Record vacancies highlight the historic hiring crunch facing firms
Rising economic inactivity, a deteriorating economic outlook and the financial squeeze on businesses from soaring energy bills are but a few of the problems for East Midlands businesses. But record vacancies, due to a shrinking workforce, is also crippling many businesses.
As BCC Head of Economics, Suren Thiru, points out:“While payroll employment rose slightly and the unemployment rate continues to fall, the headline figures continued to be flattered by significant underlying factors, including a shrinking workforce.
“Increasing vacancies highlights the historic hiring crunch facing firms. With rising economic inactivity confirming that lots of workers have seemingly quit the jobs market completely, severe staff shortages may remain a persistent drag anchor on economic activity.
“Although there was a rise in earnings growth, with inflation soaring, wages are still comfortably lagging behind price increases. If this continues as expected, real household incomes will be damaged further, stifling consumer spending, a key driver of UK economic output.
“Weakening consumer confidence may limit households’ willingness to support spending by running down savings built-up during Covid to offset declines in real pay.
“The deteriorating economic outlook and the financial squeeze on businesses from soaring energy bills and the national insurance rise risks weakening labour market conditions by dampening recruitment and limiting firms’ ability to increase wages and invest in their staff.
“More must be done to help people access rapid retraining opportunities for in-demand jobs, including assisting older workers to turn to more sustainable jobs. Introducing a new skills tax credit to incentivise employers to invest in training for workers would help to revitalise employer-led training.”
New East Midlands Manufacturing Network holds first local meeting
North Nottinghamshire is the first local network to launch under the new peer-led East Midlands Manufacturing Network.
More than 30 manufacturers attended its inaugural meeting at the NTU University Centre, at Vision West Nottinghamshire College in Mansfield, on 12 April.
It follows a regional launch event in March that attracted about 100 manufacturing businesses, and signals the advent of other networks in the Derbyshire Dales and High Peak, Leicestershire and Derbyshire local authority areas.
The role of the new East Midlands Manufacturing Network is to secure the future success of manufacturing in the region by bringing together key knowledge and skills to form a dedicated, supportive peer network.
Manufacturers are being encouraged to join, in order to:
· Share best practices and experience in a trusted peer environment;
· Focus on issues and challenges that are a priority for them and other manufacturing businesses;
· Better understand the financial support on offer for their manufacturing business;
· Tap into specialist consultancy and advice on regulation and compliance;
· Identify collaboration opportunities; and
· Gain peer support and education.
The network is being led by East Midlands Chamber and delivered by Qinesis – The Business Growth Company. It builds on the success of the Nottinghamshire Manufacturing Network.
Mark Goldby DL, non-executive director and ambassador for Qinesis, said: “It was truly a privilege to help kick off the first meeting of the North Nottinghamshire Manufacturing Network. There was a great mix of businesses and great debate around the common challenges we need to address within the sector. It bodes well for the networks we’ve established in other areas of the East Midlands, which will have their own launch meetings in May.”
East Midlands Chamber Deputy Chief Executive Diane Beresford added: “My thanks go to all who were involved in the North Nottinghamshire event, and to all who contributed to the discussions with such passion.
“The East Midlands is, unquestionably, a region with a strong manufacturing heritage and with the potential to have an equally strong future. I would encourage any manufacturer looking for support to get involved, and to gain valuable insight into the new technologies, resources and information on offer.”
The next local launches will take place as follows: Derbyshire Dales and High Peak on 13 May; Leicestershire on 17 May; and Derbyshire on 24 May.
Melton fulfilment firm records £6m turnover as it marks milestone birthday
Melton-based fulfilment specialist Hallmark Consumer Services has reported a year-on-year increase in annual turnover of over 10 percent to £6m, in the wake of increased demand from online retailers for its flexible fulfilment services.
Celebrating its 30th anniversary this year, the family-owned fulfilment company employs 70 people and provides a range of outsourced services including bespoke fulfilment, contract packing, direct mail, and logistics solutions.
Hallmark purchased its 40,000 sq ft headquarters in Melton in 2013 and has since invested in further extending its premises and capacity, most recently by adding an enhanced storage and shipping facility and further locations for carton picks to enable the company to expand the range and size of goods it handles for clients.
To facilitate the demand for its services, the company has also taken on a second site in Grantham, set to officially open this summer.
Commenting on the growth, Hallmark Managing Director, Philip Hall, says: “We’ve overcome many challenges in the last two years as a result of the pandemic and Brexit, but have managed to come out of the other side successfully and having secured several new clients.
“With the pandemic forcing retail companies to sell more of their products online, we saw demand for our services rocket. Fortunately, our business model and IT infrastructure are such that we can quickly scale our fulfilment services up or down in response to customer demand. It is this flexibility that our clients appreciate.”
Of Hallmark’s 30th anniversary, Chief Executive Chris Hall says: “When we first started out, I ran the business from my garage and focused on promotional sales fulfilment, before evolving into direct mail.
“We quickly expanded and over the years have taken on more and more units at the industrial estate where we are based in Melton. As E-commerce started to take off, our clients moved from printed catalogues to online shops, and this was the key driver for our growth.
“As a company, we have won numerous awards in recognition of our high level of customer service and innovation. But the biggest thrill for us is having such longstanding clients. We feel honoured that one of our clients has been with us for over 20 years.”
Philip adds: “We’re proud of the growth and development of our team and the fact we’re now one of the largest employers in the Melton Mowbray area. It means a lot to be able to contribute to the local economy and create jobs for people living locally.
“We’re looking forward to expanding our current site as well as launching our new facility in Grantham and continuing to enhance our service offering to help our clients to grow their businesses.”
22 East Midlands businesses revealed as winners in 2022 Queen’s Awards for Enterprise
More than 200 British businesses are celebrated today (21 April), as the winners of the 2022 Queen’s Awards for Enterprise have been revealed.
Businesses representing every part of the United Kingdom and a range of sectors have been recognised by Her Majesty The Queen on her birthday as among the best in the country. This includes 22 firms in the East Midlands.
Awards have been won in the categories of International Trade, Innovation, Sustainable Development and Promoting Opportunity.
The winners in our region include: For Innovation- Elcom Ltd
- Flexeserve, a trading name and brand of The Alan Nuttall Partnership Ltd
- Imagesound Limited
- NIMBUS: THE DISABILITY CONSULTANCY SERVICE LTD
- Peak NDT Limited
- Oncimmune Holdings plc
- Qdos Broker & Underwriting Services Limited trading as Qdos Contractor
- Ampetronic Limited
- Cellomatics Biosciences Limited
- DEA Aviation Ltd
- Diamond Hard Surfaces Ltd
- Donald Ward Limited T/A Ward
- Flair Flooring Group Ltd
- Imagesound Limited
- Logi-tek (UK) Limited
- Peak NDT Limited
- PR Marriott Drilling Limited
- Unimed Procurement Services Limited
- URBAN APOTHECARY LIMITED
- Plum Products Ltd
Thomas Ward, commercial director at Ward, said: “Winning the Queen’s Award for Enterprise for International Trade is a huge honour for the Ward team. Our core business, which represents around 80% of turnover, is the buying, selling, processing and recycling of ferrous and non-ferrous metals from a variety of sources, including end-of-life vehicles and arisings demolition projects.
“Over the three years to March 2019, thanks to significant investment in deep sea dock facilities and ongoing hard work of our dedicated teams, our overseas sales grew by 84%, a growth rate of 36% per annum. We were able to expand our export capabilities to service larger customers in Turkey, Egypt, India and Pakistan.”
Plum Products’ Managing Director, Paul Schaffer said that he was “extremely proud and honoured to receive the prestigious Queen’s Award.” He added: “From launching our first toy over 30 years ago to now, selling to more than 50 countries, it’s been quite a journey!
“Plum Play was set up to offer children toys that look great, are super safe and have that all-important fun factor. This award is a recognition of all our hard work and will increase opportunities for us to break into new markets and raise further awareness of the brand.”
Cellomatics’ CEO and founder, Dr Shailendra Singh, said: “It is an absolute honour to be recognised with the prestigious Queen’s Award for Enterprise and for our excellence in international trade, particularly on the year of the Queen’s Platinum Jubilee. “Cellomatics has continuously moved from strength to strength since our inception over six years ago. We’re proud to have successfully completed over 200 projects in collaboration with approximately 70 clients in the last six years, with between 10 and 15 new clients secured each year, and around half of our clients placing repeat business. This has translated into strong revenue growth from an expanding international and diversified customer base. “None of this would be possible without the dedication of our skilled team of scientists and our shared focus, vision, and ambition to constantly improve and deliver quality results for our growing network of clients. We’re also proud to be located at the heart of the UK in the East Midlands which is a hub for thriving life sciences businesses and CROs driving innovation on an international and global scale.” For Sustainable Development- Bambino Mio
- Collaborate and Innovate Ltd – trading as Cosy
Small Business Minister Paul Scully said of Bambino Mio’s win: “Companies like Bambino Mio are outstanding examples of the entrepreneurial spirit this country is renowned for. Today, we’re recognising the contributions they make to the East Midlands and the wider community by championing sustainable development.
“I congratulate all of this year’s winners for their hard work and commitment to producing innovative products and services and wish them every success in their future endeavours.”
Winners’ awards are valid for 5 years. Winners are permitted to fly The Queen’s Awards flag at their main office and use the emblem on their marketing materials. Winners are also given a Grant of Appointment (an official certificate) and a commemorative crystal trophy. Her Majesty’s Lord Lieutenants will be presenting the Awards to businesses locally throughout the year. Eligible businesses are free to apply for one or more categories. The winners pass a robust assessment process, judged by senior officials in Whitehall and experts from industry, academia and the third sector. On that basis, the winners of The Queen’s Awards for Enterprise are recommended by the Prime Minister to Her Majesty The Queen. Applications for the 2023 Queen’s Awards for Enterprise will open on 1 May 2022 and businesses are encouraged to apply.Metal recycling and waste management specialist wins Queen’s Award for Enterprise in International Trade
The Midlands’ largest independent metal recycling and waste management specialist has been honoured with a Queen’s Award for Enterprise for International Trade.
Donald Ward Ltd, trading as Ward, is one of 225 organisations nationally to be recognised with a prestigious Queen’s Award for Enterprise. Announced today (Thursday 21 April), Ward has been recognised for its excellence in International Trade.
Headquartered in Ilkeston, Derbyshire, Donald Ward Limited was incorporated in December 1976, although the business commenced trading circa 1940 at Woodville in Derbyshire. A fourth generation, independently owned family business, Ward now employs close to 400 people across its sites nationwide.
The company collects and processes around a million tonnes of materials annually; recycling products such as metals, plastics, glass, cardboard, wood, textiles, soils, and hardcore to ensure its customers fulfil environmental regulations and commitments.
It aims to divert 100% of the waste it processes from landfill and uses sophisticated metal sorting equipment to extract every last scrap of metal from end-of-life vehicles, as well as other waste electronic and electrical items.
Thomas Ward, commercial director at Ward, said: “Winning the Queen’s Award for Enterprise for International Trade is a huge honour for the Ward team. Our core business, which represents around 80% of turnover, is the buying, selling, processing and recycling of ferrous and non-ferrous metals from a variety of sources, including end-of-life vehicles and arisings demolition projects.
“Over the three years to March 2019, thanks to significant investment in deep sea dock facilities and ongoing hard work of our dedicated teams, our overseas sales grew by 84%, a growth rate of 36% per annum. We were able to expand our export capabilities to service larger customers in Turkey, Egypt, India and Pakistan.”
The company wins the Queen’s Award for International Trade for Outstanding Short Term Growth in overseas sales over the last three years.
Thomas continues: “We are planning sustainable growth with significant future investment into our people, processes, equipment and infrastructure. We are excited about the potential opportunities that winning the Queen’s Award could bring to help us achieve our long term ambitions.”
Now in its 56th year, the Queen’s Awards for Enterprise are the most prestigious business awards in the country, with winning businesses able to use the esteemed Queen’s Awards Emblem for the next five years.
Applications for Queen’s Awards for Enterprise 2023 open on the 1st May 2022.
When does creative accounting become fraud?
Creative accounting refers to accounting rules being bent, or questionable accounting judgements being applied in the preparation of financial statements. The term is used as an innuendo for poor accounting behaviour in organisations of all sizes.
Shareholders, managers and wider civil society as a whole are all users of financial statements – they use them to be informed about the activity of an organisation. The tax authority would like to see a company’s profit before tax, a labour union would be interested in the total wage cost of the firm compared to the prior year, and potential investors would like to track growth in revenues.
When creative accounting is applied, this can distort the picture shown to users of the accounts and can be considered financial statement fraud. False accounting is actually a criminal offence, as defined in the Theft Act 1968.
Why do people account creatively?
Accountants rarely employ creative accounting for the thrill or enjoyment of exercising power and control over the financial reporting of an institution. It is usually driven by pressure exerted on the accountants by senior management who wish to hit a specific financial target (or to not exceed a previous target by too much margin).
This pressure can be explicit or exerted indirectly on the accounting team, resulting in the accountants looking for any levers within their grasp that they could use to impact a reported result. This might include reassessing the valuation of large, judgemental provisions, or failing to accrue for a cost that has yet to be presented to the organisation as an invoice, but which has certainly been incurred.
When does creative accounting become fraudulent?
Creative accounting becomes fraudulent the moment it has a material impact on the financial statements. Given that creative accounting is used purposefully to impact the result, in practice, creative accounting is virtually always fraudulent. If it had no material effect then why would an accountant bother to employ it in the first place?
What should you do if you see creative accounting?
The correct thing to do in these cases is to report the fraudulent accounting to your line manager or in some cases the Board of Directors or an independent whistleblowing hotline. You should be afforded some protection as a whistleblower within an organisation but this has not been the case in reality. Some companies behave in a hostile manner towards whistleblowers.
As Withers Worldwide’s Meriel Schindler and Amarjit Kaur stated in a recent article, the “US Securities Exchange Commission offers whistleblowers money for reporting information that leads to a prosecution. More than $700 million has been paid to more than 100 individuals since the programme began in 2012.”
The concept behind the US initiative was to provide an attractive financial incentive to report fraudulent financial reporting, to encourage employees to not worry about retaliation from their employer. The money would provide financial security to the individual if they felt they had no choice but to change jobs to improve their working environment after the news broke.
Ultimately the act of reporting creative accounting is a matter of ethics, and all chartered accountants in the UK have subscribed to the ethics statement of their professional body stating that they will act professionally and ethically at all times.
806,000 sq ft of speculative logistics space let in Northampton to iForce and Hotel Chocolat
Panattoni, the logistics real estate developer, has fully let its 1.7 million sq ft logistics park in Northampton after signing lease agreements for the last two units with iForce and Hotel Chocolat.
iForce, the UK’s fastest growing e-fulfilment, carriage management and returns recovery provider, has signed a 10-year lease for a 376,915 sq ft facility at Panattoni Park Northampton and Hotel Chocolat, the premium British chocolatier and cacao grower, has signed a 10-year lease for a 429,107 sq ft facility.
These two lettings follow that to 4PX Express, the global logistics company, which signed a 15-year lease for a 250,000 sq ft facility in November last year, and the success of the first phase of 625,000 sq ft, which was pre-let to Eddie Stobart Logistics, owned by Culina Group.
All three buildings in the second phase were speculatively developed to a BREEAM rating of ‘Excellent’ and an EPC ‘A’ rating.
Oliver Bertram, development director at Panattoni, said: “Letting over 1 million sq ft to three different companies in just five months reflects the importance of Northampton as a logistics location and the attraction of the park to occupiers.
“We are experiencing high occupier demand for immediately available logistics space, which justifies our commitment to a major speculative development programme in the UK.”
Paul Thirkell, Managing Director of iForce, said: “iForce is absolutely delighted to have secured a new facility at Panattoni Park Northampton, which will help to facilitate the significant growth the business is experiencing.
“The location is of strategic importance within our network and located next to three other Culina Group warehouses, creating significant synergies across the group companies.”
Letting agents for Panattoni were Savills and Burbage Realty. iForce was advised by Roebuck and Hotel Chocolat was advised by Bidwells.
MBO set for UK’s largest family-owned bicycle distributor
Derbyshire bicycle supplier and distributor Moore Large has received an eight-figure funding package from HSBC UK to support the company’s growth.
The funding will contribute to a management buyout, which will see four members of the senior management team, to include Andrew Walker, Dale Vanderplank, Adam Biggs and Adam Garner, take over the running of the business after 50 years of ownership by the Moore family.
The move comes as chairman and Managing Director Nigel Moore begins his retirement after over 40 years at the helm.
The buyout will see the company enter its next phase of growth following a surge in demand for bicycles since the pandemic started. This has given Moore Large a kickstart as it looks to grow the business by 40 per cent over the next four years by focusing on developing its house brands, which include ‘ETC’ and ‘Forme’.
Nigel Moore, chairman and Managing Director at Moore Large, said: “After over 40 years leading the company, I’m excited to be retiring and entering a new phase in my life. The last few years at Moore Large have been particularly successful and now feels like the right time for me to hand over the company to the senior management team.”
Andrew Walker, commercial director at Moore Large, added: “The demand for bikes continues to increase and as our long-term financial partner, the funding from HSBC UK will greatly help to support the future development of Moore Large as the new board gears up for major growth.
“I’d also like to extend my thanks to David Nelson at PKF Smith Cooper, who has helped to facilitate the deal between the management and vendor.”
Graham Brown, relationship director at HSBC UK, said: “The demand for sustainable travel has increased heavily in the last few years, with cycling also offering many health benefits. We’re proud to be supporting the UK’s largest family-owned bicycle distributor with this buyout and its growth plans to drive demand for bikes around the country and help people make the switch to cycling.”
New jobs set for Nottingham as KAM Project Consultants opens office
KAM Project Consultants is further expanding as they move into Nottingham.
The new location will allow KAM to expand on its existing portfolio in the East Midlands where they are currently working on several high-profile projects.
The office will be headed by KAM co-founder and director, Mike Wilcock, and closely supported by senior associate, Mat Daley, and associate project manager, Nick Orton. Both colleagues are re-locating from KAM’s Leicester office, with a number of new colleagues joining in the coming months.
Mat Daley said: “The East Midlands industrial market has continued to thrive, with vast amounts of money going into new warehousing thanks to the region’s central position. The opening of the Nottingham office ensures KAM are best placed to support this growing demand and allow us to better serve both new and existing clients.
“With several of the Leicester team joining me on the move, I look forward to working alongside them to embrace new opportunities and strengthen KAM’s position as market leaders.”
Addressing the Nottingham opening, Mike Wilcock said: “We are delighted to be growing our presence and expanding our team of cost managers and project managers in the East Midlands.
“We have had great success over the last eight years delivering logistics, distribution and manufacturing facilities for both developers and customers across the UK and overseas. Opening an office in Nottingham is an exciting next step in KAM’s structured growth plan and we can’t wait to see what the road ahead brings.”
Former Freeths solicitor installed as new High Sheriff of Derbyshire
Derbyshire has a new High Sheriff who is promising to raise career aspirations of primary school pupils in the city and county.
Mike Copestake was recently installed during a ceremony at All Saints Church in Turnditch. The former corporate lawyer, who spent 26 years with solicitors Freeths, also wants to help charities that work with young people and support ex-offenders into work following their release from prison.
He said: “When I was vice-chairman of inward investment agency Marketing Derby, we would visit Cannes for the annual MIPIM; a major international property investment show. Most people thought it was a jolly but one of my proudest moments was when the Financial Times voted Derby – little old Derby – as having the best investment strategy in the world, ahead of Hong Kong and New York.
“But while this was an incredible honour, one of the biggest weaknesses in our city and in certain parts of the county is social mobility and a distinct lack of aspiration.
“The Enterprise for Education (E4E) scheme which was launched in 2014 by Derby City Council and of which I was chair until recently, does a brilliant job in helping inspire secondary school pupils with its mock interviews, career talks, and CV writing, led by manager Arshad Iqbal.
“However, through the E4E journey we came to realise that career aspirations start at primary school. The success of the London Challenge – a school improvement programme that went a long way in raising standards in the poorest areas in our capital – highlighted this and, starting with a visit to Cherry Tree Primary School in Chaddesden this month, I intend to visit as many primary schools as possible to hopefully inspire others.”
Mike hopes to visit 100 schools during his year as High Sheriff, where he will tell of a childhood ambition to become a firefighter and introduce youngsters to inspirational people from Derby and Derbyshire; people including Olympic gold medallist Hollie Webb – a former Turnditch Primary School pupil who also worked for HMRC – and ex-Alvaston Moor pupil Clive Lawrence, who grew up in a single-parent household and was awarded an OBE earlier this year for his services to education.
He has plans to become more involved with charities such as Safe and Sound, Enthusiasm and YMCA Derbyshire, who all work with young people, and the police youth engagement team. Mike is encouraging children and young people to enter the High Sheriff’s prestigious National Crimebeat Award for the most innovative and successful crime prevention projects carried out by young people.
Finalists will be invited to attend the National Crimebeat Awards Ceremony in London.
However, another passion for Mike is helping to transform the fortunes of others and following visits to Sudbury Prison in Ashbourne, he was inspired to help bridge the gap between ex-offenders leaving prison and finding employment.
According to the Centre for Mental Health, reoffending costs the economy somewhere in the region of £11 billion – but only 25% of men leave prison into some form of employment and the statistic for women in even lower at just 20%.
Mike, who is also a trustee for the Derbyshire Children’s Holiday Centre, said: “As a corporate lawyer, you get to talk to an awful lot of people. If you ask employers in Derby if they would take in a prisoner, most say yes they would.
“However, that doesn’t seem to be happening, so people leaving the likes of Sudbury and Foston struggle to find employment. I’d like to speak to more employers in the city and county – the likes of Trent Barton, Cosy and David Nieper have already agreed to help – about helping to unlock what it takes to get prisoners out of prison and into the working environment.”
It’s clear that Mike is on a mission to leave a lasting legacy following his year as High Sheriff; a role which has evolved over time and is a far cry from what it was initially intended to be.
Dating back to Saxon times, the role of the High Sheriff is to act as the sovereign’s representative in their county. The High Sheriff would previously wield extensive powers to maintain law and order, often demanding taxes from civilians.
Now, though, those taking up the voluntary role take an active role in making a difference. There are currently 55 High Sheriffs serving across England and Wales, who are also required to attend Royal visits to their county.
Only one week remains until the free Property & Business Investment Lincolnshire Expo – have you registered yet?
With the Property & Business Investment Lincolnshire Expo just a week away, if you haven’t registered yet for the free event, the time to do so is now.
The highly anticipated expo, for which Business Link is a proud partner, will take place on Wednesday 27 April 2022 at The Bentley Hotel, Lincoln, providing everything you require for a great day of networking and business generation.
A well targeted event aimed at the Construction, Property, Business, Investment, Finance, Professional Services and related B2B markets, exhibitors include Aspbury Planning Ltd, Belvoir, Business Lincolnshire, BSP Consulting, Delta Simons, the Federation of Small Businesses, J Tomlinson, NatWest, Willmott Dixon, and YMD Boon, to name a few.
To see the full list of who is exhibiting click here.
Opening at 9am, the expo will also host a workshop from Team Lincolnshire and Business Lincolnshire. Running from 10:15 – 11:45, it will demystify the procurement process and explore the potential which public sector contracts could bring to your business.
Team Lincolnshire ambassador Neal Wheatley, director and general manager of RG Carter Lincoln Limited, and Barry Taylor, regional director at Parker Technical Service, will be sharing insightful first-hand experiences on winning a major Lincolnshire County Council contract for the construction of the South Lincolnshire Food Enterprise Zone and how supporting the local economy is a core value within the RG Carter Supply Chain Commitment.
Sign up to the free workshop here.
As the exhibition closes, it will roll directly into an informal, open buffet style network lunch – tickets for the lunch are just £25 plus vat and can be ordered and paid for directly online. Spaces for the lunch are limited, so order as soon as possible to avoid disappointment.
Tina King, of Business Shows Group, said: “It’s been a long time in the making thanks to the pandemic, but we are finally nearly there, The Property & Business Investment Lincolnshire Expo is gearing up to be one of the best to date!”
To attend the event, register for free here.
Purchase tickets to the networking lunch here.
Meet more potential clients in one amazing cost effective day, than it would take months out on the road.
Gateley makes largest acquisition to date
In its largest acquisition to date, Gateley, the legal and professional services group, has snapped up Smithers Purslow for a total maximum consideration of £20 million, with an initial consideration of £12.15 million payable on completion – around 56% in shares and 44% in cash.
Established in 1978, Smithers Purslow is a multi-disciplinary chartered surveying practice, comprising building and quantity surveyors and civil and structural engineers. Specialising in services to the property insurance claims market, it resolves high value claims for insurers, policy holders and their advisers.
The senior management team will continue to lead the business, renamed Gateley Smithers Purslow.
Smithers Purslow has delivered compound annual growth in revenue and EBITDA of more than 20 per cent over the last five years. In the year ended 30 September 2021, organic revenue increased by 22.3 per cent to £11.7 million, generating adjusted profit before tax of £2.5 million.
Smithers Purslow operates from ten regional offices across the UK and employs 130 staff.
Rod Waldie, Gateley Chief Executive Officer, said: “We are delighted to welcome the Smithers Purslow team to the group. This is another dynamic business that further expands the breadth of capability in our already strong Property Platform.
“Smithers Purslow’s growth over the last decade has been impressive and it is a highly regarded market leader in the property insurance claims sector, in which we see significant opportunity to develop broader and deeper relationships with insurers and insurance intermediaries.
“The existing synergies between Smithers Purslow and Gateley Vinden, across a number of their multi-disciplinary service lines, extend the depth of our expertise and provide additional capacity to maximise on the opportunities presented in this sizeable and growing market and the wider built-environment consultancy space.
“This is our largest acquisition to date and is a clear demonstration of our commitment to invest and grow our market-facing Platforms, as well as to continue to strengthen our resilience through diversification.”
Inflationary pressure poses huge risk to Midlands businesses
Inflationary pressure poses a huge risk to Midlands businesses in the coming months, with many unprepared for the highest level of inflation in 30 years.
According to accountancy and business advisory firm, BDO LLP, more than half of regional businesses have only planned for a 3-5% level of inflation this year – already well below the current 7% rate, which is the highest it’s been since the 1990s.
The Office of Budget Responsibility (OBR) has suggested that the impact of the war in Ukraine could push inflation to a 40-year high of 8.7% in the final three months of 2022, with The Bank of England also warning that inflation could hit double digits. BDO’s Rethinking the Economy survey has revealed that more than a third of Midlands companies are planning to seek additional finance in order to counteract rising inflation.
Andrew Mair, partner at BDO and head of the East Midlands, said: “It’s very clear that rising inflation is having a profound effect on businesses in the region. Businesses have done the right thing, and planned for higher levels of inflation this year.
“However, forecasts are well below the current and expected rate of inflation and, as such, businesses need to respond quickly and reassess their business plans for the remainder of 2022, in order to accommodate the record increases – whether that’s through additional financing, raising the price of goods or services, or working alongside lenders and suppliers to agree more beneficial terms.
“When you couple rising inflation with significant global uncertainty and soaring costs, regional businesses are facing yet more pressure after two years hampered by the global pandemic. Unsurprisingly, more than a third of businesses admit that they intend to pass on those additional costs to customers.”
The Rethinking the Economy survey showed that one of the greatest challenges facing regional businesses over the next six months is the rising cost of living (25%), whether that’s higher business costs, or reduced revenues as a result of customers cutting spending. However, companies in the Midlands are responding positively to the crisis, with 42% of businesses choosing to increase the wages of employees in an effort to tackle the cost of living – the highest rate of any UK region.
That level of optimism is also reflected in the amount of time it will take regional businesses to return to pre-pandemic revenues, with 37% stating that they expect earnings to recover within this calendar year.
Mair added: “Despite the plethora of challenges facing Midlands businesses, there is still a real desire to grow revenues in the next six months, as well as looking at potential overseas expansion in the next year, although this is clearly tempered by global geopolitical uncertainty.
“Agile decision-making will continue to be vital over the coming months, to ensure businesses give themselves the right financial headroom to focus on areas such as cash generation, cost control and managing working capital efficiently.”
Design, engineering and project delivery company expands Derby operations
The Derby office of an established design, engineering and project management company has expanded into 2,500 sq ft offices within the Oberoi Business Hub in Pride Park.
Part of Morgan Sindall Group, a UK construction and regeneration group, BakerHicks works in a range of sectors including aviation, defence, life sciences and industry, nuclear, power, public, and rail.
As one of 14 offices across Europe, the company’s Derby base originally opened in serviced accommodation at Oberoi Business Hub in St Christopher’s Way in 2017 with a core team focused on providing design, engineering and project delivery to the rail industry.
They were then joined by colleagues within the BakerHicks Power sector and have largely taken advantage of the engineering skills-set available in the local area to service their growing portfolio of clients in both sectors.
BakerHicks have now moved into a stand-alone office as part of the Oberoi Business Hub to house the 20-strong team with capacity for further growth.
Director of Rail James Howles explained: “This is the start of a new era for BakerHicks in Derby with ambitious future plans for business growth.
“It made perfect sense to base our team in Derby which is renowned as a rail city and to recruit talent from the strong engineering and manufacturing skills set here which has also boosted our power sector team.
“Being part of Oberoi Business Hub has given us the flexibility to extend the accommodation for our growing team and we are delighted with our new office space.”
Kavita Oberoi OBE, founder and Managing Director of Oberoi Business Hub, added: “Our aim is to provide businesses with the flexibility and support to grow – whether that is a start-up SME or an international operation looking to expand into the East Midlands.
“We continue to invest and expand the Hub accommodation network in Pride Park to ensure we can provide an even wider range of commercial property here in the city’s premium business location.
“We are delighted that BakerHicks have remained part of the Oberoi Business Hub community and look forward to our continued business relationship.”
Employers to discover the benefits of employing people with special educational needs and disabilities
The D2N2 Careers Hub is inviting employers in Derbyshire and Nottinghamshire to a special event on Friday 13 May, 9.30am-3.30pm at the University of Derby to celebrate people with SEND and learn more about opening up their workplace to inclusive recruitment.
Nationally, just 6% of young people with SEND are in secure employment. The D2N2 Careers Hub is encouraging employers to explore the opportunities available in this large potential pool of untapped talent.
Let’s Talk SEND will provide talks, workshops and networking with the chance to talk to young people about their experiences, the skills they’ve learned and the benefits it’s brought to the businesses they’ve worked in.
The event, which is funded by the D2N2 Local Enterprise Partnership (LEP) and The Careers & Enterprise Company, is free to attend but booking is required. It is suitable for anyone who has either already employed people with SEND or who would like to know more about doing so.
Fiona Baker, head of people and skills at D2N2 LEP and a keynote speaker at the event, said: “As part of our People and Skills strategy, D2N2 wants to encourage employers to widen their search for skilled talent to include those who might be excluded from traditional recruiting processes for a variety of reasons
“We are confident that anyone who attends Let’s Talk SEND will come away feeling inspired and excited about the opportunities for working with young people with SEND and the wide range of benefits both parties experience from it.”
NEXT swoops for mother and baby brand
NEXT, the Leicester-headquartered retailer, has acquired a slice (44%) of JoJo Maman Bebe, the mother and baby brand, alongside investment funds and vehicles managed or advised by Davidson Kempner Capital Management LP (56%).
The shares were acquired from existing JoJo shareholders, including the founder Laura Tenison, who, as part of the transaction, will leave the business.
Gwynn Milligan, who joined JoJo in 2017 as commercial director, has taken over the role of CEO and the other JoJo directors will be staying in their posts.
No immediate redundancies are anticipated.
Laura Tenison said: “Growing JoJo from a kitchen table start-up to being the UK’s leading specialist boutique mother and baby brand has been my priority for the past 30 years. I’m exceptionally proud of our achievements, and excited by the opportunities this new partnership will offer to the brand’s future.”
Simon Wolfson, NEXT’s Chief Executive, said: “NEXT is delighted at the prospect of its Total Platform supporting JoJo on the next stage of its growth and development. We are excited to see what can be achieved through the combination of JoJo’s exceptional product with NEXT’s infrastructure and Davidson Kempner as our investment partner.”
NEXT will make an equity investment of £16.3m funded from its own cash resources.
According to NEXT, JoJo will retain its management autonomy and creative independence, benefitting from the collective experience of NEXT and Davidson Kempner to continue growing successfully.
The investment is not expected to have any material impact on NEXT’s group profits in the current financial year, but is expected to make a positive contribution thereafter.
Engineers to develop efficient alternative to current carbon capture technology
The University of Nottingham is leading an international consortium aiming to accelerate the development of carbon capture and storage.
It’s one of several projects that have received a share of £5 million grant funding from the Department for Business, Energy and Industrial Strategy.
Carbon capture and storage (CCS) is recognised to be one of the most effective measures towards the European Union’s commitment to reach climate neutrality by 2050 and mitigate against global warming, staying within 1.5 degrees centigrade of pre-industrial levels during the remainder of the 21st century.
The experts are setting out to develop a cheaper alternative to the current process of amine scrubbing – the most mature technology that separates CO2 from natural gas, however the process is expensive, requiring a high level of energy and water consumption, and can cause environmental issues.
Professor Colin Snape, study lead, said: “Carbon Capture and Storage is key to achieving the UK’s ambitious target of eliminating greenhouse gas emissions by 2050. It’s therefore extremely important to accelerate the pace of developing alternatives to the current technologies on offer.
This study will enable us to extensively investigate an alternative that is showing considerable promise, silica-polyethylenimine (PEI), based on Nottingham’s international reputation for developing solid adsorbents to capture CO2.
What is carbon capture and storage (CCS)?
CCS is the technology used to prevent and reduce the amount of CO2 in the atmosphere as an attempt to mitigate global warming. Some of the largest sources of CO2 includes coal and natural gas power plants and industrial processes (such as iron and steel and cement plants).
CCS involves three main components: capture, transport and storage. Once CO2 has been captured, i.e. separated from other gases being emitted, it is transported to a final storage location (usually through a pipeline). In the UK, the captured CO2 will be injected into either depleted oil and gas reservoirs or deep saline aquifers.
Amine scrubbing is the most mature technology that separates CO2 from natural gas however the process is expensive, requires a high level of energy and it can cause environmental issues.
The academics have identified a basic polymer, polyethylenimine (PEI) supported on silica, as a strong potential alternative in both post-combustion capture as well as in direct air capture. CO2, being weakly acidic reacts with PEI and the reaction (capturing the carbon) proceeds extremely fast. Over the two-year project, the academics will seek to demonstrate the efficiency and lower cost of the process. Its entire life cycle will also be analysed in order to provide a direct comparison to the processes already in use.
Project ABSALT: Accelerating Basic Solid Adsorbent Looping Technology
The university’s Faculty of Engineering is leading the ‘Accelerating Carbon Capture and Storage Technologies 3’ project ABSALT: Accelerating Basic Solid Adsorbent Looping Technology. The project team aims to demonstrate that basic silica-polyethylenimine (PEI) in solids adsorption looping technology (SALT) can achieve low capture costs.
The consortium of international partners is made up of: PQ Corporation, UK; BASF, Germany; CEMEX, Switzerland; Ulster University, UK; University of Bologna, Italy; and CPERI-CERTH, Greece.
The project partners all play a vital role in the study:
He added: “PEI is a polymer that avoids environmental issues associated with the basic liquids, used in amine scrubbing and requires less energy to release the CO2 after capture to enable subsequent pipeline transport and storage.”
- PQ Corporation and BASF are global manufacturers of silicas and PEI, respectively and with the University of Nottingham will use their materials expertise to optimise the composition of silica-PEI.
- The University of Ulster, CERTH and CEMEX have extensive experience in techno-economic analysis (TEA) and life cycle assessment (LCA).
- The involvement of CEMEX enables the team to address in detail the application of SALT to cement plants.
- The University of Bologna, CERTH and the University of Nottingham have extensive expertise in pyrolysis for recycling the silica and converting the spent PEI to potentially valuable chemicals.
Derby County’s relegation a ‘huge blow’ for city’s businesses, but takeover would offer hope, says East Midlands Chamber
Commenting on the confirmation of Derby County’s relegation from the EFL Championship , East Midlands Chamber chief executive Scott Knowles said: “Derby County’s relegation marks a very sad day for the people of Derby and the club’s legion of fans across the world, while many businesses in the city will consider it a huge blow for them.
“The club is an integral component of the city’s heritage, make-up and economy, with the prosperity of both intrinsically linked.
“A successful football team competing at the top of the sport creates a healthy atmosphere across the whole area and this will always have positive economic consequences.
“Businesses located in and around the city benefit from the tens of thousands of people who turn up every match to support their club – pubs, cafés, restaurants and shops will be packed before each game, while local transport networks rely on the increased number of passengers to remain viable.
“But it’s also much more than that. Derby County is a part of the city and county’s fabric, and it’s now critical that attentions turn towards protecting the future of the club by ensuring the swift and safe completion of a takeover that will achieve this ultimate goal.
“While relegation is inevitably a deep disappointment, the communities and businesses who rely on this sporting institution now just want to be freed from the damaging state of limbo they find themselves in, and offered renewed hope there will continue to be a club they can throw their support behind.”
New apartments go up for sale at Chesterfield’s Waterside Quarter development
Leading housebuilder Avant Homes has released a collection of brand-new one and two-bedroom apartments for sale at its popular £36m Waterside Quarter development in Chesterfield.
Located off Brimington Road, the new apartments at the development are available in three impressive designs with prices ranging from £124,995 for a one-bedroom flat to £158,495 for a two-bedroom apartment.
The apartment building is located in a prime location at Waterside Quarter with easy access to the entrance while also sitting in a private cul-de-sac, close to the River Rother. Each home across the three-storey buildings include an open-plan living space, double bedrooms and ample storage.
Named The Stevenson, The Hepworth and The Tapton apartments, the homes also comprise a high-quality specification which features a designer kitchen with integrated appliances and boutique bathrooms with full height tiling.
Avant Homes Central sales and marketing director, Dawn Bennett, said: “Waterside Quarter is one of our most highly-anticipated developments within the region, so it’s exciting to launch our apartments to appeal even further to the wide range of buyers looking to purchase in Chesterfield.
“The Stevenson, The Hepworth and The Tapton are exclusive to Waterside Quarter and buyers won’t be able to find them at any of our other developments, so with the limited availability we’re sure they will receive great interest from commuters and first-time buyers, alike.”
Waterside Quarter forms a key part of the wider £340m Chesterfield Waterside project which is one of the UK’s largest regeneration schemes.
Once complete, it will feature 173-homes across a range of one, two, three and four-bedroom properties. Available homes at Waterside Quarter are currently priced from £124,995 for a one-bedroom apartment to £295,995 for a four-bedroom semi-detached home with three storeys.
Based in Chesterfield, Avant Homes Central is part of the Avant Homes group, one of the leading private developers of residential property in the UK. The group currently has 55 developments across its five operating regions.
£42 million Sports Village to open 21st May
Derby’s new Moorways Sports Village will open to the public on Saturday 21 May with a grand opening weekend – in time for the half term holidays.
The public will be able to try out the flumes and water slides in the thrilling Water Park, splash out in the 50m pool, and enjoy all the centre’s brand new facilities like the children’s soft play areas for the very first time.
Construction partner Bowmer + Kirkland worked with Derby City Council to ensure the £42 million complex was delivered on time and on budget.
The Council has appointed Everyone Active, a leading UK leisure operator, as its partner to manage the new iconic facility and the adjacent Moorways Stadium, with its outdoor athletics track and field facilities, and football pitches. Both sites remain in the Council’s ownership.
The opening of Moorways means that the last day of leisure operations at Queen’s Leisure Centre will be Sunday 8 May. On Monday 16 May the Council will officially hand over the keys to Moorways Sports Village to Everyone Active, and staff members transferring from Queen’s will be joined by new recruits to operate the new facilities.
In the week leading up to the grand opening weekend, Moorways Sports Village will start welcoming pre-invited schools, community groups and swimming clubs to try out the 50m swimming pool and selected other activities.
Claire Davenport, Derby City Council’s Director of Leisure, Culture and Tourism, said: “This has been a very exciting project to bring state-of-the-art leisure facilities to the city, and we’re thrilled that the wait is almost over and the people of Derby and beyond will get the chance to enjoy them.
“The high standard of facilities and flexible swimming space at Moorways will accommodate competitions, clubs, lessons and leisure swimmers. We are delighted to have Derby’s first Water Park to draw in visitors to have fun from across the region. The café and soft play areas will enable families to make the most of their time here.
“Having Moorways Stadium next door, with its outdoor track capable of hosting national competitions, alongside outdoor pitches, we have created a real sports village. We are pleased to have Everyone Active on board as our leisure operating partner, who specialise in encouraging communities to be active, maximising the opportunities these fantastic facilities provide.”
Simon Morgan, Everyone Active’s contract manager, said: “This wonderful new facility has an activity for everyone, no matter what your age, interests or ability and will serve the local community for years to come.
“We are incredibly proud to have been chosen as the operator by Derby City Council and cannot wait to throw open the doors next month.
“The public will soon be able to use the wealth of top-of-the-range facilities and we very much look forward to welcoming them.”
At Moorways Sports Village the 50m pool has moveable floors and booms which means it can be divided into three 25m length pools of varying depths, offering flexibility for club and leisure use. There is seating for over 400 spectators. A separate teaching pool, with a depth of 1 metre, can be screened off for private hire and children’s parties.
The Water Park is set to become a regional attraction with its gently sloping floor into the leisure pool, which has the only wave-creating Wow ball in use in a UK public pool. It also has two four-storey flumes, the first wave rider in England, a racer slide and fun water play area for children.
A spa area with a sauna and steam room complements the swimming offer, and further attractions include a café area with views over the Water Park and 50m pool. The café also has a soft play area, with a separate, larger soft playroom by the main reception.
There will also be a 120 station gym, meeting rooms available for hire and three fitness studios, one with views across to Moorways Stadium.
Accessibility has been designed into the building, with features including a Changing Places changing room and toilet, in-built steps and a lift into the main swimming pool, and a Poolpod lift to enable independent entry into the water. The teaching pool has a portable iSwim hoist to provide convenient access.
