- The s151 officer, after consultation with the Chief Executive and fellow Corporate Directors, shall present his best professional view on a draft budget for 2024/25 in line with normally expected professional standards but which in particular maximises the level of savings options that Corporate Directors believe can be delivered and thus quantifies the minimum budget imbalance relying on the bid to Government for ‘Exceptional Financial Support’
- Subject only to any professionally required changes determined by the s151 officer, the draft budget for 2024/25 as defined in 1 above, shall be presented and recommended to the Full budget-setting Council meeting for its approval.
IAB issues fresh Instructions for Nottingham City Council’s budget-setting process
Nottingham City Council has been issued with new Instructions relating to its budget-setting process to ensure financial stability in light of current challenges.
They have come from the Improvement and Assurance Board (IAB), which has been working with the authority for the past three years.
Like many others across the country, the council is facing significant pressures on its budget due to the cost of increased demand for children’s and adults’ social care and rising homelessness, which are major factors in an overspend of £23m forecast in the current financial year and a funding gap of £50m in 2024/25.
Following recent confirmation of the Local Government Financial Settlement, discussions are continuing with the Government about Exceptional Financial Support of up to £40m to address the budget gap for 2024/25 and up to £25m for the overspend forecast this year.
Exceptional Financial Support, if granted, does not represent new money or a grant, it would be likely to come in the form of capitalisation which would allow the council to use money from asset sales to deal with revenue pressures.
The new Instructions seek to maximise the number of savings options brought forward as part of the budget-setting process in order to minimise the amount required by the council in Exceptional Financial Support from Government.
The authority has a legal duty to comply with the new Instructions, and savings proposals will be brought forward by officers for discussion by councillors at the council’s upcoming budget meeting.
The significant number of responses received as part of the extensive consultation on these proposals will provide valuable insight which will help to shape implementation and mitigate negative impact as much as possible within the terms of the new Instructions.
The new Instructions from the IAB are set out below:
New Finance Instruction(s) for NCC
Flowing directly from the existing instructions – namely, ‘2.1,Approval of wholly realistic plans and budgets’ and ‘2.2, Establish and Maintain a sound and prudent reserves policy and practice’ – the IAB further instruct NCC as follows:
Rutland goes ‘wild’ as pre-planning application submitted
An ambitious project fronted by the owners of a farming and land estate in Rutland could see native bears, wolves, and lynx reintroduced to the countryside along with other indigenous species, if local proposals are successful.
With conservation at its heart, the aim is to turn over 1000 acres of land stretching from Burley Wood to the Oakham bypass, into Wild Rutland – an immersive visitor attraction, bringing with it employment opportunities and transforming the tourism landscape of Rutland.
The Hanbury family, who have lived and farmed on the Burley Estate for centuries, believe now is the right time to embark upon the Wild Rutland project.
James Hanbury said: “Like many farms in the UK, Burley needs to diversify in order to remain self-sufficient, but it has been a long-held dream of our family to develop a project that benefits the natural environment, builds upon what Rutland has to offer both residents and visitors and retains the integrity of the county.
“We hope that our proposal will be seen as complementary to what is already on offer in Oakham for nature lovers and provide a place where people can explore and learn more about indigenous species and their habitats. We sincerely hope that Wild Rutland will enhance the county and be something that Rutland can be proud of.
“The overriding intention is to improve the natural habitat and ecology of the area, using techniques such as regenerative farming, which in turn will create new opportunities for greater bird, insect and reptile diversity. Ultimately, our ambition is that Wild Rutland will facilitate an education of British nature and encourage people to enjoy the natural world, whilst reflecting positively on and promoting Rutland to a wider audience.
“Wild Rutand would create a job opportunity in sectors such as land management, nature conservation, zoology and hospitality. Like many large visitor attractions across the UK this project has the potential to create a lasting impact on the tourism industry and local economy of Rutland.”
The pre-planning application was submitted in December 2023 and a full planning application is anticipated to be submitted to Rutland County Council in summer of 2024. This application will set out the nature park’s mission to improve the biodiversity of Burley Wood and the surrounding fields.
The team behind Wild Rutland intends that the vision should be shaped through genuine consultation and collaboration with all relevant local authorities, residents, neighbours, businesses, and environmental agencies.
Wild Rutland and Burley Estate CEO Hugh Vere Nicoll has a background in conservation of natural spaces. He said: “It is hoped that this style of collaborative approach will ensure that the final proposal delivers the maximum benefits to the local environment, landscape, community and economy.”
A public exhibition will be announced in early 2024 giving local communities the opportunity to see the plans for Wild Rutland and speak to members of the planning team and estate management team.
Major design and fit-out project completed for AMS Hayley
Design, refurbishment, and fit-out specialists DSP (Interiors) Ltd have completed the bespoke design and fit-out of a new 16,000 sq ft office and warehouse facility for industry supply specialists AMS Hayley Derby at Dunstall Park in Derby.
The company, which is part of Hayley Group, one of the UK’s leading suppliers of engineering components and consumables, is currently based at Riverside Industrial Park, off Raynesway, where its trade counter stocks an extensive range of components and consumables including bearings, seals, power transmission, drives, lubricants, PPE, and tools.
It is now expanding its operation to cope with increasing demand and exponential growth, with the addition of a new building at Ivygrove Development’s Dunstall Park scheme off Ascot Drive.
DSP Interiors, which is based at the Parker Industrial Estate on Mansfield Road in Derby, were appointed principal designer and contractor on the project.
The design, management and fit out, involving three speculative base build commercial business units, was undertaken by the DSP (Interiors) Ltd team. They worked closely with AMS management to deliver a new facility that will accommodate all aspects of the company’s operations from office space to warehouse and logistics.
To maximise the available space and headroom a large mezzanine floor including multiple staircases was installed to double the office space, creating a complete first floor. In addition, a storage mezzanine was installed within the warehouse to increase parts storage. The office block involved a variety of spaces comprising offices, meeting rooms, open plan offices, welfare facilities and a large agile workspace.
The multi-skilled on-site team undertook a variety of works including fire stopping, fire compartmentation, suspended ceilings, dry-lining, joinery, glazed and solid partitions, kitchen fixtures, flooring, decoration and toilets.
All mechanical and electrical works were undertaken by DSP including air-conditioning, fresh air ventilation, lighting, power, data, fire alarm, intruder alarm, CCTV installation and door access systems. DSP also installed large fast action doors to the external roller shutters as well as specification and installation of all furniture.
A variety of features were installed to create a wow factor such as super high resolution graphic walls featuring nature landscapes, acoustic timber slat panels, coloured acoustic ceiling tiles and a feature TV surround complete with programmable halo LED lighting.
The new facility at Dunstall Park will enable AMS Hayley Derby to streamline its operations, optimise storage and improve overall efficiency.
Commenting on completing the project for AMS Hayley Derby, Andy Priestley, director of DSP (Interiors) Ltd Derby, said: “We are immensely proud of the completed project, which has transformed a building shell into a large bespoke office and warehouse facility for the team at AMS Hayley.
“The design promotes collaborative spaces, with a mixture of open-plan offices and agile areas and provides an environment conducive to innovation and efficiency.
“This project is an excellent example of our team’s dedication to delivering exceptional workspaces that seamlessly blend functionality and aesthetics.”
Simon Lister, director of AMS Ltd, added: “We are thrilled with our new, purpose-built office and warehouse facility at Dunstall Park. The collaboration with DSP Interiors has allowed us to create a modern and efficient workspace that aligns with our commitment to excellence and customer satisfaction.
“Andy and his team at DSP Interiors listened carefully to our brief and have created a bespoke office and warehouse facility that not only reflects our brand identity but also provides a functional and inspiring work environment for our employees.
“We cannot thank Andy and the team enough – they have been fantastic throughout.”
Merger sees law firm return to Northampton
EMW has merged with SP Law in a deal that will accelerate the firm’s ambitious growth plans, provide SP Law clients with a wider breadth of services and sees EMW return to Northampton after a 16-year absence.
Based in Northampton, SP Law advises commercial and private clients on a range of legal services, from family law and personal injury through to employment law and commercial litigation. The firm, which merged with Martin Adams & McColl in 2012, was founded by Hassan Shah and Sundip Patel.
EMW is a full-service law firm with offices in Milton Keynes, London, Gatwick and Brighton, and works with both UK and international clients. It recently secured B Corp certification, awarded to companies that place social good and environmental stewardship at the heart of their business.
The firm is focused on delivering an ambitious growth strategy, targeting both organic growth and further complementary mergers.
James Geary, Managing Partner at EMW, said: “We’re pleased to be able to announce the merger with SP Law, which will see the firm’s return to Northampton, where it launched back in 1992. Whilst the Northamptonshire market has served us well despite our absence, we recognise that a physical presence in the county will increase our opportunities.
“The deal will allow us to accelerate growth, build market share and ensure we’re investing in innovation and attracting the very best talent. Hassan and Sundip have built a well-established and highly respected firm with the same values and ethos as ours, and we look forward to working together to deliver on our shared ambitions.”
Hassan Shah, Director at SP Law, said: “Sundip and I have our roots in Northampton and together with our wonderful team, have been privileged to serve our local community over the past 19 or so years. Our recent move to 8 Spencer Parade was part of our strategy to support the town centre.
“We are confident that the return of EMW to Northampton will be great for the town – it is also a clear signal that Northampton has a thriving and dynamic business community and is a place worthy of investment. We look forward to this exciting new chapter for both firms.”
Ibstock enhances concrete capabilities with new acquisition
Leicestershire-headquartered Ibstock has extended its concrete offering with the acquisition of Birmingham-based Coltman Precast (Valerie Coltman Holdings Limited).
The purchase of Coltman’s 9.25-acre facility in Sutton Coldfield which manufactures hollowcore and staircases, has the capabilities to expand Ibstock’s current range, whilst also increasing manufacturing capacity, which supports the company’s Flooring and Structural concrete growth plans.
Established in 1972, Coltman Precast has grown into one of the UK’s largest suppliers of precast concrete products to the construction industry. The central location of Coltman’s Midland-based factory complements Ibstock’s existing flooring factories in the South (Sittingbourne) and the North (Dewsbury).
Tim Wright, commercial sales operations director at Ibstock, said: “The acquisition of a brand as well-known and respected as Coltman Precast is a significant milestone for Ibstock.
“We believe it further increases Ibstock Group’s ability to manage the short-term challenges which are being impacted by the wider economic climate, whilst helping us plan and work towards longer term success.
“We look to the future with excitement as the unlocked potential of this acquisition is immense. Once we have fully integrated the Coltman Precast facility and team into our wider operations, the business will go from strength to strength.”
Ford & Stanley high performer makes internal move into Executive Search
Talent services specialist Ford and Stanley has promoted Billy Jackson to managing consultant with a move into Ford and Stanley Group’s Executive Search business.
Billy joined the company as recruitment consultant in August 2021, before becoming senior consultant and then business manager. Before embarking on his recruitment career in 2020, Billy worked in sales as a technology specialist.
Billy said: “The progression into Executive Search is a natural next step in my career and will enable me to utilise my passion and expertise in digital and technology to support leaders of innovative organisations in building their executive leadership teams.”
Daniel Taylor, director, said: “Throughout Billy’s career at Ford and Stanley what became apparent was his communication, ability to consult and willingness to go above and beyond for clients and candidates.
“As an organisation, we pride ourselves on identifying and unlocking potential and allowing people to play to their strengths. We do this by providing opportunities to experience and explore working in different businesses within the group.
“Billy joining our Executive Search business provides real strength in depth, in addition to bringing expertise and knowledge of the tech and digital sectors, which has been an exceptional area of growth throughout 2023.”
Wealth management firms merge
Holleron Wealth Management is joining forces with another wealth management company.
The Stanton by Dale-based firm, established 10 years ago by Kevin Holleron, is merging with Sovereign Wealth.
According to the firm, the decision to merge with Sovereign was driven by a number of factors, including its ambitions for growth.
Holleron said that Sovereign shares synergies with the firm, including its values, culture, passion for excellence and focus on clients.
The firm’s team of 14 will continue to be based at its Grove Farm headquarters.
Kevin, Managing Director at Holleron Wealth Management, said: “Together, we look forward to a bright and prosperous future. We will as always strive to shine a light on Derbyshire, celebrating our region as well as building a business where our clients continue to be at the very heart of everything we do.”
Clowes Developments supports colleague to raise £5,000 in sponsored walk for Derby and Burton Hospitals Charity
Clowes Developments, a prominent name in the Derbyshire business community, organised a sponsored walk at Pride Park Stadium on Sunday 28 January to support the Derby and Burton Hospitals Charity.
The event aimed to raise funds for the Lymphoma Care and recognise the exceptional care provided by the hospital, particularly to Clowes employee Paul Turner.
Paul previously received outstanding care and treatment from the hospital’s lymphoma department. To express gratitude and thanks, Paul asked his colleagues, family and friends to contribute to the cause by bringing over 100 participants together for a sponsored walk, covering 10 laps around Pride Park.
Kate Henderson, Head of Marketing at Clowes, said: “Paul asked me to help him coordinate an event to raise money so he could give something back to the services that helped him through his cancer journey. It was amazing to see so many people (and dogs) who came out to show their support for this amazing cause. To date we have raised just over £5,000 which is incredible.”
The funds from the walk will be directed towards the lymphoma department, specifically for the purchase of essential equipment. The contribution is expected to significantly enhance the care provided to patients undergoing cancer treatment.
Paul Turner, expressing his gratitude, said: “Thank you to everyone who braved the cold and walked with us on Sunday. I am truly grateful for the incredible support from my family, friends, colleagues and everyone at Clowes. The Derby and Burton Hospitals Charity is a great cause and I hope that it will positively help others who may be going through a similar journey to what I experienced.”
Jill Matthews, Chief Officer at the Derby and Burton Hospitals Charity, said: “We are profoundly grateful to Paul and his family, friends and colleagues for their commitment to supporting our charity. The funds raised will play a crucial role in acquiring much-needed equipment, making a substantial difference in the lives of patients undergoing treatment for cancer.”
A Just Giving page is available for anyone who wishes to make a donation.
Narcissistic CEOs are bad for share value but good for company inertia, finds new Nottingham Business School research
Narcissistic leaders are bad for share value, unless they are seen to stimulate innovation and growth at companies suffering from corporate inertia, according to research which analysed how CEO narcissism affects stock recommendations from securities analysts.
The study by Nottingham Business School, Middle Tennessee State University, and the University of Leeds is the first to explore the relationship between CEOs who are linked to excessive risk taking and their value to a company.
Securities analysts provide investors with performance forecasts and recommendations on the attractiveness of investing in company stock. Existing research has shown that these recommendations can affect a company’s market performance by influencing the price people are willing to pay for the company’s shares.
The study analysed data from the Standard & Poor (S&P) 100 index and covered 75 CEOs from 66 S&P 100 firms over a ten-year period. Researchers adopted widely used unobtrusive methods to measure narcissistic tendencies, including those that are under the CEO’s control along with aspects of narcissistic personalities such as arrogance, entitlement, and self-absorption.
This included exploring the use of photos in annual reports, first-person singular pronouns in shareholder letters, and cash and non-cash compensation compared to the second-highest paid executives.
The research also looked at whether firm age, size and reputation were mitigating factors against the impact of CEO narcissism, as well as considering variables which may affect securities analyst recommendations, including CEO age and tenure, and return on assets, shareholder returns, R&D intensity and institutional ownership of stock.
Narcissistic CEOs were shown to have a negative impact on recommendations, with analysts issuing weaker stock recommendations. This was especially so for larger firms where narcissistic leadership could clash with bureaucracy.
However, the findings also revealed that securities analysts will announce less pessimistic stock recommendations when the firm has an established reputation and appears to be prone to corporate inertia, signalling that they believe a brash leadership style and inclination towards risk-taking could improve its performance by stimulating change and innovation.
Dr Feray Adıgüzel, senior lecturer in Marketing at Nottingham Business School, part of Nottingham Trent University, said: “Previous research has focused on the firm level consequences of narcissistic leaders. Our study is one a few that considers their impact on external parties – in this case securities analysts, whose expectations and predictions can have an adverse effect on the legitimacy of a company in financial markets.
“While there are some mitigating circumstances, overall securities analysts do not consider CEO narcissism to be of value to a company and this can have an impact on its strategy and performance.
“This reinforces the view that narcissism as a CEO personality trait has downsides and underlines the importance of being mindful when boards appoint, monitor, and reward a CEO – as many leaders with this trait may lack self-awareness and do not have the necessary oversight to protect the company from its harmful consequences.
“This task seems especially urgent now, at a time of great expectations regarding the role well-led companies and institutions can play in tackling the grand challenges society currently faces.”
The paper Chief executive officer narcissism, corporate inertia, and securities analysts’ stock recommendations has been published in the journal Strategic Organisation.
2024 Business Predictions: Kevin Tunnicliffe, CEO of the Sort Group
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Kevin Tunnicliffe, CEO of the Sort Group.
2023 was a rollercoaster of a year for the property industry, with numerous challenges ranging from high inflation and multiple Bank of England interest rate increases to escalating mortgage rates and the cost-of-living crisis. These factors led to an inevitable reduction in the number of homeowners buying and selling and impacted on various areas of the sector including mortgage brokers, estate agents and conveyancers.
Overall, I think the industry will remain flat in 2024, with a potential return to normality in 2025. However, this all depends on what happens in relation to the main factors facing our industry this year.
The burning questions are whether mortgage rates will continue to drop, and the cost-of-living crisis start to improve and whether inflation will stabilise. Other factors likely to affect the property industry include the possibility of a general election, whether people will be less reluctant to move house, and the likelihood of any home buying incentives being introduced in the next Budget.
We have observed gradual changes, particularly with the rise of better mortgage rates and deals which have encouraged some buyer activity. However, more needs to be done for the housing industry to return to some kind of normal.
Here at Sort Group, we have identified two big opportunities for our business and the wider industry to make positive change.
Huge changes need to be made in the wider Conveyancing industry, namely better collaboration from all parties, improved communication, higher fees and investment in training and development.
We’re trying to kick-start this positive change and on 11 January, we hosted a conveyancing ‘levelling up’ forum, where panel managers and conveyancers within the industry came together to have an open and honest conversation about the common challenges and how we can develop solutions.
In our industry, focusing on how technology can improve and complement customer service and enhance the customer journey is a key factor. At Sort Group, all our software is bespoke and built in-house. We’re currently working on an exciting new project that will assist the wider marketplace in 2024.
