Derbyshire housing association secures £102.5m funding deal to boost affordable housebuilding
Savills Financial Consultants has helped Peaks & Plains Housing Trust strike a £102.5m funding deal that will support the landlord’s plan to build around 500 new homes by 2028 to help address local housing need.
The finance package agreed with Aviva Investors and Barclays demonstrates continued investor demand for working with housing associations operating in UK regions.
The £72.5m private placement with Aviva Investors, along with a refreshed £30m revolving credit facility (RCF) with Barclays, will enable Peaks & Plains Housing Trust to deliver on its plans for communities across three local authority areas in Cheshire, as well as in Derbyshire, High Peak in the East Midlands, and the North West of England.
Jules Booker, director of resources at the 5,200-home association, said: “Thanks to the hard work of everyone involved in this deal, Peaks & Plains is now in a better position to be able to fund the new homes the members of our communities want and need.
“The new deal with Aviva Investors and Barclays has enabled us to restructure our existing loan portfolio and extend our existing liquidity lines. This has helped to make us an even more resilient organisation that can create great places to live in the areas in which we operate.”
Munawer Shafi, head of Structured Finance & Private Debt at Aviva Investors, said: “Social housing has an increasingly vital role to play in providing affordable homes to communities, and also offers investors a good deal of value relative to other sectors.
“As we continue to build our external client base, there has been a material uptick in the number of those who recognise the power of their investments to do good and create positive social outcomes, whilst also capturing financial returns.
“The ability of social housing to provide solid cashflows whilst having a positive impact beyond our business and into communities makes it a compelling sector for us to increase our exposure to and to continue our support of.”
Robert Hession, Barclays relationship director, said: “We’ve been with Peaks & Plains since its inception in 2006 and we’re delighted to continue our partnership and support. This new finance package will enable the business to continue on its growth trajectory, investing in existing homes, developing new social housing and delivering for its present and future residents.”
Mike Roche, director at Savills Financial Consultants, said: “It has been great to work on this new deal for Peaks & Plains Housing Trust, knowing that it will play a part in helping the team there to push ahead with plans that will benefit communities in Cheshire, Derbyshire and beyond. Here at Savills Financial Consultants, we continue to be heartened by investors’ interest in supporting housing delivery across the UK regions.”
Natalie Swales, senior solicitor at Devonshires, said: “We are delighted to have been able to support Peaks & Plains Housing Trust in securing this long-term funding with Aviva Investors. This will allow Peaks & Plains to deliver on its development ambitions over the coming years and increase the supply of good-quality social housing in and around East Cheshire and the High Peak for years to come.”
Shortlist revealed for the East Midlands Bricks Awards 2022
Business Link can now reveal the shortlist for this year’s highly anticipated East Midlands Bricks Awards – THE event for Property & Construction in 2022.
Showcasing the outstanding work of those behind the changing landscape of our region, the Bricks Awards features a diverse range of categories and a glittering awards ceremony that will host many of the region’s industry leaders. This event is also an ideal opportunity to celebrate and network with the very best in the business.
The award ceremony announcing the winners will take place on Thursday 15 September, at the famous Trent Bridge Cricket Ground.
Book your place at the awards now to avoid disappointment!
The event will begin at 4:30pm and continue until 7:30pm, with time thereafter for networking and celebrating. The occasion will additionally feature John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker.
Complementary drinks and canapés will be served on arrival. Dress code is standard business dress.
Thanks to our sponsors:
Shortlist for the East Midlands Bricks Awards 2022
Most Active Agent – sponsored by Blueprint Interiors Mather Jamie OMEETO BB&J Commercial Commercial Development of the Year – sponsored by Frank Key Broad Marsh Bus Station and Car Park – Galliford Try Construction Etiquette Park – Clowes Developments Nottinghamshire Police and Nottinghamshire Fire & Rescue Service joint HQ – Henry Brothers Responsible Business of the Year – sponsored by Press for Attention PR Cawarden Arc Partnership Phoenix Brickwork Residential Development of the Year – sponsored by Sterling Commercial Finance The Rise, Southwell – Stagfield Group Glenvale Park – Glenvale Park LLP Hindle House – KMRE Group Deal of the Year – sponsored by Blythin & Brown Insurance Brokers St James Securities – Phase Two of the Becketwell regeneration scheme in Derby – 3,500 capacity Becketwell performance venue with ASM Global Wells McFarlane, APB and Newton LDP – sale of 460 acres of land in North Leicestershire, making way for a new garden village Morgan Industrial Properties Limited – acquisition of the former Ewart Chain site in Shaftesbury Street, Derby Developer of the Year – sponsored by Ward Hockley Developments St James Securities HBD Architects of the Year – sponsored by OMS Swain Architecture Rayner Davies Architects CPMG Architects Excellence in Design – sponsored by Cawarden St. Peter’s Gate renovation – CPMG Architects Health and Allied Professions Centre at Nottingham Trent University – Pick Everard Brookside Farm – Chevin Homes Sustainable Development of the Year – sponsored by Viridis Building Services Refurbished HQ for LKAB Minerals – Scenariio Northern Gateway Enterprise Centre – Chesterfield Borough Council, Whittam Cox Architects, Robert Woodhead Group Broad Marsh Bus Station and Car Park – Galliford Try Construction Contractor of the Year – sponsored by RammSanderson Galliford Try Construction Cawarden Enrok Construction The Overall Winner, sponsored by Streets Chartered Accountants, will also be announced at the ceremony, who will be awarded a year of marketing/publicity worth £20,000.
To be held at:
Light Science Technologies bolsters team with new appointments
AgTech specialist Light Science Technologies (LST) has made two new appointments to its team to continue advancing its strategy of growth.
New recruit Jessica Browne joins as electronics engineer, having previously worked as an engineer at various companies including GeoSLAM and Microlise. With a wealth of technical knowledge, she brings her 25 years’ experience specialising in designing and developing microcontroller-based products.
Her new position will see her take on an R&D function, where she will be responsible for the design of electronics for LST’s burgeoning grow lighting and sensor product portfolio, as well as having input into type approvals, software and firmware design.
James Swords also joins as new project manager, leveraging more than 15 years’ experience at large aerospace companies, starting off as a technical apprentice straight from school.
Previously he worked at established hydraulics and energy absorption device firm TA Savery & Co Ltd / Oleo International as development manager, taking on the operational lead for the expanding UKAS accredited test laboratory for rail and elevator products. In a newly created role at LST, among other responsibilities he will be tasked with overseeing new projects and implementing efficient processes to actively manage and communicate resource.
Simon Deacon, CEO and founder of Light Science Technologies, said: “I believe Jessica has the experience and expertise to help lead our R&D function and execute on the company-wide vision for innovation and growth going forward. Her breadth of design engineering knowledge will play a key role in LST’s development of its lighting and sensor products for the Controlled Environment Agriculture (CEA) market.
“James’ recruitment is an important part of LST’s ongoing strategy to develop and strengthen its project management capabilities. With his track record in coordinating major projects and operations as a mechanical engineering manager, he is the person ideally equipped to step into this new role to support our clients across indoor farming with their project requirements and to streamline technical operations to ensure efficient delivery to the highest standard.”
Established in 2019, the firm currently employs 18 staff at its HQ and inbuilt lab facilities in Hilton, Derbyshire.
Freeze energy prices for firms or risk business failures, warns East Midlands Chamber
An energy cap for businesses must be introduced and prices frozen at an affordable level for at least the next year, says East Midlands Chamber – as it warns against a “cost-of-doing-nothing crisis” that will result in business closures and redundancies.
It believes the cap would give companies the financial headroom to make key investments that will make the necessary productivity gains in order to dampen inflationary pressures until a longer-term solution is found.
The chamber of commerce for Derbyshire, Leicestershire and Nottinghamshire has also joined the British Chambers of Commerce network in creating a five-point plan for Government to support businesses via the following measures:
- Ofgem to be given more power to strengthen regulation of the energy market for businesses
- Temporary cut in VAT for energy from 20% to 5% to reduce costs for businesses
- Covid-style support by introducing a Government emergency energy grant for SMEs
- Temporarily reverse the increase in national insurance contributions and put money back into the pockets of businesses and workers
- Government to immediately review and reform the shortage occupation list to help bring down wage pressures and fill staffing vacancies
Burton abuse charity appeals to businesses for support after seeing rise in demand for its services
A Burton charity offering emotional support for victims of sexual abuse is appealing to businesses to help ensure it can carry on its vital work, after seeing a rise in demand in 2022.
The Sexual Abuse and Rape Advice Centre (SARAC) has launched a new corporate sponsor scheme offering the opportunity for businesses to become involved in a very important local charity.
SARAC has helped thousands of sexual assault survivors, including men, women, non-binary people and children, over nearly 30 years of running its services in East Staffordshire and South Derbyshire.
The only specialist rape advice and sexual abuse centre covering the area, it was formed in 1994 by a group of local women who were shocked at the lack of local support for those dealing with the aftermath of sexual abuse during childhood or as adults.
National figures from Rape Crisis show that one in four women and one in 20 men have endured sexual assault of some kind as an adult, while one in six children have been sexually abused.
SARAC offers help for all those aged over 11 who have been through sexual abuse, with the aim of reducing their post traumatic suffering.
The charity’s counsellors are trained to a high standard to offer specialist, face-to-face emotional support. It also runs an outreach service working in local schools and colleges to educate young people and reduce incidence of sexual violence, as well as raising awareness of the availability of the charity should anyone need it.
SARAC holds a prestigious Queen’s Award for Voluntary Service, as well as The Staffordshire High Sheriff’s Award. It has reported a rise in demand in its services in 2022, delivering support to the same number of survivors in the first half of this year as in the whole of 2021.
SARAC is inviting businesses to support its services so it can employ more people, offer more therapeutic services, increase its training and support for local communities, and do more research, as well as offer more prevention and education programmes.
Between 2020 and 2021, SARAC helped 218 adults plus 83 children and young people. During that year more than 30 volunteers supported the charity with more than 2,700 hours of their time.
Catherine Miles, CEO of SARAC, said: “Our charity offers a vital service to help people carry on with their lives after suffering the acute trauma of sexual-related assault. Figures from Rape Crisis show that sexual assault is so prevalent in today’s society that literally anyone could be affected. With that in mind, our charity has never been more important. We want to be there to offer our services to anyone who needs them.
“Absolutely anyone can be referred or refer themselves to our service. Some of those we see come to us for years after the trauma they have undergone.
“Now more than ever, we really need support ourselves so we can carry on with helping others. Sexual abuse is a tough topic but for those who have been through this type of trauma, the acute mental distress can last for years. Counselling has been proven to help people come to terms with what has happened and carry on their lives, as well as reduce the likelihood of repeating abuse down the generations. It’s really vital that we can carry on with our work so we’d love to hear from local businesses who feel our service is something they would like to support.”
SARAC is launching a range of schemes enabling businesses to support their services. Corporate options include adopting SARAC as a charity partner for the year, and encouraging staff to take part in active fundraising such as sponsored cycle rides or other activities.
The charity also offers the opportunity for businesses to take a more ‘hands off’ approach, which could include giving employees the chance to donate part of their salary to SARAC, and matching any donations given with one from the company.
Catherine said: “We have devised a range of schemes which we hope will attract local companies to support us. It would be wonderful to think that with the help of firms in our area, we can continue to offer SARAC’s important services, and expand them, so that we can carry on with our aim of spreading education, awareness, and support for many years to come.”
Businesses which are interested in supporting SARAC are asked to contact Catherine at: Catherine.miles@sarac.org.uk
Building set to be replaced as planning permission granted for new student flats
With planning permission granted for new, 10-storey student accommodation on Talbot Street, Nottingham, East Midlands-based engineering consultancy Howard Ward Associates (HWA) has been appointed as civil and structural engineer on the development through repeat work with long established clients, McLaren Property.
The scheme, which will house 318 student beds, will replace the former Domestic and General office building located on the site.
HWA has given pre purchase advice on engineering site constraints such as contamination, site levels and services.
To support the planning application HWA provided a contamination preliminary risk assessment, transport assessment and travel plan, flood risk and SuDS strategy alongside civil and structural engineering design.
The project provides an opportunity to regenerate an inner-city site in an area which is closely linked to Nottingham Trent University.
Over the last five years, Wollaton Street, adjacent to Talbot Street, has been extensively redeveloped, providing areas which resemble an extension of the university campus. The purpose-built student accommodation provides social benefit by relieving pressure on community housing.
Dan Bailey, Managing Director at HWA, said: “We are delighted to be working on the Talbot Street development following planning approval – refurbishing the former Domestic and General building into quality student accommodation for an area closely linked to Nottingham Trent University.
“The site presents great opportunity to give a worthwhile contribution to the ongoing regeneration efforts in the inner city. We have been involved providing pre purchase due diligence on engineering matters and support through the planning phase for this student resi with McLaren Property, along with planning consultants Savills who navigated gaining the permission.”
HWA will be working alongside Leonard Design, Chord Consult, Pulse Consult, and Evolve in the following phases, with the project programmed to complete for occupation in the 2025 academic year.
New Managing Director for Nottingham Trams
Nottingham Trams Limited, which oversees the operation and maintenance of the city’s tram network for the Nottingham Express Transit (NET), has appointed Chris Wright as its new Managing Director.
In his new role at Nottingham Trams Chris will take responsibility for the strategic leadership of the city’s tram system to ensure its safe operation, oversee the company’s budget and be the primary contact for key stakeholders of the business.
Chris was previously commercial director for East Midlands Railway, which saw him lead teams responsible for marketing, retail and external relations and act as the primary interface with the Department for Transport to manage contracts and new business opportunities.
Prior to this Chris held senior roles as fleet director at East Midlands Trains, engineering and commercial director at Vossloh Kiepe UK and depot manager for London Midland’s Soho and Tyseley maintenance depots.
Alistair Gordon, Chief Executive of Keolis UK and Dubai, said: “The experience and expertise that Chris brings to our business is significant and will be valuable in meeting the current challenges.
“He will be leading an excellent and well-regarded team and I am looking forward to working with Chris to ensure that he has the resources and talent to continue to deliver the best service possible for communities across Nottingham.”
Commenting on his appointment, Chris said: “I am pleased and proud to have been appointed to this role. I look forward to working with all our stakeholders to ensure the continued success of the network.
“I am also excited to have the support of Keolis Group and its international experience as an important added value to delivering service excellence. I particularly look forward to working with the team at Nottingham Trams who have been a part of building a valued public asset for the city.”
Record revenues for Leicester joinery and fit-out company
A Leicester-based joinery and interior fit-out contractor, which has posted the highest annual revenues in its history, has £60 million of secured work for the new financial year.
EE Smith Contracts, which is celebrating its 125th birthday this year, has recorded a turnover of £61.5 million for the year to March 31, 2022.
This record-breaking activity has been secured partly by working on multiple prestigious developments including The Peninsula London hotel overlooking Hyde Park Corner and the completion of 15 super-prime apartments in Knightsbridge in London.
Profits have bounced back strongly following COVID-19 and are forecast to exceed pre-pandemic levels for the year ahead.
EE Smith Contracts enters the new financial year with £60 million of secured work, with significant flagship opportunities for the months ahead.
The business, which employs 285 staff, has reduced carbon emissions by over 20 per cent in the last year despite the growth in activity at its sites in Leicester and London by investing in a new £125,000 extraction system.
There is also continued growth in long-established apprenticeship programmes, with 35 new apprenticeships having been recruited since the outbreak of COVID-19.
Neil Simpson, finance director at EE Smith Contracts, said the company has enjoyed record-breaking liquidity through the year, giving it a secure platform for the coming years.
He said: “The annual results to March 2022 have delivered the highest annual revenue in the company’s history which is due to the hard work and unwavering commitment of our staff.
“We are in advanced discussions regarding a few contracts in the high-end residential and hotel markets which remain stable despite a challenging economic backdrop.
“All this is the best possible way for the business to celebrate its 125-year history which is a history built on employee training and development and investment in cutting-edge technology, and delivering best-in-class craftsmanship.
“EE Smith Contracts has a long history of training youngsters and a significant number of our current employees are former apprenticeships who have stayed with us because it is a family environment.
“We have established great links with London colleges and have 30 apprentices on our sites in London who are learning from among the finest craftspeople in the country. The London labour market is very dynamic and we’re building the EE Smith Contracts family environment on those sites as well to retain our apprentices and provide a pathway for their career.
“Further reductions are forecast in our carbon emissions following significant investment in carbon saving technology in the last six months because this is an area which is really important to us.
“Overall, after evaluating the cost of the pandemic, which we estimate cost the business £3.8 million, to reach a stage where profits are now healthier than pre-COVID is testament to the high standard of our work and the high calibre of our staff.”
Suppliers of health food and wellness products enter administration
Administrators have been appointed to Tree of Life UK Limited and Health Stores (Wholesale) Limited.
The companies form part of the UK’s largest independent health food and wellness products distribution platform, supplying a broad range of third party and owned brand goods, food and drink, personal care, and vitamins, minerals and supplements.
206 employees are located across the two company sites in Newcastle-under-Lyme and Nottingham.
Over recent months, the group has faced a number of challenges including an unexpected sales decline following the loss of a large customer, and unprecedented market conditions that have impacted on financial performance. Despite significant efforts by the company to avoid insolvency, the directors reached the conclusion that it was in the best interest of creditors for the company to be placed into administration.
Chris Pole and Ryan Grant from Interpath Advisory were appointed to Tree of Life UK Limited and Health Stores (Wholesale) Limited, on 22 August 2022.
Across the two companies, of the 206 employees, 63 were retained to assist the administrators in the realisation of assets and the performance of their statutory duties. The remaining 143 members of staff have been made redundant.
The joint administrators are exploring a number of options including seeking a buyer for the businesses, their assets and intellectual property.
Chris Pole, Managing Director at Interpath and joint administrator, said: “Regrettably, the loss of business from a key customer, together with the effects of the well documented economic headwinds, including inflationary pressures, have been incredibly challenging for Tree of Life UK Limited and Health Stores (Wholesale) Limited.
“Our immediate priority is to assist those members of staff who have been made redundant, and provide them with the information they require to make approproate claims.”
Wowcher takes ground floor suite at Derby office building
Wowcher has taken a new 5 year lease on a ground floor suite measuring 3,919ft² at Pentagon House, Sir Frank Whittle Road, Derby.
Pentagon House is a multi tenanted office building providing modern accommodation across four floors. The building benefits from a staffed reception, air conditioning and on site parking.
Darran Severn, director at FHP Property Consultants, says: “It was a pleasure to deal with Wowcher. We first discussed an office relocation with them back in 2021 and it is great to have now found them suitable accommodation. There has been significant investment in the building recently and it really shows. The modern reception leads to newly refurbished open plan office space which benefits from showers and individual WC’s.
“In addition to the Wowcher letting, a 786ft² pavilion suite has been let to Dovedale Logistics and another entire wing is under offer of which we hope to release further details shortly.”
Mark Roberts of Loxton Developments, who own the property, says: “Pentagon House is one of the most prominent office buildings in Derby city centre overlooking Derbyshire County Cricket ground. The suites are refurbished with kitchens and data cabling so ready to occupy now with minimum fit out required.
“With an EPC of B the building is very energy efficient which is increasingly important to tenants. We are delighted to welcome some new tenants to the building which previously has been occupied by Alstom, Citi and Balfour Beatty.”
Innes England acted as joint agents.
