If only taxes were the only barrier to growth: By James Pinchbeck, partner at Streets Chartered Accountants
James Pinchbeck, partner at Streets Chartered Accountants, considers the barriers to, and avenues for, business growth.
The mini-Budget or fiscal event on Friday 23 September not only sought to address, in part, the cost-of-living crisis with its energy support bill but also to unleash the country’s economic potential with the lowering of taxes. The focus being on putting an end to what has been described as economic stagnation.
Having a tax regime that incentivises or motivates entrepreneurs and business leaders to start and grow enterprises needless to say is key, however it is perhaps only one element of what empowers, drives or facilitates growth.
Against a backdrop of a pandemic most businesses will have probably been more in survival mode as opposed to growth. Whilst innate resilience, along with financial support from the government, has no doubt helped organisations weather the storm, many in business are still recovering. Growth therefore may not yet be back on the agenda, or part of a short term or even longer-term strategy. Few business owners therefore probably have a growth mindset.
For those striving for growth there appears to be a number of key barriers, not just the current tax regime. Certainly, one of the biggest barriers, not just for growth but for just maintaining business, is the lack of available labour and skills to fulfill key vacancies. New approaches to recruitment and ways of working have in part helped to ease the situation, however much more needs to be done as part of a longer-term approach.
For those fortunate to be operating in a growing market, increasing revenue is somewhat easier than for those operating in a mature sector. For the latter, growth is more dependent on looking at innovation in terms of service and product and gaining a competitive advantage to take market share. For some growth may come about through increasing their geographical coverage.
When it comes to growing a business, it invariably requires investment, whether it’s in new products, business processes and systems, people or sales and marketing. Access to either own funds and external finance make such investment therefore key. Having the wherewithal is one thing, having the confidence to make such an investment is another. In uncertain times, and with the rising cost of finance, many will perhaps defer such a commitment.
Business growth fundamentally requires business leaders to have confidence in the market they operate and economic certainty, along with their organisations’ capabilities, competence and capacity to deliver growth.
Whilst growth may be close to the heart of many an entrepreneur or business owner, unless the conditions are right for it perhaps greater focus in the current climate should be around consolidation and improving profitability. A drive for growth can often be at the cost of increasing the value of what you already have. Perhaps a more balanced approach is what should be strived for.
See this article in the November edition of East Midlands Business Link Magazine here.
Four days to go until the East Midlands Expo – the ultimate networking opportunity
The highly anticipated East Midlands Expo is now just around the corner, offering the perfect chance to forge new contacts.
Free to attend, the established event of over 20 years will take place on Monday 14 November 2022 at the East Midlands Conference Centre, Nottingham, presenting everything you require for the ultimate day of business generation.
A well targeted exhibition and networking opportunity, aimed at the construction, property, business, investment, finance, professional services and related B2B markets, register to attend the expo for free here.
Business Link is a proud partner of the day, which will begin with exhibitor breakfast networking and open to attendees at 9am.
A seminar will take place between 10:45am and noon with BSP Consulting’s directors Mark Rayers and Tony Goddard lined up to present ‘Sustainability and how engineering plays its part’.
A special networking lunch (for which tickets are now SOLD OUT) will then take place between 12:15pm and 2:15pm, and the exhibition will close at 3:30pm.
East Midlands Business Link looks forward to greeting visitors old and new and to add a little fun to the occasion, we’re inviting guests to drop their business card in to one of our ‘festively-charged’ staff for a chance to win a case of wine delivered direct to your door.
If you’d like it delivering to your home rather than your office, just write the delivery address on your card when you drop it in and don’t forget to let us know whether you prefer reds, whites or a mix.
For more information on exhibiting at the event click here.
To register to attend the event for free click here.
From property agents to developers, architects, contractors, investors, PR firms, and more, see the list of current exhibitors here.New office and team growth for Loughborough coaching firm
Business coaching franchise ActionCOACH Loughborough has moved into new and bigger office space in The Heritage Building in Loughborough, Leicestershire.
Located in the heart of the Loughborough business community, the new office will provide much-needed and dedicated space for the team to deliver coaching, training and seminars, and will house ActionCOACH Loughborough employees.
The office includes a meeting and board room, which will be available for other businesses to hire out and use for company or team meetings, as well as additional spaces for co-working and the ability for people to hire a desk on a daily basis.
The business has been based in Loughborough since 2015 and the move follows a successful period of growth for the firm, which is led by Managing Director Matt Bull.
Matt said: “I am incredibly proud of the team and all we have achieved as a business over the past few years, and delighted to have moved into a new and bigger office space to operate in.
“We are part of a supportive business community in Loughborough and by providing office and meeting space for businesses, we hope to connect with more people and grow our relationships beyond Leicestershire.”
As well as the office move, personal growth has been achieved for a number of team members including business development executive Jake Kebble, who has been promoted to head of membership development – leading on key events for the business and growing its membership.
Jake started at ActionCOACH Loughborough in November 2021, as part of the Government’s six-month Kickstarter scheme, as a data analyst before being promoted into a BD role.
Coach Kerry Malster has also been promoted to membership manager, she will be looking after and managing all members, social events and ensuring the ActionCOACH Loughborough experience is world class. Kerry will also continue her role as a business coach.
Matt added: “As a close-knit team of ten, we are committed to investing in our team members and I’m delighted that Jake and Kerry have been promoted into new roles within the business. Jake in particular has had a fantastic journey with us and I’m proud to see him grow into a head of role.
“We recently hit our milestone of 50 clients and the goal for 2023 is to continue to grow our client base as well as support local talent and investment in the area. We want to expand our coaches, to serve the demand, and recruit apprentice level and young people to train them to be the next generation of coaches.”
Digitised smart energy networks could save billions in energy costs across the Midlands
As the energy crisis continues, a new Midlands Engine report finds that digitised smart energy networks could save billions in energy costs across the Midlands.
A new report from the Midlands Engine has put forward a plan for the Midlands to become the UK’s first Smart Energy Region, helping tackle both the cost-of-living crisis and climate change. The report, Smart Energy – An Energy System for the 21st Century, was co-authored by the Midlands Engine partnership, Siemens and the University of Birmingham. It calls for the accelerated digitisation of regional energy systems to usher in significant domestic energy savings, job creation, and support for the continued rollout of cheap, clean energy sources. Smart energy systems can include ‘microgrids’, electric vehicles and smart meters, and would use digital technologies and artificial intelligence to balance energy needs across a network. In the case of the Midlands, the report identifies opportunities for consumers and businesses to save up to £70bn in energy costs, while slashing hundreds of thousands of tonnes of CO2 emissions and establishing the region as a world leader in smart energy. This month the National Grid began trialling a scheme using smart meters to help customers access discounts by using less electricity at peak time. The Smart Energy report identifies opportunities for similar schemes for small businesses and electric vehicle charging and highlights ways in which interconnectivity and use of data can drive even greater efficiencies. It calls for a number of initial steps to set the region on the right path, including the rollout of large-scale Smart Energy Pathfinder projects, the creation of a regional energy data taskforce, and the formation of a smart energy skills programme. It highlights the need for public sector support for decentralised energy systems, especially through more local renewable energy generation. These steps would follow a number of regional smart energy projects that are already underway, including the University of Birmingham’s smart campus plan. Combined with the region’s scale of energy utilisation (the Midlands accounts for a sixth of Britain’s electricity and gas demand) and its ambition to reach net zero, the report says the region could become a smart energy exemplar. Lord Bilimoria, Chancellor of the University of Birmingham and President of the Confederation of British Industry, said of the report: “The UK energy system is changing at an unprecedented pace. The ongoing energy crisis has shown how crucial it is that we secure a robust domestic supply of cheap energy, as well as reinforce our commitment to net zero emissions by 2050. “Smart energy systems are a crucial step on the way to achieving these aims, while providing regional growth and supporting high-skilled jobs. It’s fantastic to see the Midlands leading the way in their development, with the University of Birmingham, Siemens and the Midlands Engine combining their expertise to make potentially transformative policy recommendations.” Sir John Peace, Chairman of the Midlands Engine partnership, said: “The Midlands Engine partnership is committed to growing our region’s economy while ensuring a net zero transition for the next generation. The exceptional work of partners to lay the groundwork for smart energy, combined with our world-leading research and manufacturing base, means we are well placed to build on our history of powering the UK by driving forward the implementation of smart energy systems. “Smart technologies will also make an immediate impact, enabling users to better manage energy demand at a time of high inflation.” A focus on smart energy follows numerous recent advancements in the green growth sector in the Midlands. The region was recently chosen to host the West Burton STEP fusion project and has been moving forward with its plans for a hydrogen technologies valley. These are all underpinned by the Midlands Engine’s ten-point plan for green growth, which has set out a roadmap for a 36% reduction in CO2 emissions from 2020 levels, while generating £24.2 billion GVA for the region’s economy by 2041.North Lincolnshire Business Centre snapped up in £14m acquisition run
A North Lincolnshire Business Centre has been bought by property investment and development company, Hurstwood Holdings in Manchester.
The Queensway Business Centre in Scunthorpe was previously owned by by Dean Property Group, and the recently Refurbished centre boasts 20,820 sq ft comprising 33 offices from 168 sq ft.
Hurstwood Holdings has added the hub to its portfolio as part of a recent £14 million acquisition run in recent weeks, taking its total spend on new properties this year to £35m.
In addition to the Queensway Business centre, the company has completed the purchase of five additional industrial and office properties, nationwide, which include:
- Vision Park in Peterborough: Six modern warehouses totalling 15,037 sq ft and set to undergo a refurbishment, providing flexible leasehold accommodation from 1,150-6,781 sq ft.
- Fraser House in Ipswich: A 16,409 sq ft multi-let office building on Museum Street in the town centre where Hurstwood already owns another building. The prominently located, period building is fully let to Savills (UK) Limited, Peopleplus, Netscout, Attwells and Brewin Dolphin.
- Bridge of Don Industrial Estate in Aberdeen: Comprising six warehouse units, totalling 30,470 sq ft and fully let with occupiers including Andrews Hydrographics.
- Mandale Triangle in Thornaby, Stockton-on-Tees: A 30,656 sq ft industrial building that is part vacant and part let to a Gym company.
- Kings Court in North Shields: Situated close to the town centre, this two-storey modern office building totals 78,577 sq ft, the majority of which is let as a courthouse to the Secretary of State, which has been in occupation for more than 20 years.
IDT achieves landmark carbon neutral accreditation
Ilkeston-based managed service provider IDT has achieved a significant environmental milestone – a whole two months ahead of schedule.IDT has been verified with Carbon Neutral + accreditation, which means the company is offsetting 25% more carbon than it is producing.The landmark marks a sustained, year-long effort by IDT to lessen its carbon footprint. The company has also started the process of changing its vehicle fleet to a complete EV and Plug-in Hybrids. This will be complete in the next six months.Other environmental work has included investing in the IDT head office, replacing the legacy lighting with up-to-date energy efficient LEDs throughout, as well as the expensive and inefficient electric office heating with air conditioning. IDT has also installed the latest roof insulation technology.IDT is also educating its staff by doing the simple, important things like turning off lights in rooms that are not used and unused equipment.Luke Draper, Managing Director of IDT, said: “For IDT, being sustainable is a priority for myself and co-founder James Cartwright, not because of how it is viewed or commercial pressure – but because it’s the right thing to do. Of course, our clients care that we’re carbon neutral. But if they didn’t, we still would be doing this.“As an IT MSP it’s going to sound silly, but we have actually reduced the amount of IT equipment we run and replaced old hardware with newer energy efficient upgrades. Having been completely cloud-based for the past three years we ensure our cloud partners who we use share the same ethos as us.“From a personal point of view I have two young boys and ensuring I am doing everything I can to lessen the impact my business has on our world and set an example for them is really important to me.”Luke says that IDT’s staff have reacted positively to the initiative.He added: “This is exactly what we hoped for as we are now classified as a Carbon Neutral + organisation. Working closely with carbonfootprint.com there were many different carbon offsetting projects, but we decided it would be nice to put back into the local area so we this year have backed the UK Tree Planting project and specifically focussed on the East Midlands.“Now that we have drawn a line in the sand and had it verified where we are today as a business, my plan is to year on year try to reduce and improve our impact on the world around us.”
Revenues soar at Leicester-headquartered luxury watch retailer
Leicester-headquartered luxury watch and jewellery group, Watches of Switzerland, has seen revenues soar in the first half of 2022 with a 31% increase in watch sales and 38% increase in jewellery sales taking group revenues to £765m.
Brian Duffy, Chief Executive Officer, said: “We are pleased to report another quarter of strong trading driven by broad based sales growth across our portfolio of world leading partner brands. Demand remained strong through the quarter and continues to exceed supply, with client registration lists extending as consumers respond to innovative new products, impactful marketing and elevated client service.
“The first half of the year has been a busy period of new showroom openings – including five showrooms at the iconic Battersea Power Station in London and additional mono-brand boutiques across the UK, US and now Europe – together with showroom refurbishments as we continue to invest to elevate the luxury experience for our clients.
“Our strong H1 performance underpins our full year guidance, which we have upgraded to reflect the benefit of foreign exchange movements. Looking ahead, we remain confident in our Long Range Plan objectives, supported by a strong pipeline of expansionary projects as we continue with our strategy of investing for growth.”
The Watches of Switzerland Group Foundation has now also approved charitable donations of £2.7 million to continue to support disadvantaged communities in both the UK and USVision for Grimsby town centre regeneration to go before planners
Plans for the transformation of Grimsby’s Riverhead Square in the town centre, next to the troubled Freshney Place shopping centre, will go before councillors at the Cabinet meeting next week.
The new design for the area, drawn up by Arup Landscape Design, incorporate input from local people through public consultation and, if approved, will be funded as one of the projects included in the Town Deal, with funding that was secured in 2020 and ring fenced for specific projects.
Public sentiment seems to point to “more green spaces and places to relax” and “social space around the water” and these comments helped create the vision for the revamped public area.
Councillors will consider the plans at next weeks cabinet meeting.
400 jobs lost as Next completes deal on e-commerce firm
Leicester-based retailer Next have snapped up troubled e-commerce company Made.com from administrators for an undisclosed sum.
The transaction however does not include its 600 strong workforce, many of whom are to be let go. Administrators state: “This [the deal] will sadly result in 320 redundancies across the business. In addition 79 employees who had resigned and were working their notice have been released with immediate effect. ”
Zelf Hussain, Rachael Wilkinson and Peter Dickens of PwC had been appointed as joint administrators of Made.com Design Ltd. The appointment was made as the high-value retail sector continues to be exposed to the current testing economic conditions.
Made.com is a British e-commerce company based in London that designs and sells furniture and home accessories online. The business has 573 permanent employees, with warehouses in the UK and Belgium, alongside offices and showrooms in London, Europe and Vietnam.
On appointment, the joint administrators completed a sale of the brand, website and intellectual property of Made.com to Next Retail Limited.
This transaction represents the best option available to generate returns for creditors as a whole, under severely limited timescales.
Close to 4500 customer orders in the UK and Europe which are already with carriers are being delivered. However, a large proportion of customer orders are still at origin in the Far East at various stages of production. Due to the impact of the business entering administration, these items cannot be completed and shipped to customers.
Zelf Hussain, joint administrator and partner, PwC, said: “The company is a casualty of the headwinds being faced by all retailers, but more heavily by those selling big-ticket products. A combination of factors including significant decline in consumer spending from cost of living pressures, rising import costs and continuing supply chain pressures has meant the business could no longer continue.
“It is with real regret that redundancies will need to be made. We would like to thank all the employees for their hard work. We will continue to support those affected at this difficult time, including assisting the HR team’s efforts to secure staff new roles. A small number of employees have been retained to support the orderly closure of the business.”
Nicola Thompson, Leo of Made.com said: “I would like to sincerely apologise to everyone – customers, employees, supplier partners, shareholders and all other stakeholders – impacted as a result of the business going into administration.
“Over the past months we have fought tooth and nail to rapidly re-size the cost base, re-engineer the sourcing and stock model, and try every possible avenue to raise fresh financing and avoid this outcome.
“Made is a much loved brand that was highly successful and well adapted, over many years, to a world of low inflation, stable consumer demand, reliable and cost efficient global supply chains and limited geo-political volatility.
“That world vanished, the business could not survive in its current iteration, and we could not pivot fast enough. The brand will now continue under new owners. I hope that a reconfigured Made will prove to be sustainable and will continue to be loved by customers.”
Rachael Wilkinson, joint administrator and director, PwC, added: “We understand those who have paid for products will be really concerned about receiving their items. The administration means many orders unfortunately cannot be fulfilled.”
Well-known truckers’ café changes hands
A well-known Northamptonshire restaurant used by truckers and motorists has changed hands in a freehold deal.
Jacks Hill Café and Truck Stop, at Watling Street, Towcester, was acquired by a private investor for an undisclosed sum in a competitive bidding situation, said Eamon Kennedy, executive partner and head of agency at Kirkby Diamond.
The prominent roadside site, which extends to 1.74-acres, has an extensive parking area which was previously used as a lorry park for up to 50 units and trailers. The site sits on the A5.
After acquiring the property on behalf of a longstanding client, Kirkby Diamond has now been appointed to market the property on a leasehold basis.
Eamon said: “Our client was very keen to acquire the Jacks Hill Café site as it presents a number of development opportunities, subject to planning. We were very pleased to conclude the deal on their behalf in a competitive bidding situation.
“The site has already attracted a lot of occupier interest due to its excellent location. Towcester is growing rapidly, with a planned residential extension to the south of the town. Work is also underway to create a bypass which will filter traffic around the town centre and unlock further expansion of the town.
“The site offers a wonderful business opportunity for companies that may be considering establishing or expanding their commercial operations.”
Precision People makes head of technical promotion
Precision People has promoted Anand Kakkad to head of technical.
Anand joined Precision People, based at the Meridian Business Park, in September 2018 as a team leader of the Maintenance division. Within fourteen months he built the team from two to six consultants, taking new recruits into high performers, and as a result, was promoted to divisional manager of the Technical Perm team.
Director Phil Walker said: “Anand manages the team how most managers don’t; which is by empowering, leading, and coaching, whilst working the hard yards himself. He also takes the time to have an interest in his people’s success and well-being. This makes him the most successful manager Precision has seen.”
This year, under his leadership, the Technical team of Permanent & Contract recruitment has created six promotions, progressing two senior recruiters into managing consultants and building a team with them.
Anand said: “After working at three different recruitment companies, I can firmly say at Precision People, we do things differently. Every business strategy is about people development and achieving individual and business goals together as a family.
“The next steps and progression are at the forefront of every conversation with our recruiters and managers. Without the support of Precision People as a whole, and my record-breaking team, none of this would be possible.”
Phil added: “At Precision, we hold progression at the top of our people development, every consultant has clear steps with measurables to get to the next level in their career, reviewed with them monthly.
“With a record-breaking year this year, we are well on course to grow the team by double within the next three years to forty people. To achieve that we need to have the right culture that champions progression. Those that make it into the management roles needed will benefit hugely both in their career and personally with rewards that are unique to Precision.”
Timms team celebrates title
The wills and probate team at law firm Timms Solicitors has been named the best in the region.
The firm was named Midlands Solicitor Firm of the Year in the British Wills and Probate Awards, which were recently held in Birmingham.
The team received the award in recognition of all round excellence, client engagement, technology transformation, commitment to staff development and providing an outstanding service to the local community.
Managing Partner Fiona Moffat said: “We are delighted that the wills and probate team have been recognised with this prestigious award.
“We have been serving our community and clients from our high street bases for more than 130 years and, under the leadership of Jo Robinson, our established wills and probate team has gone from strength to strength.
“We are committed to investing in all of our staff and as a result we are able to provide an exceptional service to our clients.”
Digital transformation firm acquires Nottingham business
OSF Digital, a provider of digital transformation services, has acquired Oegen Ltd., a Nottingham-based Salesforce consulting firm.
OSF Digital, which has over 2,200 employees and 49 offices worldwide, is acquiring Oegen to quickly establish a Salesforce Experience Cloud team in the UK region and expand the multi-cloud center of excellence and delivery team in the UK and EMEA.
The terms of the deal are not being disclosed.
Oegen has expertise in Salesforce Marketing Cloud Account Engagement, Service, Sales Cloud, and B2B Commerce with a focus on the financial and business services, education, and non-profit sectors. Customers include major UK high street banks as well as global education and charitable foundations.
“This acquisition will help to deepen our customer relationships in EMEA in many verticals,” said Gerard (Gerry) Szatvanyi, CEO of OSF Digital. “We are serious about further strengthening our Salesforce multi-cloud services globally. Oegen’s agility and commitment to excellence align very well with OSF’s values and mission.”
“We’re pleased to join OSF Digital’s growing team,” said Pete Fells, Managing Director & founder of Oegen Ltd. “Together with OSF, we’ll continue to deliver comprehensive digital transformation and user experience excellence to a vast customer base in several verticals in the UK and EMEA.”
Award winning entrepreneur joins Purpose Media
Award-winning entrepreneur Amanda Strong has joined full service marketing agency Purpose Media as a partnership manager.
For 33 years, Amanda was the owner of Mercia Image Print during which she won entrepreneur of the year and outstanding female entrepreneur of the year. The company won Small Business of the Year and various printing industry related awards. She is a trustee at Children First Derby, an ambassador of Safe and Sound and also on the committee of Derby’s Finest which aims to support and inspire ladies in Derbyshire and to gain the recognition they deserve.
Having recently sold Mercia Image Print she intends to use her time, experience and connections to create business opportunities for other local businesses.
In her new role, Amanda will be introducing Purpose Media to her network and explaining the benefits of partnering together for mutual benefit.
She said: “Because of their reputation I have always trusted and respected Purpose Media. I am delighted to be offered this role as I have absolute confidence in their ability to deliver services and advice that will help businesses to grow.”
Grace Golden, head of Client Services, added: “Amanda has a wealth of experience and is highly respected by the business community due to the success she has enjoyed as a business owner. She will be a great asset and brings many complimentary skills to our team.”
Purpose Media Managing Director Matt Wheatcroft added: “I have known Amanda for many years and we have always got on so it seemed a natural progression to invite her to join our team given the ambitions she has to connect businesses with likeminded needs.”
Greater Lincolnshire LEP to focus on ‘four game changing sectors’ at annual conference
The Greater Lincolnshire Local Enterprise’s annual conference, which takes place this week, will will focus on Greater Lincolnshire’s four game-changing sectors – energy, UK Food Valley, defence, and ports & logistics.
The organisers have also brought together a line-up of high-calibre speakers who will lead an in-depth discussion on the day and provide an opportunity for business leaders to pose questions and share views at a time of challenge and unique opportunities for growth.
Pat Doody, Chair of the Greater Lincolnshire LEP, said: “Everyone is really looking forward to getting together on Thursday and unpacking our four game-changing sectors.
“The event is free to attend and places are being booked up fast.
“Those attending will be treated to an enlightening discussion about some of the opportunities which have the potential to transform the economy of Greater Lincolnshire.”
Greater Lincolnshire – Leading the Way takes place from 8.30am until 1pm on Thursday 10th November 2022. Register for your free ticket to the conference by visiting the Eventbrite page.
We are also welcoming strategic partners in an exhibition this year showcasing some of our collaborative projects and programmes.
SourceBio unveils plans to go private to accelerate growth
In a new trading update, SourceBio International has revealed plans to delist from the AIM market of the London Stock Exchange.
The Nottingham-based provider of laboratory services says its board has conducted a review of the benefits and drawbacks to the company retaining its listing on AIM and maintaining its existing corporate structure.
Subject to shareholder approval, the firm believes that the cancellation would be in the best interests of the company and its shareholders as a whole.
Reasons noted by the business include that while one of the main benefits of a company being on AIM is the potential to issue new shares to raise additional funds for investment or to issue new shares as consideration for acquisitions, the company has been unable to raise money at what the directors believe to be a fair valuation and, due to the low liquidity, the shares do not represent an attractive currency.Further, the board believes that the company’s current share price does not accurately reflect the future potential of the business.
The group also believes that as a private business corporate development and restructuring needed to drive and develop growth may be executed faster and more nimbly, and that it would be able to command a much higher valuation for the business on eventual exit, serving in the best interest of shareholders.SourceBio estimates that it could save annualised costs of £600,000 per year in the move.
In conjunction with the cancellation, the company is planning a tender offer at a price of 115 pence per ordinary share to certain shareholders. It is expected that over half of issued shares will be purchased and the firm says it is in advanced discussions to secure the necessary financing for the tender offer.
The news comes as revenues from SourceBio’s three core business units (Healthcare Diagnostics, Genomics and Stability Storage) continue to perform well, as they did in the first half of the year, with all business units showing growth on last year. Jay LeCoque, executive chairman, said: “We continue to be encouraged with progress and growth delivered across our three core business units. Our operational focus remains the continued expansion and scale-up of Cellular Pathology and Digital Pathology volumes through the rest of the year and beyond. “We are confident that we can potentially grow the business faster as a private company and look forward to providing fuller details in due course.”Ideagen appoints chief corporate development officer
Global expansion has led to Nottinghamshire software company Ideagen strengthening its leadership team with the appointment of Paul Carter as chief corporate development officer.
With over two decades’ experience leading corporate development teams for several FTSE-100 and Fortune 500 companies, Paul will lead Ideagen’s acquisition strategy.
Ideagen CEO, Ben Dorks, said: “I’m delighted to welcome Paul to the Ideagen executive team. He’s exactly the person we need to continue our growth trajectory and strengthen the Ideagen product portfolio for our customers.
“Paul is a well-regarded strategist with deep industry experience at blue chip organisations. His proven track record of evaluating, negotiating and executing acquisition opportunities will play a key role in helping us accelerate faster, serve customers better and scale our business.”
Having most recently served as global head of corporate development at cyber security software company Avast, Paul brings a wealth of experience within the financial services, data, technology and business services sectors. Prior to this, he held senior corporate development roles at the London Stock Exchange Group, Experian and Dun & Bradstreet.
A graduate of The University of Birmingham and Henley Business School, Paul qualified as a chartered accountant with Coopers & Lybrand before focusing on corporate development. He brings to Ideagen extensive experience in M&A planning, research, due diligence, closing and implementation having led the full process of more than 100 acquisitions, disposals and joint ventures, across most major world economies.
Speaking about his new role, Paul said: “I am very excited to be joining the Ideagen team at this stage in its journey in becoming a world leading software company helping our customers manage complex quality, risk, audit and compliance needs in highly regulated industries.
“Ben and the team have already seen incredible growth and we’re well positioned to unlock more opportunities that enable the business to fulfil our vision. I am confident that we can meet our growth expectations to support greater numbers of customers with an increased range of solutions.”
In October, Ideagen announced its 27th acquisition and the second of 2022 – health and safety solution company, ProcessMap.
Major trade-counter brands expand in Ashbourne
Two major tool, accessories, and hardware retailers have moved in at Ashbourne’s Waterside Park.
National brands Screwfix and Toolstation have taken over the former Countrywide Country Store in a double deal, brokered by Salloway Property Consultants.
The deal comes after planning permission was granted to allow the building to be split into two 4,400 sq ft units and for the permitted use to be changed.
Salloway’s Hugo Beresford, who represented the landlord, said: “We had a tenant lined up to take the whole building but the deal failed to materialise and so I advised my client that splitting the space was the way to go. Once that decision had been made, terms were quickly agreed with both occupiers.”
Beresford added: “The planning process was not straight-forward but permission came through and I’m delighted to have been able to secure two high quality tenants for our client.”
Richard Pigott (Planning & Design Practice Ltd) represented the Landlord in respect of the planning application and Sharon Lowe (Geldards LLP) in respect of the lease documentation.
Next makes Made.com swoop after online furniture retailer’s collapse
Leicester-headquartered retailer Next has swooped for the brand, website and IP of online furniture firm Made.com.
It comes after Made.com’s operating subsidiary’s collapse, appointing PWC as administrators.
In a statement to the London Stock Exchange, Susanne Given, chair of Made, said: “Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders.
“We appreciate and deeply regret the frustration that MDL going into administration will have caused for everyone.”
The company had attempted to find a buyer, though talks failed.
In interim results for the six months to 30 June 2022, when the firm faced a significant reduction in demand, supply chain problems and the cost of living squeeze following a boom in the pandemic, Made’s losses before tax widened to £35.3m, compared to a loss of £10.1m in the same period in 2021. Revenue meanwhile grew to £178m from £171m.
Nottingham Trent University calls on construction supply chain to become Innovation Champions
A programme to help tackle the productivity challenge in the construction industry is calling on smaller firms to lead the way for change.
Innovation Driven Procurement (IDP), a fully funded programme for SME and Micro-business Owners in the supply chain, has launched an initiative to create 40 Innovation Champions to solve problems within their business relating to productivity and inspire others to do the same.
Applications to receive this valuable support are open to all UK contractor’s supply chain.
Limited places are now available online, where business owners can receive one-to-one coaching and mentoring to do an innovation project and receive the kudos of being an Innovation Champion.
With the construction industry lagging behind other areas of the economy, the initiative was created with a focus on improving productivity, profits, relationships and projects.
The IDP is the brainchild of Nottingham Trent University and Morgan Sindall Construction, supported by Construction Coach with funding from the Construction Industry Training Board (CITB).
Maria Coulter, founder of Construction Coach, said: “It’s vitally important that initiatives such as our Innovation Champion programme are taken up by businesses in order to drive the change that will help our industry achieve long term sustainability. By tailoring this opportunity specifically for firms in the supply chain, we are equipping people with the tools and skills needed to make a difference from the bottom up whilst inspiring others.
“Our cohort of 40 Innovation Champions will gain access to free skills and resources which will not only benefit their businesses but help to inspire others within construction. It’s a challenging time for the industry so we strongly encourage as many people as possible to invest time with the programme.”
Dr Emmanuel Manu is an associate professor in Quantity Surveying and Project Management at the School of Architecture, Design and the Built Environment at Nottingham Trent University, said: “This is another exciting step for the IDP after we launched online training for the supply chain and The IDP Community earlier this year. We are looking forward to working with our delivery partners on this next step, which we hope will go some way to addressing some of the challenges within the construction industry.
“We are placing power in the hands of the smaller firms to promote innovation within the industry. This will strengthen the working relationships between all parties, enabling the development of better on-site processes and business solutions for improved productivity and profitability, helping to encourage innovation to solve on-site and business challenges.”
So far, the programme has been implemented by multiple businesses with proven success. In one example, subcontractors were able to achieve shorter delivery times and minimise risks on site after engaging with training and implementing innovation and early engagement.
Short CPD modules have been developed with construction supply chain businesses with the aim to streamline construction practices, flushing out potential problems before they arise and generally taking a more collaborative, communicative approach to encourage innovation from the outset. Modules include Collaborative Behaviours, Collaborative Design and the Supply Chain, Collaborative Risk Management using Flow Walks, Innovation and Value in the Supply Chain.
The IDP is also launching an app this month for site workers to be able to access the CPD modules whilst ‘on the go’, a method relatively unheard of in the industry. The aim is to improve accessibility and remove barriers such as lack of computers on-site and time constraints. It will be available to download on the Apple and Android store.
