Company staff make Easter egg-stra special for vulnerable Derbyshire children
Vulnerable children supported by a highly valued Derby charity have been given a sweet treat this Easter with the donation of a huge pile of chocolate eggs.
Staff at Lubrizol’s UK headquarters in Derbyshire dug deep by answering a call from local charity Children First Derby for companies to donate Easter eggs for youngsters who may not have many treats in their lives.
Lubrizol was one of several companies to have responded, with its staff going out and buying a grand total of 92 eggs that were handed over to grateful leaders of the charity, destined for youngsters who may not receive the traditional chocolate treat that millions of other youngsters do.
Claire Hollingshurst, from Lubrizol’s charities and communities committee, said: “Colleagues at Lubrizol are always so generous when it comes to giving up their time for others or donating to great causes like this one. It was brilliant to be able to hand over a grand total of 92 Easter eggs to young people who are being supported by Children First Derby – an amazing charity that I know does so much for families in this area.
“Many families may take it for granted that their children can have an Easter egg at this time of year but not every young person is so lucky. I hope that the eggs donated by Lubrizol and other local companies are enjoyed by all those children who receive one.”
Children First Derby, which turns 50 next year, is a Derby charity that works with vulnerable children, young people and their families to make a positive impact in their lives and the local community.
Louise Webb, fundraising co-ordinator for the charity, said that the Easter eggs donated by Lubrizol and other companies would be highly appreciated by children who are being supported its three services: family support; mentoring and supervised contact for looked after children.
Through these services the charity supported 444 children and 140 adults in the Derby area in 2022, and leaders have said it has seen more demand with the impact of Covid and increases in the cost of living.
Louise said: “There are lots of things that we might take for that some children can’t – like Easter eggs.
“We are seeing more and more need for our services and we’re very grateful to companies like Lubrizol where staff have been so generous in going out and buying Easter eggs which I can promise will be very much enjoyed by all the young people we deliver them to!”
Children First Derby has reported “incredibly positive changes” in the lives of children, young people and families it has supported, including improved school attendance and attainment, reduced levels of anti-social behaviour, better relationships with family members, increased confidence and reduced social isolation.
The charity also delivers weekly diversionary activities including a football club, drama and climbing.
It relies on generous public donations to carry out its important work.
M&A activity in manufacturing sector remains resilient, despite headwinds
UK manufacturing M&A activity has been resilient despite considerable headwinds, according to research published by accountancy and business advisory firm BDO.
UK manufacturers are continuing to progress M&A strategies, despite the volatile macro-economic landscape. In 2022, there were 793 transactions involving a UK manufacturer, compared with a similar number of 779 in 2021, up from 595 in 2020.
The impressive levels of deal activity is notable given the market headwinds, reflecting both resilience and optimism in the UK manufacturing sector. Private equity maintained strong interest in the market, with buy-outs accounting for 1 in 5 deals.
Proportions of deals across subsectors remained largely unchanged from 2021, with Engineering Services accounting for the largest portion. There was a substantial increase in Manufactured Materials, which saw its share of deal activity increase from 9% to 13%.
The share of deals in Food & Drink declined from 13% in 2021 to 10% in 2022, while Building Products and Life Sciences remained among the top five sectors with the highest deals activity.
In a story of contrasts, inward investment to the UK declined by 14%, with 184 UK businesses sold to overseas acquirers in 2022, while outward investment from the UK increased by 14% with 115 overseas businesses acquired. Investment from North America declined by 34%, but still accounted for 29% of all overseas buyers.
Roger Buckley, UK Industrials M&A Partner at BDO, said: “The UK Manufacturing M&A market has been surprisingly resilient despite considerable headwinds. Investors, corporates and entrepreneurs are still active, making the most of strategic M&A opportunities to safeguard the future and position for growth.
“Major themes facing the market include cost pressures, supply chain resilience, the drive to Net Zero, innovation, and sustainability, alongside a wide range of political and economic macro factors.
“There is high scrutiny by investors across the board, but we see plenty of opportunities in the M&A mid-market, attracting high levels of interest, investment and value, particularly where there is a technology or sustainability play adding value.
“M&A strategies aligned with the major market themes of the moment can be a key driver to help businesses position for the future, access funding, attain greater resilience and competitive advantage.”
County Cricket Club sheds debt burden two years early
Derbyshire County Cricket Club has beaten its target for becoming debt free by two years as it recorded its ninth surplus in ten years for the year ending 31 December 2022.
The Club has announced a pre-tax surplus of £174,000 in 2022, which follows three years of positive financial results.
Chairman Ian Morgan said: “The Club exceeded its financial targets once again in 2022. We had budgeted for a small surplus of around £50,000, but were able to achieve three times this in a challenging year, during which the effects of the Covid-19 pandemic were still being felt, coupled with the rising costs all business are facing across the board.
“This positive result has ensured the Club is in a strong position and now debt free, following four years of large surpluses. It is great credit to the tireless work of our executive team, off-field staff and the continued support of a number of key stakeholders, including our commercial partners and Members, to whom we owe our gratitude.”
The Club started to see a return of revenues to more pre-pandemic levels and particularly in ticketing, had a large revenue surplus versus budget.
Chief Executive, Ryan Duckett, said: “In 2020 and 2021 we very much had to lockdown the business to reduce costs; ticket income, commercial sponsorship and conference and events revenues were severely affected, but thankfully we have been able to rebuild the business over the last 12 months, back to pre-pandemic levels and in certain areas beyond.
“Having achieved our objective of becoming debt free we now have strong foundations to build on the positive progress made by Mickey Arthur and the squad last year on the field and further invest in our facilities.”
Chief Financial Officer Tim Baker added: “The Club has budgeted for another small surplus in 2023, with a focus on trying to manage rising costs in an increasingly challenging economic climate. We are mindful that 2023 will be a tough year financially and will continue to look for ways to grow our revenues and manage our costs to maintain this healthy financial position and ultimately continue investment in facilities and the cricket budget.”
The Club has delivered on the objective, set by the Board of Directors, to be debt free apart from a long-term mortgage by the end of 2024, two years ahead of the planned schedule. This was achieved by paying in excess of £2,000,000 of loan repayments over the last few years linked to the building of the WDS Business and Media Centre.
Mather Jamie advise on sale of distribution hub and wins CoStar award
Specialist land development and property consultancy Mather Jamie has advised on the sale of a 674,000-square-foot distribution hub in Melton Mowbray.
The sale was challenging given its size in a small market town and the fact the owner wanted to vacate a property it no longer required.
Aware that Urban Logistics REIT had raised capital to buy logistics properties that provided added value, Alex Reid from Mather Jamie brokered a deal in which the vendor would remain in the property in 2023 in order to fulfil ongoing commitments, whilst also providing the vendor capital and an early exit and the purchaser income during the period required to market the distribution hub to a tenant. The property sold for £40.7 million, a 6.67% yield.
The space will be now marketed by Mather Jamie and M1, which advised Urban Logistics.
Commenting on the project, Alex Reid, head of commercial property at Mather Jamie, said: “By arranging the short lease the vendor was given time to fulfil commitments and buyer was income during the marketing phase.”
Fred Burstal, senior property manager at Urban Logistics REIT, added: “The complexity of the deal has resulted in both companies winning a CoStar Impact Award which highlight the commercial real estate transactions and projects that have transformed their markets over the past year.”
The winners of CoStar awards are chosen by independent panels of industry professionals who work in the markets they judge. CoStar Group, Inc., is the leading provider of commercial real estate information, analytics and online marketplaces. The Awards, therefore, honour the very best agents in commercial real estate.
One of the judges, Ian Dunckley, development director for Tungsten Properties, said: “72 acres [in] Melton Mowbray with 674,000 square feet of existing buildings provided a challenging sale for Mather Jamie in a small market town. It is a big investment in this East Midlands market town and allows Urban Logistics to masterplan and develop over a number of years.”
Acquisition sees Leicester-based WBR Group expand presence into London
WBR Group (WBR) has acquired Wimbledon-based Bespoke Corporate Pensions Limited (BCPL) for an undisclosed sum. Based in Leicester, WBR Group is the UK’s largest independent provider of SSAS services and tax experts.
BCPL was founded by Eddie Kingsley 28 years ago and has over 100 SSAS and group defined benefits schemes and £200m in assets under administration. It is a boutique SSAS administrator that is a service led business with very loyal clients that have grown over time. It provides high end SSAS services and is an ideal fit for WBR Group, following closely on the acquisition of Rowanmoor’s book of 3,500 SSASs.
Tom Moore, CEO of WBR Group, said: “We have made no secret that we are acquisitive and have shown how we can successfully integrate these businesses. This is our third acquisition and follows the purchase of the James Hay SSAS book in March 2021 and Rowanmoor’s SSAS book in 2023.
“The acquisition of BCPL is a great fit for us as it is rare that you have the opportunity to acquire such a loyal group of clients and a quality book of business. This will be our first London presence and is an important part of our growth strategy. We look forward to welcoming the team to WBR Group.”
Eddie Kingsley, CEO of BCPL, said: “So much has impressed me about WBR as I have got to know them. I see shared professional values, technical expertise, commercial know-how, strong working partnerships with clients and fair dealing. I know that I will be joining a team of colleagues whose professional calibre is of the very highest order.
“I see a firm whose financial strength is robust. I am immensely proud of the business that we have created at BCPL, but I know that we can do more and to do that we needed to become part of a larger organisation with the same client centric focus and shared professional values.”
Ringrose Law announces new Managing Director
Ringrose Law has appointed Ryan Clarke as its new Managing Director.
Ryan has worked with the firm as finance director since 2019. He has played a key role in the operations and management of Ringrose Law during this period and has already made significant changes to the running of the firm.
Ryan has nearly fifteen years of experience in senior financial and management roles and has the perfect mix of commercial, strategic and client-focused experience to bring to the role.
John Knight, senior director, says: “We are delighted to announce Ryan’s new position. Ryan has always been an integral part of the management team and a key influencer in delivering change within the organisation. The blend of his personality and character makes us a compatible and formidable team.
“He has a wealth of expertise and we will support him with this new role as we continue to grow and excel at delivering legal services across Lincolnshire and the East Midlands.”
Ryan Clarke says: “I am really looking forward to the challenge of leading Ringrose as it has lots of potential to make a bigger impact locally. The firm does some fantastic work in the region, and we have a strong platform in which to expand that offering and build for the future. We have great staff here and it’s an exciting time to be part of the business as we look to grow.”
Ryan will continue to work alongside the existing directors of the firm which includes John Knight, David Heath, Nerina Farmer, Sarah Jackson and most recently appointed director Richard Teare.
University of Leicester establishes new independent investment company
The University of Leicester is one of eight research intensive universities in the Midlands to establish a new investment company to accelerate the commercialisation of university spinouts and early-stage IP rich businesses in the region.
Midlands Mindforge Limited has been co-founded by Aston University, University of Birmingham, Cranfield University, Keele University, University of Leicester, Loughborough University, University of Nottingham and University of Warwick, collectively Midlands Innovation.
This ambitious, patient capital investment company plans to raise up to £250 million from strategic corporate partners, institutional investors and qualifying individuals. It aims to transform ground-breaking science and technology into successful businesses with real-world impact.
Midlands Mindforge will help to address the significant funding deficit for early-stage technology businesses in the region. Through the combination of additional capital and company-building skills, Midlands Mindforge will lay the foundations of a more vibrant ecosystem for emerging science-backed companies in areas such as Clean Technology, AI and Computational Science, Life Sciences and Health Tech.
Professor Philip Baker, pro vice-chancellor for Research and Enterprise, said: “Leicestershire is a dynamic place to start and grow a business. At the University of Leicester we are nurturing staff and student start-ups and seeking to attract businesses to the county across a wide range of opportunities – from health to space to heritage.
“This bold and ambitious initiative led by the Midlands Innovation universities has the potential to help close the investment gap, supporting our region to reach its true potential for sustainable economic growth – by providing our businesses with the equity they need to fulfil their potential. Midlands Mindforge will help to further fast-track commercialisation of research ideas, creating a more resilient economy and playing an important role in growing investment in our city and county.
“The Midlands has one of the largest research communities in the UK with more than 14,500 academics who have a strong track record collaborating on innovative research ideas that turn spinouts into successful businesses.
“This new company creates an ecosystem to better support our research entrepreneurs and encourage innovation. By cultivating an environment where post graduate students and researchers with commercial ideas can benefit from early access to investment, we can create opportunities for our people, place and partnership to flourish.
“Midlands Mindforge will allow our universities to scale-up their research and enterprise activity. It is a catalyst for building ground-breaking businesses that help to boost economic growth, create highly-skilled jobs and support the UK’s bid to be a global science and technology superpower.”
Collectively, the eight founding universities have the most post-graduate students, the highest levels of annual income, more research disclosures and patents generated per unit of research spend in the last three years, in comparison to any other UK university grouping.
Minister of State for Science, Research and Innovation George Freeman MP said: “Commercialising UK science and technology for global industrial adoption has never been more urgent – for both the UK economy and the global resource challenges facing us. The Midlands Innovation universities are driving a new era of innovation from robotics and advanced manufacturing to life science and autonomous vehicles and much more.
“As we in Government increase UK public R&D to a record £20 billion a year, the key is private finance backing spinouts and scale-ups. The Midlands is rapidly becoming a world class UK cluster of excellence and Midlands Mindforge will play a key role in bringing global investors to help back world class companies.”
Chairman of the Midlands Engine Partnership, Sir John Peace, said: “The Midlands has always been associated with exceptional invention and creativity, but has long experienced significant underinvestment and consequently productivity levels have lagged behind the rest of the UK.
“This bold and ambitious initiative led by the Midlands Innovation universities has the potential to help close the investment gap, supporting our region to reach its true potential for sustainable economic growth.
“Midlands Mindforge will help to further fast-track commercialisation of research ideas, creating a more resilient economy and playing an important role in levelling up the Midlands.”
Andy Street, Mayor of the West Midlands, said: “A key part of my mayoral mission is to drive our regional recovery forward and help generate the high-quality jobs of the future in order to improve quality of life for local people. This exciting new investment vehicle will very much support that mission – planting the seeds for long-term sustainable economic growth here in the West Midlands.
“Many brilliant ideas and top businesses have spun out from Midlands universities and this new venture will help us to advance that agenda and retain more of our innovative success stories within our region.
“Together we can better nurture the enterprising talent on our doorstep and this new endeavour creates a wonderful opportunity to do just that.”
Major milestone reached in development of Rolls-Royce SMR technology
Rolls-Royce SMR has progressed to Step 2 of the Generic Design Assessment with successful completion of the first step in the assessment by the UK’s independent nuclear regulators.
Reaching this significant milestone puts the Rolls-Royce SMR significantly ahead of other designs in securing consent for a Small Modular Reactor to operate in the UK. Rolls-Royce SMR’s unique ‘factory-built’ power plant can generate 470MW of low-carbon electricity – enough to power a million homes for at least 60 years.
Safety & Regulatory Affairs Director Helena Perry, said: “This is a huge stride forward for our project and, through the independent scrutiny of our regulators, further increases confidence in the viability of the Rolls-Royce SMR design.
“Rolls-Royce SMR has unmatched experience in GDA, international licensing and permitting. We are using all the knowledge and learning from our uniquely skilled team to move at pace through the GDA process – bringing us closer to our vision of providing clean, affordable energy for all and providing a British solution to a global energy crisis.”
Step 2 is the fundamental assessment stage of the GDA where the detailed technical assessment by the regulators – the Office for Nuclear Regulation, Environment Agency and Natural Resources Wales – begins in earnest.
To ensure the design meets the highest standards of safety, security, safeguards and environmental protection, Rolls-Royce SMR has launched a dedicated website where people can ‘have their say’ on the Rolls-Royce SMR design. Key documents will be published and any comments or feedback will be incorporated into the regulatory process.
RSK acquires Lincolnshire electrical specialist Hawkins Electrical
A company providing a specialist nationwide electrical service to the UK caravan park industry, Hawkins Electrical, has been acquired by RSK.
The company is a one-stop provider of all holiday and mobile home park electrical services, and offers bespoke design and installation, product supply and manufacture, inspection and maintenance, mandatory testing and remedial works.
Skegness-based Hawkins Electrical was founded in 1967 and its team of 74 includes qualified electrical engineers along with electrical apprentices and a skilled, experienced management team.
The company is proud to have a number of long-service employees with up to 40 years’ service, and two directors achieved their current positions after working their way up through the company from apprentice level.
Another of the directors is the founder’s nephew, who has worked for the business since school age, and the final director is a highly knowledgeable member of the Institution of Engineering and Technology (IET) with many years’ experience across different sectors of the electrical industry.
Hawkins has built its reputation on designing and installing private electrical distribution networks and providing quality products to the holiday and mobile home park industry, with a small element of works in the marina marketplace.
In partnership with Megger Instruments and the National Inspection Council for Electrical Installation Contracting, Hawkins Electrical has developed a bespoke testing software package for its technicians to use on site. The time-efficient automated system enables on-site technicians to give the in-office team full visibility of project works.
Managing Director Alex Farrow, who will continue to lead the business, said: “Our business has been built on a proud tradition of strong growth and ethics and we believe that joining the RSK Group will provide an excellent foundation to continue this ambitious trajectory. RSK offers considerable opportunities for expansion into new markets and being part of such a significant group is great for staff development and retention, which is very important to our entire team.”
Alan Ryder, RSK Group Chief Executive Officer, said: “Hawkins Electrical has an enviable reputation of innovation and client service – one of its customers has had a relationship with the business for 52 years – and this close alignment with RSK’s ethos is why we are proud to welcome the company to our group. Hawkins has earned a reputation that is unrivalled in the industry, servicing both the small and large sites with national holiday park operators.”
The acquisition adviser was Bishopsgate Corporate Finance.
Dual hire at East Midlands engineering company
Nottingham-based civil and structural engineering firm Howard Ward Associates (HWA) has bolstered its team with the hire of two new engineers.Claudia Henry joins as a structural engineer and Rob Morley as a principal engineer, increasing the company’s team to 16.The new recruits come following a sustained period of growth in 2022, with growing workstreams from Midlands contractors under major construction frameworks, and a surge in housing and renewable energy projects.
HWA has secured a pipeline of work for 2023 with a Gross Development Value of over £400m in the East Midlands and nationally and is continuing to expand its team this year to facilitate its growing portfolio.
HWA director, Dan Bailey, said: “Our strategy over the last 12 months has been to diversify our client base and the sectors we operate in and our efforts in delivering that strategy have really started to come to fruition. HWA is experiencing a welcome time of significant growth and innovation which is great following a challenging time for the industry.
“We are working with incredible clients, old and new, on really impressive, innovative schemes and the growing demand for our services has led to us expanding the team at all levels.
“Rob and Claudia join us at an exciting time and their passion and expertise is a real asset to our team and will enable us to expand our offer and portfolio further.
“Likewise, we feel it is just as important to invest in the next generation of engineers and our year out student, Jakub, has gained valuable experience over his time with us which we are sure will benefit his studies.
“We’re a close-knit business with a supportive and progressive culture and myself and the rest of the team are really pleased to be welcoming new people to the company.”Claudia, who studied Civil and Environmental Engineering at the University of Nottingham and is a graduate member of IStructE, has already become a valuable member of the team delivering building designs for the wider HWA team.
Rob has over 25 years of consultancy experience and has worked with some of the HWA team previously. He will add further expertise to the reporting and structural assessment side of the business, whilst carrying a substantial depth of knowledge of building and design projects.
