Nottingham City Council to review its operation of Victoria Market to save £39m in running costs

Tess Egginton
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Nottingham City Council to review its operation of Victoria Market to save £39m in running costs
Nottingham City Council has put forward a proposal to review its operation of Victoria Market to save estimated running costs amounting to £39m over the remaining 50 years of the current agreement. The council leases the market space in the Victoria Centre and provides a significant annual subsidy. This is due to reduced income to cover the landlord’s service charge and other running costs for the Indoor Market. Any proposal relating to the market would have to be agreed by the owners of the Victoria Centre, represented by asset managers of the centre Global Mutual. The council says it has seen its main Government grant fall from £127m to £25m over the last decade, which along with rising demand for its support for vulnerable adults and children and other pressures, has squeezed its budgets. It has set out a four-year financial plan, including the disposal of property assets, which seeks to make £38m of savings to help place the council on a sustainable financial footing. A range of alternative options for the future of the market include:
  • Continuing with the current arrangement and paying the subsidy. The council says it currently does not have the financial resources to continue with this option
  • Investing in the market infrastructure and requiring traders to pay full rent. This would also require a significant investment from the Council to make the market viable for the long term which the Council does not currently have the capital resources to deliver
  • Another entity operating the market. This option is difficult to deliver as the lease is legally and financially onerous and it is unlikely to be taken on by a third party
  • An indoor market being established at an alternative location operated by the City Council. Some work has been done to understand if this is deliverable, currently, there are no suitable buildings identified and would require a significant new funding strategy.
The options that have been considered are in the council’s view not viable either from a financial or legal perspective. Discussions have therefore taken place with the owner’s representatives around the principle of the council exiting the lease arrangement. However, before any final decision is made, the council is consulting with all stakeholders, customers and the wider public for their views on the future of the market and how it impacts them. Any representations received as part of the six-week consultation will be given material consideration by the council in coming to a final decision. Consultation commences Monday 25 April. As well as the significant cost of subsidising Victoria Market, the council estimates that substantial funding would need to be invested for immediate upgrades as well as longer-term improvements to help it operate effectively – meaning the total cost to keep the market running for the rest of the lease is forecast to be over £39m. Victoria Market has been operating from its current site since 1971 and despite council investment in the market in recent years, it has not been performing well and is less than half occupied. In 2015, previous owners intu increased the service charges for the market up to the same level as other retail units in the shopping centre and it was also badly affected by the Covid pandemic, despite the council providing support to traders through Government grants to reduce and spread the cost of rent. Acting Portfolio Holder, Cllr Linda Woodings, said: “In its heyday, Victoria Market was a busy, popular market but sadly although the small number of customers who still use it have great affection for it, it has been under-used for years. “Increased service charges by the previous owners intu, bringing the market in-line with other retailers, meant the council has had to subsidise its operation for many years, turning it into a financial liability for us – a situation which was worsened by Covid severely impacting traders’ income. The sort of investment that would be needed is something we simply cannot afford when our budgets are being squeezed by other demands and reduced income from Government.” Any proposed change to the current arrangements would require the co-operation of traders in addition to the owners of the shopping centre but any final decision on the future of the market would be subject to consideration of views gathered as part of the six-week consultation process. You can engage with the consultation at: https://www.nottinghamcity.gov.uk/engage-nottingham-hub

Market Harborough land sold for £1.4m

Tess Egginton
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Market Harborough land sold for £1.4m
Land owned by Harborough District Council at Naseby Square in Market Harborough has now been sold for £1.4m to Platform Housing Group to amalgamate with their adjoining land and build 38 affordable homes.
The new development will consist of 1-3 bed homes which will be a mix of rented and shared ownership. The scheme will include 8 bungalows for rent which may be attractive to older people or those with a physical disability. Delivering affordable housing is a key priority for the Council and 2021/22 was another record year with over 200 new affordable homes built. However, demand is also rising fast with over 450 applications to join the Council’s housing register in the last three months, with over 600 applications in total. After considering options for the land the Council agreed not to pursue the proposed housing project itself as it has had to refocus its priorities in the wake of the COVID-19 pandemic. The capital raised from the sale will be used to support the Council’s various capital projects across the Harborough district. Platform Housing Group worked with customers of Naseby Square who would be affected by the proposed redevelopment and has relocated all those customers to other Platform Housing accommodation of their choosing. Cllr James Hallam, Harborough District Council’s Deputy Leader and Cabinet lead on strategic asset management, said: “With the significant impact of the COVID pandemic, a decision was taken to sell this land on behalf of the taxpayer. We will carefully evaluate how we can utilise this capital receipt to benefit the Harborough district.” Prior to the sale, both the Council and Platform Housing Group owned adjacent portions of the Naseby Square site. By amalgamating the sites it will enable the development of 38 affordable homes.

Partner promotions at Dains Accountants

Tess Egginton
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Partner promotions at Dains Accountants
Dains Accountants has completed a successful year, recording 10% growth for the year ended 31 March 2022. As a result of the progress the firm has made, Dains has made 20 promotions. Adam Longmore and Terri Bruce are promoted to partner. Both have experience in working for Big 6 firms and have been empowered to lead service lines within the Dains business, in Corporate Tax (East Midlands) and Indirect Tax (SME and Not for Profit). Chief Executive Richard McNeilly said: “Adam and Terri are typical of the people we are seeking to recruit. They are ambitious for growth, committed to outstanding client service via advisory support and work well as part of a team. “Adam is part of our Corporate Tax team which has grown by almost 50% in the past 5 years and Terri has created a high quality, profitable and sustainable Indirect Tax and Customs business, which complemented our existing offering. I am delighted that they have become partners and wish them continued success.”

Half of small firms expect no growth in the year ahead

Steve Fisher
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Half of small firms expect no growth in the year ahead
Close to half of small firms expect to experience no growth over the coming year amid a cost-of-doing-business crisis and widening sectoral optimism gap, according to the latest survey from FSB. The headline SBI UK confidence reading stands at +15.3 for Q1 2022, meaning more small business owners expect an improvement in their commercial performance over the coming quarter than expect the opposite. The figure is down 12 percentage points on the same period last year, but is up significantly on Q4 2021 A record-high 87% of small business owners say operating costs are up compared to this time last year. The shares citing fuel (60%), utilities (58%), and taxation (27%) as contributors to that increase are also at record highs, following the hiking of national insurance rates and issuing of new business rates bills this month. Against a backdrop of global supply chain disruption, labour shortages and rising wages, significant proportions also flag inputs (48%) and labour (40%) as contributors to higher outgoings. The majority (55%) of small business owners say they are operating below capacity. An ONS survey of 9,000 businesses published on Thursday shows just shy of one in seven businesses is not currently fully trading. Close to one in three (29%) are having to pass on rising costs to customers, and one in ten (12%) have been directly impacted by supply chain disruption. More than 5,000 corporate insolvencies were registered across England and Wales in Q1 of this year. The figure is more than double that recorded over the same period in 2021, and is 15% greater than in Q1 2019, before the pandemic hit. FSB National Chair Martin McTague said: “It’s encouraging to see small business confidence back in positive territory, though the picture across sectors is distinctly mixed. “The small business community shrank in size to the tune of hundreds of thousands over the pandemic. With Covid numbers now falling, this needs to be the summer where we start to reverse that trend – policymakers should be doing all they can to facilitate and encourage start-ups and side hustles. “The New Enterprise Allowance, which helped move people off benefits and economic inactivity into small business ownership, has now sadly been withdrawn. The Government’s own statistics show 500,000 people, including many over-50s, have stopping working altogether – they should be encouraged to start a small business this summer. “We look forward to working with BEIS on new measures to help budding entrepreneurs without start-up capital at their disposal as part of its forthcoming enterprise strategy, the launch of which shouldn’t be allowed to drift further. We’re encouraging policymakers to build on the success of the Centre for Entrepreneurship’s Migrant Entrepreneurship Programme. “The message from us to consumers, policymakers and corporates alike is clear: let’s make this a small business summer – backing the 99% on which our recovery will depend. “As things stand, spiralling costs are eroding small business margins at a rate that many have never experienced before, whilst workplace absences are making it hard to operate at full capacity in a tight labour market. At the same time, new paperwork and supply chain disruption are weighing on our importers and exporters, and an endemic poor payment culture continues to destroy thousands every year. “Taking forward our joint proposal with the TUC for a small business sick pay rebate, adopting our recommendation to make audit committees directly responsible for supply chain practice, and launching a new trade support fund for small firms would go a long way to helping many to start firing on all cylinders again.”

Manufacturing sentiment falls sharply as demand growth slows and costs rise

Tess Egginton
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Manufacturing sentiment falls sharply as demand growth slows and costs rise
Optimism fell sharply in April, as growth in manufacturing output and new orders slowed and costs and selling prices grew at their fastest paces in over 40 years. Investment intentions weakened notably, but employment growth improved and is expected to pick up further next quarter. The survey, based on the responses of 250 manufacturing firms, found:
  • Business optimism fell at the sharpest pace since April 2020 (-34% from -9% in January).
  • Output volumes in the quarter to April grew at a slower pace than in the quarter to March (balance of +19% from +27%), but growth remained above the long-run average (+3%).
  • Total new orders rose at a slower pace in the three months to April compared with January (+22% from +38%). Firms expect growth to slow further over the next three months (+6%).
  • Average costs in the quarter to April grew at the fastest rate since July 1975 (+87% from +74% in January), while domestic prices grew at the fastest pace since October 1979 (+60% from +40% in January).
  • A supplementary question found that the cost of raw materials was the most important factor behind expectations for cost growth in the next three months (80% of respondents said this was extremely important), followed by energy costs (59%), transport costs (41%) and labour costs (38%).
  • Investment intentions for the year ahead weakened across the board in comparison to January; plant & machinery (+9% from +26%), product & process innovation (+1% from +26%), training (-3% from +26%) and buildings (-6% from +2%).
Anna Leach, CBI deputy chief economist, said: “Manufacturing orders and output continue to grow, albeit at slower rates. But the war in Ukraine is exacerbating the Covid-related supply crunch, with cost increases and concerns over the availability of raw materials at their highest since the mid-1970s. It’s little wonder that sentiment has deteriorated sharply over the past three months and manufacturers are now scaling back their investment plans. “The government must look again at near-term support measures to help firms through this crisis. An immediate priority should be to provide cashflow support for those struggling with wholesale energy costs via the Recovery Loan Scheme, while cutting bills for Energy Intensive Industries can help maintain UK competitiveness.” Simon Eaves, market unit lead, UK & Ireland at Accenture, said: “The manufacturing sector is showing resilience in output, but the drop in optimism is concerning in the face of challenges including rising costs and the availability of materials. To maintain competitiveness businesses need to make balanced decisions for the near and long term to secure their future. “In the short term, retaining, motivating and upskilling staff is critical as well as lowering process costs and making the supply chain as efficient as possible. For the longer term, a twin focus on investing in digitalisation and sustainability is crucial to gain success past the current cycle.”

Evolve Estates acquires Nottingham city centre retail parade

Michael Fisher
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Evolve Estates acquires Nottingham city centre retail parade
Commercial property and investment company Evolve Estates has acquired a prime retail parade in the heart of Nottingham city centre as it continues its run of acquisitions. It has acquired Units 1-8 Exchange Walk and 5-7 St Peter’s Gate Wells for an undisclosed sum from a UK institution. Evolve has also exchanged on a further £24m of retail investments so far this year, with a projected £43m by the end of H1 2022. The portfolio comprises eight units, with six tenants on Exchange Walk, and two units, used by a single tenant, on St Peter’s Gate Wells, and it sits within the Market Square Conservation Area. Tenants include Card Factory, The Co-operative Bank and Cex. Built in 1970, the three-storey retail parade is within the city centre’s pedestrianised area and is fully let. Joe O’Keefe, of Evolve Estates, said: “Nottingham is a thriving city and this portfolio is strong, enjoying excellent footfall. This acquisition demonstrates our continued appetite for investing in good quality retail parades and urban centres where we can add significant value. “It has an excellent tenant mix and, as we are known for our proactive and intensive asset management, we’ll be investigating a number of options for the upper floors, which are currently empty or under used, in the hope of revitalising the parade further. “We have a strong appetite to acquire and regenerate retail assets and are on track for a record £43m of investments and acquisitions in the first half of 2022.”

Lincoln firms offered grants of up to £5,000 to get creative in the city

Steve Fisher
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Lincoln firms offered grants of up to £5,000 to get creative in the city
Businesses and artists are being invited to submit ideas for creative art projects to take place in Lincoln this summer. The invitation has come from Lincoln BIG, and is branded as Lincoln Creates, which says projects could be installations, exhibitions, street decorations, performances and/or workshops. Says Project Consultant Sue Bell: “We are particularly keen to see collaboration between artists and businesses.” The funding for Lincoln Creates – in the form of grants ranging from £500 to £5,000 – has been made possible with some of the proceeds from the public auction of the Lincoln Imps in October 2021. Sue Bell said: “We’re looking forward to seeing some exciting projects come forward on the relaunch of Lincoln Creates! This is a brilliant opportunity to revitalise the high street and bring the city centre alive with vibrant and creative artwork”. Due to Covid-19, Lincoln Creates was put on pause in 2019 and is now being relaunched to bring new life into the city. Projects such as this are important not only for the city centre but also provides a brilliant opportunity for businesses and artists to get involved with Lincoln BIG’s city events and promote all that Lincoln has to offer. To apply for a grant under the Lincoln Creates banner download and complete an application form from the Lincoln BIG web site: https://www.lincolnbig.co.uk/projects/lincoln-creates The deadline for submissions is May 12th.

Council calls on residents to have their say on the future development of Hucknall

Tess Egginton
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Council calls on residents to have their say on the future development of Hucknall
Ashfield District Council has opened its Hucknall Town Centre Masterplan consultation, giving Hucknall residents an opportunity to have their say on how the places in Hucknall town centre where they live, work, learn and visit should develop over the next few years. The Hucknall Town Centre Masterplan sets out the aspirations for the future development of the town centre. The purpose of the masterplan is to deliver innovative change to Hucknall Town Centre, and it will help towards supporting sustainable growth, creating new public realms, revitalising existing buildings and services, and improving the streets for pedestrians. The plan also seeks to capitalise on future aspirations in relation to culture, transport, and urban regeneration. Cllr John Wilmott, Councillor for Hucknall North, said: “The masterplan will play a critical role in the future of Hucknall Town centre. We want to raise the profile of the town both locally and regionally, for it to realise it’s potential as a place of great heritage and build on the significant transformation the town centre has already undergone in recent years.” Full details of the Hucknall Town Centre consultation can be found on the Council’s website and social media pages. Copies of the draft Hucknall Town Centre Masterplan can be viewed at Sutton, Kirkby, Huthwaite, Hucknall, Skegby and Selston libraries as well as the Council Offices on Urban Road, Kirkby-in-Ashfield. You can view the draft Hucknall Town Centre Masterplan and talk to Council officers at the following consultation events:
  • 5th May, 2.00 pm to 7.00pm – Hucknall Leisure Centre, Linby Road, Hucknall, NG15 7TX
  • 10th May, 2.00 pm to 5.00pm – John Godber Centre, Ogle St, Hucknall, NG15 7FQ
  • 12th May, 10.00 am to 1.30pm – United Reform Church, Farleys Grove, Hucknall, NG15 6FG
  • 18th May, 10.00 am to 1.30pm – West Hucknall Baptist Church, Ruffs Drive, Hucknall, NG15 6JN.
Cllr Wilmott continued: “Through funding opportunities, including the Levelling Up Fund we are investing in making Hucknall town centre a place where residents can enjoy their free time, bringing more opportunities for businesses, investment and enhancing Hucknall’s visitor offer. “Hucknall has a lot going for it already with its pedestrianised shopping area, transport links and rich cultural history. I encourage all residents to read and have their say on the draft masterplan so that together we can help transform the town centre into the attractive, vibrant, accessible place to live, learn, visit, work and invest.” The consultation period will run from Monday 25 April to 5.00pm on 24th May 2022.

Final round of comments invited on ambitious regeneration plans for Leicester’s Stocking Farm

Steve Fisher
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Final round of comments invited on ambitious regeneration plans for Leicester’s Stocking Farm
Emerging plans could see around 50 new low carbon council homes and new community facilities and shops, on the 3.34-acre site in the Stocking Farm area of Leicester. The area would also be re-landscaped to provide more attractive outdoor space, with improved footpaths, sustainable drainage and places for wildlife to flourish. The existing Stocking Farm farmhouse – which dates back to the 19th century – could be redeveloped to provide supported living apartments, while a new access road with improved crossing facilities could be created. Over 2,000 letters have been delivered to homes and businesses in the area, inviting people to take part in a third and final round of public engagement as development plans for Stocking Farm begin to take shape. As a result of the first stage of public engagement – which took place in early 2021 – the city council has already worked with award-winning social enterprise Community Shop to bring a new branch to the former youth centre on Marwood Road. The new community-focused hub, which opened earlier this month, provides members with cheap and affordable groceries in the supermarket, while the wider community can benefit from a community kitchen, a café where children can eat for free, and a new indoor ‘community zone’. A new online survey will ask people for their feedback on more detailed proposals, which will help inform the final phase of developing the plans. These will be subject to planning permission and an application is likely to be submitted this summer. City Mayor Peter Soulsby said: “We think we can deliver something very special for people who live and work in Stocking Farm and we are working up some very ambitious plans. “The feedback that we have received so far has played an important part in helping to shape the proposals, and it’s really vital that people continue to let us know what they think through this next phase of engagement. “I’m really proud and pleased that Community Shop has opened a store in the area but this is just a first step in our plans to revamp and help revitalise this important neighbourhood.” People can take part in the online survey by visiting my.engaged.space/stockingfarmstagethree/ The consultation closes on 15 May. Two drop-in information events have also been organised. These will take place in the new community zone inside Stocking Farm Community Shop on Friday, May 6, from 1pm to 7pm, and on Saturday, May 7, from 10am until 2pm. Paper copies of the survey are also available by calling Freephone 0800 170 1223. Leicester City Council successfully secured £86,750 from the Government’s Proptech Digital Engagement Fund in March 2022 to pay for its programme of engagement activities for the Stocking Farm neighbourhood redevelopment.  

Workspace at The Gresham in Leicester now open for business

Steve Fisher
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Workspace at The Gresham in Leicester now open for business
Office accommodation that offers a flexible way of working for freelancers, remote workers and start-ups is now open for business in Leicester’s former Fenwick store. The building is a superb example of Leicester’s Victorian architectural heritage, with three of the original units awarded Grade II listed status in October 2017. Managed by the city council, Gresham Works, as it is now known, provides more than 11,000sqft of office space on the ground floor and basement of the fully refurbished building, featuring a variety of desk and office options that can be hired on flexible terms. Tenants including a law firm, an app developer and an organic drinks supplier are already working from their new flexible, city centre space. City Mayor Peter Soulsby said: “The redevelopment of the former Fenwick’s store into The Gresham Aparthotel has given a huge boost to the shops and businesses in this area of the city centre. “Now, in the next stage of its opening, The Gresham will provide a bright, light and contemporary workspace for freelancers, sole traders or start-up businesses – and will give these workers the opportunity to be part of a creative, supportive community in the heart of the city. “I’m very pleased that the city council was able to support the redevelopment of this iconic building by investing £450,000 into this scheme, and I’m confident that Gresham Works will prove to be just as successful as our existing serviced units in supporting new and small businesses to thrive.” A wide range of working spaces is on offer, with flexible hot-desking available from as little as £175 per month, plus VAT. Rental fees include high speed broadband, reception services, tenant events and a number of other incentives – including unlimited free coffee! Grant Carlisle from Atom Engine Limited, which has already moved in to Gresham Works, said: “We were looking for a city centre base that would give us a flexible workspace that would grow with us. “Gresham Works is perfect for us and our clients. It’s great to be part of a new community and have a base in such contemporary and stylish surroundings.” Gresham Works’ manager Crystal Carter said: “We have focused on creating an inviting environment and a variety of spaces for people to work in to help them bring the best out of what they do. “We’ll also cater for a wide range of needs as people change the way that they work. We expect to have tenants who normally work from home, but who want a change a couple of times a week, people who will come in every day to work, and those who believe it’s nice to have a city centre base away from their usual office. “The beauty of this scheme is its flexibility and we’re looking forward to providing people with the office space, and a flexible contract, that works for them.” The Market Street premises are the city council’s first dedicated co-working space and will complement its established serviced workspaces at Dock and the LCB Depot. The Gresham building’s 133-bed aparthotel and its restaurant – Black Iron Social – opened in November 2021, following a £17m refurbishment by developer Aimrok Holdings. The development was supported by funding from the city council and the Leicester and Leicestershire Enterprise Partnership (LLEP), with the majority of the £17million costs coming from a mixture of development finance and private investment.
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