Maven snaps up EIS focused fund management company
Mattioli Woods subsidiary, Maven Capital Partners has entered into an agreement to acquire the entire share capital of Newable Ventures Limited from Newable Capital Group Limited.
This acquisition follows recent discussions between Maven and the Newable Capital Group executive and will allow Maven to expand its activities into direct Enterprise Investment Scheme (EIS) investment.
Newable is an EIS focused fund management company with £12m of Assets Under Management (AuM). Maven will continue to strengthen Newable’s senior management team and broaden its product range. The acquisition is consistent with the strategy to achieve further growth in AuM following the acquisition of Maven by Mattioli Woods in 2021.
Bill Nixon, Managing Partner of Maven, said: “As part of the continuing evolution and growth of the Maven business we have been keen for some time to add an EIS capability to our client offering.
“The acquisition of Newable Ventures Limited is an important step forward in completing our objective of providing a full suite of best-in-class client products, which offer access to fast growing private company investments, often on a tax assisted basis.
“The recent announcement in the Government’s Autumn budget statement that the EIS and Venture Capital Trust schemes will be extended through till at least 2035 ensures that these products will remain at the forefront of financial planning and portfolio diversification for investors. We look forward to welcoming the Newable team to Maven.”
Chris Manson, Newable Chief Executive Officer, said: “This collaboration with Maven Capital Partners aligns with our vision to empower the UK’s small and medium-sized enterprises and start-ups. We are excited about the new opportunities this will bring to our investors and the companies we support.”
Van Elle hails resilient operational performance despite challenging market conditions
Van Elle, the ground engineering contractor, has said its half year results are in line with expectations and reflect “a resilient operational performance despite challenging market conditions, continuing inflationary pressures and delayed project starts.”
In a trading update for the six months ended 31 October 2023, the Nottinghamshire business revealed that it anticipates revenues of approximately £68m – a decrease of 16% on the same period of last year (£80.8m). However Van Elle expects to report operating profit margins consistent with last year.
Van Elle noted: “There continues to be uncertainty and subdued activity levels in some of the Group’s end markets, particularly the housebuilding sector, which is expected to continue into the second half of the financial year.
“However, further progress has been made on several substantial growth opportunities in the energy sector. The costs of establishing the Group’s new Canadian rail subsidiary have been absorbed in the Period and initial projects commenced in the second quarter.
“The order book at 31 October 2023 increased to £32.7m (30 April 2023: £30.8m), which excludes framework agreements and preferred bidder positions, providing a strong platform entering the second half.
“The Board continues to expect results in line with market expectations for the current financial year and is confident in the Group’s outlook over the medium term across all of its core markets.”
Zero carbon innovation centre plans unveiled by East Midlands Freeport
Plans for a multi-million pound East Midlands zero carbon innovation centre – aiming to transform cutting edge green research into commercial products – have been unveiled by East Midlands Freeport.
The UK’s only inland Freeport also revealed it has attracted £150m of investment, signed off over £5m to fund the first two of seven initial projects designed to level up the region, and created 200 new jobs as it celebrates significant progress made since March.
East Midlands Freeport plans to create tens-of-thousands of jobs, £8.9bn for the region’s economy and reinvest hundreds-of-millions of retained tax locally.
Tom Newman-Taylor, Chief Executive, East Midlands Freeport, said: “Today marks a big milestone for East Midlands Freeport as we start to deliver on our objectives and invest in major projects like the innovation centre to boost skills and jobs across the region.
“It’s only nine months since we received Government approval but we’re building real momentum. We’ve seen significant interest from major investors, the extension of the window for businesses to claim tax benefits on our sites announced in the Autumn Statement and the Government’s £4.5bn Advanced Manufacturing Plan. This all combines to make East Midlands Freeport an extremely compelling place to invest.
“Creating the innovation centre is another piece of that puzzle. It will help to increase access for businesses to our world leading Universities’ R&D capabilities, create new technologies to tackle climate change boosting skills for future generations and increase the attractiveness of the region to investors. We’re already getting interest from global companies who recognise the strength of research and knowledge which resides in the East Midlands.”
The innovation centre will be delivered by the University of Nottingham and Loughborough University, who will be matching the East Midlands Freeport’s investment. As part of the University of Nottingham’s ambitious, science-based carbon reduction target to reach net zero by 2040, the innovation centre will provide the necessary technology and laboratories to progress research in electrification, hydrogen propulsion systems, and advanced manufacturing – for industry use.
Professor Tom Rodden, Pro-Vice-Chancellor for Research and Knowledge Exchange at the University of Nottingham, said: “With world-class facilities and research, this innovation centre will enable us to collaborate more closely with industry to accelerate the translation of zero carbon research into real-world solutions.
“This will not only help tackle the climate crisis but also deliver economic benefits to the East Midlands, as new businesses bring quality jobs to our region. The goal is for the East Midlands to become a global model for a flourishing zero carbon economy.”
Professor Dan Parsons, Loughborough University’s Pro Vice-Chancellor for Research and Innovation, said: “We are delighted that funding has been secured for the new centre, which will help ensure the East Midlands is at the forefront of net zero carbon innovation. We look forward to working with our colleagues at the University of Nottingham, and bringing our combined strengths together in renewable energy and hydrogen to help accelerate progress towards achieving net zero emissions.”
The Freeport has also given the green light to a strategic transport assessment to increase investment and make improvements in and around junction 24 of the M1 in partnership with Midlands Connect.
The Freeport CEO made the announcements at the 2023 Midlands Energy Summit, hosted by East Midlands Chamber of Commerce and the University of Nottingham, which explored how businesses, academia and policy makers can come together to ensure that clean growth underpins the future economic landscape.
East Midlands Chamber Chief Executive Scott Knowles said: “East Midlands Freeport has the potential to be a game-changer for our region by tapping into existing economic strengths and developing new sectors that will put us at the heart of the UK’s green industrial strategy.
“To achieve this, we need to ensure the world-class research being conducted in our universities is turned into tangible products that can provide real-life solutions to global challenges, while building a highly-skilled workforce to be the engine that drives these forward.
“The East Midlands zero carbon innovation centre is therefore a hugely exciting step forward in the freeport’s progression and giving our members first sight of this at our Midlands Energy Summit illustrated the influential role our region’s business community can play.”
409-unit student accommodation scheme tops out
A 409-unit purpose-built student accommodation (PBSA) scheme in Nottingham, which spans 11 storeys has topped out.
‘The Place’ is property development and investment company, MRP’s first project that it will directly fund and bring to market as both developer and owner.
Construction began in February 2023 and is scheduled to complete next summer in time for the 2024/25 student intake in September.
Celebrating the ‘topping out’ at the new student residence, MRP was joined by Grosvenor, who provided the senior debt facility, and Homes for Students, who have been appointed to manage the property under their luxury Prestige Student Living brand.
Centrally located at the junction of Queens Road and London Road, The Place is situated beside Nottingham railway station and within commuting distance of the University of Nottingham and Nottingham Trent University.
Speaking at the topping out ceremony, Graham Mitchell, development director at MRP, said: “While we have extensive experience in the PBSA sector, The Place is a unique development for MRP as it is the first scheme we will develop and open ourselves.
“Our partners Grosvenor have been instrumental in ensuring that we are able to deliver this project, and we look forward to working closely with the team at Homes for Students on completion.
“The expertise of McAleer & Rushe as construction partner on this project has been invaluable and their experience in delivering projects of this size will ensure that we remain on course for practical completion in summer 2024.”
The Place will offer amenity spaces including a gym, private dining room, study and breakout spaces as well as a sky lounge on the roof, offering panoramic views over the city.
Oliver Ayling, senior investment manager, Grosvenor Property UK, said: “This is only the second time we have entered the PBSA sector as a debt provider. The Place offered the perfect partnership opportunity with MRP, who have an exceptional track record in developing quality student schemes across the UK.
“The Place, is centrally located in Nottingham and will be an exceptional living space for students when it completes next summer, providing a fit-for-purpose space that allows them to study and socialise in a safe and secure environment.”
Also present at the topping out ceremony was Mark Diamond, senior director at McAleer & Rushe. He said: “We are delighted to be able to deliver MRP’s vision for The Place, bringing our expertise in the PBSA sector to the fore.
“Our strength lies in our specialist teams in the sector with the technical ability to not only provide exemplar city centre projects but also deliver on time and to the highest quality, which will ensure safe completion of this scheme for next summer.”
Derby leaders warn Government of “terrible consequences” as efforts stepped up to save Alstom jobs
City and business leaders have warned the Government that there will be “terrible consequences” if it fails to step in and save nearly 180 years of train manufacturing in Derby.
Production lines at the city’s Alstom Litchurch Lane site will grind to a halt in a matter of weeks because of a lack of orders for new train fleets from the UK rail sector.
The company and unions have been locked in talks with the Department for Transport for months in a so far unsuccessful bid to persuade it to bring forward contracts to safeguard the jobs of hundreds of workers at the factory and thousands more in the UK supply chain.
They have been supported by management at Transport for London, which wants Alstom to build additional trains for the capital’s Elizabeth line.
Rail sector experts also believe there is desperately needed refurbishment work for current rail fleets in passenger service that could be commissioned into Derby.
Now the city’s leaders are to join a lobby of Parliament on 6 December, organised to coincide with a meeting of a select committee on rail rolling stock, to demand the Government acts.
Leader of Derby City Council, Baggy Shanker said the Alstom plant is a strategically crucial part of the UK’s rail capabilities and the Government needs to recognise this.
“There will be dreadful consequences for the city, the East Midlands and the country as a whole, if train production in Derby is lost. The hundreds of jobs that will disappear at Alstom will be mirrored by thousands more in the supply chain and when the nation does want to order new trains in the future, it will struggle to find anyone in the UK to build them.
“This is simply unthinkable for a country which gave railways to the world and the Government has to find the political will to resolve this crisis.
“It is deeply ironic that only months after Westminster recognised the importance of the rail sector in Derby by making it the headquarters of newly formed Great British Railways, that we should now have to fight to save a vital part of the industry.”
The Council’s view is shared by the city’s business community and representatives will join the lobbying of Government ministers on 6 December.
John Forkin, Managing Director of Marketing Derby, added: “The threat to the future of train building is a clear and present danger and the civic, business and wider community will not stand by and watch it happen.
“A solution is in the hands of Government and we expect that our collective voice will be heard in Parliament next week.
“We are a world leader in rolling stock manufacturing and, as a city and country, we should be investing in that skills and talent pool to help grow the economy.”
City Leaders have been working closely with Alstom, Unite and senior Government officials to explore potential resolutions to the current situation since possible job cuts were revealed back in September.
Government commitment to Ivanhoe Line welcomed
North West Leicestershire District Council (NWLDC) has welcomed a response from the government that confirms investment in the Ivanhoe Line in Coalville and commits to looking at the future of services running to Leicester.
Following a motion debated at Full Council on 14 November, NWLDC wrote to the Department for Transport and Network Rail encouraging them to explore opportunities to complete the second phase of the line from Coalville to Leicester, and to assess the feasibility of adding a station in Moira.
In response, the government has outlined its commitment to delivering the Ivanhoe Line, confirming the project is focussed on reinstating services between Coalville and Derby. Considerations about extending the service from Coalville to Leicester are also being progressed.
NWLDC says it fully supports the work to reopen the line and is committed to working with the Campaign to Reopen the Ivanhoe Line (CRIL), Network Rail and the government to see passenger rail services returned to the district.
Councillor Michael Wyatt, NWLDC Deputy Leader, added: “I’m delighted the minister has replied so quickly to our concerns about the Coalville to Leicester link.
“Not delivering the whole line would be a missed opportunity especially when businesses are looking for greater commercial opportunities and we know the public want to travel between Coalville and Leicester.”
£2.5k council grants for flooded Erewash businesses
The latest government-funded grants for businesses affected by the flooding that hit Erewash are available via the borough council’s website after the Department for Business and Trade confirmed the scheme with local authorities.
The business grants are worth up to £2,500.
Flooded residents who applied to the council for aid in the wake of Storm Babet have so far received £171,277.
The aid to residents has seen £500 sums given out in Community Relief Grants. Nearly 200 victims of October’s flooding have benefitted to the tune of almost £100,000.
That total has been supplemented by close to £75,000 in Council Tax relief. All the money has been clinched from central government.
Erewash Borough Council Leader James Dawson said: “The flooding was a nightmare for those affected – and we have been working hard to get these payouts out. The business grants are sorely needed and we are pleased to have at last got the green light to give flood-hit firms this vital boost.”
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
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
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.
