Tuesday, April 29, 2025

Owner of Boots to be acquired by private equity firm

Walgreens Boots Alliance, the owner of Nottingham health and beauty retailer Boots, has entered into a definitive agreement to be snapped up by Sycamore Partners, a private equity firm specializing in retail, consumer and distribution-related investments, in an up to $23.7 billion transaction. The company will continue to operate under Walgreens, Boots and its portfolio of consumer brands. WBA will maintain its headquarters in the Chicago area. Tim Wentworth, Chief Executive Officer, Walgreens Boots Alliance, said: “Throughout our history, Walgreens Boots Alliance has played a critical role in the retail healthcare ecosystem. “We are focused on making healthcare delivery more effective, convenient and affordable as we navigate the challenges of a rapidly evolving pharmacy industry and an increasingly complex and competitive retail landscape. “While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company. Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds. “The WBA Board considered all these factors in evaluating this transaction, and we believe this agreement provides shareholders premium cash value, with the ability to benefit from additional value creation going forward from monetization of the VillageMD businesses.” Wentworth added: “Our trusted brands and deep commitment to our customers, patients, communities and team members have and will continue to anchor our business as we realize our goal of being the first choice for pharmacy, retail and health services. “I am grateful to the more than 311,000 team members globally who are fiercely committed to WBA, our customers and patients.” Stefan Kaluzny, Managing Director of Sycamore Partners, said: “For nearly 125 years, Walgreens, and for 175 years, Boots, along with their portfolio of trusted brands, have been integral to the lives of patients and customers. “Sycamore has deep respect for WBA’s talented and dedicated team members, and we are committed to stewarding the Company’s iconic brands. “This transaction reflects our confidence in WBA’s pharmacy-led model and essential role in driving better outcomes for patients, customers and communities.”

Eurocell makes £29m acquisition

Eurocell, the manufacturer, distributor and recycler of PVC window, door and roofline products, has acquired Alunet for £29m.

The deal comprises an initial payment of £22 million and deferred consideration of approximately £7 million payable in four annual instalments beginning in 2026. In addition, there is the potential for performance related payments of up to £6m over the same period.

The acquisition strengthens Eurocell’s position in residential aluminium systems and composite doors, and adds garage doors to its product portfolio.

Alunet includes a stable of home improvement brands and comprises four businesses: Alunet Systems, Comp Door, JDUK, and UK Doors (Midlands). 

For the year ended 31 December 2024, Alunet delivered unaudited revenue of £43m and EBITDA of £4.5m.

Alunet’s retained team, led by Chief Executive Steve Hudson, will strengthen the group’s management and Steve will join Eurocell’s Executive Committee. Alunet employs approximately 200 people.

Darren Waters, Chief Executive Officer at Derbyshire-based Eurocell, said: “Alunet is a great acquisition for Eurocell. It significantly strengthens our position in aluminium, enhances our composite door offering, and adds a premium range of aluminium garage doors to our portfolio of home improvement products.

“Alunet has grown rapidly since its establishment in 2013, and under Eurocell’s ownership, we will leverage our leading market positions in new build, trade fabrication and distribution, to help the business reach its full potential.

“On behalf of the Board I am delighted to welcome the management and employees of Alunet to the Group.”

East Midlands Mayor helps more women build construction careers amidst regional skills shortage

Mayor of the East Midlands, Claire Ward, has launched a new drive to help attract more women into the region’s construction industry, which faces a shortfall of more than 17,000 people by 2028. The Mayor highlighted the challenge ahead of International Women’ Day on Saturday 8 March, the annual celebration of the contribution women make to the world around us and a rallying cry for gender equality. The launch was made at an event co-hosted by Nottingham College at the brand new £4.5m Construction Skills Centre at its Basford campus. This year, International Women’s Day has a theme of ‘Accelerating Action’, and Mayor Claire says the need to bring more women into construction is an urgent example of where progress still needs to be made. Alongside Nottingham College CEO and Principal Janet Smith, the Mayor welcomed female leaders from regional construction employers and senior women in education and skills. They saw first-hand the work being done at the college to bring more women into the construction industry and chatted to a group of female students. Mayor Claire used the event to announce that the East Midlands Combined County Authority’s Careers Hub will fund Future Makers, a new initiative connecting young people with businesses, offering hands-on industry experience and guidance to help them explore career pathways. She said: “Encouraging and enabling more women to aim high in life isn’t just the right thing to do, there’s clear evidence it’s vital to the future of our economy. “The forecast skills shortage in construction will not be solved if it remains a male dominated environment. That isn’t just bad for gender equality, it risks holding back ambition and restricting our ability to build and grow. “I’m therefore proud to announce our commitment to the Future Makers project so we can play an active role in breaking down barriers for young women entering construction, offering them the support, confidence, and connections they need to succeed in a traditionally male-dominated industry. “It’s been inspiring to meet and talk with students here at Nottingham College, to see them in action and to understand their passion for progress. In construction and other industries, we need to open up opportunities and encourage women and girls to believe that anything is possible.” Nottingham College CEO and Principal Janet Smith added: “The construction sector in the East Midlands is booming, to the point where we have almost struggled to keep up with demand for skills training. “The new Construction Skills Centre at our Basford campus is part of the answer to this challenge. We have invested heavily in state-of-the-art facilities which combine hands-on skills development with fully digitised classrooms. “While the numbers of women in the industry remains comparatively small, we’re seeing rising demand from female applicants for our courses, not just in traditional trades but in new areas of the industry where there is increasing momentum, such as photo-voltaics, heat pumps and other green skills.”

Midlands Consortiums secure £40.8m to boost electric charge points

Thirteen local authorities across the Midlands region have received £40.8m of Government funding aimed at getting more electric vehicle charge points into areas with limited off-street parking. A partnership of eight local authorities across the Midlands region, led by Lincolnshire County Council and Worcestershire County Council, have successfully bid for £20.64m of funding. These two consortiums are the last to be approved for funding after five other local authority partners, being led by Nottinghamshire County Council, secured £20.17m, therefore totalling £40.8m of funding for the partnership overall. The funding comes from Government’s Local Electric Vehicle Infrastructure (LEVI) fund, which will help deliver more than 16,000 charge point sockets across the region, with exact numbers determined as part of future contracts. The bid was submitted in 2024. The thirteen local authorities include Derby City Council, Derbyshire County Council, Lincolnshire County Council, Herefordshire Council, Nottingham City Council, Nottinghamshire County Council, Staffordshire County Council, Stoke-on-Trent City Council, Telford & Wrekin Council, Worcestershire County Council, Warwickshire County Council, Leicestershire County Council and Rutland County Council. Almost 31% of Midlands residents do not have access to off-street parking. It is hoped that increasing the number of public on-street charge points will make it easier for those without a driveway to make the switch to an electric vehicle. This will also increase the ease of travel and charging for all EV users in the county. Two of the Midlands Consortiums tenders are out now with the final consortium to go to procurement Spring 2025, with a five-year delivery aim to install these across the partnership area. Future of Roads Minister, Lilian Greenwood, said: “Making charging as seamless and as easy as possible is a crucial to making the switch to electric a success, and rolling out over 16,000 chargers across the Midlands will make driving an EV cheaper and easier, especially for those without a driveway. “Electric vehicles will power growth, cut emissions and improve lives in the Midlands and beyond, as we continue to deliver our Plan for Change.” Councillor Marc Bayliss, Worcestershire County Council’s Cabinet Member for Highways and Transport, said: “I’m pleased that Worcestershire, alongside other local authorities, has been successful in this bid for significant funding towards boosting electric vehicle infrastructure. “It’s hoped that installing more public chargepoints, will not only support those who already have an electric vehicle, but also encourage others to make the move towards purchasing one.” Maria Machancoses, CEO of Midlands Connect, said: “We are delighted that our collaboration with local authorities has resulted in a significant funding boost for electric vehicle infrastructure across the region. “This is a great step in moving towards a reliable electric vehicle charging infrastructure network across the Midlands, which will become increasingly important as we move closer to the 2035 ban of diesel and petrol vehicles. “We will continue to work with local authorities to accelerate the roll-out of electric vehicle infrastructure across the Midlands.”

Leicestershire Business Voice appoints new chair

Leicestershire Business Voice (LBV), the business advocacy group for Leicester and Leicestershire, has appointed Sue Tilley as its new chair. Sue brings significant experience to her new role including economic strategy, inward investment, business innovation, partnerships between business and education, and business development, in both the public and private sectors. Sue will direct the LBV board members as they develop and deliver a strategy to support the business community in Leicester and Leicestershire. This will include advocating for members and the wider business sector with key local, regional and national stakeholders, running a programme of strategic business-themed events throughout the year and growing the membership of LBV through the new 100 Club initiative. Sue will replace outgoing chair, Robin Pointon, who steps down after four years as chair. Robin will remain on the board of LBV. Robin Pointon said: “I am delighted that Sue Tilley is our new LBV chair. Her knowledge of the local business community and key stakeholders is exceptional. More than this, she commands great respect across all sectors and so well suited for this role.” Sue is founder and director of Sue Tilley Associates and a member of the board of trustees at the Leicestershire Education Business Company. She was previously head of inward investment, economic strategy manager – business, head of business, innovation and partnerships, and head of the Leicester and Leicestershire Enterprise Partnership (LLEP). Prior to that, Sue was head of inward investment at Prospect Leicestershire, worked in sales director, business development director and general manager roles, and was owner and managing director of the Classy Rags clothing company. Sue Tilley said: “LBV is an ideal platform with which local businesses can get involved and make a difference. I’m so proud to have been selected to lead such a trusted business group as LBV and look forward to working with the rest of the board, a group of vibrant business leaders, all invested in the growth of the local business sector. “Through my professional work, I’m a strong advocate for business in Leicester and Leicestershire. I understand how important relationships are with key stakeholders such as councils, MPs and universities, and having been in a start-up business of my own, I’m passionate about driving opportunities for the local SME community.”

Lincolnshire leaders talk of positive future ahead as new authority meets for the first time

Local powers and investment to support business, up-skill people, and improve highways and housing are key priorities of the new Greater Lincolnshire Combined County Authority, (GLCCA). Leaders of the three lead local authorities – Lincolnshire County Council and North and North East Lincolnshire unitary authorities – spoke of their ambitions for the future as they marked the first meeting of the GLCCA. Cllrs Martin Hill, Rob Waltham and Philip Jackson – all members of the GLCCA board – were addressing an audience of business leaders and representatives from local communities, MPs and colleagues following the inaugural meeting, which was held at Lincoln Cathedral on Thursday (March 6). They talked of the real possibilities that now exist across the whole of the Greater Lincolnshire footprint with a Mayor, to be elected on May 1, chairing an authority that can work to effect positive change. Giving an overview of the positive work that will begin in earnest by the GLCCA, Lincolnshire County Council Leader, Cllr Martin Hill said: “We’re now starting a new era in Greater Lincolnshire – erasing boundaries as we continue to strive to get the best for our residents and businesses. “Connecting companies, organisations and decision makers is key to making the most of these new powers and funding we have from the government. Our area contributes significantly to the nation and this deserves to be recognised – whether it’s our contribution to defence, food security or logistics. Being able to boost these areas not only benefits Greater Lincolnshire, but the whole country.” Cllr Philip Jackson spoke of the ‘economic powerhouse’ sectors of decarbonisation, offshore wind turbines, food processing, and ports and logistics and how the GLCCA can work with all business to enable and support continued growth. He said: “Over the last decade we have once again seen the great benefits of our position along the south bank of the Humber estuary, with regional, national and world-leading organisations creating opportunity and growth. As one of the GLCCA’s key priorities states, now is the time we can work to further turbo charge that growth for the benefit of all within Greater Lincolnshire.” Cllr Rob Waltham, the Leader of North Lincolnshire, added: “I’m proud to have been part of the negotiations that lead to this historic moment, which marks the beginning of a new era for Lincolnshire. “Devolution means we can make decisions locally and focus on the needs and ambitious of our communities, not be dictated by London. The new mayoral authority will invest in skills to prepare young people for the world of work, transport to improve connectivity and business growth to create more better paid jobs for our local residents and this is just the start. I’m looking forward to working with communities across the region to build a stronger, more prosperous Greater Lincolnshire.”

Leicestershire care provider rated ‘requires improvement’ over medicine and record-keeping failures

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Premium Home Care Services Limited, also known as Home Instead Senior Care, has received a “requires improvement” rating from the Care Quality Commission (CQC) following an inspection. The watchdog flagged concerns over medicine management, record-keeping, and leadership at the domiciliary care provider based in Beaumont Leys, Leicestershire.

The inspection found that the service failed to meet legal requirements for the safe administration and management of medicines. Inspectors reported a lack of guidance for medication use, poor oversight, and failure to follow best practices, resulting in a breach of the Health and Social Care Act 2008.

The CQC cited inadequate systems to update care records when multiple healthcare professionals were involved, leading to confusion over care responsibilities. Additionally, inspectors found safeguarding incidents were not always reported or addressed in line with policy due to weak managerial oversight.

Leadership and governance were also criticised, with the report highlighting a lack of audits and oversight that resulted in another regulatory breach. Multiple management changes have impacted the service’s effectiveness. However, the report acknowledged a positive workplace culture, with staff feeling valued and respected.

Despite the overall “requires improvement” rating, the service was rated “good” for its effectiveness, responsiveness, and quality of care. During inspection in late 2023, the service supported 65 people with personal care in their homes.

UK space partnership to accelerate technology deployment

Space Park Leicester and Perpetual Atomics partnered with Sidereus Space Dynamics to enhance the UK’s space technology and scientific missions capabilities. The collaboration includes dual Memoranda of Understanding (MoUs) between Sidereus, Space Park Leicester, and Perpetual Atomics, focusing on rapid prototyping, validation, and deployment of space technologies.

The partnership will support additive manufacturing of space engine components, heat shield innovation, and advanced materials for space applications. UK-based organisations will gain access to Sidereus’ EOS system, a single-stage-to-orbit launch vehicle that enables cost-effective testing of mission-critical materials in microgravity and very low Earth orbit.

Sidereus aims to provide flexible access to space, removing reliance on restrictive launch schedules. Perpetual Atomics will focus on advancing radioisotope power technologies and energy systems for deep space missions. The initiative is expected to strengthen the UK’s space engineering and innovation position.

Boots sale worth £8bn possible after 300 store closures

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Boots, the well-known UK pharmacy and retail chain, is poised for a potential £8 billion sale, with reports suggesting a deal could be finalised this week. This follows the closure of 300 stores as part of a significant cost-saving effort by its parent company, Walgreens Boots Alliance, which is facing financial challenges. The private equity firm Sycamore Partners is expected to acquire the business, raising questions about Boots’ long-term presence on the UK high street.

Despite the closures, Boots in Nottingham, has seen a marked performance improvement. The company’s retail sales surged by 8.1% between September and November 2024, driven by strong online growth and its pharmacy services. Online sales increased by 23%, while pharmacy sales grew by 5.8%, bolstering the company’s appeal to investors.

This shift in performance could lead to a separation from Walgreens and Shields Health Solutions, with speculation that Boots might be listed on the London Stock Exchange.

Next major step taken in Derbyshire Waste Treatment Facility Project

Three major waste management firms have been selected to progress to the next stage of the procurement process to appoint a contractor to fix and operate Sinfin waste treatment centre. Following a first stage selection process, Biffa, Thalia and Viridor have been identified by Derby City Council and Derbyshire County Council as the most suitable qualified companies to move forward to the Competitive Dialogue phase. This marks a significant step in the councils’ joint project to secure a long-term waste management solution for Derby and Derbyshire, ensuring efficiency, sustainability, and value for residents. The timeline for the next steps in the procurement are:
  • Competitive Dialogue – October 2025
  • Contract award (Cabinet decision) – December 2025
  • End of due diligence and commencement of rectification phase – June 2027
  • Start of commissioning – June 2028
  • First waste acceptance – November 2028
  • Completion of commissioning and transition to normal operations – Winter 2028 – Winter 2031
Over the next six months the councils and selected bidders will enter ‘Competitive Dialogue’ – structured discussions designed to provide equal treatment of all three companies to clarify, specify and enhance their proposed solution to fix and operate the facility. The process enables both the Councils and bidders to assess approaches and ensure opportunities that strike the right balance between cost and quality are explored. A spokesperson for Derbyshire County Council said: “We were confident we had developed a procurement process and commercial proposition that would be attractive to the right companies. “Shortlisting three major players in the UK waste market proves there’s a competitive market for this project, and operators with the skills and experience to successfully deliver it and its expected benefits. “Fixing and operating the facility was found to be the most viable, cost-effective, and sustainable long-term solution to manage household waste which residents in Derby and Derbyshire either cannot or choose not to recycle.” A spokesperson for Derby City Council said: “This is an important milestone in our commitment to securing a sustainable and cost-effective waste management solution for Derby and Derbyshire. “Reaching this stage with three leading waste management companies demonstrates both the strength of our approach and the level of industry interest in this project. “The council is keen to ensure a sustainable way to dispose of residents’ waste in the long term and seeks to find the most cost effective solution.”

UK opens first public electric charging hub for HGVs

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The UK’s first public electric charging hub for heavy goods vehicles (HGVs) has been launched at Able Humber Port in Immingham, North Lincolnshire.

Developed by Milence, a joint venture between Daimler Truck, Traton Group, and Volvo Group, the hub features eight charging bays, four of which are high-performance chargers, and two bays are served by a megawatt charger. It can fully charge an electric HGV in about 90 minutes.

The hub is strategically located off the A180 with direct access to the motorway network, making it an important site for HGV operators. In June 2023, North Lincolnshire Council granted the development planning consent.

Milence plans to expand its network across Europe, including routes connecting Immingham to Birmingham. The company aims to establish 1,700 charging points by 2027.

The new hub is seen as a key step in supporting the transition to electric vehicles in the logistics sector, with significant potential for further infrastructure growth in the UK and Europe.

Trio of industrial assets acquired by joint venture

A joint venture between global investment firm Sixth Street and Copley Point Capital, an owner and operator of UK industrial property, has acquired a portfolio of three logistics assets from National Farmers Union Mutual Insurance Society totalling 0.9 million square feet. Two of the assets totalling 0.5 million square feet are leased to Fowler Welch and Great Bear, and are located within Magna Park, Lutterworth, the distribution park located in the Golden Triangle. The third asset is leased to Amazon and located in Doncaster. The acquisition brings the joint venture’s portfolio to six assets across 2.5 million square feet – each acquired since its formation in November 2024. Guillaume Savoie-Coulonval, Managing Director at Copley Point, said: “We are delighted to expand our partnership with Sixth Street and add to our high-quality portfolio. These three distribution warehouses exemplify the type of investments we are targeting across the UK. We remain acquisitive and continue to offer a reliable solution to sellers in the current market environment.” BSBRE advised the seller on the transaction.

Stagecoach offers free sustainability training to suppliers

Stagecoach, part of the UK’s leading bus operators, has joined an innovative initiative to offer free sustainability training to its suppliers, marking a first in the UK. As part of the United Nations Global Compact (UNGC) UK Network’s Sustainable Suppliers Training Programme, the initiative aims to educate suppliers on sustainability and the 10 principles of the UNGC, supporting Stagecoach’s journey to reduce its environmental impact and meet its net-zero targets.

The programme will provide Stagecoach’s suppliers with the necessary tools, resources, and guidance to enhance their sustainability practices. The operator’s commitment is seen as a step toward strengthening the environmental credentials of its supply chain, which includes businesses accounting for £200 million in procurement spend.

This move represents a strategic effort by Stagecoach to integrate sustainability into its procurement practices, demonstrating the potential for collaboration between businesses to drive collective action towards a more sustainable future.

£880,000 set for Grantham town centre upgrades

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Grantham town centre is set to benefit from £880,000 in improvements, following approval of seven key projects by South Kesteven District Council. The funding, secured through a successful bid to the government’s Future High Streets Fund in April 2021, aims to revitalise the town centre and support local businesses.

The projects include installing power supplies to Market Place and Westgate and improving infrastructure, such as new planters, benches, cycle parking, and direction signs for key transport links like the railway and bus stations. Further developments will see the addition of removable bollards around the Conduit Lane car park and enhancements to the cultural quarter and Grantham Market, supporting their growth.

Cllr Ashley Baxter, leader of South Kesteven District Council, highlighted that these projects would be funded from an underspend in previous works, including improvements to Market Place and Station Approach. The upgrades are part of the council’s wider investment programme, which includes resurfacing, better pedestrian access, and traffic signal improvements. The council is committed to completing all new projects by March 31, 2026, with contracts due to be finalised by March 31, 2025.

Wren Sterling makes trio of acquisitions

Nottingham financial planning firm Wren Sterling has welcomed around 520 clients through a trio of acquisitions, as it continues its strategy of acquiring profitable firms that are geographically well-positioned to support its growth. JLS Associates near Perth will join Wren Sterling’s Glasgow team, Investment Choices, a Kent-based business, will expand Wren Sterling’s growing presence in the South-East, and Broadway Financial Planning, located in the Cotswolds, will help expand Wren Sterling’s Oxford-based team. Together, the three deals bring in over £300m of assets under management, taking Wren Sterling’s total assets to around £9bn. James Twining, Chief Executive Officer at Wren Sterling, said: “Wren Sterling had a strong year for acquisitions in 2024 and it’s great to get 2025 underway so decisively. Through these deals we are able to improve our client offering for both new and existing clients and bring hugely talented people into the Group for the benefit of all. “Our dedicated integration team has the skills and experience to ensure that client and staff disruption is minimised and that advisers are given a stronger platform with which to serve their clients. “We expect to complete more transactions throughout 2025 and beyond and, with our financing in place, remain eager to partner with firms that share our client first values and entrepreneurial culture.”

Milligan appointed strategic asset manager at Chesterfield’s Pavements shopping centre

Chesterfield Borough Council has appointed Milligan as the strategic asset manager for The Pavements shopping centre, applying its experience in town centre regeneration, strategic leasing, asset management and repositioning to play a key role in unlocking The Pavements’ full potential as a cornerstone of Chesterfield’s regeneration. The Pavements is owned by Chesterfield Borough Council and strategically positioned between the town’s historic market and bus station. Now, with the support of Milligan’s expertise, the Council will review The Pavement’s role in Chesterfield’s town centre as public realm improvements progress. It’s current occupiers include Tesco, WHSmith, Boots, other national retailers and a selection of independent businesses. Working in partnership with Chesterfield Borough Council, Milligan will develop a strategic action plan for The Pavements, ensuring it meets the needs of the community while supporting Chesterfield’s regeneration. The plan will focus on maximising the shopping centre’s value to its occupiers, enhancing its appeal to Chesterfield’s growing catchment, and integrating it seamlessly with the town’s ongoing transformation. Alex Hyams, Head of Asset Management at Milligan, said: “Milligan has a long history of successfully delivering strategic asset management interventions to unlock performance for challenged schemes. “We’ve worked across the country with mixed-use and retail-led destinations and bring a very experienced team. As the role of town centres evolves, shopping centres like The Pavements must adapt to meet the changing needs of their communities. “Chesterfield is a location we know very well, it brings a unique blend historic character, walkability, good infrastructure which supports the growing tourism appeal of town and the surrounding Peak District. We’re excited to be working with such a forward-thinking Council, where important public realm works are already underway. “Alongside this, The Pavements has the potential to become a cornerstone of Chesterfield’s regeneration and visitor experience and sustainable offer for the local community.” Cllr Tricia Gilby, Leader of Chesterfield Borough Council, said: “We’re thrilled to welcome Milligan to the team as we work to enhance The Pavements as part of Chesterfield’s town centre transformation. “Milligan’s impressive track record of revitalising retail-led destinations, combined with their understanding of Chesterfield, makes them the ideal partner to help realise our vision. “The Pavements will play a vital role in delivering a stronger, more vibrant town centre that benefits our residents, businesses, and visitors.”

2024 “a highly successful year for Nottingham Building Society”

Nottingham Building Society has hailed a “strong financial performance” in 2024, driven by a 37% growth in new mortgage lending. Results for the year ended 31 December 2024 show £1.2bn gross new lending, representing an increase of £328m on 2023, while the Society is now its largest in asset terms, with £4.2bn in total mortgage assets and £5.2bn in total assets.

The Society saw 9,166 new mortgage customers in the year, an increase of 32% on 2023.

Meanwhile, £154.6m in total interest was paid to savers, an increase of £62.8m on the prior year. The business saw pre-tax profits rise to £13.9m, representing an increase of £5.6m on 2023.

Sue Hayes, Chief Executive Officer, said: “2024 was a highly successful year for Nottingham Building Society – and the Society is now its largest in asset terms than at any time in its 175-year history – we have reached a record level of £4.2bn in mortgage assets and £5.2bn in total assets.

“Our strong set of results for 2024 are driven by a 37% increase in gross new mortgage lending, an uplift in new business margins and continued strong customer service feedback.

“We helped 32% more customers own their own home by taking out a mortgage with us for the first time or moving to a new mortgage.

“Most importantly our strategy of supporting those who find it more difficult to get a mortgage in the first place has started to be evidenced and we are establishing our Society as a specialist residential lender. In 2024, we launched a new proposition aimed at foreign nationals living in the UK, supporting those entering the country to support our valued service sector to own their own home.

“Our mortgage balances increased by 18.6% compared with the previous year, whilst overall lending in the UK mortgage market has fallen. Our total mortgage assets have grown by 40 per cent since we began our transformation journey in 2022.

“We were delighted to welcome more savings customers to the Society via our online savings app as well continuing our commitment to passbooks for our branch customers – leading to an increase of 22% in our savings balances. As interest rates remained high throughout the year, we focused on paying savers the best rates we can whilst investing to strengthen the Society. In total, we paid £154.6m in interest to savers in 2024.

“We maintained our Trustpilot score of 4.9 reflecting our exceptional service that we know is highly valued by our customers.

“We are proud that we have seen an increase in statutory profit enabling us to invest for our members and make good progress in delivering our strategy. We invested in our technology, our brand and in developing our propositions to ensure our Society is well placed for the future.

“We took the decision to provide voluntary financial support to those members impacted by Philips Trust Corporation.

“Looking ahead, we believe it is important to enable a market where saving is encouraged and incentivised and alongside other Societies, we advocate for the current cash ISA regulations to be maintained. 

“I am proud of the results we are sharing today and would like to thank our members for their continued trust and support to the Society. In 2025, the sector celebrates 250 years of building societies and we are more committed than ever to the mutual values that we know are fundamentally important and highly valued by our members.”

Digital marketers find recipe for teamwork as they serve up lunch for YMCA

Digital marketers swapped their computers for chopping boards when they volunteered to cook lunch for dozens of people at the YMCA Derbyshire. Five members of staff from JDR Group gave up their morning to prepare a two-course lunch on Friday as part of the YMCA’s monthly community meal, which it offers in partnership with the Head High mental health organisation. The chefs – John Skidmore, Ashlesha Wargantiwar, Sophie Teece, Emma Ablewhite and Rhys Laven – planned and prepared the meal from scratch, serving up a meat and vegetarian chilli with jacket potatoes, followed by fruit crumble with custard. The community meals have become a popular event at the YMCA, with a different local company volunteering to cook them each month. It was the first time that JDR Group, which served around 80 people last Friday, has taken part in the event and John, who is head of client development at the firm, which is based in Stephenson’s Way, on the Wyvern Business Park said everyone enjoyed the experience. He said: “We’re a big team at JDR Group, so it’s good to see how our staff get on and co-operate in a different environment, as well as to meet people in the community who we wouldn’t normally come into contact in our working lives. “Our team have done really well, helped by the fact that Rhys is an ex-professional chef. It’s been great to see him step into a leadership role, and the food has gone down extremely well too.” Debs Powell, YMCA Derbyshire’s Head of Marketing and Communications, said: “The community meal is all about giving members of our community the chance to have a free warm meal and a chat. “We’re incredibly grateful to the JDR Group team for getting involved and cooking a delicious meal. The generosity of local businesses and organisations allows us to continue to provide support to people that need it most.”

North Notts businesswomen expand scope of BID board

North Notts BID has appointed three new board directors, expanding its representation of female leaders from across the district. Falling ahead of International Women’s Day (8 March), North Notts BID has welcomed to its board Katy Bradford, deputy chief executive officer at Outwood Grange Academies Trust, Abi Priestley, owner of Oakrange Engineering and Torworth Lakes, and Katy Jarvis-Morgan, STEP site stakeholder manager for UK Industrial Fusion Solutions. The new appointments will sit alongside five other female board members, including chief executive Sally Gillborn MBE. George Buchanan, chair of the North Notts BID board, said: “As a business-led and managed improvement district, these appointments will build upon the success of our board in ensuring the BID maximises its value for levy payers. “The BID should be representative of all types of businesses and the people behind them, and it is fantastic to welcome three female leaders who bring a variety of experience across different industries, including education, industrial, leisure and STEM. “As headline sponsor of the upcoming North Notts Business Women Awards, we are committed to celebrating the contributions of women to business growth in the district. Our aim is to champion the value of local businesses, enabling their input to help shape the future of the services provided by North Notts BID for the benefit of our towns.” Katy Bradford, deputy chief executive officer at Outwood Grange Academies Trust, said: “As an education trust with our Outwood Academy Portland, Outwood Academy Valley and Outwood Post 16 Centre Worksop in the district, we recognise the importance of North Notts BID not just for businesses and the local community, but also students and families who engage with businesses and events that the BID supports. “I am excited at the opportunities for Outwood Grange Academies Trust and how it can contribute to North Notts BID to grow the connection between business and education, particularly regarding skills development and employment opportunities.” Abi Priestley, owner of Oakrange Engineering and Torworth Lakes, said: “Operating two businesses in North Notts spanning industrial and leisure, I aim to bring different perspectives on what services and benefits really matter to our local businesses, helping the BID to build upon the fantastic services it provides, from security measures to employee training opportunities.” Katy Jarvis-Morgan, STEP site stakeholder manager for UK Industrial Fusion Solutions, said: “STEP Fusion will have an enormously transformative impact on the local community, supporting long-term job creation and growth in North Notts. “By joining the North Notts BID board, I hope to build the connection between our new base in West Burton and the wider towns in our district, developing a local understanding of what the project will deliver and supporting the BID to achieve our shared goals.”

New ‘gas free’ affordable homes set for Northamptonshire village

A redundant and often only partially occupied sheltered housing building has been demolished to make way for 27 new energy efficient homes in a village in Northamptonshire. Housing association Futures Housing Group is in partnership with GEDA Construction Company and Homes England to build a mixture of houses and apartments on Station Court, Woodford Halse. These low energy usage homes are for people on the housing register in West Northamptonshire and are expected to be ready from spring 2026. James Dial, Head of Sustainability & Asset Maximisation at Futures, said: “We know this is a big change for the community as the demolished building had been there since the 1980’s. However, it was made up of dated one-bedroom flats and studios that were hard to let and it’s clear the demand for bigger properties suitable for couples and families is much higher in this area.” All homes will be built to the Government’s emerging Future Homes Standard which requires all new homes to be built with energy efficiency and decarbonisation at the forefront. The properties will feature air source heat pumps, high-heat retention radiators and solar panels to help reduce energy bills and make them more comfortable and affordable to heat. All homes will also have access to an electric car charging point and off-street parking, and bat boxes and bee bricks will be dotted around the scheme to help support local nature recovery. James added: “It’s exciting that we’re not only bringing much-needed family homes to Woodford Halse, but we’re bringing homes that are fit for the future. These well insulated properties make the most of energy efficient measures, that can help lower energy bills and lower our carbon footprint. “Futures is aiming for all of its homes to be net carbon zero by 2050, so it’s great to be working with GEDA Construction Company to help us on our journey to achieve our goal.” Colm McVeigh, Build GB Director at GEDA, said: “We are thrilled to continue our relationship with Futures on this project. These homes will be energy efficient, relieving the tenants of rising energy bills in today’s market. “This investment in upgrading their housing stock, reinforces Futures’ commitment to provide energy efficient homes for their tenants and also matches our own sustainability strategy at GEDA. We are really looking forward to seeing the progression of this scheme and seeing the positive impact it will have on the local community.”

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