Work to redevelop sheltered housing complex gains approval
Competing Wincanton bidder revealed
Wincanton has revealed that it has been approached by GXO Logistics, as it considers a possible offer for the company.
It comes after it was announced that a competing bidder had come forward for the supply chain solutions firm, to rival Ashby de la Zouch-based CEVA Logistics’ bid. CEVA Logistics has upped its offer for Wincanton, valuing the entire issued and to be issued share capital of Wincanton at approximately £604.7 million on a fully diluted basis and valuing Wincanton at approximately £802.7 million on an enterprise value basis. The new bid represents an increase of approximately 6.67 per cent on the original offer. In a statement to the London Stock Exchange Wincanton said: “Although GXO has indicated that it is considering making a proposal for a cash offer, as of the date of this announcement, it has not provided the Board of Wincanton with any formal proposal relating to a possible offer, including as to terms or price. “If any such proposal is provided by GXO the Board of Wincanton will carefully consider its terms, in conjunction with its advisers.“There can be no certainty that an offer by GXO will be made for the Company, nor as to the terms on which any offer might be made. Accordingly, shareholders are advised to take no action at this time with regard to the approach by GXO.
“The Wincanton Directors continue to recommend unanimously to Wincanton shareholders the increased and final cash offer by CEVA Logistics UK Rose Limited.
“That recommendation has not been withdrawn, qualified or modified.”
East Midlands Chamber and East Midlands Freeport sign strategic partnership to unlock potential for ‘once-in-a-generation’ economic opportunity
Two economic heavyweights in the East Midlands have joined forces to help make the region an enticing destination for overseas investors.
East Midlands Chamber and East Midlands Freeport have entered into a strategic partnership agreement that aims to maximise the economic potential of having the UK’s only inland freeport located in the region.
The freeport provides tax and customs benefits to businesses that locate themselves across three tax sites in Derbyshire, Leicestershire and Nottinghamshire with the goal of attracting foreign direct investment that will create jobs and boost skills in key sectors such as advanced manufacturing, automotive and logistics. The ability to retain business rates will also help drive economic regeneration across the region.
The partnership will involve co-ordinated activity between the organisations on inward investment, harnessing the Chamber’s relationships with local MPs and Government decision-makers. The Chamber will also support the freeport to identify businesses that could become customs site operators. Any business that operates in the Freeport’s 45km diameter enclosed zone, centred on East Midlands Airport can apply to become a customs site operator to receive a number of VAT and Duty benefits.
East Midlands Chamber Chief Executive Scott Knowles said: “The Chamber is the only organisation that has a territory to match that of East Midlands Freeport so we are delighted to be playing a key role in unlocking the potential of a once-in-a-generation opportunity for our region.
“We were one of the biggest supporters during the freeport’s formation, having called for a free trade zone around East Midlands Airport to maximise the potential of having the UK’s busiest pure freight airport on our doorstep as far back as 2018 in our Business Manifesto for Growth.
“It’s exciting to see the freeport now fully operational, and this strategic partnership is a major milestone in getting the word out to both businesses in our region who can benefit as customs site operators and to those overseas about why the East Midlands is a great place to invest and do business.”
Over a 30-year period the freeport expects to add £9bn to the East Midlands economy and create tens of thousands of jobs while retaining £1bn of business rates to be spent locally. Since receiving formal Government approval in March last year, it has already attracted £150m of investment and created 300 jobs.
Space Park Leicester was confirmed as the first customs site operator, while its three tax sites are located at East Midlands Airport and Gateway Industrial Cluster (EMAGIC), East Midlands Intermodal Park (EMIP) and the Ratcliffe-on-Soar Power Station redevelopment site.
East Midlands Freeport Chief Executive Tom Newman-Taylor said: “We’re very pleased to be able to announce our strategic partnership with East Midlands Chamber. The Chamber will perform a vital supporting role for the Freeport by helping to identify and contact businesses who will benefit from the customs reliefs we can provide, lend us their investment expertise and help to raise our profile with their 4,000 members.”
Planning decision gives green light to new apartments in Burton
Home staging firm secures £250,000 funding package
A home staging firm based in Melbourne, Derbyshire, has secured £250,000 backing from MEIF Maven Debt Finance.
Lemon and Lime Interiors was launched in 2015 and specialises in transforming high-end properties, doing everything necessary to prepare them for sale.
With growth ambitions across staffing, marketing and service offering, the team have since appointed two new senior staff members in finance and marketing with further sales and operational roles and serviced locations to come.
With UK mortgage rates predicted to drop and house prices starting to soften, more buyers are expected to be active on the property market. However, prices still remain high relative to earnings, and therefore, in order to sell, staging is expected to be in higher demand during 2024.
With expanding services and premium agent partnerships, Lemon & Lime has supported more than 850 occupied and vacant home stagings, achieving sales up to four times faster than comparable properties – often above the asking price.
Elaine Penhaul, founder and director of Lemon and Lime Interiors, said: “The core mission of our business is to ensure speedier transactions and higher prices for property owners, developers and estate agents. We’re focused on creating waves in the industry in order to change outdated and unhelpful marketing tactics currently overused in the property sector.” Richard Brighty, investment manager at Maven, said: “Lemon and Lime is an innovative and award-winning team servicing the Midlands and beyond. It has a unique market proposition and is the perfect example of the type of ambitious and forward-thinking company we aim to support. “Elaine is a very accomplished leader and inspirational to her staff and customers, it has been a privilege to work together as we mark our 100th new customer milestone.“Maven Capital Partners are proud to have successfully delivered the MEIF East Midlands debt fund since 2018, supporting 100 SME businesses with growth capital, investing over £45 million and creating over 650 jobs across the region.”
High costs and access to capital stifle Midlands business growth
High costs and difficulty accessing capital continue to stifle growth for Midlands businesses, according to new data from accountancy and business advisory firm, BDO.
BDO’s latest bi-monthly Economic Engine survey of 500 mid-sized businesses has revealed that cost pressures will remain a significant challenge for regional companies over the next six months, with half of businesses (50%) concerned about higher operational costs, including rent, energy bills and the cost of borrowing.
More than a third of regional businesses (40%) admit that sourcing new capital from private and public sources is a top concern, with 39% stating that they will struggle to expand their business in the coming months, through entering new markets or increasing their physical footprint.
Ahead of next month’s Spring Budget, Midlands businesses are calling on the Government to address ongoing issues around costs, skills and taxes.
The survey showed that nearly half of regional businesses (44%) would like to see more support to resolve ongoing staff and skills shortages, including reforming the Apprenticeship Levy and placing greater focus on helping working parents, with more than a third (39%) calling for better access to private capital and government grants.
Kyla Bellingall, regional managing partner at BDO in the Midlands, said: “In what could be the last Budget before a general election, the Government has a real opportunity to place growth and the interest of businesses at the centre of its announcement.
“Time and again, Midlands businesses have called on the Government to act with greater purpose on key areas such as costs, access to capital, and skills. However, tax remains a real thorn in the side for regional businesses, they want to see more Government resources to help businesses in the mid-market, including within HMRC.
“What’s more, Midlands businesses want long-term reform to streamline or lower business taxation, such as overhauling business rates, or cutting corporation tax.”
Despite the calls for reform, businesses in the region do not anticipate a reduction in corporation tax in the near future, with more than half (66%) believing the overall tax burden on their business will remain the same between now and 2025/26, with nearly a quarter (23%) anticipating that it will rise.
Bellingall added: “Encouragingly, when you place the Budget and Government support aside, the appetite for growth from Midlands businesses remains strong. Our survey shows the key to growth for many businesses over the next six months will include workforce improvements, business investment, and expanding internationally.
“There’s no doubt that trading conditions remain extremely difficult for Midlands businesses, with significant challenges remaining. However, with the right support from the Government mid-sized companies in the region will continue to be the driving force behind the UK’s economic recovery.”
Blueprint Interiors strengthen pre-construction team
Red Sea disruption causes severe headaches for UK businesses
Ashby de la Zouch logistics firm ups bid for Wincanton
The increased offer values the entire issued and to be issued share capital of Wincanton at approximately £604.7 million on a fully diluted basis and values Wincanton at approximately £802.7 million on an enterprise value basis. The new bid represents an increase of approximately 6.67 per cent on the original offer.
Wincanton, listed on the premium segment of the Main Market of the London Stock Exchange, is a British supply chain solutions company. The Wincanton Group provides business critical services including storage, handling and distribution; high volume eFulfilment; retailer ‘dark stores’; two-person home delivery; fleet and transport management; and network optimisation for many of the UK’s best-known companies.
With almost 100 years’ heritage, Wincanton’s approximately 20,300-strong team operates from more than 170 sites across the country, responsible for approximately 8,500 vehicles.
CEVA is a third-party logistics firm, providing global supply chain solutions to connect people, products and providers all around the world. CEVA is part of the CMA CGM Group, CMA CGM being a global player in sea, land, air and logistics solutions, serving more than 420 ports around the world across five continents, with a fleet of around 620 vessels.
Frasers Group appoints new directors to board
Shirebrook-based Frasers Group has appointed a number of new directors to its board.
Helen Wright, Global CEO, Sergio Rossi, will be appointed as non-executive director, and Frasers’ David Al-Mudallal, chief operating officer, and Ger Wright, managing director, sports, join the board as executive directors.
The Group has also announced the intended appointment of Sir Jon Thompson, former CEO, Financial Reporting Council, as non-executive director. It is expected that Sir Jon will be appointed later in the year, when his current commitments allow.
David Daly, chair of the board, Frasers Group, said: “Much has changed at Frasers over recent years and today is another significant milestone in our transformation as we welcome new high-calibre individuals to the board.
“I know that we will benefit from their leadership and expertise. I’m also delighted that their appointments further diversify our board, ensuring that we have the range of skills and views required to enable the future success of the Elevation Strategy.”
Michael Murray, CEO of Frasers Group, said: “Today’s appointments reflect the progress we have made to date on Frasers’ transformation and Elevation Strategy, as well as our ambitions for the future of the Group.
“I am pleased to welcome Helen Wright to Frasers and to the board and very much look forward to welcoming Sir Jon later this year. Helen’s experience of driving transformation at global luxury brands, combined with Jon’s expertise in corporate governance and major project management, will help shape the execution of our long-term strategy.
“In addition, Ger and David have both made enormous contributions to the ongoing success of our strategy, delivering operational excellence and empowering our business to excel. I am confident that their contribution to the board will help drive Frasers Group to new heights and future success.”
