Games Workshop sees eighth year of sales and profit growth
Games Workshop has closed is financial year having delivered eight consecutive years of group sales and profit growth.
According to the Nottingham-based company’s annual report for the 52 week period to 28 May 2023, revenue hit £470.8m, growing from £414.8m last year.
Pre tax profits meanwhile reached £170.6m, up from £156.5m.
Kevin Rountree, CEO of Games Workshop, said: “We finished the year having delivered eight consecutive years of group sales and profit growth – in the period we reported the highest level of sales and the most profit we have generated since flotation 29 years ago. Our international team has been sensational again, thanks to you all.”
Lincolnshire horticultural experts secure multi-million-pound refinancing package
Lincolnshire horticultural experts, Bridge Farm Group, is set to enter a new phase of growth after securing a multi-million-pound refinancing package.
Bridge Farm, based in Spalding, produces ornamental plants and cut flowers. The business grows more than 70 million plants and flowers each year in 60-acres of low-carbon, water-efficient and biomass-heated glasshouses. The business sells to UK-wide supermarket and DIY retailers.
In addition to its horticultural operations, Bridge Farm’s specialist bioscience division is a leader in plant research and development. The business’s team of experts are focused on the identification, cultivation, and extraction of high value functional and active molecules from plants.
Established in 1988, Bridge Farm has an annual turnover of £30 million and has a workforce of 160 employees.
To support Bridge Farm’s growth ambitions, the FRP Corporate Finance Debt Advisory team, led by partner Tom Cox and manager Rory Denison, ran a competitive debt raising process to identify a financing partner to support the next phase of its growth plans having recently completed investment in a new Bioscience facility.
Having secured two fully credit backed offers to refinance the group, FRP subsequently supported management in the detailed negotiation of terms to completion of the financing.
The multi-million-pound refinancing package will support Bridge Farm’s ongoing expansion and enable it to continue to consistently produce its range of plants and cut flowers at scale while also penetrating the market for plant-derived extracts and molecules.
Tom Cox, partner at FRP Corporate Finance, said: “This refinancing facility provides much greater flexibility to Bridge Farm in its new financing arrangements and has reduced its cost of capital.
“The transaction successfully delivers more favourable terms to the business, whilst also providing the group with additional capital to help deliver the ambitious growth plans within its bioscience operations.”
Louise Motala, Managing Director at Bridge Farm Group, said: “This deal represents another key milestone for Bridge Farm as we continue to expand and build value in the business.
“It is essential that we continue to invest to maintain our expertise in both horticulture and bioscience and this new facility affords us greater flexibility to explore wider routes to growth.
“The advice and support we received from FRP’s Debt Advisory team was outstanding and their expertise ensured a smooth transaction from start to finish.”
New Institute of Technology to open in Derby
The East Midlands continues to advance as a Major UK Tech Learning Hub with the creation of new technological facilities at Derby College Group (DCG).
The East Midlands Institute of Technology (EMIoT) is a partnership between Derby College Group, the University of Derby, Loughborough College, and Loughborough University, with the aim to deliver a world class, research orientated, employer-led learning factory, founded on clean growth and digital delivery.
The EMIoT is working closely with global powerhouse employers, including Rolls-Royce, Uniper, Toyota, National Grid ESO, Alstom, Fujitsu, and Bloc Digital to ensure programmes deliver a workforce with the future ready skills.
Supported by Department of Education funding, the East Midlands Institute of Technology will be open in September 2024, with a college community of 2,000 learners by academic year 2027.The new facility as part of the EMIoT will be located at the front of the Stephenson building on the Roundhouse site in Derby.
Mandie Stravino OBE, CEO of Derby College Group (DCG), said: “By working together across the FE and HE sectors, the development of the IoT will broaden opportunities for both young people entering the world of work and adults looking to re-train or upskill mid-career. And the new facility at DCG will greatly aid this.
“It will also open up more accessible routes to higher education for students who may not have previously considered this route to expand their immediate and future career options.”
Planning has been secured and a workable budget has been supported subject to approval by the Department for Education.The works on site are scheduled to commence in August, subject to all approvals.
This development is in addition to the recently announced new automative training facilities.
Could you take home Excellence in Design at the East Midlands Bricks Awards 2023? Enter now!
Shining a light on the region’s property and construction industry, nominations will close on Thursday 31 August for the annual East Midlands Bricks Awards.
With 10 categories available to enter, the independent awards and publicity programme recognises development projects and people in commercial and public building across the region – from office, industrial and residential schemes, through to community projects such as leisure schemes and schools.
Amongst this year’s categories is Excellence in Design, which can be entered here.
The winner of this category will be the developer who has shown true originality in design excellence across a scheme or schemes over the last 12 months, whether this be aesthetically, functionally or in any other manner.
Last year the award was won by CPMG Architects, for the renovation of St. Peter’s Gate. Judges were “particularly impressed by the vision to create a workplace that ‘feels better’ – all whilst successfully bringing back to life a city-centre architecturally significant building that was lying vacant for some years before they took it on and made it their own.”
Runners up were Pick Everard for the Health and Allied Professions Centre at Nottingham Trent University, and Chevin Homes for Brookside Farm.
This year’s Excellence in Design award will be sponsored by Cawarden. Speaking with Business Link, William Crooks, Managing Director at Cawarden, said: “In our role as a specialist contractor, we work closely with clients to facilitate the development of new schemes and regeneration projects throughout the UK, including in Derby, our home city.
“We thrive on meeting complex challenges to pave the way for new structures to rise up and repurposing existing buildings to give them a new lease of life.
“So we are delighted to be back this year as a returning sponsor to the showcase of the region’s property and construction sector, The Bricks. The Excellence in Design award is an exciting opportunity to recognise the developers who have shown originality in design excellence and we’re thrilled to sponsor and judge this category once again.”
Winners will be revealed at a glittering awards ceremony on Thursday 28 September, at the Trent Bridge Cricket Ground – an evening also offering an opportunity to establish new connections with property and construction professionals from across the region.
Other award categories open for entry include: Most Active Estate Agent, Contractor of the Year, Responsible Business of the Year, Residential Development of the Year, Developer of the Year, Deal of the Year, Architects of the Year, Commercial Development of the Year, and Sustainable Development of the Year. All entry forms can be accessed here.
The Overall Winner award will also be presented at the event. This award cannot be entered, with the winner selected from those nominated. The Overall Winner of the East Midlands Bricks Awards 2023 will also receive a year of marketing/publicity worth £20,000.
To be held at:
Submit your nominations for Excellence in Design here before entries close on Thursday 31 August.
Winners will be revealed at a glittering awards ceremony on Thursday 28 September, at the Trent Bridge Cricket Ground – an evening also offering an opportunity to establish new connections with property and construction professionals from across the region.
Other award categories open for entry include: Most Active Estate Agent, Contractor of the Year, Responsible Business of the Year, Residential Development of the Year, Developer of the Year, Deal of the Year, Architects of the Year, Commercial Development of the Year, and Sustainable Development of the Year. All entry forms can be accessed here.
The Overall Winner award will also be presented at the event. This award cannot be entered, with the winner selected from those nominated. The Overall Winner of the East Midlands Bricks Awards 2023 will also receive a year of marketing/publicity worth £20,000.
Book your tickets now
Tickets can now be booked for the East Midlands Bricks Awards 2023 – click here to secure yours. The special awards evening and networking event will be held on Thursday 28 September 2023 in the Derek Randall Suite at the Trent Bridge Cricket Ground from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region, and hear from Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, our keynote speaker. Dress code is standard business attire. Thanks to our sponsors:
To be held at:
Training firm fuelled by investment from private equity house
Private equity house Key Capital Partners has completed a £6 million investment in Fuel Learning, a specialist in the provision of leadership and management training. The deal sees Key acquire a significant minority stake in the business.
Headquartered in Measham, Fuel’s 80-strong team delivers tailored leadership and management development programmes to clients within multiple sectors, including transport, retail, logistics and construction. Since 2009 Fuel has provided commercial leadership development and in 2017 became a member of the UK’s Register of Apprenticeship Training Providers (RoATP) to deliver apprenticeships through the UK Apprenticeship Levy scheme.
The investment was led for Key by Philip Duquenoy and Sandeep Banga. Key were advised by Ward Hadaway (Legal), Evelyn Partners (Financial and Tax), PMSI (Market analysis), RPL (Commercial), GB3 (Technology), AON (Insurance), RSM (Regulatory) and Stratton HR (Management). Fuel’s shareholders were advised by KBS (Corporate Finance) and DWF (Legal).
Partner, Philip Duquenoy said: “We are delighted to partner with Fuel. The team’s focus on quality of training and client satisfaction permeates throughout and is core to the business’s success.”
The highly experienced management team, led by Ian Prentice (CEO), Pete Hames (FD), Sarah Appleton (client services director), Karen Priestley (leadership development director) and Kate Baker (director of levy programmes), will remain in the business and will be supported by incoming non-executive chair, Paul Venables, who was formerly the CFO of Hays plc.
CEO, Ian Prentice says: “With their in-depth knowledge of the training sector, Key very quickly gained an understanding of our business model. They provide support at a very senior level, with highly experienced partners working closely with the business to help deliver our growth ambition.”
Mansfield manufacturer wins 16th Scottish contract for Morrison Construction
Mansfield-based Deanestor, the education fitout specialists, has been awarded its 16th contract for Morrison Construction in Scotland. The new project involves the provision of around 6,000 items of loose and fitted furniture for a primary school and community hub now under construction in Aberdeen.
This contract for Greyhope School and Community Hub follows the successful completion of Countesswells Primary School – Deanestor’s latest school fitout to be delivered for the same project team.
Both projects are for Aberdeen City Council, and are with main contractor Morrison Construction.
The new £18m Countesswells Primary School was handed over a month ahead of programme. Deanestor fitted out 74 rooms across the two-storey school, providing nearly 5,000 items of fitted and loose furniture. These included curved shelving, bag and shoe storage, learning walls, changing benches, seating, and storage solutions.
William Tonkinson, Managing Director of Deanestor, said: “We are delighted to be working on another school project with this award-winning construction team. It will create a truly inspirational learning environment for local children and invaluable community facilities. Our team did a fantastic job of delivering our contract at Countesswells and contributing to the early handover.”
Michael Black, construction manager at Morrison Construction, said: “Deanestor contributed to a very successful project at Countesswells. This new two-stream school was handed over defect-free four weeks early, which was a considerable achievement. The fitout went very well and we are looking forward to working with their team on the Greyhope School project, which is now underway.”
Martin Greig, Councillor and Education and Children’s Services Convener at Aberdeen City Council, said: “Deanestor has a great willingness to work collaboratively with us to inform the design process from both a cost-centred perspective and to ensure the required technical performance. The furniture is robust and will be easy to maintain. Following the success of this project, Greyhope School will follow an identical design theme.”
A spokesperson for the Aberdeen City Council Client Team working on the Greyhope School and Community Hub Project said: “Deanestor has been easy to work with and went the extra mile to achieve client results in creating excellent collaborative, interesting and functional spaces for the school and the community. We are looking forward to working with the Deanestor team once again.”
Greyhope School and Community Hub represents a £28m investment by Aberdeen City Council to provide a new primary school and a range of amenities for the local community.
Deanestor’s contract at Greyhope School is for the fitted furniture for 117 rooms which will be finished in graphite grey and white, and loose items supplied in a palette of bright colours. Items manufactured by Deanestor will include a trophy cabinet, tilt-top tables, worktops, desks, storage solutions, lockers, and teaching walls.
Microlise sees “solid trading” during its first half as revenue and profitability grow
Microlise Group, the Nottingham-based provider of transport technology solutions to fleet operators, has hailed “solid trading” during its first half, in line with management expectations.
In a half year update on trading for the six months to 30 June 2023, the businsss saw continued growth in revenue, recurring revenue, ARR and profitability.
The firm’s net cash at 30 June 2023 was £14.1m after a net cash spend of £2.86m on acquisitions during the period, including initial consideration of £1.86m for Vita Software and the final deferred consideration instalment of £1m in relation to the 2020 acquisition of Trutac.
Nadeem Raza, CEO, said: “We are very pleased with the performance of the group during H1, given the many challenges we have had to overcome. These have included supply chain issues and a shortage of new vehicles coming to market, both of which hampered our ability to deliver solutions, though not to secure sales, such that our order book is at a record level.
“We enter the second half in a strong position. With supply chains improving coupled with the expectation that vehicle deliveries will also improve in H2, the Board are confident in the group’s continued successful growth.”
As a result, revenue for the first half of the year is expected to show growth of 10% to £33.9m, up from £30.7m in the same period last year, with anticipated adjusted EBITDA growth of 4% to £4.5m, up from £4.3m.
Microlise’s main growth driver in the period was increased demand from OEM customers, contributing to ARR growth of 11%, of which 10.2% represented organic growth, to £44.8m.
New vehicle delays continued to slow down deliveries to direct customers resulting in an order backlog increase of 95%, which is expected to be delivered during the second half of the year as new vehicle lead times continue to improve.
The delays to delivery for direct customers, together with the investments made last year in product development, operations, and sales & marketing, impacted EBITDA margin in the first half, however this will normalise in H2 as the company delivers against its order book for direct sales.
New customer acquisition continued to be strong in the first half, with the group adding an additional 250 new customers, including Leeds-headquartered LF&E Refrigerated Transport, and Northern Ireland-based McCulla, both signing 6-year contracts.
Rail Forum and CECA Midlands working together to help rail sector grow
Two business organisations have reaffirmed an agreement to help companies in the rail sector benefit from more opportunities to grow.
The Civil Engineering Contractors Association (CECA) Midlands and Rail Forum have updated and refreshed their previous Memorandum of Understanding (MoU) originally established in 2019.
CECA Midlands represents dozens of companies in the civil engineering sector right across the region, offering a voice to the sector as well as a range of events and training opportunities to add value to each business.
Rail Forum is a national body, based in Derby, with over 360 members drawn from every aspect of the rail industry. It provides strong advocacy for the rail supply chain alongside a range of services including events and strategic priorities such as future talent, safety, innovation and exporting.
The two organisations will meet quarterly to identify opportunities for collaboration in areas that help members of both bodies and recognise the value of the rail industry supply chain.
Lorraine Gregory, regional director of CECA Midlands, said: “We are delighted to resign this MoU with the Rail Forum. The more we can work together, collaborate and present opportunities to our members, the greater the benefit.
“Ultimately, we are both here to help our members grow and by working together we want to ensure that this has a positive impact on the businesses we serve.”
Elaine Clark, Chief Executive of the Rail Forum, said: “We are delighted to renew our working relationship with CECA through an updated MoU. Working collaboratively is in our DNA and having a strong relationship with CECA just makes sense for us and our members.
“From wider sharing of knowledge and opportunities for members, to ensuring consistent messages to government; members of both organisations will benefit from our relationship.”
Harrison to transform key business areas at Burleigh Court Conference Centre and Hotel
Burleigh Court Conference Centre and Hotel, located on Loughborough University’s campus, has appointed full service 360 brand and design agency, Harrison, as strategic design partners.
The partnership will see Burleigh Court and Harrison work together to create revitalised communal spaces.
Harrison has developed a design which will create five distinct spaces, all showcasing and celebrating a unique part of the hotel and university’s entwined history:
- A new F&B space, fit-for-purpose extension, will have capacity to host up to 120 guests as a relaxed eating and drinking space.
- A modern and sleek conference suite, with the ability to host up to 220 people or be broken into up to five smaller, more intimate conference spaces.
- A new bar and ‘breakout’ area will be able to serve those using the conference suite.
- An innovative and stylish reception area.
- A link-street which will naturally guide guests from the reception area to the main bar.
Harrison is drawing on inspiration from the surrounding university, incorporating and weaving in design elements inspired by both today’s students alongside notable alumni, and injecting the venue with style directly influenced by the university’s past.
There is a particular focus on the Aeronautical and Automotive facilities, incorporating the university’s rich history of engineering into the design of the venue, alongside the School of Design and Creative Arts. Key design features include:
- As the university has a strong partnership with Rolls Royce, Harrison is looking to incorporate a recycled tornado fighter jet engine into the reception area and become a showpiece of the venue, catching the eye of guests and visitors.
- The hotel bar is centred around the idea that most aspects of engineering is based around circles (i.e., wheels, cogs, engines, etc.), including XL industrial doors which slide open and shut.
- Repurposing 3D print prototypes – such as curved cladding panels and architectural features – from a current project in the School of Civil and Building Engineering into the landscaping of the courtyard.
- Using artwork created by art graduate students to adorn the walls.
- Incorporating seemingly ‘normal’ pieces of furniture seeped in the university’s history, such as the old dean’s chair and ‘partners’ desk, where the dean and lecturers used to sit, are just some of the items included in the conference spaces.
- The university has an abundance of sculptures from notable artists dotted around the campus which serve as a direct source of inspiration for several elements of the refurbishment, including the metal screens for the F&B extension which are inspired by a sculpture sitting just outside the hotel’s boundary.
Dean Concannon, design director at Harrison, says: “Burleigh Court is truly uniquely positioned – no other space will have access to the talent, facilities, students, and alumni at Loughborough University that we can tap into today.
“What’s more, with so many students – both from across the UK and international – there is a real need for exceptional facilities which not only look fantastic but from a practical point of view, they need to be able to cope with incredibly high footfall in order to accommodate parents and guest, visiting faculty, host speakers, and more.
“As designers, we approach new projects with the ambition of being able to find a story, a narrative, a perspective which is unique to that space and potentially previously uncovered. We want there to be synergy across the whole hotel, as well as each space to have its own identity which works for its purpose. It’s no easy feat but one we’re incredibly passionate about.
“What is truly fantastic about working with Burleigh Court is the surrounding pool of young, fresh, exciting talent we can tap into and source pieces from. The students at Loughborough University are incredibly talented, and we’re honoured to be able to draw inspiration from them and showcase their skills, alongside drawing on inspirational alumni.
“Giving the future of art, design, and engineering, the opportunity to get involved and see their work on display and be part of history is exciting and prideful. It’s important to us that we recognise and honour the venue’s history and relationship with the university, and there’s no better way than to utilise the talent and local suppliers within close reach.”
Construction on the newly refurbished Burleigh Court is set to begin January 2024 and to be completed by late-summer 2024.
Development unlocking future of Ashby’s Royal Hotel approved
Plans to build 17 town houses in Ashby de la Zouch to help secure the future of the town’s Royal Hotel have been approved by North West Leicestershire District Council (NWLDC).
The planning application, by hotel owners Oakland Hotels Limited, was agreed by councillors at last week’s (20 July) Planning Committee meeting.
The development of town houses on land surrounding the hotel was approved to enable the repair and refurbishment of the Grade II* listed building, and to bring it back into use.
The Royal Hotel closed in 2018 due to financial pressures and the need for investment to bring the building up to modern standards and has stood empty while its owners worked out a viable plan.
The building on Station Road was included on Historic England’s 2021 Heritage at Risk Register. Officers from NWLDC have worked for several years with Oakland Hotels Limited to ensure the hotel is maintained and looked after while it is empty.
While a development of this type would not normally be approved under current planning policies, the proposals were given the green light under ‘enabling development’ rules to help secure the future of the Royal Hotel.
A Section 106 legal agreement will be included with the planning permission to make sure the repairs to the hotel are completed.
Oakland Hotels Limited is also selling the adjoining Bath Grounds land to Ashby Town Council, to help fund the renovation of the hotel and to ensure the open green space at the grounds is publicly available for future generations.
Councillor Richard Blunt, leader of NWLDC, said: “The Royal Hotel is a prominent heritage building in Ashby that is incredibly important to local people.
“We’ve worked closely with the owners over the years to safeguard the building, and planners have now agreed to a scheme that could ensure the Royal Hotel is soon restored and open to the public.”
Chris Smith, leader of Ashby de la Zouch Town Council, said: “The town council welcomes that the decision of the district council’s Planning Committee to approve the latest planning application from Oakland Hotels Ltd. has clarified the future of the Royal Hotel.
“The town council has played its part by ensuring monies received for the purchase of the Bath Grounds are spent on redevelopment of the hotel. It is now time for Oaklands Hotels Ltd. to proceed with the redevelopment as soon as possible to bring the former hotel back to life and re-establish it as a landmark, rather than as an eye-sore, of the town.”
Simon Dawson, director of Oakland Hotels Ltd., said: “The Directors of Oakland Hotels Limited, owners of The Royal Hotel in Ashby de la Zouch, are delighted by the decision of the NWLDC planning committee to grant permission for the development of the Royal Hotel site.
“This has been a complex and time-consuming application process and we would like to express our thanks to the planning officers, who have been extremely professional and diligent throughout.
“This decision allows us to now focus on renovating this important and iconic building and, together with our partners Condor Hotels, start to plan the reopening of the hotel as soon as possible.
“We remain committed to providing not only economic benefits to the local area, but a facility of which the people of Ashby can once again be proud.”
