CMA investigating acquisition of ventilation manufacturer
New CFO for Dr. Martens
CEO to be ‘locked up’ to raise money for charity
Luke Tobin, CEO of Leicestershire-based digital marketing agency Digital Ethos, will be raising money for Leicester Hospitals Charity alongside other business leaders in the county by taking part in the charity’s ‘Boss Breakout’ event on 16th November.
Luke and his peers will be locked inside the charity’s pop-up space within Highcross Shopping Centre, located in Leicester’s city centre, with no chance of release until the target funds of £12,000 are collectively raised.
The charity aims to make the experience of a child receiving treatment in the hospital easier and more comfortable for both the child and their parents/carers by using the raised funds to purchase 12 fold-away beds so children are close to their parents/carers during what can be an anxious time for all parties.
“I’m thrilled to be taking part in this fundraising event with other business leaders as it’s such a fantastic cause,” said Luke.
“Leicester Hospitals Charity works tirelessly to provide exceptional healthcare services for thousands of people within Leicestershire so myself and my peers will be doing everything we can to raise the £12,000 funds for much-needed beds.”
Armed with just a phone, laptop and chargers, Luke and the other business leaders taking part will have to rely on family, friends, their professional network, and various other digital tactics to raise funds whilst locked within the pop-up space.
The Boss Breakout event is part of the Leicester Business Festival which is returning for its ninth year between 6th – 17th November.
Digital Ethos will also be hosting an event as part of the festival; taking place in person on 15th November between 9:30 am and 2 pm. The digital marketing agency will be offering expertise on a variety of digital marketing channels including SEO, PR, paid social, PPC and Video.
“In addition to the Boss Breakout event, we’re also looking forward to joining in with our event at Digital Ethos,” Luke added. “The team we have acquired since I founded the company in 2016 represents some of the brightest talents in the industry and we are excited to showcase this in our marketing event.”
Cool new tenant for Stanton Forge
Profit warnings issued by listed companies in the Midlands at highest level since Q4 2022
Nine profit warnings were issued by UK-listed companies in the Midlands in Q3 2023, up from eight in Q2 2023, according to EY-Parthenon’s latest Profit Warnings report.
The nine profit warnings issued by companies based in the Midlands region between July and September 2023 was the highest quarterly total since Q4 2022, when 14 warnings were issued.
Across all UK-listed companies, the total volume of profit warnings issued during the third quarter (76 warnings in total) was down 12% year-on-year.
The number of warnings issued over the first three quarters of 2023 across the Midlands region (22) is marginally down on the same period last year, when 25 warnings were issued between Q1-Q3 2022.
Midlands companies operating in industrial and consumer discretionary FTSE sectors issued the highest number of profit warnings (seven) in Q3 2023.
Dan Hurd, a partner at EY-Parthenon in the Midlands, said: “Listed companies across the Midlands have issued a consistently high volume of profit warnings throughout 2023. Conditions are set to remain challenging into 2024 as tightening credit conditions, rising interest rates and disruptions to supply chains continue to affect businesses across all UK.
“The manufacturing sector, once again, experienced a challenging quarter as high borrowing costs took their toll on profitability. As we enter the final quarter of the year, contingency planning will remain vital as geopolitical and macroeconomic headwinds continue to impact the UK economy.”
National profit warning figures
Prior to Q3 2023, warnings issued by UK-listed companies had risen year-on-year for seven consecutive quarters, the longest run of consecutive quarterly increases since 2008. UK-listed companies issued 86 warnings in Q3 2022 and 51 in Q3 2021. Despite the year-on-year fall, the number of Q3 2023 profit warnings remains 18% higher than the post-credit crisis quarterly average.
The report reveals that persistent inflation and rising interest rates continue to put significant pressure on UK businesses. A third (33%) of the warnings in Q3 2023 cited tougher credit conditions as a factor — the highest level recorded by EY-Parthenon since 2008.
Broader economic uncertainty also played a role across many of this quarter’s warnings, with 21% citing delayed or cancelled contracts and 18% citing weaker consumer confidence. One-in-five (20%) of Q3 warnings cited the slowing housing market as a factor, while the same number (20%) referenced cost pressures. In the last 12 months, 17.8% of UK-listed companies have issued a profit warning.
Jo Robinson, EY-Parthenon partner and UK&I turnaround and restructuring strategy leader, said: “While it’s encouraging to see UK profit warnings fall for the first time in two years, the growth of credit-related warnings indicates that pressure on businesses is unlikely to ease for the foreseeable future. In fact, we’re seeing economic stresses extend up the value chain, spreading to mid-market companies.
“It’s clear from this data that the steepest rise in interest rates in 40 years continues to take its toll, with a high proportion of warnings due to an increasingly expensive borrowing environment. This poses a risk for companies that are due to refinance and we’re already seeing this affect sectors where credit is a key activity driver, such as in the housing market.
“Unlike 2008’s global credit crisis, today’s companies, banks and consumers all have stronger balance sheets and extended debt maturities, which will continue to stagger the effect of base rate rises. This adds a layer of resilience but shouldn’t create overconfidence. Businesses that are at risk should act immediately to reshape operations to withstand future shocks. Delaying action risks damaging business value, particularly in this fast-moving market.”
Dow Schofield Watts expands Midlands corporate finance team
Dow Schofield Watts (DSW) has expanded its recently established Midlands corporate finance team with the appointment of a new associate director. Lucy Fairclough will be based at its new Leicester office at Gresham Works on Market Street.
Her appointment comes just weeks after the team was set up and brings the total number to four. Lucy who is originally from the Midlands, spent over 15 years with PwC and KPMG in London. At KPMG she provided advice to clients including INEOS Group, National Australia Bank and Macquarie Group. Whilst at PwC she worked on deals including PFI partnerships and initial public offerings on the UK stock exchange, and spent time on secondment to a regulatory body. More recently she has combined a career break with providing consultancy to a real estate developer and an online retail business.
Lucy will support the team in advising on deals including sales, management buyouts, acquisitions and equity and debt fundraising, working primarily with owner-managed and private equity-backed mid-market businesses.DSW’s Midlands corporate finance team was set up in September by Harry Walker, Fahim Kassam and Daniel Chouciño who joined from FRP Corporate Finance and is currently based in Leicester and Nottingham, with plans to expand further within the region in the future.
Lucy said: “I’m delighted to have returned to the Midlands. It’s where I started my career and I’m looking forward to reconnecting with my network and being part of DSW in the region. Being able to work with the highly credible team of Harry, Fahim and Daniel was a key attraction together with the strength of the DSW Network and its extensive capabilities.”
Harry Walker added: “We are really pleased to welcome Lucy to the team. Her exceptional track record and complementary skillsets will further strengthen our offer to clients and our local presence. It’s been an exciting few months for us and we’re looking forward to continuing the growth of our team and offering in the near future.”
Skills gap is stifling growth ambitions and leaving us at a standstill, say small firms
- 28% of manufacturing businesses
- 23% in the professional, scientific, and technical activities sectors
- 14% in wholesale and retail trade
- Ensure all schools can provide GCSE and A-Level computer science or ICT courses.
- Ensure skills bootcamps – used by 76% of small firms – continue to play an important role in helping increase the digital skills.
- Continue to cover 95% of apprentice training costs for small businesses hiring apprentices, easing the upskilling process, and offering incentives for growth.
- Make training in new skills tax deductible for the self-employed, allowing them to pivot into new areas of business.
Important milestone for Rolls-Royce’s UltraFan technology in Derby
61-home development set for Higham on the Hill
Provider of contract services, plant hire and haulage services enters voluntary liquidation
