Plans submitted for 250,000 sq ft bioscience building at Nottingham’s Island Quarter

Tess Egginton
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Plans submitted for 250,000 sq ft bioscience building at Nottingham’s Island Quarter

A detailed application for the next phase of The Island Quarter mixed-use development in Nottingham has been submitted by Conygar.

The plans comprise a 249,000 sq ft bioscience building, which includes both laboratory and office space.

Christopher Ware, property director of Conygar, said: “We are delighted to submit this application for the next phase of development.

“Nottingham is already home to a large number of exciting businesses in the bioscience space and this scheme will be an excellent addition to the mixed-use development we are creating at The Island Quarter.”

Two more retail units open at £30m development in Nottingham

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Two more retail units open at £30m development in Nottingham
Two more retail units have opened at a £30 million mixed-use development in Nottingham which is nearing completion. Birds Bakery’s latest outlet is trading at Teal Park, off the Colwick Loop Road in Netherfield, which has been jointly developed by Warwickshire-based AC Lloyd Commercial (ACL) and Nottingham-based Henry Davidson Developments (HDD). Valley CiDS charity shop, which supports children, young people and families through its out-reach work in schools and the wider community, is planning to open its 2,000 sq ft premises in the countdown to Christmas. This will be followed in the New Year by Pizza Triangle opening its first restaurant in the city. The business already has restaurants in Newcastle-under-Lyme, Solihull and Walsall. Mark Edwards, Managing Director at AC Lloyd Commercial, said Teal Park was proving to be a huge success for businesses from a wide range of sectors. He said: “It is great the economy is being boosted by the opening of these retail units. Aldi opened in August and the addition of the new retail units will mean they help each other to thrive. “The area is a hive of activity and the Local Centre is providing amenities for residents on their doorstep which they can walk or cycle to which is good news for the environment as well.” Richard Croft, director at HDD, added: “We are delighted the Local Centre is fully let and that we have a mix of local and national occupiers across Teal Park. “Teal Park is going from strength to strength and is adding to the retail mix of this popular area of Nottingham.”

PKF Smith Cooper’s Fire & Security specialists assist Duke Royalty on £5m funding into sector consolidator New Path

Michael Fisher
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PKF Smith Cooper’s Fire & Security specialists assist Duke Royalty on £5m funding into sector consolidator New Path
International alternative capital solutions provider Duke Royalty has provided £5 million debt royalty financing to New Path Fire and Security (New Path), an investment holding company operating in the UK&I fire and security (“F&S”) sector. The funding agreement also involved Duke Royalty becoming a 15% shareholder in New Path, and agreeing a total funding commitment of up to £20 million to support New Path’s buy-and-build strategy across the UK. Duke Royalty turned to PKF SC Corporate Finance to support its first deal in the F&S sector due to the PKF team’s growing specialism and expertise in the sector. PKF’s role was to undertake a comprehensive commercial diligence exercise on New Path, its position in the market, and the wider F&S market. PKF has developed a significant specialism in the F&S market in recent years, its track record including assisting integrated security and fire safety solutions specialist, Total Integrated Solutions, in securing investment from private equity house Key Capital Partners. New Path is a fast-growing investment platform, focused on acquiring independent fire safety and security companies throughout the South of England. Its group companies cover all aspects of fire safety including installation, maintenance, servicing, testing and monitoring, and a variety of security services, including CCTV and door entry systems. New Path has acquired seven businesses since it was established in 2020, and the £5 million funding from Duke Royalty will fund a further two acquisitions which are currently at advanced stages in New Path’s pipeline. Commenting on the deal and PKF’s role, Alex Hibbard, Vice President at Duke Royalty, said: “Duke is excited to be partnering with New Path to support their buy and build strategy; we look forward to helping them to continue consolidating a mission-critical sector. Duke looked to the PKF Smith Cooper CF team for a review of the sectors and sub-sectors that New Path operates in, addressing a detailed scope with well-researched analysis, delivered in a short time window. We were happy with their insightful output, which was delivered within our timeframe.” James Ward, Corporate Finance Director at PKF Smith Cooper and leader of the F&S team, said: “It’s been a privilege to assist Duke Royalty in making its first funding transaction in the F&S sector; they recognised the potential of New Path’s plan to create a group of specialist F&S businesses with a diverse service offering in the highly fragmented F&S sector. Duke’s funding package will enable New Path to complete on two deals in advanced stages of negotiation, and to continue their expansion thereafter. We wish New Path’s management and Duke Royalty, with which we’ve worked on two previous transactions, every success with their strategy.” PKF Smith Cooper is an award-winning advisory and accountancy firm; PKF Smith Cooper’s Corporate Finance team was crowned ‘SME Advisory Team of the Year’ at Insider’s 2022 Midlands Dealmakers Awards this Autumn.

Springbourne Homes nets plethora of awards

Michael Fisher
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Springbourne Homes nets plethora of awards
It’s been a stunning, award-winning year for Leicestershire developer Springbourne Homes. The Market Bosworth based business has scooped five top industry prizes for its spectacular Hornsey Rise site in Bosworth Road, Wellsborough. Springbourne chairman Adrian Burr collected  a prestigious What House? Award last month to complete a fistful of trophies for the flourishing firm, including three coveted Five Star awards at the UK Property Awards. A delighted Adrian said: “It’s been our best ever year for awards and everyone at Springbourne is thrilled that we’ve collected so many top honours. “The most pleasing aspect is that they’re all industry awards, judged by our fellow professionals, which makes them the ultimate accolade. “It’s a ringing endorsement of the high standards we set ourselves and the top quality homes we deliver. “I always said Hornsey Rise was the jewel in the crown of the Springbourne portfolio and the awards are certainly glittering now in the boardroom!” Hornsey Rise is a select development of 19 luxury homes on a ten acre site surrounded by amazing countryside views. At the UK Property Awards it was acknowledged as “Best in the UK for Architecture”,  “Best in the East Midlands for Architecture” and named the “Best Residential Development in Leicestershire”.

Revenue to be lower and losses higher than expected at Light Science Technologies

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Revenue to be lower and losses higher than expected at Light Science Technologies
Revenue is expected to be below market expectations while loss before tax is expected to be higher than anticipated for the year ending 30 November 2022 at Derbyshire-based Light Science Technologies. In a new trading update, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group said that while group revenue grew by approximately 10.5% in the year, this is around 13% below market expectations. Group loss before tax meanwhile is anticipated to be approximately £850k higher than market expectations. It comes as a result of a positive sales pipeline being negated by an elongation of the sales cycle, predominantly driven by input inflation experienced by growers which cannot currently be passed on to customers, leading to growers delaying capital expenditure. Additionally, gross margins at the group’s CEM division have been diluted through the second half of the year, driven by significant price volatility in the global electronics component market. The group was anticipating certain revenue streams materialising before 30 November 2022, which would have delivered financials in line with market forecasts for the period. However, these have been delayed. These revenue streams are now expected to materialise next year.

Global cannabis company acquires Nottingham firm

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Global cannabis company acquires Nottingham firm
Nottingham-based BCM Specials Ltd, the Specials manufacturer in the UK owned by Fareva, has been acquired by global medical cannabis business, Avida Global Ltd. The new company, Avida Medical, will manufacture and distribute medicinal cannabis products in the UK, in addition to servicing the existing Specials business. Avida Medical will remain in the D10 Building, Thane Road, Beeston before relocating to a new site in Nottingham later next year. Avida Medical will be headed up by Paul Parkinson, chief operations officer, MD and head of UK operations at Avida Global. Neil Bashforth, general manager at BCM Specials will assume the role of Managing Director, Avida Medical. All 50 BCM Specials employees will transfer across to the new business. This acquisition gives Avida Global the accreditation and complete set of licenses required to import, manufacture and distribute medicinal cannabis products in the UK for the human and veterinary market, thereby surpassing this lengthy, complicated and costly process. David Kirby, Chief Executive Officer at Avida Global, said: “This transformative acquisition is incredibly exciting and gives us extraordinary potential as a business, giving us immediate access to the UK medical cannabis market, home to one of the largest patient populations using cannabis in Europe. “Our primary driver has always been to bring quality to life and we are committed to supplying the highest quality products, working with partners to create new innovative cannabis-based medicines and helping to improve patient access.”

Stepnell opens new Beeston office

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Stepnell opens new Beeston office
Stepnell has opened a new Beeston office, replacing the construction firm’s former Nottingham office located on the nearby Eldon Business Park. The new 3,800 sq ft office has been designed with CPMG Architects to ensure that the growing East Midlands team – including newly appointed social value roles – can all work together across one floor, as well as provide sufficient space to facilitate team training and meetings. Showers, more car parking and bike storage have also been added, and infrastructure for electric vehicle charging points. Tom Sewell, director at Stepnell, said: “It’s great to have finally moved into our newly designed space after months of hard work. We had a clear vision of what we wanted the office to provide, including presentation and training areas that will enable us to upskill our teams and continue their professional development. “We are also pleased to have been able to put staff first by choosing an office in close proximity to our previous location, which was done to ensure that staff could continue to benefit from similar commuting times and all the area has to offer. This is in addition to being an excellent base for a number of several important projects in the region.” Tom Wakeford, Managing Director at Stepnell, said: “We aim to give colleagues a fantastic experience and therefore we want great environments for them to work in.” Ruth Evans, associate interior designer at CPMG Architects, said: “Having supported Stepnell on a variety of projects over the years, we welcomed the opportunity to help with the delivery of their new office space. They had a very clear vision of what they wanted, and they’ve been a great team to work with. The fitout team have shown fantastic attention to detail throughout and we’re delighted with the result.”

Jobs saved as Joules snapped up by joint venture between its founder and NEXT

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Jobs saved as Joules snapped up by joint venture between its founder and NEXT
The joint administrators of Joules Group plc and Joules Limited have sold the majority of the business and assets to a newly formed company which is a joint venture set up by NEXT and Joules founder Tom Joule. In addition, NEXT has acquired the Joules head office in Market Harborough. The new company has acquired around 100 Joules stores, with approximately 1,450 employees across these stores and head office transferring as part of the transaction. 19 stores are not part of the transaction and will be closed with immediate effect. 133 redundancies have therefore been made. Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators of Joules Group plc and Joules Limited on 16 November 2022. Will Wright, head of Restructuring at Interpath Advisory and joint administrator, said: “Following a highly competitive process, we are pleased to have concluded this transaction which secures the future of this great British brand, as well as safeguarding a significant number of jobs. “To have achieved this in such a short timetable is testament to the support we’ve received from employees, suppliers and other key stakeholders throughout the administration process, so we’d like to express our profound thanks to everyone involved.”

New law firm welcomes first new partner

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New law firm welcomes first new partner
New specialist law firm Michael Cummins Employment Solicitors has welcomed its first new partner, Fabienne McAllister. Fabienne has moved from her role as a partner at Knights to join the growing venture launched by Michael Cummins. It’s a reunion for Michael and Fabienne, who worked together at Knights following its acquisitions of their previous firms – Cummins Solicitors and Emms Gilmore Liberson. Bilingual in French and English, Fabienne will work alongside Michael and the rest of the team at the Leicestershire-based legal firm, providing employers with advice and representation on all aspects of employment law. Fabienne said: “It’s exciting to be involved in the early days of this new venture. I am enjoying being part of a small team as it grows. Michael is a very collaborative person and an ethos of the firm is to enable flexibility and autonomy. “I was previously based in Birmingham, so it is also great to be meeting lots of new clients in the East Midlands and beyond.” Fabienne qualified in 2002 and has specialised in employment law since 2008, developing on her early work in commercial litigation at the international law firm Ashurst in London and Paris before moving back home to work in the Midlands. She said: “I really enjoy employment law as it has a real human interest to it, it affects everyone in some way, and people and how they are treated are key to any organisation’s success. “It is also a constantly evolving field, with new case law and new trends in employment. In the last couple of years, we’ve had furlough to deal with and now there are new hybrid and agile working patterns and the prospect of industrial action in many more workplaces than has been the case for many years. “Helping employers navigate those new challenges is at the heart of what we do, as there are always fresh developments in the workplace and how people work.” Michael Cummins said: “We are very pleased indeed to have attracted a new partner of Fabienne’s calibre. Her extensive experience, including at the Employment Tribunal, and her commitment to providing outstanding service will be of great value to our clients. “Our new business has great growth potential and we will be looking to recruit more colleagues at various stages of their careers.”

SureScreen appoints new CEO

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SureScreen appoints new CEO
A manufacturer of diagnostic testing kits has appointed a new Chief Executive to drive its operations and deliver new innovations designed to tackle the world’s latest health crises. Derby-based SureScreen Diagnostics says the appointment of Andrew Wilcher in the CEO role is a significant development that will pave the way for further growth following strong performance over the past two years. The company was established in 1996 and has long been at the forefront of medical testing in the UK, and Andrew’s appointment follows a significant investment in state-of-the-art manufacturing facilities in at Sherwood Business Park at Annersley, near Hucknall, which will act as a platform for future diagnostics. Recent new developments include a 10-minute lateral flow test for Mpox – the World Health Organisation’s new recommended name for Monkeypox – and the first UK-approved lateral flow test to detect both flu and COVID at the same time. Andrew has worked in healthcare for his whole career, spanning pharmaceutical and medical device sectors before joining SureScreen. He said: “Over the years, SureScreen has proven itself to be at the cutting edge of research and development when it comes to diagnostic technology, and I am thrilled to be joining as Chief Executive at such an important and exciting time. “Rapid result tests have got a huge part to play in ensuring the healthcare systems such as the NHS can continue to respond to the needs of the patients because they are able to give immediate diagnoses and markers without the need to send samples to labs, which would save a huge amount of time and money each year, not least in critical care settings such as accident and emergency departments. “My role will be to ensure the company builds on the strong platform it has established over the past years while exploring new ways to create synergy with other areas of the business in order to offer solutions to assist clinical decisions.” SureScreen director David Campbell, who runs the company alongside his brothers, Alastair and Alex, said: “We are delighted to be working with Andrew to build on our 25-year history. “Andrew has extensive experience in healthcare which will allow us to continue to innovate and supply those most at need with reliable and cost-effective tests.”

Access PaySuite strengthens payments offering with acquisition

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Access PaySuite strengthens payments offering with acquisition
Access PaySuite, a division of Loughborough-headquartered The Access Group, has acquired Pay360, one of the UK’s leading providers of credit card and payments facilitation services to the UK public and private sector. Pay360 has been providing secure payment services to a range of customers across the public and private sectors for more than 20 years. With significant experience in the public sector, the acquisition represents major growth potential for Access PaySuite as consumers increasingly demand digitised services. The deal will strengthen Access PaySuite’s payments processing capabilities by adding card payments and Payment Facilitation (PayFac) to its existing payments solutions.Commenting on the acquisition, Andrea Dunlop, Managing Director of Access PaySuite, said: “Pay360 joining Access PaySuite is further evidence of our commitment to invest in innovative payment solutions that give businesses and organisations the confidence that they have a credible, secure and scalable payments partner.“As well as expanding our expertise and capability to enter new markets, Pay360 complements the Access Group’s existing footprint, and our customers across the public and private sector can take advantage of our enhanced, best-of-breed payments solutions.“The Access Group has a long and proud track record of investing in the companies we acquire. Bringing great people, as well as great technology, into Access PaySuite was a major consideration for us. I am confident that there is a great cultural fit between the two companies, and we’re committed to improving customer success and product development to become the payments provider of choice for current and future customers.”Stephen Ferry, MD of Pay360, said: “We are delighted that Pay360 is joining the Access family. It provides a strong platform for the company to grow and prosper further. With complementary products and a shared vision, the acquisition will enable the enlarged payments division to really drive forward innovation and customer excellence to the  benefits of our customer base.“We look forward to working with our new owners to support and accelerate innovation within our combined product portfolio to ensure our payments can continue to support the needs and requirements of our customers today and tomorrow.”

Derbion reveals ambitious city centre masterplan

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Derbion reveals ambitious city centre masterplan
Derbion has lifted the lid on ambitious plans to transform a large part of the city centre. The leisure and retail destination has unveiled proposals, which could see 1,250 homes built across two sites – the Eagle Quarter, made up of the current Eagle Market and Derby Theatre, and Bradshaw Way Retail Park. The emerging plans also include new shops, offices and public space. Phase one of the Eagle Quarter development forms part of the Eastern Gateway scheme, planning for which was lodged recently with Derby City Council. The Eastern Gateway aims to improve public access to the city centre from Derby bus station, build a new entrance to Derbion on East Street, add additional shops and leisure outlets and create a new public boulevard. Beth McDonald, commercial director at Derbion, said: “We believe that increasing the mix of uses across both the Eagle Quarter and Bradshaw Way sites would improve the vitality of the city centre, increase connectivity and encourage people to actively enjoy and engage with the developing spaces, creating a more attractive gateway experience for visitors.” According to Derbion, the masterplan is designed to deliver a framework for longer-term development over the next 10 years and beyond. The proposals aim to support the existing Derbion retail and leisure centre – and its significant position in Derby city centre. This could include new homes and commercial uses alongside new public spaces and walkable streets that will integrate both sites with the rest of Derby city centre and improve connections with the River Derwent. Derbion said its plans reflect the increase in demand for more residential development and the city council’s vision to provide an additional 11,000 new homes throughout the city. Plans for the Eagle Quarter show the potential to introduce a number of taller residential buildings that could provide up to 850 homes, with new food and beverage, leisure and other activity at ground floor level. At Bradshaw Way, the masterplan highlights an opportunity to transform the gateway site by providing up to 400 new homes and 5,000 sq metres of office space around new public spaces, and to improve connections to the Nightingale Quarter. Beth McDonald said: “Over the past two years Derbion has gone from strength to strength attracting a raft of high-profile brands and investing in new customer experiences, including the £2 million refurbishment of our Food Terrace. “While the centre continues to evolve as a major retail and leisure destination, it’s important that we also look further ahead across the whole of our footprint to ensure that Derbion can fulfil its potential in the heart of the city. “Our masterplan is the starting point for us to explore future opportunities over the next 10 years and beyond that will benefit both Derbion and the ongoing regeneration of Derby city centre.” Welcoming the masterplan, John Forkin, Managing Director of Marketing Derby, said: “The Derbion plans, and associated investment, form a significant part of the repurposing of Derby city centre and can be seen as another vote of confidence in its future. “The Eastern Gateway will bring a much-needed transformation to the area around the bus station – and the Eagle Quarter further develops Derby’s city living offer. “It’s also good to see that serious thought is being given to developing Bradshaw Way, better reflecting its high profile, central location.”

Recycling technology leader opens new research and development labs at Loughborough University

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Recycling technology leader opens new research and development labs at Loughborough University
Plastic Energy, a global leader in chemical recycling technology, has opened new research and development labs at Loughborough University. This builds on the company’s impactful research partnership with the University which began in 2012 to accelerate the innovative process to help prevent plastic waste, transforming previously unrecyclable plastic waste into a valuable resource. Building capability and attracting skilled research and technical staff, Plastic Energy’s research team has grown from the laboratory space it shared with the University’s chemistry researchers into a suite of specialist labs and a dedicated office space on Loughborough University Science and Enterprise Park (LUSEP). LUSEP will be the hub for Plastic Energy’s work on further development and optimisation of its unique chemical recycling technology. The research team will use state of the art equipment in the new labs to test feedstock and improve the quality of the final product from Plastic Energy’s TAC™ process, called TACOIL™. Plastic Energy leadership and research teams, and key stakeholders at Loughborough University gathered for the official opening event which included a tour of the labs and demonstration of current R&D projects. “LUSEP is an excellent base for Plastic Energy to continue leading the way to help create a circular economy where plastics are re-used repeatedly, for good,” said Steve Christie, Loughborough University’s professor of Chemical Technologies. “Co-located with the University’s net zero and sustainability research capabilities, I look forward to us continuing working together to realize this shared goal.” “After a decade of collaboration with Loughborough University, we are delighted to formally open our new Plastic Energy labs and office space at LUSEP,” said David McNamara, chief technology officer at Plastic Energy. “This will provide a base for our research team to continue their invaluable work on our technology and act us a hub for internal and external visitors. We are grateful to Loughborough University for their continued support.” Alex Owen, Loughborough University chief financial officer and LUSEP lead, says: “Leading the field in the transition to a low-carbon circular economy for plastics, Plastic Energy are a valuable addition to LUSEP’s largest and most established cluster, Energy and Low Carbon. “With its distinctive added value of the University’s knowledge base and high calibre graduate workforce, I am confident that LUSEP will be a supportive base for Plastic Energy’s R&D team to flourish. I wish them every success.”

Nottingham e-mobility business to lead project reviewing city’s approach to greening businesses’ supply chains

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Nottingham e-mobility business to lead project reviewing city’s approach to greening businesses’ supply chains
Nottingham-based e-mobility business, Ottr, have been invited by the Nottingham Green Partnership to lead a project to review the city’s approach to greening businesses’ supply chains and procurement processes to help achieve Nottingham’s ambition of being carbon neutral by 2028 (CN28). The Nottingham Green Partnership, a group of over 20 public and private sector organisations, has been working to help the city to be more sustainable and reduce its carbon dioxide emissions since 1992. CN28 is Nottingham’s action plan to help achieve a resilient and sustainable carbon neutral city by 2028. The plan spans: carbon reduction measures; carbon removal; resilience and adaption; and ecology and biodiversity. To date, the city has reduced its overall CO2 emissions per capita by 57.7% which is the highest reduction of any core UK city. Furthermore, if the plans are successful, Nottingham will be Europe’s first carbon neutral city. Ottr’s involvement in the project is born from the values at the heart of the company: to contribute to a more sustainable and environmentally conscious future by creating innovative technology to harness renewable energy through their fleet of electric vehicles. The brand’s point of difference is that they are actively encouraging and supporting local communities and business to swap their daily car commute for an e-bike or e-moped and their work with Nottingham City Council is yet another example of this. Ottr became part of the City’s Green Partnership earlier this year and as CEO of Ottr, David Bothwell explains: “We are working with the City Council and other organisations across the city to progress their impressive plans and work out how we, and other businesses striking the same chord, are best placed to help. “The plan that we at Ottr have in place to reduce our own carbon footprint within supply chain and procurement is something we’re very proud of and we are consequently well placed and well versed to advise other local business on how to achieve similar goals.” Chris Common, Carbon Neutral Policy Manager at the City Council, added: “We have big ambitions to achieve CN28 and become Europe’s first carbon neutral city. But the City Council can’t do it alone and businesses like Ottr give us the support and collaboration we need to bring other local businesses on this journey with us.”

Dice Environmental makes significant appointments

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Dice Environmental makes significant appointments
East Midlands-based Dice Environmental has appointed two new acoustic specialists to its team. The company, which launched earlier this year, has experienced considerable growth. It now further strengthens its team and service offering with Jonathan Riley appointed as head of acoustics and Claire Starley supporting him as senior acoustic consultant. Both have a proven track record in environmental and architectural acoustics with Jonathan having worked across sectors including residential, commercial, industrial, energy, education, healthcare, entertainment, and leisure. Claire’s specialism is in large-scale road and rail schemes, construction modeling and permitting. These appointments further add to Dice Environmental’s existing team of expert geo-environmental consultants, and expands the company’s service offering. It has ambitious plans for the future with an exciting year two coming up. Jake Bayne, director at Dice Environmental, said: “We could not be happier with how the first year has progressed. We’ve grown the team in less than a year to a level which has exceeded all of our expectations. “The appointments of Jonathan and Claire are important ones for us. When we launched Dice Environmental, we knew there was a demand for quality environmental services such as contaminated land investigations and acoustic assessments from our existing client base, but that demand has been much higher than we planned for. “These significant appointments signal how serious we are about growing this arm of the business, and by recruiting acoustics specialists, enable us to boost our pre-planning services offering. “As for the future, we’ll continue to look for ways to build on our service offering and our business resilience and carry on developing key relationships across different sectors.”

Office refurbishments – four key things to consider

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Office refurbishments – four key things to consider
An office refurbishment is a great opportunity to breathe life back into your workspace. It allows you to change up your office without having to move to a new building, therefore saving significant amounts of time and money. Lincolnshire-based office design and fit out company, APSS believes there are four key things to consider to help you kit out your office with a new design:

Health and Safety

The first and arguably most important thing you need to think about when refurbishing your office is health and safety. As well as general health and safety checks like trip hazards and ambient working temperatures, the recent pandemic has seen many more people looking for added health and safety measures. These could be elements such as PPE, sanitising stations and privacy screens. Alongside these there are also more minor alterations which, although low in cost and effort, can make a big impact on productivity. Using screen filters to reduce eye strain, offering more natural light sources, daylight bulbs or tubes will lower levels of eye strain. This can also reduce fatigue and will be beneficial to your employees’ health and well-being. For many people, most of their day will be spent in this space, so another factor to consider is the seating and workspace. If this is planned carefully, it will allow you and your staff to feel comfortable during their working hours. A well thought out ergonomic workstation will include a comfortable chair with lumbar support that allows feet to be flat on the floor. Ideally it would also include a desk with adjustable height, tilts displays and shelving within easy reach. Reducing the risk of employee discomfort could also reduce employee absences and potential workplace claims. It is a nice touch, where possible, to include a comfortable break out space. This could be in the same area sectioned off and with cosy, alternative seating, or in a different room that offers a change of scenery and setting. You may also want to consider an outdoor space when planning this area.

Company Culture

It is important to factor in the ever-changing office eco system, with more people working from home than ever before. Part time office work needs to be considered when refurbishing your office space as people may not always be using the space provided at the same time. This may make your office refurbishment cheaper, as less people using the space at once calls for less desks and work equipment. Smaller shared kitchen areas and bathroom facilities will also reduce costs. As a result of this, hot desking may be an approach your company would like to take to maximise space efficiency. This means working spaces need to be designed to cater for all working needs rather than just being tailored to a specific individual. Considering modular furniture which can be altered to suit individual requirements will allow greater flexibility, as will furniture on lockable castors and furniture that can be adjusted in height. You may find that, despite hot desking, offering some form of storage space for personal effects will allow staff to still feel a sense of belonging and permanency when working in the office.

Sustainability

As there is an increasing global focus on sustainability, this should be one of the main things you consider in your office refurbishment. Try looking at eco-friendly materials, recycled furniture or fittings and more sustainable construction. This could be things such as lowering your carbon emissions, or installing environmentally friendly heating systems. Incorporating solar panels into your build or refit will demonstrate your commitment to a healthier, more sustainable planet. Although pricey in the interim period due to the initial purchase and installation costs, they will not only help the planet but ultimately your energy bill at the end of each month too! It’s not just about being eco-friendly. Making your office socially and economically sustainable as well is also hugely important. This includes making a cost-effective space, whilst still having those little extras that make your office an enjoyable place to work.

Budget

There’s no skirting around it – most office refurbishments are expensive. With all the different things to consider, this is probably the factor you will think about first and foremost. Your typical refurbishment will cost between £40-£70 per square foot. The cheapest option is of course to just repaint the walls and purchase new furniture, such as desks and chairs. The most expensive parts of your office refurbishment would be new kitchen areas, or anything more technical, such as lighting, electrical wiring and room partitioning. Office refurbishment can be a big decision for your company to make, so making sure it is done to the best standard is incredibly important. Ensure that the company refurbishing your space is 100% dedicated to creating your perfect work environment. Ask to see prior refurbishments so you can get a feel for their standard of workmanship and ask for recommendations or previous client reviews. A good refurbishment company will have these to hand and will be proud to share them with you. Get some inspiration for your office design on the APSS website.

Mortgage Advice Bureau hit by “quick and far-reaching” consequences of mini-budget

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Mortgage Advice Bureau hit by “quick and far-reaching” consequences of mini-budget
A profit warning has been released by Mortgage Advice Bureau, with the Derby-based firm pointing to the September mini-budget as the reason, due to its “quick and far-reaching” consequences. The business noted that extreme market conditions followed the September mini-budget, and said that significantly heightened levels of uncertainty had a direct negative impact on the mortgage market, including an immediate rise in mortgage interest rates, the withdrawal of many mortgage products by lenders, a rapid tightening in underwriting and reducing availability of credit. As a result, house purchase activity was significantly reduced and re-financing was also impacted. This situation then persisted as borrowers and lenders awaited some level of reassurance and clarity from the Autumn Statement. 

These extreme market and lending conditions have “severely impacted” activity levels across all of the group’s product lines, with written business in October and November circa 50% below expected levels. The reduction in mortgage activity and new house sales is expected to persist until early 2023.

Mortgage Advice Bureau said that its financial result for the year ending 31 December 2022 will be impacted by the adverse market conditions, with adjusted profit before tax expected to be slightly below market expectations, with next year’s result anticipated to be considerably impacted. The company has also noted the placing of property portal Boomin into liquidation has led to a £2.8m non-cash write off for its investment.

Peter Brodnicki, CEO of MAB, said: “The consequences of the so-called mini-budget have been quick and far-reaching. Overnight our market moved from being fairly stable and reasonably confident, to almost the polar opposite. The sudden and unexpected pace of mortgage rate increases, combined with the tightening of mortgage lending criteria, have resulted in some customers pausing both home-moving and re-financing plans.  

“The recent Autumn Statement and the various Government changes prior to that have helped to stabilise markets. Although macro uncertainty remains for many reasons, we expect mortgage rates to continue to stabilise, allowing some customers to re-enter the home-moving market and also re-finance at more competitive mortgage rates than those seen in recent months.

“Despite the various market and political challenges, MAB remains very well positioned to grow its market share strongly through 2023. In more challenging housing markets although we may see a reduction in organic advisers our new AR recruitment performs strongly, so next year overall adviser numbers could remain flat.

“The re-financing opportunities in 2023 are significant, and with the technology enhancements we have delivered, MAB is in a better position than ever to optimise those opportunities. As expected, protection attachment rates have already started to improve in the current environment, and our focus to ensure that continues has never been greater. As we see in housing downturns, transactions are delayed, they are not lost.”

Government minister visits Leicestershire manufacturer to discuss trade opportunities

Tess Egginton
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Government minister visits Leicestershire manufacturer to discuss trade opportunities

A global manufacturer and distributor recently welcomed a government minister to its UK headquarters in Leicestershire for a production and trade focused visit.

Kemi Badenoch MP, Secretary of State for International Trade, visited COBA Group, which specialises in the manufacture of thermoplastic products, at its production facility in Fleckney where more than a million products are manufactured each day.

Ms Badenoch was joined by Neil O’Brien, MP for Harborough, Oadby and Wigston, for the visit, which included a tour of the complex where 266 of COBA Group’s 405 UK employees are based, and a discussion with Mark Cooke, CEO of COBA Group, regarding post-Brexit international trade opportunities.

The MP for Saffron Walden saw COBA Group’s largest subsidiary, COBA Automotive, at close quarters, as the East Midlands-based business looks to diversify its offering, with a number of opportunities currently available to work on a variety of exciting automotive and plastic projects.

As part of the tour, Ms Badenoch was walked through the ‘tie-down’ production area, where a product category of COBA Group’s successful automotive seating portfolio is created.

The International Trade Minister and her team were shown around the whole production facility, where 1000 solar panels have recently been installed on the roof, with the expectation of reducing energy costs and COBA’s carbon footprint.

Ms Badenoch, who is also President of the Board of Trade, visited COBA Group as part of its long-term strategy to expand its operations in international markets and sustain noticeable export growth, with the business now supplying its products to more than 140 clients in 40 countries.

COBA Group’s manufacturing and distributing capabilities are increasing internationally, with COBA Automotive now operating two production plants in Slovakia and Romania.

The business has now been trading for 55 years, and runs 14 production facilities in Europe and Africa. It featured in the London Stock Exchange’s 2020 list of ‘1000 Companies to Inspire Britain’ and is a staple of Leicestershire’s Top 200 Companies.

Mark Cooke, CEO at COBA Group, said: “We were delighted to welcome Kemi Badenoch MP to Fleckney for a tour of our manufacturing facility. International trade is an important part of our business operations, so it was beneficial to share our recent experiences with her and hope they guide her somewhat as she seeks to establish the UK on a sound global trading footing post-Brexit.

“Managing the journey of our products, from their beginnings as individual components to the finished article that end up with our customers, whether that be in the UK or on mainland Europe, Africa or other parts of the world where we operate, is an ongoing challenge. We naturally always want to always improve in this area, so to relay our thoughts to Ms Badenoch and to see her so engaged and interested in supporting our efforts was great.

“Like so many of our counterparts, COBA Group has faced some challenging circumstances in recent times, but it was refreshing to have some really positive discussions about COBA Group’s importance within the East Midlands business community and beyond as a global manufacturer.

“We were pleased to be able to talk to Ms Badenoch about maximising COBA Group’s domestic trade opportunities, and to learn about her ongoing commitment to the UK plastering and automotive sectors.

“It was a privilege to welcome her to our Fleckney base, and post-visit, we’re excited to continue moving the business forward and keep ensuring that we’re going above and beyond for our clients by working smartly, providing a high-quality service at the best value possible, and exceeding their expectations.”

New tools to identify non-compliant business locations created to support regulation and enforcement

Tess Egginton
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New tools to identify non-compliant business locations created to support regulation and enforcement
New tools to map the location of non-compliant businesses have been created following a report which found that hand car washes, nail bars, and other informal economy sectors are more likely to be found within specific types of neighbourhoods. The Work, Informalisation and Place Research Centre (WIP) at Nottingham Trent University (NTU), has developed a database, maps, Informal Economy Index and Covid Economic Impact Index to predict and identify the location of business in the UK which breach regulations such as labour, environmental, health and safety, and insurance. Created as part of research funded by the Modern Slavery Policy and Evidence Centre, it is hoped that the indices can provide a powerful and valuable tool to support place-based approaches for both national and local education, engagement, and enforcement. Using the Ordnance Survey’s Points of Interest database and Google Street View, the team has already mapped the location of 38% of hand car washes in the UK, including core cities, and is completing the same exercise for nail bars in the East Midlands, Greater Manchester, and Birmingham. The mapping has identified neighbourhoods where non-compliant employment sites are more likely to be located. This had led to the development of neighbourhood-level maps which predict the location of these business based on risk and protective factors in the area. Using official data sources and fieldwork, the team has also constructed a database covering all neighbourhoods across England that include socio-demographic, economic and built environment factors which could indicate the location of hand car washes and nail bars. For example, in relation to hand car washes they identified risk factors linked to the presence of other forms of economic activity, including vehicle repairs, second-hand car sales and petrol stations alongside A or B roads passing through neighbourhoods. Neighbourhoods less likely to feature hand car washes included those with greater educational qualifications among the population, more affluent residential areas containing detached and semi-detached properties, and greater student households. The mapping also revealed that nail bars are more likely to be found in neighbourhoods with higher numbers of hair and beauty salons, charity shops, restaurants, shoe stores, chemists or pharmacies, petrol stations, and more cohabiting households with children. In contrast, the presence of terraced and social housing, higher median house prices and households with three or more cars is more likely to reduce the presence of nail bars. Expanding on the car wash and nail bar mapping, the new Informal Economy Index (IEI) predicts the presence of employment within all sectors of the informal economy across neighbourhoods in England. The IEI concentrates on the over-representation of population groups identified as typical participants in a range of informal economy sectors within specific neighbourhoods, leading to the identification of neighbourhoods across the country which have higher or lower predicted rates of non-compliant informal engagement. It uses 14 indicators taken from official sources, for example average net income after housing costs, households living in temporary accommodation, children living in deprivation and resettled asylum seekers. An example from the Greater Manchester area predicts higher levels of informal economy employment in the former industrial, manufacturing and textile areas but much lower levels within the more affluent neighbourhoods. A Covid Economic Impact Index (CEII) has also been created to monitor the likely impact of the pandemic on the non-compliant economy and location of modern slavery practices.  The CEII uses existing evidence on the economic sectors that have experienced the biggest economic impact from the pandemic, such as tourism, hospitality, automotive, and beauty. Findings showed that the impact of the pandemic was mixed in relation to non-compliant businesses and sites of modern slavery. Many non-compliant businesses were found to be located within neighbourhoods which are unlikely to benefit from local and national Covid-19 recovery initiatives, leading to concerns that measures still need to be taken to prevent further non-compliance and modern slavery from becoming more embedded in these neighbourhoods. This is needed to prevent workplaces from continuing to operate beyond re-generation measures where the drivers of non-compliance and modern slavery may continue within any new disaster or emergency incidents. Dr James Hunter, research lead and principal lecturer in Public Policy at NTU’s School of Social Sciences, said: “There is a need for local authorities and regulators to take a neighbourhood approach to tackling illicit activity relating to the informal economy. Improved mapping means that resources and effort can be focused on identified high risk areas. “These indices move away from a purely intelligence-based approach to one focused on geographic concentration and multi-agency activity. This is important as the presence of non-compliant workplaces, including those that exhibit modern slavery, may go unnoticed as they are often hidden or assumed to be legitimate legal enterprises. “Based on this work we have already delivered a data product to all UK Police Forces through the National Crime Agency which supported targeted engagement with over 600 hand car washes to challenge potential illicit activity. This highlights the value of a targeted approach which challenges business owners to comply with a set of clear legal standards that protect workers, consumers and the local environment. “We hope that these indices can now be used for additional training on spotting signs of market non-compliance across all enforcement agencies.”

Alongside its work with the National Crime Agency, WIP – which includes researchers from NTU’s School of Social Sciences and Nottingham Business School – has also worked with the Gangmaster and Labour Abuse Authority, Office of the Director of Labour Exploitation, and the Responsible Car Wash Scheme to inform their work to improve standards and challenge illegal activity.

Foresight strengthens Midlands investment team with double hire

Tess Egginton
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Foresight strengthens Midlands investment team with double hire
Foresight Group, a listed private equity and infrastructure investment manager, has strengthened its team in the Midlands with the appointment of two investment managers. The new hires, Line Kristine Gauteplass and Irfan Ashfak, bring significant regional knowledge and insight to Foresight’s existing team. Line has joined from Grant Thornton’s corporate finance division, where she spent five years advising mid-market companies across a wide range of sectors. Line has also worked for Mazars LLP and BNP Paribas. Irfan previously worked for Midlands-based accountancy firm Magma, where he spent three years in its corporate finance team working on transactions in the recycling, engineering and software sectors. Ray Harris, director at Foresight, said: “We are delighted to welcome Line and Irfan as we continue to support promising SMEs in the region. Foresight is committed to helping all economies thrive so it’s great to add extra ‘boots on the ground in the Midlands’. “With experience in business investment, innovation and growth, Line and Irfan will provide tremendous value to business owners and management teams in the Midlands. We want to support SMEs to scale their companies, create high-quality, local jobs, achieve their ambitions and enable companies to help their local areas prosper.” Line Kristine Gauteplass said: “I have worked in this region for six years and I know there are many small businesses with huge potential. I am delighted to have the opportunity to not only advise them but invest in and support them.” Irfan Ashfak added: “Ray and the Foresight team have a great reputation for supporting entrepreneurial SMEs. I am excited to have joined them in the East Midlands and I am looking forward to working closely with local businesses and advisors in the region.” As one of the most active SME investors in the UK – having made 82 SME investments so far in calendar year 2022 – Foresight has a strong presence in the East and South Midlands, where it is an appointed fund manager to MEIF, the Midlands Engine Investment Fund. Alongside this, since 2013, Foresight has managed a £39 million fund dedicated to Nottinghamshire and also makes VCT investments into the region; Foresight currently manages over £620 million in VCTs. Since 2018, Foresight’s East & South East Midlands MEIF Equity Finance Fund has deployed more than £28 million into 28 ambitious small companies in the region.
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