Nottingham Forest owner makes further financial commitment with debt-to-equity conversion

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Nottingham Forest owner makes further financial commitment with debt-to-equity conversion

Nottingham Forest owner Evangelos Marinakis has made a further financial commitment to the Club with the conversion of £11m worth of loans into shares for the financial year 2022/23.

The additional financial commitment from the owner further relieves the financial burden on the club.

The move forms part of the club’s financial process for its 2022/23 accounts.

It is the fourth consecutive year in which Evangelos Marinakis has converted club debt into equity.

In the 2021/22 financial year, the owner converted £41m worth of loans into shares.

This follows a similar conversion of £12m in 2020/21 and over £20m in 2019/20.

General Election must not get in way of businesses as data shows stuttering end to 2023 for economy, says Chamber

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General Election must not get in way of businesses as data shows stuttering end to 2023 for economy, says Chamber
The uncertainty surrounding when a General Election takes place must not get in the way of businesses’ ability to drive forward the growth that will bring down inflation and boost wages. This was the view of business leaders speaking at East Midlands Chamber’s Annual State of the Economy Conference, held at the University of Leicester School of Business yesterday (Thursday 14 December). On the day the Bank of England kept the base rate at 5.25%, the highest point in 15 years, and 24 hours after the latest economic data showed the UK’s GDP shrank more than expected by 0.3% in October, speakers made the case for cross-party consensus on key economic issues such as skills, productivity, and research and development – which they said are crucial to raising business investment from its current low bar. Among the business leaders and economists were Institute of Directors director-general Jonathan Geldart, Barclays global head of transactional FX sales Sat Khuntia, PwC East Midlands partner Alex Hudson, Freeths Leicester managing partner Lisa Gilligan, Future Life Wealth Management founder and divisional director Jillian Thomas, and Mukesh Bulsara, partner at business advisory services firm Coadax and vice-chair of Leicestershire Business Voice. Data from the Chamber’s latest Quarterly Economic Survey, run in partnership with the University of Leicester School of Business, was presented to give a snapshot of the past year. It showed how after a general improvement in activity and sentiment throughout the first half of 2023 there has been an overall slowdown towards the end of this year. Historical trends show activity often slows ahead of a General Election East Midlands Chamber director of policy and insight Chris Hobson said: “Our Quarterly Economic Survey results for 2023 can be viewed as a game of two halves, with the recent slowdown underpinned by a decrease in advanced orders – both at home and overseas – along with a weakening labour market, flat investment intentions and a decline in cashflow performance. “Driving this has been, firstly, fiscal pressures from 14 consecutive increases in the base rate by the Bank of England. It may be the lag time between rate hikes and subdued consumer demand has now passed and we are experiencing the full impact of that prolonged, proverbial belt-tightening. “Away from this, we’re also experiencing an unpredictable political environment, with multiple ‘resets’ as the country gears up for a General Election. This has meant an increase in policy announcements, arguably with more of an eye on positioning as opposed to meaningful growth strategies for UK plc. “Looking at historical trends via our State of the Economy Index, it’s not unusual to see things slow down ahead of an election, but the concern is that continued uncertainty about when this might take place could act to lengthen the duration of this for businesses. “Sentiment is an incredibly powerful – and often underestimated – factor in economic activity. As businesses seek surety over the environment into which they’ll be investing over the coming 12 months, it’s incumbent on all parties to ensure we don’t allow the nature of our political cycles to mean we are found wanting. “But one note of confidence – this time 12 months ago, many were predicting a recession in 2023 that never materialised. And when talking to individual businesses, the big picture trends we see are hiding many, many positive stories of growth and success.” East Midlands Chamber Quarterly Economic Survey Q4 2023 findings Key findings from the Quarterly Economic Survey Q4 2023 for the East Midlands, which was completed by 370 organisations between 6 and 30 November 2023, included: · UK and overseas sales have each remained steady throughout the year, increasing by a net 2% between the third and fourth quarters, but there were declines in advanced orders for a net 9% and 10% for UK and overseas respectively · Recruitment has slowed with a net 8% drop in businesses that added to their headcount in the prior three months compared to the previous quarter, although there was a net 1% rise in firms expecting to increase their workforce in the next three months · Many employers continue to face challenges with filling job vacancies – 55% of organisations attempted to recruit and, of those, more than seven in 10 (72%) experienced problems in finding suitable staff. Skilled manual and technical, and professional and managerial roles were the most difficult to fill · After easing throughout the year, price rises are back on the agenda. In Q1, 54% of businesses had expected to increase their prices due to cost pressures from energy, raw materials, people and fuel. This fell to 30% in Q3 before rising again to 40% in the final quarter of the year, with increased labour costs the main driver · A net 7% of firms reported cashflow was down in Q4, a 6% rise from the previous quarter · There was no difference in intentions to invest in plant and equipment between the third and fourth quarters, but investment intentions for training increased by 5%. Both indicators have remained very low throughout 2023, with the total proportion of firms intending to increase their investment never climbing above 20% · Business confidence shows a mixed picture, with confidence in profitability prospects down by 2% compared to the previous quarter but up by 4% for turnover expectations.

Hinckley & Rugby bid farewell to longest standing director

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Hinckley & Rugby bid farewell to longest standing director
After a 25-year career with Hinckley & Rugby Building Society, Carolyn Thornley-Yates – Director of Mortgage Proposition and Distribution – is to step down from her role. Speaking about her decision, Carolyn said: “A quarter century is a long time, and the time is right to expand my horizons. I’ll always be grateful to the Society for the opportunity and freedom to have gained so much experience in different areas of the business, and for supporting me through my BSA Master’s degree and appointment to the Board of IMLA. “The people here are like family and are the very essence of what mutuality is all about. Leaving them will truly be the hardest part.” Colin Fyfe, CEO of Hinckley & Rugby, said: “Carolyn has played a major part in the Society’s remarkable success for more than 25 years. The last five years alone have seen significant change and modernisation, in the navigation of which Carolyn has played a crucial part. “She will be sorely missed by all at the Society, and by me personally, but I respect her decision and wish her every success with the rest of her career.” Carolyn’s long career at Hinckley & Rugby started in 1997 when she joined the Society straight from university, where she studied French and Spanish. Since then, Carolyn has undertaken a variety of roles in both the savings and mortgages areas, and currently leads the Product, Marketing, Mortgage Sales, and Mortgage Servicing teams. Speaking of her achievements with the Society, Carolyn points to having started as a customer assistant in a branch and then working her way up to director level. She also led the Society’s Consumer Duty project during the implementation period earlier this year, a topic about which she is passionate for its major customer benefits.

How to protect your team’s hearing with these practical steps for the factory

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How to protect your team’s hearing with these practical steps for the factory
Ensuring the protection of employees’ hearing in manufacturing settings is imperative for ethical and practical reasons. Factories, marked by the pervasive hum of machinery, expose workers to continuous noise levels that, if unaddressed, pose substantial risks to auditory health. Beyond meeting regulatory obligations, implementing effective measures becomes a strategic investment in the workforce’s well-being. The sustained exposure to elevated noise levels can lead to irreversible hearing damage, impacting employees’ overall health and productivity. Responsible industrial management involves adopting comprehensive hearing protection measures for a safer work environment and the workforce’s long-term health and resilience. What are some of the measures that can be implemented? Keep reading to find out more. Understanding Hearing Hazards In Factories Factories inherently expose workers to a symphony of noise, potentially leading to irreversible hearing damage. To comprehend and mitigate these hazards:
  1. Undertake a meticulous noise assessment.
  2. Utilize precision tools such as decibel meters to pinpoint areas with elevated noise levels.
  3. Identify the specific machinery or processes contributing to these levels.
This analysis forms the foundation for a targeted hearing protection strategy, allowing you to tailor solutions to the unique acoustic landscape of your factory. A thorough understanding of your auditory environment empowers you to make informed decisions and implement precise measures for effective hearing conservation. Assessing The Factory Environment Conducting a thorough noise assessment is paramount for an effective hearing protection strategy. Pinpoint areas where noise levels peak and identify machinery contributing to elevated decibel counts. Use precision tools like decibel meters to ensure accuracy in your assessment. This process enables you to create a tailored protection plan. Implementing strategic noise control measures in identified high-noise zones contributes significantly to the overall effectiveness of your hearing protection strategy. Regularly reassess the factory soundscape to adapt measures to evolving conditions, ensuring sustained protection for your team. Selecting Appropriate Hearing Protection The quest for effective hearing protection begins with the selection of appropriate equipment. Earmuffs, earplugs, and other devices vary in effectiveness and comfort, but prioritise proper fitting to ensure long-term use without compromising comfort. Establish a comprehensive training program to educate your team on adequately using and maintaining hearing protection equipment. Offering a range of options and ensuring their correct usage fosters a safety culture, empowering individuals to make choices tailored to their unique needs. Consider The Choice Of Equipment Strategically investing in silent, quiet, and low-noise air compressors is a pivotal choice in hearing protection. Recognize the contribution of air compressors to overall noise levels and explore options designed to minimize their impact. Prioritize equipment known for its quiet operation without compromising efficiency, such as the Champion Air Tech. This investment extends beyond fulfilling operational needs; it creates a quieter work environment. Making informed choices about your equipment means you actively enhance hearing protection measures, fostering a workplace where your team’s auditory health is prioritized. Implementing Hearing Conservation Programs Establishing a comprehensive hearing conservation program requires proactive measures. Educate your team about the risks of high noise levels and the importance of hearing protection. Develop a structured training program to familiarize individuals with the correct use of protective equipment. Regular awareness campaigns reinforce the significance of hearing safety, promoting a culture where employees are actively engaged in their auditory well-being. By instilling a sense of responsibility and understanding, your team becomes integral to the hearing protection program, contributing to a safer and healthier workplace environment. Utilizing Engineering Controls The implementation of engineering solutions serves as a pivotal step in noise reduction. Identify specific noise sources and introduce controls such as barriers, enclosures, and soundproofing measures. Tailor these engineering controls to the unique requirements of your factory environment. Regularly assess the effectiveness of these measures and adjust as needed. Strategically integrating engineering controls means you address noise at its source and contribute to a sustainable and comfortable work environment. Regular Monitoring And Maintenance Continuous monitoring of noise levels is imperative for sustained hearing protection. Implement routine maintenance for hearing protection equipment, ensuring optimal functionality. Regular reviews of the hearing conservation program guarantee its effectiveness. Utilize feedback from employees to make necessary adjustments and improvements. By adopting a proactive stance in monitoring and maintenance, you address emerging issues promptly and demonstrate a commitment to the ongoing well-being of your team. This iterative approach ensures that your hearing protection measures remain robust and adaptive to changing workplace conditions. Compliance With Regulations Adherence to regulatory standards is non-negotiable for hearing protection in factories. Familiarize yourself with industry-specific requirements and proactively ensure compliance. Regular audits and assessments guarantee that your factory meets or exceeds stipulated standards. Non-compliance can result in severe consequences, including fines and potential legal repercussions. By prioritizing regulatory adherence, you not only mitigate legal risks but also affirm your commitment to creating a workplace that prioritizes the health and safety of your team. Preserving your team’s hearing in a factory environment demands a focused and strategic approach. By making informed choices and fostering a culture of hearing safety, you meet regulatory obligations and prioritize the well-being of your most valuable asset – your team. Implement these practical steps today and secure a sound future for your workforce.

2024 Business Predictions: Greg Guilford, CEO of HR Solutions

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2024 Business Predictions: Greg Guilford, CEO of HR Solutions
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 Greg Guilford, CEO of HR Solutions. 2024 is set to be a big year with the introduction of many new pieces of employment legislation. We’ll see the introduction of a new law that will entitle employees with caring responsibilities to unpaid time off to provide care, as well as greater protection for pregnant workers and those on family leave, and amendments to the Equality Act. Changes to flexible working rules will come into force and also industry specific legislation such as the Employment (Allocation of Tips) Act and the Strikes (Minimum Service Levels) Act. The most significant development in employment law will come with the Retained EU Law (Revocation and Reform) Act 2023. We will see reforms to the Working Time Regulations, such as record keeping, and how holiday entitlement and pay is managed and changes to our existing TUPE laws. It is vital that companies are aware of the changes and make changes themselves to accommodate the new regime. The new year is also likely to see a continuation of the cost-of-living crisis which is impacting both businesses and its employees. As companies navigate the challenges of the current climate and candidate demands, recruitment and retention of staff will continue to be a top priority. Challenges can be eased using apprenticeships, skills-based recruitment, and AI solutions, but candidate demands coupled with an ongoing talent shortage mean recruitment is arguably more competitive than before. Company culture is vital. You must ensure that your business values are aligned with your employees to retain and attract top talent. The key is to create a culture within your business that makes employees want to stay, and encourages potential candidates to join, as well as showcases your team, gives the world an insight into your day-to-day operations and recognises top performers.

Major Midlands office survey reveals future of the workplace

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Major Midlands office survey reveals future of the workplace
Hundreds of business owners from across the Midlands have had their say on the future of the office, in a survey carried out by workplace consultants and office fit-out specialists Blueprint Interiors. The results were previewed at events hosted at venues recently refurbished by the company and showed that 41% of respondents work 1-3 days per week in the office, while 32% continue to work in the office for the entire week. A noteworthy shift from the conventional 5-day working norm was highlighted, with most people now working 3-4 days in the office. Companies are now adapting to post-pandemic work patterns, with 76% of businesses making changes for more flexible arrangements. Meeting the needs of employees who want to come into an office is essential, said the survey with 90% visiting the office to collaborate and 50% for individual work. Some 82% of people who visit the office said how important good coffee in the office is, indicating the need for communal spaces. The survey also revealed people value the office for teamwork and collaboration but also to focus on individual work. Meanwhile, the main reasons for coming into the office include hosting client meetings (54%) and socialising (52%). The vast majority of respondents, some 93%, think having an office is important for shaping the work culture and achieving business goals, suggesting the physical workspace is still vital for creating the kind of culture you want. Data showed that 59% want space for hybrid work, 59% want collaborative spaces, 58% want flexible working policies and 46% prefer flexible furniture. About one-third of Midlands companies implemented all suggested changes to facilitate a return to the office. Additionally, 38% made some of the requested changes, and 11% have plans for adjustments. However, 16% of individuals in Midlands companies have shown resistance to returning to the office, while 46% are open to the idea, and 36% fall in between, expressing some level of resistance, as indicated by the survey data. Instead of urging employees to return to an outdated office tailored to pre-COVID workstyles, crafting a workspace that encourages diversity, autonomy, and flexibility and attributes that align with your workforce’s preferences is essential. Branding is also crucial, with 90% believing the office design should reflect the company’s brand. However, only 56% feel their current office aligns with their brand. To create an appealing office, companies should involve their team in the planning process, address individual needs, and foster a sense of belonging. Chloe Sproston, creative director at Blueprint Interiors, said: “Based on our experience of working through a workplace consultancy process before defining the office design with many people-focused clients such as The Melton Building Society and WorldLine in Beeston, we felt that we already had a thorough enough understanding of employee needs. However, we also knew that these needs varied from company to company. “This survey set out to create a broader understanding and build knowledge based on wider feedback from the region’s Top 200 employers that we could share with other business owners to help them ensure their workplace strategy is future-proofed. We firmly believe that the process we follow to create environments in which people thrive, enjoy coming to work and are happy and motivated delivers many long-term financial, wellbeing and cultural benefits that outweigh the value of the initial investment.” Rob Day, CEO of Blueprint Interiors, added: “There’s been a revolution in what people want from their offices in the last few years. The creature comforts of home have become almost too comfortable. So you need to give people a proper reason to embark on what is most likely a gruelling commute – especially when they know that this time could have been used more productively for working, more time with family, or an early morning wellness routine. “No one’s going to leave the house for a boring, lifeless office that isn’t fit for purpose and doesn’t look after their wellbeing. So the real question is: Is your office worth the commute? “Once you understand what people want and need from their office, you can make decisions that’ll deliver. In turn, you can design your space to improve the emotional well-being, comfort and social support that your workplace provides. Or in other words, meet your team’s emotional needs.”

Chamber president stays on for another year as six new board members appointed

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Chamber president stays on for another year as six new board members appointed
Stuart Dawkins will remain as president of East Midlands Chamber for another year after the business representation group held its annual general meeting (AGM) for 2023. The former FTSE 100 bank communications director continues in the honorary role after Dawn Whitemore, who was due to succeed him for 2024, chose to defer her year as president until it is compatible with her position as Chief Executive of SMB College Group. Craig Brothers, owner of Nottinghamshire-based digital transformation consultancy Six Degrees Associates, was inaugurated as vice-president, with Dawn now set to succeed him as president at the AGM in 2025. Six individuals were also elected to the Board of Directors, a group of 17 experienced business leaders representing different fields and sectors who provide strategic direction to the senior leadership team in driving forward the chamber of commerce for Derbyshire, Leicestershire and Nottinghamshire. The new board members are: · Martin Barnett, chair of TTK Confectionery (trading as The Treat Kitchen) · George Oliver, owner of 1284 · Maz Patel, Managing Director of Scope Construction · Amit Sonpal, director of commercial banking at Barclays Bank · Anjuu Trevedi MBE, head of knowledge exchange and innovation at De Montfort University and senior partnerships development manager at Twycross Zoo · Sandra Wiggins, manufacturing mentor and leadership coach at Authentically Balanced. Stuart, who spent 18 years working at Alliance & Leicester prior to its acquisition by Santander and now sits on a number of strategic boards across the region, spoke about how East Midlands Chamber has gone “from strength to strength” since its creation following a merger between Derbyshire and Nottinghamshire Chamber of Commerce with its Leicestershire counterpart a decade ago. “I remain convinced that not only is East Midlands Chamber outstanding at all the things a chamber of commerce should be, it also performs a vital role as a voice for the East Midlands – a region that lacks many such voices,” he said. Stuart revealed he will continue to support the region’s three community foundations – Foundation Derbyshire, Leicestershire and Rutland Community Foundation, and Nottinghamshire Community Foundation – for another year as part of the Chamber Charitable Fund, which raised £4,698 over the past 12 months. He explained how between them, they support more than 400 local charities and causes each year, and he wished to “continue to raise awareness about their vital role in the infrastructure of our place.” His two themes for the year of supporting “generation-next-but-one” and supporting our communities will also remain in place for 2024. Stuart added: “Healthy, positive communities are not just a nice-to-have. Supporting them is not just ticking the CSR box. It is an essential part of a sound, thriving economy and society. “Similarly, one does not need to be a grandparent to be aware of the way in which the choices made by those with power today can profoundly affect the lives of those who will take our place in future generations.” The AGM, which was preceded by a market hall exhibition of 17 charities and non-profits, was hosted for the first time by Kevin Harris, who was appointed chair of the Board of Directors earlier this year. It featured a presentation from East Midlands Chamber Chief Executive Scott Knowles on its activities over the past year and opportunities for members in 2024. Mir Patel, from the Chamber’s Leicestershire Business of the Year for 2023, Unique Window Systems, and Craig Needham, from Nottinghamshire Business of the Year, BFY Group, also gave presentations on their companies. The event wrapped up with presentations to longstanding members, with Nottingham University Business School celebrating 30 years as a member, UHY Hacker Young and Leicester City Football Club reaching their 40th year and Saint-Gobain Construction Products UK marking 50 years. Pick Everard and Flint Bishop were also honoured for 95 years as members of the Chamber.

Engineering firm boosts capabilities, headcount and ESG performance with Derby facility move

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Engineering firm boosts capabilities, headcount and ESG performance with Derby facility move
Derby’s BGEN, an engineering firm driving the energy transition, has relocated to new premises in the city. It’s one of 11 UK sites, which are part of an international network. The company’s move to a larger location – which includes workshop and manufacturing units, as well as enhanced testing facilities and storage areas – follows an expansion in client services and commercial growth across the Midlands. The new workspace also accommodates the firm’s increasing headcount in Derby, as BGEN expands its foothold in the region and delivers two recently awarded regional framework agreements. This new manufacturing hub also supports BGEN’s sustainability targets and commitment to zero carbon and smarter logistics, by significantly reducing miles travelled and emissions from delivery transportation. At a time when supply chain sustainability is being increasingly scrutinised – and with 60% of BGEN’s work being energy transition related – the move supports clients’ sustainability ambitions, whilst reducing manufacturing lead times. BGEN’s new premises – located on Derwent Park in the city – are home to its locally-based Technology division. The 30-strong team provides a range of specialist engineering services, including system integration and project management, to a blue-chip client list. It works in a variety of sectors including water, power and energy and industrial, and is part of a national Technology team of over 210 employees. BGEN opened its first office in the city in 2019. With new premises, BGEN Derby now shares the scope, capacity and capabilities of the firm’s Stafford facility which has, up until now, been its principal Midlands location. “Our recent move to a larger Derby site reflects our success in providing technical expertise and innovative engineering solutions to a growing customer base across the region,” said Robin Whitehead, CEO of BGEN. “We’re being called upon to solve more engineering challenges of the modern world, which requires more space, facilities and expertise. “We’ve achieved great success in Derby in just four years, and the city continues to be a strong strategic location for us. We’re now looking forward to our next phase of growth here, during which time we’ll continue to serve more key clients, with an even greater portfolio of products and services, whilst recruiting from the skilled workforce that’s available to us locally.”

Kind-hearted construction consultancy donate charity Christmas hampers

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Kind-hearted construction consultancy donate charity Christmas hampers

Generous workers at a Northamptonshire construction consultancy have collected thousands of essential and luxury items to build hampers for families who need support this Christmas.

The kind-hearted team at Bhangals Construction Consultants stayed after hours at their new office in Grange Park on Tuesday night to put together more than 60 hampers which included essentials such as tea, coffee, pasta, tins, cereal, shampoo, conditioner, and toothpaste.

Families receiving the parcels will also find treats such as chocolate, biscuits, sweets and luxury toiletries inside.

The bumper bags were handed over to innovative community support hub SCCYC Waterside Connect, who work tirelessly to provide vital services to the local community and much needed food and supplies to families living in poverty, and in crisis.

The Bhangals team also collected a mountain of toys to donate to the cause, which supports people facing complex issues and vulnerabilities who require critical support and crucial resources.

Bhangals Construction Consultants associate operations director Katie Newman said: “This is the fourth consecutive year that we have supported SCCYC Waterside Connect with our Christmas hampers. With the current cost-of-living crisis, we understand how difficult this time of year can be for so many families struggling to make ends meet.

“As a team we take pride in helping each other and the wider community and we hope that the bags will provide a welcome relief for many families finding things hard this Christmas.”

Bank of England holds interest rates at 5.25%

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Bank of England holds interest rates at 5.25%
The Bank of England has held interest rates at 5.25%. The Bank of England’s Monetary Policy Committee (MPC), which sets monetary policy to meet the 2% inflation target, voted by a majority of 6–3 to maintain Bank Rate at 5.25%. Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%. It marks the third interest rates pause following a run of 14 increases as the Bank tries to get inflation under control. Looking ahead, the MPC noted in a statement that “monetary policy is likely to need to be restrictive for an extended period of time.” David Bharier, Head of Research at the British Chambers of Commerce, said:  “While a cut in the interest rate could have provided some relief for firms ahead of Christmas, today’s decision to hold at 5.25% was expected and allays fears of further rises. “UK businesses have been faced with the twin shock of an inflation crisis and increased borrowing costs. Around half of the businesses we survey report a direct negative impact from the current interest rate, while only around one in ten see a benefit. “The BCC’s latest Economic Forecast expects only a 0.25% point cut in the interest rate for the whole of 2024, although businesses need to be prepared for any unexpected changes given the uncertain policy landscape. “SMEs have been operating in an uncertain climate for too long, with policies constantly chopping and changing over the past few years. They need to see clear direction from decision makers, creating a roadmap for business that boosts confidence and investment.”
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