Magma make five promotions
Magma Chartered Accountants has made five promotions across their Rugby and Leicester offices.
The promotions are across the firm’s Audit, Business Services and Corporate Finance teams.
In Audit, Luke Edwards becomes associate director, Kaylee McCarthy becomes senior manager and Laura Vincent is promoted to assistant manager.
Within the Business Services team Emma Steptoe has been promoted to senior manager, and Chris Matthews becomes senior manager within the Corporate Finance team.
For Luke, Kaylee, Laura and Emma who have all been with then firm for several years, their promotions mark the latest stages of their progression within the firm. Chris’ first Magma promotion follows a successful spell in the firm’s Corporate Finance team.
Mark Tuckwell, managing partner, said: “Individual progression is at the heart of the business’s own success and these further five, well-deserved, promotions highlight our continued and exciting trajectory.”
Pall-Ex makes corporate sales director appointment
Leicestershire freight distribution network Pall-Ex has appointed Bridie O’Halloran as corporate sales director.
Bridie brings with her a wealth of experience, boasting 30 years in sales, 23 of those in logistics, with a background of managing sales teams in renowned logistics companies such as Target Express and Parcelforce.
In her new role, Bridie will build a robust pipeline of corporate accounts and travel across the UK to engage with customers and promote Pall-Ex services. Key responsibilities include focusing on new business and exploring diverse sectors – with the aim to grow market share significantly.
Michelle Naylor, commercial director at Pall-Ex, said: “We are thrilled to welcome Bridie to our team. Her extensive experience and proven track record in sales and logistics will undoubtedly drive Pall-Ex to new heights. We look forward to achieving market share growth and enhancing our presence in various sectors under her leadership.”
Starting her sales journey as a door-to-door salesperson selling double glazing, she transitioned into logistics as an international coordinator. Bridie’s dedication and leadership qualities saw her rise to the position of area sales manager at Target Express, where she managed sales teams and earned numerous awards over 11 years.
Bridie expressed her enthusiasm, saying: “I’m delighted to join Pall-Ex, I was especially drawn by the passion and commitment of the team I met during the interview process. The member-owned structure of the company and the advanced IT capabilities, notably the impressive tracking and ETA features, were also key factors in my decision. I’m looking forward to contributing to the company’s success.”
Food and drink manufacturers remain confident despite mounting challenges
Eight in 10 (81%) leaders in the UK food and drink sector feel positive about the prospects of the industry over the coming year, but mounting pressures including the twin threats of higher energy costs and constraints on consumer spending will continue to test businesses’ resilience, accountancy and business advisory firm BDO LLP has warned.
BDO’s annual Food & Drink Report, which surveys manufacturers in the sector, reports a high degree of optimism among food and drink manufacturers.
Although down slightly on last year (78%), 70% of respondents are feeling positive about the future of their own business in the next 12 months. This is buoyed by the big jump in optimism for the sector overall which has increased from 69% in 2022 to 81%.
Over a third (40%) expect an increase in their gross profit margins over the coming year and, as the buoyant mood continues, a further quarter (24%) are planning acquisitive purchases. Almost a third (30%) say new product development will be a key driver for growth across the next 12 months, whilst 29% say expanding in non-European Union (EU) markets is a key focus.
Despite the confident outlook, BDO’s survey highlights the myriad of challenges businesses in the sector are facing.
Half (50%) of the respondents reported difficulties in recruiting the people they need, with engineering and project management or production-related roles the hardest to fill. Almost two fifths (39%) of those experiencing recruitment challenges believe skills shortages are worse now than before Brexit and COVID-19.
Digital transformation remains a key area of investment to boost productivity and gain competitive advantage. The majority of respondents state their executive teams recognised the importance of this, however 60% aired concern that they were falling behind on their digital transformation journeys as firms grapple with unswerving economic headwinds. In addition, 28% say they are taking on higher levels of debt to counteract inflation.
The Ukraine conflict continues to affect 65% of businesses in the survey. According to the BDO report, overly complicated import-export rules are cited as reasons for hampering trade. Almost two thirds (63%) are finding it hard to trade with Northern Ireland via the Trader Support Service, with a further 69% struggling to use preferential origin under the UK’s Free Trade Agreements.
Cindy Hrkalovic, head of food and drink at BDO, said: “After enduring Brexit, COVID-19, supply chain disruption and a cost-of-living crisis brought on by a war in Ukraine, food and drink businesses should be applauded for the resilience and adaptability they have demonstrated.
“However, the long-term nature of many of the threats facing UK food and drink companies suggests that leaders will need to stay flexible and think strategically about the future of their businesses. Sticking-plaster measures from businesses or government will not suffice in an environment where a return to normality – whatever that is – remains elusive.”
Food and drink is the biggest manufacturing industry in the UK with a turnover of £128bn and exports worth £25bn. The sector employs 456,000 people in the UK, with its supply chain employing a further 4.3m people.
Proposals for Edwalton Community Hall given green light
Plans for a new Community Hall in Edwalton that will benefit many of its new communities and wider West Bridgford have been given the green light.
Rushcliffe Borough Council’s (RBC) Planning Committee approved proposals that will see the site home to a meeting room, open plan community room, kitchen, publicly accessible toilets for use by allotment and community park users and a small storage facility for the potential use by Friends of Sharphill Woods.
The new hall located off Rose Way could create nine full time employment positions.
With environmental considerations in mind, a PV Solar array will be positioned on its south facing roof and an air source heat pump installed to ensure the structure is as carbon clever as possible.
27 parking, six disabled spaces and five cycle spaces will be created as part of the development.
RBC’s Cabinet Portfolio Holder for Transformation, Leisure and Wellbeing Cllr Jonathan Wheeler said: “This is great news for Edwalton and the wider West Bridgford community.
“The new centre will be a great new venue to hold events, meetings and celebrations for residents living in newer communities in Edwalton and those in adjoining neighbourhoods in the area and West Bridgford.
“It will also be home to a storage facility for Friends of Sharphill Woods, supporting their ongoing efforts and first Green Flag Award earlier this year.
“We are of course mindful of residents’ needs with further infrastructure such as this when the Borough grows as it has significantly in this location.
“It accompanies our capital programme elsewhere in the Borough with the £20m invested in Bingham Arena recently and over £2.5m of improvements at Leisure Centres in Keyworth and Cotgrave in the coming years to enable them to remain both financially and environmentally sustainable.”
£330k awarded in Leicestershire to develop pioneering approach to creating new business from university ideas
Innovation partners in Leicester and Leicestershire have been awarded £330k by Research England to develop a pioneering approach to creating new products, services and business from university ideas.
The three universities of Leicestershire, alongside business partners are amongst a small number of projects to be selected by Research England to deliver on novel approaches to commercialise their research.
Innovation Catalysed & Enabled (ICE) Leicestershire will create new accelerated pathways for university intellectual property and ideas. The University of Leicester, Loughborough University and De Montfort University will share IP and ideas with a community of businesses, graduates and students adopting an open innovation approach to sharing, testing, and developing business concepts.
The target is to deliver novel products, services and businesses and energise the innovation culture of the city and county. The project will build connections with businesses and create opportunities for students to deploy and develop skills, build experience and catalyse enterprise.
The delivery and success of the model will be reviewed and documented in order to deliver a scalable model capable of deployment across the UK.
William Wells, Deputy Director of the Research & Enterprise Division at the University of Leicester, said: “The approach we will be adopting is genuinely novel and innovative in itself. It is possible because of the very close working relationships between the county’s university partners and effective co-design with the start-up community and local enterprise partnership.
“Following the loss of European Regional Development Funding, this investment is a real boost to the local economy and will stimulate exciting new ways of working that Leicestershire needs.”
Dr Nik Kotecha OBE DL, Chair of Innovative Leicestershire, said: “The Innovation Catalysed & Enabled (ICE) Project being led by the county’s three universities aligns powerfully to our strategic aims, as it will unlock the skills, knowledge, energy and networks within our local innovation eco-system. We are alert to, and champion, the significant innovation assets within our county, yet this is presently not exploited to the fullest potential.
“We have low levels of investment in R&D in Leicestershire and low proportions of technology driven, export intensive businesses. Our region is also underserved by public investment overall, with the lowest level of public spending per head in the UK.
“This initiative is potentially transformational, as it seeks to challenge and tackle some of these key issues, and we stand ready to make the most of this opportunity.”
Professor Richard Thomas, Deputy Pro-Vice Chancellor for Research and Enterprise at the University of Leicester, said: “The Innovation Catalysed & Enabled (ICE) project led by the University of Leicester in partnership with the county’s other universities builds on the economic impact that our innovation projects have on the regional community.
“It is aligned with the development of a regional patient capital fund, Midlands Mindforge which will be investing in innovative regional businesses.
“We are really pleased that Research England has chosen to invest in innovation in our city and county and we look forward to developing best practice which can be further exploited here and in other parts of the country.”
Professor Mike Kagioglou, Pro Vice Chancellor for Research and Business Innovation, said: “As an impactful university rooted in our community, DMU is proud to be part of this project and work with colleagues at Leicester and Loughborough to help bring new ideas to market through this programme.
“This collaboration will make it quicker for new businesses to commercialise the intellectual capital within the three universities to positively impact business growth in our region through research and innovation.”
Professor Dan Parsons, Loughborough University Pro Vice Chancellor Research and Innovation, said: “Across the region we have a vibrant research community with a strong track record collaborating on innovative research that turns ideas into successful businesses.
“This project helps create an ecosystem to better support our research entrepreneurs and encourage innovation. By cultivating an environment where postgraduate students and researchers with commercial ideas can benefit from accelerated pathways for IP leading to impact, we can create opportunities for our people, place and partnerships to flourish.”
De Montfort University, Loughborough University and the University of Leicester are part of the Universities Partnership civic agreement. The agreement is a commitment between the three universities and the city and counties of Leicester, Leicestershire and Rutland to work together for the benefit of local people and the prosperity of our places.
Move of customer service operation to Derbyshire sees Frasers Group put 100 jobs on the line
Frasers Group’s plans to move the customer service operation of its Studio Retail business in Accrington, Lancashire to its Derbyshire HQ in Shirebrook have been revealed.
Reports in the Lancashire Telegraph indicate that the retail giant has entered into a consultation with 100 staff, who were contacted via email of the plans which aim to improve operational efficiency.
It has been reported that employees will likely be made redundant on 26 November.
Frasers Group acquired Studio Retail out of administration last year.
The news comes as Frasers Group further increased its stake in Boohoo from 13.4% to 15.1%.
Next to acquire FatFace for £115.2m
Leicestershire retailer Next has signed terms to acquire FatFace for a total equity value of £115.2m from a consortium of Financial Institutions.
The consideration will be settled partly in cash and partly by the issue of new Next shares and management equity rolling over into the new structure.
Upon completion of this transaction, which is expected to take place within the next few weeks, Next will hold 97% of the equity and FatFace’s management will hold 3% in the business. Management will also participate in an additional performance related equity scheme.
FatFace will retain its management autonomy and creative independence. The company will retain its own Board of Directors and continue to be based in Havant, Hampshire. FatFace has been a LABEL brand selling on next.co.uk since 2016 and it is anticipated that it will migrate its online operations onto Next’s Total Platform within the next twelve months.
The deal follows a period of strong trading for FatFace under the leadership of its CEO Will Crumbie. In the 52 weeks to 27 May 2023, FatFace achieved total sales of £282m. Statutory profit before tax in the same period was £19.5m.
Digital channels account for 40% of FatFace sales, with the remainder largely coming from their retail stores. It is anticipated that the company will continue to trade and develop its own retail store portfolio.
Will Crumbie, who joined FatFace as CFO in 2014 and became CEO in 2021, will continue to lead the business.
Shoe Aid charity to benefit from local fundraising
Staff members at Nottingham-based accountancy firm Page Kirk showed their support for charity once again last month and their choice of beneficiary shows they have their feet firmly on the ground. Shoe Aid is the cause set to benefit, which will mean more footwear for people who need it most from those who are homeless to children living in poverty.
Page Kirk supported Shoe Aid’s September campaign, ‘Steptember, stepping up to footwear poverty’. The campaign involved Tuesdays transforming into, ‘Shoesdays’, where the charity asked their supporters to take part in fun and creative ways to raise awareness.
A range of fundraising events were organised at the accountancy firm, Page Kirk, including a day when people wore odd or old shoes, a shoe-themed bake sale and a shoe-throwing competition. The staff also asked family and friends to donate old shoes that could be used by the charity.
All the fun was overseen by Page Kirk’s Head Receptionist Amanda Willis, who visited Shoe Aid’s Nottingham HQ and saw at first hand the value of the work the organisation does.
Shoe Aid can provide anything from school shoes and sports shoes through to prom shoes. Any footwear, in fact, that will help people in need lead a more active and fulfilling life. It also focuses on supporting the 280,000 homeless people in the UK, 10,000 of whom live on the streets.
“It has been great fun supporting such a worthwhile organisation,” said Amanda Willis, “and we’re delighted that the money we’ve raised and items we’ve collected will go towards helping people get hold of some of the essentials of life: a decent pair of shoes.”
Andy Hughes, CEO of Shoe Aid, said: “There is global footwear poverty which impacts 1.5 billion people worldwide. We believe it’s wrong that millions of unwanted shoes end up in landfill, almost two million every week. It’s been wonderful to see so much enthusiasm and commitment from our friends at Page Kirk, helping us to make a difference.”
If any other business is interested in supporting Shoe Aid – or indeed another charity – it’s possible to benefit from tax relief. Page Kirk’s accountants are able to offer advice as to the best way of reducing corporation tax liability by donating to a good cause. Find out more here: https://www.pagekirk.co.uk/news/blog/archive/article/2023/September/tax-benefits-of-charitable-giving
First units sold at new Leicestershire business park
Units A and B at Beauchamp Business Park, a new commercial development in Kibworth, Leicestershire, have now been sold. Purchased by a Leicester-based family of investors, the deal demonstrates the strength of demand from local businesses for sites at the scheme.
Beauchamp Business Park is being brought forward by Clowes Developments and its team including IMA Architects, TanRo, Millward Consulting Engineers, Gateley’s Legal and Postins Project Services. Philips Sutton and TDBRE have been instructed as agents on the scheme.
The first to be sold, Units A and B are both prominent, road facing buildings comprising a total of 25,169 sq ft. Along with Units C and F, they are being constructed by lead contractor TanRo, along with IMA Architects who are providing all architectural services and acting as Principal Designer on the scheme.
Construction is underway at the site with the steel frames currently being put into place. Phase One completion is expected in April 2024 with Phase Two coming at a later date. When complete, the site will feature a series of freehold and leasehold industrial units ranging from 1,270 sq ft to 10,085 sq ft.
Paul Turner, construction director at Clowes Developments, says: “We are proud to be delivering another scheme that will benefit the East Midlands economy and boost job creation in the local area.
“We have seen strong demand for the buildings at Beauchamp Business Park, with the majority of enquiries coming from local businesses and investors, as demonstrated by the sale of Units A and B.”
Agents Phillips Sutton and TDBRE have been working closely with interested parties during the planning process which has seen Beauchamp Business Park receive unprecedented interest from day one.
North Nottinghamshire aviation firm secures multi-million pound export growth support
DEA Aviation Limited has secured growth funding worth £16.5m from Santander UK with the support of UK Export Finance, the UK’s export credit agency
Based at Retford Gamston Airport in North Nottinghamshire, DEA provides specialised aerial data acquisition services to the intelligence, surveillance & reconnaissance, search & rescue and aerial mapping sectors. It provides critical security services demanding class-leading safety and compliance processes. DEA now employs over 200 people worldwide, most of whom are highly-skilled engineers, pilots, sensor operators, systems architects and software developers operating from accredited facilities in Nottinghamshire.
The funding has been secured thanks in part to a UK Export Finance guarantee issued under its Export Development Guarantee product. This allows DEA to unlock substantial new funding and replaces existing term loans.
DEA expects to use the additional growth funding to create jobs and to increase capacity and capability investment to meet customer demand in its complex and growing end-user markets across the UK, Europe and beyond.
Joanna Allen, CFO of the DEA Group, said: “We are pleased to have been supported by Santander UK and UKEF in this refinancing as the group enters its next phase of growth. The funding recognises that DEA is a substantial exporter and will enable the company to continue to expand its services internationally where we have built a strong reputation with prestige customers in Europe and beyond.
Liz Pickering, Relationship Director at Santander UK, said: “DEA is a key provider of services in the region and we believe this is the right funding structure to enable DEA to fulfil the exciting future growth opportunities in critical sectors.”
