Transformational £14.8m government grant backs Boston regeneration vision

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Transformational £14.8m government grant backs Boston regeneration vision
Boston Borough Council has successfully secured £14.8m from the Government Levelling Up Fund to kick-start regeneration and secure further investment to the heart of the town centre.
The Levelling Up Fund is specifically designed to secure capital investment in infrastructure that has the potential to improve lives and give people pride in their communities. Boston’s Rosegarth Square masterplan, forming part of PE21, seeks to revitalise and repurpose the area between the River Witham and the bus station – particularly focusing on the area of the former Dunelm/B&M building and the vacant Crown House building. A new public park, spanning the area between the river and the Len Medlock Centre will provide a new place for people. New green spaces, improved pedestrian routes, artwork and other features seek to create an inviting, safe, accessible and enjoyable place for all, as well as offering significant environmental enhancements. Alongside this, works to convert Crown House to provide a mix of residential and other uses to support young people and families, will see this building visually improved and positively enhance its presence. Works to demolish the existing B&M building as enabling works to future re-development will also be undertaken; taken together these interventions will improve the appearance of the area and address some local challenges from anti-social behaviour and crime. In conjunction with the proposed works, a programme of community engagement will be undertaken, including a linked archaeology project, to better understand the history of the site, influence the emerging designs, and link the area’s past to its future. Collectively these interventions are intended to be high-quality, and make significant impact both for the short and longer-term. They will revitalise this large brownfield site and act as a catalyst for further positive inward investment and the regeneration ambition for the area. The aim is to change the character and appearance of this area, create opportunities for new uses and homes, create jobs, support the economy and the community, and create a place where people want to live, work and enjoy. Securing this level of public investment, supplemented by further match funding, will act as the catalyst for the wider re-development of this prominent, and unique place so that it makes a positive contribution to the area and becomes a place people can be proud of and which complements the setting of Boston Stump and the core of the town centre around the Market Place. It comes on top of Boston Borough Council’s successful bids to the Towns Fund. The proposal was initially submitted in August 2022, and the Council will now seek to mobilise quickly to access and draw down the funding from Government and seek to re-engage with partners to move the scheme on to the detailed design and delivery phases. Further engagement will also be undertaken as the proposals are developed. Cllr Nigel Welton, deputy leader and portfolio holder for economic growth at Boston Borough Council, said: “Since submitting the bid in early August, we have been eagerly awaiting to hear the result – and we are absolutely thrilled to be able to say that we have been successful in our bid, and have been allocated £14.8million from the Levelling Up Fund. “This is another great example of the public and private sector working together to help bring investment into Boston. This forward-thinking council is focussed on doing all that it can to help improve the economy, create new job opportunities and install a sense of pride for residents in the town. This is an ambitious scheme which we hope to bring real change for Boston for future generations. We want to continually improve the town and help to raise aspirations and this investment will play a key role in that.” The funding announcement comes as several regeneration and improvement projects start to take shape in Boston following Town Deal funding from the Government, also part of the Levelling Up agenda. Historic shop fronts are being renovated as part of plans to attract more investment; improvements at Boston Railway Station are proposed; and other projects to transform the health, wellbeing and education through the Boston Leisure and Mayflower projects all seek to create new opportunities for residents as well as attracting new visitors to the area. Matt Warman, Member of Parliament for Boston and Skegness, said: “The government has backed the Council’s bold, ambitious vision for Boston, and awarded major funding that many other towns were also bidding for. The success of Boston Borough Council in securing their full £14.8 million bid in the face of stiff competition across the UK demonstrates the transformative quality of this comprehensive plan to regenerate a currently neglected and run down part of our town in a sustainable way. “Linking with improvements made within the £21.9 million Boston Town Deal, residents and visitors to Boston will see their route through the town renewed with both new high quality building projects and sympathetic renovation and reinstatement of historic features. “Council leaders and officers have worked in partnership with government and business to bring contemporary housing, hospitality and retail options within a newly created urban green space. And with every £1 of public money spent here bringing a benefit of £2.80 to our local area as well as creating jobs it’s great value for taxpayers too.” The Council hopes this investment will unlock further opportunities in this area to deliver homes, health-facilities and new employment spaces. The Government is supporting all the LUF projects put forward by the whole of the South & East Lincolnshire Councils Partnership with £14.8million awarded to Boston Borough Council, £20million to South Holland District Council and £8million in East Lindsey. Each scheme will see projects which will be transformational for each district for generations to come, through job creation, new opportunities, driving inward investment and supporting the health and wellbeing of residents.

More than £18.4m Levelling Up funds awarded to Cleethorpes

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More than £18.4m Levelling Up funds awarded to Cleethorpes
Plans to continue with the reinvention of Cleethorpes have taken a major step forward as North East Lincolnshire Council has secured more than £18.4m of Levelling Up grant monies for the resort. Delighted council leader, Cllr Philip Jackson, said work would now begin at pace to kickstart this section of the Cleethorpes masterplan, which was spearheaded by Wayne Hemingway MBE of HemingwayDesign and extremely well received locally. “This is absolutely brilliant news for the resort, which is fast becoming the jewel in the crown along the east coast of our country and is attracting growing numbers of people who want to not only visit here, but live here too. Over the last few years, we have seen the start of the Cleethorpes transformation, with the Coastal Communities Fund work and that around the heritage properties on Alexandra Road. This successful LUF bid means that transformation can continue.” The Cleethorpes bid incorporated schemes identified in the Cleethorpes’ Masterplan as important strategic development locations, and deliverable within the timescales. The area of focus for the bid was Market Place, Sea Road and Pier Gardens, which were three initial projects identified in the “Think Cleethorpes” Masterplan, developed alongside the local community to deliver the projects that they wanted to see, and adopted last year. The key vision is to reintroduce the historic Market Square, creating a safe and flexible space that can accommodate markets, festivals and associated retail events, which will encourage outdoor dining, and provide a healthier, more pleasant environment. The successful funding bid will also support the redevelopment of the Sea Road site which received planning permission for a new building and is currently being marketed. There is an opportunity to change Pier Gardens, retaining the Victorian heritage and feel, but making it more attractive. In the masterplan consultation, people wanted to see more made of the gardens, with additional seating, planting to increase biodiversity, and improved areas for children’s play, events and performances, and spaces for reflection and contemplation. Cllr Jackson continued: “Over the last few years, we’ve secured in excess of £70-million into North East Lincolnshire, underpinned by an ambitious vision for the growth and regeneration. We’re working hard to make sure that the money spent in this borough is to the benefit of everyone living and working here. “The changes we continue to spearhead in the resort, and which we can now continue with the support of the LUF monies, are also vital when it comes to reflecting the aspirations of our residents and visitors, for our young people to enjoy positive futures, and in our ability to attract new and retain good businesses in an attractive coastal town.”

East Lindsey District Council to make Horncastle its HQ as it opens shared facility with Boston College

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East Lindsey District Council to make Horncastle its HQ as it opens shared facility with Boston College
East Lindsey District Council is moving to a new, energy efficient and more central headquarters from Monday 23 January 2023.
After 44 years, Tedder Hall in Manby will close and the council will officially mark a new era in its history when it moves to the Hub in Horncastle. The Council has been working with Boston College to help provide a campus in Horncastle to fill a learning and skills gap. The Hub is a shared facility with the college who have been providing a range of 18+ courses for people in Horncastle and the surrounding area from the campus since November. The project was supported by The Greater Lincolnshire LEP who contributed £1.2m for the College campus. The Council funded the remaining £6.23m of the project cost in recognition that it would be a cost neutral project over a maximum of 15 years when factoring in the sale of Skegness Town Hall, Tedder Hall and the reduced running costs of the new building. Given the significant increase in utility prices, this payback period has now significantly reduced to around eight years. The Hub supports the Council’s commitment to reducing CO2 and minimising its impact on climate change. The sale of Skegness Town Hall was completed last summer, with the sale of Manby Park which includes Tedder Hall, completed in December. Cllr Craig Leyland, leader of East Lindsey District Council, said: “Monday marks a new chapter in East Lindsey District Council’s history. The project has helped Boston College fulfil an ambition to provide a Campus in Horncastle. More people are able to access a range of courses without the need to travel far. “The Hub has been built to ensure it is as energy efficient as possible, in line with our other ambitions around sustainability and the response to climate change. “Both Tedder Hall and Skegness Town Hall served us well for many, many years but both buildings had high running and repair costs which were expected to keep on increasing over time. The Hub also provides staff who work across the South & East Lincolnshire Councils Partnership a more central base to touchdown in as well as other touchdown points located in Skegness, Louth and Mablethorpe. “Being more central in the district also provides a better experience to our partners and members of the public coming to hear decisions made in the council chamber. We also expect footfall to increase for Horncastle businesses and services with more council staff, PSPS colleagues and the College, bringing more people to the town.”

£8m secured to transform at-risk heritage and cultural sites in East Lindsey

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£8m secured to transform at-risk heritage and cultural sites in East Lindsey

Three historic sites are set to benefit from £8m Levelling Up funding from the Government.

The Government has announced East Lindsey District Council has been successful in its bid to support ambitious regeneration schemes for Alford Manor House, Alford Windmill and Spilsby Sessions House. The funding will help transform these culturally significant sites, attract new visitors and enhance their uses. The Levelling Up Round 2 investment will create a financially stable future for the three at risk heritage assets and will have a beneficial impact on the entire Lincolnshire Wolds tourism economy. The Levelling Up Fund is specifically designed to secure capital investment in infrastructure that has the potential to improve lives and give people pride in their communities. The fund is one component of the Government ‘Levelling Up’ ambition. The Government is supporting all the LUF projects put forward by the whole of the South & East Lincolnshire Councils Partnership with £14.8m awarded to Boston Borough Council, £20m to South Holland District Council and £8m in East Lindsey. Each scheme will see projects which will be transformational for each district for generations, through job creation, new opportunities, driving inward investment and supporting the health and wellbeing of residents. Spilsby Sessions House is to be supported to bring the building back into use as a theatre and as a community-owned space. The listed building also has a significant place in history, for its past use as a jail, and funding would allow the building’s old police cells to be opened to the public, creating a new visitor attraction. £2.5m is going to Alford Manor House to create a permanent function space as well as the relocation and improvement of the tearoom and kitchen, freeing up space for improved displays within the museum. £1.1m is secured for Alford Windmill to help save the historic mill which is now on the Heritage at Risk register. Work will see the mill restored and reopen as a major attraction, including a new visitor experience, café and shop. All these projects have been developed in partnership with the local community and through East Lindsey’s commitment to its Vital and Viable programme which supports businesses in our market towns with initiatives aimed to drive footfall. Cllr Adam Grist, portfolio holder for market towns and rural economy at East Lindsey District Council, said: “It is fantastic news for Spilsby and Alford to be awarded this funding which will revive facilities which are historically and socially important for both towns. “The funding will truly be transformational for these heritage sites and the communities they support. New tourist attractions which enhance the current offer will be created which will help secure their use for generations to come. “These projects are vitally important for supporting the tourism offer in the Lincolnshire Wolds and wider East Lindsey. Enhancing the district’s visitor offer as a whole will help the market towns attract visitors and holiday makers from our coastal towns. “Securing this funding is a great day for the community groups and a celebration of partnership working. There are so many hardworking people committed to these cultural facilities and I am so delighted the Government has recognised this and is supporting us to help keep these facilities thriving. “I would like to thank everyone who was involved in this bid and all the community groups who wrote letters of support.” Bruce Knight, heritage & arts co-ordinator at Spilsby Sessions House, said: “We are so pleased about the Levelling Up decision. The Spilsby Sessions House charity will now be able to realise the vision of fully repairing the Grade II listed heritage site and transforming a theatre at risk into a visitor attraction and community arts venue for all. “The impact of this project will be a huge boost for the local community and for East Lindsey as whole. It will complement the Town Deal investment the District Council has already achieved for the coast and will create something that people across the region can be proud of.” Dennis Bell of Alford Manor House and Alford Windmill said: “The purpose behind the Levelling Up fund application is the transformation of Alford by establishing a viable tourist product to attract the tens of thousands of tourists holidaying on the coast to visit Alford. “This extra footfall will boost the local economy and provide jobs for the future.” Victoria Atkins, MP for Louth and Horncastle, said: “I am delighted by the news that Alford and Spilsby will benefit from a boost of £8million from the Government’s Levelling Up Fund. This transformational funding will bolster the cultural offer to constituents and visitors and support the local economy. “Since being elected, I have championed our market towns and have worked with community groups on reviving and enhancing much loved heritage sites that are at the heart of our communities. I have pressed the Government to invest in our corner of Lincolnshire and was pleased to support this bid in partnership with East Lindsey District Council. “On top of the landmark £24million Mablethorpe Towns Fund, this substantial funding will help ensure the constituency of Louth & Horncastle continues to be a bright place to live, work and visit for future generations.”

£20m Levelling Up funding secured for South Holland

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£20m Levelling Up funding secured for South Holland
£20million of major investment has been awarded to help transform health and wellbeing in South Holland, after the District Council secured Government Levelling Up funding for the Castle Sports Complex site in Spalding. After submitting a bid in August, the Government has this week confirmed the success of the application, which will look to create a new and improved offer focused around health, wellbeing, leisure, sport, recreation and community spaces. The ambitious plans the Council submitted included proposals for a new 3G floodlit football pitch to allow play all year round, a changing pavilion, a multi-use games area for a variety of other sports and three new swimming pool facilities including a large pool, a teaching pool and a splash pad. The bid also sought funding to provide community rooms and space dedicated for use to provide a health and wellbeing hub including services for mental health, diabetes, Alzheimer’s and dementia support, as well as an Extra Care housing scheme for the District’s older residents. The Levelling Up Fund is specifically designed to secure capital investment in infrastructure that has the potential to improve lives and give people pride in their communities. The fund is one component of the Government ‘Levelling Up’ ambition. The District Council worked closely with a number of partners on the submission, to ensure that as many residents and community groups would be able to benefit from the project. The submission also received support from Sir John Hayes, MP for South Holland and The Deepings, who formally sponsored the bid and helped to make the case for it to the Government. With funding secured, the next steps will now begin to get the project planned and underway, with such a major piece of work expected to take several years to complete due to the scale and complexities of the proposal for the site. Councillor Nick Worth, deputy leader and portfolio holder for people, places, economy, said: “The success of this bid is a momentous moment for the whole of South Holland, and provides vital funding that will be truly transformational for helping to improve the lives of our residents. “This was a highly competitive process, with over 500 bids submitted across the country, and is recognition of a District punching above its weight. We have a forward-thinking proposal that can provide enormous benefits for people of all ages, backgrounds and interests, and that will enhance and diversify the services and activities on offer in Spalding town centre. “Thank you to everyone who has helped to support and form the bid. I am delighted that the Government has recognised the hard work, thought and collaboration that has gone into it, and now cannot wait to start the process of making these plans a reality.” Sir John Hayes MP also celebrated the announcement, saying: “Bringing such significant funding to South Holland is fantastic news for the District, which can help to make a real, positive difference for residents for many years to come. “An enormous amount of work went into the excellent bid that won the day. Local understanding and the strong case for why Spalding was deserving made our unique case a success when pitched against hundreds of other worthy submissions. I was pleased and proud to play my part in that work. The decision to make this substantial investment and to help remodel and improve our local service provision is a major and welcome statement of support from the Government that will benefit my constituents in so many ways.” He added: “This is a victory for Spalding and South Holland and demonstrates what can be achieved when an MP and the local council work seamlessly for the good of their residents.” The Government is supporting all the LUF projects put forward by the whole of the South & East Lincolnshire Councils Partnership with £14.8m awarded to Boston Borough Council and £8m in East Lindsey. Each scheme will see projects which will be transformational for each district for generations, through job creation, new opportunities, driving inward investment and supporting the health and wellbeing of residents.

Record year for East Midlands private equity-backed buyouts

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Record year for East Midlands private equity-backed buyouts
The value of private equity backed deals in the East Midlands was at record levels in 2022, according to full-year data from CMBOR, the Centre for Private Equity and MBO Research based at Nottingham University Business School and supported by Equistone Partners Europe. There were 21 deals in the East Midlands in the year with a combined value of £1.9bn – up from the total value of £1.5bn in 2021 and higher than the previous peak in 2015 (which stood at £1.6bn). Whilst the number of deals in the East Midlands also increased from 13 in 2021, the average deal size reduced from £114m (2021) to £90m (2022), still considerably higher than the 10-year average of £60m. 14 of the deals occurred in the first half of the year, with 7 in the second half, suggesting that momentum could be reducing. Will Copeland, from Equistone’s Midlands office, said: “Both in the East Midlands and nationally, 2022 continued the trend of 2021 with significant amounts of private equity capital invested. It is a reflection of the current quality of management teams and businesses in the East Midlands region that there has been a huge amount of investment from private equity in the region at more than double the 10-year average of private equity capital invested. “For the year ahead, despite the continued economic uncertainty, there continues to be several interesting opportunities emerging in the Midlands.” CMBOR’s year-end report also showed that private equity activity across the whole of the UK was well above the 10-year average and was surpassed only by 2021 since the global financial crisis. At £35bn, the cumulative value of the 189 buyouts of UK-based companies in 2022 represented the third highest headline figure in the 35-year history of CMBOR, surpassed on an inflation-adjusted basis only by the £44bn recorded in 2007 and £47bn in 2021. Across the UK, there was an expected drop in exit activity compared to record levels in 2021, as private equity firms realised 109 investments in the UK at an aggregate value of £23bn, compared to 150 transactions at an aggregate value of £29bn in 2021. The dominant exit route for private equity in 2022 was to trade buyers, accounting for 57% of exits by value, followed by exits to other private equity investors (42%). Despite the well-publicised rout in tech valuations, TMT continued to attract sizeable investment and was highest in terms of volume (24%) and value (29%) among all sectors for the very first time. This was followed by the Leisure sector (14% of total value) and Healthcare sector (14% of total value). “Notwithstanding the turbulent economic conditions, a number of sectors have witnessed strong buyout activity,” said professor Kevin Amess, director of CMBOR at Nottingham University Business School. “TMT continues to receive significant investment, a trend demonstrative of how deeply private equity has committed to covering and investing in the sector.”

Ibstock sees resilient final quarter

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Ibstock sees resilient final quarter
Ibstock, the Leicestershire-based manufacturer of clay and concrete building products and solutions, has hailed a resilient performance in the final quarter of 2022, despite lower sales volumes across new build and RMI markets in a more cautious demand environment. A trading update for the year ended 31 December 2022 highlights that revenues are expected to increase by 25% to approximately £510 million, in comparison to £409 million in 2021. Adjusted EBITDA, meanwhile, is expected to be modestly ahead of previous expectations. Joe Hudson, CEO of Ibstock PLC, said: “The business delivered a resilient performance in the final quarter of 2022, despite, as expected, lower sales volumes across both new build and RMI markets reflecting a more cautious demand environment. “A continued disciplined focus on cost management, alongside our dynamic commercial approach, underpinned a solid margin performance in Q4 and resulted in adjusted EBITDA for 2022 that was modestly ahead of our previous expectations. “The strong performance achieved in 2022 reflects the strategic progress we have made as a business over recent years. Our balance sheet is strong, we continue to make good progress towards our ambitious 2030 ESG targets, and our growth investments in both the core business and Ibstock Futures are progressing well. “We are particularly excited about the prospect of producing the UK’s first net zero carbon brick at our redeveloped Atlas factory before the end of this year. “Whilst in the short-term we expect market conditions to be more challenging, we remain well positioned to deliver strong growth over the medium-term.”

Dunelm reports strong second quarter

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Dunelm reports strong second quarter

Homewares retailer, Dunelm, has reported a “strong performance” in its second quarter.

According to an update on trading for the 13-week period ended 31 December 2022, total sales of £478m were 18% higher than the same period last year and up 48% compared to three years ago, pre-pandemic.

Dunelm says this performance reflects a strong quarter in which Autumn and Winter product ranges proved particularly popular with customers. The company saw broad based growth across its categories and its Christmas offer sold well. Customers seeking ways to mitigate higher heating costs also found value in Dunelm’s ‘Winter Warm’ assortment, as well as in products such as heated indoor airers.

The Leicestershire firm expects full year profit before tax to be above current market expectations.

Nick Wilkinson, Chief Executive Officer, said: “We have delivered another strong performance and the relevance of Dunelm’s value offering has really come to the fore. Customers have enjoyed shopping our ‘Winter Warm’ ranges as they find innovative ways to manage rising heating costs. Our Christmas assortment also proved popular as customers prepared their homes for the festive period.  

“It is a difficult time for many people in our communities, so we were delighted to significantly grow our ‘delivering joy’ campaign this year, resulting in over 60,000 Christmas gifts being donated by customers and colleagues to local causes.

“We are deeply conscious of the challenges which everyone is facing and remain focussed on making every pound count across our entire offer, so customers can feel confident in receiving outstanding value whatever their budget or taste.”

Operational issues at distribution centre see Dr. Martens predict EBITDA dip

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Operational issues at distribution centre see Dr. Martens predict EBITDA dip
In a new trading statement for its third quarter, Dr. Martens have revealed an expected dip in EBITDA for the full year, of £16-25m, as a result of significant operational issues at its new LA distribution centre. It comes as total revenue in the quarter to 31 December 2022 grew 9% to £335.9m, which the Northants firm said was below expectations. Kenny Wilson, Chief Executive Officer, said: “Demand for Dr. Martens remained resilient through challenging conditions during our peak trading period of Q3. “However, due to a combination of significant operational issues creating a bottleneck at our new LA distribution centre and weaker than anticipated US DTC trading, in part due to unseasonably warm weather, we now expect full year revenue growth of 11-13% on an actual currency basis and full year EBITDA to be between £250m and £260m.”

Derby tech business attains B Corp status

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Derby tech business attains B Corp status

Orderly, a technology business based in Derby with a focus on artificial intelligence to boost supply chain social responsibility and sustainability, has achieved the coveted B Corp certification.

Orderly now join the ranks of over 4,000 companies who are using business as a force for good.

The B Corp was established in 2006 and is the first and only certification for businesses that meet the highest standards of social and environmental performance, public transparency, and legal accountability.

To become B Corp Certified, a business must complete an in-depth assessment administered by the non-profit B Lab.

Orderly staff had to fill out a lengthy assessment (over 200 questions) that looked at every aspect of the business – from its environmental impact, to how the company treats its employees, to the diversity of the team.

This was followed by a phone review by B Lab staff to clarify points, while requests were then made for documentation of key points.

Orderly CEO Peter Evans, said: “When we heard about B Corp Certification, it felt like the perfect fit. It’s taken us almost three years of incremental change to gain the certification and has been a huge team effort. Getting certified is certainly a challenge – but well worth it.”

This is just the start, added Peter: “Becoming B Corp Certified is just the beginning. By stipulating that companies must ‘set improvement goals against the most-up-to-date standards and benchmark their performance over time’ that ensures that we are constantly striving to improve and be the best that we can be – which of course, every business should be.

“We have big plans for the future including developing our world-first digital store assistant technology, and we are excited to continue our journey as a sustainable and ethical business – with that exciting new B Corp Certified logo joining us for the ride.”

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