Derby hotel sold to growing hospitality group
Specialist business property advisor, Christie & Co, has sold Best Western The Stuart Hotel in Derby.
This 100-bedroom city centre hotel with bar, restaurant and conferencing facilities has been purchased by growing hospitality group, AG Hotels.
Launched to the market at a guide price of £4.95 million, the sale underscores the demand for such freehold properties across the UK’s regional hotel market, from a whole host of active investors.
Christie & Co acted for the private vendors in the sale of the hotel, who owned and operated the business for approaching 20 years.
Girish Grover, CEO of new owner group, AG Hotels, says: “We are delighted with our acquisition of Best Western The Stuart Hotel and have exciting plans to invest in and refurbish the property in due course.”
Gavin Webb, associate director – hospitality at Christie & Co, says: “Christie & Co are pleased to be able to announce the sale of this substantial central Derby hotel. Initial interest in the hotel was strong with competitive bidding.
“This latest sale to AG Hotels is evidence of their continued ambition to keep growing and become a major player in the hospitality arena. We wish them well with the operation of this long-established hotel.”
Views sought on Hinckley National Rail Freight Interchange
The public consultation for Tritax Symmetry’s Hinckley National Rail Freight Interchange, which could see up to 850,000 m2 of buildings for logistics use created, has begun.
The proposed site is to the north-east of Hinckley – partially within the Hinckley and Bosworth Borough with the majority situated within the Blaby District – and would be based close to Junction 2 of the M69 to the north of Burbage Common.
The Hinckley National Rail Freight Interchange (HNRFI) is proposed to include:
- New rail infrastructure off the Leicester to Hinckley railway
- A rail port capable of accommodating up to 16 trains per day
- Up to 850,000 m2 of buildings for logistics use
- Lorry park with welfare facilities and HGV fuelling facilities
- Provision of south facing slip roads on to Junction 2 of the M69
- A new link road from the modified M69 Junction 2 to the B4668/A47 Leicester Road
- Improvements to existing highway junctions in the area around the site
- Landscaping including footpath and cycle links
£4.5m sheltered housing scheme completes in Market Bosworth
A new sheltered housing scheme, Ambion Court, in Market Bosworth has been officially handed back to Hinckley & Bosworth Borough Council following a 15-month building programme.
The 24 one-bedroomed, self-contained apartments scheme was designed by Pelham Architects and built by GEDA Construction. Each flat has been purpose-built to accommodate the needs of tenants aged 60 and over.
The cost of the project, approximately £4.5million, was paid for by the Borough Council with a grant of £1.2 million from Homes England.
Unlike the previous scheme, which was demolished to make way for the new development, all units boast private wet room facilities plus a balcony or patio offering direct outdoor access. The scheme also offers a communal lounge, kitchen, dining area, library, hair salon, laundry, offices and storage suitable for mobility scooters as well as a car park.
Executive Member for Housing at the Borough Council, Councillor Michael Mullaney, said: “It is fantastic news that, despite the impact of Covid-19, we have been able to complete this scheme and tenants will be moving in shortly.
“This has been a major project for the council, and I would like to take this opportunity to thank everyone involved. I have visited the site on many occasions, but I am delighted that today we have been able to tour the development and see the very high level of standard it has been completed to.
“Returning residents will see a huge improvement in their properties and potential new residents will be delighted with the high standard of accommodation, fixtures and fittings. Ambion Court is a great example of modern quality housing for tenants.”
Colm McVeigh, commercial manager from GEDA Construction, said: “We are delighted to be handing over Ambion Court. We have worked closely with the council and Pelham Architects to ensure we delivered a scheme that met the needs of the residents and the aspirations of the council.
“Once occupied this development will offer a modern and comfortable living environment. This development will have a positive impact on the local area offering much needed secure and affordable accommodation for the local residents for years to come.”
AMC appoints new regional agriculture manager to head its team in Lincolnshire
The Agricultural Mortgage Corporation (AMC) has appointed a new regional agricultural manager for East Anglia and Lincolnshire.
Declan Wilson joins the AMC team having previously worked at Lloyds Bank Commercial Banking as an agricultural relationship manager. He brings more than a decade of banking experience to the role, along with links to agriculture through his extended family.
Having initially joined Lloyds Bank in 2017 as a relationship manager within the bank’s SME and Mid Corporate Commercial Banking’s specialist agriculture team, Declan has since worked with a diverse range of farming businesses across Lincolnshire, Cambridgeshire, and East Anglia, helping them to secure funding, structure transactions and advising on liabilities.
In his new role, which is effective immediately, Declan will head a team of agricultural sector experts that provide financial expertise, funding, and guidance to around 1,300 farming businesses.
Declan, who lives in Boston, will also work alongside AMC’s team of 27 independent land agents who carry out the business’s loan application and valuation work, as well as 14 valuers in the region.
Commenting on his appointment, regional agricultural manager for East Anglia and Lincolnshire, Declan Wilson, said: “East Anglia is a key area of focus for AMC and I’m looking forward to working closely with local farming businesses.
“Whether they’re looking at renewable energy technology to reduce their carbon footprint, have ambitions to diversify their existing operations into new markets, or need investment to purchase new land or machinery, we are committed to helping them achieve their ambitions.”
Lee Reeves, AMC’s Managing Director, added: “Declan’s appointment comes at a time when British farming is undergoing a period of considerable change, with the phasing out of the BPS, recent severe weather, as well as the ongoing challenges of the Covid pandemic.
“But against all this, we’re continuing to see a strong appetite from rural businesses who want to diversify and modify their operations to generate new revenue streams. This senior appointment brings additional resource and expertise to AMC’s proposition in the region as we look to support even more local farmers achieve success over the long-term.”
The appointment marks a new era for AMC in the region, with Declan stepping up to lead the East Anglia and Lincolnshire team following the departure of his predecessor Mike Lord.
East Mids healthcare provider acquires seventh care home
Leicestershire-based care home provider, Rotherwood Group, has acquired its seventh care home, which is based in Herefordshire, using a seven-figure funding package from HSBC UK.
The care home will undergo extensive refurbishment to incorporate state-of-the-art surroundings for around 60 older people in the local community. The acquisition will also boost recruitment in the area, creating up to 50 new jobs.
Rotherwood has plans to grow to 10 care homes in the next three years as the company work towards improving the standard of healthcare in care homes across the Midlands region.
John Fennell, CEO of Rotherwood Group, said: “We are pleased to be taking Kington Court into the group. This is our seventh care home and part of our longer-term commitment to broadening our impact enriching the lives of the older generation.
“We have exciting plans to enhance the lives of people living and working at Kington Court and hope that everyone feels settled during the ownership transition. The package from HSBC UK has been invaluable in allowing us to expand our healthcare service in the region and deliver our 10-year growth target.”
Richard Parker, relationship director at HSBC UK, said: “We’re delighted to have been able to support the Rotherwood Group in acquiring this new care home. The business has a clear commitment to excellence in eldercare and supporting local communities through healthcare and job creation. We look forward to working with the Group to support it’s plans to open more homes in the region.”
Recruitment business acquired by expanding group
The MCG Group has acquired recruitment business Jenrick Group, which has offices in Derby, Northamptonshire, and Surrey.
Jenrick Group has built a wide range of expertise over its 55-year history, with specific focus on supplying highly experienced contract, interim and permanent personnel within the technology, engineering and commercial sectors.
The acquisition of Jenrick Group comes as part of The MCG Group’s five-year plan which sees the company continue on a growth trajectory through organic and acquisition expansion. Within the last three months The MCG Group has also acquired RP International, which recruits leadership and highly-skilled technology talent for companies around the globe, and Sixth Sense – an independent training company based in central Scotland.
With nearly 350 employees across MCG Group, it offers recruitment, consultancy and project-based solutions within construction, education, healthcare and technology sectors across the UK and internationally via its 9 global offices.
Colm McGinley, CEO of The MCG Group, said of the acquisition: “It’s been an exciting couple of months at The MCG Group as we’ve acquired some fantastic businesses and welcomed them into our Group. We have some hugely ambitious plans for our Group and with Jenrick on board I’m confident we’ll see further growth and expansion into our new business sectors.”
Simon Murphy, CEO of Jenrick Group, said: “Finding the perfect custodian for the business, someone who had a similar culture to ours and valued the employees as much as we do, was our primary focus. Upon meeting Colm at MCG, we believed we had found that and in meeting the rest of his team, we are equally convinced.
“Whilst it is with sadness that my personal chapter of the Jenrick history is coming to a close, I am excited to see what the next part of the story looks like. I am in no doubt that the company will continue to flourish and those within the business will continue to enjoy a wonderful working environment, which allows them to grow both professionally and personally.”
Online recruitment events launched to support Derby businesses
A series of virtual events to help Derby businesses recruit talent launches this month (January).
Derby City Council’s Economic Growth Team is introducing the monthly online sessions following feedback from employers in a variety of sectors who are struggling to recruit staff.
Derby Jobs Live will give city-based employers an opportunity to showcase their vacancies and promote the benefits of working for their organisations directly to job-seekers. Where required, the team can work alongside a relevant Employment & Skills provider to offer training for the roles.
The events form part of a brokerage service from the Council’s Employment & Skills team that helps connect employers and training providers to people looking for work opportunities and training programmes.
In partnership with the Department of Work & Pensions (DWP), Derby Jobs Live will be marketed to unemployed residents and employment support organisations within the City.
The launch event on January 19 will focus on the multinational infrastructure group Balfour Beatty, which has a has a major site at Raynesway delivering Plant & Fleet Service and Power Transmission and Distribution.
The Council’s brokerage service has already helped the construction giant recruit a number of CCTV operatives and trainee paint sprayers.
During the online session on Eventbrite, residents will find out first-hand what it is like to work for the company, their current live vacancies and how to apply for them and whether they could benefit from training.
Stacey Keates HR Business Partner for Balfour Beatty said: “Working with the Employment and Skills team has enabled us to access candidates within the Derby region for a number of recruitment areas within our Plant & Fleet Services business. We have already attended Careers Fairs,Training into Employment events, advertised via BBC Radio Derby and Derby Jobs Weekly, and have got some exciting events planned in already for early 2022.
“Through our partnership, we have been able to access candidates and offer employment to residents of Derby that we wouldn’t have ordinarily reached. It continues to prove an invaluable partnership and we are grateful to the Employment & Skills team for their continued support.”
Future events will feature a variety of Derby-based employers, including Neos Composite Solutions, who are aiming to create up to 150 jobs and technical apprenticeships in the city.
Cllr Evonne Williams, Cabinet Member for Children, Young People and Skills at Derby City Council said: “Derby City Council is determined to boost employment and economic recovery, including investing in skills, supporting people into work and backing businesses.
“We know from talking to businesses in certain sectors that recruitment is currently a big issue. Part of our role is to try to understand better the challenges employers are facing and work with them directly to find individuals with the right skills so they can continue to operate successfully.
“The Derby Jobs Live events are one element of the support we can offer, allowing employers to speak directly to residents seeking employment, making it more efficient to recruit talent.”
Register for a free place at Derby Jobs Live with Balfour Beatty
More than 150 new job vacancies at East Midlands Airport
East Midlands Airport (EMA) is recruiting more than 150 customer-facing roles within its security, car parks and passenger services teams as the airport anticipates a strong recovery in 2022.
Last week’s easing of temporary travel restrictions, which were introduced in response to the Omicron variant, has delivered a boost to the travel sector, with consumer confidence rising and bookings surging according to airlines and travel firms.
The airport’s recruitment drive is in anticipation of what is expected to be a busy summer season for passenger travel. Filling vacant security officer roles is the airport’s immediate priority as new starters will need to undergo compliance training, while other vacancies will be advertised in the coming weeks.
The aviation sector was hard-hit by the pandemic. However, a strong and rapid recovery is expected, and East Midlands Airport is forecasting that passenger numbers this year will reach 75-80% of pre-pandemic levels. If achieved, 2022 will be the busiest year for passengers since pre-Covid.
The passenger airlines that serve EMA – Ryanair, JET2, TUI, easyJet, and Aurigny – connect holidaymakers to popular holiday-hotspots across mainland Europe, Eastern Europe and North Africa. The busiest months for passenger travel are April to October during which time two-thirds of annual travellers use the airport.
Customer-facing roles such as those being currently recruited to are critical not only to ensuring safety and compliance but also for making people’s experience of travel a positive one. These roles are ‘front-of-house’ and are ideal for those who enjoy interacting with customers and working as part of a team. The hours offered are also ideal for job seekers looking for a positive work-life balance from a shift pattern.
People interested in finding out more information about what it’s like to work at East Midlands Airport can join a virtual jobs fair on Tuesday 1 February 10am-12pm. Airport colleagues will be joined by representatives of other organisations based across the airport site who are also recruiting. An on-site, in-person jobs fair is planned to take place in February at the airport and EMA’s recruitment team will attend Jobcentre Plus’s virtual jobs fair on 26 January.
Clare James, Managing Director, said: “After two of the most disruptive years in the history of aviation, I am confident that we will turn a corner in 2022. People’s appetite for overseas travel remains undiminished. East Midlands Airport, which is the perfect gateway for holidaymakers who want to be at the poolside, on the beach or ski slopes as quickly as possible with very little hassle, will see a surge in passenger demand this year. We need to ensure that we have the right people in our team to be ready for this so that passengers have a positive start to their trip and that we continue providing a welcoming service for those who enjoy the ease of using our airport.”
What sets EMA apart from many other airports is its cargo operation which has surged during the pandemic in response to consumer and business demand for next-day deliveries and time-critical goods which has helped with EMA’s resilience over the last two years. EMA security staff are key to the smooth running of this side of the business too.
As well as joining a friendly and supportive team, airport employees enjoy many benefits including:
- free on-site parking while on duty
- retail discounts and savings
- 24-hour employee assistance programme
- MAG pension scheme which doubles your contribution
- discounted travel on some bus services
- discounts on MAG products such as Escape Lounges and holiday parking at airports
- career growth opportunities
2022 Business Predictions: Sam Gadsby, Chief Commercial Officer at Clicky Media
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Sam Gadsby, Chief Commercial Officer (CCO) at Clicky Media.
If the last 18 months have shown us anything, it has to be how resilient business is in our country. With such seismic shifts in societal behaviours, never in recent times have we had to adapt so significantly and at such a pace to such a broad range of challenges.
I believe that 2022 will see a further resurgence of digital-first adoption by businesses in response to the changing, and indeed now established, habits of their customers. As we continue to live more of our lives and spend more of our time online, consumer expectations and demands for a more seamless on and offline experience have never been higher. Benchmarks will only continue to increase.
Businesses who reacted quickly in 2020 are now benefiting from an expedited level of digital maturity and experience that would have otherwise taken many years to develop. This of course means greater competition with consumers having wider choice and buying freedom than ever before – making the continued improvement of digital strategies in businesses all the more important.
Announcements in 2021 from brands such as Facebook backing their ‘metaverse’ as the successor to the mobile internet suggests further evolution is on its way and should be taken seriously. Not only are we seeing new digital-native audiences now becoming a consistently larger percentage of buying customer numbers each year, but increasingly more traditional audiences and older generations are becoming online first consumers.
2021 saw the biggest increase in global advertising spend on record, the UK representing a notable percentage of this, with digital mediums representing the highest investment area. This will undoubtedly continue to grow, most notably investment in video content and promotion alongside more immersive experiences as we crave an escape or getaway both physically and digitally.
Likely later in the year as confidence grows, we’ll see consumers investing heavily in big ticket purchases, particularly again on home improvement and even more so than in 2021 on travel and leisure, as people seek real experiences to counteract the amount of time spent online (which for the average UK adult is in excess of 3.5 hours per day).
In 2022 I envisage that whilst challenges will remain, as will the need for commercial adaptability, we will slowly see positive improvement in issues that have arisen from the combination of the pandemic and Brexit, across the likes of supply chain and pricing which has impeded the potential of many.
I believe we’ll also see a slow down in ‘the great resignation’ as businesses set bolder ESG targets and invest in modernising approaches to remuneration, work life balance and the perks the present day workforce now prioritise.
There will continue to be skills shortages in many areas, so I hope to see a greater investment in schemes and initiatives that support training and development for younger people entering the workforce and for those who want to retrain.
Much like modern consumers, businesses will need to consider the conflict between convenience and conscience as both talent and customers will increasingly make decisions on ethics and the environmental/societal impact. Businesses will need to communicate more openly, with greater transparency and authenticity.
Undoubtedly there will be a rocky road ahead, but I believe most businesses will have fully transitioned from a survive to a thrive mentality by the end of 2022 and for the most part have adapted for the positive.
Bramble Foods secures minority investment from LDC
Mid-market private equity firm LDC has invested in Bramble Foods, a manufacturer and distributor of fine foods, to support its organic and acquisitive growth strategy.
The partnership with LDC will enable the management team to consolidate Bramble’s market-leading position by investing in the company’s product portfolio and in-house manufacturing capabilities to drive further organic growth. LDC will also support acquisition opportunities to accelerate this strategy.
Headquartered in Market Harborough, Leicestershire, Bramble manufactures and supplies more than 2,000 products, ranging from preserves, pickles, chutneys and sauces, to cakes, biscuits, confectionery, hampers and seasonal goods. Products are sourced from established external suppliers and an in-house manufacturing division which produces a range of preserves, chutneys, sauces and cakes.
Founded in 2008, the family-run business has an extensive portfolio of 1,400 customers and supplies to a national base of independent, local retailers, and garden centres, farm shops and holiday parks.
LDC is backing the existing management team, led by founder and CEO Tony Foster, alongside finance director Chris Neville and sales director Ken Osborne. As part of the transaction, co-founder Nigel Foster will retire to pursue other interests. Under their leadership, the business has delivered strong year-on-year growth.
The investment was led by Rob Schofield, partner in LDC’s Midlands team alongside investment director Phil Hinson. A team from Orbis Partners, led by partner Gary Ecob and director Steve Nock, acted as lead advisors to Bramble.
Tony Foster, CEO at Bramble Foods, said: “At the heart of Bramble is an unrivalled range of high-quality foods. Year on year we have increased our food production capabilities and invested in our personalisation service to offer unique bespoke products to our customers. LDC is the leading private equity firm in our region and we know our partnership with the team will help us to continue to grow our business into the future.”
Rob Schofield, partner in LDC’s Midlands team, said: “Tony and his team have unrivalled experience and a real passion for delivering the highest level of service to their customers. It’s why Bramble is already one of the market-leading businesses in the sector. We’re excited to be supporting the team to deliver the next stage of their ambitious growth strategy.”
Beth Mather at Gateley provided legal advice to LDC, with financial diligence provided by Ed Gray at Cooper Parry and commercial diligence provided by Michael Gell at Hullbrook.
Dan Shilvock at Shoosmiths provided legal advice to Bramble.
Acquisitive Ideagen sees revenue and profit rise in first half
Revenue and profit are up at Ideagen, the Nottinghamshire-based supplier of Information Management Software to highly regulated industries, according to unaudited interim results for the six months ended 31 October 2021.
Revenue increased 33% to £38.8m from £29.2m in the same period of the year prior.
Meanwhile pre-tax profit jumped from £1.2m to £5.2m.
Ideagen completed six acquisitions for a combined consideration of £102m, three during the period and three completing post-period end. In aggregate, the acquisitions have added £18.4m of Annual Recurring Revenue.
Ben Dorks, Chief Executive of Ideagen, said: “I am very pleased with Ideagen’s performance in the first half as we continue to see strong demand for our products from existing and new potential customers. This is testament to our people and reflects our simple purpose: making complying with regulation easy, quick and cost effective.
“At our recent Capital Markets Day we set out our plan to capture more of this market opportunity and reach £200m of Annual Recurring Revenues by April 2025 through a combination of organic growth and acquisitions. We have a healthy pipeline of acquisitions to add adjacent capabilities and broaden our geographic reach, supported by our recent fundraising.
“We have a strong record of identifying and integrating acquisitions that fit with our strategy, having completed eight acquisitions since December 2020, and are working hard on a number of near and medium term targets. The second half of the year has begun in line with our expectations, and we remain confident in delivering on our targets for the full year.”
190,000 sq ft warehouse takes a step forward as plans submitted
Rula Developments has submitted a detailed planning application for the development of a new 190,000 sq ft high specification warehouse unit at J.28, M1.
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 warehouse will benefit from an oversized dual yard provision, 15m eaves and 50m yard depth.
Subject to satisfactory planning consent, the warehouse will be speculatively delivered with a target completion date of Q1, 2023. M1 Agency and Burbage Realty have been appointed as marketing agents.
Mark Hawthorne of Rula Developments said: “Having recently agreed terms for the site, we looked to quickly bring forward a planning application which, subject to a satisfactory determination, will allow us to then go on and speculatively build out the scheme. 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.”
James Keeton of joint agents M1 Agency added: “The submission of the planning application is a positive step forward in the delivery of further new build warehouse space at J.28, which currently has a very low vacancy rate. 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: “Fulwood 190 is fairly unique in the area in that we are offering new build warehouse space for sale or to let and an occupier the opportunity to not only lease, but buy their own brand new high specification warehouse unit. Combined with the underlying credentials of strong location and labour supply we welcome a positive planning outcome to enable the development to come forward.”
Businesses failing to support employees as 84% aren’t reporting on absences
A staggering 84% of UK businesses do not report on employee absences, despite almost half (44%) looking into retention and a third (30%) reporting on projected overhead charges, a new survey by MHR International, the Nottinghamshire-headquartered HR, payroll, finance, learning expert, finds.
This means a significant majority of organisations are missing out on crucial insights that could directly impact retention rates and overheads, along with other financial and productivity levels, and employee wellbeing.
According to the survey of 250 HR managers and directors in the UK and Ireland, not only are businesses failing to monitor absences, but they are also struggling with the reliability of the people data they do collect. In fact, 37% of HR departments surveyed admit they are facing challenges in accurately reporting on employee data due to not having a single source of truth.
This is down to issues with the data itself, as 44% are struggling with duplicates, whilst 41% say their data is outdated, and 40% are missing information completely resulting in ill-informed business decisions being made. In addition, almost a third (32%) of businesses revealed they have no historical data to make comparisons, which makes it nearly impossible to identify patterns and trends.
“Failure to report on key data, such as employee absence, result in businesses left in the dark about why productivity and profitability are going down, and most importantly why people are leaving and how to prevent it,” said Anton Roe, CEO at MHR. “Integration is key here. Joining up people data across departments will enable more informed decisions that drive a better employee experience, from wellbeing to recruitment.”
Improved integration would also alleviate the time HR departments are spending on collating, analysing, and reporting their people data as the research found that 81% spend up to 59% of their time on these tasks. Along with better integration, businesses desperately need to better educate teams on how to use people data across other departments and not just HR, as one in five respondents reported that their finance teams wouldn’t know how to use people data in their roles.
“Businesses need to understand that their people are at their very core, and investing in HR technology will help address the issue of inaccuracies and missed insights while freeing up time within the business that could be better spent implementing and promoting new initiatives,” added Roe.
Permanent placements in the Midlands rise at softer pace in December
The latest KPMG and REC, UK Report on Jobs: Midlands highlighted a softer, yet still rapid increase in the number of permanent staff appointments at the end of 2021, despite sustained reports of a shortage of suitable candidates. Temporary billings meanwhile saw a quicker uplift in December.
At the same time, growth in demand for candidates remained at historically high levels, though the pace of increase in permanent vacancies eased for the fourth successive month. Finally, inflationary pay pressures were evident in the Midlands labour market as both permanent salaries and temporary pay rates rose at marked, albeit softer rates.
The report is compiled by IHS Markit from responses to questionnaires sent to around 100 recruitment and employment consultancies in the Midlands.
Softer rise in permanent placements
The number of permanent staff appointments across the Midlands continued to increase at a marked rate in December. The rate of increase softened slightly from November, though remained among the highest the survey has ever recorded. Panel members often linked hiring to stronger market confidence and increased demand for permanent staff. At the regional level, the uptick in permanent placements in the Midlands was the second-fastest of all monitored English regions, behind the North of England.
Temporary billings in the Midlands rose for the eighteenth time in as many months during December. Moreover, the rate of the increase quickened from the previous survey period and was steep overall. Anecdotal evidence suggested that higher demand meant firms took on temporary staff where permanent roles could not be filled. Temp billings also increased at the UK level, while the upturn in the Midlands was the weakest of the four monitored regions.
December data highlighted a sustained increase in the number of permanent vacancies across the Midlands. Though marked overall, the rate of increase eased for the fourth successive month and was the softest of all monitored regions.
At the same time, demand for temporary staff continued to expand robustly. That said, the rate of increase eased to the softest since February. Moreover, the rise in the Midlands was the weakest of the four monitored English regions.
Permanent staff availability falls for ninth month running
Recruiters in the Midlands signalled a further reduction in the availability of permanent staff at the end of 2021. A lack of experienced candidates and elevated uncertainty surrounding the jobs market making staff unwilling to move between roles contributed to lower availability, according to panellists. While the rate of reduction was still marked, it was the softest recorded for seven months.
Temp staff availability across the Midlands fell for the tenth consecutive month during December. The rate of decline eased for the fourth month in a row to reach the softest since May. According to anecdotal evidence, there were widespread candidate shortages due to a lack of skilled workers looking for temporary work. The reduction in the Midlands was the second-softest of the four monitored regions, behind London.
Further rapid rise in permanent starting salaries
Salaries awarded to permanent new staff increased for the tenth month in a row in the latest survey period. The rate of the rise eased from November’s series record, yet remained rapid overall. Panellists attributed higher salaries to efforts to attract staff amid high demand for experienced candidates. Of the monitored regions, the Midlands recorded the second-slowest increase, ahead of London.
Recruiters across the Midlands reported a thirteenth consecutive monthly rise in average hourly pay rates for short-term staff during December. The rate of temp wage inflation eased from the record rise in November to the softest for six months, though remained robust overall. The rise in temporary pay rates was the second-slowest of the monitored regions, and slower than the national average.
Commenting on the latest survey results, Kate Holt, People Consulting Partner at KPMG, said: “The continued uptick in permanent placements and temporary billings reflects the strength of business confidence locally, which is encouraging for those looking for work in the Midlands. “However, the war for talent shows no signs of abating, and this is evidenced by wage inflation as businesses compete to attract candidates – particularly for permanent roles. “While 2021 was dubbed as ‘the great resignation’, the labour market is typically more fluid in January and with more businesses offering hybrid and flexible working options, it’s possible that the candidate supply issues we’ve seen for some time could start to ease in the coming months.” Neil Carberry, Chief Executive at the REC, said: “2022 will be the year we discover staff shortages will outlive the pandemic as an economic issue. This survey shows again how tight the labour market was at the end of last year. “Demand for staff is growing across every sector and region of the UK, and candidate availability is still falling. These trends have been slowing for the past few months, but that is not surprising considering the record pace of change earlier in the autumn of 2021. “Businesses need to make sure they are reacting to the long-term challenges of this market, thinking harder about their offer to staff and how to shape their future workforce. Recruiters are ideally positioned to help employers with this, and support governments across the UK on the skills, immigration and tax reforms that are needed to keep us competitive.”Record year for Leicestershire finance provider with £318m funding for SMEs
ThinCats, the Ashby-De-La-Zouch-based alternative finance provider, provided a record £318 million of funding to support mid-sized SMEs during 2021.
In total, ThinCats has lent more than £1.2 billion to businesses across the UK.
Amany Attia, CEO, ThinCats, said: “As Covid restrictions lifted and business confidence strengthened during 2021, borrower demand switched from the short-term liquidity needs of 2020 to funding strategic growth plans, both organic and through acquisitions. Using a combination of the CBILS and RLS government-backed schemes and business as usual lending, we were delighted to provide a record amount of funding to existing and new borrowers.
“An important milestone during 2021 was a £160 million investment commitment from Wafra Capital Partners which will enable us to lend more than £2 billion over the next few years of which £600 million is ready to deploy now. We also made good progress in our established healthcare and leisure specialist lending products where we passed through £200 million funding in aggregate. Funding M&A transactions was another busy area for us, particularly those involving private equity sponsors.
“The economic outlook remains uncertain given the emergence of the Omicron variant of Covid on top of already rising energy and input costs, ongoing supply chain disruption and staff shortages. It is unclear how long these challenges may persist, which is why businesses continue to need access to flexible funding solutions. Given such a fast-changing environment, I am really pleased that we have been able to respond quickly to the opportunities and challenges faced by our borrowers in 2021 and this will remain our top priority for 2022.”
Prime location secured for student scheme in Nottingham City Centre
Property consultants, Box Property, has secured the strategic purchase of 7 Mansfield Road, Nottingham on behalf of long-term client Megaclose Properties to expand its portfolio and significant ownership within this part of the city centre.
The prominent 21,000 sq ft multi-storey office property, built in the late 1960s, is arranged over six floors and is less than 250 metres from the city centre campus of Nottingham Trent University.
Currently accommodation for multi-let offices, the property has been purchased and planning has been granted for conversion from its former office use into an 88-bed student accommodation scheme with a ground floor retail unit.
Redevelopment works are expected to start imminently.
Frankie Labbate, co-founder and director at Box Property, said: “The Mansfield Road property acquisition fits in perfectly with the client’s existing portfolio and its ethos to provide quality student accommodation within half a mile of Nottingham’s universities.
“As specialists in buying and selling prime city centre sites with a variety of uses, we’ve worked closely with Megaclose since we set up our practice to consistently bring them off-market, prime residential opportunities to help them grow their city centre presence.”
Located in Nottingham city centre on the corner of Mansfield Road and Peachey Street, it is within walking distance to Victoria Centre bus station as well as the leisure and retail facilities nearby including the Corner House and Trinity Square. It is also less than 200m from the proposed Guildhall development which is expected to include a premium hotel and student accommodation.
The news comes on the back of another recent purchase by Box Property of a retail unit on Goosegate in Hockley on behalf of Megaclose. The student accommodation specialist has plans to turn the upper floors into a 27-bed development.
Work to begin on Granby Street gateway revamp
A busy shopping street and main gateway between Leicester city centre and the railway station is set for a revamp, with work due to begin later this week.
Leicester City Council will begin work to pedestrianise and improve a stretch of Granby Street between its junctions with Northampton Street and the inner ring road at St George’s Way.
The aim is to create a more welcoming gateway into the city centre and help make the busy route safer and more attractive for pedestrians and cyclists.
The pedestrianised area will be reconstructed to create a level surface, finished in red asphalt and a continuation of the existing high-quality block paving. Automated bollards will be installed at the entry and exit points and changes will be made to the existing contraflow cycle lane between Dover Street and the inner ring road to improve the route for cyclists.
Improvements are also planned for Northampton Street, where the existing footpaths will be widened and two new loading bays created,
New tree planting and cycle parking are also planned, and the installation of a new docking station as part of the city’s Santander Cycles Leicester e-bike hire scheme.
An earlier proposal to close the Dover Street junction with Granby Street will be amended following feedback from consultation carried out in spring 2021.
Deputy city mayor Cllr Adam Clarke, who leads on environment and transportation, said: “This part of Granby Street is a major gateway into the city centre for people arriving in Leicester by train and is a busy shopping street in its own right. It links directly to the super crossing on St George’s Way and is an important route for anyone walking or cycling into the city centre.
“These improvements will make the route more welcoming and safer for pedestrians and cyclists, while having minimal impact on motorists. It’s over a decade since the underpass that ran beneath the ring road was removed and now is a good time to revisit the area and improve it further.”
Work is due to get underway from Monday 10 January and will take around seven months to complete.
A partial road closure of Northampton Street, from Charles Street to Newport Place, will be required from Sunday 16 January for up to 11 weeks. Work will then move further along Northampton Street, from its junctions with Newport Place to Granby Street. Well-signed diversions will be in place. Work will move onto Granby Street from spring 2022.
The scheme will cost around £900,000 and will be supported through the Getting Building Fund, a pot of government funding awarded to the Leicester and Leicestershire Enterprise Partnership (LLEP) for shovel-ready infrastructure projects to create jobs and support economic recovery.
Kevin Harris is chair of the LLEP Board of Directors. He said: “Granby Street is an important gateway to Leicester city centre and often the first port of call for visitors to our city. These improvements will help prioritise visitors that make the journey via public transport and help us meet our ambitious targets for sustainable transport and carbon reduction.
“These improvements to Leicester’s public realm will result in a better quality of life for Leicester’s residents, increased economic opportunity for local businesses and better links to the St George’s and Cultural Quarter areas, which are vibrant parts of the city centre and key to the local economy.”
Granby Street also forms part of the new High Street Heritage Action Zone. The scheme will offer grant funding to support heritage-led improvements and repairs to historic properties in the area and help bring commercial units back into use. The scheme is due to launch this summer. For more information email LeicesterHAZ@leicester.gov.uk
One of the UK’s largest food wholesalers acquired by investment firm
London-based investment firm RDCP Group has acquired SOS Wholesale, one of the largest food wholesalers in the UK for an undisclosed sum.
RDCP has acquired Derby-based SOS Wholesale, a family run business founded in 1996 by Norman Beckett and his two sons Mark and Steven.
The business is one of the UK’s largest wholesalers of foods and beverages, employing 120 staff from its 70,000 sq ft warehouse and distribution centre in Derby and sales office in Barnsley. Its product range extends across 4,500 lines, selling top brands including Mars Bars, Walkers Crisps, Heinz, Nescafe, Colgate, and Fairy, delivering its products range in the UK, and exporting worldwide.
The existing management team led by Mark Beckett and Vipin Patara will work closely with RDCP founders, Sameer Rizvi and Iryna Dubylovska, on SOS Wholesale’s future growth strategy.
This latest deal is RDCP’s eighth acquisition in the last 18 months, following its most recent takeover of Intelling in October 2021. RDCP now controls $400 million of investments across multiple sectors in the UK.
Sameer Rizvi, founder & CEO of RDCP Group, said: “This is a major milestone for us at RDCP because the four acquisitions we completed last year combined with the organic growth of our existing portfolio companies has increased RDCP Group’s assets under management to $400 million.
“We were extremely impressed by SOS Wholesale and their track record of success and varied customer base which includes major national retailers as well as independents. We look forward to working closely with Mark, Vipin and their team to grow the business further and have plans to expand SOS Wholesale both organically via increased sales channels, but also by bringing bolt-on acquisitions of smaller competitors.”
Iryna Dubylovska, founder & chief strategy officer of RDCP Group, said: “This acquisition reflects our strong appetite to expand our presence across different sectors and I could not be prouder of our team and our advisors.
“We have ambitious plans to grow our assets under management to $1 billion by 2025 and will continue to invest our growing balance sheet capital into promising British businesses that have a consistent and profitable trading history, committed and ambitious management teams and a defendable and dominant market position within their respective sectors.”
Mark Beckett, Managing Director of SOS Wholesale, said: “Steven and I are proud to be a part of one of the UK’s fastest growing private conglomerates, RDCP Group. I am looking forward to continuing to work with Vipin Patara and our management team to grow the business further, whilst retaining the family values that have made us what we are today.
“It is very much business as usual for our staff, customers and suppliers. We have worked hard to build an excellent reputation of delivering exceptional service and this will continue to be a focus for SOS Wholesale moving forward.”
Vipin Patara, trading director of SOS Wholesale, said: “Over the past five years working with Mark and Steven, their passion and drive to grow the business has been contagious. It is a testimony to both Mark, Steven, and the SOS team to where the business has grown to today.
“The future potential is exciting for both organic growth as well as new opportunities. I am really looking forward to working collaboratively with Sameer, Iryna, Mark and the entire SOS team to take SOS Wholesale to the next level.”
Roy Farmer, corporate finance partner at Dains, added: “Having built a very successful business over the past 20 years, Mark and Steven decided approximately two years ago to create a succession plan in order to facilitate their retirement. Their goal was to realise the value that they had created to date and to ensure that the business was left in the hands of a buyer who would continue to further develop the business.
“We worked closely with Mark and Steven to develop their exit plan, and as part of this process spent a considerable amount of time identifying an appropriate purchaser. Having received strong interest in the SOS Wholesale business from both trade and financial investors alike, we were attracted to RDCP as a buyer for a number of reasons.
“RDCP’s model of being longer-term investors in businesses, backing strong incumbent management teams and retaining the stability and culture that is embedded within a business made them stand out from the more traditional private equity model, and we quickly realised the benefits of choosing RDCP as the long-term investor in SOS Wholesale.
“I am delighted with the outcome we have achieved for Mark and Steven, which allows Steven to retire immediately and Mark to work alongside Vipin for a period of time. I am confident that SOS Wholesale, under the leadership of Mark and Vipin and the ownership of RDCP, will go from strength to strength.”
Strong performance sees record quarter for Dunelm
Dunelm, the Leicestershire-based homewares retailer, has reported a record quarter for the 13-week period ended 25 December 2021.
Total sales of £407m in the second quarter were up £46m compared to FY21 and £84m compared to FY20. The company said that this “excellent performance included particularly encouraging growth from [its] stores.”
Meanwhile digital sales have doubled since the pre-Covid Q2 comparative period in FY20.
As a result of strong sales Dunelm now expects profit before tax for the first half to be approximately £140m (H1 FY21: £112m, H1 FY20: £84m).
Nick Wilkinson, Chief Executive Officer, said: “We are delighted with our ongoing strong performance, which demonstrates the growing appeal of our homewares offer and includes some standout contributions from our furniture and seasonal categories. I would like to thank our fantastic colleagues and supplier partners for their ongoing commitment to serving our customers in the face of continued Covid challenges and industry-wide supply chain disruption.
“Our integrated physical and digital shopping experience has transformed since we launched our new digital platform in October 2019. These advances have enabled us to reach more customers with our brand and specialist homewares product range, whilst also providing a much improved customer experience. Our digital platform and capabilities also give us more confidence and ambition for the future.
“Whilst there are several macro uncertainties to be navigated, we feel well placed to continue to deliver profitable growth across all channels and grow market share as the 1st choice for home for UK homelovers.”
New Leicester City Centre residential scheme secures £8.7m
Funds advised by Hilltop Credit Partners, a specialist funding partner for SME residential developers, have completed an £8.7m loan to Mitchian Alliance Limited for the development of 69 residential units in central Leicester.
The project will deliver 53 one-bed and 16 two-bed flats and a small ground-floor retail unit next to the Waterside regeneration project, just 10 minutes from the city centre and less than a mile to Leicester train station. All residential units feature bedrooms with Juliet Balconies and are priced within the government’s regional Help To Buy limits.
As part of the regeneration of the local area, which is expected to benefit from c. £80m of new investment, Leicester City Council is strictly controlling the provision of newbuild housing, creating what Hilltop believes to be a favourable supply/demand dynamic for the development.
The average price of flats in Leicester has increased by c. 13% over the last 18 months, while the supply of properties for sale in the area is low.
The project sponsor team is comprised of a local developer/contractor and a project manager with 40 years’ experience across multiple industries and areas, including the completion of a £13m residential scheme in Leicester city centre.
Philip Mitchell of Mitchian Alliance said: “The team at Hilltop has understood our requirements from the get-go, addressed every stage of the development cycle and simplified the funding process. Their model is perfect for us as we embark upon a period of scaling our business.”
Paul Oberschneider, founder and CEO of Hilltop Credit Partners, said: “A vibrant university city with great connectivity, strong employment credentials and comparatively affordable housing makes Leicester an attractive location for development. Within the city centre, the limited supply of residential property adds to a compelling proposition.”
