East Midlands investment gap opening up as third of SMEs struggle to find the right investor

Tess Egginton
-
0
East Midlands investment gap opening up as third of SMEs struggle to find the right investor
New findings from YFM Equity Partners’ inaugural Entrepreneur Economy report, a study of the 1.1 million entrepreneurial SMEs in the UK, reveal that 8% of the nations’ entrepreneurial SMEs are based in the East Midlands, contributing £82 billion to the UK economy. Entrepreneurial SMEs in the East Midlands are eager to scale up  Analysis by YFM Equity Partners and the Centre for Economics and Business Research (Cebr) found that the East Midlands leads the UK in entrepreneurial SMEs using venture capital trusts to grow, with 16% of such businesses in the region relying on this funding source, compared to a national average of 13%. Many East Midlands entrepreneurs have also turned to private equity to access funding, with over a quarter (27%) of founders taking this route. Finding the right investor remains a key challenge  However, the report also highlighted the difficulties that entrepreneurial SMEs in the East Midlands had in raising investment, especially in comparison to SMEs elsewhere in the country. 37% said they found it hard to find the right investor, compared to 29% nationally. East Midlands entrepreneurial SMEs were also among the most likely (33%) to state they faced a lack of clarity on the best funding options for their businesses. Spotlight on regional success: Leicester  One particular East Midlands success story is the city of Leicester, which ranks ninth in the UK for entrepreneurialism and has the sixth highest ‘business to people ratio’: 6,057 businesses per 100,000 people. Leicester also boasts the eighth highest rate of new businesses founded between 2022 and 2023, with 607 businesses launched during that time period. Stephen Murray, investment director, YFM Equity Partners, said: “The East Midlands Entrepreneur Economy has great deal of potential. But, our report has pinpointed several barriers keeping local founders from scaling up their businesses. “Although it’s positive to see that many regional entrepreneurs rely on venture capital and private equity for funding, there are still severe struggles identifying the right investor and accessing the most suitable option for them. “It’s therefore of outmost importance that there is sufficient guidance and information available for them to make an informed decision based on their needs. “Receiving the right financial support is vital in the survival of the region’s businesses but it won’t be possible without improving access to professional capital.”

Tyre business makes strategic acquisition

Tess Egginton
-
0
Tyre business makes strategic acquisition
C&S Tyres (UK) Limited has been sold to plant and earthmover tyre repair and replacement provider Tyrefix, based in Leicestershire. Founded in 1998, Manchester-based C&S Tyres has provided a broad range of specialist tyre services across the UK, including the supply of Tyre filled and Press on Solid tyres into the waste sector. As part of the Tyrefix group, C&S tyres will be well-positioned to expand its reach across the UK using the scale of the Tyrefix business. Tyrefix is backed by Literacy Capital, and this marks their second acquisition since their initial investment in 2020. RSM UK advised C&S Tyres (UK) Limited on its sale, with the RSM deal team led by corporate finance director Rikesh Patel, with support from John Daly, Austin Halewood and Hallam Wilson. David Filmer at Forbes provided legal advice. Rikesh Patel, corporate finance director at RSM, said: “It was great to support the team on its next chapter of growth – bringing together two leading tyre specialists to deliver key synergies and accelerate expansion across the UK for the growing Tyrefix Group.” Chris Williams, founder and Managing Director of C&S Tyres, who will remain with the Tyrefix Group to ensure a successful transition, said: “I look forward to working with the Tyrefix team, whom I believe are the best fit to take C&S Tyres on the next stage of its journey. I’ve worked with Tyrefix for many years, and believe that together, the two businesses will be a successful partnership.” Oliver Johnson, Chief Executive Officer of Tyrefix, added: “We are extremely pleased to welcome C&S Tyres to the growing Tyrefix family. The expertise in the heavy off-highway sectors is fully aligned to the strategic direction of the business. “Chris has done a fantastic job growing the C&S business, offering genuine value to all the customers he services, with unparalleled knowledge of tyres in these sectors. As Tyrefix, we will look to grow this offering across the UK through the scale and presence we have today.”

East Midlands can ‘lead the way’ in energy transition, hears Midlands Energy Summit

Tess Egginton
-
0
East Midlands can ‘lead the way’ in energy transition, hears Midlands Energy Summit
The East Midlands has the potential to “lead the way” in the energy transition to net zero by holding some of the key ingredients – but businesses need more support to make changes right now. These were two of the headline messages at the Midlands Energy Summit, held by East Midlands Chamber at the University of Nottingham’s Trent Building yesterday (Thursday 30 November). Speakers from major organisations including Toyota, Uniper, National Grid and the East Midlands Freeport gave an insight into some of the clean energy activities happening in the region, including in hydrogen, nuclear fission and nuclear fusion. A new East Midlands zero carbon innovation centre, which aims to transform cutting-edge green research at the University of Nottingham and Loughborough University into commercial products, was announced by the Freeport’s Chief Executive Tom Newman-Taylor at the event – with the Freeport contributing £5m over funding towards the initiative. East Midlands Chamber director of policy and insight Chris Hobson said: “With three of the big bases for future energy provision – hydrogen, nuclear fusion and nuclear fission – being developed here in the East Midlands, across a range of nationally-critical projects and research that is backed by public and private sector investment, we are leading the way in the energy transition. “It was fascinating to hear more about some of these plans from the major players in these areas, and the new East Midlands zero carbon innovation centre is an exciting initiative that taps into these strengths while developing new sectors that will deliver further investment and high-quality jobs for our communities. “But while the future holds plenty of promise, we mustn’t forget about what we can do here and now to make gains in the green agenda. Toyota is a great example of a company making small adjustments to save lots of energy and while some of these learnings can be passed down through the supply chain, there is plenty more we can do. “Small businesses tell us they want to make the necessary changes to decarbonise their operations, and many are already taking huge strides forward, but require more support. “Our Sustainable East Midlands initiative can signpost businesses to funded programmes, events and best practice. More broadly, it’s crucial for businesses, the public sector and universities to work closer together to develop research and roll out new technologies that will help the East Midlands and UK to become a world leader in the net zero economy.” Speakers at the Midlands Energy Summit, held in partnership with the University of Nottingham and East Midlands Freeport, included: · Andy Nolan, development and sustainability director at University of Nottingham, explained how the institution aims to reduce a £30m annual energy bill across its estate via a series of energy-saving measures · Paul Gleaves, head of power purchase agreements at Consultus International Group, provided a long-term energy market analysis and provided tips on how businesses can de-risk their energy management strategy · Tom Newman-Taylor, chief executive of East Midlands Freeport, spoke about the “huge opportunity” net zero provides to the East Midlands and the importance of creating a region-wide voice for inward investors · Dr David Parfitt, senior data analyst at National Grid ESO, delivered some future energy scenarios for the East Midlands, including one in which the region can “lead the way” towards net zero · Faye McAnulla, programme director of the Energy Research Accelerator, gave an update on cutting-edge green projects being delivered by universities across the Midlands · John Malpas, senior manager for the environment and carbon neutrality project at Toyota Motor Manufacturing UK, offered an insight into how the Derbyshire-based car manufacturer has made significant reductions in energy use within the paint shop by making small tweaks.

Housing trust teams up with local company in festive hamper appeal for people who have faced homelessness

Tess Egginton
-
0
Housing trust teams up with local company in festive hamper appeal for people who have faced homelessness

A Derbyshire housing trust providing accommodation to hundreds of people who might otherwise be homeless has teamed up with a well-known local business to spread festive treats amongst residents, who may otherwise face a cheerless Christmas.

Derventio Housing Trust, which runs shared houses for hundreds of people in Derby and Derbyshire – and other areas of the UK – wants to ensure no-one living in its housing misses out on festive cheer this year so has teamed up with Derby-based Colleague Box to provide festive treats to every household in the city and county.

The trust exists to provide housing to people who have either recently been through homelessness or are at risk of it. Now Derventio is asking businesses and individuals to support its Colleague Box campaign providing festive boxes to residents who may be facing a cheerless Christmas.

Derventio Housing Trust operates in five areas in the UK: Derbyshire, Nottinghamshire, Staffordshire, Warwickshire and Swindon. The appeal will provide hampers containing festive treats.

Jackie Carpenter, assistant director of strategy for Derventio Housing Trust, said: “We are blown away that such a fabulous local company with a big heart is supporting our appeal. At a hugely busy time for them, they have taken on putting together these extra boxes for us and we couldn’t be more grateful.

“We know how much this will mean to residents and we’re excited to think how much they will enjoy opening up a Colleague Box of festive treats.”

Natalie Bamford, who with her husband Adam set up Colleague Box, said that the business was delighted to be working with Derventio Housing Trust.

Natalie said: “Community is important to us and when Derventio first approached us about being involved in creating these special boxes, we knew that it was something we would love to be involved in. These gifts will have a huge impact on the lives of those needing the support and it is a real honour to be involved.”

One Derventio resident living in Derby told how his Christmas last year had been lonely as he was unable to visit family. This reduced him to eating a meal of baked beans on toast on December 25, since his three housemates were with their family while he was not.

Michael *, 50, has been living with Derventio Housing Trust for the past 18 months, his life having spiralled out of control after a relationship breakdown, and being unable to carry on working as a machine setter due to his epilepsy and mental health struggles.

He said: “Christmas last year was so lonely for me. It’s heart breaking when you don’t see your family.”

Derventio Housing Trust wants to spread a little festive cheer this year by providing every shared household with a hamper containing seasonal goodies such as a Christmas sweets and cheese snacks.

The housing trust is currently providing accommodation for 200 people in Derby and 130 in Derbyshire and Nottinghamshire. Across the UK, the housing trust supports 650 people.

Many Derventio residents are struggling with their mental health; some have no family, while others have become estranged from theirs. For most, Christmas is a huge struggle both emotionally and financially.

The housing trust is appealing for local businesses and individuals who would like to feel the warmth of Christmas giving by helping donate to the hampers.

Michael said for him and his Derventio household, having a Christmas hamper with little treats would make an enormous difference to their festive season.

“A Christmas cake and a box of biscuits would make me feel as though I’d had Christmas,” he said. “Christmas can be very lonely. There’s nothing worse than being on your own at Christmas time. It’s awful. I’ve always been used to being somewhere. There’s nothing better on Christmas day than seeing young people opening their presents.

“If people give you something you’re not expecting, do you know how overwhelming that makes people feel? It would make me cry.”

Penny Wiltshire from Derventio Housing Trust said: “With our Christmas Hamper campaign we would like to give residents some luxuries to help them feel they are part of the festive season too. When money is tight and you need to buy essentials, even treats like a packet of biscuits or a little box of chocolates are simply unavailable.

“We hope businesses and individuals will help give people a little bit of Christmas cheer this year by donating to our campaign. Many people can’t imagine spending Christmas on their own but that’s unfortunately the reality for some residents. Many people really don’t have much, so we know how much of a difference these hampers will make.”

To donate to the Derventio Housing Trust Christmas Hamper appeal, see https://www.colleaguebox.co.uk/derventiofestivetreat

* Not his real name

200 Degrees annual charity day, Swap Shop, returns

Tess Egginton
-
0
200 Degrees annual charity day, Swap Shop, returns

Coffee lovers will be able to swap a tube of toothpaste for a free flat white on Tuesday 5th December when independent coffee shop chain 200 Degrees hosts their annual charity day, Swap Shop.

In each of the company’s 21 shops across the UK, customers will be able to bring in and donate unused and unopened hygiene products, and get a free coffee in return.

Swap Shop is an initiative that 200 Degrees have run for the past two years, but this year each shop team has chosen to directly support a charity in their locality. With hygiene poverty still a massive issue across the country due to the cost of living crisis, customers will be able have make a difference for people in their community, with products to be distributed to those in need in partnership via local charities.

In Lincoln, the 200 Degrees Shop on Sincil Street will be supporting the Lincoln Food Bank. And in Nottingham, the four 200 Degrees shops will be each be supporting a different charity: Emmanuel House, Juno Women’s Aid, The Friary and Central Women’s Aid. Each shop across the 200 Degrees estate, from Cardiff to Cannock, to Manchester and Liverpool will also be supporting a charity in their local area. The Head Office team, based on Meadow Lane in Nottingham, will be bringing in their own items to donate to their core charity partner, Switch Up.

200 Degrees Managing Director Stephen Fern said: “Supporting the local community is one of the core values of 200 Degrees and we adhere to those beliefs all year round, but we know charities struggle particularly at Christmas.

“We have the ability to make a difference across a large part of the UK now we have 21 shops, and the teams have been eager to donate items to charities they know will reach local people. Giving away free coffees to those who donate is a great way to raise awareness and get those donations flooding in.”

Accountancy firm purchases West Bridgford property

Tess Egginton
-
0
Accountancy firm purchases West Bridgford property
Accountancy firm Bexons has snapped up 23 Rectory Road in West Bridgford – a semi-detached, three floor office building with car parking to the rear. Originally on the market on a leasehold basis, in which it managed to achieve a rental of £20.00psf, the decision was then made to explore freehold options. FHP Property Consultants said: “The level of interest on this property was stronger than anticipated. The property was well suited to a variety of uses, owner occupier, local investor or for residential redevelopment. We secured an excellent sale price…and managed to complete the sale within a reasonable time, allowing the purchasers to gain occupation and start their move across the road.” Amy Howard, surveyor at FHP Property Consultants, added: “This property is something I have been working on for some months now, given the initial leasehold route and then exploring the freehold option so I am delighted that we have now managed to complete on this sale. “Freehold stock in West Bridgford is a rarity so we always knew it was going to be popular, but it certainly generated a high level of enquiries which was positive to see and proves the freehold office market demand is still strong in the suburb areas of Nottingham. “The sale price achieved was a great result in the end for my client and it has been a pleasure to work alongside them, as well as help Bexons in their process of gaining a new office space. “West Bridgford continues to be a prestigious office location and the nearby town centre amenities continue to grow.” The retained client said: “I was very pleased with the level of service shown by FHP Property Consultants, especially Amy who we worked closely with throughout. We regarded the price obtained as excellent in today’s market.”

Vortex Systems secure Beeston unit

Tess Egginton
-
0
Vortex Systems secure Beeston unit
FHP have secured a letting on Evelyn Street, at one of the former Mill units that lies just off Queens Road East, Beeston. The unit, with period features throughout showcasing the characteristics of its former use, comprises 4,090 sq ft of warehouse space with ample parking to the front of the property. The new tenant, Vortex Systems Ltd have been in the market for some time and were seeking larger space, due to their future growth and expansion plans. After viewing several properties with FHP Property Consultants, they decided that Unit 36 Evelyn Street was their ideal premises. Amy Howard, surveyor at FHP Property Consultants, said: “It certainly was a great result to get this deal over the line, given the initial marketing on a freehold basis and then switching the leasehold. I have spent a lot of time with this client, and I am pleased to have secured this for them. “The client showed willingness to work with the prospective tenants and enhancing the unit to attract further enquiries. It was also a delight to work alongside Vortex Systems, they showed willingness throughout to get the deal secured within a quick timeframe and I wish them all the best in the future.”

Salloway Property Consultants makes associate director promotion

Tess Egginton
-
0
Salloway Property Consultants makes associate director promotion
Salloway Property Consultants has promoted Hugo Beresford to associate director. Having initially joined the company as a placement surveyor from Nottingham Trent University in 2014, Hugo returned to a full-time position within the firm immediately after completing his studies. More recently, Hugo has become a member of the Royal Institution of Chartered Surveyors and in recognition of his service to the company, personal development and hard work, Salloway Property Consultants has announced his promotion to the position of associate director. Hugo Beresford said: “I am delighted to have been promoted to the position of associate director and I am truly thankful that my efforts have been recognised. The growth of my career continues thanks to the opportunities and support provided by Salloway Property Consultants and for that I am exceptionally grateful.” The firm’s Managing Director, Stephen Salloway, said: “It is extremely rewarding to see Hugo progress through the ranks starting as a raw sandwich placement and going on to become an extremely competent chartered surveyor. Hugo has achieved this through hard work and a desire to listen and learn. “He has an excellent work ethic and has developed a portfolio of corporate and private clients to whom he provides a high quality and very professional service. We are delighted to demonstrate our acknowledgement of Hugo’s efforts by announcing his promotion to associate director.”

Maven snaps up EIS focused fund management company

Tess Egginton
-
0
Maven snaps up EIS focused fund management company
Mattioli Woods subsidiary, Maven Capital Partners has entered into an agreement to acquire the entire share capital of Newable Ventures Limited from Newable Capital Group Limited. This acquisition follows recent discussions between Maven and the Newable Capital Group executive and will allow Maven to expand its activities into direct Enterprise Investment Scheme (EIS) investment. Newable is an EIS focused fund management company with £12m of Assets Under Management (AuM). Maven will continue to strengthen Newable’s senior management team and broaden its product range. The acquisition is consistent with the strategy to achieve further growth in AuM following the acquisition of Maven by Mattioli Woods in 2021. Bill Nixon, Managing Partner of Maven, said: “As part of the continuing evolution and growth of the Maven business we have been keen for some time to add an EIS capability to our client offering. “The acquisition of Newable Ventures Limited is an important step forward in completing our objective of providing a full suite of best-in-class client products, which offer access to fast growing private company investments, often on a tax assisted basis. “The recent announcement in the Government’s Autumn budget statement that the EIS and Venture Capital Trust schemes will be extended through till at least 2035 ensures that these products will remain at the forefront of financial planning and portfolio diversification for investors. We look forward to welcoming the Newable team to Maven.” Chris Manson, Newable Chief Executive Officer, said: “This collaboration with Maven Capital Partners aligns with our vision to empower the UK’s small and medium-sized enterprises and start-ups. We are excited about the new opportunities this will bring to our investors and the companies we support.”

Van Elle hails resilient operational performance despite challenging market conditions

Tess Egginton
-
0
Van Elle hails resilient operational performance despite challenging market conditions
Van Elle, the ground engineering contractor, has said its half year results are in line with expectations and reflect “a resilient operational performance despite challenging market conditions, continuing inflationary pressures and delayed project starts.” In a trading update for the six months ended 31 October 2023, the Nottinghamshire business revealed that it anticipates revenues of approximately £68m – a decrease of 16% on the same period of last year (£80.8m). However Van Elle expects to report operating profit margins consistent with last year. Van Elle noted: “There continues to be uncertainty and subdued activity levels in some of the Group’s end markets, particularly the housebuilding sector, which is expected to continue into the second half of the financial year. “However, further progress has been made on several substantial growth opportunities in the energy sector. The costs of establishing the Group’s new Canadian rail subsidiary have been absorbed in the Period and initial projects commenced in the second quarter. “The order book at 31 October 2023 increased to £32.7m (30 April 2023: £30.8m), which excludes framework agreements and preferred bidder positions, providing a strong platform entering the second half. “The Board continues to expect results in line with market expectations for the current financial year and is confident in the Group’s outlook over the medium term across all of its core markets.”
1...445446447...1,062Page 446 of 1,062