The construction of Ashfield District Council’s leisure building and boathouse is picking up pace as the project reaches the seven-month mark.
The new facility, being built as part of Ashfield District Council’s £62.6million Towns Deal, will house modern accessible changing facilities for water sports and a meeting/training room on the ground floor. A restaurant and function space will occupy the first floor, offering views across the water.
The construction has now reached an exciting milestone with the installation of the first-floor planks and the staircase. The internal walls are springing up, and the external decorative stonework now reaches the first floor. Visitors to the reservoir can get a real sense of what the building will look like when it’s completed in 2024.
As part of the project, a new 136-space car park was built and opened on the former wasteland behind the site of the leisure building. Native hedging and trees have been planted on the islands in the new car park to increase biodiversity on site.
Cllr Matthew Relf, Executive Lead Member for Regeneration, Growth, and Local Planning, said: “It’s fantastic to see the progress of the build here at Kings Mill Reservoir, it’s all starting to feel very real.
“We want everyone to be able to access water sports and the new building and car park will open this opportunity up for more people, not just in the local area but for those further afield, marking Ashfield as a destination for visitors from around Nottinghamshire and beyond.”
Cllr Jason Zadrozny, Leader of the Council, said: “We are so excited to see how far along the building is, you can start to imagine what the space will look like once it’s completed. This development at Kings Mill Reservoir marks the first of many physical changes you will start to see in Ashfield as part of our plan to regenerate the District.”
This project is just one of 16 being funded by the Council’s £62.6million Towns Deal, which includes the new Planetarium and Science Discovery Centre at Sherwood Observatory, redesign of Portland Square, the Automated Distribution Manufacturing Centre, and the development of a gateway building in Kirkby.
Ashfield District Council’s plans for Kings Mill Reservoir complement the expansion of the Mill Adventure Base, to offer a larger variety of activities for visitors across Nottinghamshire and beyond.
The Council are now seeking interested operators for the restaurant and function space.
Four in ten councils at risk of financial failure over next five years
As we enter a critical election year, new analysis from business and financial adviser Grant Thornton UK LLP finds that the current financial outlook for local councils in England is alarming, with 40% of councils at risk of financial failure over the next five years.
According to data from Grant Thornton’s Financial Foresight tool, within the next 12 months alone, over one in five councils in England are at risk of financial failure, without additional income or further spending cuts. This increases to 25% by the end of next year, highlighting the extremely precarious financial position of the sector.
This is an increase compared to previous analysis conducted by the firm in October 2022, where one in six councils were deemed to be at risk of running out of money within 12 months.
Metropolitan and Unitary Councils are at the highest risk of financial failure this year, followed by London Boroughs and District Authorities.
The research also finds that, despite the recent local government finance settlement, English councils face a £9 billion funding black hole over the next five years. While local authorities in England collectively hold c.£23 billion in reserves, the analysis finds that this financial safety net is not evenly distributed.
The councils most at risk of financial failure often have the least access to these reserves, exacerbating the risk of financial collapse and the subsequent impact on local communities.
Phillip Woolley, Head of Public Services Consulting, Grant Thornton UK LLP, said: “Local councils face an unprecedented financial crisis. Funding for key services like social care, homelessness and special educational needs has not kept pace with growing demand.
“This shortfall has seen some councils make risky commercial decisions and many divert funds from other local services, which can in turn create a continuous cycle of service decline and further demand.
“This stark reality poses significant challenges to local governance and the provision of essential services. Although the sector must learn from past failures to mitigate some future risk, without more fundamental reform in local government finance, these efforts may only offer limited relief.
“There have been calls for councils to use reserves to plug budget gaps but this is not a sustainable solution – reserves can only be used once and are intended to be a safety net, used only in exceptional circumstances.
“The financial crisis in the sector has become increasingly evident over the past few years, with more councils declaring financial distress in this time than over the past 20 years. It is critical that a more comprehensive overhaul of both local government finance and models for social care is undertaken to address local councils’ deep-rooted financial challenges.”
The research is shared following a recent survey from the LGA, which found that almost one in five council leaders and chief executives in England think it is likely that they will need to issue a Section 114 notice this year or next due to a lack of funding to keep key services running.
Streets Chartered Accountants covers its latest office expansion and appointment, Merchant Card Payments Rates & Fees, and more in new news roundup
Streets Chartered Accountants covers its latest office expansion and appointment, Merchant Card Payments Rates & Fees, and more in its latest monthly news roundup.
Podcast: Patch and the Colchester Business AwardsThis episode of The Streets Sessions features to Jenna Saiz Abo Henriksen and Jordan Sidwell, founders of Patch, a plant led café and winner of the Colchester Business Awards 2023 – New Business of the Year.
Find out more about this innovative and inspiring young business as well as this year’s Colchester Business Awards with the New Business of the Year category being supported and sponsored by Streets Whittles.
On the Streets in StaffordshireStowe House, Lichfield is the latest office for Streets’ expanding practice, which now has 23 offices from Brighton in the South and Colchester in the East to Manchester in the North and Bristol in the West.
Streets chose Stowe House, Lichfield as it is ideally placed in terms of servicing its growing client base in Staffordshire, as well as more widely across the West Midlands.
Leading tax specialist Andrew Cockman joins StreetsStreets are delighted that the widely acclaimed tax specialist Andrew Cockman has joined the business. Well respected by his fellow tax professionals, Andrew is a Chartered Tax Adviser and Trust and Estate Practitioner who has focused on private client and trust related taxation throughout his career in accountancy, having worked in Big 5 accountancy practices, as well as other firms in the top 10.
Merchant Card Payments Rates & Fees – could you be paying too much?When was the last time you reviewed your merchant payment service provider contract? Perhaps you haven’t.
- Have your business needs changed over time and does your current merchant payments provider offer you the best rates, fees and up to date features?
- Are you paying what you agreed or has this increased?
- Is your contract still the right fit for your business?
Like a lot of businesses this might not be something that is at the top of your list and you may not have asked yourself these questions, but why not?
Event: Entrepreneurs ConnectAre you an entrepreneur seeking to unlock the financial secrets behind business success?
This special event, hosted by Entrepreneurs Connect, aims to showcase the crucial role of financial forecasting in driving business growth, attracting investment and securing the future of your start-up or scale-up.
Headlining the session will be special guest speaker and social entrepreneur Joana Baptista, a 22 year old founder of three start-ups, tech podcast and economic magazine.
Streets Winter NewsletterStreets have included a short summary of the recent Autumn Statement, delivered to parliament in November 2023, in this newsletter. Streets have also added a number of articles that will help you decide on your planning options for 2024.
Former apprentices launch and grow Nottinghamshire financial planning business
Nottinghamshire-based wealth management company Stephen Eve Financial Planning has helped over 70 clients since its inception in 2022 and now manages £25m of client funds.
It was set up by Chartered Financial Planner Ben Slater and marketing specialist Danielle Slater, who are both under 30, began their careers via apprenticeships, and are passionate about opening financial careers via on-the-job training and education.
Based in Regent Street in Nottingham city centre, Stephen Eve Financial Planning helps its clients achieve their financial aspirations by providing a range of services including retirement planning, investment advice and cash-flow analysis.
Ben Slater began his career in wealth management aged 18 by undertaking an apprenticeship with The RU Group where his talent was spotted and developed. In 2019, he became one of the youngest Chartered Financial Planners in the UK and also scooped the ‘High Achiever of the Year’ award from the Chartered Insurance Institute. He is shortlisted for the 2024 Professional Adviser Young Achiever of the Year.
Danielle specialises in marketing strategy, particularly around the customer journey and building loyalty, from acquisition to retention. She began her career completing a Future Leaders apprenticeship at Boots, where she eventually became a Client Manager whilst also running her own marketing consultancy business. She has delivered campaigns for Boots, Chanel, Dior, Philips, L’Oréal as well as numerous SMEs across the Midlands.
Both Ben and Danielle are keen to break barriers in the Financial Services sector by making financial advice accessible to people of all backgrounds and raising awareness of the career opportunities in the field, where just 6 percent of advisers are under the age of 30, with the plurality being over 50.
Stephen Eve Financial Planning recently bolstered their team by appointing Trainee Paraplanner, Rav Jackson who they are now supporting through the CII Aspire Financial Adviser apprenticeship programme. Rav will complete 6 exams and vocational training to become a qualified Financial Planner.
Commenting on Rav’s appointment, Danielle Slater said: “We strongly believe in supporting young people through providing access to mentorship and a business who can support their employment aspirations. I am excited to have Rav on board and to be laying further foundations in the growth of our business.”
Ben Slater comments: “It has been a successful first year for the business and we are delighted that so many people have trusted us to look after their financial future. Throughout my career, I have always valued continual professional development and training very highly, and this is a founding principal of Stephen Eve. Having in depth and up-to date knowledge means we can help our clients achieve their financial ambitions.”
Building products manufacturer to close brick factory
Ibstock Plc, the Leicestershire-based manufacturer of building products and solutions, has issued a trading update for the year ended 31 December 2023, in which the firm has revealed the closure of its South Holmwood brick factory.
In the update the business said it had delivered a resilient performance in its final quarter, in line with expectations, despite a continuation of weaker market conditions. Ibstock noted the performance in the final quarter was underpinned by “effective cost reduction action which, in combination with stable pricing, helped the Group maintain solid margins.”
Full year revenues for 2023 are expected to have decreased by 21% to approximately £405 million (down from £513 million for 2022), while adjusted EBITDA is expected to be in line with previous expectations, reflecting “cost and capacity reduction initiatives and the resilient margin performance for the year as a whole.”
Due to a challenging market backdrop, expected to continue into 2024, during the final quarter of the year Ibstock conducted a comprehensive operational review, with the objective of aligning its fixed cost base and capacity to near term demand expectations.
The consequent restructuring plan has included actions to temporarily reduce capacity across the business, as well as the permanent closure of the South Holmwood brick factory in Surrey.
The annualised benefit of this restructuring plan will be £20 million, with around £5 million of this captured in 2023 and the balance to be achieved in 2024. The one-off cash cost of the restructuring programme (including the closure of the Ravenhead brick factory announced in August) will be around £15 million.
Joe Hudson, CEO of Ibstock PLC, said: “Against a challenging market backdrop, we are pleased to have delivered a resilient performance in the final quarter and for the year as a whole.
“Throughout the period we have focused on taking the right actions in light of near term market conditions, which has led to the difficult but necessary decision to reduce headcount across the business. At the same time, we have continued to progress the projects that will underpin growth as our markets recover.
“While the pace and timing of the recovery remain uncertain, Ibstock is in robust financial health, with the balance sheet strength and financial flexibility to ensure we remain well-positioned for a return to growth over the medium term.”
77,000ft² let at Castlewood Business Park
Acting on behalf of Hines, Tim Gilbertson of FHP Property Consultants has let prime new build space at Junction 28 of the M1 at Castlewood Business Park.
The building has been let to enable the continued growth and expansion of Schoolblazer, the uniform and sportwear supplier, who have signed a 10 year lease within a month of the building’s practical completion.
Tim Gilbertson, who acted on behalf of Hines in the disposal, said: “It’s great to see this deal done so quickly after practical completion of the building.
“The building formed part of a portfolio that Hines purchased on a forward funding basis from Clowes Developments, with this being the second deal on the portfolio, which means we have now let nearly 200,000ft² of space for them since their acquisition.
“We wish our new occupier well in the building, which means Castlewood is down to a final unit of 134,000ft².”
Derby composite materials manufacturer secures capital injection
Prova has made a follow-on investment in Derby composite materials manufacturer Composite Braiding, having initially taken an equity stake in the business back in 2022.
Coming as part of a seven-figure funding round, the capital injection will be used to strengthen manufacturing, bolster the workforce and purchase equipment as the company continues to experience rapid growth.
Composite Braiding uses an automated manufacturing process to combine thermoplastics with materials like carbon, glass and basalt fibres, to create a much lower embedded carbon solution for end products spanning the automotive, rail, sports equipment, maritime, and civil engineering sectors.
The unique process reduces labour costs by up to 90%, waste by 97% and uses 95% less energy, offering significantly cheaper and more sustainable materials, at scale, and at a faster rate.
Richard Postins, founder of Prova Investments, said: “At Prova Investments, we’re excited to continue our journey with Composite Braiding in its mission to decarbonise the composite materials industry.
“With its novel processes to automate the manufacture of advanced composites using sustainable materials, Composite Braiding is a great fit for our cleantech and circular economy portfolio, and we’re looking forward to offering ongoing growth and support as it continues to pioneer composite manufacturing.”
Steve Barbour, founder at Composite Braiding, added: “Last year was focused on building up foundations, while 2024 will be pivotal for kick-starting production and delivering sustainable products across a variety of sectors. The close of our latest funding round marks a new milestone at the Composite Braiding business.
“We are grateful for Prova Investments’ backing since its initial investment last year, and we’re looking forward to the continued support they can bring to our business moving forward.”
Property developer exchanges on two Nottingham affordable housing sites
Godwin Developments has exchanged contracts with Nottingham City Council for the acquisition of two brownfield sites, measuring a total of 5.2 acres.
Located in the Bulwell area of the city, the land parcels also benefit from detailed planning consent secured by Godwin, which will enable the construction of 102 affordable family homes.
The mix of two- and three-bedroom properties will be delivered across two neighbouring developments both of which are currently vacant and are set to be restored for community use after 15 years of being disused.
The Maple Fields scheme, which will be built on the site of the former Henry Mellish School on Kersall Drive, will contain a total of 57 homes, while the Crescent development – situated on the previous Piccadilly Playing Field – will provide an additional 45 homes. All homes will be energy efficient with a minimum rating of EPC B, with the potential to improve this to EPC A with a connection to a smart energy grid.
The development will be led by Godwin’s newly appointed partnership director Tim Hart, as part of his remit to manage the business’s affordable housing division. Tim will be responsible for delivering all land-led affordable homes projects, from identification and construction through to eventual onward sale.
Matt Chandler, Managing Director at Godwin Developments, said: “We are pleased to have reached this important milestone in the transformation of these brownfield sites into 102 much-needed affordable homes in Nottingham.
“It provides us with the green light to progress with the construction of these properties as soon as possible and satisfy the growing need for good quality, environmentally friendly and cost-conscious properties in the area.
“We are also delighted to welcome Tim to the business to drive forward this project, as well as deliver on our ambitions to grow in the affordable housing space nationwide.”
Throughout the approximate two-year construction period, the developments are set to create over 300 temporary jobs and contribute more than £150,000 to the local community and infrastructure.
Real estate advisors CRBE and solicitors Field Fisher advised Godwin on this transaction and the ongoing development of these sites.
Professional services group records “resilient” first half financial performance
Gateley, the professional services group, has hailed a “resilient” first half financial performance, with revenue and profits on the rise against a challenging macro-economic backdrop.
According to unaudited results for the six months ended 31 October 2023, revenue was up 7.6% at £82m, growing from £76.1m in the same period of the year prior.
Group profit before tax meanwhile reached £7.4m, increasing from £6.3m.Rod Waldie, Chief Executive Officer of Gateley, said: “Given macro-economic conditions during the period, I am pleased with the Group’s resilient H1 24 performance.
“This is testament to, firstly, our strong client relationships, sustained by the excellent service delivered by our people and, secondly, our strategy working in practice as we continue to differentiate Gateley and enhance resilience via the aggregation of, and continued investment in, complementary legal and consultancy services on each of our Platforms.
“Our H2 24 outlook reflects our cautious view on the market conditions we are currently experiencing. That said, I am confident in the ability of our excellent teams to continue to rise to the challenge for the remainder of this year, and beyond. We continue to invest in the business and remain confident and well-positioned to deliver our long-term ambitions.”
Senior living developer sells care home scheme in Leicestershire
Senior living developer Charterpoint has sold a 66-bed care home scheme in Leicestershire to Octopus Healthcare Fund.
Work is now starting on site to build the development at New Lubbesthorpe, a new community in Blaby.
Charterpoint received planning permission for the scheme, along with a nearby mixed-use, two-storey local centre, from Blaby District Council last year.
Now, in a deal brokered by Christie & Co, the two and three-storey care home development has been sold to Octopus Healthcare Fund, which invests in best-in-class care homes across the UK.
Charterpoint MD Giles Nursey said: “We are very pleased to have secured a deal to sell this site to Octopus Healthcare Fund who will now take it forward through development and to completion.
“This scheme will provide a modern, state-of-the-art care home, offering additional facilities at New Lubbesthorpe which has become a popular and vibrant community just 20 minutes from Leicester city centre.”
The care home was designed by Franklin Ellis Architects.
