Elevate secures £23.4m for new build schemes
Paragon Bank’s Development Finance division has provided a £23.4 million funding package for two Midlands-based new build projects for Elevate Property Group.
The funding includes an £11.5 million finance package for the company’s development of 60 new build apartments on Homer Road, Solihull.
In addition, Paragon has provided an £11.9m funding package for the Phase II development of the company’s Trent Bridge Quays project in Nottingham.
Both deals were led on behalf of Paragon by relationship director Toby Burgess and portfolio manager Joshua Mann. The funding represents the third and fourth deal between Paragon and Elevate, following their funding of Priory House in Birmingham and Phase I of the Trent Bridge Quays project.
The fresh finance comes as Elevates completes payment on the funding provided for its Priory House scheme in the centre of Birmingham. The £13.3 million development loan supported the purchase and redevelopment of the former Birmingham forensic science laboratory, located in the popular Southside, to create 79 luxury apartments. The development is over 90% sold, with residents already moving in.
Imperial House on Homer Road will consist of a mix of one, two and three-bedroom apartments in the heart of Solihull, and within walking distance to the town’s train station, offering links to Birmingham and London. Construction has commenced and is due to complete in Autumn this year. Elevate has appointed Kavannagh Construction as the main contractor, their second deal with Kavannagh after Heaton House in Birmingham.
The Muller Yard will be a mix of 44 new build apartments and 14 townhouses, plus two commercial units, on the banks of the River Trent. Construction started in April and is due to complete in July this year. Elevate has selected Bode Contracting for the project, the company it has worked with on the Priory House development.
Steve Dodd, Managing Director of Elevate Property Group, said: “We’re excited about these two schemes. Trent Bridge Quays has been a great success and we look forward to bringing Phase II to market shortly. Meanwhile, Imperial House will be a fantastic addition to Solihull, benefitting those who work in the town, or who commute to Birmingham or London.”
He added: “We have developed an excellent relationship with Paragon and particularly Toby and Josh. They have been a supportive partner on the schemes on which we have previously worked together and I’m delighted they have backed these two exciting developments.”
Toby Burgess said: “Buyers like Elevate Property Group developments because they offer well-designed spaces with a much higher specification than is commonly seen. Both Imperial House and The Muller Yard are developments we are looking forward to seeing progressing, working with Steve and the team to deliver a great result.
“We’re also delighted to have been involved in the Priory House scheme, which has brought a landmark building back into use in the heart of a vibrant and up and coming part of the city. This was a great project to kick-off our relationship with Elevate and they have been hugely successful in delivering the scheme quickly despite the challenges in the construction market post-Covid and then achieving impressive sales allowing them to repay our facility in less than 21 months. A real success story.”
Late payments improve for East Midlands businesses, but number of start-ups falls significantly
Latest research from the Midlands branch of the UK’s insolvency and restructuring trade body R3 reveals increased caution among East Midlands entrepreneurs with a significant fall in the number of newly-formed companies in the region.
R3’s monthly figures, which are based on an analysis of data from business intelligence provider Creditsafe, show that the total number of East Midlands start-ups decreased by over a quarter (25.32%) at the end of 2022, falling from 2,235 in November to 1,669 in December.
Growing caution amid fears of recession could also be behind a fall in the number of the region’s companies with late payments, with business owners tightening up their cashflow procedures as economic pressures threaten. The figures show that the total number of East Midlands companies with invoices past their settlement date dropped from 27,077 in October to 24,315 in December, a sizeable decrease of 10.2%.
R3 Midlands chair Eddie Williams, a partner at PwC in the region, said: “Notwithstanding news that the UK economy grew by 0.1% (ONS) in November – boosted by Christmas spending and the men’s football World Cup – this research indicates that trading conditions remain extremely challenging.
“Despite the current economic turmoil and its negative effect on start-up totals, it is encouraging to see a fall in the number of East Midlands companies with late payments. At R3 Midlands, we can see how hard so many local businesses work to maintain cashflow, demonstrating their creativity and crisis management skills in their relationships with suppliers, creditors and funders, as well as reaching out for professional help.
“For those business owners with significant concerns about their situation, the sooner professional advice is sought, the more opportunities may be available for finding the best possible outcome. Many R3 members offer a free initial consultation to those who are looking for such help and want to explore their options.”
Pagabo appoints G F Tomlinson for £1bn national framework
Midlands-based contractor, G F Tomlinson, has been announced as a successful partner for Pagabo’s National Framework for Medium Works, which launched this month.
Running from January 2023 until January 2027, the next-generation framework is one of Pagabo’s most popular and active construction procurement routes for clients, with 148 projects having completed to date.
As part of the partnership, G F Tomlinson has been appointed to deliver projects from £500,000 up to £10m, throughout Yorkshire, and the East and West Midlands.
G F Tomlinson will deliver public sector projects across the education, healthcare, civic, leisure, housing, blue light, highways and infrastructure sectors.
In order to be successful, G F Tomlinson’s bid demonstrated relevant experience, financial stability and a strong commitment to social value and the carbon reduction agenda. As well as providing value for money for clients, delivering quality builds on time and on budget, and managing supply chain to a high standard.
Since 2020, G F Tomlinson has partnered with Pagabo on several frameworks including the Major Works Framework, the Framework for Refit and Refurbishment Solutions, and the previous Medium Works Framework, which the new iteration now supersedes.
Under these frameworks, the contractor recently delivered the £3.7m extension and remodelling of Cardinal Newman Catholic School to provide an additional 200 school placements, alongside a £2.4m urgent treatment centre at Lincoln Hospital, which expanded the facility’s existing accident and emergency department.
They are currently on site constructing the £15.4m new Air and Space Institute (ASI) at Newark for the Lincoln College Group, which will provide a unique opportunity for school leavers 16 -18 to train for pilot, engineers and ground-crew roles in airlines, the military, airports and logistics companies in a state-of-the-art college facility.
The company also has other projects in the pipeline procured via Pagabo, to the value of circa £35m still to come to site.
Chris Flint, Managing Director at G F Tomlinson, said: “We are delighted to have been appointed to the National Framework for Medium Works, which is our fifth framework agreement with Pagabo.
“G F Tomlinson has delivered in excess of £500m projects through public sector frameworks to date and with our expertise, commitment to delivering high-quality projects and our passion to enhance social value for local communities, we are best placed to serve public sector clients on all their project requirements.
“We look forward to constructing and delivering significant developments through this framework, that will support the regeneration of local communities across the Midlands and North, over the next three to four years.”
Tom Retallick, framework manager at Pagabo, said: “Congratulations to G F Tomlinson on securing their place on the second iteration of our Medium Works Framework. Pagabo have formed a close working relationship with them over the years, delivering 14 projects worth a combined value of £45m across our various construction frameworks, and so we’re excited to be continuing this through the duration of the framework.”
Freeths continues period of record growth with new Leicester office space
Law firm Freeths has opened a new office space at Colton Square in Leicester, continuing its period of record growth.
Located in the heart of city centre, Colton Square offers close transport links and networking and event space amenities which aims to accommodate Freeths’ continued expansion across the UK as well as enhance the experience for both staff and clients.
The relocation follows year-on-year prosperity for the firm with ongoing increased employee retention, new lateral hires, and heightened client portfolios.
Managing partner of Freeths Leicester, Mukesh Patel, said: “With a focus on talent and our offering for both long-standing, new and prospective clients, the Leicester relocation to No 2 Colton Square opens up a pool of possibilities to broaden our services lines nationally.
“New equipment, working flexibly in ‘neighbourhoods’, café and social areas, new meeting room technology, quiet pods and breakout areas, helps offer a far more modern environment that’s well suited to our hybrid ways of working.
“This move is just one of many across our national offices and a result of a culmination of continued national success over the last few years.”
Nottinghamshire outdoor clothing and equipment company secures £1.5m
A Nottinghamshire-based outdoor clothing and equipment company has secured funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
The £1.5m investment from the MEIF will help create 16 new roles, fund seasonal stock purchase, product development in footwear and e-bike lines and enable the UK to take over the bike frame painting function from China.
Alpkit designs, manufactures and sells a range of specialist outdoor apparel, equipment and bicycles suitable for challenging environments and extreme activities at a significantly lower price point than large, high-end competitors.
The company is also a certified B Corp, committed to the highest standards of social and environmental impact. The company’s registered charity, Alpkit Foundation, supports sustainability focused community projects.
David Hanney, Alpkit CEO, said: “With a buoyant outdoor market and strong brand positioning we have built a business with £12m+ turnover that has great potential for further growth.
“With challenging exchange markets and supply chain issues dominating trading conditions for many businesses in recent months, we are delighted to receive this MEIF funding, which gives us the ability to expand our employee base and seize the opportunities available to us.”
Chris Bailey, investment manager at The FSE Group, said: “Apkit’s knowledgeable and experienced management team has established a strong revenue stream that is capable of further acceleration, thanks to a viable expansion strategy that includes increasing physical stores in the UK as well as their international online presence.
“Alpkit’s growth momentum has remained resilient, despite wider economic factors impacting businesses currently, and we are happy to be supporting them on their growth journey.”
Planning permission granted for Stacey West Stand development
Planning permission has been granted for Lincoln City Football Club’s development of the Stacey West Stand at the LNER Stadium.
This project will provide a range of infrastructure improvements to the LNER Stadium, including new power and mains water supplies as well as a pitch water recycling system.
Working closely with the Sports Grounds Safety Authority, the club have also submitted an application to trial safe-standing in a small section of the Stacey West Stand – with the intention of installing rail seats throughout the entire stand and into the GBM Stand should the trial be successful.
The project will create vital space for Lincoln City Foundation by providing a new Community Skills and Education Hub based at the stadium.
Building a new Community Skills and Education Hub will help tackle the growing skills gap in the city by providing the Foundation with a fit-for-purpose facility from which it can champion the delivery of education and employability skills, all under the brand of the football club.
Martin Hickerton, Chief Executive at the Foundation, said: “This is fantastic news for everyone connected with the Foundation – the work we do in Lincoln and the surrounding area has never been more important.
“This will help us unlock the real potential of the Foundation and we cannot wait to watch the new building take shape.”
The contemporary new-build will offer community space, offices and dedicated classrooms, enabling the club to increase its social impact value and improve the quality of life of local residents through its wide range of educational, health and wellbeing initiatives.
Funding for the development has come from the Be Lincoln Town Deal board as well as significant investment via the Stacey West Investment Bond.
The Be Lincoln Town Deal board are building on Lincoln’s strength as a centre for learning and research to promote and enable a tech-friendly environment to support the growth of the digital sector.
Charlotte Goy, Town Deal Board member and Chief Executive of Visit Lincoln, added: “The plans we have all been looking at over the last 18 months as Town Deal Board members are starting to come to life and we can begin to realise the positive impact they will make to Lincoln. We are delighted that the pledges included in the Town Deal original investment plan will be delivered for the benefit of the local community.”
EY grows Midlands Private team with new director appointment
EY has strengthened its Private team in the Midlands with the appointment of new director, Anisha Patel.
Anisha will originate and build relationships with both new and existing clients in the privately-owned business market, connecting clients with expertise from across all areas within the firm, including tax and corporate finance.
Anisha has over eight years’ experience working in mergers and acquisitions and growth capital markets. She joins from BGF, a growth capital investor where she was responsible for leading on origination across Central and East of England.
Tom Addyman, EY’s head of Private in the Midlands, said: “As EY celebrates three years of record growth, our work in Private has been at the heart of this. Anisha’s appointment and the growth of our Midlands Private team aligns with the investments we are making across the rest of the country.
“We are seeing an increased demand for privately owned businesses seeking relationships with partners who understand their needs. I’m looking forward to working with Anisha and developing these client relationships further.”
Anisha said: “I’m delighted to have joined EY at such an important time. The sheer breadth of services provided allows EY to support businesses in navigating the challenges they may be facing. I’m excited to be working at a company that can offer the full suite of services as a way of assisting clients with their own growth journey and I am looking forward to working closely with growing businesses in the region.”
New Ashby-de-la-Zouch office for East Midlands solicitors
East Midlands solicitors Smith Partnership has opened an office in the market town of Ashby-de-la-Zouch.
Smith Partnership – which already has offices in nearby Swadlincote and Burton, as well as Leicester, Stoke-on-Trent and Derby – believes Ashby represents a perfect location for its sixth outlet as it looks to contribute further to the area and regional economy.
Jordan Williams, conveyancer, will head up the office in Kilwardby Street, Ashby, after the company seized the opportunity to take up office space there. “One of my associates owns a mortgage business in Ashby and he thought we would be a perfect fit to share the office space,” said Jordan.
“We jumped at the opportunity. We are already in the surrounding area but this opens up a new catchment for us and allows us to be part of the Ashby community.”
Managing partner at Smith Partnership, Kevin McGrath, said: “We were delighted to have the chance to get office space in Ashby because it is a really key location for us.
“While much of our work may still be done over email and phones, we know how important it is for people to be able to come to a convenient office to see us face-to-face and we are delighted they can now do that in Ashby as well.”
Midlands Family Business Awards back for 2023
The UK’s only independent, not-for-profit annual awards for family businesses, the Midlands Family Business Awards is back for 2023.
Returning after a three year break due to the pandemic, the awards is now entering its second decade to celebrate and shine a light on our region’s great family businesses.
Organised by The Wilson Organisation – a third-generation Nottingham-based family business – the Awards are the Midlands’ only initiative dedicated to celebrating and recognising the success, achievements and innovations of the region’s family run and owned businesses.
With 10 categories to choose from, there are accolades suitable for businesses of all sizes, across all sectors. Categories include Family Business of the Year, Best Small Family Business, Rising Stars, Employer of the Year, and Director of the Year. There is also Fastest Growing Family Business, Construction and Property Excellence, Manufacturing Excellence and Digital Excellence.
New for 2023, the organisers have added the Sustainability Award, sponsored by Flame UK, which will highlight the very best of the region’s environmentally-minded family businesses.
The Wilkins Group was crowned Family Business of the Year at the 10th Midlands Family Business Awards in 2019 and is confirmed as headline sponsor for 2023.
Category sponsors include Buckles Solicitors, Family Business Futures, Human Alchemy, PwC, Shakespeare Martineau and Ward.
Submissions are judged by an independent panel led by a family business leader and all finalists are entered into the People’s Choice Awards, which is decided purely by public vote.
Move Against Cancer is the chosen charity that the awards will be supporting this year, with all profits from the awards evening donated.
The black-tie awards ceremony is being held on 29 June and will be a summer event held at Kelham Hall near Newark. John Pye & Sons are sponsors of the Drinks Reception at the event.
Having previously attracted over 300 guests, including sponsors, judges and finalists, the evening is a real celebration of the achievements of family businesses and is the ideal opportunity to bring teams together to enjoy an evening hearing positive stories and meeting other family-owned businesses.
Group Managing Director of The Wilson Organisation and Awards co-founder, Charlotte Perkins, said: “Myself and my sister Annabel are so pleased to be bringing back the Midlands Family Business Awards, after a three year break.
“It’s fantastic to have our current Family Business of the Year, The Wilkins Group, as our headline sponsor. Thanks to Justin and the Wilkins family, we’ll see them hand over the crown to their successor, which will be a very special moment to start our second Awards decade.
“We have taken the opportunity to mix things up a bit. We have always held the Awards Ceremony and Dinner in November, but decided that a summer event would give us the perfect opportunity to have our celebration in summer-style.
“Putting your family business forward for an award can reap a host of benefits and rewards beyond the trophy and title so I encourage as many as possible to get involved and submit an application.
“There are so many family businesses that are having a remarkable impact on the Midlands region and beyond, and we can’t wait to see what brilliant work they’ve been doing. I wish all the businesses who enter the very best of luck!”
All entrants for the awards will receive a free annual membership for online platform Family Business Futures. Created in 2020 by The Wilson Organisation to support the Awards, it provides a unique opportunity to learn from family business experts, and to discuss family and business issues in a safe online environment, with a like-minded network.
Entries close on March 3. To enter, visit www.familybusinessawards.co.uk
BGF strengthens portfolio team with senior hire
BGF – the growth capital investors – has strengthened its position in the regional markets with the senior appointment of Jill Williams.
Jill joins BGF’s portfolio team from Mercia Asset Management, where she was deputy fund principal, private equity funds & head of ESG. She brings more than 15 years’ experience in private equity investment to the team, having previously worked at RJD Partners in London, starting her career at PwC in corporate finance.
In her previous roles, Jill has focused on the UK’s mid and lower-mid markets, working across the UK’s regions as well as a diverse range of sectors, including professional and financial services, logistics, manufacturing, digital, education and training, leisure and travel, and healthcare.
With experience as both a deal leader and portfolio company board member, she has a deep understanding of the growth investment lifecycle, from origination, execution, portfolio management and realisation, as well as the implementation of strategy into practice.
At BGF, Jill will work closely with entrepreneurs and business owners across the North West and Midlands as part of the portfolio team – managing portfolio company investments, delivering and maximising value creation as a board member, and preparing portfolio companies for long-term growth.
Ben Barker, head of portfolio, said: “We’re delighted to welcome Jill to the team. Her experience in private equity investment, combined with her broad sector and strategic insight, means she is perfectly positioned to support BGF-backed businesses, as they look to grow in 2023 and beyond. The knowledge and value she will add to boards will be hugely important in helping North West and Midlands-based businesses realise their ambitions.”
Jill said: “BGF has created a real point of difference in the market with an unwavering drive to back ambitious entrepreneurs and business owners across a range of sectors and regions, with a patient and long-term approach.
“In the current climate, there is a real opportunity to create value in portfolio businesses, and I’m looking forward to building relationships with management teams to support them on their growth journey.”
