Midlands Energy Summit shines spotlight on region’s opportunity to become ‘famous’ in future energy agenda
The East Midlands needs to determine which part of the future energy agenda it wants to lead if it is to attract overseas investors, an audience of business leaders heard at a conference.
Speakers at the Midlands Energy Summit, held by East Midlands Chamber in partnership with the University of Nottingham at the Hilton East Midlands Airport hotel yesterday (1 December), emphasised the importance of the region having a clear focus when it comes to prioritising various energy strands.
Nora Senior, chair of the East Midlands Freeport, said becoming “famous” for an aspect of the green economy will help to establish clusters of businesses to accelerate innovation and create new jobs, while demonstrating a local commitment to achieving net zero will help to attract inward investment.
Many of the solutions will come from academic research and the University of Nottingham’s vice-chancellor Professor Shearer West CBE, as well as Sustainable Hydrogen Centre for Doctoral Training director Professor Gavin Walker, showcased some of its work in the areas of transport and mobility, energy generation and management, and communities and the built environment.
East Midlands Chamber director of policy and external affairs Chris Hobson said: “With our industrial heritage, world-class research in our universities, central location and the UK’s busiest cargo airport, our region has all the raw ingredients required to be a national and international leader in the net zero economy.
“This is why we are calling the East Midlands a Centre of Trading Excellence in our new Business Manifesto for Growth, which was launched in Westminster last week and calls for Government ‘to back the East Midlands to back the UK’.
“We believe there is plenty to get behind here but there is also a lot for us to think about as a region. The East Midlands Freeport offers a fantastic opportunity to create a name for ourselves on a global stage but as we heard during the Midlands Energy Summit, we need to consider what the focus should be – whether it’s in hydrogen, battery production or aerospace, for example.
“It’s also important that as a region, we demonstrate a commitment to growing our competitiveness in the right way as this is what investors across the world want to see when they decide where to throw their backing.
“More broadly, energy security is a hot topic for many organisations as our research tells us the number one concern for businesses right now is rising energy costs, which is also the main driver of inflation.
“Businesses are eager to work in partnership with Government and the energy industry to develop a long-term energy strategy that gives them certainty about security of supply and minimises costs, which will enable firms to get on with doing what they do best in creating wealth and opportunities locally.”
Frasers Group snaps up luxury homeware platform
Frasers Group has snapped up Amara.com, an online platform for luxury global homeware brands.
The CEO of Frasers Group, Michael Murray, announced the acquisition on social media, saying it would build on ambitions to create a credible homeware destination for luxury retailer Flannels.
Established in 2005 as an independent boutique, AMARA moved its focus online in 2008. It has since grown to partner with over 300 of the world’s leading luxury home brands, such as Versace Home, Missoni, Fornasetti, Roberto Cavalli and Kartell, and has gained a global audience in over 100 countries.
The deal comes hot on the heels of Frasers Group’s acquisition of Savile Row tailor Gieves & Hawkes last week.
Appeal won for village housing scheme in Rutland
Planning permission for up to 75 homes in a Rutland village has been granted following an appeal by Pegasus Group.
Rutland County Council has agreed to the construction of the homes, which will include 30 per cent affordable properties, on 5.52 hectares of agricultural land off Bartles Hollow, Ketton, after Pegasus Group provided expertise on behalf of house builder Vistry Homes.
As well as the homes, the development will also include a formal and informal open space, including pedestrian and cycle routes linking the development through to Wytchley Road and Park Road; and a recreational area with children’s play area.
The new housing scheme, which will be traditional in style and designed to complement the local area and landscape setting, will be under one kilometre from the village centre, where there are shops, services and recreational facilities. The historic town of Stamford is under four miles away.
Last year, Rutland County Council turned down the application, saying the development site was outside the Planned Limits to Development for Ketton and that any new housing has to be proven to be essential for a rural worker or similar operational needs. They concluded that “there is no justification in this instance for setting aside the development plan.”
However, the scheme was approved on appeal.
Guy Longley, executive director of Pegasus Group, said: “We’re pleased that this application has been allowed on appeal. Rutland County Council are unable to demonstrate a five year supply and this is a sustainably located site.
“This housing development will provide much-needed, high-quality homes in one of Rutland’s Local Service Centres. We demonstrated that new residents would benefit from a range of key service and facilities and access to public transport, and the Inspector agreed.”
A reserved matters application will be submitted next year.
Plans submitted for 250,000 sq ft bioscience building at Nottingham’s Island Quarter
A detailed application for the next phase of The Island Quarter mixed-use development in Nottingham has been submitted by Conygar.
The plans comprise a 249,000 sq ft bioscience building, which includes both laboratory and office space.
Christopher Ware, property director of Conygar, said: “We are delighted to submit this application for the next phase of development.
“Nottingham is already home to a large number of exciting businesses in the bioscience space and this scheme will be an excellent addition to the mixed-use development we are creating at The Island Quarter.”
Two more retail units open at £30m development in Nottingham
Two more retail units have opened at a £30 million mixed-use development in Nottingham which is nearing completion.
Birds Bakery’s latest outlet is trading at Teal Park, off the Colwick Loop Road in Netherfield, which has been jointly developed by Warwickshire-based AC Lloyd Commercial (ACL) and Nottingham-based Henry Davidson Developments (HDD).
Valley CiDS charity shop, which supports children, young people and families through its out-reach work in schools and the wider community, is planning to open its 2,000 sq ft premises in the countdown to Christmas.
This will be followed in the New Year by Pizza Triangle opening its first restaurant in the city. The business already has restaurants in Newcastle-under-Lyme, Solihull and Walsall.
Mark Edwards, Managing Director at AC Lloyd Commercial, said Teal Park was proving to be a huge success for businesses from a wide range of sectors.
He said: “It is great the economy is being boosted by the opening of these retail units. Aldi opened in August and the addition of the new retail units will mean they help each other to thrive.
“The area is a hive of activity and the Local Centre is providing amenities for residents on their doorstep which they can walk or cycle to which is good news for the environment as well.”
Richard Croft, director at HDD, added: “We are delighted the Local Centre is fully let and that we have a mix of local and national occupiers across Teal Park.
“Teal Park is going from strength to strength and is adding to the retail mix of this popular area of Nottingham.”
PKF Smith Cooper’s Fire & Security specialists assist Duke Royalty on £5m funding into sector consolidator New Path
International alternative capital solutions provider Duke Royalty has provided £5 million debt royalty financing to New Path Fire and Security (New Path), an investment holding company operating in the UK&I fire and security (“F&S”) sector. The funding agreement also involved Duke Royalty becoming a 15% shareholder in New Path, and agreeing a total funding commitment of up to £20 million to support New Path’s buy-and-build strategy across the UK.
Duke Royalty turned to PKF SC Corporate Finance to support its first deal in the F&S sector due to the PKF team’s growing specialism and expertise in the sector. PKF’s role was to undertake a comprehensive commercial diligence exercise on New Path, its position in the market, and the wider F&S market.
PKF has developed a significant specialism in the F&S market in recent years, its track record including assisting integrated security and fire safety solutions specialist, Total Integrated Solutions, in securing investment from private equity house Key Capital Partners.
New Path is a fast-growing investment platform, focused on acquiring independent fire safety and security companies throughout the South of England. Its group companies cover all aspects of fire safety including installation, maintenance, servicing, testing and monitoring, and a variety of security services, including CCTV and door entry systems. New Path has acquired seven businesses since it was established in 2020, and the £5 million funding from Duke Royalty will fund a further two acquisitions which are currently at advanced stages in New Path’s pipeline.
Commenting on the deal and PKF’s role, Alex Hibbard, Vice President at Duke Royalty, said: “Duke is excited to be partnering with New Path to support their buy and build strategy; we look forward to helping them to continue consolidating a mission-critical sector. Duke looked to the PKF Smith Cooper CF team for a review of the sectors and sub-sectors that New Path operates in, addressing a detailed scope with well-researched analysis, delivered in a short time window. We were happy with their insightful output, which was delivered within our timeframe.”
James Ward, Corporate Finance Director at PKF Smith Cooper and leader of the F&S team, said: “It’s been a privilege to assist Duke Royalty in making its first funding transaction in the F&S sector; they recognised the potential of New Path’s plan to create a group of specialist F&S businesses with a diverse service offering in the highly fragmented F&S sector. Duke’s funding package will enable New Path to complete on two deals in advanced stages of negotiation, and to continue their expansion thereafter. We wish New Path’s management and Duke Royalty, with which we’ve worked on two previous transactions, every success with their strategy.”
PKF Smith Cooper is an award-winning advisory and accountancy firm; PKF Smith Cooper’s Corporate Finance team was crowned ‘SME Advisory Team of the Year’ at Insider’s 2022 Midlands Dealmakers Awards this Autumn.
Springbourne Homes nets plethora of awards
It’s been a stunning, award-winning year for Leicestershire developer Springbourne Homes.
The Market Bosworth based business has scooped five top industry prizes for its spectacular Hornsey Rise site in Bosworth Road, Wellsborough.
Springbourne chairman Adrian Burr collected a prestigious What House? Award last month to complete a fistful of trophies for the flourishing firm, including three coveted Five Star awards at the UK Property Awards.
A delighted Adrian said: “It’s been our best ever year for awards and everyone at Springbourne is thrilled that we’ve collected so many top honours.
“The most pleasing aspect is that they’re all industry awards, judged by our fellow professionals, which makes them the ultimate accolade.
“It’s a ringing endorsement of the high standards we set ourselves and the top quality homes we deliver.
“I always said Hornsey Rise was the jewel in the crown of the Springbourne portfolio and the awards are certainly glittering now in the boardroom!”
Hornsey Rise is a select development of 19 luxury homes on a ten acre site surrounded by amazing countryside views.
At the UK Property Awards it was acknowledged as “Best in the UK for Architecture”, “Best in the East Midlands for Architecture” and named the “Best Residential Development in Leicestershire”.
Revenue to be lower and losses higher than expected at Light Science Technologies
Revenue is expected to be below market expectations while loss before tax is expected to be higher than anticipated for the year ending 30 November 2022 at Derbyshire-based Light Science Technologies.
In a new trading update, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group said that while group revenue grew by approximately 10.5% in the year, this is around 13% below market expectations.
Group loss before tax meanwhile is anticipated to be approximately £850k higher than market expectations.
It comes as a result of a positive sales pipeline being negated by an elongation of the sales cycle, predominantly driven by input inflation experienced by growers which cannot currently be passed on to customers, leading to growers delaying capital expenditure.
Additionally, gross margins at the group’s CEM division have been diluted through the second half of the year, driven by significant price volatility in the global electronics component market.
The group was anticipating certain revenue streams materialising before 30 November 2022, which would have delivered financials in line with market forecasts for the period. However, these have been delayed. These revenue streams are now expected to materialise next year.
Global cannabis company acquires Nottingham firm
Nottingham-based BCM Specials Ltd, the Specials manufacturer in the UK owned by Fareva, has been acquired by global medical cannabis business, Avida Global Ltd.
The new company, Avida Medical, will manufacture and distribute medicinal cannabis products in the UK, in addition to servicing the existing Specials business. Avida Medical will remain in the D10 Building, Thane Road, Beeston before relocating to a new site in Nottingham later next year.
Avida Medical will be headed up by Paul Parkinson, chief operations officer, MD and head of UK operations at Avida Global. Neil Bashforth, general manager at BCM Specials will assume the role of Managing Director, Avida Medical. All 50 BCM Specials employees will transfer across to the new business.
This acquisition gives Avida Global the accreditation and complete set of licenses required to import, manufacture and distribute medicinal cannabis products in the UK for the human and veterinary market, thereby surpassing this lengthy, complicated and costly process.
David Kirby, Chief Executive Officer at Avida Global, said: “This transformative acquisition is incredibly exciting and gives us extraordinary potential as a business, giving us immediate access to the UK medical cannabis market, home to one of the largest patient populations using cannabis in Europe.
“Our primary driver has always been to bring quality to life and we are committed to supplying the highest quality products, working with partners to create new innovative cannabis-based medicines and helping to improve patient access.”
Stepnell opens new Beeston office
Stepnell has opened a new Beeston office, replacing the construction firm’s former Nottingham office located on the nearby Eldon Business Park.
The new 3,800 sq ft office has been designed with CPMG Architects to ensure that the growing East Midlands team – including newly appointed social value roles – can all work together across one floor, as well as provide sufficient space to facilitate team training and meetings.
Showers, more car parking and bike storage have also been added, and infrastructure for electric vehicle charging points.
Tom Sewell, director at Stepnell, said: “It’s great to have finally moved into our newly designed space after months of hard work. We had a clear vision of what we wanted the office to provide, including presentation and training areas that will enable us to upskill our teams and continue their professional development.
“We are also pleased to have been able to put staff first by choosing an office in close proximity to our previous location, which was done to ensure that staff could continue to benefit from similar commuting times and all the area has to offer. This is in addition to being an excellent base for a number of several important projects in the region.”
Tom Wakeford, Managing Director at Stepnell, said: “We aim to give colleagues a fantastic experience and therefore we want great environments for them to work in.”
Ruth Evans, associate interior designer at CPMG Architects, said: “Having supported Stepnell on a variety of projects over the years, we welcomed the opportunity to help with the delivery of their new office space. They had a very clear vision of what they wanted, and they’ve been a great team to work with. The fitout team have shown fantastic attention to detail throughout and we’re delighted with the result.”
