Persimmon has gained the green light for the development of 84 new homes within Mansfield.
The development – located off Broomhill Lane – will bring previously vacant land adversely affected by fly tipping and anti-social behaviour into residential use. Bringing a mix of new homes to the area, the development will help to meet local housing needs. 10% of properties will be affordable homes, split between Rent, Discount Market Sale and First Homes – a new Government initiative to help first time buyers get onto the property ladder. The new development will introduce connectivity between Chesterfield Road and Broomhill Lane via Mount Street and Albion Street, alleviating pressure on local junctions during peak times. The proposal supports infrastructure delivery and community benefits totalling c. £900,000, boosting the local area via Section 106 contributions. The contributions will include funding for improvements to Berry Hill Park’s biodiversity, junction improvements across Mansfield, free bus passes to residents on site, healthcare, secondary and post-16 education, and a contribution towards a new recycling centre. Carl Oxley, land director at Nottingham region, said: “We’re delighted to have received committee approval for our development at Broomhill Lane and I want to thank Mansfield District Council for their support. “Not only will the development deliver 84 quality new homes, it will also create local jobs as part of the construction and generate a significant investment in the local economy. “We’re committed to creating vibrant, successful communities and supporting more local families in getting their dream homes. We’re looking forward to our new community taking shape over the course of 2023.”Interest rates rise again
The Bank of England has raised interest rates for the 14th time in a row, to 5.25%, as it looks to fight inflation.
It marks a quarter percentage point increase and comes despite inflation coming down quicker than expected in June. However at just under 8% inflation remains quadruple the Bank’s target.
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 6–3 to increase Bank Rate by 0.25 percentage points. Two members preferred to increase Bank Rate by 0.5 percentage points, to 5.5%, and one member preferred to maintain Bank Rate at 5%.
The Bank noted that inflation is expected to fall to around 5% by the end of the year, accounted for by lower energy, and to a lesser degree, food and core goods price inflation. Services price inflation, however, is projected to remain elevated at close to its current rate in the near term. Inflation is anticipated to return to the 2% target by 2025 Q2.
A statement from the Bank of England said: “Inflation in the UK has begun to fall, the economy is growing and unemployment is low. But inflation is still too high. In June, prices were 7.9% higher than a year ago, well above our target of 2%.
“As the UK’s central bank, an independent body, our job is to keep price rises in the UK low and steady. The best way we can make sure inflation comes down and stays down is to raise interest rates. So that’s what we’re doing.
“We’ve raised our interest rate to 5.25% this month.
“Higher interest rates mean higher costs for some people. We know that is not easy when there is already a lot of pressure on their finances.
“But if we don’t raise interest rates now, high inflation could stay with us for longer. That hits everyone, particularly those who can least afford it.
“We expect inflation to fall further to around 5% this year and meet our 2% target by early 2025. That means prices would still be rising, but they would be only rising gradually.”
Anna Leach, deputy chief economist, CBI, said: “With inflation having come down quicker than expected in June, the pressure was eased on the MPC to deliver another bumper rate rise. But, with inflation close to 8% – quadruple the Bank’s target – and wage growth around 7%, interest rates are likely to head higher in coming months.
“Economic conditions remain challenging for households and businesses alike. For firms, the cost of inputs is a third higher than pre-pandemic, the labour market remains very tight driving up wage and recruitment costs, and demand is sluggish.
“Meanwhile real incomes are still falling for households and higher interest rates are squeezing spending power further. To drive up growth and living standards in the UK without generating inflation, we need investment to increase the productive capacity of the economy.
“Improvements in the tax and regulatory system – as recommended in our recently published tax roadmap and green growth reports – can provide a platform for transforming the UK economy.”
Notice of intention to appoint administrators filed by Wilko
Nottinghamshire retailer, Wilko has filed a notice of intention to appoint administrators.
The UK’s 23rd biggest retailer, Wilko employs 16,000 team members and operates 400 stores across the UK.
The future of the company has been under threat for some time, with conversations having been undertaken for funding and CVA options explored.
Just last month (July 2023), retail investor Hilco was reported to be injecting millions of pounds of funding into the business, agreeing to lend around £5m, according to Sky News. It followed the £40m two-year revolving credit facility Wilko secured from Hilco at the beginning of 2023.
Reports also recently unveiled a potential change in ownership for Wilko, which would have seen the Wilkinson family give up majority control.
Stronger than expected first half for Belvoir Group
Belvoir Group, the property franchise and financial services group with its central office in Grantham, has witnessed a “stronger than expected” first half.
According to a trading update, revenue during the six months to 30 June 2023 increased by 3% on 2022, with revenue growth in both its property franchise and financial services adviser networks, despite more challenging market conditions in the first half of 2023.
The business noted that it is “outperforming the market across all three of its revenue streams; lettings, sales and financial services.”
Dorian Gonsalves, CEO of Belvoir Group, said: “Our tried-and-tested franchise business model, the diversity of our income streams, the recurring nature of our lettings revenue and our successful acquisition strategy, both at franchisee and corporate level, have enabled the group to meet and overcome the challenges currently facing the property sector.
“Our franchisees derive 80% (H1 2022: 78%) of their income from recurring lettings fees and have benefitted from increasing rents. This has more than offset the impact of a reduction in UK housing transactions in H1 2023. Meanwhile, our financial services advisers have been able to meet client demand for remortgages and product transfers in the face of increasing mortgage rates and this has mitigated the reduction in new purchase mortgages.
“The high degree of uncertainty created in the property and mortgage markets following the mini budget in September 2022 and subsequent interest rate rises, resulted in a drop-off in mortgage applications and house sales instructions towards the end of 2022 and made it very difficult to forecast the impact of increasing bank base rates on these markets in 2023.
“However, the outperformance of our business model continues to reflect the entrepreneurial nature of our franchisees and self-employed financial services advisers, who remain entirely focused on maximising the opportunities presented in all market conditions.”
Judy lands sales account manager role with Pinelog
Judy Barwell has joined Chesterfield-based timber lodges and building maker Pinelog as Sales Account Manager.
She joins from Adlington, a developer of award-winning retirement developments. Within her new role Judy will work alongside Associate Director Paula Skelton in driving forward the company’s ambitions to increase its share of lodge supply to the holiday park sector.
She said: “I am really excited to be working with such a high quality product that uses natural materials. The sustainability credentials of Pinelog are very important to me both personally and professionally.”
Judy, who lives in Dronfield, brings experience in property sales as well as having a design background. She previously worked in a range of design, development and supply chain roles in the clothing industry, as well as lecturing in design for a number of years.
She said: “The role at Pinelog combines my technical, design and sales experience. As well as understanding the production process, I am able to guide purchasers through the entire process from initial enquiry to the design and delivery of a lodge.”
Her appointment follows the company’s relocation to a new, larger site in Chesterfield, Derbyshire, earlier this year. Prior to its relocation the company had been based in Bakewell since being founded in 1974.
The new, larger site at Sheepbridge has enabled the company to bring its entire production process under one roof, increasing both jobs and production of its class-leading lodges.
As well as the production of complete holiday lodges, components for the construction of timber Glulam framed commercial buildings designed and built by Pinelog are also manufactured at the site.
Nick Grayson, Chairman of Pinelog Group, said: “Judy’s appointment and our move to the new facility mark a new chapter in Pinelog’s story; one which has seen us modernise, invest in new technology and further improve the business to help holiday park operators capitalise on the ongoing demand for staycations.”
Nottingham drug discovery firm accelerates global growth with North American acquisition
Nottingham-based integrated drug discovery partner, Sygnature Discovery has acquired one of North America’s largest discovery Contract Research Organisations, Canada-based NuChem Sciences.
This acquisition cements Sygnature as one of the world’s largest players in integrated drug discovery phase solutions and advances their vision to become the global market leader.
The transaction creates a significant competitive advantage for Sygnature as it expands its global footprint and business operations to leverage discovery expertise in the North American market.
Marc Lebel, Pharm. D., president and chairman at NuChem Sciences, said: “Our company goals and values fit perfectly with those of Sygnature in becoming a global leader in drug discovery services. We are delighted to become an integral part of the Sygnature Group, allowing us to leverage our deep scientific expertise and presence across North America and Europe, to the benefit of customers and employees.”
NuChem Sciences, a discovery CRO in the North American market, employs over 300 staff across centres of excellence in Montreal and Quebec City, Canada, where the company will continue to operate and drive further market expansion across North America.
Founded in 2011, NuChem Sciences delivers expert integrated and standalone discovery solutions across medicinal, synthetic, scale-up, process and computational chemistry, as well as DMPK, in vitrobiology and in vivo pharmacology. Additionally, the company provides protein chemistry services and offers crucial knowledge-based expertise in structural biology at the initial stages of drug discovery to global biotech and pharmaceutical companies.
Following this acquisition, Sygnature Discovery will have more than 1,000 staff across 53 nationalities, including over 900 scientists who work on standalone and integrated drug discovery programmes for pharma, biotech, VCs, and NFPs. Founded in 2004, the company has successfully delivered over 40 novel drug candidates into pre-clinical development and 22 into clinical trials, with its scientists named on over 170 patent applications.
Dr Simon Hirst, CEO at Sygnature Discovery, said: “This acquisition represents a pivotal milestone in the Sygnature growth plan, allowing us to deliver better discovery solutions to customers around the world.
“The addition of NuChem Sciences greatly enhances Sygnature Discovery’s offering, making us a highly differentiated and integrated drug discovery partner with unrivalled scale and range. NuChem is a like-minded business that complements Sygnature’s existing services, towards our joint mission of improving the world’s health.”
In addition, Marc Lebel commented that “this acquisition could not have taken place without the support and partnership of Amorchem, Investissement Québec, Fonds de solidarité FTQ and the Business Development Bank of Canada; I would like to extend my thanks to all involved.”
This is the third in a series of acquisitions over the last sixteen months that have formed part of Sygnature’s global expansion, following the investment by Five Arrows in Summer 2021. Previous acquisitions made were Peak Proteins in April 2022 and SB Drug Discovery in January 2023.
David Jones, corporate finance advisory partner at Deloitte in the Midlands, said: “The strategically important acquisition of NuChem Sciences marks a significant milestone for Sygnature Discovery both locally and globally. The deal will boost Sygnature’s standing on the international stage, facilitating its growth across a global customer base.
“We were delighted to be involved in this transaction, which brings together two major players in the preclinical drug discovery market. Having worked closely with the Sygnature team to fulfil their strategic objectives, the deal signifies an exciting new period of growth for the team as it builds out its service offering.”
Streets Chartered Accountants covers tax topics, NICs, alcohol duty changes and Investment Zones in new news roundup
Streets Chartered Accountants covers tax topics, NICs, alcohol duty changes and Investment Zones in its latest monthly news roundup.
South Yorkshire first UK Investment Zone
It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across the UK, subject to successful proposals. South Yorkshire has now been named as the first of the UK Investment Zones…
What do we mean by cost of living?
A simple dictionary definition of cost of living would probably say something like:
The level of prices relating to a range of everyday items…
The problem is, the price inflation for food, or fuel for your car, or heating costs will vary. Although inflation is quoted as just under 9% in the UK, this disguises the true rate of cost increases in different sectors…
Getting a SA302 tax calculation
The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more widely used since the mortgage rules have required evidence of income for the self-employed. The SA302 provides this evidence for the last four years Self-Assessment tax returns…
Tax on savings interest
If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. However, it is important to note that if your total non-savings income exceeds £17,570 then the starting rate limit for savings is unavailable…
Tax on property you inherit
If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the estate beneficiaries…
When you don’t have to pay Capital Gains Tax
In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold the gain or loss will be calculated from when the asset was first owned by the original spouse or civil partner…
Filling gaps in your NIC record
National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers in building up the number of qualifying years of National Insurance contributions and which can also increase the amount of benefits a person is entitled to, such as the State Pension…
Check a UK VAT number is valid
The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number.
This service allows users to check:
- if a UK VAT registration number is valid; and
- the name and address of the business the number is registered to…
659,000 sq ft logistics building changes hands in £84.3m deal
Tritax Big Box REIT has exchanged contracts for the sale of an investment asset let to Howdens in Raunds for £84.3 million.
The purchaser is a leading UK institutional investor in real estate.
The building is one of three at Raunds developed for and let to Howdens Joinery Group Plc. It comprised a 659,000 sq ft logistics building, which the company has owned for seven years, with an unexpired lease term at exchange of approximately 23 years.
Howdens continues to occupy the remaining two buildings, which are owned by Tritax Big Box.
Colin Godfrey, CEO for Tritax Big Box, said: “We constantly seek ways to optimise our portfolio to crystalise value and recycle capital into higher returning opportunities. The disposal, which was in line with the book value at both December 2022 and June 2023, demonstrates the attractiveness of our assets and our ability to fully realise their value.
“The sale to a leading institutional investor in real estate provides further evidence of growing stabilisation within the UK investment market and the strong fundamentals of the sector.”
James joins Superior Wellness as Finance Director
Superior Wellness has appointed James Orton as its new Finance Director, moving from Nuvias UC Limited, a specialist IT Distributor operating across Europe.
As the Finance Director, James will play a pivotal role in shaping Superior Wellness’ financial strategy and driving sustainable growth. He will oversee all financial operations working closely with the Senior Management Team to support the company’s expansion plans and long-term vision.
MD Rob Carlin said: “We are delighted to welcome James to the Superior Wellness team. His extensive experience and proven track record as a financial leader make him an excellent addition to the team.
“We are confident that James will contribute significantly to our continued success as we continue to grow globally. James’ experience will continue to strengthen our existing team and I am looking forward to working closely with him.”
James said: “I am very excited to join the team here at Superior Wellness. The business is extremely well placed for further significant growth, building upon the strong foundations in place due to the quality of its partner relationships, product offerings, and its people.
Aberdeen company chooses Chesterfield specialist for PR and content work
A remote robotics company focused on subsea operations has appointed Chesterfield-based specialist B2B technology PR and content agency Roaring Mouse to help support strategic communications as the company moves to its next round of fundraising.
Based in Aberdeen, HonuWorx combines autonomous submarines, robotics, AI and advanced communications technologies to reduce the risk, cost and carbon footprint of subsea exploration and intervention. It enables a wide range of subsea activities to occur without humans having to leave shore.
HonuWorx has engaged Roaring Mouse to reach and help establish a ‘SpaceX of Subsea’ reputation for the company with prospects and potential partners in the European defence, offshore energy and ‘blue economy’ sectors, as well as potential investors.
James Taylor, MD of Roaring Mouse, comments: “HonuWorx is a true pioneer with a fantastic robotics, AI and communications proposition, a great team and a fascinating ‘SpaceX of subsea’ story to tell. The technology it is bringing to market could fundamentally change subsea access in much the same way SpaceX is opening up access to space, and we are thrilled to be on board.”
