Create Finance wins prestigious industry award
Specialist Derby-based mortgage broker Create Finance have been awarded the title of Mortgage Broker of the Year at the Mortgage Strategy Awards 2023.
The company, which is based at Connect Derby’s Friar Gate Studios, scooped the coveted award at a ceremony which took place at the JW Marriot Grosvenor House Hotel in London.
Create Finance beat off competition from fellow mortgage brokers Coreco, Connect Mortgages, Mortgage 1st, The Mortgage Mum and The Mortgage Store to win the award.
The company was founded in 2015 by experienced mortgage broker Gindy Mathoon.
Gindy Mathoon, senior mortgage broker at Create Finance, said: “This accolade is testament to the hard work and dedication of our team. Create Finance will be celebrating its eighth birthday this year, so to be recognised as the best the industry has to offer is a real celebration of all we have worked for.
“The future looks very bright, and we look forward to expanding our already excellent staff and taking the whole team with us on this brilliant journey.”
Ann Bhatti, head of Connect Derby, added: “Massive congratulations to Gindy and his team for winning this fantastic national award.
“To be named Mortgage Broker of the Year is a tremendous accolade and is testament to all the company’s hard work over the past eight years as a Connect Derby tenant. We would like to wish them every success for the future.”
Judges at The Mortgage Strategy awards added: “Widely recognised as the ‘Oscars’ of the mortgage industry, the accolades are not awarded lightly. Several rounds of shortlisting take place before a selection of expert judges’ comb through each entry to decide on a winner.
“A culmination of all the hard work and effort made by the industry over the past twelve months, the rigorous judging process associated with the Awards ensures that winning one of the 28 categories really is a mark of excellence.”
Clowes Developments appoints new Managing Director
Thomas Clowes has been appointed as Managing Director of Clowes Developments (UK) Ltd.
Chairman of Clowes Developments, David Clowes, said: “The Board of Directors voted to appoint Thomas Clowes as Managing Director. Supported by myself as chairman, and our experienced board members, Tom will lead the team at Clowes as we continue to evolve and strengthen our privately owned property business.”
Despite being a part of the family, Tom formally joined the business in 2016 following a period of time dedicated to gaining industry experience elsewhere. Being placed within the Land and Planning team, Tom was promoted to the Board of Directors in 2021 and now takes the appointment of Managing Director.
Thomas Clowes commented on his appointment: “This has never been a sure-thing for me, I started at Graduate level and have worked my way through the business, aiming to understand every facet.
“Nepotism isn’t a word in the Clowes family dictionary, David would agree with me that Dad often aimed for the opposite of that. Something I wasn’t thankful for at the time, but I know has paid dividends for me now. I am honoured to be able to carry on his legacy and put my mark on the group.”
In recent years, Clowes Developments have seen sustained growth. The group reported a record turnover and profit for the last financial year with similar headlines expected for this year’s financial statement.
Work begins to build new homes on former Long Eaton lace factory site
Representatives from emh group, Erewash Borough Council and developers MyPad held a ground-breaking ceremony recently to celebrate the start of work to build new affordable homes on a brownfield site in Long Eaton.
The new Oakleys Road scheme is being developed on the former Oaklea Mill lace factory site, and will provide 46 new, mixed tenure, affordable homes. The new homes include 29 homes for affordable rent, and 17 for shared ownership. Work has recently begun on the site, and the homes are expected to be completed in winter 2024.
The £10m scheme is being funded and delivered by emh group, with a grant contribution from Homes England as part of its Strategic Partnership agreement with Homes England.
Chan Kataria, Group Chief Executive at emh, said: “We were delighted to join our partners Erewash Borough Council and MyPad to celebrate the start of working on this exciting new scheme.
“We are proud that our close work with Erewash Borough Council means we can be certain that the homes offered by the scheme will contribute towards meeting the housing aspirations of local people. We look forward to seeing the development progress in the coming months.”
Through close partnership working with Erewash Borough Council, emh group has ensured the types and size of the homes meet the housing needs of local people. The new homes, developed by MyPad, will be available in a range of sizes, including one-bedroomed apartments, and two-, three- and four-bedroomed houses. The houses come with gardens, apartments have amenity spaces, and there is plenty of parking available for the new homes.
Councillor James Dawson, leader of Erewash Borough Council, says: “We need more homes in the borough, particularly affordable housing for those on Erewash’s housing register, some of whom will be facing homelessness, or living in difficult conditions.
“Also, buying a home is out of reach for many people. So these 46 new homes for rent and for shared ownership are really welcome. We know that emh will provide well-managed, energy efficient and long-term homes for local residents.
“The Council is proud of our partnership working with emh and we look forward to coming back again in the next 18 months or so, to greet residents in their new homes.”
Dave Holland, operations director at MyPad, said: “We are thrilled to be the chosen developer working closely with our partners, emh and Erewash Borough Council in developing this project. Our emphasis is to create affordable, sustainable and efficient housing, that will provide quality homes for a thriving community.”
All homes will be provided by emh group, who will manage the sale of the shared ownership homes. Once completed, the rented homes will be available through Erewash Borough Council’s housing register.
Duo of deals sees finishing line crossed at Dunstall Park
Derby-based developer Ivygrove Development’s successful Dunstall Park regeneration scheme has been brought to a satisfactory conclusion with the letting of the last remaining space.
Salloway Property Consultants, Ivygrove’s agents, have secured two tenants for the concluding block of units at the business park.
Totalling some 31,500 sq ft, the two units will be occupied by West Midlands-headquartered Advanced Maintenance Supplies Limited and Derby-based Riverside Medical Packaging Limited.
Hugo Beresford, the surveyor at Salloway who negotiated the two simultaneous lettings, is thrilled with the final outcome.
“I am delighted that we have been able to attract two high-calibre tenants to complete the final furlong. In tandem with Ivygrove, we were able to agree terms early enough in the construction process in order to meet the tenants’ requirements for slightly larger units than those initially planned.
“It is typical of Ivygrove to show flexibility and they should be congratulated for delivering yet another successful regeneration scheme in Derby which provides much needed workshop and warehouse space accommodation for forward-looking businesses.”
Dunstall Park occupies a former Rolls Royce car park site of some 7.18 acres, located just off Ascot Drive, on the Osmaston Park Industrial Estate. Following its completion, it now provides 21 business units totalling approximately 81,200 sq ft along with a new Police Station.
Salloway Property Consultants has worked closely with Ivygrove since the inception of Dunstall Park. Beresford outlined the process: “Initially we acquired the site for Ivygrove and our first deal saw an agreement with Derbyshire Constabulary to procure a new Police Station.
“Since then, Ivygrove has built a range of workshop units in their trademark high-quality style, all of which we have let or sold. The park is now the home for 19 progressive businesses. Ivygrove has already embarked upon its next project known as Merlin Park on Osmaston Road where we can offer new build industrial premises from 240 sq m, with practical completion of the first available units anticipated at the end of this year.”
Leicester electrical retailer sees strong trading momentum
Leicester online electrical retailer, Marks Electrical Group has seen strong trading momentum in the first four months of its new financial year.
In a new trading update, for the four months ended 31 July 2023, the company saw revenue growth of 30.7%, reaching to £36.2m, up from £27.7m in same period of the prior year.
Mark Smithson, Chief Executive Officer, said: “We’ve made a fast start to FY24 with revenue growth of over 30% against an MDA & CE market that is marginally down in the first months of our financial year.
“We’ve maintained our industry leading Trustpilot score of 4.8, and reached over 50,000 reviews on Trustpilot, which I am particularly proud of as it takes a combined effort from all our excellent team members, from sales ordering, through to picking, logistics, delivery, and customer aftercare, to deliver an exceptional customer service.
“Our focus and attention on growing our installation offering is enabling us to create a truly differentiated, market-leading proposition for customers, further enhancing the strengths of our operating model. We have been very encouraged by the take-up of this service, which is now available to over 65% of the UK population on a next-day basis, and are excited about its potential.
“Despite a challenging market backdrop, including wage inflation and strong competitor activity on gross margin, we have maintained our tight control on inventory, overhead cost management and disciplined capital allocation, ensuring we have a healthy cash position and remaining focused on profitable market share gains as our brand awareness continues to grow.
“We’ve started August well and are laser-focused on maintaining our performance management discipline on revenue, profit and cash in order to continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”
Interim Chief Officer of East Midlands devolution programme named
Mark Rogers has been appointed as the Interim Chief Officer of the East Midlands devolution programme, as part of plans to set up a new mayoral combined authority covering Derbyshire, Nottinghamshire, Derby and Nottingham.
Having played a pivotal role in the formation of the West Midlands Combined Authority, Mark will take the lead in ensuring the region is well-placed to establish the East Midlands Combined County Authority, which is due to come into existence next year subject to Royal Assent for a new Act of Parliament.
In his most recent role in public service, Mark served as a Director General for the Government of Jersey. Since 2022 Mark has held the role of Chief Executive of the Leadership Centre.
Mark, who also has extensive senior leadership experience in local government as Chief Executive of both Birmingham City Council and Solihull Metropolitan Borough Council, will be joined by other new interim appointments.
Working with the four councils involved in the devolution programme, Mark and his team will develop the key actions underpinning the deal, which include improving transport, skills, education, housing and working towards net zero across the region.
Derbyshire County Council, Nottinghamshire County Council, Derby City Council and Nottingham City Council have been working with the Government on devolution plans, which include a package of local powers and funding worth £1.14 billion.
Plans for an East Midlands Combined County Authority is subject to legislation being approved, but it would mean a new guaranteed funding stream of £38m a year for the region, over a 30-year period.
A regionally elected mayor would lead a new combined authority, which would include representatives from existing local councils, with decision-making powers and resources moving from London to the East Midlands.
Local councils across the region would all continue to exist as part of the devolution plans and would still be responsible for most public services in the area. The mayor and combined authority would instead focus on wider issues like transport, regeneration, and employment across the cities and counties.
Network with property and construction professionals at the East Midlands Bricks Awards 2023
On Thursday 28 September, at the Trent Bridge Cricket Ground, the esteemed East Midlands Bricks Awards 2023 will celebrate the region’s property and construction industry while providing the ideal opportunity to connect with local decision makers.
With canapés and complementary drinks, and plenty of time for networking, the event will also welcome Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, as keynote speaker. To book tickets for the awards event, which will run from 4:30 PM – 7:30 PM, please click here.
Following the conclusion of last year’s event, Donald Ward, operations director at Ward, said: “We had a really great time at the Bricks Awards, think it was the best one yet. So good to catch up with so many industry friends and we made some great new contacts too. It was lovely to meet some familiar faces from just down the road from us in Derbyshire who we’ve not had the opportunity to really chat to before. We’ve exchanged details with a number of building and construction firms we’re hoping to build relationships with. A really positive event which showcased some of the excellent work that is going on in the East Midlands. Congratulations to all the finalists and winners from the night.”
As nominations for East Midlands Business Link’s annual Bricks Awards close on Thursday 31 August, it’s time to ensure you have submitted your entries for the prestigious event – shine the spotlight on your business, team and projects.
To nominate your (or another) business/development for the East Midlands Bricks Awards 2023, please click on a category link below or visit this page:
To be held at:
- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
The Overall Winner of the East Midlands Bricks Awards 2023 will also be awarded a year of marketing/publicity worth £20,000.
Find out who last year’s winners were here.
East Midlands Bricks Awards 2023
When: Thursday 28 September 2023, 4:30pm – 7:30pm
Where: The Derek Randall Suite, Trent Bridge Cricket Ground
Keynote speaker: Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council
Dress code: Standard business attire
Tickets: Available here
Connect with property and construction professionals over canapés and complimentary drinks while applauding the outstanding companies and projects in our region!
Thanks to our sponsors:
To be held at:
Agricultural schemes and IHT reliefs: by Michael Ball, partner at Streets Chartered Accountants
Michael Ball, partner at Streets Chartered Accountants, discusses the reliefs for inheritance tax that can apply to farmland.
There are two main reliefs for inheritance tax that can apply to farmland. These are Agricultural Property Relief (APR) and Business Property Relief (BPR).
APR applies to the agricultural value of the land and applies where it is occupied for the purpose of agriculture. The length of ownership and occupation required depends on who occupies the land; if it is occupied by the owner or a company they have a controlling holding in then the period is two years, if occupied by another, e.g. a tenant, then the period is seven years.
BPR applies where the asset is used in a business that is not wholly or mainly one of holding investments. Therefore, a business that is more than 50% trading will qualify for the relief and this can apply to the full value of the land, including development value. The rate of BPR applicable depends on the circumstances and there are some restrictions, therefore advice should be sought out to confirm the qualifying status of a business and its assets.
Potential issue
Land that has been taken out of agricultural production over an extended period for an environmental scheme or project is unlikely to qualify for agricultural property relief from inheritance tax as the rules currently stand.
Specific provisions were previously added to the APR rules to ensure that relief was not lost for previous schemes such as former set-aside land under The Habitat (Former Set-Aside Land) Regulations 1994.
The new Environmental Land Management Schemes in England that will pay for environmental and climate goods and services, the Sustainable Farming Incentive (SFI), Countryside Stewardship (CS) and Landscape Recovery, do not currently have these provisions.
So, where land has been taken out of agricultural production over an extended period for an environmental scheme or project, it is unlikely to qualify for APR based on the current rules.
However, owner-occupiers may continue to benefit from BPR if the land is still used in the business and the overall business is not one of wholly or mainly making or holding investments.
A particular area of concern is where a non-farming landowner leases the farm to a tenant. BPR would not be due and APR would be restricted to the land still being used for the purposes of agriculture.
A consultation which discussed this matter (Taxation of environmental land management and ecosystem service markets) was issued in March and the consultation period ended on 9 June.
It is therefore hoped that a reasonable solution is reached, such as the inclusion of specific provisions in the legislation to ensure that land under an Environmental Land Management Scheme will benefit from APR.
See this column in the August edition of East Midlands Business Link Magazine here.
Midlands comes out on top when it comes to being named ‘High Investment Area’ by new study
Both East and West Midlands have come out first and second when it comes to areas of high investment based on data in a new quarterly economic study from KPMG UK and the University of Nottingham.
The newly launched Local Business Pulse Index (LBPI) showed that both areas have been identified as High Investment Areas – places which share an expected high rate of growth in business investment – with 40% in the west and 33% in the east, first and second respectively when compared to the rest of England and against an average of 18%.
Standout areas identified for high levels of investment included:
- East Midlands – Amber Valley, Hinckley, North West Leicestershire and Ashfield
- West Midlands – Cannock Chase, Nuneaton, Stafford, Tamworth and Sandwell
- The East Midlands stands out for also experiencing strong growth in consumer spending, with households in better financial health compared with other parts of the UK.
- Across the West Midlands, cities in the region are also seeing high rates of research and innovation growth and employment growth.
Professor John Gathergood, at the University of Nottingham School of Economics, said: “We are delighted to bring together the latest economic data, together with artificial intelligence technologies, to create this exciting new product with KPMG. It will support businesses and governments to help make better decisions about localities across Great Britain.”
Connecting with the EU: why UK businesses need to increase trade in the European Union
The departure of the UK from the EU single market and customs union at the end of 2020 marked a significant shift in the trade dynamics between the two entities. The complexities of post-Brexit relationships are further compounded by external factors such as the Covid pandemic and geopolitical tensions, making it challenging to isolate the direct effects of Brexit on trade.
Understanding these dynamics has become crucial for strategic planning and decision-making as businesses begin to trade in the EU from the outside.
Opening A Business Bank Account In The EU
One of the primary steps for businesses looking to expand into the European market is setting up a business bank account. While the EU is known for its intricate regulations, the good news is that non-residents can indeed open a business bank account in Europe. However, the process may require physical presence, specific documentation, and sometimes, a justification for the need to open such an account.
For those who wish to bypass the traditional banking bureaucracy, there are alternative solutions. Platforms like Silverbird offer a streamlined approach to opening a UK bank account for non residents in the EU, UK, or US. With an easy onboarding process, Silverbird provides global accounts, facilitating large international transfers and offering local EU/UK bank details, including IBAN. This digital approach not only simplifies the process but also offers a cost-effective solution for businesses.
The reasons for opening a European business bank account can vary, from accepting payments from European customers, and growing business operations in Europe, to requiring European payment processing. Regardless of the motive, understanding the requirements and choosing the right platform or bank is crucial for a smooth business operation in the European Union.
Understanding the Trade and Co-operation Agreement
After the Brexit vote, the UK and EU eventually established the Trade and Co-operation Agreement (TCA) to uphold their long-standing trade relationship. This pivotal agreement ensures that goods can be traded without tariffs, safeguarding the economic bond that has thrived for years.
While the TCA has been a beacon for tariff-free trade, it has also ushered in non-tariff barriers. Businesses now face regulatory checks and customs declarations, occasionally causing border delays. Notably, the Trade and Co-operation Agreement doesn’t encompass services, a vital part of the UK’s economy, leaving service providers uncertain about the near future.
The TCA is a blend of rights and responsibilities, crafted to ensure both the UK and EU can engage in fair trade. As the business world adjusts to this new deal, grasping the TCA’s subtleties becomes crucial in order to thrive in an evolving UK-EU trade scenario.
The Significance Of The Trade Deficit
The UK’s trading dynamics with the EU took a new turn in 2022. A striking £92 billion trade deficit with the EU emerged, indicating that the UK bought more from the EU than it sold. Why does this matter? Well, for starters, it underscores the UK’s continued dependence on EU products and services, even in the post-Brexit era. It’s also a stark contrast to our trade with non-EU countries, where we enjoyed a £5 billion surplus.
This deficit isn’t just a number; it’s a reflection of the broader trade landscape. It raises questions about the challenges UK businesses might be facing when trying to sell to the EU. On the flip side, it suggests that the UK market might be a lucrative destination for EU exporters.
EU’s Role In UK Exports Over The Years
A closer look at the UK’s export trends reveals a changing narrative. Once, the EU was the cornerstone of the UK’s export market, gobbling up a hefty 50-55% of our exports between 1999 and 2007. Fast forward to 2022, and that figure has slimmed down to 42%. This isn’t just a blip on the radar; it’s indicative of a broader shift in the UK’s trading focus.
What’s behind this change? After Brexit, new trade deals and the emergence of other global players have had a hand in reshaping the UK’s exports. There’s been a concerted effort from the UK to bolster trade relationships outside the EU, leading to a richer, more varied export mix.
While the EU remains an essential partner, this drop in share highlights the UK’s evolving trade ambitions. It’s a call to action for UK businesses; keep nurturing those EU ties, but also venture out and seize opportunities in other booming markets.
The evolving landscape of UK-EU trade relations post-Brexit presents both challenges and opportunities for UK businesses. From understanding the intricacies of the Trade and Co-operation Agreement to navigating the £92 billion trade deficit, businesses must stay informed and agile. The significance of setting up financial footholds, like opening business bank accounts in the EU, cannot be understated, especially for those looking to expand their European footprint.
UK businesses must seize opportunities, address challenges head-on, and foster a spirit of collaboration with their European counterparts. The future of UK-EU trade may be complex, but with informed decisions and forward-thinking, prosperity lies ahead for both parties.
Acres Engineering sees record year
Derby-based Acres Engineering has achieved record sales for their closing financial year and now their best ever quarter following a series of major contracts in the automotive and aerospace sectors.
The family business, which is located on Castle Lane Industrial Estate, Melbourne, faced significant challenges during Covid, as did the majority of the industry.
However, they are now growing again after a stellar 12 months which has also seen them expand the footprint of their manufacturing and assembly space by a third.
“We are proud of these figures which are the results of tough decisions, prudent planning and ultimately, a huge amount of hard work from everyone on the team,” said MD Luke Parker, speaking at a company-wide briefing to launch their new ‘Vision, Mission and Values’.
Along with the expansion of the facility, there have been a number of role changes across the team and a new apprentice fabricator has joined.
Luke continues: “Acres is a family-firm with a proud history but we are very firmly focused on the future, embracing modern methods and new ways of working which have already helped significantly drive performance and productivity.
“This is more of a repositioning of the business as opposed to a reorganisation and with a very busy autumn ahead in terms of projects, we hope to be announcing further investments in advanced manufacturing and technology later this year.”
Demolition works to start on Blackwell estate to make way for new development
Bolsover District Council have agreed to start work on demolishing 20 bungalows on Woburn Close in Blackwell.
The bungalows have been vacated and will make way for a brand new development which will include a new Independent Living Scheme (ILS) with 20 self-contained flats, together with a mix of 23 houses and bungalows with a further 2 properties being built at a nearby disused parking area at Pendean Close.
The site has attracted anti-social behaviour including break-ins at the bungalows and the council want to demolish the bungalows, at a cost of £86,736.
The tenants in the current ILS will continue to live in the building until the new one is constructed, after which the building will be demolished to make way for the remaining bungalows and housing.
Cabinet Member for Housing, Councillor Sandra Peake said that starting demolition work on the properties was a priority to meet the March 2024 start date.
“We promised the tenants and residents of the area that we would redevelop the site and we intend on keeping our promises. The removal of the bungalows will allow a clear site for us to redevelop it into modern, energy efficient social housing more suited to meet the needs of the local community.
“I would like to reassure local residents that we will do everything we can to ensure we reduce disruption and thank them for their understanding.”
The scheme is part of the council’s £36 million Bolsover Homes project which is aimed at building new council houses for affordable rents across Bolsover District.
It uses council land by replacing end of life, unfit for purpose dwellings, with new homes that exceed today’s living standard whilst benefiting the District’s economy through training, skills development, and local supply chain.
Beaumont Market to remain open until end of year
Traders on a market in Beaumont Leys that was due to close next month have been told that the market can remain open until the end of the year.
The city council announced last month that Beaumont Market would close on 3 September in light of current and predicted trading losses.
But now City Mayor Peter Soulsby has decided that the market should remain open until after the busy Christmas shopping period.
It will now close at the end of trading on Sunday 31 December.
The City Mayor said: “I listened to the traders’ concerns and became aware that many of them had already invested significant sums in their Christmas stock.
“It therefore seems fair to keep Beaumont Market open until the end of the year, so the traders don’t miss out on the busy Christmas trading period.
“Our markets manager has already called most of the traders to let them have the good news.
“I hope that this extended period of notice will give the traders more time to plan for the future.”
Changes in shopping habits and declining customer numbers have resulted in fewer stallholders and a reduction in the income needed to give the market a viable future.
Just 15 traders currently operate from Beaumont Market.
The council is looking at options for selling the land on which the market operates, which is next to Beaumont Leys Shopping Centre.
High street staple wilko collapses into administration
Nottinghamshire retailer, wilko has collapsed into administration, putting 12,000 jobs on the line.
Despite the company’s CEO saying it has “fought hard” to keep the business intact, he noted “that time has run out.”
Over the past six months the high street staple has been considering options to accelerate a turnaround plan, to make significant changes to the way it operates and restore confidence and stabilise the business.
The threat of administration, however, has loomed for some time, with wilko filing a notice of intention to appoint administrators last week.
The group has been hit by challenging trading conditions, both throughout the pandemic and more recently as it has felt the impact of the cost of living crisis, resulting in increasing cashflow pressure and a deterioration in trading.
Wilko opened its first store in Leicester 93 years ago, and has hosted its HQ in Nottinghamshire for the past half a century. It operates around 400 stores across the UK.
Jane Steer, Zelf Hussain and Edward Williams of PwC have been appointed as joint administrators of Wilkinson Hardware Stores Ltd, Wilko Ltd and Wilko.com Ltd (wilko).
An open letter from CEO Mark Jackson reads: “Over the past six months wilko has been very open that we’ve been considering options to accelerate a turnaround plan given that we needed to make significant changes to the way we operate to restore confidence and stabilise our business. We left no stone unturned when it came to preserving this incredible business but must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration.
“We’ve a history steeped in serving customers and communities going back to 1930. Our founder JK Wilkinson started with a single hardware shop in Leicester and for over 90 years busy, hard-working families have come to us to get their household and garden jobs done quickly, simply and at the best value prices possible.
“We thrived and successfully grew from one to 400 stores. We did this by listening to our customers – working out what they needed and then making sure we gave it to them. Whether it was recognising the demands for DIY products in the 1950s, creating our first wilko product range in the 1970s, launching online shopping in the 2000s or being the first to sell 100% plastic-free wipes across our whole range.
“wilko is a business built on strong values. We started out in the great depression and the Second World War, we’ve been there for our customers through highs and lows, recessions and coronations. Our loyal team members past and present have always been our biggest asset – our average length of service across our stores is 10 years and, in many places, generations of team members have been on hand with advice or even just a friendly smile. We recently remained open as an essential retailer during the Covid-19 pandemic, serving our communities when they really needed us the most.
“The turnaround plan included a new Chair, bringing experience in retail turnaround situations, and a newly refreshed and streamlined senior team. Since January, and with the help of retail advisers and experts, we’ve been facing into problems and have seen real progress against many areas of our plan.
“We’ve made significant savings across our cost base and have been considering various options based on advice regarding our store costs. Alongside this we’ve continued to move forward with strategically accelerating our omnichannel offer, improving the digital customer experience and opening up new marketplaces for our great value wilko products. We believe that wilko has distinct characteristics with over 50% of sales in wilko brand products (over 10,000), our value, local shopping locations and ever-expanding digital capabilities.
“Significant work has been completed to streamline costs and transform the way the business operates, and our robust turnaround plan, based on annualised cost savings, would have delivered the most profitable wilko ever recorded within 24 months. While we can confirm we had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, without the surety of being able to complete the deal within the necessary time frame and given the cash position, we’ve been left with no choice but to take this unfortunate action.
“I’d like to take this opportunity on behalf of the directors and the Wilkinson family to thank all of our customers, suppliers, partners and our hardworking team members across our stores, logistics and support centre who remained loyal to wilko. We’ve all fought hard to keep this incredible business intact but must concede that time has run out, and now we must do what’s best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators.
“It’s been an honour to have worked alongside you all as we fought to realise and to maximise the significant opportunities that existed to re-establish a profitable wilko.”
Initially, wilko will continue to trade all stores without any immediate redundancies as discussions with interested parties continue. If buyers for some or all of the group are not found, it is likely that store closures and redundancies will follow.
Eddie Williams, joint administrator and PwC partner, said: “It is incredibly sad that a well loved, family business that has been on the high street for over 90 years has had to go into administration today. I know the management team has left no stone unturned in trying to save the business.
“wilko is a household name both nationally and in the Midlands, having been established in Leicester and with head offices in Worksop. High street retailers are facing a number of well-documented challenges and wilko has been significantly impacted by the headwinds facing the industry including inflationary pressure and rising interest rates.
“wilko has been a staple of many British high streets for decades. We know that the appointment of administrators will be an unsettling development for everyone involved with the business – particularly its committed team members – and the communities it serves.
“As administrators we will continue to engage with parties who may be interested in acquiring all or part of the companies. Stores will trade as normal and staff will continue to be paid while the company is in administration.”
Survey quantifies contribution of D2N2 Growth Hub to regional economy
The D2N2 Growth Hub has supported more than 1,300 businesses, secured almost 200 jobs, and created £14m of value to the region’s economy, according to a survey by The Insight Works.
Their review looked at the whole D2N2 Growth Hub 2.0 programme, which ran from June 2018 to June this year, following the success of the original Growth Hub programme.
The review’s key findings were that Hub 2.0 achieved the following:
- Created an additional £14m of value to the D2N2 economy (based on GVA calculations)
- Delivered almost 200 jobs
- Provided a ‘go to’ destination for inclusive business support, advisor support services and signposting, to help local Small to Medium Sized Enterprises (SMEs) develop and tackle issues which restrict their performance
- Delivered business support services to over 1,340 businesses
- Supported 696 enterprises through the project lifecycle, with over 186 receiving grant support to help with their digital needs, capital equipment and specialist consultancy costs
- Delivered around 360 events annually, with almost 10,000 participants
- Achieved excellent value for money; its costs for the services it provided were a third of the cost of comparable business support programmes
New Loughborough HQ for expanding construction firm
Scope Construction is expanding its operation across the East Midlands after experiencing huge growth since starting life four years ago.
The company, which has increased turnover from almost £700,000 in its first full year 2020 to a projected £8m in 2023, will spearhead the next stage of its growth strategy from a new headquarters in Loughborough.
The business – which provides construction services to the high-end residential, commercial and development markets – has a vision to increase revenue to £20m by 2026.
More than 30 business leaders and His Majesty’s Lord-Lieutenant of Leicestershire attended the official opening of the company’s new office in the Heritage Building, Loughborough, which will accommodate its team of 35 people, as of August 2023, with space for future expansion.
Maz Patel, who co-founded Scope Construction with business partner Paz Patel in 2019, said: “It was fantastic to welcome business leaders to the official opening of our new headquarters, which we firmly believe will be the launchpad for more exciting growth after what has already been an incredible four years in business.
“After building a strong foothold in Leicestershire by becoming a key member of the local business community as well as providing exceptional services to clients, our vision is to continue expanding our presence across the wider East Midlands by seeking new partnership opportunities in Derbyshire and Nottinghamshire.
“This is a significant landmark in our journey and it was great to thank some of the people who have supported us along the way by welcoming them to our new home.”
As well as expanding into Nottinghamshire and Derbyshire in existing markets, Scope’s next three-year plan aims to diversify into the public sector, particularly in new build affordable housing, assisted living, education and regeneration of town centres and the public estate.
Michael Kapur OBE, His Majesty’s Lord-Lieutenant of Leicestershire, officially opened the Loughborough office.
He said: “I was delighted to officially open Scope Construction’s new headquarters. This comes after four years of exponential growth despite the challenges of the pandemic, which is truly remarkable.
“Scope is an important part of the construction industry in Leicestershire, and I am looking forward to seeing how it continues to grow in the future.”
Just 3 weeks remain to make your nominations for the East Midlands Bricks Awards 2023
With just three weeks remaining until nominations close for the East Midlands Bricks Awards 2023, ensure to submit your entries for the annual celebration of the property and construction industry by Thursday 31 August.
Scheduled to take place on Thursday 28 September, the Bricks shine a light on the outstanding work of those shaping the landscape of our region, recognising development projects and people in commercial and public building across the East Midlands – from offices, industrial and residential, through to community projects such as leisure schemes and schools. We also highlight the work of architects, agencies and those behind large schemes.
The glittering awards ceremony revealing winners, at the famous Trent Bridge Cricket Ground, will also offer the perfect chance to forge new contacts with property and construction professionals from across the region. The event will additionally feature Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council as keynote speaker.
Entries for the awards are open until Thursday 31 August. To nominate your (or another) business/development for the East Midlands Bricks Awards 2023, please click on a category link below or visit this page:
To be held at:
- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
The Overall Winner of the East Midlands Bricks Awards 2023 will also be awarded a year of marketing/publicity worth £20,000.
Find out who last year’s winners were here.
Book your tickets now
Tickets can now be booked for the East Midlands Bricks Awards 2023 – click here to secure yours. The special awards evening and networking event will be held on Thursday 28 September 2023 in the Derek Randall Suite at the Trent Bridge Cricket Ground from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region, and hear from Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, our keynote speaker. Dress code is standard business attire. Thanks to our sponsors:
To be held at:
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Chesterfield’s Magnavale secures RoSPA silver award
The Chesterfield premises of temperature-controlled storage company Magnavale has achieved a silver award from the internationally recognised RoSPA.
The RoSPA Health and Safety Awards is the largest occupational health and safety awards programme in the UK. Now into its 67th year, the Awards have almost 2,000 entries every year, covering nearly 50 countries and a reach of over seven million employees.
The programme recognises organisations’ commitment to continuous improvement in the prevention of accidents and ill health at work, looking at entrants’ overarching health and safety management systems, including practices such as leadership and workforce involvement.
Magnavale COO Amanda Cogan said: “We are pleased to be recognised by RoSPA for our commitment to employee health and safety. The award reflects the hard work of our entire Magnavale Chesterfield team.
“Reducing hazard and mitigating risk is top priority at Magnavale and we take pride in creating a safe working environment for our employees, as a responsible employer in the Chesterfield and Holmewood community.”
Sponsored by Croner-i, the RoSPA Awards scheme is the longest-running of its kind in the UK, and receives entries from organisations across the globe, making it one of the most sought-after achievement awards for the health and safety industry.
New grants available to help Bassetlaw microbusinesses reduce their carbon footprint
Microbusinesses in Bassetlaw with less than 10 employees are now eligible to apply for grants of up to £3,000 to spend on decarbonisation initiatives that would make their company greener and improve the natural environment, whilst growing the local economy.
The grant is divided into two phases. Phase 1 will include a grant of up to £1,000 which will contribute to the costs of a building energy audit. The findings of the audit will recommend what decarbonisation measures could take place as part of Phase 2.
Phase 2 offers a grant of up to £2,000 that will contribute to the installation of energy efficiency measures, recommended as part of the building energy audit, and support the reduction of the business’s carbon footprint.
Cllr Jo White, Deputy Leader and Cabinet Member for Business and Skills, said: “This is a great opportunity for Bassetlaw businesses. Whilst decarbonisation brings down energy costs and sets in place a commitment to meet climate change needs, it is an expensive process, and these funds will help small business take these very big and worthwhile steps.”
In order to be eligible for either grant, businesses must be located and operate within the district of Bassetlaw, have fewer than 10 employees, pay business rates to Bassetlaw District Council and have no debt to the council. Licences and planning applications must be granted before the Phase 2 grant is awarded.
Bassetlaw District Council is now inviting eligible businesses to put forward their expressions of interest and request an application pack by emailing UKSPF@bassetlaw.gov.uk.
