Nottingham investment management firm sold following appointment of administrators
Nottingham-based Intelligent Money Limited’s (IML) business and assets have been acquired by Quai Administration Services Limited, a specialist platform in pension, savings and investment administration services, via a pre-pack transaction.
It comes after Richard Heis and Ed Boyle from Interpath Advisory were appointed joint administrators to IML on 28 May 2024.
All products and approximately c.£1.2 billion of assets under investment have been transferred to Quai’s regulated business, Quai Investment Services Limited, as part of this transaction. In addition, IML’s 15 employees have transferred to Quai.
Separately, IML’s 10,500 qualifying workplace pension scheme (QWPS) clients were purchased by Digital Wealth Systems Limited (Digi), a provider of workplace pensions to both employers and employees. These schemes will be operated by Quai.
IML is a UK Financial Conduct Authority (FCA) Authorised and Regulated product provider. It provides a range of regulated products including SIPPs, ISAs and GIAs, together with the technology, administration and technical expertise for c.20,000 customers, with total assets under management equating to c.£1.4 billion.
The company had recently experienced a number of complaints made to the Financial Ombudsman Service (FOS) which brought rise to compensation claims at a level the company was unable to meet. As a result of these challenges and potential financial liabilities, the directors of the company resolved to place the company into administration.
Richard Heis, Managing Director at Interpath Advisory and joint administrator, said: “We are pleased to have concluded these transactions which safeguard the interests of customers and which secure the long-term future of the business under new ownership.
“We will continue to support the orderly and seamless transfer of all assets to the respective purchasers, who are now the new provider, operator and administrator of IML’s products, ultimately ensuring it remains business as usual for the company’s circa 20,000 clients.”
Interpath Advisory were advised by Gateley in respect of the transaction.
Hartington Business Park fully let
Devonshire Property Group has reached full occupancy at its Hartington Business Park scheme in Staveley.
Capital Angling Limited, an existing tenant at the site, has agreed to take on a further 2,465 sq ft to support its expanding e-commerce operations.
The business, which provides a wide range of fishing tackle and equipment, has agreed a five-year lease on a second unit at site, taking its footprint at Hartington Business Park up to 7,364 sq ft.
Adam Mayfield, Property Development Manager at Devonshire Property Group, said: “Reaching fully let status at Hartington Business Park is indicative of the high level of demand for industrial warehousing in Derbyshire.
“We are really pleased to be able to help support Capital Angling’s expansion on site and to provide them with a platform to continue to grow their business.
“The strong tenant confidence in us and the scheme is a testament to our continued investment in the area and our commitment to ensuring that the unit sizes & specifications suit a broad range of occupiers and exceed energy efficiency standards.”
Jamie Jackson, Director at Capital Angling Limited, said: “Hartington Business Park has proved to be an ideal location to grow our business, particularly given its proximity to both our customer base as well as some of their favourite fishing spots.
“Our success, and the support we’ve had from Devonshire Property Group, has been key to us being able to expand into our second unit at the site.”
Streets Chartered Accountants covers property finance, charitable support, restaurant cash flow and more in new news roundup
Streets Chartered Accountants covers property finance, charitable support, restaurant cash flow, and more in its latest monthly news roundup.
This month’s office focus
In the first of a series of videos to promote Streets’ growing number of offices and their teams, Nathan Bignell who heads up the Banbury office shares his insight into the local business community, the clients they look after and the services they provide. Watch Now.
Podcast: There is so much more to the Fringe 24…
In this Brighton Fringe 2024 special episode of The Streets Sessions, Streets talk to Duncan Lustig-Prean, Chair of Brighton Fringe, about this year’s festival and the highlights, along with its importance for the entertainment industry and the wider community.
Streets also look at the business side of running the festival and the support provided by Streets through its Brighton based media and entertainment practice Mark Carr & Co. Listen Now.
Property finance – unlocking opportunities with confidence and support
Exploring, navigating and understanding the complex landscape of property finance options can not only be time consuming, but hard to understand with the diverse range of financing options that are available in the market.
It is essential from the outset for business owners to carefully evaluate their financing and find the right finance option for success and making informed decisions within the business. Read More.
Podcast: It’s more than an Open Road when it comes to charitable support…
This episode of The Streets Sessions features Claire Beacham, a regional manager with Open Road – a drug and alcohol recovery charity in Essex and the Medway, which is Streets Whittles, Streets’ Colchester practice’s, nominated charity.
In conversation with Claire, Streets not only find out more about Open Road’s important work, especially around wellbeing in the workplace, but also what it means to them to work with and to have the support of businesses, in particular Streets Whittles. Listen Now.
Boost your restaurant’s cash flow with these top tips!
Maintaining a healthy cash flow is crucial for the success of any restaurant. Here are five key strategies to get you started. Read More.
SmartMoney
SmartMoney is the bi-monthly magazine from Streets Financial Consulting Ltd, Streets’ independent financial planning arm, full of news and helpful information on personal financial planning. Download Now.
Nottinghamshire hotel sold to overseas buyer
Specialist business property adviser, Christie & Co has completed the sale of a hotel in Nottinghamshire.
Forest Lodge Hotel is a popular hotel, pub and restaurant, centrally located in the village of Edwinstowe. Forest Lodge was under the same ownership for 17 years and has now been bought by an overseas purchaser.
David Lee, Regional Director at Christie & Co, who handled the sale, alongside that of Hadley Park House in Telford to a local businessman, says: “We were pleased to complete our latest 2 hotel deals in the Midlands region.
“The market for all types of hotels remains buoyant, we would like to wish both owners success in their new ventures.”
Professional services group makes eleven promotions in Nottingham
Professional services group Gateley has promoted eleven people in its Nottingham office.
Charlie Jakeman has been promoted to partner within the construction team, having joined Gateley as a legal director in 2021, while Tertia Werry and Janine Gibbs have been promoted to legal director in the real estate and private client teams respectively.
Those promoted to senior associate are Nathan Allaway from the real estate team, Rebecca Sells from the planning team, Rachael Mitchison from the corporate team, Alicia Bradburn from the banking team and Katherine Wright from Adamson Jones, the dedicated patent and trademark practice.
Additionally, three of the Nottingham team have been promoted to associate; Jaclyn Nelson and Catherine Everington who are both from the construction team, and Shiv Nand from the banking team.
Andrew Macmillan, partner and head of Gateley’s Nottingham office, said: “I’m extremely proud to see so many of our talented employees in Nottingham achieve promotions this year. They have all shown a great level of commitment to achieving outstanding results for our clients and deservedly have been rewarded for their work.
“These promotions highlight Gateley’s continued commitment to the development of our employees and having so many promotions in our Nottingham team shows just how well our city is doing at attracting and retaining top talent.”
Chief Executive of Leicestershire County Cricket Club joins Leicestershire Business Voice as new board member
Leicestershire Business Voice (LBV), the voice for local businesses, has appointed Sean Jarvis as its newest board member. Sean is Chief Executive of Leicestershire County Cricket Club and joins nine other members on the LBV board.
Sean brings over 30 years’ experience in business and sports administration to his new role. He and the LBV board are responsible for offering an independent and collective voice to represent the local business community through engagements with other key local stakeholders, the public sector and regional bodies. It also provides members with a regular programme of business-themed events and debates.
Sean has been Chief Executive of Leicestershire County Cricket Club since June 2020, where he is responsible for delivering the strategic plan for the club.
Prior to this role, Sean was a Director of Huddersfield Town Football Club and Trustee of the Town Foundation, the official charity of Huddersfield Town FC. He was also a Director of Huddersfield Canalside, the training ground for Huddersfield Town FC and Chairman of Place To Make It, a group of local business owners who promoted Huddersfield.
Sean was the Owner/Marketing Director of Oldham Athletic FC and started his career as a Director of GSM, a marketing agency in Leeds, with a focus on sports clients.
Commenting on his new role, Sean Jarvis said: “I was born and bred in Leicester and although I’ve worked away from the city for much of my career, my connection to Leicestershire is very important to me, so I’m happy to give back through my new role with LBV.
“I’m keen to develop the brand of Leicester and Leicestershire, nationally and internationally, and build on the Cricket Club’s position as part of the fabric of the local business community.
“LBV is well established and respected, and I see it as a primary vehicle to help local businesses to continue to improve. I’m looking forward to helping the board with its collaborations with, and lobbying of, local and regional influential stakeholder organisations.
“I’m particularly keen to see work around infrastructure improvements, developing links between education and business, growing international investment and of course, celebrating the sporting heritage of the city!”
Robin Pointon, Chair of LBV, added: “We’re delighted to welcome Sean to the board of LBV. We’re committed to representing and being a voice for a broad cross-section of businesses in the city and county. Sean’s role at the Cricket Club, his background, vision and ideas will provide us with a new perspective to add to our support for the local business community.”
Leadership in the modern marketplace – skills for today’s executives
The role of an executive has transformed dramatically in recent years. Gone are the days when being at the helm meant merely delegating tasks and overseeing operations. Today, the modern marketplace demands a leader who is adept at not only managing but also inspiring, innovating, and steering their team through the complexities of the contemporary business environment.
Embracing agility and flexibility
One of the crucial skills that today’s leaders need to possess is agility. The ability to pivot and adapt to rapid changes is what separates the wheat from the chaff.
In industries where new technologies and business models are continuously emerging, an agile leader can foresee potential disruptions and harness them to their advantage, ensuring their organisation not only survives but thrives.
This agility goes hand in hand with flexibility. Leaders must be prepared to discard old systems and beliefs that no longer serve their purpose. It’s about having an open mind and a willingness to embrace new ideas and approaches, even if they challenge traditional norms.
Mastering emotional intelligence
Another indispensable skill in the modern executive’s toolkit is emotional intelligence. This goes beyond simply understanding one’s emotions; it involves recognising the emotional cues of others and using this understanding to foster strong relationships within the team. Emotional intelligence helps leaders manage stress, conflict, and the demands of leadership roles, ensuring they lead their teams with empathy and understanding.
This skill also extends to how executives handle customer relationships. In today’s customer-centric business world, understanding and predicting customer behaviour can make or break a company.
Championing innovation and continuous learning
Innovation is the buzzword in almost every industry, but it’s not just about creating new products or technologies. It’s about cultivating a mindset that embraces continuous improvement and learning. Leaders must encourage their teams not just to accept change but to drive it. This involves a commitment to learning, both at the individual and organisational levels.
St Mary’s University, for instance, offers online MBA programmes that help promote strategic leadership and innovative thinking, equipping leaders with the knowledge to stay relevant and effective in their roles.
Fostering collaboration and inclusivity
The modern workplace is diverse, and successful leaders are those who can harness this diversity to foster innovation and creativity. This requires creating an inclusive environment where all voices are heard and valued. It’s not merely about meeting diversity quotas; it’s about integrating diverse perspectives into the business strategy to enhance decision-making and problem-solving.
Collaboration is equally essential. In a complex business environment, no single person holds all the answers. Effective leaders build networks of cooperation across and beyond the organisation. They break down silos, encourage cross-functional teams, and ensure that collaboration is part of the company’s DNA.
Leading with integrity and purpose
Finally, perhaps the most significant attribute of a successful modern leader is integrity. In an age where every corporate move is scrutinised, leaders must act with honesty and uphold strong ethical standards. This builds trust and respect, which are critical for long-term success.
In conclusion, leadership in the modern marketplace is multifaceted and challenging. It requires a blend of traditional skills and new competencies that align with the dynamic demands of today’s global business environment. Embracing these skills enables today’s executives to lead their organisations to new heights of success.
F1 supply chain manufacturer to increase operations at Silverstone Park
Formtech Machining UK, part of Formula 1’s manufacturing supply chain, is planning to significantly increase the size of its operations at Silverstone Park.
The company specialises in producing niche, precision metallic components for F1 teams.
Currently it employs ten people – chiefly CNC machinists and programmers – inside its Silverstone Park workshop/factory premises which total 12,300 sq ft.
Its manufacturing capabilities are also relied on by customers in automotive and marine.
In the last six months Formtech has invested over £2m in state-of-the-art equipment including two significant GF Mikron machines – a P800US with robot assisted 16 pallet loader and a P500 with seven-pallet rotary loader.
“There is a growing demand for our services from F1,” explained Formtech Director Mark White, former Operations Director at the Aston Martin F1 team. “We’re building ourselves a name as a reliable partner for teams with healthy repeat custom.
“Some of our robotic equipment is better even than some of the F1 teams we work with which means we can do the work more efficiently to meet our customers’ demands.”
He added: “We have good relationships with a number of neighbouring businesses at Silverstone Park who have their own specific engineering or manufacturing skills. We can complement each other collaboratively and it’s one of the reasons we’re at Silverstone Park.
“The area is also rich in manufacturing skills which helps us with recruitment and the Park’s central location puts us within half an hour’s drive time of at least five of the F1 teams. It’s ideal for logistics.”
Formtech Machining UK is owned by former GP2 Series race team boss Franz Hilmer’s Formtech GmbH Werkzeug in Germany which specialises in tooling and moulding.
Mark continued: “The UK arm was founded in 2019, initially in a partnership with Aston Martin (then Racing Point), but we are now wholly independent and are supplying various teams on the F1 grid and are in discussions with more.
“Our work in automotive and marine is also interesting and there is scope for us to start looking now at aerospace. We have growth ambitions and would like to expand to double the size and output in the next 12-18 months.”
Cinema purchase adds pace to town revamp
A quest to rid an Erewash town of a major eyesore has taken a leap forward – with an announcement by the borough council that it has bought Long Eaton’s derelict Galaxy cinema.
The news – which follows painstaking negotiations – avoids a long drawn-out compulsory purchase as the authority drives forward levelling-up investment of £25million in the town.
The council revealed it has also acquired the former Stage One nightclub – clearing the way for a wholesale regeneration of what is known as Galaxy Row.
Both buildings are poised to be bulldozed as part of Long Eaton’s “Town Deal” – which is cash that Erewash Borough Council helped secure from the government.
The demolitions will see smart new homes and commercial units built on the prominent Derby Road site. The plan is for three business premises plus 16 flats and four townhouses. There will be 28 parking spaces, which will be accessed from Oxford Street at the rear of the development.
The council is currently actively seeking a development partner for the scheme. The decrepit cinema has blighted Long Eaton since closing more than a decade ago. Planners said: “No proposals for re-use have come forward in ten years. It does not lend itself to a conversion to an alternative use.
“Given the apparent lack of developer interest and limitations of the former cinema for its reuse and the poor current appearance of the building, the loss of the building is considered acceptable.”
A £10million refurbishment of the High Street is looming. Richard Ledger, who is chairman of the Long Eaton Town Deal Board, welcomed the purchase of the cinema and nightclub. The local businessman, who studied physics with Stephen Hawking at Cambridge, said: “Long Eaton will be reinvigorated under the Town Deal – becoming an increasingly vibrant place to live and work.
“I would like to thank not only the council but also the people of Long Eaton who along with local businesses have been backing the campaign to unleash the town’s potential.”
Erewash councillor Curtis Howard, who is Lead Member for Town Centres, Regeneration and Planning, said of the authority’s acquisitions: “This is a vital step toward finally getting spades in the ground on one of our most important levelling-up projects. Once completed, the new Galaxy Row development will provide new and modern commercial space for local businesses, and much needed, high-quality new homes.
“With this and proposals for the £10million High Street upgrade now well underway, we are ambitious for the future of Long Eaton town centre. This proves it.”
PDS Ltd to take on Yorkshire Three Peaks Challenge in support of YMCA Derbyshire’s new housing development
PDS Ltd, a technology solutions provider, is participating in the Three Peaks Challenge on Sunday 23rd June, as part of its ongoing commitment to corporate social responsibility.
The Yorkshire Three Peaks Challenge is an intense and rewarding endeavour that involves climbing Pen-y-Ghent (694 metres), Whernside (736 metres) and Ingleborough (723 metres) respectively. These hills form a part of the Pennine range, and the walk will be completed in under 12 hours.
The PDS team embark on this rigorous journey to raise funds for YMCA Derbyshire’s Foundry Point, a vital initiative that provides affordable housing for young people entering work or on low wages.
These flats will need to be furnished with white goods, Wi-Fi, furniture, flooring and blinds. The funds raised during this event will go towards buying these essentials.
Nathan Lawson, Managing Director at PDS Ltd, said: “We are excited to take on the Yorkshire Three Peaks Challenge and support a cause as impactful as the YMCA Derbyshire’s Foundry Point scheme. Our fundraising target is £2,500 and PDS Ltd will match this.
“Our team is motivated to not only meet the physical demands of the challenge but also to raise significant funds to help kit out the new flats at Foundry Point. We are passionate about giving young people the best start in life.”
The company has set up a fundraising page to collect donations for the challenge and would be extremely grateful for any support of this important cause by donating and cheering on the team as they undertake this formidable challenge.
For more information about the Yorkshire Three Peaks Challenge and how you can support PDS Ltd’s fundraising efforts for YMCA Derbyshire, please visit https://www.justgiving.com/page/pds-1708511950094.
