Midlands Care has acquired Gokul Vrandavan Care Home on Windsor Avenue in Leicester.
This facility has been dedicated to providing culturally appropriate care to the Gujarati community, offering an Asian lifestyle that resonates with the local elderly population.
This strategic opportunity has allowed Midlands Care to further its commitment to inclusivity and expand its range of care facilities to cater to the needs of local elders from diverse faith backgrounds.
The newly acquired purpose-built home, consisting of 27 single en suite bedrooms, has merged with an existing residential facility to create a comprehensive care environment. The reason for acquiring this service was for the group to extend its services and become an inclusive regional organisation.
Midlands Care also welcomes back Sailesh Raja, founder of Midlands Care, who will play a role in the ongoing leadership and management of the home. Additionally, Pradeep Patel, operations director, will provide expertise and support to maintain the highest standards of care whilst working with the existing staff team and Keilash Mcilwee, registered manager.
Mr Shyamal Raja, Managing Director, said: “I vividly recall when my father visited the original building two decades ago. Evidently, he had a strong desire to acquire it, but he couldn’t make it happen for reasons beyond his control.
“Over the years, he occasionally reminded me and Sagar about the immense potential this opportunity held to serve the local community, which he held dear. The building was purchased by Mr Pabari, who later acquired the land next door and built a purpose-built facility before joining into the original building.”
Shyamal added: “Now, it brings me great joy to announce that, through a meticulously arranged, highly confidential off-market deal, we have completed the takeover of Gokul-Vrandavan Residential Home. The entire process was shrouded in secrecy, with my father completely unaware. Sagar and I orchestrated the service transfer from Mr. Pabari to Midlands Care, creating a wonderful surprise.
“I eagerly anticipate the collaborative efforts ahead and the enhancement of the already exceptional level of care we provide to those entrusted to our care. Together, we will strive to positively impact the lives of our residents and the community we serve.”
New images released by Nottingham City Council show the major transformation due to begin later this year in the city centre with the creation of a wildlife-rich Green Heart.
Work on the Green Heart is due to begin this Autumn as a key element of the vision developed by world renowned Heatherwick Studios for the city’s Broad Marsh area and the site of the former shopping centre.
The design of the Green Heart is unique to Nottingham and has been developed by Townshend Landscape Architects along with Nottinghamshire Wildlife Trust, with Heatherwick Studio retained as a strategic design advisor.
Nearby on Collin Street, work has already begun on a new public space outside the new Central Library building as part of a playable cities initiative to create child friendly spaces in the city centre. Local school children were consulted on the design which will feature specially designed swings and seating so the space can be somewhere families gather and spend time together.
When Collin Street reopens, there will be a traffic-free route connecting the Green Heart and Lister Gate with the new people-friendly, green public space created on Sussex Street next to Nottingham College which features a mini amphitheatre, a skateable space and a multi-use games area.
It will enhance biodiversity by introducing green ecologically rich areas and diverse natural spaces providing habitats and food for wildlife, forming a green infrastructure network linking across the wider Broad Marsh area from Nottingham Castle through to the Island Quarter site and beyond.
The design carves into the site creating pathways, pocket spaces and seating for people to use and enjoy, bringing nature back through ecologically rich planting.
A key aim is to put the ‘marsh’ back to the Broad Marsh, introducing new urban wetlands on land that was once a marshland ecosystem to capture, slow and filter rainwater, potentially preventing flooding and creating pockets of biodiversity.
Townshend Landscape Architects
Sandstone, the rock on which Nottingham Castle was built and into which the city’s unique cave system was cut, will be used for paving and seating. A long bench will arc through the planting and marsh allowing people to sit, enjoy and experience nature.
Leader of Nottingham City Council, Cllr David Mellen, said: “More green space was by far the most popular response when we asked people what they would like to see happen around Broad Marsh as part of the huge Big Conversation engagement exercise the council ran a couple of years ago.
“Anyone who has visited the area recently will see how much it has changed with lots of greenery, pedestrianised areas and seating. The creation of the Green Heart will take the transformation of Broad Marsh a major step further and be a beautiful addition to the city centre which is unique to Nottingham. I’m particularly pleased that Collin Street will be a family friendly space that people can enjoy right outside the new Central Library.”
Gary Alden, Senior Associate at Townshend Landscape Architects, said: ”We have worked closely with Nottingham City Council and local stakeholders to design a place that encapsulates what we collectively coined ‘Nottinghamness’, creating a place that is part of, and inspired by Nottingham.
“Expressing the sandstone, and creating a ‘marsh’ to manage rainwater, is a nature-led solution providing an urban wetland ecosystem for wildlife and people to enjoy.
“From what the spaces once were, this has been a massive undertaking by Nottingham City Council. We are thrilled to see people enjoying the newly created public spaces on Sussex Street, and are excited that work has now started on Collin Street and then the Green Heart later this year.”
Eurocell, the manufacturer, recycler and distributor of window, door and roofline PVC products, has seen a dip in sales in the first half of 2023, against “an exceptionally strong” comparative period.
According to a trading update for the six months ended 30 June, reported group sales were £184 million, down 2% on the first half of 2022, with volume 6% lower.
The company said: “Against a challenging backdrop and an exceptionally strong 2022 comparative period, we have delivered some resilience in the group’s sales performance for the first half.”
Eurocell added: “Last year, in a change to historical seasonal patterns, sales volume and profit generation was weighted towards H1. This reflected strong demand in the RMI (repair, maintenance and improvement) market in the first half, followed by a slowdown in smaller discretionary RMI work in H2.
“For 2023 we anticipate a heavy weighting towards H2, with sales returning to a more normal seasonality and profits in the second half benefiting from lower input prices (including raw materials and hedged electricity) and operational cost savings already implemented.”
Van Elle, the ground engineering contractor, has reported record revenues and improved profitability in its results for the year ended 30 April 2023.
Revenue grew to £148.7m from £124.9m in the prior year, while pre-tax profits hit £5.4m, increasing from £3.6m.
The company noted that the strong trading momentum has continued into its new financial year, with all divisions operating at high activity levels.
Mark Cutler, Chief Executive, said: “I am delighted to report a strong set of results, building on last year’s excellent progress as we emerged from the pandemic.
“The breadth of the group’s expertise, strength of balance sheet and depth of resource allows us to offer the best value to our customers, with whom we are forging closer long-term partnerships.
“The actions taken over the last three years are starting to deliver sustainable results that put us firmly on-track to deliver our medium-term financial objectives.
“I want to extend my sincere thanks to our employees, suppliers and customers for their hard work and support over the last year.”
Breedon Group, the construction materials group, has reported a “strong” first half in its unaudited interim results for the six months ended 30 June 2023.
Revenue at the company grew to £742.7m from £671.1m in the first half of 2022, however pre-tax profits dipped to £56.5m from £59.5m.
Breedon noted it expects to be eligible for inclusion in the FTSE 250 and FTSE-All share indices at the next index review in September 2023.
Rob Wood, Chief Executive Officer, said: “In the first half our vertically-integrated and local operating model has again come to the fore, leveraging our long-term customer relationships and deep market knowledge. Our first class team has operated with great agility to deliver a strong start to 2023 for which I thank them sincerely and we are well-positioned for the second half of the year.
“The long-term structural dynamics driving infrastructure spending and housebuilding in GB and Ireland have not changed. To ensure we can efficiently and sustainably meet long-term demand for our essential construction materials, we have re-doubled our focus on those factors under our control; keeping our people safe and well while minimising the cost of production and maximising the value of the extensive portfolio of assets we own and acquire.
“By emphasising the operational factors we can influence, we will ensure we remain competitive and continue to deliver outstanding results. By challenging our procedures and practices, we can be sure we will be in the strongest possible position when our end-markets return to growth.”
Motorpoint Group, the independent omnichannel used vehicle retailer, has reduced its headcount by 10% as part of “streamlining [its] organisational structure.”In a trading update the Derby company said the move will result in annualised savings of £3m.
Meanwhile the group’s performance has improved throughout the first quarter of its new financial year, which is expected to continue in Q2.
In a statement to London Stock Exchange, Motorpoint said: “The impacts of high inflation, rising interest rates, and consumer uncertainty continue to affect demand for used cars.
“However, like others in the industry, we are encouraged by the growing number of vehicle supply options which, coupled with our increased use of data to determine optimum selling prices, has resulted in an improvement in retail margin. This will, in part, be tempered by lower finance commission as consumer uptake for finance reduces due to increased APR rates.
“The group has also focused on the costs of the business to ensure they are aligned with current market activity and, utilising the investment in technology to date, we are able to maintain a lower headcount as we conserve cash and return to profitability, whilst ensuring we are ready to invest for growth as more favourable market conditions return.
“The group continues to be confident it will emerge in a normalised market as a leaner and more valuable business ready to seize a significant opportunity.”
Revenue is on the up at Derby-based Mortgage Advice Bureau (MAB), despite a tough environment of interest rate rises, reduced affordability, and cost of living increases.
According to a trading update for the six months ended 30 June 2023, group revenue was up 21% to £116m, growing from £96.5m in the same period of 2022, with organic growth of 1% despite the market seeing a 40% drop in new mortgage approvals following the mini-budget in September 2022.
Peter Brodnicki, CEO of MAB, said: “We had hoped to be in a period of interest rate stability as we entered Q3, followed by a resumption in organic adviser growth in Q4. Instead, we find ourselves in an environment of continuing interest rate rises, reduced affordability, and cost of living increases, all of which are naturally impacting consumer confidence.
“Despite strong underlying demand for property, some buying decisions are understandably being delayed by our customers until we have a more stable economic and interest rate environment.
“Despite the additional market pressure, I am delighted with how MAB is performing and how our market share continues to grow. Re-mortgages and increasing numbers of product transfers currently represent around 60% of our written transaction volumes.
“This will deliver MAB a greater number of re-financing opportunities in the medium term, with the group’s advisers performing particularly strongly in this area.
“Despite the signs of a market recovery being further off than we expected three months ago, business efficiency continues to increase, adviser productivity has been maintained, and all strategic initiatives continue to progress well. The group is well positioned to deliver further growth as the market recovers.”
A strong first half of the year has seen Rolls-Royce upgrade its profit expectations for 2023.
In a new trading update the Derby company highlighted “significantly improved first half results” with higher underlying operating profit of £660m-£680m, reflecting “continued end-market growth and [Rolls-Royce’s] focus on commercial optimisation and cost efficiencies across the group.”
Looking ahead, the company has raised its full year guidance, expecting underlying operating profit of £1.2bn-£1.4bn in 2023.
Rolls Royce says its multi-year transformation programme has delivered strong initial results, while an increased focus on costs and productivity has helped to offset the impact of inflation and mitigate supply chain pressures.
Tufan Erginbilgic, CEO, said: “Our multi-year transformation programme has started well with progress already evident in our strong initial results and increased full year guidance for 2023. There is much more to do to deliver better performance and to transform Rolls-Royce into a high performing, competitive, resilient, and growing business.
“Despite a challenging external environment, notably supply chain constraints, we are starting to see the early impact of our transformation in all our divisions. Better profit and cash generation reflects greater productivity, efficiency and improved commercial outcomes.”
Lincolnshire-based JDM Food Group (JDM) and US-based Henry Broch Foods (HBF) are set to merge, creating a new parent company, Jardins and Broch.
JDM, headquartered in Bicker, is an innovator in value-added vegetables, sauces, dips and purees to the retail, manufacturing, recipe box and foodservice markets. HBF, with headquarters in Waukegan, Illinois, is a prominent spice, dry-blending and co-packing company, specializing in tailored formulations and seasonings.
Jardins and Broch brings together two market leading ingredients companies and will create a team of international flavour experts across both wet and dry products. The newly formed partnership is an industry leading player with significant production capacity, complementary R&D capabilities and worldwide supply chain networks.
The two companies will continue to operate independently in their home markets and will now be backed by the expert knowledge and skills from the other party to grow a global presence. Aisling Kemp will remain CEO of JDM and Greg Antonetti will continue to lead as CEO of HBF, with both taking an active role in the integration, growth, and future success of the combined group.
Aisling Kemp, CEO of JDM, said: “The combined expertise and knowledge within the two companies creates a flavour powerhouse with global ambitions. Working with the team at HBF who share our strong ethics, values and focus on sustainability is incredibly exciting.
“Trends in this market are ever changing and we are now better able to develop solutions with our culinary teams that deliver on flavour, health, and functionality to ensure we evolve alongside consumer demand.
“Working with Sunridge the last 2 years has been transformational. Their investment has allowed us to accelerate our product capabilities and channel growth. We believe the partnership with HBF will cement that work and create long term sustainable growth as a true ingredients innovator.”
Greg Antonetti, CEO of HBF, said: “This partnership will be a win for our customers, suppliers, team members and other partners. Our aim has always been to build a leading value-added ingredients business and alongside our long serving and dedicated team members, we have worked tirelessly towards this goal.
“We are thrilled to bring JDM’s capabilities, especially in wet ingredients to our customers in North America. The JDM team brings unparalleled expertise, strong production and innovation capabilities, and the ability to serve a wide range of customers across the UK and beyond.”
Jardins and Broch is backed by London-based Sunridge Partners (Sunridge), a private investment group committed to creating leaders in food, beverage, and agribusiness.
Philipp Saumweber, managing partner of Sunridge, said: “Since partnering with JDM in 2021, we have invested considerably in building a word-class ingredients team, expanding our operations, and improving capabilities.
“We are very much looking forward to working with like-minded friends at HBF and jointly executing on group investment and growth plans to build a leading international ingredients and flavour formulation company.”
Knowing your tax requirements in a volatile landscape can be tricky.
With the government’s Making Tax Digital (MTD) initiative delayed until 2026, small and large businesses might still be following outdated tax reporting processes. But despite the challenges of an increasingly digitised corporate sphere, adapting to change will streamline the introduction of innovative accounting technologies.
Whether you’re starting a new business this year or scaling operations up to a global level, implementing an effective and modern tax system is critical. Along with ensuring transparency and compliance, your records will be easier to trace, identify, and keep.
Tax compliance in 2023: The necessary tools, tips, and methods
Ensure accurate recordkeeping
Making sure that your business stays on top of all tax-related matters is a necessity. If you fall behind or HMRC discover unexplainable gaps in your records, the potential impact on your ability to trade could be significant.
As a responsible business owner, you need to ensure that your recordkeeping is compliant and updated across the board. Regardless of whether or not you create the records yourself, you should understand which tax applies to your business.
Income tax and corporation tax are commonplace for most limited companies, and accurate tax reporting for VAT compliance is imperative for all VAT-registered businesses and their subsidiaries.
Keep your records separate and updated
To keep your company organised, there should be a separate place for each type of record you’re required to keep. Each document should contain only the correct data and information, and you should try to avoid grouping notes or unrelated administrative documents with tax records.
Maintaining your financial records also involves keeping the information secure and protected, regardless of its format. If you still work with paper copies of receipts and invoices, it’s important to store these securely and make sure only authorised employees can access them.
Similarly, online documents should be password protected and backed up in more than one digital location, just in case your business suffers a cyber-attack. You should also be aware that scammers and fraudsters might pretend to be HMRC, so it’s crucial to stay prudent.
Streamline your tax reporting
Even though some established companies might prefer to organise their tax physically and internally, it might be easier and more efficient to hire externally. And rather than completing time-consuming internal audits within your own team, an unbiased professional can take on the responsibility.
Outsourcing means that you could delegate the most important tax duties to a business that deals with compliance and tax implications on a daily basis – and thus understands the most complex nuances in the trade.
Not only could this free up more time to focus on essential internal tasks, but it means that your business as a whole will benefit from the expert knowledge working behind the scenes. As for future tax compliance, you’d also benefit from absolute peace of mind.
Overview
When it comes to corporate tax reporting, change is on the horizon. If you haven’t already planned and prepared for the digital tax overhaul, it’s time to put the wheels in motion and ensure that your company can minimise risks and be compliant.
Planning & Design Practice has further expanded its architectural team with the addition of senior architect David Symons.
David is an RIBA Chartered Architect who studied architecture at the University of Nottingham, and with experience working in practice in both the UK and Canada.
Prior to Planning & Design David was project architect as part of a practice of 60 and responsible for constructions budgets upwards of £20m.
David has experience leading multi-disciplinary teams and working with diverse clients including local authorities, property developers, and top-ranking higher education institutions on projects ranging from town centre regeneration utilising government future high street funding, commercial office fit outs and university projects throughout the West Midlands and nationally.
David worked for a time in Vancouver, Canada for a large practice producing detailed designs and feasibility studies for large-scale mixed-use masterplans, residential and office high-rises.
He also has strong local knowledge having previously worked in the residential and domestic architecture sector in the East Midlands for five years, gaining an understanding of the physical and planning context of the area and developing a keen ability to translate a client’s design ambitions into reality.
On joining the practice, David Symons, senior architect at Planning & Design, said: “Having experience working on projects from the smallest to largest scale, it is great to be joining the Planning & Design team to assist with a strong existing portfolio of varied projects and during a period of growth in domestic enquiries and larger developer schemes.
“Having assisted with implementing transformative projects in other areas of the country, it is fantastic to be joining the team with such strong local connections during a time of great growth and change for Derby in particular.
“I am excited to have the remit to apply creativity and innovation to all stages of the Planning and Design process with a team that are skilled and equipped to delivering fantastic projects.”
Michael Bamford, director at Planning & Design, said: “We are excited to welcome David to the architectural team as senior architect. David is an enthusiastic architect with a strong portfolio of large and small-scale projects that demonstrates his understanding and ability to work towards delivering the development that clients want.
“David’s early career working in Canada and the UK system has given him a broader understanding of the architectural process and how this relates to securing planning permission and delivering projects as well as a good understanding of the complexities of designing within a historic environment, something which is vital in the work we do at Planning & Design.
“David will be an integral part of the growth of our architectural team over the next twelve months and we look forward to his role in supporting the team in achieving projects we can be proud of.”
With entries flooding in for Business Link’s East Midlands Bricks Awards 2023, there’s also a grand prize worth £20,000 up for grabs at the celebration of the region’s property and construction industry – going to the event’s Overall Winner.
While this award cannot be entered, the Overall Winner will be selected from those nominated for the occasion’s 10 other categories and will receive a year of marketing/publicity worth £20,000.
Speaking with Business Link, James Pinchbeck, partner at Streets Chartered Accountants, the sponsor of Overall Winner, said: “The Bricks has earned an enviable reputation as a must enter awards for those involved in the construction and property sector from across the East Midlands. As such we are delighted to be sponsoring the ‘Overall Winner’ category for the sixth year in a row and are really looking forward to attending this year’s awards evening in September.
“Streets Chartered Accountants, as specialists in property and construction, are looking to build on our reputation for looking after clients in the sector. Our continued support and engagement with the East Midlands Bricks Awards certainly is a great way to promote our work, support the sector and for us to connect with developers, contractors, agents and other professionals who across the region are engaged in a plethora of exciting, imaginative and innovative projects.”
A highlight in the business calendar, a glittering awards ceremony will reveal winners on Thursday 28 September,at the Trent Bridge Cricket Ground– an evening that will also provide plenty of opportunities to forge new contacts with property and construction professionals from across the region.
Nominations for the event are open, and now is the perfect time to make your submissions, ahead of the deadline (Thursday 31 August).
To nominate your (or another) business/development for the East Midlands Bricks Awards 2023, please click on a category link below or visit this page:
Tickets can now be booked for the East Midlands Bricks Awards 2023 – click here to secure yours.
The special awards evening and networking event will be held on Thursday 28 September 2023 in the Derek Randall Suite at the Trent Bridge Cricket Ground from 4:30pm – 7:30pm.
Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region, and hear from Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, our keynote speaker.
Dress code is standard business attire.
Thanks to our sponsors:To be held at:
Businesses across the Midlands are gearing up for the introduction of two proposed Investment Zones, after the Government unveiled the first in South Yorkshire.
According to BDO LLP’s bi-monthly Economic Engine survey of 500 mid-market businesses, 72% of regional companies have, or will consider moving part of their business to one of two proposed Investment Zones. These have been earmarked for the East Midlands Mayoral Combined County Authority and West Midlands Mayoral Combined Authority.
The survey by the accountancy and business advisory firm comes after the Chancellor officially named the first UK Advanced Manufacturing Investment Zone. As part of the Government’s ‘Levelling Up’ agenda to create opportunities across the country, communities in Sheffield, Rotherham, Doncaster and Barnsley will benefit from an estimated 8,000 new jobs and £1.2 billion of private funding by 2030. They will also receive further Government funding through the Investment Zone worth up to £80 million.
Twelve Investment Zones will be established across the UK based around a university and clusters of high growth industries like advanced manufacturing, life sciences or green industries. At the Spring Budget, Jeremy Hunt announced the first eight eligible locations, including in East and West Midlands.
Kyla Bellingall, regional managing partner at BDO in the Midlands, said: “Much was made in the Spring Budget about the proposed Investment Zones and the job creation and funding that would come from their introduction in a bid to drive growth.
“It’s clear that the package of funding to support infrastructure and skills, with the added draw of a range of tax reliefs, is giving regional businesses real food for thought about where they base all, or part of their operations, moving forward.
“The unveiling of South Yorkshire as the first Investment Zone marks a significant step forward in the Government’s Levelling Up agenda. However, much more still needs to be done to provide regional businesses with the strong foundations they need to thrive and grow.”
According to BDO’s Economic Engine survey, Midlands businesses believe the Government should do more to reduce taxes, particularly business taxes. Nearly a quarter of regional businesses (22%) said the priority should be around providing more generous tax reliefs for R&D, with nearly one in five (17%) calling for further support to reduce business rates.
Claire Hudson, tax partner in the Midlands, added: “Reducing business taxes, including the headline rate of corporation tax, is right up there on the list of priorities for companies.
“With the cost of doing business at an all-time high, thanks to record inflation and soaring interest rates amongst other pressures, business leaders are looking for some much needed respite.
“Midlands businesses have consistently told us through our Economic Engine survey that the Government needs to do more to support the regional economy and deliver on its ‘Levelling Up’ promise – and tax is currently taking centre stage.”
York city centre is set to become the first location in the UK to welcome doughnut firm Project D’s launch into the high street retail market.
Derby-based Project D will be opening its first retail store in Parliament Street, York, in September. The bakery selected York as its first ‘bricks and mortar’ location due to the popularity of its online sales and attendance at its previous pop-up events in and around the city.
Project D’s marketing director and co-founder Max Poynton also said he held a soft spot for York, having spent many holidays in the area as a child and, more recently, as an adult.
“York is such a great fit for our brand,” said Max. “It’s such a cool place to visit, and we’ve always had massive success at the many pop-up events we’ve done there. I love going back there as often as I can, having fallen in love with the city as a young child.
“Whenever we’ve visited more recently, people have often asked us when we’re going to open up a permanent retail store there. Well, it’s coming very soon – and we are so excited. We are confident that our doughnuts are second-to-none. Their premium quality is the perfect match for a premium city like York.”
The new 500 sq ft Project D shop is currently being fitted-out at the former Carphone Warehouse store, at 10 Parliament Street, between HSBC and Vision Express. The company’s bright pink branding, which mirrors its best-selling ‘Homer’ doughnut – inspired by cartoon character Homer Simpson – will make the store difficult to miss.
The firm is expecting to open at least three stores this year, one of which will be at Meadowhall Shopping Centre, in Sheffield. Further new stores are set to follow next year.
The retail expansion is part of a long-term plan to build a large-scale presence in UK high streets and out-of-town retail centres, continuing a vision that was delayed by the outbreak of the Covid-19 pandemic.
“This is the future of Project D,” added Max. “And we are massively fired-up by the prospect.”
Max co-founded Project D in 2018 alongside his former school friends Matt Bond and Jacob Watts. The firm operates from a purpose-built, 11,000 sq ft bakery that currently makes about two million doughnuts per year but has capacity to manufacture up to 17 million.
Project D has already partnered with major brands including Brewdog, British Airways, Love Island, Coca-Cola, Greene King and Amazon.
Grant Thornton UK LLP has unveiled the 2023 East Midlands 200 report, which identifies and champions the region’s 200 fastest-growing private limited companies, showcasing the region’s entrepreneurial spirit.
Thisis the eighthedition of the report and the first since the pandemic. It features the highest ever level of new entrants but is also populated by familiar names who continue to bring economic stability to the region.
Covering the period from just before the Covid-19 pandemic until September 2022 the report reflects how companies achieved overall growth within this timeframe while navigating some of the challenges created by the pandemic.
Bobby’s Foods – registered in Loughborough – was the fastest growing business in the region, followed by fellow Leicestershire firms Specialist Car Holdings and C.J Upton Holdings (Upton Steel), meaning the county secured the accolade of being home to the region’s three fastest growing firms.
Overall, Nottinghamshire based firms dominate the list with 67 firms, with the county demonstrating its strength in industrials.
Leicestershire had 49 companies on the list and its companies experienced the highest growth in profitability (59.8%) combined with the lowest growth in headcount (2.2%), reflecting the area’s strength in productivity.
Elsewhere, Derbyshire and Lincolnshire experienced the highest growth in headcount with 13.9% and 12.5% respectively.
The report revealed the region’s continued strengths in the industrials and retail and leisure sectors, with 67 and 57 companies featuring respectively.
Nick Gillott, head of Midlands corporate finance at Grant Thornton UK LLP, said: “Our report reveals the entrepreneurial nature of the region and the truly impressive resilience these exceptional businesses have shown in the face of many challenges, including Covid-19, supply chain issues and inflation.
“EM200 is designed to celebrate the many strengths in the region. While industrials dominate in the East Midlands, firms across all sectors have shown they have the know-how and entrepreneurial spirit to build strong businesses that leave tangible economic benefits and build prosperity in their local communities.”
Back-to-back months of falling numbers of East Midlands companies with late payments, as well as a drop in insolvency-related activity in the region, should not lull business owners into a false sense of security.
This is according to the Midlands branch of R3, the UK’s insolvency and restructuring trade body, and follows an analysis of data from business intelligence provider Creditsafe.
The statistics indicate that the monthly total of East Midlands businesses with late payments has fallen consistently since the 2023 high in February but, despite the drops, the figures remain high, with June registering 23,551 local companies with overdue customer invoices.
While there have been monthly fluctuations throughout 2023 in the region’s insolvency-related activity – which includes liquidator and administrator appointments as well as creditors’ meetings – the figures show a fall of 15% in the East Midlands between May and June and of 32% since the end of the first quarter of 2023 in March.
R3 Midlands chair Stephen Rome said: “These statistics may be somewhat encouraging for local companies, but we have to be realistic and stay focused on the fact that we are continuing to operate in a very testing economic environment.
“We have the significant economic hurdles of higher inflation and an increase in the cost of finance to overcome, as well as a sizeable squeeze on consumer spend. These enormous challenges will not be going away anytime soon.
“Furthermore, overall corporate insolvency levels are above those reached before the pandemic, and Creditors’ Voluntary Liquidations are persistently high, meaning that many local business owners have felt they have had no option but to close down operations before the decision was taken away from them.
“Key advice for all company directors and sole traders, therefore, is that if significant cash flow difficulties arise, it’s crucial to ask for professional support as soon as possible. There is a significant amount which can be done to rescue a business, beyond traditional insolvency solutions, if help is taken early enough.”
Proposals have been set out for spending £150 million over the next four years to create hundreds more affordable homes in Leicester.
The city council has outlined an approach involving more council house building, acquiring vacant properties, and working with partners involved in bringing forward Extra Care and supported living schemes as a way to create much-needed housing.
It also looks at potential development sites for inclusion in future local plans.
The work is part of the council’s commitment to deliver 1,500 new council, social and extra care homes by 2027. The report detailing the work goes to the council’s housing scrutiny committee at the end of this month.
Work is already underway on a number of schemes to create desperately-needed housing stock, to meet the city’s growing need for decent-quality homes.
The first phase of house-building work has already seen sites redeveloped in the Crown Hills, Humberstone, Netherhall, Abbey and Beaumont Leys areas.
More than 270 further newbuild homes are already in the pipeline by 2025/6 at sites including the former Saffron Lane velodrome, Stocking Farm, Lanesborough Road, the former school site at the Newry in Southfields and the site of the former Forest Lodge Education Centre in New Parks.
Hundreds of existing homes could also be acquired to provide quality affordable homes and social housing between now and 2026/7, using a combination of funding methods, including Right to Buy Receipts, Home England funding and bids for cash from the Government’s Levelling Up programme.
One such scheme is the Zip Building, in Rydal Street, West End, which will transform the former student accommodation block into 58 one-bedroomed flats.
It is hoped that the former bus depot at Abbey Park Road and a site at Loughborough Road will both be redeveloped as housing, while additional Extra Care and supported living homes are due to be developed at sites including former Exchange at Eyres Monsell.
Some of the proposed developments outlined in the report are dependent on the adoption of the latest Local Plan, which sets out the council’s vision and objectives for growth of the city over the coming years.
If the proposals were to all be delivered they would enable the creation of around 1,500 much-needed affordable homes.
Leicester assistant city mayor for housing and neighbourhoods, Cllr Elly Cutkelvin, said: “We’ve set out an ambitious programme of creating new housing in order to try to meet the city’s urgent housing needs.
“Building new council houses to replace those lost to the Right to Buy scheme over the last few decades is an essential part of that, as well as bringing other existing buildings into use as accommodation.
“New homes have already been completed at some sites and work is underway at others. The opportunities presented in the latest local plan would enable us to meet our commitment to creating additional homes.
“This report sets out what we think can be achieved over the next four years, how it will be funded and also how we can work with other partners who are bringing forward their own supported living and Extra Care homes, to ensure we are creating a range of suitable, good-quality affordable housing which we desperately need.”
Worksop-based wire rope manufacturer Brunton Shaw is celebrating the successful departure of a multi-million pound order, as two 3.5 kilometre, 329 tonne Ocean Max cables are shipped to Brazil.
Manufactured at the Sandy Lane factory in Worksop, the Ocean Max cables are a best in class steel wire rope that will be used on pipe laying supply vessels in the Atlantic Ocean, off the coast of Brazil.
Transported on purpose built spools, standing over 4.7 metres high, the production of the Ocean Max cables is a true international trade collaboration. The raw material steel wire is delivered from a partner factory in India and manufactured in a purpose built, half a kilometre long winding shed in Worksop, taking advantage of Brunton Shaw’s 130 years of industry experience. The finished products are then shipped to market from the Port at Goole.
Somnath Saha, Managing Director at Brunton Shaw UK, said: “We are delighted to see the successful departure of this multi-million pound order to Brazil, highlighting an international trade partnership spanning three continents.
“I am incredibly proud of the roots Brunton Shaw has in the local community and that best in class, British manufacturing is taking place here in Worksop, for a global market. We are grateful for the support of our local partners, including Bassetlaw District Council and look forward to fulfilling many more orders from our Worksop factory.”
Cllr James Naish, leader of Bassetlaw District Council, said: “Bassetlaw is home to world leading industry and this latest export from Brunton Shaw is building on the international trade that takes place in our district.
“Bassetlaw is a place that likes to do business and we are proud that companies like Brunton Shaw are able to expand their operations and deliver world class products that are part of multi-national collaborations.
“This is another example of the positive growth that is taking place across our district with other multinational investments including the flagship Fusion project at West Burton.”
Marco Longhi MP, Prime Minister’s Trade Envoy for Brazil, said: “I am delighted to see these exports to Brazil as the Prime Minister’s Trade envoy to the country. There are huge opportunities there that we do not immediately think about, but Brazil is 35 times the size of the U.K. and three of its States have a GDP to qualify for G20 status.
“My focus has been to remove market access barriers and the recent announcement of a Double Taxation Agreement is a very big achievement so that companies will only be taxed in one country.”
Brendan Clarke Smith, Member of Parliament for Bassetlaw, said: “It’s great to see British companies taking full advantage of the new opportunities that have arisen for trade outside of Europe and I’m particularly proud to see a local company from Bassetlaw doing exactly this. The market in Brazil is a particularly exciting one, which has huge potential for further investment and growth.”
Alumasc, the Kettering-based sustainable building products, systems and solutions group, has agreed to acquire Leicester-based ARP Group, a manufacturer and distributor of specialist metal rainwater and architectural aluminium goods.
The deal, worth up to £10m, comprises an initial £8.5m, with additional consideration, capped at £1.5m, payable subject to ARP’s performance over the two years ending November 2024.
ARP marks the first acquisition by Alumasc since 2018 and demonstrates the group’s strategy to supplement organic growth through earnings accretive acquisitions.
ARP was established in 1987, and operates from four facilities totalling over 47,000 square feet, with a team of over 70 experienced staff. ARP’s consolidated unaudited results for the year ended February 2023 showed revenue of £10.8m and adjusted EBITDA of £1.3m. Consolidated net assets were £4.5m.
Paul Hooper, Chief Executive of Alumasc, said: “We are delighted to welcome ARP, along with all our new colleagues to the Alumasc Group. This acquisition aligns with our strategy of accelerating our organic growth with complementary bolt-on acquisitions. ARP will broaden the group’s existing product offerings, and augment the routes to market for both businesses.”
Yü Group, the independent supplier of gas, electricity, meter asset owner and installer of smart meters to the UK corporate sector, is expecting to report results substantially ahead of current market expectations following a strong first half.
In a trading update for the six months ended 30 June 2023, the company hailed accelerating revenue growth and record monthly bookings of £51.3m, up 109% on 2022.
Bobby Kalar, Chief Executive Officer, said: “We are delighted to have accelerated our strong trading momentum and our growth continues to surpass expectations. We continue to deliver strong financial performance as more customers lock in the benefit of a softening commodity market.
“Alongside this growth and underpinned by our ‘Digital by Default’ platform and Smart Meter installation business we see revenue and profitability growth in FY 23 and beyond. We are as excited as ever about the future of Yü Group and remain focussed on exceeding our previously stated £500m revenue target and increased 5% EBITDA margin.”
By continuing to use the site, you agree to the use of cookies. more information
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.
To be held at:
