“Good start to 2023” for Ibstock
Ibstock, the manufacturer of clay bricks and concrete products and solutions, says its has made “a good start to 2023 despite a subdued demand environment in both the residential new build and RMI markets.”
According to a trading update for the first quarter of 2023, EBITDA was marginally ahead of the Leicestershire-based company’s expectations, which Ibstock says reflects “disciplined management of capacity and cost, combined with good commercial execution.”
Meanwhile, Ibstock’s growth initiatives – the Atlas, Aldridge and Nostell capital investment projects – are all “progressing well.” Ibstock Futures also continues to build its market offering, with growth during the first quarter in line with expectations.
Joe Hudson, Chief Executive Officer, said: “We’ve made a good start to 2023, with EBITDA marginally ahead of our expectations, underpinned by strong operational discipline and good commercial execution. Market conditions were subdued through the early months of 2023, although we expect this to improve as the year progresses.
“Our major organic growth investments remain on track, with our pathfinder factory at Atlas expected to deliver the UK’s first carbon neutral verified bricks by the end of the year, and Ibstock Futures continuing to build capability and scale.
“We remain confident in our ability to respond effectively to trading conditions, and to deliver a full year performance in line with market expectations.”
Loughborough tech enabled confectionery distributor and wholesaler sold
Browne Jacobson’s corporate dealmakers have acted for the shareholders of World of Sweets and Bobby’s (IBG) on the sale of its majority stake to A&M Capital Europe (AMCE) – a move which will support the group’s growth ambitions and further its digital strategy.
IBG which is headquartered in Loughborough, is a leading brand owner and tech-enabled distributor of confectionery, baked goods and savoury snacks and also the portfolio company of Sculptor Capital Management Inc. The group supplies its products to clients in the convenience retail, speciality, wholesale and grocery channel space. It offers a multichannel and tech enabled distribution operation and works with a customer base of over 60,000 and has a brand portfolio comprising World of Sweets Bobby’s, Bonds of London, Kingsway, Crazy Candy Factory and Candy Realms. It is also internationally partnered with Pez, Nerds and Tootsie. AMCE is a pan-European, London-headquartered middle private equity investment firm. It specialises in providing financial, strategic and operational support and advice to its client portfolio of growing European businesses. Browne Jacobson’s Nottingham-based corporate partner Nigel Blackwell led on the deal, alongside senior associate Sam Sharp and associate Shania Sood. Partner Sandra Wong advised on the private equity elements whilst partner Paul Hill and senior associate James Busby gave banking advice and partner Andrew Noble advised on the tax side of the transaction. Nigel Blackwell said: “IBG’s has a strong offering in the confectionery and snacking distribution and wholesale market, a diverse client base spanning the UK and overseas and a clear and robust strategy to further grow their award winning and popular brand portfolio and digital distribution capabilities, so it is evident why AMCE wanted to partner with them. “We are pleased to have supported them in this move and are excited to see Wayne and the business push on with its strategic growth plans with AMCE’s backing through a series of key bolt on acquisitions which will further strengthen the group’s market position.” Wayne Beedle, IBG CEO, added: “We are all incredibly excited about the next phase of our growth journey. Sculptor has been hugely supportive over the last five years, enabling the business to focus on serving our customers’ needs. “As the largest distributor, importer and wholesaler of confectionery in the UK, we take pride in being great partners for our suppliers and customers. With AMCE as our new equity partner, we will further invest in our award-winning brands and by supercharging our digital capability, we will serve our customers as they want to be served. “We were pleased to have had Browne Jacobson work with us on this transaction. Not only are they specialists in the private equity space but they really know their stuff around the confectionery food and drink industries which was essential to the successful close of this deal.”Games developer makes German acquisition
astragon, a subsidiary of Team17, the games developer with offices in Nottingham, has acquired German development studio, Independent Arts.
Independent Arts has been a trusted third-party development partner of astragon for a number of years and has a strong existing relationship with the business. The acquisition brings a team of experienced ‘working simulation’ developers in-house to support current owned IP development and accelerate new IP that will launch in future years.
Supported by the wider studio knowledge within Team17, this is the first 100% owned studio acquisition by astragon.
Debbie Bestwick MBE, Chief Executive Officer of Team17, said: “This adds further conviction to our belief in astragon, showing they were a key part of our group’s performance in the first year within Team17 following its acquisition in 2022 and will prove to be an equally important part of our growth journey over the coming years.
“Led by Julia and Tim, they are an exceptional team and one of the world’s best when it comes to producing original, highly creative IP in the hobbyist ‘working simulations’ sector of the games market, as evidenced by their successful Fire, Police, Bus and Construction simulation titles.
“This is an important opportunity for the astragon team to accelerate its pipeline of new IP and add experienced, fully owned development capability to its operational footprint.”
Underfloor heating company gets cosy in new home
Commercial property agency Rushton Hickman have completed the sale of a modern two-storey office building on Granary Wharf Business Park in Burton on Trent.
Granary Wharf Business Park is an established commercial location situated on Wetmore Road. The semi-detached premises comprised 2,500 sq ft over two floors and included six parking spaces.
The purchaser, TUS Holdings Ltd, who trade as Trade Underfloor Supplies, specialise in the design and supply of underfloor heating and renewable energy heating systems for new and existing homes. The company’s systems have featured on Channel 4’s Grand Designs and Restoration Man. TUS Holdings Ltd are focused on the environmental benefits and offer free training courses for installers and developers.
Agency surveyor Taylor Millington said: “The team at Rushton Hickman are delighted to have recently sold Unit 21 Granary Wharf to Trade Underfloor Supplies who are looking to expand their office space in Burton on Trent.”
Graham Bancroft, director at Rushton Hickman, said: “Despite the ongoing uncertainty surrounding the office market in general, this disposal shows that there is still strong demand for good quality space in well established locations such as this.”
East Midlands business confidence rises to second highest in UK
Business confidence in the East Midlands rose 18 points during April to 41%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies in the region reported higher confidence in their own business prospects month-on-month, up ten points at 46%. When taken alongside their optimism in the economy, up 27 points to 36%, this gives a headline confidence reading of 41%.
East Midlands businesses identified their top target areas for growth in the next six months as evolving their offer (42%), diversifying into new markets (42%) and introducing new technology (39%).
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.A net balance of 28% of businesses in the region expect to increase staff levels over the next year, down five points on last month.
Overall, UK business confidence climbed one point to 33% in April. Every UK nation and region reported a positive confidence reading and six out of 11 regions recorded a higher reading than last month. London reported the highest levels of business confidence at 47% (up nine points month-on-month), followed by East Midlands (up 18 points) and North East (up three points), both at 41%.
Firms’ outlook on their own trading prospects remained strong at 39% for the second consecutive month, and a net balance of 27% of businesses reported plans to increase their staff levels, up two points from March.
Ahead of the three Bank Holidays in May, firms’ optimism in the overall economy increased five points to 28% – the highest reading since June last year.
Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking, said: “It’s fantastic to see the region’s businesses mark a third consecutive month of rising confidence, and to see so many firms planning to invest in new technology and explore new markets. Investments in these areas will contribute to driving growth and help give businesses the edge they need to differentiate themselves.
“For those businesses focused on growth, reviewing working capital needs, and unlocking finances tied up in inventory or stock with asset or invoice finance, can be helpful for freeing up money to invest back into the business.”
Business confidence in the service sector rose to 36% this month, the highest since May 2022, with sentiment particularly upbeat in hospitality and financial services. While the other sectors saw slight decreases, construction remained strong at 43% while manufacturing and retail remain above last year’s lowest levels.
Hann-Ju Ho, senior economist for Lloyds Bank Commercial Banking, said: “The recent increases in business confidence indicate that the economy entered the second quarter of 2023 with positive momentum.
“The revival in the demand for labour, which improved for the fifth consecutive month, may account for the modest uptick in wage expectations for the next twelve months.
“While firms’ concerns on overall cost pressures have eased, there is little evidence that pricing expectations have declined which may impact wider pricing decisions for the remainder of 2023.”
Streets Chartered Accountants covers directors remuneration and more in new news roundup
Streets Chartered Accountants covers directors remuneration, its podcast with the co-founders of Cognito, provides useful tax information, and more in its new news roundup.
Directors remuneration – salary versus dividend, food for thought for 2023/24For many years, director shareholders in limited companies have often been advised to take a small salary, at a rate to retain access to state pension credits and other benefits, and then supplement their income using dividends. Looking at the individual and the company together, this is a very tax effective route.
Podcast: Sisters with more than a thought when it comes to an enterprising ideaThis episode of The Streets Sessions features sisters Ellie and Zara Pickles, co-founders of Cognito, a contemporary Sushi and Japanese restaurant and bar. It explores what led them to open Cognito, the challenges they’ve faced, the role and support of the wider family and their exciting vision for the future.
Tax Rates and Allowances 2023/24Streets’ handy format Tax Rates and Allowances card is now available as a PDF online. For a printed copy please email info@streetsweb.co.uk
Tax Return Checklist 2023Download Streets’ tax return checklist which, whilst not exhaustive, does include the majority of the information required in connection with the completion of your tax return.
SmartMoney – March/April 2023
SmartMoney is the bi-monthly magazine from Streets Financial Consulting plc, Streets Chartered Accountants’ independent financial planning arm, full of news and helpful information on personal financial planning.
Double framework success for rg+p
Multi-disciplinary design practice, rg+p Ltd has secured two framework positions providing architectural and employer’s agent services to housing provider, Midland Heart.
rg+p will now sit on a panel of preferred consultants for Midland Heart under its three-year Development Consultancy Panel. The £4.4m framework will cover a range of projects across the Midlands, where Midland Heart owns around 34,000 homes across 54 local authorities.
“Our working relationship with Midland Heart extends just over a decade and has included some of the Midlands’ most well-known housing projects such as the regeneration at Wolsey Island, Green Lane Road and St Mary’s Allotments in Leicester,” explains rg+p’s director, Rob Woolston.
“I’m told only ten teams were due to be selected for this framework so it’s excellent news our experience in this sector has allowed us to stand out in this competitive tender process.”
One of rg+p’s first projects under the new Midland Heart Development Consultancy Panel is the delivery of Hill Top Farm in Earl Shilton, Leicestershire. This will provide 50 much needed affordable homes on a derelict farm estate where rg+p previously secured planning consent in late 2022.
Multi-disciplinary built environment consultancy secures £40m investment
Multi-disciplinary built environment consultancy Ridge and Partners, which has offices in Leicester, has secured a significant investment of more than £40 million from Horizon Capital.
Horizon’s investment supports Ridge in delivering the next phase of its ‘Quality, Innovation and Growth’ vision, which sets a strategy for expanding expertise and nurturing talent in a progressive way.
The success of this strategy is clear in Ridge’s recent expansion from 577 people and £61 million turnover in 2020 to 1,000 people and a forecast £105 million in 2023 across its 13 UK offices. Strategic acquisitions in the last three years have included Scott Hughes Design and Projex.
Ridge’s broad multi-disciplinary offering to clients, which includes depth in architecture, building services, engineering, planning, surveying, sustainability and transport, will be expanded by investing in talent across its core disciplines as well as through new acquisitions.
New acquisitions will complement Ridge’s existing practices and develop new services to enhance its track record of strong client relationships. Strategic opportunities include the digital revolution, the net zero carbon and social impact agendas and changing ways of living, working and learning. Through its investment in Ridge, Horizon Capital is adding built environment services to its portfolio of 14 technology services, business services, software and data companies.
Adrian O’Hickey, senior partner, Ridge, said: “This is a transformational deal for Ridge – a catalyst for some of the most ambitious changes in our strategy. We’ve already been successful in turning up the dial on this business, introducing new initiatives and developing our people. We want to continue that progress, with the benefit of new investment, while maintaining our core values of quality, collaboration and agility all the way.
“Progressive growth is crucial for us and that means creating better and more sustainable places while offering cutting edge services for our clients and career opportunities for our colleagues.
“Horizon Capital’s focus on professional services and technology makes them a strong fit for Ridge and protects the personal culture of our 75-year-old business. Horizon understands the personal touch that distinguishes the Ridge culture and our willingness to exploit the latest technology to work more efficiently and more accurately.”
Luke Kingston, managing partner, Horizon Capital, said: “Horizon is providing the first institutional capital to Ridge in its 75-year history. Its partners have already taken opportunities for sustained growth in recent years, and we will help them to be even more ambitious in the firms and talent they reach out to.
“This professional expertise will be vital in the next few years as the UK upgrades its infrastructure and brings its building stock up to net zero standards. The winners in this market should be the consultants who have the trust of their clients and a track record of maintaining the highest standards throughout their businesses.”
Regional entrepreneurs join Star Trust as patrons
East Midlands charity, Star Trust, has welcomed several new business leaders and entrepreneurs as patrons and trustees.
Star Trust is run by local business owners and entrepreneurs. Since its launch more than ten years ago it has donated more than £777,000 and awarded grants to 100 East Midlands-based charities.
Kavita Oberoi OBE and Tony Hillary have joined as patrons of the charity.
Mrs Oberoi is the founder and Managing Director of two Derby businesses – Oberoi Consulting, one of the UK’s leading suppliers of IT and clinical support services to the NHS and pharmaceutical industry, and Oberoi Business Hub in Pride Park, which provides serviced office accommodation and back-office support services.
Tony Hillary is the founder of Hillary’s Blinds which, since its launch from his converted garage at home in Nottingham in 1971, has grown to become one of the UK’s leading window dressing specialists. Tony sold the business in 2001 and has become a successful investor in various sectors under Hillary’s Investments.
Both will be working alongside established patron Tim Storer – joint Managing Director of his family business, Pukka Pies Ltd – to champion the charity, help decide where money should be donated and participate in fundraising activities.
Two new volunteer board members have also joined Star Trust – Lincolnshire-based and award-winning entrepreneur Sarah Louise Fairburn and David Ryley, head of David Ryley Wealth in Nottinghamshire.
Star Trust founder Steve Hampson said: “We are delighted to welcome our new patrons and board members who join a loyal and committed team of volunteers with the sole focus of supporting local charities.
“We organise up to three high profile events a year – the most recent of which was a motoring day which raised more than £45,000.
“All the money raised is then granted to small charities across the East Midlands region who apply for funding and both our patrons and board members have an important role in ensuring that the money is allocated for maximum benefit to local communities.”
Kavita Oberoi added: “I am honoured to be working alongside such like-minded entrepreneurs from across the region who share my ethos to improve the lives of vulnerable people in our local communities.
“Our Derby Breakfast Club continues to be a huge success – ensuring children start the day with a healthy meal and Oberoi Consulting now has its own foundation to support charities and organisations across the world with a focus on women and girls.
“I regard this role as patron of Star Trust working well in tandem with this existing work and I look forward to playing an active role in this very successful charity.”
£1m boutique apartment hotel boost for Chesterfield
Empty Grade II listed office and shop units in Chesterfield town centre could be transformed into a nine-apartment boutique hotel through a £1.02 million investment by Voeberg Hospitality.
The Sheffield-based company has submitted a change of use planning application to Chesterfield Borough Council to convert two former offices at 39 and 39A Holywell Street, and the neighbouring former hairdressers at 41 Holywell Street into apartments for holiday lets and use by business travellers.
The Grade II listed Georgian buildings – opposite the Holywell Cross car park and Northern Gateway Enterprise Centre – would be sensitively converted into one two-bedroom and eight one-bedroom apartments for use as short-stay accommodation and be called Holywell Hotel.
Emily Smith, director of Voeberg Hospitality, said: “The Holywell Hotel development offers an opportunity to bring a high-quality boutique apartment hotel to an area of Chesterfield town centre that needs investment to bring historic empty buildings back into everyday use.
“The location of the Northern Gateway, with its good links to Chesterfield railway station, offers the opportunity to attract visitors and business travellers wanting to visit the Crooked Spire in Chesterfield, as well as the Peak District National Park and South Yorkshire.
“While Chesterfield has existing hotels and B&Bs we believe there is an unmet need in the local market for a boutique apartment hotel of this type. We intend to work with other local businesses to create cross-promotional opportunities for the benefit of our guests.”
The plans submitted to Chesterfield Borough Council seek permission to make some minor structural alterations while predominantly keeping the overall layout of the three buildings. There will be considerable investment to repair the buildings, including restoring the sash windows, renovating the doors and conserving all the listed features.
Working alongside Covest Architecture and Planning and Design Group, each property would be converted to provide three self-serviced apartments, with a bedroom, kitchen, dining and bathroom facilities.
There will be access to an outdoor amenity space, cycle storage and laundry facilities.
Instead of having a traditional reception desk the properties will operate as a ‘smart hotel’ with self-check-ins, keyless entry and a digital portal which will provide guests with relevant information about their stay.
Emily added: “My husband, Ryan, and I began investing in property in Scotland five years ago. Last year, we took the decision to move our family and business to this area and have continued to invest and develop residential properties in Chesterfield.
“We chose to invest in Chesterfield because it is a growing and forward-looking place, while also being a historic market town. The people of Chesterfield have a very open and welcoming approach and seem keen to assist businesses that support the sustainability of the town centre.
“We look forward to making a contribution to that growth by bringing another part of the town centre back into active use through the development of Holywell Hotel.”
Image Scan reports return to first half profits
First half pre-tax profits have returned at Image Scan, the specialists in X-ray imaging for the security and industrial inspection markets.
According to interim results for the six months ended 31 March 2023, the firm achieved a profit before tax of £16,000, in comparison to a £345,000 loss in the same period last year.
Revenue at the Leicestershire-based company, meanwhile, was 85% higher at £1.4m, growing from £790,000.
Vince Deery, Chief Executive Officer of Image Scan, said: “We are pleased with the financial results for the first half of the year.
“The half year performance demonstrates a substantial improvement over the same period last year with the higher levels of activity reported at the commencement of the financial period successfully converted into contracts and delivery of product to customers.
“With careful cost management and continued improved market activity and product innovation we hope to maintain the momentum to deliver a full year in line with market expectations.”
The news comes as, as part of the Board’s succession plan, Dr Richard Leaver has stated his intention to resign as vice chairman, leaving the Board at the end of the financial year.
Mattioli Woods invests in Lincoln mortgage advisor
Mattioli Woods, the specialist wealth and asset management business, has acquired 50.1% of the issued share capital of White Mortgages Limited in a £425,000 deal.
The Leicester-based company has also entered into an option agreement with directors Steven White, Mark Sutton, and Robert White which entitles Mattioli Woods to acquire the remaining 49.9% of the firm, which would increase the deal value up to £2.625 million.
Founded in 2011, Lincoln-based White Mortgages specialises in providing independent mortgage advice, whilst also offering bespoke protection advice, and employs nine staff, all of whom will remain with Mattioli Woods following completion.
In the year ended 31 March 2023, White Mortgages generated revenues of £680,000 with a profit before taxation of £350,000.
Michael Wright, Group Managing Director of Mattioli Woods, said: “Our investment in White Mortgages is an exciting extension to our existing client proposition and is another step forward for Mattioli Woods as we continue to expand our operations.
“Over the past six-months we have seen significant changes in the economy, none more so than immediately after the Government’s mini-budget last September and the impact it had on the mortgage market, with a leap in mortgage interest rates, the withdrawal of many mortgage products and a rapid tightening in lenders’ underwriting criteria.
“By bringing Steve and his team into the group, we are better positioned to help those clients looking to finance a new property purchase or re-finance existing lending.”
Steven White, director of White Mortgages, added: “We are very excited to partner with a like-minded management team with high growth ambitions.
“The sale will help accelerate our growth plan by broadening our proposition with the support of Mattioli Woods. We will continue to place integrity; reliability and a commitment to excellence at the heart of our business.”
Derby City Lab secures lease extension
Derby City Lab, a space created to engage, inform and inspire people about plans to shape the city going forward, is set to continue after Clowes Developments, which owns the building, agreed a lease extension.
The venue, based in St James Street, first opened its doors back in July last year.
It is based on the concept of ‘urban rooms’, which have appeared in various cities around the world to help local communities better understand the evolution of their place and engage them in shaping its future.
Since opening, Derby City Lab has played host to a rolling programme of exhibitions focused on future pipeline projects and ideas, as well as events.
After its opening exhibition, which showcased plans by Down to Earth Derby for a nature-led regeneration of the city centre, the lab has hosted exhibitions by a range of organisations and businesses, including the University of Derby, Derby City Council and Culture Derby.
The lab has been made possible thanks to a partnership between Marketing Derby, the university, the city council, Lathams and Clowes Developments.
Amy Burton, inward investment executive at Marketing Derby and Derby City Lab lead, said: “We’re so thrilled to be able to continue the City Lab in its current home on St James’s Street in the heart of Derby city centre, to engage the people of Derby with its future.”
Kevin McFarlane, associate director at Clowes Developments, said: “As a long-standing landlord of properties in Derby city centre, we are pleased to be able to support the recent push to occupy empty premises by backing initiatives like this.”
Hortons’ Estate snaps up Joules’ Corby distribution centre
Hortons’ Estate Ltd has completed its second acquisition in a matter of weeks after securing a multi-million pound deal for the Northamptonshire distribution centre of retailer, Joules.The independent property company has acquired a 19.8 acre site on Oakley Hay Industrial Estate, Saxon Way West in Corby.The site comprises two distribution warehouse buildings totalling c.275,000 sq ft which are let to Joules. Additionally, there are c.3.2 acres of open storage land with development potential, which is currently let to TUTS (UK) Limited.James Slater of Hortons said that once the current leases come to an end, the company intends to significantly improve the existing buildings and develop further high-quality industrial/warehouse accommodation.Oakley Hay Industrial Estate is located in an established distribution area, just four miles south west of Corby town centre and benefits from road accessibility via the A43, with links to the A14 and M1 motorway.The acquisition follows Hortons’ recent multi-million pound purchase of Sinfin Commercial Park, an industrial and logistics estate near Derby city centre.James Slater said: “This is an excellent site in a strategic East Midlands location. It offers the prospect of future rental growth as well as being extremely well positioned for future development.“Over the next 24 months we will be carrying out a series of improvements to the existing buildings that will provide occupiers with grade A accommodation with enhanced sustainability, through the reuse of the main building elements. Our hope is that the site will retain existing distribution jobs in Corby and create new employment opportunities.“We are continuing to expand our investment and development portfolio in the Midlands, with a particular focus on high-quality industrial and logistics locations with development potential.”Hortons was advised by Antony Leech of TT&G Partners.
Market Harborough distillery falls into administration
Union Distillers, a producer of artisan gins, vodkas, and absinthe, that sold to supermarkets and general consumers across the UK from its distillery in Market Harborough, has entered administration.
The business was a subsidiary of the British Honey Company Plc and, due to a decline in sales and key customer contracts coming to an end, was no longer able to meet financial obligations.
Simon Stibbons and Geoffrey Rowley of FRP Advisory were appointed as joint administrators to Union Distillers Ltd on 21 April 2023 and, subsequently, The British Honey Company Plc on 25 April 2023.
Although a sale process has been undertaken for Union Distillers, no interested parties wished to take the business forward. The joint administrators are now in the process of winding down operations with an anticipated end date of mid-May 2023, with the redundancy of all employees.
Simon Stibbons, partner at FRP and administrator of Union Distillers Limited, said: “Union Distillers had been trading since 2012 and introduced a new simplified business model to drive sales through more bespoke and no-alcohol brands.
“However, changes to some of its key client contracts resulted in a decrease in sales and, without sufficient working capital, Union could no longer trade.
“We’d encourage any interested parties to come forward and speak to us. We will continue to work with the impacted staff to make sure they access the appropriate support through the Redundancy Payments Service.”
NAHL sells subsidiary
NAHL, a Kettering-based marketing and services business focused on the UK consumer legal market, has sold its wholly owned subsidiary, Homeward Legal Limited.
Homeward Legal utilises online marketing to target homebuyers and sellers in England and Wales to generate leads and instructions which it then passes to panel law firms and surveyors in the conveyancing sector for a fixed cost.
The subsidiary, which has 6 employees and has been a part of NAHL since 2015, is considered non-core to the group’s principal focus in Consumer Legal Services and Critical Care and its sale will allow the group to further focus on its key growth areas.
During the year ended 31 December 2022, Homeward Legal generated £1.2m in revenue and £13,000 operating profit. The purchaser of Homeward Legal is Richard Rickwood, a former Managing Director of the group’s Residential Property business.
James Saralis, CEO of NAHL, said: “The sale of Homeward Legal is a good outcome for all stakeholders. It is in keeping with our strategy to build a sustainable and profitable business in the medium term and will allow us to continue to develop the two core elements of our business, Consumer Legal Services and Critical Care.
“We are confident that under its new ownership, Homeward Legal will uphold its customer and colleague first approach and wish the new owner and staff every success for the future.”
£1.65m deal completed for Northampton manufacturing and distribution facility
Deeley Group has sealed a seven-figure deal to acquire a manufacturing and distribution facility in Northampton.
The business has acquired the freehold of a 13,145 square foot industrial warehouse on Lodge Farm Industrial Estate in a deal worth £1.65 million.
Unit 1 Barn Way will be retained in the company’s growing property investment portfolio and has been purchased from Oheka Services Ltd.
The property is occupied by specialist moulding company Burnetts Manufacturing Limited – which provides solutions for rubber, plastic and silicone components. The business has a 15-year lease on the site until 2037.
Eleanor Deeley, joint Managing Director of the Deeley Group, said: “This deal presented a great opportunity to enhance our commercial property stock and to continue to invest in our core locations across the Midlands.
“The deal was completed in just two weeks which demonstrates our agility and fluidity as a business to take these opportunities, and we would like to thank the other parties involved for supporting what was a very smooth process.
“Lodge Farm Industrial Estate is fully-let and that speaks to its already great location and boasts fantastic transport links, and these credentials will only be further strengthened by forthcoming infrastructure work nearby.
“This a great addition to our investment portfolio and we are pleased to be further expanding our footprint in Northamptonshire.”
Lodge Farm Industrial Estate is adjacent the to A428 Harlestone Road and benefits from excellent transport links to the A45 and M1.
Tom Bromwich, partner at commercial property specialists Bromwich Hardy, acted for Deeley Group on the acquisition.
He said: “We were delighted to be able to complete this acquisition so swiftly for our partners at the Deeley Group. This is an excellent investment for the group, sitting in a superb location and with an excellent tenant. Its potential for the future – particularly in light of the planned infrastructure work – make this an outstanding deal in every respect.”
Cherry Elliott and Darrell Aldridge, of Higgs LLP, completed the legals on the deal. TDB Real Estate acted on behalf of the vendor.
Automotive supplier makes seven-figure investment in Nottingham manufacturing facility
Vestatec UK, a specialist in metal forming and assembly, has made a seven-figure investment to improve its manufacturing facility in Nottingham.
The Colwick-based business, and supplier to some of the world’s leading vehicle manufacturers, has invested almost £2 million to expand the 20,000 sq ft facility and enhance its global service offering.
Mike Bylina, Managing Director at Vestatec, said: “This is a truly exciting development in Vestatec’s ambitious growth plans as we continue to be a leading Tier 1 supplier to the global automotive supply chain.
“Our Nottingham-based site is a hub for creating bespoke interior trim for some of the most prestigious brands in the world, which is a true testament to the city’s legacy in UK manufacturing.”
Vestatec is one of the only manufacturers in the UK to specialise in highly complex metal forming, etching and assembly, creating precision components to meet the requirements of high performance and aesthetic applications.
Part of its seven-figure investment includes the development of its new Physical Vapour Deposition (PVD) coating facility and the company’s first robotic system to offer more affordable and flexible services for both new and existing customers.
Mike continued: “In recent years, we have invested heavily in the right people, tools and equipment to elevate our capabilities.
“We believe that this next stage will help to cement Vestatec’s position within the automotive industry, while broadening our service offering to support a variety of other sectors.
“By developing our factory, we are able to expand our capabilities and bring a core service in-house, removing the need for support from additional suppliers and taking another step out of the logistical process for our customers. The additional equipment will also allow us to speed up production and reduce costs for our customers.
“Our next steps are to invest in the future and continue on our mission to ensure Vestatec is the partner of choice for metal forming and specialist coatings across the globe.”
Nottinghamshire student accommodation refurbishment project shortlisted for energy efficiency award
A major refurbishment project being undertaken by Clegg Construction in partnership with the University of Nottingham has been shortlisted for an East Midlands Energy Efficiency Award.
The £10.2m scheme, which comprises the sustainable refurbishment of the University’s historic Florence Boot Hall building to provide students with accessible, comfortable and modern student accommodation, has been announced as a finalist in the Large-Scale Project of the Year category, which recognises schemes over £250,000 in value that will deliver considerable energy savings.
A raft of energy efficiency measures has been implemented to help improve the thermal and low carbon efficiency within the 1920s-constructed building via a fabric-first approach. These include air-source heat pumps to replace gas-fired systems, a Building Management System, upgrades to roof insulation, as well as LED lighting throughout.
In addition, over 380 new triple-glazed windows (which are in keeping with the surrounding historical aesthetic) on the University Park campus replace PVC units installed circa 20 years ago.
The project is targeted and forecast to achieve BREEAM ‘Very Good’, and has been overseen by Chris Jamison, senior site manager at Clegg Construction, who is a BREAAM-Accredited Person and whose extensive knowledge and experience delivering schemes to BREEAM standards has been instrumental in the delivery of the project.
In testament to the many energy-efficient technologies and measures installed throughout the building, its Energy Performance Asset Rating is forecast to increase significantly from E to B. It is estimated that the fabric-first approach to decarbonising the building equates to a reduction of 380 tonnes of CO2 per year. This aligns with the University of Nottingham’s carbon management plan (to be net zero by 2040 with an interim target for 2030), with Clegg’s own sustainability agenda, as well as the UK’s pledge to significantly reduce its greenhouse gas emissions by 2050.
Throughout the duration of the project, which is due to complete in summer 2023 for the new intake of students, Clegg enjoyed a considerable degree of engagement with the local and wider community in a wide range of areas, including hiring a 16-year-old school leaver on a four-month placement as a trainee site manager, the use of local subcontractors and suppliers, as well as hosting visits from architecture, engineering and business management students, plus descendants of the Boot family.
The hall of residence was the first female hall at the University and was founded by businesswoman and philanthropist, Florence Boot, wife of Boots the Chemist founder Jesse Boot.
The scheme has also seen Clegg and the University of Nottingham closely working together to protect the natural environment through tree protection orders, the retention of existing hedges and planting, and the careful relocation and preservation of Pipistrelle and Whiskered bats.
Other members of the project team include Maber architects and Couch Perry Wilkes consultants.
Now in their tenth year, the Energy Efficiency Awards aim to provide public recognition for the excellent work the energy efficiency sector is doing in undertaking energy efficiency schemes that help cut carbon emissions and reduce fuel poverty, and to help encourage best practice within the energy industry as it works to reduce greenhouse gas emissions. They are held on a regional and national basis each year.
The awards ceremony will take place on the evening of Wednesday 3rd May at the Radisson Blu East Midlands Airport Hotel.
Simon Blackburn, Managing Director at Clegg Construction, said: “Clegg is pleased to be delivering this important project for the University of Nottingham. Florence Boot Hall marks the latest in a long line of high-quality schemes that Clegg has managed on behalf of the University during our partnership of over 20 years.”
Belper school extension reaches completion
Derby-based project managers, construction cost consultants and building surveyors Armsons Barlow have completed work on the extension and refurbishment of Belper School and Sixth Form Centre.
Work on the project included the construction of a first-floor extension over the existing sixth form centre and alterations to the ground floor space to provide additional teaching facilities for the school.
The new extension will provide a range of new high quality teaching facilities for staff and students. A second storey has been added to the original sixth form centre, with the installation of a new steel frame along with new foundations, structural alterations, new roofing and flooring, new windows and the installation of timber rainscreen cladding. The ground floor layout has also been altered.
Armsons Barlow worked alongside Derby-based architects YMD Boon, structural engineers Jackson Purdue Lever, mechanical and electrical engineers DGMEP Services and contractors Kingfisher Construction on the project.
Belper School is the main secondary school in the Belper area and caters for more than 1,200 students. The additional space will enable it to open its doors to more students.
Commenting on the completion of the project, Sally Walters, director of Armsons Barlow, said: “The addition of a second storey to the building will create more high-quality teaching and recreational space for staff and students.
“We’re pleased to see construction work on Belper School & Sixth Form Centre completed. Thanks go out to our colleagues at YMD Boon, Jackson Purdue Lever, DGMEP and Kingfisher Construction for helping to create such a fantastic addition to the school.”
