Businesses collaborate for Derby city centre regeneration project

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Businesses collaborate for Derby city centre regeneration project
Matthew Montague Architects (MMA) are collaborating with VINCI UK Developments and ION Developments as part of the design team for an extensive regeneration project in Derby city centre, led by Derby City Council. The partnership between Derby City Council, VINCI UK Developments, and ION Developments marks a significant milestone in the rejuvenation of Derby’s city centre. Daniel Evans, architect at MMA, said: “We have been talking to the team at VINCI and ION for the past year. We were approached due to our deep-rooted local knowledge and understanding of the architectural landscape of Derby. “We have introduced the VINCI UK Developments team to other key stakeholders within the city including; Marketing Derby, representatives from the estates department at The University of Derby, Electric Daisy and Down to Earth. We are passionate about Derby so to then go on and be part of the team that developed design ideas for two key projects within the plan has been fantastic.” The regeneration plans unveiled by Derby City Council set the stage for a vibrant ‘cultural quarter’, which will encompass a new cultural, commercial, and creative hub centred around the former Assembly Rooms site, creating an area with commercial viability and a new, quality cultural and entertainment offer. Matthew Montague, principal architect at MMA, expressed his enthusiasm for being part of such a significant city centre development. “As Derby-centric architects, we are thrilled to contribute to the design team for this ambitious project. Our goal is to create spaces that not only elevate the urban landscape but also enrich the lives of residents and visitors alike in an area we know so well.” Over the coming months the partnership will work collaboratively with the council, businesses and community stakeholders to develop their vision and design for the regeneration of the city centre.

Anthony James Insurance Brokers makes two new Board appointments

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Anthony James Insurance Brokers makes two new Board appointments

Anthony James Insurance Brokers has rewarded talent by appointing two new directors to its Board after a year of sustained growth.Josh Gough and Greg Sands have been promoted by the Loughborough-based firm as it seeks to maintain and develop the volume of its work after the business grew by 38% in 2023.Josh is Anthony James’ new commercial director. He will focus specifically on elevating the delivery of the company’s service, helping to build and maintain relationships with clients, stakeholders, and partners. He will also look to drive initiatives for process improvements and further grow the business.Jacob Duckworth, managing director, said: “Josh has consistently demonstrated a high level of care and attention to detail over the many years he has worked at Anthony James.

“He has a lot to offer in terms of strengthening our opportunity, that he could not facilitate in the capacity of his previous position as an account executive. He has been recognised for his efforts and talents and is sure to raise the bar on client satisfaction.”Greg is Anthony James’ new technical director, and will further the level of technical knowledge amongst the team. Within his new role he will look to implement structured training and development programmes that aim to challenge individuals and create opportunities for them to grow within their position.

“This ultimately adds value to the company’s clients by further supporting them with an even more well-rounded team of champions that they can rely on, no matter what the issue they face,” explains Duckworth.Jacob concludes: “With 30 years’ experience in the industry himself, Greg is well placed to lead the charge as he has dealt with an array of adverse circumstances providing him with unique insights on the most effective way of transferring risk.

“Greg’s passion for both insurance and Anthony James have made him a critical source of support within the business, and so it was only right to recognise his value by giving him the capacity to implement his ideas that will ensure we maintain a standard of excellence.“Whilst Greg and Josh have both been a part of our business for a long time, I am delighted to welcome them to our team of directors to provide additional support specifically to my role, as we enter the next chapter of our business.”

How do you avoid financial forecasting that ends up with rain instead of sunshine? By James Pinchbeck, partner at Streets Chartered Accountants

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How do you avoid financial forecasting that ends up with rain instead of sunshine? By James Pinchbeck, partner at Streets Chartered Accountants
James Pinchbeck, partner at Streets Chartered Accountants, offers tips for mastering financial forecasting for founders and entrepreneurs. Financial forecasting can often feel like the weather forecast, financial predictions not always being as rosy as planned, or in many cases, as hoped – a bit like the weather, whilst sunshine is predicted rain all too often can be the outcome. Whilst many businesses will look to use financial forecasting as part of their day-to-day management, there are also many who only produce financial forecasts based on need, say for external finance or investment. Certainly, those routinely producing forecasts can and do tend to benefit from having validity and accuracy with greater assurance around the numbers and the assumption used to produce them. They are also likely to be subjected to more review, check and challenge helping to improve their rigour over time. The challenge in terms of effective financial forecasting it seems is more so with those looking to produce ad hoc forecasts. Often this can be the early start-up or scale up businesses looking for capital or investment to take it to the next stage. Few founders or entrepreneurs looking for funding are likely to be a qualified accountant or have the prerequisite skills or experience to produce financial forecasts. Therefore, when preparing financial forecasts to seek or obtain financing, entrepreneurs and business owners often make several common mistakes. These can undermine their credibility with lenders or investors and reduce the chances of securing the needed funds. Here are some of the most common mistakes to avoid: 1. Overly Optimistic Revenue Projections One of the most common mistakes is projecting unrealistically high sales or revenue figures. Entrepreneurs may be overly optimistic about their growth potential, leading to inflated forecasts. 2. Underestimating Expenses Underestimating operational costs, including operating expenses, cost of goods sold, and unexpected expenses can result in cash flow problems. 3. Ignoring Seasonality and Cyclicality Failing to account for seasonality or cyclicality in your business can lead to inaccuracies in your forecasts. 4. Lack of Detail Some entrepreneurs provide vague or incomplete financial forecasts, omitting crucial details that would help lenders or investors understand their assumptions. 5. Inconsistent Projections Inconsistencies between different parts of your financial forecast, such as a mismatch between revenue growth and expense growth, can raise doubts about the accuracy of your projections. 6. Not Adequately Addressing Risk Failing to acknowledge potential risks and uncertainties in your business plan can erode investor or lender confidence. 7. Neglecting Working Capital Needs Overlooking the working capital requirements necessary to support growth can lead to cash flow shortages. 8. Not Demonstrating Financial Expertise Lenders and investors want to see that you understand your financials. Failing to demonstrate financial literacy can undermine confidence. 9. Overlooking Debt Serviceability When taking on debt, entrepreneurs may not account for the interest and principal payments in their forecasts. 10. Ignoring Feedback Entrepreneurs sometimes resist feedback from financial professionals, investors, or lenders, leading to missed opportunities for improvement. By avoiding these common mistakes and presenting well-researched, realistic financial forecasts, entrepreneurs can enhance their credibility and increase their chances of successfully obtaining financing. As you might expect the support of an accountant is often a real asset, not least that it provides increased assurance to potential lenders or investors. See this column in the March issue of East Midlands Business Link Magazine here.

Derbyshire County Council selects Leicester’s EarthSense for air quality monitoring

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Derbyshire County Council selects Leicester’s EarthSense for air quality monitoring
EarthSense has been selected by Derbyshire County Council to provide air quality monitoring in and around the town of Ashbourne. The council will use a network of EarthSense Zephyr® monitors on lighting poles in Ashbourne, combined with EarthSense’s MappAir® modelling tool, to better understand levels of nitric oxide, nitrogen dioxide, ozone and particulates in the town. Pollution in the Buxton Road hill area of Ashbourne was formally designated a public health hazard requiring urgent action by central Government. As part of that aim, Derbyshire County Council and Derbyshire Dales District Council will track air quality issues and develop an air quality action plan. A public consultation earlier in 2023 found the four most popular actions to tackle pollution in Ashbourne were:
  • Engagement with minerals and logistics companies
  • Bus service improvement plan actions (bus priority through the town and a mobility hub)
  • Real-time travel information for key routes through the town to distribute traffic
  • ‘Modeshift STARS’, a travel plan programme in which schools would seek to encourage sustainable travel for teachers, parents and pupils
Greg Lewis, Head of Sales and Marketing for EarthSense, which is based in Leicester, said: “Targeted interventions to improve air quality provide an opportunity to make a positive impact on the urban environment and sometimes the only way to really know is to conduct trials and monitor the situation. We’re pleased to be able to support Derbyshire County Council and the community of Ashbourne in this project to improve air quality.”

Growth returns for UK economy

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Growth returns for UK economy
The UK economy returned to growth in January, according to new figures from the Office for National Statistics (ONS). UK GDP (gross domestic product), a key measure of economy growth, increased 0.2% in January, in line with expectations following a 0.1% fall in December. The increase was supported by a pick up in construction activity (growing 1.1% quarter-on-quarter) and a stronger month for the services sector (increasing 0.2% quarter-on-quarter and acting as the largest contributor to the rise in GDP). Production output, however, fell 0.2% quarter-on-quarter. The modest growth comes after the UK fell into a recession. Tina McKenzie, Policy Chair of the Federation of Small Businesses (FSB), said of the figures: “An increase in GDP is an encouraging start to the year, and one small firms will be relieved to see, as it raises hopes that we may be pulling out of the shallow recession declared following low levels of negative growth through the second half of 2023. “It’s too early to celebrate with any great level of vigour, however, as small firms are certainly finding the going tough at the moment. “The recent Budget contained some help for small firms, notably the raising of the VAT threshold from £85,000 to £90,000 and the cut to National Insurance contributions, but small firms hoped for more help with day-to-day costs. “This isn’t just about existing businesses starting to turn to growth in 2024; this is about creating the conditions for people to set up in business for the very first time, the next generation of start-ups who will make up the ground we lost during the Covid years when the UK small business population contracted by 500,000, losing one in 10 of them. “Our Small Business Index research has found particular cause for concern among hospitality and retail firms, which are trailing far behind the overall average in terms of confidence levels. Indeed, one in eight firms in the hospitality sector expect to close entirely in the next 12 months, nearly four times the rate for all businesses, which should be a huge wake-up call to the Government about the dangers facing many thousands of small businesses. “Small businesses contribute an enormous amount to the economy, and a sustainable recovery will be built on their success and growth. Today’s news must be built on if it is not to turn into another false dawn for small firms.”

Red flags for East Midlands businesses as government forecasts economic growth

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Red flags for East Midlands businesses as government forecasts economic growth

East Midlands businesses face a tough road ahead if they are to meet Britain’s 0.8% economic growth forecast for 2024, cited by Chancellor Jeremy Hunt this month (6/3/24) and based on latest projections from the Office for Budget Responsibility (OBR).

Although the forecast is higher than the 0.7% highlighted in the OBR’s previous outlook, published last November, new research from the Midlands branch of the UK’s insolvency and restructuring body R3 indicates the extent of the struggle facing the region’s companies as they attempt to fight back from a pandemic and a 2023 slump into recession.

Based on an analysis of data from business intelligence provider Creditsafe, the R3 Midlands figures show that East Midlands insolvency-related activity – which includes liquidator and administrator appointments as well as creditors’ meetings – increased by 27.03% last month compared to January, and by 2.17% against 12 months previously in February 2023.

A further ‘red flag’ for the East Midlands economy is raised through a decrease in the number of start-up businesses in the region, which has fallen by 8.68% from 2,995 in January to 2,735 in February.

Additionally, the number of East Midlands companies with late payments on their books has continued to rise, from 23,194 in January to 23,307 last month.

R3 Midlands chair Stephen Rome, a partner at law firm Penningtons Manches Cooper in the region, said: “There are a number of forces hindering economic recovery, not just in the East Midlands, but throughout the UK.

“Some of them are due directly to the pandemic and the subsequent withdrawal of monetary support, but other factors include the war in Ukraine and a tightening of monetary policy to control inflation and the cost of borrowing.

“The uncertainty this is creating in the local business sector is significant, and it appears to be impacting on entrepreneurial prospects in the region as well as on the health of more established companies.

“It’s therefore vitally important for business owners to be cautious and keep a very careful eye on cashflow as the economy continues to challenge. If difficulties arise, it’s crucial to take professional advice as soon as possible.

“There is much which can be done to support local business owners if they decide to seek help early enough.”

Ilkeston furniture manufacturer receives £7.5m investment

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Ilkeston furniture manufacturer receives £7.5m investment
Ilkeston-based The Belfield Group, manufacturers of upholstered furniture and home furnishings, has received a £7.5m investment from its principal stakeholders, NorthEdge LLP and Virgin Money. The investment comes as part of a wider package of measures designed to support the business in completing its transformation plans for Westbridge, Tetrad, Belfield Home & Leisure and Clinchplain. It will enable further investment in plant, equipment and system upgrades, modernisation of facilities and a faster roll-out of its people-first plans. Tom Prestwich, Group MD, said: “This investment from NorthEdge and Virgin Money is great news for the Group, and for everyone at our Westbridge, Tetrad, Belfield Home & Leisure, and Clinchplain operations. We are proud of our heritage in design-led innovation and in the quality and craftmanship of our products. “We have brilliant and talented people at the Group who have worked tirelessly through challenging market conditions to enhance the Group’s status as a people-first, customer experience-driven, design-led business and I can’t wait to work with them to deliver our future. Special thanks to NorthEdge and to Virgin Money for showing their support and confidence in us to deliver on our plans.” Nicola McQuaid, Investment Director for NorthEdge LLP, said: “We are delighted to be investing in the Group at this time. The Group’s plans are very exciting and will deliver substantial strategic value to all stakeholders. “Tom and his wider team have done a magnificent job to reposition the Group as a resilient business in a challenging market and we look forward to working with him and his team.” Tracey Bailey, Senior Director, Virgin Money, said: “Virgin Money has enjoyed a long and successful relationship with the Belfield Group, and we are delighted to play our part in supporting the business at this exciting time.”

Plans submitted for 18-storey residential development in Nottingham

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Plans submitted for 18-storey residential development in Nottingham
Plans for a new residential building, reaching to 18 storeys, on Queens Road in Nottingham City Centre have been submitted. MRP Nottingham Ltd are behind the proposals, which represent Phase 2 of the wider redevelopment of the former 1-4 Queen’s Road site. Phase 1 comprises a 406 bed student accommodation building currently under construction.
The new plans are for a hybrid residential development, comprising Build to Rent (BtR) and shared apartments. The building will be positioned to the south of the brownfield site, forming a central courtyard to be shared by both the Phase 1 student accommodation building and the proposed Phase 2 residential building. The development would contain 274 dwellings (a mix of build-to-rent studios, 1 bed, 2 bed, and 3 bed apartments, and shared 4 and 5 bed apartments) as well as a range of amenity spaces, including co-working space, meeting rooms, a cafe, landscaped roof terrace, and sky lounges. A planning statement submitted to Nottingham City Council says the scheme “will redevelop an underutilised site for residential use and add to the choice of housing available in the city centre. The proposed development will preserve and enhance the character and appearance of the Station Conservation Area and improve the wider street scene.”

Innovation Awards finalists meet competition sponsors

Stuart Pearcey
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Innovation Awards finalists meet competition sponsors
This year’s Leicestershire Innovation Awards shortlisted businesses have joined sponsors and other guests at De Montfort University for a pre-awards event. The awards are this year being led by the LLEP Business Gateway Growth Hub for the first time. Dr Nik Kotecha OBE DL, Chair of the LLEP Innovation Board, congratulated entrants for reaching the final shortlist. He said: “Everyone reaching the shortlist has, in fact, already succeeded. The standard of entries has been so high this year – competition has been incredibly strong.
“Our finalists have all demonstrated exceptional achievement, commercial impact, technical excellence, and creativity – all underpinned by an innovative mindset. “Our entrepreneurial community throughout Leicestershire is driving growth through innovation, creating jobs and strengthening our economy – we have much to celebrate together.” Phoebe Dawson, Chief Exec of the Leicester and Leicestershire Economic Partnership noted that innovative thinking was required from the Growth Hub itself as it took the lead on the awards for the first time late last year. She said: “We worked with partners and sponsors to secure the event for 2024, build a whole new nomination platform, and secure a record haul of nominees. The finalists from those nominees are here tonight and it’s great to meet face-to-face.” Phoebe described the Business Gateway Growth Hub’s work in supporting innovative small businesses over recent years, with gains in productivity made across a host of sectors. “The Growth Hub will continue joining up the dots for local businesses needing support as the LLEP transitions into a new structure over coming months.”

Lincoln tech business makes acquisition as part of growth strategy

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Lincoln tech business makes acquisition as part of growth strategy
Bluecube Cloud Services Limited has acquired Techbox Managed IT Services Limited as part of its business growth strategy as it evolves from a communications provider to MSP (managed service provider). Bluecube was founded 15 years ago, initially to provide mobile phone services for business, as well as broadband and telephony. The communications side of the business evolved and Bluecube became a key provider of hosted telephony, unified communications, mobile and internet connectivity services. Last year the business entered into the IT sector and the acquisition of Techbox Managed IT Services adds momentum to this growth. In a statement on the acquisition, Managing Director Paul Reames said: “We are absolutely thrilled to welcome the Techbox team and a diverse base of business and education sector clients to add to our growing customer base. “The merging of the Techbox and Bluecube skill sets demonstrates our commitment to bringing further new talent into the business as we strive to become a leading MSP.” Techbox was founded in 2018 by Andy Fellows, who becomes Head of IT Services at Bluecube as part of the acquisition deal. Andy and his team have more than 20 years of experience in the IT industry supporting clients in the education and SMB sectors. As part of the acquisition Bluecube has taken new and larger offices in Lincoln to make room for the new team.
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