Rolls-Royce SMR has signed a multi-million-pound contract and Memorandum of Understanding (MoU) with nuclear services and technology company, BWX Technologies.
Signing the detailed design contract for the nuclear steam generators is another step forward in the development of the Rolls-Royce Small Modular Reactor (SMR).
BWXT subsidiary, BWXT Canada Ltd based in Ontario, has been producing steam generators for the nuclear energy industry for more than 60 years and has supplied more than 315 steam generators to plants around the world.
Ruth Todd, Rolls-Royce SMR’s operations and supply chain director, said: “The agreement with BWXT for the design of the nuclear steam generators – reinforced by an MoU to support the first units in a global fleet of Rolls-Royce SMRs – is another major stride forward for our organisation.
“Sourcing these critical components from world-leading suppliers is part of our ‘designed for delivery’ approach – combining modularisation and proven nuclear technology – significantly reducing cost, construction time and removing project risk. This is undoubtedly an important milestone, and there remain a huge range of opportunities for the supply chain to become involved and contribute to this transformational programme.”
John MacQuarrie, president for BWXT Commercial Operations, added: “This agreement is a strong example of how BWXT is positioned to enable nuclear reactor developers around the world to meet the growing demand for clean, reliable energy. We look forward to further developing this collaboration with the team at Rolls-Royce SMR and continuing to build out this robust nuclear manufacturing chain.”
The agreement includes development of a localisation strategy to support future manufacturing and related activities in the UK, Czech Republic and across Europe – maximising opportunities for local suppliers to engage in this work supporting jobs, growth and skills, and delivering meaningful benefits to local communities.
To enable its localisation strategy, Rolls-Royce SMR will host supplier days in both the UK and Czech Republic.
These events are the latest in a series that will provide updates on the opportunities ahead across critical categories, including pumps, valves, heat exchangers, tanks, vessels, turbine island and aspects of civil engineering and construction.
Rolls-Royce SMR has multiple SMR commitments in Europe, having been selected as preferred bidder in the Great British Energy – Nuclear SMR competition, and by European utility, ČEZ, to build up to three gigawatts of new nuclear power in the Czech Republic.
Multi-million-pound apartment project takes another step forward in Nottingham
A multi-million-pound project that is transforming a Nottingham gateway has taken another step forward after planning was submitted for additional residential accommodation.
Riverleen House in Electric Avenue, Nottingham is a former Experian office block. It has already secured planning approval for its conversion into 118 studios and apartments aimed at executives and professionals. Now, planning has been submitted by Nottingham developer ALB Group to convert the loft space into one and two-bedroom apartments.
Arran Bailey, managing director at ALB Group, said: “As Nottingham centric developers with national experience, creating quality accommodation in our hometown is very important to us, especially in locations where residential accommodation is much needed.
“Transforming Riverleen House from commercial space into quality residential apartments in a location that is perfect for professionals working at the University of Nottingham, Queen’s Medical Centre and Boots, will help fill the need for accessible homes in the city.”
If approved, work on the additional 42 apartments will begin six weeks after being given the go-ahead.
The £25m+ project is set to be finished at the end of the year with the first residents expected to move in by the end of 2026.
The reimagining of Riverleen House brings together the vision of ALB Group and the design expertise of Leonard Design Architects.
John Morgan, director at Leonard Design Architects, said: “It is so positive that ALB Group is investing more money into the city to deliver more much-needed homes for Nottingham while breathing new life into this area by adapting commercial space.
“Since the pandemic and with more people working from home or hybrid working, there has been less need for office space in city centres. The conversion of this commercial building will help deliver housing targets, maintain and improve a major gateway into Nottingham as well as ensuring disused space is reinvigorated and transformed into a desirable residential location.”
Riverleen House was constructed for Experian in 1997 and refurbished in 2015. ALB Group acquired the site for an undisclosed figure, but it was marketed at £7.5m with FHP Living.
Rushton Hickman adds to Agency Department
Rushton Hickman has welcomed Sam Rowland to its Agency Department.
Sam joins as an agency surveyor, working across the sale and letting of all types of commercial property and development land. This includes everything from offices and industrial units to retail premises and mixed-use sites across Staffordshire and Derbyshire areas.
In his new role, Sam will be supporting clients of all sizes – from local business owners and landlords to investors and developers.
Managing director, Graham Bancroft, said: “We’re really pleased to have Sam on board. His enthusiasm and commitment to delivering excellent service will be a great addition to our growing agency team.”
Of his new appointment, Sam said: “I’m really excited to be joining Rushton Hickman, it’s great to be part of such a knowledgeable and friendly team, and I’m looking forward to getting involved in a wide variety of projects.”
Construction begins on new Sharphill Community Centre
Work has begun on Rushcliffe Borough Council’s new community venue in Sharphill near Edwalton, which will provide a new space for residents, groups and businesses to enjoy.
Sharphill Community Centre will strengthen the local area by offering a new focal point that complements and supports the new communities being created, designed to bring people together by supporting local activities.
At the heart of the design is a spacious multi-purpose hall for up to 40 people, providing a space for hosting clubs, running classes and holding community gatherings.
The centre will also be home to a meeting room, fully equipped kitchen, publicly accessible toilets for use by allotment and community park visitors and a small storage facility for use by the Friends of Sharphill Woods.
With construction set to be completed in Spring 2026, the new facility, located off Rose Way, will enhance community facilities available locally.
With environmental considerations in mind, a PV Solar array will be positioned on its south-facing roof and an air source heat pump will be installed to ensure the structure is as carbon clever as possible.
27 parking spaces, six disabled spaces and five cycle spaces will be created for visitors of the community centre.
The facility is part of phase seven of Vistry Homes’ and Countryside Properties’ development.
Cllr Jonathan Wheeler, Rushcliffe Borough Council’s portfolio holder for leisure & wellbeing, ICT & member development, said: “It’s great to see work is underway on the construction of the new Sharphill Community Centre.
“The new state of the art facility will provide residents and businesses with a modern and accessible location to hold events, meetings and celebrations within the heart of this new community.
“This is another positive step as we look to further provide the best possible facilities for our residents as part of our ongoing Leisure Strategy and we have carefully listened to the views of the local community by including a storage facility for the Friends of Sharphill Woods, supporting their valuable ongoing work.”
Vistry North Midlands operations director Calum Madden added: “I’m proud to share our involvement in delivering the new Sharphill Community Centre for Rushcliffe Borough Council.
“This project represents our ongoing commitment to creating lasting, high-quality spaces that serve the needs of local communities.
“The new centre at Sharphill will provide a vital hub for residents, supporting a range of community activities and services and we’re pleased to play a key role in helping bring this important facility to life.”
East Midlands Investment Zone marks first year of activity
The East Midlands Combined County Authority is celebrating a major milestone this month as the East Midlands Investment Zone (EMIZ) marks its first year of activity.
The 10-year programme aims to unlock millions of pounds in investment, creating new opportunities for businesses and communities, and laying the foundations for thousands of high-quality jobs in the region.
Launched in October 2024 with £160m of funding from the Government, EMIZ is designed to supercharge growth across the region by focusing on two key strengths: clean energy industries and advanced manufacturing.
Mayor of the East Midlands, Claire Ward said: “The East Midlands Investment Zone provides a once-in-a-generation opportunity for the people in our region – and in just 12 months we are already seeing the results.
“Thanks to £160m of Government funding, we are investing in the skills, innovation, and infrastructure that will create thousands of well-paid jobs and make the East Midlands a magnet for clean energy industries and advanced manufacturing.”
The programme aims to attract at least £383m in private sector investment and generate up to 4,300 skilled jobs – driving inclusive economic growth for communities in the region.
The first year of EMIZ has seen progress across its three designated strategic sites, Infinity Park in Derby, Hartington Staveley near Chesterfield, and Explore Park near Worksop, as well as a number of supporting projects across the wider region.
Key achievements include:
- Outline planning permission being granted and initial work starting on industrial and warehouse developments on the 20-hectare Hartington Commerce Park site.
- The University of Nottingham creating innovation roadmaps and supporting 15 cutting-edge projects testing innovative products and processes for the green economy and advanced manufacturing.
- The University of Derby shaping a skills pipeline to connect local people to high-value careers.
- Enabling works at the Derbyshire Rail Industry Innovation Vehicle (DRIIVe) to support the region’s growing rail cluster.
- Feasibility work on a second Nuclear Skills Academy at Infinity Park Derby.
Actons takes home Law Firm of the Year at LawNet Awards
Actons, the independent law firm in Nottingham, has been named Law Firm of the Year (up to £6m turnover) at the LawNet Awards 2025/26.
The award was presented at the LawNet Annual Conference and Awards, where Actons directors Alastair Rose, Heather Parker, and Matt Coleman accepted the trophy on behalf of the entire team.
The award judges were looking for a firm that had demonstrated all round excellence and significant progress over the last year. The firm’s ‘clear strategic vision and strong leadership’ were highlighted along with how the firm balances ‘sustainable growth with great client service and a thriving people centred culture’.
Investment in refurbishing its Regent Street base and investing in technology was also noted as being key to the award win, with Actons described as a ‘firm with clear direction, strong foundations, delivering lasting success for clients, colleagues and community’.
Chris Murratt, director & CEO at Actons, said: “We did it! I am so proud of everyone at Actons. This award is a fantastic recognition of the hard work, commitment, and passion our team shows every day. It’s a privilege to work alongside such talented people in our fabulous city of Nottingham and to see the firm continue to grow, thrive, and deliver outstanding legal services for our great clients.”
Matt Coleman, director & chief operations officer, added: “Collecting this award with Heather and Alastair topped off an amazing day with the LawNet community. It represents the incredible effort and dedication of the whole Actons team. We’re proud to be recognised among such a strong network of firms and excited to keep building on this success for our colleagues, clients and community.”
LawNet is a network of independent law firms across the UK, and the annual awards celebrate excellence in strategy, client service, innovation, and performance.
Melton’s Stockyard redevelopment rescheduled to 2026
The redevelopment of Melton’s Stockyard, the food and events hub at the town’s Cattle Market, will now begin in July 2026 following a project review by Melton Borough Council.
Originally planned to start in spring 2025, the delay follows the completion of the planning phase and adjustments to accommodate ongoing events and design updates. The revised timeline aims to minimise disruption for existing traders and ensure alignment with major events such as the Artisan Cheese Fair and NBA Beef Expo, both scheduled for May next year.
Cllr Pip Allnatt, Leader of Melton Borough Council stated that “We’re pleased to confirm that the Stockyard project continues to move forward, with the planning phase now complete and the focus shifting to preconstruction and operator engagement. Construction is scheduled to begin in July 2026, following two of Melton’s flagship events in May – The Artisan Cheese Fair and the NBA Beef EXPO – both of which showcase the town’s proud agricultural and food heritage and reinforce its identity as the Rural Capital of Food.”
The project forms part of the £22.95 million Rural Innovation in Action scheme, a joint initiative between Melton Borough and Rutland County Councils backed by UK Government funding.
Once complete, the redevelopment will introduce four new buildings and an expanded events space designed to enhance the site’s role as a regional centre for food production, enterprise, and tourism. The project is projected to create 110 permanent jobs and attract an estimated 50,000 additional visitors annually.
The Stockyard currently houses several local food and drink businesses, including Round Corner Brewery and Feast and the Furious smokehouse, alongside weekly and specialist markets.
Phenna Group completes 20th deal of 2025 with acquisition of BCA Concepts
Nottingham-headquartered Phenna Group, which invests in and partners with selected niche, independent Testing, Inspection, Certification and Compliance (TICC) companies, has acquired BCA Concepts, a team of building code and access consultants based in Adelaide, Australia.
The transaction represents Phenna Group’s 20th deal of 2025, further strengthening its technical capabilities in the Asia-Pacific region. BCA Concepts will sit within Phenna Group’s highly integrated Built Environment Division.
Founded in 2019, BCA Concepts provides a range of building code, performance-based design, and accessibility consultancy services. Commenting on the acquisition, Tom Januskevicius, director of BCA Concepts, said: “Joining Phenna Group is an exciting new chapter for BCA Concepts.
“Since our founding, we’ve worked hard to establish ourselves as a trusted partner in code and accessibility consultancy, and this partnership allows us to grow further, strengthen our offering, and continue delivering outstanding service to our clients.”
Brett Coleman, divisional managing director for Asia at Phenna Group, said: “I’m very pleased to welcome BCA Concepts into Phenna Group. Their expertise in building certification and accessibility adds real depth to our regional platform. With their strong reputation and highly accredited team, BCA Concepts will be a great addition to our network in Australia.”
Phil Marshall, CEO of Phenna Group, added: “The addition of BCA Concepts further strengthens our footprint in Australia and enhances the specialist technical expertise we can offer across the region. Their reputation, technical skills and client relationships are an excellent platform for growth, and I’m very excited to support their continued success as part of Phenna Group.”
Phenna Group were advised by RSM and Thomson Geer, while RSP and Holding Redlich advised BCA Concepts.
Practical completion achieved at Greggs’ new national distribution centre
Tritax Big Box Developments has achieved practical completion at a new national distribution centre for Greggs at Symmetry Park Kettering.
Built by main contractor, TSL, the new 311,551 sq ft facility has been designed to achieve a minimum of BREEAM ‘Excellent’ standard, an EPC A rating and meet net zero carbon in construction requirements. The building has been handed over to Greggs for the company to undertake its fit-out.
Jonathan Wallis, managing director at Tritax Big Box Developments, said: “We are delighted to have delivered this outstanding build to Greggs on schedule, allowing them to keep on target to become operational by 2027. The completion of this building is the result of a great working relationship with Greggs, TSL, North Northamptonshire Council and many other stakeholders.”
Tritax Big Box Developments has also secured planning permission for an additional 100,000 sq ft of floor space to support Greggs’ future expansion.
Kuldip Bains, supply chain director at Greggs plc, said: “Completing this stage of our new distribution centre at Symmetry Park marks a major milestone in our supply chain transformation. This purpose-built facility will play a vital role in supporting our growth strategy, enabling us to serve more customers, more efficiently, as we target 3,500 shops across the UK.”
The project team includes SGP, Trinity, Hannans, Feasibility, and Basepower. Joint agents for the scheme are DTRE, BNP Paribas Real Estate and Cushman & Wakefield.
Goodwin forecasts £71m pre-tax profit as defence demand drives growth
Engineering group Goodwin plc expects to double its pre-tax profit in the financial year ending 30 April 2026, projecting earnings of more than £71 million compared to £35.5 million in 2025.
The company attributed the growth to its strong order book, valued at around £365 million, and increased visibility across several defence and nuclear programmes that have not yet been included in its confirmed pipeline. All divisions contributed to the group’s performance, though profitability and growth varied across its business units.
Goodwin noted that its newly developed Polyimide Division is expected to start contributing to earnings in the next financial year.
The board expressed confidence in the group’s ongoing expansion, citing consistent product quality and a solid pipeline of long-term contracts as key drivers.
In its leadership update, the firm announced the appointment of Adam Deeth as finance director and Anthony Thomas as director, effective 28 October 2025. Deeth, who joined Goodwin in 2022, previously served as group chief accountant, while Thomas, who joined in 2019, has been group general counsel since 2021.
Founded in the 19th century, Goodwin remains one of the UK’s longest-standing engineering firms with operations spanning foundry, mechanical, and materials engineering.
Next increases profit guidance as sales exceed expectations
Leicestershire-headquartered retailer Next has increased its full year profit guidance, as sales exceed expectations.
In the thirteen weeks to 25 October, full price sales were up 10.5% compared to last year. This is £76m ahead of Next’s guidance for the period of 4.5%.
Sales overperformed in both the UK and overseas, with UK sales up 5.4% versus last year (lower than the 7.6% growth Next achieved in the first half, but ahead of guidance of 1.9%). Overseas sales were up 38.8% on last year (ahead of the 28.1% growth achieved in the first half, and exceeding guidance of 19.4%).
Looking to its fourth quarter, Next is increasing its guidance for full price sales from +4.5% to +7%, adding a further £36m of full price sales to the business’s forecast. The increase in sales in Q3, along with improved sales guidance for Q4, has seen Next uplift full year guidance for profit before tax by £30m to £1.135bn.Unimetals Recycling files second administration notice amid ongoing investment talks
Unimetals Recycling (UK) Ltd, a major player in the nation’s metal recycling and processing sector, has filed a second notice of intention to appoint administrators. The move provides the company with additional time to secure funding as it continues its search for new investment.
Headquartered in Stratford-upon-Avon, the business had previously lodged its first notice earlier this month after failing to raise the capital needed to finalise a £195 million deal to acquire Sims Metals UK. Its primary investor has since withdrawn from the funding process, delaying progress toward completion.
Unimetals is continuing formal discussions with potential financiers after reporting strong interest from multiple parties. The company said the extra period granted by the second filing will allow it to pursue a binding agreement aimed at stabilising operations and ensuring the continuity of its business relationships across employees, suppliers, and customers.
East Midlands take-up growth dominates Big Box market for Avison Young
The East Midlands continues to dominate as the most active region in the UK Big Box market for Avison Young, accounting for 39% of all take-up and contributing to a third consecutive quarter of growth, the highest level of activity since Q3 2022.
Most of the region’s activity was located at the Prologis-owned DIRFT in Daventry. Occupiers include Marks & Spencer (acquiring a 1.3m sq ft warehouse), GXO (acquiring a 328,000 sq ft logistics warehouse) and XPO (acquiring a 280,000 sq ft unit).
Overall, the market recorded Grade A take-up of 7.2 million sq ft between July and September 2025, highlighting sustained momentum across the sector, but supply constraints could threaten to slow progress.
Across the UK, retail occupiers took the highest share of space at 42%, driven by significant deals involving Furniture Village, Tesco, and Marks & Spencer’s Northamptonshire development, the largest contributor.
David Willmer, principal and managing director, industrial and logistics at Avison Young, said: “We’ve seen another strong quarter of big box occupier activity – just 6% below the five-year Q3 average – underpinned by strong retail demand. The East Midlands continues to cement its position as the UK’s industrial heartland, with a notable surge in activity.”
Nationally, the year-to-date take-up is 9% higher than 2024, with full-year volumes anticipated to surpass last year’s total. Investment volumes in Q3 reached £389 million, up 30% year-on-year but still 48% below the five-year Q3 average.
Despite demand peaking, there are warning signs of challenges on the horizon. Supply continues to be unchanged from the previous quarter at 55.3 million sq ft, dominated by second-hand units at 44% of the total.
Only 16% of space is under construction, limiting the immediate options for occupiers, and the current supply pipeline is also heavily weighted towards smaller units (100,000 sq ft – 399,999 sq ft), which made up almost nine in every ten units available (88%), severely restricting options for occupiers with larger space requirements.
With occupier appetite showing no sign of slowing, the market’s next test will be how quickly new, larger-scale stock can come forward to meet demand. Sustained take-up growth is a positive signal, but without fresh supply, that momentum could soon be constrained.
David added: “While the outlook for the sector remains highly positive, with take-up expected to surpass 2024 levels, persistent stock constraints are becoming a growing concern. Only around one in ten units currently on the market exceeds 400,000 sq ft – a real challenge given the unprecedented demand for larger retail space, exemplified by Marks & Spencer’s 1.3m sq ft facility in Northamptonshire.
“To sustain this growth trajectory, the market needs to accelerate the delivery of new, large-scale Grade A space. Without fresh supply coming through, there’s a real risk that momentum could stall just as confidence returns to the sector.”
Center Parcs chief corporate officer appointed CBI East Midlands Council chair
Raj Singh-Dehal, chief corporate officer at Center Parcs UK & Ireland, will be taking over as chair of the CBI’s East Midlands Council in the new year from Danielle Gillett, chief executive of EMB Group, who has held the role for the past two years.
A qualified solicitor and business professional, Raj Singh-Dehal brings over 25 years of experience in strategic leadership across legal, risk, HR, ESG, procurement, technology and strategic projects. Raj has built a career working across private practice, financial services and large businesses.
Raj brings extensive experience of leading across multi-disciplinary teams and business challenges and of working in fast-paced environments. Over the years, Raj has worked across a wide range of stakeholder influencing and management activity across the UK and in Ireland.
Raj is a passionate advocate for diversity, equity and inclusion whether in the workplace, in education or broader settings, with a particular interest in social mobility.
Nikki Paterson, CBI Midlands regional director, said: “I’d like to thank Danielle for her support to the CBI team and our members throughout the past two years. She’s championed the region through her work with the CBI and other regional and local organisations, and I would like to thank her for her commitment as chair.
“I’m really pleased to welcome Raj as Regional Chair from January. Raj brings a wealth of experience and strategic insight from his role as Chief Corporate Officer at Center Parcs, which will be hugely valuable as we continue to champion the interests of businesses across the region. I look forward to working with him to ensure the East Midlands remains a dynamic and competitive place to do business.”
New CBI East Midlands Council chair, Raj Singh-Dehal, said: “Having lived and worked in the East Midlands for 20 years, I’ve seen its significant transformation. With excellent universities, superb connectivity, and a diverse business base, from micro-businesses to multi-nationals, the region is uniquely positioned to drive economic growth and national regeneration.
“The CBI is the essential voice needed to champion this agenda, and I look forward to ensuring our collective influence shapes Government thinking.”
Outgoing CBI East Midlands Council chair, Danielle Gillett, said: “It’s been an honour to be in this role and to have contributed to the CBI through a time of economic turbulence and change. Over the past couple of years we’ve clearly demonstrated the value of the CBI’s strategy and unique economic insights to policy makers and members, as well as continuing to amplify the voice of businesses from the East Midlands.
“It’s great to know that the leadership of the Regional Council goes forward in very capable hands with Raj picking up the reins, supported by the CBI’s regional team. I wish him all the best and he’ll continue to have the support of the diverse and outstanding business leaders who comprise the Council, and the wider business community who we represent, too.”
Stepnell reports steady growth and plans for expansion
Stepnell has recorded its fifth consecutive year of profit, with turnover rising to £112 million and expected to reach £140 million in the current financial year. The construction firm attributes this sustained performance to disciplined sector targeting, regional expansion, and its participation in framework projects.
The company recently established a new regional base in Liverpool to strengthen its presence across the North West. It has also benefited from high levels of repeat business and selective bidding, supported by several senior appointments and refined governance processes designed to manage risks in a volatile construction market.
Stepnell has increased its investment in directly owned plant, helping to reduce operational costs and improve delivery efficiency. Its cash reserves have also grown due to stronger financial management, including tighter payment controls and account closures.
Tom Wakeford, chief executive at Stepnell, said:
“I am really pleased with where Stepnell is. We are ambitious and are currently focusing on setting longer term plans for the business. The organisation is in a strong position heading into 2026, with 96% of its planned revenue being secured by August.”
The release of its year-end accounts provides Stepnell an opportunity to take stock of its position, Tom added.
“We can rightly be proud of Stepnell’s performance over the most recent reporting period. This ever-improving position is indicative of our ongoing focus in making sure we are the right construction partner for each new scheme we take on, and our experience has shown that the earlier we are engaged on a project, the greater the probability the scheme will be a success for both us and our client.
“We’re proud to say that more than three-quarters of our work is with repeat clients where our previous projects have exceeded their expectations, a key driver being our ongoing focus on delivering excellent engagement.”
These results mark Stepnell’s first full year of trading since its demerger in September 2025, which transferred the business to Wakeford and his family. The company remains focused on steady expansion, improved profitability, and maintaining financial resilience as it moves into the next financial cycle.
Ilkeston leisure club placed on the market for new ownership
A major sports and leisure venue in Ilkeston, Derbyshire, has been put up for sale, marking a new chapter for one of the town’s most established fitness destinations.
The Manor, a long-standing health and racquet club, is being marketed by business property adviser Christie & Co. The site features international-standard squash courts, a multi-level gym, a dance and martial arts studio, a lounge bar, treatment rooms, and a fully equipped catering kitchen. It also includes a function space frequently used for events, parties, and weddings.
Located centrally in Ilkeston, the club operates on a membership model, with pay-as-you-go access available. It has served as a community hub for sport and fitness for nearly two decades.
Owned and operated by the Hayden family since 2007, The Manor is now being offered for sale as the family turns its attention to other ventures. The listing provides an opportunity for investors or leisure operators to build on the existing facilities or introduce new offerings, such as padel courts, subject to planning approval.
Gabriela Williams at Christie & Co commented, “This is a very exciting prospect which we expect to appeal to a wide range of potential buyers. It would be fantastic to see the building and the value it brings to the community thrive under new ownership.
“The club would be a great addition to an independent health and fitness operator’s portfolio, or a fantastic opportunity for a new start-up business. We encourage interested parties to get in touch with us.”
Christie & Co is inviting offers for the property’s long ground lease.
£175m decline in R&D tax relief claims by Midlands SMEs
There has been a marked fall in the number of SMEs in the Midlands making research & development tax relief claims, according to research by accountancy and advisory firm Azets.
The drop has prompted a specialist at the firm to warn that local businesses should use the valuable tax relief support – or lose it.
Chris Dale, a partner with Azets, issued the warning after analysing the latest HMRC figures for 2023-24.
There were 2,245 claims [3,350 in previous year] in the East Midlands, with a total cost of £120m [£215m in previous year]; Derbyshire and Nottinghamshire made 970 [1,395 in previous year], Leicestershire, Rutland and Northamptonshire 980 [1,545 in previous year] and Lincolnshire 295 [410 in previous year].
Manufacturing led with 835 claims [1,160 in previous year], followed by information & communication at 395 [545 in previous year] and professional, scientific & technical at 320 [450 in previous year].
Chris said: “We are finding that the reduced benefit for SMEs, the latest compliance rules and relatively high time and cost investment to make an R&D claim are discouraging SMEs, in particular smaller SMEs.
“The decrease is concerning because the funding helps encourage businesses to develop new technologies, which in turn benefit the regional economy.
“Innovation costs are considerable, yet successful innovation, whether a new product, service or process, can generate new revenues and additional tax, which then offset the relief. Companies with genuine claims should not be put off.”
Claims by SMEs – which account for nearly 99% of businesses in the UK – fell by nearly one-third compared to the previous tax year. Just under 47,000 R&D tax credit claims for 2023-24 were made overall, a fall of just over a quarter. Tax reliefs can be between £15 to £27 for every £100 spent on R&D, based on the government’s own figures.
Chris added: “The decrease, seen locally and across all the regions, is a crying shame because this kind of funding pays the people who help local businesses develop new and exciting technologies, which in turn grow the regional and wider economy.
“Innovation costs considerable money – and a lot of innovation wouldn’t happen without taxpayer support because loss-making companies wouldn’t risk bankrolling further financial hits and profitable ones may fear being dragged into the red without recourse to public money to offset R&D outlay.
“Yet successful innovation can generate new revenues for businesses and create new taxes which more than cover what was put in by the taxpayer. Companies with genuine claims should not be put off.
“Worryingly, the government’s figures show that SMEs aren’t making as many R&D tax credit claims, with a decrease of nearly one-third compared to the previous year, and this is undoubtedly a direct consequence of the latest compliance rules. Indeed, the number of claims last year for R&D tax credits by scheme overall was the lowest since 2016-17.”
The amount of tax relief claimed through the SME scheme in the UK fell by 29%, compared with the previous year, to £3.15 billion.
In comparison, claims for the larger companies’ RDEC scheme fell by 5%, although the amount of relief claimed rose by 36% to £4.41 billion.
According to HMRC, the provisional estimated amount of total R&D tax relief support claimed for 2023-24 was £7.6 billion, a decrease of 2% from the previous year and corresponding to £46.1 billion of R&D expenditure, which was 1% lower.
Regional allocation is based on the postcode of the company’s registered address, which might not correspond to where the R&D activity takes place.
HMRC states that it has included estimates for claims not yet received, with revisions expected in next year’s publication.
The information & communication, manufacturing and professional, scientific & technical sectors account for the greatest volume of claims, making up 72% of total claims and 71% of the total amount claimed.
Earlier this year, Azets sent a wish-list to the Chancellor about making the application process less fraught with difficulty following a tightening up on bogus claims.
On behalf of the Chancellor, the then-Exchequer Secretary to the Treasury James Murray MP responded, stating that the government is “committed to periodically evaluating the R&D reliefs to ensure they are as effective as possible and underpinned by a credible, up-to-date evidence base.”
The reply included that the government “recognises the important role that R&D plays in driving innovation and economic growth as well as the benefits it can bring for society.”
It was “committed to maintaining the generosity of the rates in both the merged R&D Expenditure Credit scheme and the Enhanced Support for R&D Intensive SMEs.”
The government stated that each £1 of public R&D stimulates between £0.41 and £0.74 of private R&D within the same year, and between £1.96 and £2.34 of private R&D over time.
In Azets’ letter to the Chancellor, attention was drawn to flaws in the claim system which have caused some significant cash delays for genuine claimants seeking to reinvest their credit on further R&D wages, prototypes and vital materials.
Mr Murray responded: “Merging the SME and RDEC schemes has simplified the system as there is now a single set of qualifying rules for the vast majority of R&D claimants. The enhanced support for R&D-intensive SMEs shares many of the merged scheme’s rules, albeit with a different rate mechanism. The Government will continue to consider longer-term simplifications and improvements to the effectiveness of the reliefs.”
Curve Theatre reports record year with £18.5m turnover
Leicester’s Curve Theatre has reported its most successful financial year to date, achieving an annual turnover of £18.5 million for 2024/25.
Between April 2024 and March 2025, more than 265,000 tickets were sold for performances at the venue. The programme included Made at Curve productions such as My Fair Lady, The Mountaintop and Fantastic Foxes, alongside national tours including Tina – The Tina Turner Musical and My Son’s a Queer (But What Can You Do?). The theatre also staged 132 accessible performances, including BSL-interpreted, captioned, and relaxed sessions.
Curve’s reach extended beyond Leicester, with its productions touring over 107 cities and drawing more than two million ticket sales. The year also marked the launch of the Kinky Boots UK and Ireland tour and the return of A Chorus Line, which completed a sell-out season at Sadler’s Wells.
As a registered charity, Curve raised over £1 million through donations, grants and sponsorship. Its creative engagement programmes attracted 27,500 participants, with more than 350 school groups attending performances. Around 1,000 artists participated in development programmes, supported by 1,220 hours of in-kind rehearsal space.
Speaking about the results, Curve’s Chief Executive Chris Stafford and Artistic Director Nikolai Foster said:
“We are immensely proud to report on another terrific year for our theatre — the most successful since we opened our doors in 2008. Not only did attendance reach an all-time high for audiences here in Leicester, but working in partnership with other theatres and commercial producers we were able to fly the flag for Curve around the UK and internationally, reaching over 2 million people.
Curve would not be the place it is today without the people who make it happen, and these outstanding results are a testament to the incredible team at Curve and the talents of our wonderful freelance colleagues. As always huge thanks to the support from our fantastic audiences, donors, sponsors, and our principal funders Arts Council England and Leicester City Council.
Whilst we are delighted to share such positive news, like most theatres we are operating in an ever-more challenging environment, with rising costs continuing to affect our operations. We urgently need to build sufficient funds for essential capital replacements to ensure Curve thrives into the future.”
Nearly one-third of audiences were first-time visitors, and 1,000 free tickets were distributed through community networks, reinforcing Curve’s commitment to accessibility and community engagement.
£25m investment fund to power East Midlands growth
The East Midlands Combined County Authority (EMCCA) has opened its Autumn 2025 Investment Fund, making up to £25m available to support projects that will drive growth, create jobs, and improve lives across the region.
The fund will back strategic, deliverable projects that align with the region’s ambition to build a fairer, greener, and more prosperous East Midlands.
Mayor of the East Midlands, Claire Ward, said: “This is a major milestone for the East Midlands. By launching this £25m fund, we are backing the brilliant ideas that deliver real results for local people.”
This funding round follows the EMCCA Board’s approval in September of a new “twin-tracked” investment approach – supporting both short-term deliverable projects and longer-term strategic programmes that can make a lasting difference.
About 75 project proposals were received though the expression of interest call, representing about £160m of investment opportunities – demonstrating strong demand and ambition across the East Midlands.
A shortlist of projects will now be invited to bring forward full business cases to secure investment.
Mayor Claire said: “We want to see bold, practical projects that will shape the future of our places and our people. This is about supporting businesses to grow, improving skills, and investing in the places we’re proud to call home.”
Alongside this funding round, EMCCA is evolving its investment approach. Future funding rounds will move towards a thematic, place-based approach. EMCCA will work closely with public and private partners to develop project portfolios that focus on shared priorities rather than traditional open competitions.
eComOne appoints ex Rise at Seven co-founder, Stephen Kenwright, as non-executive director
Lincoln-based Google Premier & Shopify Plus eCommerce marketing agency eComOne has appointed Stephen Kenwright, ex co-founder and former chief commercial officer of Rise at Seven, as non-executive director as the business enters its next phase of growth.
Stephen co-founded search-first creative agency Rise at Seven in 2019, serving first as COO and then CCO. During his tenure, he grew the agency to £7m in annual revenue, 110 staff, offices in Sheffield, Manchester, London and New York, and more than 70 industry awards before exiting after three years.
With over 13 years’ experience in leading agencies that have set the standard for high-quality digital experiences for global retailers, Stephen joins eComOne to support strategic operations and help the agency become the go-to eCommerce specialist for search and paid media in the UK.
Stephen Kenwright, non-executive director of eComOne, said: “I’ve known Richard and the eComOne team since I joined them on their eCom@One podcast a few hundred episodes ago (before it was cool), so I’ve watched them grow and enjoyed advising them along the way.
“I’m excited to make it official and help them accelerate the impact they’re already having on clients and the industry. I’d especially love to help put Lincoln on the digital map in the same way I’ve helped Sheffield and Leeds in previous businesses.”
Richard Hill, CEO and founder of eComOne, said: “Stephen has built and led one of the most exciting agencies in the UK and his experience will be invaluable as we continue to scale. I’ve followed his journey for years and have always admired the way he combines creativity, strategy and commercial thinking.
“Having him officially join us feels like a perfect fit at the perfect time, as we push to become the go-to eCommerce search and paid media agency in the UK and continue to put Lincoln on the digital map.”
eComOne was recently promoted to Shopify Plus Partner status, reinforcing its commitment to delivering world-class eCommerce marketing solutions. Stephen’s appointment comes at a pivotal time as the agency continues to scale nationally.
