Bank of England holds interest rates at 5.25% for sixth time in a row

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Bank of England holds interest rates at 5.25% for sixth time in a row
The Bank of England has held interest rates for the sixth time, at 5.25%. The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, which is expected to be achieved in the near term, before rising again later in the year. In line with expectations, at its meeting on 8 May, the MPC voted by a majority of 7–2 to maintain Bank Rate at 5.25%. Two members preferred to reduce Bank Rate by 0.25 percentage points, to 5%. Anna Leach, Deputy Chief Economist, CBI, said: “Today’s vote 7-2 to hold rates is in line with the CBI’s expectation that the MPC want to see more evidence that past falls in domestic inflationary pressure are sustainable before they’ll move to cut rates. “Services inflation and wages data both suggest a cautious approach is warranted. Inflation in the services sector is triple the inflation target and average earnings growth is still running at around double the rate consistent with the inflation target. “With the economy appearing to be moving out of recession – albeit anaemically – there is a delicate balance to be struck between managing inflationary pressures and not snuffing out a nascent recovery. “It is noteworthy that the Bank judge that demand growth is going to run behind supply growth over the next couple of years. Overall, today’s release does not change our view that the first rate cut is most likely to be in August.”

Mansfield performance doorset specialist secures investment

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Mansfield performance doorset specialist secures investment
“We were looking for a partner to help us continue on our current growth trajectory, as well as to identify and capitalise on new opportunities. LDC has a track record in helping businesses like ours to grow, a personal approach and a sizeable local presence,” said Ash Malhan, Managing Director, Integrated Doorset Solutions.
Ash Malhan continued: “Along with being a customer of Lloyds Bank, we’ve known the team at LDC for years. We’re looking forward to working together to enhance different areas of the business as we begin the next stage of our journey.” David Bains, Partner and Head of LDC in the East Midlands and East of England, added: “IDSL is a leader in providing performance doorsets that are critical to its customer base, and the regular inspections and maintenance that keep their users safe. “Ash and the business’s management team are highly experienced and committed, and we’ve built a strong, longstanding relationship with them over the last few years. With the expertise of the team and the opportunities in the market to grow through making complementary acquisitions, there’s no reason IDSL can’t keep going from strength to strength.” LDC was advised by BDO (corporate finance and commercial due diligence), Cortus (financial), Claritas (tax), Catalysis (management), Mactavish (insurance), BFG (commercial) and Browne Jacobson (legal). IDSL was advised by Magma (corporate finance) and Keystone (legal).

Access Legal acquires mobile app provider transforming lawyer client experience

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Access Legal acquires mobile app provider transforming lawyer client experience
Access Legal, a division of Loughborough-based Access Group, has completed the acquisition of inCase, the mobile app that was one of the first to pave the way for clear communication between legal professionals and clients on a mobile device and awarded for its innovation at this year’s Modern Law Awards. The acquisition is another key milestone in Access Legal’s strategy to offer unrivalled capability and service to legal practitioners and law firms. The mobile app is a significant addition to its solutions that span across case and practice management software, legal learning and compliance, conveyancing and property services, cloud hosting solutions and HR and finance tools. Access Legal’s Managing Director, Emma de Sousa, said: “By bringing inCase into Access Legal’s ecosystem, we’re excited to deliver further value to our customers so they can, in turn, truly delight their clients with an enhanced experience. “The acquisition aligns seamlessly with our mission to be the partner of choice in the legal market and brings a powerful offering to help enable our customers with their client-focused strategies.” Built by lawyers for lawyers, inCase has been used by over 3,300 legal professionals and supported over 230,000 law firm clients over the last 12 months. Founded by Sucheet Amin, inCase CEO and former president of Manchester Law Society, the inCase team has exceptional experience and credibility in the legal market. The app is the brainchild of Sucheet from his first-hand experience as a solicitor and MD of personal injury firm, Aequitas Legal, where he faced growing client expectations heightened by customers wanting an improved digital experience. Sucheet said: “We’re delighted to combine our joint passion of customer experience and support so firms can add more value to their clients. “Given its market reputation, Access Legal is the perfect partner for us and the acquisition will also help accelerate our capabilities to maintain a market leading solution alongside offering growth opportunities for our people in a collaborative client centric culture.”

Watches of Switzerland Group snaps up jewellery firm in $130m deal

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Watches of Switzerland Group snaps up jewellery firm in $130m deal

Leicester-based Watches of Switzerland Group (WOSG) has acquired handcrafted jewellery firm Roberto Coin Inc., an associate company of Roberto Coin S.p.A., in a $130m deal.

The acquisition builds on the Group’s successful partnership with Roberto Coin, which spans over a decade; Roberto Coin is currently available in 16 WOSG showrooms in the US.

Roberto Coin Inc. will continue to operate as an independent, standalone company within the Watches of Switzerland Group. Peter Webster will remain President of Roberto Coin Inc., reporting to David Hurley, President North America and Deputy CEO of the Watches of Switzerland Group. The Coin family will retain a seat on the Board of Directors of Roberto Coin Inc.

Roberto Coin Inc. achieved annual revenue of $146.2 million and profit before taxation of $30.1 million for the audited financial year ended 31 December 2022. Gross assets at that date were $87.9 million. 2023 preliminary and unaudited revenue was $138.7 million and profit before taxation $30.2 million.   

Brian Duffy, Chief Executive Officer of the Watches of Switzerland Group, said: “We have partnered with Roberto Coin for over a decade in the US, retailing its elegant jewellery in a number of our Mayors’ showrooms. It is a hugely popular, growing brand, occupying a strong position in the market, underpinned by product quality, design creativity and imagination.

“We believe there is significant opportunity to leverage our proven retail expertise in luxury branded jewellery. The luxury branded jewellery category has consistently outperformed the wider jewellery sector, and we see further strategic and operational opportunities for the business within the broader Group. We are committed to our new wholesale partners and excited to work with them and help them grow with Roberto Coin.

“Today’s strategically and financially attractive acquisition is indicative of our ambition and the momentum we are building in this exciting category. It will allow us to take one of the fastest growing jewellery brands in the US and use our retail and operational expertise to accelerate growth and further elevate the Roberto Coin proposition in North and Central America.

“It has been a great pleasure getting to know Roberto and Peter over the last 18 months while we have been discussing this exciting opportunity. We are enormously appreciative of the trust Roberto, his family and Peter Webster have placed in us for this important next stage of the brand’s development. We are delighted to welcome Roberto Coin Inc. colleagues into the Group and look forward to working closely with Roberto and Peter going forwards.” 

Roberto Coin, Founder and CEO of Roberto Coin, said: “Today’s announcement marks a significant step change in the development of Roberto Coin Inc. 

“Roberto Coin is synonymous with design creativity, diversity, innovation and imagination. We are delighted to have partnered with the Watches of Switzerland Group, who have a real understanding and appreciation of our unique, world-class brand and products, and can accelerate our retail strategy in North and Central America. 

“We look forward to benefitting from their wealth of luxury retail and digital experience to unleash the growth potential of the Roberto Coin brand across our chosen markets.”

Nike to lease new state-of-the-art logistics campus in Corby

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Nike to lease new state-of-the-art logistics campus in Corby
Nike has signed a 20-year lease agreement with GLP for its new state-of-the-art UK Logistics Campus and national supply chain hub at Magna Park Corby. Spanning more than 1.3 million sq ft of logistics warehousing, offices, sport and recreation facilities in a single building, the campus will target a BREEAM ‘Outstanding’ rating and achieve Net Zero Carbon in Construction. Legal & General will be the strategic partner in this project to deliver a best-in-class sustainable flagship campus. Legal & General previously acted as strategic partner for the delivery of Waitrose’s first national distribution centre at Magna Park in Milton Keynes in 2014. Prioritising sport and wellbeing, the new facility in Corby will be designed with wellness in mind. This will be underpinned by a range of external features including running tracks, open-air gyms, multi-use game areas (MUGA) and recreation areas. Magna Park Corby will benefit from an exercise route of 5.76 km, a 2.0 km nature trail, and 3.7 km of other footpaths. Sensitively designed and in keeping with the local area, the new campus will provide access to protected woodlands, with designated cycle and walking routes that will be fundamental to attracting and retaining talent. Bruce Topley, UK Managing Director at GLP, said: “We are delighted to be welcoming Nike to Magna Park Corby. This new site will help boost skills and generate high-quality jobs. “The industry-leading, bespoke building will minimise carbon footprint and embed health and wellbeing. This investment is a great vote of confidence in the East Midlands and will help propel much-needed long-term growth across the region.” Neil Dovey, Head of Annuity Transactions, Legal & General, said: “Nike’s UK Logistics Campus in Magna Park Corby is ideally aligned with Legal & General’s commitment to investing long-term capital into assets that are economically and socially beneficial. “We are delighted to be working with GLP, a developer aligned with our principles, to deliver a first-class building, and are looking forward to partnering with Nike as a long-term property owner following completion.”

New letting brings the power to Burton office development

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New letting brings the power to Burton office development
Commercial property agents Rushton Hickman Ltd has let Unit 11 Granary Wharf to Marine and Power Engineering Ltd, a well-established business operating in Burton upon Trent for over 8 years. Granary Wharf is a development of modern office buildings on the edge of Burton upon Trent town centre. Unit 11 is a 2,000 sq ft semi-detached modern hybrid office/warehouse unit. The office space spans both floors and the warehouse/workshop element comprises part of the ground floor, complete with its own dedicated roller shutter access door and allocated car parking spaces externally. Marine and Power Engineering Ltd have experienced significant growth over the last couple of years and decided to divide their business operations between two locations. They have opted to keep the manufacturing aspect of their business at Steel Fabs Industrial Estate in Burton, whilst relocating their office operations to a separate location, which initiated the expansion to Granary Wharf. Taylor Millington, Agency Surveyor, said: “It is excellent news to see a local business expanding, particularly since we previously let MPE their unit at Steel Fabs Industrial Estate. This prior relationship has helped facilitate a quicker process and upon revisiting their new location, we were impressed by the fantastic fit-out they have completed!” Natalie Vanstone, Operations Director at MPE, added: “After growing out of our office space at Steel Fabs Industrial Estate, we knew we needed separate premises for projects and equipment sales. After many viewings, we couldn’t believe how perfect Unit 11 Granary Wharf was and we jumped at the chance to take on the lease. “From saying ‘yes’ at our first viewing we completed in a month, all thanks to Rushton Hickman making the whole process smooth and trouble free.” TUS Holdings Ltd concluded: “Having dealt with the team at Rushton Hickman to acquire another office unit on Granary Wharf recently, I had no hesitation in appointing them to help us find a new tenant for Unit 11. “Taylor, who handled the process for us from start to finish, was always honest and realistic in his appraisal of what kind of deal we could expect to achieve given the market conditions and competition from other properties available nearby. “I’m delighted that we secured a deal with a fantastic tenant who was very keen to move forward quickly and both Taylor and Steph at Rushton Hickman were extremely efficient in pushing things through as quickly as possible. It was less than a month between agreeing heads of terms and the client moving in!” Taylor Millington added: “Having assisted TUS Holdings Ltd on various property transactions, we are proud and grateful that they continue to put their trust and confidence in us.”

Council ready to fine tune vision for the future of Greyfriars

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Council ready to fine tune vision for the future of Greyfriars
The second phase of engagement to redevelop the Greyfriars area in Northampton has launched. People across West Northamptonshire are being invited to view plans which have been shaped by feedback from the community following the initial engagement which launched in December 2023. The proposals include redevelopment of the former Greyfriars bus station site, the Corn Exchange Building, Belgrave House, the Mayorhold Multistorey Car Park, the Victoria Street Car Park, and the areas known as the east and west islands. Greyfriars is the largest brownfield opportunity within West Northamptonshire and represents a significant opportunity to deliver transformative change for the town. The site boasts a prime location at the heart of town, next to the ongoing transformation of the historic Market Square and redevelopment of the former Marks and Spencer’s and BHS units. The central location provides a unique opportunity to transform this part of the town centre and have a positive impact on the wider area. Greyfriars will be a new vibrant neighbourhood within Northampton town centre, it will provide new homes for all and breathe life and energy into abandoned buildings. It will restitch forgotten connections and create new ones, amplifying the impact of nature and creativity throughout with Northampton’s first town park as its centrepiece. During a first round of engagement held between December 2023 and January 2024, over 1,500 people shared their thoughts on the emerging vision to transform Greyfriars. The second phase of engagement reflects this feedback with a refreshed vision and set of proposals. The vision seeks to deliver a mix of new homes including student, later living, cooperative living, build to rent and build to sell. Over half of the respondents to the first round of engagement stated they would consider living here with the introduction of active travel, culture and a new park. The online engagement will run until Sunday 9 June. Visit ampnorthampton.com to view the emerging vision to amplify the area and have your say. An in-person event will take place at the Grosvenor Centre, Northampton on Saturday 1 June between 9am and 5pm. Cllr Dan Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth, said: “We are delighted than more than 1,500 people responded to the first stage of engagement for the future plans for the Greyfriars site. “We are taking an exciting step forward to further enhance our vision as we launch the second stage of our engagement and showcase our vision for the area, which has been shaped by the community during the first engagement which took place earlier this year. “I would encourage everyone to come along to the in-person event to speak to our team of experts about the vision for this area and have their say to help shape the future of this part of Northampton.” This area will be enhanced by a new Greyfriars park running along Lady’s Lane with an outdoor amphitheatre and pedestrian first landscape. A renewed Corn Exchange will act as a multi-use culture led hub that welcomes performance, classes and showcase; while the transformed Belgrave House will be transformed into a creative, cultural and community building that celebrates the thinkers and movers of Northampton. More than 70 per cent of responses to the initial engagement expressed a need for a park and cultural facilities in this area. More than 100 people provided additional comments during the first engagement highlighting the need for improved bus services in the area. The existing bus station doesn’t allow for the growth of bus services to meet the growing demand. As part of this, WNC is exploring the opportunities to enhance Northgate bus station. This includes the extension of the station to allow for more capacity and the centralisation of buses, increasing the reliability of services and new waiting rooms and facilities to improve passenger experience. The proposals have been crafted by a multi-disciplinary team led by Studio Egret West, who have been commissioned by West Northamptonshire Council to craft the vision for the area. This team comprises urban designers, architects, landscape architects, and transport, commercial and sustainability experts. David West, Founding Director, Studio Egret West, said: “Building upon the enthusiasm for and feedback on our initial proposals, we are excited to showcase our evolved vision to revamp Greyfriars. It is an energetic and transformational framework, curated to inject life back into this forgotten part of the town.”

Leicester-based manufacturer secures top prize

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Leicester-based manufacturer secures top prize

Michael Smith Switchgear has won a prestigious RoSPA Award for the eighth consecutive year – demonstrating a commitment to health and safety.

The Gold Medal Award from the Royal Society for the Prevention of Accidents (RoSPA) is an internationally-recognised prize, judged by a team of health and safety professionals.

The standard demonstrates the Leicester-based manufacturer’s continuing commitment to excellence in its performance, policies, and procedures.

Managing Director Sean Smith said: “Keeping our teams safe is always the priority for us, so I’m proud that our ongoing commitment has been recognised with an eighth consecutive award.

“The fact that we’ve been awarded gold again shows how important it is for us to create a safe and modern working environment for our people.”

The RoSPA Awards is the UK’s largest health and safety programme. With almost 2,000 entries annually from over 50 countries, impacting over seven million employees, the programme offers a platform to those who demonstrate unwavering commitment to continuous improvement and excellence in health and safety.

Julia Small, RoSPA’s Achievements Director, said: “Workplace accidents don’t just pose financial risks and operational disruptions; they significantly impact the quality of life for individuals. This is why acknowledging and rewarding excellent safety performance is vital.

“Michael Smith Switchgear has again proved its unwavering commitment to keeping employees, clients and customers safe from accidental harm and injury.”

The Access Group acquires engagement automation platform overhauling recruitment

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The Access Group acquires engagement automation platform overhauling recruitment

The Access Group, a Loughborough-based provider of business management software to mid-market organisations in the UK, Ireland, the US and Asia Pacific, has acquired Elay, a multi-channel engagement automation platform.

Through this acquisition, Access Recruitment, a division of The Access Group, will be able to offer its customers a tailored approach to automation that is designed to overhaul recruitment workflows, automating routine tasks so that agencies can effectively build their workforce without needing more desks – putting their internal talent onto higher value-driving activities while letting technology do the more mundane ones.

The Access Group has a track record of acquiring cutting-edge recruitment technology innovations and strategically investing in them to integrate seamlessly within a unified ecosystem.

Acquiring Elay marks the next step in The Access Group’s AI and automation advancements within the recruitment sector, with its CRM automation already integrated with their Vincere CRM product and the chatbot functionality with Volcanic, the recruitment website builder.

Access Recruitment and Elay will offer customers a suite of features – collectively called ‘Access Automate’.

Christian Fleck, Managing Director at Access Recruitment, said: “Bringing Elay on board is an exciting step for Access Recruitment and this acquisition marks a significant milestone in our commitment to delivering unparalleled value to our customers.

“We know interest in AI and automation is at an all-time high for recruiters and we’re pleased to add another way for our customers to leverage these technologies today, building on our already live AI-led functionality like our bias analyser in Volcanic. We want to show recruitment agencies how they can use AI or automation today to grow their operations and ultimately win more business.

“Working with cutting edge tools like Elay underscores our dedication to bringing ready-to-use innovations to our customers – this acquisition will revolutionise recruitment outreach, helping our customers to capture more leads, deepen candidate-client relationships and accelerate revenue.

“We’re looking forward to working closely with Mehdi Este and the Elay team to make this integration as seamless as possible. From today, any customer on one of our Volcanic packages can benefit from complimentary chatbots, powered by Elay, and our broader customers can expect to see more of Elay’s functionality in their products soon.”

Mehdi Este, co-founder of Elay, added: “Since founding Elay in 2020, our mission has been to revolutionise the way recruitment businesses connect and engage with their clients or candidates. Joining forces with Access Recruitment represents an exciting new chapter in our journey, one that will amplify the impact of our solution and bring even greater value to customers.”

One bank closes as another opens in Oakham

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One bank closes as another opens in Oakham
43 High Street in Oakham has been let by FHP’s Retail and Leisure team to the Banking Hub, which allows banking face to face, whoever your bank is, at a time when many branches are closing. The circa 2,150 sq ft unit was snapped up by the Banking Hub as part of their nationwide roll-out. Ellis Cullen of FHP said: “Whilst this was a drawn-out process, and demand for the unit in the affluent market town of Oakham was strong, the Banking Hub makes a fantastic addition to the High Street, particularly as the unit was a former Lloyd’s bank. “There has been great anticipation for a hub to be established so I am pleased to have been involved in the letting.” With the success of another bank being established, FHP also assisted with the surrender of the existing lease of 8-10 High Street in Oakham, previously let to Barclays Bank Plc. FHP are sub-agents of JLL retained to assist with the Barclays portfolio to dispose of lease liabilities around the East Midlands, Lincolnshire, and Peterborough. Ellis continued: “As a consequence of the levels of interest, I was able to secure a rent above the quoting, on a new 10 year lease, with a 5 year break which our client was delighted with. “Off the back of the recent letting to the Banking Hub, and a period of marketing the circa 4,000 sq ft unit on behalf of our client, Barclays, I was delighted to have negotiated a surrender settlement with the landlord to allow a swift exit from the premises. “The characterful period building occupies a prominent position on Oakham’s high street and despite Barclays having 2 years left to run on their existing lease, FHP successfully negotiated surrender terms which recently concluded.”
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