‘It’s wonderful’, says Chesterfield woman named amongst UK’s most impressive businesswomen
Chesterfield business owner Lucinda White has been crowned one of the UK’s most impressive female entrepreneurs by Small Business Britain.
Lucinda, who founded Pure Awards, a boutique award writing and content agency in 2005 is being profiled among 100 inspirational female entrepreneurs from across the country, as part of the campaign to celebrate the multi-achievements of women running businesses in the UK.
She said: “I am thrilled to be recognised in this award and campaign for 2024. For the last three years I have had a client feature in the #IAlso 100 so it is really wonderful to be on the list for this year too. I am excited to get to know all the other wonderful female entrepreneurs in this community as the year unfolds. 2024 is going to be a fantastic year!”.
From AI companies to female-run tradeswoman platforms and sustainable fashion designers, the Small Business Britain f:Entrepreneur ‘#IAlso100’ line-up particularly showcases trailblazing female founders who lead purpose-driven businesses alongside a roster of other responsibilities, such as volunteering, mentoring and community support.
Lucinda was also called out for her success as a winning award writer, enabling businesses and entrepreneurs throughout the UK to benefit from hundreds of finalist positions and wins using her writing skills. She has also helped charities raise over £750,000 for good causes through grant applications and created content to showcase local and national brands. All of this whilst running a busy home and bringing up her two daughters with husband Matt.
Launched in 2017 by Small Business Britain – the leading champion of small businesses in the UK – the f:Entrepreneur campaign aims to raise greater awareness of the impact of incredible female business owners across the country, and help provide inspiration and role models to the wider small business community.
Leicester wealth management company sees growth despite “complex macroeconomic backdrop”
Revenue and pre-tax profits are on the rise at Mattioli Woods, the specialist wealth and asset management business, as demand increases for wealth management and financial planning advice driven by proposed pension and investment reforms, and market conditions.
According to interim results for the six months ended 30 November 2023, revenue was up 8% to £59.1m, in comparison to £54.9m in the same period of the year prior.
Meanwhile profit before tax grew 60% to £7.6m, up from £4.8m.
Ian Mattioli MBE, Chief Executive Officer, said: “The first six months of this financial year saw the Group deliver improved organic growth despite the complex macroeconomic backdrop that persisted throughout the period.
“Our priority remains the delivery of profitable organic growth and we are pleased to report further progress towards our medium-term strategic goals, with revenue of £59.1m up 8% on the equivalent period last year (1H23: £54.9m) driven by positive performance across our pensions advice and administration, employee benefits and investment management operating segments.
“The success of our new business initiatives, combined with our expanding product range and the strength of existing client referrals resulted in organic revenue growth of 4% despite a 0.4% reduction in the value of total client assets to £15.2bn.
“The Group’s improved organic growth resulted from a combination of clients’ demand for advice and proactive communication by advisers, with a 13% increase in the value of new clients on boarded in the first half versus the equivalent period last year.
“The Group’s strong, integrated business model facilitates multiple engagement points in providing a holistic service to our clients and to generate multiple revenue streams to facilitate future revenue growth.
“The combination of improved organic growth, positive contributions from recent acquisitions and continued cost management delivered 10% growth in adjusted EBITDA to £16.5m (1H23: £15.0m).
“Profit before tax was up 60% to £7.6m (1H23: £4.8m), in part due to reduced deferred consideration payments recognised as remuneration expense under IFRS 3 of £2.5m (1H23: £3.9m) and lower acquisition-related costs of £0.3m (1H23: £0.5m), while adjusted profit before tax was up 15% to £15.6m (1H23: £13.5m) after adding back acquisition-related costs, platform project costs, deferred consideration recognised as an expense and amortisation of acquired intangible assets of £4.2m (1H23: £3.9m).
“We believe the benefits of operating a responsibly integrated business allows us to secure great client outcomes while delivering strong, sustainable shareholder returns over the long term. The Board remains committed to a progressive dividend, while maintaining an appropriate level of dividend cover. Accordingly, the Board is pleased to announce an interim dividend of 9.0p per share (1H23: 8.8p) up 2.3%, demonstrating our desire to deliver value to shareholders.
“The first half of the financial year has seen the Group deliver a resilient trading performance against a complex macroeconomic backdrop. We plan to build on this position, advancing our key strategic initiatives: new business generation, investing in our adviser academy training programmes, developing our investment proposition, developing new products and services, reviewing our processes, and investing in technology to deliver operational efficiencies and growth through the integration of strategic acquisitions.
“Our trading outlook for the year remains in line with management’s expectations and we believe the Group remains well-positioned to take advantage of the growth opportunities in the UK wealth market and deliver sustainable returns for our stakeholders.”
Output volumes unchanged, while demand uncertainty and finance costs weigh on manufacturers’ investment plans
SME manufacturers reported unchanged output volumes for the second consecutive quarter in the three months to January, according to the CBI’s latest SME Trends survey. Total new orders fell slightly, with export orders down sharply. Firms expect new orders and output volumes to grow modestly over the next three months.
Growth in average costs accelerated in the quarter to January, ending six consecutive quarters of steadily easing cost pressures. Costs growth remained well above average. However, both domestic and export prices were unchanged through the quarter, implying a squeeze on profitability.
Against this background, investment intentions remain weak. SMEs plan to cut investment in buildings and plant & machinery over the year ahead. Around half of respondents cited demand uncertainty as a constraint on capital spending.
Concerns around the availability of finance have also risen (internal and external finance), while the share of SMEs reporting the cost of finance as a barrier to investment rose to its highest since the 1990s (excluding the early stages of the pandemic).
Investment in innovation is expected to be stable, while spending on training & retraining is expected to increase only slightly.
Ben Jones, CBI Lead Economist, said: “Sentiment among SME manufacturers was flat around the turn of the year. Faced with stagnant demand, ongoing pressure on costs, a tighter financing environment and enduring difficulties finding the skills they need, firms are taking a hard look at their overheads and plan to cut back investment over the year ahead.
“SME manufacturers nonetheless remain hopeful that activity will begin to revive in the coming months, after an exceptionally challenging 18 months. The Budget in early March provides an opportunity for the Chancellor to build on this sense of hope by taking further steps to firm up the foundations of future growth.
“Following the encouraging announcements around capital expensing in the Autumn, firms will be looking for measures that can help address labour and skills shortages. Expanding non-taxable health support for employees by making Employee Assistance Programs (EPAs) a fully tax-free benefit would go some way to alleviate this.
“Establishing a R&D tax credit scheme alongside a Net Zero Investment Plan would give business a competitive edge, supercharge investment in high-growth sectors and drive technology and innovation.”
The survey, based on the responses of 237 SME manufacturing firms, found:
- Business sentiment was unchanged in the three months to January after deteriorating sharply last quarter (balance of -2% from -17% in October). Export optimism also fell, at a slower pace than in the three months to October (-7% from -22% in October).
- Output volumes were broadly unchanged in the quarter to January (balance of +1% from +2% in October) but are expected to rise modestly over the next three months (+8%).
- Orders or sales were the most commonly cited factor likely to limit output in the next three months (65% from 64% in October).
- The share of firms citing a shortage of materials or components was broadly stable (25% from 26% in October).
- The share citing a shortage of skilled labour as a likely constraint on output fell (to 28% from 36% in October) but stands well above the long run average (18%).
- The share citing credit or finance as a likely limit on output was broadly unchanged through the quarter (11% from 9% in October, matching the joint highest figure since October 2009, excluding the pandemic period).
- Total new orders fell slightly in the three months to January (balance of -2% from +1% in October) and are expected to grow marginally in the next three months (+6%). Export orders fell sharply (-16% from 0% in October) and are expected to fall again in the next three months (-10%).
- Growth in average costs per unit of output accelerated in the quarter to January, ending six consecutive quarters of slowing cost growth (balance of +43% from +30% in October). Costs are expected to rise at a similar pace over the next three months (+41%).
- Domestic selling prices were unchanged (balance of +1%, from +7% in October). Export prices were also unchanged in the quarter (+3% from 0% in October). Domestic selling prices are expected to rise next quarter (+14%), and export selling prices are expected to remain unchanged (+3%).
- Numbers employed increased at a modest pace in the quarter to January (+8% from -7%). SMEs expect headcounts to be unchanged in the next three months (0%).
- Investment intentions for the year ahead were mixed. SME manufacturers expect to increase investment in training & retraining (+7% from +6%) and product & process innovation is expected to be unchanged (+2% from +3%). But investment in tangible assets such as buildings (-22%, unchanged from October) and plant & machinery (-12%, from -10%) is expected to fall.
- The main constraint on investment was uncertainty about demand (cited by 53% of firms), followed by labour shortages (24%). Financing constraints on investment have risen to multi-decade highs with the cost of finance (23%, its highest since January 1991, excluding the pandemic) and a shortage of internal finance (also 23%, at its highest since October 2013, again excluding the pandemic period) standing well above their long-run averages.
EMR urges HGV drivers to know their vehicle’s height after last year saw 54 bridge strikes across its network
East Midlands Railway (EMR) is urging drivers of Heavy Goods Vehicles (HGV), buses, and vans to fully understand the height of their vehicles after the railway operator was affected by 54 bridge strike incidents last year.
Bridge strikes, where vehicles collide with bridges, continue to be a significant and recurring problem across EMR’s network.
The operator has shared the top 10 most-hit bridges on its network in an effort to alert drivers to understand which structures regularly catch people out.
The list includes a bridge on Debdale Lane (A6075) in Mansfield – which has been hit 40 times in the last ten years – and other hotspots such as the bridge in Rothwell Road in Kettering and Matlock Road in South Wingfield.
Industry research has found that 43 per cent of HGV drivers admit to not measuring their vehicle before heading out on the road, and 52 per cent admit to not taking low bridges into account.
On average, each strike costs the UK taxpayer around £13,000 and in 2023 the top ten bridge strikes in EMR’s region led to 3,325 minutes of delays alone.
EMR is urging drivers to understand their vehicles’ height limits and guard against the causes of bridge strikes.
These causes include:
- Going off the line of route, including under diversion
- Operating ‘not in service’ and taking a shortcut
- Insufficient route knowledge returning a vehicle to the depot for maintenance
- Those normally drive a single-deck vehicle taking a double-deck vehicle on a single-deck route
Clowes Developments hand over £8m facility to Terinex Flexibles Ltd
Clowes Developments, together with lead contractor Roe Developments, have achieved practical completion at plot 10A, a 46,000 sq ft unit for Terinex Flexibles Ltd, an OGM Holdings Group company at Dove Valley Park, Foston.
Following an extensive fit out period, the new £8m facility will become the new home of Terinex Flexibles, a supplier of printed flexible packaging films and solutions used within the food, pet food and medical packaging industries.
The premises features production, warehousing and research and development facilities. The building also includes advanced sustainable energy systems to recover heat for re-use, and solar panels for generating power to operate the factory. OGM Holdings were keen from the outset to create one of the most sustainable, low carbon footprint, flexible packaging factories in the UK.
Marc Freeman, Director at Clowes Developments (UK) Ltd, added: “Clowes Developments are delighted to hand the building over to Terinex Flexibles who are now pressing on with their bespoke fit out. The group are currently constructing a further 270,000 sq ft across Dove Valley Park which will enhance the existing offering for perspective occupants.
“Dove Valley Park is a fantastic location for logistical enterprises, benefiting from easy access to the A50. The site continues to grow in popularity with occupiers creating valuable employment opportunities in South Derbyshire.”
Dove Valley Park Ltd, a subsidiary of Clowes Developments, has been developing the business park for a number of years and is already home to occupiers including Top Hat, JCB, Müller, Futaba Ltd and GXO.
Paul Wightman, Group Managing Director of the OGM Group, said: “Our new location for Terinex Flexibles will facilitate the further growth of our business and we are looking forward to adding to our team in South Derbyshire.
“The new site provides more than double the size of our existing factory and will accommodate new equipment, our expanding team and increased R&D capabilities to benefit our food, petfood and medical packaging customers. Reducing the environmental impact of industry in the UK is both a moral obligation and a business necessity.
“Our aspiration was to build the UK’s best flexible packaging factory with the lowest environmental footprint producing very high quality products, it’s great to see our vision come to life and we look forward to moving in once the fit out process is complete.”
Over a third of mid-sized businesses in UK unable to recruit apprentices
Over a third of mid-sized businesses in the UK would like to hire apprentices but do not have sufficient resources or guidance to do so, according to new data from accountancy and business advisory firm, BDO.
BDO’s bi-monthly survey of more than 500 mid-sized businesses reveals that almost a third (32%) of respondents want to hire more apprentices but the costs associated are too high, with the same number wanting more guidance on how to go about it.
The same number of respondents (32%) most want to see support from a future government to resolve staff or skills shortages including reform to the apprenticeship levy. This came as a higher priority than tax breaks and regulatory changes, demonstrating its importance to the businesses that sit at the heart of the UK’s economy.
Less than one in five respondents claim to regularly hire apprentices through the Apprenticeship Levy, with high costs (32%) and a lack of guidance (32%) cited as the main barriers to doing so.
Yet desire remains strong amongst businesses – a quarter of respondents said they would increase their hiring habits if they could work more closely with local schools and colleges in order to shape an apprenticeship programme.
Apprenticeship hiring levels vary significantly across the UK’s mid-market. Nearly double the number of respondents in the North West (33%) said they needed support with the skills gap, compared to their counterparts in London.
Other areas with a high number of businesses requiring additional funding and guidance to start hiring include the South West (42%) and East Midlands (40%), suggesting there remains some regional imbalance in opportunities to access training programmes.
Skills shortages remain a challenge for mid-sized businesses across the board, with almost a quarter (24%) citing that they cannot find people with the right skills because of the region they work in. This jumps to almost a third of businesses in the North West (33%) and the North East (31%).
In addition to regional cold spots, certain industries record significantly lower levels of understanding when it comes to the process of apprenticeship hiring. Almost two in five (38%) mid-market real estate companies claimed they would hire apprentices if they had more guidance on how to start a programme and 43% of technology and media companies, both high growth areas of the economy.
Richard Austin, partner at BDO, said: “As we celebrate National Apprenticeship week, the importance of apprentices to the economic growth of this country is not lost on anyone, least of all the businesses at the heart of our economy.
“These businesses are responsible for more than 8 million jobs, the equivalent of one in four across the UK and with the right level of targeted support, together we can help these businesses kick start their hiring; boosting the number of high quality opportunities on offer to our younger generations and providing the skills the UK so desperately needs.”
STEP’s first West Burton office opens
The UK Atomic Energy Authority (UKAEA) has opened its first office building at West Burton in Nottinghamshire to support the development of the UK’s prototype fusion energy plant, STEP (Spherical Tokamak for Energy Production).
The building was opened by a member of West Burton’s security team, Rebecca Parry, from Gainsborough, the third generation of Parry family to be employed at the site over the last six decades.
Speaking at the opening event, Rebecca Parry said: “I am very honoured to have been asked to officially open the first STEP building on site. In our family, West Burton is close to all our hearts.
“My grandfather, David Parry, would be extremely proud that our family were chosen to help celebrate the opening ceremony and in turn I’m so delighted that my daughter Erin can see what our family have achieved through the decades. I hope it inspires her for her future career.”
Rebecca was joined at West Burton by her five-year-old daughter, Erin, who attends a local primary school in Gainsborough, along with her father, John Parry, who worked in the control room as part of the operations team. Her grandfather, David Parry, helped to build the site in the 1960s.
Paul Methven, CEO of UK Industrial Fusion Solutions (UKIFS), the subsidiary of UKAEA Group being set up to lead delivery of STEP, said: “Today’s modest beginnings mark an important milestone for the STEP programme and delivery of a revolutionary new energy source that could be transformative for climate change in addition to creating thousands of jobs for the region.
“I would like to thank Rebecca and family for joining us today and for representing the many multi-generational families that have been part of West Burton’s past and present, and who will continue to be part of West Burton’s future.”
Members of local district councils from Bassetlaw and West Lindsey in addition to Nottinghamshire and Lincolnshire County Council joined Midlands Engine and EDF representatives to mark the occasion.
The temporary office building (330 sq. mt) will house the local STEP team and project staff as they work on the plans to deliver the prototype fusion energy plant, a first of its kind.
STEP is expected to pave the way to the commercialisation of fusion – based on the same process that powers the Sun – and the potential development of a fleet of future plants around the world.
New partnership to deliver 260 new suburban build-to-rent homes
Legal & General’s Suburban Build-to-Rent business (LGSBTR) and Miller Homes have joined forces to deliver 260 new Suburban Build-to-Rent homes in Northamptonshire.
The 260 homes are largely comprised of two- and three-bed houses featuring air-source heat pumps and solar panelling, with the first handover of units expected to take place in March 2024 and final handovers in Q3 2027.
The homes are part of masterplans which will provide not only new homes but also new community facilities, schools, and employment space, in well-connected locations.
LGSBTR is owned by Legal & General Capital (LGC), the alternative asset platform of Legal & General Group.
David Reid, Managing Director, Legal & General SBTR, said: “We’re delighted to begin a new strategic partnership with Miller Homes, simultaneously creating assets for our annuity division and other pension schemes and addressing the significant demand for quality rental housing across the UK.
“Now more than ever, we must deliver diverse residential offerings, to better accommodate the broad range of different households that exist in the market. This includes the provision of reliable, long-term rental options. At LGSBTR we are determined to meet that need with high-quality, well-managed, and thoughtfully designed properties to help people live healthy and happy lives.”
Benjamin Massey, Divisional Managing Director, Miller Homes, said: “This marks the start of an exciting long-term partnership. We are pleased to have agreed a deal with L&G to deliver 260 single-family, build-to-rent homes in Northamptonshire alongside our ongoing work to provide high quality homes in key regional markets across the UK.
“Moving forward, the inclusion of Build-to-Rent homes as part of our business model will allow us to continue to diversify our portfolio, whilst creating new opportunities for land acquisition and supporting our overall growth ambitions.”
Right Legal Group secures growth investment
Derby-based Right Legal Group, which provides will writing and probate legal services across the UK, has secured growth investment from Vespa Capital.
Established in 2014, Right Legal has supported over 30,000 clients through its RightWill service which provides a platform for people to preserve their financial assets and emotional wishes for future generations.
Right Legal has an ambitious growth strategy to invest in technology and product development, augmenting the team, further developing its training academy, and accelerating the organic growth plan through M&A.
Led by an experienced management team comprising of Carrie Caladine, CEO, and Mike Simpson, chief innovation officer, Right Legal’s 160 staff are passionate about providing tailored advice to its clients. Right Legal is also welcoming Derek Mapp who will join as chairman.
Derek has considerable experience as a CEO and chairman of technology-enabled service businesses and was introduced to Right Legal from Vespa Capital’s entrepreneur network. The Vespa Capital deal team included Nigel Hammond, Katya Hawrylak, Luke Burton and Keelin O’Sullivan.
Carrie Caladine, CEO of Right Legal, said: “We are absolutely delighted to be partnering with Vespa Capital. They have a strong track record in helping companies such as ours reach their growth potential and bring a wealth of knowledge and experience that will be invaluable as we commence the next part of our journey.
“Our team have worked so hard over the first 10 years to establish our first-rate service and business model, and we look forward to building on the strong foundations and helping many more clients to preserve their legacies.”
Luke Burton, investment director at Vespa Capital, said: “Carrie, Mike, and the broader team at Right Legal have built a quality-leading, innovative, and differentiated leader in the will writing and probate sector.
“From our first interaction we were continually impressed by Right Legal’s expertise and high standards, their professionalism, and their drive to disrupt and innovate for the benefit of their customers.
“We are excited to support Right Legal’s ambitions by backing their growth strategy and investing in their team, technology, and product development to continue to deliver high-quality customer service.”
Right Legal’s shareholders were advised by Arrowpoint Advisory, Geldards LLP, Mazars LLP and Fairgrove Partners.
Vespa Capital was advised by Squire Patton Boggs, Grant Thornton, CISOselect, Continuum and Lockton UK.
Businessman who went on the run sentenced to four years in prison
A Leicester businessman who was last year found guilty of selling fraudulent franchise licences to victims across the UK and who went on the run before the trial, has been sentenced to four years in prison and banned from being a company director for 15 years.
Nazir Abdul Rashid Daud, formerly of Landseer Road, Leicester, was previously found guilty on three counts under the Fraud Act 2006 in relation to false representations made between 2015 and 2018 and a further charge of fraudulent trading under the Companies Act 2006, and was convicted in his absence at Leicester Crown Court on 2 December 2022.
He had gone on the run before the trial, and was arrested on 25 October 2023 and remanded to prison to await sentencing.
He appeared at Leicester Crown Court on Wednesday 31 January, where Judge Ebrahim Mooncey imposed the four-year prison sentence as well as ordering Mr Daud to pay prosecution costs of £30,046.
His company, Payrolls Direct Ltd, was fined £973,000.
The prosecution was brought following an investigation by Leicestershire County Council Trading Standards Service, which received statements from 18 victims.
The court heard that Mr Daud was the sole director of Payrolls Direct Limited, which he set up in 2014. Mr Daud had advertised franchise licences for a new cloud-based payrolls system, which he was selling for between £5,995 and £9,995.
Franchisees would sign up clients, process payroll for each employee of the company they signed up, and Payrolls Direct would take 20 per cent of the fee, with the franchisee keeping the rest.
Mr Daud claimed that buying a franchise licence would allow people to earn between £250 and £2,000 per month, depending on how much time they put into the business and how many clients they signed up. Advertising for Payrolls Direct also promised franchisees initial training, ongoing unlimited support, marketing materials and networking opportunities with successful franchisees.
But the court heard that statements from 18 franchisees who spoke to Trading Standards during the investigation revealed that only one was able to sign up any clients, and as the promised unlimited help, support and training was never provided, the franchisees were unable to use the payrolls system, leading to the contract with the clients being terminated.
In all, the cash value of the fraud was put at more than £320,000, with witnesses describing further ‘out of pocket’ losses, including thousands of pounds spent on advertising and months of work spent fruitlessly working to gain clients.
Harpreet Giani, representing Mr Daud, said that Payrolls Direct was originally conceived as a legitimate company, but it spiralled out of control.
He said: “Mr Daud wants to come clean now. He understands he’s probably going to receive a long prison sentence.”
Passing sentence, the judge said: “A lot of people had dreams of making it work. They invested a lot of time and made decisions that affected their families. It wasn’t just a monetary value.”
Mr Daud’s co-defendant Anthony Raybould was previously sentenced to 22 months imprisonment, suspended for two years, after he pleaded guilty to the offences when he appeared at Leicester Crown Court in December 2022.
Gary Connors, head of Leicestershire Trading Standards, said: “This form of fraud provides a quick financial return for the perpetrators, leaving the victims in financial and emotional turmoil.
“The franchise sector is heavily reliant on trust rather than regulatory controls and by nature potential new entrepreneurs must be persuaded to make a significant ‘down payment’ for the promise of financial success.
“These are often complex and resource intensive investigations, but the legitimate UK franchise industry is a major contributor to the UK economy and must not be undermined by this form of fraud operating within the sector.”
