Derbyshire County Council’s Cabinet has approved a report that details the pressures on its finances in the current financial year.
A range of cost control measures will now be implemented in order to reduce a forecast overspend of £46m.
Council Leader Councillor Barry Lewis said: “We are taking immediate action to control our spending.
“This is not a bankruptcy situation for this council, far from it. However, to be completely clear with our residents, employees and partners, this is a difficult situation and we must rise to the challenge.
“We have always been a well-managed, efficient and financially stable council which has balanced our books, maintained a robust level of reserves and been able to support vital, high quality, value-for-money services for our residents across Derbyshire.
“However, the reality is that the financial pressures we are facing, along with other councils and households, are now greater than ever experienced before, with most of these pressures being simply outside our control.
“The decision taken today by Cabinet is the first step on our journey to get our finances back on the right track.
“Our employees are now tasked with looking at every penny they spend, to make sure it is essential and value for money.”
The cost-cutting measures announced include:
a recruitment freeze – although some jobs will continue to be recruited to where they are essential, such as social care front line positions
reducing agency staff
reducing overtime and additional hours worked by employees
reviewing all agency staff
no non-essential conferences, travel or training
only health and safety repairs on properties
reducing spend on print, IT equipment and stationery
delaying any contracts not yet signed
postponing any projects that are still in the planning stage
External forces affecting the council’s budgets include higher than anticipated inflation which impacts all areas of expenditure including fuel, energy and materials costs.
High inflation has also impacted on the demand for services. This is particularly the case in adult social care and children’s services where the council has seen continued increased demand for these vital services.
In addition, the expected 2023 to 2024 pay award for staff, which is agreed at a national level is a significant financial pressure for the council and must be met from local council budgets.
Across the country, many councils are experiencing similar issues, many of which are much more severe than at Derbyshire. The council’s proposed approach is to take early action, show prudent financial management and to contain these external pressures and avoid more serious future consequences.
Futures Housing Group will be seeking a new Chief Executive, following the decision by Lindsey Williams to step down after 20 years in post.
Lindsey, who has run the organisation since 2003 when Amber Valley Housing was formed through a large-scale voluntary stock transfer, will continue in her role into 2024 to support the effective handover to the organisation’s new leader.
Under Lindsey’s stable tenure, the organisation has grown to provide 10,337 homes having developed new properties since its very first year, consistently achieved top regulatory ratings, seen it launch a commercial development company, a co-owned training company and brought Daventry and District Housing into the fold to create Futures Housing Group.
Mike Stevenson, Board Chair of Futures Housing Group, said: “I wish Lindsey the very best and I’d like to thank her for her commitment to Futures and its colleagues and customers over so many years. She has created a lasting legacy with a culture that fosters innovation, holds true to our social purpose and brings out the best in people, whilst ensuring effective leadership and financial stability.
“Only last month we retained the top ratings for governance and viability from the Regulator of Social Housing after our latest In-Depth Assessment, and with a new modern office move complete, Investor in People Platinum status and new ambitious corporate plan in process, Futures’ next Chief Executive has a fantastic platform to build from.
“To keep our connections rooted in the community, Lindsey has always ably balanced her Chief Executive hat alongside many other social purpose roles including board roles as Vice Chair of a local hospice and most recently as President of East Midlands Chamber. I am sure with Lindsey’s passion and ambition the opportunity to further explore this social purpose drive once the handover is complete, is a new chapter she will relish and equally succeed at.”
Recruitment for the role will begin shortly, with Lindsey remaining in post across 2024.
Light Science Technologies Holdings (LSTH) plc, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, is set to receive a grant of £209,506 as part of a 36-month £1.74m collaboration, funded by The Department for Environment, Food and Rural Affairs (Defra) and the UK Research and Innovation (UKRI) Transforming Food Production Challenge.
The project, Transformative Reduced Input Potatoes (TRIP), consortium includes a range of commercial potato growers across England – from Lincolnshire to Cornwall – and includes farms owned and managed by Dyson Farming Ltd. It will test out a range of regenerative cultivation methods that could reduce the environmental damage caused by producing potatoes.
As part of the collaboration the Derbyshire company will add Nitrous Oxide sensing capabilities to its existing SensorGROW product and supply sensors to various growing sites, phased to be delivered in Q2 2024.
Over the 36-month period TRIP will investigate new breeds of disease resistant potato, new nutrient treatments for use on leaves instead of soil, reduced tillage methods including use of mulches as a growing medium and new methods to monitor greenhouse gas emissions from farmers’ fields.
Dyson Farming, The James Hutton Institute, Emerald Research, The Sarvari Research Trust and scientists from Bangor University’s School of Environmental and Natural Science and Biocomposites Centre will all collaborate with LSTH on the project.
Dr Christine Jones, Dyson Farming, said: “Many farmers are seeking ways of producing their crops more sustainably but the particular requirements for growing a potato crop can make it a challenge to incorporate potatoes into a sustainable rotation.
“Outcomes from the TRIP project can be expected to offer growers a range of methods to reduce inputs to, and impact from, potato crops. Collaboration between the TRIP partners provides an exciting opportunity to bring together different areas of development and to turn science into practice for potato growers.”
Simon Deacon, Chief Executive Officer of LSTH, said: “We are delighted to be involved in such a strong consortium and grateful for the support of UKRI and Defra. This will be an exciting opportunity to take SensorGROW from indoor to outdoor growing, while enabling the company to forge new relationships within the research, policy, and commercial growing pools.”
Community champions Silverstone Leasing put their best foot forward on Sunday to support The Amazing Northampton Run – Northampton’s newest half marathon.
The vehicle leasing company’s Managing Director Scott Norville and account manager Tom Bailey took part in the inaugural event, raising charity cash for Silverstone Leasing’s deserving chosen charity, Cynthia Spencer Hospice.
Operations manager Ryan Bishop was unable to run due to an injury, however donated his time to hand out cold drinks to those in the race.
More than 1,900 runners participated in the inaugural event, which was sponsored by Silverstone Leasing and saw entrants take a grand tour of everything great in Northampton in three different races – the half marathon, the half marathon relay or a three miler.
Scott said: “We are proud to be based in Northampton and contribute to the local economy and wider community and it is important to us to support local events such as this one.
“The Amazing Northampton Run was brilliantly organised and showcased the best of Northampton. I was delighted to see such a great turnout for the first event and we look forward to taking part again next year!”
Savage Lighting, a specialist in the design and manufacture of custom high-end lighting solutions for luxury yachts across the world, has appointed two stalwarts of the superyacht industry to its growing team: Nigel Sherlock and Tom Campion. Having banked well over two decades’ experience within the superyacht industry between them to date, the announcement takes place just ahead of the 2023 Monaco Yacht Show and represents an exciting opportunity for the Leicestershire-based company to make sure its presence is felt at this internationally significant event. Tom Campion will be taking on the position of head of marine projects, overseeing the burgeoning marine element of the lighting business, and Nigel Sherlock will have the role of business development manager, harnessing his impressive wealth of experience and contacts to generate new business for Savage Lighting. Originally trained in Product Design Engineering, Tom Campion brings seven years of technical expertise in superyacht lighting to his new role and is particularly looking forward to working for a company which boasts strong in-house manufacturing capabilities alongside its research and development department.
“In our industry, being able to customise your projects is very important, so if you are able to do this in house, you can turn things around very quickly. In-house capability, design and manufacturing are absolutely key to successfully meeting the needs of our clients, and Savage Lighting has this in spades,” says Tom. Nigel Sherlock has worked within superyacht lighting for almost a decade and knew Savage Lighting for its solid and reliable reputation. Nigel says: “As MYS 2023 rapidly approaches, this is the perfect time for me to use my connections to help the company further develop its sales within the new build sector and enhance its already strong position in the refit sector. Tom and I have also worked together previously for seven years and are excited to bring our respective, and very different, strengths to Savage Lighting.”Julie Clark, Managing Director and sales director at Savage Lighting, adds: “We are delighted to announce these two extremely valuable appointments to our team ready for this year’s Monaco Yacht Show. “As a company, we have invested significantly in our in-house manufacturing capabilities in recent years and have plenty more investments in the pipeline. We are looking forward to showing the industry what Savage Lighting is all about at the incomparable Monaco Show.”
Construction is in progress for the new local centre at Glenvale Park, which will provide Wellingborough residents with a brand new Co-op store, as well as a new Drive Thru for local independent coffee chain, Bewiched.
The building works – delivered by local firm PGR Construction – will continue until 2024, in time for the expected opening of the local centre later in the year.
A development of 3,000 homes, Glenvale Park is a new neighbourhood in Wellingborough. The retail offering will complement the existing amenities already available at the development, which include a new family play park that opened earlier in the summer.
Mark Best, director of Midtown Capital Ltd, managing partner of Glenvale Park LLP, said: “With construction of the local centre now well underway, Glenvale Park is full steam ahead with delivering a range of fantastic local amenities for residents, along with new homes for local businesses.
“At Glenvale Park, the goal is to create a close-knit community hub where residents have everything they need onsite, also helping to integrate the development within the local Wellingborough community.”
The new food store is being opened by the Heart of England Co-operative Society which owns the eight-unit local centre on the site.
Chief Executive Ali Kurji said the Society is looking forward to providing a first class, modern shopping experience at the heart of a vibrant new community.
“The spacious 4,862 sq ft sales floor will enable us to offer many exciting features, along with high quality produce. On top of an excellent range of meat, groceries, dairy products, wines and spirits, there will be an in-store bakery, a chilled food-to-go range, as well as a parcel locker. Local residents will also be able to buy hot drinks, children’s toys and fresh flowers.
“We are investing a total of £6.1m in creating a feature packed, new store plus seven rental units, one of which will house a Bewiched drive-thru coffee shop. It’s a major milestone for us.
“The building itself will increase the Park’s sustainability with air conditioning and refrigeration systems using around 40 per cent less energy than older equipment. There will also be electric vehicle charging points in the car park.”
Mr Kurji added: “This wll be our 39th food store. We are delighted to be embarking on this exciting and significant new chapter in our history.”
Bewiched was founded by Matt Fountain, expanding to 15 Midlands stores in just over ten years, starting from his first shop in Wellingborough in 2010.
Founder and Managing Director of Bewiched Coffee, Matt Fountain, said: “As a brand that was born just a mile from Glenvale Park, we are very proud to be opening another Drive Thru unit in Northamptonshire, the store will also have fifty-five internal covers.
“As it stands this will be only the second purpose built independent drive thru coffee offer in the UK and Europe – the first being our Moulton Park store.
“We have only been able to achieve these milestones through the exceptional service and products our teams create everyday across all of our stores.
“Our aim over the next twelve months is to give over 5,000 individual recognition moments to our team, we are currently smashing that target and could even get to over 10,000.
“We want to deliver an elevated service experience to our amazing loyal customer base. We currently serve over 40,000 customers a week and genuinely want to create great moments for every single one of them, as well as our teams. Glenvale Park will be another important and exciting step on that journey.”
A new five-year-plan to bolster the economy of Blaby District has been launched by the Council.
The Economic Development Framework sets out a vision for the District to thrive by supporting and promoting business growth and development.
The aim is to encourage a more prosperous, inclusive and sustainable local economy.
There are five priority themes within the Framework:
Supporting local business and innovation
Shaping our work and skills agenda
Growing and supporting the Green Economy
Building Pride in Place
Identifying investable propositions
Each priority is backed by an action plan with the scope to evolve in response to changing situations.
The impacts of Brexit, Covid and the on-going cost-of-living crisis are all factored in.
Collaboration and partnership working with stakeholders is seen as key to the Framework’s success. The plan was shaped through consultation and feedback from businesses, residents and public sector agencies.
Practical support will continue with regular Job Fairs and Business Breakfast meetings. New initiatives will include exploring the potential to increase visitor numbers and accommodation. Plus guidance and support will be offered to local businesses through expert advisors.
Councillor Terry Richardson, Leader of Blaby District Council, said: “A thriving local economy is not only essential for businesses but for our communities. While we are already, justifiably proud of our District, we must look to the future. We want to ensure we continue to react positively to a changing and challenging economic landscape.
“Together with our key partners and stakeholders we want to maximise opportunities for our businesses to grow and our residents to flourish. We want to improve services and infrastructure. And we want to attract new investment so Blaby District continues to be a great place to live, work and visit.”
Following a run of 14 increases, the Bank of England has chosen not to hike interest rates today (21 September).
It sees the current base rate remain at 5.25%, and comes after a surprise slowdown in inflation figures. This is thought to have eased pressure for another rise in rates.
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 5–4 to maintain the Bank Rate.
Anna Leach, CBI deputy chief economist, said: “The Bank of England said they’d be data-driven: a sharper-than-expected fall in services inflation driving a small fall in the headline inflation rate has proved enough for the Monetary Policy Committee to hit pause on rate rises after 14 consecutive increases. Despite the pause and a slowing of inflation, many businesses and households will be still feeling the impact of tighter credit and higher prices.
“The coming months will be tricky for the Bank. They’ll be vigilant regarding developments in wages and inflation expectations, given private sector wage growth is still topping 8%. Meanwhile, the outlook for energy prices has shifted, with oil prices now pushing up and European gas prices once again at the mercy of the winter weather outlook. This could slow the pace of decline in the headline inflation rate and risks underpinning still-high core inflation. But the economy is showing signs of turning too: the unemployment rate has risen, vacancies are down and activity is slowing.
“The MPC’s next meeting date in November coincides with the publication of the Bank’s updated forecast and their full assessment of economic conditions. And before that we’ll see the full set of revisions to GDP from the ONS, as well as more data on economic conditions, before heading into the Autumn Statement later in the month. With business investment crucial to delivering growth, this presents an ideal opportunity for the Chancellor to shore up business confidence.”
Nottingham Venues has completed a significant refurbishment and re-brand project at its Jubilee Hotel and Conferences venue.
The project has seen the refurbishment of its meeting space in the East Atrium at the venue, and also the re-brand of its Spokes Café. Taking inspiration for its name from Raleigh, whose factory used to be on the Jubilee site, Spokes has undergone significant changes to both its menu and décor and is now aiming to make the most of its attractive lakeside location.
Commenting on the relaunch, Stephanie Moss-Pearce, Director of Marketing at Nottingham Venues, says: “We are privileged to have such a fantastic location with The Jubilee Hotel and Conferences and so wanted to breathe new life into our facilities and start putting the location on the map. We are delighted with the results and have had great initial feedback from the public and our business clients who use the flexible meeting space on offer.”
Nottingham Venues celebrated the launch of its new look with a ‘Party By The Lake’. Attended by its meetings and events clients and a wide range of people from Nottingham’s business community, the event was the perfect way for people to experience the venue and try the menu. The event also raised funds for Footprints Conductive Education Centre, with the money raised on the night being added to the overall total Nottingham Venues is raising as part of its Robin Hood Half Marathon Corporate Challenge.
Stephanie Moss-Pearce adds: “We were pleased that so many people could join us to celebrate the completion of the work. It was the perfect way for people to experience our setting and I would like to thank all our clients and contacts for their support. We look forward to welcoming you back soon.”
Nottingham Venues operates a collection of independent venues specialising in meetings and events, set within the grounds of the University of Nottingham campus. These include the East Midlands Conference Centre, the Jubilee Hotel and Conferences venue, Campus Venues and the 4* Orchard Eco Hotel. It provides meeting space from 5 to 1000 delegates, with over 40 meeting rooms, 2000 sq ft of exhibition space and 300 bedrooms at the Orchard Hotel and Jubilee Hotel combined.
Streets Chartered Accountants covers self-employed tax changes, fortitude in family businesses and more in its latest monthly news roundup.
Webinar: Changes to the way the self-employed and those in business partnerships are taxed
HMRC, His Majesty”s Revenue and Customs, has introduced changes to the basis period, the defined timeframe used to calculate the taxable profits for taxing the self-employed and those in business partnerships. The changes relate to this tax year, 2023/24 and beyond. Book Now
Mersea Week celebrations continue into September with the Round Mersea Island Race, sponsored by Streets Whittles
With time and tide waiting for no man, this year’s popular Round Mersea Island Race took place on Saturday 2nd September, the weekend after its usual scheduling at the end of the celebratory Mersea Week. The reason for the WMYC making a change to the usual format is to work with the tides. With High Water at 14.43 and a height of 5.7m, this was one of the highest of the year and perfect conditions for the race round the island covering over 14 nautical miles. Read MorePodcast:How Streets Banking and Finance is supporting SMEs and owner managed businesses
In this episode of The Streets Sessions, Streets talks to their Head of Banking & Finance, Martyn Shakespear, about the work of his team in supporting businesses and gains an overview of the challenges and trends in business finance and funding. Listen Now
A time for fortitude for family businesses…
One of the key characteristics of many family businesses is their often-exceptional resilience to cope with the challenges faced. Whilst in the past, such challenges may have included one-off situations, even a crisis, we now seem to have moved to one where we appear to have a number of challenges affecting or impacting businesses. Read More
SmartMoney – September/October 2023
SmartMoney is the bi-monthly magazine from Streets Financial Consulting plc, Streets’ independent financial planning arm, full of news and helpful information on personal financial planning. Download Now
Next has reported further increases to pre-tax profits and sales in results for the half year ending July 2023.
Total group sales hit £2.6bn, up from £2.5bn in the same period of the year prior.
Profit before tax meanwhile grew to £420m up from £401m.
The results have seen the Leicestershire-based retailer raise its profit before tax guidance for the year from £845m to £875m, up 0.5% on last year.
Full price sales guidance for the second half has also been increased, to be up 2% on last year, compared with previous guidance of +0.5%. This would take full year growth to +2.6%.
The Board of Directors of Pendragon has unanimously rejected a proposal from shareholder Hedin and PAG International to jointly acquire the entire issued and to be issued share capital of Pendragon for 28 pence per share, in cash.
Pendragon said: “The Board carefully considered the proposal, including taking advice from its advisers, and concluded that it fundamentally undervalues the company and is therefore not in the best interests of shareholders or other stakeholders.”
It follows news earlier this week that Nottingham-based Pendragon and Lithia Motors, one of the largest automotive retailers in North America, had agreed the terms of a proposed sale by Pendragon Group Holdings Limited (PGHL) of the entire issued share capital of Pendragon NewCo 2 Limited (Pendragon NewCo) which will hold, either directly or indirectly through its wholly-owned subsidiaries, the company’s entire UK motor business and leasing business, to Lithia UK Holding Limited (Lithia), a wholly-owned subsidiary of Lithia Motors, Inc. for a gross aggregate consideration of £250 million.
Pendragon and Lithia Motors, Inc. have also agreed the terms of a strategic partnership with Lithia, including the rollout of Pinewood, the company’s dealer management software (DMS) business, to Lithia’s existing 50 UK sites and the creation of a joint venture to accelerate Pinewood’s entry into the highly attractive North American DMS market.
As part of the transaction, Pendragon’s Pinewood division, which operates the company’s proprietary DMS business, will become a standalone entity, retaining Pendragon’s existing listing on the London Stock Exchange and creating a pure play Software as a Service (SaaS) business with an accelerated growth plan.
Pendragon added: “The Board is excited about the future prospects for Pendragon as a result of the transaction announced with Lithia Motors, Inc on 18 September 2023, which, if completed, will deliver a substantial cash dividend and create a pure play Software as a Service business with an accelerated growth plan and a strategic partnership to enter North America.”
For the first time, the UK will have a ‘National Rehabilitation Centre’ (NRC) following Government approval for the £105 million plans today (Thursday 21 September 2023).
Approval by HM Treasury means work on the site (near Loughborough in the East Midlands) can now start in earnest, creating a 70-bed, purpose-built and highly energy efficient new facility as part of the Government’s New Hospital Programme.
The specialist NHS facility will be built on the Stanford Hall Rehabilitation Estate, already home to the Defence Medical Rehabilitation Centre which opened in 2018.
Combining patient care delivered by staff from Nottingham University Hospitals with research, innovation and training, the centre’s objective is to act as the National hub to transform how people recover and regain fitness and function following serious injury or illness, and to widen access to rehabilitation beds.
The unique opportunity to pioneer innovative new approaches to rehabilitation, including new technologies, with real time feedback from clinicians and patients, is a clinical model that it is hoped will be rolled out across the country. This will be enabled not least via an academic partnership led by the University of Nottingham and Loughborough University.
The construction of the centre aims to be completed by the end of 2024. Contracts have been exchanged between NUH and its construction partner Integrated Health Projects (IHP), a joint venture between VINCI Construction UK and Sir Robert McAlpine.
Miriam Duffy, NRC Programme Director at Nottingham University Hospitals NHS Trust, said: “The National Rehabilitation Centre will transform how we provide clinical rehabilitation in this country. This long overdue centre will push the boundaries of rehabilitation for the next generation and bring real impact in terms of helping people to realise their full potential following injury or illness.”
The designs for the NRC are inspired by best practice from around the world with the facility purpose-planned and purpose-designed around the patient. The new building will be carbon net zero.
With the East Midlands Bricks Awards 2023 set to take place next week (Thursday 28 September), there’s not long left to secure your seat at the prestigious event.
The awards recognise and celebrate those behind the changing landscape of our region – the very best companies, teams, individuals and projects.
They also present a prime opportunity to network with property and construction leaders from across the East Midlands over canapés and complimentary drinks, sponsored by Nicholas Associates.
Attend the glittering awards ceremony at Trent Bridge Cricket Ground to see who takes home the title of Contractor of the Year, Developer of the Year, Commercial Development of the Year, Residential Development of the Year, Sustainable Development of the Year, Deal of the Year, Most Active Agents of the Year, Architects of the Year, Excellence in Design, Responsible Business and of course Overall Winner.
The event, which will begin at 4:30pm and continue until 7:30pm, will also feature Matt Wallace, Director of Estates and Building Services at Leicester City Council, as keynote speaker.
Guests network at the East Midlands Bricks Awards 2022
Shortlist for the East Midlands Bricks Awards 2023
Most Active Estate Agent – sponsored by OMS
BB&J Commercial
Mather Jamie
FHP
Commercial Development of the Year – sponsored by MKM
HBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Bolsterstone Group Plc, Chesterfield Borough Council – One Waterside Place, Chesterfield
Responsible Business of the Year – sponsored by Press for Attention PR
Cawarden
G F Tomlinson
Aspbury Planning Limited
Residential Development of the Year – sponsored by Sterling Commercial Finance
Phoenix Brickwork UK Ltd – St Marks student accommodation, Lincoln
Elms Developments – Elms Phase Two Ltd
St James Securities, Grainger – The Condor, Derby
Deal of the Year – sponsored by Mather Jamie
Rushton Hickman Limited – Branston Locks deal
Bassi Group Nottingham Ltd – Job saving Pizza Hut takeover
Rigby & Co – Aida Factory deal
Developer of the Year – sponsored by Ward
Chevin Homes
Clowes Developments
Brackley Property Developments
Architects of the Year – sponsored by Blueprint Interiors
IMA Architects
Matthew Montague Architects
Influence Landscape Planning and Design
Excellence in Design – sponsored by Cawarden
Chevin Homes – Amber Farm
Marchini Curran Associates – Phoenix cinema and art centre
Trident Construction Services – Lark Hill Retirement Village refurbishment
Sustainable Development of the Year – sponsored by Viridis Building Services Ltd
HBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Elms Developments – Elms Phase Two ltd
Contractor of the Year – sponsored by RammSanderson
Cawarden
EE Smith Contracts
Bowmer + Kirkland
The Overall Winner,sponsored by Streets Chartered Accountants, will also be announced at the ceremony, who will be awarded a year of marketing/publicity worth £20,000.
East Midlands Bricks Awards 2023When: Thursday 28 September 2023, 4:30pm – 7:30pm
Where: The Derek Randall Suite, Trent Bridge Cricket Ground
Keynote speaker: Matt Wallace, Director of Estates and Building Services at Leicester City Council
Dress code: Standard business attire
Tickets: Available hereParking: Due to the Notts V Middlesex 4 day County Championship fixture, parking will likely be limited at Trent Bridge on the day, therefore parking has been made available for Bricks guests at the Notts Sports Club, Holme Road, NG2 5AA (by Nottingham Rugby Football Club), quoting “Bricks Awards” to any parking and gate stewards.
Thanks to our sponsors:To be held at:
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Emh group (East Midlands Housing), one of the largest providers of affordable homes and support services in the East Midlands, has completed the refinancing of its debt. It refinanced £270 million bank facilities, including new finance of £90 million, and successfully sold £100 million of its bonds.
The refinancing and bond sale are part of its strategy to ensure sufficient and flexible funding is in place to fund its business plan. Emh can continue its commitment to delivering high-quality new homes and investment in its existing properties to improve energy efficiency and decarbonise its homes. This is to create thriving communities, drive economic growth, and contribute positively to the East Midlands landscape.
Geoff Clarke, emh’s executive director of finance, said “We are delighted to have completed this refinancing and bond sale, which is a testament to the confidence our funding banks, Lloyds Bank, NatWest and investors have in our vision and track record. Their support will enable us to develop innovative and sustainable properties that enrich lives and contribute to the development of vibrant neighbourhoods.”
Lloyds Bank and NatWest, as core relationship banks, have played an important role in ensuring the success of this project. Their commitment to emh’s mission has reaffirmed the company’s position as a trusted player in the social housing sector, with growth and innovation.
The £370 million of loan facilities and bonds will provide emh with the necessary resources to complete its development projects, with sustainable new and existing homes to enhance the lives of residents. The £100 million bond sale reflects the confidence of investors in emh’s long-term viability and contribution to the social housing market.
With this financing in place, emh can deliver its business plan’s mission to provide homes and care to improve opportunities for people, developing partnerships with key stakeholders in the East Midlands.
Chatham Financial acted as funding advisor and Anthony Collins as legal advisor.
John Horton, director, Housing Finance at NatWest, said: “We are very pleased to build on our long-term relationship with emh by providing support which helps them to fulfil their strategic goals. It is important to NatWest that our customers and wider communities succeed, and assisting emh in addressing the demand for affordable and energy efficient homes is reflective of this ambition.”
Jatinder Dhaliwal, regional housing director at Lloyds Bank, said: “We’re proud to support emh and look forward to seeing it realise its ambitions to provide people in the East Midlands with affordable, quality housing that is future proofed for years to come.”
Gowsikan Shugumaran, associate director, Chatham Financial, said: “We are delighted to have supported Geoff and his team in delivering this strategy through a mix of bank and capital markets funding, despite the challenging wider economic context. The successful outcome of this refinancing project has helped to unlock capacity and offers the management team greater flexibility to deliver the mission set out by Group Board.”
Business, industry and academic leaders gave a firm pushback against the Government’s “shifting of the goalposts” on net zero policy at an East Midlands Chamber event yesterday (20 September).
Speakers at the Sustainability Summit said “flip-flopping” over net zero commitments from Westminster created huge uncertainty that undermined long-term investments and would ultimately harm the UK’s quest to become a global leader in the green economy.
About 200 people representing organisations from across Derbyshire, Leicestershire and Nottinghamshire gathered at Reach Events, in Derby, for the event, held in partnership with the University of Derby, Mazars, Thompson Tree Services and Epson.
Exploring how to unlock the green growth for SMEs and the wider East Midlands economy – across themes including leadership, innovation, international trade and best practice – it took place against a backdrop in which Prime Minister Rishi Sunak announced the Government will water down net zero policies, including delaying a ban on the sales of new petrol and diesel cars and phasing out gas boilers.
East Midlands Chamber director of policy and insight Chris Hobson said: “We heard at our Sustainability Summit about some of the great things that businesses are doing in pursuing green growth and the very tangible rewards they are reaping with innovation and financial growth.
“These are the shining examples of success we can glean from embracing net zero, which means viewing it as not just a challenge but a golden opportunity.
“Yet while our national leaders correctly talk up the research and development strengths of our businesses and ambitions to be a global leader in developing low-carbon goods and services, there is a huge disconnect between this messaging and Government policy – as evidenced by the Prime Minister’s ill-judged shifting of the goalposts on our country’s net zero commitments.
“We saw first-hand the impact policy flip-flopping has on business decision-making during the chaotic political landscape of 2022, which quashed business confidence and thus investment. The lack of certainty about the future direction of our economy will unfortunately have a similar impact at a time when we should be encouraging transformational long-term investment.
“Having net zero targets is one thing, but to get us there we require a roadmap that will be led by business innovation. The vacillating from our political leaders instead undermines our ability to make real progress in this space and we instead find ourselves stuck in limbo when it comes to the most significant economic opportunity of our lifetime.”
Findings from the Green Growth Trends in the East Midlands research conducted by the Chamber and University of Derby were discussed by report author Dr Polina Baranova, associate professor of strategy and sustainability.
It showed the proportion of East Midlands businesses that have made any income from environmentally-friendly goods and services dropped from 45% in 2022 to 36% in 2023, decarbonisation investment varies significantly according to business size and sector, and a widening gap in business support and information.
Dr Baranova said this illustrated not only the impact of the cost-of-doing business crisis but the “fragility” of the current policy landscape, with green growth yet to be a firmly embedded business philosophy.
Other highlights at the Sustainability Summit included:
· East Midlands Chamber president Stuart Dawkins discussed how sustainability is at the heart of businesses’ responsibility to support their communities and future generations
· Professor Chris Bushell, pro vice-chancellor and head of sustainability at the University of Derby, outlined how the institution is taking a lead in the net zero agenda via its research, innovation, thought leadership and knowledge capital
· Ian Meikle, director of clean growth at Innovate UK, explained how Britain can create jobs and sustainable economic growth by developing its own low-carbon products and services, but this required stable policy and regulation, innovation in business models and supply chains, and a step-change in access to capital
· Chris Fuggle, global head of sustainability services at audit, tax and advisory services firm Mazars, provided practical strategies to upskill leadership teams on the environmental, social and governance (ESG) agenda and embedding sustainability at board level
· Charlie de la Haye, communications manager at Epson UK, gave an insight into how the global printing manufacturer had pivoted its business model to deliver green goods and services while demonstrating how it could deliver cost-saving benefits to customers.
The number of insolvent businesses in England and Wales has risen by over a third (33.6%) to hit a four-year high, with company directors heavily impacted by a mixture of long-term economic issues, director fatigue and creditor pressure.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest statistics published by the Insolvency Service which show that corporate insolvencies rose by 33.6% in August to 2,308 compared to July’s total of 1,728, and by 18.9% in comparison with August 2022’s figure of 1,941.
The government statistics also show that corporate insolvencies in England and Wales increased by 71.3% against August 2021’s total of 1,347, and by 69.1% compared to the pre-pandemic level of 1,365 in August 2019.
R3 Midlands chair Stephen Rome, a director at law firm Thursfields in the region, said: “August’s corporate insolvency figures were their highest for this month in four years as increasing numbers of companies enter an insolvency process in an attempt to resolve their financial issues, or simply shut their doors.
“Creditors’ Voluntary Liquidations remain high as more and more directors choose to wind down their firms, while compulsory liquidation numbers were at their highest this August for four years as creditors continue to pursue the money they are owed.
“The sad fact is that businesses are being hit from a variety of angles – and all these blows have an effect on their bottom line. Cost inflation has been a problem for some time and, while this is expected to ease, it is still sitting higher than many had predicted.
“As a result of this, upward pressure on pay is continuing, while recruitment is a challenge, and people are still cautious about spending money on anything other than the essentials.
“It’s unlikely that the picture will improve in the near future as people and businesses face the prospect of increased energy bills and start watching their spending even more closely.
“Our message to directors, therefore, is simple: be alert to signs your business could be financially distressed and seek advice as soon as they show themselves. If you’re having problems paying wages, staff or suppliers, if stock is starting to pile up, or if you’re worried about your business and its finances, that’s the time to speak to a qualified advisor.”
Accountancy and business advisory firm BDO LLP has strengthened its Midlands team with the appointment of Georgina Connor.
Georgina joins the Forensics Services team as a director. She brings more than 20 years’ experience to the firm, with expertise in compliance, risks management, and forensic investigation, gained in both the UK and emerging markets. Her experience spans a wide range of industries, including government and healthcare sectors.
At BDO, Georgina will focus on anti-bribery and corruption, fraud risk management, and investigation. She will also be supporting clients to manage their risks, including to design, build, implement and monitor related risk and compliance programmes. She is a chartered accountant and previously worked at PwC and GE Healthcare.
Sannan Khan, partner and head of Forensic Investigation and Economic Crime Risk Management in the Midlands, said: “Georgina is a fantastic addition to our forensic services team, as we continue to attract some of the brightest talent in the sector – people who have an in-depth understanding of the challenges facing regional businesses and the skills and experience to help guide clients through the complex landscape that surrounds fraud, compliance and other risks.”
Georgina added: “I’m delighted to be joining such a talented team at BDO and I can’t wait to help grow our capabilities in what is quickly becoming a business-critical area for companies across a broad spectrum of sectors.”
BDO’s annual fraud report released earlier this year showed that an overwhelming number of Midlands mid-sized businesses surveyed (85%) experienced fraud during 2022, with 63% of companies reporting that they feel somewhat or significantly more exposed to fraud since the cost-of-living crisis has taken hold.
Dunelm Group, the Leicestershire-based homewares retailer, has hailed another record year of sales.
According to preliminary results for the 52 weeks to 1 July 2023, the business saw sales of £1.64bn, up from £1.55bn in the year prior.
Profit before tax, however, slipped to £193m, down from £209m last year, which Dunelm said reflects “tight control of margin amidst inflation in our operating costs and our ongoing commitment to investment for the future.”
Nick Wilkinson, Chief Executive Officer, said: “In a period of extensive economic uncertainty, we have maintained our focus on enhancing our customer proposition, expanding our offer whilst staying fully committed to value and making every pound count.
“This has clearly resonated well with our customers, enabling us to continue growing both sales and market share. As ever, our amazing colleagues have been at the heart of this performance and I thank them all for their knowledge, personality, commitment and enthusiasm.
“As we manage the ongoing challenges, it is crucial that we do not lose sight of our longer-term ambitions. We are committed to raising the bar on value and joy for our customers and continuing to invest where we see good returns, so that we can seize the various opportunities ahead.
“We are excited about our future growth opportunity and more confident than ever that our commitment to value and tireless focus on improving the experience for our home-loving customers will leave us well placed to deliver sustainable growth in the future.”
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