“Solid” third quarter for Travis Perkins
Travis Perkins has hailed a “solid performance” during its third quarter, with its Merchanting businesses outperforming their markets and an improved performance in Toolstation.
According to a Q3 2022 trading update for the three months to 30 September 2022, the Northampton-based group delivered “resilient” trading with total sales growth of 10.7% and like-for-like sales growth of 7.4%.
Nick Roberts, Chief Executive, said: “The group has delivered a solid performance during the third quarter with the Merchanting businesses again outperforming their markets and an improved performance in Toolstation. We continue to benefit from our diverse end market exposure from small independent builders through to large contractors delivering national infrastructure projects.
“During the second half of the year we have seen growing macroeconomic uncertainty. We are focused on maintaining cost discipline in our businesses and the actions taken to simplify our operating structure in recent years have created the flexibility to adapt to changing market conditions.
“All of our businesses see opportunities to further develop their propositions to meet our different customers’ needs, as they seek to navigate an increasingly complex construction landscape, characterised by new environmental and safety legislation and a commitment to deliver against net zero targets. We remain confident that our market-leading businesses, backed by focused capital allocation, a strong balance sheet and significant strategic growth opportunities, leave us well placed to outperform in our markets.”
Triumph Motorcycles Ltd expands opportunities for Loughborough students through generous philanthropic donation
The largest UK-owned motorcycle manufacturing company has provided philanthropic funding to Loughborough University to support its students.
Triumph Motorcycles Ltd has provided £45,000 to support the Student Success Academy and three Opportunity Scholars.
Originally made possible through the generous donation of alumnus Chris Gill in 2021, the Student Success Academy aims to help students achieve their goals during their time at University by providing a holistic package of support through initiatives including Academic Success Coaching, Micro-Internships and the Future Black Talent Programme.
Additionally, Triumph will be supporting three students who receive cash bursaries through the Opportunity Scholarship. These scholarships are allocated to UK students living in areas of low participation in higher education, areas of socio-economic deprivation, or those entitled to Free School Meals. The Scholarship eases the financial burden to those wanting to attend university by providing them with £3,000 per year for three years. The initiative has seen a record number of Scholarships awarded, with a cohort of 53 for the 22/23 academic year.
Triumph supports scholars who began their university experience this month and are studying Product Design Engineering and Automotive Engineering.
Rolls-Royce and Alder Fuels join forces to fuel the race to net zero
Rolls-Royce has signed a Memorandum of Understanding (MOU) with Alder Fuels, a clean tech developer and greencrude producer, to further test Sustainable Aviation Fuel (SAF) as it makes the next step on its journey to commercial scalability.
The SAF, which has been produced based on Alder Fuels’ proprietary greencrude technology, is being readied for global rollout as a drop-in replacement to petroleum-based jet fuel and will be a critical tool for decarbonising the skies.
The testing, which will include flight tests on a Rolls-Royce Pearl engine, will evaluate the energy efficiency, emissions criteria, and low-carbon credentials of the SAF produced from Alder Greencrude (AGC) and is part of Rolls-Royce’s ambition to play a fundamental role in enabling the sectors in which it operates to achieve net zero carbon by 2050.
Frank Moesta, SVP Strategy & Future Programmes – Business Aviation, Rolls-Royce, said: “The use of Sustainable Aviation Fuel as a low-emission solution and its global commercial deployment are essential to the decarbonisation of medium to long-haul air travel. While we are also working on electrification, hybrid-electric and hydrogen technologies as long-term alternatives, rapid decarbonisation is within reach through this critical pathway. Through our partnership with Alder Fuels, we are taking the next steps on our journey to net zero and are committed supporters of the UN Race to Zero goal of 10% SAF use across aviation by 2030.”
“At Alder, we are on a path to transform energy on the global stage and partnership is key to our vision. As a pioneer in both industrial technology and sustainable aviation, Rolls-Royce will play a leading role in decarbonizing the aerospace industry. Their name is synonymous with the best of engineering,” said Bryan Sherbacow, president and CEO of Alder Fuels. “Our hope is that this collaboration will not only mark an important milestone for the decarbonisation of aviation, but that it will send a strong global signal to the market that the future of sustainable flight is here and the time to transition is now.”
Alder Fuels uses sustainable biomass such as regenerative grasses, forest residues, and agricultural waste products to create low-carbon Alder Greencrude (AGC) that can be converted into a drop-in SAF using existing bio and petroleum refinery infrastructure. The process, which has been developed in close partnership with the US Department of Energy’s National Renewable Energy Laboratory, can achieve greenhouse gas reductions of over 80 percent compared to fossil-based jet fuel.
The engine tests will assess the performance of AGC-derived SAF compared to fossil-based jet fuel to further support its performance as a drop-in replacement for traditional jet fuel and generate critical data for the development of a 100% SAF specification by ASTM International. In addition, the SAF will undergo a full lifecycle and criteria emissions assessment, and the data associated with this assessment will be transparently reported to advance global decarbonisation efforts.
Rolls-Royce has previously committed to ensuring all its Trent and Business Aviation engines are compatible with 100% SAF by 2023. All Trent and Business Aviation engines are already certified and ready to operate on a 50% SAF blend with traditional fossil-based aviation jet fuel.
Plans submitted for further 107,000 sq ft of industrial and warehousing space at Markham Vale
Markham Vale is set for further expansion, with detailed plans submitted for four buildings totalling 107,250 sq ft of industrial and warehousing space.
Markham Vale is a 200-acre joint venture development between property developer HBD and Derbyshire County Council. It is one of the region’s flagship industrial schemes, attracting new businesses and creating thousands of new jobs.
The development plans for Plot 6 will see the construction of four new units targeting BREEAM ‘Excellent’ standards alongside dedicated parking, electric vehicle charging bays and space for bicycles.
Richard Hinds, development surveyor at HBD, said: “It is great to get plans underway for this next stage of development at Markham Vale.
“It’s a very successful industrial and logistics location, which means demand has remained high for new space – our robust financial backing and our strong track record for delivery means that we are able to continue progressing new schemes throughout the more challenging periods for the economy, injecting much-needed Grade A space into the market.”
Derbyshire County Council’s cabinet member for clean growth and regeneration, councillor Tony King, said: “Plans for four new buildings at Markham Vale is a strong signal from our property partners, HBD that the site will continue to attract a wide range of businesses.
“Markham Vale plays a key role in helping to deliver on our commitment to building a strong, diverse, and green economy by creating jobs for local people and attracting local, national, and international businesses.
“We look forward to seeing the plans progress and welcoming more businesses to the site in the future.”
HBD recently instructed M1 Agency as joint agent alongside JLL for the delivery of the remainder of Markham Vale; 18 acres of serviced development land with the potential to deliver circa 250,000 sq ft of additional employment space for growing businesses.
Monthly fall in corporate insolvencies masking true economic picture
A month-on-month fall in the number of corporate insolvencies in England and Wales is unlikely to be a true reflection of the financial health of local businesses, warns the Midlands branch of insolvency and restructuring trade body R3.
National figures published by the government’s Insolvency Service show that the number of companies entering insolvency fell to 1,679 in September 2022, a 13.5% decrease compared to the previous month’s total.
According to R3 Midlands, when a longer-term view of the national data is taken it demonstrates more accurately what may be happening with businesses in the region. In comparison to September 2021’s figure of 1,453, corporate insolvencies have increased by 15.6%, and this month’s total is also 11.3% higher than September 2019’s figure of 1,508.
R3 Midlands chair Eddie Williams, who is also a partner at PwC in the East Midlands, said: “September’s decrease in corporate insolvencies is due to a drop in Creditors’ Voluntary Liquidations, while the year-on-year increase has been caused mainly by a rise in Compulsory Liquidations, which is probably due to the end of legislation around winding-up petitions.
“The increase in corporate insolvencies between September 2019 and September 2022, on the other hand, can be attributed to a significant increase in the number of Creditors’ Voluntary Liquidations.
“The triple whammy of the withdrawal of Covid support, the current economic turbulence and the challenging business climate are key factors in directors feeling that they are unable to continue trading and opting to close their business voluntarily.
“Currently, local companies are operating against a backdrop of mounting uncertainty, which is impacting heavily on their financial health. A volatile pound, a decline in consumer confidence and lower household spending have all contributed to weaker economic growth.
“With conditions likely to worsen before they improve, business owners need to remain alert and seek advice at the first sign of financial distress.
“Most insolvency practitioners in the Midlands region will offer a free hour’s consultation to a potential client so that they can understand more about their business, its circumstances and outline what options might be available.”
Lettings of premium new build units boosts Leicester’s trade counter offering
Following pre let deals negotiated by joint marketing agents Andrew + Ashwell and APB, four new tenants now occupy the recently completed trade counter units at Parker Drive Trade Park, Leicester.
North of Leicester city centre, the 3.8 acre site forms part of one of Leicester’s most popular industrial estates.
Parker Drive Trade Park was redeveloped from a former redundant industrial site and has become a local hub for warehouse and trade counter users, including B&Q and Travis Perkins, operating close by.
The new units of 5,000 to 8,000 sq ft deliver high quality modern warehouse accommodation and are adjacent to the first phase 35,000 sq ft premises already occupied by Selco. All four units on the second and final phase were pre-let while being developed speculatively by Trafalgar Global.
Trade kitchen and joinery supplier Howdens Joinery was the first to complete, with the company taking 8,000 sq ft. First launched in 1995, Howdens has more than 700 trade outlets across the UK and Europe. The new premises will further enhance customer service.
Leicester-based PVCU window and door manufacturer Unique Window Systems Ltd – also with larger premises nearby – has taken 8,500 sq ft to help expand business with trade, commercial and new house build markets.
City Electrical Factors Ltd (CEF) has taken 5,000 sq ft; extending the company’s broad network of wholesale distribution outlets for the electrical trade. Established over 70 years ago in Coventry, CEF has 400 outlets in the UK – almost twice as many as the nearest competitor – with the latest expansion aiming to further boost service.
Relocating to modern bespoke premises, another leading electrical wholesaler, Rexel, completes the lineup, also taking 5,000 sq ft, in providing local electricians, contractors and industrial organisations with high quality electrical products, site supplies and project solutions.
Geoff Gibson, A+A consultant, said the success of the final phase at Parker Drive Trade Park illustrates continued strong demand for modern, purpose-built accommodation.
“The dearth of high quality modern new-build trade premises has long been an issue in Leicester. Parker Drive has proven to be a particularly sought after location for trade counter activity and it is heartening to know that when we do see new development, buildings are snapped up by substantial companies able and keen to expand.”
Nottingham museum receives £8k to help fund new shop front
Nottingham-based Framework Knitters Museum has received funds to upgrade its newly established café and shop – Parker’s Yard – with a discrete and secure reception area.
The funds for the project, which will begin and complete this winter, have been awarded through the Museum Development East Midlands (MDEM)’s Recovery and Reboot Grants, and also includes core funding and a donation from the Friends of the Ruddington Framework Knitters Museum.
The Recovery and Reboot Grants have been designed to help museums in the East Midlands to rebuild and strengthen their offer to customers, particularly where they’re implementing new approaches and ideas, in response to the impact of the pandemic.
The £8,335 project will redefine the shop front and will see the installation of a reception desk for point of sale and display areas, which will allow items to securely and safely remain on display when the shop is closed but the café is open.
Sarah Godfrey, manager of the museum, said: “Our recent building project, Parker’s Yard, allowed us to introduce a new reception, café and shop area, to help improve the visitor experience. However, as the shop and café have different operating hours and share the same space, some challenges did arise.
“Thanks to the MDEM funding and a generous donation from the Friends of the museum, we are now able to create a dedicated shop sub area, where people can purchase items and locally crafted goods can permanently be on display in a secure unit.
“We’ll be able to make better use of the reception area, extend and improve our shop offering and enable the café to open outside of the museum hours, which will help us to increase our revenue, as well as provide increased employment and volunteering opportunities for local residents.”
High demand for places as more new businesses inducted at Loughborough start-up incubator
Twenty-four new businesses have been accepted onto the autumn cohort for Leicestershire start-up incubator LUinc.
A total of 81 founders expressed interest in applying for one of 20 available places. The cohort was extended to 24 members.
Since 2011, the incubator has worked with Loughborough University graduates and researchers on developing new businesses.
Last year, its services were extended to founders from outside of the campus as part of a partnership with the Leicester and Leicestershire Enterprise Partnership (LLEP) and Charnwood Borough Council.
The project aims to develop a new generation of local businesses which are ‘fit for the future’ in their agility, focus on emerging markets, and commitment to scale-up and growth.
LUinc. provides a six-month programme aiming to increase productivity and job creation by incubating innovative new businesses.
Of the 24, fifteen local entrepreneurs were accepted for the project’s third cohort after applying from outside of the university ecosystem. The remaining nine are graduate start-ups and research spinouts.
Members benefit from free weekly meetings, one-to-one coaching, structured training, and roundtable discussions delivered by a range of experienced experts and entrepreneurs.
The first two cohorts helped launch 12 new businesses, supported 304 individuals through events or 1-2-1s, and steered 24 businesses to enterprise or start-up support.
Sirius Transformation joined LUinc. in the Spring of 2022 after making an initial inquiry through the Careers and Enterprise Hub in Loughborough town centre.
Founded in late 2021 by former 3M employees James Whyley and Steven Sleath, Sirius is a manufacturing process improvement consultancy based on its founders’ extensive regulated industry experience. It now operates UK-wide.
James, from Loughborough, said: “We’ve gained a lot from the camaraderie with fellow entrepreneurs and also having that natural rhythm to our working days that we had when working within a corporate environment but might have lost had we decided to start up from home.”
Steven, from Syston, said: “We have gone from an idea to a fully functioning business while part of LUinc.”
Pete Hitchings, incubator manager, said: “Bringing together businesses from the University and the local area has grown a diverse community of business owners who are really invested in helping one another to succeed.”
Dr Nik Kotecha OBE, chair of the LLEP Innovation Board, said: “It’s essential for any economy to have productive and innovative small businesses and entrepreneurs.
“Programmes such as those at LUinc. are retaining and developing bright new business ideas, which is so important in the wake of the pandemic.”
Cllr Jonathan Morgan, leader of Charnwood Borough Council, said: “It is great to see so many start-up companies seeking support from LUinc. and we look forward to seeing them grow and develop in the future.
“As a Council, we’re committed to creating a thriving economy; small businesses are often central to that and that’s why we are keen to support them.”
The ongoing project was part-funded with £314,000 from a Covid-19 Recovery Fund, created using Enterprise Zone Business Rates.
LUinc. is now accepting expressions of interest for its Spring 2023 cohort.
New Business Gateway report reveals needs of Leicester’s Black Business Community
A new report commissioned by the LLEP Business Gateway provides a blueprint for future support for the Black Business Community in the city and identifies some key challenges. The main issues include finding and securing funding; a lack of networks for support, and awareness of the business support already available. The report was produced by University of Leicester intern, Lara Anubi, following a number of interviews with leading figures in the Black Business Community locally.
A new research report has highlighted the challenges faced by Leicester’s Black Business Community in starting and sustaining businesses across the city. It was commissioned by the Business Gateway to ensure that all local businesses are made aware of the support available to them regardless of ethnic origin or any other characteristic.
Sue Tilley, Chief Executive of the LLEP and acting Business Gateway manager, explained: “We know that we support a lot of SMEs classified as white British and also a lot of Asian businesses, particularly in the textiles sector, but we felt that the black community were not using our services as much. We wanted to find out if this was because we needed to communicate differently or because we need to adapt our offer.”
The contributors included Annie Otum of Black Owned Leicester, Mark Esho MBE of Easy Internet, Pamela Sharpe of Mela & Sharpe, Dorothy Francis MBE of CASE, Byron Dixon OBE CEO of Micro-Fresh, Chintu Lamba of Initiated Nation, and Abdikayf Farah representing the Somali business community. Lara Anubi who undertook the interviews commented: “It was fascinating for me as a young black woman to talk to these inspiring people and identify the common issues that need to be addressed if more black businesses are going to thrive in Leicester.”
The key findings in the report include:
- The black community is Leicester’s fastest growing ethnic community.
- The main communication issue appears to be that large parts of the community are not aware of the support that is already available from the Business Gateway and others.
- There is a lack of active business networks for the Black Business Community in Leicester.
- Funding is a very big issue for this community. There is a lack of generational wealth (i.e. help from parents) and a lack of ‘financial education’ about where to find the right type of funding.
- Black enterprises typically only survive for 3 years as opposed to the 7 years for Leicester’s average businesses.
- Black female businesspeople are under-represented in this community.
- The local Somali business landscape is far more varied than the black business community in Leicester in general in terms of its variety.
- Increasingly engagement where gaps exist. For example, the Business Gateway have agreed to provide a workshop for Somali founders to support the existing business network.
- Speaking to banks or other finance providers about finance pathways. This includes local grant providers which would help address the issues around taking on debt.
- Ensuring business support information is cascaded via wider networks, including those highlighted in the report.
- Engaging more frequently with business leaders in the community around strategy and inclusivity.
- Ensuring BAME businesses are reached by forthcoming new LLEP and Business Gateway business support programmes.
- Reignite networking and peer support for local black owned businesses.
- A report on finance options specifically aimed at the black community.
- Workshops in a highlighted area, for example financial literacy.
Nottingham healthtech company raises £3.4m to transform mental health diagnoses
Early stage Healthtech company, BlueSkeye AI Ltd, has secured £3.4m in funding to pursue its mission to improve people’s quality of life through the use of its proprietary face and voice analysis technology.
The round was led by XTX Ventures, which invested alongside Foresight Group (through The Midlands Engine Investment Fund), Praetura Ventures (through Praetura’s GMC Life Sciences Fund), the University of Nottingham and a consortium of high-net-worth individuals.
As leaders in Artificial Technology (AI), which understands mood and mental wellbeing, the Nottingham-based company’s solutions are uniquely placed to serve the rapidly growing needs of the Digital Health & Wellbeing and Automotive sectors.
In the UK alone, one in four people suffer from mental health issues at some stage of their lives, at an estimated cost of £117.9 billion to the economy and from 2024 all new cars sold in the EU must have camera-based driver safety monitoring systems installed.
BlueSkeye AI’s trademark blending of advanced research into expressive human behaviour with specialist expertise in computer vision, machine learning and AI has many important use cases. In Digital Health and Wellbeing, BlueSkeye AI is poised to transform the diagnosis of mental health conditions and improve care, whilst in the Automotive industry it will significantly enhance safety and wellbeing for the drivers and passengers of vehicles.
One key technology created by BlueSkeye is the B-Social Software Development Kit (SDK) that can be used to give social robots, virtual assistants, and any other interactive interface the ability to read a person’s facial expressions, head actions, and social gaze.
The funding will further accelerate BlueSkeye AI’s expansion across both clinical and non-clinical health and wellbeing markets to transform patient pathways at scale. This will support service providers to address the global worldwide need for early diagnosis of mental health issues such as depression and anxiety, and the development of new products to support accurate digital diagnosis in the health and wellbeing sector.
As part of this investment, BlueSkeye AI will expand its activities with a physical presence in the North-West of England.
Founded in 2019, BlueSkeye AI is a spin-out from The University of Nottingham’s School of Computer Science. It was established by professor Michel Valstar (CEO) and Dr Anthony Brown (CTO), and chief machine learning and software engineer Dr Timur Almaev.
Professor Michel Valstar, co-founder and CEO at BlueSkeye AI, said: “The demand for alternative pathways to access mental healthcare is enormous, and continues to grow by the day.
“We’re committed to disrupting traditional approaches to healthcare to help improve the quality of people’s lives, and we’re particularly focused on the perinatal mental health sector.
“With the support of XTX Ventures, Foresight Group and Praetura Ventures, we’ll strengthen the rollout of new clinical trials and product development, and champion the benefits of technology for reinforcing healthcare provision on a national, regional and global basis.”
