Nottingham biotech firm raises further £1.1m
NuVision – a Nottingham-based company with a product that speeds up healing of eye conditions – has raised a further £1.1m investment.
The funding has come from existing investors including the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds, Pioneer Group (formerly the BioCity Group), the University of Nottingham and private investors. It will enable NuVision to accelerate the development of its first two products in advance of a Series A investment in the next 12 months.
NuVision’s wound dressings are manufactured from amniotic membrane, the sac that surrounds babies in the womb, and are used to aid the regeneration and healing of the eye’s surface. Its first product, Omnigen, is already approved for treatment on the NHS and is used in hospitals and private clinics in the UK and overseas.
Omnigen may be applied in the operating theatre or, when used in combination with the company’s bespoke bandage contact lens, OmniLenz, in the outpatient department or clinic. This enables patients to benefit from amniotic membrane without having to undergo surgery and can enable treatment at an earlier stage in the development of their condition.
Omnigen is a dry, room-temperature stable product that rehydrates on contact with natural moisture from the eye.
NuVision was founded in 2015 by Dr Andy Hopkinson based on his research at the University of Nottingham. The latest funding round brings the total raised by the company to over £5m.
Andy Hill, CEO of NuVision, said: “We are delighted to receive further support from our existing investors. This investment round is an endorsement of our innovative new therapies for ocular care and our commitment to developing rapid and accessible treatment for ocular injury. The next stage of development is the scaling of our commercial and operational capabilities ahead of a planned Series A round in late 2023 or early 2024.”
Mercia first invested in the company in 2015.
Hannah Tapsell, investment manager at Mercia Asset Management, said: “Amniotic membrane has been used in healing for almost a century. NuVision’s unique cutting-edge biotherapy harnesses the benefits but in a format that makes it far more powerful and effective. Its product is already in hospitals in the UK and there is scope to expand its use to other conditions. The funding will enable NuVision to continue the good work and roll it out internationally so more patients can reap the benefits.”
Pioneer, which operates the BioCity Nottingham site where NuVision is based, has a long-standing collaboration with the company, having previously provided it with seed funding and tailored accelerator support.
Dr. Glenn Crocker, executive director of venture capital investments at Pioneer Group, said: “Our follow-on investment in NuVision reflects the quality of the company and its steady growth journey. We have been impressed by its uniquely innovative approach to treating ocular surface disease in a natural way. We are also confident that NuVision’s effective solutions for regenerating and healing the eye surface have the potential to become real game-changers in ocular care.”
Dr. Alice MacGowan, life science executive, Nottingham Technology Ventures, said: “The science underpinning NuVision’s technology was developed at the University of Nottingham, and we are very proud to see the ongoing patient benefit stemming from that research. The University co-invested in the recent round, demonstrating its confidence in NuVision’s team, plans for scale, and, above all, the treatment approach.”
Local pharmacy investment acquisition is just what the doctor ordered
A Northamptonshire shop let to a national pharmacy chain has exchanged hands in a deal brokered by commercial property consultancy Kirkby Diamond.
The freehold retail unit, in a prime town centre location at Watling Street, Towcester, has been acquired by a longstanding private investor client for an undisclosed sum. Lloyds Pharmacy occupies the 3,823 sq ft property on a six-year lease from December 2021.
Mark Hannam, partner and head of professional services at Kirkby Diamond, said: “We were instructed by a longstanding client, a private investor, to identify and acquire a prime town centre retail investment.
“We were very pleased to complete the deal on our client’s behalf, providing the full service from identifying suitable investments that fit the client’s criteria and securing the investment following a competitive bidding scenario.
“We are now undertaking the ongoing property management to ensure the asset value is maintained whilst looking at ways to add value.”
The property is a three-storey, mid terrace building. It has a ground floor retail unit with ancillary storage on the first and second floors.
Phenna Group snaps up Sayvol
Nottingham-headquartered Phenna Group, which aims to invest in and partner with selected niche, independent Testing, Inspection, Certification and Compliance (TICC), and Environment, Social & Governance (ESG) companies, has acquired Sayvol.
Formed in 2002, Sayvol has quickly established itself as a market leading provider of water compliance services to landmark buildings in London and across the UK.
Based out of Kettering and with offices in London Nutley, East Sussex and Stoke on Trent, the business employs over 60 experts delivering a range of water hygiene, treatment, inspection and Legionella risk based consultancy services.
Les White, Managing Director, said: “We are delighted to be joining Phenna Group. Since being introduced to the Phenna Team, they have been easy to deal with, acting with integrity throughout. That has only served to increase our confidence, that in Phenna Group we have selected the right partner to help us achieve our ambitious growth plans, well into the future.”
Paul Barry, Group CEO of Phenna Group, said: “Since our first discussions with Les and Martin, I’ve been very impressed with their no nonsense approach and their ambitious plans for their business. I’m really excited the Sayvol team will be joining Phenna Group.
“Their experienced team and their range of services will be highly complementary to those currently offered from our Built Environment Division. This deal really augments our platform, adds breadth to our current service offering. I’m really looking forward to welcoming Les, Martin and their team into our Group.”
Phenna Group were advised by Johnston Carmichael and Avonhurst. Sayvol were advised by Premier Corporate Finance, Knights plc and Meadows.
Revenue and profits jump at Ibstock
Ibstock has hailed a strong trading performance for the year ended 31 December 2022, with both revenue and profit materially ahead of both the prior year and pre-pandemic comparators.
The manufacturer of clay bricks and concrete products and solutions has posted revenue of £513m, up from £409m in 2021, while pre-tax profits rose to £105m from £65m.Joe Hudson, Chief Executive Officer, said: “These strong results reflect our continued focus on commercial and operational execution, which has enabled the Group to deliver significant growth and improved returns despite a challenging backdrop.
“Revenue and profit were materially ahead of both the prior year and pre-pandemic levels, reflecting the strategic progress we have made over the last five years, with the development of a high quality, lower cost and highly efficient asset base allied to the strength of our market positions.
“We have faced into the challenges of recent years to emerge as a more diverse, higher quality business, with a strong management team and a clear strategy focused on value creation in the years ahead.
“As we face another period of uncertainty, we will draw on this experience to optimise our performance in the short term, while continuing to invest in, and diversify, the business to ensure we remain well placed to deliver on our medium-term targets.
“Activity in the early weeks of 2023 has continued to reflect the more subdued demand environment experienced towards the end of last year, although we anticipate this to improve as the year progresses.
“With the strong strategic platform we now have in place, I am confident both in our ability to respond effectively to conditions this year, and to achieve significant growth over the medium-term.”
Losses escalate at Leicester City Football Club
After “a year of continued investment” losses have widened significantly at Leicester City Football Club.
According to financial results for the year ending 31 May 2022, in retaining the Club’s primary playing assets while making further significant investments in player acquisitions and salaries, the Foxes’ pre-tax losses grew to £92.5m from £31.2m in the prior year.
The return of supporters to stadiums, an eighth-placed Premier League finish and a run to Leicester City’s first European semi-final in the UEFA Europa Conference League together generated a revenue figure of £214.6m for the year.
This is a drop in revenue compared to 2021’s £226.2m which is said to be principally due to the reversal of accounting timing differences in the recognition of revenue relating to the COVID-delayed 2019/20 season, whereby 20 per cent (£32.9m) of revenue from the 2019/20 season was recognised in the 2020/21 financial year.
Underlying revenue rose, with an upturn in UEFA revenue (£21.5m from £13.7m) and gate receipts increasing to £21m from £0.5m as supporters returned to stadiums. The increase in revenue was partially offset, however, by a reduction of £6m in Premier League revenue for 2021/22 compared with the previous year due to a lower finishing position.
Season 21/22 was the Club’s second season operating at professional level in the women’s game. Additional investments were made into both the playing squad and the facilities at Belvoir Drive to further professionalise the women’s and girls’ football operation. The Club’s first FA Women’s Super League season ended with top-flight status secure.
Following the successful development of the Club’s world-class training facility in Seagrave, north Leicestershire, the Club is currently finalising agreements with Leicester City Council in order to obtain a formal grant of planning permission for the expansion of King Power Stadium and the development of its wider site (following the Council planning committee’s unanimous approval of the Club’s planning application in September 2022) – a long-term project that will further enhance and diversify the Club’s revenue generation capability.
Leicester City Chief Executive Susan Whelan said: “Under 12 years of King Power ownership, we have consistently sought to invest in the Club’s future and to build from established positions of strength.
“King Power’s unwavering support of the Club provides a secure position from which to capitalise on our opportunities. However, in order to remain compliant with the game’s regulations both domestically and in Europe – where we aim to compete regularly – our ongoing investment strategy must continue to reflect our underlying revenue progression.
“Our long-term ambition is to achieve this through on-pitch success, the commercial growth that comes with it and through the expansion of our stadium and the development of the associated masterplan.
“In the shorter term, as we look to continue to compete with more established opponents, profits from player trading and continued successful recruitment will continue to feature prominently in our strategy. This approach has served us well in the past, bolstering our capability to keep investing in the growth of the Club and forming a cornerstone of the most successful era in Leicester City’s history.
“Everyone at the Club remains committed to the ongoing and responsible establishment of Leicester City as a consistently competitive force in the game’s leading competitions and a powerful force for good in our communities.”
Leicestershire County Cricket Club reveal major redevelopment plans
Leicestershire County Cricket Club has entered into consultation with developers, stakeholders and the community after announcing intentions for a £60m redevelopment of Uptonsteel County Ground.
The club has been working extensively with architects, research consultants and financial bodies to produce design specifications that have the scope to transform the existing stadium and create new facilities for the surrounding community.
Chief Executive Sean Jarvis has revealed that among the options being explored are the development of residential homes, healthcare and retail options. The launch of an Academy of Cricket campus, that could host a wide range of academic activities including the world’s first MBA in cricket management, also forms part of the long-term vision for the project.
The club is currently in talks with a number of interested stakeholders who are eager to get the plans up and running and a local residents’ group has been formed. The group has attended an initial forum to ensure those who live nearby can be fully involved in the process.
Mr Jarvis said: “This is something we have been working on for some considerable time alongside research consultants who have presented us with a number of viable options. It is now a case of putting more ‘meat on the bones’ on the proposals and we will therefore be holding talks with a wide range of interested stakeholders. Our intention is to consult with the community along every step of this journey.
“We need to generate new revenue streams if we wish for the club to develop, and the progression of these plans will not only guarantee a bright future for the club, but also for the local community who will benefit hugely from this investment.”
News of the investment project has been warmly welcomed by Leicester City Mayor Sir Peter Soulsby, who said: “Leicester is rightly proud of its sporting institutions. Our city has already benefited from the Tigers’ redevelopment of their Welford Road site, and we are looking forward to LCFC taking forward their ambitious plans very soon.
“I welcome the cricket club’s announcement and their plans to bring wider benefits to the local community, including new academic programmes with the potential to put Leicestershire on the international stage.”
It has also received the backing of supporters with John Stew, Chairman & Secretary of Friends of Grace Road, a volunteer-run supporters club, saying: “This is exciting news, and we look forward to being involved in the process to make our club financially sustainable. This could create a real legacy for Leicestershire County Cricket Club and hopefully inspire greater success on the field.”
Results ahead of expectations as Breedon posts another record year
Breedon Group, the construction materials group, has hailed another record year.
In audited annual results for the year ended 31 December 2022, revenue at the business increased 13% to almost £1.4bn, while pre-tax profits were up 19% to £135.8m.
The news came as Breedon revealed plans to move to the Main Market of the London Stock Exchange, which it says is “a reflection of [its] scale, maturity and growth ambitions.”
The directors believe this would enhance Breedon’s corporate profile and recognition, as well as extending the opportunity to invest in the group to index tracker funds and a broader group of international institutional shareholders.
Admission is expected to occur during the second quarter of this year.
Rob Wood, Chief Executive Officer, said: “2022 was another record year. Each division progressed and we made meaningful headway on our growth strategy, expanding organically, acquiring strategically important assets, and moving our sustainability agenda forward.
“We grew sustainably through replenishing and optimising our mineral assets, investing in our colleague’s safety and wellbeing, and reducing our carbon footprint while maintaining a secure financial position. We have a mineral pipeline in excess of 100 million tonnes, we achieved the highest substitution of fossil fuels at our cement plants in our history, and we invested for growth while still reducing our leverage.
“In recent years our local and entrepreneurial operating model has been tried and tested, keeping our people safe while growing high-quality earnings, and maintaining a strong balance sheet. Despite the uncertain economic and geopolitical landscape, 2023 has begun positively and we are in a strong position. We will continue to supply essential materials to growing end-markets, and we remain confident in our ability to deliver.”
On the move to the Main Market of the London Stock Exchange, Amit Bhatia, non-executive chairman of Breedon, said: “Being a member of AIM has served us well. For over a decade the AIM market provided us with access to diverse and engaged investors, within a supportive community that understands the needs of entrepreneurial businesses such as Breedon and we thank them wholeheartedly for their support.
“As an established business, with a track record for growth and value creation, we believe the Main Market now offers the appropriate listing for a company of our scale and heritage and, subject to the required approvals, look forward to our future as a member of the Official List.”
EV charging infrastructure specialist moves into Chesterfield office development
An EV charging infrastructure specialist has moved into a grade A office development in Chesterfield, as it strives to become the UK’s largest EV charging service provider.
ChargedEV works with a range of market-leading key partners in the lease, fleet, and property sectors to support them with the rollout of charging infrastructure.
The firm has installed over 35,000 domestic and 2,000 commercial EV charge points nationwide and continues to win new flagship partnerships that drive the business forward.
Mark Pymm, founder and Managing Director at ChargedEV, said: “We have been trading in Chesterfield for 9 years but have seen significant growth over the last 18 months and the new office space at The HQ will give us a solid foundation to continue our growth, recruit and develop local people, and ultimately take our business to the next level allowing us the space to create over 100 positions across a range of roles over the next two years.
“Chesterfield has been a great location for ChargedEV as a central hub for our Nationwide operations, with great connectivity and transport links.
“I personally look forward to becoming more integrated into Chesterfield’s business community which appears to be thriving and lend my support and experience to ensure Chesterfield can be a pioneering town in the electric revolution.”
Last year, The HQ underwent a £1.25m refurbishment to modernise the office space and create an inspiring place for local businesses to thrive.
Rowland Hill House, formerly the Royal Mail offices on Boythorpe Road, is now a vibrant, efficient and high-quality facility used and enjoyed by a number of businesses. FI Real Estate Management upgraded the existing building to Grade A office space, with the option to split the space to accommodate tenants’ requirements and the demand for new ways of working.
The HQ has been specifically designed as a solution to modern ways of working, offering flexible spaces from 400 sq ft up to 60,331 sq ft across four floors.
A spokesperson for FI Real Estate Management said: “We’re looking forward to welcoming ChargedEV and introducing them to the diverse range of businesses working at The HQ.
“We provide bespoke packages so local and regional businesses can benefit from first-class office environments tailored to meet their specific needs and requirements, without compromising on efficiency.
“Offering tenants the opportunity to network with other businesses in the building creates a sense of community that we are extremely proud of and this is only growing with further demand for The HQ.
“Chesterfield is an up-and-coming Northern business hub with many fantastic local businesses thriving in the area. It is a privilege to sit amongst other investments such as Waterside, Northern Gateway Enterprise Centre and the Glass Yard, bringing a new standard of living and working to the town.
“We enjoy working and doing business in Chesterfield as we can appreciate first-hand the benefit it provides to the local community.”
Three women trailblazers from East Midlands win national award and £50,000 each
From VR training tools for drivers to reduce road traffic deaths to children’s prosthetic limbs that grow with them, Innovate UK’s Women in Innovation Awards will empower three pioneering women from the East Midlands to scale their innovative businesses.
These three women entrepreneurs are amongst this year’s 50 winners of Innovate UK’s Women in Innovation Awards who are developing novel solutions to major social, environmental and economic challenges. Each winner will benefit from a £50,000 grant, one-to-one business coaching, and a suite of networking, role modelling, and training opportunities.
Coinciding with International Women’s Day (Wednesday 8 March), the Awards reflect the government’s ambition to give more support to women innovators and business leaders.
The range of innovations from across the UK are vast, from health tech to education and from protecting lives to new ways to play music. The entrepreneurs from East Midlands are recognised today on International Women’s Day which is encouraging people to “embrace equity.” They are:
- Dr Victoria Kroll from Nottingham, who is determined to decrease road traffic deaths in the UK each year, has founded Esitu Solutions, designing driver assessment and VR training tools. The idea, based on a decade of scientific research, is to identify drivers who are more at risk of collision through a driver profiling system and provide tools to improve their skills and reduce these chances.
- Kate Allan from Loughborough, founder of ExpHand Prosthetics, who was inspired after meeting a young girl who needed a prosthesis to design a lightweight, adjustable, affordable and colourful prosthetic that grows with the user, encouraging children to use prostheses and with confidence.
- Miriam Silver, from Matlock, who founded BERRI, a digital toolset for parents who are concerned about their child’s mental health and are unable to access the support they need. BERRI can identify, track, and support the psychological needs of children (aged between 4 – 21 years), and provides individualised reports to advise their carers.
East Midlands named one of the most improved regions in PwC’s latest Women in Work Index
The East Midlands has seen improvements in its share of employed women in full time roles, increasing from 59% to 61% in 2021, according to this year’s Women in Work Index.
Subsequently, the region has seen a significant narrowing of its gender pay gap from 19% to 16%. The annual PwC report analyses female economic empowerment across 33 OECD countries and was first launched in 2010.
The East Midlands had one of the most improved performances in 2021, moving from 7th place to 4th. The participation rate gap between men and women also narrowed from 9% in 2020 to 6% in 2021. However, the female labour force participation rate did not change over this time, suggesting that the gap narrowed as a result of men’s participation rate falling as opposed to progress in female participation.
Alex Hudson, market senior partner for PwC East Midlands, said: “It is pleasing to see an increase in the employment of women in full time roles and the narrowing of the gender pay gap in the East Midlands.
“Having gender diversity in the workplace provides real business benefits and the East Midlands has improved across every indicator this year. That said, we still have work to do, locally and nationally, to address some of the core barriers for women in work, including childcare provisions and the cost-of-living crisis.
“It’s key that investment into skills continues as an important way to address inequality, creating inclusive workplaces and equal opportunities for women from all social backgrounds. For example, PwC in the Midlands supports the Tech She Can programme, developed to encourage and empower more women into technology careers.
“As the Government continues to push the levelling up agenda and the Treasury considers expanding free childcare hours in England, businesses and local governments must work together to create more opportunities for women in the workplace.”
