Wren Sterling acquires Mutual Financial Management
The Wren Sterling Group (Wren Sterling), providers of specialist independent financial planning advice to private and corporate clients, has acquired Mutual Financial Management LLP, an IFA based in Wilmslow, Cheshire, and MDFM Ltd, a discretionary fund manager (together “Mutual”). The deal is subject to FCA approval.
Mutual has around 1,100 clients, managing c.£675m on their behalf. The deal takes the total AuM acquired by Wren Sterling over the last 3 years over the £1bn mark and pushes its own total AuM to over £5.4bn.
The transaction is Nottingham-based Wren Sterling’s first announced deal since its secondary management buyout by Lightyear Capital completed in late 2021, and its largest to date. It follows four acquisitions in 2021 and one each in 2019 and 2020 and marks a step change in the pace and ambition of Wren Sterling’s acquisition strategy.
Mutual’s 29 employees and partners will all become part of the Wren Sterling Group. Austin Hutchinson, Mutual’s managing partner, will continue to run the business and will join Wren Sterling’s Executive Committee.
The business will be rebranded to Wren Sterling and will provide Wren Sterling with a new base in the North West to complement its seven existing locations around the UK. Once completed, Wren Sterling will comprise c. 240 staff and nearly 100 advisers.
The acquisition is in line with Wren Sterling’s strategy of acquiring strong businesses in key strategic locations, as it looks to accelerate its growth through improving its brand and proposition, simplifying its business and investing in its people. The business has a particular focus on acquiring new hubs in the London, South West, Midlands and Edinburgh markets.
Ian Darby, Wren Sterling’s executive chairman, said: “I’m delighted to welcome Austin, his fellow partners and all of Mutual’s staff to Wren Sterling. Acquiring a business of this calibre and scale is truly game-changing for us and shows the business’s renewed ambition following Lightyear’s investment.
“What truly sets Mutual apart are its people, who are highly entrepreneurial and innovation-led and share our commitment to the very highest levels of client service. Furthermore, the addition of a DFM capability gives us the option to enhance our offering for certain clients who might benefit from it, while remaining fiercely protective of our role as independent financial planners.”
Austin Hutchinson, Mutual Financial Management’s managing partner, added: “We received a lot of interest in the business, but Wren Sterling was the only company who we felt comfortable entrusting our clients and our people to. We really like the Wren Sterling business, it’s people and its growth model. These were our key considerations when choosing our long-term partner.
“Their scale, commitment to operational excellence and willingness to invest in technology and marketing, all supported by Lightyear, gave us confidence that they had both the means and the motivation to enhance our client offering and invest in our people. We’re all incredibly excited about taking the next step with our new colleagues and starting the next phase of our journey.”
Stewart Cape of KPMG acted as financial advisor to the partners of Mutual, with Nicholas Fielden of Fielden Marshall Glover Strutt providing legal advice and Rob Wardle of Azets providing tax advice.
Plans to transform derelict hall into arts and culture hub receive £1.6m boost
Plans for an arts and culture hub in the heart of Loughborough have received a £1.6 million boost from Loughborough Town Deal.
The Town Deal Board has confirmed the funding to support the Generator project which will bring a derelict hall in Packe Street back into use for the arts.
It is one of 11 projects Loughborough Town Deal is backing after securing £16.9 million of Government funding. In total, the projects are worth over £40 million of investment for the town.
The Town Deal Board is co-chaired by Cllr Jonathan Morgan, leader of Charnwood Borough Council, and Dr Nik Kotecha OBE, chairman of Loughborough-based Morningside Pharmaceuticals.
Cllr Morgan said: “We are delighted to be able to confirm the funding for the Generator project. This is a truly fascinating and unique building in the heart of Loughborough.
“It has a wonderful open space that lends itself to the arts scene and while it will support the creative community, it will also bring more footfall into the town centre and have an economic impact as well.”
Dr Kotecha said: “The Generator really showcases the variety of projects being supported by Loughborough Town Deal and I was really pleased to visit the building and see the raw potential that it possesses.
“The project team are clearly passionate about the Generator and what it can achieve, and we look forward to seeing it develop. Arts and culture are an important part of Loughborough’s social and economic fabric.”
The project is being led by Loughborough Generator Community Interest Company (CIC).
The town deal funding will support the renovation of the old Generator Hall, a 1930s building which was originally home to diesel generators that powered the then Loughborough College’s many town centre departments.
David Pagett-Wright, chair of the Generator Loughborough CIC, said: “The Town Deal funding has given us a tremendous boost. We are so pleased to be part of it.
“The Generator Hall will become the multimedia arts venue that the community of Loughborough and the wider area needs.
“It will become a cultural hub that will deliver performances, exhibitions, gigs, workshops, lectures and debates, festivals and heritage events, school visits and community engagement. We envisage a dynamic and multifunctional space serving all Loughborough communities.”
Next door to the former Generator Hall is a former art and design college building which is also part of the overall Generator project. Its renovation has been funded separately and is now home to creative industries including Ohh Deer, Cotton Clara and Our Neighbourhood. Public, a coffee shop and bakery, is on the ground floor.
So far, Loughborough Town Deal has committed to invest:
- £2.6 million to create a Digital Skills Hub at Loughborough College
- £900,000 to create a Careers and Enterprise Hub in Loughborough’s town centre
- £835,000 to help save Taylor’s Bell Foundry, the last major bell foundry in the UK
- £1.7 million to support the Bedford Square Gateway Project which is regenerating part of the town centre
- £885,000 to fund towpath improvements alongside the River Soar.
Council office move a step closer following planning approval
Innovative plans that could see Oadby & Wigston Borough Council move its primary offices to Brocks Hill Country Park have been approved by its development control committee.
The council revealed plans last year which would see Bushloe House – the borough council’s current home – sold with the intention of investing the proceeds from the sale into renovating the main building at Brocks Hill Country Park.
Now, with planning permission granted, the scheme will be progressed through the council’s decision-making processes, with councillors scheduled to consider a final report at their next full council meeting on 12 July.
The COVID-19 pandemic has led to a re-assessment of the council’s office accommodation and its new agile working policies mean far less space is needed for its day-to-day operations.
It is expected that a move from the dated, expensive to heat, costly to maintain Bushloe House to the far more modern, eco-friendly Brocks Hill will allow savings to be made every year long into the future. The cost-saving element is a major factor in the decision to investigate a move, as funding reductions continue to put pressure on council services across the country.
Brocks Hill would be fit for purpose for up to 30 years and its use as its main offices would also significantly reduce the council’s carbon footprint. The agile working space would have room for up to a maximum of around 30 staff at any one time as well as a fully functioning Council Chamber that is flexible in its design so the room can be used for other council-business, community meetings and events.
The Brocks Hill site is already owned by the borough council and the country park would continue to be available to the public as usual during and after the renovation, should it go ahead. There are no plans to remove the public café and toilets on site, although they would not be available while any renovation work takes place.
Councillor John Boyce, leader of OWBC, said: “Receiving planning permission is excellent news and it gives us excellent options on how we maximise the use of Brocks Hill for both our staff and the public. We now need to be certain this scheme offers value for money for our residents and this will be a key factor in the final decision-making process councillors will be involved in.
“Downsizing our office space by adapting a more modern, fit for purpose building that we already own is certainly an innovative and exciting plan. Having the council’s headquarters at Brocks Hill would also enhance our ability to improve our flagship park’s already fantastic offer.
“We’re developing a new Customer Experience Strategy which complements our plans and ensures that the way the council operates into the future meets the demands and needs of all of our customers and residents.
“It’s also an opportunity to vastly reduce the council’s current footprint, which is something we want to lead the way on, inspiring other organisations and businesses in the borough to follow that lead.”
Town Deal projects progress in Long Eaton
Progress is being made on projects that will see significant improvements made to Long Eaton.
The town was allocated provisional funding of £24.8m by the government last year thanks to a bid put together by the multi-agency Long Eaton Town Deal Board, led by chairman Richard Ledger and vice chairman Councillor Carol Hart, leader of Erewash Borough Council.
The first project to progress will be the Long Eaton Stable Block Managed Workspace Units. This is a project to convert the derelict stable block behind Long Eaton Town Hall into studios and offices to support new and growing Long Eaton businesses. The completed project will complement existing managed workspaces at the neighbouring Bridge House, a previously successful conversion of redundant council buildings.
Professional architects have already been contracted to produce quality design. The next milestone for this project will be the submission of a final bid to Government to release the £1.1 million of funding allocated to it.
Progress is also being made on the West Park Visitor Attraction project. Engineering and architectural designs are underway to improve the West Park event space parking area and facilities and provide a new waterfront to the Erewash Canal.
‘Project champions’ will be taken on for each aspect and new leading roles have been launched by Erewash Borough Council to help drive forward the key projects.
This will include a development partnerships project manager to focus on redevelopment ambitions for the town centre. In addition, a programme manager will also be recruited to co-ordinate across all aspects of the projects.
Councillor Carol Hart, leader of Erewash Borough Council and vice chair of the Town Deal Board, says: “It is great to see so much progress being made and the projects are really starting to move forward. The stable blocks will be converted into small business units which will bring new businesses and people into the town.”
Richard Ledger, chair of the board, says: “The projects are moving into the delivery phase and it’s great to see. We will keep residents informed as each project progresses.”
Nominations flood in – submit your entries for the East Midlands Bricks Awards 2022 NOW!
As nominations pick up pace for the East Midlands Bricks Awards 2022, now is the ideal time to enter the prestigious event.
The East Midlands Bricks Awards celebrate the region’s property and construction industry, its people, and exceptional developments, and provide the perfect opportunity to shine a light on your team, reward their hard work, and boost morale.
Award categories include: most active estate agent, commercial development of the year, responsible business of the year, residential development of the year, developer of the year, deal of the year, architects of the year, excellence in design, sustainable development of the year, contractor of the year, and overall winner.
Winners will be revealed at a glittering awards ceremony on Thursday 15 September, at the Trent Bridge Cricket Ground – an evening that will also provide plenty of time to forge new contacts with property and construction professionals from across the region.
Thanks to our sponsors:
William Crooks, Managing Director of Cawarden, reflected on winning an award at the 2021 event: “After being named Contractor of the Year at the British Demolition Awards at the start of September, we were absolutely thrilled to win the same accolade from the East Midlands Bricks Awards a few weeks later.
“The event is a real showcase for the regional property and construction sector and we are proud to be recognised for our project and service delivery expertise as a leading specialist contractor. It was a great night and provided an opportunity to catch up with some familiar faces as well as meeting new with the wonderful Trent Bridge Cricket Ground as a backdrop.
“Well done to the Cawarden team for continuously going above and beyond and maintaining high standards for our valued clients. Congratulations must also go to all the other awards finalists and award winners on the night.”
To submit a business or development for the East Midlands Bricks Awards 2022, please click on a category link below or visit this page.- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
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. Dress code is standard business attire.
To be held at:
Entrepreneur raises £550k to disrupt dry cleaning industry
A Stamford entrepreneur who aims to disrupt the dry-cleaning industry by installing automated drop-off points in shopping centres and railway stations has raised £550,000.
Vicky Whiter has secured investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, as part of a syndicate which also included Seedrs, members of Lincolnshire Business Angels and other angels.
Vicky developed the concept after buying Peters’ Cleaners, an established dry-cleaning business, and recognising the need to improve efficiency and provide out of hours services. Customers register online and the automated pods enable them to drop off and collect their dry cleaning at any time by simply scanning their membership card.
The company’s first two pods – at Peterborough Station and a local shopping centre – have been popular with customers and the funding will enable the business to install more pods at two other high footfall locations in the area before rolling out the concept across the UK.
As part of the deal, Stephen Harrison, who has previously worked in roles at PepsiCo, Asda and Dolland and Aitchison, has been appointed as chairman. He is also the former finance director of Sandpiper CI, which operates franchises in the Channel Islands including Morrisons, Marks and Spencer and Costa Coffee.
Vicky, who held business development roles in Hong Kong, Singapore and London before buying Peters’ Cleaners in 2016, said: “I noticed I was unable to access dry cleaning facilities out of hours and saw a gap in the market. The pods are accessible 24/7, providing the perfect solution. They are a modern approach to a traditional service and are a great addition to our existing stores.
“The dry-cleaning landscape has massively changed over the years, particularly during the pandemic when a lot of companies went out of business. It was time for the industry to introduce new ways to provide customers with cleaning services that fit around their lifestyle. We’re delighted to be the driving force behind this change.”
Sandy Reid of Mercia added: “Dry cleaning is a sector where there has been little or no innovation in years, yet businesses have been struggling with margin erosion as costs have increased. Vicky is a driven and ambitious entrepreneur who we are pleased to back. The pods have been well received by customers and attracted interest from rail operators and shopping centres. The funding will enable her to franchise her model to expand it throughout the UK.”
Pat Doody, chair of the Greater Lincolnshire Local Enterprise Partnership, said: “Vicky’s business idea is a great example of how new technology and automation can transform the way we live our lives. The pandemic forced many businesses to reassess how they operate, and we are still feeling the effects of COVID-19 rippling through the economy.
“Entrepreneurs like Vicky are leading the way by using advanced technologies to disrupt their industry, and we’re pleased to see that she’s received significant financial support from the Midlands Engine Investment Fund. We wish her the best of luck in her new venture!”
Russell Copley of Greenborough Management and Laura Mallaburn of Lincolnshire Business Angels provided fundraising advice to the company.
Birmingham IT service provider acquires Northampton telecommunications business
Birmingham-headquartered IT service provider Intercity has acquired Northampton-based telecommunications business Chandler Communications.
The deal follows a successful period of organic growth for Intercity based on exceptional customer service across its Communications, Cloud & Security and Managed Services divisions. The purchase is part of the IT business’s strategy for supporting this organic growth with acquisitions.
Established in 1986 by Perry and Jo Chandler, Chandler Communications is a well-respected family-run business with over 350 customers across the UK. The company shares a people-first approach to business with Intercity, which is also family-owned, making the two organisations an ideal fit.
The deal sees Chandler Communications colleagues become part of Intercity with the business’s Northampton site also joining Intercity’s network of UK offices.
Andrew Jackson, CEO of Intercity, said: “We’re delighted to welcome Chandler Communications to the Intercity Group. Having seen how this well-managed business has grown over the last 30 years, and the care the team put into building long-term partnerships with customers, we recognised the huge synergies between our two organisations.
“We pride ourselves on our high levels of service and ensuring a positive customer experience within every aspect of the business, we measure this continually and will never rest in our pursuit of excellence and market leading customer satisfaction. Chandler is a great fit for Intercity and this deal is an important step in our long-term plan to grow through careful and considered acquisitions.”
Perry Chandler, director and co-founder of Chandler Communications, added: “After thoroughly enjoying the past 36 years, and for very personal reasons, it’s time to hand over the reins. I’ve looked for a company who hold the same important values at their core as I do and have found this in abundance at Intercity.
“It’s fantastic to see two family-owned Midlands businesses coming together but, more importantly, it’s also great news for our customers. They will continue to benefit from working with our experienced communications specialists alongside Intercity’s leading support team. In addition, and most significantly, they will also gain access to a full range of IT services and other products which Intercity offers within its portfolio.”
Intercity has reported strong organic growth with a 108% year-on-year increase in new customers since 2020.
Chandler concluded: “I would personally like to thank my team: James, Jo and Jo, and not forgetting Rachael. They are much valued, dedicated and loyal staff who have customer service at the forefront of their minds. Finally, thank you to my customers for their continued loyalty over the previous and future years.”
Midlands civil engineering firms coming under increasing cost pressures
Civil engineering firms in the Midlands are coming under increasing pressure when it comes to costs, according to a leading business group.
The Midlands branch of Civil Engineering Contractors Association (CECA) represents everyone from the biggest civil engineering and construction firms in the region through to smaller, niche contractors.
It says its members are reporting dramatic rises in fuel and material costs, as well as extended lead times for materials that can lead to hold-ups.
Its feedback from members backs up research that was recently carried out by the Construction Industry Training Board (CITB) that showed that 51 per cent of firms said that rising prices and materials was the biggest challenge facing the industry. It was only the second time since the CITB survey began in 2005 that this was raised as the number one issue.
CECA is now working with the Construction Leadership Council to inform Government of the impact that the Ukraine situation and inflation is having on industry. It will look to identify the hotspots of issues including material price rises and certain material shortages.
Lorraine Gregory, director of CECA Midlands, said: “I have been in post for just a matter of weeks and have been travelling across the region meeting civil engineering contractors of all sizes.
“These are the companies that are at the heart of construction projects across the region – whether its new roads, railways, infrastructure, homes or other buildings. They are, therefore, key to economic growth and to our very way of life.
“Nearly all of them have said the same thing – that costs are spiralling and that its taking longer and longer to be able to get hold of materials.
“It’s vitally important that these cost rises can be brought under control because it is simply unsustainable for them to keep on rising at the rate they are going up by.
“By definition, civil engineers are excellent at finding solutions to problems – it’s something they do every day – and through our network at CECA we are all working together to help one another overcome these issues.”
Jonathan Cummins is the purchasing manager at McCann, which has offices across the country, including Birmingham and its headquarters in Nottingham, employing more than 350 people.
He said communication through the supply chain is key to help mitigate the issues.
Jonathan said: “Lead times for some materials are running at double what they were just over six months ago. It’s now around 18 weeks.
“You have to manage this through the supply chain and maintain strong levels of communication to ensure it doesn’t cause delays to projects.
“Prices have rocketed – plastic is up by 25 per cent, steel is up by 40 per cent and aluminium is up by 25 per cent. It then becomes a balancing act of what you can pass on to the customer and what you can’t. This adds to the pressure of sustaining a profit margin.
“In some cases, project prices might be agreed for 18 to 24 months and it means short-term cost increases haven’t been factored in.
“Communication is key and organisations such as CECA Midlands ensure that the industry is talking and that, as contractors, we all understand one another’s pressures.”
Midlands remains the UK’s number one hotspot for start ups
The Midlands remains the UK’s hotspot for early-stage startups, according to Clarity, a new data asset from business advisory firm Quantuma. In a new report on the Midlands economy the firm also reveals that the region is driven by a thriving manufacturing sector, which also leads in terms of growth prospects compared to any other UK region, along with strong performances for the construction and financial services sectors.
Quantuma’s Clarity data model has been created to inform and support the advisory and lending community in developing predictive insight into the health of UK SMEs. In addition to identifying opportunities for growth, Clarity also measures levels of distress amongst SMEs and their respective sectors to spot issues early and support advisers in taking action to resolve them.
A hub for startups but more support needed for maturing businesses
The report analyses the distress of SMEs by age distribution in the region, and reveals that the proportion of the most severely distressed SMEs in the 0-3 years age bracket is significantly lower than in the same category for the UK as a whole. In the Midlands those startup businesses account for only 2% of the total number of distressed businesses, compared with 8% across the UK.
This difference is offset in the 3-7 years age bracket, where SMEs in the Midlands account for 43% of the total compared to 38% in the UK as a whole.
A thriving sector – manufacturing
The UK is currently experiencing a boom in manufacturing, and this is especially apparent in the Midlands. According to data from Clarity, the manufacturing sector in the Midlands is performing well in comparison to all other regions in the UK. In addition, manufacturing SMEs in the region rank 17% higher than their London counterparts when it comes to growth prospects and financial stability. Construction and financial services SMEs also outperform UK SMEs on average, ranking higher on growth and financial stability than London and the UK average.
However, across other sectors in the region, the outlook is not as bright. SMEs in the leisure, utilities, healthcare, and transport and logistics sectors rank lower when it comes to financial stability and growth compared to London and several other regions in the UK.
Identifying distress and jobs at risk
Analysis from Clarity highlights that financial distress for SMEs in the Midlands has been broadly consistent with the rest of the UK. The report also highlights that there are differences within the region when it comes to jobs at risk. Clarity identifies that nearly twice as many jobs are at risk in the West Midlands region (9,000) compared to the East Midlands (5,000). Of those 9,000 jobs, 17 percent are in SMEs that sit in Clarity’s most severely distressed category (15 to 25 times more likely to fail), compared to just 6 per cent in the same category in the East Midlands.
Richard Easterby, director at Quantuma, said: “The Midlands boasts one of the UK’s most exciting places for entrepreneurs to set up their businesses. However, it is important to capitalise on the opportunities to spread growth and investment across the whole of the region, especially when it comes to supporting maturing businesses.“Clarity gives us the opportunity to work with businesses and other professional advisers across the region to plan by identifying the key sectors and individual businesses that need the most attention. Looking at job stability in the region, it is evident that policy makers need to address this uncertainty while also developing new paths to distributing growth opportunities across the Midlands as a whole.”
Work to start on Leicestershire housing development following land deal
Work is starting on a new housing development in a Leicestershire village, after housebuilder William Davis Homes agreed to purchase the site from a local family.
Outline planning permission had already been granted for the scheme in Burton on the Wolds near Loughborough, Leicestershire, in 2019. Detailed plans for the 12.3 acre site have now been approved by Charnwood Borough Council, allowing work to commence on the site, providing high-quality homes to help the authority meet its housing needs.
The development will have 70 homes, with forty per cent affordable housing. There will be a wide range of 1-5 bedroom properties, including houses, maisonettes and bungalows.
Open green space will form almost half of the site. Features will include a community orchard, a children’s play area, cycle paths and areas of wildflower planting for biodiversity.
Through a Section 106 agreement, the development will also contribute over half a million pounds towards local infrastructure, including sums made available for improvements to local schools, health care provision and the village playing fields.
Specialist land development and property consultants Mather Jamie, who are Loughborough based, handled the sale of the site on behalf of the landowners. The journey began in 2014 when William Davis successfully secured an Option Agreement on the site. Final terms for the sale were agreed this year in advance of detailed planning approval being granted.
Gary Kirk, director at Mather Jamie, said: “This is an exciting scheme which will bring a variety of much needed housing to the local area. William Davis have worked hard to deliver a great outcome for our client in a way that balances the need for housing, biodiversity and improvements to infrastructure.”
David Dodge, development director for William Davis Homes, said: “Our team has worked extremely hard to very tight deadlines to negotiate both the land purchase and planning consent on this scheme.
“I am delighted that we have agreed the deal with Mather Jamie and to start work on this exclusive development in a sought-after location. I look forward to seeing the show homes open early next year.
“We have been proud to be part of Charnwood’s development landscape since 1935 and this is another example of our commitment to provide award winning high-quality local housing, and to support the local economy through our apprenticeship scheme, our direct employment of local tradesman and our commitment to a local supply chain.”
