Revenues ahead of expectations at video games firm

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Revenues ahead of expectations at video games firm

2023 revenues are anticipated to be “modestly” ahead of expectations at Team17 Group, according to a new trading update for the current financial year ending 31 December. However some titles within the games label are underperforming.

While the important trading periods of Black Friday and Christmas are not yet complete, management believes the group, which has offices in Nottingham, Manchester, and Wakefield, “remains well positioned with strong traction across its new release and back catalogue titles,” and currently expects 2023 revenues to be modestly ahead of current market expectations.

The business added: “Despite this overall robust revenue performance, certain titles within the Games Label are not meeting internal expectations, resulting in a less favourable mix between higher margin own-IP titles and third-party titles (with higher royalty payments) than anticipated. “In addition, the group was too slow to address some project overspends and has faced some delays in implementing key cost initiatives at Team 17 Games Label. These are now at advanced stages and will continue to bring benefits into next year.

“Management continues to be pleased with the performance of astragon and StoryToys. However, since the H1 results, and in the light of the post Covid-19 dynamics, management has re-evaluated the cost structure within Team17 Games Label to align with its core competencies as an indie game developer and publisher.

“In addition, it is also reviewing a number of titles, both under development and already launched, to assess the revenue potential in the current market environment, which is expected to result in impairments recognised in FY23.”

Team17 now expects to deliver full year adjusted EBITDA of at least £28.5m, which includes non-cash title impairments of up to £11.5m.

Legal & General agrees £4.8bn full buy-in for Boots Pension Scheme

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Legal & General agrees £4.8bn full buy-in for Boots Pension Scheme
Legal & General has agreed a £4.8 billion full buy-in with the Boots Pension Scheme. This buy-in secures the benefits of all 53,000 retirees and deferred members of the Scheme, making it the UK’s largest single transaction of its kind by premium size and, for L&G, the largest single transaction by number of members. The sponsoring company, Boots, founded 174 years ago, is the UK’s leading health and beauty business with over 2,000 stores and 52,000 employees. Legal & General has a long-standing relationship with Boots, having provided investment management services to the Scheme for over 20 years. This buy-in begins the conclusion of a de-risking process that the scheme first embarked on in 2001. This transaction represents another innovative step forward in DB pension de-risking by providing a combined investment and insurance solution for the Scheme’s asset holdings, allowing the Scheme to achieve the certainty of a transaction whilst also maximising value by transferring its assets (or the associated sale proceeds) to Legal & General. Legal & General worked in close partnership with the Sponsor and Trustee to manage this transaction which incorporated both asset transition and deferred premiums features. This bulk annuity is Legal & General’s largest ever single PRT transaction. Cardano was the strategic advisor to Walgreens Boots Alliance and lead broker for the transaction, while Baker McKenzie provided legal advice. Aon was strategic adviser, lead investment adviser and broker for the transaction representing the Trustee, while Sackers provided legal advice. Slaughter and May and Simmons & Simmons provided legal advice to Legal & General. Andrew Kail, CEO, Legal & General Retirement Institutional, said: “We are very pleased to have agreed this buy-in today with the Boots Pension Scheme, representing our largest ever single transaction. This is testament to our long-standing relationship with the client, and I am proud that we have been able to work seamlessly across our insurance, reinsurance and investment management capabilities to deliver an excellent outcome.
“We are continuing to see an unprecedented acceleration in demand in this sector, driven by more pension schemes being closer to buyout than ever before. Against this backdrop, we have posted a record year with £13.4bn of global PRT written to date.” Alan Baker on behalf of Law Debenture, as Chair of Trustee, Boots Pension Scheme, said: “This agreement with Legal & General gives added protection to our members’ long-term benefits by removing market uncertainty and other financial exposures. “We welcome the additional payment from Boots, in addition to the sum it has already committed. As a result, the Scheme will not be reliant on Boots to pay benefits to members and pensions will be protected for decades to come.
“I would like to take this opportunity to thank my fellow Trustee directors and our predecessors, the Scheme officers and advisers for their hard work over many years to reach this positive outcome for our members.” Sebastian James, Senior Vice President and Managing Director, Boots, said: “We are very pleased to have achieved the gold standard outcome for our pension scheme and to have fully secured the benefits of all members with a highly respected insurer. This will provide greater certainty to both the scheme members and to Boots, and is an excellent outcome for both parties.”

Work starts on new affordable homes at former coach station in Nottingham

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Work starts on new affordable homes at former coach station in Nottingham
Building work has started on 39 new affordable homes at a former coach station on Beechdale Road. The scheme will transform a disused patch of land into a new community, offering affordable housing. Nottingham Community Housing Association (NCHA) have partnered with Nottingham-based MyPad for the build. The scheme will include a mix of one, two, three and four bedroom homes to support the variety of housing need in the area. Seventeen homes will be sold for shared ownership and the remaining 22 will be let at an affordable rent to those on the waiting list with Nottingham Home Link. Each home will have its own private garden and allocated parking spaces; parking for visitors has also been included in the design. Mark Lowe, Head of Housing and Regeneration, Nottingham City Council, said: “Nottingham needs more affordable housing like this for local families in housing need. I look forward to seeing the build completed and residents moving in to form healthy and sustainable communities.” Fran Cropper, New Business and Development Manager, NCHA, added: “After many years in the planning, it’s great to see this development begin. There’s an incredibly high demand for affordable housing in Nottingham City, and we’re delighted to be able to deliver homes to people who need them the most.” MyPad have worked with Nottinghamshire-based architects, Another Kind in designing the development which is due for completion 2025. Tom Spink, Director at MyPad, said: “We’re delighted to see works now progressing on this site after our team’s hard work obtaining planning permission earlier this year. “It’s been a pleasure to work with Nottingham City Council and NCHA who have both been instrumental in making this regeneration development possible. We’re now focused on completing the build and handing over keys to NCHA later next year.”

Wilko bosses pulled before MPs

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Wilko bosses pulled before MPs

Wilko bosses are to be put in front of a Parliamentary committee after the firm collapsed, costing thousands of jobs.

On Tuesday, 28 November 2023, company chiefs will be grilled by MPs on the Business and Trade select committee. Earlier this month the union GMB – who will give evidence to the committee – wrote to newly elected select committee chair Liam Byrne MP asking him to hold Wilko to account.

Over 10,000 workers were left without a job after the discount high street retailer went bust earlier this year.

Bosses dished out £77m in dividends to themselves and shareholders during the past decade – and the Wilkinson family have not yet spoken questions about the business’s collapse, says GMB.

Nadine Houghton, GMB national officer who will give evidence to the committee, said: “It’s only right Wilko bosses should be forced to explain themselves to MPs.

“They ignored all warnings about their company’s financial future – lining their own pockets and dishing out millions to shareholders before leaving 10,000 people jobless.

“Wilko workers deserve answers from the company that crushed their livelihoods, while UK taxpayers will want to know why they’ve had to pay millions in redundancy payments.

“Hopefully the select committee will get those answers.”

Dock extension progresses at Space City Leicester

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Dock extension progresses at Space City Leicester
Work is progressing on the construction of a new low carbon innovation hub for high-tech industries in the East Midlands, which is on track for completion next year.On behalf of Leicester City Council, Brackley Property Developments (BPD) is delivering the expansion of the successful Dock managed workspace development at Pioneer Park, within Leicester’s Science and Innovation Enterprise Zone.The development will create c.43,000 sq ft of new high-quality office space for up to 45 businesses, and a terrace of nine manufacturing units providing more than 21,500 sq ft.Known as Docks 3, 4 and 5, the new sustainable buildings will be net carbon zero in operation and include a range of environmentally friendly features, such as low energy LED lighting, roof mounted photovoltaic panels, air source heat pumps, and super-thick insulation. There will also be cycle storage and provision for electric vehicles.Leicester City Council is retaining the freehold of the buildings, with accommodation being made available on a leasehold basis. The scheme is programmed for completion in April 2024.Stephen Pedrick-Moyle, Managing Director of BPD, said: “We have made excellent progress on the extension of the Dock innovation hub at Space City Leicester. This outstanding new development will provide purpose-built managed accommodation for high-tech businesses and complement the look and feel of the original Dock workspace buildings.”The project is being supported by £12 million from the Government’s Levelling Up Fund while the Leicester and Leicestershire Enterprise Partnership is providing £4.5 million from Enterprise Zone retained business rates and Leicester City Council.

rg+p honours founder’s legacy with new bursary scheme and memorial sculpture

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rg+p honours founder’s legacy with new bursary scheme and memorial sculpture
Design firm, rg+p Ltd has unveiled a unique memorial sculpture to honour its founder, the late Richard Galey. Incorporating Richard’s initials in a single 3D form, the sculpture is made of oak and was designed following a company-wide competition. The winner, architectural technologist, Tsvetan Hristov explains: “Our directors wanted to produce a permanent piece of artwork to commemorate Richard, particularly how much of a risk-taker and visionary he was, and therefore launched the sculpture competition. “My design process began by thinking about these two concepts, and where I could introduce innovation. Using AI-driven image generators, I explored various abstract forms, eventually settling on a series of images that resembled still flames. “While all the shapes were unique, I felt it lacked a personal touch, so I decided to incorporate the initials RG. Here, I switched to using digital 3D modelling to allow me better control over the final design. A local specialist, The CNC Yard, was sourced to fabricate the piece in oak, which is one of the strongest natural materials and an ancient symbol of wisdom and endurance, so a fitting tribute to Richard.” Tsvetan’s sculpture is now on display at rg+p’s Leicester studio, where Richard’s life dates are engraved on the base together with an inscription which reads “his enthusiasm for life and entrepreneurial approach to business forms the foundation for rg+p and remains an inspiration for us all.” To further honour Richard, rg+p’s directors have set up a new bursary scheme in his name. Awarded annually, the Richard Galey Memorial Bursary will offer up to £2,500 for a member of the team to implement a business idea that enables the practice to continue innovating. “Richard had an extremely entrepreneurial spirit, he was inquisitive, eager to learn and not afraid of standing out from the crowd,” said Rob Woolston, rg+p’s director. “The aim of the bursary is for the team to follow his example and generate business ideas that will help rg+p evolve, improve, nurture and progress. We’re confident that this, together with the unique sculpture, will perfectly commemorate Richard’s legacy.” Richard Galey founded rg+p, then Galey + Partners, in 1979 and quickly developed a strong client base in the affordable housing sector, which continues to this day. In 1987, the practice became Richard Galey + Partners. Richard celebrated rg+p’s 40th anniversary with current directors, Rob Woolston, James Badley and Mitch Dale at a masquerade ball in 2019. He passed away in March 2022 at his home in Spain.

Long Eaton ready for major improvements with £25m Town Deal

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Long Eaton ready for major improvements with £25m Town Deal
Major improvements to Long Eaton, after it clinched almost £25m of investment from the Government, will soon see locals reaping the benefits – despite the National Audit Office warning that similar Town Deal projects across England are floundering. The man heading up the massive revamp told of his optimism that the place where he was raised is about to be transformed back into what he described as “an absolutely fabulous town.” Richard Ledger – a Cambridge graduate who studied physics with Stephen Hawking – said it was natural for townsfolk to want to see big changes fast. But strict Government requirements over the best use of public funds have taken significant time to satisfy. Four years of planning are now close to fruition. Richard, who is the Long Eaton Town Board chairman, said: “After an immense amount of work to get the project to its current stage we will see the results coming with increasing speed.” The NAO warned in a new report that many local authorities were struggling to deliver Town Deal projects in time. Spiralling costs fuelled by inflation were blamed – together with contractors suffering from skills shortages. Richard admitted there had been hiccups locally but said Erewash Borough Council was working hard to overcome them. Work to transform the former stable block next to Long Eaton Town Hall stalled when the major building firm that was hired went into administration. A new contractor will be appointed imminently to continue turning the building into a state-of-the art business hub. A new bridge across the Erewash Canal to link Broad Street to West Park is close to being commissioned. The park itself is getting new lighting at a cost of £245,000 – although work had to be paused due to flooding from Storm Babet. The town will also see a much-improved walking and cycling network. As part of this a second new bridge is planned for Britannia Road. There will be a new West Park Waterfront development with space for food outlets where people can relax. Meanwhile, crunch negotiations with Derbyshire County Council to revitalise the High Street are entering their final phase. On Derby Road there are plans for smart new housing and shops to replace the old cinema and the rest of Galaxy Row. Richard, 57, who is a former pupil at Grange Primary School, said: “I was saddened to see the vibrancy of Long Eaton slowly ebbing away and this is a fantastic opportunity to turn things around.” He is a successful local businessman and inventor who was keen to bring his decades of expertise to the Town Deal initiative. The entrepreneur founded a Draycott-based firm that makes machinery for the food processing industry. As a child he had helped out in his dad’s engineering business, fixing machinery in local lace factories. Richard launched his firm Millitec in 2005 after a friend working in a food factory asked if he could build a machine to butter bread. Richard sympathised with other local authorities who have battled to keep their Town Deal projects on track. He said: “We have not been immune in Erewash. But the team has pulled together so we can truly deliver for Long Eaton.” The Department for Levelling Up, Housing and Communities said in the wake of the NAO report: “We continue to work closely with local authorities to support their delivery of their vital projects.”

Driving success in the East Midlands: a strategic guide to purchasing your business car

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Driving success in the East Midlands: a strategic guide to purchasing your business car
As business professionals in the East Midlands region, we understand the importance of making strategic decisions that can impact our success. One such decision that often gets overlooked is choosing the right business car. Your choice of vehicle can greatly influence your image, efficiency, and overall productivity. In this guide, we’ll explore the key factors to consider when purchasing a business car in the East Midlands and provide insights into popular models like the BMW i5 and Mercedes-Benz models.

The East Midlands Business Landscape

Before diving into the specifics of choosing a business car, it’s crucial to understand the unique characteristics of the East Midlands business landscape. The region is known for its diverse economy, which includes sectors like manufacturing, technology, healthcare, and logistics. As such, business professionals in the East Midlands often find themselves traveling between cities, attending meetings, and networking.

Assessing Your Needs

The first step in selecting the right business car is assessing your specific needs. Consider the following questions:
  • How often will you be on the road? If you frequently travel within the East Midlands or even beyond, a reliable and comfortable car is essential.
  • Do you need to transport clients or colleagues? If so, a car with ample space and a comfortable interior is important.
  • What’s your budget? Determine a realistic budget for your business car, including not just the purchase price but also ongoing expenses like fuel, insurance, and maintenance.

BMW i5 Review

When it comes to selecting a business car in the East Midlands, the BMW i5 deserves special consideration. This electric vehicle (EV) combines luxury, performance, and eco-friendliness. Let’s dive into the BMW i5 Review:

Performance and Efficiency

The BMW i5 is known for its impressive performance. Its electric motor delivers smooth acceleration and a quiet ride, making it an excellent choice for business professionals seeking a refined driving experience. The EV’s long-range capability ensures you can travel throughout the East Midlands without worrying about frequent recharging.

Technology and Connectivity

Modern business professionals rely heavily on technology and connectivity. The BMW i5 doesn’t disappoint in this regard. It boasts an advanced infotainment system, seamless smartphone integration, and a host of driver-assistance features that can enhance safety and convenience during your travels in the East Midlands.

Image and Prestige

Your business car can speak volumes about your professionalism and success. The BMW i5’s sleek design and BMW’s reputation for luxury and performance can help you make a positive impression on clients, partners, and colleagues.

Mercedes-Benz Models

Mercedes-Benz is another brand that holds a strong presence in the East Midlands business community. With a range of models to choose from, Mercedes-Benz offers options suitable for various professional needs. Here are some popular Mercedes-Benz models to consider:

Mercedes-Benz E-Class

The Mercedes-Benz E-Class is a versatile choice for business professionals in the East Midlands. It offers a comfortable interior, a smooth ride, and a range of engine options to suit your preferences. The E-Class is known for its reliability and prestigious image, making it a common sight in the business world.

Mercedes-Benz C-Class

For those who prioritize fuel efficiency without sacrificing style and comfort, the Mercedes-Benz C-Class is a great option. Its compact size makes it well-suited for urban driving, and it comes with a variety of technology features that can enhance your daily commute or business trips.

Mercedes-Benz S-Class

If you want to make a statement and prioritize top-tier luxury, the Mercedes-Benz S-Class is the epitome of sophistication. It offers an opulent interior, advanced technology, and a smooth ride. While it may come with a higher price tag, the S-Class can leave a lasting impression on clients and associates in the East Midlands.

Considerations for Electric Vehicles

In recent years, electric vehicles (EVs) have gained popularity, driven by their eco-friendly nature and potential cost savings. If you’re considering an EV like the BMW i5, here are a few additional considerations:
  • Charging Infrastructure: Ensure there are sufficient charging stations in the East Midlands to support your EV. Fortunately, the region has been investing in EV charging infrastructure.
  • Government Incentives: Check for government incentives and tax benefits for EV purchases. These can help offset the initial cost.
  • Range Requirements: Evaluate your daily driving needs to ensure the EV’s range meets your expectations. Most modern EVs, including the BMW i5, offer sufficient range for typical business trips in the East Midlands.

Conclusion

Choosing the right business car in the East Midlands is a strategic decision that can impact your success in the region’s diverse business landscape. Whether you opt for a BMW i5, one of the many Mercedes-Benz models, or any other vehicle, consider your specific needs, budget, and the image you want to project. With the right business car, you can navigate the East Midlands with confidence and make a positive impression on clients and colleagues alike.

Octopus Energy takes 47,000 sq ft at Hinckley Park

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Octopus Energy takes 47,000 sq ft at Hinckley Park
Hinckley Park, an industrial and logistics park situated adjacent to junction 1 of the M69, has attracted a fourth significant occupier. Hinckley 47 is to be occupied by renewable energy company, Octopus Energy, taking 47,000 sq ft. The facility is being used as a storage and distribution facility for customer’s orders of heat pumps and solar panels and will also act as a national training centre for installation engineers. The unit is one of three in the final phase of development at Hinckley Park. The unit has been delivered to EPC A and BREEAM Excellent ratings and is equipped with the ability to provide electric car charging for every parking space. The building is being delivered as Net Zero in Construction and Net Zero Ready, with the integration of solar PVs to help support an occupier’s journey to becoming Net Zero in Operation. Harry Goodman, development manager for IM Properties, said: “This is another great name to add to the occupier list at Hinckley Park and is testament to our commitment to creating top-tier industrial spaces that meet the needs of innovative and forward-thinking companies like Octopus Energy.”

Renovation works begin on empty Sutton shop

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Renovation works begin on empty Sutton shop
Renovation works have started at 9-11 Low Street, Sutton, the second empty shop to be given new life by Ashfield District Council. Ashfield District Council have purchased the former YMCA shop on Low Street as part of their £6.27million Future High Streets Fund. In May this year the Council completed the transformation of the old Yorkshire Bank on Low Street, from a dilapidated eye-sore, to a modern café, bringing vibrancy back to the high street. Plans for 9-11 Low Street include refitting the interior of the shop unit to bring it back to a useable commercial space, installing energy efficiency measures, and renovating the first floor into modern, quality accommodation. Cllr Matthew Relf, Executive Lead for Regeneration, Growth and Local Planning, said: “It is fantastic to see work starting on another of our Future High Streets Funded projects. When all our 20 plus projects are completed, they will work together to transform our town centres and how people shop, visit, and do business in Ashfield. “To some people it may just be repurposing a long-standing empty unit, but in conjunction with the Makerspace and business hub at High Pavement House, the redesign of Portland Square which will start in the new year, and work in the outer edges of Sutton at Kings Mill Reservoir and Sherwood Observatory, you can start to see our vision for the District. A place where businesses and aspirations can grow and succeed.” Cllr Jason Zadrozny, Leader of Ashfield District Council, said: “Ashfield District Council are transforming Ashfield, as a District but also as a place to visit, start a business, receive an education, and make a home. The future of Ashfield is truly bright thanks to the hard work of the Council. We have secured over £120million external investment to allow us to fulfil our ambitions for Ashfield, so keep watching for our progress.”

Manufacturing output falls and order books deteriorate

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Manufacturing output falls and order books deteriorate
Manufacturers reported that output volumes fell in the three months to November, disappointing expectations for expansion, according to the CBI’s latest Industrial Trends Survey (ITS). Manufacturers expect output volumes to decline further into the new year. A more subdued outlook for production comes as order books fell to their weakest level since the second COVID-19 lockdown in early 2021. Both total and export order books were reported as below normal in November, to the greatest extent since January and February 2021 respectively. The survey, based on the responses of 232 manufacturers, found:
  • Output volumes fell in the three months to November (weighted balance of -17%, from -6% in the three months to October) and is expected to fall further in the quarter to February 2024 (-7%).
    • Output fell in 10 out of 17 sub-sectors in the three months to November. The decline was driven by the chemicals, mechanical engineering, metal products and metal manufacturing sub-sectors.
  • Total order books were reported as below normal in November and deteriorated sharply from last month (-35% from -26%). The level of order books is well below the long-run average (-13%) and their weakest since January 2021. Export order books were also seen as below normal and deteriorated from last month (-31% from -23%). This was below the long-run average (-18%) and their weakest since February 2021.
  • Expectations for average selling price inflation over the next three months saw little change from last month (+11%, from +7% in October). Selling price expectations were only marginally above their long-run average (+7%), having declined steadily over the last year and a half from the multi-decade high seen in 2022 (+80% in March 2022).
  • Stocks of finished goods were seen as broadly adequate in November (+3% from +4% in October), below the long-run average (+12%).
Anna Leach, CBI deputy chief economist, said: “Manufacturing output has been under pressure recently given the combination of slowing demand and the run-down of stocks of finished goods. This latest data will fuel concerns that the economy is slowing swiftly as the highest interest rates for 15 years take their toll on demand. “The further softening in orders this month is a worry, with order books now in their weakest position since the start of 2021 when the economy was locked down amid the pandemic.”

Global software firm acquires Leicester transportation management systems provider

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Global software firm acquires Leicester transportation management systems provider
Global software firm Aptean has acquired 3T Logistics & Technology Group (3T), a Leicester-based provider of cloud-based transportation management systems (TMS) to shippers and carriers in the UK and broader Europe. With the acquisition of 3T, Aptean adds new capabilities to its TMS offerings for shippers and carriers serving manufacturers and distributors in the food and beverage, fast-moving consumer goods, industrial machinery, automotive and building product verticals. “Aptean is pleased to expand its TMS offerings in Europe with the addition of 3T’s cloud-based EVENT platform,” said Duane George, GM of EMEA and APAC at Aptean. “In today’s challenging business environment, 3T helps organizations deliver their products with greater speed and efficiency, enabling them to compete a global level.” “Aptean shares our commitment to innovation and our solutions are highly complementary to Aptean’s existing ERP and SCM offerings for manufacturers and distributors,” said Steve Twydell, founder and CEO at 3T. “As part of Aptean we will be able to provide our customers with more solutions to enhance efficiencies and improve outcomes across their operations.”

Could it be described as a Black Friday Autumn Statement?

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Could it be described as a Black Friday Autumn Statement?
James Pinchbeck, partner at Streets Chartered Accountants, reflects on the Autumn Statement. As our seventh Chancellor since 2016 stood up to deliver his Autumn Statement, perhaps the good news was that in contrast to his immediate predecessor, he had run his figures by the Office for Budget Responsibility. Therefore, we hopefully will not experience an aftershock.In the media coverage on the run up to his speech there was much speculation as to what the Statement might include, from reductions in business and income tax to changes in inheritance tax.  Over recent days it has felt that at times they were testing the acceptance of any proposed changes, especially with the electorate, as we are now probably only 12 months away from a General Election.However, it did feel a bit akin to a Black Friday sale, with some 110 measures and announcements to underpin growth, make work pay and increase work/UK productivity.  Overall, a move to hopefully revert the government’s fortune, curtailing the growing shift in support for Labour and perhaps a red wall landslide next year. Whether it will achieve this we will have to wait and see.Whilst as ever the devil is in the detail and it will certainly take time to get through the 110 measures, the key announcements and changes were as follows:
  • The headline grabbing reduction in Employee National Insurance from 12% to 10% – this cut will come into effect from 6th January 2024
  • For the self-employed Class 2 NIC will be abolished with Class 4 NIC to be cut from 9% to 8%
  • Business Rates will continue to be frozen for small businesses and the 75% discount on business rates for retail, hospitality and leisure will be extended for a further year
  • The National Living Wage will increase to £11.44 per hour from April 2024
  • State pension payments are to rise by 8.5% to £221.20 a week, worth almost an extra £900 a year. The triple lock will be “honoured in full”
With business investment in the UK falling behind other OECD countries and with the need to improve productivity to underpin economic growth the announcement that full expensing for businesses to be made permanent must be good news. This will mean that for every £1 a business invests in IT, machinery and equipment they can claim back 25p in Corporation Tax.The Chancellor also announced further changes to Research and Development Tax reliefs aimed at supporting and driving innovation especially in the fields of life science, technology, advanced manufacturing, net zero and digital innovation.A number of our firm’s office locations are set to see a change in their political and governance landscape, with devolution deals announced for Hull and East Yorkshire and the counties forming Greater Lincolnshire.Further afield and including locations from across our practice there was news of the creation of further investment zones and that Freeports and investment zones will be given 10 years of “financial incentives,” rather than five as currently planned.There will also be a further three investment zones in the West Midlands, East Midlands and in Greater Manchester. And finally, whether you are looking to partake in a glass of wine, beer or whatever your tipple to celebrate or otherwise, you will be pleased to hear the duty on alcohol will be frozen until August 2024. For the devil in the detail there is still time to book for Streets Chartered Accountants’ post Autumn Statement webinar which takes place from 11am until 12noon on Thursday 23rd November. Register to join us live and/or to receive a post broadcast recording to watch on catch up.

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Revenue and profits drop at Motorpoint Group

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Revenue and profits drop at Motorpoint Group
Revenue and profits have dropped at Motorpoint Group, the independent omnichannel vehicle retailer. According to unaudited interim results for the six months ended 30 September 2023 (H1 FY24), the Derby car retailer’s revenue was parked at £607.2m, down from £786.7m in the same period last year, influenced by market headwinds. Meanwhile the firm posted a £3.5m loss for the period, dipping from a £2.4m profit last year, which Motorpoint said was a result of lower volumes and a fall in finance commissions. Retail volumes declined by 18.4% and wholesale volumes by 22.4% as more stock was sourced direct from consumers and sold through retail channels.

Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I have been at Motorpoint for twelve years and the agility and resilience of our business model is something of which I am immensely proud.

“We have no structural debt, a flexible business model, a fantastic team and a tremendous opportunity ahead to achieve significant cash generation in the medium term following the actions of the past twelve months. Our focus on improving unit economics has been successful, although volumes remained challenging in the period.

“The rapid fall in used car values since the period end is unquestionably a near term challenge, however it also provides reassuring signs of supply finally beginning to improve in the nearly new market that we have dominated in the past. I believe next year will be a key turning point for the market and I look to the future with confidence.”

Hinckley businesses vote Hinckley BID back in for fourth five-year term

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Hinckley businesses vote Hinckley BID back in for fourth five-year term
The Hinckley Business Improvement District (Hinckley BID) is starting its fourth five-year term, following a successful ballot result. Hinckley BID is part of a national movement where businesses in a local area vote to pool their resources and support a range of initiatives designed to help their businesses to be more successful. In the Hinckley BID’s ballot, 74% of eligible businesses voted in favour of a further five-year term. The BID team report to the Hinckley Town Centre Partnership Ltd (HTCP) whose unremunerated board of directors include senior representatives from Hinckley & Bosworth Borough Council as well as a wide range of local businesses and the voluntary sector. Steve Wegerif, BID Director, said: “I am absolutely delighted that we have been re-elected for another five years and would like to thank all our member businesses for their support. This is testament to the dedicated and hard work by the BID team. “It also highlights how working in partnership in these financially hard times is essential and we look forward to continuing to promote the wide and diverse range of Hinckley businesses and all that they have to offer.” Hinckley & Bosworth Borough Council Chief Executive Bill Cullen said: “This is a resounding thumbs up from Hinckley businesses. It recognises the great work the BID team undertake in partnership with other local organisations such as the council to promote the town and drive business to the area. “I look forward to continuing to work with them and supporting our local town centre – congratulations.”

Developer ordered to demolish Kettering building following trial

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Developer ordered to demolish Kettering building following trial
The developer of a six-storey building in Job’s Yard, Kettering has been ordered to totally demolish the building following a three-day trial in Birmingham High Court. The case was brought by North Northamptonshire Council following serious concerns about the building work that has been continuing to take place as well as a lack of adherence by the developer to building regulations and the planning permission which had been granted. The unauthorised structure resulted in formal action from the council’s building control and planning enforcement teams, supported by the Health and Safety Executive. A three-day trial concluded with the court granting an order compelling the developer to arrange for a specialist contractor to demolish the building down to the ground. The court ordered that the demolition should be completed by February 28, 2024, by a specialist contractor paid for by the developer, Michigan Construction Limited. NNC were awarded costs and will be seeking to recover their costs incurred in the proceedings from the developer, Michigan Construction Limited. Due to the current unsafe nature of the building, a cordon has been in place around the site since June 2022 in the interest of public safety. The cordon will remain in place to ensure the safety of the public is maintained until after the demolition has been completed. Cllr David Brackenbury, the council’s Executive Member for Growth and Regeneration, said: “We have been trying to work with the developer of this site for some considerable time now and going to court was always a last resort. “We are pleased that the court found in our favour and we will continue to monitor the situation to ensure that the developer follows the orders set out by the court. Following the demolition, we will be able to look at the safety of the area and consider removing the cordon in place, which will benefit residents of Kettering and businesses around the site.” Cllr Jason Smithers, Leader of the Council, said: “We simply cannot permit unsafe construction that breaches planning permission to be allowed – it is unsafe for our residents and it’s a blight on our town centres. “This case demonstrates that we will take tough action against developers who choose to flout the rules which are so necessary to ensure that high standards of construction are maintained, and new buildings are in keeping with surrounding areas. “I’m delighted that the court has found in our favour – and I hope it sends out a warning to cowboy constructors who think they can cut corners.”

Swadlincote awarded £1.1m to invest in town centre

Tess Egginton
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Swadlincote awarded £1.1m to invest in town centre
South Derbyshire District Council has been provisionally awarded up to £1,108,000 to invest in Swadlincote town centre as part of Round 3 of the Government’s Levelling Up Fund. The project was submitted in Round 2 and whilst not funded was assessed as high quality and ready to deliver. The Government has now backed the project and will discuss with the council the activities that the funding could support. Councillor Robert Pearson, Leader of South Derbyshire District Council, said: “This is fantastic news for South Derbyshire. The council has been actively supporting Swadlincote town centre to help High Street businesses by investing our own funds and maintaining policies such as free parking. “It is great that these efforts have been recognised by the Government, as this award would help us to continue encouraging greater community and leisure use of the town centre.” If confirmed, this new funding award will complement the council’s current programme of investment in the town centre. Projects already underway include:
  • Regeneration of the derelict Bank House/Sabine’s Yard site between Belmont Street and Midland Road to create additional public car parking
  • Refurbishment of The Delph market square to create an attractive vehicle-free public space
  • Creation of a ‘Pocket Park’ on Belmont Street as a new green space in the town centre with seating in a landscaped setting
  • Extension of the CCTV network with the installation of additional cameras
  • Appointment of a Community Safety Enforcement Officer dedicated to addressing issues in the town centre
  • Support for promotional activities, including marketing initiatives and public events
  • Refurbishment of the public toilets
  • Opening of South Derbyshire Visitor Information Centre, following the restoration of a traditional shop front at 1 High Street
  • Improvements to the shopfronts at No’s 5-15 West Street fronting The Delph.
The above initiatives are being funded by South Derbyshire District Council and the UK Shared Prosperity Fund.

MEC appoints new director to lead civil and structural engineering disciplines

Tess Egginton
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MEC appoints new director to lead civil and structural engineering disciplines
MEC, development technical consultants based in Leicester and Brighton, have appointed Dave Stockton as director to head up the civil and structural engineering disciplines and support the company’s growth and development efforts under the leadership of MEC’s new Managing Director, Alex Bennett. Dave brings a wealth of experience to his new role at MEC, having previously served as a technical director at prominent housing developers, Countryside Homes and Bellway Homes. Setting Dave apart is his diverse experience, which also includes time within consultancy deepening his knowledge of detailed design processes, and providing him with a comprehensive perspective. With a strong background in the core areas of MEC’s work, Dave is well-versed in the intricacies of design and has a keen understanding of the challenges and opportunities that the industry presents. Since taking over the company, Managing Director, Alex Bennett, has emphasised the importance of being ambitious and seeking new opportunities for progression, ensuring the delivery of high-quality work, generating new opportunities, and advancing the company’s technical expertise. Alex expressed his enthusiasm for Dave’s appointment, saying: “With the recent changes within the business, myself and long-standing director Tim Rose, believe that Dave’s experience, industry knowledge, and commitment to excellence will be instrumental in our ongoing growth and success. We look forward to working closely with Dave and are confident he will have a positive impact on our company.” Dave adds: “I’m excited about joining M-EC, especially during this time of redirection and growth. Design quality, providing value and getting it right the first time for our clients is something I am very passionate about. I’m confident that my previous experience is a good match for supporting MEC’s expansion and our client’s needs, and I can’t wait to start making a significant difference to the team.”

Convenience foods manufacturer agrees new £350m sustainability-linked facility

Tess Egginton
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Convenience foods manufacturer agrees new £350m sustainability-linked facility
Greencore, a manufacturer of convenience foods with its UK office in Worksop, has agreed a new five-year £350 million sustainability-linked revolving credit facility (RCF). The new RCF replaces Greencore’s existing £340 million facility and a £45 million term loan and extends the Group’s average maturity profile to close to 4.5 years. The facility has the option of two additional one-year extensions and includes a £100 million accordion feature which provides further potential financing facilities. The new RCF incorporates performance targets that are aligned with Greencore’s long-term sustainability strategy. Dalton Philips, CEO, said: “Greencore continues to deliver on its ambition to build a stronger, more efficient business serving our customers and consumers across the UK. This new facility provides us with significant new financial flexibility to deliver on our growth objectives while aligning our financing arrangements with our sustainability targets.” The RCF is provided by Allied Irish Banks plc, Barclays Bank Plc, Coöperatieve Rabobank U.A. (trading as Rabobank Dublin), Danske Bank A/S, Irish Branch, HSBC Continental Europe, The Governor and Company of the Bank of Ireland. Allied Irish Banks plc acted as sustainability co-ordinator and Bank of Ireland acted as agent. Greencore was advised by IBI Corporate Finance.

Lincolnshire garden centre hits the market after 40 years of family ownership

Tess Egginton
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Lincolnshire garden centre hits the market after 40 years of family ownership
Specialist business property adviser, Christie & Co, and joint agent, Clark Weightman, have been instructed to market Millstone Garden Centre in Grimsby. The garden centre was originally established in 1989 by current owners, Tom and Joanna Rutherford. Set in the foothills of the Lincolnshire Wolds and across a 4.2-acre site within walking distance of Waltham village, the traditional, family-run garden centre specialises in offering a comprehensive range of high-quality plants, hard & soft landscaping products and a wide range of other garden-related products. The site features a retail shop, large glasshouse, conservatory and extensive standing beds. Also included in the sale is a detached, five-bedroom house with a double garage, gardens front and rear, pond, greenhouse and vegetable plot. After almost four decades of ownership, Tom and Joanna have decided to sell as they are hoping to retire. They said: “After 50+ years landscaping and 40 years nurturing our family-run garden centre, retiring feels like we are ready to bring our story closer to a conclusion. “We really do cherish the countless memories, blooming friendships, and the joy of cultivating a thriving and passionate gardening community. It’s our time to bid farewell and send our heartfelt thanks to all our wonderful staff and our beloved customers. We’re very much looking forward to writing the next, peaceful chapter in our book!” Andrew Birnie, director at Christie & Co who is handling the sale, said: “This is a great business, ideal for a family to purchase and live on site. Alternatively, as the house is accessible through its own driveway, a new owner may wish to sell it separately without too much alteration at a later date. “The site is well-managed, has ample space for development, and enjoys a loyal customer base which is continually expanding. With the hundreds of houses being built nearby, there is plenty of scope to grow the business and capitalise on the increasing demand.”
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