Speedy Hire Plc, the provider of tools, specialist equipment and services, has acquired Derbyshire sustainable power solutions specialist, Green Power Hire Limited (GPH), for an enterprise value of £20.2m. The total consideration represented £10m of equity value and assumed debt of £10.2m which was settled at completion. Speedy acquired GPH from its principal shareholder, Russell’s (Kirbymoorside) Limited, and four other shareholders. GPH is a recognised owner and supplier of Battery Storage Units (BSU) to the UK rental market, mainly to the construction sector. GPH’s BSUs, with their digital capability, enable customers to achieve both financial and environmental savings compared to alternative systems available. Mark Chamberlain, director and one of the vendor shareholders of GPH, joined Speedy at completion as an integral part of the ongoing management team. Dan Evans, Chief Executive, Speedy, said: “The acquisition of Green Power Hire is further evidence of our Velocity strategy in action, strengthening our market leadership in combining product innovation and sustainability, and positioning Speedy well in a high growth segment of the market. “Alongside investments such as our partnership with Niftylift and our proposed JV with AFC Energy, the acquisition progresses the sustainable and technological evolution of the sectors we operate in, supports our ambitious plan to become a net zero business by 2040 and will deliver long term benefits to our customers, our people and our investors.”

Image Scan, the supplier of X-ray screening systems to the security and industrial inspection markets, has hailed strong sales and profit growth in a pre-close trading update for the year ended 30 September 2023 (FY23). Unaudited revenue is expected to be £3m for FY23, up from £2m in FY22, while pre-tax profit is anticipated to be £0.1m, recovering from a £0.35m loss last year. Restructuring and cost control programs at the Leicestershire-based firm are said to have contributed to the return to profit. Image Scan’s Chief Executive, Vince Deery, said: “I am delighted with the work we have undertaken this year to ensure organisation changes and cost controls have had their impact which has helped deliver the hugely welcome return to profit. “With the improving market conditions, we wish to build on this result and use the coming period working with significant shareholders to look at the strategic opportunities for growth as a listed business.”

‘Cheese from Peas’ is a new product being developed by researchers from the University of Nottingham and spin-out company The Good Pulse Company who are developing techniques to turn yellow peas grown in the UK into a sustainable plant-based cheese. This latest funding of over £300,000 from Innovate UK adds to over £370,000 in investment from scientific research organisation Rothamsted Research through their programme SHAKE Climate Change, and from food technology venture capital investors Big Idea Ventures. The grant has allowed the company to hire researchers from the university and also bring further expertise from other academics working on adjacent research areas. Dr Vincenzo di Bari, Assistant Professor in Food Structure and Processing at the University of Nottingham has been leading research that is looking for ways to develop a new generation of functional, minimally processed ingredients from legumes for applications such as plant-based cheese that is healthier and higher in proteins than existing cheese alternatives in the market. “We are focused on creating a product that is tasty, has excellent nutritional value and that is also sustainable. From research we previously carried out we have identified yellow peas as an ideal ingredient to achieve this because of its composition and availability in the UK,” said Dr Vincenzo di Bari, Assistant Professor in Food Structure and Processing at the University of Nottingham. “This is a key step towards our goal to deliver healthy products manufactured using sustainable UK grown crop. We are now focused on developing technologies to be able to process the peas at a commercial level with minimal processing or extra ingredients.” Yellow peas are a niche crop in the UK and are traditionally used for soups, stews and casseroles. They contain high-quality protein and are a good source of iron. Pea protein also contain essential amino acids that your body cannot create and must get from food. The Good Pulse Company has already developed over 100 prototypes of plant-based cheese made from pulses using their proprietary technology and processes, as well as processes for making naturally gluten-free baked goods from pulses that are high in proteins and great in taste. In addition to the successful funding, the company is now part of the prestigious EIT Food Seedbed programme and have also achieved key strategic milestones such as securing a major collaboration agreement with one of the largest dairy cheese companies in Europe to co-develop prototypes of cheese using their functional ingredients from pulses and unique processes leading to large scale pilot production trials, filing a first patent in the USA, and shown potential scalability of the technology and processes to other pulses and food applications. “Vegan cheeses are often ultra-processed in nature with poor nutritional value and mostly made from coconut oil, modified starches, and artificial additives. We are addressing this with new types of ingredients blends from pulses that are tailored specifically for making plant-based cheese. We also aim to look beyond just nutrition and to help strengthen local supply chain of pulses and have a positive social impact on farming communities,” said Cesar Torres, an Exeter Business School MBA alumnus and Founder & CEO of The Good Pulse Company. The Business School at the University of Nottingham has also been involved in research projects to support the business development. Three MBA consultancy projects were completed in September 2023 that looked into existing markets of plant-based cheese and baked goods and the company has also employed candidates from the programme MSc Food Production Management as interns during the summer as well as sponsoring projects for this programme. Dr di Bari adds: “Creating new food products is challenging and the market is hugely competitive but we believe these new cheese products made from our unique ingredients and technology are completely unique and will offer a tasty, sustainable alternative to what is currently available. “With the backing of industry partners and this additional funding we can push the research further to have a commercial product within the next 12 months. For this, the company will open its next investment round in early January 2024.”

The impact of high inflation and rising interest rates is now being felt in the economy as demand slows for East Midlands businesses, new data shows. Research from East Midlands Chamber shows both domestic and international sales, as well as advanced orders, have dipped in recent months. While growth in the workforce remained similar in the three months to September compared to the previous quarter, future prospects for employment have dropped by a third – suggesting the region’s low unemployment rate could be set to rise slightly. The business representation group’s Quarterly Economic Survey (QES) for Q3 2023, delivered in partnership with the University of Leicester School of Business, also shows investment intentions – a key ingredient in driving forward productivity and reducing inflation – remain low and business confidence is subdued. East Midlands Chamber’s director of policy and insight Chris Hobson said: “Following a strong first half of the year, the results of the latest Quarterly Economic Survey suggest the impact of 14 consecutive interest rate rises between November 2021 and this summer may be starting to have effect, as we can see with slowing sales activity and employment projections. “In a further sign the heat has come out of inflation, the percentage of businesses anticipating they will need to put up prices has fallen to 30% – almost half of what it was 12 months ago. The pressure from the price of raw materials, utilities and labour costs has all softened, with only a small increase in businesses reporting greater price rise pressures from the fuel pump. “For several quarters now, the results of this survey have run counter to the wider mood music in the economy. However, for the first time since the start of the year, the Chamber’s State of the Economy Index – a barometer measuring a combination of activity and sentiment indicators – has dropped back, albeit only slightly. “With regards to what this all means, next quarter’s results will be telling. The September decision by the Bank of England to keep interest rates as they are has been welcomed by many businesses. They feel the Bank’s desired impact – to soften demand – is already being felt, with a lag time between rate decisions and any actual effect taking hold. “Key now will be to see how far the slowdown will go. Any talks of a recession are premature, and with inflation now coming down steadily – and the uncertainty of a General Election on the horizon – it is important the economy can find its new level quickly and confidence can return to consumers and businesses alike.” Key findings from the Quarterly Economic Survey Q3 2023 for the East Midlands, which was completed by 296 organisations between 21 August and 14 September 2023, included: · UK and overseas sales each fell by a net 2% and 14% respectively between the second and third quarters of the year, with no movement in advanced UK orders growth and a net 1% drop in international advanced orders · 63% of businesses added to their headcount in Q3 2023, compared to 62% in the previous quarter and 60% before that to illustrate a slight growth in the region’s workforce. However, employment prospects look weaker going forward with the proportion of businesses expecting to recruit falling by a net 8% · Many employers continue to face challenges with filling job vacancies – 58% of organisations attempted to recruit and, of those, two-thirds (67%) experienced problems in finding suitable staff · Rising prices resulting from cost pressures for energy, raw materials, people and fuel continue to ease, with a net 27% of businesses expecting they will be forced to raise their own prices – down from a net 31% the previous quarter and net 52% in the first three months of 2023 · Worries over access to cash also eased slightly, with a net 1% increase in firms saying cashflow was up · Intentions to invest in plant and equipment increased for a net 4% of companies, but was down by a net 4% for investment intentions in people · Business confidence shows a mixed picture, with confidence in turnover prospects down by 2% compared to the previous quarter but up by 1% for profitability expectations. Professor Mohamed Shaban, associate dean for business and civic engagement at the University of Leicester School of Business, said: “The findings from the Quarterly Economic Survey Q3 2023 for the East Midlands are unsurprising and almost identical to our expectations in the second quarter, after the increase in the base rate trend to curb inflation in the past few months. “Most investors envisage marginal or no increase in the interest rates soon. The critical question that currently swirls inside investors’ heads is how long interest rates will stay at such a level. The longer the period, the longer the economic slowdown will be, as investors will opt to delay investments until they observe a reverse in the upward trend. “For the next few quarters, we expect investors and consumers to discount political signs and hints more in their investment and consumption decisions than monetary policy actions. “It will be all about the political climate and financial market stability at home and abroad, particularly in the United States, in the next two quarters. Many people will identify signs of a U-turn on UK green policies, including a delay on a plan to boost the number of electric cars on Britain’s roads. “Political uncertainty will play a somewhat augmented role in the firms’ decisions to invest and recruit. If we add the current high levels of interest rates and tense financial markets to such an unfavourable formula, the result is concerning – and we can expect little or no improvement in the business sentiment or growth indicators for the next quarter.”