Dr. Martens CEO “pleased” with half year results

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Dr. Martens CEO “pleased” with half year results
The CEO of iconic British brand Dr. Martens is “pleased to report another strong set of results” for the first half of its financial year in which the business opened 21 new stores. According to interim results for the six months to 30 September 2022, revenue has risen while profits have slipped. During the period, when the consumer environment weakened, revenue grew to £418.6m at the Northamptonshire-headquartered firm, up from £369.9m in the first half of last year. Profit before tax meanwhile slipped to £57.9m from £61.3m. The company noted it has made a proactive decision to continue with targeted investment for the future rather than reducing investment for short-term profit. Kenny Wilson, Chief Executive Officer, said: “I am pleased to report another strong set of results covering the first half of our financial year. Underlying revenue growth was 18% and the EBITDA margin was in line with our guidance. I’d like to thank all Dr. Martens people for their hard work and custodianship over the last six months in helping to deliver these results.

“Our growth is built on the successful execution of our DOCS strategy, led by the DTC-first approach, with DTC revenue up 21%. At the heart of our continued success is the strength of our brand, highlighted by underlying pairs growth and continually improving brand metrics. We have further pricing headroom for AW23 so we will offset cost inflation once again.

“Although there are economic challenges ahead, we are well positioned for future growth. We will continue to drive growth investment to deliver the DOCS strategy, mainly in new stores, marketing, people, technology and inventory. Reflecting our confidence in the future, our balanced global revenues and our strong balance sheet, the board has decided to increase the interim dividend by 28% to 1.56p per share.”

One in four small firms plan to close, downsize, or restructure if energy bills relief ends in April next year

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One in four small firms plan to close, downsize, or restructure if energy bills relief ends in April next year
Small firms’ survival during the ongoing energy price crisis will depend on continued government support through Energy Bill Relief Scheme (EBRS) beyond March 2023, according to a new Federation of Small Businesses (FSB) energy survey.The survey, which measured the impact of the energy price crisis on small businesses, shows small firms await with both hope and anxiety for clarity on whether they will still be eligible for support amid the on-going government review of the six-month scheme, which is due to end on April 1, 2023. The findings have been submitted to the Department for Business, Energy & Industrial Strategy (BEIS).A quarter of small firms (24%) plan to close, downsize, or radically change their business model if the government reduces energy support post-March next year. This rises to 42% of firms in the accommodation and food sector, followed by the wholesale and retail (34%), and manufacturing sectors (29%).More than four in ten small firms (44%) are considering raising prices to cope with soaring bills when the current EBRS is due to end, and a third (30%) expect to cancel or scale down planned investments.One in five (18%) have said they would need to keep prices the same, even though their energy bills are increasing, because customers simply cannot afford further increases. A majority of 63% say energy costs have increased this year compared to last year. Some 44% report a double, triple or even higher increase in their energy bills, and nearly one in five (19%) say their bills had tripled or higher. In response to the eye-watering bills, nearly half of small firms (46%) have already raised prices although it has been impossible for them to pass on full costs to consumers tightening their belts amid the cost of living rises. In light of the findings, FSB suggests the government should

·    Continue support under the current EBRS to avoid a cliff edge on April 1, 2023;

·    Consider the size, not just sector or geography, of firms when determining which businesses are vulnerable, and therefore entitled for further support;

·    Maximise planning certainty over the long-term so that small businesses can plan ahead; and

·    Help small businesses to invest in energy efficiency, through incentives like voucher schemes

FSB development manager, Natalie Gasson-McKinley, said: “Our research indicates that small firms are being held back from investment and are at the brink of collapse because of sky-rocketing energy costs. It’d be a real shame and great loss to our economy if those who managed to get through the pandemic and this tough winter with government support end up closing their businesses because relief ends too sharply in April. “Latest OECD forecasts suggest the UK economy will suffer the biggest hit from energy crisis among G7 nations. But the tides can be turned if the government extends the period of energy support to struggling small businesses after the EBRS ends in April next year. “It’s important that the government provide certainty to small firms for the long-term as they can’t plan on a six-month horizon. “Think of the engineering business in Hampshire which 40 local families are dependent on, and the independent launderette that has been serving the community for years. To allow well-run businesses to go under would be a false economy as we enter a recession. “Business size must be taken into account as a relevant factor in the government review of the EBRS, given the stark impact on small firms which have typically lower margins and are least able to deal with the rising costs. It can’t be a purely sector-based decision, otherwise it’ll lead to deadweight and unfairness.”

Third annual survey highlights challenges facing SMEs

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Third annual survey highlights challenges facing SMEs
Businesses in the UK are being urged to share the challenges they expect to face over the next 12 months in the third annual SME Business Survey. The study, originally launched by Northants human resources experts HR Solutions in the midst of the pandemic in 2020, is live now for 2022 and is open to all small and medium sized enterprises and focuses on key issues such as the impact of rising costs, and employee retention. This is the third year that HR Solutions have run the survey, which they use to gain a deeper understanding of the year ahead and discover how SMEs plan to navigate the changing business climate. Chief Executive of HR Solutions, Greg Guilford, said: “The past three years that we have carried out our survey, have arguably been three of the most challenging years for SMEs for some time. “Last year’s survey found that SMEs were keen to manage their costs more effectively whilst also highlighting that recruitment was set to be a serious challenge. The survey allows us to do a ‘stock take’ on key trends for SMEs, and reflect on how the market is changing. “It also gives us the opportunity to support those enterprises that really need the extra help. In response to the challenges identified in the 2021/22 survey, we worked with a number of SME partners to deliver further guidance and support in key areas including business finance, employee retention and recruitment using webinars, seminars and detailed support packages.” Last year’s findings showed many SMEs were struggling with employee retention so HR Solutions teamed up with Vestd to discuss The Great Resignation and whether share and share option schemes could be the answer. Another webinar showed key ways to secure top performing employees within a challenging recruitment market. The 2021 SME Business Survey results also showed that cash flow within businesses is more important than ever, so HR Solutions partnered with Nordens accountants to look at the importance of cash flow and forecasting. Greg added: “The more people that take part in the survey, the clearer the picture is for us of what challenges need addressing and what support SMEs need right now. The work we do provides a wealth of material to enable SMEs to thrive and succeed, despite those challenges. “We are hoping to get a record number of participants this year. The survey is available online now and is quick and easy to complete. Take a look and be part of something that benefits our business community.” To take part in the 2022 SME Survey visit https://www.hrsolutions-uk.com/sme-business-survey before the end of the year.

Gateley hails “strong” six months

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Gateley hails “strong” six months

The board of Gateley, the legal and professional services group, is “pleased with the strong performance” of the group in the six months ended 31 October 2022.

According to a trading update ahead of Gateley’s half year results, revenue has grown by 22% and is expected to be not less than £76 million. 

Underlying adjusted profit before tax meanwhile has grown by 11% and is expected to be not less than £9.4 million for the period.

Rod Waldie, Chief Executive Officer of Gateley, said: “In a period that included previously announced investment to strengthen our operating model and some predicted and appropriate post-pandemic increases in operating costs, our resilient business model, enhanced by an increasing range of complementary services, and our embedded ‘one-team’ culture, remain the driving forces behind another strong financial performance by the group. 

“On behalf of the board, I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude. 

“We are excited by the wide range of opportunities that are presenting themselves to the group and look forward to continuing to grow the business, both organically and via acquisition, in line with our stated strategy.”

Leicester reviews platform acquired by US firm

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Leicester reviews platform acquired by US firm
AppHub, an ecommerce enablement platform, has acquired Leicester-based REVIEWS.io, the reviews platform founded in 2012 by Callum McKeefery and Nicole Albano. Fueled by a $60 million growth investment from Silversmith Capital Partners, the deal marks AppHub’s eighth and largest acquisition to date. As part of the acquisition, McKeefery will join the AppHub Board. REVIEWS.io was founded as a platform for collecting and publishing genuine reviews to build trust among consumers and merchants. REVIEWS.io has since evolved to leverage first-party data to help positively influence purchase behavior. The business has 8,000 customers, including some of the most well known brands in ecommerce, such as Vuori, Pura Vida and Boxraw. AppHub believes there are significant opportunities to accelerate REVIEWS.io’s growth by leveraging AppHub’s broad customer base, multi-product offering, and value-add services. “The product suite offered by REVIEWS.io fully supports the AppHub mission to build software that enables ecommerce success,” said Arjun Batra, co-founder and co-CEO of AppHub. “Our combined platform addresses a range of pain points for ecommerce businesses, including marketing, conversion, logistics, and now reviews, making it well positioned to serve both SMB and enterprise customers.” “Ecommerce has become incredibly crowded, forcing brands to compete more aggressively than ever for customer attention,” said McKeefery. “When we started REVIEWS.io 10 years ago, we wanted to create a product that would allow brands to build trust with their customers by enabling direct, useful feedback. AppHub is a great partner for us because of their broad ecommerce expertise and customer footprint, which will enable us to further accelerate growth.” “In addition to adding a great product, the acquisition of REVIEWS.io is transformational for us because it doubles our headcount to ~100 employees and expands our footprint to better serve our growing global customer base,” said Kris Eng, co-founder and co-CEO of AppHub.

New life for Grimsby building

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New life for Grimsby building
A vital step in the transformation of Grimsby’s St James’ Square has been completed, with local company the E-Factor purchasing St James’ House. The former office building has been bought by the E-Factor Group, which has plans to bring the building back to life using a £1.5m slice of Towns Fund money along with significant private investment. The move provides a major boost for the Square and will pave the way for the building to be completely renovated and transformed into a business hub exclusively for local businesses. Mark Webb, Managing Director of E-Factor, said: “We’re absolutely delighted that we can now plough on with our plans to develop this building and provide quality business accommodation for a variety of local businesses and entrepreneurs right in the town centre. “There will also be space for business events and small conferences, all aimed at supporting local business people. This is a significant investment for our company, but we are determined to continue to be part of the positive story of growth in this area. “We recognise that this building has been empty for some time and with our investment, supported by the Towns Fund, we are confident we can bring it back to life. “We are an independent limited company, but every bit of our profits are reinvested in supporting the huge contribution local business owners and entrepreneurs make to this town. “E-Factor will once again be providing wrap around business support, easy in easy out terms and all the guidance we can give to help create and grow successful local businesses. The more people who do business in the town centre, the better it will be for shops and restaurants also located there.” North East Lincolnshire Council’s Cabinet approved a business case to help renovate the building last year with the use of Town Deal money. Whilst not putting any council cash into the scheme, authority approval was needed to enable the release of Government monies. North East Lincolnshire Council leader, Cllr Philip Jackson, said: “The success of the Wilkin Chapman building on Cartergate and the redevelopment of St James’ Square, a key heritage asset in the town, meant that the next step was to deal with St James’ House in a way that can increase footfall in the town centre and provide benefit to other local businesses. “I’m delighted E-Factor has taken this building on to bring a new dimension to St James’ Square, a fantastic heritage asset in our town centre. We are extremely pleased to support this scheme.” Confirmation of the building’s new future has delighted those who have worked hard in the background to progress plans. This includes the Church’s representative body, the PCC (the Parochial Church Council) – the former owners of the building. Fr Chris Hewitt, Vicar of Grimsby Minster and Chairman of the PCC, said: “St James’ House was built in the early 1970s and for many years provided offices and meeting space in the town centre for a variety of organisations including the council, the BBC and it also provided accommodation for the Parish office. “More recently the building became surplus to requirements and over the last few years a number of alternative options were investigated, which unfortunately did not proceed. We took the decision to appoint Scotts Property to dispose of the building and they received a number of expressions of interest. “We carefully considered these, not only from a financial perspective, but also with regard to the presence of Grimsby Minster and our social investment in St James’ Square and the surrounding area. The proposal from E-Factor provided the best fit and we are delighted to have sold the property to them. We look forward to seeing it play an important role in the future of St James’ Square and the town centre.” Lawrence Brown, Managing Partner at property agents Scotts, explained: “We’ve been working with the PCC and the Minster, together with other agencies, for several years to try to bring forward various alternative uses for the building. We’ve considered residential conversions, offices, medical related uses, art galleries and cultural space together with retail and restaurant units. “We’ve been so close on several occasions – most recently immediately prior to the lockdown at the start of the pandemic, but, as everyone knows, this changed everything.  All of this work had taken place ‘behind the scenes’ and when we were instructed, by the PCC, to openly market the property we received lots of interest from a range of different people. “After careful consideration the offer from E-Factor met the objectives of the PCC most closely and we can now look forward to seeing a refurbished building in the heart of the town centre.” E-Factor Group Ltd (E-Factor), have been both developing and managing a portfolio of commercial properties around North East Lincolnshire for more than 12 years.

Motorpoint sees record first half revenues while pre-tax profit slips with increased investment

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Motorpoint sees record first half revenues while pre-tax profit slips with increased investment
Motorpoint Group, the Derby-based vehicle retailer, has reported record first half revenues and a drop in pre-tax profit in unaudited interim results for the six months ended 30 September 2022 (H1 FY23). Revenue increased to a record £786.7m, up 30% from £605.2m in the same period of last year, helped by market share growth, vehicle mix and price inflation. It marks progress as the company looks to grow revenues to £2bn. Profit before tax meanwhile slipped from £13.5m to £3m, which the firm said reflects increased investment relating to delivery of strategic objectives and to maintain a market leading price position, against record margins experienced in H1 FY22. Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I am pleased with the progress the group has made during the period, delivering record first half revenues, whilst executing on our investment strategy for growth despite increasingly difficult macroeconomic conditions. “Providing our customers with the best omnichannel car purchasing experience is integral to what we do, and we believe this can be achieved through investment in both physical branches and technology. The ongoing success of our investment during the period is reflected in our increased market share of the 0-4 year old market and improved efficiencies across the business. “We believe that Motorpoint is the best operator in the UK’s used car market. It has proven its ability to grow profitably over its 25 year history and right now there is a significant opportunity for the business to grow its market share whilst remaining profitable. “As a result, in line with previous guidance, profitability levels will be lower as we continue to invest in our strategic agenda. The investments made now will enable Motorpoint to emerge from the current macro environment in a stronger position as we seek to deliver sustained shareholder value.”

Alpha Power Cleaners expand with new warehouse and workshop in Loughborough

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Alpha Power Cleaners expand with new warehouse and workshop in Loughborough
East Midlands-based commercial cleaning equipment specialist Alpha Power Cleaners has announced major expansion plans, with the build of a new warehouse and workshop for their current Loughborough site. The new warehouse will be critical in facilitating the company’s growth plans over the next few years. Alpha Power Cleaners sell, hire, repair and service commercial cleaning machines for customers across the UK, with a hire fleet of equipment from leading brands such as Kärcher, Tennant and Mac International. The details of Alpha Power Cleaners’ build plans Alpha Power Cleaners has commenced construction of a new, significantly larger warehouse to replace their current warehouse and offices. Upon completion, their new warehouse will include a new workshop for repairs and servicing, and new office space to accommodate the company’s growing team. This investment will provide Alpha Power Cleaners with more space for their hire fleet of machines, and an updated and improved repairs and servicing workshop. This will not only increase efficiency of repairs and servicing, but it will also further reduce wait times, by making it easier and faster for the team to deliver commercial cleaning equipment to their customers. As the company doesn’t currently have another site to work at, it’s all hands on deck! The entire team is working hard to provide the same high level of service, whilst the new warehouse and offices are being built. The project is making good progress, with the structure and flooring of the warehouse already complete. Work is now starting on the interior of the site, with plans to commence construction of the exterior later this year. The site is due to be completed by Q3/Q4 of 2023. Investing in the next phase of expansion The new development will unlock major benefits, both for the team at Alpha Power Cleaners, and their customers. Once expansion has been completed, Alpha Power Cleaners will be continuing to increase their hire fleet, giving them the capacity to reach more customers. Then, the dedicated, improved workshop will allow the company to operate more efficiently, and decrease the wait times for machine repairs and servicing. With new bespoke repair bays, complete with scissor lifts for each service technician, the workshop team will be able to service larger industrial and commercial machines with greater ease and efficiency. This development will give Alpha Power Cleaners a state of the art workshop, market leading in their field as the workshops have been specifically designed for the maintenance of all manner of industrial and commercial cleaning equipment.
This is an aerial shot of the new warehouse floor being laid, showing 5 of 7 new repair bays.
This will lay the foundation for the ongoing future growth of Alpha Power Cleaners, as its customer base expands and its contract numbers continue to increase at the same pace. Alongside this, across all aspects of the development, Alpha Power Cleaners is committed to supporting the local community. “We are immensely proud of the strong relationships that we forge with the local community, and this new development will continue that people-focused approach,” commented Rob Freeman, Operations Director at Alpha Power Cleaners. “We are committed to serving the community of Loughborough. Alongside the new job opportunities that will be available when the development is complete, including new Office Admin and Service Technician roles – we are also sponsors of the local ‘Barrow Town Harriers Under 11s Football Club’ and ‘Loughborough Rugby Football Club Under 14s’. For us, this is a key part of our company ethos and what we stand for.” If you are interested in finding more about the new office admin and service technical roles, send across your details to Alpha Power Cleaners. These new roles are becoming available now so please email info@alphapower.co.uk for more information. About Alpha Power Cleaners Alpha Power Cleaners is a commercial cleaning equipment specialist, offering a wide range of services, including the sales, hire, maintenance and repairs of a huge variety of commercial cleaning solutions from all leading manufacturers. The team has over 80 years of combined experience in the industry, and have established a long-standing reputation for quality, efficiency, affordability and reliability. Alpha Power Cleaners serve a wide area across the UK including the Midlands, the South, Loughborough, Derby, Nottingham, Milton Keynes, Luton and London. If you are looking to hire a commercial cleaning machine, or need advice on what machine best suits your needs, contact the team today.

LLEP invests £90,000 in extending project to grow digital skills in Leicester and Leicestershire

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LLEP invests £90,000 in extending project to grow digital skills in Leicester and Leicestershire

Leicester and Leicestershire Enterprise Partnership (LLEP) and De Montfort University Leicester (DMU) will collaborate in extending a project to improve digital skills across Leicester and Leicestershire.

DMU has been commissioned to lead the LLEP’s Digital Skills Partnership (DSP) in delivery of the latest phase of its Digital Leicestershire project.

The University will utilise its experience to support the project vision of bringing people and organisations together to increase digital skills.

Digital Leicestershire has three areas of focus: 

  • Upskilling digital skills of local small businesses

  • Increasing digital inclusion

  • Developing educational pathways.

The £90,000 project is the second phase of an original LLEP project which commenced during the pandemic to increase online inclusion as residents were locked down.

Many services moved online as a consequence of the pandemic, yet ONS data showed that more than 11% of the East Midlands population were non-internet users and 9% had no digital skills at all.

The new-look DSP will serve as a single portal for small businesses to access digital expertise and technical training. It will also signpost courses varying levels and lengths, as well as working to facilitate inclusion through device, skills and connectivity.

It comes after the first phase of Digital Leicestershire saw the LLEP Skills Advisory Panel (SAP) allocate £300,000 towards addressing Digital Poverty in February 2021 as part of the local Covid recovery response. 

Local partners and voluntary groups were consulted about how the money should be used, with skills, connectivity, and availability of devices identified as areas of particular need.

Seven projects were funded – providing recycled devices, laptop lending, and digital buddy schemes – with the aim of supporting more than 1,200 disadvantaged people.

DMU has now been commissioned to take forward a second phase, using repurposed Growing Places Fund (GPF) money to deliver further inclusion activities including:

  • Getting more community organisations accessing free data

  • Supporting equipment recycling and lending schemes

  • Working with partners to access hard-to-reach groups

  • Engaging more businesses through Corporate Social Responsibility plans

  • Increasing use of online learning resources

  • Seeking additional funding for a digital skills strategy for schools.

Activities under the two-year project will continue to be conducted under the Digital Leicestershire brand.

Andy Reed OBE, LLEP co-chair, said: “Inclusion is a core pillar of our regional economic growth strategy and the speed of the move to digital during the pandemic left some in our communities behind.

“Addressing that gap will help to grow our region; the Good Things Foundation has estimated that every £1 invested in digital inclusion could see a return of £9.47 for the economy.”

Research for Phase 2 showed that more than 20,000 roles requiring specialist IT skills were advertised in Leicestershire over a 12-month period. By developing local skills, the project can help to provide a workforce needed by employers.

Helen Donnellan, PVC Regional Business and Innovation, DMU, said: “Digital inclusion is a real issue in Leicester and DMU has been involved in support work for many years with the city’s communities.

“We know that employers struggle to find people with digital skills and the knock-on effect this has on their ability to grow and thrive.

“This valuable work will help address this, helping people not only to gain sought-after skills but to get them into jobs.” 

The DSP engages with more than 70 local individuals across the groups, with direction and thought leadership provided by LLEP digital skills ambassador Amit Sinha.

Amit, also chief technology officer for SME and Scale at Microsoft, said: “Digital skills are vital for the future economy and the LLEP partnership with DMU will provide people in our region with not only the basic skills needed for everyday life but also the technical skills required by the employers and industries of tomorrow.”

QUAD appoints new Chief Executive

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QUAD appoints new Chief Executive
QUAD has announced that its interim Chief Executive has been given the role on a permanent basis. Since taking on the role, Vivek Malhotra has successfully led QUAD through the uncertainty following the COVID pandemic. He also recently led QUAD’s successful NPO application process, securing £1.4 million from Arts Council England to support the cultural hub’s work over the next three years.
A registered charity, QUAD opened to the public in 2008, and since then has been at the heart of the city’s cultural scene, as well as being internationally recognised for providing quality and excellence in the arts. Its facilities include cinemas, gallery, café bar and workspaces. The venue provides contemporary art exhibitions, films and events, as well as creative participatory and learning opportunities. Mark Gregory, chair of QUAD’s board, said: “The board wish Vivek every continued success in his now permanent role as CEO, as we continue to drive QUAD’s vision through challenging times of the current economic climate. “The board of trustees has confidence that Vivek will continue to successfully navigate and drive QUAD’s future success.” Vivek said: “I am very pleased to have been appointed as the permanent CEO of QUAD and look forward to working with the board and team to achieve the goals of the organisation and to secure its future.”
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