International intelligence experts relocate to Space Park Leicester
An international company which uses space technology to uncover hidden and illegal activity around the world has relocated to Space Park Leicester.
Using its constellation of satellites and proprietary processing techniques, Kleos Space locates radio transmissions in key areas of interest around the globe, efficiently uncovering and exposing hidden activity on land and sea in the global fight against environmental, security and economic challenges.
Its UK team of experts has moved to the £100 million Midlands facility to work on a variety of the firm’s key technologies and innovations and to support their UK customer base.
Miles Ashcroft, Kleos Space chief innovation officer, said: “Space Park Leicester aligns well with Kleos’ strategic UK growth plans, improving our connections to the local and national space business and academic community, bringing the team within immediate reach of other significant players in our sector and increasing opportunities for collaboration and innovation.”
Space Park Leicester will be home to members of the Kleos global team including those working in Spacecraft Systems, IT, DevOps, Software, Innovation Finance and UK customer relationship development and support.
Professor Martin Barstow, director of strategic partnerships at Space Park Leicester, said: “Kleos Space is internationally respected for their work on detecting and geolocating radio frequency transmissions from space to identify hidden and illegal activity.
“They are yet another huge asset to the community at Space Park Leicester and we are incredibly proud to welcome them here.”
Buyout industry remains resilient despite headwinds
The UK’s private equity industry remained resilient in the first six months of 2022, despite significant macroeconomic headwinds, according to provisional half-yearly data from CMBOR, the Centre for Private Equity and MBO Research based at Nottingham University Business School and supported by Equistone Partners Europe.
The 96 UK buyouts completed in H1 2022 were worth a cumulative £19.7bn, representing a fall from the 149 deals worth £26.6bn during the corresponding period last year, when pent-up demand drove a post-Covid bounceback in buyout activity to record post-2008 highs. However, cumulative deal value for the first half of 2022 was still the second highest H1 figure since 2007. This comes despite significant inflationary pressures, rising interest rates, ongoing global supply chain complexity and war in Ukraine.
As was the case six months ago, deal value was buoyed by the long-term upward trend in average deal size and the growing frequency of £1bn+ ‘mega-deals’. The rising tide of these transactions, which accounted for 77% of all deal value in the first half of the year, coincides with continued fundraising growth across the private equity industry, with GPs deploying record levels of capital into increasingly large deals. The seven £1bn+ buyouts completed this year means mega-deal volume is already the second highest on record after 2021, tied with the full-year figures for 2017 and 2019.
“It’s significant that the UK’s private equity industry has proved resilient in the face of considerable macro headwinds during the first half of the year,” said Christiian Marriott, head of Investor Relations at Equistone. “Many firms have remained active and deployed capital amid a challenging economic backdrop. These robust figures show investors’ continued faith in the ability of private equity to add value to companies with a long-term perspective that doesn’t simply depend on market tailwinds.”
That is not to say that private equity investors have been blind to the turbulent economic environment. The data from CMBOR also points to capital structures being more conservative than at any point in the last 10 years, with sponsors and lenders alike clearly cautious against a backdrop of rising interest rates and squeezed earnings. For structures above £100m, the average equity portion has risen from 37.3% in 2021 to more than 50% so far this year – meaning larger buyouts have been majority-funded by equity for the first time since 2012. In a corresponding move, the average debt portion has fallen to 47%, down from 62.7% last year.
London leads way as UK retains top spot for buyouts and exits
London and the South-East continued to lead the UK’s deal activity, with the capital and surrounding region accounting for 33 deals worth £8.7bn. The Midlands also performed strongly, with the mega-deal buyouts of Clinigen (£1.2bn) and Punch Pubs (£1bn) helping to drive £3.3bn in deal value across 21 transactions – already a higher cumulative value than all but two of the region’s top full-year figures since 2008.
The UK remains Europe’s largest private equity market by both volume and value, with its 96 deals equating to €23.3bn in activity. France ranked second in terms of volume, with 54 deals totalling €3.4bn, while Germany placed third in both volume and value, with 49 buyouts valued at €5.8bn. The Netherlands was second to the UK in value with €13.5bn from 22 deals, driven principally by 3G Capital’s €6.3bn buyout of Hunter Douglas and Apax Partners and Warbug Pincus’ €5.1bn acquisition of T-Mobile Netherlands.
The UK’s leading position and the skew towards larger deals were also in evidence with exit activity. While the 55 UK investments realised by buyout firms in H1 2022 represents a 30% year-on-year fall to a level equivalent to the Covid-disrupted H2 2020, the £15.7bn (€18.7bn) aggregate value of these transactions was the second-highest H1 figure since 2017, eclipsing both Germany (18 exits worth €7.0bn) and France (28 exits worth €6.1bn). This points again to the outsized impact of mega-deals, such as Bridgepoint’s £5bn sale of Element Material to Temasek.
“It’s perhaps unsurprising that we’ve seen the UK buyout market occupy its common position as the most active on among Europe’s major economies in this period,” adds Marriott. “The French presidential and parliamentary elections seem to have prompted a temporary slowdown in larger-cap deal activity. Meanwhile the DACH market is more proximate to the conflict in Ukraine and some sectors are heavily exposed to potential disruption in energy supply, causing both sponsors and businesses to exert more focus on navigating these challenges.”
Established sectors stay strong
Having accounted for more buyouts than any other sector in 2021, TMT continued to attract sizeable private equity investment, accounting for 20 UK deals worth £6.2bn in the first six months of the year. This figure, which is already close to exceeding 2021’s whole-year total of £7.2bn, was driven in large part by Permira’s £4.6bn acquisition of Mimecast. Healthcare has also continued to prove attractive, with 17 transactions worth £5bn, already the sector’s highest full-year deal value figure on record.
Professor Kevin Amess, director of CMBOR at Nottingham University Business School, said: “The UK buyout industry’s continued resilience is being driven by several key, high-growth sectors. The significant investment by private equity into TMT is a result of the sector having become absolutely core to the running of the global economy, while investment into healthcare continues to be powered by huge demand and significant public and private spending post-pandemic.”
Midlands sees slowest rise in permanent placements in 16 months
The latest KPMG and REC, UK Report on Jobs: Midlands survey highlighted a slower rise in the number of permanent placements in the region at the midpoint of 2022.
The rate of increase was the softest in the current 16-month sequence, albeit still strong overall. Meanwhile, temp billings saw the rate of increase decelerate steeply to only a modest pace.
Demand for permanent and temporary staff rose also rose at a softer pace, as growth in permanent vacancies was the softest for 15 months. At the same time, the downturn in staff availability intensified for both permanent and temp workers.
The KPMG and REC, UK Report on Jobs: Midlands is compiled by S&P Global from responses to questionnaires sent to around 100 recruitment and employment consultancies in the Midlands.
Permanent placements rise at slower pace
The number of permanent staff appointments across the Midlands increased further in June. While strong overall, the latest expansion was the softest in the current 16-month sequence of rising placements. Survey members often linked hiring to additional capacity requirements as demand increased, although some recruiters commented on a lack of suitably skilled candidates.
The uptick in permanent placements in the Midlands was the joint-fastest of the four monitored regions.
Temporary billings across the Midlands continued to rise at the end of the second quarter, though the rate of increase slowed sharply from May. Despite rising consistently for two years, the latest increase was the softest in this period and only modest. According to panellists, temporary staff were taken on amid difficulty in sourcing permanent staff, however there was evidence that firms were cutting back on temps due to increased cost burdens. The Midlands saw temp billings rise at the softest pace of the four monitored English regions.
June data highlighted another robust increase in the number of permanent vacancies in the Midlands. The upturn slowed from the previous survey period however, and was the slowest for 15 months. Moreover, the Midlands noted the slowest rise of the four monitored regions.
Demand for temporary staff also rose at a softer pace. The rate of increase remained strong, yet eased to the slowest since February 2021.
Permanent staff availability falls at quicker pace
Recruiters across the Midlands signalled a reduction in the supply of permanent staff for the fifteenth consecutive month during June. The reduction was commonly attributed to candidate shortages and hesitancy to change roles amid cost of living increases. The pace of the decrease accelerated from May and was the quickest recorded for eight months. The fall in the Midlands was the second-weakest of the monitored regions, ahead of the North of England.
The availability of temporary staff in the Midlands decreased further in June. According to anecdotal evidence, some suitably skilled staff had taken on roles already, resulting in a lack of available contractors. The reduction was the sixteenth in as many months and the steepest since February.
At the regional level, the decrease in temp candidates was broad-based, with the Midlands seeing the second-slowest fall, behind London.
Substantial rise in permanent starting salaries
Latest data highlighted a sustained substantial rise in salaries awarded to new permanent joiners in the Midlands at the end of the second quarter. The rate of increase eased from May, yet remained considerably above the long-term average.
Across the four monitored regions, the Midlands recorded the strongest rise in permanent salaries.
Recruiters across the Midlands recorded a nineteenth consecutive monthly increase in hourly pay rates for short-term staff during June. The rate of temp wage inflation rose for the first time in three months and was rapid overall. At the regional level, the Midlands saw the second-slowest rise in temp pay, ahead of London.
Commenting on the latest survey results, Kate Holt, people consulting partner at KPMG UK, said: “Although the Midlands saw a further increase in the number of permanent job placements in June – its sixteenth consecutive monthly rise – demand for temporary workers in the region slowed sharply, a sign that economic pressures may be beginning to impact employers’ confidence to grow.
“As more candidates become hesitant to change roles amid the spiralling rise in cost-of-living, employers in the region face the prospect of needing to offer greater financial incentives to retain talent, thereby exacerbating wage inflation. All this suggests that, after a sustained period of growth, the Midlands jobs market is becoming increasingly fragile.”
Neil Carberry, Chief Executive of the REC, said: “The labour market is still strong, with demand for new staff high. That said, today’s data show that we are likely to be past the peak of the post-pandemic hiring spree. That pace of growth was always going to be temporary – the big question now is the effect that inflation has on pay and consumer demand over the course of the rest of the year. Whether we will see the market settle at close to normal levels, or see a slowdown, is unpredictable at this point.
“Part of the reason for unpredictability in the market is a slower economy accompanied by severe labour and skills shortages. These are already proving a constraint on growth in many firms. The government should be thinking about how to ensure all its departments enable greater labour market participation and encourage business investment funds to help address this.
“It is important to note that plenty of hiring is happening in this tight market – there are candidates out there for firms who get it right. Skilled recruitment professionals are at the heart of this, making a difference to opportunity and growth for companies and workers.”
Derbyshire nutritional supplements business acquired by US company
A family business which is one of the UK’s leading online retailers of nutritional supplements has been acquired by a Californian company for an undisclosed sum.
Nutri Advanced, which is based in Whaley Bridge, High Peak, has been sold to Metagenics Inc, which is backed by US-based private equity firm Gryphon Investors. Dow Schofield Watts advised Nutri Advanced on the deal.
Nutri Advanced was set up in 1981 by naturopath Norman Eddie and his son Ken to bring specialist nutritional supplements into the UK. The company, which now employs 40 staff, develops and supplies a range of nutritional supplements, primarily through its own ecommerce website, to consumers and practitioners in the UK and Ireland. It is renowned for its innovative products, education and training offering. The acquisition will provide an exit for Ken Eddie, who now owns the business.
Ken Eddie, founder and Managing Director of Nutri Advanced, said: “I feel extremely lucky to have spent the last 40 years working on my passion, which is to enable people to improve their health and lifestyle through nutrition and education. Over those years we have built a great business with an enviable reputation for product quality and become the number one brand in the professional nutrition market in the UK.
“In more recent years, expansion of our online B2C marketplace has transformed the business growth and attracted many new users. We have worked closely with Metagenics for over 30 years and so I’m very pleased that they will now take Nutri Advanced to the next level of growth and take forward the legacy that I started with my family.”
The Dow Schofield Watts team consisted of Dan Walker, Alex Odlin and Philip Price. Dan Walker said: “Nutri Advanced and Metagenics have a long history of working together, particularly in product development. It was clear from the start that Metagenics would be a great home for the business, and one where it could continue to flourish in a world where the demand for proactive health and wellbeing solutions has never been higher.”
Stijn Oste, vice president Metagenics EMEA, said: “For Metagenics the acquisition is part of a strategy to have a direct presence in all major EMEA countries, and to exploit the synergies of a pan-European activity in nutrition-based products and concepts for helping people to lead a healthier, happier life.”
Piers Dryden and Shaun Little of Beyond Corporate Law provided legal advice to the shareholders.
Rolls-Royce secures funding to build Direct Air Capture demonstrator in Derby
Rolls-Royce has secured £3m from the UK Government to build a demonstrator Direct Air Capture (DAC) system, which could play a vital role in keeping global temperature rises to below 1.5C by removing CO2 from the atmosphere.
The demonstrator funding comes from the Net Zero Innovation Portfolio (NZIP) through the Department for Business, Energy and Industrial Strategy (BEIS) and helps deliver on the UK Government’s 10 Point Plan for a Green Industrial Revolution. It follows initial Phase 1 funding of £250,000 awarded in 2021, that allowed Rolls-Royce to design the demonstrator in partnership with the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
The demonstrator, to be built in Derby, will be operational during 2023 and be capable of removing more than 100 tonnes of CO2 per year from the atmosphere. CO2 removed from the atmosphere by such systems can be stored ensuring that it no longer contributes to global warming. It can also be recycled to make fuel for hard to decarbonise sectors such as aviation, enabling the more rapid phase out of fossil fuels.
A full-scale version of this plant could remove 1 million tonnes per year. The UK’s target is to remove 25 million tons of CO2 per year by 2030; and the International Energy Agency (IEA) forecasts that 980 million tonnes a year will need to be removed globally to limit global warming to 1.5C.
Jess Poole, Direct Air Capture lead for Rolls-Royce, said: “Every credible climate change model requires us to decarbonise today’s emissions, as well as removing CO2 already in the atmosphere via carbon negative technologies such as DAC. Our system combines our expertise in moving large quantities of air efficiently and integrating complex systems, which have been gained from designing world-leading jet engines, with novel DAC technology developed by CSIRO.
“Together the system works like a giant lung, sucking in air, absorbing the CO2, and releasing what is not wanted. We use a water-based liquid to wash around 50% of the CO2 from the captured air. Our technology is distinctive because very little water is used, and the liquid is recycled at low temperatures, making it energy efficient. Other technologies consume a lot of water and require substantial amounts of energy to generate heat for the separation of the CO2.
“This funding is great news for the team, and we’re excited about the future potential of this technology to help fight climate change.”
The demonstrator system will be built and operated by an in-house team at Rolls-Royce in an existing aerospace test facility, called Test Bed 52, on its Derby campus. This facility was previously used to test jet engines and is built for drawing in air and measuring how well new technologies perform.
Plans approved for Extra Care scheme in Northamptonshire
Planning permission has been secured for Housing 21 to provide 65 new affordable homes in Oundle.
The Extra Care scheme, located on St. Christopher’s Drive, will provide much-needed one- and two-bedroom apartments for older people with the assurance of an on-site care team for residents if and when they need it. There will be an option to purchase through shared ownership or to rent.
Peter Smith, construction project manager at Housing 21, said: “We are very pleased that planning permission has been secured for this Extra Care scheme which will be Housing 21’s first in North Northamptonshire. The site on St. Christopher’s Drive is well-placed to serve the people of Oundle and beyond. We look forward to working with members of the community to create a development that meets their expectations.”
Michelle Jeffrey, land director at Persimmon East Midlands, said: “We are delighted to work with North Northamptonshire Council and Housing 21 to enable them to deliver this much-needed scheme.”
The apartments were designed by Saunders Boston Architects.
Residents will benefit from a range of communal facilities, including a resident’s lounge, activity room, guest suite and assisted bathing suite. Additional facilities will also be available for use by the wider local community including a café/bistro and hair salon.
It is hoped that construction will begin in early 2023 with the scheme scheduled to open in late 2024.
Showcase excellent work at the East Midlands Bricks Awards 2022
A key event in the business calendar, showcasing the excellent work of the region’s property and construction sector, the East Midlands Bricks Awards 2022 will return on Thursday 15 September, at the Trent Bridge Cricket Ground.
Nominations for the prestigious event are open, and now is the ideal time to make your submissions, ahead of next month’s deadline (August 19th).
Shine a light on your projects and team, reward their hard work, and boost morale.
To submit a business or development for the East Midlands Bricks Awards 2022, please click on a category link below or visit this page.
After winning an award at the 2021 event, Allan Joyce Architects said: “We are delighted to have won Architects of the Year at the East Midlands Bricks Awards. It is lovely for the whole team, who always work incredibly hard to create amazing designs, to be recognised in this way. It was wonderful to attend the event in person and to hear about all of the great projects happening in our region and the companies involved in them.”
Find out who last year’s winners were here.
Thanks to our sponsors:
- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
Book your tickets now
Tickets can now be booked for the awards event – click here to secure yours. The special awards evening and networking event will be held on 15 September 2022 in the Derek Randall Suite at the Trent Bridge County Cricket Club from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region. The event will also welcome John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker. Dress code is standard business attire.
To be held at:
Funding boost to help with completion of Kettering’s flagship cultural quarter regeneration project
Progress on Kettering’s flagship cultural quarter regeneration project will be discussed at a meeting of North Northamptonshire Council’s Executive this week.
Cornerstone aims to revitalise and unify the town centre site which includes Alfred East Art Gallery, Kettering Library and Kettering Museum.
Once complete there will be significant improvements to the Alfred East Art Gallery and Kettering Library and a new two-storey extension to the rear of the Art Gallery.
Executive will consider a report that recommends a further boost of capital funds to ensure that the main building work will be completed this summer.
Since the last Executive report in March, as this important project has progressed, further details and challenges have had to be addressed, including supply of building materials and the co-ordination of their delivery, which is a challenge not just being faced in this project and is impacting construction projects nationally.
Because of the challenges, and the fact that the cost of materials has now increased, an additional £412,000 contingency is now needed to cover additional costs and ensure the summer deadline is met to prevent further costly delays.
Cllr Helen Howell, the council’s deputy leader and executive member for sport, leisure, culture and tourism, said: “It’s really positive that the project is progressing despite the challenges and we’re starting to see the many elements coming together. Once complete it will be a wonderful addition to the town and also to the wider North Northamptonshire area.
“It’s essential that now the main capital works are so near to completion that we get the project over the line and this new funding boost will make that a reality.”
Cllr Jason Smithers, leader of the Council, said: “It’s important that the building works are finished as soon as possible to avoid further costly delays.
“Cornerstone will bring many benefits to the wider community and attract visitors, helping boost the local economy. I’m really looking forward to seeing it complete.”
A total of £3million funding for the project has come from the Getting Building Fund, which is administered by South East Midlands Local Enterprise Partnership (SEMLEP), with the remainder from local authority funding.
Once complete, Cornerstone will provide:
- Flexible workspace and exhibition space supporting start-ups, with support provided by the British Library led Business and IP Centre (BIPC) Northamptonshire, providing the correct environment for creative and cultural businesses to start up and grow.
- Increased engagement with schools and educational institutions to deliver collaborative programmes, to build curiosity, develop creative and cultural talent, creating future user and visitor opportunities.
- Two new events / workshop spaces, café and external terrace and improved public gardens on the site, enabling a wider range of events and activities including commercial events and opportunities.
- External curtain glazing and roof lights installed
- Internal studwork within the new extension complete
- Gallery ceiling painting complete
- Lift installed
- Museum betterment works complete
- Ramp construction and brick work underway
- Hit and miss brickwork (design-type of bricks) over the new entrance underway
- Drainage connection complete
Multi tenanted Derby residential investment sold
Acting on behalf of private clients FHP Property Consultants have sold a residential investment property in Derby.
Carlton House, which is situated on London Road, Derby comprises a Grade II Listed four storey building. The property comprises six 1 bedroom flats, eight 2 bedroom flats and benefits from a private car park to the rear.
When fully let, the building produces an income in the region of £80,000 per annum. The quoting sale price was £1 million and a deal was agreed at that level reflecting a Net Initial Yield of 7.59%.
Darran Severn of FHP Property Consultants says: “I am delighted to have completed this sale which has been a great result for all involved. Given the nature and location of the property I was not surprised at the strong interest we received for the building. This enabled us to strike a deal within a matter of weeks. There is great demand for freehold properties, both occupied and vacant, particularly lot sizes under £1 million from local investors.”
Daniel Holder, the purchaser, says: “I am thrilled to take ownership of Carlton House, a few bumps in the road along the way but with the help of FHP and the managing agents Phoenix Lettings Derby we managed to complete the purchase.”
New letting at landmark Derby office building
A new letting has been secured at Cardinal Square, a multi tenanted landmark office building within Derby City Centre.
Smile Dental Triage have signed a new 6 year lease at a rent of £14.00 per ft² on 1,260ft² situated within the Third Floor South at Cardinal Square.
Darran Severn of FHP Property Consultants said: “Smile Dental Triage are a great addition to the mix of tenants already at Cardinal Square.
“We have had success letting suites between 1,000ft² and 3,000ft² over the last 18 months, so much so that we are now dividing up the Third Floor East to provide three newly refurbished suites ranging in size between 1,111ft² to 3,748ft², the larger benefiting from dual aspect windows.
“In addition, the office garden has been redesigned and now provides an excellent outdoor space providing meeting pods, breakout areas and outdoor games such as table tennis and golf.”
Xerox acquires Leicester marketing firm
Xerox has acquired Go Inspire, a Leicester-based print and digital marketing and communication services provider, to grow its global Digital Services presence.
Go Inspire serves customers throughout Europe, the Middle East and Africa (EMEA).
“We’re focused on widening the scope of Xerox’s Digital Services and Customer Engagement Services,” said Darren Cassidy, UK & Ireland Managing Director and senior vice president, EMEA Global Document Services at Xerox.
“Go Inspire’s capabilities will support the transformation of our transactional and direct mail services into multi-channel communications, accelerate growth in EMEA and create new avenues for us to help current and new clients.”
“We are thrilled to join the Xerox team and eager to contribute to the growth of Xerox Digital Services,” said Patrick Headley, Chief Executive Officer at Go Inspire. “Together with Xerox, we will expand the portfolio of high value services for our expanding client base throughout the UK and beyond.”
Terms of the transaction were not disclosed.
Boost morale at the East Midlands Bricks Awards 2022
Celebrating the region’s property and construction industry, and offering a prime opportunity for networking, the prestigious East Midlands Bricks Awards will return on Thursday 15 September, at the Trent Bridge Cricket Ground.
Nominations for the event are open, and now is the perfect time to make your submissions, ahead of next month’s deadline (August 19th).
Shine a light on your team, reward their hard work, and boost morale.
To submit a business or development for the East Midlands Bricks Awards 2022, please click on a category link below or visit this page.
Thanks to our sponsors:
- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
Book your tickets now
Tickets can now be booked for the awards event – click here to secure yours. The special awards evening and networking event will be held on 15 September 2022 in the Derek Randall Suite at the Trent Bridge County Cricket Club from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region. The event will also welcome John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker. Dress code is standard business attire.
To be held at:
New acquisition for Dains Accountants
Dains Accountants has acquired Barringtons, which has offices across Staffordshire, Cheshire, and Shropshire.
Founded in 1980, Barringtons is a provider of accounting and tax services to owner-managed businesses and individuals.
Richard McNeilly, CEO of Dains, said: “Barringtons is a well-established and highly credible firm with a high-quality team and client base. We have similar values and strongly believe in delivering impressive results for clients and rewarding careers for staff.
“The acquisition builds on our position within the North Midlands marketplace and is the first of several transactions we hope to complete in 2022.”
Dains recently recorded another record year for the business. This follows the recent investment from Horizon Capital in 2021.
Managing Director of Barringtons, Phil Wood, said: “We have continued to invest in technology and in our team in recent years and we have always been determined to deliver the best possible service to our loyal clients.
“By joining Dains, our ability to deliver an even broader range of services is enhanced and we look forward to working with the Dains team for many years to come.”
Luke Kingston, partner at Horizon Capital, said: “Barringtons is a well-respected business and has performed strongly through the pandemic demonstrating its importance to customers and the critical service it provides.
“We are delighted to have supported Dains on this acquisition as they continue their journey to consolidate the fragmented SME accounting and tax marketplace.”
190,000 sq ft warehouse at Junction 28 of the M1 wins planning approval
Rula Developments has won detailed planning consent for a new 190,000 sq ft high specification warehouse unit at Junction 28 of the M1 motorway near Huthwaite in Nottinghamshire, which it will build speculatively.
The proposed warehouse unit is situated on the established Fulwood Industrial Estate and will be built to high specification with strong sustainability credentials, targeting BREEAM Excellent and an EPC A rating.
The development has a target completion date of Q2, 2023. M1 Agency and Burbage Realty have been appointed as marketing agents.
Mark Hawthorne of Rula Developments said: “It is great news that we have secured a successful planning consent and can now move forward with the delivery of this highly sustainable and strategically located warehouse. J.28 is an established and sought-after occupier location, and we are confident of delivering a successful development bringing forward further job creation in the area.”
Toby Wilson of joint agents M1 Agency added: “Obtaining planning approval is a major milestone in bringing forward the delivery of Fulwood 190. With continued strong levels of take-up and an intention to speculatively build out, we are confident of quickly securing occupier interest.”
Franco Capella of joint agents Burbage Realty finished by saying: “It is a real positive for the delivery of the warehouse that we have now secured planning consent. Combined with the underlying credentials of strong location and labour supply we welcome the development phase now coming forward.”
Business Gateway recruits citizen of change to support Leicestershire’s black business community
Leicestershire’s Business Gateway has recruited an intern from the University of Leicester to help it support the local black business community more effectively. Omolara (Lara) Anubi (20) is in the second year of her Media, Culture and Society degree at the University and is part of the University’s Citizens of Change programme.
The Business Gateway, which is the one-stop-shop for support for all businesses across the city and county, aims to ensure that more black business owners take up its services to help them survive during current challenging times and achieve sustainable growth in the future.
Business Gateway manager, Rachel York, explained: “We felt that black businesses were under-represented among our clients and that our small team didn’t have the knowledge it needed. When we heard about the Citizens of Change programme, we saw it as an excellent opportunity to recruit an intern from the community we are hoping to reach so that they can research the needs of those businesses in an informed way.
“We are very fortunate in that several leading figures from the local black community have agreed to share their knowledge with Lara so that she can give us a full picture of what is needed and how best to provide it in future.”
Intern Lara, who is originally from Oxford, said: “I’m very happy to be gaining experience in my degree subject area and really looking forward to interviewing some of Leicester’s leading black community figures. I think it will be a fascinating experience and if my report can help local businesses, that will be brilliant.”
Financial adviser snaps up Oxford counterpart
Wren Sterling Group, the Nottingham-based providers of specialist financial planning advice to private and corporate clients, has acquired Critchleys Financial Planning LLP.
Under the terms of the deal, the Critchleys Financial Planning LLP team, led by Jason McGuigan, have been welcomed into Wren Sterling, along with their clients who between them represent c. 300 households and c. £150 million of assets under management.
The transaction is Wren Sterling’s second announced deal since its secondary management buyout by Lightyear Capital in late 2021. This follows its announcement of the acquisition of Mutual Financial Management in early June, which together with Critchleys Financial Planning LLP, will add a total of £825m of AuM to the business.
The rebranded business will provide Wren Sterling with a new hub in Oxfordshire to complement its eight other locations around the UK, from which it intends to make further bolt-on acquisitions. The acquisition is in-line with Wren Sterling’s M&A strategy of acquiring culturally-aligned businesses as hub locations in key strategic locations such as London, Edinburgh, Birmingham and Bristol as well as smaller bolt-on acquisitions to existing hubs.
This strategy complements its plan to accelerate its organic growth through improving its brand and proposition, simplifying its business and investing in its people and technology.
James Twining, Wren Sterling’s Chief Executive, said: “I’m delighted to welcome the Critchleys Financial Planning team and their clients to Wren Sterling. Jason and the team have done a phenomenal job for their clients over the years, building a business of ambition and excellence that perfectly aligns to our own approach.
“The UK IFA market encompasses many excellent businesses deciding that now is the time to look for new investors, either to facilitate their own retirement or because they see that their clients stand to benefit significantly from the support of a larger organisation in the face of mounting regulatory, operational and technology costs and complexity.
“This deal shows that Wren Sterling is the natural home for entrepreneurial businesses looking to enhance how they serve their clients, develop their people and be part of a winning and distinctive team.”
Jason McGuigan, Critchleys Financial Planning LLP’s principal financial planner, said: “It was important to us, when considering our future, that we partnered with an organisation that shared our core values of putting the client at the heart of everything we do. It was clear from our very first meeting with Wren Sterling, that this is central to their DNA.
“Thanks to our new partnership, we will be able to strengthen our offering to clients and continue to develop and invest in our people. We also have the exciting opportunity to expand the business further through hiring and bolt-on acquisitions in the Oxford and Thames Valley regions.”
Pandemic-born businesses could add £20.4bn to UK economy
More than £20 billion could be added to the UK economy in future from the number of additional businesses created during the pandemic, fresh data from a joint report by CBI Economics & NatWest Group reveals today (Thursday).
Some 800,000 companies were registered in the first year of the pandemic, a 22% increase compared with the previous year.
Compared with its international peers, the UK is a proven hub for entrepreneurship. Pre-pandemic the number of new businesses created as a share of total firms was 13%, higher than the U.S. (8%) and Germany (11%). Historically, the success and survival of these firms is also well established. In 2018, the one-year survival rate for new business was 89% – around nine percentage points higher than the EU average.
To gain greater insights about the hitherto little-known experience of pandemic-born firms, CBI Economics surveyed 543 firms. Key findings include:
- Only 13% cited regulation as a challenge when starting their business.
- Access to finance was a key concern for many burgeoning business leaders, with 55% highlighting this post 2020, compared with 42% pre-COVID.
- 4 in 5 firms report no plans to wind down their business.
- Pandemic-born businesses are more likely to say it is important to adopt the newest technologies compared to their pre-pandemic counterparts (56% versus 71%).
- Pandemic-born businesses are 20% more likely to use both sustainable materials and suppliers, compared with firms established prior 2020.
Boris Johnson expected to resign today
According to sources within the Government, Boris Johnson will resign today – although he may remain as PM until Autumn. A spokesperson for No.10 has said that the Prime Minister will make a statement to the country today.
This follows a raft of resignations including Rishi Sunak, Sajid Javid and Andrew Murrison among others. Newly instated Chancellor Nadhim Zahawi even explosively told the Prime Minister that “he must go now” after accepting the position.
Business leaders are expected to react on the matter after it happens, and we will report on that – if anything – the resignation will mean for businesses in the region. As of yet, a replacement PM has not been selected, though it has even been suggested that Theresa May could return as temporary (or interim) PM. Others have suggested Raab will make a more likely candidate.
New garden village takes step forward as 460 acres of Leicestershire land sold
Plans for a new garden village have moved a step closer after regional agents concluded a sale on circa 460 acres of land in North Leicestershire, representing one of the East Midlands’ largest and most complex land deals.
Acting on behalf of two private landowning families, agents Wells McFarlane, APB and Newton LDP secured the sale of land north of the A46, between Birstall and Rothley, to local housebuilders, Davidsons Homes and Barwood Homes for an undisclosed sum.
A spokesperson for the three agents said: “This sale has been a decade in the making, requiring extensive collaboration and local knowledge to navigate the complexities associated with a scheme of this scale. From the outset, the project was encumbered with significant and numerous challenges including a demanding planning background and highly technical design and infrastructure requirements.
“However, the team addressed the various hurdles to bring forward this substantial new community that will provide much-needed housing together with employment land, education and a new district centre.”
Included in Charnwood Borough Council’s local plan, the Broadnook Garden Village development will comprise 1,950 homes (including 319 affordable), 15 hectares of employment land, a local centre with supermarket and community facilities, a primary school, assisted living retirement village comprising 175 homes and a 70-bed care home, sports facilities, natural open spaces, play areas, allotments, cycle routes and footpaths.
The spokesperson continues: “Broadnook Garden Village has been designed and planned as a self-supporting entity of exceptional quality. Strategic sites like this require continuity, so it was important to assemble a team with widespread understanding of the local market to complete a transaction of this size and scale.
“By uniting three independent, specialist firms, this landmark project has benefitted from multiple resources and a broad range of expertise in rural matters, estate management, planning and development needed to finalise one of the most significant land sales within the region.”
A hybrid application was approved by Charnwood Borough Council’s planning committee in 2020, with the development backed by funding from Homes England to support infrastructure improvements. The scheme will provide a boost to the local economy with significant job creation, and developers also providing substantial Section 106 contributions.
James Wilson, group Managing Director at Davidsons Homes, said: “The agents, Trevor Wells from Wells McFarlane, James Phillips from APB and Richard Foxon from Newton LDP Limited were a pleasure to deal with.
“We have been working on this project for a very long time and, as with any big transaction, there have been many problems to overcome and the agents have acted with fantastic professionalism to help us problem solve in order to make this transaction happen.
“We look forward to seeing Broadnook become a wonderful place and an asset to the area, and we take with great responsibility the task to deliver this over the coming years and potentially decades.”
Construction work is expected to begin later this year.
Nottinghamshire land parcel set for second phase of residential scheme sold for £10m
Harworth Group has sold two residential land parcels at its Waverley and Thoresby Vale developments to Barratt and David Wilson Homes, for a total consideration of £39 million.
At Thoresby Vale in Nottinghamshire, Harworth has exchanged on the sale of serviced land capable of delivering 174 homes, for £10 million.
This represents the second phase of the Thoresby Vale development, following the sale of two land parcels at the site to Harron Homes and Barratt and David Wilson Homes in 2019 and 2020 respectively.
Alongside the new homes, Barratt and David Wilson Homes will provide a new surface water attenuation pond and a multi-use path and associated landscaping, which will enhance connectivity and link to the site’s planned primary school and local centre, for which site preparation works are currently underway.
Meanwhile at Waverley in South Yorkshire, Harworth has competed a £29 million land sale which will see the delivery of approximately 450 homes. The new homes will represent Barratt and David Wilson Homes’ fifth phase at the site.
Andrew Blackshaw, chief operating officer, Harworth Group plc, said: “Barratt and David Wilson Homes is a trusted and valued partner to Harworth, and we are pleased to be developing our relationship with these two significant land sales. Harworth is particularly well-placed in volatile markets as our serviced land provides housebuilders with a product which is de-risked and ready to build on from day one.
“The acceleration of both our Waverley and Thoresby Vale sites will see Harworth stepping through its strategy to take advantage of the placemaking and levelling up that these schemes ultimately bring to these communities. In addition, these sales will enhance the maturation of these socially diverse neighbourhoods when delivered alongside our recently launched single family Build to Rent product, Project Spur.”
