Operam Education Group – the BGF-backed education recruitment specialist – has completed its first acquisition in the further education (FE) sector in the latest in a series of strategic acquisitions.
The company has acquired Nottingham-based Provision Recruitment for an undisclosed sum in a deal supported by HSBC and BGF.
Founded in 2004, Provision Recruitment has built up a strong reputation in the FE sector, supporting colleges with the recruitment of lecturers. It is the third Midlands-based acquisition by Operam, joining Teachers UK and First for Education.
The latest deal not only strengthens its regional footprint, but also enables the specialist education recruitment group to further expand into the FE sector across the UK, complementing its expertise in primary, secondary, SEND and tutoring recruitment.
Operam CEO Eddie Austin said: “Traditionally, the business has focused on mainstream and SEND education, as part our buy-and-build growth ambitions. This is our first acquisition in the further education sector which enables us to broaden our reach, both from a geographical and sector perspective, integrating a well-established businesses into the group that has real potential to scale across different locations in the UK.”
He added: “This latest acquisition is hugely complementary to our existing suite of services and means we now have the ability to support those in education right from primary school settings through to further education.”
Last year, BGF committed a further £2.5 million in follow-on funding to support Operam’s buy-and-build growth strategy, alongside £2.5 million of senior debt from HSBC.
BGF investor Rob Johnson added: “This is another exciting addition to the Operam portfolio – one which will further diversify both our service offering and client base. We look forward to welcoming Provision into the group, as we continue to cement Operam’s position as one of the leading education recruitment services providers in the UK.”
Operam Education Group were advised by Squire Patton Boggs (legal), and Connect CF (deal origination).
Provision Recruitment Limited were advised by Nelson Solicitors (legal).
Olympian Homes and Housing Growth Partnership (HGP) have formed an equity Joint Venture (JV) to deliver a 790-bed Purpose Built Student Accommodation Scheme (PBSA) in Nottingham city centre. The scheme, which will also include 19 affordable homes, has a Gross Development Value of c. £120 million.
Known as ‘Forest Mill’, the PBSA scheme will comprise 790 beds across three buildings. Features will include a Café & Co-Working Space, games area with table tennis, air hockey, fussball, shuffleboard, private dining, gym, yoga studio, cinema room, gaming booth and a garden terrace.
Located on Alfreton Road, the site is a 13-minute walk from the Nottingham Trent University campus, a 12-minute bus ride from the University of Nottingham Jubilee Campus and a 16-minute walk from the city centre.
The site adjacent to the PBSA blocks will see the delivery of 19 affordable homes. The three-bedroom family homes will contribute to the Council’s housing delivery targets and crucially provide accommodation for residents on low incomes.
Having acquired the site in September 2021, Olympian secured planning in June 2022. RG Construction has been awarded the build contract for the PBSA element and Tanbry Construction the affordable housing element. Enabling works began in July 2023 and main construction will start in December 2023, with completion scheduled ahead of the 2025/26 academic year.
James Lindridge, Development Director at Olympian Homes, said: “We are thankful for the pragmatic nature of Nottingham City Council in supporting our vision and addressing the supply/demand imbalance of PBSA and affordable homes within Nottingham.
“We look forward to commencing works onsite, engaging with local stakeholders and contributing to Nottingham’s ambitious growth plans. The transaction is our second Olympian PBSA funding completion of 2023 and demonstrates the high level of investor confidence in the UK PBSA sector despite the turbulent macro-economic backdrop.
“We have enjoyed working with HGP and believe this will be the start of a strong, long-term partnership.”
Mark Slatter, Chairman of Olympian Homes, said: “This is a great place making opportunity for a landmark high quality Student Accommodation scheme alongside much needed Affordable Homes and many thanks to all our stakeholders for making this happen in very challenging times.”
Colin Bennett, Investment Director, HGP, added: “Forest Mill is a bold, high specification scheme, with strong amenity that will bring economic growth to the area and create further regeneration opportunities in the city; whilst also supporting the provision of much needed affordable homes.
“We have built a strong partnership with the Olympian team and look forward to working with them in delivering this scheme and future opportunities.
“Forest Mill is landmark transaction for HGP, representing our third, and largest, equity investment in the PBSA sector to date. Having recently supported new developments in Glasgow and Dundee, we have strong appetite to grow our exposure in the sector, supporting the delivery of high quality schemes in critically undersupplied UK university cities.”
Laurie Marsh, Senior Director at JLL Living Capital Markets, which advised on the both the JV debt and equity financing structuring, said: “We are delighted to have supported the Olympian team on capital raising for another significant PBSA transaction this year.
“Advising across the capital stack allowed us to think creatively in sourcing best in class partners to help bring Forest Mill forward. The JV creation further evidences the attractiveness of the Living sector for investors and the positive momentum we are seeing building into 2024.”
Olympian Homes was advised by JLL Living Capital Markets and Freeths and HGP was advised by Shoosmiths.
Demolition has begun ahead of the next round of construction at Castleward.
Site preparation works for Phase Four – the penultimate phase – of the major city-centre regeneration scheme will pave the way for construction work to begin in 2024.
These site preparation works will include the demolition of the former Derbyshire County Transport and Tarmac sites that were transferred to developer Compendium Living earlier this year.
This latest phase, which was given the go-ahead by planners in May, will provide 112 new homes in a mix of two-, three-, and four-bedroom houses, and one- and two-bedroom apartments.
In all Castleward will deliver around 800 new homes, alongside green spaces, commercial units, and a new gateway to the city, in what is one of Derby’s largest regeneration projects.
Demolition for Phase Four is the latest milestone for the scheme, after the full completion of Phases One and Two, including the construction of a brand new primary school – Castleward Spencer Academy – and the opening of showhomes at Phase Three.
Councillor Nadine Peatfield, Cabinet Member for City Centre, Regeneration, Culture and Tourism, said: “It’s great to see work progressing so quickly at Castleward as we continue to encourage people to come and call the city centre their home.
“It’s exciting to know that while Phase Three is still in the final stages of construction, work is already well under way for Phase Four and we will be able to celebrate the opening of even more city centre homes in the near future.”
The Ashbourne Reborn programme has taken another significant step forward as Ashbourne Methodist Church’s planning application for the development of church buildings into a multi-purpose community hub has been approved unanimously.
Derbyshire Dales District Council’s Planning Committee voted in support of the Planning and Listed Building applications for the Link Community Hub.
Work can start on the church next year subject to meeting conditions relating to ecology, the protection of wildlife and flood risk.
This project forms an important part of the Ashbourne Reborn programme and will see the building of a new foyer linking three current buildings into one accessible suite, creating a flexible performance, events and worship space.
Meeting rooms of various sizes will be developed for community and business use, and the Gateway Centre will be remodelled to provide affordable quality visitor accommodation. The Cornerstone Coffee Shop will be upgraded and a community garden created with ramped access.
Work is anticipated to start in June 2024, and be completed by summer 2025.
Speaking after the meeting, Tony Walker, leader of the Link Development Team of Ashbourne Methodist Church, said: “We are absolutely delighted to have received planning permission for the full scheme as envisioned in the Ashbourne Reborn proposals.
“Our vision is to provide a seven-days-a-week community, arts and church resource which contributes to our town for decades to come. With this approval, and the funding we have, we can look forward with confidence to this vision becoming a reality.”
Image courtesy of Derbyshire Dales District Council
Leicestershire County Council is considering how to deliver services differently as forecasts show its budget gap could top £85m by 2028.
Published yesterday (Wednesday), the authority’s four-year proposals include investing £127m more to meet growing demand, mainly in social care, and an extra £113m to cover inflation and the National Living Wage increase.
A three per cent Council Tax increase for core services is planned for next year, generating £11m for front line services. A further £7m will be raised from a two per cent increase in the adult social care precept.
Spiralling social care prices, growing service demand and inflation are driving up costs for councils across the country and means that for the first time, it’s planned to use up to £12m of reserves to help balance the books next year.
Pressures include:
Surging cost of placements for children in care – with costs for just 10 children with complex needs now reaching £5m
A 56 per cent rise in unaccompanied asylum seeking children in care and care leavers since last year
Over £220m of net inflation and service pressures across the next four years – compared to £100m of increased income (including Council Tax)
Major redesigns of children’s and adults’ social care are already underway to bring down future demand and costs by millions-of-pounds, such as creating more new placements locally, rolling out new technology and helping more people live independently.
Controls around recruitment, procurement and other spend have also been tightened up to help bring down the council’s budget gap.
Declan Keegan, the council’s director of corporate resources, said: “Councils are facing their toughest ever budget challenge. Although we are not in crisis, we have to tackle the 20 per cent gap between expenditure and income, so need to deliver services differently.
“Supporting vulnerable people remains our priority. And with costs and demand rocketing, it’s crucial we continue to transform how we work whilst also getting people the help they need.
“We’re low funded, very efficient and high performing. But the Government’s autumn statement was dire for councils, with no extra funding and the national living wage increase alone adding £20m to our costs.
“From stepping up finance controls, to making sure we’re not subsidising other organisations’ services, we’re doing everything we can to bring down our significant budget gap. Using our reserves to help make ends meet is clearly not sustainable.”
The four-year budget plan includes:
A £12m budget shortfall next year – rising to £33m in 2026, £60m in 2027 and £85m in 2028
£127m more to support vulnerable people – to pay for more home and residential care, and support people with physical disabilities, learning disabilities and mental health needs
Major redesigns of services to manage future demand, including:
Special educational needs and disabilities – a new approach balancing growing demand for support with getting children the right help
Working with Barnardo’s to run children’s homes locally
Boosting ‘supported living’ – over 100 new placements created since 2020, enabling people with learning and physical disabilities and mental health needs to learn life skills and live independently
Rolling out ‘care technology’ – over 2,600 pieces of equipment, including falls detectors and GPS location trackers, installed over last year, benefiting over 1,000 people
£36m of savings – including redesigning services, reducing the cost of back-office support services by maximising digital technology and smarter procurement
A £445m four-year capital pot – for the cost of building roads, schools and other one-off projects linked to new homes being built across Leicestershire.
Closing the budget gap may lead to a reduction of about 200 posts over the next four years, the council notes – staff turnover and vacancy management will mean that the number of compulsory redundancies will be much lower.
The plan will be discussed by the council’s cabinet on Tuesday (19 December).
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 Kyla Bellingall, regional managing partner at BDO LLP in the Midlands.
2023 has been another year full of challenges for Midlands businesses – conflicting issues that have played a real part in how the regional economy has functioned.
Our bi-monthly Economic Engine survey of 500 mid-market businesses has consistently highlighted which pressures have had the greatest impact on businesses, with supply chain challenges, geopolitical events, and staff and skills shortages coming out on top in our latest report.
When you add into the mix high interest rates and borrowing costs, difficulty in accessing capital, changing customer behaviour, as well as the general cost of doing business, then you can begin to appreciate the significant task facing companies in the region.
While the outlook is beginning to improve, with inflation heading in the right direction, there is still a huge amount of uncertainty on the horizon with the Bank of England warning that the force of interest rates hikes is yet to filter through to all businesses, particularly those that are highly leveraged and those in sectors exposed to economic swings. Unsurprisingly, certain economists are predicting further financial woes in 2024.
As with many regions, there are still many factors at play in creating a favourable trading environment, not least of which is around Government support. An Autumn statement geared towards “removing barriers of investment” to help the economy grow, will go some way in appeasing those businesses fixed on expansion.
However, 2024 will throw up its own challenges, in the form of potential political change and more economic volatility. As such, businesses in the region must clearly define their priorities in the coming months – a focus that will undoubtedly centre on closing skills gaps, investing in efficiency, prioritising supply chain optimisation, while keeping operational costs under control.
West Northamptonshire Council (WNC) has launched a Rural Business Grants programme to support businesses in the most rural parts of West Northants to diversify and grow.
Utilising £919,772 of UK Shared Prosperity (UKSPF) and Rural England Prosperity Funding (REPF), this programme will provide up to 50% of equal match-funding of between £2,500 and £100,000 to businesses located in Defra’s designated rural areas within West Northamptonshire.
Grants can be used to support the building and equipment of capital projects, for example converting a farm building for an alternative business use such as a business hub, wedding venue or for hospitality; growing rural tourism; the acquisition of food and drink processing equipment; or the purchase of commercial grade equipment to increase productivity. All projects and expenditure must be complete by 31 March 2025.
To secure a grant, applicants will need to check the eligibility criteria on the WNC website and complete an online application form. This will be appraised with a final decision made by a Grant Decisions Panel which will include representatives from both local businesses and the Council.
The Rural England Prosperity Fund is a ‘top up’ to the UK Shared Prosperity Fund provided by Defra and managed for the Government by the Department of Levelling Up, Housing and Communities (DLUHC) to support the Government’s levelling up agenda. It is intended to provide investment for identified rural areas facing additional challenges and can be used alongside UKSPF funding.
Cllr Daniel Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth, said: “We appreciate the unique challenges rural businesses face which is why we’ve chosen to dedicate this funding to support and enable them to diversify and grow.
“Our ambition is to enable every business in West Northamptonshire to thrive and for this reason we have allocated the majority of our UK Shared Prosperity and Rural England Prosperity funding towards supporting businesses and creating employment opportunities to sustain the local economy.
“We are dedicated to providing high quality support, training and guidance and wherever possible, funding to enable our local businesses to fulfil their potential and I encourage all those who qualify for this match-funded grant to apply.”
The Council has appointed Ngage Solutions Ltd to manage the Rural Business Grants programme.
Will Dallimore, Rural Business Development Manager at Ngage Solutions Ltd, said: “This is a great opportunity for rural businesses in West Northamptonshire and I look forward to supporting businesses through the process.
“Ngage Solutions has worked with rural businesses in West Northamptonshire for over 7 years through the LEADER project and it will be my pleasure to continue this support and deliver the Rural England Prosperity Fund which will provide a well-needed boost for the rural economy.”
Ashfield District Council have revealed the initial artist impression for the refurbishment and upgrade of Sutton Community Academy’s theatre.
Ashfield District Council secured the funding to upgrade the theatre, which will be rebranded and opened to the public as Cornerstone Theatre, as part of their £6.27million Future High Streets Fund.
The Council are working with Sutton Community Academy on the plans for the project. As part of the improvement work the theatre will be completely renovated and reconfigured to create a new multifunctional community space that will accommodate a wider range of high-quality performances and acts.
The new theatre will allow residents and visitors to watch professional theatre performances, cinematic experiences, music and comedy nights, as well as other community uses.
New dressing rooms and a green room, toilets – including a changing places room, foyer and box office will be created to accommodate the improved theatre. Inside the theatre itself the auditorium will be completely refurbished with new flooring, ceiling, acoustic wall treatments and doors. A new retractable seating system will provide around 200 seats, and specialist lighting will also be installed.
Cllr Jason Zadrozny, Leader of Ashfield District Council, said: “We are incredibly pleased to be able to release the details of the last of our Future High Streets Fund projects. So far we have delivered the renovation of the former Yorkshire Bank in Sutton, the old DWP building on High Pavement, and we are currently transforming another long-vacant unit on Low Street.
“The Cornerstone Theatre project is the cherry on the cake, it will allow more residents to access quality cultural events and productions, without having to leave Ashfield.”
A planning application will now be submitted to the Council in the coming days before work can start on the refurbishment. Work is expected to start in summer 2024, with a finish date of early 2025.
Cllr Matthew Relf, Executive Lead for Growth, Regeneration, and Local Planning, said: “This project will help us achieve our goals of creating a vibrant and safe night-time economy in Ashfield.
“As the new Planetarium will connect young people to space and raise their aspirations, Cornerstone Theatre will ignite their creativity and broaden minds. We are so proud to be investing in arts and culture, to allow more people of all backgrounds, young and old, in Ashfield and beyond to experience the magic of cinema, live theatre and music in an easy to access place.
“All our regeneration projects, funded through over £100million external investment, have the common aim – to create an Ashfield that is a great place to live, work, play, study and visit.”
Simon Martin, Vice Principal at Academy Transformation Trust Further Education (ATTFE), said: “ATTFE is hugely excited to be involved in the inception and the future running of the Cornerstone facility. Sutton-in-Ashfield and the surrounding area has long needed investment in and opportunities for cultural experiences of all sorts, and Cornerstone will provide these for the direct communities, neighbourhoods, and families that we serve.”
Image courtesy of Ashfield District Council
Specialist business property adviser, Christie & Co, has sold The Firs Residential Home in Derbyshire.
The Firs is a ‘Good’ rated residential care home registered for 28 service users. It occupies a two-storey, detached property with 25 bedrooms, six of which have en suite facilities, and includes a garden area with a covered pergola for the residents to enjoy.
The home is located in the large Derbyshire village of Breaston, circa seven miles east of Derby and eight miles west of Nottingham.
The Firs has been owned by Yvonne Dunbar for 17 years and was brought to market to allow her to retire.
Following a confidential sales process with Rosie Turner at Christie & Co, it has been purchased by first-time buyers, Dr Daljinder Bajwa and Gurpreet Singh Jassal.
Yvonne Dunbar, former owner of The Firs Residential Home, says: “I bought the home 17 years ago and, since then, the team and I have grown it considerably – adding eight more bedrooms and developing its reputation into the well-known, well-regarded home that it is today.
“I decided to sell to retire and couldn’t be happier to hand it over to Gurpreet and Daljinder who, I’m sure, will maintain the high standards that we’ve set and carry on growing the business. I wish them all the best.”
Rosie Turner, Senior Business Agent – Care at Christie & Co, says: “Having built a relationship with Yvonne over the years, I am delighted to have been able to assist her in the retirement sale of her beloved home, The Firs. We ran a confidential marketing process which received a good level of interest due to the home’s profitability and desirable location.
“This is another great example of the demand that exists for smaller homes in the East Midlands. While there are new challenges within deals, such as the interest rate rises and wider economic factors, signs still point towards a positive outcome for smaller going concerns within the region.
“It also shows that a new operator with great experience and business ideas, like Gurpreet and Daljinder, can still raise funding to acquire their first home. I wish Yvonne the happiest of retirements and look forward to seeing Gurpreet and Daljinder grow the business.”
The Firs Residential Home was sold for an undisclosed price.
The Superbia Group, based in Leicester, has expanded its reach in the South East by acquiring Headley Financial Services Ltd, with new funding from Shawbrook.
Established in 2019, The Superbia Group is a collective of financial services companies including Asset Intelligence Research, Asset Intelligence Portfolio Management and Financial Advisers, Furnley House.
Shawbrook had provided funding for previous acquisitions and has now further supported the group with a flexible solution that delivered a day-one credit facility worth £6.7m with an additional committed facility. This will enable the acquisition of Headley and support the management team to continue its growth strategy via future acquisitions.
Stefan Fura, Managing Director at The Superbia Group, said: “The Superbia Group has ambitious growth plans with a particular focus on expanding in the Midlands and South East. Shawbrook understood our strategy and structured a package that combined the funding immediacy for our first acquisition in the South East with a committed facility for our longer-term plans.”
Matt Croker, corporate finance director at Heligan Group, added: “It was a pleasure to work with the team at Superbia and Shawbrook to help deliver Superbia’s 5th acquisition in less than twelve months.
“The acquisition provides Superbia with a scalable platform in the South East for further bolt-on acquisitions and Shawbrook’s team had the sector and regional knowledge to deliver the funding for the overall strategy and this transaction in the timescales required.”
Steve Armstrong, director at Shawbrook, said: “The Superbia Group’s immense development over the past few years is a testament to the strength of its growth model.
“We overcame some tight deadlines to get them the funding when they needed and we’re very pleased to be working alongside the strong management team as they continue to expand and capitalise on further opportunities. We look forward to being part of their future success.”
Heligan Group provided debt advisory and buyside support and SHMA provided legal services for The Superbia Group. Clarion provided legal services for Shawbrook with RSM and Magma providing FDD support.
By continuing to use the site, you agree to the use of cookies. more information
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.
