First transatlantic flight using sustainable fuel powered by Rolls-Royce

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First transatlantic flight using sustainable fuel powered by Rolls-Royce
Rolls-Royce engines have powered the world’s first transatlantic commercial flight using 100% sustainable aviation fuel (SAF). A Virgin Atlantic Boeing 787, powered by Trent 1000 engines, successfully completed the flight from London Heathrow to JFK International Airport, in New York, this week. The milestone was achieved thanks to a Virgin Atlantic-led consortium, which included Rolls-Royce, along with Boeing, Imperial College London, University of Sheffield, ICF and Rocky Mountain Institute, in partnership with Department for Transport. Simon Burr, group director of engineering, technology and safety at Rolls-Royce, which has its civil aerospace site in Derby, said: “We are incredibly proud that our Trent 1000 engines powered the first ever widebody flight using 100% Sustainable Aviation Fuel across the Atlantic. “Rolls-Royce has recently completed compatibility testing of 100% SAF on all our in-production civil aero engine types and this is further proof that there are no engine technology barriers to the use of 100% SAF. “The flight represents a major milestone for the entire aviation industry in its journey towards net zero carbon emissions.” The Flight100 project aims to prove that SAF is a safe drop-in replacement for fossil derived jet fuel and a mid-term viable solution for decarbonising long-haul aviation. SAF has a greenhouse gas emissions reduction of around 70% when compared against standard jet fuel over its life cycle. This week’s flight was powered by SAF made from waste fats that cannot enter the food chain. In December 2022, Virgin Atlantic and its consortium were awarded up to £1 million by the UK Government, following a Department for Transport challenge to support the industry in achieving the first transatlantic flight on a commercial aircraft powered by 100% SAF.

Report to highlight long-term economic benefits of planned fusion energy powerplant in Notts

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Report to highlight long-term economic benefits of planned fusion energy powerplant in Notts
A new, in-depth report is set to investigate the full economic benefits of the UK’s prototype fusion energy powerplant due to be built at West Burton near Retford. The ambitious project – Spherical Tokamak for Energy Production, known as STEP – is being led by the UK Atomic Energy Authority (UKAEA). Fusion offers an inherently safe and virtually limitless source of clean electricity by copying the processes that power the sun. Ongoing partner work on this project includes a strategic collaboration group chaired by Sir John Peace, chairman of Midland Engine, which includes UKAEA, Nottinghamshire County Council, Bassetlaw District Council, Midlands Connect, The Energy Research Accelerator and the University of Nottingham. The group recently recommended that an economic impact assessment report should be the first of three new reports. The other two will focus on the strategic vision and a transport infrastructure study. Working closely with UKAEA, Midlands Engine, and a number of local authorities, Nottinghamshire County Council will now lead the process of commissioning the report on behalf of all partners with the aim of getting the best research for maximum value for money. Keith Girling, the County Council’s Cabinet Member for Economic Development and Asset Management, said: “Fusion energy has the potential to deliver a near limitless supply of low-carbon energy across the globe for generations to come. Our county and region will be at the heart of this so will reap some of the incredible benefits. “Initial research tells us that this project will create massive growth and investment and thousands of skilled jobs and lucrative opportunities for the local supply chain to help construct the plant. “Given this is a world-class project, we need this in-depth report to reveal the full extent of these benefits in the long-term and provide partners a benchmark to monitor these benefits. “It will give us crucial insight to help us make the most of this once-in-a-lifetime project in terms of our future investment plans and environment and economic policies.” Paul Methven, CEO of UK Industrial Fusion Solutions Ltd, responsible for the delivery of STEP as part of UKAEA Group, said: “STEP is a vital and exciting opportunity to lead and deliver a new solution for the climate, which will help keep Britain at the forefront of the commercial delivery of fusion. “The development of our vision for the West Burton site to 2050 and the critical role that STEP has to play in levelling up is fundamental to the success of the programme. “We are committed to supporting regional leaders to ensure the collective opportunities are realised to deliver that social and economic impact.” UKAEA will fund half of the report, with the other half made up of contributions from the Nottinghamshire County Council, Bassetlaw District Council, Lincolnshire County Council and West Lindsey District Council.

£35m apartment building completed at Derby’s Nightingale Quarter

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£35m apartment building completed at Derby’s Nightingale Quarter
Wavensmere Homes has completed the largest apartment building within its Nightingale Quarter scheme in Derby city centre. The £35m Fox House is the second stand-alone apartment building to complete at the £175m scheme this year, together with 35 houses. In total, the keys to 395 new Nightingale Quarter homes have been handed over to purchasers during 2023. 90% of the 209 apartments at Fox House were sold off-plan and are now becoming occupied. The ground floor of the building contains a co-working space, which is currently being fitted out as a communal facility for the residents of all 925 homes across the 18.5-acre site. The second of two restored iconic Derby Royal Infirmary pepper pot buildings – built in 1894 – will accommodate The Fulton Partnership’s £1m Pepperpot restaurant, opening in January 2024. Construction is also well underway for Dalton House, which will contain 67 one- and two-bedroom apartments. Situated at the front of the development, overlooking London Road, construction work on a final residential building is due to commence in May 2024. Craig Gee, construction director for Wavensmere Homes, said: “Fox House is the largest of the eight apartment buildings at Nightingale Quarter, which we can proudly say is one of the UK’s most significant city centre regeneration projects. “Taking 26 months to construct using a steel frame, 240,000 Ibstock bricks, and 519 windows, Fox House rises to five storeys. Located at the rear of the scheme in an elevated position, it looks onto the rest of the development and adds so much to the sense of community and grandeur. “Boasting a DE1 postcode, Nightingale Quarter has transformed Derby’s city living offering. Many residents walk to work in the city centre, while others commute, but all will be spending their free time and disposable income locally. “This is leading to an upsurge of quality shops, restaurants, bars, and leisure amenities. What’s more, we have heard firsthand how these energy-efficient new homes are helping Derby’s major employers to attract new recruits. “2024 will be equally exciting at Nightingale Quarter, as we look forward to the launch of the Pepperpot restaurant and the co-working space, the completion of Dalton House, and the start of construction work to the final phase.” Derby Royal Infirmary closed in 2009 and the site was redundant until Wavensmere Homes received planning consent from Derby City Council and commenced work in late 2019. The vast development has been sympathetically designed by Gould Singleton Architects to incorporate the restoration of the iconic Victorian ‘Pepper Pot’ buildings. While Pepper Pot North will feature the new restaurant, Pepper Pot South will be transformed into a residents’ gym and community meeting room. The gym will be available to all those living in the apartments and houses, with the low running cost split across the service charge for the 925 homes.

Midland Lead chooses Safe and Sound for Christmas charity support

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Midland Lead chooses Safe and Sound for Christmas charity support
Swadlincote-based family-run Midland Lead has chosen Safe and Sound as a recipient of its 12 Days of Community Christmas initiative. The company, which supplies construction firms across the world with building products made from recycled lead, has donated £1,640 to the Derbyshire charity to support its work with children and families whose lives have been affected by child exploitation. The support from Midland Lead will be used specifically for intensive 121 support for young people and families, seven art therapy sessions and 11 Hope Boxes, developed in partnership with Colleague Box, which are given to young people with positive messages and activities to support them on their transformational journey into adulthood. Furthermore, Safe and Sound have been able to double the donation having been chosen to be part of Big Give – the online match funding programme. Francoise Derksen, HR Manager of Midland Lead, said: “This Christmas, we’ve made a list of local charities we would like to support during our 12 Days of Community Christmas. For 12 days, Midland Lead will be giving away something to help our neighbourhood. “From Christmas chocolates, a donation to a mental health charity, bags of food, art therapy sessions and Secret Santa toys, we hope that with these small donations we can make a difference to the local charities in our community – so that they can do even more of their amazing work.” Safe and Sound CEO Tracy Harrison said: “Christmas is traditionally a time for businesses to show their support for charities and local communities and we are very honoured that Midland Lead has recognised the value and positive impact of our work. “We rely heavily on the generosity of businesses, organisations and individuals to keep pace with the growing demand for our services across Derbyshire. It is only with this support, that we can continue to support and protect the children, young people and their families whose lives have been affected by child exploitation.”

Profits and revenues drop at Dr. Martens in first half results

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Profits and revenues drop at Dr. Martens in first half results
Northamptonshire shoe brand Dr. Martens has seen a “mixed trading performance” in the first half of the year, according to its CEO. Results for the six months to 30 September 2023 show a dip in revenue to £395.8m, in comparison to last year’s £418.6m, primarily driven by weakness in USA wholesale.

Pre-tax profits, meanwhile, halved to £25.8m from £57.9m, which the company said reflects EBITDA performance together with higher depreciation and amortisation as a result of continued investment into IT projects, DCs and new stores.

Kenny Wilson, Chief Executive Officer, said: “We saw a mixed trading performance in the first half of the year. We made good progress with our strategic priorities, continuing to invest in the business and our people to drive sustainable long-term growth.

“During the period we focused on controlling the controllables: we delivered significant supply chain savings, successfully transformed our North America distribution network, opened 25 new stores, and launched a Dr. Martens UK repair service.

“The DOCS strategy of brand control and prioritising more profitable sales via our own stores and websites continued to deliver, with Direct to Consumer (DTC) revenues up 11% in constant currency, representing half of Group revenues.

“We saw a continued strong DTC performance in EMEA and APAC. In the USA, where there is an increasingly difficult consumer environment, our results have been more challenged, led by weakness in wholesale.

“We have strengthened the Americas leadership team and they are taking action, including refocusing marketing and improving our ecommerce trading capabilities. It is likely, however, that given the challenging backdrop it will take longer to see an improvement in USA results than initially anticipated.

“Notwithstanding the clear challenges we face in the USA market we remain very confident in our iconic brand and the significant growth opportunity ahead of us.

“I am delighted that I’ll be joined by Giles Wilson as Chief Financial Officer and Ije Nwokorie as Chief Brand Officer in the new year, bolstering our leadership team.

“I would like to take this opportunity to thank the dedicated and passionate people of Dr. Martens for their exceptional hard work in H1 and their continued support as we enter the busiest period of the year.”

Trading in the second half to date has been mixed, the business noted, with the start of the Autumn/Winter season impacted by warm weather and weaker traffic overall. However, in both EMEA and APAC, the business says it has seen improved trading in more recent weeks. Dr. Martens added: “There is a large part of the financial year still ahead of us, however, given the backdrop, we expect that full year revenue will decline by high single-digit percentage year-on-year, on a constant currency basis. “Assuming this revenue outturn, we expect FY24 EBITDA to be moderately below the bottom end of the range of consensus expectations, with PBT also impacted by c.£5m higher net finance costs in addition to this lower EBITDA. “Given macro-economic uncertainty, we are withdrawing our previous guidance of high single-digit revenue growth in FY25. Our medium-term expectations are unchanged, underpinned by the significant white-space growth opportunity and our iconic brand and product range.”

Wilko’s new boss reveals plans to open up to 300 new shops

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Wilko’s new boss reveals plans to open up to 300 new shops
Wilko’s new boss has revealed plans to open up to 300 new shops following the historic Nottinghamshire retailer’s collapse. The owner of The Range, Chris Dawson, which acquired the wilko brand, website and its intellectual property, announced that deals are underway to reopen 50 closed wilko stores, while speaking to PlymouthLive. These are currently “with the lawyers,” and come in addition to three which will open in the next two weeks, but there are plans for around 300 in total, primarily opening where they were before. The plans were shared while Dawson and CEO Alex Simpkin visited the Plymouth wilko outlet. Simpkin told PlymouthLive that while wilko had 406 stores, “we don’t see that, our intelligence says we will do just under 300.” He noted that they do not know how long this will take. The news comes after ex-wilko boss Lisa Wilkinson, granddaughter of the founder of wilko, was put in front of MPs, with accusations that the business collapsed due to family greed. She noted feeling “devastated” and placed some blame on the impact of last year’s mini budget, which increased the interest rate on a loan wilko was trying to secure with Macquarie, making it infeasible. Staying open during the pandemic was further noted as one of the company’s biggest mistakes. Lisa Wilkinson added that the business had in the end failed due to running out of cash.

Microlise Group makes second acquisition of the year

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Microlise Group makes second acquisition of the year

Microlise Group, a Nottingham-based provider of SaaS-based transport technology solutions to fleet operators, has reached an agreement to acquire Enterprise Software Systems (ESS), a transportation management system (TMS) solutions firm.

Founded in 1997 in the UK, ESS has a proven track record as a leading provider of TMS solutions to enterprise clients such as Culina Group and GXO, helping customers manage their transport operations from order receipt to invoice creation.

ESS is majority founder-owned, has 42 full-time employees and delivered revenues of approximately £5.1m and an adjusted EBITDA of £1m during the 12 months to 31 August 2023, with net assets of £2.6m. Approximately 75% of revenue is recurring based on long-term contracts with the balance made up of non-recurring set up fees. 

It follows Microlise’s acquisition of Vita Software earlier this year, a provider of TMS solutions to smaller and pallet/parcel network customers.

Under the terms of the acquisition, Microlise will pay an initial £7.65m cash payment due on completion and a maximum deferred contingent consideration of £0.85m, payable in cash after 6 months from completion and dependent on any claims.

The vendors will also receive a further £3m from existing ESS cash reserves on completion so that the company acquires the business on an effective cash and debt free basis. The acquisition is expected to immediately enhance earnings on completion. 

The acquisition remains conditional upon no objections being raised by the UK Competition and Markets Authority (CMA). The Board of Microlise expects this process to conclude, and the acquisition to complete, within three months.

Microlise CEO Nadeem Raza said: “We are delighted to announce ESS as our second acquisition of the year, and our largest to date. The acquisition showcases our commitment to strengthening our TMS offering, which we will now be able to provide to businesses of all sizes.

“ESS immediately increases our recurring revenues, enhances our earnings, and will provide numerous upsell and cross-sell opportunities. We look forward to updating the market on progress in this respect and on the integration of ESS into the wider Group.”

East Midlands business confidence dips to lowest level in UK

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East Midlands business confidence dips to lowest level in UK
Business confidence in the East Midlands fell nine points during November to 29%, according to the latest Business Barometer from Lloyds Bank Commercial Banking – conducted between 1st-15th November, before the Chancellor’s Autumn Statement announcement on Wednesday 22nd November. Companies in the region reported lower confidence in their own business prospects month-on-month, down one point at 38%. When taken alongside their optimism in the economy, down 15 points to 21%, this gives a headline confidence reading of 29%.  East Midlands businesses identified their top target areas for growth in the next six months as introducing new technology (35%), evolving their offer (33%) and investing in their team (30%).   The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.  A net balance of 30% of businesses in the region expect to increase staff levels over the next year, up one point on last month. Overall UK business confidence rose three points in November from 39% to 42%, the third consecutive monthly increase, while firms’ outlook on the overall UK economy increased four points to 38%. Businesses’ optimism in their own trading prospects also continued the upward trend for the second consecutive month, rising three points to 48%. Companies’ hiring intentions reached their highest level since May 2022, with 35% of firms intending to increase staff levels over the next 12 months, up three points month-on-month.   Firms in London reported the highest level of business confidence, jumping nine points to 56%, followed by the North West (54%), Yorkshire and the Humber (50%) and the North East (48%). Companies in the North West reported the biggest uptick in business confidence, increasing 20 points month-on-month to 54%.   Firms in the services industry reported an increase in confidence to 46% (up three points), the highest level for over two years (since September 2021), reflecting broad-based optimism in the sector. Retail confidence also rose for a second month to 42% (up five points), while sentiment among manufacturing firms reached a five-month high of 45% (up nine points) in contrast with recent shortfalls. Construction firms’ confidence improved for the first time in three months to 35% (up four points), but this still lags other sectors. Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking, said: “While confidence in the East Midlands has fallen this month, it’s good to see businesses’ optimism around their own prospects remain strong. It’s also pleasing to see that firms plan to invest in growth, with many seeing opportunities for expansion by investing in new technology. “Firms that explore new technology, such as AI and automation, can see huge benefits such as reduced costs and boosted profits. We will be by the side of local companies to counsel on the technologies which can have the greatest impact for their specific business, and provide the funding needed to realise these opportunities.” Hann-Ju Ho, senior economist, Lloyds Bank Commercial Banking, said: “Business confidence rising to a 21-month high shows the resilience of UK companies, as both trading prospects and economic optimism continue to rise. “It’s encouraging to see signs that wage expectations may be stabilising, even against the backdrop of hiring intentions increasing to an 18-month high. Price indicators in the survey are similarly up, with our data continuing to show that firms are still safeguarding their profit margins in response to past rises in interest rates, wage increase pressures, and the prospect of higher energy prices again this winter. “Our next survey in December will reveal how firms are digesting the measures announced in the Chancellor’s Autumn Statement last week as they navigate the busy festive season and make plans for 2024.”

Section 114 report issued as balanced budget not possible for Nottingham City Council

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Section 114 report issued as balanced budget not possible for Nottingham City Council
Nottingham City Council’s chief finance officer has issued a report under Section 114(3) of the Local Government Finance Act 1988 because, in his professional opinion, the council isn’t able to deliver a balanced budget for this year, which is a legal requirement. A report discussed at the council’s Executive Board meeting on 21 November outlines the council’s latest financial position and highlights that a significant gap remains in the authority’s budget, due to issues affecting councils across the country, including an increased demand for children’s and adults’ social care, rising homelessness presentations and the impact of inflation. At the halfway point of the year, the council is forecasting a gross General Fund pressure of c£57m which is partly being mitigated from one-off in-year management and corrective actions (including use of previously approved reserves) reducing the net forecasted pressure for the year to c£23m. Past issues relating to financial governance which led to the appointment of an Improvement and Assurance Board, and an overspend in the last financial year have also impacted on the council’s financial resilience and ability to draw on reserves. This situation has led the council’s Corporate Director for Finance and Resources and Section 151 Officer, Ross Brown, to issue a Section 114(3) report to all councillors today. The council has emphasised that it is not “bankrupt” or insolvent, and has sufficient financial resources to meet all of its current obligations, to continue to pay staff, suppliers and grant recipients in this year. A meeting of all councillors will now need to take place within 21 days to consider the report and an immediate prohibition period takes effect from today. Until councillors have met, spending controls already in place will be further tightened, with the practical impact being that all spending that is not already contractually committed or otherwise agreed by the Section 151 Officer is immediately stopped. The council noted that Senior Officers and Members remain committed to continuing to work with the Improvement and Assurance Board and the Department for Levelling Up, Housing and Communities to put the council on a stable financial footing for the future.

Spitfire Homes crowned Small Housebuilder of the Year

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Spitfire Homes crowned Small Housebuilder of the Year

Spitfire Homes, which has two collections of design-led homes in Northamptonshire, has been crowned Small Housebuilder of the Year at the Housebuilder Awards 2023.

Spitfire is doubling down its investment in the region, with 44 new homes available in the village of Kislingbury and work now underway at a new neighbourhood at Malabar Farm in Daventry.

The 120 acre Daventry collection, Malabar, already has outline planning permission for up to 1,100 new homes in partnership with Crest Nicholson, meeting rising demand for homes due to employment growth, investment activity and strong connectivity links in the area.

The wider scheme will also incorporate 50 acres of public open space along with plans to deliver a new primary school, nursery and community centre, alongside food and retail units.

The Midlands-based housebuilder impressed across four categories at the Housebuilder Awards 2023 and was a finalist in the best refurbishment project and best design for three storeys or fewer categories. It also featured in the best marketing shortlist, with its sales director Matt Vincent a finalist in the Housebuilder Star category.

Ben Leather, Managing Director at Spitfire Homes, said: “We pride ourselves on being a forward-thinking and modern homebuilder that specialises in the creation of sustainable, high-quality homes. We’re passionate about design and customer service, and we believe we have the skills and experience to blend the latest interior trends with practical modern-day living.

“To be recognised as one of the best housebuilders in the country gives everyone at Spitfire Homes a great sense of pride. I’d like to take this opportunity to thank everyone who contributed to this magnificent achievement, as well as Housebuilder for commending us for our commitment to excellence.”

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