Ideagen moves closer to next acquisition
Ideagen has moved a step closer to strengthening its environmental, health and safety (EHS) capability after Damstra, an Australian EHS business listed on the Australian Securities Exchange, entered into a Scheme Implementation Deed with the Nottingham-headquartered software company.
Under the terms of the scheme, Ideagen will acquire 100% of the fully diluted share capital.
The Damstra Board (including the independent board committee formed for the purpose of considering the Scheme) unanimously recommended that Damstra shareholders vote in favour of the Scheme.
Ideagen CEO Ben Dorks said: “Ideagen provide regulated industries with the clarity and confidence to turn risk to resilience, and the addition of Damstra’s market-leading workforce and asset management solutions will enhance this.
“We’ve made significant investment in the Asia Pacific region and intend to continue to grow our presence in Australia. Existing Damstra customers will benefit from Ideagen’s broader resources and we intend to use our global footprint to introduce Damstra’s capabilities to a wider customer base.
“It’s a great fit into our existing portfolio and we’re excited about the product and its people, driving great value for customers.”
Profit warnings from UK-listed companies in the Midlands fell by 21% in 2023
Listed companies in the Midlands issued 31 profit warnings in 2023, a decrease of 21% on the previous year, according to the latest EY-Parthenon Profit Warnings report.
In Q4 2023, nine warnings were issued by companies in the region, the same as Q3 and the highest quarterly total since Q4 2022. The number of warnings issued during this quarter is down by over a third (9) on the same period (October – December) in 2022.
Companies within the Midlands operating in Industrial and Consumer Discretionary FTSE sectors continued to issue the highest number of profit warnings (eight) in Q4 2023.
This is comparable to the broader national trend, with FTSE Consumer Discretionary sectors issuing the most profit warnings in the UK during Q4, accounting for 35% of all warnings during this period.
Dan Hurd, a partner at EY-Parthenon in the Midlands, said: “Pressures caused by high inflation rates continued to effect businesses in the region and while this will ease as we navigate 2024, growth is likely to remain slow. Many companies will also continue to face challenges with high debt service costs and ability to refinance.
“Traditional funders will be cautious in investing in sectors with high consumer discretionary exposure and businesses may need to look for new avenues for capital, such as sourcing alternative lenders or seeking equity injections.
“The volatility of global events, including the forthcoming US and UK elections will create an element of uncertainty which will inevitably affect the economy, however, regardless of the outcome of these events, businesses will need to focus on the fundamentals and plan ahead if they are to remain resilient.”
York IT services provider acquires Kettering business
boxxe, the York-based IT services and solutions provider, has acquired Kettering-headquartered Total Computers.
boxxe owner Phil Doye had previously acquired a minority stake in Total Computers in November 2022. Total has a rich heritage as a partner of choice for many of the UK’s most successful and recognised companies, and through its own acquisition of Overbright in 2022, it added deep digital transformation expertise.
This acquisition creates one of the UK’s largest providers of software, solutions and services to both the public and private sector.
boxxe has grown rapidly since Phil Doye acquired the business in 2019, with revenue for 2023 expected to be around £440m.
Phil Doye said: “I had known and admired Total for many years but as a shareholder and director for the past 12 months I have seen firsthand the depth of what Aidan and Kevin have built.
“The combination of these two businesses is uniquely complimentary and I am hugely excited that this move will enable both companies to better serve our customers and partners.”
Aidan Groom, CEO of Total Computers, said: “Working with Phil over the past 12 months has challenged our ambition for what Total can become. We have created something special at Total, but this is the next step in the evolution of our company.
“For both companies it allows us to grow faster and become even more relevant to our customers through a wider range of partner accreditations, deeper technical skills and greater financial strength and scale.”
Kevin Goodall, who has become Managing Director of Total, said: “The most common feedback I get from our customers is that we want to do more with you, but you don’t have the financial scale or range of partner certifications that Computacenter, CDW or Softcat has.
“To be part of the boxxe group is hugely exciting as it gives us a more complete portfolio and financial scale that enables us to think bigger and be even more ambitious.”
Doye added: “The IT channel has, over the past number of years, seen the largest players get bigger and the small ones either specialise, struggle or get acquired.
“This deal marks a pivotal moment in the journey of boxxe. With the acceleration of digital transformation, the continued growth of public cloud and the proliferation of software companies it’s critical that a partner can deliver across this landscape.”
Boston Borough Council refuses to support proposed devolution deal
Boston Borough Council says it cannot support the Devolution Deal that is proposed for Greater Lincolnshire.
After seeking views from all Councillors, the Leader of the Council, Councillor Anne Dorrian, has now formally written a response on behalf of the council to a consultation into the proposed deal and Mayoral Combined County Authority arrangements.
At Full Council on Monday 15 January, Councillors voted unanimously to reject the proposals in their current form, with specific concerns relating to the deal itself and its governance, which Boston Borough Council says at present does not give all District/Borough Councils a voice on the Mayoral Combined County Authority.
The Deal negotiated with Government by the upper-tier councils includes:
- £24m per year for 30 years.
- £28.4m to Greater Lincolnshire for 2024/25, to be allocated prior to the Mayoral Combined County Authority being established in 2025.
- The devolution of strategy and budgets related to skills; and multi-year transport budgets, with flexibility to allocate funds to local priorities.
Planning secured for north Leicester logistics development
Boundary Real Estate has secured outline planning consent from Charnwood Borough Council for Phase 2 of Watermead Business Park.
The development of up to 656,620 sq ft of warehouse/industrial space is to provide a gateway location into Leicester and inject capital into the region, providing substantial employment and economic growth.
It is anticipated that up to 918 permanent and 447 temporary jobs will be provided through the development of employment space.
The 76.77 acre site, part of the Raynsway portfolio, acquired by Boundary in 2022, is located between the towns of Thurmaston, Wanlip, Birstall and Syston, approximately three miles north of Leicester City Centre.
Mike Morrison, founding partner of Boundary, says: “At Boundary we strive to regenerate and reposition our investments to create sustainable space/accommodation for our tenants to thrive within.
“We have been working extremely closely with Charnwood Borough Council, Leicester City Council, The Mayor and various regeneration groups, along with our design and planning team, to develop a regeneration that not only provides jobs and growth for the region, but is also is an exemplar in environmental terms.”
The new development will target a BREEAM Excellent rating. A full Life Cycle Assessment will be undertaken, ensuring that the design, construction and operation of the buildings meet the highest environmental standards. Importantly for best-in-class operators/tenants, the buildings will also target EPC A ratings.
Mike adds: “The new development will aim to set best-in-class embodied carbon targets for all the buildings being developed. By focussing on construction methods, we can target Watermead as a Net Zero Carbon development from a construction standpoint and ultimately in use too.”
EV Charging points will be installed, along with electric bikes. As part of the scheme’s Travel Plan, further measures and incentives will be put in place to encourage sustainable travel modes to the site.
Bellrock acquires mobile data collection solutions firm
Leicester-based Bellrock Property & Facilities Management Ltd has acquired Mobiess Ltd, a provider of integrated mobile data collection solutions to the Facility and Asset Management sector.
Founded by MD Karl Horner in 2009, Mobiess employs 20 people who design and deliver integrated mobile data collection solutions which empower organisations to transform service delivery and optimise workforce productivity.
The Mobiess management team has over 50 years of collective experience in delivering services to clients across the Facilities and Asset Management industry.
Mobiess will sit under Bellrock Technologies under Managing Director, and CTO, Adam Smith. The Mobiess integrated mobile workforce management solution will complement Bellrock’s Concerto software platform. The combined offer provides a fully integrated Workplace Management System (IWMS) and Computer-Aided Facilities Management System (CAFM) for estates, asset, and workforce management, which delivers actionable insights for clients.
Mobiess will continue to provide their applications as an open independent platform enabling integration to any business system.
Karl Horner, Managing Director, Mobiess, said: “I believe that Mobiess will truly transform Bellrock’s field service delivery. I am looking forward to introducing Bellrock customers to Mobiess, and exploring the insight and value this will deliver alongside Concerto’s powerful capabilities. I am also excited by the opportunities that will come from collaboration between our brilliant Mobiess and Concerto people. This is an exciting time for us all.”
Paul Bean, CEO, Bellrock Property & Facilities Management, said: “Since 2009 Mobiess has delivered solutions which deliver value for clients in the property market; I am delighted to welcome such a highly regarded team and proven product to Bellrock. This acquisition continues our investments in capabilities that strengthen our tech-enabled suite of property management services that help clients achieve their strategic objectives, whilst delivering growth for Bellrock Group.”
Adam Smith, Managing Director, Bellrock Technologies, and Chief Technical Officer, Bellrock Group, said: “I’m thrilled to personally welcome Mobiess into the Bellrock Group. Having seen first-hand the synergy between Karl’s team and ours, I’m confident that this is a perfect strategic and cultural match for us.
“Their innovative products and expertise are a natural complement to our ambitions at Bellrock Technologies. The integration of Mobiess with Concerto, enhances our mobile app offerings, providing a superior Integrated Workplace Management System (IWMS) with a fully customisable suite of mobile applications. I look forward to working closely with the Mobiess team to continue the development of the Mobiess product.”
2024 Business Predictions: Steve Fernie, director of Armsons Barlow
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Steve Fernie, director of Armsons Barlow.
I believe 2024 will be a pivotal year for both our country and the construction industry.
I anticipate continued growth in the construction industry, particularly with warehousing and logistic hubs, serviced office accommodation and Built-to-Rent (BTR) and Private Rental Sector (PRS) residential developments.
A major area of concern are town centres where there appear to be many empty retail units. Somehow a new purpose and use for these properties needs to be found or we as a country run the real risk of many of our town centres becoming ghost towns and lost for the next generation. To prevent this happening, I believe we have to have a more relaxed planning policy, which will allow these buildings to be re-purposed.
In terms of other predictions, I expect inflation to stabilise at 3%, which still remains above the government’s target. Interest rates will start to fall, but mortgages will remain expensive for the younger generation.
I forecast a change of government, with a coalition led by Keir Starmer taking control. I believe unemployment will remain static at its current level. Economic growth will remain poor, but a technical recession will be avoided.
Like most years, what happens in the UK will, to a certain extent, depend on what happens in the United States and China.
I also anticipate that Covid will continue, although it will be largely ignored by the media.
2024 Business Predictions: Jake Ranson, CEO of Paylink
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
In 2022, the Financial Conduct Authority (FCA) mandated firms to implement the new Consumer Duty, to put their customers’ needs first, within 12 months. As companies align their products with regulatory standards in the new year, Jake Ranson, CEO of Paylink, reflects on implications for the 2024 lending market.
2023 saw an overhaul in the way the regulator holds participants, in UK financial services, to account. The industry has pivoted to put the customer front and centre.
Fair4all Finance estimates that there are 17.5million UK people in financially vulnerable circumstances and excluded from credit. This figure is on the rise, exacerbated by the continuing cost of living crisis, but the flow of credit matters greatly.
People will move in and out of this financially vulnerable position throughout their lives, due to unforeseen circumstances such as redundancy, during which access to credit will help to avoid illegal money lending.
Our product, ReFi™, is a True Debt Consolidation product created to address challenges in the lending industry by automating the settling of legacy debt with a customer’s new loan. The product has already saved customers over £10m in interest payments allowing credit to flow responsibly to those who need it.
Alongside beneficial products like ReFi™, 2024 will see an increase in exclusively online relationships with money. Hyper-personalisation of user-experiences will mean consumers are offered products genuinely suited to their needs – a positive change for both the consumer and the industry, that upholds the FCA’s new Consumer Duty.
Northamptonshire group secures investment
H2 Equity Partners has invested in Buttress Group, alongside the management team.
Established over 45 years ago and headquartered in Northamptonshire, Buttress sells, installs, services and supplies warewashing and ice making equipment and parts to the UK commercial catering market. Buttress supplies an extensive range of own-brand dishwashers, glasswashers and ice machines primarily through working in partnership with 500 specialist distributors. Its service and maintenance capabilities and spare parts provision extend all ranges of equipment. Following H2’s investment, Managing Director Oliver Booth will continue to lead the business and work closely with H2 to deliver the next phase of Buttress’s ambitious growth strategy.Renewable energy and security firms found guilty of £1.5m scam
A fraudster who promised energy savings and complete home security through his products and services has been found guilty of conning elderly and vulnerable residents out of £1.5 million.
Robin McDonald, aged 45, of Park Row, Bretby, Burton-on-Trent, was found guilty of conspiracy to commit fraud by false representation along with charges of fraudulent trading following a five-month trial at Nottingham Crown Court.
The trial took place following an investigation led by the National Trading Standards Regional Investigations Team in the East Midlands hosted by Nottinghamshire County Council. The team is supported by all trading standards authorities within the East Midlands region and represents their collective interests. This case also featured additional support from Derbyshire County Council Trading Standards.
More than 200 victims gave evidence during the trial, which heard how between 2014 and 2015, McDonald had carried out a widespread campaign of fraud and mis-selling through the businesses Sunpower Renewables Ltd and Stirling Technologies Ltd trading as Proshield Alarms.
Sunpower Renewables sold products including solar panels, air source heat pumps, and thermo-dynamic water heating systems to victims, claiming that they would receive a financial benefit through energy savings, that the cost of works was funded by the Government and that they would be compensated through being able to sell surplus energy generated back to the grid.
The court heard how sales representatives from Sunpower Renewables would use bullying tactics to secure contracts, often staying in the homes of victims for many hours to pressure them into signing contracts for works they didn’t want or need at significantly inflated prices.
Works were then carried out to a poor standard and did not deliver on the energy saving promises made at the time of sale. In some cases, solar panels were installed onto rooves which could not take their weight, creating the risk of structural collapse. Sunpower Renewables then failed to respond and rectify the works after victims complained.
Proshield Alarms told customers ‘You’ll be in safe hands 24 hours a day, 365 days a year’ as part of their marketing to sell home security products including Passive Infra-Red (PIR) detectors, window and door sensors, emergency medical buttons/pendants, smoke detectors and carbon monoxide monitors.
Victims were misled into believing that these products were linked to a system which would guarantee a response from the emergency services in the event of it being triggered.
McDonald will now be sentenced in March.
A second defendant was found not guilty by the jury on the same charges.
Roy Hancher, aged 54, of Light Ash Lane, Coven, Wolverhampton, pleaded guilty to fraudulent trading and Nicola Mather, aged 44, of Spindletree Drive, Derby, pleaded guilty to money laundering prior to the trial.
Councillor Scott Carlton, Cabinet Member for Public Health and Communities at Nottinghamshire County Council, said: “The guilty verdict in this case is a great result and highlights the vital work of our Trading Standards team who work to keep residents safe from fraudsters.
“In this case, the defendant and his businesses deliberately targeted the elderly and those living in vulnerable situations, using dishonest and coercive sales tactics and lies about the quality of their products and the benefit they would bring to their victims.
“I would like to thank all the victims who came forward and worked with our investigators to help bring this case to trial.
“Nottinghamshire County Council Trading Standards Service always advises residents to be alert to cold calling, never to trade or buy at the door and to always report any concerns. If something doesn’t feel right, then it probably isn’t and you should never be afraid to close the door on scammers and those who turn up out of the blue offering to fix problems you didn’t know or think that you had.”
Lord Michael Bichard, Chair, National Trading Standards, said: “Homeowners living in vulnerable situations – such as older people living alone – were cynically targeted and pressurised into agreeing to home improvement works that they didn’t want or need, often at highly inflated prices.
“The criminal behind the fraud deliberately pursued more vulnerable victims and spent hours pressurising them into signing contracts using aggressive bullying tactics to line his own pockets, before delivering shoddy work that was sub-standard and could even have caused more damage.
“I’m pleased the jury reached this verdict and hope that the sentences handed down later this year will bring a semblance of justice to the victims involved. If you or someone you know has fallen victim to a fraud like this, you should report it to the Citizens Advice consumer service helpline by calling 0808 223 1133.”
