£14m creative business hub prepares for 2023 opening in Northampton
A new £14 million hub for creative businesses is gearing up to open its doors in Northampton.
Vulcan Works has been created by transforming a Grade II listed ironworks factory in the heart of Northampton’s Cultural Quarter into a space that will support start-up businesses in the creative industries through the provision of lettable office space, workshops, meeting rooms and co-working spaces.
The construction and refurbishment works have been funded by West Northamptonshire Council (WNC) and South East Midlands Local Enterprise Partnership (SEMLEP), who facilitated a Local Growth Fund contribution of £6.3 million, together with £3.06 million from the European Regional Development Fund.
Vulcan Works has already attracted lots of interest from prospective tenants and viewings have been planned for the new year. Key stakeholders joined representatives from WNC for a first look in August once construction was completed. This was followed in September by the announcement that Oxford Innovation Space would take over as the management company for the new hub.
Since Oxford Innovation Space started managing Vulcan Works in September, work has progressed and support staff and local suppliers are currently being appointed with a view to Vulcan Works officially opening in February.
Among the newest recruits are commercial manager Kelly Boosey, centre manager Garrick Hurter and assistant centre manager Gail Haddon.
Kelly said: “I am thrilled to come on board and work on such an exciting project. Already we have received a great volume of enquiries from a range of businesses within the creative and digital industries and have planned to start showing people around the space in the New Year.
“We will host our first Open Day mid-January which is already fully booked with further dates planned, so that we can showcase this extraordinary space. We can’t wait to start building the community at Vulcan Works.
“We are more than just space. Along with the fantastic, specialised business support we offer, we are going to create a brilliant hub for start-ups and scale-ups in Northampton. We would encourage anyone wanting to find out more to get in touch.”
It is estimated that Vulcan Works will support around 150 start-up businesses in its first 10 years, creating around 500 jobs in the area. The centre has also pledged to work with local contractors and agencies, ploughing more money back into the local economy.
Cllr Daniel Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth, said: “We are thrilled with how Vulcan Works has turned out. The space has been finished to an exceptionally high standard, whilst retaining a number of period features which provide a nod to our local history here in Northampton.
“The project is really gaining momentum now and is close to opening its doors. I look forward to finding out more about the creative start-up businesses who will call this unique space home and seeing what they achieve through the dedicated support on offer.”
As part of the Vulcan Works’ unique offer, Oxford Innovation Space will also provide access to a programme of workshops, seminars, 1:1 coaching and networking.
Jo Stevens, Managing Director at Oxford Innovation Space, added: “We have been managing Innovation Centres across the country for more than 30 years and each centre is different.
“We are hugely excited by Vulcan Works and it has been an honour to be part of such an inspiring regeneration project. We can’t wait to see some talented creative businesses move in and hope they feel just as inspired by this space as we are.”
Local business supporting Nottingham Hospitals Charity this Christmas
The team at local business, Shredall SDS Group, is supporting Nottingham Hospitals Charity this Christmas, raising money for the cause and spreading some festive cheer in the area.
A cheque for £1,000 was presented to the charity for the children’s neonatal ward at Queen’s Medical Centre (a specialist centre for East Midlands children, treating over 1,500 babies every year). Shredall SDS Group continues to make a difference for these children and their families year-round through its work with the Nottingham Hospitals Charity Business Club.
Beyond its financial contributions, the organisation also volunteered to help bring comfort, joy, and festive spirit to the poorly children at the hospital this holiday season. Founder and chairman, Lloyd Williams, became Santa for the morning, handing out sweets and chocolate to young patients.
And finally, putting its industrial-grade equipment to good use, the local business has committed to helping the Nottingham Hospitals Charity to collect Christmas trees in the New Year as part of its recycling scheme. This allows households across Nottingham to sign up to have their old trees collected, whilst also donating towards the cause.
Shredall SDS Group will be volunteering once more for this day on Saturday 7th January 2023, contributing its document storage vehicles to fetch trees across Nottinghamshire. The Christmas trees will then be recycled to help local residents have the most sustainable festive period possible.
Charlotte Williams, marketing and PR manager, said: “Partnering with Nottingham Hospitals Charity is our way of saying thank you for the amazing work they do! In an ideal world charities wouldn’t need to exist but they do. Every donation received, big or small, adds up, and helps charities get to work and make a positive difference.
“Seeing the smile on the children’s faces when they saw Santa this week was incredible and helped spread some Christmas cheer. We look forward to continuing to work with NHC in 2023 and help support their fundraising appeals.”
Leicester financial services company acquires Nottingham firm
Furnley House, a financial services company part of Superbia Group, has acquired CDG Financial Services Ltd as it looks to expand its holdings, with Shawbrook backing an initial deal worth £3.9 million.
Based out of Leicester and employing 42 people across the group, Furnley House provides IFA services, Fund Management, and Investment Research Services to its clients. With over £450 million assets under influence, Furnley House is now looking to further expand its portfolio through organic client growth and acquisition of firms that reflect its business values.
The initial £3.9m funding will be used to refinance the group’s existing debt and provide funding for the acquisition of CDG. Furnley House will then be provided with additional funding for an additional IFA acquisition expected in the first quarter of 2023.
Stefan Fura, Managing Director at Furnley House, said: “Our partnership with Shawbrook has been vital to support Superbia Group as it enters a new era of expansion – extending the capabilities of our offering, and reach of our services.
“Shawbrook’s ability to quickly onboard us and provide a line of credit made them an obvious choice when assessing possible lenders. The team also reassured us that deadlines would be met, enabling us to proceed with the acquisition with minimal issues.
“We look forward to working closely with the Shawbrook team as we continue our partnership in future.”
Steve Armstrong, director, Corporate Lending at Shawbrook, said: “Furnley House has an experienced management team and a history of completing successful acquisitions. It is a pleasure to be able to support them as they continue to expand their business.
“With a strong presence in their market already and strong ambitions for the future, we’re looking forward to seeing and supporting their journey.”
Furnley House was recommended to Shawbrook by the Heligan Group who have worked with the Bank previously.
Matt Croker, director, Heligan Group, said: “Furnley House is an ambitious and high-growth business being backed by a lender who recognises the achievements of Stefan and his team to date and their ability to continue their buy and build strategy. It was great to be involved in this phase of their story and we look forward to seeing them continue to grow with Shawbrook’s support. Well done to all involved.”
Gunner Cooke LLP provided legal counsel to the Shawbrook team with Shakespeare Martineau acting for Superbia. Magma Chartered Accountants also conducted the Financial Due Diligence on the deal.
Jobs saved as Grantham hotel sold out of administration
The Olde Barn Hotel in Grantham has been sold out of administration, seeing all jobs saved.
The sale to an unnamed buyer comes after the hotel fell into administration for the third time.
It had previously been rescued by Shepherd Cox Hotels (Grantham) Limited in 2020, part of the Shepherd Cox Hotel Group.
The Olde Barn Hotel has over 100 bedrooms, a leisure club, restaurant and function facilities.
Nicholas Barnett, administrator at Libertas Insolvency Practitioners, said: “I can confirm that following an extensive marketing campaign (that took place prior to my appointment), a sale of the business and assets took place shortly after my appointment as administrator of the company.
“I am pleased to report that all employees were transferred to the purchaser and as such there will be no redundancies.
“Furthermore, the purchaser is honouring all pre-paid future bookings, so the hotel continues to trade and customers will not be affected.”
Joules subsidiary The Garden Trading Company rescued from administration
A Yorkshire entrepreneur has rescued The Garden Trading Company (a subsidiary of Market Harborough-based Joules Group PLC) from administration, saving all 53 jobs.
Under the undisclosed deal, TIM Group Holdings (TGH) will work with the current management team to continue to deliver “exceptional quality” home and garden products.
TGH, founded by Yorkshire entrepreneur Tim Whitworth, is a private equity house that uses independent capital to invest in and partner with businesses of varying sizes.
Tim Whitworth, managing partner, said: “We are delighted to have the opportunity to work with a business with such great history and provenance, along with an unrivalled product range. We are extremely impressed by the management team and have great confidence in supporting and investing in their future.”
Ryan Grant and Will Wright from Interpath Advisory were appointed joint administrators to The Garden Trading Company on 16 November 2022.
Founded in 1994, The Garden Trading Company takes inspiration from both the British countryside and city lifestyle trends to develop products for consumers and some of the world’s leading retailers.
Laurie Houghton, Managing Director of The Garden Trading Company, said: “I’m delighted that TIM Group Holdings shares our vision and commitment to both our customers and our team to support our ambitious plans in growing both the brand and product range in the future.”
Ryan Grant, Managing Director at Interpath Advisory and joint administrator, said: “The Garden Trading Company had grown rapidly to become a leading retailer of distinctive garden and homewares, so we’re pleased to have achieved this outcome which ensures the business will continue to trade, and which safeguards over 50 jobs. We wish the management team and TGH all the very best for the future.”
The Garden Trading Company was advised on the legal aspects of the deal by Eversheds Sutherland. The buyer, TGH was advised by Freeths LLP.
Melton Building Society appoint new non-executive director
Melton Building Society have announced the appointment to its Board of Elizabeth Lockwood as non-executive director and chair of the Risk Committee.
Elizabeth joins the Melton Board after 25 years in the banking industry as a risk management specialist. She spent 15 years covering corporate and financial institutions at Deutsche Bank in the UK, before moving onto senior and executive risk roles in commercial, retail and private banking at RBS/Natwest.
In her free time, Elizabeth volunteers as an external expert member of the of the Audit and Risk Committee for Samaritans and she is a qualified executive coach and therapeutic counsellor.
Melton Building Society is a signatory of the Women in Finance Charter and is proud to have a gender mix across the Board, which includes three females in key roles within the Board for the first time in the society’s history. This includes a female chair, chair of Risk Committee and senior independent director.
The society’s approach is to achieve this balance of representation whilst also pursuing the strategy of hiring the right person for the role, regardless of gender.
Chair of the Board, Fiona Pollard, comments on the appointment, saying: “We are very pleased to have Elizabeth Lockwood join the Board of the Melton Building Society. She has a wealth of knowledge from her years as the deputy chief risk officer for NatWest Holdings and her experience will be a great addition to our Board. We are delighted to welcome her.”
Elizabeth says: “I’m thrilled to be joining the Melton Board and to be part of a community helping to build a modern mutual society.”
2023 Business Predictions: Helen Wathall MBE, Wathall’s
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 Helen Wathall MBE, the fifth generation of her family to run Wathall’s, which is Derby’s longest-established independent funeral directors. Helen also set up the award-winning Dandelions Bereavement Support Service.
There is growing awareness in the business community of the importance of workplace mental health, but many have still not fully embraced the devastating impact on someone’s wellbeing and performance at work after suffering a bereavement.
Introducing initiatives such as Mental Health First Aiders in the workplace remains incredibly important but, as pressures on everyone grows during this ongoing cost of living crisis, I think we all need to think about the broader support that can be offered.
Death is a particularly uncomfortable and often taboo subject to discuss at home, let alone the workplace, but it is important for employers to better understand and support colleagues who have lost a loved one.
People express and cope with grief in different ways, but there are a lot of common factors and emotions that people share throughout their grief journey.
During the pandemic, we launched a special online training programme for business managers which explains the grief process and provides practical advice and support – enabling employers to give their staff the validation and space they need to come to terms with their loss, and better cope with their work and home life.
This is obviously about duty of care in the workplace, but there is also a business benefit as employees are far more likely to return to full productivity far quicker if they receive the right understanding and support.
Charcon Hard Landscaping wins contract to supply sustainable products to the ongoing redevelopment of Derby City Centre
Charcon Hard Landscaping, a division of Aggregate Industries, has been awarded a contract to supply sustainable products to the ongoing redevelopment of Derby City Centre.
Derby City Council has started the first phase of its Mobility Programme to deliver better transport choices for the city.
The work will see the areas between The Spot, St Peter’s Street, Babington Lane and Gower Street transformed by improving access for cyclists and pedestrians seeing pavements widened and resurfaced, and stepped cycleways created.
Following Charcon’s technical presentation of their products and support in the design and detailing of the kerbs, the council chose Charcon’s bespoke Black Basalt Kerb, Eco CSK Kerb and Eco CSK cycle kerbs. These will be used to form kerb lines, cycle tracks and channels alongside a vehicle lane and new disabled parking bays.
The product replicates the look of natural granite and contains up to 65 per cent recycled or reclaimed materials. It replicates the look of natural granite but with a third less in terms of carbon footprint.
It will be manufactured at the Aggregate Industries Hulland Ward site near Ashbourne, Derbyshire meaning less transport costs and overall emissions.
Jamie Baldwin, general manager of Charcon Hard Landscaping, said: “We’re really proud to have been chosen to supply Charcon products to this important project in Derby.
“The Eco CSK Kerb is fantastic in terms of its overall look and finish as well as environmental considerations, which we know is a key decision factor for customers.
“We have supplied similar schemes on a national basis, but the Black Basalt kerb is a first and very much bespoke to the project so huge thanks must go to our technical, production and commercial teams.
“Sustainability is very important to us as a company and integral to what we do. The product is made up of a high degree of recycled or reclaimed content and with it being made in Hulland Ward, just 10 miles from Derby, it means a much lower carbon footprint for the project.”
Cllr Steve Hassall, Cabinet Member for Regeneration, Decarbonisation, Strategic Planning & Transport at Derby City Council, said: “These works represent just part of our on-going commitment to not only provide an improved travel experience in the city centre, but also to improve the overall look, feel and standard of our city centre streets to a level that residents rightly expect.
“This project is not the final word in delivering better transport for the city, and we’re looking forward to delivering further improvements going forward.”
Work to redevelop the key city centre area has already got underway and the project is due to be completed by mid-June.
The works are part of Nottingham and Derby’s Transforming Cities programme, funded by the Department of Transport and delivered by Eurovia on behalf of Derby City Council.
Both authorities secured £161 million from the Department for Transport to invest in local transport infrastructure that will improve sustainable transport, support growth, and encourage more low carbon journeys.
The Access Group acquires construction management software company
CSB Holdings Limited (CSB) has sold Construction Industry Solutions Limited and COINS US Group Corp (COINS) to The Access Group.
The Access Group is a Loughborough-headquartered provider of business management software to mid-market organisations in the UK, Ireland and Asia Pacific.
COINS is a construction management software and services company providing end-to-end business solutions to the contracting, home building and service management sectors globally, with more than 100,000 users worldwide.
Nelsons, in conjunction with international law firm Addleshaw Goddard, advised CSB.
David Kaplan, partner and solicitor in Nelsons’ corporate team, said: “We have worked with the key shareholders and management team of CSB for nearly ten years and I am delighted that all their hard work over the years in building and developing the COINS group and its offering has been recognised by a global leader in the software industry. By joining forces with Access, the COINS group will undoubtedly go from strength to strength.”
Other advisors to CSB included KPMG Corporate Finance, BDO and Ashgates. Advisers to Access included Travers Smith and PWC.
Brendan Flattery, Managing Director Access ERP, said: “We see a huge opportunity with COINS joining the Access Group and we will be sharing more details over the coming months about our joint plans for the future. With the size, complexity and geographical spread of COINS’ operations, we are now in an exciting discovery phase while we integrate our two businesses.”
Robert Brown, COINS CEO, said: “I am excited to be joining my peers at The Access Group and the opportunities that this acquisition creates for our staff, customers, and business partners. Access and COINS share the same vision of delivering a suite of market-leading, end-to-end, construction-focused solutions, that enable construction companies to achieve higher levels of productivity, margin and cash flow.”
Chris Bayne, CEO of The Access Group, said: “This latest acquisition supports our growth strategy and focuses on delivering solutions that meet the needs of our expanding international customer base. We welcome COINS’ customers, partners and employees into The Access Group.”
Bank of England announces ninth rate rise in a row
The Bank of England has increased the base rate from 3% to 3.5%, in the face of historically high inflation.
Marking the ninth rise in a row, it adds more pressure on businesses’ margins during the cost of doing business crisis.
Federation of Small Businesses (FSB) national chair Martin McTague said: “Today’s rise in the base rate was widely predicted, but there is also a sense in the air that the decision to go for an increase – with today’s the ninth in a row – may be less of a one-way bet in coming months.
“This time last year, the base rate was just 0.1%. The precipitous climb in borrowing costs in under 12 months has hit small firms hard, eroding their margins at a time when many are struggling with the very cost increases which prompted the Bank of England to increase the rate in the first place.
“Energy costs are by far the biggest driver of the inflation that businesses and consumers are experiencing, and interest rate increases are doing little to rein in energy bills, while making it harder for small firms to keep the lights on.
“SMEs are collectively carrying £33 billion extra in debt, much of it index-linked, compared to January 2020, before Covid hit. Every basis point increase means extra pressure for those on floating rates, and a disincentive to apply for finance for firms looking to grow and invest.
“Our Small Business Index found that in Q3, nearly two in five small firms applying for finance were offered a rate of 8% or higher, compared to a quarter of small firms in the same period in 2021.
“This was supposed to be the recovery period, where the economy got back into gear, with small firms providing the engine of growth. The cost of doing business crisis has knocked that plan off course, and many small businesses are wondering – amid strikes and disruption, near rock-bottom consumer confidence, and continued rises in input costs – how they will stay afloat.
“The Government’s forthcoming announcement on how it will support businesses once the Energy Bill Relief Scheme comes to an end must have a compelling offer for small firms, one in four of whom say they plan to close, downsize or restructure in the absence of a sufficient level of energy support after March.
“Many small businesses are struggling at the moment. They need certainty and support, to help them make the most of the festive season, and enter the new year in a spirit of optimism.”
Alpesh Paleja, CBI lead economist, said: “Another big interest rate rise from the Bank of England doesn’t come as a surprise, in the face of historically high inflation. However, with global price pressures starting to wane, along with the economy set to fall into recession, it is likely that we’ll see smaller interest rate rises for the foreseeable future.
“Nonetheless, high inflation and weakening activity will continue into 2023, putting strain on many households and businesses. With monetary policy focused on tackling inflation, the government must use economic levers to stem the severity of an oncoming downturn, but also to address the UK’s persistent weakness in investment and productivity. We cannot afford to have another decade where both are stagnant.”
