Revenue significantly ahead of expectations at Team17 following strong year
Revenue is set to be significantly ahead of expectations at Team17 Group for 2022, according to a new trading update for the twelve months ended 31 December.
The video games label with offices in Nottingham, Manchester, and Wakefield has hailed strong trading in its second half, with multiple new first and third-party games released, extended games distribution to wider platforms and strong support across the portfolios with additional new content updates.
As a result, Team17 says revenue and adjusted EBITDA will be significantly ahead of market expectations and show strong growth compared with FY 2021, benefitting from the performance of a stronger, broader portfolio supported by acquisitions and investment in people made over the last two years.
Debbie Bestwick MBE, CEO of Team17, said: “2022 was a well-executed year delivering on our highly ambitious plans for the Group, specifically strong lifecycle management across a very diverse portfolio and on time delivery of astragon first party IPs launched in 2022.
“There will always be more work to do as a growth business, but last year’s performance is a testament to the significant investment that has been made over the last two years in people, diversifying portfolios and successful M&A, all of which put the Group in a very robust position for the future.
“We look forward to 2023 with an exciting pipeline of releases and updates as well as ongoing ROI from the investments we have made in people and products.”
2023 Business Predictions: Kate Coulson of Ena HR
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 Kate Coulson of Ena HR.
The employment and recruitment landscape has changed massively as a result of COVID-19.
Working from home was forced onto a lot of organisations and hybrid working has become the norm.
In 2023 I expect this arrangement to continue to grow, particularly now that employers are looking for new and alternative ways to recruit and retain staff. Roles that don’t offer the flexibility of remote/hybrid working will get harder to fill.
However, remote teams are harder to manage so businesses need to seriously consider investing more in leadership and management training. Leaders need to be more output focused to manage productivity and require additional skills for forward planning, communication and establishing efficient processes.
Culture will also be huge in 2023.
With everyone struggling to navigate the cost of living crisis, there is an expectation on businesses to offer pay rises. However, businesses are also seeing their costs rise and there will be many that can’t afford to. So, we will see businesses shift their focus to culture to retain top talent.
What are their USPs as employers? What is the vision and common purpose? What can you offer when it comes to growth or career progression? What are your values?
Lastly, there is still a shortage of workers in almost all industries. This isn’t going to change in 2023.
Developing the skills of current workers to grow with the business is going to be essential. This is not just about training but also focusing on leadership ability, resilience of employees and communication.
Major fashion brand expands into new standalone Nottingham store
Major fashion brand Universal Works are set to open a new standalone store in their hometown of Nottingham in a deal brokered by FHP Property Consultants.
Universal Works was founded in Nottingham by David Keyte and Stephanie Porritt in 2009. They have seen huge growth over recent years and the brand is now stocked across more than 300 stores globally.
The new standalone Nottingham shop comes after they outgrew their current space above Rough Trade in Nottingham’s Hockley. The shop is situated in a prominent position at 120-122 Derby Road and forms part of the Canning Chambers redevelopment. It has accommodation over ground floor and basement measuring approximately 1,126ft².
Canning Chambers is a period building at the top of Derby Road on the edge of Nottingham city centre. After standing derelict for many years the building was purchased by landlord Wollaton Nottingham Limited who have undertaken major refurbishment in and out to create a beautiful, sympathetic, mixed use building comprising residential upper floors and retail space at ground and basement levels.
David Keyte, co-founder of Universal Works, says: “We have outgrown our current space within Rough Trade so are really pleased to be opening the doors to a bigger and bolder, standalone store on Derby Road. We are not your typical ‘high street’ kind of operator and prefer alternative neighbourhood style locations with potential and community spirit. Derby Road has evolved over the last few years and we can’t wait to open the doors and become part of the community here.”
Oliver Marshall, director at FHP, says: “The letting to Universal Works is a major step forward for the location on Derby Road, but also for the city of Nottingham, showcasing the success of a homegrown business. This a really exciting brand with a massive following and hopefully it will encourage more brands to the area and Nottingham.
“This section of Derby Road has improved so much over the years and is now an exciting location on the edge of the city centre with a really eclectic mix of retail, leisure, offices and residential creating a community feel.
“We are also marketing the 2 units adjacent to Universal Works part of the same development and have some very good interest from more exciting businesses.”
FHP acted on behalf of private landlord Wollaton Nottingham Limited to secure the letting to Universal Works at 120-122 Derby Road. The property comprises a prominent double fronted retail unit with a ground floor area of 578ft² and basement ancillary of 548ft². Universal Works have committed to a long term lease of the property.
Gateley hails strong first half in a challenging market
Gateley, the legal and professional services group, has hailed a “strong financial performance” in its first half as the company continues to execute its diversification and growth strategy.
According to unaudited results for the six months ended 31 October 2022, revenue grew by 22.2% to £76.1m, up from £62.3m in the same period of the year prior.
Profit before tax, meanwhile, was up 9.6% to £8m, from £7.3m.
Looking ahead, Gateley said that it is “well-placed to navigate the more challenging economic environment that is beginning to emerge in the second half of the financial year” thanks to a “growing, diversified and resilient business model, combined with a strong H1 23 performance.”
Rod Waldie, Chief Executive Officer of Gateley, said: “We are delighted to report further growth derived from the increasing diversity of services on our Platforms, which now house over 1,000 fee earners. Our Group revenue and profit grew strongly, increasing by 22.2% and 9.6% respectively, within which revenue from our consultancy services grew, including by acquisition, by 104.5%.
“I thank our clients for the opportunity to work with them on a broad range of important mandates and our people for their hard work and dedication to deliver results.
“I’m proud of the progress that we are making against our Responsible Business strategy. In particular, supporting our communities is an important part of our purpose as a business and we will further connect our exceptionally talented people with organisations who provide community support in the regions in which we operate, recognising that business is a key engine of change.
“During the Period, we saw political and economic instability manifesting in uncertainty and temporary paralysis in a number of sectors. This is an ongoing situation and the economy is approaching a fork in the road where in all likelihood there is a wide range of possible outcomes across different sectors.
“In the meantime, we continue to invest in our offering and in our people so that our business remains fully equipped to deliver as positions settle in our target markets. The combined legal and consultancy offering on our Platforms, remains unique and the outlook on each of the Platforms is positive. We look forward to 2023 with a degree of cautious confidence.”
Nottingham biotech firm makes fresh acquisition
A Nottingham-based drug discovery services provider has accelerated its growth after completing its second acquisition in the space of a year.
Sygnature Discovery, which is housed at Nottingham’s pioneering BioCity, has purchased Glasgow-based research institute SB Drug Discovery, bolstering each firm’s market leading capabilities. The contract builds on Sygnature’s acquisition of Peak Proteins in April 2022, following investment from Five Arrows Principal Investments, the European corporate private equity arm of Rothschild & Co, in June 2020.
Sygnature Discovery’s CEO, Dr Simon Hurst, said: “The acquisition of SB Drug Discovery is a great addition to the services Sygnature Discovery offers its customers on our journey to become the world’s leading drug discovery partner.
“This is an exciting step forward, forming a strong partnership with a like-minded company that complements Sygnature’s existing services.”
SG Drug Discovery is a world leading provider of ion channel and receptor drug discovery research, delivering cell line generation and compound screening solutions in neuroscience and other therapeutic indications.
Its newest formation under Sygnature will see both firms work together to stimulate growth in the drug discovery field, with further investment and service capability planned by SG Drug Discovery in the coming months.
SG Drug Discovery scientific director, Dr Ian McPhee, said: “Having previously collaborated with Sygnature Discovery to access our ion channel expertise, it became apparent to them that our breadth of capabilities reached far beyond ion channel electrophysiology, to areas including cell line generation, screening and inflammation.
“Our company values and goals fit perfectly and we are delighted to become an integral part of the Sygnature Group.”
The acquisition of SG Drug Discovery by Sygnature is its fifth in five years, with previous purchases including RenaSci in 2018 as well as Alderley Oncology and XenoGesis in 2020. The business employs over 600 people, with facilities in Alderley Park and Macclesfield.
Deloitte in Nottingham provided corporate finance advice to Sygnature Discovery with a team led by David Jones, Nick Carr and Logan Mantle. David added: “We are delighted to have helped the Sygnature team complete the successful acquisition of SB Drug Discovery. This is the third acquisition we have supported Sygnature with as the business has grown and expanded its service and geographic footprint.”
Work starts on new Northamptonshire tourism hub
North Northamptonshire Council (NNC) has started work on a new tourism hub at Rushden Lakes which, when open, will promote the attractions and highlight the unique offering available in and around the local area.
Using funds from the UK Shared Prosperity Fund, work is now well underway, with the new Discover Northamptonshire hub expected to be open in time for English Tourism Week in March and the Easter holidays. The Hub will be open 7 days a week and is located next to the entrance to the Cinema at the Rushden Lakes Centre.
A dedicated Discover Northamptonshire team will work at the centre to capitalise on the 6 million visitors who visit Rushden Lakes annually and encourage them to stay longer in the area, visiting other attractions in the county and supporting local tourism, including high streets, accommodation providers, and transport.
The Discover Northamptonshire hub will be a fully interactive space, promoting all things Northamptonshire and the surrounding areas, including days out, attractions, walks, town and village offerings, places to eat, sustainable transport, heritage, accommodation, and events.
A retail space will promote small and local business, rotating stock on a regular basis to give a variety of businesses the chance to showcase their products at Rushden Lakes and reach a large audience, whilst a flexible events and conferencing space will mean workshops, talks and events can be held.
Once open, staff will work with partners including local schools, colleges and universities to provide learning and volunteering opportunities for those interested in working in the tourism sector, as well as working with local businesses to promote the area and encourage visitors to ‘Discover Northamptonshire’, asking the question where next to visit in Northamptonshire?
Cllr Helen Howell, North Northamptonshire Council’s deputy leader and executive member for sport, leisure, culture and tourism, said: “It is great that work has started on the new Discover Northamptonshire hub and I look forward to it opening in March. There will be a dedicated team on site ready to help and advise visitors on all the wonderful attractions we have across the local area and further afield – from local walks along the Greenway and Nene Valley to Chester House Estate, through to our lovely high streets, Villages, Culture and Heritage venues and the larger visitor attractions.
“We have some wonderful hidden gems in the area and the hub will really help promote these, as well as giving small businesses the chance to showcase their products to such a large, captive audience. We hope the new hub will really help put Northamptonshire on the map.”
Although the site will be operated by NNC, the team have worked closely with West Northamptonshire Council on the hub’s branding and both councils plan to launch a new long term tourism strategy for the county which will coincide with the opening of the new hub at Rushden Lakes. The new tourism strategy is a collaboration between both councils and, once completed, will look at promoting the county as a whole, working closely with partners and stakeholders within the industry. The Discover Northamptonshire hub will be a key element of this strategy for Northamptonshire.
“We are delighted to be working in partnership with NNC to launch this exciting project and develop a new Northamptonshire Tourism Strategy. We hope that both initiatives will help cultivate a vibrant, successful visitor economy in Northamptonshire which shines a light on our fantastic heritage, cultural and natural assets, while also supporting local businesses and creating jobs and opportunities for communities throughout the local area,” said Cllr Daniel Lister, West Northamptonshire Council’s cabinet member for economic development, town centre regeneration and growth.
£15.4m landmark aerospace project underway in Newark
Midlands-based contractor G F Tomlinson will spearhead the design and construction of the new £15.4m state-of-the-art Air and Space Institute (ASI) for Newark College, part of the Lincoln College Group, at the former cattle market site in Newark.
The ASI provides a unique opportunity for school leavers aged 16-18 to train for pilot, engineer and ground-crew roles in airlines, the military, airports and logistics companies across the UK and abroad.
The new three-storey building, which is due to complete at the end of 2023, will be only the second of this type of college building to be built in the UK and will provide world class training for the air and space industry, accommodating a full-sized Airbus A318 for hands-on teaching experience, alongside a double height entrance hall, large open space hangar, flight simulator, teaching zones and lecture and seminar areas for students and staff. The scheme will be finished off with a combination of soft and hard landscaping works.
From conception, G F Tomlinson used BIM technology software to digitally map the complex build which includes numerous articulated angles, using world coordinate systems for the design and construction of the build. This allowed the contractors and Lincoln College Group to work the design and use real time updates to navigate the build through all the fundamental stages through to completion.
The project was procured through the Pagabo National Framework for Major Construction Works.
Chris Flint, Managing Director at G F Tomlinson, said: “We are delighted to be appointed as main contractor on the ASI which offers state-of-the-art training for students at a brand-new campus in the heart of Newark.
“We are extremely pleased to have secured this project under the Pagabo National Framework for Major Construction Works. Through our early contractor involvement and close collaboration with the Client team, we look forward to turning Lincoln College Group’s vision into a reality by providing a world-class training facility for young people throughout the region.”
Lincoln College Group director of ASI and strategic growth, Tom Marsden, said: “Like the whole of the town, we’re hugely excited about the progress being made on site and we can’t wait to see the building. Young people completing their GCSEs this year can apply for our engineer, pilot, space engineering, groundcrew and military pathways now and they will benefit from these fabulous new facilities during their course, as well as the chance to fly in our ASI aircraft and flight simulators.”
Councillor David Lloyd, co-chair of Newark Town Board and leader of Newark and Sherwood District Council, said: “It is fantastic to see the vision for the Air and Space Institute coming to life in Newark and I know many local people are looking forward to having this huge asset in our district. Providing skills locally is a key driver for the whole package of projects being funded under Newark’s Town Fund initiative.
“The ASI will be a huge boost for Newark’s inspiring generations of future pilots, ground crew and engineers to see its new home when it is completed. It will help shape the ambition for Newark’s future, making it a place people want to live, work, study and visit and I look forward to seeing the progress over the forthcoming years.”
East Midlands unemployment rate remains low but research warns this could be set to rise
The proportion of working-age people in the East Midlands who are not in jobs rose slightly from 3.3% to 3.4% in the three months to November, new figures show.
The region’s unemployment rate – which hit a record low of 2.4% in summer 2022 before steadily climbing since – remained below the UK average of 3.7%, according to the Office for National Statistics’ latest regional labour market data published today (17 January).
Meanwhile, the region’s economic inactivity rate – which measures the number of working-age people who have dropped out of the labour market for reasons such as retirement, caring duties, long-term ill health or studying – dropped by one-tenth of a percentage point to 22.3% but this remains near record highs.
East Midlands Chamber Chief Executive Scott Knowles said: “After an upwards trajectory in the level of unemployment since the summer – although against a context of still being at historically low levels – it is reassuring to see this curve begin to flatten in recent months.
“However, our own research suggests unemployment levels may not remain so low in the future. Our final Quarterly Economic Survey of the year, which ran throughout November, found there was an 8% decline from quarter to quarter in the proportion of East Midlands businesses that added to their workforce in the previous three months, while there was a similar drop-off in recruitment prospects over the coming three months.
“Clearly, the cost-of-doing-business crisis – led by rising costs in energy, interest rates, raw materials, people and fuel – has deeply affected business confidence to invest, and a lack of available skills in the labour market is now impacting significantly on firms’ ability to grow.
“While the slight decrease in the proportion of those people who have opted out of the workforce for various reasons is welcomed, this remains at a very high level and has helped to create the tightest labour market in years.
“This poses a major concern for the road ahead as our economy continues to plateau but there are measures the Government can take to support businesses to develop a skills base fit for 21st century industry. In our Business Manifesto for Growth launched in Parliament last month, we propose a series of reforms around how businesses invest in their people.
“These include flexible incentives for business investment in staff training, expanding the use of the apprenticeship levy, bringing forward the introduction of the lifelong loan entitlement to support retraining and the retainment of an older workforce, and a comprehensive reform of the shortage occupation list to allow sectors facing urgent demand for skills to get what they need.
“In other words, this is about ‘getting the basics right’ – removing the day-to-day barriers for businesses and ensuring the basic building blocks of economic success are in place.”
Upperton Pharma Solutions breaks ground on new Nottingham development and manufacturing facility
Upperton Pharma Solutions, a UK contract development and manufacturing organisation (CDMO), has begun construction work for its new Development and GMP Manufacturing headquarters in Nottingham.
Working in close collaboration with its principal Design and Build contractor, T-SQUARED, the team officially broke ground on the project on the 3rd January and work has now started in earnest to deliver the new, 50,000 square foot facility, which is expected to be fully operational by the end of 2023.
The new site is situated at the recently opened Trent Gateway Business Park in Beeston (less than two miles from Upperton’s current headquarters) and will provide a significant expansion of the company’s capabilities in terms of capacity and scale of manufacture with the incorporation of ten new GMP manufacturing suites, Quality Control laboratories and dedicated Analytical and Formulation Development laboratories with pilot plant facilities.
When fully operational it is expected to create in the region of 150 additional full-time jobs by the end of 2024.
CEO Nikki Whitfield said: “Breaking ground on our new state-of-the-art manufacturing and development headquarters is without doubt one of the most important milestones in our company’s twenty-year history.
“This plant has been in the planning for almost twelve months, so to see the plans finalised and work start on the site is hugely satisfying not only to us as a business, but also for our customers as we can now offer them a seamless transition from early development to clinical trials and commercial manufacturing, all at the one site.”
The Trent Gateway site will have the capability to handle a range of dosage forms including solids, liquids, semi-solids, nasal and inhaled products, allowing it to support early formulation development, provide clinical trial supplies from Phase 1 to Phase 3 and niche-scale commercial manufacture. The GMP facility design, equipment procurement and containment capabilities have been aligned with larger scale process trains, supporting batch scales of up to 250kg.
New UK headquarters for CGI and high-end photography specialists
Salloway Property Consultants have disposed of the freehold interest of modern office premises within Turnpike Business Park, Swanwick, on behalf of private clients.
The building, known as Network House (Unit 9 Turnpike Business Park), comprises a detached two storey office building which provides a net internal area of approximately 4,425 sq ft with 20 dedicated on-site car parking spaces.
Hugo Beresford, of Salloway Property Consultants, who acted on behalf of the vendor, said: “The property was popular with both investors and owner occupiers, given that it provides modern office accommodation with good parking provisions and excellent road connections – I am delighted to have completed the sale to Curve Digital and wish them every success at their new premises.”
Curve Digital, who are a specialist in CGI and high-end photography with offices in both the Midlands and Los Angeles USA, provide their services to a variety of clients within the automotive and advertising industry. The acquisition of Network House represents a relocation of their UK base of operations from Eastwood, Nottinghamshire to larger and more prominent offices that are able to facilitate the company’s rapid and continuing business growth.
Nick Limb, founder and Chief Executive Officer of Curve Digital, said: “We are really excited to create a cool space here, which is perfectly situated for our staff, allowing room for the growth we need.”
