Nottingham City Council has set out plans which will see Nottingham Castle fully re-open in June, if councillors give them the go-ahead next week. Under the proposals, the council will take the operation of the castle site back into its Museums and Galleries service, which will run it alongside other heritage sites such as Newstead Abbey and Wollaton Hall. If approved, it will mean that with some preview events planned from as early as May, local people as well as visitors will once again be able to enjoy the city’s key historical site and that the castle can resume making its contribution to the wider local economy estimated to be valued at £12m to £14m. A report to be considered by the council’s Executive Board on Tuesday 21 March outlines other options, including mothballing the site and initially only reopening the grounds. But the option to fully reopen is being recommended for approval, with up to £2.1m earmarked in the council’s medium-term financial plan for its operation over the next three financial years. If the recommendation is approved next week, it will trigger an activation period of around three months to recruit and train staff and set up any systems and processes needed for fully reopening the castle. It is proposed there will be start-up activities from May in the grounds to give people the opportunity to rediscover the site ahead of full reopening. Further details about the proposed programme of activities and pricing structure would follow if a decision is taken to reopen. Alongside the reopening, it is proposed to undertake a lessons learned exercise as part of an assessment into how to best operate the castle. This will help inform future decisions around what would provide the council with the delivery model for the site that allows for the best experience for all visitors. The decision is being taken after the castle closed last November following the external operator Nottingham Castle Trust declaring itself insolvent. All the features of the redeveloped site will be available to visitors under the council’s proposals. The City Council’s Portfolio Holder for Leisure, Culture & Planning, Cllr Pavlos Kotsonis, said: “We know there is a lot of love for Nottingham Castle and we were all devastated when it closed last year. “We committed to looking at ways to reopen the castle as soon as possible after Nottingham Castle Trust went into liquidation and handed the site back to us. This report recommends a way to do that by using the expertise of the council’s well-established Museums and Galleries service, which has previously run the site and has the skills, specialist knowledge and cultural partnership connections to quickly mobilise and successfully animate the site with a programme of activities. “It is important to get this right and officers have worked tirelessly to achieve that, I am proud of the work done.”

Government Minister Robert Halfon met with local employers and apprentices during a visit to Loughborough College as part of National Careers Week. The Minister for Skills, Apprenticeships and Higher Education also spoke with officers from the LLEP Careers Hub as he learned about its work with the college and other schools and employers in the area. Mr Halfon went on to meet representatives of CR Civil Engineering and Cadent to ask about why they get involved with local apprenticeship programmes and how it can be made easier for more employers to get involved. Both companies are part of the LLEP Careers Hub’s Cornerstone Employer Group – 10 local firms, with a strong focus on inclusion, which serve as an informal steering group. Earlier in the day, Mr Halfon had toured Loughborough College and met with Baroness Nicky Morgan, Chair of the Careers and Enterprise Company (CEC), and CEC Chief Executive Oli de Botton. Baroness Morgan chaired a round table discussion of local careers provision, which included an introduction to the Leicestershire Careers Hub from LLEP Careers Hub Lead Gerarde Manley. She was joined at the table by Jo Maher, the college’s CEO, Loughborough MP Jane Hunt, and apprentices and employers who work with both the Careers Hub and Loughborough College. Baroness Morgan said: “Loughborough College is a fantastic example of what modern careers education is all about.As a result of well-structured careers programmesyoung people are becoming more career ready. They now meet and know more about local employers and pathways like apprenticeships. “All this work is being driven locally by the Careers and Enterprise Company’s Careers Hub, connecting with the local economy and helping to improve provision in schools and colleges – building young people’s social capital, so they are ready for the future.” Carl Roberts, MD at CR Civil Engineering, said: “The important work that the LLEP Careers Hub and its Cornerstone Employer Group do hopefully brings a little bit of influence from the employer side and gets our voices heard in education.”

Derbyshire’s businesses have been invited to have their say in the final round of public consultation about a new Minerals Local Plan for Derby and Derbyshire outside the Peak District National Park. The newly-published draft plan contains the policies that are being proposed to guide planning decisions on applications for new or extended quarries and other minerals extraction up to 2038. Measures to avoid and minimise potential environmental impacts of mineral extraction or quarrying which can raise concerns for local communities are also set out in the plan. Details about the consultation and how to take part are available on Derbyshire County Council’s website. A series of drop-in sessions will also be held for members of the public to find out more at:

• Belper Library – Tuesday 21 March 2023 – 2.30-6.30pm
• Wirksworth Library – Tuesday 28 March 2023 – 2.30-6.30pm
• Buxton Library – Monday 3 April 2023 – 2.30-6.30pm
• Scropton Village Hall – Tuesday 4 April 2023 – 2.30-6.30pm
• Dronfield Library – Monday 17 April 2023 – 2.30-6.30pm
• Borrowash Library – Wednesday 19 April 2023 – 2.30-6.30pm
• Chesterfield Library – Wednesday 26 April 2023 – 2.30-6.30pm
• Bolsover Library – Friday 28 April 2023 – 2.30-6.30pm

This follows several earlier rounds of public consultations and engagement which have all contributed to the plan’s development. Councillor Carolyn Renwick, Derbyshire County Council’s Cabinet Member for Infrastructure and Environment, said: “Mining and quarrying are an important part of our past, present and future. “Derbyshire is rich in minerals, making the county one of the most important in the UK for resources – particularly limestone – and the same geology which gives rise to this wealth of resources also creates the striking landscapes which are important to Derbyshire people, the visitor industry and the local economy. “While these important minerals can only be mined and quarried where they occur, unfortunately this almost always causes some impact on the environment and local communities. The challenge is to find the best balance between these competing interests. “We’ve listened to the comments so far and as a result we’ve strengthened the draft plan in key areas including to reflect climate change objectives. Now we’re inviting local people to take a look at the latest version and comment in this final stage of consultation.“

The results of a consultation on devolution proposals for the East Midlands have been published, showing substantial support for the plans. Local leaders are backing devolution to promote economic growth, secure more investment in our area, for more and better jobs, and for better transport, skills training, housing, and an enhanced greener environment. It would also mean more power in local hands. Thousands of people took part in the consultation, which took place from November 2022 to January 2023. It was open to residents, businesses, community and voluntary groups, and other employers in Derbyshire, Nottinghamshire, Derby, and Nottingham. There were 4,869 responses to the consultation overall, from members of the public and people answering on behalf of an organisation. The number of responses was higher than similar consultations on devolution in other areas. The majority backed the proposals:

• 53% agreed with the proposals for transport, compared to 35% disagreeing.
• 52% agreed with the proposals for skills, compared to 32% disagreeing.
• 51% agreed with the proposals for reducing carbon and improving the environment, compared to 33% disagreeing.
• 51% agreed with the proposals for public health, compared to 33% disagreeing.
• 46% agreed with the proposals for homes, compared to 39% disagreeing.

The only area which was more balanced was in terms of the proposals for governance, with 42% agreeing and 45% disagreeing. Comments tended to centre around the need for a regional mayor. Having a regional mayor is a condition set by the Government for a level three deal, which offers the most powers and highest funding. The Government has offered new powers to Derbyshire, Nottinghamshire, Derby, and Nottingham, along with at least £1.14 billion of funding, through the proposed creation of an East Midlands Combined County Authority. A formal proposal was developed, outlining how devolution would work in the area, which was the focus of the consultation. Historically, the East Midlands has often been an area of low Government funding, compared to many other areas of the UK. If the proposals for devolution go ahead, a guaranteed funding stream of £38 million a year for 30 years could help to reverse this trend. The leaders of Derbyshire County Council, Nottinghamshire County Council, Derby City Council, and Nottingham City Council all signed up to work on a devolution deal in August 2022 at Rolls Royce in Derby, following an announcement from the Government that a package of new powers and funding, worth £1.14 billion, were available for the two counties and two cities. The four councils then worked on a more detailed proposal, including more information about how devolution would work in our area, which was the focus of the consultation.

An activist investor is gunning for change in the boardroom at Pendragon, the Nottingham-based car retailer, following a failed £400m takeover bid, according to The Telegraph. In a letter sent last week, Palliser Capital, which owns a 4% stake in the business, reportedly accused the board of becoming distracted by Hedin Group’s recent failed takeover, with the firm now looking to place three directors on Pendragon’s board. It has also called on Ian Filby, chairman, and Bill Berman, CEO, to refocus on profitability by growing the higher margin car servicing operation. Hedin Group abandoned its £400m takeover of Pendragon in December, due to challenging market conditions and an uncertain economic outlook.

James Pinchbeck, partner at Streets Chartered Accountants, shares the benefits of arranging more frequent visits with your accountant. For many in business the idea of spending more time with their external accountant may sound a bit alien. It certainly is not untypical for most business owners and their accountants to only meet once a year to review the annual accounts and to discuss the tax returns. Invariably, most can then be forgiven for thinking that there is little to be gained from frequent contact. More and more businesses, especially owner managed businesses, entrepreneurial start-ups and scale-ups, have a lot to gain from being in touch and meeting with their accountant more frequently, say at least once a quarter or even more often. Certainly, accountants in practice advocate a closer working relationship with their clients. They too feel that their work is much more than undertaking annual compliance assurance and that they have a key role in providing support and guidance as their clients’ trusted adviser. In contrast to much of an accountant’s work focusing on looking back at historical figures to produce your annual accounts, there is much to be gained from a review of the in year management accounts – a role which your external adviser is certainly well placed to do by bringing their broader experience and commercial insights to bare on the numbers. Also, if you don’t have the resources they may even assist with management accounts production. In focusing on the in year numbers, businesses can look to address any emerging issues and challenges around profitability, cost control, working capital requirements, capital investment decisions and even potential tax issues. In an increasingly digital world, not least in terms of financial reporting, being able to tap in to the knowledge of your adviser can be a real asset ensuring your systems are set up and running correctly. This also provides the unique and informal chance to help support and train in house team members and answer any queries they may have. Like many other firms of accountants, Streets endeavours to ensure clients are informed and updated of legislative changes and other factors affecting their business. Busy working lives often means such information gets overlooked. However, more regular and structured contact helps to ensure clients are kept up to date of changes and issues that may affect them. Finally, when it comes to your financial year-end, as a result of contact throughout the year, this should be a smooth and seamless process. It should also be one with little or no surprises and that provides time for well thought out year-end tax and financial planning – an outcome which will no doubt harbour a better and more worthwhile relationship between client and accountant alike.   See this column in the March edition of East Midlands Business Link Magazine here.

The headline NatWest East Midlands PMI® Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – posted 51.1 in February, up notably from 47.3 in January. The latest data signalled the first upturn in business activity since May 2022, albeit one that was only marginal overall. Greater output was linked by firms to increased new orders and more stable supply chains. The rate of growth was slower than the UK and long-run series averages, however. Private sector firms in the East Midlands registered a renewed increase in new business during February. Although the expansion was only fractional overall, it brought to an end a nine-month sequence of decline. Firms noted that the return to growth in new orders stemmed from stronger client demand. Nonetheless, the rate of increase was slower than the UK average, which signalled a solid upturn. East Midlands private sector firms’ expectations regarding the outlook for output over the coming year strengthened midway through the first quarter. Although still below the UK average, the degree of confidence was the highest since April 2022. Optimism was reportedly linked to investment in new products and services, and the acquisition of new clients. Manufacturers and service providers recorded stronger positive sentiment. February data indicated a second successive monthly upturn in employment across the East Midlands private sector. Companies attributed the increase in workforce numbers to greater output requirements. The pace of expansion in staffing numbers was broadly in line with the long-run series average. That said, the rate of job creation was only fractional overall and slower than the UK trend. Private sector firms in the East Midlands recorded a fifth successive monthly contraction in backlogs of work in February. Anecdotal evidence suggested that lower levels of outstanding business were due to sufficient capacity to process incoming new work. The rate of decline eased to the slowest in three months, however. The fall in work-in-hand contrasted with the UK average which indicated a fractional rise in backlogs. Average cost burdens faced by East Midlands private sector firms increased at a marked pace again in February. Alongside higher supplier and material prices, companies linked higher costs to greater wage bills. The rate of inflation softened for the third month running to the slowest since March 2021. That said, the pace of increase was among the fastest of the 12 monitored UK regions, fractionally slower than only London and Northern Ireland. Selling prices at East Midlands private sector firms increased further midway through the first quarter. The rate of charge inflation was marked, as companies attributed hikes in selling prices to the pass-through of greater costs to clients. The rate of increase softened to the slowest since May 2021 and was weaker than the UK average. Rashel Chowdhury, NatWest Midlands and East Regional Board, said: “East Midlands private sector firms signalled a renewed rise in output and new business during February, amid stronger demand conditions. Although only marginal, the latest data indicated an end to a sequence of contraction in business activity. Nonetheless, spare capacity was still seen across firms, as employment rose only fractionally. “On a positive note, inflationary pressures softened again. Although still marked, rates of cost and selling price inflation slowed to the weakest in almost two years as supply chains improved and demand conditions remained subdued. Slower upticks partially supported stronger business confidence in the year-ahead outlook, which picked up to the highest in almost a year.”

Streets Chartered Accountants covers year end tax planning, R&D tax reliefs, its new merger and more in its new news roundup. The merger of two leading accountancy practices is a welcome boost to Banbury and the surrounding area Streets Chartered Accountants have announced the establishment of Streets Eadie Young Chartered Accountants. Podcast: Personal financial planning ahead of the 5th April tax year-end In this episode of The Streets Sessions, Streets talk to Sam Tindale, Financial Adviser and Managing Director of Tower House Wealth Management, about what individuals and business owners may need to do and consider from a tax and financial perspective as we approach 5th April 2023. Year End Tax Planning Guide 2022/23 With the end of the tax year fast approaching, now is a good time to review your business and personal finances to ensure that they are as tax-efficient as possible. As your accountants, Streets can work with you to make sure your business and personal finances are in a strong position to weather whatever lies ahead. This includes planning to make the most of the tax-saving opportunities available to you, particularly ahead of the tax year end. What are the changes to R&D tax reliefs and how might they affect you? Over the last 12 months, HM Revenue and Customs and the Government have made a number of changes to the Research and Development (R&D) Regime which have arisen largely from consultations and policy announcements. Streets have summarised these changes along with an overview of the current stance HMRC are taking when reviewing R&D claims. Why would you want to spend more time with your accountant?

For many in business the idea of spending more time with their external accountant may sound a bit alien. It certainly is not untypical for most business owners and their accountants to only meet once a year to review the annual accounts and to discuss the tax returns. Invariably, most can then be forgiven for thinking that there is little to be gained from frequent contact. Podcast: The business life of a serial entrepreneur

In this episode of The Streets Sessions, Streets talk to Ryan Carruthers, a serial entrepreneur who started out selling PlayStation games at school, then makeup at university, managed a successful property portfolio and now runs a SaaS business. In conversation, they explore what makes a serial entrepreneur, how to juggle a number of businesses, knowing when to stop doing something and when to turn to something new, along with how to test whether ideas have legs. Webinar: The Budget 2023 – what will it mean for you?

The Chancellor, Jeremy Hunt, will present his Spring Budget in the House of Commons on Wednesday 15th March 2023. Following the announcements, Streets will be holding a special webinar on Thursday 16th March, 11am till 12noon. It will provide details of the announcements along with guidance on what they may mean for businesses and individuals. Presenters will include Michael Ball – Tax Partner, Kelly Goodchild – Tax Manager and Sam Tindale – Tower House Wealth Management.