- Business volumes grew rapidly in the quarter to March (+36%) after having fallen last quarter (-23% in December). Firms expect volumes to increase at an even quicker rate in the next three months (+50%).
- Optimism increased at a quick rate in the quarter to March (weighted balance of +29% from -3% in December).
- Average spreads declined in the quarter to March (-19% from -4% in December) but are expected to increase next quarter (+9%).
- The value of non-performing loans increased in the quarter to March (+11% from +3% in December) but is expected to fall next quarter (-7%).
- Profitability grew at a quick rate in the quarter to March (+37% from -3% in December). FS firms expect profitability to increase at a similarly fast pace next quarter (+38%).
- Headcount grew at a fast pace in the quarter to March (+40% from +46% in December). Firms expect headcount growth to accelerate slightly next quarter (+45%).
- Firms expect to increase investment in IT in the next 12 months (compared to the last 12). Capital expenditure on land & buildings is set to be unchanged, while firms expect to cut back on investment in vehicles, plant & machinery.
- Uncertainty about demand was the most commonly cited factor likely to limit investment in the next 12 months (53% from 53% in December).
Financial services activity sees strong rebound in first quarter
Financial services business volumes grew at a fast pace in the first quarter of 2024 after having fallen in the fourth quarter of 2023, according to the latest CBI Financial Services Survey. Firms expect volumes to increase at an even quicker rate over the next three months.
The quarterly survey, conducted between 1 and 19 March, also showed that FS firms’ optimism increased quickly over the quarter. Headcount in the sector grew at a fast pace for a fourth consecutive quarter, and firms anticipate that headcount growth will accelerate further in the next three months.
Key findings:
Community cash up for grabs from housebuilder’s £10,000 fund
Charities and community groups across the East Midlands will benefit from £10,000 of housebuilder funding this year.
Miller Homes has launched its annual Community Fund initiative, which enables local charities, businesses and sports clubs to apply directly to the housing developer for up to £2,000 per organisation as part of the overall pot for 2024.
Each of the housebuilder’s 10 trading regions will have access to £10,000 as part of the Community Fund, including the developer’s Derbyshire-based East Midlands region.
Applicants can request a specific donation amount from Miller Homes, ranging from £250 to £2,000, and must provide their proposals for how the money will be spent as part of their application.
The housebuilder supported several groups as part of its Community Fund programme in 2023, including foodbanks, schools, football and cricket clubs, homelessness charities and autism support groups.
Entries for the first funding round of 2024 can be submitted until Wednesday, April 24, when applications will close for Miller Homes to review the submissions ahead of making their choices of which groups will benefit.
Alastair Parsons, area sales director for Miller Homes East Midlands, said: “As a responsible housebuilder, we appreciate how important giving back to the communities where we’re delivering new homes really is, and our Community Fund enables us to achieve this.
“Twice annually, we open our doors to local charities, sports clubs, small businesses and those who best represent their communities to apply for a donation from Miller Homes to help them achieve their next goals.
“We are really proud to be able to fund local community projects and we always marvel at the stories we hear in response when we see how our money has been used to create positive momentum for those involved.
“So, with applications open again for the first round of funding in 2024, I hope we will receive some inspiring entries once again, to allow Miller Homes to contribute towards our communities as part of our long-term aim to create a better place for people to prosper.”
Renewable energy company expands to Bradmore Business Park
Renewable energy company, GeoGreen Power Ltd has let Unit A Bradmore Business Park in Bunny. The property comprises a detached two storey office building situated within a Parkland Campus to the south of Nottingham.
Bradmore Business Park comprises three sister buildings that were developed in 2011, all consisting of modern detached office space.
FHP let Unit A Bradmore Business Park, which it says generated a strong level of enquiries with the majority of interest leaning more towards a floor-by-floor option of circa 3,000 sq ft, which seems to evidentially be in strong demand for ‘out-of-town’ business park floor space requirements.
Ideally, FHP wanted one occupier to take the whole space available to make it more of an attractive option for its client, although they were open to either. “We were delighted when GeoGreen Power Ltd came along and expressed their interest in the whole property,” FHP noted. “After viewing the suite only once, they were already set that this was the office for them as the characteristics of the building appealed to them and their type of occupation.
Amy Howard, surveyor at FHP Property Consultants, added: “It was a great result in the end for both our client and GeoGreen Power. The demand for ‘out-of-town’ office space especially in this size bracket is not as high as it once was, so it was a great result to secure a deal so quickly and complete on the legals within four weeks of being under offer.
“This property is an example that if a landlord maintains their property well and offers high quality modern office space then the demand is still there and prospective tenants are keen to move.
“GeoGreen Power Ltd had only recently started their office search but had not yet come across one that suited their needs and ultimately fell in love with Bradmore Business Park on their first viewing and I wish them all the best on continuing their journey.
“We are witnessing demand increasing for offices situated within business parks, with accessibility being a key requirement alongside ample car parking making it attractive for employees and accessible. I am excited to see what this year brings with the office market as in recent months we have seen a rise in take up.”
Commercial property agents find own new premises
A commercial property agent has relocated to a brand-new office just a free kick away from the site of one of the firm’s most memorable deals.
Salloway Property Consultants, which specialises in the sale, letting and management of commercial and industrial property together with providing strategic advice on development land, has purchased premises in Royal Scot Road, on Pride Park.
Founded by lifelong Derby County fan Stephen Salloway, the company was responsible for the sale of the Baseball Ground in the 1990s, paving the way for the creation of Pride Park Stadium itself, and the 100,000 sq ft Soccer Dome which it pre-let to JJB Sports.
The new office is designed to allow Salloway to grow the property management side of the business and expand its land development division with both areas becoming increasingly popular with clients.
Staff have worked together to create a contemporary, user-friendly office space, specifically designed to enhance the teamworking ethos which has been the cornerstone of the firm’s success. Managing Director Stephen said: “We have been based on Pride Park since 2005 when we were the very first commercial property agent to move here. But of course, our association with Pride Park goes back in further than that with our links to the stadium and soccer dome.
“With such strong links to the area, it seems very fitting that the future of our company is being shaped so close to the site of a deal that was really significant in our history.
“Since then, Pride Park has gone from strength to strength and is now seen as one of the region’s most successful business parks with a variety business, leisure and residential users sharing the same address in a fully integrated manner. Many of the property enquiries we receive have already determined that Pride Park is their favoured location.
“Obviously Covid was a shock to the market giving rise to the work-from-home and hybrid-working concepts, but we can sense the resurgence – people want the experience of going out to work. We feel that with our own staff too which is why we have invested in a new office.
“It was certainly all hands to the pump at times but that turned the move into a team-building exercise, which I dare say was quite fun at times. There is little doubt that the move has refreshed and energised us all which is timely as the market, like the economy, starts to re-emerge from the doldrums of high interest rates and we are seeing a marked increase in demand for our services.”
Ashby property consultancy re-elects managing partner for third term after overseeing growth to record size
A property consultancy has re-elected its managing partner for a third term after he oversaw its growth to a record size.
Andrew Bridge was unanimously voted to stay on as managing partner at Fisher German by his fellow partners until at least April 2028, having first been elected in 2019.
His re-election follows Fisher German’s merger with the former Matthews & Goodman in 2022, and the opening of a major new office in Birmingham in late 2023, which has made Fisher German a firm of 800 employees.
Andrew is now looking to continue this success by increasing Fisher German’s influence in major cities and ensuring clients receive a joined-up approach from the firm’s many areas of expertise.
He said: “It’s a huge honour that Fisher German’s many partners saw fit to elect me again for a third term. It’s a real vote of confidence in the direction the firm is going in.
“As a firm, we not only want to help our clients with one issue but to enable them to maximise the value they get from us by assisting them in all sorts of property matters.
“We now have an incredible breadth of expert knowledge across our company, from investment; lease advisory, and valuations, through to planning; sustainable energy; infrastructure consultancy; and more.
“Our clients are already reaping the benefits of this cross-section of expertise, and I am confident we can continue to grow our influence and win more instructions as I enter into my third term as managing partner.”
Andrew is also focusing on Fisher German leading by example when it comes to factors such as ESG and career progression.
“Many of our clients are increasingly focused on sustainability and ensuring their supply chain meets that standard – which of course includes Fisher German,” he added.
“While achieving monetary value for our clients is obviously important, we need to match our clients’ values by doing all we can to work sustainably too – whether through having greener office space, partnering with charities, encouraging our colleagues to stay physically and mentally healthy, and enabling them to progress their careers as far as they wish to.
“I’m looking forward to not only leading Fisher German’s growth as a company over the next few years but to growing those values beyond the bottom line too.”
Magpies to build new nest for fans
Notts County’s plans for a new Fan Zone called ‘The Nest’ have been granted conditional permission.
The proposals relate a commercial unit on Iremonger Road in Nottingham, near the Meadow Lane ground, which will be used as a facility to meet before and after matches, selling food and drink from a bar and street food traders, and including a giant television screen showing football matches.
It will also be utilised as a multi-purpose events space for leisure, entertainment and community use.
Notts County said the site will “improve the overall community experience” on match days and several non-match days throughout the year.
The previous tenant was East Midlands Fabrications Ltd, who produced general steel fabrications and architectural metalwork.
The site offers 12,000 sq ft of indoor space complemented by a large outdoor area.
Notts County want to develop a space like that seen at Box Park in Wembley, the Rapidz Fan Zone at Burnley FC, and City Square at Manchester City FC.
Derelict Nottingham building given green light for student accommodation transformation
Plans to transform the Antibo building in Nottingham into student accommodation have been granted conditional permission.
The proposals for 54-60 Lower Parliament Street involve the conversion, extensive restoration and upward extension of the former commercial premises into student residence.
The building dates back to the 1940’s and was originally constructed as a department store. It was most recently home to the Chez Coor restaurant on the ground floor, with accommodation on the upper floors. The site has since been derelict and found to be
associated with anti-social behaviour and illegal activity.
Kexgill Ltd is behind the new scheme, which will provide 49 student bedrooms with associated amenity spaces as well as commercial and office space.
Why financial planning is pivotal in today’s economy: by Karen Sheldon, Director of Sheldon Flanders Financial Services Ltd
Karen Sheldon, Director of Sheldon Flanders Financial Services Ltd, the financial advisory firm based in Derby, speaks on why financial planning is pivotal in today’s economy.
I love the following sayings…’Fail to plan, plan to fail!’ ‘If you don’t know where you are going how can you ever get there?’
Whilst not specifically related to financial planning, this is so true of financial planning and in my view is essential, especially in today’s society. Most life journeys do not continue in a straight line. There are usually twists and turns and bumps along the way and without financial planning you could face difficult times. Financial planning ensures you can plan your journey and if life events get in the way you can adapt.
Financial planning is even more necessary in today’s world. I know every decade has had its challenges, and I’m aware that there hasn’t been such a thing as a “job for life” in a very long time. However, I don’t think I have ever experienced what feels like a constant barrage of challenges and issues affecting markets, issues affecting employment and uncertainty in the economy on such a regular basis, which has in my opinion exacerbated the need for strategic financial planning. I don’t see these challenges ending any time soon.
The world is changing rapidly, new markets are opening up, the employment arena looks vastly different and will only keep changing, and the economy is uncertain. The one thing I absolutely stress though, is whilst we do not know what is ahead of us, we do know what planning tools are available today, and whilst these may change in the future, the benefits of planning today will never change.
When I decided to set up my firm in 2008 I set out to make an impact and give back to the community as well as work around my children and I haven’t looked back since. At Sheldon Flanders Financial Services Ltd, we specialise in pensions and wealth management and I in particular deal with high net worths for this and with group pensions for companies.
As a firm we are on a mission to make sure financial planning is available to all, irrespective of wealth, in a sustainable way. I am looking to grow our team to include advisers that are available to offer advice to those who would at times feel financial advice isn’t available to them. I am also looking to develop an application that will be available to all to help as well in those vital decisions, effectively ensuring we can provide financial planning solutions for all who require it.
Go-ahead given to Rolls-Royce Raynesway site expansion
The green light has been given to Rolls-Royce’s plans to significantly expand its Submarines site in Derby to meet the growth in demand from the Royal Navy, and as a result of last year’s AUKUS announcement.
In March 2023 it was confirmed that Rolls-Royce Submarines would provide all the nuclear reactor plants that will power new attack submarines as part of the tri-lateral agreement between Australia, the UK and US.
This increase in demand will see new manufacturing and office facilities being built at the Raynesway site, alongside a multi-storey carpark, and will create 1,170 skilled roles across a range of disciplines, including manufacturing and engineering.
The proposal includes the demolition of five buildings and the construction of 10.
Rolls-Royce Submarines currently employs more than 4,500 people and designs, manufactures and provides in-service support to the pressurised water reactors that power every boat in the Royal Navy’s submarine fleet.
Hire a drone operator in the East Midlands
Drone videos are all the rage right now and it might be time to invest in a drone video to help captivate potential customers and promote your business online.
Glowfrog provide CAA registered and fully insured drone pilots to capture footage for businesses throughout the Midlands and can even provide drone filming free of charge when included within a wider scope video production project, or be hired for entirely drone-based projects.
Here is a sample of some of the footage they have captured in Derby and Nottingham:
If this is an option you would like to explore, be sure to visit the link below for more information.
-> www.glowfrogvideo.com/drone-video-production
