National home and leisure retailer, The Range, has been confirmed as the new tenant in the building previously occupied by Wilko on Hucknall High Street.
Ashfield District Council says the building will be renovated over the coming weeks ahead of a grand opening on 15 March 2024. The Range currently have over 200 stores across the UK and stock more than 140,000 products from homewares and furniture to DIY and art supplies.
The opening of the new store marks another milestone in Ashfield District Council’s regeneration of Hucknall town centre. Over the next few months the Council will be working with local businesses to develop plans to improve Central Walk – the covered walkway and paved area connecting the High Street to Piggins Croft car park with works due to start later in 2024.
Leader of Ashfield District Council, Cllr Jason Zadrozny said: “I am delighted to be able to announce that The Range is set to open in Hucknall in March. As a Council we look forward to a positive relationship with another major retailer which can only be good news for Hucknall town centre and our local residents.”
Cllr Lee Waters, who represents Hucknall Central, said: “We are looking forward to welcoming The Range to Hucknall. When Wilko went into administration, Hucknall councillors tasked the council’s leadership with finding a new anchor partner.
“Councillor John Wilmott has personally led on this and we are grateful for his and others’ efforts. We look forward to the start of a great relationship with The Range that will provide jobs and prosperity in our town.”
The opening of the new store is expected to create up to 90 jobs with applications now open for local residents.
2024 Business Predictions: Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking.
2023 was a turbulent year for businesses in the East Midlands, with inflation, skills shortages and the cost-of-living crisis continuing to present challenges. But firms are beginning to see the light at the end of the tunnel. Our latest Business Barometer research recorded a confidence reading of 34% for the region, meaning businesses closed out the year far more positively than they began it, with confidence up 19 points from January 2023. The East Midlands is also one of only two regions to see a month-on-month increase in December.
Here’s what I foresee as the main focuses for East Midlands businesses in 2024 to continue building on this optimism:
Prioritising technology investment
2023 has seen developments in areas such as AI, the metaverse and big data continue apace, and 2024 looks to be no different. It’s clearer than ever that digitalisation is essential to keep up with the market and competitors. In our Business Barometer, almost a quarter (24%) of East Midlands businesses identified introducing new technology as their main target area for growth over the next six months.
The technology opportunity is two-pronged. Investing in and adopting tech in their own operations will enable East Midlands businesses to make their processes more efficient, increase productivity and reduce costs. Likewise, the East Midlands has a well-developed manufacturing and technology sector, and those businesses which can bring new innovations to the market before competitors will see rapid growth driven by customers looking to be early adopters.
Economic uncertainty will continue, but there is a silver lining
After several years of disruption, businesses are well aware of the risk geopolitical tension presents to their supply chains and sales opportunities. Uncertainty is set to persist in 2024, with the ongoing Russia-Ukraine war, the conflict in the Middle East, elections in both the UK and US, and tensions between the US and China. Bringing supply chains back to the UK, or reshoring, will be an opportunity for the region’s businesses to insure themselves against disruption, while also creating more jobs in the region. Simultaneously, the UK itself will be looking to mitigate against future global challenges by securing its own production and energy, bringing opportunities for East Midlands firms in these sectors.
But East Midlands businesses are resilient and have already adapted to changing global headwinds. Through my work with local firms I know that many are beginning to see a buoyant uptick in their supply chain. As a region with a strong automotive manufacturing sector, for example, an end to the pandemic-induced semiconductor shortage has meant that production will rise in 2024, with manufacturers boasting fuller order books and a more positive outlook for the new year.
While the economic outlook is uncertain, there is a major boost coming to the region in the form of the East Midlands investment zone, set to cover parts of Nottinghamshire, Derby and Derbyshire. Expected to help leverage £383m in private investment, it will provide funding and support for innovation and growth projects, improve infrastructure and increase the region’s visibility and attractiveness, due to the generous tax incentives for businesses. 2024 will also see the region’s very first Mayoral elections, as part of the East Midlands devolution deal, which will see it benefit from £1.14bn of funding for transport, education, skills, housing and the environment. The plans are a huge opportunity for businesses, and it will be an exciting time for the region.
Focus on skills shortages
Businesses have been plagued by staffing troubles in 2023, and they aren’t going anywhere in 2024. The East Midlands unemployment rate has sat at 3.7% for the past five months, significantly below the UK average of 4.2%. The incredibly tight labour market means high levels of competition between firms to attract the best talent. And with the Investment Zone set to create 4,200 jobs over the next decade, labour shortage will only grow if businesses don’t prioritise it over the coming year.
The East Midlands is home to multiple world class universities and research institutions, however we lack the skills in factories to actually implement the excellent ideas being generated in the region. This is seeing businesses sell their ideas abroad and buy back the products produced to sell. By creating the practical skills we need here in the region, local firms can ensure their ideas are realised and become profitable.
In our recent Business Barometer, 40% of the region’s businesses said they plan to increase staffing levels over the next year – the highest percentage of any UK region or country. To do this, they will need to focus on tapping into the region’s diverse talent pool, as well as attracting more young people.
Sustainability opportunity
The tide is turning on sustainability requirements, with growing numbers of businesses viewing it as an opportunity for growth. By decarbonising their own operations and processes, businesses can differentiate themselves in the market. The UK’s best and brightest increasingly want to work for firms that are shifting the dial on climate change, giving employers the chance to attract new talent and alleviate the skills shortages which will continue to plague them in 2024. This will be particularly true for businesses hoping to attract young talent, which may have otherwise chosen to leave the region to work for businesses in larger cities such as London, in search of work they believe to be more forward-looking.
For SMEs, reducing their own emissions also makes them a more attractive supplier to large companies, which are increasingly under pressure to report on their own emissions, including scope three – the emissions of their supply chain. If local firms can produce a sustainability statement showing they are decarbonising, or can prove their emissions are lower than other players in the industry, they can position themselves favourably against global competitors. With the East Midlands Investment Zone set to focus on green industries, 2024 will see more East Midlands firms bolstering their sustainability credentials to give them the edge over competitors.
While many of the challenges that were present in 2023 will continue to persist this year, the region’s businesses are well placed to capitalise on the opportunities that present themselves and I believe we’re looking forward to a year of growth in the East Midlands.
2024 Business Predictions: Natalie Bamford, Colleague Box
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Natalie Bamford of Colleague Box.
Corporate gifting is big business – and its popularity shows no signs of slowing down in 2024.
It can strengthen your reputation and your overall relationship with your business partners and employees and is a powerful way of expressing your gratitude.
A report by business magazine Forbes found that 42% of businesses cite relationship management as a top reason for their corporate gifting initiatives.
Christmas is traditionally a busy period for Colleague Box and 2023 has been no exception; it’s been great to see the variety of boxes that we have created for clients, though, from build-your-own boxes where clients choose their own packaging, contents and delivery options to bespoke ones that we have produced for charities including Derventio Housing Trust. They run shared houses for hundreds of people across the UK who might otherwise be homeless, and their boxes included snacks such as popcorn, crisps and chocolate. They have been popular with companies wanting to ‘give back’ to their community.
We have also seen a rise in the number of businesses opting for a subscription so that their business partners and employees can be sent treats throughout the year – and not just at Christmas time.
In the past you might have had a subscription for a magazine or the gym, and nowadays you can get subscriptions for anything from in-home fitness to boxes that contain everything you need to cook a healthy meal; think Hello Fresh and Abel & Cole.
The idea of a subscription can help retain talent and shows your partners that you appreciate them all year round and not just at Christmas.
Flooring specialist to triple the size of its premises
Leicestershire firm Abacus Flooring Solutions is moving to bigger premises following a year of continued growth.
The resin flooring specialist will triple the size of its facility when it moves from its current site in Coalville to a new 3,000 sq ft industrial unit in Belton Road, Loughborough.
Established three-and-a-half years ago by Nick Megson, Abacus has also grown from nothing in 2020 to a £1m-plus turnover last year – with a current forecast that it will break the £2m barrier by the end of this year.
The company’s success is largely the result of a ‘world-first’ innovation developed by Nick called Abaplas. Abaplas is a resin flooring system that uses 100 per cent recycled waste plastic as a bulking material instead of the traditionally used silica sand, which is damaging to human health and the environment.
The firm’s expansion will trigger the launch of a new umbrella company, Abacus Materials Ltd, which will consolidate the trading and handling of all recycled plastics and resin flooring systems.
Nick said the Loughborough move is initially expected to create up to five new jobs, adding to the eight full-time staff already employed by Abacus. He will also establish a new training centre to encourage a new generation of younger workers into the resin flooring industry.
“If you’d told me three years ago that Abacus would grow to a £2m company operating from a 3,000 sq ft site, I simply wouldn’t have believed you,” said Nick. “I often have to pinch myself to convince me that this is not a dream.
“But our order book has gone through the roof and continues to grow. After winning multiple awards, mostly as a result of the Abaplas invention, we are now making great strides in the global market as well as the UK.
“Business is certainly booming. People have quickly caught on to the fact that Abaplas is hugely sustainable; it cuts the carbon emissions produced by the heavy mining of silica sand as well as preventing vast quantities of waste plastic ending up in landfill or the world’s oceans.”
Derbyshire metals recycler agrees lease with port company for multi-million pound export trade
Barlborough-based metals recycler Enicor has agreed a lease deal with Associated British Ports enabling the firm to support a multi-million pound contract to export scrap from British Steel.
It means 400,000 tonnes of Skim Iron, sometimes known as pig iron skulls, will be shipped from Immingham on the River Humber to carry the material to international markets.
James Bowers, CEO of Enicor said: “Enicor has gone from strength to strength in recent years seeing turnover exceed £100M and tonnages exported reaching new levels.
“The opening of our Immingham dock operations is a milestone moment for the company allowing us to sell deep sea cargos worldwide. We understand that our first vessel of scrap exported will be the largest in recent years. We hope to maintain a close relationship with ABP over the coming years and push to execute vessels of similar size every four to six weeks. We would like to thank ABP for their support thus far.”
Two deep sea vessels have been organised for a total of 47,000mts to ship the by-product to international markets. This is the largest scrap export shipment within the last few years. The first vessel arrived in port mid-January to collect the first shipment.
Simon Bird, Regional Director for the Humber ports said: “Enicor recognises the importance of Immingham as a gateway to the rest of the world. The Port of Immingham is ideally located with excellent links to global markets and will be vital in helping them fulfil their plans as a business.”
Heather Mills rescues VBites
Heather Mills has swooped for the assets of her plant-based business VBites, sealing a rescue deal with administrators worth £1m.
Founded in 1993, VBites is a manufacturer and wholesaler of plant-based meat and cheese. The company operates from two manufacturing sites in Peterlee, County Durham, and Corby, Northamptonshire.
VBites fell into administration in December, with James Clark and Howard Smith from Interpath Advisory appointed joint administrators.
The company had recently seen increased pressure on cashflow due to the impact of rising raw material costs and energy prices, as well as a softening of consumer demand for alternative protein products in the wake of the cost-of-living crisis.
The directors sought to explore their options, including making attempts to secure additional funding. Unfortunately, however, a funding agreement was unable to be reached, leaving the directors to seek the appointment of administrators.
Following an accelerated sales process run by Interpath Advisory pre-Christmas, according to reports seen by The Grocer, a £1m bid from the Mills-owned Vegan Solo Consulting beat five other offers.
Speaking to The Grocer, Mills said she had re-employed a large amount of staff affected and was taking charge of the business.
In a statement on LinkedIn, Heather Mills said: “I was devastated when VBites was forced, unnecessarily with 3 days notice, into administration. It was agreed between both shareholders that we would always give each other three months notice, knowing the figures 6 months ahead set for the company, so I was doubly shocked that it went straight into administration, even though I gave viable solutions.
“But I strongly believed that the next-generation technology that VBites had developed and the work it had done still had a huge role to play in assisting the transition of the food market to a healthier and more sustainable place. I was also not happy being told that many of my loyal and hard-working staff were losing their jobs.
“I was cut out of everything.
“This is why I have chosen to resurrect the company myself, at great personal expense, and take control of the operations personally, moving back to the North-East to ensure that we are still able to make a positive contribution to the future of our global food economy.
“We have already developed a version 2.0 of plant-based food, soon to launch, that we believe will be a market mover and will help all of those people attempting to make a flexitarian or plant-based/Vegan transition achieve their goals more easily, both with variety and deliciousness.”
Swedish financial adviser takes significant minority stake in Mansfield group
Söderberg & Partners has bought a significant minority stake in Mansfield financial services group Fidelius for an undisclosed sum as part of its drive to increase its footprint in the UK advice space.
The investment is subject to FCA approval.
Fidelius, which has offices across Bath, Cheltenham, Chelmsford, London and Mansfield, offers a suite of advisory services including wealth management, employee benefits, mortgages, as well as a specialism in advice to returning expats. Launched in 1998, Fidelius has grown significantly through both organic and M&A expansion.
Jim Grant, CEO of Fidelius, said: “In Sӧderberg & Partners we have found a partner who sees the world the same way we do. I am very excited to have Sӧderberg working alongside us to support Fidelius in investing into smaller entrepreneurial firms who require the correct support and resource in order to realise their true growth potential.
“It can be hard for financial planning firms to raise quality investment to allow for growth, but with Sӧderberg we can help make this a reality. We look forward to talking to firms, teams or individuals who need a bridge to allow them to build a business focused on growth and future value.
“The whole team at Fidelius is incredibly excited about the next phase of our journey and we are delighted to have found Sӧderberg & Partners to work with moving forward.”
Gustaf Rentzhog, Chief Executive Officer at Söderberg & Partners, added: “Fidelius is a business with significant upside potential. With a strong brand and an exceptionally experienced management team, I have no doubt that this already successful and growth-oriented business will go from strength to strength.”
Another set of record-breaking results for Yü Group
Nottingham-based Yü Group has hailed “a strong performance ahead of expectations” in a year end trading update.
The independent supplier of gas, electricity, meter asset owner and installer of smart meters to the UK corporate sector, has recorded record-breaking results for the financial year ended 31 December 2023.
Full year revenue is expected to exceed £450m, growing from £279m in 2022, while EBITDA is anticipated to be significantly ahead of current market expectations.
This progress is expected to continue into 2024 and beyond as energy markets begin to normalise. The firm noted that it has secured contracted revenues of £519.7m to be delivered in FY24, up 111% on the prior year.Bobby Kalar, CEO of Yü Group, said: “Once again, the Group has delivered a fantastic all-round performance, and I am delighted to report another set of record-breaking results.
“We have a clear strategy and the processes in place to deliver exceptional profitable growth whilst navigating a turbulent commodity market. The contracted revenue and bookings momentum provides the Board with confidence in delivering continued significant organic growth for FY24 and beyond.
“Over the previous few years, the gas and power markets have experienced unprecedented volatility in reaction to geopolitical events. At its peak in 2022 wholesale gas was trading at over 600p per therm. In 2023 gas prices have significantly softened and whilst this is great news for consumers, the rate and speed has caused short term mark-to-market pressure on our hedging credit lines.
“Our balance sheet remains strong and will strengthen further as energy prices continue to normalise, enabling the short-term cash held with our trading counterparty to flow back into the Group in the coming months.
“Our focus on strict controls and gross margin enhancement have delivered an increased Net Customer Contribution (NCC), as such the Group expects to deliver an exceptionally strong adjusted EBITDA margin for FY23.
“Our Yü Smart business is now in a scale up phase and will provide material benefits to the wider group. We continue to monitor asset supply challenges due to shipping constraints in the Red Sea and, although we have healthy stock pipelines, an extended disruption could have the ability to impact H2 24.
“We are confident that the Group has the proven capability to deliver value consistently and consecutively for its investors. I look forward to showcasing our results post publication of our annual accounts. A huge thank you to my team who have supported the Group’s vision.”
Derby City Lab set to relocate
Derby City Lab is set to re-open inside the Derbion shopping centre.
When it first launched in 2022, the lab was housed in a unit in St James’s Street, provided courtesy of Clowes Developments.
Now, the lab, which is a public/private partnership involving Marketing Derby, Derby City Council and the University of Derby, is relocating to Level 2 of Derbion, which becomes one of its partners for 2024.
The new incarnation of the lab will open its doors for the first time on 20 February to welcome delegates from Marketing Derby’s Annual Business Event, which will take place on the same day at Derby Theatre.
It will then open to the public seven days a week from 4 March.
Beth McDonald, Managing Director at Derbion, said: “We are delighted to be working with Marketing Derby in bringing the national award-winning Derby City Lab to Derbion.
“We know our visitors will be excited to see the plans and development projects that will transform Derby’s city centre over the coming years.”
Adam Rodgers, inward investment executive at Marketing Derby and Derby City Lab lead, said: “Our fantastic new location will enable us to build on the huge success of the award-winning lab.
“It presents a great opportunity to engage with a wide variety of people, gain their feedback and discuss ideas on regenerating the city centre.”
The purpose of the Derby City Lab is to engage the wider community in better understanding the evolution of the city and investment pipeline – and is based on the concept of Urban Rooms in cities such as London, Amsterdam and Shanghai.
The new incarnation of Derby City Lab will house the City Living Room, which includes detailed information about the city’s investment pipeline.
And the centrepiece will be the brand-new Derby City Model – a detailed 3D model of Derby city centre, which aims to help visitors visualise the city’s ongoing regeneration story.
The lab will also host a rolling programme of dynamic exhibitions and discussion groups focused on ideas to regenerate Derby.
It will be manned by Marketing Derby staff and ‘lab assistants’, which the inward investment agency is currently in the process of recruiting.
£5.4m funding facility secured for new Nottingham housing scheme
Nottingham-based property developer Hockley Developments Ltd has secured a £5.4 million funding facility from Paragon Bank to support the second phase of its Sherwood Library development in Spondon Street, Nottingham. The scheme will consist of 12 houses and 22 flats in the second phase of the development and is expected to be complete by January 2025. The first phase of the development saw the building of a brand-new library, a Sainsbury’s and seven flats. Within the second phase of the development, 14 flats have already been sold and will be used for supported living accommodation. This is Paragon’s fourth deal with Hockley Developments, having previously supported the company to fund various projects including a £1.6 million funding package to turn a former care home in Nottingham into 23 self-contained one and two-bedroom apartments.
The deal was led on behalf of Paragon’s Development Finance team by Senior Relationship Director Steve Hallam, with support from Senior Portfolio Manager Ashling Quinn.Alan Forsyth, Managing Director at Hockley Developments, said: “It has been a pleasure to work with Paragon bank on this new development loan. As has been the case when working with them previously, communication has been good at all stages, and the process has been smooth between all parties.
“We look forward to delivering this exciting new project in Nottingham, and providing some quality, much needed housing over the next 12 months, with the support of Paragon.”
Steve Hallam, Senior Relationship Director at Paragon Bank, added: “It’s been a pleasure to work with Alan and the Hockley Developments team on another funding facility, enabling the company to build more high-quality housing in the East Midlands. “We’re looking forward to seeing the positive impact this new site has on the local area and hope to continue working with Alan and the team to support them with more upcoming projects.”
