Access to capital is top challenge for mid-sized businesses

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Access to capital is top challenge for mid-sized businesses
Trying to source new capital, such as bank loans, grants and private equity, is the most significant challenge for over a quarter of the UK’s mid-sized businesses, according to the latest research from accounting and advisory firm, BDO. BDO’s bi-monthly survey of 500 mid-sized businesses, which looks at the challenges and opportunities facing UK companies with a turnover between £10m-£300m, reveals nearly one in three (32%) have ambitions to access new finance, such as additional bank loans, government grants, private equity or venture capital, or via a listing on UK public markets in the next six months. However, difficulties accessing finance are proving problematic and restricting growth ambitions. More than a quarter (27%) say it is one of their biggest challenges over the next six months, with a similar number (26%) now struggling to deliver on their growth plans, such as entering new markets or offering new products or services. Manufacturers are struggling the most with challenges around accessing new capital (32%), with real estate and construction businesses following closely behind (31%). These findings come as high borrowing costs, driven by elevated interest rates, make it more challenging for mid-sized businesses to access and service debt finance. In addition, while official data suggests inflation may be easing, higher costs across the board remain a constant battle for businesses looking to grow. Businesses reported that high costs in the supply chain are a persistent problem. One in five (20%) are suffering from increased costs as a result of changes to trade policy and regulation, such as different tariffs or customs rules, while a similar number (18%) say costs such as fuel are too high. Business outlook improves after technical recession Despite difficult trading conditions, mid-sized businesses remain cautiously optimistic. Over half (53%) feel more confident about the outlook for their business for the rest of the year compared with the second half of 2023, when the UK recorded a technical recession. Many businesses surveyed were buoyed by the prospect of lower borrowing costs, as 27% expect a positive impact from future interest rate cuts. This outstrips concern from businesses who feel less confident, with one in five (20%) saying a cut may come too late to help improve their growth prospects. Business leaders are calling for the next government to help drive their growth in the long term. Over a third (36%) want to see the Government prioritise improving access to capital, for example by enabling smaller business banks to enter the market or through government grants. Almost a fifth (19%) want to see less complex regulation around listing on the London Stock Exchange, with a similar number (18%) hoping to see more progress on levelling up the regions outside London and the South East. Richard Austin, partner at BDO, said: “Access to finance is a huge contributing factor to UK economic growth. Businesses have the appetite to drive forward long-term growth plans, but the difficulties experienced in accessing the capital needed to fund that growth are proving unsurmountable for many. “Despite remaining resilient and realistic, these businesses need more support to achieve their ambitions. The mid-market is the engine of the UK economy, providing one in four jobs and over £1 trillion in revenues. “The issues they are highlighting should not be overlooked by policymakers as their growth will play a key role in the overall economic recovery of the UK.”

First East Midlands Combined County Authority Mayor elected

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First East Midlands Combined County Authority Mayor elected
Claire Ward (Labour and Cooperative Party) has been elected as the first East Midlands Combined County Authority Mayor with 181,040 total votes. The mayor will lead the new East Midlands Combined County Authority (EMCCA), which will have access to more than £4 billion of new investment in the region for skills, transport, housing and regeneration and net zero – with further investment likely to follow. The vote has been hailed as an “historic moment” in the region’s future which can turn round decades of under-investment. It also means decisions about key issues affecting the future of people, places and businesses across the East Midlands will now be taken here in the region rather than down in Westminster. The £4 billion investment has been made possible by a landmark devolution deal which means government has handed back some of its powers to an East Midlands mayor and combined county authority. The East Midlands Chamber reacted warmly to the appointment, with Chief Executive Scott Knowles saying: “I’d like to extend my congratulations to Claire Ward as she takes on this new role of Combined County Authority mayor. I look forward to sharing insight with Claire into the needs of businesses in Derbyshire and Nottinghamshire as this new chapter for the two counties unfolds. “I wish Claire every success as Combined County Authority mayor and at East Midlands Chamber we stand ready to work with Claire in highlighting the key issues facing businesses in the East Midlands. While there is plenty of growth potential in Derbyshire and Nottinghamshire, the skills gap and the need for reform in areas like transport are ever present, as are the prohibitive costs of doing business.” Nikki Paterson, CBI Regional Director for the Midlands, said: “Congratulations to Claire Ward and Richard Parker on their election as East and West Midlands Mayors respectively. After a difficult few years for people and businesses across the Midlands, there’s really no time to waste in getting the local economy firing once again. “Delivering jobs, opportunity and prosperity has to be at the very top of the new mayors’ ‘to do’ lists. That means pressing ahead with ambitious plans to modernise the local economy and bring high growth sectors to the area. “Advancing plans to build a Gigafactory at the Coventry Airport site and continuing to support high growth potential sectors, like tech and advanced manufacturing, would be two significant steps to achieving that goal. “With East Midlands Hydrogen also representing the UK’s largest inland hydrogen cluster, we need to see greater collaboration between the mayors’ office and industry leaders to ensure we can fully capitalise on this incredible driver of growth.” D2N2 LEP Chair, Elizabeth Fagan, said: “I warmly congratulate Claire on her successful election as our new East Midlands Mayor. I’m truly confident that Claire, our new mayor, will champion the voice of our hard-working, successful businesses, from micro, to SMEs, to global corporates, and ensure a strong economic and inward investment strategy for low carbon economic growth, skills, transport and housing. Our time is now.”

FIFA partnership with Loughborough University paves way for turf testing

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FIFA partnership with Loughborough University paves way for turf testing

A partnership involving Loughborough University and football’s governing body is hoped to improve the durability, safety and performance of artificial pitches.

FIFA have this week issued new testing methods and introduced new testing devices which will be used to assess artificial playing surfaces in line with the highest industry standards. The changes are the first since 2015 – when the FIFA Test Manual for Football Turf was last updated. Prof. Steph Forrester from the University’s Sports Technology Institute said: “With the development in artificial pitches since the standards were last updated, it was important that we assess the move in technology and implement a new foundation for testing to take place. “More and more football is being played every week and these artificial surfaces need to be able to handle it. “As part of the FIFA Football Turf Technical Advisory Group, we’ve worked incredibly closely with FIFA and Labosport to finalise these new tests which looks to ensure pitch quality across the globe whilst developing new, safe and sustainable innovations and technologies.” Work at the University led the development of a new advanced artificial athlete algorithm – providing a comprehensive insight into the surface’s performance by measuring peak shock absorption, peak deformation, and energy return – and a lighter and more advanced rotational traction athlete test – providing a deeper understanding of the surface’s rotational traction characteristics.

High-tech Lincolnshire agricultural initiatives win financial backing from Government

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High-tech Lincolnshire agricultural initiatives win financial backing from Government

Two high-tech agricultural businesses in Lincolnshire have been offered funding from a national £7.5 million pot to support innovation and growth.

An automated blueberry harvesting project led by Eyre Trailers in Coningsby, in partnership with the University of Lincoln, and a daffodil harvesting scheme at C Wright and Son in Gedney have each been offered around £300,000 as a share of £1.84m awarded to 12 projects across the east of England. The money has come from the new Launchpads programme managed by Innovate UK which offers small and medium enterprises (SMEs) grants from £25,000 to £300,000 for R&D and innovation projects that focus on agrifood. The Eastern England Launchpad is being supported by the Greater Lincolnshire Local Enterprise Partnership, the Cambridgeshire and Peterborough Combined Authority and Norfolk and Suffolk County Councils. Ten other successful projects across the area include novel biological defences against aphids, enhancing the fibre content of food and drink products, enhancements in crop breeding, and creating new types of plant-based food packaging. The objective of the Eyre Trailers automated blueberry harvesting project, which stands to secure £299,693, is to develop and demonstrate a fully automatic machine for harvesting blueberries, one of the UK’s most important soft fruit crops. The proposed machine will be fully automatic and will feature new berry removal and bush gripper systems. It will be designed to remove berries from the bush by the use of innovative shaking systems and should be available for widescale deployment by UK growers next year. Blueberries are now the second largest soft fruit sold in the UK, with the industry  expanding to meet demand, but still only has a 7% share of the market. “We’re very privileged to have been offered the grant and to be working with the University of Lincoln, and we’re looking forward to bringing the project to fruition,” said Bob Eyre from Eyre Trailers. “Without this grant it would be difficult to bring this product to market, so we’re really grateful. “Blueberry harvesting is very labour-intensive as growers are completely reliant on hand-picking. Finding the workers to do it is difficult and expensive, so everybody is looking to reduce the labour costs and make the job more viable. Currently lots of fruit is left unpicked because the growers can’t find the labour for the harvest. “By the end of the project we aim to be manufacturing a machine that’s fit for purpose and that satisfies the blueberry growers. It will be quite a big growth area for us and it could really rejuvenate our business.” The daffodil harvesting project, which has been offered £299,985, is being led by Autopickr in Cambridge with Lincolnshire grower C Wright & Son as a partner. Horticulture has traditionally offered growers high incomes from small areas of land, but the total land area used for horticulture has declined by 15% since 2020. To combat shortages of labour and high labour costs the project will develop a multi-functional robotic platform capable of horticultural tasks that cannot be automated using simple machines like tractors or harvesters. An asparagus harvester has already been developed and will launch in the next three years, and growers have highlighted the fact that flower production, specifically daffodils, is another promising area in which to develop robotic capabilities. The daffodil picker will feature a sophisticated robotic arm, a platform weighing less than 45kg, and an artificial vision system to recognise picked flowers for the arm to collect and transport. Success in this project will lower labour costs for English growers and reduce barriers to the growth of daffodil production, which is a lucrative export market for growers. “We are very pleased to have received funding for this project,” said Adam Cunnington from C Wright & Son. “Labour is getting hard to come by and any method of automating our harvest has to be the way forward. We have every faith in the project delivering automation to a much needed harvest operation.”

83% of all website customers did this before buying…

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83% of all website customers did this before buying…
Over the past six months, local video production company Glowfrog have been collaborating closely with White Knight Appliances to create product videos for each appliance showcased on their website, with the aim being not only to enhance SEO and drive traffic to the site, but also to increase sales conversions. Mr Bulgacs, the director of White Knight Appliances, observed remarkable results following the implementation of these product videos. “Having seen a significant uplift in sales after integrating the videos onto our website – indeed selling out of one particular fridge-freezer within just four days – we decided to monitor customer behaviour closely,” he explained. “What we discovered was that a staggering 83% of all purchases were made by people who had viewed the corresponding product video. Combine this with the fact that sales increased so rapidly and I can only conclude that these product videos have been even more powerful than I’d hoped.” This revelation underscores the profound impact that video marketing can have on consumer behaviour and purchasing decisions. Matt, director at Glowfrog, said: “We are delighted to see such tangible results for our client. This is yet another example of how video marketing can really help businesses to boost sales and enhance brand visibility.” If you’re looking to increase sales on your website, Glowfrog Video Production can help you by producing outstanding and effective product videos. Website: www.glowfrogvideo.com Phone: 01332 492 465 Email: hello@glowfrogvideo.com 

High street records fifth month of negative in-store sales

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High street records fifth month of negative in-store sales
In-store sales fell by -1.7% in April, which is the fifth consecutive month of negative results, according to new data from BDO’s High Street Sales Tracker. BDO’s data, which records sales across discretionary spend categories, highlighted that while overall sales, combining both online and in-store, remained flat at +0.4% in April, it was the performance of high street stores which brought the overall figure down. This drop is primarily due to a significant fall in sales in the fashion sector, with in-stores sales down -8.3% compared to April 2023. The fashion sector’s poor performance means that it has now recorded eight consecutive months of negative in-store sales. The homewares sector also saw a negative in-store result, with sales down -1.5%. However, online sales provided a small boost, increasing +8.2% in April, bringing the homewares overall total to +1.8% year on year. The lifestyle sector was the only category to record positive in-store and non-store sales figures last month, also recording +1.8% increase compared to 2023. In-store sales grew by +3.4% whilst non-store increased by +5.8%. Sophie Michael, head of Retail and Wholesale at BDO, said: “This is yet another disappointing set of results for the retail sector. While an increase in online sales may offer a glimmer of hope, it’s clear that consumers are simply not spending their spare cash on the high street. “The fashion sector will be particularly concerned by such a poor sales performance in the run up to summer. Unpredictable and unseasonably cold weather may have dampened the mood of shoppers who would usually be investing in their spring and summer wardrobe.” Sophie continued: “The competition for the consumer purse has never been fiercer. With us recording a seventh consecutive month of negative or <1% growth for discretionary spend categories, retailers should be realistic in thinking this may not be a temporary trend. “Those who want to succeed must acknowledge that the competition is not just with other retailers but with the hospitality, leisure and travel sectors, with many choosing ‘experiences’ over products. If sales continue to fall, it may mean we see more consolidation in the sector, more empty stores, and a real risk to a crucial part of the UK economy.”

MEC’s acoustic team bolstered with new associate

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MEC’s acoustic team bolstered with new associate
A new associate has been appointed at Midlands technical consultancy, MEC Consulting Group, enabling the firm’s Acoustic team to expand its services. Martin Hamer joins MEC as associate acoustic consultant, bringing with him over two decades of experience, including most recently as a director of a specialist acoustic consultancy employing ten staff. A full corporate member of the Institute of Acoustics (IOA), Martin has worked on hospitality, healthcare, education, commercial and residential developments across the UK. His appointment means MEC can now offer building acoustic design and compliance testing for developers, housebuilders and architects, complementing existing environmental-based services. “I was attracted to the role with MEC because of their strong reputation in residential development and felt this aligned well with my skillset,” said Martin. “After conversations with Alex it became clear the company has entered an exciting new phase and there would be opportunities to support the growth of the acoustics side of the business. “Part of my role is to manage and mentor our teams in Leicester and Birmingham, which have a wealth of talent, as well as bring in new professionals as our work increases. With the Midlands’ property sector especially active, I’m confident our building acoustic design service will positively support new build sites and conversion projects across the region,” adds Martin. MEC’s Managing Director, Alex Bennett concludes: “Acoustics are a critical part of any development planning and early engagement with a specialist can significantly help streamline a project. “As demand for our work in this field has increased, the timing was right to recruit an experienced professional who could not only immediately add value for our clients but could also act as a mentor for the next generation. Martin’s credentials made him the standout candidate and we’re delighted to welcome him to the team.”

Council successful in purchase of former B&M site as part of major transformation plans

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Council successful in purchase of former B&M site as part of major transformation plans
Boston Borough Council have been successful in purchasing the former B&M site at the heart of the proposed Rosegarth Square development. This strategic move empowers the Council to move forward with development proposals and bring forward the vision for the area utilising £14.8 million of Levelling Up funding. The B&M store ceased operating a number of years ago and since then, the site has been earmarked for redevelopment. The area is an important part of the Council’s overall aspirations for the town centre regeneration. Leader of Boston Borough Council, Cllr Anne Dorrian, said: “Improving the town centre is one of our top priorities and we are determined to push ahead to ensure our vision becomes a reality. “Developing this large, derelict building is yet another piece in that transformation jigsaw. I am really pleased that we have been able to utilise government grant funding to purchase the former B&M site, and we have exciting ideas to ensure that the site makes a positive contribution to our town.”

New East Midlands legal firm hopes to break the mould

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New East Midlands legal firm hopes to break the mould
The owners of a new niche property and planning law firm hope to transform the market with a service that builds trusted partnerships while moving away from the traditional hourly billing model. Experienced lawyers Shruti Trivedi and Iain Hibbert have launched Devello Group, a specialist planning and property development practice with offices in Nottingham and Lincoln. The co-founders and friends, who have more than 40 years of legal experience jointly, have previously led large teams in one of the East Midlands’ biggest law firms. “It just felt the right time to strike out on our own and create a new kind of law firm – we want to do things differently in a holistic way and saw a gap for a niche service in the market,” said managing director Shruti, an experienced specialist planning solicitor in the public and private sectors. “I have worked with Iain for almost a decade and we thought the time was right to pursue our shared vision of developing a new working model in our own practice. Our costs structure is very flexible to suit the needs of the client and the project, rather than simply billing time on an hourly rate basis. “Every case will be priced according to the specialist knowledge and value we can deliver following a discussion with the client about their and the case’s needs. Of course, time recording cannot be avoided in situations such as court hearings, but our ethos is to always work efficiently and effectively, focusing on the quality of our work and creating long-term relationships. “Our approach has been well received so far – clients have told us this flexible system is refreshing. We want them to see us as part of their internal team and that our collaboration and our bespoke advice is adding real value.” As well as its niche law practice, Devello will offer a high-level strategic advisory service to developers, landowners, promoters, investors and others in the planning and development sectors. The team will be involved from the outset of a deal being negotiated to ensure that legal constraints are considered. The team can also manage the entire project for the client to ensure a smooth process. The company has ambitious growth plans and wants to create numerous jobs over the next two years, at its head office in Regent Street, Nottingham, and in Lincoln, where it has an initial base at the Chamber of Commerce. Iain, a property expert and Devello’s CEO, said he hoped the company’s model would inspire change in the legal world. “We know there are long-held traditional practices that people adhere to but it was important to us to free our team from the pressure of timesheets. We want to look after our people and create a genuinely close-knit team that works together to achieve the best results with our bespoke offering. “We’re also ensuring that we’re technologically as advanced as possible to give information quickly in an easily digestible way. “We want to show clients and the wider industry that you can promote change for the good. We will have a strong client focus and agree a cost structure that suits both sides.” Both Iain and Shruti were equity partners at their previous firm before setting out on their own. Shruti, recognised as a ‘Leading Individual’ in the Legal 500, has expertise in drafting and negotiating complex agreements, advising on strategic housing schemes nationally and dealing with judicial review and statutory challenge procedures. Beyond her legal work, she is also a trustee at young people’s charity Base 51 in Nottingham. Iain has a background in residential and commercial development, commercial property transactions and energy projects including offshore wind, solar and battery projects. To find out more about Devello Group, visit their website here: https://devellogroup.co.uk/ Or contact them on 0115 704 2500 or via email: info@devellogroup.co.uk

Campaign launched by Nottinghamshire charity to build new community facility

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Campaign launched by Nottinghamshire charity to build new community facility

A Nottinghamshire-based charity has launched its campaign to build a new facility in the city with a series of significant donations from local organisations.

The Marcellus Baz Foundation – which encompasses Switch Up and the Nottingham School of Boxing – announced its plans for a new building which will combine its community services at a launch event featuring long-time charity patrons Torvill and Dean.

The foundation’s current rented space is suffering from mould and damp, and recently had a portion of its ceiling collapse, rendering it unfit for purpose.

The campaign – named #BuildingPositiveFutures – initially hopes to raise £550,000 to unlock further funding, which will help towards the £4.15m build cost for the proposed new facility.

Fundraising was kickstarted on the night by a £100,000 donation from BNA Charitable Incorporated Organisation, and £50,000 from Experian, which organised the launch event hosted by Switch Up patron Darren Fletcher.

The TNT Sport broadcaster quizzed the duo on their legendary partnership ahead of the 40th anniversary of their gold medal-winning performance of Bolero at the Winter Olympics in Sarajevo.

The pair also spoke at length about their passion for supporting the charity, having been involved as patrons for nearly a decade.

Dean said: “Switch Up has created an environment that is a real family and gives purpose to children and young people who could very easily go off the rails if it wasn’t there. It’s a true community which was initially built around the boxing gym but is now so much more.”

Speaking as the campaign for the new building was announced, Marcellus Baz thanked the patrons for their support, and welcomed pledges from the audience in the room to kickstart the fundraising.

“Switch Up works on a five-pillar system which combines mentoring, education, employability and counselling with physical activity,” he said. “We give people the opportunities and lifelines that they need – we’re the last line stopping people from being imprisoned, committing serious crimes, carrying knives, getting involved in gangs or being radicalised.

“To do this, we need to have a sanctuary where children and young people can come and feel safe, secure and feel able to engage – we don’t have that at the moment. This new building will be that sanctuary, but we can only get there with everyone’s help.

“We’re asking people to pledge a donation, in-kind support or even just sharing the need and the opportunity with their network.”

Paul Simpson, trustee of BNA, said: “Switch Up is already making an incredible contribution to the communities in Nottingham and Mansfield. When we looked at the history behind Switch Up and the work that Marcellus Baz and his team have done to help prevent crime, improve behaviour at schools, help youngsters with their education and work with partners to help them find employment, we were very excited about the new Community Hub project in Nottingham.

“Having the new premises and resources will enable the Switch Up team to continue helping Nottingham’s children and young adults to develop and improve their mental and physical health and wellbeing. Having that direction will help the young people to build their self-confidence and pride through achievement.”

Richard Donovan, head of corporate responsibility at Experian, said: “The services provided by Switch Up in Nottingham are needed now, more than ever. As a local employer, Experian believes in the importance of helping people in Nottingham realise their potential and we are excited to see the opportunity to help larger numbers of young people that the new community hub will bring.”

To support the campaign, please visit justgiving.com/campaign/buildingpositivefutures

Appointment sees 3RS IT Solutions welcome one of the UK’s youngest company directors to its Board

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Appointment sees 3RS IT Solutions welcome one of the UK’s youngest company directors to its Board
IT consultancy, 3RS IT Solutions, has appointed Ethan Malvern to its Board of Directors. Ethan joined the company as a 16-year-old infrastructure technician apprentice with Baltic Apprenticeships, and has swiftly risen through the ranks as a trusted and well-respected member of the team, serving as Service Team Leader and most recently, as Services Operations Manager. Now aged 19, Ethan joins the company’s Board alongside Leila Souch and the company’s Managing Director and Founder, Steve Souch, making him one of the youngest company directors in the UK. Ethan’s appointment marks the start of an important chapter for the business, which now employs four people in sites in Wellingborough and Nottingham. Together, the team has big plans for the company’s future including growth into new areas later this year. Steve said: “We couldn’t be prouder of Ethan and everything he has achieved in the three years he has been working with us. “When I first met him as a 16-year-old, he reminded me so much of myself at that age. He used his initiative to secure an interview with me and his enthusiasm just shone through. “When I had to take time away from the business at the start of this year, Ethan stepped up without hesitation, dealing with everything from accounts to marketing, and I could see the team was in very safe hands. “I was incredibly grateful to him for his support. He has come such a long way in a very short space of time, and he absolutely deserves his success.” Ethan said: “I am thrilled to have been appointed as a director, it means a great deal to me personally to be recognised in this way. We have a great team at 3RS, including highly-skilled, professional engineers, who are trained to find the very best IT solutions possible. For our clients, it’s very much business as usual. “My role will remain very much hands-on and I will still be available to support our clients in any way that I can – something I feel passionately about.”

Final designs revealed for Leicester railway station revamp

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Final designs revealed for Leicester railway station revamp
Final designs for the revamp of Leicester’s historic railway station have been revealed by the city council. New visuals have been released showing how the multi-million-pound project will transform the landmark station building with improved facilities for passengers and a new public plaza to create a more accessible and attractive gateway into the city. The railway station redevelopment is led by Leicester City Council in partnership with Network Rail and East Midlands Railway (EMR). The project is backed by £17.6 million from the Government’s Levelling Up Fund which aims to invest in infrastructure that improves everyday life across the UK. Final development proposals detailing the ambitious plans have been submitted by the city council for approval. Under the plans, the station’s main entrance will be moved from London Road to Station Street, which will be closed to traffic and replaced with a new pedestrianised public plaza. Work is now under way to prepare for the demolition of 48a London Road, which stands immediately next to the railway station. This will be complete by late-summer and will create the space needed for the redevelopment to go ahead. It will also reveal the original façade of the historic Grade-II listed building. This will be carefully restored to its Victorian glory and form the new entrance, facing directly towards Granby Street and into the city centre. Pick up and drop off points, including for hackney cabs. will be relocated from inside the station’s existing covered entrance hall – or porte-cochere – to a new location at the rear of the station, off Fox Street and close to the new entrance. The glass-roofed porte-cochère will be completely overhauled to provide an attractive and welcoming place for cafes, bars or retail. A new curved ramp, steps and lift will provide easy access to the new entrance and main concourse ticket hall, which will also be remodelled including a wider ticket barrier, to provide more space for passengers. Secure bike storage will be provided underneath the new entrance ramp. Outside, a new and now larger public plaza will feature rainwater gardens and new tree planting. The statue of Thomas Cook will be moved to a prominent position within the scheme to ensure that it continues to serve as a reminder that Leicester was the birthplace of popular tourism.
Image courtesy of Leicester City Council
City Mayor Peter Soulsby said: “Leicester’s railway station is a landmark building but as a vital transport hub, it needs a radical revamp to meet the needs of a modern city the size of Leicester. “We have been working closely with our rail industry partners and listening carefully to feedback from the public as we progress and develop these ambitious plans that will improve the station and revitalise this important gateway into our city. “The award of almost £18 million of extra Government investment into the city through the Levelling Up Fund is powerful endorsement of the importance of the project. It will make a vital and lasting contribution to Leicester’s future growth and prosperity.” Will Rogers, Managing Director for East Midlands Railway, said: “We’re excited to work alongside Leicester City Council and Network Rail to significantly improve the facilities for our customers. “The investment will see the iconic Leicester railway station restored back to its Victorian glory. The development will transform Leicester railway station, as the gateway to the city, by encouraging integration with the surrounding community and offering an improved customer experience to all station visitors.” Gavin Crook, Principal Programme Sponsor for Network Rail’s East Midlands route, said: “We are really pleased with the early progress that has been made on the work to transform Leicester station entrance. “We’ll continue to work with Leicester City Council and East Midlands Railway to deliver these improvements to the station and improved facilities for passengers.” The council plans to appoint a main development partner this summer, following a competitive tendering exercise. Construction work is expected to begin shortly after the contractor is appointed. It is estimated that Leicester railway station is currently used by around five million passengers each year. This is forecast to increase by around 60 per cent over the next 20 years.
Image courtesy of Leicester City Council

NAHL hails “solid financial performance”

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NAHL hails “solid financial performance”
NAHL, a marketing and services business focused on the UK consumer legal market, has hailed a “solid financial performance” for 2023. In its newly released audited results for the year ended 31 December 2023, the Kettering-based business saw a 2% increase in group revenue, to £42.2m. Meanwhile, pre-tax profit was £650,000, up from £570,000 in 2022.

James Saralis, CEO of NAHL, said: “I am pleased with the solid financial performance that the Group delivered in 2023 and am encouraged that we continued to outperform the market in both Consumer Legal Services and Critical Care while further reducing net debt and building a more sustainable business.

“I would like to take this opportunity to thank our fantastic team for their continued hard work and commitment, driving our success.

“We demonstrated further improvements in our Personal injury business, which was again profitable and cash generative, and delivered double digit growth in Critical Care. These strong results position us well to maintain our growth and realise the step-change that we have been working towards as our own fully integrated law firm, NAL, matures.

“Building on our strong foundations and proven ability to navigate market conditions, the Board is confident in delivering the growth in profits and reduction in net debt in line with 2024 market expectations.”

In April 2024, the company announced it is evaluating a possible sale of Bush & Co.

Local law firm makes quartet of promotions

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Local law firm makes quartet of promotions

Local law firm Hegarty has promoted four team members. Now in its 50th anniversary year the firm, which has offices in Peterborough, Market Deeping, Stamford and Oakham, has further expansion plans.

Sarah Martin works in the Residential Conveyancing team at the Hegarty Market Deeping office and has been promoted to partner. Sarah is a CILEX practitioner and has been with the firm since 2012. Sarah deals with all aspects of residential conveyancing including freehold and leasehold sales and purchases, transfers of equity, remortgages and shared ownership transactions.

Sarah said: “I am pleased to have received this promotion and am grateful to the partners for this opportunity. I’m now looking forward to assisting in the growth and development of the firm.”

Chris Brown, head of the Family Law team at Hegarty also becomes a partner, having joined the firm in 2012. A Resolution accredited family lawyer, Chris specialises in advising clients in respect of the division of assets when their marriage breaks down. Chris also recently qualified as a collaborative family lawyer, which is a non-adversarial, solution-focussed approach to dealing with issues on divorce or separation.

Chris remarked: “I am extremely proud to be a partner of a firm with such a great local reputation and I am excited to embrace the challenges that this next stage of my career will bring.”

In addition to partner promotions, Rachael Griffiths and Tom Moore at the firm have also been promoted to associate.

Rachael began working for Hegarty after moving to Peterborough in April 2022 as a chartered legal executive in the Wills, Trusts and Probate team. Rachael deals with a variety of cases including Wills, Lasting Powers of Attorney, Deputyship Orders, and all aspects of estate administration, as well as assisting clients with Inheritance Tax planning and protection against care fees.

Rachael said: “I am very grateful to have my contributions to the firm recognised and am looking forward to continuing my work in an area of law that I love, knowing that the partners and my colleagues at the firm will continue to provide me with their support and encouragement.”

Tom joined Hegarty in 2022 as the firm’s Tax, Trust and Estate Planning specialist following 15 years working for local and national accountancy firms. His expertise is with private client matters, including high net worth individuals, trusts and estates; covering income tax, capital gains tax and inheritance tax, both the compliance and planning aspects.

Remarking on the promotions, Kally Singh, senior partner, said: “I’m pleased to announce the promotion of four of our talented team members. Hegarty is proud of its reputation for excellence and we strive to support our team in their development throughout their careers. These promotions recognise our team members’ contributions to the firm and their focus and vision for delivering excellent client care.

“We value team members who share in our vision for the firm, and we are passionate about developing our team’s professional skills and helping them achieve their career aims. We value the contribution each member of our team makes, and I am sure they will continue their significant contribution to the firm.

“We have ambitious growth plans this year as we mark our 50th anniversary, with a new office planned to open in Bourne in the Autumn and plans to further expand our team. We would be delighted to hear from legal professionals looking for a rewarding and challenging firm to make their next career move.”

Proceeds from Star Trust ball to improve local people’s lives

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Proceeds from Star Trust ball to improve local people’s lives
East Midlands charity, Star Trust – The Charitable Entrepreneurs, has donated the proceeds of its annual ball to several smaller charities across Nottinghamshire, Derbyshire and Leicestershire who are focused on improving the lives of local people. The charities were invited to an event at Graypaul Maserati Nottingham who were the headline sponsor for the annual ball at Stapleford Park Hotel and Spa last September which raised £114,000. The presentations brought the total donated by Star Trust over the past ten years to £852,642 for 114 charities – benefiting more than 71,000 people across the East Midlands. Among the recipients of the latest round of funding were: – The Children’s Bereavement Centre in Newark which was awarded £10,287 to pay for eight 1:1 bereavement counselling sessions – Pasic Cancer Support received £10,708 towards its family support service for families of the 278 children and young people who receiving treatment for cancer at Nottingham Children’s Hospital – Disability Support for Nottingham and county were awarded £2,000 to provide 400 free meals for attendees of their social groups – Derventio Charitable Trust received £2,739 which has paid for 155 essential food hampers for the charity’s supported housing residents across Derby and Derbyshire – Level Youth Collective were awarded £3,000 to support creative arts projects attended by young people in Derbyshire who are Autistic and Neurodivergent – Saffires in Leicester received £3,000 for its work to tackle the sexual exploitation of women through holistic support for women affected by prostitution – Arthritis Support Leicestershire received £4,500 to support the charity’s wellbeing activity programme Star Trust founder Steve Hampson said: “The fantastic companies and individuals across the East Midlands who support Star Trust do so safe in their knowledge that their generosity is translated into real support for real people in the heart of our local communities. “We continue to be hugely impressed by the creativity, passion and commitment shown by smaller charities across the East Midlands whose amazing work often goes under the radar but who so many people rely upon. “We always aim to support grassroot charities who are making a positive difference to people’s lives in their local communities and these charities all had compelling cases for funding. “We are now open to applications and I would encourage SME charities to contact us if they have not had funding from us in the past three years.”

DMU wins funding to support business innovation

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DMU wins funding to support business innovation
De Montfort University Leicester (DMU) has been awarded funding for four new Innovate UK-funded projects designed to help businesses innovate quickly. The Accelerated Knowledge Transfer (AKT) projects, three of which are in Health and Life Sciences and one in Computing, Engineering and Media, are worth £141,000 and will run for four months. Each project is led by an academic who will work with a business to help them develop an innovation that has potential for significant impact for that company. The projects are: •    Alpha Biolaboratories Analytical Ltd, academic Dr Urszula Krzeminska Ahmadzai – to optimise a novel data analysis approach to increase the success rate of non-invasive paternity testing •    Genvolt Ltd, academic Professor Zeeshan Ahmad – developing and testing a portable platform technology to more accurately deliver active drug compounds •    Micron Design, academic Professor Geoff Smith – to address the increasing demand for freeze-dried products in pharmaceutical manufacturing while also improving efficiency and reducing environmental emissions •    Marlow Foods, academic Dr Andrew Wright – a techno-economic feasibility study of the heating and cooling requirements of one of the company’s sites to supports its ambitions of going net zero by 2030. Casey Randall, Head of Genetics at Alpha Biolabs, said: “The AKT project is a fantastic opportunity to collaborate with an academic partner, in order to enhance our offering to our customers. In particular, we are all very excited to see what advancements and improvements the project can make to our non-invasive prenatal paternity testing service.” Dr Rhianna Briars of DMU’s Knowledge Exchange team, said the awards were a sign of DMU’s continued drive and emphasis on not only its applied research but its collaborative approach to working with businesses to tackle challenges that face industry partners. She said: “It is great to have a mechanism from Innovate UK to do these rapid collaborative innovation projects which enables different types of activity that our researchers can engage with industry contacts on.” AKTs were launched by Innovate UK in 2022, and the new awards bring the number of projects won by DMU to nine, collaborating with a range of businesses and third sector organisations.

28,000ft² let at Amber Business Centre

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28,000ft² let at Amber Business Centre
Acting on behalf of private clients, FHP’s Darran Severn has completed the letting of 28,000ft2 of industrial/warehouse space just off the A38 at Junction 28 of the M1 motorway. The letting sees local occupiers Rowes Precision Products Ltd relocate from their current base in Ilkeston to continue their growth and expansion in a much larger building which benefits from a large, oversized yard. Darran Severn said: “I am pleased to see this deal over the line and I wish the new occupiers well in their new unit. The unit sits within an excellent location just off the A38 dual carriageway and offers clean span accommodation that benefits from a light refurbishment. “Stock levels seem to be fairly consistent at present as deals are progressing and other opportunities are coming to market. The good news is that there is a good sign of demand and we do need more space to meet the requirements of a number of occupiers that we know who are looking to move.”

More than £6m AI upskilling fund launched to help SMEs

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More than £6m AI upskilling fund launched to help SMEs
From today (1 May) small and medium-sized enterprises (SMEs) can bid for a share of £6.4 million to help train their workforce to use artificial intelligence and in turn boost productivity and efficiency. Sectors set to benefit include law, accountancy, scientific research and human resources, with the UK Government making up to £10,000 available for each business so they can embrace cutting edge and efficiency boosting new technology. SMEs in these areas will be able to tap into the power of AI to streamline tasks, boost productivity, and drive growth. This could include accountants using generative AI tools such as ChatGPT to draft documents, develop new software which could help to tackle fraud, and legal professionals harnessing the power of AI to analyse lengthy documents such as contracts to provide concise summaries, freeing up time to focus on other critical areas. By adopting the enormous potential of AI technologies, SMEs across the country will be able to not only improve productivity and drive down costs, but to devote more time to identifying new areas of growth which will deliver new and improved services for consumers. Expected to support around 2,000 SMEs across the country, businesses employing under 250 staff can now apply for the support, which will see successful applicants reimbursed for up to 50% of the cost of investment in AI skills training. The move is to future-proof these businesses and incentivise investment in AI skills to ensure they retain a competitive edge through increased productivity and reduced costs, as they begin to integrate AI into their operations – building a pool of technological talent alongside supporting employee growth and development. Whilst human supervision, judgement, creativity and empathy remain vital requirements in the workplace, augmenting AI into monotonous tasks like inputting data and filling out paperwork can increase speed and efficiency and play a major part in increasing business productivity. Delivered through the UK Government’s Flexible AI Upskilling Fund, the pilot launched today will support SMEs in the Professional and Business Services (PBS) sector, with SMEs encouraged to apply between now and 31 May for grant funding to deliver training before March 2025. Businesses specialising in professional services such as law, accounting and market research, alongside those providing business services such as HR, administration and leasing consumer goods are already seeing some of the benefits AI can bring to their day-to-day operations. This includes analysing large volumes of text, answering customer service queries and generating images and text for a variety of applications, including advertising campaigns, contracts and blog posts. AI is also having a huge impact in specialised areas like drafting legal documents for law firms and creating virtual renderings for architects. While smaller enterprises often acknowledge the benefits AI can bring to business operations, many require support when it comes to identifying the training employees should undertake to suit business needs. The AI Skills for Business Framework, also launching today, will help businesses to grip the huge opportunities AI has to offer, driving innovation and future-proofing their workforce. With the support of the Department for Science, Innovation and Technology, Innovate UK and The Alan Turing Institute have developed this new framework for businesses, to identify the skills and knowledge their employees might need to use AI in the workplace and make the most of emerging technologies. Technology Secretary Michelle Donelan said: “Businesses of all sizes and across all sectors, from architecture to law and HR to advertising, are identifying the huge benefits that AI can bring in helping staff boost their productivity while cutting business costs. “I have launched this new pilot to help SMEs interested in AI adoption make it a reality by contributing towards the cost of upskilling their employees – ultimately increasing efficiency so companies can retain a competitive edge in an increasingly digital world.”

East Midlands Combined County Authority and Homes England to unlock delivery of stalled residential schemes

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East Midlands Combined County Authority and Homes England to unlock delivery of stalled residential schemes

The East Midlands Combined County Authority (EMCCA) and Homes England are joining forces to unlock the delivery of stalled residential schemes across Derbyshire and Nottinghamshire. 

Having secured a devolved allocation of £16.8 million from the Brownfield Housing Fund (BHF), under the Department for Levelling Up, Housing and Communities (DLUHC), EMCCA aims to rejuvenate brownfield sites across the region, through the delivery of between 1,000 and 1,400 new homes by March 2026. 

EMCCA and Homes England have issued a call for schemes, inviting expressions of interest from organisations – including private sector developers, local authorities and registered providers – which is open until Friday 10 May. 

Barry Cummins, Interim Land and Housing Programme Manager at EMCCA, said: “We’re committed to addressing under-investment and regional inequalities in our local area, whilst prioritising the environment and sustainability – this scheme empowers us to do just that. 

“Working with valued partners, our ambition is to build up to 1,400 new, high-quality homes, marking a significant stride toward unleashing the potential of brownfield regeneration across our region.” 

Schemes must align with eligibility and deliverability criteria, aligning with EMCCA’s Strategic Framework, which was approved in March 2024. 

Supported schemes must contribute to:  

  • Economic growth resilience
  • Skill alignment with economic needs
  • Creation of sustainable, higher-paid jobs
  • Advancement towards a net-zero economy
  • Development of coherent, sustainable transport link  
  • Reduction in inequality and promotion of social mobility  
  • Improvement of healthy life expectancy and reduction of disparities  
  • Enhancement of green spaces to foster community wellbeing and biodiversity. 

Vibrant Accountancy to support Down To Earth Derby in making a positive impact in the city

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Vibrant Accountancy to support Down To Earth Derby in making a positive impact in the city

An innovative nature-based regeneration firm that is on a journey to transform Derby city centre into an urban metropolis is set to receive support to help it scale up.

Down To Earth Derby – the community-interest company behind the Electric Daisy community garden and event space that currently occupies the former Prince’s supermarket site, in Bold Lane – was chosen by Vibrant Accountancy as winners of its Community Growth programme.

The Down To Earth Derby project is linked with Cornwall’s Eden Project, underscoring its emphasis on sustainable and community-focused urban regeneration. They are committed to transforming city spaces to enhance community well-being and environmental health through a range of activities such as educational programmes, events and promoting close interaction with nature.

Vibrant Accountancy, meanwhile, opened up entries for the programme earlier this year, offering to mentor and support companies, charities and non-profit organisations making a positive impact in Derby.

And, after receiving many worthy entries, the Vibrant Team – led by founder Bev Wakefield – chose Down To Earth Derby as winners.

Bev said: “We will be supporting Down To Earth with tailored business support that includes strategic planning sessions, cash flow forecasting, mentoring and regular profit and cash flow improvement meetings.

“For us, Down To Earth tick so many boxes. They are a sustainable organisation at the heart of the community, and we feel that, with the support that we are giving them at Vibrant Accountancy, they will be able to put their visionary plans into action.

“Like us, Down To Earth are disruptors and we are looking forward to working with them as they continue their excellent work in Derby city.”

Vibrant also chose two organisations – the Empowered Parenting Programme and a community supermarket initiative that will be run at Reach Events, near Pride Park – to receive free coaching sessions at the company’s Lodge Lane headquarters.

Bev added: “Vibrant Accountancy’s mission statement is to make an impact, and that’s what we hope we can do with the Community Growth programme.

“This is our way of giving back; by helping others to achieve their goals and make a difference to our city.”

The support comes at an important time for Down To Earth Derby as it looks to scale up its public and private sector regeneration projects, and ahead of a busy spring/summer programme of events at Electric Daisy.

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