Dr. Martens targeting savings of up to £25m following dip in revenue and profit
Dr. Martens has revealed a cost action plan targeting savings of £20m to £25m after a year of decreased revenue and profit.
According to preliminary results for the year ended 31 March 2024, revenue was down 12% to £877.1m at the Northamptonshire shoe icon, while pre-tax profits dropped to £97.2m from £170.1m in the year prior. It follows a weak performance in the USA.
Kenny Wilson, Chief Executive Officer, said: “Our FY24 results were as expected and reflect continued weak USA consumer demand. This particularly impacted our USA wholesale business and offset our Group DTC performance, where pairs grew by 7%.
“We have achieved robust performances in EMEA and APAC, and our supply chain strategy continues to deliver good savings. We are clear that we need to drive demand in the USA to return to growth in FY26 onwards and are executing a detailed plan to achieve this, with refocused and increased USA marketing investment in the year ahead.
“We are also announcing a cost action plan across the Group, targeting savings of £20m to £25m. I am confident that the actions we are taking as we enter this year of transition will put us in good shape for the years ahead.”
Returning sponsor Mather Jamie backs Architects of the Year at East Midlands Bricks Awards 2024
Mather Jamie has returned to sponsor the East Midlands Bricks Awards for another year, backing the Architects of the Year category for the 2024 event.
The well established and specialist land development and property consultancy, based in Loughborough, prides itself on providing a comprehensive range of director-led advisory services to landowners, occupiers, developers and investors nationwide. One of the East Midlands’ leading commercial and agricultural surveyors and valuers, Mather Jamie’s principal services include strategic land development advice, acting as rural estate managers and letting agents, and commercial property agents.
Speaking with Business Link, Amy Biddell, director at Mather Jamie, said: “This is Mather Jamie’s second year of sponsoring the Bricks Awards. The event is a great way to promote our services to an elite audience of landowners, property developers and building contractors. It’s great to be able to celebrate in a room full of like mind businesses who share a passion for the East Midlands construction sector.”
Offering advice to those entering Mather Jamie’s sponsored category, Amy added: “For architects looking to submit an application, we will be looking for them to demonstrate an understanding of planning regulations so that development meets approval. Sustainability and biodiversity are hot keywords within the industry, so we will be looking for entries to showcase an innovative approach to sustainable working practices, which meet development briefs.
“Other points to consider include;
A highlight in the business calendar, winners will be revealed at a glittering awards ceremony on Thursday 3rd October, at the Trent Bridge Cricket Ground – an evening of celebration and networking with property and construction leaders from across the region.
Tickets can be booked for the 2024 awards event here. Connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region.
Attendees will also hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire.
Thanks to our sponsors:
Offering advice to those entering Mather Jamie’s sponsored category, Amy added: “For architects looking to submit an application, we will be looking for them to demonstrate an understanding of planning regulations so that development meets approval. Sustainability and biodiversity are hot keywords within the industry, so we will be looking for entries to showcase an innovative approach to sustainable working practices, which meet development briefs.
“Other points to consider include;
- Design ethos that shows sympathy to local aesthetics
- Consideration for ecology/environment
- Ease of construction without too many modifications to design or materials
- Demonstrate client satisfaction
- Schemes that also benefit the local community.”
Award categories include:
- Most active 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, with the winner, and recipient of a year of marketing/publicity worth £20,000, selected from those nominated)
Nominations end Thursday 5th September
A highlight in the business calendar, winners will be revealed at a glittering awards ceremony on Thursday 3rd October, at the Trent Bridge Cricket Ground – an evening of celebration and networking with property and construction leaders from across the region.
Tickets can be booked for the 2024 awards event here. Connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region.
Attendees will also hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire.
Thanks to our sponsors:
To be held at:
Local lawyers to fund raise for SV2 charity
Derby and District Law Society (DDLS) has chosen to support SV2 with fund raising over the next 12 months.
SV2 is a Derbyshire charity that supports anyone who has experienced sexual abuse and was chosen as DDLS’s charity of the year by the incoming president Tina Attenborough.
Mrs Attenborough explained: “I was keen that we supported a charity that helped a wide range of people and age groups in the county during my year as president.
“SV2 perfectly fitted that brief as the charity provides a wide range of services to support victims and survivors of sexual abuse regardless of their age, gender, when the offence took place or whether they have reported the crime to police or not.
“We have a busy programme of events throughout the year – culminating in our annual awards dinner to be held in March 2025 – so we hope to be donating a good amount of money to the charity at the end of the 12 months.”
SV2 CEO Rachel Morris added: “We work closely with a wide range of fellow professionals, including members of DDLS, as part of our support for survivors through the criminal justice system when perpetrators are prosecuted.
“Having the opportunity to further raise awareness amongst lawyers of the widespread impact of sexual abuse and violence on children, women, men and their families across the county through our association with DDLS is therefore extremely welcome.
“We are very grateful that they have chosen us as their charity of the year which will enable us to provide the much-needed support for survivors in Derbyshire and help them to rebuild their lives.”
SV2 have supported 1536 children, young people and adults between March 2023 and March 2024 through a range of services including through the helpline, ISVA support through the criminal justice system, counselling and therapy.
The charity also supports the wider families and works to prevent and raise awareness of rape and sexual abuse and their effects through training and education programmes across the county.
EMEC joins forces with Inspired Villages to embrace biodiversity net gain
Nottingham-based East Midlands Environmental Consultants (EMEC) has been enlisted by retirement developer and operator, Inspired Villages, to conduct biodiversity net gain (BNG) calculations and offer recommendations on best practice.
Established in 2017, Inspired Villages currently operates nine communities nationwide and has head offices in Edwalton Business Park, Nottingham.
Dedicated to environmental sustainability and social impact, Inspired Villages has committed to achieving Net Zero Carbon in unregulated energy across all its villages by 2030. Demonstrating this commitment, all projects initiated since 2022 underwent biodiversity Net Gain assessments, positioning the company favourably for the mandatory BNG legislation changes implemented in February 2024.
To support Inspired Villages in their environmental objectives, EMEC has been engaged to provide Baseline Biodiversity Net Gain calculations, assessing habitat units across their sites and suggesting improvements to enhance biodiversity.
The recommendations made have been tailored to each village dependant on the habitats present and their current condition and will include the planting of native species and managing habitats in such a way to enhance biodiversity. Other recommendations unrelated to BNG but that will still enhance biodiversity on the villages have also been recommended, these include the installation of bat and bird boxes and insect hotels.
Speaking on behalf of Inspired Villages, James Wilcox, Head of Sustainability, said: “Our pursuit of Net Zero is closely tied to the natural world and biodiversity is crucial for residents’ health and wellbeing.
“By aiming to be ‘nature positive by 2030,’ we strive to rejuvenate ecosystems rather than witness their decline. With EMEC’s assistance, we’re committed to ensuring our new developments create more valuable natural spaces than they did previously.”
Jake Hill, Ecologist at EMEC, said: “Collaborating with Inspired Villages on this project has been extremely rewarding. Enhancing biodiversity not only benefits the environment but also enhances the quality of life for village residents.”
Planning committee gives green light to Derby food market scheme
Derby City Council planning committee members have given the green light to a proposal which will create a food and beverage offer in one of the city’s regeneration areas.
Burton Abbey Developments is looking to create an outdoor artisan food and beverage market – similar to those seen in London and Manchester – on an empty plot of land in St Peter’s Churchyard.
The proposals had been refused twice and council officers were proposing a third refusal to the committee. Now, however, the plans have been approved.
The application received strong backing from the city’s business community – including Marketing Derby and the Derby Economic Development Advisory Committee – which submitted letters of support.
John Forkin, Managing Director of Marketing Derby, said: “We back this application, it’s exactly what the area needs. The report describes the site as ‘open, undeveloped space, vegetation and amenity which contributes to the verdant value of the street scene’.
“In truth, it is derelict and in desperate need of some TLC which this proposal brings. The Heritage Impact Assessment actually states the scheme would ‘enhance the conservation area’ due to the investment it brings.
“The proposal fits perfectly with Derby City Council’s ambition to create a vibrant city centre by regenerating such sites and this amenity will help attract more visitors.
“It’s exactly the sort of thing Derby is crying out for and the applicant has shown considerable patience and willingness in seeking planning for over three years.”
Known as The Yard Derby, the revised scheme involves creating 10 retail units arranged in an ‘L-shaped’ configuration along the southern and western edges of the site, situated away from the Grade II*-listed St. Peter’s Church and the Grade II*-listed Old Grammar School.
The plans incorporate a seating area with a capacity for up to 100 people.
One key aspect of the proposal and location involves the developer’s plan to create a sympathetic entrance through the historic 19th-century wall bordering the site.
The scheme’s backers included respected heritage architects Lathams as well as historian Maxwell Craven, both of whom have carried out detailed analysis of the site.
Nottingham investment management firm sold following appointment of administrators
Nottingham-based Intelligent Money Limited’s (IML) business and assets have been acquired by Quai Administration Services Limited, a specialist platform in pension, savings and investment administration services, via a pre-pack transaction.
It comes after Richard Heis and Ed Boyle from Interpath Advisory were appointed joint administrators to IML on 28 May 2024.
All products and approximately c.£1.2 billion of assets under investment have been transferred to Quai’s regulated business, Quai Investment Services Limited, as part of this transaction. In addition, IML’s 15 employees have transferred to Quai.
Separately, IML’s 10,500 qualifying workplace pension scheme (QWPS) clients were purchased by Digital Wealth Systems Limited (Digi), a provider of workplace pensions to both employers and employees. These schemes will be operated by Quai.
IML is a UK Financial Conduct Authority (FCA) Authorised and Regulated product provider. It provides a range of regulated products including SIPPs, ISAs and GIAs, together with the technology, administration and technical expertise for c.20,000 customers, with total assets under management equating to c.£1.4 billion.
The company had recently experienced a number of complaints made to the Financial Ombudsman Service (FOS) which brought rise to compensation claims at a level the company was unable to meet. As a result of these challenges and potential financial liabilities, the directors of the company resolved to place the company into administration.
Richard Heis, Managing Director at Interpath Advisory and joint administrator, said: “We are pleased to have concluded these transactions which safeguard the interests of customers and which secure the long-term future of the business under new ownership.
“We will continue to support the orderly and seamless transfer of all assets to the respective purchasers, who are now the new provider, operator and administrator of IML’s products, ultimately ensuring it remains business as usual for the company’s circa 20,000 clients.”
Interpath Advisory were advised by Gateley in respect of the transaction.
Hartington Business Park fully let
Devonshire Property Group has reached full occupancy at its Hartington Business Park scheme in Staveley.
Capital Angling Limited, an existing tenant at the site, has agreed to take on a further 2,465 sq ft to support its expanding e-commerce operations.
The business, which provides a wide range of fishing tackle and equipment, has agreed a five-year lease on a second unit at site, taking its footprint at Hartington Business Park up to 7,364 sq ft.
Adam Mayfield, Property Development Manager at Devonshire Property Group, said: “Reaching fully let status at Hartington Business Park is indicative of the high level of demand for industrial warehousing in Derbyshire.
“We are really pleased to be able to help support Capital Angling’s expansion on site and to provide them with a platform to continue to grow their business.
“The strong tenant confidence in us and the scheme is a testament to our continued investment in the area and our commitment to ensuring that the unit sizes & specifications suit a broad range of occupiers and exceed energy efficiency standards.”
Jamie Jackson, Director at Capital Angling Limited, said: “Hartington Business Park has proved to be an ideal location to grow our business, particularly given its proximity to both our customer base as well as some of their favourite fishing spots.
“Our success, and the support we’ve had from Devonshire Property Group, has been key to us being able to expand into our second unit at the site.”
Streets Chartered Accountants covers property finance, charitable support, restaurant cash flow and more in new news roundup
Streets Chartered Accountants covers property finance, charitable support, restaurant cash flow, and more in its latest monthly news roundup.
This month’s office focus
In the first of a series of videos to promote Streets’ growing number of offices and their teams, Nathan Bignell who heads up the Banbury office shares his insight into the local business community, the clients they look after and the services they provide. Watch Now.
Podcast: There is so much more to the Fringe 24…
In this Brighton Fringe 2024 special episode of The Streets Sessions, Streets talk to Duncan Lustig-Prean, Chair of Brighton Fringe, about this year’s festival and the highlights, along with its importance for the entertainment industry and the wider community.
Streets also look at the business side of running the festival and the support provided by Streets through its Brighton based media and entertainment practice Mark Carr & Co. Listen Now.
Property finance – unlocking opportunities with confidence and support
Exploring, navigating and understanding the complex landscape of property finance options can not only be time consuming, but hard to understand with the diverse range of financing options that are available in the market.
It is essential from the outset for business owners to carefully evaluate their financing and find the right finance option for success and making informed decisions within the business. Read More.
Podcast: It’s more than an Open Road when it comes to charitable support…
This episode of The Streets Sessions features Claire Beacham, a regional manager with Open Road – a drug and alcohol recovery charity in Essex and the Medway, which is Streets Whittles, Streets’ Colchester practice’s, nominated charity.
In conversation with Claire, Streets not only find out more about Open Road’s important work, especially around wellbeing in the workplace, but also what it means to them to work with and to have the support of businesses, in particular Streets Whittles. Listen Now.
Boost your restaurant’s cash flow with these top tips!
Maintaining a healthy cash flow is crucial for the success of any restaurant. Here are five key strategies to get you started. Read More.
SmartMoney
SmartMoney is the bi-monthly magazine from Streets Financial Consulting Ltd, Streets’ independent financial planning arm, full of news and helpful information on personal financial planning. Download Now.
Nottinghamshire hotel sold to overseas buyer
Specialist business property adviser, Christie & Co has completed the sale of a hotel in Nottinghamshire.
Forest Lodge Hotel is a popular hotel, pub and restaurant, centrally located in the village of Edwinstowe. Forest Lodge was under the same ownership for 17 years and has now been bought by an overseas purchaser.
David Lee, Regional Director at Christie & Co, who handled the sale, alongside that of Hadley Park House in Telford to a local businessman, says: “We were pleased to complete our latest 2 hotel deals in the Midlands region.
“The market for all types of hotels remains buoyant, we would like to wish both owners success in their new ventures.”
Professional services group makes eleven promotions in Nottingham
Professional services group Gateley has promoted eleven people in its Nottingham office.
Charlie Jakeman has been promoted to partner within the construction team, having joined Gateley as a legal director in 2021, while Tertia Werry and Janine Gibbs have been promoted to legal director in the real estate and private client teams respectively.
Those promoted to senior associate are Nathan Allaway from the real estate team, Rebecca Sells from the planning team, Rachael Mitchison from the corporate team, Alicia Bradburn from the banking team and Katherine Wright from Adamson Jones, the dedicated patent and trademark practice.
Additionally, three of the Nottingham team have been promoted to associate; Jaclyn Nelson and Catherine Everington who are both from the construction team, and Shiv Nand from the banking team.
Andrew Macmillan, partner and head of Gateley’s Nottingham office, said: “I’m extremely proud to see so many of our talented employees in Nottingham achieve promotions this year. They have all shown a great level of commitment to achieving outstanding results for our clients and deservedly have been rewarded for their work.
“These promotions highlight Gateley’s continued commitment to the development of our employees and having so many promotions in our Nottingham team shows just how well our city is doing at attracting and retaining top talent.”
