Unique Vale of Belvoir stables complex sold for residential conversion
A unique stables complex in the Vale of Belvoir has been sold by specialist land development and property consultancy Mather Jamie to Sheppard Developments in partnership with Gatter Capital.
Situated within the grounds of Wartnaby Castle, known as the ‘Little Belvoir Estate’, the site holds an elevated position above the Vale of Belvoir.
Benefitting from full planning permission for the conversion of the existing stable yard and redevelopment of existing cottages, it is anticipated that four luxury residences will be constructed to include ample garaging and home working space. Also included within the sale is a parcel of paddock land which adjoins the stables that has potential for equestrian or amenity use.
Commenting on the sale, Mather Jamie senior associate director, Gary Kirk, said: “We were delighted to be instructed on such a unique site. The nature of the range of buildings and their setting presented some interesting technical challenges from a marketing perspective. We look forward to watching this site come forward and deliver new homes, which will be in high demand.”
Ben Sheppard from Sheppard Developments added: “We are very excited by this latest acquisition with its unique setting and architecture. It is fantastic to be working alongside Gatter Capital on our second project together creating high end, luxury and distinctive residential properties.”
Originally constructed to compliment Wartnaby Castle, the 2 acre site comprises a range of traditional buildings including the stable yard and two adjoining cottages. The Little Belvoir Estate was constructed in 1839 and was likely built as a hunting facility with the stables being an integral part of the wider Estate’s original purpose.
Major UK developer will switch on commercial strategy for transformational East Midlands scheme
The team behind the redevelopment of high-profile regeneration projects including Gunwharf Quays in Portsmouth and London’s Battersea Power Station has become commercial partner for the biggest development opportunity in the Midlands.
Areli Developments, founded by Rob Tincknell, will develop the commercial strategy for three massive sites being promoted by the East Midlands Development Company, a public-private partnership backed by a consortium of local authorities and government.
Areli has brought together a professional team to support a long-term programme which centres on the development of hundreds of hectares of land around East Midlands Airport, Ratcliffe-on-Soar Power Station and the Toton-Chetwynd corridor.
Each site is the size of London’s Olympic Park, and it’s hoped that they will collectively generate 84,000 jobs and add more than £4 billion to the output of the East Midlands economy in the decades ahead.
Some of the sites sit within the boundary of the proposed East Midlands Freeport, while government has also confirmed that HS2 trains will also come into the area.
Areli has a global track record for the delivery of transformational projects, and its professional team in the East Midlands will also include architects Benoy, regeneration consultant Urban Delivery and placemaking experts MurrayTwohig.
Announcing the appointment, Richard Carr, Managing Director of EM DevCo, said: “Our three sites represent one of the biggest and most ambitious development opportunities in the UK’s regions, and we expect them to have an impact at macro-economic level.
“Our ambitions run deep into the quality and nature of the development we’re looking to enable, and bringing on board a partner of Areli’s calibre is a mark of how high we’re aiming.”
Tincknell, whose current development portfolio includes over 8m sq ft of mixed use regeneration projects, said: “Areli Developments is thrilled to be appointed as strategic commercial partner to the EM DevCo.
“Our team includes some of the leading real estate strategy specialists in the UK, all of whom are extremely excited to work with the DevCo to help create a robust and compelling vision for the future of three extraordinary projects.
“One of the key workstreams we’ll be commencing over the next 12 months will be to actively engage with local communities and stakeholders to hear their views and build them into the DevCo’s ambitious plans.”
The DevCo has already been appointed a Design Code pilot by government, with a remit to work with partners to ensure the development of beautiful places.
Its sites will include the development of a new innovation campus, major residential development, large-scale demonstrators aimed at taking net zero technologies to market-ready status, and supporting infrastructure.
EM DevCo is also working in partnership with the East Midlands Freeport, which seeks to build on the area’s status as a major trade gateway. East Midlands Airport is the biggest pure airfreight airport in the UK and it sits alongside the SEGRO road-rail logistics site.
X-ray specialists see losses widen
Image Scan, the Leicestershire-based specialists in the field of X-ray imaging for the security and industrial inspection markets, has said the overall level of trading in its first half has been “disappointing.” However some important new customers were acquired, and a new product was launched.
Revenue at the firm has declined to £790k according to interim results for the six months ended 31 March 2022. This is in comparison to £868k in the same period of the prior year.
Meanwhile the company posted a loss before tax of £345k, widening from a loss of £201k.
Bill Mawer, chairman and Chief Executive Officer of Image Scan, said: “The overall level of trading in our first half is disappointing, an indication of the sluggish recovery of our markets from the impact of the COVID-19 pandemic.”
Mawer continued: “We look for a number of delayed government procurements for portable X-ray systems to finally close and are working hard to ensure this happens early in the second half. The slowdown in the automotive market is impacting our industrial activity, though the acquisition of a new customer in this space is a positive development.”
Nominations open: East Midlands Bricks Awards 2022
Nominations are now OPEN for East Midlands Business Link’s annual Bricks Awards, celebrating the region’s property and construction industry.
Take this opportunity to shine a light on your team, reward their efforts, and boost morale.
The prestigious event recognises development projects and people in commercial and public building across the region – from office, industrial and residential schemes, through to community projects such as leisure schemes and schools.
To submit a business or development, please click on a category link below or visit this page.
Award categories include:
Henry Brothers, winners of Commercial Development of the Year at the 2021 East Midlands Bricks Awards, reflected on the event: “Henry Brothers was absolutely thrilled to have won the Commercial Development of the Year award at the East Midlands Bricks for the delivery of the Medical Technologies Innovation Facility at Nottingham Trent University’s Clifton Campus. The Henry Brothers story began in Northern Ireland in the 1970s and the company has grown to become a leading UK construction company. However, this award for Henry Brothers Midlands cements our position as a significant member of the East Midlands construction sector and we are very proud to have been recognised for our contribution.
“We enjoyed the informal atmosphere of the East Midlands Bricks Awards ceremony and hope to nominate projects next year, as we’d very much like to be part of the event in 2022.”
Dress code is standard business attire.
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
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.
To be held at:
Nottinghamshire van rental company secures six figure funding to support expansion
Nottinghamshire van rental company Newark Vehicle Hire has secured a six-figure funding package from Paragon SME Lending to help expand its fleet, including the addition of electric vans.
The company has acquired eight Mercedes 315 Sprinter Vans and two Maxus Electric Vans. The latest additions bring its total fleet to 259 vehicles, including 23 electric vans.
Newark Vehicle Hire has ambitions for at least half of its fleet to be electric within the next five years. The electric vans will be primarily used for delivery companies to hire on a flexible basis.
The UK government has set a target that the sale of petrol and diesel vehicles will be banned by 2040. Some major manufacturers have committed to cease production of ICE vehicles before 2030. The government is also looking to reduce carbon emissions to zero by 2050, and electric vehicles will play a big role in that.
Newark Vehicle Hire was established in 2013 by Managing Director Dan Fletcher and employs nine people at its base in Abbots Way.
The finance package was organised through Emma Robison, a director with commercial broker BFS UK Limited. Joe Blanthorn, business development manager for the North region, led the funding on behalf of Paragon SME Lending.
Dan Fletcher, Managing Director of Newark Vehicle Hire, said: “The major benefit of electric vehicles is the contribution that they can make towards improving air quality in towns and cities. With no emissions, pure electric vehicles produce no carbon dioxide emissions when driving. This reduces air pollution considerably.
“We aim to be a national supplier of rental vehicles and are aware that some cities within the UK will soon have designated areas where conventional ICE vehicles will be prohibited from driving. Our aim is to meet these changes and challenges by offering a wide range of EVs to our clients, present and future.”
Ashley Butterfield, Northern regional director of Paragon added: “Newark Vehicle Hire is a progressive, ambitious growth company that recognises the benefits electric vehicles will bring to our roads. We were delighted to be able to support the company through this funding package and hope to be able to assist the company further as it continues on its electrification journey.”
Emma Robison said: “Newark Vehicle Hire has ambitious growth plans and its fantastic to support the company as they transition to electric. Paragon was very easy to deal with and the process was smooth.”
New commercial manager for Enrok Construction
Enrok Construction has promoted Charlotte Holyhead to the new position of commercial manager with the firm.
Charlotte, who has more than a decade of experience within construction, joined Enrok as a quantity surveyor in August 2021 and has already been promoted due to the significant impact she has made on the business since her arrival.
Prior to joining Enrok, Charlotte was a lead quantity surveyor for West Midlands-based Jessup Brothers. Her expertise is in new build, affordable housing, refurbishment and commercial developments. She has also won the Outstanding Achievement Award through The Royal Institution of Chartered Surveyors (RICS) and has a First Class Honours degree in Quantity Surveying.
In her new role, Charlotte will direct Enrok’s commercial department, strengthen the team around her and lead on all commercial and residential developments. Enrok is currently delivering numerous multi-million pound projects across the UK, including a new 15,000 sq ft Medical Centre in Nuneaton and two residential development schemes in London, and Charlotte has played a pivotal role in their acquisition and delivery.
Laura Mallisch, director at Enrok Construction, says: “Charlotte has made a big impact on the business and we wanted to develop her obvious ability by giving her more responsibility within our growing business. Charlotte’s very capable leadership skills are something we spotted early on – especially with large scale construction projects. By aligning her skill set with our ambition to continuing to grow the business, it made perfect sense for Charlotte to be given the autonomy to build and direct the future growth of the commercial department.”
Charlotte Holyhead says: “My new position as commercial manager with Enrok has enabled me to build on my previous experience and put my own stamp on how things can be done, especially when it comes to ensuring that the client experience is as good as possible. I take enormous pride in prioritising the needs of every one of our clients and in giving consistent feedback on project performance from start to finish and this approach is clearly valued by our growing client base. I am excited about my new role and looking forward to playing my part in the future development of the company.”
SureScreen Diagnostics gives Matt Hancock a glimpse of the future as lateral flow tests get set for the mainstream
A “culture change” prompted by the COVID pandemic is helping to pave the way for pioneering lateral flow tests designed to check for flu and diabetes – and Derby’s SureScreen Diagnostics is leading the way.
The company outlined the plans during a visit from Matt Hancock MP, who was health secretary during the fight against coronavirus and took a tour of SureScreen’s manufacturing facility last week.
SureScreen is based in Derby but opened the facility, which is based at the Sherwood Business Park, Annesley, Nottinghamshire, last year in order to meet the UK and global demand for COVID-19 lateral flow tests.
The LFTs are currently being supplied to the NHS and more than 60 countries worldwide, but Mr Hancock, who was accompanied on his visit by Derby North MP Amanda Solloway, heard about how SureScreen Diagnostics is already exploring new opportunities for the post-COVID world.
These include kits which will enable people to test for flu, diabetes and other infectious diseases and viruses, giving them a near-instant diagnosis taking pressure off doctors and waiting times for laboratory results.
SureScreen’s LFTs were the first European tests to pass the validation process in the laboratory by Public Health England and Mr Hancock was following in the footsteps of Prime Minister Boris Johnson, who visited the site last year after the Government ordered 20 million tests for its national rapid testing programme.
Mr Hancock also saw SureScreen’s newest production lines, which use “spider” pick and place robots to speed up assembly of the kits.
He said: “We should be incredibly proud of the diagnostics industry that’s been built in the UK over the past two years, and SureScreen is a huge part of that. To develop tests and then develop manufacturing at such speed has been a massive endeavour and everyone SureScreen has stepped up to the plate.
“We have learned the importance of testing when we are ill and we can take that and learn from that for normal life now that COVID is endemic and not pandemic. There is a culture change that we should hold onto from COVID, that dictates that when we’re ill we should find out what’s wrong with us. If we do that then we’ll be a healthier nation.”
Founded 26 years ago, SureScreen develops and manufactures a whole range of diagnostic tests for the health service and other industries, including drugs tests, unique alcohol testing devices for ambulances and supply of urine diagnostic tests to over half of the GPs surgeries in the country.
David Campbell, a director at SureScreen, said: “Lateral flow tests have been used for many years, but such was their importance during the COVID pandemic that the spotlight has really been shone on their many applications.
“Their high performance levels and the fact that people have become so used to using them offers us an opportunity to deploy LFTs in places that haven’t been possible in the past, and offer convenient ways to diagnose issues much earlier.
“Although we have been focused on COVID-19 in recent months, we already have a wide array of other tests ready to go, and have built a platform for manufacture of all kinds of different tests, which will help people to take control of their health and could save healthcare millions of pounds.”
Monthly business insolvencies rise by a third
The number of monthly corporate insolvencies has increased by over a third, and doubled since the same time last year, highlighting the enormous challenges faced by Midlands businesses as they struggle to overcome spiraling inflation and energy costs as well as the shockwaves of the pandemic.
Latest Government insolvency statistics for England and Wales show that corporate insolvencies increased by 39.4% in March 2022 to a total of 2,114 compared to the previous month’s figure of 1,517, and rose by 111.6% compared to March 2021’s figure of 999.
According to the Midlands branch of insolvency and restructuring trade body R3, the sharp increase in corporate insolvencies suggests that many directors have seen the current economic prospects as an obstacle they will not be able to overcome and have closed their companies ahead of time.
R3 Midlands chair Eddie Williams, a partner at PwC in the East Midlands, said: “The increase in corporate insolvencies in March was driven by a rise in Creditor Voluntary Liquidations, a procedure initiated by directors of insolvent firms to close their company. The numbers were almost 40% higher than the previous month.
“These figures reflect the tough business climate in the region. Directors have gone from trying to trade through a global pandemic to trading while the costs of fuel and energy rise significantly. At the same time, employees are concerned about whether their earnings can cover the increased costs of living. Both firms and individuals have barely had time to draw breath.
“As a result, business and consumer confidence is low – a situation which looks unlikely to change in the near future. R3 therefore urges any directors worried about their company’s finances to seek advice as soon as possible.
“Talking about money worries can be challenging, but the earlier it is done, the more potential options there are, and the more time there is to make a decision about the future. Many R3 members offer a free initial consultation to those looking for help with their business’s finances.”
“Positive momentum” continues at Pendragon
Pendragon, the Nottingham car retailer, has reported “a strong start to FY22,” with underlying profit before tax of £18.7m, an increase of £7.9m compared to the prior year.
The business’s Motor Division reported an £8.2m increase in operating profit, up from £12.2m in Q1 FY21 to £20.4m in Q1 FY22.
The firm noted that new vehicle supply remained below demand during Q1, and as a result continued to focus on maximising the level of margins achieved per unit. As a result, new gross profit per unit (GPU) at £2,456 was £975 higher than Q1 FY21, more than offsetting volume shortfalls, resulting in new gross profit up 35.4% on a like-for-like basis compared to FY21.
Used vehicles volumes were down 6.7% on a like-for-like basis as supply constraints from lower new car production since 2020 impacted on availability. Used GPU gradually softened during Q1 from levels seen in H2 FY21, but remained higher than Q1 FY21 at £1,767 (Q1 FY21: £1,095). Pendragon said: “The progress previously outlined in respect of our strategy implementation together with group sourcing advantages have helped to underpin this ongoing strong margin performance, which offset volume shortfalls, resulting in used gross profit growth of 47.4% on a like-for-like basis.”
Aftersales revenue and profitability meanwhile grew in the period, while the group’s software business, Pinewood, delivered an operating profit of £2.8m, down from £3.4m in Q1 FY21. Pendragon said this was in line with expectations, driven by increased costs, reflecting investment in resource to support product development and international expansion, together with a return to a more normal level of international travel.
The group’s leasing business, Pendragon Vehicle Management (PVM), recorded growth in operating profit.
Bill Berman, Chief Executive of Pendragon PLC, said: “The positive momentum in the business has continued into the first quarter of this year and I am very pleased with how we have performed.
“The benefits of the work we have done in the past two years to improve our operations, from vehicle sourcing through to online and in store sales practices is evident in our strong trading performance and we have seen good contributions from all parts of the group.
“While we are mindful of the pressures facing our market and our customers, we are confident in our strategy and focused on continuing to deliver profitable growth over the medium term.”
Working women face high levels of burnout despite rise in hybrid working
Widespread burnout and lack of flexible work continue to hinder working women’s career progress, according to a new Deloitte Global report: ‘Women @ Work: A global outlook’.
Deloitte Global conducted a survey of 5,000 women in 10 countries, including 500 working women in the UK, to understand the impact the COVID-19 pandemic has had on women’s personal and professional lives.
Stress, burnout, and limited chances to advance are driving women away from their employers.
The UK survey revealed a decline in women’s mental wellbeing: 47% of women say their stress levels are higher than they were a year ago, while almost half (46%) feel burned out and 47% say their mental health is ‘poor’ or ‘very poor’. The research also found that 30% have taken time off work because of mental health concerns, yet only 45% feel comfortable talking about these concerns in the workplace. Compared to the UK and global average, the proportion of burnout is greater amongst younger women and women in ethnic minority groups (58%/51%).
Women are also more likely to be looking for a new role than they were a year ago. 47% want to leave their employer in the next two years and only 9% plan to stay with their current employer for more than five years. Reasons for leaving include burnout (39%), no opportunities to advance (20%), and poor work/life balance (17%). Over a quarter (28%) rate their job satisfaction and motivation as poor or very poor and 43% feel less optimistic about their career opportunities compared to a year ago.
Jackie Henry, managing partner for people and purpose at Deloitte UK, said: “These findings are alarming and the number of women reporting increased stress and burnout is of significant concern. It is clear that employers are struggling to address the issue with burnout being the top driver for those women currently looking for new employment. The findings of this research show the importance of actions beyond policy—those that truly address and embed wellbeing, flexibility, and a respectful and inclusive ‘everyday culture’.”
Harassment and microaggressions are on the rise—and often go unreported.
56% of women have experienced harassment and microaggressions over the past year at work, an increase since the 2021 report (52%). Only a small proportion of these behaviours are reported (33%) and women still fear reprisals for speaking up: 26% did not think they would be taken seriously and 16% were concerned the behaviour would get worse. Women from ethnic minorities are more likely to experience non inclusive behaviours, such as someone taking credit for their idea (14% vs 10%) and repeated disparaging comments about their gender (9% vs 3%).
Flexibility remains limited and hybrid work presents additional challenges.
Many organisations have introduced flexible and hybrid work models, although many women report they have yet to feel the benefits of these new ways of working. Only 37% of women say their employers offer flexible working policies, and when asked about policies introduced by their organisation during the pandemic, only 23% mentioned flexibility around where and when they work. 95% of respondents believe that requesting flexible working will affect their likelihood of promotion.
Women who have changed their working hours since the start of the pandemic or work part time are much more likely than those who haven’t changed their hours to feel burned out, stressed, less optimistic about their career prospects, and less comfortable talking about mental health in the workplace. 66% of women who have changed their working hours say their stress levels are higher than a year ago, compared to 22% who have not changed their working hours.
Hybrid working presents additional challenges.
The implementation of hybrid work has presented additional challenges. This year’s survey also found that women who work in a hybrid way are significantly more likely to report experiencing microaggressions (66%) than those who work mainly in their workplace (29%) or in a remote way (45%).
52% of women who work in hybrid environments feel they have been excluded from important meetings, and 42% say they do not have enough exposure to leaders, a critical component of sponsorship and career progression. Worryingly, hybrid work appears to not be delivering the predictability that women with caring responsibilities may need, with only 34% saying their employer has set clear expectations when it comes to how and where they are expected to work.
Henry adds: “Many employers have implemented new ways of working designed to improve flexibility, but this research shows that the new arrangements run the risk of excluding the very people who could most benefit from them, with the majority of the women we polled having experienced exclusion when working in a hybrid environment. Demonstrating the need for organisations to listen to their people. Building and maintaining a truly inclusive culture should be at the forefront of every corporate agenda. People need to feel like they belong and their different backgrounds and individual circumstances are respected.
“Organisations need to address burnout, make mental wellbeing a priority, and approach hybrid working with inclusive and flexible policies that actually work for women. There is a unique opportunity to build upon the progress already made to ensure women of all backgrounds can thrive in an equal and inclusive workplace.”
Council chiefs welcome £5.6m to tackle drug addiction
Nottinghamshire is set to receive a £5.6m funding boost over the next three years to implement the government’s 10 year Drugs Strategy: From Harm to Hope and procure inpatient detoxification beds.
As part of the Strategy, upper tier local authorities are required to provide additional detoxification places and increase the number and quality of places within substance misuse treatment services for young people, adults, children affected by parent substance misuse and those who are in the criminal justice system.
The County Council is currently working alongside its All Age Treatment and Recovery Service, Change Grow Live (CGL), and other partners to determine the level of services that will be required in Nottinghamshire.
Estimates indicate that at least 172,725 Nottinghamshire residents could benefit from a substance misuse intervention. Locally, there are around 4,436 people who are dependent on opiates and or crack with 131,011 adults drinking at harmful levels and around 21,632 who are alcohol- dependent. Alcohol represents the greatest need.
In addition to the new funding, the County Council already invests £8.9m a year in its All Age Treatment and Recovery Service. CGL have approximately 4,500 people in treatment at any one time, 20% of which successfully leave the service drug and or alcohol free, which is in line with the national average and local authority neighbours. These people report improvements in mental wellbeing, employment opportunities, improved housing situations and overall quality of life (2020/2021 data).
One person who is being supported by CGL said: “It’s been one hell of an emotional roller coaster, but I really am beginning to understand that I was in the grips of addiction, and this was the only place to save me. My life is changing for the better so much, I love it, I’m so glad I’m doing six months I wouldn’t be ready yet, but I know I’ll be ready for sure to spend the rest of my life in recovery… I’m forever in your debt for getting me into here.”
Councillor Boyd Elliott, Chairman of Adult Social Care and Public Health Committee, said: “We have a good track record in Nottinghamshire of maintaining our investment in substance misuse support and this is reflected in the outcomes for local people. We look forward to putting this further investment to use and working with our partners as part of the government’s 10 year Drugs Strategy.
“There is hope of recovery with the right support. CGL are doing some fantastic work to help people get back on track and then following that up with training, education and employment so they can continue to thrive in the longer term.”
The County Council is also proposing to establish two new posts to support the local implementation of the Drugs Strategy.
Manufacturers dissatisfied with the progress of the Government’s Levelling Up agenda
Almost a third of manufacturers are dissatisfied with the progress of the Government’s Levelling Up agenda, according to a new report Levelling up: Bridging the gap between policy and progress, published by Make UK.
The report reveals that that manufacturers want to see mayors and local councillors given more responsibility for driving the levelling up agenda and better support for skills training and creation of job opportunities prioritised by Government.
The report goes on to say: “This suggests that existing programmes such as IoTs or the National Skills Fund is not adequately plugging this problem. However this is may not necessarily be due to the programmes’ designs, but awareness of the various support programmes available to manufacturers – for example, only 10% of manufacturers had heard of IoTs and were engaging with them. A lack of awareness is not a new issue, particularly amongst SMEs: previous Make UK research shows an average of 60% of businesses were unaware of available business support schemes or programmes.
Despite the manufacturing sector being able to stay open during the pandemic, over 50% still had to make redundancies, and 9 in 10 are concerned about accessing skills. It is therefore no surprise that we see manufacturers across every region wanting to see this prioritised. To date the Government has introduced a number of skills initiatives including the National Skills Fund, but as our data shows, almost a third of manufacturers had not even heard of it (29%), with only 21% had actually engaged with it.
If manufacturers are to overcome the skills challenges they face as a sector, Government must begin to address some of the long-standing issues manufacturers have been contending with, including rethinking the Apprenticeship Levy system – specifically to make it financially sustainable in the long-term.
Crucially, better support for skills training and creating job opportunities can only be achieved through improved transport connections, digital connectivity, affordable housing and greater devolution. Each of these are therefore enablers to improving access to people, skills and opportunity across all of the UK.
Across the Midlands and the East of England manufacturers want to see the Government prioritise supporting them transition to becoming net-zero. Over half of manufacturers across the East Midlands (56%) and East of England (55%) want to see greater emphasis on incentivising businesses to become net-zero. This is also reflected in the engagement with Government initiatives like the Net-Zero Strategy which is widely heard of in the region and manufacturers are engaging with it.
In addition to incentives to becoming net-zero, manufacturers in the Midlands and East of England also want to see Government investment in upgrading local infrastructure across the region. Whilst the average proportion of manufacturers across this region wanting to see this prioritised was less than in the North (49% vs. 66%), it underlines the argument that the further you go from London and the Southeast, the greater the need for better infrastructure.
Small firms call for action over disappearance of free cash machines
Responding to new findings from Which? regarding access to cash ahead of next week’s Queen’s Speech, Federation of Small Businesses (FSB) National Chair Martin McTague, who sits on the Access to Cash Pilots Board, said:“With our bank branch infrastructure further decimated over the pandemic, this Queen’s Speech is the last chance saloon where protecting access to cash is concerned.
“Four in ten small high street businesses say cash is the number one payment method among customers, and six in ten need to make regular cash deposits.
“Since the Access to Cash Review was published, we haven’t seen meaningful movement in the numbers of customers and small firms that rely on cash day to day. But we have seen further closures of bank branches, and new limits on opening hours – choking off supply while demand remains.
“Notes and coins are still important to the lives of millions of consumers, not least disabled people, the elderly and those on tight budgets. Physical currency is also a vital backup for when digital systems fail.
“Online banking brings massive benefits in terms of productivity and efficiency. Policymakers and banks should be working hand in glove to get everyone online and up to speed with all the perks that managing finances safely online can bring.
“But so long as the need for cash remains, free access should be protected. Often, it’s in areas where consumers are most reliant on notes and coins that pay-to-use machines pop up – every pound spent on accessing cash is a pound not spent with the local small businesses on which our recovery will depend.
“Legislation and clear oversight by a single regulator in this space is overdue – the former was promised years ago. It’s time to turn positive words into positive action.”
Investigation reveals Nottingham City Council could have wrongly spent a further £25.759 million of funds
Nottingham City Council could have wrongly spent another £25.759 million of funds, according to an investigation into accounts and council housing money.
The news comes after a rare Section 114 notice was served by the council, following the recent discovery that it unlawfully diverted cash from its housing revenue account (HRA) to general funds and had ‘unlawfully’ credited £15.86 million to pay for all council services.
CIPFA (the Chartered Institute of Public Finance and Accountancy) in conjunction with Richard Penn, a local government expert, has produced a 19 page report and recommended that all proposals to address the issues outlined in both reports are accepted and implemented in full.
Richard Penn’s report makes a series of recommendations, including bringing housing services currently provided by Nottingham City Homes as an Arms’ Length Management Organisation back under the control of the City Council to ensure that HRA money is appropriately ring-fenced.
Reverting housing services back to the host local authority is now a common practice. The Executive Board report highlights that from an initial 70 Housing ALMOs (Arms’ Length Management Organisations) created in the early 2000s to gain Decent Homes grant funding from Government, there are now only just over 20 ALMOs still operating.
The Penn report also recommends strengthening the council’s housing authority role with improved financial knowledge, more detailed involvement of senior officers and auditor scrutiny.
It states that the payments from the HRA to the general fund were made ‘in an environment where there were many proposals to reduce expenditure or increase income in order to maintain services and avoid cutting jobs’ but concludes that it was not ‘a mechanism conceived to divert HRA funds to the General Fund’.
CIPFA also reports serious concerns about the lack of transparency in HRA reporting and the need to separate HRA from non-HRA activity in the work of Nottingham City Homes.
City Council Leader, Cllr David Mellen, said: “This is a clearly a setback, particularly as the council has been making significant progress on improving our financial governance over the last year. This issue demonstrates the importance of that work and how thorough it has been.
“Last year we took swift and firm action to issue a Section 114 Notice and commission two independent reports into the circumstances surrounding the HRA funding.
“The findings of these investigations show that the finance and governance arrangements around the ring-fencing of the HRA fell seriously short of acceptable standards, although we are disappointed that this wasn’t flagged up at the time by the council’s external auditors.
“Since these decisions were first taken, new leadership and senior management have shown determination to take the action necessary to address these issues and move forward positively.
“I would like to reassure our council tenants that we are committed to dealing with these past issues, ensuring that lessons are learnt so that these mistakes cannot be repeated in future.”
“It’s important to make clear that the funding in question has been used for purposes that benefit local people but that are not an appropriate use of what is effectively tenants’ money.
“It also needs to be recognised that in addition to achieving decent homes standards, Nottingham City Homes has worked to improve core housing services, empower tenants and bring about significant improvements to housing stocks, including the response to fire safety following Grenfell and home insulation works.
Cllr Linda Woodings, the council’s Portfolio Holder for Planning, Housing and Heritage, said: “Bringing housing services back under the direct control of the council is something that has been recommended we do to address the issues raised in the reports. We will ensure that listening to tenants and ensuring their voices are heard is a priority as we work to continually improve services for them in future.”
City Council Chief Executive, Mel Barrett, said: “These reports identify underlying issues around governance and finance which the council is addressing as part of our ongoing improvement work through our Together for Nottingham Plan.
“While the reports bring to light the serious failings in past practice, Nottingham people may be reassured in knowing that the new leadership of the council have, at every stage, taken steps to identify, understand and own these issues. We have invited independent scrutiny and ensured open, honest and transparent management of our financial governance to ensure compliance is improved for future practice. We are determined to provide reassurance to local residents, the Improvement and Assurance Board and Government that we understand what went wrong and that we can and will put it right.”
The investigation has now uncovered a further sum of up to £25.759 million of detected issues taking the overall scale of the issue as up to £40.126m.
Leasing agents appointed for new 160,800 sq ft warehouse on former Weetabix site in Corby
A new speculative 160,800 sq ft industrial warehouse is to be constructed on the former Weetabix factory site on the Earlstrees Industrial Estate in Corby.
Having recently purchased the 8-acre site on one of the town’s prime industrial parks, Copley Point Capital – on behalf of its Block Industrial program and Pembury Real Estate Ltd – have drawn up plans for the demolition of the existing building and a scheme for a new best-in-class facility.
A planning application is on schedule to be submitted this month with the intention of speculatively delivering the scheme by mid-2023. Prop-Search, Burbage Realty and Potter Learoyd have been instructed to seek a tenant for the project – Earlstree 160 – which will feature 12.5m minimum clears, 16-dock and two-level access doors, together with a 50m yard.
Commenting on behalf of the appointed letting agents, Richard Baker, a Director of Prop-Search, said: “There is a lack of available new stock of this size in the North Northamptonshire region, so this joint venture is a very timely development.”
“It is perfectly placed to accommodate the pent-up demand from occupiers with household names in Avon, CEVA, Weetabix and Saint Gobain proving that the business park, with its excellent transport links and access to a skilled workforce, is an attractive proposition to successful national companies.”
Copley Point Capital, Director, Nimit Oberoi, added: “We are excited to work with Prop-Search, Burbage Realty and Potter Learoyd to find the right occupier for our scheme. The team has an exceptional track record in the Northamptonshire market and provide the right balance between national and local market coverage.”
Dutch logistics giant strikes deal with M&G on 250,000 sq ft unit
Dutch logistics giant Active Ants, a subsidiary of the bpost group, has struck a deal with M&G Real Estate on a 252,500 sq ft industrial unit at Brackmills Industrial Estate in Northampton, on a 10-year lease.
After operating 2 successful sites in the Netherlands, Active Ants has successfully expanded into Belgium and Germany in recent years.
Co-founder and Managing Partner Jeroen Dekker says: “Active Ants wants to be the best fulfilment company in Europe. We are delighted that our arrival in the UK will further increase our presence in Europe and we believe we are moving into one of the most exciting online markets. With our strong focus on innovation and automation we offer tailor made business 2 consumer (B2C) logistics for (SME) web shops. We are convinced that this will create superior value for our customers’.
Active Ants was founded in 2010 with the idea of making e-fulfilment more accurate and efficient through innovation, automation and working with robots. The company has since grown into one of the larger players in the Netherlands with over 250 customers and more than 5 million orders per year.
Jeroen continues, “The Brackmills Industrial Estate is the centre of e-commerce logistics in the United Kingdom – this combination makes it the perfect location for our e-fulfilment activities. We will be close to our customers and have good connections with last-mile distributors.
“In our search for the right location and the right building, it was important for us to find a building that fulfilled our mission and values. The ‘outstanding’ BREEAM certification of the Brackmills Estate means that the building performs at the highest environmental level, which fits perfectly with our sustainable – and highly automated – way of working. Active Ants is committed to sustainable relationships with all its stakeholders: customers, employees and the community”.
Michael Wood, Portfolio Director at M&G Real Estate, comments: “With this scheme, M&G is delivering on its commitment to providing high quality, ESG-led schemes which meet the exacting requirements of modern occupiers, and we are delighted to be welcoming an innovative international operator with this significant pre-let.”
783-bed student scheme sold in Nottingham
UK property developer Godwin Developments has completed the sale of the Bendigo Buildings – a consented scheme for new contemporary purpose-built student accommodation in Nottingham – to Bricks Group.
On completion the development, which is situated in central Nottingham, will comprise 783 beds including of a mix of modern studio apartments, four, five and six-bedroom clusters and accessible studio rooms. It will also provide a range of indoor amenities and landscaped gardens as well as commercial units on the ground floor for residents and the neighbouring community.
The Bendigo Buildings development is situated less than half a mile from Nottingham Trent University and will regenerate the land currently occupied by a former Royal Mail sorting office, which has been vacant for nearly 20 years, as well as the adjacent car park on Cowan Street.
Godwin Developments acquired the Royal Mail site in June 2020 and the Cowan Street site in 2021. The company secured full planning permission for both plots in the second half of 2021, to help meet substantial demand for student accommodation in the city whilst regenerating the area of St Ann’s and delivering on a number of the Council’s objectives around student living and place making.
The Bendigo Buildings have been designed with sustainability in mind including features, such as air source heat pumps, photovoltaic (PV) roof panels and an energy efficient building fabric. The scheme promotes greener ways of travel in and around the city, supporting cleaner air and reducing traffic congestion in the area. It was also rated ‘Outstanding’ by Rider Levett Bucknall’s Social Impact and Social Value Report for its social value delivery, recognising the significant economic boost of £264 million which it will deliver to the city and wider region.
Matt Chandler, Managing Director at Godwin Developments, said: “Representing one of our largest consented schemes to date, the Bendigo Buildings utilised our in-house expertise to work up and achieve planning for this compelling scheme on a brownfield site which will bring significant regeneration benefits to the city. We are pleased that dynamic student, hotel and co-living property company Bricks Group will now take the project forward into delivering a new thriving student hub for Nottingham.
“Nottingham has significant unmet demand of student beds and with increasing student numbers expected as both universities continue their expansion plans, there is a clear requirement for more dedicated student spaces where young people can live, study, and socialise together. The Bendigo Buildings helps cater to this demand whilst also supporting the Council’s ambitions to keep the city centre vibrant, provide better quality student housing, and protect further traditional family housing from being converted for student occupation as well as bringing substantial investment to the city.”
Stephen Pratt, co-founder and director at Godwin Developments, added: “This development and transaction are a clear demonstration of the strength of the Godwin business and our expert team’s capability. I’d like to thank all the consultants involved for their hard work and support at each stage of the process.
“As a business, the sale will help Godwin achieve its ambitions by reinvesting the proceeds into a number of new opportunities throughout the development cycle across the residential, commercial and industrial segments nationwide as we drive our strategy forward.
“We are looking forward to bringing more high-quality developments to Nottingham in the future.”
Peter Prickett, founder and CEO of Bricks Group, said: “It’s great to purchase such a fantastic site in the amazing city of Nottingham. This demonstrates the Bricks Group’s continued growth plans within the PBSA marketplace, with our true student brand offering the ultimate student experience and setting new standards. We’ll also be looking to integrate UTime fitness and doza (doughnuts and pizza concept) as part of our ecosystem of lifestyle brands.
“It’s been a pleasure working with the team at Godwin – a relationship we look forward to building upon with future collaborations together.”
The Bendigo Buildings is conveniently positioned within easy walking distance also of Nottingham city centre, Sneinton Market, Nottingham Trent University and the main food and entertainment quarter, with the University of Nottingham and Nottingham train station also readily accessible via public transport.
In recent years, Nottingham has cemented itself into a major higher education destination. The city attracts nearly 80% of its full-time students from the UK, making it resilient to fluctuations in international student demand.
Irwin Mitchell and CBRE advised Godwin Developments on the transaction.
The Bendigo Buildings sale builds on a period of strategic disposals by Godwin Developments, which also recently completed the sale of Agard Street, a consented 142 student bed development in Derby, to Marble Homes. Having secured full planning permission, Godwin Developments sold the consented development to the East Midlands business, who have a track record for building and operating student living schemes.
Ryley Wealth Management expands with acquisition of Lincolnshire firm
Nottingham-based Ryley Wealth Management have continued to expand their business with the successful acquisition of Whitelock Financial Planning, based in Kirton in Lindsey, North Lincolnshire.
The acquisition will also see Ryley Wealth Management retain three members of the Whitelock Financial Planning team: Mandy Coote, Mel Flear, and Emma Smyth, who will continue to work from their current office in Kirton in Lindsey.
Established by director Julie Whitelock in 2012 as a Partner Practice of St. James’s Place, Whitelock Financial Planning hold a strong reputation across their local area for their personal and bespoke approach to financial planning. With the acquisition, Ryley Wealth Management will take over servicing for all their existing clients.
This follows on from Ryley Wealth Management previously merging the assets of Bentley Park Associates in 2021.
David Ryley, Chief Executive of Ryley Wealth Management, says of the acquisition: “Julie and I have known each other for years, and we have a very similar ethos when it comes to offering friendly, appropriate, and bespoke advice for all our clients.
“She ran a tight ship, and I am delighted that we can now take over servicing for her clients as she enjoys a well-earned retirement. We’re also looking forward to continuing the relationship which Whitelock Financial Planning previously built with charities, sports teams, and arts initiatives in the area, as we support and champion important local causes across our shared community.
“Mandy, Mel and Emma all have years of experience within the industry, and their wealth of knowledge will continue to be a huge asset for all our clients in years to come. As Ryley Wealth Management continues to grow and expand, our first goal remains always to be the most trusted and valued firm in the financial services industry today, leading the way through a bespoke client service driven by our collective ambition to constantly improve, innovate and inspire.”
Sygnature Discovery acquires Peak Proteins, to strengthen its drug discovery capabilities
Sygnature Discovery, the Nottingham-based integrated discovery and preclinical solutions provider, has acquired Peak Proteins Ltd.
Following an extensive partnership between the two companies, this deal will enable seamless integration of protein production and related structure determination projects within Sygnature. Financial details of the transaction have not been disclosed.
Peak Proteins was set up in 2014 by scientists previously from AstraZeneca’s protein biochemistry and structural biology groups. Spearheaded by CEO, Mark Abbott, the company now employs 35 people, most of whom are scientists. Peak Proteins will continue to operate out of their new research facility in Macclesfield, near Sygnature’s Alderley Edge site. The Peak Proteins leadership team will also remain with the business.
Its core technologies include protein expression and purification, alongside protein crystallography, structure determination and mass spectrometry services. The acquisition will expand the scope of Sygnature’s in-house drug development capabilities, bringing increased value to partner projects and future patients. Peak Proteins has collaborated closely with Sygnature Discovery for several years and together the companies have supported a number of integrated drug discovery programmes.
The acquisition is part of Sygnature’s strategic plan to continuously invest in the expansion of its drug discovery capabilities. Steve Young, Sygnature Discovery VP of Business Development, says: “The Peak Proteins expertise will sit perfectly alongside our HTS and extensive biophysics capabilities. Their world-class expertise in protein crystallography will enhance our fragment screening and analysis activities, as well as our structure-based drug design work.”
Mark Abbott, CEO of Peak Proteins, said: “We have always valued Sygnature Discovery’s support and are now really pleased to be joining them. It will enable us to work more closely on integrated projects in addition to our existing client base where we provide both proteins and protein structural information on a very wide range of proteins to clients across the world.”
This transaction represents the fourth acquisition that Sygnature Discovery has made in the last four years, and the first since Five Arrows Principal Investments made a significant equity investment in the company in 2021.
Sygnature Discovery’s CEO, Simon Hirst, stated: “We are delighted to welcome Peak Proteins and its talented scientists to the Sygnature family. Accessing high quality proteins efficiently is often a major stumbling for projects and protein structural information is still the gold standard when it comes to drug design. The closer integration of Peak Proteins into our projects will be extremely powerful in driving programmes forward.”
Sales up at Light Science Technologies while profits slip
Light Science Technologies, the Derbyshire-based controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, has fallen to a loss while sales have grown in a year in which it was admitted to trading on AIM.
According to audited results for the year ended 30 November 2021, group sales grew by 6.6% to £7.39m, up from £6.94m in the year prior.
Meanwhile the company posted pre-tax losses of £2.35m, which it says reflects the cost of the AIM admission process and investment in the CEA division.
In October, the business announced its flotation on the London Stock Exchange AIM market, successfully raising gross proceeds for the company of £5m.Simon Deacon, CEO of Light Science Technologies Holdings plc, said: “This was a pivotal period for the company, with the fundraise and admission to AIM providing the foundations for the next stage of our growth trajectory. Having further invested in and developed both operating divisions, we are extremely excited by the opportunities afforded to us.
“Moving forward the group will focus on further expanding its network of strategic partnerships with both major industry players globally, leading academic institutions and bringing experts into our growing team. In our CEM division, we predict there to be no change in the increased demand for electronics. As a result of this and our forward order book, we have begun a programme of investment to automate further production lines to win larger contracts in sensor and medical markets.
“In the CEA division we will continue to build on our contracts and sales pipeline, and expand into new markets in lighting, sensors and automated crop production and management systems, with an aspiration to enter the European and US market over the medium- to long-term. In doing so, we intend to strategically expand our facilities specifically in laboratory R&D at our new planned premises in 2023.”
