Chris Stevens, CEO at Kangaroo Self Storage, said: “Strategically, we see this as a significant transaction in the future repurposing of retail into other use classes. We expect to do more transactions like this as Kangaroo continues to expand its presence in the UK.”
The transaction was led by George Kearney at LCP, part of M Core, the owners of M Park Alexandra. Their advisers were Henry Phipps of Edgeley Simpson Howe and Osborne Clarke.
George Kearney, Senior Asset Manager at LCP, said: “We are thrilled to support Kangaroo Self Storage in developing their retail park presence at M Park Alexandra. With its prime location and excellent infrastructure, this site is perfectly positioned to serve the Grimsby community’s growing need for flexible and accessible storage solutions.”
Kangaroo Self Storage was advised by MBM Commercial, Temple Bright and JLL.
Self-storage company expands footprint with Grimsby site
A self-storage company is building its presence across the country with a new site in Grimsby.
Kangaroo Self Storage has purchased a large former retail warehouse on M Park Alexandra, the retail park in Grimsby. The site was previously occupied by home improvement retailer, Wickes. The large format building occupies a prime site on the Retail Park and already has B8 consent, enabling the site to operate as self-storage with immediate effect.
The store will deliver a net floor space of 80,000 sq ft, trading over three levels. When fully fitted, the Grimsby store will be one of the storage company’s largest stores.
Gareth Dougherty, Acquisitions Manager at Kangaroo Self Storage, said: “M Park Alexandra is the perfect location for trialing our new retail park presence. It’s a very visible and convenient site with easy access and ample parking.
“As the need for storage becomes more lifestyle-driven, a site like this supports our ambition to bring storage directly to our customer base. We are delighted that M Park Alexandra landlords have been flexible and forward thinking – considering the current and future uses of sites like this.”
2025 Business Predictions: Victoria Templeton, Knowledge Manager at HR Solutions
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 Victoria Templeton, Knowledge Manager at HR Solutions.
With significant developments on the horizon, now is the time to consider how HR must evolve to be ready to protect businesses in 2025 and beyond.
With the Employment Rights Bill, and the upcoming Equality (Race and Disability) Bill, we’re expecting 28 different reforms to worker rights and protections, which, collectively, will bring the most significant developments in employment law in decades.
Other Bills which will also have an impact on employment are the Children’s Wellbeing Bill and the Digital Information & Smart Data Bill, which is expected to incorporate rules and standards for AI. HR must embrace this technology to stay ahead of any competitors.
There’s never been a more important time to keep up with employment legislation. With this comes training needs. Not just for managers and employees, but for your HR team, since they advise the business on how to remain compliant.
Data analytics is also a must so that HR practitioners can gain insights needed to make informed decisions that will go on to shape both the people and business strategy.
A clearly defined people plan is vital to ensure the right structure, resource and skills to support the delivery of business goals and objectives.
Private equity investor backs Mansfield battery power specialist
LDC, the private equity investor which is part of Lloyds Banking Group, has made a significant investment in battery power specialist Power Saving Solutions to support its organic growth strategy.
Mansfield-based Power Saving Solutions provides high performance battery storage units and hybrid power systems for commercial use.
Its Hussh Pod units work in conjunction with a variety of power sources, including diesel generators, renewable energy and on-grid sources, to give customers a hybrid power solution that maximises site efficiency, reduces emissions, reduces noise pollution and cuts costs for fuel and maintenance.
Power Saving Solutions has a strong track record of growth, driven by rising demand from sectors including construction, transport and utilities for products that support the transition to more cost-efficient clean energy sources.
It operates both a rental, sales and service model and has increased revenues by 34% in the year ending 31 December 2023. During 2024, it has doubled its manufacturing and technical labour force to increase capacity and support further R&D.
LDC is backing the business’s management team, led by Andy Richardson, Tom Cummins and Graeme Maxwell. The firm’s support will help Power Savings Solutions to cement its position in the growing battery storage industry and deliver a growth strategy underpinned by product development and diversification into new end markets.
The investment was led by LDC’s East Midlands and East of England team, including Partner David Bains, Investment Manager Nicole Wong and Investment Director Simon Peacock, with David and Nicole joining the board as Non-Executive Directors.
As part of the transaction, Gary Jacobson will join the business’s board as Non-Executive Chairman, bringing with him more than 20 years of sector experience from his time with Bifold Group and Rhino Products. Mike Marrison, formerly of LDC-backed equipment-as-a-service provider SRL Traffic Systems, also joins as a Non-Executive Director.
Andy Richardson, CEO at Power Saving Solutions, said: “The last few years have been transformative. The investments we’ve made in our products and people have put us at the forefront of a growing market that is making the nationwide transition to cleaner energy sources possible.
“When choosing an investment partner, I was immediately impressed by LDC’s commitment to the transition to net zero, as demonstrated by their partnerships with other ESG-focused businesses. With LDC’s assistance we believe there is a fantastic opportunity to continue to grow and take advantage of increasing demand for our products and services.”
David Bains, Partner and Head of the East Midlands and East of England at LDC, added: “Battery storage has an essential role to play if the UK is to decarbonise its energy system by 2035.
“Power Saving Solutions has established itself as a market leader, with a product set that enables customers to balance their existing generation with cleaner, more cost-effective options. We’re excited to support Andy and his team as they continue to grow across the UK.”
LDC was advised by Gateley (legal), Grant Thornton (corporate finance), BDO (financial due diligence), CIL (commercial due diligence), BFY Group (energy), KPMG (tax) and Better Faster Growth (sales).
Power Saving Solutions was advised by FRP Corporate Finance (corporate finance) and Jamieson Alexander (legal).
The Polish Club changes hands for first time in generations, breathing new life into the property
The sale of The Polish Club has completed, breathing new life into a once thriving property.
The 7,000 sq ft community building on Derby’s Kedleston Road is a property that many people will have visited over the years for parties, discos and all kinds of celebrations and get-togethers.
Salloway Property Consultants were appointed by The Polish Catholic Mission to assist with selling the property with vacant possession. The premises, which comprise the former residential dwelling to the front and community hall to the rear, proved popular during the initial marketing period.
“I am delighted that the sale has now completed,” said William Speed of Salloways. “As everyone will be aware, the property was under offer before to a special educational needs school. Sadly, planning permission was not forthcoming and the purchaser withdrew.
“After approaching the under bidders, we quickly secured another purchaser to progress with the property, ensuring that as little time as possible was lost.”
The Polish Catholic Mission were sad to see the property move on but were excited for what the future holds for the property. A representative said: “Whilst we are of course sad to say goodbye to a property that we have called our home for such a long time, we are excited for our next steps in Derby, a city we have called home for generations now.”
Speed concluded: “There is still an acute shortage of good-sized lots on the market that are suitable for redevelopment for schools, nurseries, care homes, doctors’ surgeries or any other service providing occupiers. We would be delighted to hear from anyone considering selling similar sites.”
Leicester toy charity to make a difference this Christmas thanks to donation
Children in Leicestershire who don’t receive gifts at Christmas will now be able to enjoy some festive cheer, thanks to a donation to a local toy charity.
Toys on the Table – which was set up 20 years ago – has been awarded the grant by Platform Housing Group.
The donation was part of the social landlord’s yearly community kindness campaign, which will see it support 62 local specialist organisations, charities, food banks and events across its East Midlands communities, totalling £35,039.12. Overall the campaign will donate £82,135 this year.
Bindya Mistry, Community Engagement Officer at Platform Housing Group, said: “We are so pleased to support the fabulous work undertaken by Toys on the Table, an organisation run purely by the goodwill of volunteers.
“As a social housing provider, we have more than 3,300 homes across the city of Leicester and the wider county and it is very likely that many of these children will be receiving gifts from Toys on the Table.
“It is heartwarming to think that our donation will ensure that those children who would otherwise have gone without this Christmas will wake up to a present on Christmas morning.”
Toys on the Table was launched in the early 1980s, when Leicester Round Table established the project. In recent years it has become a separate independent registered charity, run by a Board of Trustees who represent community service organisations including Rotary International, Inner Wheel, the Society of Leicestershire and Rutland Golf Captains, together with workers and volunteers from both Leicester City Council and Leicestershire County Council Social Services.
Last year the charity provided more than 3,500 presents. Referrals are made through a social worker or schools for children up to the age of 16 years.
Mac Clarke, Chairman of Toys on the Table, said: “We are so grateful for the donation we have received from Platform Housing Group. The cost of living crisis has deeply affected families in Leicestershire and it is heartbreaking to think of children waking up on Christmas morning without a present.
“As a charity we rely on donations and would like to say a heartfelt thank you to Platform for its support.”
Other projects in Leicester and the wider county that have benefited from Platform’s Kindness Campaign include Zinthiya Trust, The Ark Warm Space Shelton, New Life Church Coalville Foodbank, The Bridge East Midlands and Leicester South Foodbank.
Inflation up for second month in a row
UK inflation rose for the second month in a row in November, according to new figures from the Office for National Statistics (ONS).
Measured by the Consumer Prices Index (CPI), inflation ticked up by 2.6% in the 12 months to November 2024, up from 2.3% in the 12 months to October.
The largest upward contribution to the change came from motor fuels and clothing.
Core inflation, meanwhile, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, rose by 3.5% in November, up from 3.3% in October.
Martin Sartorius, Principal Economist, CBI, said: “Another consecutive monthly rise in inflation, reaching its highest level since March, underscores the persistent price pressures within the UK economy. Wage growth remains strong, and we expect that the policy measures announced in the Autumn Budget will contribute to higher prices next year.
“Today’s inflation uptick reinforces our expectation that the Bank of England’s Monetary Policy Committee will leave Bank Rate unchanged tomorrow. Looking ahead, we anticipate a gradual, quarterly pace of rate cuts throughout 2025.”
Road Angel drives expansion with seven-figure deal
Nottingham-based In Phase International, manufacturer of the Road Angel dash cameras, has secured a seven-figure deal with HSBC UK to fuel its ambitious growth strategy and international expansion.
HSBC UK funding is enabling Road Angel to expand its product range, increase stock levels, and meet the growing demand from customers in the UK and overseas. Road Angel has already established a strong presence in Europe, with dedicated office and warehouse facilities in Dortmund, Germany, supporting its rapid growth.
Road Angel continues to see its market share increase year on year. The partnership with HSBC UK positions the company to launch an innovative new product range in 2025 and expand further into Europe, America, and Asia.
With enhanced in-house warehousing and logistics capabilities, In Phase International predicts a 35% year-on-year increase in turnover, driven by the success of the Road Angel brand.
Steve Digva, CEO of In Phase International, said: “This support from HSBC UK empowers Road Angel to accelerate our global growth ambitions. As a pioneer in British manufacturing, our dedication to innovation and market-leading products ensures we meet the evolving needs of our customers and remain at the forefront of our industry.”
Jake Cannon, Relationship Manager at HSBC UK, added: “We are proud to support the growth of Road Angel and its parent company, In Phase International. Their success is a testament to the strength of British manufacturing and innovation. We look forward to seeing Road Angel continue to thrive both in the UK and internationally.”
Grimsby pharmacy sold
Specialist business property adviser, Christie & Co, has sold Cottingham Pharmacy in Grimsby, North East Lincolnshire.
Cottingham Pharmacy is a standard hour’s community pharmacy in the well-regarded village of Waltham on the outskirts of Grimsby. Dispensing circa 10,500 items per month, this is a busy retail pharmacy with the benefit of an established e-commerce website selling circa £10,000 of OTC items with good margins included in the sale.
Following a confidential sales process with Jon Booth at Christie & Co, and with funding sourced through David Ward at Christie Finance, it has been sold to husband-and-wife team, Isioma and Ezinne Honnah, who own Laceby Pharmacy nearby as well as another in Grimsby.
The pair plan to work on synergising the offering of the three pharmacies for the benefit of the community in the area thanks to the proximity and similar catchment area.
Isioma Honnah, the new owner of Cottingham Pharmacy, said: “This is a fantastic strategic acquisition for our family business, taking us to three contracts across the wider Grimsby area.
“The village of Waltham, where the pharmacy sits, has a distinct but similar population to our existing pharmacy in nearby Laceby, and we look forward to expanding what we do there as well as enhancing the excellent business that we have acquired.”
Jon Booth, Director – Pharmacy at Christie & Co, said: “On paper, this is the sweet spot of the market across the North of England – a standard hours pharmacy with low rent, over 10,000 items dispensing and good margins.
“However, experience has shown that buyers can be a little bit harder to find for sites in these coastal locations which are a long distance from the large cities of Bradford, Leeds and Sheffield.
“Whilst it took a bit of time to get the deal tied up, in the end, several parties were interested, and it is pleasing to see the deal now complete to Isioma and Ezinne – a pair of committed and hardworking local independents with already established contracts in the town.
“I look forward to seeing how they progress with Cottingham which offers a great base to grow from and wish them the very best of luck with the new site.”
David Ward, Senior Director at Christie Finance, said: “Having assisted Isioma and Ezinne with their initial purchase, working with them to help them acquire their third pharmacy has been particularly satisfying.
“Lenders are understandably scrutinising businesses more closely and it is important to match each business with the appropriate lender to ensure that together we can meet their growth aspirations.”
Cottingham Pharmacy was sold for an undisclosed price.
Grant Thornton agrees strategic investment with Cinven
Business and financial advisor Grant Thornton UK LLP’s partnership has unanimously voted in favour of a strategic investment from international private equity firm Cinven, which will accelerate Grant Thornton’s growth through additional capital and other resources. The firm will retain its partnership structure and ethos, but with external investment.
Having grown significantly over recent years, the firm, which has offices in Leicester and Nottingham, has been exploring external capital to accelerate the next phase of its growth, allowing it to substantially invest in its talent and technologies.
Having reached record revenue in 2023 (£654m), the firm is expected to surpass this in 2024 and, with the support of external investment, aims to reach £1bn over the coming years.
Following a review of its strategic options over recent months, the firm’s partners have unanimously voted in favour of a strategic partnership with Cinven, owing to the two firms’ shared vision for Grant Thornton’s future success and complementary cultures.
Cinven is one of Europe’s largest private equity firms and has been investing for more than 40 years. It has raised circa €50 billion funds.
Malcolm Gomersall, CEO of Grant Thornton UK LLP, said: “The story of our growth journey over recent years has been remarkable. We’ve weathered some of the most significant macroeconomic events in history and we’ve come out of them even stronger, both financially and culturally.
“The dynamics of our sector, both here in the UK and internationally, have also changed dramatically over recent years. We’re incredibly proud of the firm we are today, and we’re ready to write the next chapter in our story.
“We recognise the opportunity that external investment can offer to help us further accelerate our growth, whilst retaining our partnership structure and ethos, and provide an outstanding experience for our people and clients. We’re therefore looking forward to partnering with Cinven.
“We were attracted to their admiration of our commitment to high-quality service (particularly in our audit practice), our breadth of services, our client centric offering, the culture we foster at our firm and our growth plans.”
Maxim Crewe, Partner and Head of Cinven’s Financial Services Sector team, added: “Grant Thornton’s reputation for quality, its stand-out culture and considerable financial performance in recent years provide a very attractive partnership proposition.
“Through this investment we see considerable opportunity to further enhance the quality of the firm’s service to clients and build and nurture high-performance teams. We’re excited to work with the team as we support Grant Thornton to accelerate the next phase of its growth.”
The firm has also announced plans to introduce an Employee Benefit Trust arrangement for many of its people below Partner grade to benefit from Grant Thornton’s long-term growth, comprising both cash and equity rewards.
Also as part of the transaction, the firm’s partners have agreed to hold back a material amount of equity for future partners during the investment period – thus protecting the future generation of partners over the next few years.
The terms of the proposed transaction between Grant Thornton and Cinven remain confidential. The transaction is expected to complete towards the end of Q1 2025, subject to regulatory approval, and other standard conditions.
Increasing wages pile pressure on business, says BCC
New Office for National Statistics figures showing the pace at which wages are rising indicate tough times for business, according to Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce.
She says it will be a concern for businesses continuing to grapple with the increase in employment costs announced in the autumn Budget. The unemployment rate remains unchanged, showing ongoing challenges in the labour market.
She said: “Higher employer National Insurance Contributions and an increase in the national living wage from next April mean firms are facing difficult decisions. Many say they will have to raise prices, put recruitment and investment plans on hold and look for other ways to reduce their costs.
“Although the level of vacancies in the economy is now fast approaching the pre-pandemic level, this does not mean the recruitment crisis is over. Our latest research shows that over three quarters of SMEs are still struggling to find staff with the skills they need.
“With firms reconsidering their recruitment plans due to rising employment costs, there is a risk this could impact the labour market in the months ahead. But it is crucial the Government continues to take action to tackle the skills crisis, boost workforce health and ease economic inactivity.”
