Team-based performance-related pay is more productive than individual performance-related pay, according to a University of Leicester review.
The review sought to compare individual-based practices such as merit pay, piecework or sales bonuses to a collective system such as a team bonus or profit-sharing schemes.
The paper is a systematic review of research studies that directly compare the two systems and found that collective systems are associated with a higher level of performance than individual ones.
According to the review, in no study do individual incentives outperform collective systems. In 61% of studies collective systems perform better than individual systems, either alone or in conjunction with individual systems, according to University of Leicester researchers led by Professor Stephen Wood.
In 64% of cases where a hybrid system was assessed this performs better than either pure form.
The majority of the studies reviewed were conducted in the USA. However, a well-known example of a successful hybrid system in the UK is the John Lewis Partnership’s annual bonus scheme.
The review suggests that collective pay systems stimulate idea generation and sharing, helping behaviours, improved methods of working, and the setting of interdependent goals for individuals and groups.
On the other hand, it concludes that individual systems can lead workers to focus on one outcome at the expense of others and hinder innovation.
Professor Stephen Wood, Professor of Management at the University of Leicester School of Business and the lead author of the review, said: “The danger of all performance-related systems is that in heightening the saliency of money, one gets pay-related performance; but this seems to be a danger of individual systems but not of collective ones.
“They can foster the kind of team working that is increasingly favoured in business and the public sector. And designed correctly, targeted at multiple goals, they can harvest the creativity and intrinsic motivation of all staff.”
Comparisons of the Effects of Individual and Collective Performance-Related Pay on Performance was written by Stephen Wood, Silvia Leoni and Daniel Ladley.
The report is now available to read in the US journal Human Resource Management Review.
A Derby company which has developed an innovative new range of blinds has moved its head office to Oberoi Business Hub in Pride Park.
Blind Screen is the brainchild of entrepreneurs Lenny Reynolds, who has operated in the blinds industry for more than 20 years, and marketing and lead generation expert Paul Cheetham MCIM.
Now based in Pride Park, Blind Screen plan to grow their sales and product development teams and will also hold training for national retail and installation partners.
The company, supported by Ascend funding from Derby City Council and Vision Derbyshire from Derbyshire County Council, has recently appointed a major UK-based manufacturer and already has nearly 250 distributors based across the UK ahead of the official nationwide launch early next year.
Paul Cheetham said the business “needed a head office not only for [its] growing team but also with the facilities to hold training sessions for around 50 different businesses every week.”
He added: “Oberoi Business Hub was therefore the perfect solution. It has given us the facilities we need now and the capacity for future growth. The location in Pride Park with excellent road, rail and air transport links make us easily accessible for our network and gives us the business address that adds kudos to the quality of our brand.”
Kavita Oberoi OBE, founder and Managing Director of Oberoi Business Hub in Pride Park, said: “Blind Screen is yet another example of why Derby is the capital of innovation and we are delighted that they have chosen Oberoi Business Hub to base their head office and pave the way for future growth.
“This is an exciting new range of products which not only look fantastic in homes and commercial premises but will be a game changer to keeping warmth in and, with increasing global warming, protecting buildings and their inhabitants from air pollutants and extreme temperatures.”
Business Hub manager Jodie Brady concluded: “We look forward to working with Blind Screen to support them as they take the world by storm and achieve the success that their innovative product development and entrepreneurial spirit richly deserves.”
Actons, the leading independent law firm in Nottingham, has appointed a highly experienced conveyancing lawyer as an Associate in its Property Team.
Highly experienced residential conveyancing solicitor David Stapleton has joined the Property Team at Actons as an Associate. Joining from Chattertons, David has specialised in residential conveyancing for over 20 years.
David helps clients with all aspects of residential property work including sales and purchases, registered and unregistered, sale and purchases of leasehold property, transfer of equity, equity release.
Caroline Pearson, Director and Head of Property at Actons, commented: “I am delighted to welcome David to the property team and the wider firm. His extensive experience in residential conveyancing make him a valuable addition to the firm. We are certain that David will play a pivotal role in driving our property team forward and continue to provide our customers with outstanding level of service.
David Stapleton, Associate at Actons added: “I’m really pleased to have joined the team at Actons. The main thing that attracted me to join the firm was their approach and culture – which was evident from the first conversation I had with them. I’m looking forward to working with the team and wider firm to develop the residential conveyancing practice.”
Actons Solicitors takes pride in their ability to attract highly skilled talent, and David’s arrival follows a string of recent promotions and arrivals at the firm including Commercial Property lawyer Kerry Elliott from Knights, Contentious Private Client lawyer Nicola Parr also from Chattertons, and the promotion of Alastair Rose to Associate, and the firms first two business support directors Matt Coleman and Marc Pegg as Chief Operations Officer and Finance Director.
Nottingham-based insurance data intelligence provider, Percayso Inform, has announced a second major investment in its fast-growing business with a £2.7m fundraise led by industry veteran, Neil Utley, and its existing venture capital investor, Praetura Ventures.Since its launch in the UK insurance market three years ago, a growing number of insurers, brokers and MGAs in both personal and commercial lines have partnered with Percayso to take advantage of its smart solutions to turn insurance data into intelligence, insight and outcomes.Its 65-strong client base now includes Ageas, Covea, Direct Line, Markerstudy, Somerset Bridge, The AA and many more.Following the investment led by Praetura Ventures in March last year, Percayso extended its proposition to deliver a full quote intelligence suite. Its technology aggregates data from many different sources, allowing intelligence to be accessed with a simple API call at significant volume, while its platform and advanced tech allows insurance providers to take control of their own strategies and deployment by enabling rules and models to be used in their own environments via a SaaS model.And in a transformational deal for the business this year, it also acquired Cazana – now branded Percayso Vehicle Intelligence – marking a major step forward in its plans to increase its footprint across the UK motor insurance market.Rich Tomlinson, Managing Director at Percayso, said: “We’re delighted to welcome Neil as an investor. He has a breadth of experience and knowledge to share from his 30 plus years of working in our industry at the highest level.“In particular, his expertise in the motor insurance market will be invaluable in helping us to achieve our ambitions for Percayso Vehicle Intelligence. And we’re hugely proud that Praetura Ventures are continuing to support us. “We’ve forged a fantastic relationship and in particular, I’d like to offer special thanks to Guy Weaver from their team who played a critical role in the Cazana acquisition.“As we look ahead, we believe that Percayso Inform will play a key role in helping insurance providers of all shapes and sizes to get more out of the wealth of data available to enable them to write better business. The combined skills and experience that Neil and Praetura Ventures bring to our business will undoubtedly help us to accelerate our growth plans.”Utley was chairman at Hastings where he led the management buyout from Insurance Australia Group in 2009, and led the insurer through its initial public offering in 2015. Prior to this, he held CEO roles with Privilege Insurance and Cox Insurance Group.Commenting on his decision to invest in Percayso, he said: “Rich and his team are building one of the most exciting businesses to have emerged in our industry in many years. UK insurance providers have been crying out for a flexible, scalable and easy to integrate data intelligence solution.“I’m incredibly impressed with all that Percayso has achieved so far and look forward to helping the team take the business to the next level.” David Foreman, Managing Director at Praetura Ventures, added: “Our relationship with Percayso has gone from strength to strength over the past 16 months, and our team have been impressed with the progress that Percayso has made in such a short space of time. “We will be continuing with our More Than Money support and couldn’t be more excited about the road ahead.”Peel Hunt advised Percayso on the fund raise and the legal team at Knights acted for Percayso. The Praetura Ventures team were advised by the legal team at Irwin Mitchell.
Global investment firm Carlyle has agreed to acquire Evolution Funding, the used auto finance platform, investing alongside Evolution’s founders and existing investor LDC.
The terms of the transaction were not disclosed.
Based in Chesterfield, Evolution is a technology-led motor finance platform that connects car dealers and auto finance providers with multiple lenders. Since it was founded in 2002, the business has grown to become the largest used car finance marketplace in the UK with its funding platform widely embedded across UK automotive dealerships.
It has 500 employees and supports over 4,000 dealer forecourts, including national car dealerships such as Marshall, Sytner Group and Trust Ford, and major online-only used car dealers such as Cinch and Cazoo. It also has brand partnerships with the AA and fintech services like Experian and ClearScore, which offer access to direct-to-consumer channels.
In the last twelve months, Evolution has enabled nearly 150,000 financing transactions with a total platform volume in excess of £2 billion. Over the last four years, the business has almost quadrupled the total volume of advances it enables along with doubling its employee headcount.
Evolution has made two key strategic acquisitions in recent years: Click Dealer in July 2021 and Motion Finance in May 2023. Click Dealer is highly complementary to Evolution’s existing services and supports its growth strategy to enhance its technology, digital capabilities, and SaaS proposition. Motion Finance has allowed Evolution to further grow its core market share in independent motor dealers.
Equity for the investment will be provided by Carlyle Europe Technology Partners (CETP) V, a €3 billion fund which invests in technology companies across Europe.
CETP will work with management to support Evolution’s growth in the used car finance market by working to expand the range of dealers’ product offerings on its interface and in doing so becoming an enablement platform for additional sales, developing a digital lead-generation capability, and exploring consolidation of the fragmented motor finance market through further M&A.
Fernando Chueca, Managing Director in the CETP investment advisory team, said: “In Evolution, we identified the opportunity to partner with an advanced technology platform in the UK’s fragmented market for used car finance, which we believe is an attractive and growing segment.
“In addition to its market leading position and high barriers to entry, we believe the continued development and expansion of Evolution’s digital platform, as well as exploring M&A opportunities, can unlock significant value. We look forward to working with Lee and the entire team at Evolution.”
Lee Streets, founder and CEO of Evolution Funding, said: “We believe Evolution holds a unique position in the UK’s motor finance market, built upon capturing the opportunity to provide a differentiated, technology-based platform which helps both lender and dealer partners navigate change from digitisation and regulation.
“In Carlyle, we have found the ideal partner to continue our growth journey, given their experience growing and scaling entrepreneurial technology businesses like ours.
“We would like to thank the team at LDC for their support over the last four years, investment in the development of our technology platform, and for helping us to position Evolution at the leading edge of the market. We are excited for this next stage of Evolution’s journey as we continue to transform the motor finance market.”
Lawrence Dean, partner and head of South at LDC, added: “Lee and his team have almost quadrupled the total volume of advances Evolution’s platform enables in the last four years; a significant achievement given the uncertainty in the market.
“In addition, Evolution has continued to invest in its technology, playing a leading role in the digitisation of the motor finance market and developing innovative digital finance solutions that are shaping the industry and customer experience. We look forward to continuing to work together to support Evolution’s future growth plans.”
CETP was advised by Houlihan Lokey, DLA, Alvarez & Marsal, LEK and Seedcloud. Evolution Funding and LDC were advised by Arma Partners, Gowling WLG, KPMG, OC&C and Crosslake.
The transaction is subject to FCA approval.
Shirebrook-based retail giant Frasers Group has reported a record performance for the year ended 30 April 2023.Group revenue of £5.5bn marked an increase of 15.8% from £4.8bn in the prior year, largely due to acquisitions and the impact of a 53rd week in FY23.
Meanwhile reported profit before tax soared to £660.7m, up 96.9% from £335.6m in the year prior.
Strong results across the group were boosted in particular by profitable growth in sports retail.
Michael Murray, Chief Executive of Frasers Group, said: “In my first full year as Chief Executive, we have delivered a strong performance across the group. We were bold in setting our full year guidance twelve months ago, before the full impact of the cost-of-living crisis was clear, but our business has remained resilient, and we have met these expectations.
“The Elevation Strategy is continuing to drive results across every segment, and I want to thank the entire company for all their hard work in delivering our vision for Frasers Group. It has been a particularly significant year for Sports Retail, demonstrating that elevating Sports Direct was the right strategy.
“Our investment in the store estate, our focus on strengthening key brand partnerships, and the synergies created by strategic acquisitions is now delivering very clear results. We’ve also made huge progress in the year building our sector-leading ecosystem, with Frasers Plus now successfully launched across our brands and businesses.
“We enter the new financial year in a strong position and are determined to unlock further growth, underpinned by our laser focus and acceleration of ourElevation Strategy.”
Despite a drop in revenues and profits, Forterra has hailed a “resilient performance” in the first half of its financial year.
For the six months ended 30 June 2023, group revenues at the manufacturer of clay and concrete building products were £183.2m, a decrease of 17.8% relative to the prior year (£222.8m).
Meanwhile profit before tax decreased from £44.2m to £18.1m.
Forterra noted that the results are “broadly in line with management expectations” and were “delivered against a backdrop of challenging trading conditions.”
Neil Ash, Chief Executive Officer, said: “We are pleased to report a resilient performance in the first half, despite the challenging trading conditions faced in our markets.
“I joined Forterra in the belief that it was a great business with a bright future. This sentiment has been confirmed in the three months since I became Chief Executive Officer. I have been impressed by the dedication, ability and depth of talent of our people, and their desire to continually improve our business.
“To do this we are focusing on three key areas: firstly, customer experience and commercial excellence; secondly, manufacturing excellence; and thirdly, innovation and sustainability. This focus will further strengthen our core.
“After over three years of construction at Desford, and an investment which will total £95m, we were delighted to open the largest and most efficient brick factory in Europe in May. This new factory will deliver a meaningful enhancement to group results for years to come, through additional production capacity, improved efficiency and improved sustainability.
“During the first half we also took the opportunity to rebuild inventory levels allowing us to better serve our customers and meet their expectations. Now done, we have been unafraid to take difficult decisions to ensure our inventory levels do not continue to grow excessively and are aligned to demand.
“As we enter the second half, the outlook continues to remain uncertain due to high inflation and rising interest rates. These factors are likely to continue weighing on demand for new housing and therefore our products.
“So, whilst we presently see tentative signs of improving trading, we are forecasting only a modest improvement in demand in H2 and our recent guidance of a full year 2023 EBITDA with a more balanced H1/H2 split remains unchanged.
“Looking ahead, we are optimistic that the group’s results will benefit from a number of positive drivers including: the efficiency benefits of Desford; an end to customer inventory reduction; the opportunity to substitute imported bricks; stabilising energy costs with approximately 70% of our requirement for 2024 secured; and the cost benefits of our restructuring actions.
“Beyond this, as market conditions normalise, we expect to benefit from the additional capacity offered by Desford along with our other organic development projects at Wilnecote and Accrington.
“In addition, we have a strong pipeline of investment opportunities aimed to capitalise on the medium to long-term market fundamentals of a shortage of UK housing supply, a shortfall of domestic brick production capacity and cross-party political support for increasing housing supply.”
With the nomination deadline (Thursday 31 August) creeping closer for the East Midlands Bricks Awards 2023, ensure you have made your submissions for the annual celebration of the property and construction industry!
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 spectacular 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:
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:
Commercial property agency OMEETO has completed the latest in a string of letting deals on premises across Derby’s Pride Park.
Utilities infrastructure and engineering services company, Avove, is opening a new office in the East Midlands, which reflects its ambitious growth plans and will allow for the creation of new jobs in the region.
Avove’s business director of operations, Patrick Rafferty, said: “We wanted quality, modern offices which are in a great location and in keeping with our environmental aspirations of being energy efficient and within easy walking distance of public transport infrastructure.
“Securing the second floor of Pride Park gives us a great base and provides plenty of capacity to grow our business in the region. We’ve taken a long-term lease which shows our commitment and is a statement of our intent to be recruiting further as we gear up our operations in the coming years.”
Avove’s activities at Pride Park involve water and wastewater infrastructure works including design, construction, programme management, commissioning and customer service – allowing the teams to add real value for its clients. This will be Avove’s twentieth office/hub across the UK.
Chris Wright, the director at OMEETO, which recently celebrated its third anniversary in business, said: “The deal with Avove is the latest in a series of completions in and around Pride Park and highlights the continued popularity of this centrally located commercial district across a number of business sectors.
“We have recently also secured lettings for a number of other businesses including Explo, Scargill Mann, Derbyshire Properties, Resource Finder and Ivy Tech.
“With excellent communication links, these offices have been recently refurbished and offer high quality and flexible open plan and self-contained premises which are ideal for Avove.”
Moulton College has revealed ambitious infrastructure plans to support students studying its new Construction T Level qualification. It follows Government investment through the T Level Capital Fund, which will see the college redevelop existing buildings into a next-generation Construction Science & Technology Hub.
T Levels are technical qualifications introduced by the Department for Education as a new two-year post-GCSE option to prepare students going into skilled employment. Moulton College will launch its initial T Level in Construction in 2024-2025, with the first cohort able to make use of the brand-new Hub.
The investment will be used to repurpose and update an existing facility, which will be transformed into a new space able to deliver the requirements of the T Level qualification, supported by industry-standard specialist equipment.
The building will contain bespoke classrooms and practical skills spaces, including a construction science lab and a digital technology unit offering CAD software and leading virtual reality technology.
Corrie Harris, CEO and principal of Moulton College, adds: “We are delighted to have been successful in receiving a share of the UK-wide T Level investment funding. It will enable us to deliver a first-class curriculum in a modern, high quality and engaging learning space, inspiring our students to develop the cutting edge practical and theoretical skills the construction industry requires.”
Minister for Skills, Apprenticeship and Higher Education Robert Halfon says: “This boost of over £100 million is our latest investment in T Levels. These are robust, high quality technical qualifications providing a unique ladder of opportunity for students to gain both classroom knowledge and on-the-job experience.
“T Levels will support young people into rewarding careers and back businesses with the skills of the future.”
Moulton College will offer the Construction T Level from September 2024 alongside other T Levels in Electrotechnical Engineering and Arboriculture.
Nottingham-based coffee company 200 Degrees saw one of its busiest opening weekends ever as it welcomed the public to its new shop in West Bridgford.
On Saturday 22 July, despite heavy downpours, hundreds of people queued to get their first glimpse of the new location and hopefully bag some of the prizes on offer. The queue of coffee-lovers was so long, they were queuing right into Bridgford Park for the first two hours after opening.
The first 50 people in the queue received exclusive tote bags designed by local artist and 200 Degrees barista, Jess Williams, and two lucky winners took home a Sage coffee machine and an Opal pod machine. The 200 free coffees were gratefully received by the slightly soggy customers who braved the rain to retain their place in the queue.
But even after the prizes had been handed out, the people kept coming, and the shop has remained consistently busy ever since.
200 Degrees Managing Director Stephen Fern said: “We thought West Bridgford was going to be a popular site, but we were blown away by the response on our opening day. The West Bridgford shop really has had a flying start and that has continued since opening day – West Bridgford has embraced 200 Degrees with open arms.”
The new shop features a roof terrace with festoon lighting which was finally being put to good use on Monday when the rain eased off, and the shop team is looking forward to welcoming many more visitors over the coming weeks.
National planning consultancy Boyer (part of Leaders Romans Group) has reopened its Midlands office, based at Cedar Business Park, Normanton on Soar, Loughborough following a re-fit with sustainability at its heart.
Boyer’s Loughborough sustainable office features solar panels, a biomass boiler and EV chargers.
It has sustainable carpets and hard flooring made from 65% recycled material and low volatile organic compounds paint. Waste to landfill is minimised through an organised recycling and compostable waste system.
Acknowledging the importance of the circular economy, Boyer will be re-using much of its original furniture and fittings. At the point at which these items are replaced, the same sustainable principles will be followed.
David Hutchinson, director and head of Boyer’s Midlands office, said: “We are delighted to be the first of Boyer’s six offices to have undertaken a sustainable re-fit.
“As planning consultants, we understand the impact brought about by climate change and our work is focussed on delivering sustainability through the built environment. So its entirely apt that we used this opportunity for a re-fit to put our strongly-held principles into practice in our own building.
“The expansion of this office has resulted in the creation of the first regional hub accommodating our Land, Planning and New Homes services in a single office. This will enable collaboration between these linked services to better serve our clients and to help secure further growth across the region.”
This, Boyer’s first sustainable refurbishment, is one of many within Leaders Romans Group (LRG), which is refitting many of its branches across its estate agency brands to focus on energy efficiency and recycling.
Plans to improve the eastern side of Derby city centre have been given the green light by planners.
Derby City Council’s planning committee recently granted permission for the Eastern Gateway scheme.
The project, which is part-funded by the Government’s Future High Streets Fund, will add extra shops and leisure outlets and create a new public boulevard to transform the area opposite the bus station and the eastern entrance to Derbion.
The business case for the Eastern Gateway scheme, which will be delivered by Derbion, estimates that the regeneration will create new jobs, drive additional footfall and support the ongoing recovery of the city centre.
John Forkin, Managing Director of Marketing Derby, which submitted a letter supporting the application, said: “We really welcome this as improving the city gateway from the bus station and two of the city’s largest hotels is long overdue.
“The area has a footfall of over 12 million people which will only increase when the Becketwell Performance Venue opens in 2025.”
The plans involve the removal of a section of the former Eagle Market building and the Castle and Falcon pub, opening up the streetscape and creating a vibrant new space.
It will create a split-level area of landscaping, with a series of garden terraces with opportunities for seating at different levels, overlooking the street.
It will also include durable play zones to offer a family friendly element to the scheme, with food and drink outlets and associated seating bringing further vitality to the site.
A new double height Derbion entrance, which is designed to be welcoming and inviting to visitors, is also part of the scheme.
A report prepared by planners ahead of the committee meeting stated: “The existing entrance on the corner of East Street and Morledge provides an uninviting arrival to the city.
“The proposal seeks to create a welcoming ‘Eastern Gateway’ to the city centre from the Bus Station with new landscaping works.
“These high-quality proposals will raise the overall design standard for Derby city centre and make a positive contribution to the character of East Street.”
The city council was awarded £15 million by the Government back in December 2020, following a successful Future High Streets Fund bid to support the recovery of the city centre.
Around £5 million of this funding has been allocated to the Eastern Gateway scheme.
A share of the funding has also been invested in refurbishing the city’s Grade II-listed Market Hall into an attractive, flexible retail and leisure destination.
Midlands Care has acquired Gokul Vrandavan Care Home on Windsor Avenue in Leicester.
This facility has been dedicated to providing culturally appropriate care to the Gujarati community, offering an Asian lifestyle that resonates with the local elderly population.
This strategic opportunity has allowed Midlands Care to further its commitment to inclusivity and expand its range of care facilities to cater to the needs of local elders from diverse faith backgrounds.
The newly acquired purpose-built home, consisting of 27 single en suite bedrooms, has merged with an existing residential facility to create a comprehensive care environment. The reason for acquiring this service was for the group to extend its services and become an inclusive regional organisation.
Midlands Care also welcomes back Sailesh Raja, founder of Midlands Care, who will play a role in the ongoing leadership and management of the home. Additionally, Pradeep Patel, operations director, will provide expertise and support to maintain the highest standards of care whilst working with the existing staff team and Keilash Mcilwee, registered manager.
Mr Shyamal Raja, Managing Director, said: “I vividly recall when my father visited the original building two decades ago. Evidently, he had a strong desire to acquire it, but he couldn’t make it happen for reasons beyond his control.
“Over the years, he occasionally reminded me and Sagar about the immense potential this opportunity held to serve the local community, which he held dear. The building was purchased by Mr Pabari, who later acquired the land next door and built a purpose-built facility before joining into the original building.”
Shyamal added: “Now, it brings me great joy to announce that, through a meticulously arranged, highly confidential off-market deal, we have completed the takeover of Gokul-Vrandavan Residential Home. The entire process was shrouded in secrecy, with my father completely unaware. Sagar and I orchestrated the service transfer from Mr. Pabari to Midlands Care, creating a wonderful surprise.
“I eagerly anticipate the collaborative efforts ahead and the enhancement of the already exceptional level of care we provide to those entrusted to our care. Together, we will strive to positively impact the lives of our residents and the community we serve.”
New images released by Nottingham City Council show the major transformation due to begin later this year in the city centre with the creation of a wildlife-rich Green Heart.
Work on the Green Heart is due to begin this Autumn as a key element of the vision developed by world renowned Heatherwick Studios for the city’s Broad Marsh area and the site of the former shopping centre.
The design of the Green Heart is unique to Nottingham and has been developed by Townshend Landscape Architects along with Nottinghamshire Wildlife Trust, with Heatherwick Studio retained as a strategic design advisor.
Nearby on Collin Street, work has already begun on a new public space outside the new Central Library building as part of a playable cities initiative to create child friendly spaces in the city centre. Local school children were consulted on the design which will feature specially designed swings and seating so the space can be somewhere families gather and spend time together.
When Collin Street reopens, there will be a traffic-free route connecting the Green Heart and Lister Gate with the new people-friendly, green public space created on Sussex Street next to Nottingham College which features a mini amphitheatre, a skateable space and a multi-use games area.
It will enhance biodiversity by introducing green ecologically rich areas and diverse natural spaces providing habitats and food for wildlife, forming a green infrastructure network linking across the wider Broad Marsh area from Nottingham Castle through to the Island Quarter site and beyond.
The design carves into the site creating pathways, pocket spaces and seating for people to use and enjoy, bringing nature back through ecologically rich planting.
A key aim is to put the ‘marsh’ back to the Broad Marsh, introducing new urban wetlands on land that was once a marshland ecosystem to capture, slow and filter rainwater, potentially preventing flooding and creating pockets of biodiversity.
Townshend Landscape Architects
Sandstone, the rock on which Nottingham Castle was built and into which the city’s unique cave system was cut, will be used for paving and seating. A long bench will arc through the planting and marsh allowing people to sit, enjoy and experience nature.
Leader of Nottingham City Council, Cllr David Mellen, said: “More green space was by far the most popular response when we asked people what they would like to see happen around Broad Marsh as part of the huge Big Conversation engagement exercise the council ran a couple of years ago.
“Anyone who has visited the area recently will see how much it has changed with lots of greenery, pedestrianised areas and seating. The creation of the Green Heart will take the transformation of Broad Marsh a major step further and be a beautiful addition to the city centre which is unique to Nottingham. I’m particularly pleased that Collin Street will be a family friendly space that people can enjoy right outside the new Central Library.”
Gary Alden, Senior Associate at Townshend Landscape Architects, said: ”We have worked closely with Nottingham City Council and local stakeholders to design a place that encapsulates what we collectively coined ‘Nottinghamness’, creating a place that is part of, and inspired by Nottingham.
“Expressing the sandstone, and creating a ‘marsh’ to manage rainwater, is a nature-led solution providing an urban wetland ecosystem for wildlife and people to enjoy.
“From what the spaces once were, this has been a massive undertaking by Nottingham City Council. We are thrilled to see people enjoying the newly created public spaces on Sussex Street, and are excited that work has now started on Collin Street and then the Green Heart later this year.”
Eurocell, the manufacturer, recycler and distributor of window, door and roofline PVC products, has seen a dip in sales in the first half of 2023, against “an exceptionally strong” comparative period.
According to a trading update for the six months ended 30 June, reported group sales were £184 million, down 2% on the first half of 2022, with volume 6% lower.
The company said: “Against a challenging backdrop and an exceptionally strong 2022 comparative period, we have delivered some resilience in the group’s sales performance for the first half.”
Eurocell added: “Last year, in a change to historical seasonal patterns, sales volume and profit generation was weighted towards H1. This reflected strong demand in the RMI (repair, maintenance and improvement) market in the first half, followed by a slowdown in smaller discretionary RMI work in H2.
“For 2023 we anticipate a heavy weighting towards H2, with sales returning to a more normal seasonality and profits in the second half benefiting from lower input prices (including raw materials and hedged electricity) and operational cost savings already implemented.”
Van Elle, the ground engineering contractor, has reported record revenues and improved profitability in its results for the year ended 30 April 2023.
Revenue grew to £148.7m from £124.9m in the prior year, while pre-tax profits hit £5.4m, increasing from £3.6m.
The company noted that the strong trading momentum has continued into its new financial year, with all divisions operating at high activity levels.
Mark Cutler, Chief Executive, said: “I am delighted to report a strong set of results, building on last year’s excellent progress as we emerged from the pandemic.
“The breadth of the group’s expertise, strength of balance sheet and depth of resource allows us to offer the best value to our customers, with whom we are forging closer long-term partnerships.
“The actions taken over the last three years are starting to deliver sustainable results that put us firmly on-track to deliver our medium-term financial objectives.
“I want to extend my sincere thanks to our employees, suppliers and customers for their hard work and support over the last year.”
Breedon Group, the construction materials group, has reported a “strong” first half in its unaudited interim results for the six months ended 30 June 2023.
Revenue at the company grew to £742.7m from £671.1m in the first half of 2022, however pre-tax profits dipped to £56.5m from £59.5m.
Breedon noted it expects to be eligible for inclusion in the FTSE 250 and FTSE-All share indices at the next index review in September 2023.
Rob Wood, Chief Executive Officer, said: “In the first half our vertically-integrated and local operating model has again come to the fore, leveraging our long-term customer relationships and deep market knowledge. Our first class team has operated with great agility to deliver a strong start to 2023 for which I thank them sincerely and we are well-positioned for the second half of the year.
“The long-term structural dynamics driving infrastructure spending and housebuilding in GB and Ireland have not changed. To ensure we can efficiently and sustainably meet long-term demand for our essential construction materials, we have re-doubled our focus on those factors under our control; keeping our people safe and well while minimising the cost of production and maximising the value of the extensive portfolio of assets we own and acquire.
“By emphasising the operational factors we can influence, we will ensure we remain competitive and continue to deliver outstanding results. By challenging our procedures and practices, we can be sure we will be in the strongest possible position when our end-markets return to growth.”
Motorpoint Group, the independent omnichannel used vehicle retailer, has reduced its headcount by 10% as part of “streamlining [its] organisational structure.”In a trading update the Derby company said the move will result in annualised savings of £3m.
Meanwhile the group’s performance has improved throughout the first quarter of its new financial year, which is expected to continue in Q2.
In a statement to London Stock Exchange, Motorpoint said: “The impacts of high inflation, rising interest rates, and consumer uncertainty continue to affect demand for used cars.
“However, like others in the industry, we are encouraged by the growing number of vehicle supply options which, coupled with our increased use of data to determine optimum selling prices, has resulted in an improvement in retail margin. This will, in part, be tempered by lower finance commission as consumer uptake for finance reduces due to increased APR rates.
“The group has also focused on the costs of the business to ensure they are aligned with current market activity and, utilising the investment in technology to date, we are able to maintain a lower headcount as we conserve cash and return to profitability, whilst ensuring we are ready to invest for growth as more favourable market conditions return.
“The group continues to be confident it will emerge in a normalised market as a leaner and more valuable business ready to seize a significant opportunity.”
Revenue is on the up at Derby-based Mortgage Advice Bureau (MAB), despite a tough environment of interest rate rises, reduced affordability, and cost of living increases.
According to a trading update for the six months ended 30 June 2023, group revenue was up 21% to £116m, growing from £96.5m in the same period of 2022, with organic growth of 1% despite the market seeing a 40% drop in new mortgage approvals following the mini-budget in September 2022.
Peter Brodnicki, CEO of MAB, said: “We had hoped to be in a period of interest rate stability as we entered Q3, followed by a resumption in organic adviser growth in Q4. Instead, we find ourselves in an environment of continuing interest rate rises, reduced affordability, and cost of living increases, all of which are naturally impacting consumer confidence.
“Despite strong underlying demand for property, some buying decisions are understandably being delayed by our customers until we have a more stable economic and interest rate environment.
“Despite the additional market pressure, I am delighted with how MAB is performing and how our market share continues to grow. Re-mortgages and increasing numbers of product transfers currently represent around 60% of our written transaction volumes.
“This will deliver MAB a greater number of re-financing opportunities in the medium term, with the group’s advisers performing particularly strongly in this area.
“Despite the signs of a market recovery being further off than we expected three months ago, business efficiency continues to increase, adviser productivity has been maintained, and all strategic initiatives continue to progress well. The group is well positioned to deliver further growth as the market recovers.”
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