Potential buyers may need to invest £70m to rescue Wilko
Reports have revealed that possible buyers of Wilko, which filed a notice of intention to appoint administrators last week, will need to invest up to £70m to rescue the Nottinghamshire retailer.
According to The Sunday Times, the business’s advisors, PwC, are in talks with a discount retailer and private equity firms as they look to secure a buyer to avoid Wilko’s collapse.
Of the £70m, roughly £25m to £30m is required to get stock moving through to Wilko stores and £40m is needed to pay off debts to Hilco. Hilco is said to remain willing to continue to lend to Wilko however.
The UK’s 23rd biggest retailer, Wilko employs 16,000 team members and operates 400 stores across the UK.
Government confirms funding of LEPs will cease from April 2024
The government has confirmed that its sponsorship and funding of Local Enterprise Partnerships (LEPs) will cease from April 2024. The news came in a letter from the Minister for Levelling Up and the Minister for Enterprise, Markets and Small Business to LEP chairs, combined authority mayors, and local authority leaders.
At the Chancellor’s 2023 Spring Budget, it was announced that the Government was “minded to” withdraw central government support (core funding) for LEPs and transfer their functions – including business representation, strategic economic planning, and the delivery of government programmes – to local authorities, where they are not already being delivered by combined authorities.
An information gathering exercise on the practical implications of this proposal was launched on 17 March 2023.
Now that the Government’s sponsorship and funding of LEPs will cease, local and combined authorities are to take on the functions currently delivered by LEPs.
Where not already delivered by a combined authority, or in areas where a devolution deal is not yet agreed, the Government expects these functions to be exercised by upper tier local authorities, working in collaboration with other upper tier local authorities over functional economic areas as appropriate.
The information gathering exercise identified overlap between some of the functions being discharged by LEPs, local authorities and combined authorities, as well as confirming that there is already a high level of integration of LEP functions in Mayoral Combined Authority areas. The exercise also highlighted the different perceived levels of benefit and engagement between LEPs and local authorities.
The Government’s view is that there is likely to be scope for greater join-up, efficiencies, and clarity for the private sector by these functions being discharged within Mayoral Combined Authorities, devolution deal areas and upper tier local authorities, working together as appropriate.
The Government will therefore provide some revenue funding to local and combined authorities in 2024/25 to support them in delivering the functions currently delivered by LEPs.
The letter said: “Reiterating the message we sent to LEPs in March, we would like to thank LEPs and their staff for their hard work in supporting and driving local economic growth across England since 2011.
“We remain enormously appreciative of all the work LEPs have done in advising and supporting businesses and local decision makers for more than a decade, including through EU Exit and the COVID-19 pandemic. We would again like to thank those LEPs that have played an important role over the last year in helping areas broker new devolution deals and prepare Investment Zone bids.
“The Government remains committed to our goal that by 2030, every area in England that wants a devolution deal will have one. By empowering local democratically elected leaders to deliver these key local growth functions from April 2024, we are accelerating the integration process set out in the Levelling Up White Paper.”
Lincolnshire retail park acquired
Commercial property and investment company LCP, part of M Core, has taken ownership of the largest retail warehouse scheme in Grimsby.
It has acquired Alexandra Retail Park, Alexandra Road, for an undisclosed sum from an institutional vendor, as part of its proactive acquisition drive in shopping parades, centres and retail parks across the country.
The 125,695 sq ft retail park comprises eight units, with tenants Matalan, SCS, The Food Warehouse, My Energi Ltd, Argos, Pets at Home and Poundstretcher. There are also about 560 parking spaces for shoppers.
It is prominently situated, adjacent to a Sainsburys superstore and petrol station, with access directly off Corporation Road, which is one of the key routes through the centre of the town. It is also close to the A180, the main arterial route and dual carriageway through the town.
James Buchanan, LCP group Managing Director, said: “Our asset management team is working hard to identify sites that have potential for us to add value to, provide good value for money for tenants, a great shopping experience for local people and a good return on our investment.
“M Core has already invested more than £100 million in the first half of 2023 across the UK. We continue to believe this is a strong and positive market to be in and because we have healthy cash reserves, we can move swiftly when we want to complete a transaction.
“This approach has stood us in good stead for years, which is why we are renowned in the commercial property sector for our acquisition and intense asset management strategy.”
Barry Flint, LCP director and asset manager at Alexandra Retail Park, added: “Alexandra Retail Park is well positioned in the town and has a strong tenant line-up. We’ll be exploring options over the next few weeks to see how we can add to it further.”
The solicitor acting on behalf of LCP was Catherine Gunz of Osborne Clarke and ESH acted as the agent for LCP. Savills acted as an agent for the vendor, and its solicitor was Gowling WLG (UK) LLP.
Appointed agents are Henry Phipps of Edgerley Simpson Howe and Duncan Wiley of PPH Commercial.
100 jobs saved in Slack & Parr acquisition
The Hayward Tyler Fluid Handling subsidiary of Avingtrans has acquired certain assets of Slack & Parr from administration, together with Slack & Parr’s overseas subsidiaries in the USA and Asia for a total consideration of up to £4.9m.
Slack & Parr is a family-owned manufacturer of specialist pumps and a supplier of high-precision gear metering pumps, hydraulics flow dividers and industrial pumps to customers around the world.
Founded in 1917, it has a strong track record in supporting global blue-chip OEMs and end users, with a large installed base, supported by service facilities in the USA and Asia.
Slack & Parr operates from a 64,000 sq ft manufacturing facility in Kegworth, Derbyshire and it also has facilities in Charlotte, North Carolina and Shanghai, China. The acquisition has secured the employment of 100 skilled employees.
Slack & Parr entered into administration on 3 July 2023, following ongoing losses and funding issues. The last audited annual accounts to March 2022 reported revenue of £13.6m and a loss before tax of £1.9m.
Avingtrans will acquire the UK Trade, IP, Fixed Assets and Stock and the Investments in Slack & Parr’s US and China Subsidiaries. The acquisition is expected to further strengthen Slack & Parr’s market presence, improving operational efficiency and reinforcing its position as a leading force in the gear pump market, embracing innovation and delivering world-class products and services.
Slack & Parr has been acquired by Hayward Tyler, to capitalize on the common knowledge of specialist pumps. The integration phase will be managed by the group’s PSRE team, to optimise the cost base and to review all contracts and margins, whilst looking to strengthen its aftermarket activities.
Austen Adams, Divisional Managing Director at Avingtrans, said: “We are pleased to have completed this acquisition, which brings another globally-respected, British heritage brand under the direction of the Avingtrans team.
“The sorts of challenges this business has faced are familiar to us and we are experienced in resolving them, having successfully turned around other businesses under similar circumstances.
“Slack & Parr’s global footprint, combined with its well-invested operational capability, powerful brand, highly skilled workforce and large installed base provide a great opportunity to re-establish the business on a firm footing going forward.”
Edward Barrington, Managing Director of Slack & Parr, added: “We are delighted to be part of Avingtrans and eagerly anticipate the opportunities this partnership will unlock for the business. Together, we are confident we can build on our heritage of precision engineering and continue to provide our clients with the quality and reliability they have come to expect from us.”
Professional services firm snaps up Nottingham wealth manager
Multi-disciplinary professional services firm, Progeny, has acquired Nottingham-based wealth manager, Fiscal Engineers.
This will strengthen Progeny’s presence in the Midlands and take its assets under management to £8 billion.
The move will allow the two businesses to combine their expertise, complement each other’s offerings and build on their shared principles, values and strategic thinking.
Fiscal Engineers uses a Family Office approach to provide bespoke services for business owners, entrepreneurs and other individuals who have substantial investment needs.
The company, which is based in Nottingham and also has offices in Birmingham and London, has won a number of awards for financial services and innovation since its launch in 2000.
Fiscal Engineers executive chairman and founder Shane Mullins said: “This move will enable us to keep building on everything we’ve achieved over the course of the past 23 years.
“We believe combining our own unique strengths with Progeny’s will help both businesses fulfil our shared ambitions of delivering a world-class wealth management service and continually improving what we offer to clients.
“We’re very excited about this chance to grow the Fiscal Engineers family, broaden our proposition and deliver even more benefits to our clients, team and professional friends.”
Progeny CEO Neil Moles said: “Over nearly a quarter of a century, Fiscal Engineers has built a highly prestigious advice firm that services a select and extremely discerning client base.
“Their well-researched and methodological approach to providing advice is progressive and effective in equal measure and will add a great deal of value to our own proposition.
“It’s great to be able to welcome Fiscal Engineers and their clients into Progeny as we realise the full potential of two great businesses coming together.”
A team from global law firm Squire Patton Boggs acted as legal adviser to Progeny during the deal. Fiscal Engineers’ side of the transaction was led by the company’s own management team.
We Are Fulfilment secures £700,000 to accelerate growth plans
Foresight Group, a listed regional private equity and infrastructure investment manager, has made a £700,000 growth capital investment into We Are Fulfilment Limited (WAF), using equity finance from the Midlands Engine Investment Fund (MEIF).
The Nottinghamshire company connects e-commerce businesses’ sales channels – such as Shopify, Amazon, eBay and others – with WAF’s warehouse management system so that businesses can receive and ship customer orders. It was founded in 2022 by business partners Trent Peek and Richard Ardis who spotted an opportunity after failing to find a fulfilment service for their own e-commerce businesses.
In its first year, WAF experienced rapid growth by partnering with over 60 e-commerce businesses and reached full capacity at its current warehouse facility. The investment will enable WAF to open a second fulfilment centre, improve automation of its systems, optimise supply chain processes across its two fulfilment centres and create high-quality, local jobs.
Following investment, the company has appointed Jamie Clark, a supply chain specialist, as Chief Operations Officer, and Sarah Gilling, former Managing Director of Ocean Saver and an existing partner of WAF, as Chief Finance Officer.
Commenting on the investment, Trent Peek, co-founder and CEO at WAF, said: “We’ve experienced meteoric growth in the last year. As the e-commerce markets continue to show double-digit growth in the UK, the need for reliable, transparent fulfilment is enormous. With this support from Foresight, we’ll strengthen our offering to existing clients and we’re poised to deliver even better customer satisfaction for our growing number of partners.”
Line Kristine Gauteplass, investment manager at Foresight, added: “We are delighted to support Trent and Richard and the rest of the team at WAF to enable them to achieve their business ambitions. The company has demonstrated significant growth, attracted a growing customer base and built an excellent reputation within the fulfilment and e-commerce markets. With our investment and support, WAF is well placed for its next stage of growth, and we look forward to being part of its growth journey.”
Will Morlidge, Chief Executive, D2N2 LEP, said: “I was delighted to support this new investment that will enable the business to expand, improve processes and create high quality, sustainable jobs in the D2N2 region. It is great to see WAF going from strength to strength.”
Property and construction businesses take centre stage at the East Midlands Bricks Awards 2023
Shining the spotlight on the region’s property and construction businesses, raise the profile of your firm, developments, and reward your people by submitting a nomination for Business Link’s prestigious East Midlands Bricks Awards 2023 before entries close on Thursday 31 August!
While winning an award at the Bricks will add considerably to a company’s or individual’s brand and enhance their commercial reach significantly, the business that clinches the ‘overall winner’ award will also take home a year of marketing/publicity worth £20,000.
A highlight in the business calendar, winners will be revealed at a glittering awards ceremony on Thursday 28 September, at the Trent Bridge Cricket Ground – an evening that will also provide plenty of opportunities to forge new contacts with property and construction professionals from across the region.
The event will additionally welcome 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, with the winner, and recipient of a year of marketing/publicity worth £20,000, selected from those nominated)
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:
New job figures show the Midlands’ permanent placements continued to fall solidly in July
The KPMG and REC, UK Report on Jobs: Midlands survey, compiled by S&P Global, showed that recruitment trends diverged in July. Notably, permanent placements fell solidly, while temp billings expanded at the quickest rate for nearly a year. There were often reports that firms were hesitant to commit to permanent hires due to prevailing economic uncertainty as well as shortages of skilled candidates.
Pay pressures continued to build, as competition for highly-skilled workers and the rising cost of living pushed up rates of starting pay. That said, upturns in both salaries and wages remained far below the peaks seen over the past two years. At the same time, the availability of workers rose at a sharp and accelerated rate, with a number of recruiters linking this to redundancies. Vacancies data meanwhile showed further increases in demand for short-term and permanent staff, though upturns remained softer than their respective averages.
The KPMG and REC, UK Report on Jobs: Midlands is compiled by S&P Global from responses to questionnaires sent to around 100 recruitment and employment consultancies in the Midlands.
Further solid drop in permanent staff appointments
Recruitment consultancies based in the Midlands registered a further reduction in the number of people placed into permanent jobs during July. This extended the current sequence of decline to eight months. The rate of contraction was the quickest since April and solid, albeit the softest seen across all four monitored English areas.
According to panel members, a combination of reduced confidence in the outlook and the limited availability of skilled workers had impacted permanent staff hiring during the latest survey period.
July survey data signalled a back-to-back increase in temp billings across the Midlands. Furthermore, the rate of expansion was the quickest recorded since August 2022 and solid overall. Recruiters widely linked the rise to increased demand for short-term staff and in some cases improved candidate availability.
The strong rate of billings growth in the Midlands contrasted with only a fractional uptick at the national level. London was the only other English region to register higher billings, though growth was only mild.
Permanent vacancies in the Midlands continued to rise in July, thereby extending the current run of expansion to two-and-a-half years. The rate of growth was sharp, and picked up slightly since June. Recruiters also recorded a quicker increase in temp vacancies in July, with the rate of expansion the sharpest for three months.
Overall, the Midlands saw the most pronounced upturns in demand for staff of all four monitored English regions in the latest survey period.
Fastest rise in permanent labour supply since December 2020
The availability of permanent staff across the Midlands increased for the fourth straight month in July. Moreover, the rate of expansion accelerated to a rapid pace that was the quickest in just over two-and-a-half years. Redundancies were a key driver of improved staff availability, according to panellists.
Sharper increases in permanent labour supply were also recorded in the three other monitored English areas, and ones that outpaced that seen in the Midlands.
The seasonally adjusted Temporary Staff Availability Index pointed to a third successive monthly upturn in temp candidate numbers across the Midlands during July. The rate of growth quickened slightly on the month, and was the sharpest since October 2020. Recruiters often commented on greater amounts of people looking for short-term roles.
At the UK level, the uptick in temp labour supply remained slower than that seen in the Midlands, but was sharp overall. London recorded the most rapid increase in temp candidate numbers overall.
Stronger rise in starting salaries
Midlands-based recruiters signalled a further rise in starting salaries for permanent staff at the start of the third quarter. The rate of pay growth picked up from June’s 28-month low and was sharp overall. Competition for skilled workers reportedly pushed up permanent salaries. That said, the increase remained slower than seen on average over the current 29-month period of inflation.
Of the four English areas monitored by the survey, only the North of England registered a quicker upturn in starting salaries than that seen in the Midlands.
As has been the case since December 2020, average hourly rates of pay for temp staff increased at the start of the third quarter. However, the rate of wage inflation edged down to the weakest seen in 27 months and was below the series average. Candidate shortages and efforts to attract applicants were cited as key factors driving up pay.
The increase in temp pay in the Midlands was slightly softer than that recorded across the UK as a whole. Wages rose across all four monitored English regions, with the North of England registering the fastest rate of growth.
Commenting on the latest survey results, Kate Holt, people consulting partner for KPMG in the Midlands, said: “The data for July shows a split in what employers are doing when it comes to hiring across the Midlands. A lack of skilled candidates and the continuing economic uncertainty has resulted in a fall in permanent hires, but a rise in temporary workers. However, in good news for those seeking a permanent role the latest figures have highlighted a rise in starting salaries.”
Neil Carberry, REC Chief Executive, said: “The jobs market overall in the Midlands remains fairly robust, with temp vacancies expanding solidly and pay still rising, and unemployment low across the UK but there is a sense in today’s report that the economy will need some growth soon to sustain this positive picture.
“Permanent hiring has been slowing all year. To some extent this is normalisation as the post-pandemic boom abates – but it is also driven by uncertainty. This is seen in the scale of companies reshaping themselves while hiring in other areas – recruiters in the Midlands reported the fastest rise in permanent labour supply since December 2020 and a steep rise in temporary labour supply, driven by an increase in redundancies.
“But it is also obvious in the way firms are relying on temporary labour to keep things going in uncertain times. Temping keeps people in work when firms are uncertain about the future path of the economy – it is a huge UK success story.
“Hiring overall is still at a good level, and some sectors remain under pressure from significant labour shortages, including blue collar and construction – so there is opportunity out there for job seekers. “But today’s report emphasises again that sustained positivity in our labour market rests on economic growth and investment in the UK. A proper industrial strategy that tackles the big issues we face and which fully encompasses workforce thinking around skills, transport, access to work and immigration is long overdue.”Derbyshire eco business owners help planet by planting baby coral reef
Owners of a Derbyshire business making outdoor furniture from recycled plastic have gone global in their quest to help the environment by planting a baby coral reef in the Indian Ocean.
Rob and Anne Barlow, owners of TDP Ltd in Wirksworth – which has recently received the Royal seal of approval by being crowned with a Kings Award for Enterprise for Sustainability – travelled out to the UNESCO Baa Atoll Biosphere Reserve to help plant the baby reef.
They are passionate about championing the environment in their home lives as well as in their business, which has so far saved 4,300 tonnes of 100 per cent British plastic waste from going into landfill, rivers and oceans, preventing nearly 25 million kilograms of CO2 from being released into the atmosphere.
As well as being business owners, the couple are committed ‘citizen scientists’, a continuation of a lifelong interest for Anne, whose degree was in Zoology. Their trip to the Indian Ocean involved Rob donning diving gear and joining marine biologist Oriana Migliaccio to gather coral which Anne then used to plant a new baby reef in a frame on the sea-bed.
In 2016, devastating bleaching affected 60 per cent of coral reefs in the area, and huge swathes are further threatened by rising sea temperatures – which have hit new records in 2023 – caused by climate change and El Niño.
Rob said: “Coral reefs are absolutely fascinating. They’re fragile but they regenerate brilliantly too. We dived to pick up coral which had broken off but still had some life in it. We literally captured bits of reef in a net and planted them in a special frame, measuring a metre squared.”
As part of the project, frames were being established with the aim of creating a number of 20 metre reefs over the next few years as the coral grows.
He added: “It felt amazing to be making some difference and trying to find out more about how climate change is affecting the world. We’ve since heard that our little reef is doing very well, which is excellent news.”
Citizen science involves members of the public conducting scientific research, often involving trying to find solutions to the climate crisis. People get involved through gathering information to create data sets, and helping conduct experiments.
Rob and Anne are now committed citizen scientists, having previously travelled out to Antarctica where they joined 25 international scientists as part of the National Oceanic and Atmospheric Administration (NOAA), releasing weather balloons from a low carbon vessel to study winds and temperature at high altitude.
Scientists were also measuring the impact of microplastics on the environment – a cause dear to Rob and Anne and at the heart of their business.
Rob said while in the Indian Ocean he had seen first-hand the enormity of the plastic problem affecting today’s world. He said: “You do see individual plastic bottles floating past. I saw container ships and although many have cleaned up their act we did see evidence of plastic waste being discarded once a ship had passed out of sight of land.
“Locals say it’s quite a common sight. These commercial vessels aren’t the only ones doing that. Remote islands in the Indian Ocean have had hundreds of tonnes of plastic wash up on their shore lines.”
Now Rob and Anne are so committed to citizen science trips they are planning another to the west coast of Canada and Alaska later in the year, where they will be building on their work in Antarctica studying humpback whale migration patterns and the effects of sea warming on marine birds like the puffin, before visiting a rescue centre for orphaned bears and helping monitor their population.
They’ll also visit the Columbia Glacier, one of the most rapidly changing in the world, and support scientists studying weather patterns in the Baring Sea.
Shirebrook Market Place set to be reimagined
Bolsover District Council have approved a proposal to make Shirebrook Market Place the “retail beating heart of the town” and a space that is better used and more frequently visited.
The council’s executive agreed to fund up to £40,000 to help with the delivery of the project and assist with securing additional external funding for the project.
Work has already begun on detailed proposals for Shirebrook town centre as a Local Plan town centre improvement project and this has led to the creation of the Shirebrook Market Place: REimaged proposals.
These include:
- Resurfacing the Market Place
- New Town Council building, incorporating public toilets, market stall lockup and commercial retail/public space
- Creation of outdoor seating area
- Potential redevelopment of surrounding vacant sites
- Supporting the existing traders and introducing new themed markets, i.e. craft, arts, flea market, continental food market, Christmas markets
- Stage events in the Market Place including music, outdoor theatre and cinema
- Greater policing and enforcement of traffic and anti-social behaviour rules
- Greater business and trader engagement to understand their operations, aspirations and concerns.
Charity takes spot at £30m Nottingham development
A charity which supports children, young people and families in Derbyshire and Nottinghamshire is looking forward to meeting its neighbours at a £30 million mixed-use development.
Valley CiDS charity shop has opened its 2,000 sq ft premises at Teal Park, off the Colwick Loop Road in Netherfield, which has been jointly developed by Warwickshire-based AC Lloyd Commercial (ACL) and Nottingham-based retail development specialists Henry Davidson Developments (HDD).
The Lighthouse Charity Shop completes the retail units alongside Birds Bakery and Pizza Triangle which are already trading along with Aldi.
A planning application is underway for Popeyes®, famous for its legendary Chicken Sandwich and being the home of Louisiana heat, to open one of the first UK drive-thrus at Teal Park.
Ian Tannahill, CEO of Valley CiDS, said the charity was looking forward to meeting its neighbours and supporting children, young people and their families in the area.
He said: “Teal Park is the first of our new concept stores, where we have moved away from the traditional high street, offering the convenience of free parking outside for customers and donors and benefiting from the additional footfall generated by neighbouring businesses.
“Opening at Teal Park also enables us to expand our Nottinghamshire portfolio of Lighthouse Charity Shops, each of which provide employment and volunteering opportunities in the local community, whilst in turn offering low-cost, pre-loved goods and thereby promoting the importance of sustainable retail practices.
“Teal Park also represents our commitment to expand upon our existing service provision in the surrounding area through building local connections with schools and community groups that will enable us to support local children, young people and families.”
Mark Edwards, Managing Director at AC Lloyd Commercial, welcomed Valley CiDS to Teal Park.
He said: “There is a real mix of different types of retail units at Teal Park to attract all sections of the community and there is already a real buzz around the site.
“We are delighted Valley CiDS has chosen Teal Park to launch its new concept stores which will benefit local people as well as continuing to raise their profile in the city.
“This site was our first development in the East Midlands and it has been a tremendous success.”
Richard Croft, director at HDD, added: “The fact that the Local Centre is fully let underlines the demand for all these businesses which was our aim when we started to build Teal Park in 2019.
“Valley CiDS is already attracting a steady flow of customers just like the other businesses and we wish them the best of luck.”
Belper Leisure Centre rescued
Belper Leisure Centre has replaced its members and Trustees with appointments from Trilogy Active Limited, a not-for-profit charitable organisation based in Northamptonshire, in a transaction led by business recovery and insolvency experts at PKF Smith Cooper.
The charity-run Belper Leisure Centre has been an invaluable cornerstone of the local community for nearly 50 years, providing vital leisure and recreational facilities to over 1,500 members, 40 active clubs and several local primary schools.
Like many sports centres across the UK, Belper Leisure Centre’s survival was put at risk as a result of mounting pressures from soaring energy costs, with its annual utility bill rising from £112,000 in 2021/2022 to £480,000 for 2023/2024.
The pivotal deal was led by PKF Smith Cooper’s Derby Insolvency Partner Dean Nelson who has overseen Belper Leisure Centre’s operations throughout the business’s recovery and also advertised the facility for sale as part of a merger and acquisition process.
As part of the transaction, Amber Valley Borough Council agreed short-term funding of £150,000 to assist Trilogy Active with the ongoing costs. Belper School will also continue to offer support in terms of deferring accrued utility payments.
Trilogy Active is a not-for-profit charitable organisation that operates a number of leisure and wellbeing facilities in the UK. After carrying out a stringent due diligence process, Trilogy intends to implement its detailed business plan for Belper Leisure Centre, designed to make the venue sustainable and implement energy-saving initiatives to improve current facilities.
Dean Nelson, Derby Insolvency and Business Recovery Partner, PKF Smith Cooper, said: “We’re delighted to have helped secure the future of the Leisure Centre – Trilogy Active are a credible organisation, and I’ve no doubt that the Leisure Centre will flourish under their ownership and continue to provide vital services for the community, users and clubs that rely on its facilities as well as secure jobs.”
Bolster your brand at the East Midlands Bricks Awards 2023
Providing a prime opportunity to reinforce your business’s position and reputation in the property and construction industry, enter the East Midlands Bricks Awards 2023 before nominations close on Thursday 31 August.
The annual event, organised by East Midlands Business Link Magazine, is an independent awards and publicity programme recognising development projects and people in commercial and public building across the region – from office, industrial and residential schemes, through to community projects such as leisure schemes and schools.
The prestigious awards attract leaders from across the region and are the perfect way for businesses to promote themselves and those they work with. Indeed winning one of these awards will add considerably to a company’s or individual’s brand and enhance their commercial reach significantly.
Winners will be revealed at a glittering awards ceremony on Thursday 28 September, at the famous Trent Bridge Cricket Ground – an evening that will also present plenty of time 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.
After winning two awards at last year’s event, William Crooks, Managing Director of Cawarden, said: “It was fantastic for Cawarden to be presented with not one but two prestigious awards at this year’s Bricks Awards. We received the Contractor of the Year title for the second year in a row, which is absolutely fantastic to be recognised again for our project and service delivery expertise. Despite the challenging landscape, we’ve had an exceptional year, achieving sustainable growth whilst delivering a diverse range of projects for some of the UK’s leading clients.
“To then pick up the Responsible Business of the Year title was the icing on the cake. We’re committed to improving the image of the industry, and we strive to raise the bar for our people, the planet, and the community. To receive an award for our recent achievements is wonderful. A big thank you to the judges and congratulations must also go to all the other award finalists and winners. The event was a real showcase for the regional property and construction sector, and we are more than proud to be part of it!”
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:
BDO advises on £1.1bn of deals in the Midlands and East Anglia
Accountancy and business advisory firm BDO has advised on 28 deals with a combined deal value of £1.1bn in H1-2023.
BDO has advised on transactions involving businesses in the Midlands and East Anglia across a wide range of sectors, including technology, professional services, healthcare, support services, building products and recruitment. In 15 of the transactions, BDO provided buy-side advice and on 13 of the deals BDO was the sell-side adviser.
Highlights of 2023 so far include: BDO providing a full suite of sell-side advisory services covering M&A deal advisory, structuring and tax planning in relation to the sale of TLO Risk Services to Specialist Risk Group.
BDO also advised Innotech Digital and Display Limited, a UK-based supplier of wide and grand format print media and display hardware to UK, Europe and US markets, on its successful sale to Vink UK Limited. BDO also provided vendor due diligence services to the sellers.
In East Anglia, BDO advised the shareholders of Thomas Ridley and Son Limited, trading as Thomas Ridley Foodservice, on its sale to Bidcorp UK.
Roger Buckley, M&A partner at BDO, said: “From privately-owned businesses to PE-backed companies and listed entities, the variety of transactions we’ve advised on this year indicates the diversity and resilience of the regional economy.
“Overall, deals have been taking longer to complete with investors showing more caution but quality businesses in all sectors are attracting interest despite market uncertainty, and indications suggest that this may continue for the remainder of the year.”
Vinny Patel, corporate finance partner in transactional services, added: “We’d expect to see a rise in deal activity over the second half of the year and there are even some green shoots in capital markets, with the outlook for the mid-market still looking brighter than elsewhere.
“Entrepreneurially-minded, ambitious businesses are still going for growth and looking for opportunities to expand and invest through the cycle.”
Off-market deal completed to acquire prominent high street retail investment
Nottingham-based commercial property experts Landa Associates have completed an off-market deal to acquire a commercial property investment in Clifton on behalf of their longstanding clients, Nijjar Group Ltd.
226-228 Southchurch Drive, prominently located in the heart of the Nottingham suburb, is let to a branch of Card Factory. The property includes retail accommodation on the ground floor and a hairdressing salon on the first and second floors.
Neighbouring occupiers include Boots, Greggs and Lloyds Bank.
Nijjar Group, a third-generation family property company headed up by experienced investor Kam Nijjar, acquired the property from an unnamed vendor who was represented by Bowcliffe Chartered Surveyors.
Nijjar said: “It was a pleasure to work with Sunny on this transaction. He was instrumental in getting the deal over the line – as I knew he would be after our many years of working together!
“Clifton has a lot of potential, retail-wise, but it needs fresh thinking to make it work. That is what we aim to bring, and Sunny understood this from the word go. His advice was invaluable.”
Landa Associates director Sunny Landa said: “Kam is one of the leading lights of the Nottingham property scene, and as ever it was a huge honour to work on his behalf. This deal shows that off-market transactions are still very much achievable provided investors are willing to listen to an expert.
“It pays to bring a knowledgeable advisor on board. You can rest assured your future investment is safe and will meet your company’s objectives.
“I’d also like to thank Bowcliffe Chartered Surveyors, who acted for the vendor on this deal. They were consummately professional at every stage of the sale process – fantastic to work with. Hats off to them for making this a highly enjoyable transaction.”
£33m joint government and industry investment with Kindeva to deliver over 250 high-skilled jobs producing environmentally-friendly inhalers
£33 million of joint government and industry investment with Kindeva Drug Delivery in UK medicines manufacturing will ensure a new generation of green, low-carbon, respiratory inhalers are made in the UK, supporting efforts to grow the economy.
The investment will create 40 full-time jobs and safeguard 218 existing full-time jobs across Kindeva’s sites in Clitheroe and Loughborough.
This is the sixth investment delivered through the Life Sciences Innovative Manufacturing Fund (LSIMF) and its predecessor the Medicines and Diagnostics Manufacturing Transformation Fund, which has supported UK life sciences manufacturing with £340 million in joint government and industry backing in the last financial year, and £416 million since 2021.
Today’s funding follows on from the Chancellor’s £650 million ‘Life Sci for Growth’ war-chest, announced in May this year, to fire up the UK’s life sciences sector and helps to deliver the Science and Technology framework through reforming regulation, boosting investment and driving up talent and skills.
Minister of State for Science, Research & Innovation, George Freeman MP, said: “Our £94 billion life science sector is one of our great industries – based on a deep long-term partnership between industry, investors, government, the NHS and disease charities – supporting us all to live healthier lives and providing over 250,000 high-skilled jobs in research and development clusters all around the UK.
“It is also driving billions of pounds worth of direct investment into the UK, something this government is determined to capitalise on through our global leadership via the Oxford Covid vaccine and NHS Recovery trial.
“The pace of new technology is transforming the sector and today’s investments signal our commitment to domestic manufacturing and skills enhancement, to deliver a robust future for UK life sciences that will not only play a key role in the country’s future economic success, but in improving our health as well.”
Health Minister Will Quince said: “The pandemic demonstrated the importance of investing in our ability to manufacture medicines in the UK, and of upskilling staff in the sector, so we can respond rapidly to health emergencies. This investment in low-carbon inhalers will also help the NHS meet its net zero ambition.
“Life sciences is a key growth area and one of the UK’s most successful sectors and this is another example of how we are partnering with industry to supercharge manufacturing and research, supporting thousands of high-value jobs and enabling patients to benefit from the latest innovations.”
LSIMF follows on from the Medicines and Diagnostics Manufacturing Transformation Fund (MDMTF) pilot programme which launched in April 2021. Over its lifespan, MDMTF delivered £75 million in joint government and industry investment, while also creating 224 new jobs and protecting 345 existing roles.
Kindeva Drug Delivery is a leading global contract development and manufacturing organization (CDMO) specializing in pharmaceutical drug-device combination products, such as inhalers, nebulizers and medicated patches.
Kindeva’s Global Chief Commercial Officer, David Stevens, said: “This joint investment creates a myriad of new opportunities for colleagues within the UK, as significant technical and regulatory expertise is required in the development and manufacturing of complex inhalation pharmaceutical products.
“Furthermore, it provides Kindeva with a springboard to expand our capabilities and capacity, while simultaneously partnering with the largest pharmaceutical companies in the world to bring the next generation of green inhalers to market, with a common goal of safeguarding access to necessary therapies for our patients and also reducing our impact on the planet.”
The government’s Life Sciences Vision, published in 2021, set the ambition to create a globally competitive environment for Life Science manufacturing investments, building on the strengths of our manufacturing R&D, our network of innovation centres, the manufacturing response to COVID-19 and delivery of the Medicines and Diagnostics Manufacturing Transformation Fund.
Life sciences are also central to the UK Science and Technology Framework, which identifies the critical technologies set to make the biggest difference to health and life science progress, as well as plans to improve the regulatory landscape for life sciences.
Sustainable apartment scheme handed over in Gedling
Hockley Developments have handed over a sustainable new development of 26 residential apartments in Gedling, Nottinghamshire.
The development, called Phoenix Court, is on Shelford road, where the Phoenix pub was for many years before shutting down in 2021 due to Covid and less local demand.
Hockley Developments construction director, Paul Kennedy, said: “We are delighted with the development at Phoenix court – with 26 one and two bed apartments built over three floors, with balconies on all the top floor apartments – this development has transformed an under utilised location.
“We have ensured this development is highly sustainable, with solar power directly into each apartment making them highly energy efficient, and adding electric car charging points within the car park, and an enclosed bike storage area.”
The development was sold on completion, and is now fully let.
Hockley Developments business development manager, Rebeka Dobuma, added: “This is the first of 5 developments we shall hand over this year in Nottinghamshire, and we look forward to welcoming new owners to our next sites shortly.
“We continue to acquire new development sites across the East Midlands to satisfy demand for well priced residential housing.”
84 new homes get green light in Mansfield
Persimmon has gained the green light for the development of 84 new homes within Mansfield.
The development – located off Broomhill Lane – will bring previously vacant land adversely affected by fly tipping and anti-social behaviour into residential use. Bringing a mix of new homes to the area, the development will help to meet local housing needs. 10% of properties will be affordable homes, split between Rent, Discount Market Sale and First Homes – a new Government initiative to help first time buyers get onto the property ladder. The new development will introduce connectivity between Chesterfield Road and Broomhill Lane via Mount Street and Albion Street, alleviating pressure on local junctions during peak times. The proposal supports infrastructure delivery and community benefits totalling c. £900,000, boosting the local area via Section 106 contributions. The contributions will include funding for improvements to Berry Hill Park’s biodiversity, junction improvements across Mansfield, free bus passes to residents on site, healthcare, secondary and post-16 education, and a contribution towards a new recycling centre. Carl Oxley, land director at Nottingham region, said: “We’re delighted to have received committee approval for our development at Broomhill Lane and I want to thank Mansfield District Council for their support. “Not only will the development deliver 84 quality new homes, it will also create local jobs as part of the construction and generate a significant investment in the local economy. “We’re committed to creating vibrant, successful communities and supporting more local families in getting their dream homes. We’re looking forward to our new community taking shape over the course of 2023.”Interest rates rise again
The Bank of England has raised interest rates for the 14th time in a row, to 5.25%, as it looks to fight inflation.
It marks a quarter percentage point increase and comes despite inflation coming down quicker than expected in June. However at just under 8% inflation remains quadruple the Bank’s target.
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 6–3 to increase Bank Rate by 0.25 percentage points. Two members preferred to increase Bank Rate by 0.5 percentage points, to 5.5%, and one member preferred to maintain Bank Rate at 5%.
The Bank noted that inflation is expected to fall to around 5% by the end of the year, accounted for by lower energy, and to a lesser degree, food and core goods price inflation. Services price inflation, however, is projected to remain elevated at close to its current rate in the near term. Inflation is anticipated to return to the 2% target by 2025 Q2.
A statement from the Bank of England said: “Inflation in the UK has begun to fall, the economy is growing and unemployment is low. But inflation is still too high. In June, prices were 7.9% higher than a year ago, well above our target of 2%.
“As the UK’s central bank, an independent body, our job is to keep price rises in the UK low and steady. The best way we can make sure inflation comes down and stays down is to raise interest rates. So that’s what we’re doing.
“We’ve raised our interest rate to 5.25% this month.
“Higher interest rates mean higher costs for some people. We know that is not easy when there is already a lot of pressure on their finances.
“But if we don’t raise interest rates now, high inflation could stay with us for longer. That hits everyone, particularly those who can least afford it.
“We expect inflation to fall further to around 5% this year and meet our 2% target by early 2025. That means prices would still be rising, but they would be only rising gradually.”
Anna Leach, deputy chief economist, CBI, said: “With inflation having come down quicker than expected in June, the pressure was eased on the MPC to deliver another bumper rate rise. But, with inflation close to 8% – quadruple the Bank’s target – and wage growth around 7%, interest rates are likely to head higher in coming months.
“Economic conditions remain challenging for households and businesses alike. For firms, the cost of inputs is a third higher than pre-pandemic, the labour market remains very tight driving up wage and recruitment costs, and demand is sluggish.
“Meanwhile real incomes are still falling for households and higher interest rates are squeezing spending power further. To drive up growth and living standards in the UK without generating inflation, we need investment to increase the productive capacity of the economy.
“Improvements in the tax and regulatory system – as recommended in our recently published tax roadmap and green growth reports – can provide a platform for transforming the UK economy.”
Notice of intention to appoint administrators filed by Wilko
Nottinghamshire retailer, Wilko has filed a notice of intention to appoint administrators.
The UK’s 23rd biggest retailer, Wilko employs 16,000 team members and operates 400 stores across the UK.
The future of the company has been under threat for some time, with conversations having been undertaken for funding and CVA options explored.
Just last month (July 2023), retail investor Hilco was reported to be injecting millions of pounds of funding into the business, agreeing to lend around £5m, according to Sky News. It followed the £40m two-year revolving credit facility Wilko secured from Hilco at the beginning of 2023.
Reports also recently unveiled a potential change in ownership for Wilko, which would have seen the Wilkinson family give up majority control.
