Leicester CEO Sleepout backed by former rough sleeper who says homeless problem ‘worse than ever’

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Leicester CEO Sleepout backed by former rough sleeper who says homeless problem ‘worse than ever’
A Leicestershire man who ate from skips as a rough sleeper claims the area’s homeless crisis is ‘worse than ever’. Once a promising footballer with dreams of playing for Leicester City, Enton Barefoot slept under a bridge after becoming addicted to drink and drugs. “At night I’d urinate outside my tent to keep foxes away – but ending up on the street saved my life,” recalled Enton. “That realisation of how hard I’d fallen sobered me up and got me clean. “But that was almost 20 years ago, and my heart breaks for anybody in that situation now because the support for anybody who falls through the cracks is vanishing by the day.” He’s now backing the Leicester CEO Sleepout, which takes place on April 11 at Mattioli Woods Welford Stadium. The annual charity event raises thousands for causes throughout Leicestershire that help the region’s most vulnerable. Sobering statistics published by Shelter last year showed that on any given night, 1,400 people in Leicester were classed as homeless. Of those, a third are children. For Enton, who has since helped local homelessness charities, the current picture is bleak. “If I was homeless now, I just don’t know where I’d go for help,” admitted Enton, who has authored a book on his experience on the streets. “When I was homeless, there were more charities and churches open for me to get food, and there was more funding. “Where I now live, in Loughborough, a homeless hostel is fighting to stay open due to a lack of funding. It gives people who declare themselves homeless a place to stay while their application is processed. “It is a real lifeline and they’ve raised over £115k so far to remain open – but they need £200k and if that goes it will have a massive impact locally. “Charity’s will become inundated with applications and referrals, but there’s not enough money to help get people off the street, and that’s why it is vital as many people as possible support the CEO Sleepout this year – either by taking part or donating – as the money raised can and will change people’s lives.” Last year, the Leicester CEO Sleepout raised over £34,000. This year’s target has been raised to £40,000, with participants from the region’s business community asked to raise at least £1,000 each. The charity’s CEO, Bianca Robinson, said the event isn’t about replicating the real struggles the homeless face every night, but to raise awareness of just how hard their reality is. “The CEO Sleepout is tough and you are exposed to the elements, but participants have peace of mind knowing they will return to a warm home. “For over 1,400 people in Leicestershire, they don’t have the guarantee of a roof over their heads when they go to bed that night. “And as the cost-of-living crisis has exposed, we are all just a few steps away from that once unthinkable prospect. “By 2024, the Government had vowed to end rough sleeping but as Enton said, the current situation is worse than ever before so that’s why we all need to come together and combat homelessness, and hopefully participants will end the CEO Sleepout with a greater appreciation for just how hard life is for the homeless community.” At the event, Enton will also share his story with participants before they grab their bags for the night. Having witnessed people steal simply to get a warm prison cell for the night, he hopes that for those taking part, it will help “humanise” those who have no other option than to sleep rough. “People can forget that everyone sleeping rough is a fellow human being, and I challenge anyone to come along for one night and experience it for themselves,” he said. “Once you know that people have to do this night after night just to survive, it makes you look at homelessness in a totally different light.”

R3 Midlands urges cashflow caution as latest government statistics show surge in insolvencies

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R3 Midlands urges cashflow caution as latest government statistics show surge in insolvencies

The current surge in insolvent companies across England and Wales is likely to impact heavily on the Midlands economy over coming months, leading to further substantial rises in corporate insolvency levels across the region for 2024.

This is according to the Midlands branch of insolvency and restructuring body R3 and follows new statistics published by the Insolvency Service which highlight an 18.5% month-on-month increase in corporate insolvencies in February 2024, jumping from 1,774 to 2,102.

Last month’s number is also 16.7% higher than February 2023’s figure of 1,801, and 38.5% above February 2022’s total of 1,518. Compared to the pre-pandemic statistic of 1,213 in February 2019, February 2024 shows an increase of 73.3%.

R3 Midlands chair Stephen Rome, a partner at Penningtons Manches Cooper in the region, said: “These figures are the highest we’ve seen for February in more than four years, which is a sign that more and more businesses are at a point where a sale or a liquidation may be their only option.

“Local businesses are still suffering the after-effects of last year’s economic turbulence, with rising fuel, energy and funding costs and cautious consumer spending continuing to take their toll on the bottom line.

“While there is still some optimism among the region’s firms about what 2024 has in store, the economic conditions remain a key area of concern for many. Unless there is some improvement, we could see several more companies turning to an insolvency process to help resolve their financial issues.

“Directors and management teams need to remain vigilant and take action as soon as they spot any signs that the business could be financially distressed. Keeping that careful eye on cashflow, and acting immediately as soon as red flags are raised, gives more time for decision making and more potential options for resolving the situation.”

Leicestershire Charity Furnley House Foundation Summer Ball returns

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Leicestershire Charity Furnley House Foundation Summer Ball returns
The Furnley House Foundation Summer Ball returns on May 6th. Held at Winstanley House, the evening aims to raise a significant amount for three local charities, with the 2023 ball raising over £42,000 for Leicestershire charities. The annual ball was born out of Financial Adviser and Mortgage Brokers Furnley House’s ambition to create opportunities and improve and save lives in their local community. The dedicated Furnley House Foundation holds two flagship events throughout the year, The Furnley House Foundation Summer Ball and The Leicestershire Community Champions Awards, along with other fundraising opportunities to help bring the community together and raise money. This year, all funds raised will be dedicated to supporting three charities that were chosen during the 2023 Leicestershire Community Champions Awards: Charity of the Year winners, Steps Conductive Education Centre, and finalists Focus Charity and Heartwize. Steps Conductive Education Centre is a registered charity supporting families with children who have special educational needs. Focus Charity supports vulnerable young people, many of whom are in a mental health crisis. Heartwize delivers basic life support training including CPR using resuscitation dolls as well as how to use a defibrillator. Simon Winfield (Chairman of the Furnley House Foundation and Managing Director of Red Monkey Play) expressed his enthusiasm, stating: “We would love to see as many people as possible at this year’s Summer Ball. Our hope is that thousands of pounds are raised, and we can make a real difference to the local community. “Previous Balls have been fantastic evenings and have received lots of support, helping us to achieve our mission of improving and saving lives in Leicester and Leicestershire.” The evening is hosted by comedian Patrick Monahan and will feature a three course meal, live music, and the chance to bid on some incredible items, both in live and silent auctions. Last year, tickets sold out so be sure to get your tickets early.

Netherfield-based educational resources supplier acquired by leader in European B2B ecommerce

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Netherfield-based educational resources supplier acquired by leader in European B2B ecommerce
Netherfield-based educational resources supplier Findel has been acquired by Paris-headquartered leader in European B2B ecommerce Manutan. Manutan, which has a specialism in educational supplies, employs 2,200 people and operates 28 subsidiaries across 17 European countries, including the UK. The business offers in excess of 800,000 products to its customers and has a turnover of €946m. Findel’s origins as an educational resources supplier can be traced back to 1817. Today, the company’s brands and websites offer more than 32,000 products to educators and parents based in the UK and overseas with the business exporting to 130 countries. In addition to its distribution centre and offices in Netherfield, the company has its headquarters in Hyde, Greater Manchester, and employs around 300 people in total. The company’s brands comprise Hope, GLS, Davies Sports, Philip Harris and EuHu. The company’s current leadership team undertook a management buy out (MBO) of Findel from Studio Retail Group in April 2021. The MBO was supported by Leeds-headquartered private equity firm Endless. Commenting on the acquisition, Findel Chief Executive, Chris Mahady, said: “Over the past three years, Findel has undergone a business transformation thanks to the incredible work and dedication of our people and the support of Endless. “Our acquisition by Manutan marks the end of that journey and the beginning of an even more exciting one. Like Findel, at the heart of Manutan are values and a positive culture that guides everything they do along with an unwavering commitment to sustainability. “This gives Findel a long-term sustainable home for the future which ultimately solidifies our position and will help us to continue to develop an even stronger customer proposition. “In addition, Manutan’s leadership believes in fostering learning environments that inspire growth and innovation, so we are perfectly aligned. “By joining forces, we will leverage our combined strengths in the UK and international educational supplies sectors to achieve even greater success together.” All of Findel’s people have been retained following the acquisition and all commercial arrangements with customers and suppliers remain unchanged. Owner and chairman of Manutan Group, Xavier Guichard, said: “Following on from our strong growth in recent years, we’re delighted to be acquiring Findel, whose culture, focus on people, performance and shared values, is totally aligned with our own principles. “We also share the same business model, which combines the strengths of digital technology (our e-commerce solutions) with a strong focus on sustainability, providing service excellence to customers and suppliers.” Findel was advised on the acquisition by Clearwater and Walker Morris LLP and Manutan was advised by Cripps LLP (legal) and PWC (finance and tax). All values relating to the acquisition are undisclosed.

Nicholas Associates Group steps up to support local communities with ’50 for £50 Challenge’

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Nicholas Associates Group steps up to support local communities with ’50 for £50 Challenge’

Nicholas Associates Group (NAG), a provider of workforce solutions, has announced its recent initiative to support local community food banks through the ’50 for £50 Challenge’.

Throughout February, the company challenged its teams across the UK to walk 50 miles in return for a donation from NAG to enable the team to buy £50 of groceries for a local food bank. Sixteen teams took part, collectively raising £800.

The foods banks that benefited included the Archer Project in Sheffield and The Trussel Trust food banks in Scunthorpe, Coventry, Long Eaton & Sawley in Nottingham.

NAG Group CEO, Paul Smith said: “Community support has always been a core value at Nicholas Associates Group, and we are constantly seeking innovative ways to give back.”

He continued: “The ’50 for £50 Challenge’ provided an excellent opportunity for our teams to come together, not only to support local food banks but also to prioritise their own wellness by getting outdoors, engaging in physical activity, and fostering meaningful connections with their colleagues.”

The challenge received an overwhelmingly positive response from employees across the company. Teams enthusiastically embraced the opportunity to make a difference in their communities while also prioritising their own well-being.

Paul emphasised: “This is just the beginning of our commitment to community engagement. We are excited to introduce our latest initiative, the ‘March on in March’ challenge.

“Building on the success of our ’50 for £50′ challenge, teams will continue to walk for a cause. For every 10 miles exceeded beyond the initial 50, an additional £10 will be donated to support local communities. We’re eager to see the impact we can make together.”

The East Midlands Bricks Awards are back for 2024!

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The East Midlands Bricks Awards are back for 2024!
After another successful event in 2023, Business Link Magazine is gearing up for the East Midlands Bricks Awards 2024. Shining a light on the region’s property and construction industry, while offering an opportunity to network with business leaders, this year’s glittering ceremony will take place on Thursday 3 October at the Trent Bridge Cricket Ground in Nottingham. The East Midlands Bricks Awards is an independent awards and publicity programme recognising development projects and people in commercial and public building across the region – from office, industrial and residential schemes, through to community projects such as leisure schemes and schools. Supported each year by a roster of highly-respected sponsors, the event is welcoming interest from businesses who would like to back a category at the event, supporting the East Midlands’ property sector while promoting their own quality work and brand. With a limited number of categories remaining, please contact Angie Cooper at a.cooper@blmgroup.co.uk to learn more about sponsoring the event. For those interested in entering the prestigious awards, which have been a highlight in the business calendar since 2015, further information will be released upon the opening of nominations in due course.

Steel-signing marks progress at Derby’s new entertainment and conference venue

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Steel-signing marks progress at Derby’s new entertainment and conference venue
A special ceremony has taken place to mark the progress made on the construction of Derby’s new £45.8m entertainment and conference venue. Senior figures from Derby City Council and project partners visited the Becketwell site to ceremoniously sign one of the development’s steel beams. The event celebrated completion of the external structure and roof of the building. Councillor Nadine Peatfield, Cabinet Member for City Centre, Regeneration, Culture and Tourism at Derby City Council was first to sign the steel and said: “I’m thrilled to see the progress being made and have this unique opportunity to add our own individual mark in the legacy of this landmark building. “This venue is a key part of our journey to transform Derby into a vibrant city centre with culture at its heart. It’s really exciting to see the structure go up and the space take shape at such pace.” The main contractors, Heage-based Bowmer + Kirkland, took over the site in June 2023 and by December the steelwork, alongside the rows of concrete steps which will create the tiered seating area, had been put in place. The roof is now ready for a concrete pour, which will be followed by a layer of insulation, plasterboard and quilting to the underside to ensure the building is soundproofed. Gus Kedzior, Regional Commercial Director for Bowmer + Kirkland said: “Today is a great day for all the project team but also for Derby and the wider community. Completion of the steel frame now means that we can see the shape and size of the venue and in less than a year we will be handing the project over to Derby City Council.” The finished building will contain 1,200 tonnes of steel. Heavy machinery helped the 10 operatives responsible for fixing the steel into place. The heaviest single piece weighs 3.5 tonnes and the longest single span of steel is 12.9 metres. Built on the site of the former Pink Coconut nightclub on Colyear Street, Laurie House offices, multi-storey car park and Padley House in Becket Street, the new venue is set to significantly enhance the city’s cultural offering. Boasting a larger and more flexible space than the city centre has had in the past, the venue will complement the activities of Derby Arena to provide the best possible events programme for Derby and the wider region. It will be a scalable space capable of staging a range of concerts, stand-up comedy, family shows, musical theatre, exhibitions, and business events. The venue is set to host over 200 cultural and commercial events each year and expected to attract an additional 250,000 visitors to Derby. It is also expected to create over 200 new local jobs and provide the impetus to kick-start further investment in surrounding areas of the city centre. The venue will be owned by Derby City Council and leased to and operated by ASM Global, the venue management and services company, and producer of live experiences, whose UK portfolio includes OVO Arena Wembley, AO Arena (Manchester), first direct Arena (Leeds) and Olympia and OVO Hydro (Glasgow). Construction work is progressing to plan with practical completion and handover scheduled for the first quarter of 2025. The exciting new 3,500 capacity entertainment and conference venue forms the second phase of the £200m Becketwell regeneration scheme, the most significant urban rejuvenation project for more than three decades. Phase one includes the city’s first purpose-built Build to Rent scheme. The Condor is owned and operated by Grainger plc and now almost fully let. The adjacent Springwell Square, a new public green space for the city, officially opened in September 2023. The Becketwell scheme is being developed by St James Securities, a privately-owned Leeds-based property developer, with a track record of delivering successful major regeneration schemes. Paul Morris, Development Director at St James Securities, said: “The steel-signing ceremony is a significant milestone in the construction of the long-awaited new entertainment and conference venue for the city. “Despite the terrible weather conditions over the past few months, construction has continued apace, and the building is really taking shape now. “We look forward to celebrating the completion of the arena at a topping-out ceremony later this year.” Future planned phases of the Becketwell scheme include potential for a hotel, and purpose-built student residential.

Midlands PE-backed mid-market businesses saw average 51% EBITDA growth over three years

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Midlands PE-backed mid-market businesses saw average 51% EBITDA growth over three years
Midlands private equity-backed businesses experienced average EBITDA* growth of 51% over the latest three-year period, underlining the positive impact that the sector is having on the region’s economy, according to a new report. The inaugural Private Equity Value Report from Real Deals, developed in association with BDO, found that the region performed slightly below the UK average. Nationally, growing PE portfolio companies achieved an average EBITDA increase of 58.9% over the same three-year period while average revenues grew by 22.2%. Accountancy and business advisory firm BDO commissioned the research to understand the impact that private equity investment is having on the growth of the regional economy. The data was drawn from the most recent three years of accounts filed with Companies House. The fastest growing 25 businesses in the Midlands saw average EBITDA growth of an impressive 90% over three years and included a range of businesses from the East and West Midlands, such as: Kindred Education Limited in Northampton, Nottingham-based Care Fertility Group and M&J Evans Construction in Walsall. The top 25 showcased a range of sectors from technology to travel and manufacturing and the most featured investors in the region were Bridgepoint, CBPE Capital and BGF. Steve Round, partner at BDO LLP, said: “Despite the challenges of the past three years, this research demonstrates PE-backed businesses are a resilient and dynamic segment of the region’s economy. “There’s often a focus on the level of deal activity and headlines around exits but we should also celebrate the value created by investors and management teams working hard to deliver against their growth plans.” The fastest-growing PE-backed businesses in the region created an additional 878 jobs between 2020 and 2022. BDO’s latest bi-monthly Economic Engine survey of 500 mid-sized businesses revealed that 37% of Midlands businesses are either currently looking for private equity investment or will do so in the next three months. Whereas, 48% shared they wouldn’t consider PE-backing with the biggest barriers cited as not knowing how to engage the right adviser or business owners favouring a trade sale with no requirement to be involved post-deal. Steve added: “Private equity investment can be a real force for good as this growth also fuels innovation and job creation in the Midlands. Looking ahead, there’s a significant opportunity for the region which is home to so many high-quality businesses. “Investors have the capital and appetite to back more entrepreneurs to scale up and we have the experience to support business owners and PE houses on that journey.” *EBITDA stands for earnings before interest, taxes, depreciation and amortisation.

Inflation comes in lower than expected for February

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Inflation comes in lower than expected for February
Inflation came in lower than expected for February, heading back in the right direction. Annualised inflation stood at 3.4% in February, measured by the consumer prices index (CPI), down from the 4% reported in January and below the 3.5% forecast. The largest downward contributions to the monthly change came from food, and restaurants and cafes, while the largest upward contributions came from housing and household services, and motor fuels. Meanwhile, core inflation, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, was 4.5% in the 12 months to February 2024, declining from 5.1% in January.

Alpesh Paleja, Lead Economist, CBI, said: “Inflation is heading in the right direction, and should fall below the Bank of England’s 2% target sometime in the Spring. However, the path beyond this is likely to be bumpy: shifting base effects mean that it will likely rise back above 2% later in the year, before settling down more sustainably.

“While the Bank of England are likely to look through these ups and downs, they will still want to see more definitive movement on domestic price pressures before committing to cutting interest rates.”

Revenue and profits slip at Eurocell

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Revenue and profits slip at Eurocell
Eurocell plc, the manufacturer, distributor and recycler of window, door and roofline PVC products, has seen a slip in its revenue and pre-tax profits. According to preliminary results for the year ended 31 December 2023, profit before tax stood at £11.7m, down from £26.2m in 2022. This was, however, in line with expectations. Revenue, meanwhile, declined from £381.2m in 2022 to £364.5m. This came against a challenging backdrop, as noted by Eurocell, with a weak repair, maintenance and improvement (RMI) market and particularly severe decline in new build housing.

Darren Waters, Chief Executive of Eurocell plc, said: “The trends reported at our half year results in September continued for the remainder of 2023, with some further modest weakening in our key markets. Against this challenging backdrop, we are pleased to report profits for the year in line with expectations and strong cash flow generation.

“We took early and decisive action on costs in response to lower volumes and have continued to focus on efficient working capital management, driving a good cash flow performance. Whilst the near-term outlook for our markets remains challenging, these actions leave us well placed to benefit from a market recovery when it comes.

“Our review of strategy is now complete and I am very pleased with the outcome. Looking ahead, we have identified a clear pathway to building a £500m revenue business, generating a 10% operating margin over a five-year period, built around four pillars; Customer Growth, Business Effectiveness, People First and ESG Leadership.

“This is an ambitious vision, but when we aggregate the growth opportunities, and apply a degree of sensitivity, we believe it is an achievable target, with the potential to create significant shareholder value.”

Over 160 new energy-efficient homes to be built in Bolsover

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Over 160 new energy-efficient homes to be built in Bolsover
Chesterfield housebuilder, Woodall Homes has secured a resolution to grant permission at Bolsover District’s Planning Committee for one of the firm’s biggest developments to date. The development lies on the countryside edge of Bolsover and will comprise 161 energy-efficient properties, with a mixture of one to five-bedroom homes, including bungalows. Accessed by a new tree-lined link road connecting Shuttlewood Road and Oxcroft Lane, the scheme will feature broad swathes of attractive, accessible open spaces, with multifunctional green infrastructure, landscape corridors, wildlife-friendly habitats and a local play area for community use, along with pedestrian and cycle connections linking to Bolsover’s amenities. Darren Abbott, Planning Director at Woodall Homes, said: “We are absolutely delighted to have secured a successful resolution to grant full planning permission for our new site in Bolsover. “This will be one of our largest developments and will make a significant contribution to achieving our targeted growth as a business in the coming years. It will cater for a wide range of needs within the area, providing accommodation perfect for couples, families and buyers who are ready to downsize.”

Rolls-Royce selects design partner in key milestone for expansion of Raynesway site

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Rolls-Royce selects design partner in key milestone for expansion of Raynesway site
Rolls-Royce has appointed multi-disciplinary professional services consultancy WSP as its non-fissile design partner – a key milestone in the expansion of its Raynesway site.
In June last year, it was announced that Roll-Royce would be doubling the size of its Submarines site in Derby to meet the growth in demand from the Royal Navy, and as a result of last year’s AUKUS announcement. This increase in demand will see new manufacturing and office facilities being built and will create 1,170 skilled roles across a range of disciplines, including manufacturing and engineering. It will be WSP’s role to design these new facilities and the infrastructure that links the site together.

Rolls-Royce Submarines Infrastructure Director Terry Meighan said: “AUKUS won’t be delivered by one or two companies. It will take strong partnerships across the whole supply chain to meet the increased demands for the critical work we do. Selecting WSP as our design partner is the start of our journey to meeting the demands placed on us.

“Throughout the procurement process WSP stood out when demonstrating their technical capability, capacity and culture. Importantly, they also shared our vision and commitment to delivering our commitments to the MOD and the wider AUKUS agreement.”

Oliver Curlett, Head of Defence & Security at WSP, said: “WSP is proud to be partnering with Rolls-Royce to design optimised, resilient and complex critical infrastructure which enables ongoing delivery of its world-leading capability to customers, both now and into the future.

“We are excited to bring our expertise to the team and are committed to ensuring collaborative delivery of Rolls-Royce’s infrastructure programme, in support of AUKUS and as a key part of wider MOD strategic commitments.”
The next milestone in Rolls-Royce’s ten-year expansion programme is to select the non-fissile construction partner, who will bring WSP’s designs to life. They will be tasked with building the manufacturing and office facilities and the adjoining site infrastructure. The winning firm will be announced in the coming weeks. Rolls-Royce Submarines currently employs more than 4,500 people and designs, manufactures and provides in-service support to the pressurised water reactors that power every boat in the Royal Navy’s submarine fleet. WSP is one of the world’s leading professional services consulting firms with 67,000 employees worldwide and over 9,000 professionals in its UK business. Rolls-Royce is currently supporting the existing Astute and Dreadnought boat build programmes through the delivery of reactor plant and associated components. Additionally, it provides frontline support across the world for reactor plant equipment from its Operations Centre in Derby and supports the submarines when in the Barrow-in-Furness shipyard and the naval bases at Devonport and Faslane.

Wellingborough automotive firm acquired

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Wellingborough automotive firm acquired
Raffenday Ltd, the automotive harness wiring manufacturer and distributor, has been sold to a US corporate, TTI Inc. Based in Wellingborough, with a facility in Slovakia, Raffenday Ltd have been supplying the automotive, marine and industrial markets for over 20 years. The UK development centre specialises in product design and project management as well as the manufacture of prototypes and low volume assemblies, while the facility in Slovakia specialises in the manufacture of medium to high volume harnesses and cable assemblies. Headquartered in Fort Worth, Texas, TTI Inc. is a world-leading authorised distributor and specialist in electronic components for industrial, military, aerospace and consumer electronic manufacturers worldwide. Howes Percival advised Raffenday’s General Manager and Sales Director Simon Blincow, along with seven other shareholders, on all of the legal aspects of the deal.  This included a significant cross-border element involving a pre-sale reorganisation, liaising with and instructing the Slovakian lawyers to coordinate both the pre-sale reorganisation and the diligence/disclosure, and negotiating an appropriate warranty suite on the Slovakian share transfer agreements. Other challenges involved ratifying historical share transfers in the company and issues relating to the company’s statutory registers and carrying out a share buyback for a minority shareholder. Head of the Milton Keynes Corporate team, Andy Harris, led the Howes Percival team, assisted on corporate matters by Bradley Johnson, with Sobia Ahmad and Anna Bithrey advising the clients on their service contracts and settlement agreements, and Michelle Woolston on a new lease of the target’s UK premises. Chloe Bristow dealt with all company secretarial and governance matters, while Sam Moore advised on tax. The cross-border transaction involved expertise from HKV Law Firm in Slovakia, who also acted for the sellers and Knights plc and Accace, who acted for the buyer. Howes Percival’s Head of Automotive, Tom Redman, said: “We are delighted to have worked with the Raffenday team to bring this complex transaction home. It is a fantastic deal for all parties involved and one that once again showcases the breadth and depth of the firm’s automotive expertise across the entire sector. “A large part of the complexity was due to the cross-border element, which meant the UK sellers needed to appoint Slovakian lawyers as their attorneys. Procedural regulations in Slovakia meant that a strict timetable had to be adhered to in order to carry out an effective transfer.”

Revenue rises while pre-tax profits slip at Mortgage Advice Bureau

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Revenue rises while pre-tax profits slip at Mortgage Advice Bureau

Mortgage Advice Bureau has seen revenue rise and pre-tax profits dip in its final results for the year ended 31 December 2023.

Revenue grew to £239.5m, up from £230.8m in 2022, while statutory profit-before tax slipped to £16.2m from £17.4m, and adjusted profit before tax decreased to £23.2m from £27.2m. During the year, market share of new mortgage lending was up 11% to 8.3%, though gross mortgage completions were down 8% to £25.1bn and gross new mortgage completions were down 21% to £18.6bn.

Peter Brodnicki, Chief Executive, said: “Against a very challenging backdrop in 2023, MAB continued its exceptional track record of outperformance and market share growth in all market conditions.

“Despite the severe market downturn, we continued our investment across the entire business and remained resolutely focused on long-term growth. Our proposition for growth focused mortgage and protection firms is outstanding, underpinned by best-in-class technology, lead generation and infrastructure, and our aim is to continue to further increase MAB’s differentiation versus our competitors and grow market share and profitability.

“2024 has started well, with both purchase and re-financing activity having picked up significantly. We believe this signals the early stages of a market recovery that builds towards a catch-up year in 2025, with pent-up demand continuing to be released as consumer confidence and affordability increase.

“Although we expect organic adviser growth to start building some momentum again in H2 as our AR firms gain more confidence in the sustainability of the recovery, recruitment activity in terms of new AR firms is exceptionally strong, reflecting the significant strides we have made in terms of our technology and lead generation developments, as well as how we have engaged with and supported our partner firms with the introduction and integration of Consumer Duty.

“Following an exceptionally strong year for our most mature investment First Mortgage, strong progress has been made in terms of efficiencies and lead sources in all our other AR investments, with adviser productivity in these firms being significantly higher than our average across the Group. We expect a record performance from our investments this year and believe the portfolio will contribute to accelerated Group profit growth over the medium term.”

Yü Group delivers another set of record breaking results

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Yü Group delivers another set of record breaking results

Yü Group, the independent supplier of gas and electricity to the UK corporate sector, has reported “significant growth” in revenue and profitability for 2023.

According to final audited results for the year to 31 December 2023, revenue grew to £460m, up from £278.6m in 2022, following strong sales bookings.

Profit before tax, meanwhile, increased to £39.7m, from £5.8m in 2022.

Bobby Kalar, Chief Executive Officer, said: “It’s been an extraordinary year and I’m very pleased with our strong performance, delivering another record breaking set of results.

“We have a strong forward order book which continues to build into 2024, and with this high degree of predictability, I remain confident in delivering another strong performance and continuing to deliver further shareholder value in 2024 and beyond.

“We’ve made significant strategic and operational progress. I’m very excited by the capability of Yü Smart and the value it creates for the Group. We have a transformational new commodity trading agreement with Shell, and all the foundations and digital-led systems in place to ensure continued growth.

“We are increasing our dividend payment to reward our loyal investors and we look forward to providing further growth in shareholder distributions.

“I’m grateful to the Board who continue to deliver the right blend of challenge and encouragement to me and my team.”

Five Midlands Councils awarded £17.6m funding to get EV chargers on our streets

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Five Midlands Councils awarded £17.6m funding to get EV chargers on our streets
Five Midlands Councils, in collaboration with Midlands Connect, have come together to successfully bid for £17.6m of Government’s Local Electric Vehicle Infrastructure (LEVI) Fund to get more EV charge points onto our streets. Midlands second Electric Vehicle Infrastructure Consortium, alongside Sub-national Transport Body Midlands Connect, have successfully bid for £17.6m of Government funding together, to help the region not only to accelerate the number of EV charge points on our streets as well levelling up our regions EV ambitions across rural and urban areas. The cash has come from the Government’s Local Electric Vehicle Infrastructure Fund, in which each local authority has been allocated an individual amount from that pot and additional private investment from chargepoint operators will enable the achievement of chargepoint socket aspirations. The £17.6m funding will equate to approximately 8,000 new charge sockets across the consortium area and is also likely to support approximately 11,138 jobs in the whole electric vehicle charging supply chain. The second Midlands EV infrastructure Consortium is led by Nottinghamshire County Council and is in partnership with Derby City Council, Derbyshire County Council, Nottingham City Council, Staffordshire County Council and Midlands Connect. Analysis by Midlands Connect found the Midlands needs over 58,000 new public EV charging points by the end of 2030 to meet the needs of the growing EV market, with over 2m EVs expected on our region’s roads by the end of the decade. It’s hoped this latest good news around the Government funding will spur on more region-wide installation of charging points. Maria Machancoses, CEO of Midlands Connect, said: “It’s great to see Government supporting our collaborative approach to delivering EV and today’s announcement will lead to thousands of new chargers being installed, transforming how we travel around our region and beyond. “We are helping councils working together to charge ahead and provide this vital infrastructure for their communities. “The collaboration draws on their collective knowledge and expertise to deliver on street charging, making it even easier for those without driveways to make the switch to cleaner travel. “We hope in the coming weeks the rest of our consortiums will also receive investment so we can continue to supercharge the Midlands and lead the way in EV infrastructure.”

Phoenix, Leicester names new CEO

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Phoenix, Leicester names new CEO
Phoenix, Leicester has appointed Kate Chadwick as CEO, assuming the role from John Rance who retires in April after more than 13 years at the charity. Kate has worked in the cultural and charity sector for over 20 years, and brings to the role her strategic leadership knowledge gained at diverse organisations, coupled with experience in community engagement and developing new audiences. As Deputy Director of MK Gallery in Milton Keynes she was responsible for managing their £12m capital development, which launched successfully in March 2019. Then in 2022 she took on the role of Executive Director at Stanwick Lakes, Northamptonshire – a unique 750 acre countryside attraction and protected nature reserve which attracts over 300,000 visitors a year – where she led the development of new hospitality and visitor services, and established a new exhibition programme. Kate said: “I’m thrilled to be joining Phoenix at this exciting time in the charity’s history, following its multi-million pound expansion. Phoenix is at the cultural heart of Leicester and I look forward to working with its dedicated and talented team to continue to grow the organisation and bring new cultural, creative and business opportunities and experiences to the city’s diverse communities.” Ali Sinclair, Phoenix’s Chair, said: “After an extensive recruitment process which attracted a lot of interest, I am delighted we are making this announcement to welcome Kate Chadwick as our new CEO. “Kate has a background which is both art and venue based, and she understands the challenges and opportunities of the role. Kate starts at the beginning of April; we know that she is very excited about joining Phoenix and I very much look forward to working with her. “The board is indebted to retiring CEO John Rance for his commitment to Phoenix, his resilient leadership and wide ranging expertise that have been invaluable in steering Phoenix through some very complex and challenging times. “He has worked tirelessly with the board, stakeholders and the senior management team to deliver the recent capital expansion and he leaves us with a tremendous legacy of a bigger and even more vibrant Phoenix as a platform to realise our artistic, community and business ambitions. “We wish John every happiness in his retirement from Phoenix, this will be a period of change and adjustment for all of us who have worked closely with him for many years.” Peter Knott, Midlands Area Director, Arts Council England, said: “We’re delighted to welcome Kate Chadwick as Phoenix’s new Chief Executive, who brings a wealth of sector experience across galleries and other visitor attractions to the role. “I’d also like to pay tribute to John Rance, who has led the organisation for 13 years, which included overseeing the major redevelopment of the building which saw an additional two screens and new kitchen and café bar added to the site last year. I’d like to wish him good luck for his retirement.”

East Midlands Combined County Authority unveils ambitious blueprint for the future

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East Midlands Combined County Authority unveils ambitious blueprint for the future
The first formal meeting of the new East Midlands Combined County Authority (EMCCA) takes place this week – with council leaders set to discuss an ambitious blueprint for the region’s future. The EMCAA board, made up of the four leaders and deputy leaders from Derbyshire, Derby, Nottinghamshire and Nottingham councils will debate a number of key reports at their first meeting on 20 March. Reports on the agenda include the EMCCA’s strategic economic framework which outlines an ambitious programme to improve the lives of everyone who lives and works in the region. The framework focuses on the importance of growing the region’s economy for everyone’s benefit by targeting investment to speed up economic growth, improving transport links to towns, cities and major employers in the East Midlands and working with partners so people can develop key skills needed across the region. The organisation will work with local authorities, landowners, developers and housing providers to create affordable, good quality housing, and to retrofit existing homes to make them more environmentally sustainable. It also plans to pioneer new forms of clean energy generation, support work to bring green spaces and nature back into communities and improve health life expectancy, especially in the region’s most disadvantaged communities and places. The board meeting takes place in Chesterfield ahead of elections for the region’s first Mayor, on Thursday 2 May. Following the elections future board meetings will be chaired by the Mayor. The board meeting will be followed by an EMCCA launch event in Chesterfield for partners and stakeholders from across the region.

Revenue ticks up at Nottingham recruitment group while profit dips

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Revenue ticks up at Nottingham recruitment group while profit dips
Staffline Group, the recruitment and training group, has hailed a “robust trading performance across 2023.” Announcing its audited results for the year ended 31 December 2023, the Nottingham-based business posted revenue of £938.2m, up from £928.1m in 2022, which Staffline said highlighted market share gains predominately in Recruitment GB. Underlying operating profit, meanwhile, was slightly ahead of market expectations, “against challenging trading conditions.” At £10.3m, it dipped from £12m in 2022. Furthermore, gross profit stood at £80.8m, down from £82m.

Albert Ellis, Chief Executive Officer, said: “I am pleased to report that Staffline has delivered a robust trading performance across 2023, demonstrating the resilience of the Group’s operating model against a challenging macro-economic backdrop and also the success of our strategy.

“We continued to grow our recruitment market share, driven by a healthy pipeline of contract renewals and awards, alongside further strengthening our cash position which enabled us to carry out a £5m share buyback programme, an important part of our capital allocation policy.

“Our results for 2023 are a testament to not only the resilience of our business, but also the hard work of our team who have worked tirelessly to deliver these results. I would personally like to thank all our talented leadership and dedicated staff for their unwavering commitment to Staffline’s success.”

Northampton investment sale completed on behalf of Lidl

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Northampton investment sale completed on behalf of Lidl

A building occupied by The Gym Group in Northampton has been sold in a deal brokered by commercial property consultancy Johnson Fellows.

AMK2 Real Estate Ltd has acquired the 16,963 sq ft unit on a 1.26-acre site at Gambrel Road from the retail chain for an undisclosed sum.

The property is currently occupied by The Gym Group on a 15-year lease, expiring in 2033. AMK2 Real Estate was represented by Jack Brown of TDB Real Estate.

The former purpose-built supermarket, with 75 parking spaces, occupies a prominent roadside position alongside Sixfields Retail Park. Occupiers nearby include Sainsbury’s, Next, M&S, Boots, TUI, Poundland, Costa and Lidl.

Johnson Fellows’ agency partner Chris Gaskell works alongside Lidl on the acquisition and disposal of sites across the country.

He said: “We are working hand in hand with Lidl to identify sites for new supermarkets, while also disposing of land and property that is no longer required. The site at Gambrel Road, which has an excellent occupier, was surplus to requirements and we are therefore delighted to announce that it has been acquired by AMK2 Real Estate.” 

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