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Motorpoint Group hails strong and profitable Q4 performance
Motorpoint Group, the independent omnichannel vehicle retailer, has hailed a strong and profitable Q4 performance in a trading update for the quarter ended 31 March 2024, with retail volume up 9% year on year and continued margin recovery.
As a result, January, February and March were all profitable months.
The Derby-based firm noted that loss before tax for the full year is thus anticipated to be at the “favourable end” of management expectations.
Consumer demand has picked up, the company shared, with Motorpoint benefitting from enhancements made to its digital presence which is generating strong website traffic.Motorpoint also highlighted a robust balance sheet with no structural debt and £9m of cash.
The business has initiated a share buyback to repurchase and cancel up to 5m shares, with 220,255 repurchased as at 31 March 2024.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I am delighted that the difficult conditions experienced in 2023 have eased in Q4 and, combined with our focus on driving operational excellence through a programme we call Brilliant Basics, has meant that Q4 was characterised by consistent profitability.
“We are achieving growth, increasing stock turn and improving margins, and this is expected to continue into FY25 as supply improves following recent new car registration growth. I am therefore optimistic for FY25 and look forward to Motorpoint making the most of the growth opportunities ahead.”
Great British Car Journey snaps up AROnline
Great British Car Journey, the Derbyshire interactive classic car museum, has acquired the AROnline website from its founder Keith Adams.
AROnline was established in 2001 by Keith and has grown to become a key resource for fans of British motoring history, boasting nearly 6,000 published articles.
Richard Usher, founder of the museum which is based in Ambergate, Derbyshire, said: “As a classic car authority and renowned journalist, Keith was a terrific help to us four years ago when we were putting Great British Car Journey together. He has been a stalwart supporter of our vision.
“AROnline is a ready-made archive of the history behind the majority of our exhibits, and it is a site I have been visiting for more years than I care to admit. It made absolute sense to acquire the site and give our visitors and club members access to even more of the UK’s very rich automotive history.”
Keith Adams said: “I am delighted that the future of AROnline has been secured and I am pleased to be able to retain control of the past and future content by working with Richard and his team.
“There are no plans to change the website in any material way or introduce any form of subscription charge. It has always been a free resource and the intention is that it stays that way.”
The acquisition of AROnline follows the Autocar deal in 2022, which saw Great British Car Journey secure an agreement to reproduce articles and artwork from the 125-year Autocar magazine archive.
Richard added: “We want Great British Car Journey to become recognised as the authority and place to go for all British motoring history, whether that’s viewing cars, driving them, hanging pictures of them on their wall or, now, reading about them at AROnline.”
Great British Car Journey opened in May 2021 and is a celebration of cars built in Britain. Richard, a lifelong car enthusiast and being born in Birmingham, has a natural affinity with cars built in the Midlands and beyond.
Keith has been similarly car obsessed from a very early age and has had a long journalistic career during which he has written articles for all the leading classic car magazines and is currently editor of Parker’s Guide.
Between them, Richard and Keith have owned more than 500 cars and have an abiding interest in the cars that gave the ordinary family the freedom of the road.
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Ideagen receives US government approval for DevonWay acquisition
Nottingham-based Ideagen can now accelerate its plans to support more businesses with their complex health, safety and quality software needs after the acquisition of DevonWay was formally approved by the Committee on Foreign Investment in the United States (CFIUS).
The approval marks the final part of the legal process.
Ben Dorks, CEO of Ideagen, said: “I am delighted that this final legal stage is complete and we can move forward with our ambitions for Ideagen DevonWay.
“This includes introducing the Ideagen DevonWay platform to an even wider range of industries supporting them to address the evolving needs and challenges of regulation and compliance worldwide.”
Ideagen DevonWay provides compliance and operations management and is trusted by organizations in sectors such as energy, utilities, advanced manufacturing, nuclear power generation and US national laboratories.
It provides a complete, fully integrated, configurable product suite across environmental health and safety, quality management, enterprise asset management and workforce management.
Chris Moustakas, SVP of Ideagen DevonWay, added: “Joining forces with Ideagen is a thrilling next step for DevonWay. Given the increasingly complex regulatory landscapes, our shared mission is to help organizations to transform their approach to health, safety, quality, risk and compliance management. This acquisition paves the way for us to provide enhanced support to our customers, partners and employees.”
East Midlands accounting and advisory firm acquires insolvency company
East Midlands-based accounting and advisory firm PKF Smith Cooper has acquired West Midlands insolvency boutique BLB Advisory Limited as the company progresses its expansion plans, with BLB’s Director and Owner Brett Barton and seven team members also joining the firm.
The acquisition of BLB Advisory Limited sees PKF Smith Cooper’s Business Recovery and Restructuring (BRR) team gain a further 80 years of experience and expertise in insolvency and recovery solutions, as well as an additional three office locations in the West Midlands.
Brett Barton is an Insolvency Practitioner with nearly 30 years’ experience in helping businesses, specifically SMEs and owner managed firms, find solutions to their financial difficulties.
During his career, Brett has developed substantial knowledge of the West Midlands, working with business owners across the region in a wide range of sectors, with specialist experience in manufacturing, third sector, transport and haulage, retail and wholesale, and hospitality.
Brett’s new role at PKF Smith Cooper will see him continue to deliver his current services in Coventry, Hereford and Worcester, in addition to supporting the firm’s BRR partners – Dean Nelson (Head of BRR), Michael Roome and Nick Lee – in shaping and driving the firm’s ambitious expansion plans across the Midlands and UK.
Notable team members joining PKF Smith Cooper from BLB Advisory Limited include Louise Hookham, who has specialist experience in the engineering, leisure, building, property and hospitality sectors, and Senior Manager Lucy Garner.
Brett said: “I am excited to be joining the team at PKFSC and to expand their offering in the West Midlands. There are many synergies between our businesses, and I believe that, within the PKFSC brand, I will be able to provide advice and guidance to businesses across the region that is unparalleled.
“PKFSC are an experienced team with a track record and passion for delivering solutions. I am looking forward to meeting up with my network of contacts to discuss the benefits of working alongside Dean and his experienced team at PKFSC.”
Dean Nelson, Head of Business Recovery and Restructuring and Partner at PKF Smith Cooper, said: “We are thrilled to welcome Brett and his team to PKF Smith Cooper as we embark on this new era for our business recovery services.
“From initial conversations with Brett, it was clear he was aligned with our recovery first approach, and that his team shared our passion for helping business owners in distress to secure the best possible outcome for the future.
“Acquiring BLB Advisory Limited has strengthened our renowned team, increasing the breadth of our expertise, as well as our capacity to respond to the high demand for specialist support required from businesses struggling in the current climate.
“We are looking forward to continuing to grow our reputation as the Midlands’ leading provider of Business Recovery and Restructuring services.”
Topps Tiles sees slip in sales
Topps Tiles, the Leicestershire-headquartered tile specialist, has seen a dip in sales in its first half.
According to a trading update for the 26-week period ended 30 March 2024, total group sales were £122.6 million, down 5.9% year-on-year, against a record revenue performance in 2023.
With subdued demand in the domestic Repair, Maintenance and Improvement (RMI) sector, especially for bigger ticket projects, persisting into 2024, there was lower footfall into Topps Tiles stores, especially across the homeowner customer group. Trade customers proved more resilient, although trade sales were also lower year-on-year.
Meanwhile, trading in the Online Pure Play businesses remained strong, with good growth in Pro Tiler and positive sales progress in Tile Warehouse, resulting in year-on-year sales growth of 38.3% over the first half. Furthermore, Parkside continues to show a significant year-on-year improvement in its financial performance.
In a statement to the London Stock Exchange, Topps Tiles said: “With its market leading brands, specialist expertise and world-class service, the Group is well positioned to benefit from a cyclical recovery in the RMI market. The business remains in a strong financial position, with a robust balance sheet, and is focused on maximising market opportunities and emerging in a stronger competitive position as the market improves.”
Rowleys reveals partner promotions
Leicester-based accountants Rowleys has made two partner promotions, with Lisa Parkes and Matt Hutchinson joining the firm’s leadership team.
Lisa Parkes and Matt Hutchinson have both been promoted to partner.
Lisa is an Audit signatory for the firm and works with a range of clients from owner managed businesses to larger corporates. In addition, Lisa heads up the firm’s Charity and Not for profit sector team, an important growth area for the firm. Lisa has been with the firm for 19 years.
Matt joined Rowleys in 2014 and works with a range of businesses, many in the ‘mid-market’ space. Matt also heads up the firm’s pensions team and is a specialist in auditing defined benefit pension schemes. He is also an Audit signatory.
Rowleys’ managing partner Tom Copson says: “The promotion of Lisa and Matt to partner is testament to their continued hard work and dedication to the firm.
“At an exciting time in the firm’s growth, it is great to add Matt and Lisa to our group of partners. They both go above and beyond to provide a great experience for our people and our clients and are committed to the future development of the firm.”
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Reduced paperwork for export of iron and steel to EU welcomed by East Midlands Chamber
The removal of an EU paperwork requirement for companies exporting iron or steel to the bloc has been welcomed by East Midlands Chamber.
The change is the result of talks between the British Chambers of Commerce, UK and EU officials and means companies will no longer have to produce “mill certificates” to prove the country of origin was not Russia which can be a costly, time-consuming process.
East Midlands Chamber International Trade Manager Lucy Granger said: “The paperwork needed for exporting goods to the EU and the expense of putting all that together is a frustrating burden to businesses in the East Midlands.
“For any part of the export process to be alleviated is something I welcome and it’s great that the Chamber network’s talks were able to achieve the removal of the mill certificate requirement.
“International trade is far more complex than it needs to be and while reduction of paperwork for iron and steel helps, there are obstacles in so many elements of international trade to the EU and other parts of the world.
“That’s why International Trade is one of the four I’s in East Midlands Chamber’s Manifesto for Growth 2024 that we took to Westminster in March. The manifesto highlights the areas that need government attention to get the uninhibited growth the East Midlands needs: Infrastructure, International Trade, Innovation and Investment.”
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Record turnover for McLaren Construction’s Midlands and North division
The Midlands and North division of McLaren Construction has delivered a record turnover of £271m for the latest financial year.
Following a year of expansion for the division and McLaren Construction group as a whole, the milestone follows news that the contractor generated overall revenues up 22% to £964 million in 2022/2023 and is on course to break the £1 billion annual turnover barrier in 2023/2024.
McLaren Construction (Midlands and North) has experienced growth over the past 12 months, with new appointments across its leadership, project, and sustainability teams and six projects handed over for 2022/2023.
Nationally, McLaren Construction is active across multiple markets and intends to continue growth across its residential, data centre, commercial office, leisure, health, education and remediation portfolios. This vision for expansion is shared by the Midlands and North division, which is concentrating on diversifying its public sector work, with a focus on health, education and remediation, alongside data centres and industrial and logistics schemes.
Last year, Midlands and North secured its place on the £8bn Procurement Partnerships Framework and was appointed to two of the four lots awarded to McLaren nationally. Under the construction discipline, McLaren Construction (Midlands and North) was appointed to deliver public sector projects from £15m-£30m in the East Midlands and £30m+ in the West Midlands.
The contractor is one of 87 appointed to the second-generation Framework which will run from 1 November 2023 for four years and as part of this, is expanding its portfolio of data centre projects with further schemes set for the next 12 months.
In 2024, the division will be concentrating on continued growth of its project pipelines in the industrial and logistics arena, alongside the student accommodation and data centre sectors, while strengthening and further developing its supply chain across the Midlands and North regions.
Gary Cramp, managing director of McLaren Construction Midlands and North, said: “The last 12 months have been consistently successful for the division and our dedicated teams have worked hard to procure schemes across a variety of sectors, strengthening our position as a reliable contractor with diverse expertise.
“The quality of our product and service will always be of utmost importance in delivery and we are looking forward to the next 12 months and our expansion in new sectors, alongside working on prominent frameworks.”