Nottingham Forest FC has been charged with a breach of the Premier League’s Profitability and Sustainability Rules (PSR).
This is as a result of sustaining losses above the permitted thresholds for the assessment period ending Season 2022/23.
In accordance with Premier League Rules, the case has now been referred to the chair of the Judicial Panel, who will appoint Commissions to determine the appropriate sanction.
Commissions are independent of the Premier League and member clubs. The proceedings are heard in private with the Commissions’ final decisions made public on the Premier League’s website.
A statement from the club said: “Nottingham Forest acknowledges the statement from the Premier League confirming that the club has today been charged with a breach of the league’s Profitability and Sustainability Rules.
“The club intends to continue to cooperate fully with the Premier League on this matter and are confident of a speedy and fair resolution.”
Over 100 property executives have already registered for the upcoming Leicester & Leicestershire Property & Construction event on March 6.
This gathering promises an afternoon of valuable networking, knowledge sharing, and in-depth exploration of the regeneration landscape across Leicester and Leicestershire.
This event spotlights the region’s offerings for businesses seeking to expand and thrive, with a particular focus on the transformative potential of the East Midlands Freeport.
Tom Newman-Taylor, Chief Executive of the East Midlands Freeport, will highlight its progress so far and articulate the significant advantages for the region, delivering tens of thousands of skilled jobs, providing the ability to attract global investment.
James Arnold, Strategic Director of Place at North West Leicestershire District Council, will showcase how their exceptional road, air, and rail infrastructure has fuelled significant investment, highlighting specific examples of successful projects that have driven economic growth and regeneration. He will also unveil North West Leicestershire’s ambitious strategic growth plan for the future, outlining their vision for continued progress.
Matt Hall, National Director at the multi-disciplinary consultancy firm Pick Everard, said: “As a firm with over 150 years of investment in Leicester and Leicestershire, Pick Everard is proud to support events like this that foster crucial collaboration in the property and construction industry. This kind of engagement will only benefit the region, driving growth and success for all businesses involved.”
Rob McGuinn, Chairman of Team Leicester, said: “Born from a passion for our region’s property sector, Team Leicester aims to champion its potential and spread positive messages about investment opportunities. The overwhelming interest in this event, focused on supporting regeneration across Leicester and Leicestershire, is truly inspiring.
“This lunch represents a fantastic opportunity for collaboration, allowing us to translate that passion into concrete action and shape a vibrant future for our city and county.”
The event will be held at the City Rooms in Leicester City Centre on Wednesday 6 March and welcomes Glenfield Electrical as an associate sponsor. Tickets can be booked here.
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead. It has become something of a tradition, given that we’ve been doing this now for over 30 years.Here we speak to Michael Vaughan, director of foreign exchange company, Swift FX.
With the UK avoiding recession and inflation going in the right direction there has been some positivity to end 2023.
Natural gas prices, which spiked after Russia’s invasion of Ukraine, have dropped, aiding a fall in UK inflation. With the US being a net exporter of gas, a rise in the gas price supports the value of the US dollar, one of the reasons it has been so strong for much of 2023. With gas prices falling, the US dollar has corrected against some currencies including the pound. The failing of some US banks in 2023 has also reduced confidence in the US economy cooling demand for dollars.
My expectation for the pound vs US dollar heading into 2024 would be for these trends to continue. I would hope to see 1.30 tested by the end of Q1, but should inflation continue to fall and the Bank of England cuts interest rates, I could see a correction for the pound towards 1.25.
Looking at the pound vs the euro, this is more stable. As with other central banks, the European Central Bank (ECB) has targeted inflation. This narrative was challenged with news that eurozone inflation tumbled in November, dropping to 2.4%. Markets have priced in a first interest rate cut in April whereas the BofE is unlikely to act until Q2. This should result in a positive start for the pound in 2024 and I would hope to see 1.18 with rates adjusting to 1.15 in Q2.
Lincolnshire-based commercial design and fit specialist APSS has completed a luxury private dining and games lounge as part of the final phase of a £3 million refurbishment to the main building at Bainland Lodge Retreats.
The rural retreat improvements included transforming an existing area into a private dining room and a snug, plus designing and installing a mezzanine floor to create additional space for a games lounge.
As part of ‘The Garden Room’ dining scheme the team created new walls, floors, a double-height ceiling and large glass exterior. The room features bespoke joinery to providing a little extra luxury for guests. This includes a new servery station with copper worktop, large 24-person dining table and credenza media unit. Acoustic partition walls were installed to ensure guests have privacy in the intimate dining area.
Refurbished games lounge at Bainland Lodge Retreats with a pool table
In the games lounge the ceilings, walls and floors were constructed with acoustics in mind. The space was fitted with a pool table and an interactive dart board.
In the snug they installed traditional Georgian style panelling, a media unit along with the client’s upholstered designer furniture.
All three new areas have ‘call for service’ buzzers installed.
The finalised snug featuring the Georgian panelling delivered by APSS
John Bysouth, Senior Project Manager, said: “The ability for guests to continue to enjoy their stay at the luxury lodges without being disturbed whilst work was carried out was crucial. APSS was able to install an acoustic wall to significantly reduce the noise of any works going on so that Bainland customers would hardly notice we were there.
“We have enjoyed working closely with Bainland Lodge Retreats to transform its space into a luxury dining and entertainment environment for their customers to create unforgettable experiences with friends and family.”
Nick Rouse, Finance and Operations Director from Bainland, said: “It has been a pleasure to work with the APSS team. We appreciate their friendly patient approach to undertaking the challenge of a build project on a fully operational holiday park. They provided expertise and sound advice on how to move the project forward and delivered a successful stunning final product.
“These guys are professionals – that’s why we have engaged them on other major projects at Bainland for completion in 2024.”
An award-winning producer of black puddings has been acquired by a Buxton artisan speciality food group.
Panicium has acquired The Bury Black Pudding Company (BBP) for an undisclosed sum.
The deal follows Panicium’s acquisitions of handmade cakes and biscuits producer Margaret Hall and specialist potted meats and spreads manufacturer Binghams Food in 2018 and 2021 respectively.
A multi-disciplinary team at HURST advised on the acquisition. Lauren Roberts and Danielle Tierney of HURST Corporate Finance and HURST tax partner Liz Gallagher advised BBP, and Ben Bradley and Isabelle Bennett of HURST Corporate Finance provided M&A and debt advisory expertise.
Ben said: “This is another fantastic deal for Panicium which enables the previous owners of The Bury Black Pudding Company to de-risk, and provides the business with lots of growth opportunities under new ownership.
“I look forward to seeing The Bury Black Pudding Company and Panicium go from strength to strength, with further acquisitions in the pipeline.”
BBP, founded by Managing Director Debbie Pierce, has expanded into a business with turnover of £11.5m, employing 122 staff operating from a 25,400 sq ft factory in Bury.
Graham Norfolk, one of Panicium’s founding directors, said it remains business as usual for BBP and its workforce, adding that the group would invest to further grow the newly-acquired company and build on its strong foundations by introducing new product ranges, increasing its market share and expanding and developing customer relationships.
Debbie and production director Richard Morris remain in their roles and join Panicium’s senior management team following the acquisition.
Debbie said: “Having steadily grown our sales and developed new business, Richard and I decided that it was time to start the next phase of business growth through becoming part of a group that is committed to the quality of its products and maintaining the family values of which we are so proud.
“BBP is poised for step-change growth and will benefit from investment and market extension available through the Panicium group.
“Our product range is complementary to the Panicium strategy and we share a number of routes to market. Ultimately, our products are consumed by people who love artisan, quality food. We look forward to working with the Panicium team to develop the group’s position as a leading supplier of quality foods.”
Graham Norfolk said: “The Bury Black Pudding Company makes artisan, high-quality, delicious products with a distinctive brand, and complements Panicium’s strategy of acquiring companies in the UK artisan food sector to develop a portfolio of brands characterised by their hand-made, high-quality nature with a distinctly regional identity.”
Project management and property consultancy company Capital and Provincial has been sold to Bellrock Group.
Established in 2010, Capital and Provincial provides client-focused and results-led project management, quantity surveying and property consulting services to a wide client base, from international corporations to developers and individuals across the UK and Europe.
The company has a team of more than 20 consultants at its offices in Farnham, Surrey, and central London having become one of the leading operators in its industry, serving clients in the South of England in the corporate, hotel, hospitality, residential, technical and education sectors.
Bellrock Group, headquartered in Leicester, is a provider of specialist risk-focused workplace and property management solutions with a turnover of £170million.
Its team of 1,600 property and facilities professionals is located at 70 sites across the UK, working on behalf of clients with access to 700 carefully selected suppliers.
“I’m excited by the opportunities the acquisition holds for us,” said Andrew Chisholm, Capital and Provincial Managing Director.
“Being part of the Bellrock Group will open the door to scale and capabilities, whilst keeping the things that make us successful – our people, our relationships and our culture.
“This package will enable us to strengthen our offering to our clients and continue to deliver our growth ambitions.
“With exposure to new sectors, regions and clients, I’m especially positive about the career development potential for our Capital and Provincial people who make me proud every day.
“It’s an exciting time for our clients and people alike.”
Paul Bean, Bellrock Group CEO, added: “Capital and Provincial’s stable of loyal clients and enviable portfolio is testament to the depth of their capabilities and their exacting standards in delivering successful projects for clients who can now benefit from the offerings of the wider Bellrock Group.
“I look forward to collaborating with the team as we explore the exciting opportunities ahead.”
Daniel DiMarco, KBS Corporate Deal Executive who oversaw the transaction, explained Capital and Provincial had been keen to explore the market to see what was achievable to help drive the growth of the business and release equity.
“The company received a good amount of interest and eventually decided to move forwards with Bellrock Group, which is backed by private equity,” said Daniel.
“This was due to them believing in the potential for synergy, as well as being excited by the idea of being part of a larger group of companies and continuing to drive the business forwards.
“Bellrock has acquired a well-respected and profitable company which has been successful for over a decade, with a team of four highly knowledgeable and experienced directors that had built up a significant and loyal client base.
“I believe the outlook for the companies is extremely bright and I’m sure they will continue to go from strength to strength.”
Housebuilder Honey aims to deliver a combined total of 563 new build homes on three sites across the East Midlands.
The housebuilder has exchanged contracts on a site in Duckmanton and acquired sites in Edwinstowe and Killamarsh to deliver three proposed developments which will have a combined gross development value of £170m.
Located on Tom Lane on the outskirts of Duckmanton and adjacent to the M1, Pearl will deliver a £78m, 275 new home development, subject to planning. The proposed development will comprise a mix of two-, three-, four- and five bedroom homes and will include terraces, semi-detached and detached properties.
On an 11-acre site located off Upperthorpe Road in Killamarsh, Honey intends to deliver a £50m, 174 new home development. The land was acquired from land and property regeneration company Harworth Group.
Subject to planning, the site, which will be called Aurelle, will comprise a mix of semi-detached and detached one-, two-, three-, four- and five-bedroom homes.
Homes by honey at Thoresby Vale in Edwinstowe will deliver a £42m, 114 new home development comprising a mix of three-, four- and five-bedroom homes including semi-detached and detached properties.
The housebuilder’s proposed development is part of the wider Thoresby Vale masterplan, located off Ollerton Road. Once complete, the new sustainable community will comprise 800 new homes, a new primary school, a local centre and up to 250,000 sq ft of commercial space. The site was also purchased from Harworth Group.
Plans have been already submitted for the proposed development in Edwinstowe, with planning expected to be submitted for the sites in Duckmanton and Killamarsh early this year.
Honey Chief Executive Officer, Mark Mitchell, said: “Our proposed developments in Derbyshire and the East Midlands will provide much needed new homes for people living in, or wanting to move to, Duckmanton, Edinstowe and Killamarsh.
“We have painstakingly designed a range of house types that combine style, substance and sustainability. This ensures our buyers, and the wider community in which we build, benefit from a high quality, high specification development.
“We are excited by the opportunity to make our vision for our developments a reality and we now look forward to our plans being considered by the relevant local authorities.”
Specialist business property adviser, Christie & Co has sold the New Bath Hotel near Matlock Bath, Derbyshire.
Set within 4.5 acres on the edge of the Peak District National Park and close to the tourist hotspot of Matlock Bath, the hotel features 54 bedrooms, with bar, restaurant and conferencing facilities, as well as a spa. There is also a spring water fed open-air swimming pool.
The hotel has been acquired by Deventure Hotels & Resorts, an Indian based conglomerate that is expanding into the UK hotels market. There is potential to create additional letting bedrooms, subject to planning permission, as well as develop the tourism trade, focusing on weddings, which the group intend to look into.
Rohan Mukul, a spokesperson for the group, said: “We are happy that the New Bath Hotel & Spa marks our inaugural venture in the UK. Nestled in a perfect location with a rich history, it boasts unique features such as the 1930s outdoor pool and a 19th-century indoor pool, both fed by natural spring water.
“Despite the current need for service enhancements, we recognise the immense potential of this business. Our strategic plan includes a comprehensive refurbishment, with a planned re-launch scheduled ahead of the summer season in 2024.
“Christie & Co played a pivotal role in this venture, and we look forward to collaborating with them in future again. This marks the beginning of our journey to further expand and establish a significant presence in the British hospitality market.”
Gavin Webb, associate director at Christie & Co who handled the sale, said: “We are delighted to have completed the sale. The transaction is yet another example of a good quality hotel being sold by Christie & Co in Derbyshire. The regional market remains positive and buyer appetite is strong for similar opportunities.”
Willshee’s Waste & Recycling has been appointed by construction company TopHat to undertake a major waste management contract that showcases sustainability in practice.
TopHat produces low carbon modular homes. With ambitions to significantly increase output when it begins operations in its new factory in Corby in 2024, TopHat is committed to significantly reducing its percentage of waste. Zero waste to landfill is now a given and the focus is on using insight to maximise the amount of reused materials and the most responsible disposal methods possible.
TopHat group supply chain & logistics director Rachel Beech said: “We have been hugely impressed with the slick operation and level of technology at Willshee’s MRF site and also, in particular, the effort that goes into researching and implementing the reuse of materials. Waste wood, for example, goes to a manufacturer of chipboard – of which we need huge amounts!
“Once a month, we study the data provided through Willshee’s customer portal and look at trends and examine ways to further improve efficiencies in manufacturing. The insight has helped us to reduce the volume of materials such as timber and plasterboard that we dispose of.
“Having understood more about waste quantities, we have invested in new software that allows us to process the raw material in a more economical way – resulting in less waste.
“Seeing the stats for the amount of cardboard we handle was another learning, we now rent an onsite compactor from Willshee’s which reduces the number of waste collections, and subsequently reduces our costs.
“Simple things too, like the layout of our bins, have also been improved. And this commitment to learning and continuous improvement will remain a core part of our strategy as we embark on our next stage of growth.”
Dean Willshee, Managing Director at Burton-based Willshee’s, says: “We feel very pleased and privileged to be working with this innovative, highly sustainable business. At the heart of our partnership with TopHat is following a solutions-based strategy that’s hard-wired into the insight provided via the customer portal.
“This approach uses live data to drive business decisions about how to reuse more materials and reduce waste. This is complemented by a programme that delivers the most responsible methods of disposing with waste to support the company’s commitment to continually improving their carbon footprint.”
On behalf of private clients, FHP Property Consultants have let 4 Riverside Court, Pride Park, Derby to L.E.A.D. IT Services Ltd.
The property comprises a two storey detached office building with parking. The accommodation provides a mix of cellular and open plan offices set across two floors comprising 391m2 (4,187ft2).
The property has been let to L.E.A.D. IT Services Ltd on a new lease following a simultaneous lease surrender.
Darran Severn from FHP Property Consultants says: “We were initially instructed by the existing tenant to dispose of their unexpired lease. They had several years remaining and were looking to limit their liability onwardly.
“Following a comprehensive marketing campaign, we were pleasingly able to place property with L.E.A.D. IT Services who have taken a new lease releasing our client from their ongoing liability. This was an excellent result for our client, L.E.A.D. IT Services and the landlord who benefitted by us securing a new long lease.”
Sarah Thompson from L.E.A.D. IT Services says: “At L.E.A.D. IT Services, we’ve long awaited this move, and it’s been an incredibly fulfilling journey for our entire team. Our new building represents a milestone, offering us the ideal space in a fantastic location to support our expanding team and client base.
“In addition, the training room we now have creates avenues for us to engage in hands-on training and development for the schools and businesses we support, which has always been important to us. The next step involves working together on refurbishments, making it our very own, and paving the way for the exciting projects and opportunities that lie ahead in our future.”
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