Northamptonshire video capture technology company sets sights on significant acquisition

Tess Egginton
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Northamptonshire video capture technology company sets sights on significant acquisition
A Northamptonshire video capture technology company with a global focus on the leisure sector has its sights set on a significant acquisition. Visum Technologies has entered into exclusive non-binding Heads of Terms (HoT) to acquire the entire share capital of Socrates Imaging B.V., a company based in the Netherlands, and Socrates Imaging Ltd, a company based in the United Kingdom. The deal involves a combination of cash payment and new ordinary shares in Visum totaling €2 million. Established in 1990, Socrates Imaging has a legacy in photo and video capture souvenirs within the travel and leisure market. Marc Dixon, CEO of Visum, said: “We are thrilled to announce the heads of agreement for the acquisition of Socrates Imaging. The union of our organizations, leveraging Socrates Imaging’s extensive experience, over 150 client contracts and cutting-edge technology, promises to be mutually beneficial. “This exciting partnership will enable Visum to deliver innovative capture technology, further enhancing our commitment to providing exceptional solutions to our valued customers.” Pim Sonepouse, founder of Socrates Imaging, added: “In 1990, Socrates developed the first digital ride photo system, quickly followed by a series of new-to-market and innovative products. “The quality and reliability of our photosystems are second to none, with the best yet to come in season 2024. I am very excited about the potential collaboration with Visum. It will both accelerate our growth and bring exciting new products and features quicker to market.”

Yü Group enters into “transformational new hedging facility”

Tess Egginton
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Yü Group enters into “transformational new hedging facility”

Yü Group, the independent supplier of gas, electricity, meter asset owner and installer of smart meters to the UK business sector, has entered into a new structured trading agreement with Shell Energy, with an initial five-year term.

Entry into the hedging facility represents the conclusion of a twelve-month selection and due diligence process. The hedging facility replaces the previous arrangement entered into in 2019 with SmartestEnergy Limited.

The old facility enabled Nottingham-based Yü Group to effectively scale up and formed a key tenet of the Group’s risk management approach allowing the business to procure gas and electricity at fixed prices to support its growing customer base.

The unprecedented volatility in the energy markets, and Yü Group’s rapid growth, has recently resulted in the Group exceeding its available credit under the old facility resulting in the requirement for the Group to post cash on deposit to support its hedging strategy, with £49.8m posted as collateral at 31 December 2023.

The hedging facility with Shell Energy has several benefits for Yü Group. It is structured to allow access to commodity markets to support the Group’s ambitious growth agenda, and has the potential to support further expansion opportunities should they arise.

Further, while the Group meets its ongoing obligations in the hedging facility, Yü Group will not be required to deposit cash as collateral to support mark to market movements, due to energy price fluctuations, as has been required under the old facility. Finally, Yü Group will benefit from Shell’s considerable commodity trading access to liquid commodity markets, at market reflective prices.

Yü Group says the hedging facility “fundamentally transforms” its working capital profile releasing cash that would previously have to be held on balance sheet to support the Group’s robust hedging policy. £52.25m of cash previously lodged under the old facility has now flowed back to Yü Group, with further material cash benefits to be realised over the next month.

Bobby Kalar, Chief Executive Officer of Yü Group, said: “I’m very excited for the future of the Group and look forward to working with Shell Energy Europe Limited, one of Europe’s largest traders of gas, power and environmental products.

“This new strategically important facility is the result of a thorough selection process and is further validation of the strength and maturity of Yü Group following the extensive due diligence and stress-testing of our business model.

“The new hedging facility unlocks over £50m of cash currently posted as collateral and removes a material working capital constraint to the business lifting exposure to mark to market movements from future energy market fluctuations.

“This provides us with substantial strategic and financial benefits, enabling increased distributions whilst continuing to invest to deliver our ambitious growth agenda.

“I recognise it’s been a very busy period for my team and would like to thank them for their continued support. I look forward to the future with absolute confidence.”

Waste firm to pay £68,500 after liquid cyanide leak in Derbyshire

Tess Egginton
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Waste firm to pay £68,500 after liquid cyanide leak in Derbyshire
The Environment Agency has prosecuted a waste transport company for causing liquid cyanide to leak from a lorry at an industrial estate in Heanor, Derbyshire. At Nottingham Crown Court on Wednesday 21 February 2024, J & G Environmental Ltd of Fareham, Hampshire, were fined £16,000 and ordered to pay costs of £52,500. The company had previously pleaded guilty to the charge of causing an illegal water discharge. It prompted the Fire Service to set up decontamination protocols and caused hundreds of fish deaths in a nearby pond. The court was told that the incident occurred on 6 February 2018, when a container was ruptured as the driver started moving them around, having borrowed a forklift truck. Hundreds of litres of a liquid, which contained diluted cyanide, began to escape going onto the floor before entering the drainage system and natural waterways. The Fire Service were called and cordoned off the area and set up decontamination protocols to ensure that anyone involved in the incident were fully washed down. Environment Agency officers were also called and tried to stop the flow of water from nearby ponds. They also took samples from the dead fish and found that of the 73 sent for testing all were found to have died from cyanide poisoning. The Environment Agency estimated their clear up costs were in the region of £50,000. J & G Environmental are contractors offering waste collection and disposal to the printing, photographic and healthcare industry. On the day of the incident, the company had collected the waste liquid from the Rolls Royce base before the lorry went onto Heanor. In sentencing the company, Judge Michael Auty noted that it had no previous convictions and had pleaded guilty to the offence. He also took into account the efforts made by the company more widely to ensure no repetition of a similar incident and to contribute to recycling and environmental welfare. The Judge added that it was unfortunate that the driver was unable to provide any detail of the nature of the liquid being transported and that the absence or availability of personal protective equipment (PPE) created a risk to its employees. A spokesperson for the Environment Agency said: “We welcome this sentence as this was a serious pollution which caused considerable disruption besides fish deaths. The Environment Agency will pursue any company that fails to uphold the law or protect nature and will continue to press for the strongest possible penalties. “Failure to comply with these legal requirements is a serious offence that can damage the environment and harm human health.”

New enterprise centre set for Arnold

Tess Egginton
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New enterprise centre set for Arnold
Gedling Borough Council has unveiled plans to create an Enterprise Centre that will support local start ups and small medium enterprises at its flagship AMP business unit in Arnold. A report has been published by the council that is allocating a significant investment of £655,000 into fitting out the vacant first floor of the building to boost economic growth and provide a space for offices, conference and training room in the heart of Arnold. The AMP was opened by Gedling Borough Council on the former Arnold Market site in 2022 and is home to several thriving small businesses on the ground floor. The council always had plans to develop the first floor space and the project has received £655,000 from the UK Government through the UK Shared Prosperity Fund so that work can begin and is expected to be completed by the Autumn. The project will support several council priorities including revitalising town centres, support economic growth and creating jobs in the area. It will also increase footfall to the town shopping precinct and support the existing businesses in the area. The council has also recently announced investment plans in the northern part of the town with the purchase of vacant units and the creation of a masterplan for the entire town centre with the aim of attracting investment opportunities following the disappointment of not receiving any UK Government Levelling Up funding in the latest round of bids. Leader of Gedling Borough Council, Councillor John Clarke MBE said: “We’re delighted to be announcing the next phase of work to create an enterprise centre here at the AMP. We want to create a space where we can support local businesses, start ups and entrepreneurs who need office space in the centre of a busy town centre like Arnold. “We’ve seen how successful our investment to build the AMP building has been. The ground floor has been as all seven units are currently full against a backdrop of difficult economic times for so many. “We are doing everything we can to bring people to the high street, including continuing to offer two hours free parking in all our car parks and now with this work to transform the first floor, it will create more jobs and support growth in the borough.”

Government appoints Commissioners for Nottingham City Council to oversee improvement

Tess Egginton
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Government appoints Commissioners for Nottingham City Council to oversee improvement
The Government has decided to appoint Commissioners for Nottingham City Council. The Department for Levelling Up, Housing and Communities (DLUHC) has confirmed that the Secretary of State, after considering representations and all other developments since his ‘minded to’ proposals, has decided to appoint Commissioners for the council. The Lead Commissioner for Nottingham will be Tony McArdle OBE who was previously Lead Commissioner at the former Northamptonshire County Council and is currently Chair of the London Borough of Croydon Improvement and Assurance Panel. He will be supported by Margaret Lee as Commissioner for Finance, with the intention that a Commissioner for transformation will be nominated in due course. The Commissioners have been granted extensive powers and will oversee the full range of the council’s improvement activities, including strategies to secure the medium and long term financial sustainability of the council and plans to transform front line services. The appointment of Commissioners replaces the Improvement and Assurance Board with immediate effect, although the Commissioners will be able to draw on the input of Sir Tony Redmond and former IAB members as they see fit. Major pressures affecting local government nationally, including the cost of increased demand for children’s and adults’ social care and rising homelessness presentations, have led to a £23 million overspend in 2023/24 and the need to request Exceptional Financial Support from government in the form of capitalisation which allows the council to use capital receipts from asset sales to meet ongoing revenue costs as a short term measure. In addition, an extensive budget savings package which will have a significant impact on local services is due to be decided on by councillors at a meeting of the City Council scheduled for 4 March 2024. In response to the Government appointments, Councillor David Mellen, Leader of the council, said: “Our preferred option was to continue to work with the Improvement and Assurance Board which has been overseeing improvements at the council since 2021. “We feel that significant progress was being made across the council. However, we are committed to working constructively and collaboratively with the Commissioners to tackle Nottingham’s current challenges.” Mel Barrett, the council’s Chief Executive, said: “The council is committed to working in collaboration with the Commissioners to continue our improvement journey at pace, reshaping the organisation to put the authority on a stable financial footing, while delivering essential services for Nottingham residents within the resources that we have. “Our wider transformation work is already well under way and the expert input and challenge from the Commissioners will be invaluable to our officers and councillors as they look to accelerate that process further.”

New owners for pair of Midlands pharmacies

Tess Egginton
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New owners for pair of Midlands pharmacies
Specialist business property adviser, Christie & Co, has sold a pair of Midlands pharmacies trading as Peak Pharmacy. Founded in 1981 by Peter and Jane Cattee, Peak Pharmacy is an independent pharmacy chain with over 150 pharmacies across the UK. The company decided to sell two of its smaller branches – one in Little Eaton and one in Burton-on-Trent – which dispense an average of circa 2,800 items per month. Following a confidential sales process with Carl Steer at Christie & Co, the pharmacy in Burton-on-Trent has been purchased by local first-time buyer, Mohammed Wasim Gul, and the pharmacy in Little Eaton has been purchased by Amul Telrandhe who also owns Derwent Pharmacy in Derby. Carl Steer, Director – Pharmacy at Christie & Co, says: “The sale of small pharmacies can sometimes prove challenging, however, we are seeing a resurgence in demand for pharmacies dispensing below 4,000 items. Both pharmacies attracted multiple offers and were placed under offer shortly after launching to the market. “It was particularly pleasing to sell a second pharmacy to Amul after we sold him his first pharmacy – Derwent Pharmacy – a few years ago.” The two Peak Pharmacy branches were sold leasehold and freehold respectively via asset sales for undisclosed prices.

Manufacturer of recyclable plastic products sold to management team

Tess Egginton
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Manufacturer of recyclable plastic products sold to management team
Chiltern Capital has backed the corporate carve out and sale of Strata Products, a manufacturer and distributor of fully recyclable plastic products for home, office and garden markets, to its management team. Formerly owned by Berry Global Inc, a Fortune 500 manufacturer and distributor of plastic packaging products with its UK headquarters in Northamptonshire, Strata has an established reputation with over 300 major retailers in the UK and overseas.Having decided that Nottinghamshire-based Strata was no longer a core part of its current strategy, Berry engaged Grant Thornton to manage a disposal process for the business. The Grant Thornton team in the East of England worked closely with Strata management and Berry to understand their requirements from a transaction. The team ran a focussed transaction process delivering a number of attractive offers. The management buyout was led by Jay Ilsen, CEO, who said: “Strata has a proven history of manufacturing high quality innovative plastic products, and we look forward to continuing to work closely with our trusted customer base. “With Chiltern’s support, we will drive growth in the UK through new product development, as well as continuing our expansion in Europe and North America.” Mike Tillson, partner at Grant Thornton, added: “This transaction has delivered a great outcome for all parties.  Strata is now well placed to continue its growth in partnership with Chiltern. “This deal demonstrates the continuing appetite from buyers and investors for well managed mid-market businesses, and we wish Jay and his team all the success for the future.”

Derby business chooses Safe and Sound as charity of the year

Tess Egginton
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Derby business chooses Safe and Sound as charity of the year
The Derby office of a national specialist insurance brokers has pledged to raise money for local charity Safe and Sound over the next two years. PIB Insurance Brokers in Wyvern Business Park choose a different charity to support every two years and organise a diverse fundraising programme ranging from physical challenges to dress down days. Branch director Neil Howie explained: “Although we are part of a national group, we are committed to supporting the communities where our staff, clients and contacts are based. “All the team nominated charities and it then went to the vote with resounding support for Safe and Sound. “Having heard more about the issue around child exploitation, I am delighted that we will have the opportunity to raise money that will make a real difference to so many young people and their families in our local communities. “Choosing a nominated charity gives everyone the focus for what they want to do individually or as part of the team and we have some great activities in the pipeline.” Safe and Sound CEO Tracy Harrison added: “As well as raising much needed funds, I always welcome the opportunity to build relationships with companies and organisations to raise awareness of child exploitation. “This enables staff, in turn, to share information with their own family, friends and contacts which is vital to keeping young people safe from grooming and exploitation both in person and online. “The PIB team were very receptive to learning more about the work we do and several have expressed interest in volunteering for us which is great news.”

Streets Chartered Accountants covers updates to payroll management, HR and compliance, Trade Credit Insurance, and more in new news roundup

Tess Egginton
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Streets Chartered Accountants covers updates to payroll management, HR and compliance, Trade Credit Insurance, and more in new news roundup

Streets also looked at the broader HR matters that may concern employers now and in the year ahead, along with the potential impact of changes to and the introduction of new employment legislation. If you missed it you can catch up now!

Watch Now

Trade Credit Insurance can protect your business 

Does your business have Trade Credit Insurance? Have you reviewed it recently to ensure that your policy is the right fit and level of cover your business needs?

Trade Credit Insurance protects manufacturers, traders and service providers against losses from non-payment of a commercial trade debt. Debts can arise as a result of a customer becoming insolvent or failing to pay within agreed terms.

Read More

Open Road is Colchester office’s new nominated charity As part of Streets’ commitment to the communities in which its teams live and work, the Colchester office of Streets Whittles has an established approach to supporting a nominated local good cause. 

As of March 2024, Streets has selected Open Road to benefit from its support. An established drug and alcohol recovery support charity in Essex and Medway, Open Road provides services to support individuals on their journey to recovery from drug and alcohol addiction.

Have we become too obsessed about the use of technology in our businesses?

Is it time to regain control of our senses about the benefits and use of technology? The last 12 months seem to have been unprecedented in terms of the use and introduction of technology and digital innovation.

Who would have thought that OpenAI and ChatGPT only really came to market and wider use in November 2022? With the launch of Google’s AI and other platforms there does seem to be a frenzy of activity as organisations seek to understand what artificial intelligence can do for them or how it might impact their businesses.

York House gets new lease of life in £800k transformation

Stuart Pearcey
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York House gets new lease of life in £800k transformation
Investment of £800,000 is giving Chesterfield’s York House a new lease of life as a business centre. The building, on St. Mary’s Gate, will now be known as York House Business Centre following the transformation of the property by Sovereign Assets & Developments. A spokesperson for the developer commented: “Our vision for York House is to create a space that not only serves as a practical work environment but also fosters a community of innovation and growth for all its members. “Every corner of York House has been reimagined to offer the perfect blend of heritage charm and modern convenience, with state-of-the-art facilities that businesses need to thrive in today’s fast-paced world. “The choice to develop York House into business units was driven by the building’s innate potential and Chesterfield’s growing demand for quality office space. We recognised the opportunity to create something that could truly make a difference for local and incoming businesses. “York House will play a pivotal role in growing the local economy by attracting diverse businesses and talents to the area. By providing top-notch facilities, we’re helping start-ups, scale-ups, and established companies to operate efficiently, which in turn will generate job opportunities and stimulate economic activity.”  
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