Motorpoint Group, the Derby-headquartered omnichannel vehicle retailer, has reported record revenue in its final results for the year ended 31 March 2022 (FY22).
Revenue increased 83.3% to £1.32bn (FY21: £721.4m), which it says is due to a combination of market share growth and vehicle price inflation.
Profit before tax meanwhile increased 121.6% to £21.5m, up from £9.7m in the prior year, despite ongoing investment in technology, people and marketing.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “Motorpoint is a unique business with world class capabilities and knowledge in the used car ecosystem. We have always successfully adapted our business to meet every challenge and remain profitable since our inception 24 years ago. I am extremely pleased with the progress we have made on our medium term strategic objectives and am convinced Motorpoint will be a winner in these rapidly evolving markets.
“We are building a market leader with a disciplined operating culture, and we are confident in the plan we laid out a year ago. Despite the ongoing uncertainty, we will continue to invest in our business with the consumer front of mind, in order to realise our long term ambition of increased market share through price leadership, while remaining profitable.
“Our team continue to inspire me with their passion for our business and our customers and I’d like to thank them for building such an impressive business. We have achieved significant growth and market share gains in the year; our price leadership, strong customer service and focus on maintaining a highly engaged team will continue to substantially grow the business in the years ahead.”
Fourth generation family business Ward wanted something extra special to thank the team for their efforts in achieving their recent Queen’s Award for Enterprise in International Trade in 2022. They turned to fellow Derbyshire company Colleague Box to ensure they nailed that personal touch perfectly.
Husband and wife team Adam and Natalie Bamford launched Derby-based gifting company, Colleague Box during lockdown in May 2020, with the aim of cheering up their colleagues during the pandemic. The boxes proved such a hit that they turned the venture into a full-time business that’s growing from strength to strength.
Ward worked with Adam and Natalie to produce over 400 bespoke ‘thank you boxes’ from the Ward Board. Each one was decked out in royal red, white and blue colours and included a letter of thanks from board members, a Queen’s Award pin badge and pen and some sweet treats for staff to enjoy over the Queen’s Platinum Jubilee weekend.
Donald Ward, operations director at Ward, said: “We’re very proud of the team’s efforts in helping us to achieve our recent accolade of the Queen’s Award for Excellence in International Trade. We wanted to thank them for their commitment and dedication to working at Ward.
“We felt that a special delivery over the Queen’s Platinum Jubilee celebrations would be the perfect gesture and were keen to work with Colleague Box to support a local business in their new venture. They did a fantastic job!”
Adam Bamford, co-founder of Colleague Box, said: “It’s been an absolute pleasure working with Ward to send over 400 gifts directly to colleagues’ home addresses.
“Being involved in thanking employees for earning the Queens Award is a huge honour for us and is yet another use for Colleague Box that is a first but hopefully not the last.”
Maritime Transport (Maritime) has agreed terms with SEGRO to become the rail operator at SEGRO Logistics Park Northampton.
The deal, which includes the long-term lease of a new, 17-acre intermodal rail terminal and wider management role for Maritime, covering the rail infrastructure on the Logistics Park, will provide occupiers at Northampton and in the East Midlands with new, low carbon freight connections from UK container ports and other inland rail terminals with capacity for up to 16 daily trains, when fully operational.
The 775m long, open access, strategic rail freight interchange, capable of receiving the largest container freight trains with storage capacity for almost 2,500 TEU (20 ft equivalent containers) and parking for over 125 trucks, will be delivered by SEGRO as part of the infrastructure for SEGRO Logistics Park Northampton, its state-of-the-art logistics hub located four miles from Northampton and adjacent to Junction 15 of the M1.
The development, which is currently in the early stages of construction, will deliver 5 million sq ft of modern warehouse space, on completion.
Supporting the rail terminal operation, Maritime will be making additional investments at the site, including the construction of a high specification, 4-storey office with welfare facilities, new container handling equipment and provisions for electric truck and car charging infrastructure.
In a separate agreement, SEGRO and Maritime have agreed terms to extend the rail facility at SEGRO Logistics Park East Midlands Gateway, doubling the capacity of the terminal. It is the first agreement signed since the designation of the East Midlands Freeport, UK’s only inland freeport.
The original rail terminal at the Logistics Park opened in 2020 and has seen substantial growth, with an average of 10,000 containers moving through the terminal every month. The second phase, which will be delivered by Q3 2023, will provide two additional rail sidings, a further 12 acres for container storage, parking for 115 HGVs and a new 20,000 sq ft office and welfare building.
The terminal currently operates six trains a day to locations including Felixstowe, Liverpool, London Gateway and Southampton. All occupiers at SEGRO Logistics Park East Midlands Gateway, including a diverse mix of businesses such as Kuehne + Nagel, Arvato, Games Workshop and DHL, currently make use of the rail terminal at the site.
Andrew Pilsworth, Managing Director, National Logistics at SEGRO, said: “Rail freight is proven to be an efficient, reliable and more sustainable method for transporting goods across the UK and has a key role to play as the UK transitions to lower carbon growth.
“Following the successful growth and operation of the first rail freight terminal at SEGRO Logistics Park East Midlands Gateway, it’s great to have Maritime on board to deliver the next phase at the site as well as the purpose-built strategic rail interchange at SEGRO Logistics Park Northampton.
“Both locations will serve as critical links in UK supply chains and connect to the country’s rail network and ports, creating greater efficiency and resilience as well as supporting local economic growth.”
John Williams, executive chairman at Maritime, said: “These developments, at SEGRO Logistics Park Northampton and SEGRO Logistics Park East Midlands Gateway, are important, long-term commitments for Maritime to reduce our environmental footprint by developing a network of low carbon, strategic freight connections across the country to promote modal shift from road to rail for container transport and for domestic distribution, with local distribution by electric-powered trucks.
“Building and operating modern, inland rail freight interchanges, supported by the largest dedicated fleet of vehicles in the country, enables us to deliver terminal to terminal rail solutions and highly efficient rail to door and door to rail services for our customers who are looking for long term, supply chain protection and sustainable transport solutions.”
Jennie Brown, tax partner at Streets Chartered Accountants, offers ‘marginal gains tax tips’.
I have always been fascinated with concept of marginal gains and how through constantly making small incremental improvements, high performance levels can be reached.
Reading some of the stories of how coaches have applied the strategy with athletes training for the Olympics, and achieved incredible results, is really captivating.
How might this have anything to do with tax I hear you say? Well, quite often when I am helping clients protect their wealth and ensuring they have a financial plan aligned with their goals and objectives, it is not one singular thing that is implemented to improve their tax position, but often a number of things, on repeat, over a number of years.
I am a firm believer when helping my clients, that before jumping into the more complex areas of tax planning, we take stock and look at the basics first, to have a strong foundation to move on from as appropriate.
There are a plethora of annual reliefs and exemptions that can be considered year on year, and by focusing on these first and ensuring they are not overlooked, over time, these can have a significant impact on improving your tax position; marginal gains.
So, what are these tax marginal gains? I highlight below those keys areas that I would recommend you are aware of and take stock of year on year, and of course, with everyone’s situation being different, it always makes sense to take advice.
Making use of your tax-free personal allowance, transferring any unused element if possible
Utilising the basic rate of tax and consider the equalisation of income between spouses/civil partners, to prevent one party being a higher rate tax payer and the other having unused basic rate band
Bear in mind the key thresholds; income over £50,000 can see a tapering of the child benefit and income over £100,000 can see a tapering of the personal allowance, giving rise to an effective rate of tax of 60%
If you have made a loan to your business, consider the payment of interest. Not only will this provide a corporation tax deduction for the company, but it could allow you to use the starting rate for savings and personal savings allowance
Pension contributions are always a favorite for the tax advisor, especially for those who have exceeded the above-mentioned thresholds. By making pension contributions these can reduce the amount of taxable income and enable investments to be managed in a tax-free wrapper, free from capital gains and inheritance tax, with more flexibility in recent years over the access on retirement
Charitable giving can also qualify for tax relief which can in turn increase the charities donation
ISA’s can be used to save cash or invest stocks; each tax payer has an annual allowance of £20,000 (for 2021/22). No income tax is due on the interest or dividends and any profit made on investments is free of capital gains tax. Family members can also put up to £9,000 in a junior ISA on behalf of a child for 2021/22. In addition, the lifetime ISA can be helpful for fire time homebuyers between the ages of 18-40, and up to £4,000 of savings can be topped up with a government bonus of up to £1,000
There are a number of investments which can also provide tax relief and these can provide instant tax relief against income tax for a percentage of the investment made, together with other tax advantages. Naturally, advice should always be sought with such investments
The capital gains annual exemption, currently £12,300 and frozen at this level until April 2026 is often overlooked. It is an exemption that you use or lose, so consideration should be given as to whether this can be used year on year. Consider the timing of disposals so they are staggered where possible to utilise the exemption. Together with the utilisation of income, the same applies to this exemption. Transfers between spouses/civil partners can be transferred free of capital gains tax, and therefore considering as a couple where relevant the combined use of allowances such as this is not to be overlooked. Naturally, there is a lot of more involved planning that can be considered with capital gains, deferment of gains and losses amongst a whole host of other rules and reliefs
There are a number of annual exemptions to consider for Inheritance Tax, also everyone has a £3,000 gifts exemption and if not used, this can be carried forward for one year only. There are also small gift exemptions and exemptions for gifts on marriage together with an exemption which is often overlooked known as regular gifts out of income. If you are not aware of these exemptions and want to make gifts, then it would be beneficial to take advice.
In addition, don’t forget, the tax rate applicable to dividends went up by 1.25% from 6 April 2022.
As mentioned, the above are the ‘marginal gains tax tips’ across Private Client planning and from here greater planning can be considered.
For more information on the basics and more involved planning, please get in touch with Jennie Brown jbrown@streetsweb.co.uk
The government has welcomed an initial bid from local council leaders to form an East Midlands Mayoral Combined Authority.
Neil O’Brien MP, the Parliamentary Under Secretary of State at the Department for Levelling Up, Housing and Communities, said he was “very pleased” that Nottinghamshire County Council, Nottingham City Council, Derby City Council and Derbyshire County Council are looking for a mayoral deal, describing the plans as “exciting” and welcoming the “ambitious devolution deal.”
The leaders of the four councils sent initial proposals to negotiate a combined devolution deal in March, after being named as pathfinder areas by the Government in February and being invited to apply for a devolution deal.
If devolution plans are approved, it could mean additional funding for the regions, more major decisions being made locally, nearer the people they affect, and a bigger voice for the region, which is home to 2.2 million people.
The councils are looking for greater funding and autonomy in areas including transport and infrastructure, business growth, inward investment, strategic regeneration, destination management, employment, and skills.
If the proposals are given the green light, the first election for a regional mayor, for Derby, Derbyshire, Nottingham, and Nottinghamshire, could be in May 2024.
Councillor Chris Poulter, leader of Derby City Council, said: “The Government’s response has been extremely positive, and welcomed by all of the councils. It’s testament to our collaborative working so far.
“Of course, nothing is agreed yet, but all signs so far are good. The East Midlands has long been overlooked, in comparison to other Combined Authority areas like the West Midlands and Greater Manchester.
“We’re convinced that by leaning on our collective resources we can only improve the efficiency and value for money of services provided for our people.”
Councillor Barry Lewis, leader of Derbyshire County Council and chairman of the Vision Derbyshire Joint Committee, said: “This is a huge opportunity to level up county areas like Derbyshire and Nottinghamshire that have been underfunded historically, and to bring powers from Whitehall closer to communities.
“The East Midlands has a big opportunity here to put itself on an equal footing to areas like the West Midlands and Greater Manchester, and to bring investment to our counties and cities.”
Nottingham City Council leader, Councillor David Mellen, said: “Our devolution plans are about bringing in much needed investment, giving our region a bigger voice, and having more major decisions made locally, nearer to the people they affect. We’re asking for greater autonomy and funding for key areas including public transport, investment for business growth, jobs, skills and training, education and improved environments.
“This is all about getting the best possible deal for Derby, Derbyshire, Nottingham and Nottinghamshire. The East Midlands has long been overlooked in comparison to areas that already have a Combined Authority, such as the West Midlands and Greater Manchester. Public spending per person is lowest in the East Midlands at £12,113, 10% below the UK average. This is our chance to address this, and make the most of this opportunity for the benefit of local people.”
Ben Bradley MP, leader of Nottinghamshire County Council and chairman of the City of Nottingham and Nottinghamshire Economic Prosperity Committee (EPC), said: “Devolution plans are all about getting a better deal for our area, to help improve things for residents.
“With a population of 2.2 million, a future combined authority will be one of the biggest in the country. It’s time that we got our fair share, so we can deliver better services and better outcomes for the people who live and work in the East Midlands, and improve people’s lives.
“It’s still early days, but the potential benefits could be enormous. This will give us a bigger voice and help us work together to achieve the improvements we all want to see. We’ve had a very positive response from the Government, so we’ll keep working on the details, discussing this, and get the best deal we can, so we can make the most of this opportunity to bring in more funding and more local decision making. It’s really good news.”
The devolution plan does not involve merging or scrapping existing local councils or replacing them. If the deal does go ahead all local councils in Nottingham, Nottinghamshire, Derby and Derbyshire will continue to exist, and will not lose any powers they have now. Local councils would still be responsible for most public services.
The mayor would focus on wider issues that span across the area, like transport, regeneration, and employment. The four councils will continue to closely involve district and borough councils in the plan.
The deal would not create a new tier of government. It would move resources and decision-making powers which already exist from London to the East Midlands.
The four councils will continue to work with district and borough councils, businesses, and other stakeholders, to look at details of the plan, which need to be approved by the Government. If a combined authority plan is approved, a devolution agreement could be in place by the end of this year.
Local universities and the East Midlands Chamber of Commerce are also backing devolution for the region.
East Midlands Chamber Chief Executive Scott Knowles said: “Our region is home to a wide range of fantastic businesses, from industrial powerhouses with household names to university spin-outs that boast vast potential, and everything in between.
“What they now need is the political apparatus that removes any obstacles to national and local decision-making, enhances our ability to attract investment and ultimately creates a more business-friendly environment.
“This would help them to take strides forward in productivity and innovation, enabling firms to drive the economic growth that creates jobs and wealth locally.
“For too long, our region has lagged behind when it comes to being backed by central Government, with the East Midlands historically receiving the least funding per head of any UK region.
“What any new political structures will look like ultimately rests with our elected politicians, but businesses are increasingly becoming aware of the benefits of devolved decision-making powers in other regions like the West Midlands, Sheffield City Region and Tees Valley, whose experiences we can learn a lot from.
“For example, the public investment gap per capita between the East and West Midlands grew by 21% in the period since Andy Street was elected Mayor of the West Midlands.
“Our local political system needs to make sure we can address this imbalance and close these funding gaps, enabling us to create new economic opportunities that allow those of us who work, live and play in the East Midlands to prosper.”
Professor Kathryn Mitchell CBE DL, vice-chancellor of the University of Derby, said: “We are delighted that the authorities within the East Midlands are working to secure a deal for a combined authority. This should provide an opportunity to present a compelling case to central government for more levelling up funding that can be spent strategically to improve productivity and the number of highly skilled jobs across the region. It will also enable universities, and other providers of skills, innovation and business support, to work collaboratively with a single group ensuring spend on regional development delivers the best value for money.”
Professor Edward Peck, vice-chancellor and president of Nottingham Trent University, said: “Nottingham Trent University is focused on reimaging the role of our university within our local communities. We utilise our skills and our resources to create opportunities for economic, social, and cultural development, working in close collaboration with partners across the region.
“We are confident that the creation of an East Midlands Mayoral Combined Authority will strengthen these partnerships, broadening the range of areas that are important to local people on which together we can make and implement key decisions.
“In particular, NTU will relish the chance to take ever more innovative steps that will transform the provision of skills training for all residents within the Combined Authority. These will improve the financial prospects of individuals, support the economic viability of neighbourhoods, and enable existing and incoming businesses to thrive and grow.”
Professor Shearer West, vice-chancellor of the University of Nottingham, said: “As an institution that is committed to growth, investment, and success for the region that we are proud to call home, the University of Nottingham would be pleased to work with councils and partners across Nottinghamshire and Derbyshire in the creation of the East Midlands Mayoral Combined Authority.
“We are particularly keen to support the research and innovation that leads to economic regeneration and provides the skills and knowledge to help businesses thrive and create the employment that people want and which our region needs.
“The University was pleased to support the application for a devolution deal for the East Midlands, with a significant contribution from our Honorary Professor of Economics, Andy Haldane, and looks forward to working with all levels of government to improve the lives of all communities in our region.
“A new combined authority for the East Midlands would strengthen the work which is already taking place between the public, private and higher education sectors, so that we can better work together to improve things for everyone who lives and works in the East Midlands.”
With this year’s East Midlands Bricks Awards picking up pace, there’s also a grand prize worth £20,000 up for grabs.
Celebrating the property and construction industry, the prestigious event recognises development projects and people in commercial and public building across the region – from office, industrial and residential schemes, through to community projects such as leisure schemes and schools.
Winners will be revealed at a glittering awards ceremony on Thursday 15 September,at the Trent Bridge Cricket Ground – an evening of celebration and networking with professionals from across the region. Tickets for the event can be booked here.
To nominate a business or development, please click on a category link below or visit this page.
Overall winner (this award cannot be entered, the winner will be selected from those nominated)
The Overall Winner of the East Midlands Bricks Awards 2022 will also be awarded a year of marketing/publicity worth £20,000.
Find out who last year’s winners were here.
Book your tickets now
Tickets can now be booked for the awards event – click here to secure yours.
The special awards evening and networking event will be held on 15 September 2022 in the Derek Randall Suite at the Trent Bridge County Cricket Club from 4:30pm – 7:30pm.
Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region.
The event will also welcome John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker, as well as award-winning mind reader, magician, and professional mentalist Looch, who will bewilder and astonish guests during the evening’s networking.
Dress code is standard business attire.
Thanks to our sponsors:
West Northamptonshire Council has been allocated more than £7m in funding from the Government to boost the local economy over the next three years.
The money will be used to improve people’s life chances, increase skills, create stronger communities, and support local businesses.
It is made up of £5.4m from the UK Shared Prosperity Fund, the largest allocation in the South East Midlands, and a potential allocation of up to £1.9m in Multiply funding, which both replace previous strands of European social funding.
The Shared Prosperity Fund is intended to:
Boost productivity, pay, jobs and living standards by growing the private sector
Spread opportunities and improve public services
Restore a sense of community, local pride and belonging
Empower local leaders and communities
Multiply funding is specifically targeted at improving numeracy as better education in this area has been shown to improve people’s chances of progressing their careers. Its allocation is dependent on a robust business case.
Its primary aims are to:
Result in more adults achieving maths qualifications
Improve outcomes for employers
Increase general numeracy levels
The council will work with partners and providers to develop proposals to deliver these funds which will have the greatest beneficial impact for West Northamptonshire and support the local community.
Cllr Dan Lister, cabinet member for economic development, town centre regeneration and growth, said: “This money will help us ensure that residents, businesses and communities in West Northamptonshire have the support they need to grow and adapt to our changing economic landscape.
“In collaboration with stakeholders, community groups and local partners, we will analyse the greatest needs for West Northamptonshire and develop proposals to best address the opportunities using these funding pots.
“We are dedicated to supporting and growing the local economy, particularly as it recovers from the pandemic. It is the vision for WNC to deliver economic prosperity in this area, making it a place where everyone will thrive.”
Plans have been submitted for the redevelopment of an area at the centre of Swadlincote.
The work planned by South Derbyshire District Council, subject to planning permission, would see a multi-functional event space created on the site of the former covered market in Midland Road. Events such as theatre and performance, specialist markets and open-air cinema are envisaged in addition to the site being available for free car parking.
Frank McArdle, South Derbyshire District Council’s Chief Executive, said: “I am pleased that we are able to submit detailed plans and illustrations for the regeneration of a major part of Swadlincote town centre.
“The plans also include work to be carried out to clear the former Sabine’s Yard site off Belmont Street and demolish the former Bank House building off Midland Road.
“This will allow the creation of a pocket park with a small wildflower meadow, a picnic lawn, trees, a play area and a considerable amount of free public parking at the northern part of the site.
“A further 63 additional free public car parking spaces will be provided on the site of the former Bank House building. However, the five large trees on the approach from Civic Way will remain and be protected.
“If approved, the work would be carried in conjunction with the replacement of the surface and complete refurbishment of The Delph area in the centre of the town.”
The plans will be considered by South Derbyshire District Council’s Planning Committee and, if approved, the work would be completed by the Spring of next year.
Early illustrations of the proposed plans.
The East Midlands’ unemployment rate remains the second-lowest in the country, after it was recorded at 2.7% for the period between February and April 2022.
This came in at 1.1% below the national average of 3.8%, with only Northern Ireland (2.6%) lower, according to the Office for National Statistics’ latest regional labour market figures.
However, the East Midlands’ economic inactivity rate – which measures the proportion of 16 to 64-year-olds who have exited the labour market for reasons such as retirement, caring duties, long-term ill health or studying – climbed by three-tenths of a percentage point to 22.2%, which is well above the UK average of 21.3%.
The latest data follows confirmation the UK’s GDP shrunk by 0.3% in April.
East Midlands Chamber Chief Executive Scott Knowles said: “While on the face of it a low unemployment rate is a positive for the region’s labour force, this trend shows there is a major constrain on businesses when it comes to finding the staff they need to fill key jobs.
“The ONS figures reflect what we are finding in the East Midlands, where two-thirds (66%) of businesses attempted to recruit new employees in the second quarter of the year but 82% of these struggled to find people, according to our latest Quarterly Economic Survey.
“Four in 10 businesses told us they are now at full capacity, which strongly suggests they need staff to meet high demand. From our conversations with members, industries such as manufacturing – which are important drivers of economic output – are struggling the most due to early retirement among workers and a lack of skilled workers to replace them.
“When combined with inflationary pressures that are now hitting cashflow and investment intentions, this perhaps explains why GDP has now dropped as ultimately businesses are constricted in their ability to make the productivity gains that will drive the economic recovery.
“We need to find ways of bringing people back into our labour market. Flexible working practices, rapid retraining opportunities and a focus on workplace health can support many economically inactive people to return to the workplace.
“But for some roles where there is clear evidence of a national skills shortage, firms need access to people at all skill levels from outside the UK. As well as issuing temporary and seasonal visas, the Government needs to urgently review the shortage occupation list.”
Sills & Betteridge LLP has recently appointed Sanjeve Kumar to its Residential Property Team in Nottingham.
Qualifying as a solicitor in 2007, Sanjeve joins the firm as an associate solicitor.
He comes with a reputation for being an ultra-efficient, clear-thinking lawyer – his approach always to provide solutions-focused advice and straightforward assistance to individuals, businesses, investors, developers and landowners.
He will work on a wide range of residential property matters, including sales and purchases of freehold and leasehold properties, re-mortgages, equity release, transfer of equity and new build conveyancing.
Head of the Residential Property Team, Edward Sharpe, is delighted Sanjeve has joined the team: “We have a very committed team of property lawyers in Nottingham and Sanjeve will fit in perfectly with his drive to always go the extra mile for his clients. He has worked in the East Midlands area for over 16 years and brings with him a wealth of local knowledge and insight.”
Sanjeve says: “I am delighted to have joined a Legal 500 Leading Firm, which has such a strong reputation for excellence in the legal services it provides. As a full-service law firm it has a wide range of fantastic lawyers each highly skilled in their own area of law, which my clients have access to should their requirements extend beyond property law. As the market continues to evolve, clients need the skills of forward-thinking lawyers and I am pleased to be part of a team that offers this.”
Sanjeve will be based at 4 George Street in the Hockley area of the city. The firm relocated from King Street in March 2020 just as the city was about to go into lockdown. The office is now fully operational – internal renovations to the building which is considered to be of ‘special architectural interest’ are now complete with external decoration to commence mid June.
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