjoy nothing more than getting out on site and being hands-on in achieving high standards. For me, my work environment is very important, and there is a really positive culture at Caddick.
“The business has a very strong reputation, and it has seamlessly introduced itself as a very strong player in the Midlands. I’m very excited to become part of the team as Operations Manager for the Midlands, and look forward to working alongside John.”
John added: “I am really excited to join Caddick, and particularly to be bringing my experience to help grow the business’s capability in high-rise development. Caddick is a family business with strong capabilities and an excellent health and safety culture, and the business is full of operationally focused people who know how to build, and know how to do it to a high standard.
“The market is changing, and there is a real need for a strong and financially stable contractor that can meet the needs of the pipeline. I’m really energised by the opportunity to lead the operations of our Midlands business, and to be working with colleagues in our other regions to build our high-rise capabilities.”
As Operations Director, John will also have a wider remit to bolster Caddick’s growing portfolio of high-rise residential work across Yorkshire, the North East and North West, drawing on his experience as Project Manager for Manchester’s Beetham Tower.
Ray O’Sullivan, Regional Managing Director of Caddick’s Midlands construction division, said: “The Midlands market has responded extremely well to Caddick as a new presence; we have a number of high profile projects on the ground and a healthy pipeline for the coming year.
“Our intention was always to offer clients and the supply chain a strong, financially stable and capable construction partner to give certainty of quality and delivery, and welcoming John and Ian will strengthen this commitment considerably.”
Streets Chartered Accountants considers potential tax and pension changes in the Autumn Budget and more in new news roundup
Streets Chartered Accountants considers potential tax and pension changes in the Autumn Budget and more in its latest monthly news roundup.
Five key areas of possible changes to Pensions in the Autumn Budget
Little has been said by Labour on what the budget will contain. We are led to believe there will be change and upheaval, barring a significant leak we won’t know though until 30th October. There are plenty of rumours around pensions and in the King’s speech, a commitment to a “pensions review”. What this means in the longer term, time will tell although there are five key areas which may be looked at within this review and as part of the budget in October. Read More.
Changes to Tips & Service Charge Rules
As of 1st October 2024, new legislation will change the way businesses manage tips. Here’s what you need to know to ensure compliance and avoid penalties. The new law mandates that all qualifying tips – whether received via cash or card – must be fairly distributed to staff. You can no longer withhold tips and the allocation must follow clear, objective criteria. The government has issued a statutory code of practice to guide this process. Read More.
Pre-Budget Personal Tax Update – the times they are a changing
The October budget is right around the corner. It could bring major changes to a whole range of estate planning taxes, especially Inheritance Tax (IHT) and Capital Gains Tax (CGT). Set down are some thoughts, identifying possible changes that might be on the way and how they might impact on your personal wealth and the financial well-being of your family. If you’re serious about protecting your wealth, it’s time to brace yourself. Read More.
Income Tax Reform
Over the coming years there are some significant changes happening to income tax. Whilst these may not appear in the headlines, as they are not direct changes to tax rates, thresholds or reliefs, they are nevertheless significant and need to be understood and planned for. In advance of the MTD introduction, another change is already underway. Read More.
Podcast: How might a new government affect your personal financial planning?
In this episode of The Streets Sessions, Streets talk to Sam Tindale, Financial Adviser and Managing Director with Tower House Wealth Management, about how the new Labour government might impact personal financial planning including pensions, investments, IHT planning, paying school fees and more. Listen Now.
Grants spotlight: new grant opportunities – September 2024!
Continuing the success of Streets’ dedicated Innovation Grants Consultancy, headed by Chris Parkhurst, they are excited to share with you some new grant opportunities that are now available. These include Contracts for Innovation, Biomedical Catalyst 2024 and Sustainable Medicines manufacturing innovation. There are also still live opportunities in the Defence sector and more general sectors with Smart grants and Innovation loans. Read More.
Taxes Made Easy
This guide is designed to provide you with an overview of the key tax rules from seven perspectives – that of the family; the employee; the person running their own business; the taxation of investments; disposals and CGT; property matters; and, finally, the potential liability on your estate at death. Please use the guide to help you identify planning opportunities, pitfalls to avoid and areas where you may need to take action and then contact Streets for further advice. Download Now.
Family Company Estate Planning Reviews
Planning for succession is a major concern for many families, particularly in the context of thriving family businesses and farming interests. Identifying the right approach is becoming increasingly essential.
Is it time to consider succession and intergenerational planning for your family business? Could you benefit from a conversation? Download Now.
Places for People to tackle sector skills shortage with launch of new trade skills movement
Social enterprise Places for People has launched a new training movement and delivery programme seeking to tackle the UK’s trade skills crisis and boost the future workforce of the housing sector.
The landmark scheme, called PFP Thrive, will deliver tailored and comprehensive training modules for the UK housing and construction sectors, with a brand-new training academy centre opening in Summer 2025.
Delivery programmes part of PFP Thrive will focus on the traditional and new skills needed by the housing sector to most effectively repair and maintain its customers’ homes, deliver its shared housebuilding programme, meet its retrofit goals and accelerate the development of individuals – both new and longstanding – within the industry.
PfP Thrive will also provide compliance training, apprenticeship and leadership development courses to meet the evolving needs of the sector workforce.
Operating from 20 sites across the UK PfP Thrive aims to train over 200 apprentices and over 1000 people in technical courses in its first year. The programme’s central hub and new academy building will be in Derby and will welcome its first apprentices from Autumn 2025.
Commenting on the launch of PfP Thrive, Greg Reed, Group CEO of Places for People, said: “Today marks the next major milestone in our relentless journey of innovation and ambition in helping Customers, Communities and the wider sector to thrive.
“PFP Thrive is so much more than just training provision. It’s about progress, growth and success – core values which embody our wider purpose to create and support thriving Communities, and which will bring to life dynamic learning opportunities to support our industry and provide our current workforce with the quality learning they deserve.
“We’re not just building skills, we’re building futures – for our People and the entire sector. We’re incredibly excited and this is just the beginning.”
Tom Arey, Director of PFP Thrive, added: “The housing crisis has been hanging over us for far too long but we also have a more recent threat staring us in the face – a worsening skills shortage which is damaging our ability to deliver today and putting at risk what we know we have to deliver in the future.
“By 2032 more than 565,000 time-served skills tradespeople will retire from the industry, leaving a gaping hole of some 50,000 electricians, 45,000 carpenters and 40,000 plumbers – just to mention three critical disciplines. This doesn’t even consider the skills we need to retrofit our homes and the use of new technology or innovations that are coming down the track.
“PFP Thrive is here to tackle the industry’s growing skills shortage, preparing the next generation of ambitious professionals who are fired up and ready to grow. Our brand-new Training Academy and provider will empower People, grow skills, and shape the future of the housing industry for generations to come.”
International company chooses Oberoi Business Hub for regional relocation
DSP, a specialist database, cloud and applications managed service provider, has chosen Oberoi Business Hub in Pride Park as its new regional office.
DSP, which also has UK offices in London and Leeds as well as bases in Dublin, USA and Canada, has relocated its sales and marketing function, and some of its technical function, to serviced offices at Oberoi Business Hub in Pride Park.
DSP head of business operations John Cronshaw explained: “We were previously based in leased offices in Nottingham but were looking for a new regional base to accommodate the growing number of employees who are returning to the workplace having previously worked remotely.
“Oberoi Business Hub is the ideal solution for our sales and marketing team which is a particularly collaborative function within our people-first culture as well as some of our technical delivery.
“It is easily accessible by road and rail and provides excellent facilities and office accommodation with flexible options for the future.”
Oberoi Business Hub manager Jodie Brady continued: “We are proud to have been able to respond quickly to DSP’s requirements and facilitate a smooth transition for the team – proving from day one that our goal is to take care of the details so that businesses can concentrate on their own operations.”
Founder and managing director Kavita Oberoi OBE concluded: “DSP’s relocation to Oberoi Business Hub reflects the growing requirements for businesses of all sizes to have high quality serviced office accommodation with a prestigious business address.”
763 new homes get green light at Top Wighay, Hucknall
Vistry Group, the provider of affordable mixed-tenure homes, has been given the green light to build 763 much-needed new homes at Top Wighay, Nottinghamshire with almost £6m committed to bolstering local services.
Situated approximately 2km north of Hucknall town centre and to the east of Annesley Road (A611), the £191m development, granted outline planning permission in April 2021, is part of Nottinghamshire County Council’s (NCC) flagship mixed-use scheme. The 86-acre site, contracted in 2023 with NCC and earmarked for development for more than a decade, will also include 21 acres of employment land, a local centre with retail offering and a new primary school.
The East Midlands Vistry team is poised to start work on the 763 two-, three-, and four-bedroom homes, maisonettes and apartments. Of the new homes, 269 will be much-needed affordable properties, 97 will be available through PRS providers and 397 will be on sale on the open market through Vistry’s Linden, Bovis and Countryside brands.
In addition to new housing, the development will also offer benefits to the wider community, with £4m earmarked for future investment and £6m designated to bolstering local services. This includes £436,000 towards healthcare, £4,750,000 for education and £800,000 for highways and bus improvements.
The benefits also include new parks, sports facilities, wildlife corridors, pedestrian and cycle routes, a new primary school, and an on-site Skills Academy in partnership with Chameleon School of Construction. This innovative training initiative will aim to encourage local people not in employment or training back into work.
Andy Reynolds, Managing Director of Vistry Group’s partnerships division in the South East Midlands, said: “We are delighted to have secured reserved matters planning consents which enable us to start work on these much-needed new family homes at Top Wighay. Over the past year we have consulted with the community to finalise the details of the scheme and ensure it meets local people’s needs.
“Our team cannot wait to start building a fantastic community of high-quality properties for people in the area to call home.”
Work is expected to start on site in spring 2025.
East Midlands business confidence sees September dip
Business confidence in the East Midlands fell 13 points during September to 39%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
However, companies in the East Midlands reported higher confidence in their own business prospects month-on-month, up seven points at 57%. When taken alongside their optimism in the economy, which dropped 31 points to 22%, this gives a headline confidence reading of 39% (vs. 52% in August).
Looking ahead to the next six months, businesses in the East Midlands identified their top target areas for growth as investing in their team, for example through investing in training (45%), evolving their offering, with the introduction of new products or services (42%) and entering new markets (36%).
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
National picture
Overall UK business confidence in September dipped slightly, to 47%, down from August’s 50%.
Though there was a marginal increase in their own trading prospects (up two points month-on-month to 54%), firms’ confidence in the overall economy dropped nine points to 38%.
The joint-most confident regions in the UK were the West Midlands and London, both reporting overall confidence of 59%. Only Northern Ireland, Wales, London, the South West and North West reported an increase in overall confidence.
Sector insights
Projections for output were mixed across the sectors, with some showing significant changes from previous results. In construction, the sharp increase last month was largely counteracted by a drop in expectations in September, falling by 12 points to 46%.
Similarly, in manufacturing, trading prospects fell for a second month to 53%, although this figure is still stronger than the year-on-year figure. However, the falls in manufacturing & construction sectors were more than offset by a small rise in retail and a bigger rise in the dominant service sector.
Dave Atkinson, Regional Director for the East Midlands at Lloyds Bank Commercial Banking, said: “Despite an overall dip in confidence, businesses’ optimism in their own prospects has rebounded, a promising sign of on-the-ground success.
“Coupled with a clear determination to hone in on particular areas for expansion – like staff training and diversification – these results paint a picture of quiet confidence in the region, in spite of wider economic challenges.
“And regional businesses’ focus on evolving their offering and entering new markets isn’t just theoretical, as a recent study by the East Midlands Chamber and Derby Business School found that the number of businesses that have made income from environmentally friendly goods and services increased by 7% in the last year.
“As even more businesses take this leap, Lloyds Bank will continue to offer on the personalised, on-the-ground support that they need.”
Fintech company to acquire Nottingham lender in $71m deal
Propel Holdings, the Canadian fintech company, has entered into a definitive agreement to acquire Stagemount, trading as QuidMarket, the Nottingham-based digital only consumer lender specialising in providing short-term installment loans.
The existing management team at QuidMarket will continue to operate the business on a go-forward basis.
The $71m deal is an important step in Propel’s global expansion strategy. Since its initial public offering in October 2021, Propel has continued to broaden its product and geographic offerings with the introduction of Fora Credit in Canada, Lending-as-a-Service partnerships in the US, and, most recently, an embedded lending partnership with KOHO in Canada.
QuidMarket has served UK consumers since 2011. A fully online, lending solution, QuidMarket is built on scalable and flexible technology that has originated over 310,000 loans in the UK since beginning operations in 2011.
Supported by Propel’s AI technology, financial and operational expertise, and capital resources, QuidMarket is expected to accelerate its growth.
“The acquisition of QuidMarket will accelerate Propel’s growth and is a critical step in our journey to becoming a global leader,” said Clive Kinross, Chief Executive Officer, Propel.
“When we went public three years ago, we set a goal to grow globally. As disciplined operators with a track record of profitable growth, this acquisition had to meet our strict acquisition criteria including a favourable operating jurisdiction, a strong cultural fit and to be financially accretive to our shareholders.
“QuidMarket serves a market of more than 20 million underserved consumers in the UK where the demand for credit far exceeds supply. Backed by Propel’s AI-powered technology, financial and operational expertise, and capital resources, we believe QuidMarket will be able to accelerate its growth while broadening access to credit for more underserved consumers.
“The QuidMarket team has demonstrated deep experience and a customer focus that sets them apart. United by a shared purpose, together we will build a new world of financial opportunity for consumers globally.”
The acquisition is expected to close in either Q4 2024 or in early Q1 2025.
Connect with the property industry this Thursday at the East Midlands Bricks Awards 2024!
Taking place on Thursday 3rd October, the highly anticipated East Midlands Bricks Awards 2024 is just days away.
Set to celebrate the region’s property and construction industry, the event at Trent Bridge Cricket Ground is also an ideal networking opportunity, presenting a chance to form new connections with business leaders from across the East Midlands, as well as hear from guest speaker Paul Southby.
Paul is a partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema in Nottingham’s Lace Market, and a longstanding trustee of environmental charity Clean Rivers Trust. He is chair of Nottingham Partners, a group of businesses that supports the work of the local inward investment agency, Invest in Nottingham, and a board member and past chair of Marketing Nottingham and Nottinghamshire Limited. Paul is also a former High Sheriff of Nottinghamshire (2022/23).
Attend the glittering awards ceremony to see who takes home the title of Contractor of the Year, Developer of the Year, Commercial Development of the Year, Residential Development of the Year, Sustainable Development of the Year, Deal of the Year, Most Active Agents of the Year, Architects of the Year, Excellence in Design, and Responsible Business.
The Overall Winner will also be revealed at the event, sponsored by Blueprint Interiors, who will be awarded a grand prize – a year of marketing/publicity with Business Link worth £20,000.
Chloe Sproston, Creative Director at Blueprint Interiors, shared: “We’ve been involved in the awards since 2019 either as an award nominee or a sponsor. We continue to be impressed with both the quality of award submissions, but also the event, which attracts the elite of our region’s construction and property professionals.
“This year, we’re particularly excited to sponsor the overall winner category, further demonstrating our commitment to showcasing the very best talent in the region’s property and construction industry.”
A highlight in the business calendar, book your place at the awards now to avoid disappointment!
The event will begin at 4:30pm and continue until 7:30pm. Complementary drinks and nibbles will be served on arrival. Dress code is standard business dress.
East Midlands Bricks Awards 2024
When: Thursday 3rd October 2024, 4:30pm – 7:30pm
Where: The Derek Randall Suite, Trent Bridge Cricket Ground
Keynote speaker: Paul Southby, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, and former High Sheriff of Nottinghamshire
Dress code: Standard business attire
Tickets: Available at https://www.eventbrite.co.uk/e/east-midlands-bricks-awards-2024-tickets-902294566337?aff=oddtdtcreator
Thanks to our sponsors:
Shortlist for the East Midlands Bricks Awards 2024
Architects of the Year – sponsored by Mather Jamie IMA Architects Design Haus Architecture Matthew Montague Architects Commercial Development of the Year – sponsored by Global HSE Group Brackley Property Developments – The Dock Extension, Leicester Pick Everard – Nottingham Central Library G F Tomlinson – The Air and Space Institute, Newark Contractor of the Year – sponsored by EMEC Ecology Cawarden Clegg Construction Winvic Deal of the Year – sponsored by Tutum Consulting heb Surveyors – The Oaks, Mansfield FI Real Estate Management – The Quad, Chesterfield Freeths – Former Boots factory site, Beeston Developer of the Year – sponsored by IMA Architects Vistry Group East Midlands Indurent Wavensmere Homes Excellence in Design – sponsored by Cawarden G F Tomlinson – The Air and Space Institute, Newark Design Haus – Musters Road Distinctive Developments – Woodwell and Meadow Barn Most Active Agent – sponsored by Roy Geddes Bricks Rigby & Co FHP Property Consultants Salloway Property Consultants Residential Development of the Year – sponsored by Devello Distinctive Developments – Woodwell and Meadow Barn Phoenix Brickwork UK LTD – IQ Nelson Court Chevin Homes – Chevin Close Responsible Business – sponsored by Press for Attention PR Stepnell Ltd Cawarden Cora Sustainable Development of the Year – sponsored by Viridis Building Services Ltd CPMG – Sir Peter Rubin Centre for Veterinary Education Henry Brothers Construction Ltd – Alfreton Park School Keepmoat – Gedling Green The Overall Winner, sponsored by Blueprint Interiors, will also be announced at the ceremony, who will be awarded a year of marketing/publicity with Business Link worth £20,000.
To be held at:
J25 business park reaches full occupancy
The latest letting at Interchange 25 Business Park by FHP has resulted in full occupancy on the site.
The final ground floor office suite was let to WHP Trust Ltd, the newest tenant to arrive on the business park, further enhancing the diverse range of occupiers. FHP recently secured the first floor tenants at Unit 5 Interchange earlier this year to Equans Ltd.
Interchange 25 Business Park is situated just off Junction 25 of the M1 Motorway and the A52 which connects Nottingham and Derby. The park comprises a development of 8 self-contained detached office buildings.
Amy Howard from FHP Property Consultants said: “I am thrilled to have secured the final letting with WHP Trust, achieving full occupancy on-site for our client. The business park has remained consistently popular throughout the years we have marketed these office suites and continuing our client’s success by attracting strong tenants.
“It was always a risk to split the floor plates on a floor-by-floor basis on Unit 5 with Equans occupying the first floor, however, the level of interest and enquiries during the short marketing period stayed strong to secure us a tenant. It is encouraging to see the demand for out-of-town business parks remain consistent, helping to revitalize the office market and encourage take up.
“I had been in discussions with WHP Trust for several months prior to securing this office space for them. From the first viewing at Interchange, it was evident that the unit suited all their requirements and needs, and solicitors were soon instructed. It has been a pleasure to assist them throughout their search and I wish them every success in their new office premises.”
A spokesperson for Interchange said: “As always, it is great to see the site reach full occupancy and the diverse range of tenants that we have on-site. FHP Property Consultants have done an excellent job in securing another tenant for Unit 5 to achieve this. We are continuing to listen to tenants’ needs and requirements so we can make the park suitable, keeping them tenants for a number of years to come.”
Clowes Developments launch Mansfield mixed-use development scheme
Clowes Developments have unveiled their plans for Pleasley Hill in Mansfield, which will provide a mixed-use development scheme prominently set just to the north-west of Mansfield Town Centre.
The 35-acre site, which is being marketed by FHP Property Consultants and Fisher German, offers potential for a wide range of end occupiers on both a freehold and leasehold basis.
With outline planning consent in place for a range of users, it is anticipated that over 300,000ft² of space will be developed together with a further 850 homes, which will augment the commercial development element and provide much needed residential development in the area and potentially supply additional labour for the commercial occupiers.
Marc Freeman, Development Director at Clowes Developments, said: “The combination of 850 homes and up to 300,000ft² of commercial space at Pleasley Hill is a very exciting opportunity that we are delighted to bring forward.
“We have appointed FHP Property Consultants and Fisher German to act on our behalf here and we are confident that they can provide us with a range of industrial, manufacturing and logistics users, petrol filling station, retail and leisure facilities in line with our outline planning consent and we will support their efforts by turning around proposals for occupiers quickly to try and create a best in class development in this north Nottinghamshire location.
“We are excited to see the scheme move forward and from the initial discussions our agents have had, we are confident that this scheme will be a success in 2025 and beyond.”
Tim Gilbertson of FHP Property Consultants said: “It’s great to see Clowes yet again put their money where their mouth is and bring forward this fabulous scheme which will offer a range of uses in a prominent position just to the north-west of Mansfield Town Centre.
“Well located, prominent and very easily accessible from both the centre of Mansfield and M1 motorway, this scheme really does tick all the boxes and we are expecting interest from occupiers looking to buy or rent space across a range of uses.
“Both our roadside retail/leisure and industrial/warehouse teams will be involved with this development, highlighting again the range of uses the scheme can accommodate.”
Rob Champion of Fisher German added: “Likewise, we can’t wait to get stuck into this development and it’s a pleasure to act on behalf of Clowes Developments once again.
“We have seen the growth in and around Mansfield in recent years and with this scheme providing additional housing plus employment facilities, it will bring much needed jobs and development to the area serving the future housing to be developed but also the existing neighbourhoods to the north-west of Mansfield.
“The scheme’s main road prominence and ease of access from the surrounding areas leave us confident in our ability to quickly find new occupiers wanting to take advantage of a great location and a developer who is ready and raring to develop and bring prosperity to the region.”
Exosens invests £1m to propel research and innovation with Space Park Leicester
A pioneer of technology used across the Solar System, Exosens – through its brand Photonis – has invested £1 million to advance space research and innovation facilities in collaboration with Space Park Leicester.
Exosens has worked with University of Leicester academics for more than 25 years and more recently it forged a relationship with the university’s science and innovation hub, Space Park Leicester, working alongside it on technology which is being used in some of today’s most exciting space missions.
It has now invested £1 million, through funding and other support, contributing to the creation of a Centre of Excellence in Optics Design and Manufacturing at Space Park Leicester.
This funding will enhance the METEOR space programme which brings together more than 100 researchers and industrial research and development personnel working on Earth observation and the challenges facing the space sector’s evolution.
Dr Adrian Martindale, Head of Space Projects and Instrumentation at Space Park Leicester and a Lecturer in Space Instrumentation at the University of Leicester, said: “Photonis’ technology is the enabler for certain types of scientific instruments and as a result its technology is on lots of space missions and is all over the Solar System.
“Exosens is supporting us to help develop the quality of the product and the performance of the technology, to push us into the next generation of projects. We have aspirations in space and they have aspirations for a market on the ground and by working together we hope to take both of these things forward.”
Chris Tisse, Chief Technology Officer at Exosens, said: “We are proud to support cutting-edge space research at Space Park Leicester. This significant investment reflects our commitment to advancing the technology that powers groundbreaking space missions and innovation. By working together with the brilliant minds at the University of Leicester, we aim to push the boundaries of what’s possible in both space exploration and Earth-based applications.”
Leicester space academics worked with Photonis on detector systems and together they developed an entirely new X-ray optic.
Photonis’ technology was the cornerstone of Space Park Leicester’s Mercury Imaging X-ray Spectrometer (MIXS) instrument which is on its way to Mercury on the European Space Agency’s BepiColombo mission.
Dr Martindale said: “Photonis’ technology is absolutely crucial to the development of that instrument. Essentially, MIXS will help to measure the X-rays that are emitted from the surface of the planet and by measuring them we’ll be able to figure out what the rocks on the surface are made of. This will tell us how the planet formed and we’ll see whether that fits in with theories about how the Solar System formed.”
The optic Photonis developed with Space Park Leicester has also led to Leicester’s space scientists working on several more significant missions.
These include SVOM (Space-based multi-band astronomical Variable Objects Monitor), which is dedicated to the study of the most distant explosion of stars, and SMILE (Solar wind Magnetosphere Ionosphere Link Explorer) which is a wide-field X-ray telescope that uses micropore optics to spectrally map the location, shape and motion of Earth’s magnetospheric boundaries.
Dr Martindale added: “Photonis’ technology will answer questions about Mercury and as a result questions about planetary science, it will answer questions about astronomy through SVOM and it will answer questions about the Earth through SMILE.”
Healthcare services provider secures new contract and extension valued at £6.1m
Totally, the Derby-based provider of frontline healthcare services, corporate fitness and wellbeing services, has been awarded a new contract for insourcing services and a contract extension for the delivery of NHS 111 online services; both contracts are for the North of England.
The insourcing contract, to be delivered by Pioneer Healthcare, is a further expansion of Totally’s footprint across the North of England. The contract, valued at £5 million will enable the treatment of patients across multiple medical specialties, including outpatients and day cases. This new contract will be mobilized immediately and the work delivered by end of March 2025.
Totally has also been awarded a contract extension for existing services delivering NHS 111 “Speak to” and online dispositions for a Trust in the North East of England. The contract runs from 1 April 2024 to 30 September 2025 and is valued at £1.1 million.
Wendy Lawrence, Totally CEO, said: “These two contracts demonstrate how we can support this for patients across the UK – making sure patients can access help when they need it, and increasing capacity so that no one waits longer than they need to for essential treatment.”
