The Nottingham Building Society has named Anthony Murphy as its new CFO, subject to regulatory approval. Anthony is set to join the Society in March 2023 to lead the Finance team and continue the Society’s strong financial performance and drive strategic growth.
Anthony joins the Society from digital challenger bank, Tandem, where he had been CFO since January 2019. During his time at Tandem, Anthony played a pivotal role as it navigated through a strategic review, migrated to a new core banking platform, concluded a number of capital raises, merger and acquisitions activities and significantly grew its deposit offering, all of which culminated in the Group achieving profitability in Q1 2022.
Prior to his most recent role, Anthony worked in the United Arab Emirates as CFO for a listed regional bank before returning to the UK to join Tandem. He has also held a number of senior finance and strategy roles with Lloyds Banking Group, including as finance director of their Middle East business based in Dubai where he supported its sale to HSBC.
The broad range of experience, both domestically and internationally within challenger and established banks, that Anthony brings will help The Nottingham progress its commitment to transforming the housing market. It recently signed a partnership agreement of up to £600m with innovative fintech mortgage lender Generation Home.
Anthony will ensure a smooth transition by working closely alongside Paul Astruc, who served as CFO and Board Member for the last two years with great success, maintaining a stable financial performance and leading key elements of the Society’s technology strategy. Paul Astruc is retiring to pursue a Non-Executive career and will leave the Society on 6th April.
Commenting on his appointment, Anthony said: “This is a great time to be joining The Nottingham as it emerges from a thorough and exciting strategic review process, with an eye on the future. I have been hugely impressed by the vision for the Society and look forward to meeting more of the team and continuing The Nottingham’s journey.”
Chief Executive Officer, Sue Hayes, said: “I’m delighted that Anthony is joining The Nottingham. His wealth of experience means he brings both solid foundations and genuinely innovative thinking to us at this exciting time as we build for the future.
“Anthony will be a key stakeholder in helping forecast and shape our strategic roadmap to deliver our purpose. As we welcome Anthony, I would also like to thank Paul Astruc for the integral role he has played navigating our strategic review process as CFO over the last two years.”
The appointment marks another key C-level addition to the Senior Leadership Team, following the arrival of Paul Howley as chief technology & transformation officer, since the new Chief Executive Officer joined the Society last January. During this time the executive team has also launched the Society’s strategic blueprint for future growth through delivery of its new purpose to colleagues.
Plans in for new public garden and entertainment space in Derby
Gleeds secures role on STEP fusion programme
Property and construction consultancy Gleeds has been commissioned via Perfect Circle to deliver procurement, commercial, and cost management services to the United Kingdom Atomic Energy Authority’s (UKAEA) ground-breaking Spherical Tokamak for Energy Production (STEP) programme.
Property, construction and infrastructure consultancy Perfect Circle was appointed to support STEP with the delivery of this ambitious programme which sets out to explore the options, challenges, and solutions for accelerating fusion delivery, by bringing on board partners who will engineer and construct the prototype fusion energy plant, capable of producing net electricity.
The plant will be located at the West Burton power station site in Nottinghamshire and will demonstrate that fusion energy can be used to deliver net electricity to the grid, paving the way for future commercial energy plants to be commissioned and constructed.
One of Perfect Circle’s founding partners, Gleeds will initially be responsible for providing comprehensive procurement services to support the selection and on-boarding of STEP’s whole plant partners through a complex procurement process.
Andy Ellis, global head of energy at Gleeds, said: “Gleeds is delighted to support the UKAEA STEP programme in delivering its prototype fusion energy plant. This is an incredibly exciting project; not only does it demonstrate viable net energy production, but it also represents an important opportunity for the UK to maintain its role as world leader in fusion technology.
“Fusion will play a hugely important role within the UK clean energy transition as we seek clean, sustainable, low-cost energy sources to replace fossil fuels, and has the potential to generate almost limitless clean energy for future generations. I am delighted that Gleeds’ extensive expertise in the energy sector has secured us a place on the team to support the procurement of future partners.”
Perfect Circle and Gleeds’ work on the project will be supported and accelerated forward through the SCAPE Consultancy framework, which helps to drive collaboration, efficiency, time and cost-savings.
Victoria Brambini, Managing Director of Perfect Circle, added: “I’m delighted that our founding partner Gleeds will be delivering this truly ambitious scheme for the UKAEA. The Government-backed STEP programme will bring the site of this former coal-fired power station back to life, creating thousands of jobs during construction and operation, and undoubtably attracting other high-tech industries to Nottinghamshire in the process.”
Mark Robinson, group Chief Executive at SCAPE, said: “We are proud to be collaborating with Perfect Circle and Gleeds on this ground-breaking project, helping to accelerate the scheme forward. As we move closer to the government’s net zero by 2050 target, projects like these are significant in demonstrating how clean power production can be delivered effectively and sustainably to support many future generations to come.”
Sarah Palmer, STEP strategic procurement manager, said: “We’re pleased to be working with Gleeds in support of the highly complex procurement of whole plant partners that will work with us through design and construction of the prototype plant.
“Fusion energy has great potential to deliver safe, sustainable, low carbon energy for generations to come. It is sometimes described as the ultimate energy source and is based on the same processes that power the sun and stars.”
This is Gleeds’ second win for the UKAEA, having been named one of just six organisations appointed to its existing Project Delivery Services Framework, which aims to bolster the range of expertise across the UK’s world-leading fusion energy programmes.
Nottingham contractor files for administration
A Nottingham-based contractor has filed for administration, ceasing trading on Monday.
According to Construction Enquirer, roughly 30 staff are expected to lose their jobs at DAKO Construction.
Established in 2018, the company expanded into London in 2021.
Quoting a letter to staff, Construction Enquirer highlights the firm’s founder and Managing Director Assan Hussain as saying that dealing with COVID-19, a recession and soaring material prices, as well as recent non payment from certain clients has made its situation untenable.
Strong trading momentum continues at Leicester online electrical retailer
Marks Electrical Group, the Leicester-based online electrical retailer, has seen continued strong trading momentum with improved profitability in the nine months ended 31 December 2022.
According to a trading update, revenue grew 22% to £72.9m, up from £59.8m in the same period of the prior year.
Strong performance was driven across product categories, according to the firm, but particularly in A-rated energy efficient laundry appliances, televisions, refrigeration and small domestic appliances.
Mark Smithson, Chief Executive Officer, said: “I am proud of the entire team at Marks Electrical for delivering a record quarterly performance, with year-on-year growth of 33.4% against a tough economic back-drop. This further demonstrates the resilience of our business model and the attractiveness of our market-leading customer offering, which more people are discovering up and down the country.
“To continue our focus on growing brand awareness, we further invested in highly targeted television, radio and out-of-home campaigns over the Black Friday and Christmas sales peaks. This led to increased website traffic and broad-based revenue growth across the UK, but with particularly strong improvements year-on-year in London, South East England and the East Midlands.
“We’ve worked closely with our suppliers throughout the quarter, enhancing our position as a growing, but agile, national retail partner of choice. As supply has stabilised during the last 12 months, we have been able to capitalise on our strong net cash position to enhance our inventory range and product availability, further improving our offering for customers.
“After an improvement in profitability in the third quarter, we look forward to maintaining our performance management discipline on revenue, profit and cash in order to achieve our full year targets and continue to demonstrate our differentiated proposition.”
Shoe Zone hails “a very positive year”
Shoe Zone has experienced “a very positive year” with revenue and profits rising.
In audited results for the 52 weeks to 1 October 2022, the Leicester retailer posted revenue of £156.2m, up from £119.1m in the prior year. This saw store revenue grow to £129.8m from £88.6m, while digital revenue dipped to £26.4m from £30.5m.
Profit before tax sat at £13.6m, up from £9.5m.
Shoe Zone ended the period trading out of 360 stores, having closed 63 stores, opened 13 new stores and converted a further 11 existing stores to new formats.
Anthony Smith, Chief Executive, said in a statement: “Shoe Zone had a very positive year due to trading for the full 52 weeks, strong trading over our key back to school period and due to the incredible hard work from our teams. These increases are primarily due to the increased revenue and resultant gross profit generated in a normalised trading period post pandemic.”
Record half year sales performance for Games Workshop
Games Workshop has delivered another record half year sales performance. However, having set itself a higher sales growth goal, the record number, “isn’t where [it] wanted to be,” thanks in particular to flat sales in the US.
According to results for the 26 week period to 27 November 2022, revenue grew to £226.6m, up from £211.6m in the same period last year.
Profit before tax at the Nottingham firm meanwhile dipped to £83.6m from £88.2m.
Kevin Rountree, CEO of Games Workshop, said: “Games Workshop and the Warhammer hobby are in great shape.
“Another rewarding and successful period for the global team with core sales for the six months of over £200 million for the first time.
“We will continue to focus on making the best miniatures in the world, sign new licensing contracts with partners to exploit our IP outside of our core business and support our staff. I’m so proud of their considerable hard work and commitment, thank you all.”
2023 Business Predictions: David Santaney from WestBridge Group
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to David Santaney from WestBridge Group which provides specialist tax and SSAS administration services to business owners and professional advisers.
Most predict a bleak economic outlook for 2023 with help being sought from any quarter. One area of predicted growth however is within the Small Self-Administered Scheme (SSAS) pension arena.
SSAS has become the forgotten pension product in recent years following the rise in popularity of the better-known Self Invested Personal Pension (SIPP). The SSAS offers all of the same features in that it can acquire the premises from which a business trades (allowing the payment of rent into another pocket of the business owners wealth) but has one key advantage – it can lend money back to the founder employer.
With interest rates on the rise, obtaining or renegotiating borrowing terms from the high street lenders may become problematic. A SSAS can lend up to half of its value back to the business to assist cashflow or fund special projects. The interest rates should be commercial but usually there are no up-front arrangement fees and interest when paid is routed back into the pension fund rather than to a third-party lender.
A SSAS can also acquire the premises from which a business trades. The release of capital to the business might be opportune in the predicted environment and control of the premises is not lost as it becomes an asset of the SSAS.
Unlike SIPPs which are a regulated product of the pension provider, a SSAS is controlled by its trustees, almost always the scheme members themselves. With these features, the re-emergence of SSAS as the preferred pension vehicle of choice for business looks likely.
Plans submitted for £14m, 50 home development in South Normanton
Housebuilder Honey has submitted plans to deliver a £14m development comprising 50 new two, three and four-bedroom homes in the village of South Normanton, near Alfreton.
Called Amber and located on Lees Lane, if planning is granted the 4.5-acre development will be the Sheffield-based housebuilding company’s first in Derbyshire.
Amber will feature 14 housetypes which Honey says have all been specifically designed to combine “style, substance and sustainability” for the benefit of buyers. Prices will start from £184,950 for a two-bedroom mid-terrace home.
If given the go ahead by Bolsover District Council, work at Amber is anticipated to start in spring with the first residents expected to move into their new homes this December.
As well as providing new homes for the area, if planning is granted, Honey will also make a £160,000 contribution to initiatives that will benefit the local community.
Honey was founded by former Avant Homes CEO, Mark Mitchell. He said: “We have worked very hard to ensure all our homes will provide buyers with an ideal combination of style, substance and sustainability.
“We know there is strong demand for high quality, high specification new homes in South Normanton so we are pleased to submit our plans for consideration by Bolsover District Council.”
Furnley House make key new hire
Leicestershire independent financial adviser firm Furnley House have strengthened their Protection offering with the recruitment of Darren Bradbury.
Furnley House was founded in 2013 to provide high quality solutions to individuals, families, business owners, and corporate clients, helping them work towards and achieve their goals.
Darren has over 25 years of expertise in Financial Services and joins as a protection specialist.
Stefan Fura, Managing Director at Furnley House, said: “Darren coming on board supports Furnley House’s planned growth as well as our goal of helping clients in every stage of their life.
“His values really tie in with ours and we’re delighted to have him as part of our team going forwards.”
Darren Bradbury said: “Having been self-employed for a few years, it would have taken an amazing opportunity to return to being employed, and that is exactly what Furnley House has offered me.
“Coming from Leicester myself, I am very excited to be joining a local company that shares so many of my values. Both mine and Furnley House’s focus is always on the client, and I’m looking forward to supporting more people with their protection needs.
“I was also attracted by Furnley House’s strong charitable ethos. They have helped and improved the lives of so many people over the years through the Furnley House Foundation and I’m looking forward to getting involved with this as well as continuing my own charity work.
“I am so thankful to everyone involved for the opportunity and cannot wait to get started!”
