2023 Business Predictions: Scott Norville, Managing Director of Silverstone Leasing
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 Scott Norville, Managing Director of Silverstone Leasing.
After a turbulent three years of trading in the vehicle leasing industry, I believe things are looking up for 2023.
While there will be an element of people being hesitant to lease in personal contract hire due to all the current cost of living issues, I think we will start to see a bit more movement in production, and the stock coming into the UK will be plentiful.
Manufacturers will have to be mindful of the current market and bring in discounts so they can carry on moving products and keep customers on side.
Sadly, following one of the most volatile periods of trading for our sector, some businesses will be forced to close if they don’t focus wholly on customer service.
The introduction of the Consumer Duty, expected in July 2023, will enforce all retail businesses to ensure they are conducting themselves in a certain manner, treating the customer fairly, and having the right procedures and processes in place to ensure affordability and put the customer at the very forefront of all transactions.
All businesses will have to focus heavily on customer service. It’s not going to be a volume driven year, it will be about quality, not quantity.
Manufacturing output volumes fall at fastest pace in over two years while selling price inflation remains high
UK manufacturers reported a fall in output volumes in the three months to December, at the fastest pace since the three months to September 2020, according to the CBI’s latest Industrial Trends Survey. This fall was largely driven by the food, drink & tobacco, paper, printing & media, and mechanical engineering sectors.
The survey found that selling price inflation is expected to accelerate slightly in the next three months (though below the record high reached earlier this year). Total order books as well as export order books were reported as below normal, while stocks of finished goods were seen as adequate.
The survey, based on the responses of 220 manufacturing firms, found:
- Manufacturing output volumes fell in the three months to December (weighted balance of -9%, from +18% in the three months to November), and at the fastest pace since September 2020. Output is expected to fall at a similar pace in the three months to March (-10%).
- Output fell in 11 out of 17 sectors in the three months to December. The decrease in overall output reported this quarter was driven by the food, drink & tobacco; paper, printing & media; and mechanical engineering sectors.
- Total order books were reported as below “normal” in December, to a similar extent as in November (-6% from -5%). However, the balance remains above the long-run average (-13%). Export order books were also seen as below normal and to a greater extent than last month (-19% from -7%). This was broadly in line with the long-run average (-18%).
- Average selling price inflation is expected to accelerate slightly in the next three months (+52%, from +47%). Although expectations for selling price inflation were comfortably below the multi-decade high seen earlier in the year (+80% in March), they remained well above the long-run average (+6%).
- Stocks of finished goods were seen as adequate in December, with the balance rising slightly compared to November (+7% from +5%).
IT firm completes year of fundraising by donning festive knits for Christmas Jumper Day
An IT company in Derby is doing its bit for good causes in the run-up to Christmas.
L.E.A.D. IT Services, who are based in the CUBO co-working space in Victoria Street, Derby, raised £80 for Save the Children UK by wearing festive jumpers.
It completes a busy 12 months of fundraising for various charities. In September, staff at L.E.A.D. IT Services participated in the annual Macmillan Coffee Morning while earlier in the year, they completed a sponsored walk raising money for the British Heart Foundation.
Director Lee Jepson said: “The annual Christmas Jumper Day is an event that we always enjoy taking part in, and it’s for a great charity, too.
“This year has been challenging for so many people and after an extremely busy year, it’s nice to be able to pull together and do something festive.”
L.E.A.D. IT Services – which works with schools across the country – are also sponsors of Notts County FC Girls for the 2022/23 season and have previously sponsored the England Dodgeball Team and Derby-based Mickleover FC Girls.
Lee said: “Girls and ladies’ football is one of the fastest growing sports in the country and, after England Ladies’ success at the European Championships, there has never been a better time to be involved in women’s football.
“Community is a big thing for us; we like to get involved wherever we can and are absolutely delighted to be one of the sponsors of Notts County FC Girls.”
Formed in 2010 as Noel-Baker IT Services, the IT firm specialises in working with schools and multi-academy trusts including East Midlands-based Embark Federation and Reach2 Academy. They also work across the L.E.A.D. Academy Trust of schools – which includes Da Vinci Academy and Noel-Baker – after becoming part of the multi-academy trust in 2016.
L.E.A.D. recently welcomed Eight out of 10 Cats star Jon Richardson and his wife Lucy Beaumont to Noel-Baker where more than £14,000 was raised for local families feeling the pinch.
“It was a fantastic evening and the money raised will go a long way towards supporting families in the area over the winter months,” added Lee.
Government’s underinvestment in East Midlands illustrates why it must back region’s Centre of Trading Excellence, says Chamber
Chronic underinvestment from central Government shows it is time for policymakers to “back the East Midlands to back the UK.” That is the view of East Midlands Chamber after the latest Treasury figures indicated the East Midlands continues to receive the lowest public investment of all regions in the UK.
In 2021/22, spending per head in the region was £10,528 – below the UK average of £11,897.
Last month, Chamber delegates were joined by members and MPs at a reception in Parliament to launch a blueprint for growing the regional and national economy, titled A Centre of Trading Excellence: A Business Manifesto for Growth in the East Midlands and Beyond.
It presented Government with “the big opportunity” to further develop the East Midlands as a “Centre of Trading Excellence” via a series of policy asks including investing in infrastructure projects like HS2 East, Midland Main Line electrification and the A50/A500 growth corridor.
East Midlands Chamber director of policy and external affairs Chris Hobson said: “For years, the East Midlands has been bottom of the pile when it comes to public investment and it’s held back our potential. “Recent analysis by the Chamber and East Midlands Councils found we receive just 64.7% of the UK average for transport infrastructure spending – a gap worth £1.26bn per year to the East Midlands – while we also ranked bottom or near the bottom for spending on health, education, and economic and social affairs.
“If the Government is truly serious about levelling up, it must prioritise regions like ours and work with businesses to understand where it can target investment to grow the economy.
“Our Business Manifesto for Growth offers a useful starting point in this respect as we have set out a formula for how the Government can not only grow our economy but across the country too – in other words, it can back the East Midlands to back the UK.”
Former bank gains new identity with US fried chicken giant
A former city centre bank and retail store is gaining a brand new identity with the rapid expansion of US fried chicken giant, Popeyes® UK, the master franchise for the United Kingdom.
Marketed by East Midlands commercial property specialist Andrew + Ashwell, the deal for the Gallowtree Gate former bank premises has now been completed. It will soon offer a taste of Louisiana with Popeyes® UK’s famous menu, as the chain is set to refurbish, recruit and start trading within the next month.
Popeyes® now has more than 3,000 outlets across the USA, having first opened in New Orleans in 1972. The brand made its debut in the UK in London only last year with ambitious plans to launch hundreds of restaurants. Midlands branches have opened in Nottingham and Derby, soon to be followed by Leicester.
The original banking hall, with an impressive arched atrium and marble columns, offers an open sales area covering over 2,100 sq ft of space at ground floor level, plus storage and offices on the first and second floors. For many years the building was also a popular Dorothy Perkins and Burtons clothing store. This folded early last year following the demise of the Arcadia Group.
Tom Crowley, CEO of Popeyes® UK, said: “We’re excited to be growing our presence in the Midlands with a brand new restaurant in the heart of Leicester as part of our accelerating UK rollout. We look forward to opening our new restaurant before Christmas.”
Kelvin Wilson, associate director for A+A, said Popeyes® is in an ideal location for the changing face of Leicester.
“City premises have faced major challenges everywhere over the past few years. Shopping habits are changing and today there is more of a focus on food-led eating outlets that will create an attractive leisure offering to bring people back into the centre.
“Popeyes® is a landmark building right at the heart of Leicester, close to the Clock Tower, with the Highcross and Haymarket shopping centres nearby, as well as major stores, including M&S and Boots just along the street.
“It will add an exciting new element to the various restaurants and takeaways already established around the vicinity, giving even greater choice for visitors to enjoy.”
Work to start in New Year as construction contract signed for Campus for Future Living
East Lindsey District Council has officially appointed Lindum Group to construct the £8.5m Campus for Future Living in Mablethorpe.
The signing of the build contract is a significant milestone for the Council as it marks the first council-led Town Deal project moving to the delivery stage in 2023.
The flagship project for the Lincolnshire coast and wider East Lindsey has received £8.5m from the Mablethorpe Town Deal funding from the Government’s Levelling Up agenda, supported by the Connected Coast Board.
Work will now begin on site in January with turf cutting scheduled for early February. The build is scheduled for completion and handover to the Council in 2024.
Led by a coalition of local, regional, and national partners, the Campus for Future Living offers significant potential in reducing health inequalities in Mablethorpe as well as across the district.
It presents an opportunity to put Mablethorpe at the forefront of medical technology and innovation, offering a centre for health and care related teaching, training, research and development.
Accommodation, a coffee hub and parking facilities are also part of the scheme.
Cllr William Gray, portfolio holder for communities and better ageing at East Lindsey District Council, said: “The signing of the construction contract is a milestone for the Campus for Future Living and I am delighted the council has Lindum Group on board.
“The possibilities the Campus of Future Living offers residents and the opportunities it will bring to people in Mablethorpe and our communities are truly exciting.
“The Town Deal, particularly with this project, gives us an opportunity to improve the lives and wellbeing of residents and for that change to have a lasting impact for generations.
“I look forward to seeing work start on site in the New Year.”
Lindum Group MD Freddie Chambers said: “We are delighted to be here today to sign the construction contract and we anticipate work starting on site at the end of January.
“It is a great project for Lindum to be involved in, not just because it’s the area’s first Towns Fund scheme but also because it should have a positive impact on local health care, which as a large employer of Lincolnshire people, is important to us too.
“We have been working closely with the council to develop the design of the building which also has many ‘green’ credentials. Using BREEAM Excellence guidelines as a benchmark, it will incorporate air source heat pumps, solar panels and battery storage systems. There will also be electric charging stations for mobility scooters and lots of natural ventilation. All these elements will help to reduce the running costs and operational carbon impact of the finished building.”
Julian Free CBE, deputy vice chancellor, University of Lincoln, said: “We are very excited about the Campus for Future Living and are confident it will have a positive impact on the people of Mablethorpe and beyond.
“It is fantastic to have the Campus for Future Living construction contract with Lindum signed. We are now firmly advancing to the delivery of what will be a transformative project in Mablethorpe driving better health and social care outcomes for the local community. The University is pleased to have played its part in getting to this stage and looks forward to being an active participant in the completed Centre.”
Chris Baron, chair of Connected Coast, said: “The signing of the construction contract is a significant milestone for the Campus for Future Living that brings us ever closer to getting started on site.
“With the Campus, we will have a national exemplar in medical technology and innovation in our area that is set to bring jobs, investment, and opportunities for our local communities.
“I look forward to seeing work begin and the exciting vision for this project translate into delivery on the ground.”
Opinions invited on amended plans for Ratcliffe on Soar power station site
Following consultation earlier this year, residents and interested parties are invited again to have their say on the latest plans for the Ratcliffe on Soar power station site.
A draft Local Development Order (LDO) that could give the green light to new industry and business projects and the potential of thousands of permanent highly-skilled jobs at the site is being finalised by Rushcliffe Borough Council.
A design guide and masterplan for the site has been prepared to support the redevelopment, which will guide growth and development over the coming years including the proposals linked to the previously announced East Midlands Freeport and the Development Corporation projects that could create further jobs and significant investment.
The Borough Council has made some revisions to the draft LDO in response to the consultation, comments and feedback received to date and wants to hear further views on the latest proposals by Thursday January 19, 2023 by completing the online form.
The revisions include:
- Amending the range of permitted uses on the Southern Area and land south of the A453 to those limited specifically to low carbon energy production and storage or manufacturing uses delivering the net zero transition.
- To place greater limits on the extent to which the height of buildings on the Southern Area can go above 30 metres.
- Limiting the amount of development which can be occupied before road improvements are delivered or there is agreement for their delivery. This is to ensure that the roads are able to cope with increased traffic levels and to enable the road improvements to be designed to also accommodate other major developments that are planned to come forward in the local area.
- To require a public transport strategy to be approved before new development can be occupied or brought into use. This is to help increase the number of people who will travel to and from the site by bus and train.
- To require a contribution to a traffic management study for local roads at and around nearby villages and the implementation of its proposed recommendations.
- Amendments to the LDO’s Design Guide to help better ensure that a quality new environment is delivered when the power station site is redeveloped.
- A zero-carbon technology and energy hub for the East Midlands
- Highly skilled jobs
- Modern industry and business uses, served by on-site sustainable energy generation and storage
- Advanced manufacturing, for example to produce electric car batteries
- A hub for research, development, and innovation, through links with universities, business support organisations and established industry.
Rolls-Royce UltraFan technology demonstrator build complete and getting ready to test in Derby
Rolls-Royce has completed building and is preparing to test its UltraFan technology demonstrator. In a major milestone for the programme, the demonstrator engine was transported from the build workshop and into Testbed 80 in Derby, where it was mounted in preparation for testing.
The first test of the demonstrator is expected to take place early next year and will be operated using 100% Sustainable Aviation Fuel.
Chris Cholerton, president of Rolls-Royce Civil Aerospace, said: “Seeing the UltraFan demonstrator come together and getting ready for test in Testbed 80 is a great way to end the year.
“We have all been waiting for this moment, which is such an important milestone for the programme and for the team who have worked on it. The next stage will be to see UltraFan run for the first time on 100% Sustainable Aviation Fuel in 2023, proving the technology is ready to support more sustainable flight in the future.”
Combining a brand new engine design with a suite of technologies to support sustainable air travel for decades to come, the UltraFan demonstrator has a fan diameter of 140 inches and offers a 25% fuel efficiency improvement compared with the first generation of Trent engine.
UltraFan offers a variety of sustainability solutions that will support the journey to net zero aviation. In the nearer term, there are options to transfer technologies from the UltraFan development programme to current Trent engines to deliver enhanced fuel efficiency and reductions in emissions. In the longer term, UltraFan’s scalable technology from ~25,000-110,000lb thrust delivers the potential to further improve fuel efficiency of both narrowbody and widebody aircraft by up to 10 per cent.
Testbed 80, the world’s largest and smartest testbed, was designed and built especially to accommodate the size and technical complexity of the UltraFan demonstrator. It was opened in 2020 and has already completed many hours of experimental engine testing.
The UltraFan technology demonstrator programme has been supported by the UK’s Aerospace Technology Institute and Innovate UK, the EU’s Clean Sky programmes plus LuFo and the State of Brandenburg in Germany.
Former Lincolnshire County Council offices hit the market
Lambert Smith Hampton (LSH) have been appointed by Lincolnshire County Council to dispose of its former offices at The Avenue, Lincoln.
The offices, which are distributed across two pairs of semi-detached buildings and a further detached building, offer some 15,780 sq ft of accommodation between them.
The period buildings occupy a prominent location within Lincoln city centre and will be offered for sale as a whole or in up to three separate lots.
Andrew France, associate director at LSH, said: “This is a rare opportunity to acquire some landmark heritage assets in a prime central location. The configuration of the buildings offers enormous redevelopment potential and we are looking forward to seeing proposals come forward.”
Nottingham City Council makes senior finance appointment
Nottingham City Council has made a permanent appointment to a key role on its senior management team.
Ross Brown will take up the role of corporate director for finance and resources and Section 151 Officer on 3 January, taking over from Clive Heaphy who has held the position on an interim basis.
Ross is an experienced senior officer who has worked in local government for more than 17 years, including as Section 151 Officer at the London Borough of Ealing.
Ross said: “I am delighted to be joining Nottingham City Council at this key stage of its transformation and improvement journey.
“The council’s challenges are well documented and while I don’t underestimate the scale of the task ahead, I’m excited to be joining an ambitious and determined authority which is committed to addressing the issues which led to Government intervention and transforming itself into a better-run council.
“I’m confident that with the support of committed and dedicated colleagues, we’ll work together to build, develop and enable a Finance and Resources Directorate at the heart of the council’s vision for delivering together for Nottingham’s residents and businesses.”
Chief Executive Mel Barrett said: “I congratulate Ross on his appointment and I and my colleagues look forward to working with him when he takes up his post in the New Year.
“I’d also like to pay tribute to the work carried out over the past two years by Clive Heaphy and wish him the very best for the future.”
Councillor David Mellen, leader of Nottingham City Council, said: “We welcome the experience that Ross will bring to a key role within the council’s operation. He further strengthens the senior leadership team at a time when our budgets are being placed under real pressure.”
Galaxy Row set to progress
The submission of a Summary Document to Government for the proposed Galaxy Row redevelopment project, part of the Long Eaton Town Deal, has been approved by Erewash Borough Council.
On December 13 Council Executive considered the project summary to claim the remainder of the £3.5m Towns Fund grant funding from the government that is needed for the project.
The aim of the project is to remove the eye sore of the former derelict Galaxy cinema on Derby Road and replace it with a new development made up of commercial and residential units, including a courtyard/car park, that enhance the town centre. This would be part of a larger development which includes the former cinema, a tyre depot, adjacent shop fitter’s store and former Stage 1 bar and nightclub. Galaxy Row is one of six projects that form the town deal. The development would create new jobs and benefit the town centre economy.
If funding is secured it will be necessary for the council to use compulsory purchase powers to acquire the buildings in order for the development to proceed.
Richard Ledger, chair of the Long Eaton Town Deal Board, says: “The submission of the summary document to secure Government funding will be a big step forward for this exciting project, which is central to the Long Eaton Town Deal. With this funding in place the plans for Galaxy Row can really start to gain pace and we look forward to sharing further news of town centre regeneration with residents.”
In July 2021 Council Executive approved heads of terms with government to deliver the projects in the investment plan using £24.8 million of town deal funding. The other projects are:
- West Park visitor attractions, including an events space and waterfront.
- Stable Block Managed Workspace Units. Conversion of a former stable block into office space.
- Pedestrian and cycleway improvements, including bridges at Broad Street which connects West Park to the town centre and Britannia Road.
- Improving Derby Road Junctions around Long Eaton Green.
- Long Eaton High Street.
HMP Fosse Way prison extension approved
A 250-capacity cell block extension to the new HMP Fosse Way prison has been approved by Councillors on Blaby District Council’s planning committee.
The new four-story building was given the green light at the planning committee held on Thursday 15 December.
Approval was also given to a two-storey ancillary building, a sports area and 80 extra parking spaces, all located on the north of the site.
The design of the buildings is set to match those already being constructed on the site of the former Glen Parva Young Offenders’ Institution.
In addition to the additional built development on the site, the proposals include the provision of new trees, wildflower meadows, semi-improved grassland, a new wildlife pond and other habitat improvements on the remainder of the northern part of the site, to achieve an overall biodiversity net gain of 3.45 per cent.
The former Glen Parva Young Offenders’ Institution was demolished in 2017 with outline planning permission granted for the replacement prison the same year and full approval given in 2020.
Originally the Ministry of Justice (MoJ) planned to house 1,715 Category C inmates in the new seven block prison, recently named HMP Fosse Way following a public competition.
As the Government seeks to increase prison places, a public consultation was held in August by the MoJ into extending the proposals and Blaby District Council conducted its own public consultation when the formal planning application was submitted.
The expansion move is directed by the Government’s aim to create around 20,000 new prison places across the country by the middle of the decade. Private firm Serco has been named as the operator of the jail which will focus on training and resettlement when it opens next year.
Councillor Ben Taylor, Portfolio Holder for Planning Delivery and Enforcement and Corporate Transformation, said: “We have already seen an economic boost locally thanks to the construction of the new HMP Fosse Way and hope this extension will help prolong that.
“Since approval was first granted we have been proud to have taken advantage of the building of this new prison in our area to team up with stakeholders and give local businesses access and opportunity to bid for work, as well as working with schools to provide an insight into the construction industry for students.
“With Serco announced as the operator for HMP Fosse Way, we also aim to work with them in the future to ensure the facility has a positive, long-term impact on the community.”
The site has already created 230 jobs and 16 apprenticeships during construction and when open, it is expected to offer more than 600 jobs, providing a further significant boost to the local economy.
The prison extension is expected to open in 2025.
2023 Business Predictions: Donald Ward, operations director at WARD
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 Donald Ward, operations director at Midlands-based metal recycling and waste management specialist, WARD.
There’s no doubt that we are living through some of the most turbulent times in recent history. The aftermath of the pandemic is bringing even more new challenges, with rising inflation and ongoing economic uncertainty.
There is a sense of getting through until the Christmas break, that everyone is ready for, and this is potentially providing a period of delay before tough times start in the New Year. Unfortunately, there will be some businesses that won’t survive and inevitably there will be some really challenging times ahead.
Energy costs are the major issue for business, with prices rising over 300% for most on 2021 levels. It is impossible to absorb dramatic rises like this without making costs savings elsewhere, in either labour or materials or operations. Ultimately doing more with less.
The energy crisis reduces margin and therefore any ability to make profit, and pushes up the cost of doing business for everyone. Once the Government removes the cap for businesses it will be telling. We are keen to see what additional support will be put in place, as businesses will fold and there will be job losses if Government does not step in, which will have a wide economic and social impact across the country.
Running businesses through Covid has taught us all resilience and those businesses that have been able to get through it have done exceptional things to stay on an even keel. Through investment and forward planning, we managed to secure the plant and equipment needed early on to support our growth plans for bulk metal recycling operations in 2023 and beyond, however, it is difficult to find the right people to support this growth.
There is a significant skills shortage post-Brexit and a shift in the available workforce. Like the rest of industry, we are short of qualified and experienced drivers. We also need to address the wider skills gap and the way that people want to work. We need less people with better skills who are willing and able to work on site. Employers need to look at flexible employment packages that fit around family life, rather than just providing a job.
As a business we are determined to remain positive and still have plans to grow our metal recycling sites and waste management service offering. We are also planning a programme of wellbeing and charitable activities to smash some goals in 2023 and keep the team momentum going.
2023 Business Predictions: Jennie Holland, Managing Director, Jennie Holland PR
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 Jennie Holland, Managing Director at Jennie Holland PR.
Putting to one side the current economic challenges, I want to focus my 2023 predictions on that of the business owner.
Everyone I speak to is incredibly busy and has been for what feels like a long time, and while we don’t know what the future holds in Q1, Q2 and beyond in 2023, I think we have a good idea of what might be to come.
However, it’s not all doom and gloom, there is so much good that we take for granted. Business owners, and the teams that they lead, are accustomed to change, to adapting, to being agile – we learnt all about that during the global pandemic and some of those changes we made at that time continue to play their part in businesses.
I predict that business owners will face what’s to come head-on and with a can do, carry on regardless attitude, because that’s what they do and have done before. They will keep their focus on their business strategies and goals and always with a positive mindset.
So, whatever the economic weather in 2023, I know that with business owners at the helm of our East Midlands economy, we are in the strongest position we can be.
HSH Cold Stores to acquire fellow Grimsby firm
Grimsby-headquartered HSH Cold Stores, part of Constellation Cold Logistics and a provider of temperature-controlled storage and distribution solutions across the UK, has reached agreement to acquire fellow Grimsby firm Associated Cold Stores & Transport Limited (ACS&T), a subsidiary of Camellia.
The transaction is expected to close on 10 January 2023.
The acquisition of ACS&T will expand HSH’s strategic presence across the UK, increasing the company’s storage capacity to include ACS&T’s facilities in Grimsby, Tewkesbury, and Wolverhampton, and grow the company’s storage offering to around 140,000 pallet positions.
In addition, the acquisition will boost HSH’s offering of temperature-controlled distribution services, which grows to 75 LGV lorries when including HSH and ACS&T’s existing fleets.
Anthony Howard, Managing Director at HSH, noted the strategic benefits of HSH’s acquisition of ACS&T: “We are enormously proud and excited to welcome ACS&T to the HSH family, the acquisition will provide a unique opportunity for HSH to expand its storage and distribution services for our new and existing customers.
“Having co-founded HSH nearly 20 years ago, I am extremely proud to see how our company has grown over the years and would like to extend my gratitude to our team on reaching this milestone. I look forward to collaborating with the team at ACS&T to accelerate our growth and develop new high quality cold chain solutions.”
Frasers Group snaps up raft of fashion brands from JD in £47.5m deal
Shirebrook-based Frasers Group has acquired a number of premium fashion brands from JD Sports Fashion.
The deal, including Base Childrenswear, Choice, Clothingsites (including Brown Bag Clothing), Cricket, Giulio, Kids Cavern, Missy Empire, Nicholas Deakins, Pretty Green, Prevu Studio, Rascal Clothing, Tessuti (including Xile), Scotts, Watch Shop and Topgrade Sportswear (including Get The Label), comes by way of the acquisition of shares held by JD and the transfer of all of the indebtedness owing to JD by the businesses, by, and to, subsidiaries of Frasers Group.
The amount payable for the acquisition of the shares and the indebtedness from JD is up to £47.5 million in the aggregate and will be funded from Frasers Group’s existing cash resources.
Completion of the acquisition of eight of the businesses and the debt took place on exchange, with completion of the acquisition of the remaining seven businesses (Cricket, Tessuti, Scotts, Giulio, Choice, Rascal Clothing and Topgrade Sportswear (including Get The Label)) expected to take place in early 2023.
Auctioneer reinforces senior management team with new director promotion
Following significant growth of the business, Nottingham-headquartered national auction house, John Pye & Sons Ltd, has reinforced its senior management team by appointing Addison Pye to the Board of Directors.
Addison Pye, grandson of founders Ann and John Pye, has been promoted to director from his previous position as a commercial manager, providing security and clear succession among the firm’s senior management.
With more than seven years of experience throughout the business, starting as an auction porter, Addison has more recently led expansion projects in Europe with a new facility in Zaragoza in Spain. In addition, Addison has played pivotal roles in the development of new initiatives within trading and delivery departments, with him and his team often acting as the bridge between many operational departments, from IT to the sale rooms and marketing, requiring both creative and critical thinking skills daily.
Addison Pye, director, said: “I’m excited and honoured about the director’s decision to elect me to join the John Pye & Sons Ltd Board. I look forward to bringing my ideas to the table and continuing the rapid expansion of this dynamic business.
“It feels surreal to be following in the footsteps of my grandparents, the founders of the business, and I’m delighted to now be a part of the company I’ve grown up being fascinated with. I’m extremely driven to make the family and company proud and achieve our full potential over the years to come.”
John Pye & Sons Managing Director, Adam Pye, said: “Naturally I’m delighted and very proud. The continued success of the current Board is vital for our clients, customers and colleagues alike.
“My parents and founders, Ann and John are very proud, not just because the family business remains on a good course, but because Addison has a natural flare for business and finance. Addison’s well-rounded ability and creativity bring a new dynamic to the board and demonstrates the company’s ambition for the future.”
John Pye Auctions has continued to take industry leading strides in a record breaking 2021/22 financial year, now employing over 700 staff members and expanding into Europe. It recently celebrated having exceeded £33 million turnover for its last set of unaudited accounts, improving on the previous year’s turnover of £26.4 million by over 28 per cent, as it continues to realise its ambitious plans for growth.
£14m creative business hub prepares for 2023 opening in Northampton
A new £14 million hub for creative businesses is gearing up to open its doors in Northampton.
Vulcan Works has been created by transforming a Grade II listed ironworks factory in the heart of Northampton’s Cultural Quarter into a space that will support start-up businesses in the creative industries through the provision of lettable office space, workshops, meeting rooms and co-working spaces.
The construction and refurbishment works have been funded by West Northamptonshire Council (WNC) and South East Midlands Local Enterprise Partnership (SEMLEP), who facilitated a Local Growth Fund contribution of £6.3 million, together with £3.06 million from the European Regional Development Fund.
Vulcan Works has already attracted lots of interest from prospective tenants and viewings have been planned for the new year. Key stakeholders joined representatives from WNC for a first look in August once construction was completed. This was followed in September by the announcement that Oxford Innovation Space would take over as the management company for the new hub.
Since Oxford Innovation Space started managing Vulcan Works in September, work has progressed and support staff and local suppliers are currently being appointed with a view to Vulcan Works officially opening in February.
Among the newest recruits are commercial manager Kelly Boosey, centre manager Garrick Hurter and assistant centre manager Gail Haddon.
Kelly said: “I am thrilled to come on board and work on such an exciting project. Already we have received a great volume of enquiries from a range of businesses within the creative and digital industries and have planned to start showing people around the space in the New Year.
“We will host our first Open Day mid-January which is already fully booked with further dates planned, so that we can showcase this extraordinary space. We can’t wait to start building the community at Vulcan Works.
“We are more than just space. Along with the fantastic, specialised business support we offer, we are going to create a brilliant hub for start-ups and scale-ups in Northampton. We would encourage anyone wanting to find out more to get in touch.”
It is estimated that Vulcan Works will support around 150 start-up businesses in its first 10 years, creating around 500 jobs in the area. The centre has also pledged to work with local contractors and agencies, ploughing more money back into the local economy.
Cllr Daniel Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth, said: “We are thrilled with how Vulcan Works has turned out. The space has been finished to an exceptionally high standard, whilst retaining a number of period features which provide a nod to our local history here in Northampton.
“The project is really gaining momentum now and is close to opening its doors. I look forward to finding out more about the creative start-up businesses who will call this unique space home and seeing what they achieve through the dedicated support on offer.”
As part of the Vulcan Works’ unique offer, Oxford Innovation Space will also provide access to a programme of workshops, seminars, 1:1 coaching and networking.
Jo Stevens, Managing Director at Oxford Innovation Space, added: “We have been managing Innovation Centres across the country for more than 30 years and each centre is different.
“We are hugely excited by Vulcan Works and it has been an honour to be part of such an inspiring regeneration project. We can’t wait to see some talented creative businesses move in and hope they feel just as inspired by this space as we are.”
Local business supporting Nottingham Hospitals Charity this Christmas
The team at local business, Shredall SDS Group, is supporting Nottingham Hospitals Charity this Christmas, raising money for the cause and spreading some festive cheer in the area.
A cheque for £1,000 was presented to the charity for the children’s neonatal ward at Queen’s Medical Centre (a specialist centre for East Midlands children, treating over 1,500 babies every year). Shredall SDS Group continues to make a difference for these children and their families year-round through its work with the Nottingham Hospitals Charity Business Club.
Beyond its financial contributions, the organisation also volunteered to help bring comfort, joy, and festive spirit to the poorly children at the hospital this holiday season. Founder and chairman, Lloyd Williams, became Santa for the morning, handing out sweets and chocolate to young patients.
And finally, putting its industrial-grade equipment to good use, the local business has committed to helping the Nottingham Hospitals Charity to collect Christmas trees in the New Year as part of its recycling scheme. This allows households across Nottingham to sign up to have their old trees collected, whilst also donating towards the cause.
Shredall SDS Group will be volunteering once more for this day on Saturday 7th January 2023, contributing its document storage vehicles to fetch trees across Nottinghamshire. The Christmas trees will then be recycled to help local residents have the most sustainable festive period possible.
Charlotte Williams, marketing and PR manager, said: “Partnering with Nottingham Hospitals Charity is our way of saying thank you for the amazing work they do! In an ideal world charities wouldn’t need to exist but they do. Every donation received, big or small, adds up, and helps charities get to work and make a positive difference.
“Seeing the smile on the children’s faces when they saw Santa this week was incredible and helped spread some Christmas cheer. We look forward to continuing to work with NHC in 2023 and help support their fundraising appeals.”
Leicester financial services company acquires Nottingham firm
Furnley House, a financial services company part of Superbia Group, has acquired CDG Financial Services Ltd as it looks to expand its holdings, with Shawbrook backing an initial deal worth £3.9 million.
Based out of Leicester and employing 42 people across the group, Furnley House provides IFA services, Fund Management, and Investment Research Services to its clients. With over £450 million assets under influence, Furnley House is now looking to further expand its portfolio through organic client growth and acquisition of firms that reflect its business values.
The initial £3.9m funding will be used to refinance the group’s existing debt and provide funding for the acquisition of CDG. Furnley House will then be provided with additional funding for an additional IFA acquisition expected in the first quarter of 2023.
Stefan Fura, Managing Director at Furnley House, said: “Our partnership with Shawbrook has been vital to support Superbia Group as it enters a new era of expansion – extending the capabilities of our offering, and reach of our services.
“Shawbrook’s ability to quickly onboard us and provide a line of credit made them an obvious choice when assessing possible lenders. The team also reassured us that deadlines would be met, enabling us to proceed with the acquisition with minimal issues.
“We look forward to working closely with the Shawbrook team as we continue our partnership in future.”
Steve Armstrong, director, Corporate Lending at Shawbrook, said: “Furnley House has an experienced management team and a history of completing successful acquisitions. It is a pleasure to be able to support them as they continue to expand their business.
“With a strong presence in their market already and strong ambitions for the future, we’re looking forward to seeing and supporting their journey.”
Furnley House was recommended to Shawbrook by the Heligan Group who have worked with the Bank previously.
Matt Croker, director, Heligan Group, said: “Furnley House is an ambitious and high-growth business being backed by a lender who recognises the achievements of Stefan and his team to date and their ability to continue their buy and build strategy. It was great to be involved in this phase of their story and we look forward to seeing them continue to grow with Shawbrook’s support. Well done to all involved.”
Gunner Cooke LLP provided legal counsel to the Shawbrook team with Shakespeare Martineau acting for Superbia. Magma Chartered Accountants also conducted the Financial Due Diligence on the deal.
