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
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
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
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.
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.
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
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
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
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.”
Wilko distribution centre sold to private equity giant
A Wilko distribution centre has been sold to a private equity giant.
Canadian asset manager Brookfield has agreed to buy the lease on Wilko’s 1.1 million square foot distribution centre in Worksop, Nottinghamshire for £88 million.
Wilko originally sold the distribution centre to DHL for £48 million only months ago.
It comes after news broke earlier this week that the retailer is set to close its toy departments, focusing instead on selling garden and household goods, and follows the revelation that 95 Wilko staff in Worksop were at risk of being made redundant as the retailer looked to outsource its customer services.
The business agreed a £40m two-year revolving credit facility with Hilco at the start of the year, to allow it to increase financial flexibility as it accelerates plans for turnaround.
Wilko’s year-end results showed a drop in sales, while the firm slipped to a pre-tax loss, as the pandemic continued to bite.
Nadine Houghton, GMB national officer, said: “The sale of Wilko distribution centre to Canadian investment and private equity giant Brookfield and the recent Hilco revolving credit facility raises further concerns about the ever-growing influence of private equity investors in the UK high street.
“Highly debt leveraged models are being used to buy up the UK high street with little or no over sight from regulators.
“The GMB union, which represents workers on the high street and in logistics, is calling for the role of the CMA to be expanded – giving greater regulatory oversight in relation to private equity buyouts and ensuring greater protection of both consumers and workers.”
Logistics services provider moves into new Castle Donington premises
A fast growing provider of logistics services and value-added technology has moved into new premises in Castle Donington.CCL Logistics has moved into 2 Boundary Court on the Willow Farm Business Park, with NG acting for landlord Inzent on the deal.CCL helps manufacturers, distributors, wholesalers and retailers simplify their supply chain, improve productivity and significantly reduce their overall cost of doing business.The firm has moved into the 1,800 sq ft ground floor suite at Boundary Court.
Alicia Lewis of NG brokered the deal and said: “It’s always satisfying to help an ambitious company realise their expansion plans – and this is what we’ve done on this deal.“Boundary Court is a prime location in the centre of the East Midlands and provides CCL access to a wide range of new clients. This was a great deal for both our landlord client and the new tenant. We wish them all the best in the future.”Willow Farm Business Park is a 50-acre purpose-built business park at Castle Donington.
Harborough District Council offers leisure industry contractors chance to tender for new contract
Harborough District Council is offering a chance for leisure industry contractors to tender for a new contract after its Physical Activity Strategy identified the need to refurbish both Lutterworth Sports Centre and Market Harborough Leisure Centre.
The Council’s Health and Wellbeing Strategy aims to promote health and wellbeing and encourage healthy life choices by increasing access and opportunities for residents to take part in physical activity. To deliver this a new 15-year management contract is being tendered set to be in place by 1 April 2024.
The Council has agreed a Capital funding pot of £9.75m million to cover Harborough Leisure Centre and Lutterworth Sports Centre which can be accessed by the successful tenderer to support the redevelopment. The final capital funding amount is to be repaid by the incumbent operator.
An FTS notice with details of the procurement, and access to procurement documentation was published on 16 January 2023.
Another key date for interested parties is 1 February 2023 when a Bidders Day will be held for potential operators.
Following Standard Selection Questions evaluations (SSQ), operators will be invited to submit initial bids in April 2023.
The Initial Tenders will show the cost of continuing the current leisure provision and the cost of the provision with bidders utilising the investment fund. At this time, a decision will be made on which is the best option to proceed and the requirements for the Final Tender can be set.
Through August 2023 bidders will produce their Final Tenders, for submission 15 September 2023, reflecting the Council’s preferred option. Then in October 2023 Council approval will be sought for the preferred partner with a new contract commencing on 1 April 2024.
Cllr Simon Whelband, Harborough District Council’s portfolio holder for health and wellbeing, said: “As part of our Physical Activity Strategy, we identified a mutual aspiration to refurbish the two leisure centres to meet the high national standards. We’re aiming to contribute towards a reduction in carbon emissions, whilst increasing physical activity opportunities and participation to support the physical and mental health and wellbeing of residents across the Harborough district.”
Revenue significantly ahead of expectations at Team17 following strong year
Revenue is set to be significantly ahead of expectations at Team17 Group for 2022, according to a new trading update for the twelve months ended 31 December.
The video games label with offices in Nottingham, Manchester, and Wakefield has hailed strong trading in its second half, with multiple new first and third-party games released, extended games distribution to wider platforms and strong support across the portfolios with additional new content updates.
As a result, Team17 says revenue and adjusted EBITDA will be significantly ahead of market expectations and show strong growth compared with FY 2021, benefitting from the performance of a stronger, broader portfolio supported by acquisitions and investment in people made over the last two years.
Debbie Bestwick MBE, CEO of Team17, said: “2022 was a well-executed year delivering on our highly ambitious plans for the Group, specifically strong lifecycle management across a very diverse portfolio and on time delivery of astragon first party IPs launched in 2022.
“There will always be more work to do as a growth business, but last year’s performance is a testament to the significant investment that has been made over the last two years in people, diversifying portfolios and successful M&A, all of which put the Group in a very robust position for the future.
“We look forward to 2023 with an exciting pipeline of releases and updates as well as ongoing ROI from the investments we have made in people and products.”
2023 Business Predictions: Kate Coulson of Ena HR
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 Kate Coulson of Ena HR.
The employment and recruitment landscape has changed massively as a result of COVID-19.
Working from home was forced onto a lot of organisations and hybrid working has become the norm.
In 2023 I expect this arrangement to continue to grow, particularly now that employers are looking for new and alternative ways to recruit and retain staff. Roles that don’t offer the flexibility of remote/hybrid working will get harder to fill.
However, remote teams are harder to manage so businesses need to seriously consider investing more in leadership and management training. Leaders need to be more output focused to manage productivity and require additional skills for forward planning, communication and establishing efficient processes.
Culture will also be huge in 2023.
With everyone struggling to navigate the cost of living crisis, there is an expectation on businesses to offer pay rises. However, businesses are also seeing their costs rise and there will be many that can’t afford to. So, we will see businesses shift their focus to culture to retain top talent.
What are their USPs as employers? What is the vision and common purpose? What can you offer when it comes to growth or career progression? What are your values?
Lastly, there is still a shortage of workers in almost all industries. This isn’t going to change in 2023.
Developing the skills of current workers to grow with the business is going to be essential. This is not just about training but also focusing on leadership ability, resilience of employees and communication.
Major fashion brand expands into new standalone Nottingham store
Major fashion brand Universal Works are set to open a new standalone store in their hometown of Nottingham in a deal brokered by FHP Property Consultants.
Universal Works was founded in Nottingham by David Keyte and Stephanie Porritt in 2009. They have seen huge growth over recent years and the brand is now stocked across more than 300 stores globally.
The new standalone Nottingham shop comes after they outgrew their current space above Rough Trade in Nottingham’s Hockley. The shop is situated in a prominent position at 120-122 Derby Road and forms part of the Canning Chambers redevelopment. It has accommodation over ground floor and basement measuring approximately 1,126ft².
Canning Chambers is a period building at the top of Derby Road on the edge of Nottingham city centre. After standing derelict for many years the building was purchased by landlord Wollaton Nottingham Limited who have undertaken major refurbishment in and out to create a beautiful, sympathetic, mixed use building comprising residential upper floors and retail space at ground and basement levels.
David Keyte, co-founder of Universal Works, says: “We have outgrown our current space within Rough Trade so are really pleased to be opening the doors to a bigger and bolder, standalone store on Derby Road. We are not your typical ‘high street’ kind of operator and prefer alternative neighbourhood style locations with potential and community spirit. Derby Road has evolved over the last few years and we can’t wait to open the doors and become part of the community here.”
Oliver Marshall, director at FHP, says: “The letting to Universal Works is a major step forward for the location on Derby Road, but also for the city of Nottingham, showcasing the success of a homegrown business. This a really exciting brand with a massive following and hopefully it will encourage more brands to the area and Nottingham.
“This section of Derby Road has improved so much over the years and is now an exciting location on the edge of the city centre with a really eclectic mix of retail, leisure, offices and residential creating a community feel.
“We are also marketing the 2 units adjacent to Universal Works part of the same development and have some very good interest from more exciting businesses.”
FHP acted on behalf of private landlord Wollaton Nottingham Limited to secure the letting to Universal Works at 120-122 Derby Road. The property comprises a prominent double fronted retail unit with a ground floor area of 578ft² and basement ancillary of 548ft². Universal Works have committed to a long term lease of the property.
Gateley hails strong first half in a challenging market
Gateley, the legal and professional services group, has hailed a “strong financial performance” in its first half as the company continues to execute its diversification and growth strategy.
According to unaudited results for the six months ended 31 October 2022, revenue grew by 22.2% to £76.1m, up from £62.3m in the same period of the year prior.
Profit before tax, meanwhile, was up 9.6% to £8m, from £7.3m.
Looking ahead, Gateley said that it is “well-placed to navigate the more challenging economic environment that is beginning to emerge in the second half of the financial year” thanks to a “growing, diversified and resilient business model, combined with a strong H1 23 performance.”
Rod Waldie, Chief Executive Officer of Gateley, said: “We are delighted to report further growth derived from the increasing diversity of services on our Platforms, which now house over 1,000 fee earners. Our Group revenue and profit grew strongly, increasing by 22.2% and 9.6% respectively, within which revenue from our consultancy services grew, including by acquisition, by 104.5%.
“I thank our clients for the opportunity to work with them on a broad range of important mandates and our people for their hard work and dedication to deliver results.
“I’m proud of the progress that we are making against our Responsible Business strategy. In particular, supporting our communities is an important part of our purpose as a business and we will further connect our exceptionally talented people with organisations who provide community support in the regions in which we operate, recognising that business is a key engine of change.
“During the Period, we saw political and economic instability manifesting in uncertainty and temporary paralysis in a number of sectors. This is an ongoing situation and the economy is approaching a fork in the road where in all likelihood there is a wide range of possible outcomes across different sectors.
“In the meantime, we continue to invest in our offering and in our people so that our business remains fully equipped to deliver as positions settle in our target markets. The combined legal and consultancy offering on our Platforms, remains unique and the outlook on each of the Platforms is positive. We look forward to 2023 with a degree of cautious confidence.”
Nottingham biotech firm makes fresh acquisition
A Nottingham-based drug discovery services provider has accelerated its growth after completing its second acquisition in the space of a year.
Sygnature Discovery, which is housed at Nottingham’s pioneering BioCity, has purchased Glasgow-based research institute SB Drug Discovery, bolstering each firm’s market leading capabilities. The contract builds on Sygnature’s acquisition of Peak Proteins in April 2022, following investment from Five Arrows Principal Investments, the European corporate private equity arm of Rothschild & Co, in June 2020.
Sygnature Discovery’s CEO, Dr Simon Hurst, said: “The acquisition of SB Drug Discovery is a great addition to the services Sygnature Discovery offers its customers on our journey to become the world’s leading drug discovery partner.
“This is an exciting step forward, forming a strong partnership with a like-minded company that complements Sygnature’s existing services.”
SG Drug Discovery is a world leading provider of ion channel and receptor drug discovery research, delivering cell line generation and compound screening solutions in neuroscience and other therapeutic indications.
Its newest formation under Sygnature will see both firms work together to stimulate growth in the drug discovery field, with further investment and service capability planned by SG Drug Discovery in the coming months.
SG Drug Discovery scientific director, Dr Ian McPhee, said: “Having previously collaborated with Sygnature Discovery to access our ion channel expertise, it became apparent to them that our breadth of capabilities reached far beyond ion channel electrophysiology, to areas including cell line generation, screening and inflammation.
“Our company values and goals fit perfectly and we are delighted to become an integral part of the Sygnature Group.”
The acquisition of SG Drug Discovery by Sygnature is its fifth in five years, with previous purchases including RenaSci in 2018 as well as Alderley Oncology and XenoGesis in 2020. The business employs over 600 people, with facilities in Alderley Park and Macclesfield.
Deloitte in Nottingham provided corporate finance advice to Sygnature Discovery with a team led by David Jones, Nick Carr and Logan Mantle. David added: “We are delighted to have helped the Sygnature team complete the successful acquisition of SB Drug Discovery. This is the third acquisition we have supported Sygnature with as the business has grown and expanded its service and geographic footprint.”
Work starts on new Northamptonshire tourism hub
North Northamptonshire Council (NNC) has started work on a new tourism hub at Rushden Lakes which, when open, will promote the attractions and highlight the unique offering available in and around the local area.
Using funds from the UK Shared Prosperity Fund, work is now well underway, with the new Discover Northamptonshire hub expected to be open in time for English Tourism Week in March and the Easter holidays. The Hub will be open 7 days a week and is located next to the entrance to the Cinema at the Rushden Lakes Centre.
A dedicated Discover Northamptonshire team will work at the centre to capitalise on the 6 million visitors who visit Rushden Lakes annually and encourage them to stay longer in the area, visiting other attractions in the county and supporting local tourism, including high streets, accommodation providers, and transport.
The Discover Northamptonshire hub will be a fully interactive space, promoting all things Northamptonshire and the surrounding areas, including days out, attractions, walks, town and village offerings, places to eat, sustainable transport, heritage, accommodation, and events.
A retail space will promote small and local business, rotating stock on a regular basis to give a variety of businesses the chance to showcase their products at Rushden Lakes and reach a large audience, whilst a flexible events and conferencing space will mean workshops, talks and events can be held.
Once open, staff will work with partners including local schools, colleges and universities to provide learning and volunteering opportunities for those interested in working in the tourism sector, as well as working with local businesses to promote the area and encourage visitors to ‘Discover Northamptonshire’, asking the question where next to visit in Northamptonshire?
Cllr Helen Howell, North Northamptonshire Council’s deputy leader and executive member for sport, leisure, culture and tourism, said: “It is great that work has started on the new Discover Northamptonshire hub and I look forward to it opening in March. There will be a dedicated team on site ready to help and advise visitors on all the wonderful attractions we have across the local area and further afield – from local walks along the Greenway and Nene Valley to Chester House Estate, through to our lovely high streets, Villages, Culture and Heritage venues and the larger visitor attractions.
“We have some wonderful hidden gems in the area and the hub will really help promote these, as well as giving small businesses the chance to showcase their products to such a large, captive audience. We hope the new hub will really help put Northamptonshire on the map.”
Although the site will be operated by NNC, the team have worked closely with West Northamptonshire Council on the hub’s branding and both councils plan to launch a new long term tourism strategy for the county which will coincide with the opening of the new hub at Rushden Lakes. The new tourism strategy is a collaboration between both councils and, once completed, will look at promoting the county as a whole, working closely with partners and stakeholders within the industry. The Discover Northamptonshire hub will be a key element of this strategy for Northamptonshire.
“We are delighted to be working in partnership with NNC to launch this exciting project and develop a new Northamptonshire Tourism Strategy. We hope that both initiatives will help cultivate a vibrant, successful visitor economy in Northamptonshire which shines a light on our fantastic heritage, cultural and natural assets, while also supporting local businesses and creating jobs and opportunities for communities throughout the local area,” said Cllr Daniel Lister, West Northamptonshire Council’s cabinet member for economic development, town centre regeneration and growth.
£15.4m landmark aerospace project underway in Newark
Midlands-based contractor G F Tomlinson will spearhead the design and construction of the new £15.4m state-of-the-art Air and Space Institute (ASI) for Newark College, part of the Lincoln College Group, at the former cattle market site in Newark.
The ASI provides a unique opportunity for school leavers aged 16-18 to train for pilot, engineer and ground-crew roles in airlines, the military, airports and logistics companies across the UK and abroad.
The new three-storey building, which is due to complete at the end of 2023, will be only the second of this type of college building to be built in the UK and will provide world class training for the air and space industry, accommodating a full-sized Airbus A318 for hands-on teaching experience, alongside a double height entrance hall, large open space hangar, flight simulator, teaching zones and lecture and seminar areas for students and staff. The scheme will be finished off with a combination of soft and hard landscaping works.
From conception, G F Tomlinson used BIM technology software to digitally map the complex build which includes numerous articulated angles, using world coordinate systems for the design and construction of the build. This allowed the contractors and Lincoln College Group to work the design and use real time updates to navigate the build through all the fundamental stages through to completion.
The project was procured through the Pagabo National Framework for Major Construction Works.
Chris Flint, Managing Director at G F Tomlinson, said: “We are delighted to be appointed as main contractor on the ASI which offers state-of-the-art training for students at a brand-new campus in the heart of Newark.
“We are extremely pleased to have secured this project under the Pagabo National Framework for Major Construction Works. Through our early contractor involvement and close collaboration with the Client team, we look forward to turning Lincoln College Group’s vision into a reality by providing a world-class training facility for young people throughout the region.”
Lincoln College Group director of ASI and strategic growth, Tom Marsden, said: “Like the whole of the town, we’re hugely excited about the progress being made on site and we can’t wait to see the building. Young people completing their GCSEs this year can apply for our engineer, pilot, space engineering, groundcrew and military pathways now and they will benefit from these fabulous new facilities during their course, as well as the chance to fly in our ASI aircraft and flight simulators.”
Councillor David Lloyd, co-chair of Newark Town Board and leader of Newark and Sherwood District Council, said: “It is fantastic to see the vision for the Air and Space Institute coming to life in Newark and I know many local people are looking forward to having this huge asset in our district. Providing skills locally is a key driver for the whole package of projects being funded under Newark’s Town Fund initiative.
“The ASI will be a huge boost for Newark’s inspiring generations of future pilots, ground crew and engineers to see its new home when it is completed. It will help shape the ambition for Newark’s future, making it a place people want to live, work, study and visit and I look forward to seeing the progress over the forthcoming years.”
East Midlands unemployment rate remains low but research warns this could be set to rise
The proportion of working-age people in the East Midlands who are not in jobs rose slightly from 3.3% to 3.4% in the three months to November, new figures show.
The region’s unemployment rate – which hit a record low of 2.4% in summer 2022 before steadily climbing since – remained below the UK average of 3.7%, according to the Office for National Statistics’ latest regional labour market data published today (17 January).
Meanwhile, the region’s economic inactivity rate – which measures the number of working-age people who have dropped out of the labour market for reasons such as retirement, caring duties, long-term ill health or studying – dropped by one-tenth of a percentage point to 22.3% but this remains near record highs.
East Midlands Chamber Chief Executive Scott Knowles said: “After an upwards trajectory in the level of unemployment since the summer – although against a context of still being at historically low levels – it is reassuring to see this curve begin to flatten in recent months.
“However, our own research suggests unemployment levels may not remain so low in the future. Our final Quarterly Economic Survey of the year, which ran throughout November, found there was an 8% decline from quarter to quarter in the proportion of East Midlands businesses that added to their workforce in the previous three months, while there was a similar drop-off in recruitment prospects over the coming three months.
“Clearly, the cost-of-doing-business crisis – led by rising costs in energy, interest rates, raw materials, people and fuel – has deeply affected business confidence to invest, and a lack of available skills in the labour market is now impacting significantly on firms’ ability to grow.
“While the slight decrease in the proportion of those people who have opted out of the workforce for various reasons is welcomed, this remains at a very high level and has helped to create the tightest labour market in years.
“This poses a major concern for the road ahead as our economy continues to plateau but there are measures the Government can take to support businesses to develop a skills base fit for 21st century industry. In our Business Manifesto for Growth launched in Parliament last month, we propose a series of reforms around how businesses invest in their people.
“These include flexible incentives for business investment in staff training, expanding the use of the apprenticeship levy, bringing forward the introduction of the lifelong loan entitlement to support retraining and the retainment of an older workforce, and a comprehensive reform of the shortage occupation list to allow sectors facing urgent demand for skills to get what they need.
“In other words, this is about ‘getting the basics right’ – removing the day-to-day barriers for businesses and ensuring the basic building blocks of economic success are in place.”
