£8m secured to transform at-risk heritage and cultural sites in East Lindsey

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£8m secured to transform at-risk heritage and cultural sites in East Lindsey

Three historic sites are set to benefit from £8m Levelling Up funding from the Government.

The Government has announced East Lindsey District Council has been successful in its bid to support ambitious regeneration schemes for Alford Manor House, Alford Windmill and Spilsby Sessions House. The funding will help transform these culturally significant sites, attract new visitors and enhance their uses. The Levelling Up Round 2 investment will create a financially stable future for the three at risk heritage assets and will have a beneficial impact on the entire Lincolnshire Wolds tourism economy. The Levelling Up Fund is specifically designed to secure capital investment in infrastructure that has the potential to improve lives and give people pride in their communities. The fund is one component of the Government ‘Levelling Up’ ambition. The Government is supporting all the LUF projects put forward by the whole of the South & East Lincolnshire Councils Partnership with £14.8m awarded to Boston Borough Council, £20m to South Holland District Council and £8m in East Lindsey. Each scheme will see projects which will be transformational for each district for generations, through job creation, new opportunities, driving inward investment and supporting the health and wellbeing of residents. Spilsby Sessions House is to be supported to bring the building back into use as a theatre and as a community-owned space. The listed building also has a significant place in history, for its past use as a jail, and funding would allow the building’s old police cells to be opened to the public, creating a new visitor attraction. £2.5m is going to Alford Manor House to create a permanent function space as well as the relocation and improvement of the tearoom and kitchen, freeing up space for improved displays within the museum. £1.1m is secured for Alford Windmill to help save the historic mill which is now on the Heritage at Risk register. Work will see the mill restored and reopen as a major attraction, including a new visitor experience, café and shop. All these projects have been developed in partnership with the local community and through East Lindsey’s commitment to its Vital and Viable programme which supports businesses in our market towns with initiatives aimed to drive footfall. Cllr Adam Grist, portfolio holder for market towns and rural economy at East Lindsey District Council, said: “It is fantastic news for Spilsby and Alford to be awarded this funding which will revive facilities which are historically and socially important for both towns. “The funding will truly be transformational for these heritage sites and the communities they support. New tourist attractions which enhance the current offer will be created which will help secure their use for generations to come. “These projects are vitally important for supporting the tourism offer in the Lincolnshire Wolds and wider East Lindsey. Enhancing the district’s visitor offer as a whole will help the market towns attract visitors and holiday makers from our coastal towns. “Securing this funding is a great day for the community groups and a celebration of partnership working. There are so many hardworking people committed to these cultural facilities and I am so delighted the Government has recognised this and is supporting us to help keep these facilities thriving. “I would like to thank everyone who was involved in this bid and all the community groups who wrote letters of support.” Bruce Knight, heritage & arts co-ordinator at Spilsby Sessions House, said: “We are so pleased about the Levelling Up decision. The Spilsby Sessions House charity will now be able to realise the vision of fully repairing the Grade II listed heritage site and transforming a theatre at risk into a visitor attraction and community arts venue for all. “The impact of this project will be a huge boost for the local community and for East Lindsey as whole. It will complement the Town Deal investment the District Council has already achieved for the coast and will create something that people across the region can be proud of.” Dennis Bell of Alford Manor House and Alford Windmill said: “The purpose behind the Levelling Up fund application is the transformation of Alford by establishing a viable tourist product to attract the tens of thousands of tourists holidaying on the coast to visit Alford. “This extra footfall will boost the local economy and provide jobs for the future.” Victoria Atkins, MP for Louth and Horncastle, said: “I am delighted by the news that Alford and Spilsby will benefit from a boost of £8million from the Government’s Levelling Up Fund. This transformational funding will bolster the cultural offer to constituents and visitors and support the local economy. “Since being elected, I have championed our market towns and have worked with community groups on reviving and enhancing much loved heritage sites that are at the heart of our communities. I have pressed the Government to invest in our corner of Lincolnshire and was pleased to support this bid in partnership with East Lindsey District Council. “On top of the landmark £24million Mablethorpe Towns Fund, this substantial funding will help ensure the constituency of Louth & Horncastle continues to be a bright place to live, work and visit for future generations.”

£20m Levelling Up funding secured for South Holland

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£20m Levelling Up funding secured for South Holland
£20million of major investment has been awarded to help transform health and wellbeing in South Holland, after the District Council secured Government Levelling Up funding for the Castle Sports Complex site in Spalding. After submitting a bid in August, the Government has this week confirmed the success of the application, which will look to create a new and improved offer focused around health, wellbeing, leisure, sport, recreation and community spaces. The ambitious plans the Council submitted included proposals for a new 3G floodlit football pitch to allow play all year round, a changing pavilion, a multi-use games area for a variety of other sports and three new swimming pool facilities including a large pool, a teaching pool and a splash pad. The bid also sought funding to provide community rooms and space dedicated for use to provide a health and wellbeing hub including services for mental health, diabetes, Alzheimer’s and dementia support, as well as an Extra Care housing scheme for the District’s older residents. The Levelling Up Fund is specifically designed to secure capital investment in infrastructure that has the potential to improve lives and give people pride in their communities. The fund is one component of the Government ‘Levelling Up’ ambition. The District Council worked closely with a number of partners on the submission, to ensure that as many residents and community groups would be able to benefit from the project. The submission also received support from Sir John Hayes, MP for South Holland and The Deepings, who formally sponsored the bid and helped to make the case for it to the Government. With funding secured, the next steps will now begin to get the project planned and underway, with such a major piece of work expected to take several years to complete due to the scale and complexities of the proposal for the site. Councillor Nick Worth, deputy leader and portfolio holder for people, places, economy, said: “The success of this bid is a momentous moment for the whole of South Holland, and provides vital funding that will be truly transformational for helping to improve the lives of our residents. “This was a highly competitive process, with over 500 bids submitted across the country, and is recognition of a District punching above its weight. We have a forward-thinking proposal that can provide enormous benefits for people of all ages, backgrounds and interests, and that will enhance and diversify the services and activities on offer in Spalding town centre. “Thank you to everyone who has helped to support and form the bid. I am delighted that the Government has recognised the hard work, thought and collaboration that has gone into it, and now cannot wait to start the process of making these plans a reality.” Sir John Hayes MP also celebrated the announcement, saying: “Bringing such significant funding to South Holland is fantastic news for the District, which can help to make a real, positive difference for residents for many years to come. “An enormous amount of work went into the excellent bid that won the day. Local understanding and the strong case for why Spalding was deserving made our unique case a success when pitched against hundreds of other worthy submissions. I was pleased and proud to play my part in that work. The decision to make this substantial investment and to help remodel and improve our local service provision is a major and welcome statement of support from the Government that will benefit my constituents in so many ways.” He added: “This is a victory for Spalding and South Holland and demonstrates what can be achieved when an MP and the local council work seamlessly for the good of their residents.” The Government is supporting all the LUF projects put forward by the whole of the South & East Lincolnshire Councils Partnership with £14.8m awarded to Boston Borough Council and £8m in East Lindsey. Each scheme will see projects which will be transformational for each district for generations, through job creation, new opportunities, driving inward investment and supporting the health and wellbeing of residents.

Record year for East Midlands private equity-backed buyouts

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Record year for East Midlands private equity-backed buyouts
The value of private equity backed deals in the East Midlands was at record levels in 2022, according to full-year data from CMBOR, the Centre for Private Equity and MBO Research based at Nottingham University Business School and supported by Equistone Partners Europe. There were 21 deals in the East Midlands in the year with a combined value of £1.9bn – up from the total value of £1.5bn in 2021 and higher than the previous peak in 2015 (which stood at £1.6bn). Whilst the number of deals in the East Midlands also increased from 13 in 2021, the average deal size reduced from £114m (2021) to £90m (2022), still considerably higher than the 10-year average of £60m. 14 of the deals occurred in the first half of the year, with 7 in the second half, suggesting that momentum could be reducing. Will Copeland, from Equistone’s Midlands office, said: “Both in the East Midlands and nationally, 2022 continued the trend of 2021 with significant amounts of private equity capital invested. It is a reflection of the current quality of management teams and businesses in the East Midlands region that there has been a huge amount of investment from private equity in the region at more than double the 10-year average of private equity capital invested. “For the year ahead, despite the continued economic uncertainty, there continues to be several interesting opportunities emerging in the Midlands.” CMBOR’s year-end report also showed that private equity activity across the whole of the UK was well above the 10-year average and was surpassed only by 2021 since the global financial crisis. At £35bn, the cumulative value of the 189 buyouts of UK-based companies in 2022 represented the third highest headline figure in the 35-year history of CMBOR, surpassed on an inflation-adjusted basis only by the £44bn recorded in 2007 and £47bn in 2021. Across the UK, there was an expected drop in exit activity compared to record levels in 2021, as private equity firms realised 109 investments in the UK at an aggregate value of £23bn, compared to 150 transactions at an aggregate value of £29bn in 2021. The dominant exit route for private equity in 2022 was to trade buyers, accounting for 57% of exits by value, followed by exits to other private equity investors (42%). Despite the well-publicised rout in tech valuations, TMT continued to attract sizeable investment and was highest in terms of volume (24%) and value (29%) among all sectors for the very first time. This was followed by the Leisure sector (14% of total value) and Healthcare sector (14% of total value). “Notwithstanding the turbulent economic conditions, a number of sectors have witnessed strong buyout activity,” said professor Kevin Amess, director of CMBOR at Nottingham University Business School. “TMT continues to receive significant investment, a trend demonstrative of how deeply private equity has committed to covering and investing in the sector.”

Ibstock sees resilient final quarter

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Ibstock sees resilient final quarter
Ibstock, the Leicestershire-based manufacturer of clay and concrete building products and solutions, has hailed a resilient performance in the final quarter of 2022, despite lower sales volumes across new build and RMI markets in a more cautious demand environment. A trading update for the year ended 31 December 2022 highlights that revenues are expected to increase by 25% to approximately £510 million, in comparison to £409 million in 2021. Adjusted EBITDA, meanwhile, is expected to be modestly ahead of previous expectations. Joe Hudson, CEO of Ibstock PLC, said: “The business delivered a resilient performance in the final quarter of 2022, despite, as expected, lower sales volumes across both new build and RMI markets reflecting a more cautious demand environment. “A continued disciplined focus on cost management, alongside our dynamic commercial approach, underpinned a solid margin performance in Q4 and resulted in adjusted EBITDA for 2022 that was modestly ahead of our previous expectations. “The strong performance achieved in 2022 reflects the strategic progress we have made as a business over recent years. Our balance sheet is strong, we continue to make good progress towards our ambitious 2030 ESG targets, and our growth investments in both the core business and Ibstock Futures are progressing well. “We are particularly excited about the prospect of producing the UK’s first net zero carbon brick at our redeveloped Atlas factory before the end of this year. “Whilst in the short-term we expect market conditions to be more challenging, we remain well positioned to deliver strong growth over the medium-term.”

Dunelm reports strong second quarter

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Dunelm reports strong second quarter

Homewares retailer, Dunelm, has reported a “strong performance” in its second quarter.

According to an update on trading for the 13-week period ended 31 December 2022, total sales of £478m were 18% higher than the same period last year and up 48% compared to three years ago, pre-pandemic.

Dunelm says this performance reflects a strong quarter in which Autumn and Winter product ranges proved particularly popular with customers. The company saw broad based growth across its categories and its Christmas offer sold well. Customers seeking ways to mitigate higher heating costs also found value in Dunelm’s ‘Winter Warm’ assortment, as well as in products such as heated indoor airers.

The Leicestershire firm expects full year profit before tax to be above current market expectations.

Nick Wilkinson, Chief Executive Officer, said: “We have delivered another strong performance and the relevance of Dunelm’s value offering has really come to the fore. Customers have enjoyed shopping our ‘Winter Warm’ ranges as they find innovative ways to manage rising heating costs. Our Christmas assortment also proved popular as customers prepared their homes for the festive period.  

“It is a difficult time for many people in our communities, so we were delighted to significantly grow our ‘delivering joy’ campaign this year, resulting in over 60,000 Christmas gifts being donated by customers and colleagues to local causes.

“We are deeply conscious of the challenges which everyone is facing and remain focussed on making every pound count across our entire offer, so customers can feel confident in receiving outstanding value whatever their budget or taste.”

Operational issues at distribution centre see Dr. Martens predict EBITDA dip

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Operational issues at distribution centre see Dr. Martens predict EBITDA dip
In a new trading statement for its third quarter, Dr. Martens have revealed an expected dip in EBITDA for the full year, of £16-25m, as a result of significant operational issues at its new LA distribution centre. It comes as total revenue in the quarter to 31 December 2022 grew 9% to £335.9m, which the Northants firm said was below expectations. Kenny Wilson, Chief Executive Officer, said: “Demand for Dr. Martens remained resilient through challenging conditions during our peak trading period of Q3. “However, due to a combination of significant operational issues creating a bottleneck at our new LA distribution centre and weaker than anticipated US DTC trading, in part due to unseasonably warm weather, we now expect full year revenue growth of 11-13% on an actual currency basis and full year EBITDA to be between £250m and £260m.”

Derby tech business attains B Corp status

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Derby tech business attains B Corp status

Orderly, a technology business based in Derby with a focus on artificial intelligence to boost supply chain social responsibility and sustainability, has achieved the coveted B Corp certification.

Orderly now join the ranks of over 4,000 companies who are using business as a force for good.

The B Corp was established in 2006 and is the first and only certification for businesses that meet the highest standards of social and environmental performance, public transparency, and legal accountability.

To become B Corp Certified, a business must complete an in-depth assessment administered by the non-profit B Lab.

Orderly staff had to fill out a lengthy assessment (over 200 questions) that looked at every aspect of the business – from its environmental impact, to how the company treats its employees, to the diversity of the team.

This was followed by a phone review by B Lab staff to clarify points, while requests were then made for documentation of key points.

Orderly CEO Peter Evans, said: “When we heard about B Corp Certification, it felt like the perfect fit. It’s taken us almost three years of incremental change to gain the certification and has been a huge team effort. Getting certified is certainly a challenge – but well worth it.”

This is just the start, added Peter: “Becoming B Corp Certified is just the beginning. By stipulating that companies must ‘set improvement goals against the most-up-to-date standards and benchmark their performance over time’ that ensures that we are constantly striving to improve and be the best that we can be – which of course, every business should be.

“We have big plans for the future including developing our world-first digital store assistant technology, and we are excited to continue our journey as a sustainable and ethical business – with that exciting new B Corp Certified logo joining us for the ride.”

Derby hotel acquired

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Derby hotel acquired
David Hargreaves of FHP, acting on behalf of local investor clients, has acquired the Travelodge Hotel on Pride Park in Derby. The hotel, which comprises 84 bedrooms with 87 parking spaces with a passing rent of £307,750 pa, is leased to Travelodge Hotels Ltd with a further 21 years left to run on the lease. The price paid was £4,825,000 equating to a yield of 6.00% or £57,440 per room before costs. Hargreaves said: “This hotel, close to the Derby County football stadium and the nearby Events Arena, is a well-known national brand which trades well off affordable room rates. “The investment offered our client a secure long term income stream of 21 years, with the Landlords having the right to ask Travelodge to take a further lease for 8 years when the current lease expires in 2044. “Furthermore the rent, which equates to £3,655/bedroom, is index-linked to the Retail Price Index without a cap which should guarantee good rental and capital growth over the coming years.” Knight Frank acted for the vendor, whilst Russell Thompson of Massers Solicitors provided the legal advice to complement the FHP property advice.

Derby secures Levelling Up funding to push forward Assembly Rooms site plans

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Derby secures Levelling Up funding to push forward Assembly Rooms site plans
Derby has secured £20m Government Levelling Up funding towards an ambitious plan to redevelop the Assembly Rooms site. The funding will contribute towards the vision for a new purpose-built learning theatre on the site, putting culture at the heart of the area’s rejuvenation. City partners believe a vibrant cultural sector plays a critical part in delivering economic growth and attracting investment. It’s estimated that a new venue would increase theatre attendance by 83,000 and attract an additional 25,000 visitors to Derby each year, generating an additional £1.7m per year for the local economy. The new learning theatre would also provide opportunities for the wider Derby community to develop skills in the cultural sector. It would create a vibrant cultural heart for the city with the transformed Market Hall and new performance venue at Becketwell, and the existing Déda, QUAD and Museum of Making. The announcement of the successful bid is expected to act as a significant catalyst in regenerating the city centre and help attract further funding and investment. Responding to the announcement the leader of Derby City Council, Councillor Chris Poulter, said: “This funding is an endorsement that Derby is a place to invest. It comes off the back of Derbion and the University of Derby both announcing transformational plans to re-develop key areas of our city. “At Becketwell regeneration is well underway, the new public square and apartment block are nearing completion and construction work on Becketwell Performance Venue is set to start this year. The transformation of Derby Market Hall is moving a pace and Derbion are in the process of redeveloping the Eagle Market and creating the Eastern Gateway. Derby is very much on the move.” Derby has a strong and successful history of delivering culture in partnership from major events such as Derby Festé to key assets like the QUAD. Arts Council England recently awarded £15,000 to the city to develop the strategic, partner-led Culture Derby partnership. Derby Theatre, Derby City Council and University of Derby are working together on the learning theatre scheme. Professor Kathryn Mitchell CBE DL (vice-chancellor and Chief Executive, University of Derby and chair of Derby Theatre Board) and Sarah Brigham (CEO and artistic director, Derby Theatre) said: “We are delighted that the Government see Derby as a place to invest in and culture as the driving force for regeneration. “The Learning Theatre model, which the University of Derby and Derby Theatre have trailblazed over the last 10 years, has shown real impact for the city, not only by bringing critically acclaimed and award-winning shows to our stages, but also in the impact it has had on our communities. “We look forward to working with Derby City Council in ensuring that the LUF funds will contribute to a vibrant future for our Theatre and our city.”

2023 Business Predictions: Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking

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2023 Business Predictions: Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking. Businesses in the East Midlands have faced challenges this past year. Many have struggled with skills shortages and supply chain issues, on top of broader economic headwinds, which look likely to continue in early 2023. But despite this, local firms are looking at the new year with positivity. Our latest Business Barometer recorded the highest confidence reading from firms in the East Midlands since February, marking a ten-month high for business confidence in the region. What’s more, businesses are optimistic about the economy too, with inflation appearing to have peaked. The hope will be that this relatively more positive economic outlook continues into 2023, clearing a path for businesses to focus on investing in growth, and manoeuvre other hurdles coming their way. Three key things for firms to look out for in 2023 will be energy prices, cyberthreats and staffing shortages. However, with the right planning and support, businesses will be able to turn each of these into opportunities for growth. Energy costs and inflation will likely remain at the forefront of business owners’ minds in 2023, especially during the winter months, and they are likely to have one eye on the looming deadline for the end of the Energy Bill Relief Scheme on the 31st March. However, investing in sustainability offers an opportunity to alleviate energy bill pressures. From small everyday changes such as switching halogen lightbulbs to LEDs to more significant measures like installing solar panels or investing in more sustainable machinery and equipment, businesses should look to unlock the opportunities making their operation more efficient can bring. Businesses looking to become greener can access tailored lending through schemes such as our Clean Growth Finance Initiative (CGFI), which provides discounted funding to help businesses transition to a lower carbon, more sustainable future. The threat of cyberattacks is another likely concern for businesses in 2023, especially for those in the region’s crucial manufacturing sector. According to our latest Business Barometer, firms are already mindful of this growing threat to operations, with a quarter (26%) saying they will be prioritising investing in new technology, such as AI, automation and digitalisation to combat cyberthreats, over the next six months. In order to handle these threats, firms need to ensure they’re employing the right talent, as well as upskilling their existing staff. More than a third (37%) of East Midlands businesses said they will be focusing on increasing staffing levels over the next year according to our recent survey. However, all things point towards labour shortages continuing to disrupt hiring plans, especially in the manufacturing sector, according to Make UK latest manufacturing outlook survey1. In 2023, we’ll be continuing to support manufacturing firms struggling with skills shortages through our sponsorship of the Midlands-based Advanced Manufacturing Training Centre (AMTC) with £1m per year until 2030. The AMTC has already trained more than 2,500 engineers, graduates and apprentices during the past eight years of our partnership, and our continued support will help grow this figure to over 5,000 by 2030. This will help the region’s firms manage the current labour shortages and skills gap challenges they are experiencing, as well as providing them with the skills they need to support the implementation of advanced technologies and solutions to drive innovations in cybersecurity and sustainability. While firms in the East Midlands will be faced with some tricky roads to navigate in 2023, those that remain optimistic and look to turn challenges into opportunities for upskilling, driving sustainability and investing in their technology, will thrive.

1 https://www.eastmidlandsbusinesslink.co.uk/mag/manufacturing/east-midlands-manufacturers-see-tough-year-ahead/

2023 Business Predictions: Elliot Cook, director at Simple Marketing Consultancy

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2023 Business Predictions: Elliot Cook, director at Simple Marketing Consultancy
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead. It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Elliot Cook, director at Simple Marketing Consultancy. Despite what the mainstream media may want to tell us, I’m predicting positive things for 2023. As a business community, so much has been thrown at us over the past two years that the supposed incoming “R” word just gives the feeling of déjà vu; we’ve been here before and come out the other side. That is no reason not to be prepared for what lies ahead however. January is always the perfect time for businesses to take stock of the previous year’s trading, and put together a clear and robust marketing plan. If we are to learn anything from the pandemic era, it is those businesses that invested in their marketing programmes are the ones that survived and thrived. I predict those that adopt similar principles will be the ones that will navigate the murky waters of 2023. Over the last couple of years, we’ve also seen a massive shift to towards digital marketing. Yes it is essential to ensure your business has a nailed down digital marketing strategy but at the same point whilst everything has gone online, I’m going to also go out on a limb here and say that we at Simple Marketing Consultancy are starting to see a resurgence in print marketing. Especially if it is tailored and uses sustainable materials.

BGF continues to power the Midlands growth economy in 2022

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BGF continues to power the Midlands growth economy in 2022
BGF, the growth capital investors, has delivered a series of strong exits in the Midlands in 2022, generating combined returns of £148 million and an average money multiple of more than 2.5x. Last year saw BGF complete the stellar exit of Jola, the channel-only supplier of business communications specialising in mobile data SIMs, which was acquired by Wireless Logic – a global IoT connectivity platform provider. Nationally, BGF invested a total of £443 million in 2022, continuing its commitment to providing patient minority-only capital to help ambitious growth companies achieve their full potential. BGF exited 40 companies across the UK, with an accumulative value of over £675 million and a combined money multiple of 2x. In the Midlands £42.5 million was invested into the local growth economy. Notable deals included an £11 million investment into MyZone, a global manufacturer of wearable fitness tracking technology, and a £3.5 million investment into Nottingham-headquartered energy storage start-up, Cheesecake Energy. BGF also provided follow-on funding for its existing Midlands portfolio, including £2.4 million for Environmental Essentials to drive its acquisitive growth strategy. At the same time, BGF continued to invest in its Midlands team with new hires, including investors Adam Huckerby and Sam Giurani. Neil Inskip, head of BGF in the Midlands and North West, said: “BGF was set up to back businesses in challenging times, and 2022 has shown us the potential and opportunity that exists in this region. As such, our aim in the coming 12 months is to continue building strong relationships with fast-growth and entrepreneurial-led businesses looking for a non-controlling, supportive equity partner.” BGF’s portfolio has looked towards the Midlands for growth in 2022 with several entrepreneurial businesses expanding into the region. BGF-backed Apprentify acquired West Midlands-headquartered Netcom Training following a £5 million investment from BGF. Operam Education in Yorkshire expanded to the Midlands with the acquisition of First for Education, and bar operator Mission Mars opened new sites for its Albert’s Schloss and Rudy’s Pizza brands in Nottingham and Birmingham. Seb Saywood, investor in BGF’s Nottingham office, added: “As with any challenging economy, strong, well-capitalised businesses in resilient sectors will find opportunities to seize market share, particularly from less nimble, over leveraged rivals. The success of our portfolio in 2022 is testament to this strength and agility.” The year was rounded off by the launch of the BGF Foundation, with a commitment of at least £1.5 million from BGF and the portfolio over the next three years. BGF will provide funding and practical support to help small and mid-sized charities, focused on alleviating social disadvantage, to scale up their impact across the UK. Neil Inskip is a trustee of the Foundation.

Corporate insolvencies continue to soar

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Corporate insolvencies continue to soar

Corporate insolvencies are continuing to hit a year-on-year high, with a perfect storm of economic turmoil and increasing numbers of creditors pursuing debts pressurising company directors into closing their businesses voluntarily.

This is according to the Midlands branch of insolvency and restructuring body R3 and follows monthly statistics published this week by the Insolvency Service which show that corporate insolvencies in England and Wales increased by 32% last month (December 2022) to 1,964 compared to December 2021 (1,489), and by 76% in comparison to December 2019 (1,119), prior to the outbreak of the pandemic.

R3 Midlands chair Eddie Williams, a partner at PwC in the East Midlands, said: “The monthly corporate insolvency figures have increased compared to last year and three years ago due to rises in Creditor Voluntary Liquidations and Compulsory Liquidations.

“This means that many company directors are choosing to close their businesses, no longer willing to combat insurmountable economic challenges such as low consumer confidence, rising costs and requests for increased wages. Changes to legislation have also given greater powers to creditors to recover monies owed to them, contributing to a rise in the number of companies in compulsory liquidation.

“The beginning of the year is a critical period for many companies, and R3 urges anyone who is anxious about their business or personal finances to seek advice as soon as possible. While it is incredibly hard to voice financial fears, having that conversation with a qualified advisor as soon as problems arise could lead to better outcomes than waiting until they become more severe.

“Most R3 members will give an hour’s free consultation to potential clients to enable them to understand more about the circumstances of the business, and to outline the options available to help them improve their situation.”

Nottingham software company makes first acquisition of 2023

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Nottingham software company makes first acquisition of 2023
Global software company Ideagen has expanded its solutions for food quality and safety with its first acquisition of 2023, welcoming supply chain mapping company Qadex into the Ideagen family. The solution – which brings together every aspect of food safety, from quality management to supply chain tracking and approval – will become Ideagen Qadex. Speaking about the acquisition CEO, Ben Dorks, said: “Ideagen support the safe hands and quiet voices that protect the world – and if there’s one thing the whole world needs to have confidence in, it’s the safety of our food supply chain. “We want to trust that the food we put on the table, to feed our families is safe to eat and has been handled with care at every step of its production – how its raw ingredients are farmed, how it’s stored, how it’s transported, how it’s processed. Qadex play an important role in that reassurance. “We are incredibly pleased and proud to be bringing them into the Ideagen family, their software supports over 16,000 food producers to evidence the integrity of their entire supply chain – from field to fork.” Ideagen has a strong pedigree in quality management software and auditable collaboration with a number of well-known consumer goods brands, such as Diageo and Greggs, already using their solutions to support their quality and safety. Ideagen Qadex will perfectly complement the existing portfolio and widen Ideagen’s footprint in the fast-moving consumer goods market, bringing together food safety, quality management, compliance, supplier approval and enhanced supply chain mapping, providing visibility for retailers, restaurants and food producers on the source of each ingredient. Qadex founder, Stephen Whyte, said: “Joining Ideagen creates great opportunities for our amazing people and customers. Deploying Qadex software across the Ideagen global footprint has the potential to transform the safety of our food supply chain.” Headquartered in Leicestershire, just 12 miles from Ideagen’s Nottingham HQ, Qadex boast a large number of global household names among its existing customer base. Ben added: “Qadex is another example of a great technology businesses with roots in the Midlands. I have already had the opportunity to meet the Qadex team in person and welcome them into the Ideagen family.”

Work starts on brand new Bulwell Bus Station

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Work starts on brand new Bulwell Bus Station
Work has begun on an ambitious project to replace the existing Bulwell Bus Station with a brand new and improved version. Thanks to Transforming Cities funding that Nottingham City Council bid for and secured from central Government, the new bus station at Bulwell will make travelling by public transport easier. The scheme will have several benefits:
  • Safer, energy efficient passenger waiting facilities
  • Improved accessibility for wheelchairs
  • Multiple seating options for people with different mobility needs
  • Improved efficiency for bus operators
  • A more welcoming feel and overall environment
  • The bus station will also become more environmentally friendly and sustainable through solar powered bus shelter lighting, and new greenery introduced in planters along the footpaths to increase biodiversity.
Nottingham City Council’s Portfolio Holder for Highways, Transport and Parks, Councillor Audra Wynter, said: “It’s great to see this project begin to create a new and improved Bulwell Bus Station. This will create a much-improved gateway to Bulwell for those arriving by bus and we hope this project acts a catalyst for our Levelling Up bid for Bulwell while improving commutes and creating a better, more pleasant and greener bus station.” Before the pandemic, around 1.1 million passenger trips were made every year from the bus station, and currently more than 600 bus services run through it every day. The Bulwell Bus Station Improvements project will make the station more pleasant and efficient for bus operators and passengers alike. From 16 January, works kicked off to install new bus shelters with three different types of built-in seating to provide a better waiting environment for passengers. The existing bus stops on the north and south side of Vere Street will be relocated to the central island that will provide better traffic flow for buses, and more space for pedestrians on the footpaths on both sides of the central island.

Broad Marsh and wider city regeneration to continue despite Government funding failure

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Broad Marsh and wider city regeneration to continue despite Government funding failure
The leader of Nottingham City Council has vowed that the regeneration of Nottingham will continue despite the big disappointment of the Government failing to back the city’s bids for Levelling Up funding for Broad Marsh, Bulwell and the Island Quarter. Nottingham had submitted three bids to the Government’s Levelling Up Fund, but heard today that none had been successful despite strong cases being made for national funding.
  • The £20m Broad Marsh bid was focussed on a key element of the vision, to prepare the Frame of the derelict shopping centre to be retained and reimagined as a unique space for play, performance and food, providing a catalyst for private sector partners to invest in the wider project.
  • The £20m Bulwell town centre bid was to create a new Bulwell Promenade through substantial enhancements of green space and public realm alongside the River Leen. It also included improvements to the market place and urban greening; the restoration of heritage buildings and easier access and better connectivity between Bulwell Bogs, the tram stop, bus station, the market place and high streets.
  • The £17m Island Quarter bid, submitted on behalf of developers Conygar, focused on renovating three heritage warehouse buildings at the heart of the 36-acre site near to Nottingham Station. It would have brought the buildings back into productive use providing a community open theatre, creative and digital studio space as well as improving access for pedestrians, cyclists and vehicle users with an upgraded junction connecting the site to the Sneinton community.
Council leader Cllr David Mellen said the Government’s decision not to support any of Nottingham’s bids to the Levelling Up Fund is a big disappointment but vowed to continue to work with partners to secure investment in the city’s ongoing regeneration. Councillor Mellen said: “All three Nottingham bids were very strong and clearly aligned to what the Levelling Up Fund is meant to be about. So it’s a big disappointment that all of them have been turned down for Levelling Up funding, which Nottingham so clearly needs. “There has been huge support for the exciting new vision for Broad Marsh we unveiled just over a year ago which was based on feedback received from the Big Conversation, the largest public engagement exercise we had ever undertaken. “Work on the Green Heart, which was a key element of the vision and something many people wanted to see, will still get underway this year using national funding we have already secured. We will continue our public realm improvements in the area, which are also funded from a different Government pot, as well as completing the fit-out of the new Central Library later this year. “Anyone visiting the area today can see that a huge transformation has already taken place and with more to come – especially the Green Heart which I think is going to be a hugely exciting, popular and welcome addition to our city centre – there’s still a lot to be positive about. “The Levelling Up bid was for work to retain and re-use the Frame of the old shopping centre which is just one aspect of a wider vision for the whole site. It is still an element we want to include and we will explore alternative public and private funding options so that the whole vision can be realised.” Councillor Mellen went on to comment on the other two bids which the Government chose to reject. He said: “The Bulwell project would have helped to transform the town centre while the Island Quarter bid would have brought three derelict but landmark buildings on the site back into use. This week we started work on redeveloping Bulwell bus station which will bring some improvement to the town but clearly there was much more we wanted to do to help rejuvenate the town centre. “Conygar still have exciting plans for the Island Quarter, with a new canalside bar and restaurant already open, work underway on new student accommodation and proposals for a hotel, private apartments, offices including a planning application for a new bioscience building and public spaces in the pipeline.”

Topps Tiles chairman survives major shareholder’s bid for removal

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Topps Tiles chairman survives major shareholder’s bid for removal
The chairman of Topps Tiles, the Leiceser-based tile specialist, has survived a major shareholder’s bid to oust him at the company’s AGM.

In December MS Galleon GmbH (MSG) pushed for the firm to remove Darren Shapland, a director of the company, from office, as well as eject him from the position of non-executive chairman.

 It was proposed that Shapland be replaced, while Lidia Wolfinger and Michael Bartusiak (both employees of companies owned by MSG) be appointed as non-executive directors of the company. The installation of Wolfinger and Bartusiak failed at the AGM.

Darren Shapland said: “The Board would like to thank shareholders for the support received at today’s meeting. We were pleased that shareholders supported the Board’s recommendations, with an average of 99.3 per cent of shareholders who voted, other than MSG, opposing the Requisitioned Resolutions.

“While we have always sought to maintain constructive engagement with MSG, the Board has also been clear that its responsibility is to act in the best interests of Topps shareholders as a whole. We believe strongly that MSG’s proposals exposed Topps shareholders to a number of serious conflicts of interest between MSG’s role as a significant shareholder, supplier and potential competitor to Topps. 

“We welcome the strong support for the Board’s position received today from other shareholders and the Board will continue to engage with, and seek constructive dialogue with, all shareholders.“

Keith Down, senior independent director of Topps, said: “The Board has been unanimous in its rejection of the Requisitioned Resolutions. We are pleased to have secured strong backing from other investors at today’s meeting and, in particular, we note the significant vote of support received for the chairman. We thank shareholders for their engagement and support around the AGM and over the year.“

Derelict former swimming pool in Oadby to be sold in regeneration opportunity

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Derelict former swimming pool in Oadby to be sold in regeneration opportunity
A derelict former swimming pool in Oadby is to be sold, regenerating a prominent key site and bringing in funds ringfenced to improve community facilities in the town. Oadby & Wigston Borough Council is planning a major refurbishment of the bowls pavilion next to the site which would make it the primary multi-use community facility in the town, as well as potentially using funds raised from the pool sale to improve Ellis Park as well. Oadby pool became redundant in 2014 when the brand new replacement at Parklands Leisure Centre opened in Washbrook Lane. The borough’s Local Plan already allocates most of the land, which includes the former pool and car parking at the front, as a prime opportunity for residential development, and this is the area that is now on the market for sale along with the tennis courts to the rear. All types of development offers though are being welcomed with any future use subject to gaining the relevant consents. The adjacent land on which Ellis Park, the bowling green and the pavilion stand are not included in the sale, with these areas set for potential improvement using the money raised from the sale of the neighbouring land. After a sale is agreed, the borough council will consult with local residents and groups to establish how a revamped community facility on the site of the current pavilion might look and what it could be used for. Regardless of how any revamped community facility shapes up, it will also remain available for use by the bowls club currently based there as well as other community groups. Improvements to Ellis Park itself will also form part of future consultation. In the long term the council also expects to dispose of the Walter Charles Centre, the aging community building currently to the south of the town centre, which will be replaced by the larger, modern pavilion revamped as part of this project. This would only happen once the new community facility is nearing completion. Councillor John Boyce, leader of Oadby & Wigston Borough Council, said: “Regeneration is key to maintaining a thriving local community and economy, and this land sale presents a huge opportunity for Oadby. “It’s time for a developer to unlock the site’s potential. The money raised is ringfenced for community benefit – all of the proceeds will go towards creating a far superior community facility for the town as well as possible improvements to Ellis Park. “We’re looking forward to talking to local residents, community groups and other key stakeholders to ensure the way the money is spent maximises the community offer in the town. Local voices are absolutely key to this project and people in Oadby can expect to hear much more about this in the coming months.”

Council awarded £2.58m to enhance North East Derbyshire

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Council awarded £2.58m to enhance North East Derbyshire
North East Derbyshire District Council has been awarded £2.5 million UK Shared Prosperity funding to spend on initiatives to improve the District’s parks, play areas, shop fronts, tourism offer and business support amongst other improvements over the coming years. The funding will be used to level up across North East Derbyshire (along with the wider UK initiative), addressing geographical inequalities, and build pride in place across the whole district. The Council will deliver initiatives across the District that meet the UKSPF programme investment priorities of Communities and Place, Local Business and People and Skills. Over the next two years, the Council will invest in projects to make improvements to the public realm, shop fronts, parks, play areas, routeways, village halls and community hubs. It will also promote the local tourism offer, provide support for businesses, social and financial inclusion activities, green skills training for local workers, and youth activities to address antisocial behaviour. Initiatives will include grant schemes, commissioned activities and focused financial support. North East Derbyshire District Council cabinet member for leisure and communications, Cllr Alan Powell, said: “We are delighted to have received this money which we will use to make a visible difference to our district. “We have already launched the first round of our Quality Parks and Play Areas grant scheme and we are now pleased to launch the second round as well as the Village Halls and Community Venues and Inclusive Communities schemes.” North East Derbyshire District Council cabinet member for economy, transformation and climate, Cllr Jeremy Kenyon, said: “Other initiatives, including the Shop Front Enhancement grant scheme, will be announced over the coming months that will have a positive impact on our local communities and will include enhancements to shops and facilities and support to businesses and residents through access to advice and training. “These activities support our vision of a district that is clean and attractive, where people are proud to live and work, where they will prosper and feel safe, happy and healthy and we look forward to reaping the benefits of our investment.”

Chatsworth House Trust appoints new director

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Chatsworth House Trust appoints new director
Jane Marriott has been appointed to the new role of director of Chatsworth House Trust. Jane has recently started in her new position following a successful six-year tenure as director of Harewood House Trust, during which time she oversaw a significant increase in charitable income and visitor engagement with this historic country house in West Yorkshire, driven by new and innovative programming such as the Harewood Biennial and an ongoing commitment to inclusion and diversity, working closely with contemporary artists and makers. Jane joins Chatsworth at an important time. Her remit as the new director includes leading the development and delivery of a compelling creative programme to reach and engage new audiences in the UK and globally. She is also tasked with increasing the social impact of the Trust’s activities, overseeing the Devonshire Collections of art, artefacts and archives across its various sites, and building the Trust’s endowment to ensure an ever more secure future for the heritage assets under its stewardship. Jane’s 25-year career has been spent predominantly in leadership roles in museums and galleries at times of major transformation. She started out as assistant curator at Art Gallery New South Wales, Sydney, before joining the team that launched Tate Modern in London in 2000 and then becoming the youngest female director of Royal Academy Trust and director of development at the Royal Academy of Arts. Whilst at the RA she raised £36 million for the David Chipperfield-designed capital project and established an international fundraising operation in Hong Kong. Jane then moved to Yorkshire, firstly as deputy director and then Managing Director of The Hepworth Wakefield where she instigated the creation of the new Hepworth Gallery Garden designed by Tom Stuart Smith and launched the Hepworth Prize for Sculpture, which amongst other initiatives helped The Hepworth Wakefield win the Art Fund ‘Museum of the Year’ in 2017. Jane Marriott, director of Chatsworth House Trust, said: “Chatsworth has a great reputation, with an outstanding collection of art, established learning programme and strong exhibitions that together represent a visitor offering to rival any national institution in the UK. Chatsworth also has an incredible reach with more than 600,000 annual visitors, meaning there is huge potential to engage with, and have a positive impact on, a wide and diverse audience. “Through a shared commitment to learning and programme at the heart of the organisation, designed to maximise the incredible collections of art, decorative arts and gardens, we have the potential to reimagine Chatsworth’s role within the UK’s cultural economy. “I look forward to working with the family and the team at Chatsworth to widen our reach and demonstrate value to our communities as a charitable trust, whilst protecting this vital piece of our national heritage for generations to come.” Lord Burlington, chairman of the Chatsworth House Trust, said: “I am delighted to welcome Jane to Chatsworth as director of the Chatsworth House Trust. The Trust was set up by my grandfather in 1981 to look after the house, collections, garden, woodlands and park for the long-term benefit of everyone. “Jane’s experience and achievements in the arts, culture and heritage arenas make her the perfect person to lead an ambitious new chapter of growth and development for the charity. There is a great deal of excitement around this appointment, we look forward to working closely with Jane and we wish her every success.”
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