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.”
Rapid start as new Growth Hub manager sets out support for SMEs
The LLEP Business Gateway Growth Hub’s new partnerships and Growth Hub manager has hit the ground running – signalling a new approach in how the service will engage with local small businesses.
Salma Manzoor made full use of her arrival in the role coinciding with the start of Leicester Business Festival, meeting small business owners by attending nine events in her first nine days.
She will maintain the momentum over coming weeks, with plans to meet representatives of district councils, small business organisations, financial institutions, and enterprise teams from the region’s three universities.
Salma said: “It was perfect timing to start the job just before the launch of Leicester Business Festival.
“It presented an ideal opportunity to get out and about and listen to small businesses speak about their aspirations, challenges and opportunities.”
Salma started with the Leicester and Leicestershire Enterprise Partnership (LLEP) on November 1 and is now actively working to deepen the Business Gateway Growth Hub’s network of SMEs across all sectors throughout Leicester and Leicestershire.
She will use her experience of business strategy and relationship-building to find new ways of showcasing the range of support available for SMEs throughout the city and county.
The Business Gateway Growth Hub helps small businesses obtain funding, provides business toolkits, training, and programmes of support in the city and county.
Trained solicitor and former practice owner Salma worked as key account manager for Invest in Leicester’s Inward Investment team prior to starting work with the LLEP.
She supported major direct investment in the region, working for Leicester City Council with partners including the Department of International Trade and Midlands Engine to support foreign-owned companies. This fostered innovation, supported expansion, won funding, and led to the creation and retention of jobs.
Salma has previously worked for both city and county councils on commercial property, working on complex developments and regeneration projects including Space Park Leicester, Pioneer Park, Haymarket Health Clinic, and New Market Square.
She also has experience of hosting events for De Montfort University Women’s Network from the Innovation Centre and Leicester Castle Business School.
Following the conclusion of Leicester Business Festival, Salma’s attention will switch to Leicestershire Innovation Festival 23 in February.
She added: “The Business Gateway Growth Hub is leading the working group planning the Innovation Festival and it’s going to be another great opportunity to promote our SMEs.
“Innovation can be ‘new to business’ changes that increase productivity and quality of organisations of any size.
“That means small businesses too – and we’ve got a strong Growth Hub team to celebrate that happening in SMEs here in Leicester and Leicestershire.”
Manager buys Leicester pharmacy
Aylestone Pharmacy, formerly known as Jhoots Pharmacy, in Aylestone, Leicester has been purchased by its previous manager, Shahid Shaikh.
Ideally located opposite a GP surgery, with two other doctors’ surgeries within half a mile, the pharmacy provides an essential service for its local community. The business has received praise from the residents for the friendly working relationships the staff have with patients.
After managing the business for four years, new owner, Shahid, purchased the business by obtaining help of commercial finance specialist, Christie Finance.
Following the purchase, the business has been rebranded as Aylestone Pharmacy and is run and managed by Shahid and his wife Zainab. Shahid intends on maintaining the store’s customer service and relationships with residents. There are also plans to improve efficiency and bring out the full potential of the business by offering additional services and products.
Shahid Shaikh says: “Being first-time buyers, we were quite nervous about the whole process and realised that we would need expert advice to find solutions for this project. It was always a dream to own the pharmacy, something that had been an ambition for many years.
“We finally had the opportunity to make it a reality. Having worked for Jhoots Pharmacy, I got to know the customers, so it felt very special to find a business that also felt like home. In the future, we plan to introduce new initiatives and services.”
David Ward, senior director at Christie Finance, says: “It’s really pleasing to be able to assist Shahid in purchasing the business which he has run as the manager for the past four years. He knows the pharmacy and the patients and is now able to expand the business and run it how he wants to run it.
“Half of our job is to arrange the finance. The other half is to help with issues that crop up in the legal process, which is precisely what happened here – but we were able to help resolve these and get the purchase over the line.”
Enrok secures project in affordable rent sector
Derbyshire-based Enrok Construction has been appointed as principal contractor to deliver a new housing project with Citizen, one of the UK’s most trusted social housing providers.
This latest contract win for Enrok, will see the construction of 19 traditionally constructed new build homes on Wellington Road in Handsworth, West Midlands, providing affordable rental accommodation for up to 72 residents. The development will comprise of four, one bed apartments, 11 two bed houses and four three bed homes. The new development comes in response to continued demand for affordable housing in the area.
Simon Bennett, MCIOB, operations director at Enrok, says: “As a result of our recent significant growth and a strategic re-alignment within the business, we are excited to be launching our first project in the affordable rental sector. We have significant in-house experience having delivered hundreds of units as individual team members over the last 15 years and I have no doubt as to the future success of the scheme.”
Citizen owns and manages 30,000 homes for diverse communities across the West Midlands, from urban tower blocks to rural villages and towns. It is passionate about its social purpose – providing homes that are a foundation for life.
Nick Byrne, executive director of development at Citizen Housing, added: “We are pleased to be working with Enrok Construction on this 19 home development in Handsworth. The scheme is 100 percent affordable which means it will help with the demand for affordable housing in the area.
“At Citizen we want to provide good quality, affordable homes and we have partnered with Enrok who share our values as an organisation. We are looking forward to seeing the scheme develop over the next year.”
The project is anticipated to take 12 months, with work expected to start on site in December 2022 and completion expected in late 2023.
Global Brands to expand distribution centre in £2m development
Global Brands, the independent drinks company and distributor, are increasing their distribution capabilities with significant expansion to their warehouse facilities in Clay Cross, Derbyshire.
The current Global Brands Distribution Centre has 152,000 sq ft of warehouse space, employing 80 members of staff. This expansion will increase the warehouse size to 180,800 sq ft, and add 30 members of staff to the production and distribution line at the facilities. The expansion will increase total storage capabilities at the warehouse from 30 million to 40 million bottles, across 17,000 pallets.
Following extensive groundworks, the steel frame is being erected over the next two months, and a concrete slab base will then be poured and set. Works for the 28,800 sq ft extension will conclude in January 2023.
The expansion follows a sustained increase in demand versus 2019 (the last year of undisrupted trading) for the company’s portfolio of drinks brands, including VK, Hooch, Franklin & Sons, All Shook Up, Shake Baby Shake, Beviamo, Kick Energy, Lustre, and Amigos Tequila Beer.
Steve Perez, founder and chairman at Global Brands, said: “I’m thrilled to announce the expansion of our distribution facilities in Clay Cross, following a sustained increase in demand nationally and huge demand internationally for our key growth brands like Franklin & Sons. The new extension will support our growing operations with additional storage and increased distribution capabilities.
“This is just the first phase in work to continue increasing capabilities at the site over the next two years. We plan to continue investing in our Global Brands Distribution Centre to the point where we can eventually hold one product for every person in the UK.”
Alongside the current construction, Global Brands has recently purchased an adjacent piece of land for further investment into the area and facilities. The acquisition was brokered by BRM Solicitors.
Adrian Sheehan executive director at BRM Solicitors, said: “It is always rewarding to advise on a deal which will bring further development opportunities and employment to the region.
“BRM are proud to stand to shoulder to shoulder with this long-standing client and Chesterfield success story.
“It is great to see Global Brands go from strength to strength and highlights a commitment to Chesterfield.
“The Real Estate team at BRM are delighted to advise Steve and the team at Global, who are always driven and enthusiastic to get deals done quickly and efficiently.”
Steve Perez adds: “BRM have advised Global Brands for the past 35 years, from when the business was just a one-man band, through to becoming one of the largest employers in the area. This is a credit to the expertise that BRM and Adrian Sheehan offer and cater to a variety of business needs.”
Market Harborough business park under new ownership
A Market Harborough business park is now under new ownership following a deal for an undisclosed sum.
On behalf of Patoro Properties, Chartered Surveyors and Property Consultants, Wells McFarlane has completed the acquisition of Bowden Business Village, just two miles north of the town centre, which comprises over 8,000 sq ft of office space in three converted barn buildings.
“This unique business venue has been a sought-after destination for the past two decades, attracting tenants seeking an edge of town, easily accessible yet semi-rural premises,” explains Wells McFarlane’s director, Jason Hercock. “The vision of the original owner, Jon Fox to create self-contained buildings around a central hub to encourage interaction and establish a new community has driven the success of Bowden Business Village, and is one of the reasons it made an attractive property investment.
“The deal with Patoro Properties was concluded off market and highlights the result of working with a commercial property agency with strong local connections. We encourage investors seeking to start or increase a property portfolio to contact us for a confidential conversation.”
Following completion of the acquisition, Wells McFarlane has also been instructed as managing agents for Bowden Business Village, including all property management, agency and lease advisory services.
Jason added: “We’ll be working closely with Jon Fox and his team to handover the management, and Jon will continue to run his development business from the Village so existing tenants can be assured of a smooth transition and familiar faces going forward. Around the grounds, Patoro Properties plan to install new EV charging points, entrance gate, cycle rack and additional landscaping, ensuring Bowden Business Village remains an appealing and sustainable workplace.”
Leicestershire marketing agency sold in multimillion-pound deal
Business owner Luke Tobin, founder of Oadby-based marketing agency Digital Ethos, is celebrating after South American-based company Cadastra has acquired the firm in a deal worth approximately £8 million.
Luke founded the company in 2016 with just £100 invested and progressed his way up the ladder to be named ‘Great British Entrepreneur of the Year 2020’. Luke also joined Richard Branson’s Virgin StartUp scheme to mentor like-minded entrepreneurs starting their own businesses.
Digital Ethos was also named ‘The UK’s fastest Growing Agency’ in 2019 and was recently granted B-Corporation status for its sustainability-conscious practices including pledging to plant 50,000 trees in 2022.
The acquisition by Cadastra, a digital marketing, consultancy and technology company with offices across Europe and South America, will mean that Digital Ethos will establish itself further with an array of international clients and with Luke still at the helm as CEO.
Speaking on the acquisition, Luke said: “It’s absolutely amazing to be in this position just a few years on from when I founded the company from nothing. We’re thrilled to have been acquired by an established company and are very excited as to what the future holds for us.
“Digital Ethos was chosen for the acquisition due to our scale of growth in a very short time, so it’s certainly a cause for celebration not only for me personally but for my whole team.”
In addition to Digital Ethos, Luke is also founder of rapid growth investor brand Tobin Capital, specialising in minority stakes in private organisations, which he will be continuing to develop alongside Digital Ethos’ merger.
Digital Ethos specialises in digital marketing services such as SEO, PR, Social Media and Web Development. Its list of clients includes the NHS, Scrivens and M&S Opticians and the merger with Cadastra means the business will be expanding to 15 countries with more than 700 employees worldwide.
Work starts on new homes and office development in Leicestershire village
Work has officially started on a new homes and office development in Mountsorrel, Leicestershire.
The mixed-use site will bring nine properties and two commercial offices to the area, which will be marketed by Newtown Living.
Chartered quantity surveyor and project management experts Addison Hunt has been appointed to provide project management and quantity surveying services and will work alongside property development and construction company GS Developments, and architects rg+p, to deliver the project.
Simon Collin, director of Addison Hunt, said: “We’re delighted to have been appointed to work on this project. The development of the site will provide a much more positive outlook and sense of arrival as passers-by travel through Mountsorrel.
“We look forward to work progressing and bringing a new mixed-use development to the area, which has been designed to fit in with the current surroundings.”
Granite Way continues the relationship between the firms, with recent Leicestershire project completions on a warehouse development at Parker Drive and affordable housing scheme at Abbey Meadows.
Mandeep Singh, director of GS Developments, said: “It’s great to be working alongside Addison Hunt to deliver another fantastic project in the Leicestershire area.
“After a number of years of planning and design work we’re delighted to finally see the build get underway, which will enhance and bring more people to the site to live and work.”
Neeley Turrell, estates manager at Newtown Living, said: “We’re looking forward to the homes being complete and providing residents with new rental properties, given the current demand for high-quality homes in Leicestershire.”
Property developer launches £1bn BTR platform
Property developer Godwin Developments, which has offices in Nottingham, Birmingham and central London, has launched a nationwide build-to-rent (BTR) platform.
Working as an equity investor in partnership alongside a leading institutional real estate partner, Godwin has ambitious plans to build a portfolio valued in excess of £1 billion.
The joint venture (JV) will target both the single-family and multifamily BTR sectors in recognition of the substantial growth potential of the asset class. The strategy enables Godwin Developments to leverage its strong track record across acquisition, planning and delivery whilst rapidly scaling its operations in the sector. The JV partner has significant experience in investing in the living sectors across multiple jurisdictions, including in the UK.
In the near-term, the JV partnership is aiming to develop its BTR proposition through the acquisition of both standing and forward funded stock as well as by unlocking new land opportunities. The Oxford-Cambridge Arc and the Home Counties will be key to expanding the delivery of single-family units for rent, and London, Bristol and Birmingham will be important target cities for the multifamily offering.
The JV will focus on creating high-quality, professionally managed homes with strong ESG credentials that will appeal to residents of all ages and life stages – from singles and sharers, to couples, families, and downsizers.
Research by the British Property Federation and Savills published last month estimated the BTR sector to be worth £170 billion by 2032, with completed BTR homes projected to increase fivefold over the next decade.
Stephen Pratt, director and co-founder at Godwin Developments, said: “We are thrilled to announce the next step in our growth ambitions in the BTR sector. BTR has proven itself to be a highly defensive asset class and is rapidly establishing itself as a real alternative to home ownership, delivering an opportunity to alleviate the shortage of housing across the country.
“This launch is truly transformational for our business, and we look forward to growing our portfolio nationwide, adding value for residents, housebuilders, landowners, local authorities and other stakeholders using our expertise and unique ability to deliver, market and manage schemes across the development lifecycle.”
Godwin Developments was advised by Alantra (corporate finance), Gateley (legal) and KPMG (tax).
