£9.2m secured for Hucknall town centre regeneration
College site sold in Melton Mowbray
Nottingham Building Society reports “strong” 2023 financial performance
Sue Hayes, CEO of The Nottingham, said: “I am pleased to report our financial results for 2023 alongside the progress towards delivering our strategy. Our financial performance in 2023 was strong, with profit before tax of £8.3m (2022: £18.9m), an underlying profit before tax of £24.2m (2022: £15.2m) and an 18.3% increase in mortgage balances compared with 2022.
“We achieved significant growth in mortgage lending while overall lending in the UK mortgage market fell. We helped 6,957 (2022: 3,984) customers either take out a mortgage with us for the first time or move to a new mortgage.
“We achieved good growth in our savings balances of 18.3%. We diversified our proposition to offer a variety of attractive products and savings rates to our customers via our branch network and online savings app.
“As interest rates have risen and remained high throughout this year, we have focused on paying savers the best rates we can whilst doing what we need to strengthen the Society. We paid a total of £91.8m in interest to savers in 2023 (2022: £23.9m).
“I am proud of the results we are sharing today and would like to thank our members, and each one of our dedicated colleagues, for their continued trust in the Society. We look ahead to the coming years with a renewed sense of focus, guided by a clear and impactful purpose, with mutuality as our bedrock.
“Looking to the future, we will continue to monitor the impact of movements in base rate on our mortgage and savings propositions, while focusing on innovation in our products as part of our ongoing transformation journey. We will also continue to support our saver members with attractive savings propositions.“
Frasers Group’s recently acquired luxury retailer MATCHES put into administration
£432m bid lodged for Mattioli Woods
The sale of Leicester-based Mattioli Woods is on the horizon, with an agreement reached on the terms and conditions of a recommended cash offer.
Under the terms of the acquisition, shareholders will be entitled to receive 804 pence in cash for each Mattioli Woods Share.
The consideration values the entire issued and to be issued ordinary share capital of the wealth management firm at approximately £432 million.
Tiger Bidco Limited, a wholly-owned subsidiary of investment vehicles advised and managed by private equity firm Pollen Street Capital, is behind the offer. Mattioli Woods Directors intend to recommend unanimously that shareholders vote in favour of the offer.Ian Mattioli MBE, CEO of Mattioli Woods, said: “Since our admission to AIM in 2005, we have seen significant expansion in both the size and nature of our business, integrating asset management, financial planning and employee benefit services to serve personal and corporate clients throughout the UK.
“We have a strong track record of combining like-minded businesses that share the same culture and ethos of putting clients first. The team at Pollen Street Capital share our passion for delivering exceptional client outcomes and have demonstrated their ability to partner with entrepreneurial financial services business.
“I believe that with Pollen Street Capital’s support and access to capital we can accelerate the delivery of our strategy and provide our clients with the proactive advice and bespoke investment solutions they require.”
Anne Gunther, Non-Executive Chair of Mattioli Woods, said: “The Mattioli Woods Board is pleased to announce its unanimous recommendation of this cash offer for Mattioli Woods, which not only delivers attractive value to Mattioli Woods shareholders in cash, allowing them to crystallise the value of their holdings, but also provides significant opportunity for clients, employees and wider stakeholders.
“Mattioli Woods is recognised as a leading advice-led wealth manager and enjoys both direct distribution through its consultancy team and intermediated distribution through certain third parties. I believe that Mattioli Woods’ success is driven by an unwavering client-centric culture, the quality of its people and a responsibly integrated business model.
“The Mattioli Woods Board recognises the opportunities that can be delivered under private ownership, including access to incremental growth capital and other resources to accelerate the development of its technology and pursue transformative acquisitions.
“Pollen Street Capital is highly supportive of the Mattioli Woods management team’s strategy to create one of the UK’s leading wealth managers with the critical scale and holistic product offering to address the changing financial planning and investment needs of its clients.”
Lindsey McMurray, Managing Partner of Pollen Street Capital, said: “We are pleased to have reached agreement with the Mattioli Woods Board on the terms of Bidco’s offer to Mattioli Woods Shareholders.
“We believe Mattioli Woods would benefit from a transition to private ownership, which would enable Mattioli Woods to accelerate its growth strategy and to capitalise on the market opportunity in UK wealth management.
“Pollen Street Capital has strong heritage in supporting companies in the financial and business services sectors and we are excited by the opportunity to work with Mattioli Woods in achieving our ambitious goals for the business.”
Senior promotions signal continued growth at Flint Bishop
7 subtle ways to make your company culture stand out
Open up communication
Making work a setting where individuals feel comfortable communicating can boost morale. Whenever possible, foster an environment that values honest feedback. Feedback sessions between employees and management can foster continuous improvement and mutual respect by making employees feel heard and respected, as well as helping management understand their team’s beliefs and motivations. Regular open forums where anybody may discuss workplace culture, projects, and processes can promote free discourse and community belonging. These forums can help people overcome challenges and brainstorm business growth. Your office can also include anonymous suggestion boxes. These, whether digital or physical, are helpful for eliciting people’s perspectives who may not feel comfortable speaking up in public. These suggestion boxes allow staff to voice ideas and issues without fear of being judged or “singled out” from the crowd. Opening communication can boost employee engagement and collaboration, making the workplace more productive and peaceful.Flexible work arrangements
Today’s workforce values workplace flexibility, and there are many ways to provide it, each with its own benefits. Allowing employees to work remotely, from home or elsewhere can raise morale and reduce stress. Recognising employee needs and preferences promotes a healthier work-life balance. If your business model permits, give your personnel more scheduling flexibility to work when they’re most productive. Employees will be happier and more engaged if they can schedule their work around their obligations, and at times when they feel most inspired and energetic. Work-life balance is crucial to employee health and satisfaction, and various instances of research have shown that workplace flexibility boosts productivity and reduces absenteeism. These types of arrangements can show employees that you trust them and are willing to meet their needs, earning their loyalty and respect.Professional development investment
Online courses and qualifications are a great way to enhance staff members’ skill sets and knowledge bases. Employers can look to funnel some of their budget into providing memberships to top educational platforms, or paying for online seminars and workshops. Similarly, encouraging mentorship ties inside an organisation can help with knowledge transfer and career development. Employees can learn from more seasoned coworkers and improve their own career navigation through mentorship programmes – what’s more, this is a great way to get staff members engaging with one another in a productive and engaging way that could foster genuine bonds of trust. Giving each employee a learning and development budget empowers them to take charge of their own progress and direction in your company. This money could cover conferences, certificates, and specific training. Give employees the “keys” to their career growth and let them pursue learning opportunities that meet their interests (preferably in a way that suits your business goals).Recognise success
To encourage and retain your staff, you may want to make efforts to recognise and reward team members for their contributions. There are innumerable ways to do this, and some work better than others. Encourage employees to acknowledge the accomplishments of their coworkers through a peer recognition platform. This helps to create a more positive work atmosphere, and encourages a culture of vocalised gratitude. Meetings on a regular basis or a digital platform might both serve as facilitators for such programmes. Extra vacation days, public recognition, or chances for professional development are examples of non-monetary incentives that can have a big influence. Workers will feel appreciated because these prizes can be personalised to their requirements and tastes, showing them that you, as an employer, recognise and value them as an individual, not just another “cog” in the machine. No matter how big or small, it’s important to celebrate both individual and team accomplishments and milestones. This will raise morale and inspire people to keep working hard. There is a wide spectrum of celebrations, from handwritten messages of gratitude to extravagant team parties. Organisations can motivate their staff to keep performing well and committing to the company’s objectives by establishing a culture that frequently acknowledges and rewards accomplishments in a genuine and meaningful way.Promote wellness
Workplace wellness programmes should promote employees’ physical, mental, and emotional health. Your employees will be more productive, creative, and happy at work if they lead healthy lifestyles. For the body, offering gym memberships or cash donations encourages staff to be active and healthy, improving wellness and productivity. Ergonomic furniture and tools help reduce physical strain and long-term health issues, showing your commitment to employee well-being. Supporting mental health days, reducing stigma, and enforcing work-hour limitations for all employees helps create a healthy work environment. Companies that emphasise health can help employees find a better balance, which enhances their satisfaction at home and at work and their productivity.Encourage relationships
Fostering workplace social interactions improves teamwork and employee satisfaction. Your workforce may have a diverse set of values, interests, and qualities, making this a tricky – but by no means impossible – environment to traverse. You can’t force people to like one another, but there are some things you can do to encourage the natural development of social relationships. Lunch-and-learns or interest-based groups can help employees bond without the demands of formal events like a workplace Christmas party. Outside of a structured setting, creating “breakout” spaces for leisure or casual talk can help team members relax and open up, leading to better bonds and more unplanned encounters. Don’t underestimate the power of a ping pong table! Promote a supportive and inclusive workplace to boost morale and belonging. Instead of talking about work, encourage your workers to talk about their personal lives, interests, and ideals to build camaraderie and deeper understanding. Team members should feel valued and included, and generating a welcoming culture can promote a more cohesive and supportive workplace.Lead by example
Leadership has an enormous effect on company culture. When leaders model the behaviour they want to see filter through their business, they set the tone for everyone to follow. A leader’s dedication to the company’s principles and culture might be best shown by taking the lead in implementing the changes they promote. A leader’s example can motivate followers to do the same, whether that’s through vulnerability, open communication, or taking part in professional development opportunities. A culture of trust and open communication may flourish when leaders set an example by being vulnerable and honest about the struggles they face. When workers feel their opinions matter, they are more likely to voice them. When leaders set a good example, they inspire their teams to do their best work by creating an environment of mutual respect, trust, and constant progress.Conclusion
In closing, if you want your employees to be happy, stay, and productive, it starts with the creation of a pleasant work environment. From encouraging open communication and providing flexible work arrangements to setting a good example to your staff, all of the tactics discussed in this article aim to improve workplace culture in a genuine and successful way. Businesses should take it slow when introducing new policies and procedures, testing several approaches to see what works best for their employees. By taking baby steps and providing constructive criticism, you may make changes and encourage a growth mindset.The Access Group appoints new Managing Director of Access PaySuite
He has a strong track-record in starting and scaling businesses within fast-growing, tier-1 technology companies and is passionate about delivering exceptional customer experiences and driving continuous innovation at scale.
Before joining Access PaySuite, Giulio was executive vice president of Payments-Platform-as-a-Service at Ingenico. Before that, he held senior leadership roles at Amazon, RetailMeNot, PayPal, and eBay across Europe. He has an MBA from Columbia Business School and London Business School.
Giulio said: “This is an exciting time to be joining Access PaySuite and I am keen to contribute to the Group’s exceptional growth and help propel and deliver success across the division.
“I am looking forward to working with a likeminded team at The Access Group globally to continue to drive innovation on behalf of our customers and partners in the ever-evolving payments landscape.
“I am committed to ensuring that we continue to deliver exceptional service and value to all our customers and stakeholders and look forward to the opportunities ahead.”
The Access Group CEO, Chris Bayne, added: “I am delighted to welcome Giulio as Managing Director of Access PaySuite, he will be responsible for the strategic and operational development of the division and has the skillset, drive and passion to make a great success for both our customers and our people.
“I would also like to take the opportunity to thank Andrea Dunlop for helping build Access PaySuite to the organisation it is today. Her hard work and dedication has laid the foundations for the future of payments at Access PaySuite, and we can continue to build on that.
“I am delighted that she has committed to remaining with The Access Group and PaySuite division as a non-executive director and will be supporting Giulio with both FCA and regulatory support and M&A strategy and we are looking forward to the value she will bring in her new role.”
Rights to offshore wind innovation for sale after administrators appointed
The rights to an innovative product in the offshore wind market, Gravity Tripod™, are up for sale after Michael Roome and Dean Nelson, Business Recovery and Restructuring Partners at PKF Smith Cooper, were appointed as administrators of East Midlands-based OWLC Holdings Limited on 26 February 2024.
OWLC Holdings Limited own the rights to Gravity Tripod™, a unique and internationally patented design for an offshore subsea foundation structure.
Following the appointment of administrators of OWLC Holdings Limited, an accelerated sale of business has commenced with the aim of finding a purchaser for Gravity Tripod™, which management believe can deliver an average of 11-12% reduction in the cost of electricity generated by offshore wind.
The Gravity Tripod™ is a unique design for an offshore subsea foundation structure, requiring little or no seabed preparation.
It uses concrete in place of steel, which allows the Gravity Tripod™ to expand the supply chain and deliver an offshore wind solution that is quicker, cheaper and more environmentally friendly than traditional monopoles or jackets. The patent is registered in a number of key geographies worldwide.
Michael Roome, Business Recovery and Restructuring Partner at PKF Smith Cooper, said: “Our aim is to maximise returns for creditors by seeking a sale of this unique design in the offshore wind market.
“If you are interested in purchasing the company, please contact me as a matter of urgency. We will keep stakeholders and the press informed of any developments as matters progress.”