Work underway on new affordable housing development in Northampton
Record pre-tax profits for Next as sales rise
Mazars sees third consecutive year of double-digit income growth across Midlands offices
Mazars, the international audit, tax and advisory firm, has revealed a third consecutive year of double-digit income growth across its offices in the Midlands as part of their annual financial statement report publication.
The Mazars team in East Midlands, across its Leicester and Nottingham offices, significantly contributed to this successful year, which saw an increase of 17% to £39.2m.
The headcount of its East Midlands team grew by over 10% over the year which included welcoming 20 news trainees and 4 new partners, as well as promoting many of its existing team into more senior positions.
The four new partners comprise three internally promoted members of the team – Andy Hickson (Audit), Claire Cowen (International Tax) and Mark Surridge (Audit), as well as recruiting in Hina Desai (Wealth Management). The new partners augment Mazars’ East Midlands senior management team to 10 partners, who oversee and cover the delivery of all of its services locally.
Steve English, Office Managing Partner for Mazars across the East Midlands, said: “We are incredibly proud of our achievements during FY 22-23 and contributing to the growth in our business across the Midlands region.
“We’re confident in continuing this success in the coming years and look forward to expanding and welcoming new talent to support our growth, while also providing opportunities for development for all our team members.
“Our upcoming Forvis Mazars global network gives us a great opportunity to service our existing clients that have, or wish to have, US connections, as well as providing our team members with stronger opportunities in that geography.”
Dedicated Postgraduate Centre completed at Nottingham Trent University
Nottingham Trent University has unveiled a multimillion-pound Postgraduate Centre, featuring state-of-the-art technology and modern teaching and social spaces.
The fully refurbished centre boasts three floors of cutting-edge facilities in the heart of Nottingham city centre.
It will predominately serve around 2,000 international and UK postgraduate students from Nottingham Business School (NBS).
The 4,700 square metre space has been designed to meet the diverse needs of students, including flexible teaching rooms specifically designed to accommodate NBS’ collaborative teaching style, study spaces, bookable meeting rooms, and a tiered lecture theatre alongside employability services, student support and a vibrant café.
A versatile outdoor space is also being created with an emphasis on supporting local wildlife and settings which promote wellbeing, it will also provide a distinctive venue for events.
The NBS Responsible and Sustainable Business Lab research centre and business development and support team will be located within the Centre to maximise collaboration between students, business, research and consultancy.
The Postgraduate Centre will also feature a lounge for MBA students and alumni. This dedicated space will serve as a hub for networking, mentorship, and knowledge exchange among graduates, fostering a sense of community and connection.
Nottingham Trent University Vice-Chancellor, Professor Edward Peck, said: “The Postgraduate Centre has been designed with an emphasis on collaboration and social interaction, providing all of our postgraduate students with an environment which fosters academic success, personal development and networking.”
Executive Dean of NBS, Professor Baback Yazdani, added: “The development of this Centre demonstrates the confidence we have in our postgraduate community and its growth. It will bring our executive education and postgraduate community together in one space and inspire the business leaders of the future.”
Employers urged to act now on immigration rule changes
Nottingham’s OTB Legal, a UK immigration law firm, has issued an update over changes announced by the Government that include new immigration rules.
The updates include issues that face both individuals and businesses, with the Government setting out some of the most significant reforms it previously announced as part of its five-point plans aimed at cutting net migration and the abuse of the immigration system.
The following changes have been made to the partner route:
– The minimum income requirement for partner immigration applications will go up from £18,600 to £29,000 for applications made from 11 April 2024 (if relying on savings only the required amount will increase from £62,500 to £88,500)
– Applicants who have made a partner (fiancé(e)/spouse/civil partner/unmarried partner) application relying on the current financial requirements before 11 April 2024 which is successful will be able to rely on the lower amounts for their subsequent applications
– It remains possible for those who cannot meet the minimum income requirement to raise exceptional circumstances if refusal would amount to a breach of Article 8 of the European Convention on Human Rights which protects the right to family and private life
Meanwhile, a new raft of Business Immigration updates have been published. Plans include:
– Abolishing the shortage occupation list and replacing it with a new Immigration Salary List
– Ending the 20% salary discount for shortage occupation roles
– Increasing the minimum salary threshold for skilled worker visas to £38,700
– Increasing the ‘going rate’ for many other jobs
– Roles on ‘national pay scales’ like NHS workers, teachers etc. being exempt from the salary increases as will be health and social care roles
OTB Legal’s business immigration director, Sally McEwen, said: “This announcement from the Government signals the most wide-ranging reform of UK work routes since Brexit.
“The Government has been clear that it wants to reduce net migration and businesses must act now to review potential applications and assign a certificate of sponsorship before 4th April 2024.
“We know from experience that there are processing delays that could slow this down, so it is imperative that business owners take the correct advice before it’s too late.”
Leicester CEO Sleepout backed by former rough sleeper who says homeless problem ‘worse than ever’
R3 Midlands urges cashflow caution as latest government statistics show surge in insolvencies
The current surge in insolvent companies across England and Wales is likely to impact heavily on the Midlands economy over coming months, leading to further substantial rises in corporate insolvency levels across the region for 2024.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows new statistics published by the Insolvency Service which highlight an 18.5% month-on-month increase in corporate insolvencies in February 2024, jumping from 1,774 to 2,102.
Last month’s number is also 16.7% higher than February 2023’s figure of 1,801, and 38.5% above February 2022’s total of 1,518. Compared to the pre-pandemic statistic of 1,213 in February 2019, February 2024 shows an increase of 73.3%.
R3 Midlands chair Stephen Rome, a partner at Penningtons Manches Cooper in the region, said: “These figures are the highest we’ve seen for February in more than four years, which is a sign that more and more businesses are at a point where a sale or a liquidation may be their only option.
“Local businesses are still suffering the after-effects of last year’s economic turbulence, with rising fuel, energy and funding costs and cautious consumer spending continuing to take their toll on the bottom line.
“While there is still some optimism among the region’s firms about what 2024 has in store, the economic conditions remain a key area of concern for many. Unless there is some improvement, we could see several more companies turning to an insolvency process to help resolve their financial issues.
“Directors and management teams need to remain vigilant and take action as soon as they spot any signs that the business could be financially distressed. Keeping that careful eye on cashflow, and acting immediately as soon as red flags are raised, gives more time for decision making and more potential options for resolving the situation.”
Leicestershire Charity Furnley House Foundation Summer Ball returns
Netherfield-based educational resources supplier acquired by leader in European B2B ecommerce
Nicholas Associates Group steps up to support local communities with ’50 for £50 Challenge’
Nicholas Associates Group (NAG), a provider of workforce solutions, has announced its recent initiative to support local community food banks through the ’50 for £50 Challenge’.
Throughout February, the company challenged its teams across the UK to walk 50 miles in return for a donation from NAG to enable the team to buy £50 of groceries for a local food bank. Sixteen teams took part, collectively raising £800.
The foods banks that benefited included the Archer Project in Sheffield and The Trussel Trust food banks in Scunthorpe, Coventry, Long Eaton & Sawley in Nottingham.
NAG Group CEO, Paul Smith said: “Community support has always been a core value at Nicholas Associates Group, and we are constantly seeking innovative ways to give back.”
He continued: “The ’50 for £50 Challenge’ provided an excellent opportunity for our teams to come together, not only to support local food banks but also to prioritise their own wellness by getting outdoors, engaging in physical activity, and fostering meaningful connections with their colleagues.”
The challenge received an overwhelmingly positive response from employees across the company. Teams enthusiastically embraced the opportunity to make a difference in their communities while also prioritising their own well-being.
Paul emphasised: “This is just the beginning of our commitment to community engagement. We are excited to introduce our latest initiative, the ‘March on in March’ challenge.
“Building on the success of our ’50 for £50′ challenge, teams will continue to walk for a cause. For every 10 miles exceeded beyond the initial 50, an additional £10 will be donated to support local communities. We’re eager to see the impact we can make together.”
