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Emh group secures £370m in refinancing and bond sale to fund new developments and investment in existing homes
Emh group (East Midlands Housing), one of the largest providers of affordable homes and support services in the East Midlands, has completed the refinancing of its debt. It refinanced £270 million bank facilities, including new finance of £90 million, and successfully sold £100 million of its bonds.
The refinancing and bond sale are part of its strategy to ensure sufficient and flexible funding is in place to fund its business plan. Emh can continue its commitment to delivering high-quality new homes and investment in its existing properties to improve energy efficiency and decarbonise its homes. This is to create thriving communities, drive economic growth, and contribute positively to the East Midlands landscape.
Geoff Clarke, emh’s executive director of finance, said “We are delighted to have completed this refinancing and bond sale, which is a testament to the confidence our funding banks, Lloyds Bank, NatWest and investors have in our vision and track record. Their support will enable us to develop innovative and sustainable properties that enrich lives and contribute to the development of vibrant neighbourhoods.”
Lloyds Bank and NatWest, as core relationship banks, have played an important role in ensuring the success of this project. Their commitment to emh’s mission has reaffirmed the company’s position as a trusted player in the social housing sector, with growth and innovation.
The £370 million of loan facilities and bonds will provide emh with the necessary resources to complete its development projects, with sustainable new and existing homes to enhance the lives of residents. The £100 million bond sale reflects the confidence of investors in emh’s long-term viability and contribution to the social housing market.
With this financing in place, emh can deliver its business plan’s mission to provide homes and care to improve opportunities for people, developing partnerships with key stakeholders in the East Midlands.
Chatham Financial acted as funding advisor and Anthony Collins as legal advisor.
John Horton, director, Housing Finance at NatWest, said: “We are very pleased to build on our long-term relationship with emh by providing support which helps them to fulfil their strategic goals. It is important to NatWest that our customers and wider communities succeed, and assisting emh in addressing the demand for affordable and energy efficient homes is reflective of this ambition.”
Jatinder Dhaliwal, regional housing director at Lloyds Bank, said: “We’re proud to support emh and look forward to seeing it realise its ambitions to provide people in the East Midlands with affordable, quality housing that is future proofed for years to come.”
Gowsikan Shugumaran, associate director, Chatham Financial, said: “We are delighted to have supported Geoff and his team in delivering this strategy through a mix of bank and capital markets funding, despite the challenging wider economic context. The successful outcome of this refinancing project has helped to unlock capacity and offers the management team greater flexibility to deliver the mission set out by Group Board.”
Shifting of the goalposts on net zero is harming businesses, hears East Midlands Chamber’s Sustainability Summit
Business, industry and academic leaders gave a firm pushback against the Government’s “shifting of the goalposts” on net zero policy at an East Midlands Chamber event yesterday (20 September).
Speakers at the Sustainability Summit said “flip-flopping” over net zero commitments from Westminster created huge uncertainty that undermined long-term investments and would ultimately harm the UK’s quest to become a global leader in the green economy.
About 200 people representing organisations from across Derbyshire, Leicestershire and Nottinghamshire gathered at Reach Events, in Derby, for the event, held in partnership with the University of Derby, Mazars, Thompson Tree Services and Epson.
Exploring how to unlock the green growth for SMEs and the wider East Midlands economy – across themes including leadership, innovation, international trade and best practice – it took place against a backdrop in which Prime Minister Rishi Sunak announced the Government will water down net zero policies, including delaying a ban on the sales of new petrol and diesel cars and phasing out gas boilers.
East Midlands Chamber director of policy and insight Chris Hobson said: “We heard at our Sustainability Summit about some of the great things that businesses are doing in pursuing green growth and the very tangible rewards they are reaping with innovation and financial growth.
“These are the shining examples of success we can glean from embracing net zero, which means viewing it as not just a challenge but a golden opportunity.
“Yet while our national leaders correctly talk up the research and development strengths of our businesses and ambitions to be a global leader in developing low-carbon goods and services, there is a huge disconnect between this messaging and Government policy – as evidenced by the Prime Minister’s ill-judged shifting of the goalposts on our country’s net zero commitments.
“We saw first-hand the impact policy flip-flopping has on business decision-making during the chaotic political landscape of 2022, which quashed business confidence and thus investment. The lack of certainty about the future direction of our economy will unfortunately have a similar impact at a time when we should be encouraging transformational long-term investment.
“Having net zero targets is one thing, but to get us there we require a roadmap that will be led by business innovation. The vacillating from our political leaders instead undermines our ability to make real progress in this space and we instead find ourselves stuck in limbo when it comes to the most significant economic opportunity of our lifetime.”
Findings from the Green Growth Trends in the East Midlands research conducted by the Chamber and University of Derby were discussed by report author Dr Polina Baranova, associate professor of strategy and sustainability.
It showed the proportion of East Midlands businesses that have made any income from environmentally-friendly goods and services dropped from 45% in 2022 to 36% in 2023, decarbonisation investment varies significantly according to business size and sector, and a widening gap in business support and information.
Dr Baranova said this illustrated not only the impact of the cost-of-doing business crisis but the “fragility” of the current policy landscape, with green growth yet to be a firmly embedded business philosophy.
Other highlights at the Sustainability Summit included:
· East Midlands Chamber president Stuart Dawkins discussed how sustainability is at the heart of businesses’ responsibility to support their communities and future generations
· Professor Chris Bushell, pro vice-chancellor and head of sustainability at the University of Derby, outlined how the institution is taking a lead in the net zero agenda via its research, innovation, thought leadership and knowledge capital
· Ian Meikle, director of clean growth at Innovate UK, explained how Britain can create jobs and sustainable economic growth by developing its own low-carbon products and services, but this required stable policy and regulation, innovation in business models and supply chains, and a step-change in access to capital
· Chris Fuggle, global head of sustainability services at audit, tax and advisory services firm Mazars, provided practical strategies to upskill leadership teams on the environmental, social and governance (ESG) agenda and embedding sustainability at board level
· Charlie de la Haye, communications manager at Epson UK, gave an insight into how the global printing manufacturer had pivoted its business model to deliver green goods and services while demonstrating how it could deliver cost-saving benefits to customers.
Corporate insolvencies hit four-year high
The number of insolvent businesses in England and Wales has risen by over a third (33.6%) to hit a four-year high, with company directors heavily impacted by a mixture of long-term economic issues, director fatigue and creditor pressure.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest statistics published by the Insolvency Service which show that corporate insolvencies rose by 33.6% in August to 2,308 compared to July’s total of 1,728, and by 18.9% in comparison with August 2022’s figure of 1,941.
The government statistics also show that corporate insolvencies in England and Wales increased by 71.3% against August 2021’s total of 1,347, and by 69.1% compared to the pre-pandemic level of 1,365 in August 2019.
R3 Midlands chair Stephen Rome, a director at law firm Thursfields in the region, said: “August’s corporate insolvency figures were their highest for this month in four years as increasing numbers of companies enter an insolvency process in an attempt to resolve their financial issues, or simply shut their doors.
“Creditors’ Voluntary Liquidations remain high as more and more directors choose to wind down their firms, while compulsory liquidation numbers were at their highest this August for four years as creditors continue to pursue the money they are owed.
“The sad fact is that businesses are being hit from a variety of angles – and all these blows have an effect on their bottom line. Cost inflation has been a problem for some time and, while this is expected to ease, it is still sitting higher than many had predicted.
“As a result of this, upward pressure on pay is continuing, while recruitment is a challenge, and people are still cautious about spending money on anything other than the essentials.
“It’s unlikely that the picture will improve in the near future as people and businesses face the prospect of increased energy bills and start watching their spending even more closely.
“Our message to directors, therefore, is simple: be alert to signs your business could be financially distressed and seek advice as soon as they show themselves. If you’re having problems paying wages, staff or suppliers, if stock is starting to pile up, or if you’re worried about your business and its finances, that’s the time to speak to a qualified advisor.”
BDO strengthens Midlands forensics team with senior hire
Accountancy and business advisory firm BDO LLP has strengthened its Midlands team with the appointment of Georgina Connor.
Georgina joins the Forensics Services team as a director. She brings more than 20 years’ experience to the firm, with expertise in compliance, risks management, and forensic investigation, gained in both the UK and emerging markets. Her experience spans a wide range of industries, including government and healthcare sectors.
At BDO, Georgina will focus on anti-bribery and corruption, fraud risk management, and investigation. She will also be supporting clients to manage their risks, including to design, build, implement and monitor related risk and compliance programmes. She is a chartered accountant and previously worked at PwC and GE Healthcare.
Sannan Khan, partner and head of Forensic Investigation and Economic Crime Risk Management in the Midlands, said: “Georgina is a fantastic addition to our forensic services team, as we continue to attract some of the brightest talent in the sector – people who have an in-depth understanding of the challenges facing regional businesses and the skills and experience to help guide clients through the complex landscape that surrounds fraud, compliance and other risks.”
Georgina added: “I’m delighted to be joining such a talented team at BDO and I can’t wait to help grow our capabilities in what is quickly becoming a business-critical area for companies across a broad spectrum of sectors.”
BDO’s annual fraud report released earlier this year showed that an overwhelming number of Midlands mid-sized businesses surveyed (85%) experienced fraud during 2022, with 63% of companies reporting that they feel somewhat or significantly more exposed to fraud since the cost-of-living crisis has taken hold.
Another record year of sales for Dunelm
Dunelm Group, the Leicestershire-based homewares retailer, has hailed another record year of sales.
According to preliminary results for the 52 weeks to 1 July 2023, the business saw sales of £1.64bn, up from £1.55bn in the year prior.
Profit before tax, however, slipped to £193m, down from £209m last year, which Dunelm said reflects “tight control of margin amidst inflation in our operating costs and our ongoing commitment to investment for the future.”
Nick Wilkinson, Chief Executive Officer, said: “In a period of extensive economic uncertainty, we have maintained our focus on enhancing our customer proposition, expanding our offer whilst staying fully committed to value and making every pound count.
“This has clearly resonated well with our customers, enabling us to continue growing both sales and market share. As ever, our amazing colleagues have been at the heart of this performance and I thank them all for their knowledge, personality, commitment and enthusiasm.
“As we manage the ongoing challenges, it is crucial that we do not lose sight of our longer-term ambitions. We are committed to raising the bar on value and joy for our customers and continuing to invest where we see good returns, so that we can seize the various opportunities ahead.
“We are excited about our future growth opportunity and more confident than ever that our commitment to value and tireless focus on improving the experience for our home-loving customers will leave us well placed to deliver sustainable growth in the future.”
Surprise slowdown for inflation
The rate of inflation decelerated in August, coming in lower than expected, in part due to the easing of food and non-alcoholic beverage prices.
Annualised inflation was 6.7%, decreasing from 6.8% in July.
The better than expected inflation data, which had been anticipated to come in at 7%, is creating hope that the Bank of England may leave interest rates as they are tomorrow.
Meanwhile core inflation, which takes out energy, food, alcohol and tobacco to give a clear picture of underlying trends, rose 6.2% in the 12 months to August 2023, down from 6.9% in July.
While the news has been received positively, the recent rise in global oil and domestic fuel prices, and continuing rise in wages, are causing concern over the future of continued inflation falls.
Kirkby in Ashfield warehouse unit let
Acting on behalf of long-term private clients, Ketlin Maeorg and Tim Gilbertson of FHP have completed a warehouse letting in Kirkby in Ashfield.
The property benefits from a large yard with fenced and gated access.
Ketlin Maeorg said: “I am really pleased with the recent completion of Mill Lane and to have secured this letting for our client.
“I believe this deal is a great result for all parties and I wish the new tenants the best of luck in the future. There are not many properties of such nature currently on the market and it was an ideal fit for the new occupier and their business operations.
“The level of enquiries the subject property produced proves the continuously high demand we have for good quality industrial units. I look forward to new completions and welcoming new stock to the market.”
Journeo snaps up MultiQ
Journeo plc, an Ashby-de-la-Zouch-headquartered provider of information systems and technical services to transport operators and local authorities, has acquired MultiQ Denmark A/S (MultiQ) for a total consideration of €2.5m on a debt free cash free basis.
MultiQ is a full-service provider of Intelligent Transport Systems (ITS) with customers in Denmark, Sweden and Iceland. The acquisition will provide opportunities for cross-selling of products, technologies and software and strengthens Journeo’s presence in the Nordic market, where it already operates in Stockholm.
Based in Aarhus, Denmark, MultiQ is one of the market leaders in developing and supplying public information systems for bus travel, such as fleet management software and on-board passenger infotainment, indoor and outdoor real-time display systems.
Founded over 15 years ago, MultiQ’s customers include Passenger Transport Authorities (PTAs) and local authorities Passenger Transport Operators (PTOs).
MultiQ was part of a larger group which was acquired by Vertiseit, a Swedish-based retail technology company specialising in digital in-store media in May 2022. In January 2023 the retail digital media assets and a number of employees of MultiQ were transferred out to Dise, a Vertiseit subsidiary, leaving MultiQ as a purely ITS focussed business.
Management expects MultiQ’s revenue for the current year to 31 December 2023 will be approximately €3.3m, with an operating profit of €260k.
Russ Singleton, Chief Executive of Journeo plc, said: “The acquisition of MultiQ provides Journeo with an established, full-service provider of Intelligent Transport Systems in Denmark and further strengthens our expansion into the Nordic markets.
“MultiQ has a leading position and strong SaaS based sales approach with approximately 40% recurring revenue that will complement our existing offering and bring further scale to our cloud-based applications.”
Matt Wallace, Director of Estates and Building Services at Leicester City Council, to deliver keynote speech at the East Midlands Bricks Awards 2023
Matt Wallace, Director of Estates and Building Services at Leicester City Council, is set to replace Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, as keynote speaker at the East Midlands Bricks Awards 2023.
Matt said: “I’m delighted to be speaking at the East Midlands Bricks Awards 2023 as keynote speaker. The awards are a fantastic platform to shine a light on the outstanding work of those that are shaping the landscape of the East Midlands region. I am very much looking forward to celebrating the great successes of the companies and individuals that make our region a prime investment destination.”
Showcasing the East Midlands’ property and construction industry, this year’s East Midlands Bricks Awards will take place on Thursday 28 September at the Trent Bridge Cricket Ground.
The awards, which will begin at 4:30pm and continue until 7:30pm, also present a prime opportunity to network with the leaders of property and construction businesses from across the region over canapés and complementary drinks, sponsored by Nicholas Associates.
Attend the glittering awards ceremony to see who takes home the title of Contractor of the Year, Developer of the Year, Commercial Development of the Year, Residential Development of the Year, Sustainable Development of the Year, Deal of the Year, Most Active Agents of the Year, Architects of the Year, Excellence in Design, Responsible Business and of course Overall Winner. Dress code is standard business dress.
East Midlands Bricks Awards 2023
When: Thursday 28 September 2023, 4:30pm – 7:30pm
Where: The Derek Randall Suite, Trent Bridge Cricket Ground
Keynote speaker: Matt Wallace, Director of Estates and Building Services at Leicester City Council
Dress code: Standard business attire
Tickets: Available here
Parking: Due to the Notts V Middlesex 4 day County Championship fixture, parking will likely be limited at Trent Bridge on the day, therefore parking has been made available for Bricks guests at the Notts Sports Club, Holme Road, NG2 5AA (by Nottingham Rugby Football Club), quoting “Bricks Awards” to any parking and gate stewards.
Thanks to our sponsors:
To be held at:
Tickets can be booked here.
Shortlist for the East Midlands Bricks Awards 2023
Most Active Estate Agent – sponsored by OMS
BB&J Commercial
Mather Jamie
FHP Commercial Development of the Year – sponsored by MKMHBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Bolsterstone Group Plc, Chesterfield Borough Council – One Waterside Place, Chesterfield Responsible Business of the Year – sponsored by Press for Attention PR Cawarden G F Tomlinson Aspbury Planning Limited Residential Development of the Year – sponsored by Sterling Commercial FinancePhoenix Brickwork UK Ltd – St Marks student accommodation, Lincoln
Elms Developments – Elms Phase Two Ltd
St James Securities, Grainger – The Condor, Derby
Deal of the Year – sponsored by Mather JamieRushton Hickman Limited – Branston Locks deal
Bassi Group Nottingham Ltd – Job saving Pizza Hut takeover
Rigby & Co – Aida Factory deal
Developer of the Year – sponsored by WardChevin Homes
Clowes Developments
Brackley Property Developments
Architects of the Year – sponsored by Blueprint InteriorsIMA Architects
Matthew Montague Architects
Influence Landscape Planning and Design
Excellence in Design – sponsored by CawardenChevin Homes – Amber Farm
Marchini Curran Associates – Phoenix cinema and art centre
Trident Construction Services – Lark Hill Retirement Village refurbishment
Sustainable Development of the Year – sponsored by Viridis Building Services LtdHBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Elms Developments – Elms Phase Two ltd
Contractor of the Year – sponsored by RammSanderson CawardenEE Smith Contracts
Bowmer + Kirkland
The Overall Winner, sponsored by Streets Chartered Accountants, will also be announced at the ceremony, who will be awarded a year of marketing/publicity worth £20,000.
To be held at:
