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Economic uncertainty restricts hiring activity in the Midlands
Sustained economic uncertainty and cautious recruitment policies continued to hinder hiring activity in the Midlands, according to the latest KPMG and REC, UK Report on Jobs survey, compiled by S&P Global.
Recruiters registered the sharpest reduction in permanent staff appointments since May 2020 when the COVID-19 pandemic was at its peak. That said, recruiters displayed some confidence in temp billings, which rose for the third consecutive month.
There were marked increases in the availability of both permanent and temporary staff, with the former rising at the steepest rate since December 2020 amid increased redundancies. Pay pressures in the Midlands also strengthened during August, as recruiters mentioned that clients were raising salaries in order to attract staff, although there were mentions that the increased cost of living contributed to staff requesting higher pay levels.
The KPMG and REC, UK Report on Jobs: Midlands is compiled by S&P Global from responses to questionnaires sent to around 100 recruitment and employment consultancies in the Midlands.
Permanent staff appointments fall markedly
Recruitment consultancies based in the Midlands signalled a reduction in the number of people placed in permanent roles for the ninth consecutive month in August. The rate of contraction accelerated sharply on the month and was the steepest recorded since May 2020. Moreover, the drop in the Midlands was the sharpest of the four monitored English regions.
Anecdotal evidence indicated that permanent appointments fell due to more cautious hiring policies amid economic uncertainty. There were also some reports of candidate shortages.
August survey data signalled a rise in temporary billings in the Midlands for the third month in a row. The rate of increase eased from that seen in July and was the softest in the current sequence, however. The Midlands was the only monitored English region to report higher temp billings in August, which fell marginally across the UK on average.
Midlands-based recruiters signalled a sharp slowdown in permanent vacancy growth midway through the third quarter. Notably, the rate of expansion was the softest seen since February 2021. Growth of demand for permanent staff broadly stagnated at the UK level and was weaker than that seen in the Midlands.
Temp vacancies also expanded at a slower pace during August. The increase was the slowest for three months but slightly stronger than the UK average.
Permanent staff supply expands at fastest pace in 32 months
Adjusted for seasonality, the Permanent Staff Availability Index posted well above the neutral 50.0 threshold to signal an increase in permanent candidate numbers in the Midlands. The rate of growth was robust, the strongest seen since December 2020 and above the national average.
Higher staff supply was mainly linked by recruiters to redundancies, alongside an increase in overseas applicants.
The supply of short-term workers in the Midlands increased again midway through the third quarter, thereby stretching the current sequence of accumulation to four months. The rate of decline eased from that seen in July but remained strong overall. The rise in the Midlands was the second-softest of the four monitored English regions, ahead of the North of England.
Starting salary inflation rises to three-month high
Salaries awarded to new permanent joiners in the Midlands increased again in August. The rate of pay growth accelerated to a three-month high but remained softer than the levels seen over much of the past two years. Recruiters often mentioned that salaries had risen in order to attract suitably skilled staff, alongside increased wage demands from candidates in response to the increased cost of living.
Only recruiters based in the North of England saw a stronger rise in starting salaries than the Midlands.
Average hourly wages for temp staff in the Midlands increased for the thirty-third consecutive month in August. There were a number of reports that greater competition for scarce staff had pushed up wages. The rate of pay inflation was steep and the strongest recorded since March. Temp pay growth in the Midlands was the second-strongest of the monitored regions, behind London.
Commenting on the latest survey results, Kate Holt, people consulting partner for KPMG in the Midlands said: “It is unfortunate to see another month in which the number of permanent job roles has fallen sharply in the midst of continuing economic pressures faced by firms across the Midlands.
“These pressures are hampering hiring plans on a permanent basis but allowing for a rise in temporary roles and positions.
“Another glimmer of hope is that firms are offering up better salaries to potential candidates in an effort to attract them and take into account the cost of living crisis.”
Neil Carberry, REC Chief Executive, said: “August is always a slower month for new permanent roles, but this has been exacerbated in 2023 by the lack of confidence to start the new hiring we saw among firms in the Spring.
“As inflation begins to drop, it is likely that firms will return to the market later in the year – employer surveys suggest confidence may be returning. But for now, the labour market has more slack than it has since the heights of the first lockdown. Firms continue to use temps to fill any short-run needs, with a temp billings rise at a softer pace in August representing little change from the past few months.
“Recruiters routinely describe this sober overall picture as harder, but not necessarily bad. Vacancies are still in a reasonable position. There are huge variations between sectors, too. Hospitality, Accounting, Construction, Blue Collar and Engineering continue to be in demand, meaning employers are still experiencing shortages.
“Demand for permanent healthcare staff in the Midlands continues and across the UK has now risen for 37 months, for instance. In many of these sectors, temporary staff are keeping employers going – including in the NHS, where agencies have been unfairly blamed for failures of training and procurement practice from NHS England. A focus on effective skills reform will be vital to addressing shortages overall in all the shortage sectors.
“With demand weakening, we see the drivers for rising pay being more to do with companies’ pay settlements for existing staff, rather than market demand. Those finding new jobs are benefitting from rises that many firms put in place for their teams earlier in the year. That said, data that covers the whole of the UK shows that pay pressures remain sharp for permanent workers in some sectors driven by ongoing shortages.”
Founder and MD of M-EC Development Technical Consultants sells stake in company after 14 years
Nottingham-based credit firm secures £500,000 investment
Foresight Group, a listed regional private equity and infrastructure investment manager, has announced a £500,000 investment from the Midlands Engine Investment Fund (MEIF) into Lightbulb Credit Ltd.
Founded by James Piper in 2018, Lightbulb provides UK companies with the opportunity to improve their credit ratings with the main UK based credit agencies. The company is based in Long Eaton, Nottingham, where it employs six individuals. Since 2020, Lightbulb has successfully developed a technology-based approach to its unique solution enabling it to scale quickly without incurring additional costs.
Foresight’s investment will enable Lightbulb to expand its reach, improve its service offering and target new customers. Foresight’s Private Equity portfolio companies have previously used Lightbulb’s solutions.
James Piper, CEO of Lightbulb, said: “We’re delighted to receive funding and support from Foresight and the Midlands Engine Investment Fund. We see this as being a real catalyst for our growth and expanding our reach.”
Ray Harris, director based in Foresight’s Nottingham office, added: “We were amazed by the service provided by Lightbulb. James and the team have built a fantastic business and we look forward to supporting them on their next stage of growth.”
Get ready to celebrate the region’s property and construction industry at the East Midlands Bricks Awards 2023
Tickets can be booked for the glittering awards event here.
Attend to forge new contacts and see who takes home most active estate agent, commercial development of the year, responsible business of the year, residential development of the year, developer of the year, deal of the year, architects of the year, excellence in design, sustainable development of the year, contractor of the year, and overall winner. The overall winner of the East Midlands Bricks Awards 2023 will also be awarded a year of marketing/publicity worth £20,000.
To be held at:
Ward expands trade waste services with commercial compaction launch
Midlands-based metal recycling and waste management firm, WARD, has launched new trade waste and compaction services, further expanding its commercial waste management offering.
With an investment of over £1 million, it has upgraded its fleet to accommodate the extended services, with the addition of new wheelie bins, Front End Loading (FEL) vehicles, skips and bespoke containers.
The new services boost Ward’s commercial waste management offering across several sectors, including hospitality, construction and demolition, manufacturing and industrial, retail, facilities management, offices and public sector organisations such as education and local authorities.
The service will initially focus on Derby, Nottingham, Chesterfield and the surrounding area, with plans to expand beyond the East Midlands over time.
Ward has also launched a new dedicated online quoting system, providing clear and concise pricing information which allows customers to raise estimates for services in their area.
Heather Foo, Head of Sales (Waste) at Ward, said: “This is a great addition to the wide range of waste management solutions we already provide, offering a comprehensive waste collection and recycling service across all sectors.
“Our compaction business provides a cost effective service solution for regular waste management with our fleet designed to meet the needs of every customer. We are proud of our reputation for providing an exemplary service and this new launch underpins our commitment to being a leading provider of waste management solutions.”
Ward is focused on providing its customers with the most cost efficient carbon neutral recycling service via its modern energy efficient fleet, all recycled at its state-of-the-art new £10m recycling facility in Ilkeston.
Ward’s existing waste management solutions include a fully comprehensive collection service for commercial, industrial and construction waste, ferrous and non-ferrous recycling, hazardous waste management, secure destruction, confidential waste management and textile recycling.
Ultra Events smashes £30m charity fundraising target
A company that helps adventurous people fulfil life-affirming ambitions while raising money for charity has hit its much-anticipated £30m fundraising target.
Derby-based Ultra Events, which operates across the UK, from Exeter to Inverness and Norwich to Belfast, has achieved its magic milestone in just nine years.
The firm lays on ‘experience’ events including white collar boxing, mixed martial arts (MMA), ballroom dancing, mountain climbing and stand-up comedy, and provides participants with eight weeks of free training prior to their event.
More than 150,000 individuals have taken up the challenges since Ultra Events launched in 2009, with formal tracking of fundraising starting in 2014.
Now that the firm’s original £30m target has been surpassed this week, participants can raise money for any charity of choice.
Ultra Events’ Jon Leonard said: “We are so proud to have facilitated donations of such a massive amount in such a short space of time.
“At the same time, we have provided an outlet for thousands of people to fulfil their dreams, maybe get fit in the process and all the while doing it for a good cause.
“Participants can choose their own charity to raise funds for, so we will hopefully support even more worthy causes and bring even more adventurous people on board.”
The most popular challenge is the Ultra White Collar Boxing (UWCB) programme, where participants receive eight weeks of intensive training followed by a nerve-wracking fight night in a boxing arena, taking on other Ultra Events challengers.
UWCB is followed by MMA, ballroom dancing and stand-up comedy in the popularity stakes. Participation in many of the events, particularly ballroom dancing, was badly affected by the Covid pandemic, which makes the firm’s fundraising achievement even more spectacular.
The most amount raising at a single event was £67,087 at a London UWCB event in 2019, while the record amount of funds raised through Ultra Events in a single day has topped £100,000.
The highest individual fundraisers over the years include Mark Solan, from Durham, who raised more than £22,000 for his UWCB challenge in 2015, while Derby’s Steph Snooks has so far raised over £20,000 for her UWCB event that’s due to take place in October.
This week’s £30m target has been achieved by the contingent of participants who are currently fundraising for their forthcoming challenges at around 160 events across the UK this autumn and winter.
“It’s a case of scale,” said Jon. “Most people raise a few hundred pounds, which all adds up to create an amazing sum.
“We’re blown away that we’ve managed to change so many people’s lives and enable them to do things that they otherwise would never have been brave enough to attempt.
“So, whether you want to be punched in the face, kicked in the leg, trip over your two left feet or make an audience laugh, we’ve pretty much got it covered.
“Everyone is pushed out of their comfort zone, but not a single person has regretted taking up their challenge over the years.”
Autumn boost for East Midlands businesses as start-ups increase, cashflow improves and insolvency-related activity falls
A late summer hike in the number of start-up businesses in the East Midlands, as well as indications of improving cashflow and a drop in insolvency-related activity, could give the region’s economy a much-needed boost heading into the final quarter of 2023.
This is according to the Midlands branch of national insolvency and restructuring trade body R3, and is based on an analysis of data from business intelligence provider Creditsafe.
R3’s figures show a month-on-month rise of 4.10% in the number of businesses set up in the East Midlands in August, while the quantity of debts owed by liquidated firms in the region fell by a sizeable 10.68% over the same time period.
There has also been a significant month-on-month decrease of 19.62% in insolvency-related activities in the region, which include liquidator and administrator appointments as well as creditors’ meetings.
R3 Midlands chair Stephen Rome, a director at law firm Thursfields in the region, said: “This research reveals some positive news for the East Midlands, with an indication of growing business confidence. We should remain tentative, however, in how we view these figures in the context of a hugely challenging economic backdrop.
“Inflation, higher wage and utility bills, plus the rising cost of borrowing are but a few of the factors impacting heavily on the profitability of local businesses as they fight hard to survive and thrive.
“Our advice to any directors who are worried about the viability of their company, start-up or otherwise, is to seek professional help and to do it as soon as possible. Many R3 members offer a free consultation to those who wish to explore their options.”
Growing Nottingham wealth management company makes new appointment
Independent financial planning and wealth management specialists Stephen Eve Financial Planning has bolstered its team with the appointment of Rav Jackson.
Rav will be based at Stephen Eve’s office on Regent Street, Nottingham, and will join the company as Trainee Paraplanner. Having previously worked at Cockburn Lucas Independent Financial Consulting Limited and The RU Group, Rav brings several years of experience to the team and will play an important role in supporting clients and the future growth of the business.
Commenting on his appointment, Rav Jackson said: “Joining a new business and having the opportunity to play an integral part in its growth really appealed to me, so I am thrilled to be joining Stephen Eve and looking forward to taking the next step in my career.”
Stephen Eve Financial Planning was established in 2022 by Chartered Financial Planner Ben Slater and marketing specialist Danielle Slater. It already has over £20 million in funds under management with clients drawn to the firm’s practical, holistic approach to financial planning.
Ben Slater began his career in wealth management aged 18 by undertaking an apprenticeship with The RU Group where his talent was spotted and developed. In 2019, he became one of the youngest Chartered Financial Planners in the UK and also scooped the ‘High Achiever of the Year’ award from the Chartered Insurance Institute.
Danielle specialises in marketing strategy, particularly around the customer journey and building loyalty, from acquisition to retention. During her career she has delivered campaigns for Boots, Chanel, Dior, Philips, L’Oréal as well as numerous SMEs across the Midlands.
Ben said: “It has been a successful first year for the business and we are delighted that so many people have trusted us to look after their financial future. Throughout my career, I have always valued continual professional development and training very highly, and this is a founding principal of Stephen Eve. Having in depth and up-to date knowledge means we can help our clients achieve their financial ambitions.
“We will be investing significantly in Rav’s ongoing training and development. He will be completing the CII Aspire Apprenticeship which will see him achieve the Diploma in financial planning after 18 months. He will also learn the client facing skills through ongoing work with us. I am excited to have Rav on board and to be laying further foundations in the growth of our business.”
£1.9m funding boost for new leisure centre in Clay Cross
- 6 lane x 25m pool & spectator seating
- Teaching Pool
- 4 badminton court sports hall
- 100 station fitness suite
- 2 studios (1 group exercise, 1 group cycling)
- Treatment room
- Soft play & TAG active
- Multi-purpose room
- Full size, floodlit 3G pitch
- Citizens Advice
- Clinic Facilities
- Café
- Wellness Suite to cater for people of all fitness levels, those less mobile, suffering from illness or undergoing post-operative rehabilitation
Derby City Council seeks talks with Alstom as job losses announced
Acquisitive wealth management business sees strong results
Specialist wealth and asset management business, Mattioli Woods has welcomed increased profit, revenue and client assets in its final results for the year ended 31 May 2023.
Total client assets of the group and its associate rose 2.7% to £15.3bn, up from £14.9bn in the year prior. Meanwhile profit before tax at the company grew to £11.9m from £8m.Revenue increased 2.8% to £111.2m, from £108.2m, driven by a combination of continued organic revenue growth, positive contribution from acquisitions, increased total value of new client wins and improved new client lead generation.
During the year, Mattioli Woods acquired Doherty Pension & Investment Consultancy Limited and a 50.1% stake in White Mortgages Limited.Ian Mattioli MBE, Chief Executive Officer, said: “The last few years have been complex for our clients. This has reinforced our commitment to putting clients first and developing our service offering.
“We are building a business that is sustainable and ethical, but resilient over the long term, and I am pleased to report this approach has delivered revenue growth of 2.8% to £111.2m, reflecting the combined impact of organic growth of 3.7% and the revenue contribution of recent acquisitions being partially offset by the market impact on ad valorem, placement and performance fees.
“Adjusted EBITDA was up 1.8% to £33.2m and adjusted EBITDA margin was 29.8% with the positive impact of the change in revenue mix following the acquisitions made during the current and prior year being partially offset by inflationary increases in administrative expenditure.
“Basic EPS was up 79.9% to 14.9p and adjusted EPS of 47.8p was down (0.9%). The Board is pleased to propose a final dividend of 18.0p per share. This makes a proposed total dividend for the year of 26.8p a year-on-year increase of 2.7%, demonstrating our desire to deliver value to shareholders and confidence in the outlook for our business.
“We expect the current macroeconomic conditions and recent legislative changes to drive continued demand for high quality advice as we expand capacity within our adviser training academy to train a greater number of advisers each year, seeking to capitalise on the current ‘advice gap’ and drive strong organic growth in our financial planning and specialist pension consultancy businesses.
“We are progressing our other strategic initiatives, including the roll-out of our new, Group-wide client relationship management system Xplan. We are confident in the resilience of our business model and excited by the opportunity to accelerate growth and make meaningful progress towards our strategic goals.
“While inflationary cost pressures and investment in our strategic initiatives may impact margins in the short term, we are confident that we will continue to deliver attractive, long-term sustainable shareholder returns.
“Our focus remains on delivering great client outcomes. We have continued to develop our client proposition, reviewing the range of investment management options we offer and identifying opportunities to enhance the proposition and realise revenue synergies across the Group. The implementation of Consumer Duty regulations brings a welcome focus to the value that clients derive from the various services we offer and accords with our principles of integrity and professionalism.
“Previously acquired businesses are integrating well, with synergies being realised and additional cross-sell opportunities targeted for the new financial year.
“There continues to be a high level of M&A activity in the wealth and asset management sector and we were pleased to complete the acquisition of Doherty and our investment in White during the year. We have a strong pipeline of bolt-on acquisition opportunities to assess, as well as potentially more substantial opportunities in the longer term. We plan to build on our track record of successful acquisitions by continuing to assess and progress opportunities that meet our strict criteria.
“Our Executive team continues to bring new ideas to drive further growth and generate sustainable shareholder returns. We were pleased to announce the appointment of Michael Wright as Deputy Chief Executive Officer to lead and support the delivery of certain strategic goals alongside his current responsibilities.
“I wish to thank David Kiddie for serving a 3-year term as Non-Executive Director and more recently as Non-Executive Chair as he steps down from this role at the next AGM as part of our long-term strategic planning. We are pleased to retain David’s services in a consultancy role with the Group given his expertise and extensive career background in investment management.
“His insight will be invaluable to support the continued development and structure of the Group’s investment proposition required to deliver our next phase of growth.
“Over 31 years since founding the company, I continue to be thankful and humbled by the enduring culture of professionalism, positive mindset and commitment that our entire team continues to show when managing our clients’ affairs throughout another complex year. I look forward to the future with confidence.”
All wilko shops to close as rescue fails
55,000 sq ft Grade A urban logistics development sold to private investor
Developer Chancerygate has sold Boundary43, its 55,000 sq ft urban logistics scheme in Brackley, to a private investor for an undisclosed sum.
Situated on the Buckingham Road Industrial Estate off Boundary Road, the development comprises 14 high specification Grade A units. These range from 2,100 to 19,200 sq ft and are available on a leasehold basis.
Boundary43 benefits from excellent access to Brackley town centre, Silverstone race track and the A43, as well as connections to the M1 and M40 motorways.
All properties at the development achieved an EPC A and BREEAM Very good rating and benefit from electric vehicle charging points.
In addition, the units are constructed from high-performance building materials and 15 per cent roof lights to reduce CO2 emissions and occupational energy costs.
Chancerygate development director, George Dickens, said: “This deal is the culmination of years of hard work and expertise to develop Boundary43 and will help satisfy the strong demand there is for prime urban logistics accommodation in the region.
“The sale is also a testament to our product’s sustainability credentials, flexible sizing and proximity to key infrastructure and transport hubs, all of which are attractive to both investors and occupiers.”
JLL and Brown & Co. advised Chancerygate on the sale of Boundary43 while Chadwick McRae acted for the buyer. The scheme is now available to lease through JLL & Brown & Co. and has been rebranded Boundary Park.
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