£1 million share offer announced by Derbyshire pharmaceutical company
Derbyshire-based N4 Pharma has launched a broker offer to raise a maximum of £1 million.
It is initially expected that £0.25 million will be raised in the offer, though if oversubscribed it may be extended.
The issue price of the broker offer is 2 pence per new ordinary share.
Turner Pope Investments (TPI) Limited is agent for the company.
N4 Pharma is a specialist pharmaceutical company developing Nuvec®, a novel delivery system for cancer treatments and vaccines.
Derbyshire abrasives businesses acquired
Phoenix Naylor Abrasives and Jowitt Abrasives, both based in Derbyshire, have been acquired by North West-based Trade Acquisition Partners Limited (TAP) in its first set of investments.
The deals come alongside two others in the UK abrasives and engineering sector, of West Midlands-based Swift & Whitmore Ltd, and Northern Abrasives located in Urmston, Greater Manchester.
TAP director, Ian Davidson, said: “We are delighted to have been able to acquire these long standing and successful businesses and look forward to working with the existing management teams to secure further growth through innovation and investment in both people and technology.”
The businesses have a deep rooted knowledge in the development, manufacture and distribution of abrasive and grinding solutions for multiple applications across the UK, Europe and the rest of the world.
TAP added in a statement: “TAP are delighted to open their portfolio with a complimentary mix of businesses and will be looking to add value to each of the businesses in due course.”
They are now considering other owner managed businesses seeking to exit or require additional capital to support growth or deliver a turnaround.
GMI Construction Group bolsters Midlands portfolio with over £100m of regional investment
GMI Construction Group has boosted its Midlands presence, having been awarded over £100m in projects across the region.
GMI has signed deals on projects including £30m investment at the landmark Becketwell regeneration scheme in Derby, a 155,000 sq ft logistics warehouse for St. Modwen Logistics in Birmingham and a retail park in Tamworth boasting brands such as Lidl and B&M.
In Derby, work has commenced on the Becketwell development – the most significant development in Derby city centre since 2007 – which will see the completion of a GMI-built Build to Rent apartment block in 2023. GMI will also complete a bottling plant for a German client at Dove Valley, Foston, by December 2022.
As part of its investment in the West Midlands, GMI has commenced build on various sites in Birmingham, including the development of a 102-unit residential project in the Jewellery Quarter, the regeneration of the former James Cond building for University College Birmingham and the development of a new student accommodation in Selly Oak. It has also recently completed a logistics warehouse for fashion retailer, ASOS, in Lichfield.
Andy Bruce, divisional Managing Director at GMI, said: “The Midlands is a big area with even bigger potential and, as we continue to invest in the region, it’s expected to become our largest UK division.
“As we further grow our pipeline of work in the Midlands, we will be collaborating with likeminded, forward-thinking organisations that align with our key purposes of sustainability and supporting the next generation of workers.
“It’s an exciting time for the Midlands and we’re committed to supporting the region to grow and thrive in the future, mirroring the ambitions of the Midlands Engine to create positive change.”
£3m funding package sees vehicle recovery business open new Derbyshire site
National vehicle recovery operator, Richford Motor Services, is opening a new site in Derby following a £3 million funding package from HSBC UK.
Established in 1990, Richford Motor Services provides 24-hour breakdown, repair, and recovery services for light and commercial vehicles, helping keep businesses on the road.
The 65,000 sq ft site will be Richford Motor Service’s twelfth UK depot, enabling the company to store vehicles in a more centralised location and minimise the time it takes to change and deploy vehicles to meet customer demand.
The new site will also create space for repair work and a body shop, allowing Richford Motor Services to hire up to 30 new employees in a variety of roles, such as recovery drivers, roadside tech’s, and car and commercial mechanics.
Philip Richford, director at Richford Motor Services, said: “The support from HSBC UK has enabled us to invest in key areas of our business, which will allow us to offer our customers in Derbyshire a quicker and more efficient vehicle recovery service whilst promoting our company growth.”
Chirag Makwana, relationship manager at HSBC UK, added: “Vehicles of all sizes play a key role in our lives. Supporting Richford Motor Services by enabling its expansion within Derbyshire will allow the business to continue offering reliable, consistent, and affordable vehicle breakdown support and repairs to customers of all sizes in the region.”
Car parts manufacturer to support SMEs with apprenticeship training
A car parts manufacturer with sites in Leicestershire and Derbyshire is reaching out to smaller organisations across the Midlands to help them with the cost of apprenticeship training and assessment.
Plastic Omnium is a family-led independent group that operates globally and has 137 production plants in 25 countries. In the UK the company mainly produces external car parts for Jaguar Land Rover.
The business engaged North Warwickshire and South Leicestershire College (NWSLC) to recruit its own apprentices in engineering, business administration and lean manufacturing. As part of its corporate social responsibility (CSR) objectives, Plastic Omnium made the decision to share resources from its Apprenticeship Levy fund to help smaller businesses that may struggle to afford the cost of training for their apprentices.
Six SMEs across the Midlands that work in engineering, construction and materials handling are set to benefit from the Levy transfer process which enables businesses with a turnover of £3m or more to pass on 25 per cent of the value of their Apprenticeship Levy for use by other organisations.
Richard Haswell, UK HR director for Plastic Omnium, said: “Since its introduction, we have used our Apprenticeship Levy funds to train apprentices and upskill team leaders and shift leaders across our business. We are delighted to be able to assist small businesses across the Midlands to build a talented workforce of their own using Apprenticeship Levy funding to help them develop new recruits or upskill existing employees.
“The college has been instrumental in helping us to identify the beneficiaries of this scheme which operate in a range of industry sectors in Leicestershire, Derbyshire and elsewhere in the Midlands. Training for the apprentices will be provided by NWSLC and costs will be covered under our Levy contribution.
“Plastic Omnium takes its corporate social responsibility very seriously and we feel strongly about supporting smaller local businesses in the community to succeed through skills development in these challenging economic times.”
Marion Plant, OBE FCGI, principal and Chief Executive at NWSLC, said: “We welcome this move by Plastic Omnium to support smaller businesses by sharing their Levy funds. It is imperative that businesses do not lose the opportunity to spend the Levy on training an apprentice or upskilling their existing workforce.
“The Levy works on the basis of ‘use it or lose it’ and if it is not spent, that money is subsumed into general taxation, meaning that the workforce could miss out on opportunities to improve their careers and UK productivity targets will not be met.
“Anecdotally, we have heard Levy-payers say that they are not familiar with the process for spending their training budget. With the inside track as a Levy-payer ourselves, as well as being an apprenticeship training provider, NWSLC is in a great position to advise on the process, including showing levy-payers how to pass on their training funds to others.”
Firms join forces to create IT “supergroup”
Derbyshire firms LogicBarn and Invictus Communications are joining forces to create an IT “supergroup.” LogicBarn, which is a digital marketing, visual media, brand, IT and software development solutions agency, is partnering with Invictus, which is an IT, telecoms and energy provider. Invictus Communications’ team of technicians currently provide support to hundreds of clients across the country. It helps businesses get connected through technology, from phone systems to internet setup. In a statement, LogicBarn said: “Here at LogicBarn, we’re always looking for ways to improve the services we provide. “And we know that there’s no better way to do that than to work alongside other incredible businesses. “At LogicBarn, we know that people are not interested in confusing jargon. When it comes to their IT solutions, simplicity is the key. “By taking our own team of expert technicians and joining forces with Invictus Communications, we’re creating a genuine IT supergroup, ready to offer some truly world-leading technical support to businesses in Derbyshire and beyond. “We’re dedicated to providing businesses with the best possible IT solutions, no matter what their needs are, and there’s no-one we’d rather be working with to achieve that than Invictus Communications.”
Grimsby councillors sign off on Riverhead Square development
Plans drawn up by Arup Landscape Design to transform Riverhead Square in central Grimsby have been approved by councillors, providing the green light for work to start on site early next year.
The remodelled area is being funded as one of the projects included in the Town Deal, the money for which was secured in 2020 and is ringfenced for specific projects.
The new designs will incorporate a lot more green space and planting, as well as providing new seating, lighting, security and a flexible event space with improved infrastructure to support future events and activities. There is also space for outdoor café seating at the entrance to Freshney Place.
Cllr Philip Jackson, leader of the Council, said: “We’re really starting to press ahead with schemes on the ground now. This, along with our plans for the other end of Freshney Place that are now in the planning system, and our acquisition of Freshney Place itself, will really make a difference to how the town centre operates.
“It is vital for our whole borough that we look at Grimsby Town Centre with a real determination to attract families and people of all ages, so we can bring vibrancy back and make it a place where people want to visit at all times of the day.”
The approval means that some Town Deal money for the scheme will be released and allow it to progress, with work starting on site early next year.
Haulage Experts let Ilkeston warehouse
Haulage Experts Ltd has swooped for a warehouse at West Hallam Industrial Estate, West Hallam, Ilkeston.
Acting on behalf of private clients, Darran Severn of FHP Property Consultants has let the property for a period of 5 years.
Unit C provides 7,830ft2 of industrial/warehouse accommodation with 4 roller access level loading doors and a self-contained yard.
Haulage Experts Ltd already works closely with other businesses on the industrial estate, which is located approximately 7 miles north east of Derby and 10 miles west of Nottingham and covers 118 acres with some 106 buildings.
Darran Severn of FHP Property Consultants says: “I am delighted to have let Unit C at West Hallam Industrial Estate. This property underwent a comprehensive refurbishment over the summer and that resulted in us getting the unit let quickly.
“Further to this, we have three new build warehouse units on the estate that are of an equally good specification and all three will be available Q1 2023.”
Derbyshire bicycle manufacturer enters administration
Derbyshire-based bicycle manufacturer and retailer Stanton Bikes Limited has entered administration.
Dean Nelson and Nick Lee, PKF Smith Cooper’s business recovery and insolvency partners, were appointed joint administrators following a petition to the court by a creditor.
Trading of the business is being continued, under the supervision of the joint administrators, whilst a purchaser is sought for either the shares or the business and assets.
Dean Nelson, business recovery and insolvency partner at PKF Smith Cooper, said: “We will be providing creditors with relevant information regarding the administration process to allow them to participate in proceedings. We are currently dealing with all enquiries. We will strive to achieve the best outcome for everyone involved at this difficult time.”
Stanton Bikes Limited has developed both a national and international reputation in the biking industry for designing, manufacturing and selling hardtail and full suspension bicycle frames.
Administrators “optimistic” of securing a future for Joules
Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were yesterday (16 November) appointed joint administrators of Joules Group plc and Joules Limited.
At the same time, Will Wright and Ryan Grant were appointed joint administrators of Joules Developments Limited and The Garden Trading Company Limited.
It comes after the Leicestershire lifestyle brand revealed its intention to appoint administrators earlier this week.
Joules is one of the UK’s best-known retail brands, renowned for its premium, colourful clothing and homewear products, inspired by country living. Headquartered in Market Harborough, the group currently operates a total of 132 stores across the UK, employing over 1,600 people.
The joint administrators say they will continue to trade the group as a going concern while they assess options for the business, including exploring the possibility of a sale as a going concern.
All stores, including the group’s online store, will remain open.
Will Wright, head of restructuring at Interpath Advisory and joint administrator, said: “Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale.
“Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties. We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”
