Renovation works begin on empty Sutton shop
Renovation works have started at 9-11 Low Street, Sutton, the second empty shop to be given new life by Ashfield District Council.
Ashfield District Council have purchased the former YMCA shop on Low Street as part of their £6.27million Future High Streets Fund. In May this year the Council completed the transformation of the old Yorkshire Bank on Low Street, from a dilapidated eye-sore, to a modern café, bringing vibrancy back to the high street.
Plans for 9-11 Low Street include refitting the interior of the shop unit to bring it back to a useable commercial space, installing energy efficiency measures, and renovating the first floor into modern, quality accommodation.
Cllr Matthew Relf, Executive Lead for Regeneration, Growth and Local Planning, said: “It is fantastic to see work starting on another of our Future High Streets Funded projects. When all our 20 plus projects are completed, they will work together to transform our town centres and how people shop, visit, and do business in Ashfield.
“To some people it may just be repurposing a long-standing empty unit, but in conjunction with the Makerspace and business hub at High Pavement House, the redesign of Portland Square which will start in the new year, and work in the outer edges of Sutton at Kings Mill Reservoir and Sherwood Observatory, you can start to see our vision for the District. A place where businesses and aspirations can grow and succeed.”
Cllr Jason Zadrozny, Leader of Ashfield District Council, said: “Ashfield District Council are transforming Ashfield, as a District but also as a place to visit, start a business, receive an education, and make a home. The future of Ashfield is truly bright thanks to the hard work of the Council. We have secured over £120million external investment to allow us to fulfil our ambitions for Ashfield, so keep watching for our progress.”
Manufacturing output falls and order books deteriorate
Manufacturers reported that output volumes fell in the three months to November, disappointing expectations for expansion, according to the CBI’s latest Industrial Trends Survey (ITS).
Manufacturers expect output volumes to decline further into the new year.
A more subdued outlook for production comes as order books fell to their weakest level since the second COVID-19 lockdown in early 2021. Both total and export order books were reported as below normal in November, to the greatest extent since January and February 2021 respectively.
The survey, based on the responses of 232 manufacturers, found:
- Output volumes fell in the three months to November (weighted balance of -17%, from -6% in the three months to October) and is expected to fall further in the quarter to February 2024 (-7%).
- Output fell in 10 out of 17 sub-sectors in the three months to November. The decline was driven by the chemicals, mechanical engineering, metal products and metal manufacturing sub-sectors.
- Total order books were reported as below normal in November and deteriorated sharply from last month (-35% from -26%). The level of order books is well below the long-run average (-13%) and their weakest since January 2021. Export order books were also seen as below normal and deteriorated from last month (-31% from -23%). This was below the long-run average (-18%) and their weakest since February 2021.
- Expectations for average selling price inflation over the next three months saw little change from last month (+11%, from +7% in October). Selling price expectations were only marginally above their long-run average (+7%), having declined steadily over the last year and a half from the multi-decade high seen in 2022 (+80% in March 2022).
- Stocks of finished goods were seen as broadly adequate in November (+3% from +4% in October), below the long-run average (+12%).
Global software firm acquires Leicester transportation management systems provider
Global software firm Aptean has acquired 3T Logistics & Technology Group (3T), a Leicester-based provider of cloud-based transportation management systems (TMS) to shippers and carriers in the UK and broader Europe.
With the acquisition of 3T, Aptean adds new capabilities to its TMS offerings for shippers and carriers serving manufacturers and distributors in the food and beverage, fast-moving consumer goods, industrial machinery, automotive and building product verticals.
“Aptean is pleased to expand its TMS offerings in Europe with the addition of 3T’s cloud-based EVENT platform,” said Duane George, GM of EMEA and APAC at Aptean. “In today’s challenging business environment, 3T helps organizations deliver their products with greater speed and efficiency, enabling them to compete a global level.”
“Aptean shares our commitment to innovation and our solutions are highly complementary to Aptean’s existing ERP and SCM offerings for manufacturers and distributors,” said Steve Twydell, founder and CEO at 3T. “As part of Aptean we will be able to provide our customers with more solutions to enhance efficiencies and improve outcomes across their operations.”
Could it be described as a Black Friday Autumn Statement?
James Pinchbeck, partner at Streets Chartered Accountants, reflects on the Autumn Statement.
As our seventh Chancellor since 2016 stood up to deliver his Autumn Statement, perhaps the good news was that in contrast to his immediate predecessor, he had run his figures by the Office for Budget Responsibility. Therefore, we hopefully will not experience an aftershock.In the media coverage on the run up to his speech there was much speculation as to what the Statement might include, from reductions in business and income tax to changes in inheritance tax. Over recent days it has felt that at times they were testing the acceptance of any proposed changes, especially with the electorate, as we are now probably only 12 months away from a General Election.However, it did feel a bit akin to a Black Friday sale, with some 110 measures and announcements to underpin growth, make work pay and increase work/UK productivity. Overall, a move to hopefully revert the government’s fortune, curtailing the growing shift in support for Labour and perhaps a red wall landslide next year. Whether it will achieve this we will have to wait and see.Whilst as ever the devil is in the detail and it will certainly take time to get through the 110 measures, the key announcements and changes were as follows:
- The headline grabbing reduction in Employee National Insurance from 12% to 10% – this cut will come into effect from 6th January 2024
- For the self-employed Class 2 NIC will be abolished with Class 4 NIC to be cut from 9% to 8%
- Business Rates will continue to be frozen for small businesses and the 75% discount on business rates for retail, hospitality and leisure will be extended for a further year
- The National Living Wage will increase to £11.44 per hour from April 2024
- State pension payments are to rise by 8.5% to £221.20 a week, worth almost an extra £900 a year. The triple lock will be “honoured in full”
Revenue and profits drop at Motorpoint Group
Revenue and profits have dropped at Motorpoint Group, the independent omnichannel vehicle retailer.
According to unaudited interim results for the six months ended 30 September 2023 (H1 FY24), the Derby car retailer’s revenue was parked at £607.2m, down from £786.7m in the same period last year, influenced by market headwinds.
Meanwhile the firm posted a £3.5m loss for the period, dipping from a £2.4m profit last year, which Motorpoint said was a result of lower volumes and a fall in finance commissions. Retail volumes declined by 18.4% and wholesale volumes by 22.4% as more stock was sourced direct from consumers and sold through retail channels.
Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I have been at Motorpoint for twelve years and the agility and resilience of our business model is something of which I am immensely proud.
“We have no structural debt, a flexible business model, a fantastic team and a tremendous opportunity ahead to achieve significant cash generation in the medium term following the actions of the past twelve months. Our focus on improving unit economics has been successful, although volumes remained challenging in the period.
“The rapid fall in used car values since the period end is unquestionably a near term challenge, however it also provides reassuring signs of supply finally beginning to improve in the nearly new market that we have dominated in the past. I believe next year will be a key turning point for the market and I look to the future with confidence.”
Hinckley businesses vote Hinckley BID back in for fourth five-year term
The Hinckley Business Improvement District (Hinckley BID) is starting its fourth five-year term, following a successful ballot result.
Hinckley BID is part of a national movement where businesses in a local area vote to pool their resources and support a range of initiatives designed to help their businesses to be more successful. In the Hinckley BID’s ballot, 74% of eligible businesses voted in favour of a further five-year term.
The BID team report to the Hinckley Town Centre Partnership Ltd (HTCP) whose unremunerated board of directors include senior representatives from Hinckley & Bosworth Borough Council as well as a wide range of local businesses and the voluntary sector.
Steve Wegerif, BID Director, said: “I am absolutely delighted that we have been re-elected for another five years and would like to thank all our member businesses for their support. This is testament to the dedicated and hard work by the BID team.
“It also highlights how working in partnership in these financially hard times is essential and we look forward to continuing to promote the wide and diverse range of Hinckley businesses and all that they have to offer.”
Hinckley & Bosworth Borough Council Chief Executive Bill Cullen said: “This is a resounding thumbs up from Hinckley businesses. It recognises the great work the BID team undertake in partnership with other local organisations such as the council to promote the town and drive business to the area.
“I look forward to continuing to work with them and supporting our local town centre – congratulations.”
Developer ordered to demolish Kettering building following trial
The developer of a six-storey building in Job’s Yard, Kettering has been ordered to totally demolish the building following a three-day trial in Birmingham High Court.
The case was brought by North Northamptonshire Council following serious concerns about the building work that has been continuing to take place as well as a lack of adherence by the developer to building regulations and the planning permission which had been granted.
The unauthorised structure resulted in formal action from the council’s building control and planning enforcement teams, supported by the Health and Safety Executive.
A three-day trial concluded with the court granting an order compelling the developer to arrange for a specialist contractor to demolish the building down to the ground.
The court ordered that the demolition should be completed by February 28, 2024, by a specialist contractor paid for by the developer, Michigan Construction Limited.
NNC were awarded costs and will be seeking to recover their costs incurred in the proceedings from the developer, Michigan Construction Limited.
Due to the current unsafe nature of the building, a cordon has been in place around the site since June 2022 in the interest of public safety. The cordon will remain in place to ensure the safety of the public is maintained until after the demolition has been completed.
Cllr David Brackenbury, the council’s Executive Member for Growth and Regeneration, said: “We have been trying to work with the developer of this site for some considerable time now and going to court was always a last resort.
“We are pleased that the court found in our favour and we will continue to monitor the situation to ensure that the developer follows the orders set out by the court. Following the demolition, we will be able to look at the safety of the area and consider removing the cordon in place, which will benefit residents of Kettering and businesses around the site.”
Cllr Jason Smithers, Leader of the Council, said: “We simply cannot permit unsafe construction that breaches planning permission to be allowed – it is unsafe for our residents and it’s a blight on our town centres.
“This case demonstrates that we will take tough action against developers who choose to flout the rules which are so necessary to ensure that high standards of construction are maintained, and new buildings are in keeping with surrounding areas.
“I’m delighted that the court has found in our favour – and I hope it sends out a warning to cowboy constructors who think they can cut corners.”
Swadlincote awarded £1.1m to invest in town centre
South Derbyshire District Council has been provisionally awarded up to £1,108,000 to invest in Swadlincote town centre as part of Round 3 of the Government’s Levelling Up Fund.
The project was submitted in Round 2 and whilst not funded was assessed as high quality and ready to deliver. The Government has now backed the project and will discuss with the council the activities that the funding could support.
Councillor Robert Pearson, Leader of South Derbyshire District Council, said: “This is fantastic news for South Derbyshire. The council has been actively supporting Swadlincote town centre to help High Street businesses by investing our own funds and maintaining policies such as free parking.
“It is great that these efforts have been recognised by the Government, as this award would help us to continue encouraging greater community and leisure use of the town centre.”
If confirmed, this new funding award will complement the council’s current programme of investment in the town centre. Projects already underway include:
- Regeneration of the derelict Bank House/Sabine’s Yard site between Belmont Street and Midland Road to create additional public car parking
- Refurbishment of The Delph market square to create an attractive vehicle-free public space
- Creation of a ‘Pocket Park’ on Belmont Street as a new green space in the town centre with seating in a landscaped setting
- Extension of the CCTV network with the installation of additional cameras
- Appointment of a Community Safety Enforcement Officer dedicated to addressing issues in the town centre
- Support for promotional activities, including marketing initiatives and public events
- Refurbishment of the public toilets
- Opening of South Derbyshire Visitor Information Centre, following the restoration of a traditional shop front at 1 High Street
- Improvements to the shopfronts at No’s 5-15 West Street fronting The Delph.
MEC appoints new director to lead civil and structural engineering disciplines
MEC, development technical consultants based in Leicester and Brighton, have appointed Dave Stockton as director to head up the civil and structural engineering disciplines and support the company’s growth and development efforts under the leadership of MEC’s new Managing Director, Alex Bennett.
Dave brings a wealth of experience to his new role at MEC, having previously served as a technical director at prominent housing developers, Countryside Homes and Bellway Homes.
Setting Dave apart is his diverse experience, which also includes time within consultancy deepening his knowledge of detailed design processes, and providing him with a comprehensive perspective.
With a strong background in the core areas of MEC’s work, Dave is well-versed in the intricacies of design and has a keen understanding of the challenges and opportunities that the industry presents.
Since taking over the company, Managing Director, Alex Bennett, has emphasised the importance of being ambitious and seeking new opportunities for progression, ensuring the delivery of high-quality work, generating new opportunities, and advancing the company’s technical expertise.
Alex expressed his enthusiasm for Dave’s appointment, saying: “With the recent changes within the business, myself and long-standing director Tim Rose, believe that Dave’s experience, industry knowledge, and commitment to excellence will be instrumental in our ongoing growth and success. We look forward to working closely with Dave and are confident he will have a positive impact on our company.”
Dave adds: “I’m excited about joining M-EC, especially during this time of redirection and growth. Design quality, providing value and getting it right the first time for our clients is something I am very passionate about. I’m confident that my previous experience is a good match for supporting MEC’s expansion and our client’s needs, and I can’t wait to start making a significant difference to the team.”
Convenience foods manufacturer agrees new £350m sustainability-linked facility
Greencore, a manufacturer of convenience foods with its UK office in Worksop, has agreed a new five-year £350 million sustainability-linked revolving credit facility (RCF).
The new RCF replaces Greencore’s existing £340 million facility and a £45 million term loan and extends the Group’s average maturity profile to close to 4.5 years. The facility has the option of two additional one-year extensions and includes a £100 million accordion feature which provides further potential financing facilities.
The new RCF incorporates performance targets that are aligned with Greencore’s long-term sustainability strategy.
Dalton Philips, CEO, said: “Greencore continues to deliver on its ambition to build a stronger, more efficient business serving our customers and consumers across the UK. This new facility provides us with significant new financial flexibility to deliver on our growth objectives while aligning our financing arrangements with our sustainability targets.”
The RCF is provided by Allied Irish Banks plc, Barclays Bank Plc, Coöperatieve Rabobank U.A. (trading as Rabobank Dublin), Danske Bank A/S, Irish Branch, HSBC Continental Europe, The Governor and Company of the Bank of Ireland. Allied Irish Banks plc acted as sustainability co-ordinator and Bank of Ireland acted as agent. Greencore was advised by IBI Corporate Finance.
