Respected private client lawyer, David Wood, has joined Sills & Betteridge as a partner. David’s practice includes advising business owners and high net worth individuals in relation to inheritance tax, capital gains tax, wills, trusts, succession and business planning, with particular niche expertise in advising farmers, and landed estates. The hire supports the firm’s ambition for further growth across the region, and underlines its ethos to provide a first class, cross – discipline service to its commercial and high net worth private and farming clients. Commenting on David’s appointment, Richard Bussell says: “David joins us with some 27 years’ experience and an outstanding reputation with clients and fellow professionals alike. “He is known for reliably achieving his clients’ goals with an enviable blend of in-depth specialist knowledge, proven ability to solve complex issues and an extremely personable approach. He makes a very valuable addition to the firm’s existing private and commercial services.” David says: “I am delighted to have joined Sills & Betteridge, having seen the firm’s successful growth and strategic delivery for many years now. There is already an incredibly strong offering here at Sills & Betteridge to agriculture, landed estates, rural enterprises and businesses across the region. “I look forward to supporting further growth across the firm with my specialist expertise and very loyal client and professional contact base as well as by transferring my legal and commercial knowledge to some of the hugely talented young lawyers in the firm, who are inspirational to work with.” David has been consistently recognised for both his tax and private client work and his Landed Estates and Agriculture work in the Legal 500, Chambers and Chambers High Net Worth publications. He was the Under Sheriff for Lincolnshire for 3 years from 2016 to 2019. David has a nationwide client base and will work primarily in Lincolnshire. He will also assist with the development of the firm’s offices in the neighbouring counties of Nottinghamshire and South Yorkshire. The firm has grown significantly over the last 5 years through organic and acquired growth, and now has 15 offices and over 300 partners and staff.
Plans approved for £20m industrial development in Wigston
Developer Chancerygate has secured planning to build 127,975 sq ft of light industrial and warehousing space in Wigston, near Leicester, which it anticipates could create hundreds of new local jobs.
Work is expected to start on the speculative development, named ‘Genesis Park’, at the end of November. The scheme will comprise 15 freehold and leasehold units ranging in size from 4,785 sq ft to 18,510 sq ft.
The scheme has a projected gross development value of around £20m and the construction contract has been awarded to Halesowen-based contractor A&H Construction.
The 5.4-acre development site is located close to the existing Tesco Superstore, Lidl and Wickes in Wigston, 5.2 miles south of Leicester city centre with good access to the M1 and M69.
Chancerygate acquired the site from a private vendor for £3m. It was previously home to Food Hub Leicester’s main facility until it was demolished in 2018.
Mark Garrity, development director and head of Chancerygate’s Birmingham office, said: “Genesis Park is a prime site in South Wigston’s well-established industrial area. With planning now approved we’re looking forward to A&H Construction starting work to help us deliver high-quality light industrial and warehousing space to the region.
“With excellent transports links, and close proximity to Leicester city centre, Genesis Park will fill a gap in the local market for warehousing space and has the potential to create hundreds of new jobs. In particular, we know there are an increasing number of businesses looking to invest in their logistics operations to help meet rising demand for rapid last mile delivery.”
Future of Grimsby’s St James House may be secured with business hub plans
A vital step in the transformation of St James Square has been taken, paving the way for further investment from local company the E-Factor supported by Central Government grant funding.
North East Lincolnshire Council’s Cabinet has approved a business case to renovate the redundant St James House into a business hub. Whilst not putting any council cash into the scheme, authority approval was needed to enable the release of Government monies.
E-Factor wants to secure a £1.5m slice of Towns Fund money, which has been officially allocated by Central Government for town centre improvements. This money, which must be spent on urban renewal and regeneration projects, will be supplemented by significant private E-Factor investment.
The move provides a major boost for the Square and follows directly on from work that has already been carried out.
North East Lincolnshire Council leader, Cllr Philip Jackson, said: “St James House has been run down for many years, and with the success of the Wilkin Chapman building on Cartergate and the redevelopment of St James Square, a key heritage asset in the town, the next step was to deal with the redundant building in a way that can increase footfall in the town centre and provide benefit to other local businesses.
“I’m delighted E-Factor has put forward these proposals, which bring a new dimension to St James Square, a fantastic heritage asset in our town centre. We are extremely pleased to support this scheme.”
Mark Webb, MD of E-Factor, said: “We’re absolutely delighted that our investment proposals have been received so well. We recognise that this building has been empty and deteriorating for over a decade and with our investment, supported by the Towns Fund, we are confident we can bring it back to life.
“We’re planning to purchase and redevelop the building to provide quality business accommodation for a variety of local businesses and entrepreneurs, there will also be space for small business events/exhibitions as well as workshops to support local business people.
“As an independent ‘not for profit’ ltd company, dedicated to supporting the huge contribution local business owners make to this town, E-Factor will once again be providing wrap around business support, easy in easy out terms and all the guidance we can give to help create and grow successful local businesses. The more people who do business in the town centre, the better it will be for shops and restaurants also located there.”
E-Factor Group Ltd (E-Factor), have been both developing and managing a portfolio of commercial properties around North East Lincolnshire for more than 12 years.
SureScreen founder to receive Honorary Doctorate
SureScreen founder, Jim Campbell OBE, is to be awarded an Honorary Doctorate by the University of Derby.
As a forensic scientist working on murders and arson as well as troubleshooting for engineering companies, he is regarded as a leading authority on drug and alcohol screening, drug assault cases and medical diagnostics.
He also wrote the Government’s specification for electronic curfew monitoring, helped companies develop their tagging products and has actively supported government as an expert in its implementation for around twenty years.
In 1996, he applied his expertise in toxicology to launch SureScreen Diagnostics which has since developed many diagnostic products that identify a medical problem which can then be treated correctly and without delay.
The Derby company, now managed by his three sons, employs several hundred staff manufacturing lateral flow rapid tests.
As well as selling products in over 50 countries, SureScreen has been a key partner to the British Government in supplying tens of millions of Covid tests to support the UK test and trace initiative in bringing this pandemic under control.
Jim attended Derby Technical College in the late 1960’s before it became The University of Derby, and has fond memories of his time at Kedleston Road. The university recognises the positive impact Jim and his work has had in the region and beyond.
He said: “I am immensely proud to be chosen for an honorary doctorate.
“My time at Kedleston Road inspired me to develop a scientific career and was the perfect springboard for future achievements. They would not have been possible without this educational foundation.
“I have a good relationship with The University of Derby and have been one of its industrial advisers for several years.
“I always do what I can to sing the praises of Derby graduates to others, and have been instrumental in employing several in our own business.”
Professor Kathryn Mitchell DL, Vice-Chancellor of the University of Derby, said: “Our honorands provide inspiration for the thousands of our graduating students who are about to embark on their careers or further academic study.”
Yü Group handed customers of bust energy supplier
Nottingham’s Yü Group, the independent supplier of gas, electricity and water to the UK corporate sector, has been appointed by Ofgem as Supplier of Last Resort (SOLR) for Ampoweruk Ltd (Ampower) and agreed to take on their electricity and gas customer book from Sunday 7 November.
Ampower supplied 8,158 predominantly electricity business sites, increasing the group’s meter portfolio by 38%. Group revenues are forecasted to immediately increase by over £7.5 million per month. Earnings will be enhanced immediately.
Under Ofgem’s SOLR process, business customers transfer to a new supplier on a flexible, “deemed”, basis with a variable tariff reflective of current market conditions. Yü Group said it is “confident in its ability to retain a significant proportion of the Ampower business customer book, leading to substantial increase in forward contracted revenue.”
Ampower ceased trading on 6 November 2021.
Bobby Kalar, Group Chief Executive Officer, said: “I’m very pleased to have been awarded the Ampower customer book. In recognition of our strong systems and experienced team these customers have already been migrated onto our scalable operating platform seamlessly over the weekend with negligible impact on resource or capacity.
“Our experience and track record means we are confident the customer transition will be seamless, quick and well communicated.
“Our robust hedging strategy and strength of balance sheet are underpinned by a proven business model and a solid and scalable platform. This gives the Board confidence that we are well positioned to deliver a good blended mix of both organic and inorganic growth and we are proud to be in a strong position to allow us to play a part in supporting the industry.
“We remain well disciplined, selective and focussed on achieving good profitable growth. I would like to thank my team for their phenomenal performance and unwavering support.”
Call for action as the fragile road to recovery causes small business confidence to decline significantly in the East Midlands
Confidence amongst small firms in the East Midlands has fallen significantly, according to the latest survey by the Federation of Small Businesses (FSB).
The business group’s quarterly Small Business Index shows confidence has fallen to 0 per cent in the region for Q3, following a strong start to 2021, with both Q1 and Q2 confidence indexes at 50 per cent.
This fall in confidence is the first time a more negative sentiment has begun to creep back into the region, where close to a third of small businesses are now less confident about their prospects in the coming months (a sharp increase of 19% vs. Q2).
While most regions in the UK have seen a decline in confidence, particularly compared to the same time last year, positivity in the East Midlands has dropped below other UK counterparts, with London (38%) the most confident and the East of England most pessimistic (-1%). The UK average for Q3 is 16 per cent.
During the quarter, one in ten small firms (11%) had reduced their staffing numbers, and six per cent increased theirs. At the end of Q2, only four per cent had anticipated cutting staff levels.
However, wage growth in the East Midlands remains fairly stable as almost half of small firms in the region (48%) increased the average salary awarded across their business over the last 12 months, with 43 per cent increasing wages by two per cent or more. This represents only a slight fall from the amount of businesses increasing salaries in Q2, where 52% reported wage growth.
A drop in confidence also appears to be hampering growth intentions. The survey shows 38 per cent of small businesses in the East Midlands said that their growth aspirations in the next 12 months were to grow either rapidly (increase turnover/sales by over 20%) or moderately (up to 20%). This represents a significant fall from Q2 where 58% reported aspirations to grow their company.
The coming winter months and beyond look tough for businesses with many citing the domestic economy (59%), consumer demands (48%) and access to appropriately skilled staff (30%) as the greatest perceived barriers to growth over the next 12 months.
Nationally, Treasury’s plans to increase Class IV and Employer NICs as well as dividend taxation by 1.25 percentage points in the Spring will add inflationary pressures, causing firms to put the brakes on hiring and discourage investment, the research finds.
Clare Elsby, FSB’s East Midlands Policy Representative, said: “This quarter’s Small Business Index (SBI) is a stark reminder the road to recovery is a fragile one and that small businesses in the East Midlands are still facing significant challenges.
“A startling drop from steady confidence levels in Q1 and Q2, that were well above the national average, to levels far below it must be taken as a warning that regional investment and strong local leadership are of utmost importance.
“As an organisation we voiced our concerns that the removal of some of the support measures brought in to hold off the worst effects of the pandemic on businesses would be tough for many to navigate and potentially present a dangerous moment.
“Unfortunately, this seems to be the case and was made worse by rising Covid-19 cases, the pingdemic and consumer demand not bouncing back as quickly as predicted.
“Here at FSB we have made a commitment to work hard with our members and stakeholders to understand why our region, more than others, has faced such a dent in confidence. I would ask that all our valuable partners work with us to unravel the localised barriers that our small businesses face.”
East Midlands business activity growth quickens in October
The headline NatWest East Midlands Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – registered 52.6 in October, up slightly from 52.4 in September, to signal a modest expansion in business activity across the East Midlands private sector.
The upturn in output was attributed to greater new order inflows and stronger demand. The rate of growth was slower than the UK average, however, and was the third-softest of the 12 monitored UK areas (quicker than only the North East and Northern Ireland).
Private sector firms in the East Midlands signalled a quicker upturn in new business during October. The rate of growth accelerated to the fastest for three months and was sharper than the series trend. The pace of increase was, however, slower than the UK average. In fact, of the 11 monitored UK areas that registered growth, the East Midlands recorded the second-slowest upturn (quicker than only the North East).
October data signalled broadly upbeat expectations regarding the outlook for output over the coming year among East Midlands private sector firms. Optimism was often linked to hopes of a pick-up in client demand and an end to COVID-19 uncertainty. That said, the degree of confidence dropped to the lowest since January as firms noted concerns regarding supply chain issues and material shortages.
Private sector firms in the East Midlands signalled a strong expansion in workforce numbers at the start of the fourth quarter. Where an increase in staffing numbers was recorded, firms linked this to faster new order growth and greater business requirements. The rate of job creation was the fastest for four months but was among the slowest of the 12 monitored UK areas.
The level of outstanding business across the East Midlands private sector rose steeply in October, with the rate of expansion reaching a fresh series record. The pace of increase was quicker than that seen across the UK as a whole. Companies stated that backlogs of work were driven up by solid sales growth and severe supply chain disruption which exacerbated pressure on capacity further.
Companies in the East Midlands registered the fastest increase in cost burdens since data collection began in January 1997 at the start of the fourth quarter. The rise in input prices was commonly attributed to severe raw material shortages, higher transportation surcharges and increased wage bills. The rate of cost inflation was quicker than the UK average.
In line with the trend for input costs, East Midlands private sector firms indicated the steepest rise in output charges in the series history. The increase in output prices was also faster than that seen across the UK as a whole. Anecdotal evidence suggested the uptick in charges was due to the pass-through of higher costs to clients.
John Maude, NatWest Midlands & East Regional Board, said: “October data signalled a stronger upturn in business activity across the East Midlands private sector, as greater client demand spurred a faster rise in new orders.
“Pressure on capacity led firms to expand their workforce numbers at a sharper pace, however ongoing material shortages resulted in a continuous record rise in backlogs of work. Severe supplier delays and uncertainty regarding rising COVID-19 cases hampered business confidence, which dipped to the lowest since January.
“At the same time, supply chain disruptions and labour shortages pushed up cost burdens to the greatest extent in almost 25 years of data collection. Firms were able to partially pass-through higher costs to clients, as charges rose at the sharpest pace on record.”
Derby’s Light Science Technologies secures contract worth £13.8m
Derby-based Light Science Technologies, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, has secured a contract with Zenith Nurseries with a total potential value of up to £13.84 million.
The project involves a consortium (Light Science Technologies Ltd, Zenith Nurseries and Morrish Engineering Limited) developing a cloche lighting and sensor technology system.
This product seeks to bring lighting and sensor technology to the controlled environment technology market for growers in polytunnel and glasshouse environments. The solution is intended to extend the use of the company’s nurturGROW Sensor to new market applications, such as agriculture fields.
The cloche lighting and sensor technology system is expected to be the first retrofittable, all-in-one lighting-sensing-automation rig providing year-round harvests for the grower across multiple plant varieties.
With an initial potential UK market of 4,000 industrial growers, producing over 300 types of field-scale and protected vegetable and salad crops, and tree and berry fruits, the solution will aim to improve productivity by increasing yields.
It will look to help growers by providing a possible solution to labour shortages and reduce the need for import substitution by extending the harvest window.
Meanwhile the UK Circuits and Electronics division has received new orders from Rentokil Initial plc totalling £580,900 which are expected to be delivered through the first half of FY 2022.
The forward order book for UK Circuits and Electronics Ltd currently stands at approximately £5 million.
Simon Deacon, CEO of Light Science Technologies Holdings plc, said: “The development of the LED grow lighting cloche/rig solution is an exciting progression in our product portfolio.
“We are delighted to be working with growers in the development of tailored supplementary hybrid lighting (LED and natural light) system providing targeted, actionable data insights of the nine cardinals of plant life and soil health, based upon the data collected.
“We already have good levels of visibility across both our divisions which provides a solid platform for growth. Importantly, we have a growing number of routes to increased commercialisation and believe that we are well placed to scale up rapidly.”
BHP investing in ‘partners of the future’ with 34 new trainees
Yorkshire and North Derbyshire’s leading accountancy firm, BHP, has welcomed 34 new starters this month.
A total of 20 graduates, 11 trainees and three placements have been appointed across offices in Sheffield, Leeds, York, Cleckheaton and Chesterfield.
This is the third year in a row where BHP has welcomed more than 30 grassroots trainees and the new starters will be joining all departments of the business including Tax, Corporate Finance, Audit and Financial Planning.
Lisa Leighton, Joint Managing Partner at BHP, said: “At BHP we have a real focus on training, mentoring, qualifications and career progression.
“The last 18 months have been challenging for young people in a number of ways, and we want to offer stand-out career opportunities in a happy, inspiring workplace.
“We’re very proud of our yearly intake of new starters – it’s an opportunity for us to support young people and our local economy but also inject fresh enthusiasm and ideas into our business.
“This signifies our long-term commitment to bringing through our own partners of the future and it is one of the most exciting parts of the year, we can’t wait to get to know everyone.”
The intake this year sees two graduates join BHP’s tax team. This follows the recent appointment of Carla Horsfall as a Director in the team.
Zoe Roberts, Tax Partner at BHP, said: “This year has been really busy for the tax team and we’re projecting more growth over the coming months. We’re very proud of the level of specialist expertise and depth of knowledge in the team, and we’re so excited to welcome two bright, enthusiastic new graduates who will be able to learn quickly and progress.”
Tax Trainee Rebecca Nundy added: “Joining BHP represents a completely new challenge for me in my career. Since joining a few weeks ago, everyone has been so welcoming, and I am excited for the new journey ahead. I believe BHP will be a great environment for my personal and professional development, allowing me to build on the accounting knowledge I have gained to date and also providing many new opportunities along the way.”
BHP has been ranked the second-best accountancy firm to work for in the UK, and the 35th best company to work for across Yorkshire and the Humber in the Best Companies survey 2021.
The independent accountancy firm is made up of over 400 professionals working across a wide range of specialities including audit and assurance, consulting, corporate finance and taxation.
East Midlands Chamber to help create jobs after securing £5m from Community Renewal Fund
More than 1,000 jobs in the region will be safeguarded, 200 new roles created by the middle of 2022 as part of an East Midlands Accelerator project to be delivered via the Community Renewal Fund (CRF).
The five-strand programme, which will also aim to establish 100 new businesses and support 160 companies to decarbonise, will be led by East Midlands Chamber across seven local authority areas in Derbyshire, Leicestershire and Nottinghamshire after the region’s leading business representation group successfully bid for £5.36m of the Government’s new £220m fund.
The CRF is the forerunner to the UK Shared Prosperity Fund, which will eventually replace EU structural funds that help to deliver local business support and skills development programmes.
The East Midlands Accelerator, which will be delivered in conjunction with local authorities, universities and other business support services in the region, includes a Race to Zero-Carbon Accelerator, Digital Transformation Accelerator, Start-Up to Scale-Up Accelerator, Kickstart Accelerator and Financial Accelerator.
Diane Beresford, deputy chief executive of East Midlands Chamber, said: “We are delighted our bid has been successful and believe it could have a transformative impact for so many businesses and individuals in the East Midlands.
“The idea is to enhance and improve access to the existing support out there for businesses, particularly those most affected by the pandemic. The East Midlands Accelerator project will look at what the needs are locally and seek to address them with targeted, bespoke support that brings together key stakeholders across the region – with each strand connected by the golden thread of acceleration.
“Many businesses are aware of the need to decarbonise, and want to be greener, but unsure about how to get there. We’ll therefore be helping them to make the first big steps towards a sustainable future, enabling them to meet low-carbon targets – while also boosting key skillsets that will help firms grow in a digital world.
“We’re also excited about building on our success in the Kickstart Scheme, having been the UK’s largest and most successful gateway organisation in helping businesses to create more than 1,300 placements in our region.”
Rolls-Royce completes sale of civil nuclear I&C business
Rolls-Royce has completed the sale of its civil nuclear instrumentation & control (I&C) business to Framatome.
The completion of the transaction, which was first announced on 7 December 2020, follows recent clearance from the relevant regulatory authorities.
The proceeds received by Rolls-Royce contribute towards its target to generate at least £2bn from disposals, as announced last year, and will be used to help strengthen the Rolls-Royce balance sheet in support of the company’s medium term ambition to return to an investment grade credit profile.
The I&C business, which in 2020 reported revenues of £74m, includes all the Rolls-Royce activities and teams based in Grenoble (France), Prague (Czech Republic), Beijing and Shenzhen (China).
No UK-based employees are impacted as this agreement does not include Rolls-Royce’s UK civil nuclear business, or small modular reactor activities, which will continue contributing to the provision of low carbon power for the UK.
Winners unveiled in Midlands Director of the Year Awards
The Institute of Directors (IoD) has announced the winners of its Midlands Director of the Year Awards 2021.
The winners were unveiled at awards ceremonies at the National Space Centre, Leicester and The Grand Hotel, Birmingham.
The Chair’s Award for Excellence for the East Midlands went to Kerrin Wilson, Assistant Chief Constable of Lincolnshire Police.
Gary Headland, IoD East Midlands regional chair, said: “Congratulations go to all our winners who demonstrated excellence and outstanding success in their individual sectors.”
The winners are:
Young Director of the Year – Adam Kiani, PT Academy, West Midlands
Agility and Resilience Director of the Year – Marisa Firkins, Safety Forward, West Midlands
Start-Up Director of the Year – Matthew Bacon, TCC Casemix, East Midlands
Sustainability Director of the Year – Dale Parmenter, DRPG, West Midlands
Highly commended – Lee Marshall, Viridis Building Services, East Midlands
Equality, Diversity and Inclusion Director of the Year – Sube Liburd, ABSTRACT, East Midlands
Public Sector Director of the Year – Kerrin Wilson, Lincolnshire Police, East Midlands
CSR Director of the Year – Dale Parmenter, DRPG, West Midlands and Bushra Ali, Bushra Ali Solicitors, East Midlands
Highly commended – Emma Hallam, Alex’s Wish, East Midlands
Family Director of the Year – Ashish Kumar, Web Alliance, East Midlands
Highly commended – Julie Jordan-Spence, Jordan Motors, East Midlands
SME Director of the Year – Alex Roberts, Forest Holidays, East Midlands
Non-Executive Director of the Year – Shameem Kazmi, Birmingham County Football Association (supported by Britvic plc), West Midlands
Highly commended – Philip Brooks-Stephenson, Backlit, East Midlands
Innovation Director of the Year – Matthew Bacon, TCC Casemix, East Midlands
Highly commended – Tom Marsden, Lincoln College Group, East Midlands
Third Sector Director of the Year – Andrew Thompson, Groundwork West Midlands
Leicester ERP company acquired by Norwegian firm
Arribatec Group ASA has acquired Integra Associates, to create the “world’s largest” provider of Unit 4 ERP services and solutions.
The Leicester-based ERP company, with its team of 45, will be part of the Arribatec Business Services vertical, bringing 25 years of expertise and experience directly to the heart of the Norwegian, multinational, stock exchange listed company.
CEO at Arribatec, Per Ronny Stav, says: “A strong company with a solid experience like Integra, strengthens the offer and the support services guaranteed by Arribatec. The merger will bring a unique value to our customers and a priceless internal richness for our staff.”
Mark Bloomer, CEO of Integra Associates, says: “Joining Arribatec takes Integra to the next level in terms of the expertise, services and products we can offer our customers. I am delighted and proud that we are joining of Arribatec, and look forward to what we can do for our customers together.”
Midlands M&A market has two different trajectories – Experian M&A Review
In 2021, so far, the Midlands M&A market has two different trajectories, according to Experian’s latest M&A Review, with overall activity receding after a flurry of deals recorded in the first quarter, even as the total value of deals continues to rise from the troughs experienced in Q2 and Q3 2020.
Taking the first nine months of the year as a whole, transaction volume was up by 27% to 745 transactions, while the total value of Midlands M&A reached £17bn – compared to only £3.4bn at this point in 2020 – with over 50% of this figure announced in the third quarter.
Drilling down, small and mid-market deals have both improved from last year by approximately 20%, large deals were up by around 67%, while the biggest impact on the overall value figures has come from the four deals with a value of £1bn and above announced during this year – there were no such deals recorded in 2020.
The Midlands was the UK’s third most active region for deal making in the first nine months of the year, with an involvement in 14.5% of all UK deals by volume and 6.7% by value.
There were four mega deals in the top ten in the Midlands for the first nine months of 2021, with three of the largest transactions featuring a US bidder seeking a Midlands based target company. In August Parker-Hannifin Corp announced a recommended cash acquisition of £6.3bn for the entire issued and to be issued ordinary share capital of Coventry-based Meggitt, which designs and manufactures systems and components for the aerospace, defence and electronics markets.
Announced during Q2 was the £2.6bn acquisition by US engineering company Madison Industries of the Nortek Air Management division of Melrose Industries, an investor in manufacturing and engineering businesses and US private equity group Blackstone’s £1.2bn buy-out of St Modwen Properties. Overall during the first three quarters of the year there were 20 transactions with a US-based bidder, and five transactions involving a US target with a Midlands-based bidder
The most active industry in the Midlands M&A market remains manufacturing, with a total of 224 transactions, up from 150 during Q1-Q3 2020 – a 49% increase. Wholesale and retail was the second most active industry with a total of 183 deals, up by 46% on the 125 recorded last year. The most valuable sector in the region was also manufacturing with £11.8bn worth of transactions.
While the construction industry saw volume rise by 50%, the real estate sector was one of the few to decline by around a third year on year, with 26 transactions so far in 2021 compared to 39 at this point in 2020. It was a different story in terms of value, with the combined consideration of deals in the construction sector dropping by 82% from £556m to £100m, while real estate deals increased from £738m to £1.5bn.
While the volume of development capital transactions has dropped from 97 deals down to 75 during the first nine months of the year, the number of private-equity funded transactions actually increased slightly, from 98 up to 106. This is perhaps a result of the increase in the number of PE-backed management buy-outs recorded so far this year, with 49 MBOs in all, compared to 34 last year.
The most active capital provider in the Midlands was the Business Growth Fund with nine transactions. The volume of bank debt funded deals has also increased, with Maven Debt Finance a key player with 13 transactions, followed by Shawbrook Bank, which supported a total of nine deals.
The top-ranking advisor for the Midlands was Gateley with a total of 63 transactions, retaining the top spot they enjoyed in the last report. Harrison Clark Rickerbys was in second place, advising on 38 deals in the first nine months of the year, while Higgs are third with 32 assists.
In terms of value, Freshfields Bruckhaus Deringer was the highest-ranking advisor with £7.6bn worth of transactions, followed by Slaughter and May and Weil Gotshal & Manges. K3 Capital were top of the Midlands financial advisers with 46 transactions, followed by Grant Thornton with 38 and RSM assisting on 35 deals. The value table is headed by Citigroup on £8.9bn, followed by Morgan Stanley and Bank of America.
New industrial units set for Silverstone Park
MEPC has revealed that it is to continue development at Silverstone Park by bringing forward a new scheme on six acres of land adjacent to the site’s Innovation Centre.
An application for reserved matters consent has already been submitted to West Northamptonshire Council for the scheme (Phase 4 of development by MEPC at Silverstone Park).
MEPC’s Roz Bird, commercial director at Silverstone Park, said: “This new scheme of hybrid industrial units is in a prominent location at one of the key entrances to Silverstone Park.
“Based on market feedback, these units will provide a smart front entrance leading to flexible space for offices, training rooms and display, as well as loading doors providing access to double-height accommodation for workshop and storage.
“Units in this scheme will range in size from 7,500 sq ft to 24,600 sq ft. Also included in the plans are a café, gym and nursery, delivering extra value and convenience for businesses and employees at the Park.”
David Beckett, partner at appointed SRA Architects, said: “We are delighted to be working with Roz and the team on the design of these new, flexible hybrid units at this key gateway location.
“Briefed to create a range of highly adaptable, statement buildings, the aim is to reflect the quality and on-going success of the Silverstone Park brand.”
Meanwhile, MEPC is already well under way with construction of its Phase 3 of development at Silverstone Park – this alone will deliver 265,000 sq ft of HQ-style industrial premises and is scheduled to be ready for occupation in Q2, 2022.
Phase 1 and 2 (258,000 sq ft of industrial accommodation) was completed in December 2020. This spans from the site’s northern end (adjacent to the Silverstone Sports Engineering Hub) to the southern tip, opposite the Silverstone Circuit’s famous Wing pits complex building.
Of the 13 properties constructed as part of Phase 1 and 2, all have now completed with the final property currently under offer.
£4 million boost to help more Notts people back to work post-pandemic
Four new economy-boosting projects across parts of North Notts have been awarded almost £4m in Government funding. They aim to help more local people back into work and support businesses following the pandemic.
The Government’s £200m UK Community Fund is designed to level up communities with the biggest need by funding projects which improve skills and support local business recovery.
The successful Nottinghamshire projects will all operate across three of the Government’s priority areas of Bassetlaw, Mansfield and Newark and Sherwood:
• More than £1.7m goes to the East Midlands Accelerator, led by the East Midlands Chamber, which aims to bring together the region’s universities, local authorities and specialist sector business support to help local people and businesses to recover from the pandemic. This includes supporting new entrepreneurs, helping businesses meet low carbon targets and boosting digital skills.
• Good Work, led by South Yorkshire Housing Association, receives around £543K to support people with barriers to finding work, including poor mental and physical health.
• More than £1.2m is awarded to Newstart, led by Groundwork, a project which will trial and evaluate a wage-subsidy based employment programme, targeting those facing significant personal barriers and supporting local businesses to take them on.
• Volunteer It Yourself, will now get £459k as part of its work supporting young people aged 16-24. Young people will learn new trade skills by helping renovate community buildings and venues in need of improvement. They are also mentored by trade professionals to help them gain qualifications, opening doors to higher-level training and employment.
Nottinghamshire County Council led the call for projects locally, encouraging and supporting potential applications which aim to benefit people and businesses in the government’s target areas of Bassetlaw, Mansfield and Newark & Sherwood. This is based on an index of economic measures around productivity, household income, unemployment, skills and population density.
Nottinghamshire County Council leader, Cllr Ben Bradley MP, said: “This is great news that Nottinghamshire has secured a decent slice of this funding. These projects are set to deliver real change for our communities by helping improve job skills, particularly for young people, to help businesses to thrive and grow, and to help regenerate our key communities.
“It’s vital that local projects are getting this investment to help those hardest-hit by the pandemic back into work and to help local business growth.”
Diane Beresford, Deputy Chief Executive at East Midlands Chamber, said: “We are delighted our bid has been successful and believe it could have a transformative impact for so many businesses in Nottinghamshire.
“The idea is to enhance and improve access to the existing support out there for businesses – particularly those most affected by the pandemic.
“The East Midlands Accelerator project will look at what the needs are locally in these three districts and seek to address them with targeted, bespoke support that brings together key stakeholders across the region.
“Many businesses are aware of the need to decarbonise, and want to be greener, but unsure about how to get there. We’ll therefore be helping them to make the first big steps towards a sustainable future, enabling them to meet low-carbon targets – while also boosting key skillsets that will help firms grow in a digital world.”
Cllr Bradley added: “We hope this funding will open doors to further investment. We know there’s more opportunities yet to come through other Government funding designed to level-up our communities, bringing greater prosperity and growth to the County.”
Earlier this summer, 37 projects were received by the County Council, bidding for £29.2m of UK Community Renewal Funding in total. Nine projects were put forward after meeting the local priorities and going through a rigorous assessment process.
The Council will now work with the successful bidders to ensure the delivery of these projects, and work with the unsuccessful bids to see what other options are available to secure investment in the County.
Stronger rise in permanent placements at the start of the fourth quarter
The latest KPMG and REC, UK Report on Jobs: Midlands highlighted a further rise in the number of permanent placements in the region during October.
The rate of increase quickened from the previous survey period while temp billings also saw an acceleration in the rate of increase. Demand for permanent and temporary staff remained strong, though a robust rise in vacancies contrasted with a marked downturn in candidate availability.
On the pay front, permanent starting salaries gathered momentum in October, rising at the fastest pace since the survey began, while temp wages increased for the eleventh month running.
The report is compiled by IHS Markit from responses to questionnaires sent to around 100 recruitment and employment consultancies in the Midlands.
Permanent placements rise at quicker pace
The number of permanent staff appointments across the Midlands increased rapidly in October. The rate of increase quickened from the previous month and extended the current sequence of growth to eight months. Survey members often linked hiring to stronger market confidence amid increasing demand for permanent staff.
The uptick in permanent placements in the Midlands was the second slowest of the four monitored regions, ahead of the South of England.
Temporary billings across the Midlands rose sharply at the start of the fourth quarter, with the rate of increase quickening from September. The latest rise meant that temp billings have now increased in each of the last 16 months. According to panellists, temporary vacancies also rose amid difficulty in sourcing staff for permanent roles. The Midlands saw temp billings rise at a softer pace than the UK average.
October data highlighted another robust increase in the number of permanent vacancies across the Midlands. Moreover, the upturn was the second-strongest of the four monitored English regions. That said, the Midlands noted a softening in the rate of growth for the second consecutive month, with the latest rise the slowest since May.
Concurrently, demand for temporary staff continued to rise. The rate of increase slowed for the second month running, yet remained rapid overall.
Permanent staff supply falls at softest pace for five months
Recruiters across the Midlands signalled a reduction in the supply of permanent staff for the seventh consecutive month during October. The reduction was commonly attributed to hesitancy to change roles among candidates as well as a lack of adequately skilled workers. Though marked overall, the pace of the decrease was the slowest since May, and the softest of the four monitored English regions.
The availability of temporary staff in the Midlands decreased further in October. According to anecdotal evidence, a number of candidates were opting to take permanent roles instead of temporary ones, which exacerbated existing shortages.
At the regional level, the decrease in temp staff supply was broad-based, with the Midlands seeing the second-softest fall, behind the North of England.
Record rise in permanent salaries
Latest data highlighted an unprecedented rise in salaries awarded to permanent new joiners in the Midlands at the start of the fourth quarter, with the rate of increase the fastest since the series began in October 1997. This extended the current sequence of inflation to eight months.
Across the four monitored English regions, the Midlands recorded the fastest rise in permanent salaries.
Recruiters across the Midlands recorded an eleventh consecutive monthly increase in hourly pay rates for short-term staff during October. The rate of temp wage inflation accelerated from the previous survey period and was rapid overall.
At the regional level, the Midlands saw the second-slowest rise in temp pay, ahead of London.
Commenting on the latest survey results, Kate Holt, People Consulting Partner at KPMG, said: “It’s encouraging to see that the jobs market across the Midlands continues to be buoyant. “However, the data also suggests that people are still quite cautious, and potentially reluctant to move jobs, as we’re seeing that those who are changing roles are opting for permanent positions rather than temporary. As we head into the festive period, it will be interesting to see whether this starts to shift given the usual demand for Christmas temps. “That being said, the gap between the demand and supply of talent is not getting any smaller, which is why a focus on transferable skills is crucial, and businesses and Government must invest in training and development to ensure that the workforce is fit for the future.”Kate Shoesmith, Deputy CEO of the REC, said: “This latest data shows the robust growth in the jobs market continuing. Starting salary growth has reached another record high as shortages continue to bite and companies compete to hire the staff they need. But we are starting to see signs that we are moving into a new phase of the recovery, as the initial bounceback in demand starts to ease.
“It’s also important to note that these salary rises are not universal. Recruiters tell us that candidates in some sectors and regions have been able to secure a substantial pay rise, but many employers can’t afford to offer this. “As we move into the next stage of recovery, it’s vital the government put measures in place that will help companies to invest and grow, stimulate the UK’s productivity and support the levers that help those furthest from the jobs market into work. “Last week’s Budget was a start, but there needs to be a radical shift across government departments to collaborate in order to deliver a skills revolution in the UK. This will only be successful if government and business work together to plan for future workforce needs. Recruiters are keen to work with government in such a joint forum.”Contractor celebrates stellar month with multiple award wins
Midlands-based contractor G F Tomlinson is celebrating a successful award season after scooping six property and construction accolades, as well as being shortlisted for four national building awards, in less than a month.
The contractor, which has offices in Derby, Newark and Birmingham, won two awards and was shortlisted for a third at the East Midlands Bricks Awards, was crowned a winner at the East Midlands Property Awards and scooped three regional awards at the LABC Building Excellence Awards.
At the Bricks Awards, G F Tomlinson was named as Responsible Business of the Year and Overall Winner on the night. The company’s Nottingham Castle transformation project was also shortlisted under Sustainable Development of the Year. Winners were announced at a ceremony held at Trent Bridge Cricket Ground in September.
The contractor achieved further success with its flagship project at Nottingham Castle – winning Regeneration and Restoration Project of the Year at the East Midlands Property Awards, and Best Non-Residential Conversion at the LABC Building Excellence Awards.
Nottingham Castle, which reopened to the public earlier this year following lockdown, has recently undergone a £31million redevelopment – with construction and restoration being carried out by G F Tomlinson acting as main contractor.
The redevelopment saw careful restoration of the Castle’s 17th century roof, a new extension to house exhibition galleries, and the construction of a visitor centre with a ticketing office, café and outdoor seating area.
The contractor has also won two further accolades at the LABC Building Excellence Awards – naming its Tower Gardens Pavilion project in Skegness as Best Public or Community Building, which was successfully delivered via the company’s ongoing involvement on the Scape Regional Construction framework, and the Medical Technologies Innovation Facility for Nottingham Trent University as Best New Build.
Due to its regional LABC success, the company is now shortlisted for three national awards which are due to be announced 28th January 2022 at the Park Plaza, Westminster Bridge in London.
G F Tomlinson’s fourth national shortlisting is at the prestigious Building Awards – with Nottingham Castle named as a finalist in the Refurbishment Project of the Year category. A black-tie ceremony announcing the winners took place at the Grosvenor House Hotel in London on 2nd November.
Chris Flint, Managing Director of G F Tomlinson, said: “We are absolutely delighted with our award achievements this year – it is great to be recognised at all of these acclaimed regional awards, coming up against strong competition that showcases all the fantastic work that has been happening in the industry over the last year.
“Despite the challenges that COVID-19 has posed, the industry remains buoyant and has delivered a number of exceptional schemes across the East Midlands and we are pleased to have played our part.
“It is also exciting to be shortlisted for the national Building Awards and LABC awards – Nottingham Castle is our flagship project to date and we were pleased to work with so many different local and regional specialists and teams to complete the work on time.
“Throughout the project we ensured that labour was sourced from local businesses and organisations and we are proud to say we were able to recycle 97% of the onsite construction waste as we continue to take responsibility of our sustainable footprint.
“It is also rewarding to see a relatively small project like the Tower Gardens Pavilion in Skegness pick up so many regional awards and go on to national recognition. Working jointly with our partners, Scape, this project has a strong community story to tell.”
Investment Summit to put Chesterfield’s £45m grant funding in the spotlight
Chesterfield’s success in securing more than £45million in grant funding in this year’s March and October budgets will take centre stage at the fifth Chesterfield Investment Summit.
The free-to-attend event is returning in-person once more and will be held at the Casa Hotel on Wednesday 24 November from 8:30am – 12:00pm.
Christian Neilsen, Urban Design Associate at BDP which developed the Staveley Town Centre Masterplan, in conjunction with Chesterfield Borough Council, will be amongst the speaker line-up.
This is one of the eleven projects that are receiving funding through the £25.2 million Staveley Town Deal. The grant for Staveley was one of the largest given to 45 towns in England in March earlier this year as part of the government’s £1billion Town’s Fund.
In the recent budget, Chesterfield was once again put under the spotlight by Chancellor Rishi Sunak after securing a £19.98 million grant from the national Levelling Up Fund.
Dr Huw Bowen, Chief Executive of Chesterfield Borough Council, who is also speaking at the event will reveal how the government funding will be used to continue to create a better future for market traders, retailers, residents, and businesses.
Around 150 people are expected to attend the event which is organised by Destination Chesterfield and Derbyshire Economic Partnership and is part funded by the European Regional Development Fund.
The event will also hear from Rupert Carr, director of Birchall Properties, the company developing Chesterfield’s £400million all year leisure, education, wellness and entertainment destination, PEAK. He will update delegates on the progress and plans for the ambitious multi-phase leisure development which capitalises on the town’s proximity to Peak District National Park.
Additional speakers also include Cllr Tricia Gilby, Leader of Chesterfield Borough Council, Chris Henning, Executive Director Place at Derbyshire County Council, and Peter Swallow, Chair of Destination Chesterfield and Managing Director of Bolsterstone Group Plc, the company developing the town’s £340million regeneration scheme, Chesterfield Waterside.
Peter Swallow said: “We’re delighted to bring back the Investment Summit in person, after hosting it virtually last year. Chesterfield has continued to move forward and made significant progression on developments within the town in spite of the pandemic, so there is lots to talk about at the Summit. It’s going to be another great event.”
EarthSense moves to Space Park Leicester following significant company growth
After achieving 60 per cent year-on-year growth and a recruitment drive which has seen the team grow to 26, EarthSense will occupy a whole floor at Space Park Leicester. The relocation will enable the air quality monitoring firm to benefit from increased workspace for its expanding team and collaborative working with private sector experts and academics.
The newly established research and innovation centre, provides a shared space for academics, researchers, and industry to carry out world-leading research and skill development to support the city’s fast-growing space sector.
EarthSense first began trading in 2016 following 15 years of cutting-edge research at the University of Leicester, which is leading the development of Space Park Leicester in partnership with Leicester City Council and the Leicester and Leicestershire Enterprise Partnership (LLEP).
The air quality specialist offers commercial services for air quality monitoring and modelling which allow organisations such as local authorities, transport businesses, and construction companies to visualise and solve local and nationwide pollution challenges.
EarthSense’s award-winning Zephyr® air quality monitor provides real-time measurements of harmful gases and particulates in ambient air. Measured air quality data is sent to EarthSense’s intuitive MyAir® web application where it can be viewed, analysed, and downloaded to understand air pollution sources, patterns, and trends in more detail.
EarthSense also offers MappAir®, an air quality model which uses cloud-based inputs to provide visualisations of how air pollution behaves and flows around buildings and urban canyons on a city, national, and global resolution. The model provides historic air quality data and up to three-day forecasts, allowing for future planning around days which are likely to see elevated pollution concentrations.
The EarthSense subscription-based monitoring services received the royal seal of approval in April 2021 after being awarded an Innovation Award by the Queens Award for Enterprise 2021.
Tom Hall, Managing Director at EarthSense said: “We have enjoyed continued growth during a challenging time. To enable us to expand we are becoming part of the Space Park Leicester community where we will not only benefit from the increased space, but also the opportunity to collaborate with other like-minded companies and academics from the University.”
Hall continued: “The new office will give us space to further expand the EarthSense team by recruiting new talented individuals, so that we can respond to developments within the air quality market by further improving our technologies and services.”
Dr Roland Leigh, Technical Director at EarthSense said: “As a company which is a result of research from the University of Leicester, we’re benefitting greatly because of our move to Space Park Leicester and our relationship with the University.”
