Midlands administrations outpace last year’s figures
The number of companies in the Midlands filing for administration during the first nine months of the year has outpaced last year’s figures by more than 10%, according to Interpath Advisory, as industrial manufacturing, building & construction, and retail drive insolvencies.
Analysis of notices in The Gazette shows there have been 126 administrations across the Midlands in the first nine months of 2024, representing a rise of 11.5% when compared to last year’s figures (Q1 – Q3 2023: 113). For Q3 2024, there were 45 administrations, a marginal decrease when compared to the same period last year.
The region remained one of the prominent for administrations outside of London, accounting for more than one in ten cases in the country (12.4%). The most impacted sectors in the Midlands have been industrial manufacturing with 24 administrations, building & construction (20 administrations), and retail (13 administrations) between Q1 and Q3 2024.
Nationally, there were 1,016 administrations across the UK between January and September 2024, in line with the corresponding figures for last year (January to September 2023 1,013 administrations). The building & construction sector has been the most impacted by administrations nationally since the start of the year with 147 cases, followed by business services (130 administrations), industrial manufacturing (119 administrations) and retail (93 administrations). Together these sectors account for almost half (48.3%) of total administrations in the UK economy.
Commenting on the figures, Chris Pole, Managing Director and Head of the Midlands team at Interpath Advisory, said: “The Midlands is on track to surpass last year’s rate of administrations. Despite some improving economic metrics, these figures lay bare the fragility that persists in the economy and challenges that still face business leaders in maintaining solvency, let alone consider growth opportunities.
“The picture on the ground here in the Midlands is similar to what we’re seeing on a national level. There’s a stubborn volume of administrations across the country, but also there’s a clear profile of the type of businesses in distress taking shape.
“Those in the construction sector have really suffered so far this year as they navigate the impact of such a sustained period of price inflation and square that with the prevalence of fixed price contracts across the sector. Meanwhile, as the figures show for the Midlands, industrial manufacturing and retail are also heavily represented in the figures on a national level.
“Looking ahead, we expect administrations to push further beyond last year’s figures come December as some businesses struggle to respond to market conditions, but also as others find the pressure of growth too much to bear.
“Whatever position they are in, business leaders will be looking to the Budget at the end of this month for some stability and visibility so they can make better, more informed decisions to guide their organisations solvently through this fragile economic period.”
Nottingham University Business School partners with Veritas Prime LLP to boost graduate HR knowledge
Nottingham University Business School (NUBS) is set to educate students on core HR, payroll and employee experience skills thanks to a new partnership with Veritas Prime LLP.
The partnership will see students at NUBS use SAP SuccessFactors to gain practical, hands-on experience with the software.
Veritas Prime will facilitate this learning experience by providing NUBS with a dedicated training instance of SAP SuccessFactors, pre-populated with the data needed to support teaching and configuration exercises.
This collaboration aims to equip students with both theoretical HR knowledge and the software system expertise required to excel in SAP SuccessFactors environments, ensuring a steady pipeline of business-ready graduates.
Veritas Prime specialises in SAP SuccessFactors, with offices in the UK, US, South America, India, and the APAC region. The company works with organisations to streamline HR processes, improve employee experiences, and drive strategic workforce management.
In response to this partnership, Professor Andy Callaghan: Director Digital Centre of Excellence at the University of Nottingham, said: “The University of Nottingham is already the second most targeted university for graduate employers across the UK (The Graduate Market by Highfliers Research) and the partnership with Veritas Prime to bring SAP SuccessFactors to Nottingham raises the bar even higher.
“Not only does it set the benchmark for how we want to engage with industry going forward, it will also enhance our students’ experience, enabling them to combine the functional learning gained from their Human Resource Management degree with the practical knowledge of the enterprise application they are likely to use in the work environment.
“It will also make our students more employable; it opens the door to job opportunities with Veritas Prime and within a wider SAP sector that has a significant early talent shortage. We hope to replicate similar engagement models with our industry partners as we strive to deliver more value from a University of Nottingham degree.”
Lindab ordered to sell sites in Nottingham and Stoke-on-Trent after ventilation merger investigation
Having carried out an in-depth Phase 2 merger inquiry, the Competition and Markets Authority (CMA) has ordered Lindab – a supplier of circular ducts and fittings used in ventilation systems in buildings – to sell two sites after finding its deal with HAS-Vent could lead to reduced choice and higher prices for installers of ventilation systems in both Nottingham and Stoke-on-Trent.
The independent CMA group leading the inquiry scrutinised a wide range of evidence, including the parties’ internal documents and evidence from installers of ventilation systems and other suppliers of circular ducts and fittings. Based on this evidence, the group found that competition for these products occurs at a local level.
Having assessed the impact of the deal in various local areas, and then consulted on its provisional findings published in August, the inquiry group has concluded the deal has resulted in a substantial lessening of competition in the supply of circular ducts and fittings in the local areas centred around Nottingham and Stoke-on-Trent.
To resolve the loss of competition, the CMA is requiring Lindab to sell one site in each of the impacted areas. To ensure the largest pool of potential purchasers and given the different operating models in the industry (which means that some purchasers may want a site with manufacturing assets, while others may not), Lindab is required to market for sale all four sites it owns in the two areas and put forward potential buyers for the CMA to approve.
Kirstin Baker, Chair of the independent inquiry group, said: “Circular ventilation ducts and fittings are essential components in the construction of buildings, such as new offices and flats.
“Our investigation found this deal – by removing one of two main suppliers of these products in the Nottingham and Stoke areas – risked installers and developers having to pay more for these products.
“As a result, we are requiring Lindab to sell one site in each of the two areas, which should ensure local installers and businesses can benefit from effective competition.”
Juno Women’s Aid secures safe housing for domestic abuse survivors with £3m investment
Eight safe properties that will allow survivors of domestic abuse to make a fresh start in their own homes have been bought in ambitious plans by Nottingham charity Juno Women’s Aid.
The two and three-bedroom homes, across the city and the county, are currently being refurbished and will soon be occupied by women and their children so they can set down roots in new communities. These are the first to be bought in the organisation’s overall plan to secure 28 homes.
Juno, the city’s largest domestic abuse organisation, has bought the properties after receiving a ‘life-changing’ £3m of social investment, as it strives to change the way that families are housed after fleeing abusive relationships.
Yasmin Rehman, Juno CEO, said: “Being able to move survivors and their families from refuges and into properties we own is so important in helping them to build new lives, develop safe social networks, find jobs or training courses and see their children flourish at school or college.
“This is a dream come true for us to move away from an emergency, sticking plaster approach. We will continue to support these families during their tenancies and look forward to helping many more in the future as part of our longer-term strategy.”
The social investment loan of £3,075,000 was given by Social and Sustainable Capital (SASC), which provides finance for ‘extraordinary’ charities and social enterprises.
Of the first tranche, four properties fall within the city council boundary and a further four are in south Nottinghamshire. The properties are being renovated, redecorated and fitted with new carpets, kitchens and bathrooms where necessary and the first tenants will be able to move in imminently.
A further two properties will be used for the charity’s Serenity scheme which provides emergency refuge accommodation, while the others will provide tenancies for typically up to two years. Families will have access to bespoke specialist tenancy and domestic abuse support to help overcome the trauma they have experienced.
While giving Juno greater control over the quality and location of its properties, it is estimated the project will support around 110 women and 220 children during the loan term.
“Our refuges are meant to be temporary crisis accommodation to look after women and children for six months to a year,” said Yasmin. “But many often stay longer than that because of the cost of living crisis and the difficulty in finding homes that are safe, secure and affordable.
“When they are in a refuge, women can struggle to find or stay in work or access education because it is not safe to disclose where they live, or they might not want to explain their situation – they don’t want to be labelled. This is just a point in their life – it doesn’t define them.
“It’s so important that they can move on into living independently, make plans for the future, and perhaps save some money so they can eventually find their own place in an area where they have built a connection on their own terms.”
In its latest figures, in 2023-24, Juno worked with 2,980 women, 501 children and young people, fostered 84 pets, and received more than 16,000 calls on its helpline. At any one time, it supports 500-600 women and children in Nottingham and south Nottinghamshire.
The £3m that Juno has received was distributed by SASC’s Social and Sustainable Housing Fund II (SASH II). It is SASC’s first ‘midwife’ deal which pairs the charity with existing partners Winner Trading Ltd, the registered provider of social housing based at Preston Road Women’s Centre in Hull, which works to help build capacity in UK women’s organisations.
“Preston Road Women’s Centre has been doing this for several years and now owns or manages nearly 200 properties,” said Yasmin. “They have been incredibly supportive, and we have welcomed their guidance and advice about the property market and the whole process.”
Mark Bickford, CEO of SASC, said: “We are delighted that with investment from our Social and Sustainable Housing Fund II (SASH II), Juno Women’s Aid has purchased eight two and three-bedroom properties that will become safe homes for domestic abuse survivors in Nottingham. This is also a step towards the charity’s goal of purchasing 28 safe homes.
“Such housing is critical, providing not only immediate safety but also to provide a foundation for survivors to rebuild their lives. Domestic abuse is a pressing issue and providing access to this kind of accommodation is life-changing. At SASC, we are committed to investing in charities like Juno Women’s Aid, where their work profoundly improves the lives of vulnerable individuals and their families.”
Over £35k raised for Nottingham drama charity at inaugural ‘Great Notts Ball’
The Television Workshop, an acclaimed Nottingham-based drama group and TV casting resource, raised an impressive £37,000 at its first-ever charity ball.
The ‘Great Notts Ball’ took place at the University of Nottingham’s historic Trent Building on Thursday 3 October, attended by a variety of special guests including award-winning director of This is England Shane Meadows alongside iconic Nottingham-born lead actor of Line of Duty and Trigger Point, Vicky McClure – both are also patrons of the organisation.
Hosted by Game of Thrones actor and TV Workshop alumnus Joe Dempsie, the evening featured a drinks reception, three-course dinner, lively auction and raffle, rounding off with a disco and live band.
Speaking about his personal experience, Joe said: “Workshop not only offered me the training, the grounding, and a genuinely viable route into the industry, it offered me the opportunity and gave me permission to have that ambition in the first place.
“And all of that was underpinned by the vital, founding and guiding principle that the Workshop would be accessible to all, regardless of financial circumstance.”
One of the event highlights was the charity auction, where attendees had the chance to bid on exclusive prizes, such as a day on set with Shane Meadows, original This is England artworks by Nick Holdsworth, and Paul Smith designer handbags.
The money raised will go to supporting more of the free student places offered by the Workshop, ensuring that aspiring performers can access the organisation’s training regardless of financial background.
The charity, known for its commitment to promoting diversity in the performing arts, offers subsidised fees and bursaries to break down socioeconomic barriers and currently receives no external funding or grants.
Alison Rashley, artistic director at The Television Workshop, said: “Our Great Notts Ball was a resounding success, and we have been completely blown away by the kindness and generosity shown from start to finish.
“Our sponsors, prize donations and attendees have all played a pivotal part in making a difference to the lives of so many young people, by enabling us to continue our work to recognise and nurture talent.
“It was also very special to welcome back so many familiar faces from our Workshop past, who kindly gave up their time to attend and speak on the night, as well as supporting us with unique experiences for the auction.
“By focusing on talent over financial status, we can open our doors to young performers who might otherwise be excluded from the arts. For too many aspiring actors, financial barriers can limit their opportunities, and that’s something we’re determined to change. We can’t thank everyone enough for their contributions.”
Inflation dips to lowest level in three years
Inflation fell to 1.7% in September, below expectations of 1.9% and the lowest level in three years.
Measured by the Consumer Prices Index (CPI), the figure recedes from 2.2% reported last month and dips below the Bank of England’s target.
The largest downward contribution came from transport, with larger negative contributions from air fares and motor fuels; the largest offsetting upward contribution came from food and non-alcoholic beverages.
Core inflation, meanwhile, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, rose by 3.2% in the 12 months to September 2024, down from 3.6% in August.
Rolls-Royce SMR gets seat at European Industrial Alliance table
Rolls-Royce SMR has been selected as one of the first Project Working Groups under the European Industrial Alliance on Small Modular Reactors.
As an active member of the Alliance, set up to accelerate the deployment of SMRs to support decarbonisation, energy security and deliver economic benefit across the region, Rolls-Royce SMR welcomes the decision and recognises the importance of this European collaboration.
As the most advanced SMR design in Europe, the Rolls-Royce SMR power station draws upon standard pressurised water reactor technology that is currently operating safely in hundreds of reactors around the world and has successfully progressed to the final stage of regulatory assessment in the UK.
Sophie Macfarlane-Smith, Rolls-Royce SMR’s Head of Customer Engagement, said: “We look forward to working with our European customers, supply chain partners and other Industrial Alliance stakeholders to accelerate the growth of the advanced manufacturing and modular construction capabilities across the region that will support the faster, economic deployment of nuclear technology and deliver real, sustainable economic benefit.”
The Rolls-Royce offers a radically different approach to delivering new nuclear power. Each ‘factory-built’ nuclear power station will provide enough low-carbon electricity to power a million homes for more than 60 years and will create thousands of long-term, high-skilled jobs.
SME business leaders feel “overwhelmed”
Significant numbers of small and medium-sized business leaders feel “overwhelmed” by their roles and “like they should know more than they do,” according to new research.
The survey by the Small Business Charter of 1,200 senior business people in SMEs across the UK found anxiety about some aspects of the burden of running and growing their companies.
A fifth (20%) say they feel overwhelmed by everything that’s required of them, with this rising to over a third (35%) among leaders aged 18 to 24. In the East Midlands, 17% of bosses say they feel overwhelmed.
Meanwhile, a quarter (24%) nationally say they feel like they should know more than they do, with those aged 35 to 44 most likely to admit this (27%). The proportion feeling they should know more is 20% among leaders in the East Midlands.
Nationally, almost one in five (18%) – 19% in the East Midlands – also say they feel burdened by the responsibility to protect their employees’ jobs.
According to the Department for Business & Trade, there are 5.6 million small- and medium-sized businesses in Britain, suggesting there are hundreds of thousands of leaders across the UK feeling overwhelmed and lacking in knowledge and knowhow.
Nevertheless, despite their anxieties, most UK business leaders still feel confident in the broad day-to-day running of their business or department (96%). When pressed on what would make them feel even more confident, a third (33%) say access to leadership training and 40% want a larger network of peers to turn to, rising to a half (49%) in the East Midlands.
Flora Hamilton, executive director, Small Business Charter, said: “Our survey of business leaders shows that even though they generally feel comfortable on a day-to-day basis, significant numbers have underlying anxieties.
“Running a company or department can be a heavy burden and at times many feel overwhelmed and insecure about having the business knowledge they need to do their jobs well and grow their companies.
“With its practical SME focus, the Help to Grow: Management Course helps small business leaders and senior managers develop the business knowledge and skills they need to succeed.
“Delivered by our network of expert business schools, it provides a fundamental understanding of core business topics from strategy to marketing and employee engagement but also the support of a local peer network that many small business leaders see as crucial to helping them tackle challenges and feel more confident.”
Rothera Bray promotes five key team leaders to director roles following ABS conversion
East Midlands law firm, Rothera Bray, has converted to an Alternative Business Structure (ABS) following approval from the Solicitors Regulation Authority.
As part of this strategic transformation, Rothera Bray has promoted five key team leaders to director roles: HR Director Sarah Poole, Business Development and Marketing Director Marie Walls, IT Director Robin Davies, Finance Director Philipa Roberts, and Operations and Innovation Director Tony Woodward.
The firm’s conversion to ABS allows it to draw on a broader spectrum of talent, with individuals from non-legal backgrounds taking on leadership roles and contributing to the firm’s business operations.
This change follows Rothera Bray’s most successful financial year to date and supports its ambitious growth trajectory. The firm’s workforce has also seen substantial expansion, with the team now nearing 250 employees. Despite the regulatory change, Rothera Bray will retain its LLP status, ensuring continuity in the firm’s structure while positioning it for future growth and innovation.
Christina Yardley, CEO of Rothera Bray, said: “This conversion strengthens our management structure by bringing a broader range of talent and expertise to our leadership team. By embracing the flexibility of an ABS, we are able to diversify our operations and ensure that we can respond to the evolving needs of our clients with greater commercial acumen and technical expertise.”
Housebuilder begins regeneration project at disused land in Nottingham
Housebuilder, Keepmoat, is working to deliver 90 luxury new homes as part of a £15m investment set to transform abandoned brownfield land in West Bridgford.
The housebuilder acquired the site off Wilford Lane, which formerly housed a disused restaurant and rifle range, in 2020 and subsequently secured planning to regenerate the land in September last year.
The site will deliver an enhanced specification of energy efficient homes – a new type of offering for the housebuilder, which typically creates homes for first-time-buyers.
The development will feature one and two bedroom apartments and two, three, four and five-bedroom homes. The homes will include EV chargers, solar panels, and enhanced insulation.
Robin McGinn, Land & Partnerships Director at Keepmoat, East Midlands, said: “We’re pleased to be regenerating a disused piece of land at the heart of West Bridgford that has so much culture and diversity within the existing area.
“Considering the already established community we’re committed to creating new homes that will fit seamlessly within the existing landscape. We are also investing in the local road infrastructure to provide valuable, convenient access to local amenities including schools, restaurants, cafes, gyms and the tram network.”
The new regeneration project, Chateau Mews, has been named after the former Chateau Restaurant which formerly sat on the site.
