Pendragon receives revised take-over offer

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Pendragon receives revised take-over offer

Nottingham-based Pendragon has received a further unsolicited proposal from shareholder Hedin and PAG International to jointly acquire its entire issued and to be issued share capital.

The Board is considering the proposal, which offers 32 pence per share, in cash, upgraded from a 28 pence per share offer last week.

When rejecting the previous proposal Pendragon said: “The Board carefully considered the proposal, including taking advice from its advisers, and concluded that it fundamentally undervalues the company and is therefore not in the best interests of shareholders or other stakeholders.”

The news comes after Pendragon announced that it had agreed the terms of a proposed sale of the entire issued share capital of Pendragon NewCo 2 Limited (Pendragon NewCo) which will hold, either directly or indirectly through its wholly-owned subsidiaries, the company’s entire UK motor business and leasing business, to Lithia UK Holding Limited (Lithia), a wholly-owned subsidiary of Lithia Motors, Inc. for a gross aggregate consideration of £250 million. Lithia Motors is one of the largest automotive retailers in North America. Pendragon and Lithia Motors, Inc. have also agreed the terms of a strategic partnership with Lithia, including the rollout of Pinewood, the company’s dealer management software (DMS) business, to Lithia’s existing 50 UK sites and the creation of a joint venture to accelerate Pinewood’s entry into the highly attractive North American DMS market. As part of the transaction, Pendragon’s Pinewood division, which operates the company’s proprietary DMS business, would become a standalone entity, retaining Pendragon’s existing listing on the London Stock Exchange and creating a pure play Software as a Service (SaaS) business with an accelerated growth plan.

Derby City Council calls on Government to take “swift and decisive action” to support train-maker

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Derby City Council calls on Government to take “swift and decisive action” to support train-maker
Derby City Council has called on the Government to take “swift and decisive action” to support train-maker Alstom, as it looks to ensure the future sustainability of its Derby site.
With two thousand jobs at risk, due to delays with future contracts, including HS2, were the factory to close, the United Kingdom would become the only country within the G7 without the ability to design and manufacture its own trains.
At a council meeting last week, support was given to a motion calling on government to make more contracts available for tender. While this is in no means a method of forcing contracts to be given to Alstom, the idea is to ensure it has the opportunity to compete for new projects. The government has since said Alstom are welcome to participate in ongoing procurement processes. This could bridge a potential three year production gap, with orders for HS2 trains from Alstom’s Derby site pushed to 2026 and current orders running only until 2024.

Link ICT boost IT support team

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Link ICT boost IT support team
Derby-based IT and telecoms support company Link ICT has appointed a further IT support technician as a result of growth from the education sector. Connor Staton, who lives in Mansfield, joins the company having gained three years experience working on a graduate programme following his graduation from Sheffield Hallam University where he gained a Bachelors degree in computer networks. In his new role, Connor will provide on-site IT support expertise to Link ICT school clients based in Chesterfield and North Nottinghamshire. Connor said: “A lot of IT support roles are based at a single office with little interaction with hardware and setup. This role is more complex and as well as being on the front line supporting users whilst on site, I will also deal with a more diverse range of hardware and software which will allow me to learn a range of new skills.” In his spare time Connor enjoys most sports including football, motorsports and American Football. He is also a gaming enthusiast and has set up and commentated on international events such as Dreamhack Summer, Dreamhack Rotterdam, GameForce Brussels, EGX London, the Commonwealth Esports Championship in Birmingham and student esports championships for universities and schools/colleges across the UK.

Staveley Waterside regeneration project gets green light

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Staveley Waterside regeneration project gets green light
Approval has been granted for the Staveley Waterside project, which will revitalise the Staveley Canal Basin site. £2.664 million has been earmarked from the Staveley Town Deal fund, to enable Derbyshire County Council to construct a 2-storey building, offering flexible space for new and existing small businesses, some retail use, and a food and beverage opportunity, with indoor and outdoor dining space, along with an access road, and mooring space. A total of 11 units are planned within the centre, each equipped with kitchen and restroom facilities, while a new 40-metre footpath is planned along Hall Lane. The project aims to encourage more visitors to use the canal and will also create space for around ten new businesses. Proposals were unanimously approved recently by councillors at Chesterfield Borough Council’s planning committee. Councillor Tony King, cabinet member for clean growth and regeneration at Derbyshire County Council, said: “We’ve put together proposals for an exciting new development, which will help to bring jobs to the area and boost the visitor economy. “Derbyshire County Council has been working alongside partners over a number of years to improve the Staveley Basin area and the Staveley Town Deal has given us a great opportunity to turn our ideas into reality, using our expertise from Markham Vale to create high-quality business accommodation as well as a visitor destination that people from near and far can enjoy.” The Staveley Town Deal is a £25 million fund, which will bring forward multiple employment sites, and bring higher-level skilled jobs to the area. As part of the Staveley Town Deal, Chesterfield Canal Trust is working on the restoration of the canal by extending it from the existing limit at Eckington Road. As well as improving outdoor space and creating new leisure infrastructure, it is expected that the restoration project will lead to a 20% increase in visitors to the Staveley area boosting the amount of money spent in the local economy.

Connect with the property industry this Thursday at the East Midlands Bricks Awards 2023!

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Connect with the property industry this Thursday at the East Midlands Bricks Awards 2023!
Taking place on Thursday 28 September, the highly anticipated East Midlands Bricks Awards 2023 is just days away. Set to celebrate the region’s property and construction industry, the event is also an ideal networking opportunity, presenting a chance to form new connections with business leaders from across the East Midlands, as well as hear from guest speaker Matt Wallace, Director of Estates and Building Services at Leicester City Council. Attend the glittering awards ceremony to see who takes home the title of Contractor of the Year, Developer of the Year, Commercial Development of the Year, Residential Development of the Year, Sustainable Development of the Year, Deal of the Year, Most Active Agents of the Year, Architects of the Year, Excellence in Design, Responsible Business and of course Overall Winner. A highlight in the business calendar, book your place at the awards now to avoid disappointment! The event will begin at 4:30pm and continue until 7:30pm. Complementary drinks and canapés will be served on arrival, kindly sponsored by Nicholas Associates Group. Dress code is standard business dress. After winning deal of the year at last year’s event, Richard Foxon, Managing Director at Newton LDP, said: “My colleague Sam Jones and I thoroughly enjoyed the East Midlands Bricks Awards 2022. The event was well attended, with some prestigious awards up for grabs. The evening offered a great opportunity to network with like-minded property folk, whilst enjoying the backdrop of Trent Bridge Cricket Ground. Many thanks to all the organisers and sponsors.”

Shortlist for the East Midlands Bricks Awards 2023

Most Active Estate Agent – sponsored by OMS

BB&J Commercial

Mather Jamie

FHP   Commercial Development of the Year – sponsored by MKM

HBD – Power Park, Nottingham

Henry Brothers Construction – SportPark Pavilion 4, Loughborough

Bolsterstone Group Plc, Chesterfield Borough Council – One Waterside Place, Chesterfield   Responsible Business of the Year – sponsored by Press for Attention PR Cawarden G F Tomlinson Aspbury Planning Limited   Residential Development of the Year – sponsored by Sterling Commercial Finance

Phoenix Brickwork UK Ltd – St Marks student accommodation, Lincoln

Elms Developments – Elms Phase Two Ltd

St James Securities, Grainger – The Condor, Derby

  Deal of the Year – sponsored by Mather Jamie

Rushton Hickman Limited – Branston Locks deal

Bassi Group Nottingham Ltd – Job saving Pizza Hut takeover

Rigby & Co – Aida Factory deal

  Developer of the Year – sponsored by Ward

Chevin Homes

Clowes Developments

Brackley Property Developments

  Architects of the Year – sponsored by Blueprint Interiors

IMA Architects

Matthew Montague Architects

Influence Landscape Planning and Design

  Excellence in Design – sponsored by Cawarden

Chevin Homes – Amber Farm

Marchini Curran Associates – Phoenix cinema and art centre

Trident Construction Services – Lark Hill Retirement Village refurbishment

  Sustainable Development of the Year – sponsored by Viridis Building Services Ltd

HBD – Power Park, Nottingham

Henry Brothers Construction – SportPark Pavilion 4, Loughborough

Elms Developments – Elms Phase Two ltd

  Contractor of the Year – sponsored by RammSanderson Cawarden

EE Smith Contracts

Bowmer + Kirkland

  The Overall Winner, sponsored by Streets Chartered Accountants, will also be announced at the ceremony, who will be awarded a year of marketing/publicity worth £20,000.
East Midlands Bricks Awards 2023 When: Thursday 28 September 2023, 4:30pm – 7:30pm Where: The Derek Randall Suite, Trent Bridge Cricket Ground Keynote speaker: Matt Wallace, Director of Estates and Building Services at Leicester City Council Dress code: Standard business attire Tickets: Available here Parking: Due to the Notts V Middlesex 4 day County Championship fixture, parking will likely be limited at Trent Bridge on the day, therefore parking has been made available for Bricks guests at the Notts Sports Club, Holme Road, NG2 5AA (by Nottingham Rugby Football Club), quoting “Bricks Awards” to any parking and gate stewards. Thanks to our sponsors:                                                             To be held at:
 

Manufacturing output falls further, with volumes tipped to be flat through to the year’s end

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Manufacturing output falls further, with volumes tipped to be flat through to the year’s end

Manufacturers reported that output volumes declined more quickly than expected in the three months to September, according to the CBI’s latest Industrial Trends Survey. Output volumes are expected to stagnate over the next three months.

Following eight consecutive months in which expectations for selling price inflation have eased, manufacturers reported that growth in selling prices would pick up again in the three months to December. However, barring last month’s survey, selling price expectations remain at their weakest since early 2021.

The survey, based on the responses of 292 manufacturers, found:

  • Output volumes fell in the three months to September (weighted balance of -10%, from -19% in the three months to August). Output is expected to be unchanged in the three months to December (0%).
  • Output fell in 9 out of 17 sub-sectors in the three months to September, with the decline driven by the motor vehicles & transport equipment, chemicals and paper, printing & media sub-sectors.
  • Total order books were reported as below “normal” in September to a broadly similar extent to August (-18% from -15%). This left the level of total order books below the long-run average (-13%). Export order books were also seen as below “normal,” having also deteriorated from last month (-23%, from -18%). This brought them below the long-run average (-18%).
  • Expectations for average selling price inflation rose marginally in the three months to September (+14%, from +8% in the three months to August), ending a streak of eight consecutive months in which expectations had eased. Selling price expectations were comfortably below the multi-decade high seen in 2022 (+80% in March 2022), but moved back above the long-run average (+7%).
  • Stocks of finished goods were seen as more than “adequate” in September (+10% from +7% in August – long-run average +12%).

Anna Leach, CBI deputy chief economist, said: “Output in the manufacturing sector weakened over the past quarter and is expected to flatline at best through the rest of this year. With order books having been below their long-run average for 8 out of the last 9 months, manufacturers see little prospect of a recovery in the final months of the year.

“Materials and financing costs are high and squeezing manufacturers and their customers alike. The Autumn Statement provides an important opportunity for the Government to lay the foundations for a sustainable recovery through a broad focus on tax incentives for investment, support with upskilling workers and help for firms to make the most of green growth opportunities.”

Mayor opens Chesterfield’s new centre for talking therapies

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Mayor opens Chesterfield’s new centre for talking therapies
A new mental health centre to increase the support available in the community has been officially opened by the Mayor of Chesterfield.Councillor Mick Brady and Mayoress Suzie Perkins met Derwent Rural Counselling Service (DRCS) leaders, trustees and staff and toured the new DRCS base for talking therapies in the town, formerly the Register Office on New Beetwell Street.The centre, which has been totally refurbished by the charity which is one of the largest third sector provider of counselling services in the region, will offer resources, care and treatment for people who have experienced mental health challenges. People can access the centre via their GP, healthcare practitioner, or a self-introduction.Mayor Brady said: “What a fantastic facility. Not only has it brought one of Chesterfield’s most distinctive buildings back into use, but it provides an opportunity for people, in and around the town, to access the mental health support they need at a high street facility, which is so crucial for many people in these difficult times.”The three storey centre includes office space, numerous treatment and consulting rooms, meeting rooms and relaxation space to help cope with the increased demand for DRCS services in the area.Janette Smeeton, CEO at DRCS, said the new hub would allow the charity to offer greater access to mental health services and ensure patients receive the care and treatment required.“As well as a series of consultation rooms where people can be seen by mental healthcare professionals on a one-to-one basis, we also have areas for group sessions, which can be of real benefit to some people.”DRCS’ experienced therapists are now operating from the building, which also offers options for businesses to rent rooms and floorspace, with disabled access via new state of the art lift.Mark Serby, chair of DRCS Trustees, added: “One of DRCS’ key drivers for this new building was that DRCS didn’t want it to be seen as a typical medical-type facility, such as a hospital or health centre, as they didn’t want any stigmas attached to it.“This new centre offers a variety of services and hopefully a brighter future for its users.”The Beetwell Street hub is part of ambitious plans for DRCS which operates a large team of freelance and employed staff based at seven centres across the county covering the Amber Valley, Erewash, Chesterfield, Buxton, Matlock, Ashbourne, Derby, Swadlincote and the Peak District. Over the last 30 years, DRCS has offered talking therapies for common mental health conditions such as depression, anxiety, stress and long term conditions through pathways including counselling, CBT and guided self-help. In the last eight years, DRCS has been in partnership with Derbyshire Healthcare Foundation Trust to deliver the NHS talking therapies for anxiety and depression service, throughout Derbyshire.

Leicester construction event to build relationships

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Leicester construction event to build relationships
Team Leicester and Met Events will launch their first property and construction lunch on Friday, October 6 at The City Rooms, Leicester. The lunch will feature a keynote address from Richard Sword, Strategic Director at Leicester City Council, and Andrew Smith, Director of Planning Development and Transportation. Present at the event will be other leading figures from local authorities within the county as well the wider property and construction industry. The speakers will discuss the latest development progress in the city, the challenges faced, and the future masterplan for the City Centre. “We are delighted to be working with Met Events to deliver this important event,” said Rob McGuinn, Director of Team Leicester. “This is a great opportunity for businesses to connect with key decision-makers in the city and learn about the latest developments in the property and construction sector. We are expecting nearly a hundred people to be in attendance to hear about the future opportunities and growth of our region.” Julie Merryweather, Director at Met Events, said: “The Property and Construction events are a great way to learn about the latest developments in the sector, and network with other professionals. We have been overwhelmed by the positive response so far with attendee numbers surpassing our initial expectations.” The lunch is open to all businesses involved in the property and construction industry and is sponsored by multi-disciplinary consultancy Pick Everard. Tickets are available online at Leicester Property and Construction Lunch (met-events.co.uk)

Derbyshire County Council approves cost control measures

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Derbyshire County Council approves cost control measures
Derbyshire County Council’s Cabinet has approved a report that details the pressures on its finances in the current financial year. A range of cost control measures will now be implemented in order to reduce a forecast overspend of £46m. Council Leader Councillor Barry Lewis said: “We are taking immediate action to control our spending. “This is not a bankruptcy situation for this council, far from it. However, to be completely clear with our residents, employees and partners, this is a difficult situation and we must rise to the challenge. “We have always been a well-managed, efficient and financially stable council which has balanced our books, maintained a robust level of reserves and been able to support vital, high quality, value-for-money services for our residents across Derbyshire. “However, the reality is that the financial pressures we are facing, along with other councils and households, are now greater than ever experienced before, with most of these pressures being simply outside our control. “The decision taken today by Cabinet is the first step on our journey to get our finances back on the right track. “Our employees are now tasked with looking at every penny they spend, to make sure it is essential and value for money.”   The cost-cutting measures announced include:
  • a recruitment freeze – although some jobs will continue to be recruited to where they are essential, such as social care front line positions
  • reducing agency staff
  • reducing overtime and additional hours worked by employees
  • reviewing all agency staff
  • no non-essential conferences, travel or training
  • only health and safety repairs on properties
  • reducing spend on print, IT equipment and stationery
  • delaying any contracts not yet signed
  • postponing any projects that are still in the planning stage
External forces affecting the council’s budgets include higher than anticipated inflation which impacts all areas of expenditure including fuel, energy and materials costs. High inflation has also impacted on the demand for services. This is particularly the case in adult social care and children’s services where the council has seen continued increased demand for these vital services. In addition, the expected 2023 to 2024 pay award for staff, which is agreed at a national level is a significant financial pressure for the council and must be met from local council budgets. Across the country, many councils are experiencing similar issues, many of which are much more severe than at Derbyshire. The council’s proposed approach is to take early action, show prudent financial management and to contain these external pressures and avoid more serious future consequences.

Chief Executive of Futures Housing Group to step down

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Chief Executive of Futures Housing Group to step down
Futures Housing Group will be seeking a new Chief Executive, following the decision by Lindsey Williams to step down after 20 years in post. Lindsey, who has run the organisation since 2003 when Amber Valley Housing was formed through a large-scale voluntary stock transfer, will continue in her role into 2024 to support the effective handover to the organisation’s new leader. Under Lindsey’s stable tenure, the organisation has grown to provide 10,337 homes having developed new properties since its very first year, consistently achieved top regulatory ratings, seen it launch a commercial development company, a co-owned training company and brought Daventry and District Housing into the fold to create Futures Housing Group. Mike Stevenson, Board Chair of Futures Housing Group, said: “I wish Lindsey the very best and I’d like to thank her for her commitment to Futures and its colleagues and customers over so many years. She has created a lasting legacy with a culture that fosters innovation, holds true to our social purpose and brings out the best in people, whilst ensuring effective leadership and financial stability. “Only last month we retained the top ratings for governance and viability from the Regulator of Social Housing after our latest In-Depth Assessment, and with a new modern office move complete, Investor in People Platinum status and new ambitious corporate plan in process, Futures’ next Chief Executive has a fantastic platform to build from. “To keep our connections rooted in the community, Lindsey has always ably balanced her Chief Executive hat alongside many other social purpose roles including board roles as Vice Chair of a local hospice and most recently as President of East Midlands Chamber. I am sure with Lindsey’s passion and ambition the opportunity to further explore this social purpose drive once the handover is complete, is a new chapter she will relish and equally succeed at.” Recruitment for the role will begin shortly, with Lindsey remaining in post across 2024.
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