Streets Chartered Accountants reflects on the Autumn Statement

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Streets Chartered Accountants reflects on the Autumn Statement
Streets Chartered Accountants has provided a handy roundup of content, breaking down the Autumn Statement.

Post Autumn Statement webinarStreets hosted a post Autumn Statement webinar providing details of the announcements along with an update on topical issues affecting business clients and private individuals during this tax year 2023/24. This presentation was recorded and is now available on demand for those who weren’t able to join live. Click the watch now button below to catch up.

Watch Now

Streets’ guide to The Autumn Statement ​​​​​​​The Chancellor’s 2023 Autumn Statement contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, Streets has put together a report containing the latest tax and financial information, which is available to download using the link below.

Revenues ahead of expectations at video games firm

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Revenues ahead of expectations at video games firm

2023 revenues are anticipated to be “modestly” ahead of expectations at Team17 Group, according to a new trading update for the current financial year ending 31 December. However some titles within the games label are underperforming.

While the important trading periods of Black Friday and Christmas are not yet complete, management believes the group, which has offices in Nottingham, Manchester, and Wakefield, “remains well positioned with strong traction across its new release and back catalogue titles,” and currently expects 2023 revenues to be modestly ahead of current market expectations.

The business added: “Despite this overall robust revenue performance, certain titles within the Games Label are not meeting internal expectations, resulting in a less favourable mix between higher margin own-IP titles and third-party titles (with higher royalty payments) than anticipated. “In addition, the group was too slow to address some project overspends and has faced some delays in implementing key cost initiatives at Team 17 Games Label. These are now at advanced stages and will continue to bring benefits into next year.

“Management continues to be pleased with the performance of astragon and StoryToys. However, since the H1 results, and in the light of the post Covid-19 dynamics, management has re-evaluated the cost structure within Team17 Games Label to align with its core competencies as an indie game developer and publisher.

“In addition, it is also reviewing a number of titles, both under development and already launched, to assess the revenue potential in the current market environment, which is expected to result in impairments recognised in FY23.”

Team17 now expects to deliver full year adjusted EBITDA of at least £28.5m, which includes non-cash title impairments of up to £11.5m.

Legal & General agrees £4.8bn full buy-in for Boots Pension Scheme

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Legal & General agrees £4.8bn full buy-in for Boots Pension Scheme
Legal & General has agreed a £4.8 billion full buy-in with the Boots Pension Scheme. This buy-in secures the benefits of all 53,000 retirees and deferred members of the Scheme, making it the UK’s largest single transaction of its kind by premium size and, for L&G, the largest single transaction by number of members. The sponsoring company, Boots, founded 174 years ago, is the UK’s leading health and beauty business with over 2,000 stores and 52,000 employees. Legal & General has a long-standing relationship with Boots, having provided investment management services to the Scheme for over 20 years. This buy-in begins the conclusion of a de-risking process that the scheme first embarked on in 2001. This transaction represents another innovative step forward in DB pension de-risking by providing a combined investment and insurance solution for the Scheme’s asset holdings, allowing the Scheme to achieve the certainty of a transaction whilst also maximising value by transferring its assets (or the associated sale proceeds) to Legal & General. Legal & General worked in close partnership with the Sponsor and Trustee to manage this transaction which incorporated both asset transition and deferred premiums features. This bulk annuity is Legal & General’s largest ever single PRT transaction. Cardano was the strategic advisor to Walgreens Boots Alliance and lead broker for the transaction, while Baker McKenzie provided legal advice. Aon was strategic adviser, lead investment adviser and broker for the transaction representing the Trustee, while Sackers provided legal advice. Slaughter and May and Simmons & Simmons provided legal advice to Legal & General. Andrew Kail, CEO, Legal & General Retirement Institutional, said: “We are very pleased to have agreed this buy-in today with the Boots Pension Scheme, representing our largest ever single transaction. This is testament to our long-standing relationship with the client, and I am proud that we have been able to work seamlessly across our insurance, reinsurance and investment management capabilities to deliver an excellent outcome.
“We are continuing to see an unprecedented acceleration in demand in this sector, driven by more pension schemes being closer to buyout than ever before. Against this backdrop, we have posted a record year with £13.4bn of global PRT written to date.” Alan Baker on behalf of Law Debenture, as Chair of Trustee, Boots Pension Scheme, said: “This agreement with Legal & General gives added protection to our members’ long-term benefits by removing market uncertainty and other financial exposures. “We welcome the additional payment from Boots, in addition to the sum it has already committed. As a result, the Scheme will not be reliant on Boots to pay benefits to members and pensions will be protected for decades to come.
“I would like to take this opportunity to thank my fellow Trustee directors and our predecessors, the Scheme officers and advisers for their hard work over many years to reach this positive outcome for our members.” Sebastian James, Senior Vice President and Managing Director, Boots, said: “We are very pleased to have achieved the gold standard outcome for our pension scheme and to have fully secured the benefits of all members with a highly respected insurer. This will provide greater certainty to both the scheme members and to Boots, and is an excellent outcome for both parties.”

Work starts on new affordable homes at former coach station in Nottingham

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Work starts on new affordable homes at former coach station in Nottingham
Building work has started on 39 new affordable homes at a former coach station on Beechdale Road. The scheme will transform a disused patch of land into a new community, offering affordable housing. Nottingham Community Housing Association (NCHA) have partnered with Nottingham-based MyPad for the build. The scheme will include a mix of one, two, three and four bedroom homes to support the variety of housing need in the area. Seventeen homes will be sold for shared ownership and the remaining 22 will be let at an affordable rent to those on the waiting list with Nottingham Home Link. Each home will have its own private garden and allocated parking spaces; parking for visitors has also been included in the design. Mark Lowe, Head of Housing and Regeneration, Nottingham City Council, said: “Nottingham needs more affordable housing like this for local families in housing need. I look forward to seeing the build completed and residents moving in to form healthy and sustainable communities.” Fran Cropper, New Business and Development Manager, NCHA, added: “After many years in the planning, it’s great to see this development begin. There’s an incredibly high demand for affordable housing in Nottingham City, and we’re delighted to be able to deliver homes to people who need them the most.” MyPad have worked with Nottinghamshire-based architects, Another Kind in designing the development which is due for completion 2025. Tom Spink, Director at MyPad, said: “We’re delighted to see works now progressing on this site after our team’s hard work obtaining planning permission earlier this year. “It’s been a pleasure to work with Nottingham City Council and NCHA who have both been instrumental in making this regeneration development possible. We’re now focused on completing the build and handing over keys to NCHA later next year.”

Wilko bosses pulled before MPs

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Wilko bosses pulled before MPs

Wilko bosses are to be put in front of a Parliamentary committee after the firm collapsed, costing thousands of jobs.

On Tuesday, 28 November 2023, company chiefs will be grilled by MPs on the Business and Trade select committee. Earlier this month the union GMB – who will give evidence to the committee – wrote to newly elected select committee chair Liam Byrne MP asking him to hold Wilko to account.

Over 10,000 workers were left without a job after the discount high street retailer went bust earlier this year.

Bosses dished out £77m in dividends to themselves and shareholders during the past decade – and the Wilkinson family have not yet spoken questions about the business’s collapse, says GMB.

Nadine Houghton, GMB national officer who will give evidence to the committee, said: “It’s only right Wilko bosses should be forced to explain themselves to MPs.

“They ignored all warnings about their company’s financial future – lining their own pockets and dishing out millions to shareholders before leaving 10,000 people jobless.

“Wilko workers deserve answers from the company that crushed their livelihoods, while UK taxpayers will want to know why they’ve had to pay millions in redundancy payments.

“Hopefully the select committee will get those answers.”

Dock extension progresses at Space City Leicester

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Dock extension progresses at Space City Leicester
Work is progressing on the construction of a new low carbon innovation hub for high-tech industries in the East Midlands, which is on track for completion next year.On behalf of Leicester City Council, Brackley Property Developments (BPD) is delivering the expansion of the successful Dock managed workspace development at Pioneer Park, within Leicester’s Science and Innovation Enterprise Zone.The development will create c.43,000 sq ft of new high-quality office space for up to 45 businesses, and a terrace of nine manufacturing units providing more than 21,500 sq ft.Known as Docks 3, 4 and 5, the new sustainable buildings will be net carbon zero in operation and include a range of environmentally friendly features, such as low energy LED lighting, roof mounted photovoltaic panels, air source heat pumps, and super-thick insulation. There will also be cycle storage and provision for electric vehicles.Leicester City Council is retaining the freehold of the buildings, with accommodation being made available on a leasehold basis. The scheme is programmed for completion in April 2024.Stephen Pedrick-Moyle, Managing Director of BPD, said: “We have made excellent progress on the extension of the Dock innovation hub at Space City Leicester. This outstanding new development will provide purpose-built managed accommodation for high-tech businesses and complement the look and feel of the original Dock workspace buildings.”The project is being supported by £12 million from the Government’s Levelling Up Fund while the Leicester and Leicestershire Enterprise Partnership is providing £4.5 million from Enterprise Zone retained business rates and Leicester City Council.

rg+p honours founder’s legacy with new bursary scheme and memorial sculpture

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rg+p honours founder’s legacy with new bursary scheme and memorial sculpture
Design firm, rg+p Ltd has unveiled a unique memorial sculpture to honour its founder, the late Richard Galey. Incorporating Richard’s initials in a single 3D form, the sculpture is made of oak and was designed following a company-wide competition. The winner, architectural technologist, Tsvetan Hristov explains: “Our directors wanted to produce a permanent piece of artwork to commemorate Richard, particularly how much of a risk-taker and visionary he was, and therefore launched the sculpture competition. “My design process began by thinking about these two concepts, and where I could introduce innovation. Using AI-driven image generators, I explored various abstract forms, eventually settling on a series of images that resembled still flames. “While all the shapes were unique, I felt it lacked a personal touch, so I decided to incorporate the initials RG. Here, I switched to using digital 3D modelling to allow me better control over the final design. A local specialist, The CNC Yard, was sourced to fabricate the piece in oak, which is one of the strongest natural materials and an ancient symbol of wisdom and endurance, so a fitting tribute to Richard.” Tsvetan’s sculpture is now on display at rg+p’s Leicester studio, where Richard’s life dates are engraved on the base together with an inscription which reads “his enthusiasm for life and entrepreneurial approach to business forms the foundation for rg+p and remains an inspiration for us all.” To further honour Richard, rg+p’s directors have set up a new bursary scheme in his name. Awarded annually, the Richard Galey Memorial Bursary will offer up to £2,500 for a member of the team to implement a business idea that enables the practice to continue innovating. “Richard had an extremely entrepreneurial spirit, he was inquisitive, eager to learn and not afraid of standing out from the crowd,” said Rob Woolston, rg+p’s director. “The aim of the bursary is for the team to follow his example and generate business ideas that will help rg+p evolve, improve, nurture and progress. We’re confident that this, together with the unique sculpture, will perfectly commemorate Richard’s legacy.” Richard Galey founded rg+p, then Galey + Partners, in 1979 and quickly developed a strong client base in the affordable housing sector, which continues to this day. In 1987, the practice became Richard Galey + Partners. Richard celebrated rg+p’s 40th anniversary with current directors, Rob Woolston, James Badley and Mitch Dale at a masquerade ball in 2019. He passed away in March 2022 at his home in Spain.

Long Eaton ready for major improvements with £25m Town Deal

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Long Eaton ready for major improvements with £25m Town Deal
Major improvements to Long Eaton, after it clinched almost £25m of investment from the Government, will soon see locals reaping the benefits – despite the National Audit Office warning that similar Town Deal projects across England are floundering. The man heading up the massive revamp told of his optimism that the place where he was raised is about to be transformed back into what he described as “an absolutely fabulous town.” Richard Ledger – a Cambridge graduate who studied physics with Stephen Hawking – said it was natural for townsfolk to want to see big changes fast. But strict Government requirements over the best use of public funds have taken significant time to satisfy. Four years of planning are now close to fruition. Richard, who is the Long Eaton Town Board chairman, said: “After an immense amount of work to get the project to its current stage we will see the results coming with increasing speed.” The NAO warned in a new report that many local authorities were struggling to deliver Town Deal projects in time. Spiralling costs fuelled by inflation were blamed – together with contractors suffering from skills shortages. Richard admitted there had been hiccups locally but said Erewash Borough Council was working hard to overcome them. Work to transform the former stable block next to Long Eaton Town Hall stalled when the major building firm that was hired went into administration. A new contractor will be appointed imminently to continue turning the building into a state-of-the art business hub. A new bridge across the Erewash Canal to link Broad Street to West Park is close to being commissioned. The park itself is getting new lighting at a cost of £245,000 – although work had to be paused due to flooding from Storm Babet. The town will also see a much-improved walking and cycling network. As part of this a second new bridge is planned for Britannia Road. There will be a new West Park Waterfront development with space for food outlets where people can relax. Meanwhile, crunch negotiations with Derbyshire County Council to revitalise the High Street are entering their final phase. On Derby Road there are plans for smart new housing and shops to replace the old cinema and the rest of Galaxy Row. Richard, 57, who is a former pupil at Grange Primary School, said: “I was saddened to see the vibrancy of Long Eaton slowly ebbing away and this is a fantastic opportunity to turn things around.” He is a successful local businessman and inventor who was keen to bring his decades of expertise to the Town Deal initiative. The entrepreneur founded a Draycott-based firm that makes machinery for the food processing industry. As a child he had helped out in his dad’s engineering business, fixing machinery in local lace factories. Richard launched his firm Millitec in 2005 after a friend working in a food factory asked if he could build a machine to butter bread. Richard sympathised with other local authorities who have battled to keep their Town Deal projects on track. He said: “We have not been immune in Erewash. But the team has pulled together so we can truly deliver for Long Eaton.” The Department for Levelling Up, Housing and Communities said in the wake of the NAO report: “We continue to work closely with local authorities to support their delivery of their vital projects.”

Driving success in the East Midlands: a strategic guide to purchasing your business car

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Driving success in the East Midlands: a strategic guide to purchasing your business car
As business professionals in the East Midlands region, we understand the importance of making strategic decisions that can impact our success. One such decision that often gets overlooked is choosing the right business car. Your choice of vehicle can greatly influence your image, efficiency, and overall productivity. In this guide, we’ll explore the key factors to consider when purchasing a business car in the East Midlands and provide insights into popular models like the BMW i5 and Mercedes-Benz models.

The East Midlands Business Landscape

Before diving into the specifics of choosing a business car, it’s crucial to understand the unique characteristics of the East Midlands business landscape. The region is known for its diverse economy, which includes sectors like manufacturing, technology, healthcare, and logistics. As such, business professionals in the East Midlands often find themselves traveling between cities, attending meetings, and networking.

Assessing Your Needs

The first step in selecting the right business car is assessing your specific needs. Consider the following questions:
  • How often will you be on the road? If you frequently travel within the East Midlands or even beyond, a reliable and comfortable car is essential.
  • Do you need to transport clients or colleagues? If so, a car with ample space and a comfortable interior is important.
  • What’s your budget? Determine a realistic budget for your business car, including not just the purchase price but also ongoing expenses like fuel, insurance, and maintenance.

BMW i5 Review

When it comes to selecting a business car in the East Midlands, the BMW i5 deserves special consideration. This electric vehicle (EV) combines luxury, performance, and eco-friendliness. Let’s dive into the BMW i5 Review:

Performance and Efficiency

The BMW i5 is known for its impressive performance. Its electric motor delivers smooth acceleration and a quiet ride, making it an excellent choice for business professionals seeking a refined driving experience. The EV’s long-range capability ensures you can travel throughout the East Midlands without worrying about frequent recharging.

Technology and Connectivity

Modern business professionals rely heavily on technology and connectivity. The BMW i5 doesn’t disappoint in this regard. It boasts an advanced infotainment system, seamless smartphone integration, and a host of driver-assistance features that can enhance safety and convenience during your travels in the East Midlands.

Image and Prestige

Your business car can speak volumes about your professionalism and success. The BMW i5’s sleek design and BMW’s reputation for luxury and performance can help you make a positive impression on clients, partners, and colleagues.

Mercedes-Benz Models

Mercedes-Benz is another brand that holds a strong presence in the East Midlands business community. With a range of models to choose from, Mercedes-Benz offers options suitable for various professional needs. Here are some popular Mercedes-Benz models to consider:

Mercedes-Benz E-Class

The Mercedes-Benz E-Class is a versatile choice for business professionals in the East Midlands. It offers a comfortable interior, a smooth ride, and a range of engine options to suit your preferences. The E-Class is known for its reliability and prestigious image, making it a common sight in the business world.

Mercedes-Benz C-Class

For those who prioritize fuel efficiency without sacrificing style and comfort, the Mercedes-Benz C-Class is a great option. Its compact size makes it well-suited for urban driving, and it comes with a variety of technology features that can enhance your daily commute or business trips.

Mercedes-Benz S-Class

If you want to make a statement and prioritize top-tier luxury, the Mercedes-Benz S-Class is the epitome of sophistication. It offers an opulent interior, advanced technology, and a smooth ride. While it may come with a higher price tag, the S-Class can leave a lasting impression on clients and associates in the East Midlands.

Considerations for Electric Vehicles

In recent years, electric vehicles (EVs) have gained popularity, driven by their eco-friendly nature and potential cost savings. If you’re considering an EV like the BMW i5, here are a few additional considerations:
  • Charging Infrastructure: Ensure there are sufficient charging stations in the East Midlands to support your EV. Fortunately, the region has been investing in EV charging infrastructure.
  • Government Incentives: Check for government incentives and tax benefits for EV purchases. These can help offset the initial cost.
  • Range Requirements: Evaluate your daily driving needs to ensure the EV’s range meets your expectations. Most modern EVs, including the BMW i5, offer sufficient range for typical business trips in the East Midlands.

Conclusion

Choosing the right business car in the East Midlands is a strategic decision that can impact your success in the region’s diverse business landscape. Whether you opt for a BMW i5, one of the many Mercedes-Benz models, or any other vehicle, consider your specific needs, budget, and the image you want to project. With the right business car, you can navigate the East Midlands with confidence and make a positive impression on clients and colleagues alike.

Octopus Energy takes 47,000 sq ft at Hinckley Park

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Octopus Energy takes 47,000 sq ft at Hinckley Park
Hinckley Park, an industrial and logistics park situated adjacent to junction 1 of the M69, has attracted a fourth significant occupier. Hinckley 47 is to be occupied by renewable energy company, Octopus Energy, taking 47,000 sq ft. The facility is being used as a storage and distribution facility for customer’s orders of heat pumps and solar panels and will also act as a national training centre for installation engineers. The unit is one of three in the final phase of development at Hinckley Park. The unit has been delivered to EPC A and BREEAM Excellent ratings and is equipped with the ability to provide electric car charging for every parking space. The building is being delivered as Net Zero in Construction and Net Zero Ready, with the integration of solar PVs to help support an occupier’s journey to becoming Net Zero in Operation. Harry Goodman, development manager for IM Properties, said: “This is another great name to add to the occupier list at Hinckley Park and is testament to our commitment to creating top-tier industrial spaces that meet the needs of innovative and forward-thinking companies like Octopus Energy.”
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