Derbyshire metals recycler agrees lease with port company for multi-million pound export trade

Stuart Pearcey
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Derbyshire metals recycler agrees lease with port company for multi-million pound export trade
Barlborough-based metals recycler Enicor has agreed a lease deal with Associated British Ports enabling the firm to support a multi-million pound contract to export scrap from British Steel. It means 400,000 tonnes of Skim Iron, sometimes known as pig iron skulls, will be shipped from Immingham on the River Humber to carry the material to international markets. James Bowers, CEO of Enicor said: “Enicor has gone from strength to strength in recent years seeing turnover exceed £100M and tonnages exported reaching new levels. “The opening of our Immingham dock operations is a milestone moment for the company allowing us to sell deep sea cargos worldwide. We understand that our first vessel of scrap exported will be the largest in recent years. We hope to maintain a close relationship with ABP over the coming years and push to execute vessels of similar size every four to six weeks. We would like to thank ABP for their support thus far.” Two deep sea vessels have been organised for a total of 47,000mts to ship the by-product to international markets. This is the largest scrap export shipment within the last few years. The first vessel arrived in port mid-January to collect the first shipment. Simon Bird, Regional Director for the Humber ports said: “Enicor recognises the importance of Immingham as a gateway to the rest of the world. The Port of Immingham is ideally located with excellent links to global markets and will be vital in helping them fulfil their plans as a business.”

Heather Mills rescues VBites

Tess Egginton
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Heather Mills rescues VBites
Heather Mills has swooped for the assets of her plant-based business VBites, sealing a rescue deal with administrators worth £1m. Founded in 1993, VBites is a manufacturer and wholesaler of plant-based meat and cheese. The company operates from two manufacturing sites in Peterlee, County Durham, and Corby, Northamptonshire. VBites fell into administration in December, with James Clark and Howard Smith from Interpath Advisory appointed joint administrators. The company had recently seen increased pressure on cashflow due to the impact of rising raw material costs and energy prices, as well as a softening of consumer demand for alternative protein products in the wake of the cost-of-living crisis. The directors sought to explore their options, including making attempts to secure additional funding. Unfortunately, however, a funding agreement was unable to be reached, leaving the directors to seek the appointment of administrators. Following an accelerated sales process run by Interpath Advisory pre-Christmas, according to reports seen by The Grocer, a £1m bid from the Mills-owned Vegan Solo Consulting beat five other offers. Speaking to The Grocer, Mills said she had re-employed a large amount of staff affected and was taking charge of the business. In a statement on LinkedIn, Heather Mills said: “I was devastated when VBites was forced, unnecessarily with 3 days notice, into administration. It was agreed between both shareholders that we would always give each other three months notice, knowing the figures 6 months ahead set for the company, so I was doubly shocked that it went straight into administration, even though I gave viable solutions. “But I strongly believed that the next-generation technology that VBites had developed and the work it had done still had a huge role to play in assisting the transition of the food market to a healthier and more sustainable place. I was also not happy being told that many of my loyal and hard-working staff were losing their jobs. “I was cut out of everything. “This is why I have chosen to resurrect the company myself, at great personal expense, and take control of the operations personally, moving back to the North-East to ensure that we are still able to make a positive contribution to the future of our global food economy. “We have already developed a version 2.0 of plant-based food, soon to launch, that we believe will be a market mover and will help all of those people attempting to make a flexitarian or plant-based/Vegan transition achieve their goals more easily, both with variety and deliciousness.”

Swedish financial adviser takes significant minority stake in Mansfield group

Tess Egginton
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Swedish financial adviser takes significant minority stake in Mansfield group

Söderberg & Partners has bought a significant minority stake in Mansfield financial services group Fidelius for an undisclosed sum as part of its drive to increase its footprint in the UK advice space.

The investment is subject to FCA approval.

Fidelius, which has offices across Bath, Cheltenham, Chelmsford, London and Mansfield, offers a suite of advisory services including wealth management, employee benefits, mortgages, as well as a specialism in advice to returning expats. Launched in 1998, Fidelius has grown significantly through both organic and M&A expansion.

Jim Grant, CEO of Fidelius, said: “In Sӧderberg & Partners we have found a partner who sees the world the same way we do. I am very excited to have Sӧderberg working alongside us to support Fidelius in investing into smaller entrepreneurial firms who require the correct support and resource in order to realise their true growth potential.

“It can be hard for financial planning firms to raise quality investment to allow for growth, but with Sӧderberg we can help make this a reality. We look forward to talking to firms, teams or individuals who need a bridge to allow them to build a business focused on growth and future value.

“The whole team at Fidelius is incredibly excited about the next phase of our journey and we are delighted to have found Sӧderberg & Partners to work with moving forward.”

Gustaf Rentzhog, Chief Executive Officer at Söderberg & Partners, added: “Fidelius is a business with significant upside potential. With a strong brand and an exceptionally experienced management team, I have no doubt that this already successful and growth-oriented business will go from strength to strength.”

Another set of record-breaking results for Yü Group

Tess Egginton
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Another set of record-breaking results for Yü Group

Nottingham-based Yü Group has hailed “a strong performance ahead of expectations” in a year end trading update.

The independent supplier of gas, electricity, meter asset owner and installer of smart meters to the UK corporate sector, has recorded record-breaking results for the financial year ended 31 December 2023.

Full year revenue is expected to exceed £450m, growing from £279m in 2022, while EBITDA is anticipated to be significantly ahead of current market expectations.

This progress is expected to continue into 2024 and beyond as energy markets begin to normalise. The firm noted that it has secured contracted revenues of £519.7m to be delivered in FY24, up 111% on the prior year.

Bobby Kalar, CEO of Yü Group, said: “Once again, the Group has delivered a fantastic all-round performance, and I am delighted to report another set of record-breaking results.

“We have a clear strategy and the processes in place to deliver exceptional profitable growth whilst navigating a turbulent commodity market. The contracted revenue and bookings momentum provides the Board with confidence in delivering continued significant organic growth for FY24 and beyond.

“Over the previous few years, the gas and power markets have experienced unprecedented volatility in reaction to geopolitical events. At its peak in 2022 wholesale gas was trading at over 600p per therm. In 2023 gas prices have significantly softened and whilst this is great news for consumers, the rate and speed has caused short term mark-to-market pressure on our hedging credit lines.

“Our balance sheet remains strong and will strengthen further as energy prices continue to normalise, enabling the short-term cash held with our trading counterparty to flow back into the Group in the coming months.

“Our focus on strict controls and gross margin enhancement have delivered an increased Net Customer Contribution (NCC), as such the Group expects to deliver an exceptionally strong adjusted EBITDA margin for FY23.

“Our Yü Smart business is now in a scale up phase and will provide material benefits to the wider group. We continue to monitor asset supply challenges due to shipping constraints in the Red Sea and, although we have healthy stock pipelines, an extended disruption could have the ability to impact H2 24.

“We are confident that the Group has the proven capability to deliver value consistently and consecutively for its investors. I look forward to showcasing our results post publication of our annual accounts. A huge thank you to my team who have supported the Group’s vision.”

Derby City Lab set to relocate

Tess Egginton
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Derby City Lab set to relocate
Derby City Lab is set to re-open inside the Derbion shopping centre. When it first launched in 2022, the lab was housed in a unit in St James’s Street, provided courtesy of Clowes Developments. Now, the lab, which is a public/private partnership involving Marketing Derby, Derby City Council and the University of Derby, is relocating to Level 2 of Derbion, which becomes one of its partners for 2024. The new incarnation of the lab will open its doors for the first time on 20 February to welcome delegates from Marketing Derby’s Annual Business Event, which will take place on the same day at Derby Theatre. It will then open to the public seven days a week from 4 March. Beth McDonald, Managing Director at Derbion, said: “We are delighted to be working with Marketing Derby in bringing the national award-winning Derby City Lab to Derbion. “We know our visitors will be excited to see the plans and development projects that will transform Derby’s city centre over the coming years.” Adam Rodgers, inward investment executive at Marketing Derby and Derby City Lab lead, said: “Our fantastic new location will enable us to build on the huge success of the award-winning lab. “It presents a great opportunity to engage with a wide variety of people, gain their feedback and discuss ideas on regenerating the city centre.” The purpose of the Derby City Lab is to engage the wider community in better understanding the evolution of the city and investment pipeline – and is based on the concept of Urban Rooms in cities such as London, Amsterdam and Shanghai. The new incarnation of Derby City Lab will house the City Living Room, which includes detailed information about the city’s investment pipeline. And the centrepiece will be the brand-new Derby City Model – a detailed 3D model of Derby city centre, which aims to help visitors visualise the city’s ongoing regeneration story. The lab will also host a rolling programme of dynamic exhibitions and discussion groups focused on ideas to regenerate Derby. It will be manned by Marketing Derby staff and ‘lab assistants’, which the inward investment agency is currently in the process of recruiting.

£5.4m funding facility secured for new Nottingham housing scheme

Tess Egginton
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£5.4m funding facility secured for new Nottingham housing scheme
Nottingham-based property developer Hockley Developments Ltd has secured a £5.4 million funding facility from Paragon Bank to support the second phase of its Sherwood Library development in Spondon Street, Nottingham. The scheme will consist of 12 houses and 22 flats in the second phase of the development and is expected to be complete by January 2025. The first phase of the development saw the building of a brand-new library, a Sainsbury’s and seven flats. Within the second phase of the development, 14 flats have already been sold and will be used for supported living accommodation.  This is Paragon’s fourth deal with Hockley Developments, having previously supported the company to fund various projects including a £1.6 million funding package to turn a former care home in Nottingham into 23 self-contained one and two-bedroom apartments. The deal was led on behalf of Paragon’s Development Finance team by Senior Relationship Director Steve Hallam, with support from Senior Portfolio Manager Ashling Quinn.Alan Forsyth, Managing Director at Hockley Developments, said: “It has been a pleasure to work with Paragon bank on this new development loan. As has been the case when working with them previously, communication has been good at all stages, and the process has been smooth between all parties. “We look forward to delivering this exciting new project in Nottingham, and providing some quality, much needed housing over the next 12 months, with the support of Paragon.” Steve Hallam, Senior Relationship Director at Paragon Bank, added: “It’s been a pleasure to work with Alan and the Hockley Developments team on another funding facility, enabling the company to build more high-quality housing in the East Midlands. “We’re looking forward to seeing the positive impact this new site has on the local area and hope to continue working with Alan and the team to support them with more upcoming projects.”

Warehouse technology innovator appoints new head of sales for EMEA region

Tess Egginton
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Warehouse technology innovator appoints new head of sales for EMEA region

Castle Donington-based warehouse technology innovator, Synergy Logistics, has appointed a highly experienced business performance lead as it looks to scale up on expansion, growth and drive change.

Chris White joins as head of sales for Europe, Middle East & Africa (EMEA) with a dual remit of further improving client engagement and advancing the commercial arm of the business.

Chris has over 25 years of experience in large-scale operations, having worked with companies like Hewlett Packard, Pitney Bowes, and DHL Express. He has held senior positions in IT, supply chain, warehousing, and distribution.

In his previous role as a director for the SaaS Enterprise Division of Parcel2Go, a leading player in the fulfilment market, he achieved a growth of 300% in just seven years. As a result, the Enterprise Division now accounts for 60% of the Group’s overall business and their portfolio has expanded from three to thirty different organizations.

Chris, who began his career playing professional football for 14 years at Portsmouth FC, Peterborough United and Exeter City, stated: “I am thrilled to be a part of Synergy – a company that is as flexible, agile and adaptable as its software solutions. The products they offer make a real, tangible difference and I am excited to contribute to the positive trajectory of the business.

“I’ll also be working very closely with Synergy’s EMEA CEO, Tony Dobson, who has unrivalled contacts and experience within the industry and continued passion for technological advancement. I can contribute additional expertise in building strong partnerships and delivering enterprise level value.”

To bolster Synergy’s ambitious growth plans, Chris will be supported by Kirsten-Reece Tarpey, who has been promoted to business development manager, and Dan Moss in his new role as commercial & operations manager.

Ten Northamptonshire businesses selected for inaugural incubation programme for entrepreneurs

Tess Egginton
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Ten Northamptonshire businesses selected for inaugural incubation programme for entrepreneurs
A new incubation programme for entrepreneurs in Northamptonshire has unveiled its first cohort of participants. Vulcan Creatives, a free, six-month programme run by the team at the Vulcan Works flexible workspace in Northampton, aims to support ambitious individuals with their business idea by creating a business plan and teaching the skills needed to make it a success. The programme opened for applications in November and these were whittled down to ten businesses with a preference given to those working in the creative or digital sector – emerging industries in the county that Vulcan Works was created to support. The chosen entrepreneurs were revealed during an official launch event at Vulcan Works on Tuesday 16th January. They include: · Nabil Abbas, who has developed a decentralised instant messaging app. · Emma Colton, a photographer who plans to empower female business owners through her photography. · Chelsea Henry, an interior designer who makes her services more flexible and affordable by guiding her clients to do the installation work themselves. · Tamara Holland, a marketeer who wants to help children’s activity providers to better market their products and services to parents. · Mathew Lewis, a musician who wants to develop his band, Party Beats, into a collective, ‘Pick and Mix’ option that enables clients to create their own band from a group of musicians for their events. · Roddy-Lloyd Jones, a retired teacher who has created a portable photography studio in a decommissioned ambulance. · Tom Mayes, who has set up his own digital marketing agency specialising in Facebook advertising for aesthetic clinics. · Gary Morgan, who plans to set up his own AI (artificial intelligence) assistant tool to help small to medium-sized businesses with their customer service, lead management and appointment setting. · Gavin Prior, who is working with businesses as a consultant to help them to prototype their virtual reality and augmented reality ideas and turn them into apps. · Hairdresser Aprille Russell and make-up artist Aveline Rust, a duo who have created a hair and beauty academy after being ‘burned’ by other courses in their industry. Aprille and Aveline have devised a four-month programme that offers hair and beauty qualifications as well as training in business skills such as sales and accounting. Vulcan Creatives has been funded by West Northamptonshire Council and has received £40,000 from the UK Government through the UK Shared Prosperity Fund (UKSPF). It will be led by Vulcan Works’ on-site business growth manager, Darren Smith, an entrepreneur who has started and sold businesses and worked in mentoring roles over the last 20 years. Those who take part in Vulcan Creatives will also receive free access to the Vulcan Works facilities during the course of the programme and up to 50% off workspace in the building after graduating. Darren said: “I look forward to working with this cohort of entrepreneurs over the next six months to really boost their businesses or get them up and running. This will be done through one-to-one sessions, regular huddle meetings of the whole cohort, as well as events and workshops. “We also have some great partners on board, such as Natwest and EMW, who will be sharing their knowledge with the participants too. We want Vulcan Creatives to become a real community and collaborative effort as we all embark on this journey together towards success.” Cllr Daniel Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth at West Northamptonshire Council, added: “It is great news that vital funding from our UKSPF has been utilised to support Vulcan Creatives, which will expand on the brilliant work already being delivered at Vulcan Works to help local businesses. “We have 20,000 businesses in West Northamptonshire and 425,000 residents and there is unlimited potential for businesses in this area. This is why we have already invested over £2 million into supporting local business and £1.5 million into getting local people and skills in the area through our UKSPF. “We want to see businesses thrive and our Economic Growth and Inward Investment Team want to support them in doing this. I’m really excited to see the businesses taking part in Vulcan Creatives and look forward to seeing them grow and develop and become the medium and large-sized companies of the future in West Northamptonshire.”

Recruitment and training group “optimistic” as revenue rises and profits slip

Tess Egginton
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Recruitment and training group “optimistic” as revenue rises and profits slip
Staffline, the Nottingham recruitment and training group, has hailed a “robust performance” in a new trading update for the year ended 31 December 2023, despite a profit slip. Revenue ticked up 1.1% to £938.2m, in comparison to £928.2m in the year prior, highlighting market share gains predominately in Recruitment GB. Meanwhile the business delivered underlying operating profit in line with market expectations, at £10.1m, though this was down from £12m in 2022. Additionally gross profit slipped, to £80.8m from £82.5m. Albert Ellis, Chief Executive Officer of Staffline, remains “optimistic.” Ellis said: “I am grateful for the commitment and support of the thousands of hard-working staff who are responsible for delivering this resilient result. “I am delighted too, with the comparatively strong trading performance we achieved in FY 2023, despite facing significant macroeconomic challenges during the year. Our healthy balance sheet has enabled us to support organic growth and ensure we delivered labour at scale, to significant customers, such as GXO Logistics, Tesco and M&S during times of seasonal peak demand. “I firmly believe there is significant growth potential and, as inflation and pressure on labour markets begin to ease, remain optimistic about the prospects for further organic growth generated from within the Group.”

2024 Business Predictions: James Pinchbeck, Partner, Streets Chartered Accountants

Tess Egginton
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2024 Business Predictions: James Pinchbeck, Partner, Streets Chartered Accountants
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 James Pinchbeck, Partner at Streets Chartered Accountants. As we step into the new year, 2024 holds a plethora of uncertainties and opportunities for the East Midlands business community. The East Midlands, a hub of innovation and economic activity, will undoubtedly be influenced by several key factors in the coming year. Here are my predictions for what lies ahead: 1. Technical Innovation and AI: The East Midlands has been a breeding ground for technological innovation, and 2024 will be no different. We can expect to see continued growth in AI and artificial intelligence applications across various industries. Local businesses should leverage these technologies to enhance productivity and remain competitive on a global scale. 2. General Election: The possibility of a general election looms on the horizon, bringing potential policy changes that could impact businesses. It’s crucial for East Midlands businesses to stay engaged and informed about political developments to adapt to any regulatory shifts that may occur. 3. Economic Slowdown: While the region has shown resilience in the face of economic challenges, there is a possibility of an economic slowdown in 2024. Certainly, consumers are still feeling a squeeze on disposable incomes. In light of this businesses should prepare for this by focusing on efficiency, cost-cutting, and diversifying revenue streams. 4. Geopolitical Uncertainty: Continued geopolitical tensions around the world may have repercussions for businesses in the East Midlands. Diversifying supply chains, assessing geopolitical risks, and staying flexible will be key strategies for mitigating potential disruptions. 5. US Elections: The outcome of the US elections, as well as changes in US policies, can have a ripple effect on the global economy. East Midlands businesses with international ties should closely monitor and adapt to any developments in the US. 6. Environmental Challenges: Weather-related environmental issues are becoming increasingly prevalent. East Midlands businesses should prioritize sustainability, resilience, and disaster preparedness to address the challenges posed by extreme weather events and environmental regulations. In conclusion, 2024 is poised to be a year of both challenges and opportunities for businesses in the East Midlands. Embracing technological innovation, staying politically aware, preparing for economic shifts, and addressing environmental concerns will be essential for success in the region’s dynamic business landscape. By staying adaptable and forward-thinking, East Midlands businesses can navigate the uncertainties of 2024 with confidence and resilience.
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