Changes to VAT filing system just weeks away
From the beginning of November VAT-registered companies will no longer be able to use their existing VAT online account to submit VAT returns.
That’s the date that, by law, all VAT-registered businesses must sign up to Making Tax Digital and use compatible software to keep VAT records and file returns.
MTD’s aim is to help businesses get their tax right first time by reducing errors, making it easier for them to manage their tax affairs by going digital, and consequently helping them to grow.
More than 1.8 million businesses are already using the service, and more than 19 million returns have so far been submitted through MTD-compatible software.
In less than one month, businesses who file their VAT returns on a quarterly and monthly basis will no longer be able to submit them using their existing VAT online account, unless HMRC has agreed they are exempt from MTD.
If businesses do not file their VAT returns through MTD-compatible software, they may have to pay a penalty. Even if a business currently keeps digital records, they must check their software is MTD compatible and sign up for MTD before filing their next return.
Richard Fuller MP, Economic Secretary to the Treasury, said: “Making Tax Digital can help businesses get their tax right first time, which cuts the administration burden and frees up time for them to get on with what matters most to them – growing their business. I encourage any VAT-registered businesses still to register for Making Tax Digital to get online and sign up.”
East Midlands law firm creates £100m powerhouse through latest merger
East Midlands Law firm Shakespeare Martineau, has created a £100m powerhouse after completing its latest merger with Bristol firm GL Law – expanding its reach into the Southwest for the first time.
Part of legal and professional services group Ampa, Shakespeare Martineau’s Bristol expansion is in line with the wider group strategy of investing in and bolstering the brands across the group’s portfolio. The union will help take the group’s turnover to more than £100 million for the current financial year.
There are no redundancies as part of the merger and the firm is proactively looking to recruit talent in the Bristol market. The partners based in Bristol will drive the Shakespeare Martineau brand locally.
Sarah Walker-Smith, CEO of Shakespeare Martineau and Ampa, said: “We’re thrilled the merger is now official and GL Law is part of Shakespeare Martineau.
“Our House of Brands strategy includes a combination of introducing new standalone brands to the group or combining new teams or entities with our current leading brands. In the case of GL Law, its existing legal offering and its market, it made sense for it to join Shakespeare Martineau and expand the footprint of this brand within our group.”
Richard Hill, MD at GL Law, said: “What’s crucial for us is continuation of service for our clients and the best opportunities for our people – this merger offers both. We’ve been acting for owner-managed businesses, SMEs, start-ups and some of the most discerning private clients across the Southwest and beyond for more than 300 years and we look forward to continuing and extending this legacy under the Shakespeare Martineau brand.”
Amazon East Midlands SME Impact Report
Amazon has published its UK SME Impact Report which highlights how small and medium-sized enterprises (SMEs) selling on Amazon have created 250,000 jobs across the UK to date. Many small business owners have been able to adapt to recent challenges and thrive online for the first time. Over 15,000 UK SMEs selling on Amazon surpassed £100,000 in sales last year, and over 700 reached sales of £1 million or more for the first time.
More than half of all physical product sales on the Amazon store in the UK are from independent selling partners, most of who are small and medium-sized businesses. More than 85,000 UK SMEs now sell on Amazon – up more than 25% year-on-year. These businesses reached hundreds of millions of customers around the globe in 2021 – more than half of UK-based sellers exported to another country. They also sold more than 950 million products on Amazon, up from 750 million the year before, which is equivalent to more than 1,750 products a minute on average.
SMEs from across the UK are increasingly seeing success from selling on Amazon’s stores, supporting regional economies and communities. Many of these businesses are located outside of London – for example, North West England now has more than 12,000 sellers, up 35% compared to the year before; Wales has over 2,500 sellers, up around a third on the year before; and Scotland has around 4,000 sellers, up around 30% on 2020. Across major UK cities, SMEs based in Manchester, Belfast and Glasgow selling on Amazon recorded some of the highest average annual revenues, surpassing the average annual revenue of London-based sellers.
Last year around 50,000 sellers in the UK used Amazon’s fast shipping and inventory management service, Fulfilment by Amazon, and grew their sales by 25% on average. Amazon Business, the professional procurement solution, helped tens of thousands of UK sellers reach more than five million businesses worldwide, selling around 20 million items across office supplies, hospitality, healthcare, maintenance products and IT goods, generating over £400 million in sales. Through the hundreds of tools and services Amazon offers, and programmes like Amazon Launchpad, Amazon provides small business owners, start-ups and entrepreneurs with tools and opportunities to succeed. This extends beyond selling their products online, to include running delivery and logistics companies, using the cloud to launch and scale their businesses, creating voice apps, or publishing their own books.
Amazon today also announces the launch of its upgraded Amazon Small Business Accelerator, which will serve the evolving needs of the UK’s thriving small business community, hosted on Amazon.co.uk as an accessible and free-to-use suite of resources for all startups, entrepreneurs and small or medium-sized businesses. Current and aspiring business leaders can now access more than 20 courses and 50+ videos of content on topics like how to build a business online, supercharging operations, growing sales and creating a social media presence, bringing the best in class from the country’s small business experts and Amazon leaders.
“Supporting UK small businesses to fulfil their potential remains an essential part of what we do. Today we’re proud to launch our revamped Amazon Small Business Accelerator, which will help even more small businesses across the UK. Many people told us the Accelerator was the catalyst for them to start a new business during and since the pandemic, so we are excited to see how many more we can reach with new content, events and partners,” said John Boumphrey, UK Country Manager, Amazon. “In addition, the SME Impact Report shows many small businesses are proving resilient, and thriving against a challenging backdrop, with continued sales growth at home and abroad by using Amazon’s world leading services to help them.”
The new Amazon Small Business Accelerator also includes ‘Amazon Masterclasses’ to help people learn from the company’s senior leaders about decision making, innovation, customer obsession and more; and a range of new partners including Be the Business, Planet Mark, and The Federation of Small Businesses, who will deliver online content and specialist in-depth workshops and bootcamps. From September, Planet Mark and Amazon will host roundtables on how small businesses can improve their packaging, operational emissions and materials innovation; later this year, The Federation of Small Businesses and Amazon will run events focused on the protecting businesses from fraud, managing finances and fundraising processes.
More than 600,000 businesses have accessed the Accelerator since it started more than two years ago, in partnership with Enterprise Nation, launched as a direct response to the impact of the pandemic on the startup and SME community, with the aim of helping more than 200,000 businesses of all sizes to start and grow online.
Julian David, techUK CEO, said: “As we enter difficult economic waters ensuring the next generation of business leaders have the training, insight, and resources they need to innovate and thrive will be fundamental to protecting jobs and ensuring the UK can bounce back. The Amazon Small Business Accelerator is, therefore, an important and consequential initiative. techUK is proud to work with over 500 SMEs in our membership and thousands more across the tech sector, we will continue to back initiatives such as the Accelerator that can help them fulfil their full potential.”
Steve Malkin, CEO of Planet Mark, said: “As well as helping SMEs grow and succeed, this exciting partnership enables us to help SMEs on their path to net zero, while educating them on the benefits of embedding sustainability into everyday business practices and how this can help drive performance. Planet Mark has helped hundreds of SMEs embrace sustainability and cut carbon, and now working with Amazon and partners we look forward to helping thousands more small businesses thrive while also making a difference in our fight against climate change.”
Caroline Lavelle, Chief Commercial Officer, The Federation of Small Businesses, said: “It’s always good to see companies like Amazon play a role in supporting our smaller businesses to improve their online presence and reach. We hope that many of our members will find this useful.”
Dominique Woolf, founder of The Woolf’s Kitchen, is one of the more than 85,000 UK SMEs selling products on Amazon. In June 2020, Dominique, a professionally-trained chef, created a range of sauces inspired by her Thai heritage and started selling to independent farm-shops and delis. Later that year she joined an Amazon Small Business Accelerator bootcamp which inspired her to start selling online. She said: “The bootcamps highlighted the true benefits of Amazon and ecommerce – they provided the fundamentals in how to grow a small business online, and then provided a load of free resources which I’ve been able to access regularly. The Accelerator
Derbyshire construction firm wins £2m project to restore Nottingham mill
Enrok Construction has been appointed as principal contractor to deliver a £2m project in Nottingham city centre. The restoration project, which is expected to take approximately 12 months, will see the creation of 27 residential apartments within an historic building on Crocus Street.
Situated close to the Lace Market, Nottingham train station and within a designated conservation area, the former 19th century mill building and factory is spread over three floors. Planning has been approved for the property to change from its current use as a church into residential dwellings, enabling the creation of 22 one-bed and five two-bed apartments.
Jordan Mallisch, director at Enrok Construction, says: “We are really excited to be working on this former mill on Crocus Street with an existing client. We initially discussed it two years ago and now we are finally able to get started on the refurbishment.
“We’ll be replacing the windows, in keeping with their existing style, retaining features such as columns and braces and we’ll be taking some elements back to brick. When complete it will bring much needed high quality, residential accommodation to Nottingham city centre for both sale and rent.”
With extensive local knowledge and several large restoration projects under his belt, Dean Johnston has joined the Enrok team as site manager for the project. Originally from a bricklaying background and with over 30 years’ experience in the construction industry, Dean has a particular interest and passion for restoration and refurbishment.
Work has started on site with completion expected in late Summer 2023.
Leicestershire vet practice unveils £1m expansion plans
A Leicestershire veterinary practice has unveiled exciting plans for a new £1m branch.
Ash Tree Vets is relocating from Smeeton Road in Kibworth to a larger site to provide more space and a wider range of services for its growing number of clients.
An industrial unit on the nearby Wistow Road, off the A6, is being transformed to create a modern and vibrant centre for Ash Tree Vets, which also has branches in Market Harborough and Desborough.
The new facility will be equipped with the latest technology and will include:
· four consulting rooms for vets and nurses
· a dedicated physiotherapy room
· the latest hi-tech X-ray and ultrasound equipment
· separate dog and cat wards to reduce feline anxiety
· a laboratory
· two operating theatres
· a dental suite
· parking
There will also be a dedicated bereavement room for end-of-life care where clients can spend time in a calm, quiet environment that will feel less clinical as their pets are put to sleep. The room will be set back from the reception area with its own separate exit.
Certain procedures currently only offered at the Market Harborough branch will also be available, sparing owners and pets unnecessary travel.
Ash Tree Vets expects to open the new branch in January 2023, and a recruitment drive is underway to build a larger clinical team of senior vets and veterinary nurses alongside new reception positions and clinical support roles.
Stella Coulson, clinical director at Ash Tree Vets, said: “We have wanted to do this for a long time. We are in an area that is growing with new housing developments. There has always been scope for increasing client numbers but there hasn’t been capacity to expand with our current site.
“This is a ten-year future-proofing business plan. It is really exciting. There is a lot of work to do, but it is going well and our partners, Medicare Construction Ltd, have been exceptional.
“We have one vet consulting room at the current Kibworth site. At our main site in Market Harborough, we have three consult rooms, and two at Desborough. This is a definite improvement and we’ll be able to see more clients to meet demand and spread the load.
“For clients, the investment means having a local service which is on their doorstep rather than having to come to Market Harborough for certain procedures, as well as getting an appointment to see a vet on a day they want.”
The £915,000 relocation project is being funded by VetPartners, a veterinary group which owns 148 of the UK’s most respected and trusted veterinary practices, including Ash Tree Vets.
Work is progressing well, including the installation of a mezzanine floor and new internal walls at the site, part of which was previously a publishing house.
Ash Tree Vets will continue to provide care at its current location in Smeeton Road, Kibworth, until the new centre opens.
Kettering automotive components supplier acquired for £182m
Motus Holdings (UK) Limited has acquired automotive components supplier, Motor Parts Direct (Holdings) Limited, in a £182m deal.
Motor Parts Direct was established in 1999 in Kettering and now has a network of 175 branches and a fleet of over 900 delivery vehicles. The business has more than 14,000 active customers and employs 1,700 people.
Motus Holdings (UK) Limited is the UK-based subsidiary of South African listed Motus Holdings Limited. The company was listed on the Johannesburg Stock Exchange in November 2018 and is now South Africa’s leading automotive group, employing over 17,000 people globally.
This deal marks a significant milestone for the Motus group internationally, as it continues to expand its automotive aftermarket capability in the UK and reduce the Group’s dependency on vehicle sales.
Irwin Mitchell’s Corporate team advised Motus with partner Emma Callow leading the team. She was supported by senior associate Matt Smith; Greg Mazgajczyk; Tom Wisniewski, Alex Bloomer and Paige Richardson. Gurpreet Hayer led the Irwin Mitchell Real Estate team, supported by Stuart McDonald and Mary Gharmount.
Irwin Mitchell previously advised Motus Aftermarket Parts on the acquisition of FAI Automotive in October last year.
Commenting on the acquisition, Motus CEO, Osman Arbee, said: “Motus remains focused on deepening its competitiveness and relevance across the full automotive value chain. The acquired business is cash generative and asset light. It will provide economies of scale, procurement benefits and synergies. Key management have been secured and are committed to continue managing the business.”
Mike Tillson (partner) and Ryan Shields (director) of Grant Thornton Corporate Finance and Jonathan Hambleton (partner) and James Cowell (director) at Freeths acted for the shareholders of Motor Parts Direct.
Gateley makes fresh acquisition
Gateley, the legal and professional services group, has acquired Symbiosis IP in a £2.5 million deal.
Founded in 2008 by directors, Julie Myint and Rob Docherty, Symbiosis is a chartered patent attorney firm specialising in IP services for the life sciences industry. Symbiosis is the second patent attorney business Gateley has acquired onto its Business Services Platform following the acquisition of Adamson Jones in January 2022.
For the year ended 31 March 2022, Symbiosis delivered revenue of £1.8 million, with corporatised profit before tax of £0.3 million.
Rod Waldie, Chief Executive Officer of Gateley, said: “I am delighted to welcome Symbiosis to the group. This strategic acquisition will extend the reach of our offering in IP, patents and trademark work across our consultancy and legal services teams who operate in this field.
“The acquisition of Symbiosis forms part of an acquisitive and organic growth plan that builds on the expertise we have in the intangible assets market and where we believe there is potential for further development.”
UK manufacturing downturn continues at end of third quarter
September saw the downturn in UK manufacturing output extend to three months, as companies cutback production in response to declining new order intakes. There was less
positive news on the price front as well, with rates of inflation for input costs and output charges both accelerating.
The seasonally adjusted S&P Global / CIPS UK Manufacturing Purchasing Managers’ Index® (PMI®) posted 48.4 in September, up from 47.3 in August but below the flash estimate of 48.5.
Although the rate of contraction in output eased slightly since August, it nonetheless remained substantial overall. Contractions were registered across the consumer, intermediate and investment goods industries. The steepest decline was at intermediate goods producers, which was also the only sub-sector to see its rate of contraction accelerate.
Manufacturers linked lower production to a reduction in new work intakes. The level of new business declined for the fourth month running, albeit to a slightly weaker extent than in August. Companies faced tougher conditions in both domestic and export markets. There were also reports of expected orders being postponed, or cancelled, due to factors such as rising uncertainty, inflationary pressure and the cost-of-living crisis.
September saw new export business contract at the quickest pace since May 2020, with reports of lower demand from the US, the EU and China. Manufacturers faced weak global
market conditions, rising uncertainty, high transportation costs reducing competitiveness and longer lead times leading to cancelled orders.
Manufacturers maintained a positive outlook overall during September. Over 49% forecast that their output would be higher one year from now, as planned investments, new product launches and hopes for a calmer economic backdrop are expected to lead to an influx of new contracts. However, the degree of positive sentiment remained subdued overall, amid concerns about market uncertainty, high inflation, the cost of living crisis and the increasing risk of economic recession in both the domestic and global economies.
September saw a further increase in manufacturing employment, as companies reported success in filling existing vacancies. Others noted that capacity had been raised to continue progress towards reducing backlogs of work. Outstanding business fell for the fifth straight month.
Price indices tracking input costs and output charges both strengthened in September, halting the recent slower inflationary trend at manufacturers. Moreover, rates of increase in both measures remained elevated and well above their respective survey averages.
Higher input costs were generally attributed to raw material shortages, sustained global commodity price inflation, cost pressures at suppliers, rising energy and transportation
costs and exchange rate factors. A wide range of inputs were reported as being up in price, including chemicals, electronics, food stuffs, metals, packaging, plastics and timber. Output charge increases were mainly the result of the pass through of high costs to clients.
After easing through much of the past year, the rate of lengthening in average vendor lead times increased for the first time in five months in September. Longer delivery times reflected raw material shortages, transport delays, insufficient capacity at vendors, disruption at ports and Brexit-related paperwork issues. Purchasing activity was cut back sharply again. However, stocks of both purchases and finished goods rose, mainly due to the recent slump in output and new order volumes.
Commenting on the latest survey results, Rob Dobson, director at S&P Global Market Intelligence, said: “The downturn in UK manufacturing continued at the end of the third quarter, meaning the goods producing sector looks set to have acted as a drag on GDP. Manufacturers have once again cut back production as new order intakes declined for the fourth successive month. Factories are reporting tough market conditions both at home and
abroad. Disappointingly, exports continue to fall despite the more competitive exchange rate.
“There was also less positive news on the price front, with rates of inflation in input costs and selling prices both picking up in September, linked in part to import costs rising due to the weaker pound.
“With existing headwinds from the cost-of-living crisis likely to be exacerbated by the current volatility in financial markets, growing economic uncertainty and further increases in borrowing rates, the industrial sector is likely to remain in the doldrums during the coming quarter to add to deepening recession risks.”
Dr. John Glen, chief economist at the Chartered Institute of Procurement & Supply, said: “Manufacturing businesses continued to feel an autumnal chill in September as declining sales, higher costs and a depressed marketplace pulled the sector down into contraction for a third month in a row.
“Supply chain managers were buying less as customers either failed to place orders or cancelled work in hand. This slowdown was across the board as both domestic and export orders fell, impacted by concerns over transportation difficulties, disruptions in Felixstowe and longer lead times. A shortage of components particularly made the completion of finished goods more difficult.
“It is tough to predict with any certainty that there could be potential improvement in manufacturing production in the last quarter. It is unlikely that supply chain managers
will have hedged against the weaknesses in the pound for instance which will continue to impact on imports and what consumers will see on shelves as the shopping season begins in the coming months.”
Acquisitive accountancy firm expands portfolio with third buy-out
Dains Accountants has announced the acquisition of William Duncan + Co Group in a move that propels them towards becoming one of the Top 30 firms in the UK.
The latest move comes as part of Dains ambitious acquisition strategy, having only recently snapped up Barringtons Accountants and Isosceles Finance in September,
William Duncan + Co is one of Scotland’s oldest and most respected accountancy firms with offices in Glasgow, Ayr, and Kilmarnock. The business has grown consistently in recent years, buoyed by a commitment to the use of technology, alongside high quality personal and tailored relationships.
Richard McNeilly, CEO of Dains said ‘We have followed the progress of William Duncan for several years and it became increasingly clear that their approach to client delivery and people development closely aligned to ours. As a long established firm in Scotland, we believe they are ideal partners to spearhead our growth, North of the border’.
Robert Fergusson, Managing Director of William Duncan believes the transaction provides the business with an improved client proposition and potential for growth and commented ‘Overnight we have improved the range of services available to our clients and this deal enables William Duncan to become a challenger firm in Scotland. We have an ambitious plan, and all of our team will remain in the business. In fact, I have no hesitation in saying that we have no shortage of opportunities for progressive professionals wishing to join a group that really values its’ people’.
Luke Kingston, Partner at Horizon Capital, said “We are delighted to have supported Richard and Dains on their third acquisition and welcome the fantastic team at William Duncan into the Group. William Duncan is a high-quality firm, and we are excited by the significant opportunities created from bringing the businesses together’.
Dains were advised by DSW and Forward Corporate Finance (Financial Due Diligence), Deloitte (Tax), and CMS (Legal). William Duncan + Co were advised by Curle Stewart Solicitors
Contracts exchanged on former British Homes Store in Northampton town centre
West Northamptonshire Council (WNC) has exchanged contracts on the former BHS and Clinton units in Northampton Town Centre, marking the next jigsaw piece in the town’s regeneration.
Work will now begin on the transformation of the former M&S unit at 41 to 45 Abington Street and the adjacent property, the former BHS and Clinton buildings at 35 to 39 Abington Street.
WNC will work with a development partner to deliver the project, which will involve the demolition of the existing buildings and the creation of a new mixed-use building consisting of residential on the upper floor with modern retail and leisure units on the ground floor.
Through the provision of additional residential, the scheme will bring increased footfall into the town centre to support the existing retail offer within the wider town centre.
The first phase of the project on the former BHS property will see the large central building, measuring approximately 57,087 sq ft / 5,303 sq m undergo a full internal strip out and the removal of any asbestos containing materials.
This will ensure that the building is safe and secure and enable the council to bring forward the exciting regeneration project at the earliest opportunity.
These works form part of the Northampton Town Centre Masterplan (2019). The wider regeneration of Northampton Town Centre includes the Market Square redevelopment which will see this area become a cultural hub for the town centre, and public realm works in Abington Street and Fish Street which will see the area transformed with new paving, improved seating, lighting and landscaping, and public art installations.
Cllr Daniel Lister, cabinet member for economic development, town centre regeneration and growth at WNC, said: “We are delighted to celebrate this milestone in the regeneration of Northampton Town Centre.
“Ensuring that Northampton is a place where residents and businesses can thrive is a significant priority for us as a council, and the redevelopment of 35-45 Abington Street will transform this area for our communities.
“We look forward to completing on this building and beginning to shape the future of this area of the town, ensuring that it offers opportunities for businesses and residents alike.”
Brendan Bruder, Abbeyross Property Consultants Managing Director and Northampton Forward board member, said: “This is a key site which will allow the delivery of more much-needed residential development in Northampton town centre.
“As respected businessman Sir John Timpson has said, ‘it is about providing new hubs and reimagining town centres, that’s the direction we should be going and not looking at how we can save what people call the high street today’. And he’s right.
“People’s shopping habits have changed drastically and the department store model is clearly no longer in demand. We need to do something much more creative with these spaces. Adding homes in mixed use schemes energises the town, creates places for people to live, shop, socialise and find the services they need in a sustainable way.”
The acquisition of this building has been supported by the £9.7 million from High Street Fund which WNC secured from Central Government towards the wider regeneration of Northampton town centre.
World-leading Fusion site to be located in West Burton, Nottinghamshire
Today, organisations championing economic growth across the Midlands welcomed the announcement from the Department for Business Energy and Industrial Strategy (BEIS) that West Burton will host the UK Atomic Energy Authority (UKAEA)’s pioneering prototype fusion power station.
The announcement is a huge boost to the Midlands’ drive to attract inward investment and address regional disparities. The focus of local stakeholders on low-carbon energy generation as a route to tackle climate and energy crises, and create vital high-paid, high-skilled jobs across the Midlands, helped present West Burton site as an ideal choice.
The choice of West Burton, the site of coal and gas power generation for decades, is seen as an iconic symbol of the pathway from fossil fuels to fusion power and a compelling catalyst for economic growth and social mobility.
The decision follows Nottinghamshire County Council’s Fossil2Fusion campaign, supported by the Midlands Engine partnership and Energy Research Accelerator. West Burton was one of 15 sites which entered bids in early 2021 to host the Spherical Tokamak for Energy Production (STEP) project. It was chosen from an eventual shortlist of five after more than a year of detailed technical and socio-economic assessment.
The STEP project aims to build on the UK’s status as a world-leader in fusion technology by creating a prototype plant, capable of net power output to the grid, by 2040. If successful, it could pave the way to commercial fusion plants producing safe, sustainable, low carbon energy for generations to come.
Sir John Peace, Midlands Engine Chairman, said of the announcement: “The Midlands Engine partnership welcomes the Government and UKAEA’s decision to choose West Burton as the site for its STEP fusion prototype. In an area which has long suffered from underinvestment, the site stands to play a crucial role in boosting local and regional economic activity, job creation and productivity. The project is more than a power station – it will require an ecosystem of innovation and development and will become a global focus for fusion power. This is an unrivalled opportunity to support our levelling up agenda by generating high quality jobs, building a first-class supply chain and further strengthening our regional skills base.
“We look forward to working with the UKAEA to make the project a success, both in solving our energy challenges, and driving green growth across the Midlands and beyond.”
Professor Martin Freer, Director of the Energy Research Accelerator said: “We welcome today’s announcement of the selection of West Burton as home for the UK’s first STEP plant. The site is part of ‘Megawatt Valley’ and has been crucial to the UK’s power generation industry for decades.”
“Fusion has the potential to be transformative for the way we produce energy here in the UK. It could provide an almost limitless supply of safe, clean electricity and help with the toughest decarbonisation challenges by using heat to manufacture hydrogen and synthetic clean fuels – other areas where our region and ERA have expertise. We look forward to building on our work with the UKAEA, bringing the region’s first-class skills and innovation capabilities to bear on this exciting project.”
The West Burton site benefits from connections to nearby manufacturing and construction firms, as well as the world-renowned research capabilities of regional universities, supported by the Energy Research Accelerator.
Part of the UKAEA’s selection process was to assess which site combined the ability to support the project’s delivery, with the potential for major socio-economic benefits. It is expected that local firms, clusters and R&D hubs will develop and benefit from an influx of activity, as they support the construction and operation of the site and welcome some of the world’s leading fusion experts and companies.
Derbyshire developer makes grand gesture to High Peak Homeless Help
Barratt Homes made a donation of £1,000 to High Peak Homeless Help in Buxton. High Peak Homeless Help, founded in 2003, was originally set up to provide overnight accommodation for young homeless people in the area. As years went by, the need for its services expanded to encompass all ages and all forms of hard times they may have fallen on.
This donation was made through the developer’s Legacy initiative, which aims to support local community projects and organisations throughout the areas in which it builds.
Foodbanks and charity shops were opened to provide food and clothing, the charity began providing training sessions on budgeting, cooking and other skills, and helping people into tenancies and employment among many other services.
Not only does the charity tackle existing homelessness in the community, it also aims to prevent it from happening in the first place. It deals with many enquiries from current tenants who are facing concerns of losing their home or not being able to afford food or heating.
Charles Jolly, a trustee and treasurer at High Peak Homeless Help, said: “If we weren’t here there would be a lot more homeless people and rough sleepers. Although there are council services available for rough sleepers, it can take time to find somewhere for them.
“We often provide a tent or other help until the local authority can sort something more permanent. A recent development is that there are many more people sleeping in cars and vans; all sorts of supplies can help them until more permanent solutions can be found.
“We have developed ‘care rucksacks’ with a range of essentials for people who are homeless. We are putting the funding from Barratt Homes towards these items, which range from wind-up torches, wind-up radios and writing equipment to warm hats and socks, as well as the previously mentioned tents.”
With the cost of living crisis causing huge concern to many up and down the country, charities such as High Peak Homeless Help could be faced with greater need for its services than ever before.
Charles continued: “Donating to local charities is a vital lifeline. Not only does it help us just to make ends meet but the fact that local individuals, groups and businesses support us impresses charitable trusts to whom we apply for grants.
“This knock-on effect means we are more likely to receive even more funding, so we are grateful to Barratt Homes for its recent support.”
High Peak Homeless Help is based in Buxton and operates in High Peak and surrounding areas in Derbyshire and have many opportunities for volunteering.
Michaela Lancaster, Sales Director at Barratt Homes Manchester, said: “As a leading developer it is really important that we support the community in the areas in which we build.
“High Peak Homeless Help is doing incredibly important work in the local Buxton area, and with the difficulties many are likely to face in the coming months, it is vital to support these charities in any way we can.”
For more information about High Peak Homeless Help, visit www.hphh.co.uk/.
Voluntary business closures increase as tougher economy hits hard
Tougher economic conditions are taking their toll on local businesses, with increasing numbers closing down voluntarily as trading conditions become untenable.
The warning comes from the Midlands branch of insolvency and restructuring body R3 and follows latest statistics published by the Insolvency Service which show that corporate insolvencies in England and Wales increased by 5.5% in August 2022 to a total of 1,933 compared to July’s total of 1,832, and by 43.4% compared to August 2021’s figure of 1,348.
August 2021’s corporate insolvency numbers were also 41.6% higher than the August 2019 figure of 1,365.
R3 Midlands chair Eddie Williams, a partner at PwC in the East Midlands, said: “The monthly increase in corporate insolvencies – to the third highest set of monthly statistics since January 2019 – has been caused mainly by an increase in the number of Creditors’ Voluntary Liquidations.
“This suggests that directors remain concerned about their ability to continue to trade in the current climate and are choosing to close their businesses before that choice is taken away from them.
“These figures will be a sobering reminder to the UK government of the scale of the challenge facing our local economy as we head into the winter months. Companies are trying to overcome enormous running cost hikes just as household spending is facing its biggest squeeze in several decades.
“All of this delivers yet another blow to business owners who were hoping to bounce back after the pandemic to normal trading levels.
“For those businesses with cashflow issues, now is the time for its directors to seek advice from a qualified professional, rather waiting until the problem worsens.
“Most R3 members will give an hour’s free consultation to potential clients to enable them to understand more about their circumstances, and to outline the options available to help them improve their situation.”
Nottingham academic appointed to Academic Advisory Group on accounting standards reform
Janice Denoncourt, associate professor in Intellectual Property, Finance and Corporate Governance at Nottingham Law School and director of the School’s IP Research Group, has been appointed to the Academic Advisory Group (AAG) set up by the UK Endorsement Board (UKEB).
The UKEB influence, endorses and adopts new or amended accounting standards issues by the International Accounting Standards Board (IASB) for use by UK companies.
The Advisory Group is made up of an experienced interdisciplinary group of nine UK academics and authors researching in the field of accounting for intangibles. The AAG member will provide specialist expertise and technical advice on the UKEB research agenda, research programme and financial reporting issues to assist. Their work will assist the UKEB and the International Financial Reporting Standards (IFRS).
The Advisory Group’s work will initially focus on their Intangibles Endorsement Project and Dr Denoncourt will contribute interdisciplinary knowledge of IP rights law and corporate governance.
Janice has recently contributed to the work of the European Accounting Association’s (EAA) ‘Intangibles’ Working Group.
The UKEB’s aim is to improve the quality of financial reporting, introduce reforms for the long term public good.
Accounting standards are chiefly used to ensure that a company’s accounts give a ‘true and fair’ view of its assets, liabilities, financial position and profit or loss. The ‘true and fair’ requirement was on-shored into UK legislation in May 2021 as a result of the UK’s Exit from the EU and replicates preceding requirements in this area.
Janice is the author of Intellectual Property, Finance and Corporate Governance (2018) Routledge which advances intangibles and IP rights asset reporting in alignment with the key corporate governance principles of transparency and disclosure. She analyses the juncture between the IP rights ecosystem; corporate finance and accounting for intangibles; and corporate governance.
East Midlands businesses claim £330m for R&D
East Midlands businesses claimed £330 million in research and development (R&D) tax relief for the 20/21 financial year, according to HMRC’s latest R&D tax credit statistics, analysed by tax relief specialist Access2Funding, a Ryan company.
In the East Midlands, despite business spending on R&D dropping by 10%, from £2bn to £1.8bn, there was an 8% increase in the number of claims made, from 5,595 in 19/20 to 6,045 in 20/21.
The majority of claims were made by SMEs (5,410), with 9% more claims made under the SME scheme in the East Midlands, and SMEs spending 7% more on R&D activities than the previous year.
The average R&D tax credits claim in the East Midlands was worth just under £55,000, a decrease of £5,000.
According to the report, the highest number of R&D claims were made by businesses in the Information and Communication (22%), Manufacturing (21%) and Professional, Scientific and Technical (19%) sectors.
Nigel Holmes, director of Tax at Ryan, said: “It’s refreshing to see how the East Midlands has maintained steady momentum during the Covid-19 pandemic, with more businesses making an R&D claim.
“SMEs have particularly weathered the storm, with 9% more SMEs claiming in 20/21 than 19/20 – reflecting the resilience of the region’s businesses and their ability to adapt and overcome by significantly accelerating the pace at which they innovate.
“As with the UK’s current financial pressures, R&D tax relief can help offset other rising costs and help stabilise future business growth, and the East Midlands has shown it’s in a great position to continue to go up against anything that is thrown at it and ensure that R&D is at the heart of a successful economy.”
The average claim value across the UK is sitting at approximately £74,000, or £54,000 for SMEs. There has been a 7% increase in the provisional estimated amount of claims made compared to last year, from 85,900 to 89,300, driven by a 7% rise in the number of R&D claims made by SMEs.
SureScreen Diagnostics set for national recognition as it’s picked to fly the flag for the East Midlands
Derbyshire medical test manufacturers SureScreen Diagnostics has been recognised as the pride of the East Midlands after it was put forward for a national business award for its rapid growth.
The company, based in Derby, has reached the finals of the British Chamber of Commerce Business Awards, which is a national search for companies who have best typified business excellence over the past two years.
SureScreen was successful at the East Midlands Chamber’s annual awards last year, picking up the Outstanding Growth, Excellence in International Trade and Excellence in Innovation awards, as well as the overall Derbyshire Business of the Year award.
It is now the East Midlands Chamber’s nominee for the national BCC awards’ Rapid Riser award, for companies who can demonstrate exceptional levels of growth and a strong plan for sustainable financial performance.
It is one of 11 companies from across the UK on the national shortlist for the Rapid Riser award, with the winner set to be announced in mid-October.
SureScreen won plaudits after developing the first European Lateral Flow Test to pass Public Health England laboratory validation during the pandemic, however, is known in the medical industry for a wide range of tests from fertility screening to workplace drugs of abuse testing.
Manufacturing out of a new, state-of-the-art production and distribution centre just off the M1, SureScreen exports to more than 60 countries worldwide, and continues to innovate, with recent development of rapid tests for Monkeypox.
Alastair Campbell, a director of the company, said: “We are so grateful to be recognised for such a prestigious award, it is really a testament to the team’s hard work over many years.
“Since the recognition last year we have certainly not stood still, and we are building new technologies and tests that we believe will have huge impacts on people’s health.
“Now that rapid testing is a much more accepted practice across the world, we believe there are huge opportunities for healthcare to increase the prevention of illnesses, by catching issues early using cost-effective, accurate rapid tests. This could help save lives and reduce the costs and pressures on healthcare.”
Property consultancy makes raft of promotions across East Midlands
A property consultancy has announced a raft of promotions in the East Midlands following further success in the past year.
Fisher German has promoted 12 colleagues and six new partners at its offices in Ashby and Market Harborough across all areas of the business.
Rachel Bridge, Iain Long and Richard Gent have become partners within Fisher German’s Infrastructure Services division, Ben Longstaff is now a partner in the Agency division, Angela Brooks becomes a partner within Advisory Services, and Charlotte Gore has been promoted to partner within the Property Management division through her work in agribusiness.
Charlotte said: “I’m really excited to step up to the responsibility of being a partner within Fisher German after 11 years with the firm, and I’d like to think I can be a bit of a role model to young women who may be thinking about getting into agribusiness.
“I’ve always found Fisher German to be incredibly supportive of my career, and my promotion to partner is a great example of the commitment it shows to its staff who have the ambition to get there.
“There’s going to be a lot of challenges and opportunities within agribusiness over the next few years, and I’m looking forward to helping Fisher German continue to grow by grasping those opportunities and helping young staff come through the business.”
James Beverley has been promoted to associate in the firm’s Advisory Services division after helping landowners, land promoters and housing developers complete major development projects.
In the firm’s Sustainable Energy team, Tom Beeley has been promoted to associate after playing a key role in growing Fisher German’s Delivering Net Zero service.
The firm has also strengthened the foundations of its Infrastructure Services division, with its staff making up five of the Ashby office’s eleven promotions.
Laura Knight is now associate partner, Lucy Whitaker and Ellie-May Craddock are now associates, while Liz Ashton and Rebecca Taylor have become senior administrators.
The firm’s Agency division, also in Ashby, that is responsible for selling land for property development has promoted Matthew Handford to associate, and Charles Barton to senior surveyor.
Ian McKenzie and Alex Watts have also been promoted to associate partner and associate respectively in the Property Management and Consultancy division, and Jill Bonser has become senior quality and compliance manager.
The promotions come after the firm’s merger with Matthews & Goodman earlier in the year, which created one of the largest providers of multi-disciplinary property services in the UK, with a turnover approaching £60 million with 29 offices.
Senior partner at Fisher German Duncan Bedhall said: “We are once again pleased to see a high number of people advancing within the firm as part of our career progression framework.
“As our business and Partnership continue to grow, we are seeing an increase in opportunities for our colleagues to develop and progress their careers, with a wide variety of career pathways available beyond the traditional graduate route. It is an incredibly exciting time to be working at Fisher German.”
Browne Jacobson hits top tier in latest Legal 500 rankings
Browne Jacobson has been ranked as a Top Tier law firm in 25 key practice areas in Legal 500 UK 2023, the independent directory of comparative law firm performance.
The firm also continues to underpin its status as one of the leading law firms in the East Midlands region with 16 Tier 1 rankings.
Other highlights in this year’s rankings include:
- Tier 1 ranking for the firm’s Local Government team in London, with the firm now ranked Tier 1 in that region for three public sector areas, including Education and Healthcare.
- First time rankings for Local Government and Energy, Project Finance & PFI in the West-Midlands, Commercial Litigation and Banking & Finance in the North-West and M&A: Smaller Deals up to £50M in London.
- 33 partners ranked as ‘Leading Individuals’, 15 named as ‘Next Generation Partners’, 15 rated as ‘Rising Stars’ and seven individuals listed in the Legal 500 Hall of Fame which recognises partners who are at the pinnacle of the profession.
Oberoi Business Hub welcomes new firms
Oberoi Business Hub continues to welcome several new businesses to their growing community of start up, SME and national firms requiring serviced office accommodation in Derby.
Among the latest companies to join the Oberoi Business Hub community in Pride Park is family-owned AHP Group consisting of AHP Healthcare, AHP Homecare, AHP Supported Living and AHP Recruitment, who were keen to expand into the East Midlands having established their award-winning healthcare recruitment agency in Essex with their sister company SRP Healthcare.
Under AHP Healthcare the company places agency nurses and support staff into care homes and supports private clients with care at home services under AHP Homecare. AHP Recruitment also supplies HGV drivers and warehousing staff to a wide range of customers and future growth plans include the introduction of supply teachers and support staff for schools, hospitality and construction industries.
Director Sheel Phakey, who runs AHP Group alongside his wife and son, explained: “The family is from the East Midlands and we obviously know the area well so were keen to come back to our roots in the next stage of our company growth.
“Pride Park with its excellent transport links with plenty of parking on site so we are looking forward to capitalising on the buoyant economy in the East Midlands – both in the expanding healthcare sector and the new opportunities that are taking place in warehousing and logistics across the region.”
Director Aran Phakey, who heads up the Midlands Division, continued: “Oberoi Business Hub’s location in Pride Park is perfect for us. The team are incredibly helpful and take care of all the accommodation so that you can concentrate on running your own business.
“We particularly value the availability of meeting and conference facilities and we have the flexibility to upgrade our office accommodation as the team here grows.”
Oberoi Business Hub manager Jodie Brady added: “Our goal is to provide high quality yet affordable business premises with a prestigious address and a wide range of services that facilitate growth and job creation in the local area.
“Throughout this year, we have welcomed many new customers and received requests for additional office space and services from our existing customers which is a reflection of the continued business confidence and is good news for the whole city and surrounding area.”
East Midlands Pharmaceutical company acquired by counterpart
Loughborough-based Morningside Pharmaceuticals has been acquired by UK counterpart Aspire Pharma.
The acquisition includes Morningside Pharmaceuticals (Loughborough), Morningside Healthcare (Leicester) and Morningside Healthcare (India) (together referred to as “Morningside”); privately owned, speciality generic pharmaceutical organisations.
Commenting one the acquisition, Tim Brady, Chief Executive Officer, Morningside said: “Aspire’s acquisition of Morningside is validation of the long-term growth plan that the shareholders and management of Morningside Pharmaceuticals and Morningside Healthcare have developed over the past 30 years. The combined company will benefit across several areas, including the realisation of enhanced business development capabilities with over 120 complementary mid and late-stage programs”
Richard Condon, Chief Executive Officer of Aspire Pharma added: “We are excited to welcome the Morningside team to the Aspire family. This is a transformative opportunity for both companies to expand and enhance our position as a result of both companies highly complementary product portfolios. The combination will create one of the largest and fastest growing UK pharma companies and see further accelerated growth potential in our current and future product portfolio, in the UK and internationally. Our commitment remains with our team, patients, and our partners in the NHS and beyond, to ensure a smooth integration of businesses”
Respective organisations will continue to operate as standalone businesses until further integration and transition announcements are made.
Aspire is present in the generics, speciality generics, branded medicines, and medical device sectors. Aspire’s investors include founder Graham Fraser-Pye; Juno Pharmaceuticals, a global pharma specialist organisation spanning four continents, focussing on niche differentiated products and H.I.G. Capital, a leading global alternative investment firm with over $50 billion* of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the USA, as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo.
