Light Science Technologies appoints new sales director
Adam Sedgwick has been appointed as sales director at Light Science Technologies to spearhead its global growth plans, as the Derby-based AgTech firm eyes further success after a busy 2022.
With extensive experience in the industry spanning 30 years, Adam is a graduate of Harper Adams University, where he gained his BASc in Agricultural Engineering, before working as a precision farming specialist for four years. He then moved into sales in the sector, working for Vantage England & Wales, before moving into an international sales role at environmental data services specialist Soil Scout.
In his new role, Adam will be responsible for directing the firm’s sales strategy across the UK and identifying further opportunities in the lighting and sensor markets.
The announcement comes off the back of a successful 2022 in which LST reported it had secured contracts for several trials for its newly launched sensorGROW product, with a potential value of more than £1.1 million. sensorGROW offers technology, data collection, advisory and maintenance services for clients, on a three-year contracted basis.
Adam said: “It is an incredibly exciting time to be involved in this area of the market, LST’s lighting and crop growing technologies in indoor farming are evolving rapidly to offer a viable solution to growers focused on energy and cost efficiency, as well as sustainability.
“My aim is to build on the success LST has had so far as an AgTech specialist, one which has already established a strong footprint within the CEA market. I’m very much looking forward to helping deliver on our ambitious sales targets as we kick start 2023.”
Simon Deacon, CEO and founder of Light Science Technologies, said: “Adam’s expertise in the field perfectly complements our vision – we are delighted to have him on board.
“His extensive experience in sales will without doubt accelerate our business development activity and we are excited about expanding our client base in the UK and further afield. Adam is a great asset to the team and brings a wealth of both industry and sales insight to the table.”
Lincoln student accommodation development secures bespoke loan
OakNorth Bank has completed a bespoke loan to a joint venture between Harrison Street and Torsion Developments, for a 361-bedroom purpose-built student accommodation (PBSA) development in Lincoln called, Pine Mill.
Located a 12-minute walk from the University of Lincoln’s main campus and a 20-minute walk from Lincoln City Centre, the accommodation has managed to achieve almost 100% occupancy.
Harrison Street, one of the leading investment management firms that exclusively focuses on alternative real assets, has over $55 billion in assets under management and has invested in over 105,000 student beds throughout North America and Europe. Meanwhile Torsion Developments, which was founded in 2015, specialises in student accommodation, care, residential, and housing. Its team has a combined experience of delivering over 16,000 beds across the UK, with a combined gross development value of c.£130 million.
Dan Spencer, founder of Torsion Developments, said: “With student numbers at both the University of Lincoln and Bishop Grosseteste University continuing to rise, we’re delighted to be playing our part in bringing highly sought-after PBSAs to the city. The experience with OakNorth was delightful, and we look forward to continuing to build the relationship with them.”
Damien Hughes, senior director of Property Finance at OakNorth Bank, said: “We’re delighted to be working with two such strong businesses in Harrison Street and Torsion Developments. They both have incredibly strong track records in this space and have clearly already demonstrated a strong product market fit with this new site. We look forward to continuing to support them with future projects.”
Harrison Street and Torsion were advised by JLL.
Derbion submits city centre masterplan proposals featuring hundreds of new homes and commercial space
Plans to transform a large part of Derby city centre to create hundreds of new homes and commercial space have been lodged with Derby City Council.
Towards the end of last year, Derbion revealed ambitious proposals to regenerate two sites – the Eagle Quarter, made up of the current Eagle Market and Derby Theatre – and Bradshaw Way Retail Park.
As well as new homes, the plans also include shops, offices and public space. Now, two separate applications, seeking outline permission for both schemes, have been submitted to the city council.
A statement filed with the city council relating to the Eagle Quarter project said the scheme would secure “the long-term future of this part of Derby city centre with the repurposing of under-utilised and outdated buildings” and assist in “making Derby a more attractive option and compete with other regional centres.”
The Eagle Quarter site is primarily occupied by the Eagle Market, Derby Theatre and The Castle and Falcon pub.
Under the proposals, these would be demolished, or partly demolished, to make way for 875 homes and around 25,000 sq ft of commercial space.
Phase one of the Eagle Quarter development forms part of the Eastern Gateway scheme, planning for which was lodged with the city council last year.
The Eastern Gateway aims to improve public access to the city centre from Derby bus station, build a new entrance to Derbion on East Street, add additional shops and leisure outlets and create a new public boulevard.
The application for the Bradshaw Way Retail Park site features up to 420 homes, about 50,000 sq ft of office space and 5,100 sq ft of commercial space.
Before submitting the planning applications, Derbion held an exhibition just before Christmas to get feedback from the public on its proposals.
Speaking back in December, when Derbion first unveiled the plans, commercial director Beth McDonald said: “We believe that increasing the mix of uses across both the Eagle Quarter and Bradshaw Way sites would improve the vitality of the city centre, increase connectivity and encourage people to actively enjoy and engage with the developing spaces, creating a more attractive gateway experience for visitors.
“Our masterplan is the starting point for us to explore future opportunities over the next 10 years and beyond that will benefit both Derbion and the ongoing regeneration of Derby city centre.”
East Midlands housebuilder welcomes new Managing Director
An East Midlands housebuilder has made a key senior appointment.
Redrow East Midlands, based in Castle Donington, has appointed Michael Coker as Manager Director. He brings more than 30 years’ industry experience to the role.
Michael is trained as a chartered builder and has a first-class degree in Construction Management from the University of Leeds. His new role will see him take responsibility for driving the division forward, by securing land opportunities, launching new developments and overseeing the progression of a large team.
Michael said: “My father was in the business from the mid-seventies and as such I have always been around housebuilding. The varied and complex nature of the industry makes it interesting but also at times challenging and I love a challenge. The industry is full of fantastic people and some amazing characters.
“I am thrilled to be working for Redrow in my new role. The brand was built by an individual passionate about our industry, our product, and our people, and that is still true of the business today. I am most looking forward to seeing our team develop in their roles and continue to progress at Redrow – it is a fantastic industry, and we need to do more to attract the next wave of housebuilders.
“The greatest challenge will be keeping everyone focussed on what is important in a tougher marketplace, both in terms of production and sales. The industry is under pressure to deliver more new homes in a more sustainable manner than ever before.”
Previously chief operating office for Kier Living/Tilia Homes, Michael worked with a large team of people to deliver the sale and transfer of Kier Living from the Kier Group and into the Terra Firma owned Tilia Homes.
Commenting on this achievement Michael said: “My greatest achievement so far in my career was actually a team achievement and that was delivering the sale of Kier Living. I worked with some superb people and a fantastic CEO to deliver 500 people to a new owner and a new future.”
Michael finished by saying: “There is no single most satisfying part to the role. The challenge is what gets me out of bed in the morning and the ability for people to sometimes deliver the impossible allows me to go home satisfied. I’m thrilled to be taking the helm of Redrow East Midlands and can’t wait to see what we achieve in the coming years.”
BDO exceeds a deal a week in Midlands and East Anglia in 2022
Accountancy and business advisory firm, BDO LLP, advised on in excess of 50 deals in 2022 across the Midlands and East Anglia.
Among these deals, a significant proportion of transactions involved private equity, with cross-border deals also featuring strongly.
Deals spanned a range of sectors, including consumer, technology, manufacturing, financial services, transport and logistics, healthcare and life sciences, as well as automotive and support services.
Roger Buckley, corporate finance partner, M&A, said: “When you consider the economic headwinds that have been blowing strongly against businesses in 2022, the regional deals market over the last 12 months has been extraordinarily resilient.
“Deals are still getting done across all sectors, particularly those where long-term macro-economic and social tailwinds are supporting long-term growth. Specifically, deal volumes in manufacturing, TMT and healthcare remain strong, as the adoption of technology continues at pace.”
Highlights of transactions in the Midlands and East Anglia include: advising on the sale of Dorsey Construction Material to Röko; acting as reporting accountant on one of only a handful of IPOs in the region in 2022 – the AIM listing of Aurrigo International plc; advising on the sale of LTC Trading Holdings Limited and its subsidiary Lodge Tyre Company to Halfords Group plc; acting for Nottingham-based Albumedix Limited on its sale to Sartorius Stedim Biotech GmbH; advising on the acquisition of Norwich-based Lifeline 24 by Appello; as well as acting for Ipswich-based Woodward Markwell Insurance Brokers on its sale to insurance broking giants GRP.
Vinny Patel, partner, transaction services, said: “Consistently, we see fantastic management teams in great businesses, and business owners who have faced the most enormous struggles in recent years, who have taken everything in their stride and thrived. When you also consider the quality of businesses we have in the region, then there are so many reasons to be optimistic for 2023.
“The good news is that many corporates continue to see M&A as a core part of their growth strategy and investors have abundant capital. M&A drivers remain strong, as acquirers pursue cost efficiencies, digital transformation, green transition, new technologies, new growth markets and scaling up to become more competitive. As valuations have also softened from the giddy days of 2021, companies and investors understand there will be opportunities to seize.”
Forterra “well positioned to withstand continuing uncertainty” after “strong 2022 result”
Forterra, the manufacturer of clay and concrete building products, says it is “well positioned to withstand continuing uncertainty” after a “strong 2022 result.”
According to a trading update for the year ended 31 December 2022, results are expected to be slightly ahead of management’s expectations and also above pre-pandemic comparators.
Full year revenue of £450m is anticipated, 21% ahead of 2021 (£370.4m).
Stephen Harrison, Chief Executive of Northampton-based Forterra, said: “We are pleased with our strong performance in 2022 against a backdrop of severe cost inflation.
“There is considerable uncertainty as to the outlook for the UK housing market and accordingly demand for our products in the coming year. We did see signs of softening demand towards the end of 2022 and we are waiting to see how our customers’ spring new house selling season develops as the outcome of this is likely to be a key determinant of demand for our products during 2023.
“We remain confident that Forterra is well positioned to face this more challenging environment. The UK brick industry is ideally placed to displace imported products should demand fall, and with our new Desford factory we expect to benefit from the industry-leading efficiency this will offer. Alongside this, we retain a strong balance sheet with minimal debt.
“In the medium term we continue to expect to benefit from the attractive long-term UK market fundamentals of population growth, housing undersupply, a shortage of domestically-produced bricks and an increasing focus on the quality of housing stock.”
Sales increase at Eurocell while firm preps for weaker 2023
2022 saw sales increase at Eurocell, the manufacturer, recycler and distributor of window, door and roofline PVC products, though weaker markets are expected in 2023.
According to an update for the year ended 31 December 2022, group sales were £384 million, up 12% compared to 2021. The firm said that price was the key driver of sales growth.
The company noted that following a strong first six months of the year, new build, large contract and RMI project work continued to be robust throughout the second half of 2022. This was offset, however, by the impact of a cyber incident and a slowdown in smaller discretionary RMI work experienced by Eurocell’s branch network and trade fabricators in H2.
After a period of very strong demand, the Alfreton-based business believes the market is now returning to pre-pandemic norms.
In anticipation of weaker markets in 2023, Eurocell completed a restructuring programme in Q4 2022, which along with other cost saving measures, will reduce operating costs by approximately £5 million per annum from the start of 2023.
The firm also intends to temporarily pause its branch opening programme until the economic outlook is clearer.
Buyer steps in to acquire Scunthorpe United
Former Ilkeston Town chairman David Hilton has been appointed as chairman and owner of Scunthorpe United with immediate effect.
Hilton replaces outgoing owner Peter Swann, who had a ten-year period at the helm of the Iron.
Mr Hilton said: “I’m pleased to say the takeover has now been completed, and the deal includes the football club, stadium and surrounding land.
“The first job I’ve got to do over the next 48 hours is settle the winding up petition with the HMRC, which will help us get out of the transfer embargo we’re under, so we can bring some bodies in and strengthen the squad.
“Any remaining debts will be eradicated in due course and we’ll be looking to put the football club on a sustainable model as quickly as possible, while remaining competitive in whichever division we’re in.
“I can also add, if there is to be any development in and around Glanford Park, it will be purely for the benefit of the football club and to help it move forward, not for personal gain.
“It’s all been done very quickly, so there’s a lot I need to digest but I fully intend to interact with supporters. I just need a little bit of time for the dust to settle so I can understand the business fully.”
2023 Business Predictions: Sarah Parkin, director at Hollybeck
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 Sarah Parkin, director at Hollybeck.
What a 2022 it has been! In my 20 years in the mortgage industry, never have I seen such turbulence and chaos than that of the latter part of 2022.
And I believe that with interest rates continuing to rise, and property prices set to decline, 2023 will continue to have its challenges.
Experts predict a 5-7% reduction in property prices for 2023. This will stabilise a bullish property market and put the buyer back onto some equal footing after some serious bidding wars! After an increase of over 12% during 2022 for the East Midlands*, this is a welcome calming of the property market for first time buyers and those moving up the ladder.
Whilst the mortgage figures for house purchases will reduce in 2023, we expect a big increase in the ‘remortgage’ numbers. With around four million people set to come off fixed rates in 2023, it’ll be another busy year for mortgage brokers. People will be worried about their future interest rate and, as we have seen these past few months, more and more people will turn to brokers for advice.
Mortgage affordability is under pressure due to the cost of living and interest rates, with many mortgage lenders reviewing their affordability models. Customers will find that they cannot borrow as much as they could because of tighter affordability and so we expect to see higher numbers of customers sticking with their current lender, as no affordability checks are made when switching to a new rate. Lenders have shown us that they intend to reward customer loyalty with lower interest rates, which is great news for customers.
As an industry we’ve weathered many storms. There is no doubt that 2023 is going to be a tough year – our clients will be affected by many of the global issues affecting all families. We’ll keep a positive attitude, have a clear plan and work hard to come out of the other side stronger than ever.
*Source: Nationwide House Price Indicator.
2023 Business Predictions: Russell Rigby, director of Rigby & Co
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 Russell Rigby, director of commercial property specialists Rigby & Co.
Faced with a cost of living crisis, rocketing energy bills and further economic instability, it is going to be difficult to offer any cast iron predictions around any emerging trends in the commercial property market this year.
The only sector where I believe we will see spectacular growth is the flexible office space market. During 2022, more and more companies adopted hybrid working policies which drove demand in the flex workspace market, and companies using serviced offices hit a record level.
Demand for this type of space in the UK has increased by a staggering 25% in the last 12 months alone and shows no signs of slowing down.
Flex office space is no longer just the domain of start-ups and tech companies and big businesses are now rethinking their property strategies to support flexibility to help retain and attract talent.
Further economic-driven uncertainty will continue to influence office businesses keen to incorporate flex space into their workplace strategy as more and more occupiers move to a more agile dynamic way of working and I predict that this market will be the strongest performing sector in 2023.
I expect to see more and more office occupiers, aware of the tough times ahead, placing greater emphasis on team cohesion and productivity. High quality managed workspaces such as Cubo and Connect Derby create an environment and spaces that encourage staff interaction and collaboration and will continue to attract an enticing mix of businesses.
The introduction of new Government regulations this year will also see a scheme’s ECG credentials become an increasingly important factor for office occupiers.
