Arnold’s first factory-built homes installed
The first of 131 off-site manufactured affordable homes have been installed in Arnold.
Six modules are being craned into place as part of the first phase of the Birch Fields development on Rolleston Drive, which will be owned and managed by housing provider Jigsaw Homes Group.
Each house is being precision-engineered by modular housing firm ilke Homes at the company’s 250,000 sq ft factory in Knaresborough, North Yorkshire.
The Homes England-backed development will deliver 45 two-bedroom homes, 73 three-bedroom homes and 13 four-bedroom homes.
A total of 46 homes will be available through shared ownership from Snugg Homes, part of Jigsaw Homes Group. The remaining 85 for affordable rent will be managed by Jigsaw Homes Midlands and allocated to local people via Gedling Borough Council.
This innovative scheme aims to bring more sustainable housing to the East Midlands.
Thanks to precision-engineering techniques, the homes will achieve at least a ‘B’ EPC rating, making them some of the most energy-efficient in the region and meaning residents will benefit from cost savings on energy bills.
It is Jigsaw’s first foray into delivering factory-built houses as part of its sustainability strategy to reach net zero carbon by 2050 and a number of the properties will also be fitted with a mix of photovoltaic (PV) panels, Air Source Heat Pumps (ASHP) and battery storage.
The homes, which will be delivered in half the time of traditional methods, will be installed in phases throughout the next year with all 131 homes completed by autumn 2023.
Joanne Bonnington, assistant director of development at Jigsaw Homes Group, said: “It has been very exciting to see the first few modules arrive on-site after witnessing them being constructed inside the factory.
“Now the homes are being installed, it offers a great sense of how the area will be transformed and what is to come.
“We are looking forward to the completion of even more modules with ilke Homes and delivering affordable, sustainable housing to meet local need.”
Tom Heathcote, executive director of development at ilke Homes, said: “It’s great to reach the latest milestone at Birch Fields, where ilke Homes, in partnership with Jigsaw Homes Group, is set to deliver one of the UK’s most energy-efficient affordable-led schemes. The new development is breathing life into a once derelict site, making good use of brownfield land.
“Thanks to high levels of energy-efficiency, residents will be better protected from the worsening cost-of-living crisis, as bills will be significantly reduced.”
Leader of Gedling Borough Council, Councillor John Clarke MBE said: “A key council priority is to provide more homes to meet the current and future needs of the borough and to identify vacant and underused sites for developments.
“I’m pleased to see the progress being made at the Rolleston Drive site and welcome the first homes being delivered at this innovative development on what has been a derelict and unused brownfield site for far too long.
“I look forward to seeing the rest of the site develop and the benefits it will bring to the area, and would like to thank Jigsaw Homes for their support and for investing in affordable homes for the borough.”
The future of fintech and how to get involved
It is immediately apparent to anyone who has been paying attention that things have been changing pretty quickly in recent months. For about two years it felt like the whole world was standing still, with one notable exception: tech. Now that everyone, and everything, has got back to work and some semblance of normal, we are all playing catch-up with the major leaps and developments. Of course, there are plenty of major forces at work that are less inspiring than innovation. We are seeing rising prices and interest rates amidst the cost-of-living crisis. With so much uncertainty in the marketplace, everyone is worried about the security of their investment.
Of all the investments out there, it is those that are intertwined with the advances in tech that seem to be the most exciting and the most secure right now, and fintech is no exception. Fintech has taken some huge leaps and bounds in the last few years, and it is clear that it is in for some exciting times ahead. Here are a few things that you need to know about the future of fintech, and how you can get involved.
AI Tech Is A Driving Force
You would have to have been paying very little attention at all to have missed the impact that AI has had in all areas of business in recent years. When it comes to fintech, AI in particular is something that will continue to become more essential in making decisions and predicting trends. But it is not just about gathering data. We will see AI making more of an impact when it comes to how companies deal with their customers, allowing more responsive automated interaction. AI will make everything faster and more efficient, and it is not going anywhere.
Small Fintech Businesses Are Gathering Speed
While there are so many small companies feeling the pinch as a result of the rising cost of living, fintech is going to be experiencing a boom for some time to come. As a result, that means that there are going to be a lot of companies with the potential to make real ground-breaking changes that are going to be looking for financial support. For anyone who is looking to make an investment in new and expanding businesses, this is a sector that should be incredibly appealing. Of course, it can be difficult to know which one to invest in exactly, which is why so many people are investing in EIS schemes. EIS was created by the government to offer tax relief in exchange for investing in new British companies. If you want to learn more about how EIS schemes work, the Oxford Capital Growth EIS could be the answer for you. Visit their website to learn more about what they have to offer.
Banks Are Getting Involved
The word “fintech” covers a lot of ground, but what you need to remember is if you are thinking about getting involved with fintech it can cover everything from ease of application to data management and customer service. It is precisely for this reason that so many of the world’s major banks are getting involved with developing fintech programmes and companies. For example, blockchain technology has changed the game in so many different areas beyond cryptocurrency, and we are seeing many major banks using it for applications such as smart contracts. One of the main draws of blockchain tech is that it keeps a secure and open record of any transaction, which makes it obviously appealing in this age of heightened security concerns. This brings us to our next point.
Security Is Going To Be Paramount
One of the main factors that is going to sort the wheat from the chaff with fintech companies is how seriously they take their security. Cybercrime has been rampant over the last couple of years, and it is going to be absolutely crucial that any business dealing in finance have the proper security measures in place to protect their information and their money, as well as those of their clients. This is going to be one of the defining stories of the next couple of years, so if you are thinking of getting involved in fintech, make sure that you are doing your due diligence when it comes to research.
Growth, Growth, Growth
If you are looking at fintech as a potential investment opportunity, then it makes sense to have a certain degree of caution. Any investment is always going to be a bit of a gamble, but when it comes to fintech it is clear that this is one of the major developments that we are seeing right now. This is an excellent choice for anyone who is looking to invest in a company that is going to continue to grow. As always, it is a good idea to get some expert advice, and to talk to anyone you know who has already invested in this area.
Ocean King to acquire final unit on Derby business park
Ocean King, the fresh and frozen food wholesale and distribution specialists, are set to take a new 28,000 sq ft industrial premises upon practical completion of its construction, anticipated December 2022.
The family business established in 1997, who specialise in the supply of fresh produce and dry goods to the restaurant sector, are currently based in Loughborough and have acquired a new custom designed storage facility within Derby, in deal brokered by Salloway Property Consultants.
The property occupies the final plot of Victory Park, a well-located industrial development to the south of Derby which is in close proximity to Rolls-Royce’s Sinfin campus.
Salloway Property Consultants acted on behalf of Revelan Group, the developer behind the scheme, who upon completion of Unit 14 will have constructed a total of 15 industrial units on site. Ocean King will join a variety of firms that are already based on Victory Park including Scitek, Grady Joinery, Gardner Aerospace, Seamers Specialist Joinery, Western Power Distribution and Intertek NDT.
The final building is currently under construction and will provide a modern detached industrial unit tailored to meet the requirements of Ocean King, with two storey offices and warehouse accommodation incorporating both refrigerated and frozen cold storage elements, together with an exclusive yard that houses parking provisions for 50 vehicles as well as external space for loading and vehicle manoeuvring.
Paul Doolan, of Revelan Group, said: “We are pleased to be working with Ocean King on their bespoke new premises in Derby, where our contractor Amphion Construction Limited are already making good progress on the building.”
Hugo Beresford, of Salloway Property Consultants, who are joint agents on the scheme with FHP Property Consultants, said: “It has been a pleasure to help put this deal together, but it is bittersweet to have disposed of the final unit on the scheme.
“We received a good level of interest in the unit, which was being built out speculatively by the client, and I’m delighted that we were able to agree sale terms with Ocean King during the construction process, enabling them to have a say in the final specification and configuration of the property. The result is a high-quality bespoke facility that I’m sure will serve their business operations and plans for growth over the years to come.”
Ocean King, who were represented by property asset consultants Kirby-Welch & Co, cover the whole of the UK (including Northern Ireland) and viewed the opportunity as an ideal way to expand their business whilst continuing to offer the same quality and personal service to new and existing catering industry clients.
Steven Thai, Managing Director of Ocean King, said: “Having just celebrated our 25th anniversary this year, Ocean King are incredibly excited to be coming to Derby. On top of our established food service business, our investment of £5 million in this brand-new premises will allow us to actuate our dreams of having a state-of-the-art well-being centre for our employees and also a business hub bringing together like-minded people.
“This move will open up 150 jobs for the people of Derby; we will be employing a full team ranging from senior leaders to forklift drivers and HGV drivers. From our humble beginnings as Vietnamese immigrants, we are proud of this achievement and look to continue to ‘create opportunities and enrich the lives’ of all those associated with Ocean King.”
James Kirby-Welch, of Kirby-Welch & Co, said: “The freehold acquisition at Victory Park, Derby, presented Ocean King with an ideal strategic location within the East Midlands and with opportunity to customise the unit allowing for future growth over the next phase for the family business.”
50% turnover growth and new Nottingham office for recruiter born out of pandemic
Specialist recruitment consultancy Prescient Group is celebrating doubling its turnover in its second year of business and its move to a new office in Nottingham.
The firm, which has further branches in Manchester and London, was formed during the pandemic in 2020 by seasoned recruiters Joel Fletcher, Charlotte Churm and Ed Robinson.
With a specialism in office professional, Prescient Group has experienced rapid growth since its inception, with turnover growing by over 50% in 2022 compared to 2021. The company is also on track to reach a £1m turnover by the end of this year.
The company has grown to eight recruitment professionals, with the recent appointment of Georgie Leech as temps account manager and Daisy Owen as permanent consultant, and recruitment continues across its three offices, which will take its headcount to 15 by the end of 2023.
The expansion of the team and continued demand for its recruitment services – which cover office, supply chain, marketing, finance and HR – has led to the team taking the lease of a new, larger office on Bridlesmith Walk in Nottingham, having previously been in Atomic House on High Pavement.
Director, Joel Fletcher, said: “We set up Prescient Group to quite simply provide our clients with an honest, ethical and first-class service and truly work in partnership with them and our candidates.
“We have worked hard to define our offering, invest in technology and build a team of skilled and passionate professionals. This collectively has enabled us to be agile and provide the very best service to our clients and enabled us to invest out time to provide bespoke advice and coaching to our candidates.
“Charlotte, Ed and I are over the moon with how the business is performing and the difference we are making to people’s lives. The impact of people being placed in the right role for them cannot be underestimated and that is why we love what we do.”
Over its 20-months in business, Prescient Group has built up a portfolio of 65 clients, added executive search to its offer and expanded into the international market.
Joel continued: “From the outset, we have reinvested our revenues into company development which has enabled us continually to recruit the best of the best. We empower our people and deliver bespoke training, so they have the skills and confidence they need to deliver. As a team, we are incredibly excited to be on this growth journey and want to thank our clients and candidates for choosing to work with us.”
Property investor acquires 47,882 sq ft industrial facility for £3.5m
Custodian REIT, the property investment company, has acquired a 47,882 sq ft industrial facility located two miles from junction 29 of the M1 near Chesterfield.
The industrial facility is fully let to Container Components Limited with 20 years remaining on the lease.
The £3.5 million acquisition was funded from the company’s existing debt facilities.
Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the company’s discretionary investment manager), said: “This well located, modern industrial asset has been acquired at an entry yield of 6.10% which is significantly above the market average for industrial assets.
“The property also benefits from five-yearly index linked rental increases which provide long-term inflation-adjusted income. The acquisition demonstrates our continued ability to source high quality assets on behalf of our shareholders which offer enhanced but secure income returns by focussing on smaller sized properties where there is reduced competition.”
Rolls-Royce appoints new CEO
Tufan Erginbilgic has been appointed as Rolls-Royce’s new Chief Executive Officer and an executive director of Rolls-Royce Holdings plc. Taking up his new role on 1 January 2023, Tufan will succeed Warren East.
Tufan, who has a background in engineering, has built his career in international business including over 20 years with BP, with five years as part of its executive team. In his last role before leaving in 2020, he led BP’s downstream business, which included Refining, Petrochemicals, Service Station Network, Lubricants, Midstream operations and the Air BP jet fuel operation.
During Tufan’s tenure, the business was transformed, achieving record profitability and delivering record-setting safety performance. He has held several non-executive directorships in heavy industry and manufacturing companies, including at aerospace technology group GKN. He is currently a partner at Global Infrastructure Partners (GIP), a private equity firm which focuses on large-scale investments in infrastructure businesses and manages $81bn for investors.
Anita Frew, chair, Rolls-Royce, said: “I am delighted to announce the appointment of Tufan Erginbilgic as Chief Executive. He is a proven leader of winning teams within complex multinational organisations, with an ability to drive a high-performance culture and deliver results for investors.
“He has extensive strategic and operational experience and a firm understanding of safety critical industries, including aerospace, as well as the challenges and commercial opportunities presented by the drive for low carbon technologies.
“He has a strong track record for execution, delivery and the creation of significant value. I look forward to him building on the strategic foundations that Rolls-Royce has laid over recent years.”
Tufan Erginbilgic said: “I am honoured to be joining Rolls-Royce at a time of significant commercial opportunity and strategic evolution as its customers embrace the energy transition.
“I am determined to deliver the full potential of the market positions which the company has built over many years, through its engineering excellence and innovative technology, and to build a platform for growth in order to create value for all stakeholders.
“I look forward to working with customers, partners and the Rolls-Royce team across the world on the next successful chapter for this iconic global engineering brand.”
Tufan Erginbilgic is currently a non-executive director of multinational transport vehicle manufacturer Iveco Group NV; energy, healthcare and technology group DCC plc; and energy company Türkiye Petrol Rafinerileri A.Ş (Tupras). Tufan will be reviewing his involvement in these positions.
Games Workshop CEO hails “astonishing year” as revenue and profit rise
The CEO of Games Workshop, the Nottingham-headquartered manufacturer and seller of fantasy miniatures, has announced another record year for the business.
According to an annual report for the 52 week period to 29 May 2022, revenue reached £414.8m, up from £369.5m in the year prior.
Profit before tax meanwhile grew to £156.5m from £150.9m.
Kevin Rountree, CEO of Games Workshop, said: “It’s been another astonishing year. I once again take great comfort that some things don’t change – our staff and customers love Warhammer. I thank you all for helping make this another very successful year.”
Manufacturing output and orders ease, but investment intentions recover
Growth in manufacturing output and orders eased in the quarter to July, slowing to more typical rates of expansion following a period of exceptionally strong growth over the previous year. Average costs and prices continued to rise sharply, although growth eased from recent highs.
Optimism within the sector fell for a third consecutive quarter. However, investment intentions generally improved, and employment within the sector continued to grow at a robust pace, though less quickly than expected last quarter (for the third quarter running). Concerns over shortages of labour and shortages of components and materials remained acute, but off their recent highs.
The survey, based on the responses of 237 manufacturing firms, found:
- Business sentiment fell for a third consecutive quarter, but at a slower pace than in April (-21% from -34% in the quarter to April).
- Output volumes in the quarter to July grew at the slowest pace since the quarter to April 2021 (balance of +6%, compared with +25% in quarter to June and a long-run average of +4%), with a similar rate of growth expected in the three months to October (+6%). Output rose in 10 out of 17 sub-sectors, with headline growth driven by food, drink & tobacco, and aerospace.
- Average costs in the quarter to July increased at a slightly slower pace compared with the previous quarter, but growth remained well above average (+82%, compared with +87% in April and a long-run average of +31%). Cost growth is expected to slow a little further in the quarter to October (+77%).
- Domestic price growth in the quarter to July also eased slightly (+51%, from +60% in April; the long-run average is +13%). Prices are expected to rise at a similar pace to the last quarter (+48%) in the quarter ahead.
- Investment intentions for the year ahead picked up in comparison to April for plant & machinery (+17% from +9%), product & process innovation (+10% from +1%) and training (+10% from -3%). Investment in buildings is expected to fall slightly over the year ahead (-7% from -6%, though this remains above the long-run average of -17%).
- Numbers employed grew at a similar rate to the previous quarter (+18% from +21%), with a similar rate of increase expected in the next three months (+19%).
Portfolio of apartments sold in West Bridgford
FHP, working in conjunction with sister company FHP Living, have completed the sale of a portfolio of 14 apartments at Bridgford Point on Radcliffe Road in West Bridgford.
David Hargreaves who handled the sale on behalf of a Sheffield-based private investment company that had owned the portfolio for 20 years said: “The fourteen 2 bed apartments which sit above a parade of shops in the heart of West Bridgford close to Trent Bridge Cricket Ground, were fully let but at rents below market level.
“The apartments are all larger than the norm and ranged in size from 750 sq ft to 920 sq ft with each apartment also benefitting from an on-site car parking space which again is quite unusual.”
The buyer – a local family property company, benefitted from a 10% discount to open market value to reflect the “bulk sale” and intend to redecorate and upgrade the spacious apartments as and when they become vacant for reletting and sale.
Top prices for 2 bed apartments in West Bridgford have been secured in The Waterside Apartments and at Trent Bridge Quays which have been sold by FHP Living achieving £250,000+, reflecting their location by the River Trent, and so this acquisition provides scope to add value to the properties through a proactive asset management plan.
FHP and FHP Living are due to bring a similar portfolio to the market but this time on the edge of the city centre as well as a £10m student portfolio.
Planning permission granted for new industrial space in Nottingham
Rayner Davies Architects have received planning permission for 20,000 sq ft of industrial and trade counter space on the Glaisdale Industrial Estate in Nottingham.
The site, which has been vacant for over fifteen years, will be developed to create seven units. Sizes range from 2,150 sq ft up to 3,250 sq ft, with further space available in some units on a mezzanine level.
The proposed building has been developed with a rational plan form to allow for an efficient portal frame design. The building is rectangular, with a shallow pitched roof behind parapets to screen and preserve a pure rectangular shape to the gable ends.
The minimalist approach to the building’s form is to be further emphasised in the material and colour choice. Each unit has a glazed pedestrian entrance and a roller shutter door.
Local developers Medina Green are behind the proposals. Box Property are letting the units, some of which have already been taken. Work is expected to start on site later this year.
