Pub People accelerates expansion
The Pub People Group, led by Andrew Crawford and backed by investment manager Downing LLP, has accelerated its expansion plans by making several freehold acquisitions.
In September 2022, Downing became the majority shareholder in the Alfreton-based group and committed to funding further growth through acquisitions and investment into the existing business. Downing also provided the funds to refinance the group’s bank debt from NatWest in May 2023.
Pub People has increased the size of its pubs’ freehold estate by c.50% to 30 pubs, including an acquisition of a portfolio of five pubs in June 2023, from one of the UK’s largest tied pub landlords, that the group had operated on a tied-leasehold basis for over ten years, and has several other freehold acquisitions in the pipeline.
Downing has set aside a significant amount of capital for further acquisitions and investment, with no near to medium-term requirement to raise funding from third-party lenders.
Despite a substantial number of pubs being available in the market, the group notes it is focused on acquisitions where it believes it can deploy capital investment to rejuvenate underinvested or undermanaged pubs to achieve minimum net weekly sales of £10k.
Pub People MD Andy Crawford said: “The recent acquisitions and investment underlines our commitment to expanding our high-quality estate of pubs. I am very excited to progress our discussions for further acquisitions in the coming months, which will support the group’s bid to become a market leader in its chosen regions.
“I value the support from Downing, which will allow me and my team to take the group into the next phase of its evolution.”
Pub People chairman Mark Crowther added: “Since joining the group last year, I have been very impressed with Andy and Sarah’s experience and market knowledge. The Pub People team has performed strongly and helped increase the size of the group’s freehold estate by c.50% in under a year.
“I am confident that the group will continue to expand as opportunities become available, thus creating a high-quality leading regional pub business.”
Gautam Chhabra, investment director at Downing, said: “Pub People has performed strongly despite the current economic uncertainty and conditions, and its success is a testament to the focus of its management team.
“The group’s management team and Downing will continue to evaluate new acquisitions and investment opportunities, and we are committed to substantially increasing the size of the group’s freehold estate and geographical footprint.
“We believe we can continue to execute deals that are attractive for sellers and us and especially for the local communities these pubs serve.”
East Midlands unemployment rate drops to 3.3% but record wage rise reflects challenges for businesses
The East Midlands’ unemployment rate has dropped for a second consecutive month to 3.3% for the period between March and May 2023, new figures by the Office for National Statistics (ONS) show.
It fell by one-tenth of a percentage point from the previous reporting period to April, moving in an opposite trajectory to the UK unemployment rate, which rose from 3.8% to 4%.
The region’s economic inactivity rate – which measures the number of working-age people who have dropped out of the labour market for reasons such as retirement, caring duties, long-term ill health or studying – dropped by three-tenths of a percentage point to 21.2%, the lowest level in a year.
East Midlands Chamber Chief Executive Scott Knowles said: “Despite some mild concerns earlier in the year that the unemployment rate was rising, it appears to have stabilised around historically very low levels, which reflects the great resilience of the East Midlands business community amid some very tough challenges.
“Rising economic inactivity has been one of the greatest concerns over the past year as it led to a dwindling labour market, which has restricted capacity – and therefore the ability to grow, raise productivity and bring prices down.
“While this rate remains significantly above pre-Covid levels, it’s pleasing to see this has now come down by just under 1.5% in the past nine months, giving firms more room to manoeuvre.
“Our own research backs this up but also illustrates persistent challenges, with our Quarterly Economic Survey showing seven in 10 businesses that attempted to recruit between April and June experienced problems in filling roles, compared to eight in 10 at the end of 2022.”
Nationally, regular pay grew by 7.3% during this period, a record annual increase despite lagging behind inflation, which stands at 8.7%.
Scott added: “While recruitment problems may be easing slightly, the record rise in wages suggests firms are still facing major cost pressures as the labour market tightness has forced employers to pay more for people at a time when they are being hit by inflation and surging interest rates.
“This is perhaps why future recruitment prospects are less optimistic, with a net 6% decline in East Midlands businesses adding to their headcount for the next three months. The proportion of firms intending to invest in training also declined by 3%, with business confidence fragile.
“What we desperately need is a dedicated Government policy that supports companies to invest in their people, whether that be in upskilling their existing workforce or reskilling prospective employees to fill skills gaps.
“In our Business Manifesto for Growth, we have set out a list of policies we believe will make the required difference, including introducing flexible incentives for businesses that invest in staff training and bringing forward the introduction of the Lifelong Loan Entitlement to support retraining and the retainment of an older workforce.
“We must also tailor policies to recognise the diversity of people who are out of work and avoid a one-size-fits-all solution. We would also like to see Government work with businesses to offer support, and share best practice, on what a flexible and inclusive workplace looks like as this is another vital ingredient in enticing people back to work.”
£25m build-to-rent loan kickstarts homes creation in Leicester
Property developer Monk Estates is to create 171 homes at a historic site in Leicester with financial backing of a £25m build-to-rent loan secured through collaboration between Housing Growth Partnership, Pluto Finance, and the MAF Finance Group.
The build-to-rent loan will be instrumental in supporting the repurposing of an Edwardian factory and the construction of two interconnected new build apartment blocks. Spanning four storeys, the redeveloped former hosiery factory will be transformed into a modern and stylish residential hub, blending heritage with contemporary design.
Next to the factory, the two interconnected apartment blocks have been designed to integrate with the existing structure, enhancing the development’s architectural appeal, and helping to reduce overall massing.
Upon completion, the development will feature 171 residential units, as well as an associated commercial unit which will be available to serve both residents and the surrounding community.
MAF Finance Group co-managing director Dave Chapman said: “Both our property director Paul Delaney and I are extremely pleased to have been involved in arranging the funding and introducing the client to HGP and Pluto Finance, working with all parties, to structure this exciting deal.
“This is the second transaction in the build-to-rent sector in which we have assisted Robert and Sam Monk of Monk Estates, and we look forward to seeing the Hylyfe Leicester scheme flourish alongside Hylyfe Nottingham which is already progressing well.”
Monk Estates director Sam Monk added: “Despite a very challenging market within the finance sector, MAF has once again provided us with top tier service and advice throughout the entire process, from early feasibility through to completion.
“The company has been instrumental in providing us with both initial and long-term development funding, helping us to achieve our goal of creating 1,000 apartments, developed, managed and retained.”
Established in 1991 and based in Nottingham, Monk Estates is a family-owned property development and investment company. It works on projects across a range of sectors including residential, student accommodation, industrial, office, leisure and retail.
Now part of Begbies Traynor Group, MAF Finance Group (previously Midlands Asset Finance) was established in 2009 and spans the complete financial market across the UK, working to support the SME and larger corporate markets to source funding across a range of products.
Nottingham City Council faces £26m budget gap
A report to Nottingham City Council’s Executive Board on 18 July highlights the significant additional pressures on the authority’s budget this year as it meets increasing demand for the services it provides to support vulnerable children and adults.
All councils are facing extreme pressures on their budgets due to the huge and unexpected rise in inflation, a staff pay award agreed nationally, the cost of homelessness driven by the cost-of-living crisis and years of reduced core Government funding.
An early assessment of the 2023/24 budget points to a provisional £26m funding gap which the council will seek to address in the coming months. This work is heavily dependent on achieving savings through an ongoing transformation programme and the council says it is “working hard to ensure this stays on track.”
The council, because it is under the scrutiny of a Government-appointed Improvement and Assurance Board (IAB), has a duty to set a four-year financial plan and clearly demonstrate financial stability.
As part of its work to improve financial management, the council has brought reports forward to its Executive Board next week looking back at last year’s budget, assessing the current budget situation and looking forward to the medium-term financial plan which runs to 2027/28.
This early assessment gives the council the chance to get a good financial grip, strengthen resilience and bring the budget back in line in the coming months to avoid another overspend.
These reports show:
- A £10m overspend at the end of the 2022/23 financial year, which it is proposed will be met from the council’s financial resilience reserve
- A £26m budget gap opening up in the current budget that needs to be addressed before the end of next March
- A gross budget gap for 2024/25 of £51m and £58.7m over the four-year period is inferred but latest estimates based on ongoing work suggest there will be a revised net budget gap of £16m to £17m.
Travis Perkins names new CFO
Travis Perkins has named its next Chief Financial Officer, with Alan Williams set to retire as CFO and step down from the Board in 2024, after seven years in the role.
Duncan Cooper, currently group finance director at Crest Nicholson and an executive director of Crest Nicholson Holdings plc, has been chosen to succeed Alan.
Prior to his role at Crest Nicholson, Duncan, a Chartered Accountant, spent eight years in roles at Sainsbury’s including head of investor relations, finance director – food and director of group finance.
Nick Roberts, CEO of Travis Perkins plc, said: “I’m hugely appreciative of the expertise Alan has brought to the group and the support he has given me and the wider leadership team.
“He has been instrumental in leading us through a period of significant change including the successful sale of the Plumbing and Heating businesses and the demerger of Wickes as part of our strategy of focusing on the trade, as well as shaping our culture and our strategy to become the leading partner to the construction industry.
“We all wish Alan well in his forthcoming retirement in 2024.
“I’m thrilled that the Board has decided to appoint Duncan to succeed Alan as CFO. He brings an ambitious drive with a strong track record of performance focus and rich cross-sector experience having held senior leadership roles at Crest Nicholson and Sainsbury’s. I’m looking forward to him joining the Board and the leadership team.”
Jasmine Whitbread, chair of Travis Perkins, said: “I’d like to thank Alan for his significant contribution to the group over the last seven years, and wish him well in his retirement. Alan has been instrumental in driving the group’s strong relationship with our shareholders and supporting the significant shift in strategic focus for the group.
“I’m delighted that following a thorough and considered process we have been able to attract a candidate of Duncan’s calibre as our next CFO.
“His blend of experience with Sainsbury’s and in the construction industry with Crest Nicholson will enable him to apply his industry knowledge, broad business and strategic acumen and strong leadership to the ambitious agenda we have for the group. The Board and I are very much looking forward to working with him.”
Duncan Cooper said: “I’m excited to be joining Travis Perkins plc in 2024, a market leading business with an exciting and ambitious strategy to be the leading partner to the construction industry.
“The industry is going through a period of significant change, underpinned by requirements for more sustainable, energy efficient buildings and I am looking forward to working with Nick, Jasmine and the Board to help shape the next phase of the company’s evolution.”
Half year revenue and profit drop at Forterra
Forterra, the manufacturer of clay and concrete building products, has hailed a “resilient” first half despite a drop in profit and revenue.
In a trading update for the six-month period ending 30 June 2023, the business said the results were “broadly in line with expectations,” and “delivered against a backdrop of challenging trading conditions.”
Revenues for the period are anticipated to be approximately £183m, a decrease of 18% relative to the prior year (2022: £222.8m), while the firm is expecting to report an adjusted profit before tax of approximately £18m, down from £37.3m last year.
Forterra said progressive signs of market improvement were seen through May and June, but this improvement has been less pronounced than previously anticipated.
In response to the challenging market conditions, and with its brick production capacity increasing with the opening of the new Desford factory, Forterra has mothballed its Howley Park brick factory and implemented other production reductions which will reduce fixed costs by around £10m on an annualised basis.
In addition, the company is consulting with affected individuals on a restructuring of commercial and support functions, aligning them to anticipated demand, which Forterra expects to save approximately £3m annually.
Nottingham construction firm falls into administration
Hundreds of jobs have been put at risk with the entry of Nottingham construction firm J Tomlinson Ltd into administration.
Founded in the 1950s, the business, which employs more than 400 people, has gone under after failing to attract additional finance.
The company is said to have been affected, primarily in its Care division, by long-term contracts with hyper inflation and schemes priced pre-covid, which ultimately impaired the group’s cash-flow.
Accounts for the year ended 30 September 2021 show a turnover increased to £106m, with a reduced £616,000 operating loss.
FRP Advisory has been appointed administrator.
In a statement, Mark Davis, CEO, said: “It is with a heavy heart that I have to announce that J Tomlinson Ltd will be filing a notice of intention to the court today to enter into administration, the proposed administrator will be FRP Advisory, which we anticipate will take place later today (10 July).
“JTL have a number of divisions across Facilities Management, Regeneration, Refurbishment, Engineering Services, and Care. It is the latter division which has been battling long-term contracts with hyper inflation, schemes priced pre-covid which ultimately has impaired the groups cash-flow.
“We as a board have worked tirelessly to attract additional overall finance into the group to invest for the future. Sadly today, we have to announce we have been unsuccessful in this regard. Since COVID-19 impacted the world and the local business community, we have worked tremendously hard to build the JTL brand across our chosen sectors with great success, which is testament to all our people.
“We have many very long service colleagues who have spent a good portion of their lives supporting our business, along with their family and friends, we hoped we would end their journey with a bright future for the next generation, sadly we have run out of time.
“I would like to express my gratitude to the JTL family for their proactive attitude to our customers, to each other, and the supply chain who have supported us over a long period of trading and especially post-COVID and the impact this outcome will have on them, their business, and their employees.
“We have employees with 30 years time invested and customers lasting 15-20 years, which is incredible and tragic. We have done our upmost to communicate timely and provide the support to our teams, which is very difficult when decisions of this magnitude are taken and implemented in the tightest of timelines.
“We will do our utmost to provide support and guidance throughout the forthcoming difficult period.”
How to improve your marketing videos
Marketing videos are a powerful tool to engage your audience and promote your brand. However, not all videos are created equal. Some may fall flat and fail to generate the desired impact. Fortunately, there are a few key strategies that can help you improve your marketing videos and make them more effective. Here are some tips to get you started.
Define Your Audience
The first step to creating an effective marketing video is to define your audience. Who are you trying to reach? What are their interests and needs? Once you know your audience, you can tailor your message and tone to resonate with them. This will help you create a video that is more engaging and relevant to your target audience.
Keep it Short and Sweet
In today’s fast-paced world, littered with carousel style content found on the likes of TikTok and YouTube Shorts, attention spans are short. To keep your audience engaged, keep your video short and to the point.
Depending on placement, your video should ideally be no longer than a minute or thereabouts if it is to be placed on any form of social media, or 2-3 minutes if it’s going to be embedded on your website. Longer videos may be suitable depending on the content, for example it may be possible to create a 10 minute explainer video on YouTube if the content is engaging and interesting enough – but usually, if you have a lot of information to share, you should consider breaking it up into a series of shorter videos.
Tell a Story
Humans are wired to respond to stories. Use this to your advantage by telling a compelling story in your video. Whether it’s a customer success story or a behind-the-scenes look at your business, a good story can capture your audience’s attention and keep them engaged.
Use High-Quality Visuals
Visuals are a crucial part of any marketing video. Make sure your visuals are high-quality and relevant to your message.
The simple truth is that if you want your videos, and thus your brand, to appear respectable and high quality on video, then you need to hire a video production company that specialises in business marketing videos, such as Glowfrog (www.glowfrogvideo.com).
This actually costs far less in the long run than trying to make marketing videos by yourself.
If you’re not sure, consider these six big reasons to hire a video production company.
Focus on Benefits, Not Features
When promoting a product or service, it’s easy to get caught up in the features. However, to really engage your audience, focus on the benefits. How will your product or service make their life better? How will it solve their problems? Highlighting the benefits will make your video more compelling and resonate with your audience.
Include a Clear Call-to-Action
Your marketing video should have a clear call-to-action (CTA) that tells your audience what you want them to do next. Whether it’s to visit your website, sign up for a free trial, or contact you for more information, make sure your CTA is clear and easy to follow.
Test and Iterate
Finally, don’t be afraid to test and iterate. Once you’ve created your marketing video, test it with a small group of people to get feedback. Use this feedback to make improvements and refine your message. Then, test it again until you get the results you’re looking for.
In conclusion, creating effective marketing videos takes time and effort. By following these tips, you can improve the quality of your videos and create content that resonates with your audience. Remember to focus on your audience, tell a compelling story, and highlight the benefits of your product or service. With practice and persistence, you can create marketing videos that drive results for your business.
Focus on Benefits, Not Features
When promoting a product or service, it’s easy to get caught up in the features. However, to really engage your audience, focus on the benefits. How will your product or service make their life better? How will it solve their problems? Highlighting the benefits will make your video more compelling and resonate with your audience.
Include a Clear Call-to-Action
Your marketing video should have a clear call-to-action (CTA) that tells your audience what you want them to do next. Whether it’s to visit your website, sign up for a free trial, or contact you for more information, make sure your CTA is clear and easy to follow.
Test and Iterate
Finally, don’t be afraid to test and iterate. Once you’ve created your marketing video, test it with a small group of people to get feedback. Use this feedback to make improvements and refine your message. Then, test it again until you get the results you’re looking for.
In conclusion, creating effective marketing videos takes time and effort. By following these tips, you can improve the quality of your videos and create content that resonates with your audience. Remember to focus on your audience, tell a compelling story, and highlight the benefits of your product or service. With practice and persistence, you can create marketing videos that drive results for your business.
Ex-SAS: Who Dares Wins star adds to company’s ‘mountainous’ charity milestone
A company that helps people fulfil personal goals while raising money for charity is on course to rake in an incredible £30m to help cancer patients.
Derby-based Ultra Events organises and trains people for free in exhilarating challenges, such as white-collar boxing, ballroom dancing, mixed martial arts, mountain climbs and endurance competitions – changing the lives of both participants and people diagnosed with cancer.
The firm is now set to hit the fantastic £30m milestone, which has been collected for Cancer Research UK since 2014.
Ultra Events founder Jon Leonard said: “We’re really proud to have been able to raise such a phenomenal amount for such an important cause, while at the same time helping people to reach their own goals or make their dreams come true.
“A big thank you to everyone who has helped make this possible over the years.”
The most recent exhilarating fundraiser was a climb up Mount Kilimanjaro – with Jon taking part in the fearsome feat alongside a team including ex-SAS: Who Dares Wins contestant Alan Knight.
Alan, a 39-year-old from Bristol, applied for Series 6 of the Channel 4 quasi-military training show, just four weeks after major eye surgery, having lost an eye to cancer.
Medics discovered the cancer just weeks before lockdown, in February 2020, and he went on the show “to start enjoying life again.”
The disease could have spread to his liver and killed him, so he is now keen to live life to the full.
Two years on, the dad-of-four and self-confessed adrenaline junkie is in remission and has been completing various challenges.
Alan, who runs a gym called Knight Nutrition and Fitness with his son Lewis, 19, has previously walked 42 miles in 12 hours while carrying all his own kit to raise money for a friend suffering a brain tumour and also climbed the 2,907ft Pen Y Fan in Wales continuously for 24 hours, hitting the summit nine times.
It was while trekking up Pen Y Fan where he met a group of Cancer Research UK supporters, who suggested he should do something for the charity.
They linked him up with Jon and a team of 40 climbers was put together for the Kilimanjaro trip.
They flew to Ethiopia last month before moving on to Tanzania, where they tackled the 19,341ft mountain during the 10-day trip from which they have just returned.
Alan, who is married to Megan and boxes and does cardio workouts every day, said: “I raised £11,000 in sponsorship before I even set off for this challenge, and also held a charity night to raise money for the climb.
“Because I nearly died from cancer, I just don’t want to waste my life.”
Before departing for the trip, the thrill-seeker promised: “I’ll be back to work in the gym at 6am the next day after arriving home!”
Jon – who is match-funding any sponsorship for his climb – said: “Alan is just one of the inspirational people we meet regularly through our events. I’m honoured to have had him on board. It was tough, but we were up for the challenge, knowing we are supporting cancer patients.”
Simon Ledsham, fundraising director at Cancer Research UK, said: “Since 2014, Ultra Events and their participants have raised an incredible £29.4m for Cancer Research UK and are fast approaching their £30m fundraising milestone.
“This represents a major contribution to the charity’s efforts to beat cancer sooner through the discovery of new ways to treat, diagnose and prevent a disease that will affect one-in-two people at some stage in their lives.
“We are immensely grateful to Jon Leonard, Alan Knight and all of the Ultra participants for climbing Mount Kilimanjaro and would like to thank everyone who has supported them through sponsorship. The group have now raised over £240,000.”
To sponsor Jon, visit www.justgiving.com/jon-leonard17. To sponsor Alan, visit www.justgiving.com/fundraising/Alan-Knight13.
Secure your place at the unmissable East Midlands Bricks Awards 2023
Taking place on Thursday 28 September, at the Trent Bridge Cricket Ground, the East Midlands Bricks Awards 2023 will celebrate the region’s property and construction industry while presenting the ideal opportunity to connect with local decision makers over canapés and complimentary drinks.
The stand-out event in the business calendar, taking place in the Derek Randall Suite at Trent Bridge from 4:30pm – 7:30pm, will additionally feature Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, as keynote speaker.
Click HERE to secure your tickets for the unmissable occasion.
After attending and winning Deal of the Year at last year’s event, Richard Foxon, Managing Director at Newton LDP, said: “My colleague Sam Jones and I thoroughly enjoyed the East Midlands Bricks Awards 2022, the event was well attended, with some prestigious awards up for grabs. The evening offered a great opportunity to network with like-minded property folk, whilst enjoying the backdrop of Trent Bridge Cricket Ground. Many thanks to all the organisers and sponsors.”
With nominations OPEN for East Midlands Business Link’s annual Bricks Awards, submit your entries NOW ahead of next month’s deadline (Thursday 31 August) – showcase your business, team and projects.
To enter your (or another) business/development for the East Midlands Bricks Awards 2023, please click on a category link below or visit this page:
To be held at:
- 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)
Find out who last year’s winners were here.
Thanks to our sponsors:
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