Steps forward and back for sale of City Ground land to Nottingham Forest
Nottingham City Council has revealed that it has agreed, in principle, terms for the sale of the land that the City Ground sits on to Nottingham Forest. This allows the club to push ahead with its plans to expand the stadium, while securing a significant capital receipt for the council.
Nottingham Forest, however, has issued a less optimistic clarification, noting that any decision to purchase the freehold will be entirely conditional on the football club first being granted the relevant permissions that will allow it to realise its plans for a larger stadium capacity, world-class hospitality spaces and associated real estate development.
Councillor Neghat Khan, Leader of Nottingham City Council, said: “I’m pleased to announce that we have agreed, in principle, terms for the sale of the land that the City Ground sits on to Nottingham Forest. This allows the club to press ahead with its ambitious plans to expand the stadium, while securing a significant capital receipt for the council.
“While it has been an uncertain time for supporters, property transactions like this can be complex and protracted. We’re legally bound to seek best value for taxpayers and we feel that the deal now on the table satisfies that requirement, and also works for Forest.
“The sale is subject to formal approval by Executive Board next week and the legal contract being finalised, but I feel this is the right decision for Nottingham and entrusts the future of this important asset to the club.
“The council is immensely proud of the club’s recent achievements and its proud heritage. With the City Ground secured for many years to come, we wish Nottingham Forest continued success as they look to further establish themselves as a Premier League side.”
Nottingham Forest said: “For absolute clarity, we continue to work on the terms for a conditional deal for the purchase of the freehold.
“Any decision to purchase the freehold will be entirely conditional on Nottingham Forest first being granted the relevant permissions that will allow us to realise our hugely ambitious plans for a significantly larger stadium capacity, world-class hospitality spaces and associated substantial real estate development in the vicinity of the ground.
“Our discussions remain confidential and the Club will update fans when meaningful progress has been achieved.”
Derby cultural hub “remains in serious financial difficulty”
QUAD, a cultural hub in Derby providing contemporary art exhibitions, film, cinema, integrated digital media work and a range of educational and creative activities, has warned of its financial position.
The charity has said it “remains in serious financial difficulty,” with income too low and costs challenging as the external environment continues to deteriorate. It also follows reduced audience numbers returning post pandemic, along with the continued impact of the cost-of-living crisis.
As a result QUAD is reviewing how it can move forwards in a sustainable way.
In a statement QUAD said: “In 2023 we talked openly about our financial position and the need for continued support from the people of Derby to continue to deliver on our charitable aims and the wider programme. Since then, our people have worked tirelessly to remain open, keep serving our customers and the community, and deliver on our charitable aims.
“However, the external environment continues to deteriorate beyond our most recent forecasts, meaning that our income is too low, and costs continue to be challenging. Together with this, the board continues to monitor ongoing risks of further issues, whether in respect of an ageing building or other external developments.
“Following a number of recent board meetings to discuss the continuing challenges, it has become clear that the charity remains in serious financial difficulty. This is despite the incredible efforts of our staff, partners, sponsors and volunteers.
“The situation is not a unique one. The direct impact of Covid-19 and the reduced audience numbers returning post pandemic, along with the continued impact of the cost-of-living crisis have all contributed to the position QUAD and other cultural venues nationwide find themselves in.
“With the support of Derby City Council, Arts Council England, the British Film Institute, and other stakeholders, we are reviewing how the charity can move forwards in a sustainable way. We are doing that transparently, and in consultation with, our people.
“While QUAD trustees and senior managers look at next steps for the charity, we remain open for our customers as usual, and we are grateful for the continuing support you all give. Please keep buying tickets, come to our exhibitions, eat in our amazing café bar and visit everything the building has to offer. Alongside staff and key stakeholders, we will keep people informed as the process continues.”
Mark Gregory, QUAD Chair of the Board of Trustees, added: “For the last fifteen years, QUAD has been an integral part of Derby, along with our fellow cultural venues. A vibrant cultural offering is a key enabler of the regeneration of the City and it is really important that QUAD is part of that.
“However, it is time for us to transform in order to do that sustainably. We will continue to work with our funders and stakeholders to seek out options to move forwards and, really importantly, care for our people in any way we can during this difficult time.”
A balanced approach to growing a better business: by James Pinchbeck, partner at Streets Chartered Accountants
James Pinchbeck, partner at Streets Chartered Accountants, considers a more balanced approach to growth.
It is widely recognised that businesses need to grow to remain competitive and to continue to trade, however what constitutes or is meant by growth is not necessarily the same thing for everyone.
Growth can come about in many ways including through the development of new products or services, innovation in systems and processes, adoption of new technologies and response to market and customer demands.
For many business leaders, though, it is a focus on increased revenue and certainly it feels that there is often more talk about generating more sales or turnover than perhaps the other areas for growth.
What drives that quest for revenue though can vary. For some it might be the founder, entrepreneur, or business leader themselves. For others it might be the pressure of external investors or shareholders or even the board of directors and employees.
Whether it is driven by market forces such as customer demand or an individual’s ego could be up for debate. Certainly, it is widely acclaimed that chasing turnover is vanity, while focusing on profitability is sanity. Whilst a growth strategy that is well considered, resourced and implemented is likely to succeed, ill-conceived and thought-out plans or rather a lack of them are less likely.
How many times have we seen rapid growth businesses come unstuck, with issues around funding shortages, declining profits, low staff morale, poor systems and processes, ethical compromise, regulatory risks, breakdown in culture and even loss of focus on what made the business successful in the first place. It can also be the case that many who aspire for growth are not structured or in shape for growth.
The question is then perhaps if you don’t focus on growth for growth’s sake, what should you focus on. How about on building a better business?
In contrast to focusing on solely the revenue line, attention turns to other areas of the business including improving customer service, systems and processes; staff training and developing, adopting new technologies and digital transformation.
Building a better business requires a holistic approach that encompasses strategic vision, operational excellence, customer focus, and a commitment to continuous improvement. By implementing these strategies, businesses can enhance their performance, achieve sustainable growth, and create lasting value for stakeholders.
While growth is crucial for business sustainability and competitiveness, an excessive obsession with it can lead to various negative consequences. Therefore, perhaps there is a need for a more balanced approach that considers long-term stability, ethical practices, employee well-being, and customer satisfaction that ultimately gives rise to more sustainable growth, as well as a better business.
See this column in the July issue of East Midlands Business Link Magazine here.
Wavensmere Homes eyes Midlands brownfield land
Wavensmere Homes is seeking brownfield development opportunities in excess of three acres within city centres and towns across the Midlands. The firm – which currently has 3,500 plots in production or planning – is gearing up to deliver 1,000 new homes per annum, in order to double turnover to circa £250m.
Established in 2015, the privately-owned housebuilder handed over the keys to 522 homes during 2023. The business and its associated SPVs are on track to achieve a £115m turnover during 2024. Construction is anticipated to commence on five new developments this year, which have a combined GDV of close to £350m.
James Dickens, Managing Director of Wavensmere Homes, said: “Land assembly, planning and pre-construction work can take several years. The new administration in No.10 has big ambitions to speed up the process, which we welcome and support, but changes will take time to implement at a local level. We couldn’t be prouder of our pipeline of major residential-led sites, but we need to acquire more development land before this year is out.
“The area we have intrinsic knowledge of is the East and West Midlands. It’s where our executive and management team live, where the majority of our core supply chain partners are based, and where we have an existing track record and established working relationships with local authorities.
“We would love to do more in Wolverhampton and across the Black Country, as we firmly believe the Birmingham ripple effect should be accelerating the regeneration of well-connected locations, such as Smethwick, Walsall and Dudley.
“In the East Midlands, we are keen to acquire our first sites in Leicester and Nottingham, as well as build upon our reputation in Derby. Our redevelopment of the former Derbyshire Royal Infirmary into the Nightingale Quarter is in the final phases, and we have the redevelopment of Friar Gate Goods Yard, Milford Mills near Belper, and Full Street in the Cathedral Quarter in our immediate pipeline.
“Complex, dirty land, with historic assets is our sweet spot. We are keen to hear from landowners and agents with new opportunities.”
Wavensmere Homes is currently constructing the £106m Belgrave Village development in central Birmingham and the £130m Barrelman’s Point scheme on the Shotley Peninsula in Suffolk.
The firm has become one of Derby’s most prominent residential developers, with its multi-award-winning £175m Nightingale Quarter. The former Florence Nightingale-designed hospital on London Road – which had laid derelict for a decade – comprises 925 houses, apartments, The Pepperpot restaurant, and a range of residents’ amenities.
Late last year, the firm received the green light from Amber Valley Borough Council for the £22m redevelopment of Milford Mills, which overlooks the River Derwent, located between Belper and Duffield in north Derbyshire. 69 new homes will be delivered on the historic site, which is within the Derwent Valley Mills UNESCO World Heritage Site.
Wavensmere’s £75m Friar Gate Goods Yard redevelopment in Derby city centre received planning committee approval in April 2024. The 276 houses and apartments will be available for occupation from 2026.
The firm’s plans for the redevelopment of one of the final plots of vacant land within Derby’s newly revitalised Cathedral Quarter are currently being considered by Derby City Council. 195 studio, one- and two-bedroom apartments are proposed for the Full Street site, within a u-shaped nine-storey red brick building.
Miller Knight appoints trio of industry big-hitters to senior team
Three industry heavyweights have joined the senior team at East Midlands construction company Miller Knight.
Previously long-serving senior directors at Derbyshire-headquartered G F Tomlinson, Chris Flint, Andrew Foster and Jamie Braybrook, have moved across to Miller Knight to add significant strength and expertise to its structure.
The trio will boost Miller Knight’s market share with ambitious plans to sustainably expand its service offerings within the regional construction market.
Chris Flint, former MD at G F Tomlinson, is Miller Knight’s new regeneration director. Andrew Foster has been made commercial director and Jamie Braybrook is chief estimator.
Chris said: “The rise and rise of Miller Knight is something that excited me – and I wanted to be part of the company’s growth, helping to further support its expansion and capability.
“After meeting Miller Knight chief executive David Dickson, and the other directors and visiting many of their current construction sites, I was not only impressed by how the business was set up – but also by the commitment of the staff and the company’s collaborative working approach.”
A £24 million turnover multi-discipline principal contractor formed two decades ago, Mansfield-headquartered Miller Knight is primarily known for its specialist divisions dedicated to remedial fire protection.
The company has built its reputation, carrying out complex and sensitive regeneration and refurbishment projects across the UK for the public and private sectors, delivering substantial schemes across education, health, blue light and residential.
Chris added: “It is clear to see that Miller Knight’s reputation is increasing and that this ambitious company has a team of directors who have a clear vision for the future and I very much wanted to be part of those plans.
“I’m truly excited about using my experience and knowledge of the industry to support the company’s continued growth across both the public and private sectors.”
The company has seen year on year growth for the past seven years with revenues set to double again for this upcoming financial year, with an order book reaching close to £50 million in turnover.
David Dickson, chief executive, said: “Adding Chris, Andy and Jamie to our team was an exciting opportunity for us. They are extremely experienced, will be great people to work alongside and will only strengthen our capabilities. We feel honoured to be able to have the opportunity to work with them all and are really looking forward to watching them settle in and helping us to continue to grow.
“To date, the company’s growth has been nothing short of extraordinary. We are taking our rightful place among some of the region’s biggest name firms and will no doubt become one of the fastest growing construction companies of 2024.
“Businesses are all about people. Here at Miller Knight, we take pride in being a great place to work, we have a great culture, and we have built a fantastic team over the years – and that is the main driver behind our successes to date.”
Sales and rents targets smashed at new Nottingham development
Residential property investment expert Centrick Invest has completed the sale of all 27 apartments at one of Nottingham’s new developments.
Centrick Invest has been working alongside developer Landstar Ltd to find buyers for the high-specification loft-style apartments at The Glassworks – a converted Victorian factory building at Crocus Street in a Conservation Area.
The Birmingham and Hong Kong based Centrick Invest team agreed sales to UK investors, overseas investors and owner-occupiers. The properties ranged in price from £150,000 for one-bed apartments to £275,000 for two-bedroom lofts. It took just eight months to agree sales of all of the apartments.
The Glassworks forms part of the Southern Gateway £250 million regeneration area which will include a major new retail complex, a new library and 75,000 sq ft of public space. Regeneration projects totalling more than £2 billion are underway or in the pipeline, including a college campus and 850,000 sq ft of Grade A office space.
The permitted development conversion of the historic glassworks site was launched off plan in a number of territories. Nottingham has continued to grow in popularity with both domestic and international investors and over 90% of the development has been acquired by off-shore buyers.
Centrick Invest’s new homes and investments director Andy Butts said that they had seen as much as a 20% increase on the expected rental values achieved in comparison to the estimated figure pre-launch.
“We are thrilled at the results we have achieved at The Glassworks where we have smashed both our sales and rental targets,” said Andy. “Our team sold all the apartments before the development was complete, and the rents are higher than we had anticipated. It is a great result for our investors and demonstrates the strength of the buy-to-let market in Nottingham.
“The city has a very strong investment story to tell. There is a huge amount of investment in various regeneration and infrastructure schemes which helps to improve city centre living. Nottingham has always been popular with students but we are increasingly seeing young professionals choosing to make their homes in the vibrant centre of the city.”
Andy added: “We have very successfully engaged the overseas distribution arm of Centrick Invest to deliver the very best outcomes for our UK clients, including Landstar Ltd. Working alongside several developers over the past 12 months, we have been able to offer overseas investors some very attractive opportunities and it is great to see so many sales being agreed.”
Another step forwards for North Hykeham Relief Road
Lincolnshire county council’s Executive has given officers the green light to pursue the necessary legal orders and land acquisitions for the North Hykeham Relief Road project.
The county council’s Executive voted to progress with publishing the legal orders during their meeting on Tuesday 2 July.
Cllr Richard Davies, Executive Member for Highways, said: “This is another huge milestone for the project that brings us one step closer to making the final piece of Lincoln’s ring road a reality.
“The next step is to publish the legal orders and wait while the consultation process is underway. Once the consultation period’s ended, we’ll have a clearer idea of whether a public inquiry will be needed.
“There’s an enormous about of legal paperwork to get through with a road of this size before we can actually start building, but we’re doing all we can to move things along so we can start works late next year.
“In the meantime, the team will also continue working on preparing a full business case for the DfT.”
Construction of the new relief road is expected to start in late 2025 and to be open by late 2028. The cost of the project is currently estimated to be between £180m and £208m.
The North Hykeham Relief Road project will see a new dual carriageway built, linking the A46 Pennells Roundabout to the newly constructed Lincoln Eastern Bypass, creating a complete ring road around the city.
As part of the project, new roundabouts would be built at South Hykeham Road, Brant Road and Grantham Road. A number of bridges would also be constructed, including at Station Road and over the River Witham.
Chesterfield-headquartered housebuilder’s bid for rival rejected
Chesterfield-headquartered Avant Homes has made a bid for housebuilder Crest Nicholson, battling offers from rival Bellway.
The latter, however, says it has rejected the “unsolicited, preliminary, indicative proposals from Avant Homes regarding a possible all-share combination of Crest Nicholson and Avant.”
The deal would retain the listing of Crest Nicholson on the Main Market of the London Stock Exchange.
The Avant proposal implied Avant shareholders, including its main shareholder, Elliott Investment Management, would own approximately 30 per cent of the enlarged group.
After evaluating the Avant proposal with its financial advisers, Barclays and Jefferies, Crest Nicholson concluded it was not currently minded to engage in discussions regarding a potential transaction with Avant due to being in an offer period for a possible all-share offer from Bellway.
Crest Nicholson recently rejected a second bid from Bellway, saying it significantly undervalued the business and its future standalone prospects and was not in the best interests of Crest Nicholson’s shareholders.IMA Architects backs Developer of the Year at the East Midlands Bricks Awards 2024
IMA Architects has joined the sponsor line up for the East Midlands Bricks Awards 2024, backing the Developer of the Year category.
Formed in 1997 by David Isherwood and Ian McCann, IMA has evolved into one of the leading UK Architectural Companies, with a strong reputation built on quality of design and client focus. IMA operates across all sectors, with particular expertise in large-scale logistics warehouse developments.
Anthony Day, Managing Director at IMA Architects, said: “The Bricks Awards are always a fantastic event that brings together some of the best companies and experts within the East Midlands construction industry.
“We are proud to support the awards so that Business Link can continue to highlight the excellent work being done in our region and recognize the businesses and individuals that are driving growth in the industry. IMA Architects works with several of the leading developers in the Midlands so we wanted to show our support by sponsoring the Developer of the Year Category.
“Good luck to everyone who is planning on entering the awards!”
The East Midlands Bricks Awards, which will take place on Thursday 3rd October, at the Trent Bridge Cricket Ground, recognise development projects and people in commercial and public building across the region – from office, industrial and residential, through to community projects such as leisure schemes, schools and public spaces. We also highlight the work of architects, agencies and those behind large schemes.
Winning one of these awards will add considerably to a company’s or individual’s brand and enhance their commercial reach significantly.
To nominate your (or another) business/development for one of our awards, please click on a category link below or visit this page.
A highlight in the business calendar, winners will be revealed at a glittering awards ceremony on Thursday 3rd October, at the Trent Bridge Cricket Ground – an evening of celebration and networking with property and construction leaders from across the region.
Tickets can be booked for the 2024 awards event here. Connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region.
Attendees will also hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire.
Thanks to our sponsors:
Anthony Day, Managing Director at IMA Architects, said: “The Bricks Awards are always a fantastic event that brings together some of the best companies and experts within the East Midlands construction industry.
“We are proud to support the awards so that Business Link can continue to highlight the excellent work being done in our region and recognize the businesses and individuals that are driving growth in the industry. IMA Architects works with several of the leading developers in the Midlands so we wanted to show our support by sponsoring the Developer of the Year Category.
“Good luck to everyone who is planning on entering the awards!”
The East Midlands Bricks Awards, which will take place on Thursday 3rd October, at the Trent Bridge Cricket Ground, recognise development projects and people in commercial and public building across the region – from office, industrial and residential, through to community projects such as leisure schemes, schools and public spaces. We also highlight the work of architects, agencies and those behind large schemes.
Winning one of these awards will add considerably to a company’s or individual’s brand and enhance their commercial reach significantly.
To nominate your (or another) business/development for one of our awards, please click on a category link below or visit this page.
Award categories include:
- Most active agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, with the winner, and recipient of a year of marketing/publicity worth £20,000, selected from those nominated for the event’s other awards)
Nominations end Thursday 5th September
A highlight in the business calendar, winners will be revealed at a glittering awards ceremony on Thursday 3rd October, at the Trent Bridge Cricket Ground – an evening of celebration and networking with property and construction leaders from across the region.
Tickets can be booked for the 2024 awards event here. Connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region.
Attendees will also hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire.
Thanks to our sponsors:
To be held at:
Growth momentum continues in financial services
Financial services business volumes grew solidly in the second quarter, building on a strong rebound in Q1, according to the latest CBI Financial Services Survey. Firms expect volumes to increase at an even faster rate over the next three months.
The quarterly survey, conducted between 30 May and 17 June, also showed that optimism increased and headcounts grew for the fifth consecutive quarter. However, profitability fell slightly, and the value of non-performing loans increased for the second consecutive quarter.
Key findings:
- Business volumes grew solidly in the quarter to June (weighted balance of +22%) for the second consecutive quarter (+36% in March). Firms expect volumes to increase at an even quicker rate in the next three months (+53%).
- Optimism increased in the quarter to June, compared with three months ago (+17% from +29% in March).
- Average spreads declined in the quarter to June (-16% from -19% in March) but are expected to increase next quarter (+11%).
- The value of non-performing loans increased again in the quarter to June (+11, unchanged from March), seeing the joint-fastest rise since early 2021. However, they are expected to be unchanged over the next quarter (+1%).
- Profitability fell slightly in the quarter to June (-5% from +37% in March). The decline is set to be short-lived, with FS firms expecting profitability to increase strongly next quarter (+46%).
- Headcount grew in the quarter to June (+18% from +40% in March), but this marked the slowest rise in the five-quarter run of growth seen so far. Firms expect headcount to grow at the same pace next quarter (+18%).
- Firms expect to increase investment in IT in the next 12 months (compared to the last 12). However, capital expenditure on land & buildings and vehicles, plant & machinery is expected to fall considerably.
- The cost of finance was the most commonly cited factor likely to limit investment over the next 12 months, rising to its second-highest share on record (36% from 11% in March).
- The share of firms citing inadequate net returns as a concern fell noticeably from March (22% from 46%), while the proportion citing demand uncertainty also fell sharply (to 16% from 53%).
