Worksop business park snapped up
Northern Trust has acquired Vesuvius Business Park in Worksop.
The estate, set on a 4.13-acre site, comprises 16 trade counter units and three retail buildings totalling 46,921 sq ft.
The development of the site was completed in 2021 and current occupiers on site include, Kitchen Craft, Burger King, Just Tyres and Subway.
Tom Parkinson, director at Northern Trust, said: “This high quality development compliments our Midlands portfolio as we continue to expand through strategic multi-let acquisitions and developments. Currently our portfolio supports in the region of 25,000 jobs across the UK providing space for the SME business community.”
MK2 Real Estate advised Northern Trust on the acquisition and undertook the building survey of the site. Mark Johnson, a director at MK2, added: “Vesuvius Business Park is a well-located prime asset with just two remaining units to let. It achieves above average rentals, providing a new build addition to the Northern Trust portfolio.”
CBRE acted for the vendor.
The site will be actively managed by Northern Trust’s Midlands office.
Council considers further £250,000 loan for Derby classic car hub
Derby City Councillors are being asked to lend a further £250,000 to help Great Northern Classics get the project to set up a hub of classic vehicle industry specialists in the heart of the city.
The loan would be on top of £1.25m approved in March last year, which set the bar rolling on the project based in the former Victoria Ironworks, which until recently housed the Rolls-Royce Heritage Centre.
The vast site – which covers four conjoined factory buildings – will house a fully-equipped training school, a car storage area, exhibition and entertainment space, along with a number of small multi use units. The sheer scale of the Victoria Ironworks will allow Great Northern Classics to operate as an efficient work site while serving as a destination attraction at the same time.
Similar to the concept of BBC TV’s Repair Shop, classic car owners will be able to access upholsterers, electricians, mechanics and bodywork specialists, all of whom will be given workshop space all under the same roof within the 85,000 sq. ft building.
In March 2022, a £1.25 million loan was approved from the Council’s Enterprise Growth Fund, which offers capital grants and loans to businesses within Derby and its Travel to Work Area (TTWA).
The centre, which will house a retail, workshop and office space, is expected to reach 85% capacity by the end of year two, offering a range of different sized units to suit both sole traders and larger organisations, based on demand and growth. It’s expected that the site will house around 32 companies in total.
The initiative will also provide an opportunity for young apprentices in the city to undertake on-site training and learn alongside specialists, ensuring that their skills are developed and passed down to future generations. The centre is expected to contribute to the creation of over 120 jobs by year six, not including any additional local supply chain benefits.Abigail Whitt of Great Northern Classics, said: “We’re extremely excited that Derby City Council has helped contribute towards the revival of this historical site. Our aim here at Great Northern Classics is to create a hub for not only the vehicle enthusiast, but also the wider public.
“We have lots to offer at the newly restored ironworks building which was once a Rolls-Royce site. We will house a fully equipped training school, workshops for around 30 specialists, a car storage area, exhibition and entertainment space and café. We look forward to seeing you all later on in the year.”
The additional loan is required due to a change in previously assumed private funding sources and is reflective of the original loan amount budgeted for and requested by GNC. As a start-up business, traditional high street funding is not a suitable option.
Work began at the former Victoria Ironworks and Rolls-Royce heritage centre in September 2022. Progress carried out to date suggests that the project will be completed on budget.
Leicester and Leicestershire visitor economy shows strong recovery
Latest figures show over 30.5 million people visited Leicester and Leicestershire in 2022. This is an increase of 2.38 million on the previous year and up 18.64 million since the pandemic, proving that one of the hardest hit sectors is making a strong recovery.
According to new figures published this summer, the city saw over 9.91 million visitors whilst over 20.6 million visitors came to the county in 2022.
The tourism economy is worth £2.07 billion to the city and county, an increase of £440 million since 2021 and £108 million up on pre-pandemic figure of £1.962 billion. The figures show that the city and county have surpassed Nottingham and Nottinghamshire combined in their respective recoveries with the value of the Leicester and Leicestershire visitor economy up by 27.1% on 2021 figures, compared to 15.6% growth for Nottingham and Nottinghamshire.
The new figures also show that the number of tourism-related jobs is on the rise, with more than 21,000 people now employed in the sector across the city and the county – an increase of 20% on 2021.
Non-serviced accommodation including self catering, camping and glamping, has surpassed pre-pandemic 2019 figures, showing the strongest recovery in the accommodation market with an economic impact of £95.12m to the region.
The tourism figures for Leicester and Leicestershire are taken from the 2022 Scarborough Tourism Economic Activity Monitor (STEAM) survey.
The city and county are promoted nationally and internationally through a series of tourism campaigns delivered by Visit Leicester, the destination management organisation for Leicester and Leicestershire. The campaigns are jointly funded by Leicester City Council, Leicestershire County Council and the Leicester and Leicestershire Enterprise Partnership (LLEP). The LLEP provided £185,000 from the Repurposed Growing Places Fund and £105,000 match funding came from the city and county councils.
The positive tourism results have been welcomed by City Mayor Peter Soulsby, County Council Leader Nick Rushton and Phoebe Dawson, CEO of the LLEP.
Leicester City Mayor Peter Soulsby said: “This is excellent news. The economic value of tourism in Leicester has grown by 36% since 2021, and investor confidence in tourism is high, as demonstrated by the huge increase in the number of hotels in the city.
“The growth we’ve seen in tourism-related jobs gives a huge boost to our economy, as do the millions of visitors who come here every year and spend their money in local businesses. It shows that our investment in making the city easy to get around, and an attractive place to be has been well worth it. It also reflects the huge efforts of all those working in the tourism and hospitality sector in our city.”
County council leader Nick Rushton said: “We’re naturally delighted to see the strong growth in our tourism economy, and the creation of an extra 2,000 jobs in the county by the sector in 2022 is particularly welcome. With nearly 14,000 now working in the tourism sector it highlights just how important tourism is to the county.
“Leicestershire has an incredible history and story to tell and we’re glad to see this post pandemic resurgence in visitors, which is translating into increased spend in the local economy and new jobs.”
Phoebe Dawson, CEO of the LLEP, said: “We know that Leicester and Leicestershire have much to offer and investment in spreading the word is having an effect on increasing our reach.
“We’re pleased to see LLEP funding achieve the desired outcome of helping Leicester and Leicestershire – one of the areas hardest hit by the pandemic – to recover.”
Leicester-based financial services firm earns B Corp Certification
The Superbia Group, a financial services organisation encompassing the advice firm Furnley House and investment firms Asset Intelligence Research and Asset Intelligence Portfolio Management, has revealed its certification as a B Corporation (or B Corp), joining a growing set of companies reinventing business by pursuing purpose as well as profit.
The Superbia Group has been certified by B Lab™, the not-for-profit behind the B Corp movement, as having met rigorous social and environmental standards which represent its commitment to a range of goals besides shareholder profit.
The B Corp certification addresses the entirety of a business’s operations and covers five key impact areas: Governance, Workers, Community, Environment and Customers. The certification process is rigorous, with applicants required to reach a benchmark score of over 80 while providing evidence of socially and environmentally responsible practices relating to energy supplies, waste and water use, worker compensation, diversity and corporate transparency. To complete the certification, the company will legally embed their commitment to purpose beyond profit in their company articles.
The Superbia Group is now part of a community of just 7,000 businesses globally which have certified as B Corps. The B Corp community in the UK represents a broad cross-section of industries and company sizes, comprising over 1,500 companies and including well-known brands such as The Guardian, innocent, Patagonia and The Body Shop.
Co-founder and Managing Director Stefan Fura said: “Since we started, we’ve always done our best to do the right thing, whether that’s through helping clients achieve their dreams with Furnley House or the work we’ve done for the community through our charity The Furnley House Foundation.
“Becoming a certified B Corporation really cements our ethos as a business and I’m incredibly proud that we’ve achieved it.”
Marlborough Square redesign to start as contract signed
Work to redesign Marlborough Square in Coalville will start soon, after North West Leicestershire District Council (NWLDC) signed contracts for the work to be completed.
After a number of set-backs and complications due to the nature of the space, building company Stepnell will start the work to transform the area in September, turning a car park and cut-through road into a pedestrianised public square that will be used for outdoor markets and other events.
The redesign has been on the cards since 2018 as part of NWLDC’s commitment to helping Coalville be a vibrant and family-friendly town.
The £2.7 million redesign promises to rejuvenate the area, with an outdoor market to compliment the indoor market at Newmarket and other events throughout the year. The design includes:
- An outdoor market and events space
- High-quality street furniture including seating, bins, bollards and information panels
- Raised planting
- Feature LED lighting
- Granite paving
- Introduction of a one-way traffic system
- Limited vehicle access to the northern part of the square.
Cawarden awarded place on transformative £8bn Procure Partnerships Framework deal
Derby-based specialist contractor Cawarden has won a place on an £8 billion framework deal.
Procure Partnerships Framework has appointed 87 contractors to its second-generation National Framework.
The body has been operating and delivering a successful national contractor framework across England for the past four years, supporting the delivery of over 150 projects year on year.
35 contractors were reappointed on the next iteration of the framework, which is set to be the biggest framework ever awarded across the UK, structured across 9 sub-regional lots covering 5 value bands starting at 50K and going up to 50M+.
65% of contractors within the lots up to £15m are small to medium enterprises.
The successful bidders will now cover four disciplines: Construction, Decarbonisation and Retrofit, Demolition and Site Preparation, and Infrastructure.
Procure Partnerships Framework will start to support the procurement of projects from 1st November, and successful bidders will lend to its success for the next 4 years until 2027.
Faye Dolan, Head of National Frameworks, said: “It was of paramount importance to Procure Partnerships Framework that the new framework addresses the growing needs of the industry, whilst ensuring clients have access to specialist contractors for their projects.
“As a result, we are delighted to have some new faces on the framework which will bring invaluable expertise to our clients and their projects. The new iteration of the framework is set to transform public and private sector procurement and we look forward to seeing what Cawarden achieves over the next four years.”
Oliver Crooks, Commercial Director, said: “We are excited to have earned a spot on the Procure Partnerships Framework. Our goal is to work together to secure new opportunities and provide our demolition and site preparation expertise to deliver quality projects.”
Contractor appointed on £13.3m business hub scheme
Contractor Henry Brothers Construction has been appointed to deliver a new £13.3m business hub in Leicester city centre.
The scheme involves renovating a cluster of heritage buildings in King Street to create a modern home for creative businesses in support of around 250 new jobs.
Five separate but interconnected buildings at Pilot House will be transformed into 60,000 sq ft of high quality accommodation, including a central, glass-fronted communal courtyard and atrium.
Leicester City Council awarded the construction contract to Henry Brothers, and work has now just started on site.
Managing Director of Henry Brothers Construction, Ian Taylor, said: “We are very excited to have been appointed to this renovation project which will breathe new life into the historic Pilot House and help to boost Leicester’s economy and growth.
“It’s a superb development which includes the retention of existing industrial features, including parquet flooring and exposed brick and beams.
“Henry Brothers has significant experience of working on heritage and renovation projects and we are very pleased to have now started on site with our team and alongside our partners who are working on this key development.”
Other members of the construction team include architects RG+P and structural engineer M-EC.
Pilot House was a factory built in around 1900. The sensitive redevelopment will transform the building into a business zone for technical and digital companies, complete with a co-working lounge and a central courtyard and atrium for shared use.
The aim is for it to be a permanent base for businesses of varying sizes, from start-ups to established companies, once the development has been completed in early 2025.
The scheme forms part of a wider regeneration of the Belvoir Street, Market Street and New Walk areas in Leicester and will be managed by the city council creative hub, LCB Depot.
City Mayor Peter Soulsby said: “This project will transform a group of architecturally significant heritage buildings into a creative hub for start-up and growing businesses and a landmark destination that will become a source of pride for Leicester.
“Not only will it contribute to the wider regeneration of the Belvoir Street, Market Street and New Walk areas, and complement developments like the Gresham Building, it will also create hundreds of high quality new jobs – including more of the skilled roles that will encourage graduates from Leicester’s two universities to remain in the city when their studies are over.
“It’s great news that this scheme is now under way. Backed by the Government’s Levelling Up Fund, it will give a huge boost to the city’s growth and economic recovery.”
The regeneration project received £8.6m from the Government’s Levelling Up Fund, with the city council committing a further £4.7m towards the development.
Light Science Technologies acquires Tomtech
Light Science Technologies Holdings (LSTH), the Derbyshire-based controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, has acquired Spalding-based Tomtech in a £500,000 deal.
Tomtech designs, manufactures and installs monitoring and control systems for commercial greenhouses and polytunnels and currently has over 160 live customers – including commercial growers in agriculture, horticulture and floriculture segments as well as universities and public authorities.
It has traded profitably for the last four years. For the year ended 31 December 2022, Tomtech reported unaudited profits before tax of £79,000 on sales of £680,000, of which £49,000 was recurring revenue. As at 31 December 2022, Tomtech had net assets of £145,000, including £141,000 in cash.
Simon Deacon, Chief Executive Officer of LSTH, said: “We are delighted to have completed our first acquisition since joining AIM. Tomtech has an excellent team and reputation with its clients and we believe their range of products and technology know-how will further enhance our industry reach and standing.
“Bringing Tomtech’s 35 years of experience into the Group’s CEA division enables us to provide an important turnkey solution to our customers, providing the technology they need to control the cost of growing, increasing yields and growing all year round.
“Acquiring Tomtech enhances our ability as a group to take our products worldwide, offering a full range of products, which sets us apart from our competitors in this very important time for the CEA market where we are seeing extreme weather patterns worldwide affecting our food security.
“Bringing Tomtech into the Group will further strengthen our position. The team’s added understanding of the requirements of growers in all areas of the Industry from glasshouses and polytunnels to hybrid growing environments in vertical growing, will be a big asset to the enlarged Group.
“We are looking forward to working with the team to strengthen our CEA division not just in revenue terms, but also the additional support to grow our partnerships around the world and to broaden our reach.”
All Tomtech employees will continue to be employed by the group following the acquisition.
52 wilko shops to close as more than 1,300 made redundant
52 wilko store closures have been confirmed as administrators continue to explore the structure, implications and viability of offers received for all or parts of the group.
PwC shared: “It has become clear from these discussions that some stores do not form part of any ongoing interest in the wilko store portfolio.”
The closure of the 52 shops will lead to the redundancies of 1,016 staff. Meanwhile a further 299 redundancies are to be made at two distribution centres in Worksop and Newport.
The final day of trading for the stores will be Tuesday 12 September and Thursday 14 September. For those employed at the distribution centres, redundancy will be effective from close of business on Thursday 7 September.
The news follows an agreement to provide B&M with the option to acquire up to 51 properties, after the administration trading period concludes at those sites.
Edward Williams, joint administrator, said: “In the absence of viable offers for the whole business, very sadly store closures and redundancies of team members from those stores are now necessary, in addition to the already announced redundancies at the support centre and distribution centres.
“We know this has been a deeply unsettling time for everyone concerned and would like to express our gratitude to all wilko team members for the dedication and support they have continued to give the business in the most trying of circumstances.”
Stores closing in the Midlands include:
- Walsall – 30 employees – 14th Sept
- Stafford – 20 employees – 12th Sept
- Brownhills – 15 employees – 12th Sept
- Uttoxeter – 9 employees – 14th Sep
Gateley sees another year of growth
Gateley, the professional services group, has continued its unbroken record of year-on-year revenue and underlying profit growth.
In audited results for the year ended 30 April 2023 (FY23), the firm hailed a “strong financial performance…through its diversified and resilient business model, benefitting from a full year’s contribution from the prior year’s acquisitions, Adamson Jones Limited and Gateley Smithers Purslow Limited.”
Underlying group revenue hit £162.7m, growing from £137.2m in the year prior, while group underlying profit before tax reached £25.1m, increasing from £21.6m.
Reported group profit before tax however slipped to £16.2m from £26.8m as a result of the IFRS 3 related acquisition accounting treatments.
Rod Waldie, CEO of Gateley, said: “I am very pleased to report another year of growth for Gateley. This is a strong performance, set against a challenging macro-economic backdrop throughout the second half. It is the result of the hard work and dedication of our people allied to a long-term commitment and adherence to the successful execution of our growth through our diversification strategy, building in resilience through design.
“During the year under review, both our legal services teams and consultancy teams performed strongly and we have made further progress in adding breadth and strength to our group, expanding the patent and trade mark attorney offer on our Business Services Platform through the acquisition of Symbiosis.
“Post-Period end, we have added legal services lateral hires to strategically broaden our Business Services Platform dispute resolution teams and have further enhanced our Property Platform with the acquisition of RJA Consultants. Our M&A pipeline for FY24 is encouraging and we will seek to strengthen our Platforms further as opportunities arise.
“Looking forward, we are mindful of ongoing macro-uncertainty and it is difficult to predict market conditions for the rest of FY24. However, our diverse and resilient business model, combined with our proven and consistent track record of delivering strong growth across all economic cycles, means that we have entered FY24 with a positive mindset and cautious optimism.”
