Administrators appointed to plant-based meat and cheese manufacturer
Glimmers of recovery for East Midlands economy, but steep challenges remain for 2024
A sharp drop in the quantity of debts owed by firms in liquidation in the East Midlands, as well as a decrease in the number of local companies with overdue invoices on their books, is a welcome cashflow boost for the local economy as businesses head into 2024.
According to the Midlands branch of R3, the UK’s insolvency and restructuring trade body, levels of debts owed by businesses in liquidation in the region fell by 28.17% in November compared to October, while the number of local companies with invoices overdue for payment has continued to fall since May of this year. The latest monthly statistic for businesses with late invoices remains high, however, at 23,229.
R3 Midlands’ figures, which are based on an analysis of data from business intelligence provider Creditsafe, also highlight a mixed picture for start-ups in the region. While the number of new businesses fell by 4.43% in November compared to the previous month, the latest figure of 2,419 is 8.23% higher than 12 months previously in November 2022.
R3 Midlands chair Stephen Rome, a partner at the Midlands office of law firm Penningtons Manches Cooper, said: “East Midlands businesses have been battling economic issues for three-and-a-half years now, and corporate insolvency numbers have been rising as more and more directors run out of options.
“It is encouraging to see some improvements in cashflow conditions, as well as evidence of entrepreneurial appetite, but as we head into 2024, inflation remains high and core prices continue to rise.
“It’s impossible to predict whether the current Christmas trading period will be a badly-needed boost for local firms or the final blow. It’s critical, therefore, that directors are alert to any signs of financial distress and act on them promptly.
“There is a significant amount which can be done to rescue and support East Midlands businesses, beyond traditional insolvency solutions, if help is taken early enough.”
HR & Employment business welcomes experienced associate employment solicitor
A HR & Employment company has continued its growth by adding an experienced solicitor to its ranks.
Derby-based Precept has welcomed Alex MacAskill as an associate employment solicitor. She joins the four-strong legal team at the Mansfield Road based business.
Alex, who has previously worked for Smith Partnership, says that she is looking forward to a new challenge with Precept.
“I like the fact that Precept pride themselves on ‘doing law differently’,” she said. “Their advice is straight to the point, and they simplify even the most complex of situations.
“I have known and admired (director and co-owner) Rob Tice for several years, and I am looking forward to being given the opportunity to work directly with corporate clients, and to the fresh challenge that joining Precept brings.”
Director and co-owner Rob Tice said: “We have gone through a huge period of growth over the last 12 months at Precept and we are delighted to welcome Alex to the team; we are now one of the largest HR & Employment Law team in the East Midlands.
“She offers a wealth of experience and fits our ‘fresh and accessible’ approach perfectly; to do things differently with a no-nonsense attitude, and to continue to build meaningful relationships with clients and our community.”
Barron McCann supports YMCA, Padley Centre and Belper Care Home this Christmas
Barron McCann has chosen three local organisations as recipients of its Christmas appeal for 2023.
The tech company – along with HR & Employment Law firm Precept, which is part of the Barron McCann group – is supporting the YMCA Derbyshire, Padley Centre and Belper Christmas Shoebox Appeal.
Employees at Barron McCann, which provides IT services to customers throughout the United Kingdom and Europe and has its headquarters in Derby, are collecting items to donate to the charities, which will be distributed before December 25.
For Lisa Billyeald – Project Planning Manager at Barron McCann – it will be her third year supporting the Belper Christmas Shoebox Appeal that was set up by her friend Sally Taylor, and daughter Erin, five years ago.
Lisa, from Belper, said: “Sally and Erin, who was eight-years-old at the time, decided that they wanted to try and make sure that all the people in care homes in and around Belper had gifts to open on Christmas day.
“They set up a Facebook group asking for donations and reached out to care homes to get names of residents and their likes and dislikes.
“This is the third year that I’ve been involved, and the demand gets bigger each year. We now deliver shoeboxes to a dozen care homes in Belper as well as to elderly people living alone; those who don’t get out much and those people who don’t have many visitors.
“My job, as well as collecting the donations from Barron McCann and Precept, is to organise people to make the shoeboxes, get them dropped off to me once they’re filled, and to then deliver them.”
The boxes contain presents like chocolate, jigsaws, toiletries, scarves, and gloves. Each one is carefully packed to cater for the individual and their requirements.
Sally says that the project has been a labour of love.
“Erin has always been kind-hearted and the Shoebox Appeal is her way of giving back,” said Sally, who works as a receptionist at the Riversdale Surgery in Belper.
“We searched for groups locally who we could create a shoebox for when we first had the idea but couldn’t fine one suitable – so that’s why we created our own.
“That first year, we had 230 boxes that were delivered to elderly people in the area and the demand has grown over the years.
“It’s been difficult this year, as money is tight for everyone, so that’s why we’re especially grateful to Barron McCann for their support.”
Chesterfield welcomes new business support programmes
A range of new business support programmes that aim to provide advice and funding for both established and start-up businesses has been launched in Chesterfield.
Chesterfield Borough Council and East Midlands Chamber launched the support projects at an event at Chesterfield Football Club’s SMH Group Stadium on Thursday 7 December.
The Chesterfield Accelerator initiative, which will be run by East Midlands Chamber but funded by Chesterfield Borough Council through the UK Shared Prosperity Fund (UKSPF), includes a dedicated local business advisor, access to a range of courses and workshops on a variety of topics which are free for local businesses to attend.
Chesterfield Borough Council has also launched a new business grant scheme funded through the UKSPF. The grants are open to any business based in Chesterfield and can be used to support initiatives designed to help the business grow.
Councillor Tricia Gilby, Leader of Chesterfield Borough Council and cabinet member for economic growth, said: “We are an ambitious borough with our sights firmly set on growing the local economy to create new jobs and improve the quality of life for our residents.
“We recognise the importance of working closely with local businesses to deliver growth. Our business support packages aim to help businesses in any sector and of any size to realise their potential. From providing tailored business advice to business grants and hosting workshops, there is a wide range of support available.
“I encourage any business owner in Chesterfield to look closely at the support we can provide and to get in touch with us as soon as possible to access these business support programmes.”
The Chesterfield Accelerator is one of 16 Accelerator programmes being run by the Chamber across the East Midlands. The programme includes access to a dedicated business advisor who can provide advice on a wide range of issues relevant to businesses.
It also includes access to training workshops designed to support development in areas like digital skills; a subsidy for a 12-week executive leadership programme; support to apply for grant funding; networking sessions; vouchers for specialist consultancy programmes; and energy saving audits.
Diane Beresford, Deputy Chief Executive of East Midlands Chamber, said: “It was standing room only at today’s launch event, such is the interest of local businesses in the new Chesterfield Accelerator project, decarbonisation grants and the business grants on offer from the Council.
“The Chamber and Council have a great track record of partnering on such initiatives, including on the Chesterfield Digital High Street Project which brought much-needed footfall to the town’s high street businesses. We’re now looking forward to reaching a much wider range of sectors to give businesses the skills and resources they need to build in the most robust way for the future.”
As well as the Chesterfield Accelerator, businesses in Chesterfield can access the new grant scheme that could provide 80% of the cost of investments designed to help a business grow or expand. This could include the cost of new equipment – for instance a local café could apply for new machinery that would help expand their menu. These grants are only available for a limited time, and businesses are advised to apply as soon as possible.
Green business grants are also available to help businesses to reduce their carbon footprint.
Nottingham angel investment platform closes over £290k double funding round for female-founded businesses
2024 Business Predictions: Nikki Wills, co-director of Wills Consultants
Entrepreneur brings local famous faces together to donate £10,000 of toys to Nottingham charities
Nottingham entrepreneur and CEO of Thrive Learning, Sean Reddington, is on a mission this December to rally together local business leaders and famous faces to spread some festive cheer and extend the gift of giving.
Having already brought boxer Leigh Wood and Nottingham Forest footballer Joe Worrall to support such an incredible initiative, Thrive hopes to donate over £10,000 of toys and goods to a variety of local charities including – Abbey Green Therapeutic Children’s Services, Rainbows, and PASIC.
The month of festive giving started with a visit to Abbey Green Therapeutic Children’s Services (5th December) by Sean, Leigh Wood and wider members of the Thrive team, bringing with them an incredible selection of presents for the children aged six-to-seventeen, including toy cars, superheroes, lego, sensory toys and lights, pamper gifts such as bath bombs, games, and activities to encourage movement to name just a few.
Abbey Green is a children’s home which provides therapeutic care and accommodation for children who have experienced traumatic events in their lives.
On the 15th of December, Sean and Joe hope to take a bumper load of toys, presents and goods to Rainbows, an East Midlands Children’s Hospice providing palliative care and support for children, young people, and their families, when faced with life-limiting conditions.
Finally, Thrive will be making a donation to PASIC, a crucial charity supporting children and young people with cancer ahead of Christmas. After gifting all of the children of Thrive employees personalised festive advent calendars, Thrive will be donating a present on behalf of every child to PASIC.
Sean, Joe and Leigh are also calling on other business leaders and people within the community, if they are able, to add to the £10,000 worth of donations they hope to make.
Sean Reddington, CEO of Thrive Learning, adds: “Giving back shouldn’t, and isn’t at Thrive, limited to Christmas. However, at a time when you can see other people giving and receiving gifts or celebrating with friends and family, or at Christmas parties, it can be a little bit harder on those who have to go without or are looking after a seriously ill child.
“That was the motivation behind calling on different people from Nottingham to support some incredible charities doing genuinely life-changing work.
“We’re not stopping there – what we really hope to do is encourage other business leaders and people to get involved. Christmas should be a time of community and bringing people together – we want to recapture that spirit and feeling in our own community.
“Every donation really does make a difference, and if your gift of a toy could help put a smile on a child’s face this Christmas who might otherwise have to go without, then it’s worth it.”
Demand for green jobs in East Midlands declines in cooling labour market
The number of green jobs advertised in the East Midlands has fallen from the record levels recorded in 2022, finds PwC’s latest Green Jobs Barometer.
There were 13,057 green opportunities advertised in the region in 2023, compared to over 20,500 in 2022, a 36.1% decrease. Green jobs accounted for 2.15% of total overall roles in the region in 2023, decreasing slightly from 2.17% in 2022.
While the barometer found a 22.4% increase in the number of green jobs advertised in the public administration and defence; compulsory social security sector, this was offset by reductions in other sectors including manufacturing (-50.4%) and construction (50.6%). The barometer results come during a challenging economic time which has seen the number of total advertised roles in the UK fall by 29%, while the number of green jobs fell by 26%.
Alex Hudson, Market Senior Partner for PwC East Midlands, said: “We report the latest PwC Green Jobs Barometer with a backdrop of economic challenges and a cooling labour market in 2023. While overall adverts for climate related roles have decreased in the East Midlands, green jobs still make up 2.15% of employment opportunities in the region, showing that the sector is resilient.
“Green jobs represent the future of work and demand for these types of roles and skills will grow in demand over the next decade, driven by the green agenda and the UK’s commitment to Net Zero. Employers in the East Midlands have an opportunity to innovate and consider how their operations can become greener, particularly in the manufacturing sector that represents a high proportion of the East Midlands economy.
“There are also new emerging industries such as CleanTech, which includes renewable energy or electric vehicles as an example, where demand for skills is expected to increase. Embracing new, greener technologies and investing in skills will provide benefits for business operations and more employment opportunities in the region, as well as making the East Midlands more sustainable.”
Overall, PwC’s Green Jobs Barometer, now in its third year, has identified for the first time that green jobs tend to be higher quality jobs, reflecting both higher levels of pay and greater levels of job satisfaction compared to non-green roles.
The higher level of pay is not simply a reflection of the skills required; the Barometer has also detected a pay premium for many entry level jobs, with 60% of occupations commanding a 23% pay premium on average for entry level green roles.
The Barometer also highlighted that green jobs tend to require longer working hours and are slightly more likely than non-green roles to be based on temporary employment contracts.
Commenting on the UK’s Green Jobs Barometer results, Carl Sizer, Head of Regions and Platforms at PwC, said: “Green jobs are a good proxy for the greening of the economy. That green jobs account for a growing proportion of the jobs market is encouraging, but we need to see a significant increase in new green jobs to meet net zero goals. A drop in the number of advertised roles is concerning given the scale of what needs to be achieved.
“It’s more important than ever to ensure that the transition towards a low-carbon economy brings workers and communities with it. Our research also points to the benefits of green jobs for workers, with better pay and job satisfaction, but highlights different sectors and regions that stand to be affected differently. Concerted effort will be needed to spread the benefits of green jobs and a green economy.”
Green jobs concentrated in white collar and skilled professions
New analysis in this year’s Barometer reveals that on a range of measures, access to green jobs remains unevenlyspread by background, undercutting the opportunity for a competitive and equitable green job market.
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Compared to the labour market overall, green jobs tend to be concentrated in “white collar” roles and require a higher level of education at degree level or equivalent. This is especially true in the regions which have seen the strongest performance of green jobs; in Scotland, London and the South East almost 40% of green jobs advertised require a university degree or equivalent experience.
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Workers from Black, Asian or minority ethnic backgrounds are underrepresented in green roles compared to their share of the labour market overall. For example in London, where workers from these communities account for 36% of the workforce they account for only 30% of workers in green jobs.
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A significant proportion of the rise in green jobs has been driven by roles requiring a background in science, technology and maths (STEM), subjects that are well-known to traditionally under-represent women.
Lynne Baber, Sustainability Leader at PwC UK, added: “Improving access to green jobs will help ensure that the opportunities are evenly spread. It will also help mitigate against the risks of companies struggling to fill green roles.
“If managed correctly, the green economy can help tackle long-standing inequalities in society by equipping workers with the skills and tools to access the green opportunities of the future.
“But it will require cross-sector and regional collaboration, expanding opportunities to diverse populations and creating jobs that are closer to local communities – for example nature positive jobs as without nature there can be no net zero.”
East Midlands manufacturers see anaemic picture as they end the year
East Midlands manufacturers are seeing an anaemic picture as they end the year, but business confidence indicators are showing promising signs of a more stable economic environment after the global and domestic uncertainty of the last few years.
However, while Make UK upgraded its growth forecast for manufacturing in 2023 to +0.8% it is forecasting growth in 2024 of just +0.1%. This reflects the weak economic picture for the UK overall and weak growth in the Eurozone which remains the UK’s biggest market.
The findings come in the Q4 Manufacturing Outlook survey published by Make UK and business advisory firm BDO. According to the survey, output in the East Midlands weakened towards the end of the year from a balance of +12% in Q3 to zero in the final quarter.
Both export and domestic orders are weak reflecting the fragility in the UK’s major markets, with little sign of a pick up in the first quarter of 2024. This picture is reflected in recruitment plans being put on hold while investment intentions have turned negative at a balance of -6%.
Chris Corkan, Region Director for the Midlands at Make UK, said: “After the economic and political shocks of the last few years manufacturers in the East Midlands are seeing weak trading conditions as we end the year.
“However, they are at least beginning to see far greater stability after the chaos of the last few years. While one swallow doesn’t make a summer, hopefully the positive announcements in the Autumn Statement can at least allow them to plan with more certainty without having to constantly fight fires.”
Jonathan Lanes, Head of manufacturing at BDO in the Midlands, added: “East Midlands manufacturers have been calling on the Government to provide targeted support to help stimulate growth and investment for some time, and it feels like some headway was made in last month’s Autumn Statement.
“Whilst manufacturing firms in the region are ending the year under somewhat lacklustre trading conditions, the hope now is that the sector can take stock and plan for more stability next year.”
