Work underway on major Newark Town Centre project

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Work underway on major Newark Town Centre project
The first phase to transform the empty former M&S building on Stodman Street in Newark into an attractive hub made up of homes and retail units is underway. This ambitious project will breathe new life into the heart of the town when completed.
Stepnell is undertaking the initial phase and mobilisation of the project. Plans will see the empty building converted into a hub made up of 29 high-quality residential homes in the heart of Newark, which will provide a new town centre housing offer with a sympathetic but eye-catching and vibrant design. There will also be two new retail units which will improve Newark’s retail offer with the aim of attracting more people into the town centre. Councillor Matthew Spoors, Portfolio Holder for Sustainable Economic Development at Newark and Sherwood District Council, said: “It’s exciting to see this project underway. We are showing that initiatives like this can help to develop town centres so that they that offer a vibrant experience which attracts different people at different times. “Without the Council’s intervention, this prominent building could have fallen into disrepair and become an eyesore. We’ve taken action into our own hands and are doing our best for Newark, turning a building that could have been abandoned into a thriving and active area where living, working and shopping come together. “We actively asked many high street retailers to take on the store but none were interested in occupying the large 32,000 sq ft building. The fact is that they may already have a presence in nearby Nottingham and Lincoln and it’s not viable for them to occupy such a big building in a town of Newark’s size and location. There is however demand for smaller units and we are confident that the site will be occupied as soon as renovations are complete. This is reflected by the uptake of the retail units by the Travelodge and in the Buttermarket.” Tom Cartledge, Co-Chair of the Newark Town Board, said: “This is an opportunity to transform a large empty building into something that will be hugely beneficial to the health of our high street in the future. “Across the country, retail in towns and cities is in decline which is why we’ve put this project together to inject new life in the area with the aim to make the heart of Newark a great place to live and shop. “There are many other projects running alongside the development including Newark Cultural Heart which has already brought people to the town centre through creating exciting events and programmes and the Stodman Street work is an extra step in encouraging more to visit, stay longer and take advantage of the activities and hospitality on offer.” Tom Sewell, Regional Director at Stepnell, said: “We are proud to be chosen as a trusted construction partner and to be beginning the important first phase of demolition works, which will create the space for building an exciting new hub in Newark. We are considerate of the need to minimise disruption to the public throughout the project, in what is a busy area of footfall in the town. “As the works progress, we will be making significant investment back into the local community. This includes targeted regional spending, employability programmes with local schools and colleges, and sustainability initiatives to reduce our carbon impact.” The District Council is putting emphasis on bringing sustainability aspects into the build. This development will utilise solar panels on the roof, have modern insulation and will recycle up to 90% of all materials removed from site. It will also create new green planting and expand St Marks Lane, opening up the link between Lombard Street and Stodman Street. The first phase of work is likely to take place until the end of Christmas this year with the construction taking place soon after. Completion is expected to be in summer 2025. The Stodman Street development is one of many projects being funded by Newark Towns Board’s successful application to the Government’s Towns Fund initiative. It is being delivered by Newark and Sherwood District Council whose aim it is to breathe new life in Newark town centre.

Corporate ambassadors unite for CEO Sleepout’s cause

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Corporate ambassadors unite for CEO Sleepout’s cause
National charity CEO Sleepout, which is dedicated to tackling homelessness and creating social impact, has launched its corporate ambassadors’ programme for compassionate people across the country to get involved in. The ambassadors in Nottingham, which include Deborah Labbate from Nottingham City Business Club and Stephanie Revill-Wiseman from Halo Recruit, have been recognised for their exceptional commitment and unwavering support of CEO Sleepout over the years. With their dedication to the cause and influential networks, the corporate ambassadors will play a vital role in championing the mission of CEO Sleepout in their respective cities. Chief executive of CEO Sleepout Bianca Robinson said: “I’m delighted the corporate ambassadors’ programme has launched. “The ambassadors that have been selected are passionate about creating social value within their business communities and take pride in raising awareness for CEO Sleepout among their networks. Many have participated in multiple sleepouts or raised substantial funds for the cause, demonstrating their genuine commitment to making a positive impact.” Becoming a corporate ambassador is an exclusive invitation extended only to those individuals who have exhibited exceptional commitment and dedication to the charity in tackling the levels of homelessness and raising much-needed funds for frontline charities across the country. Deborah Labbate is the president of Nottingham Business Club and will be recruiting members from the club to join this year’s CEO Sleepout event. She was delighted to be asked to become an ambassador for the charity. She said: “I’ve done all sorts of fundraising in the past for various causes and this year I’m making it my mission to raise funds and awareness of homelessness in my hometown of Nottingham. “The local beneficiary charities Emmanual House, The Friary and Notts County Foundation do amazing work supporting those who face the challenges that come with homelessness including unemployment, mental illness, addiction, exposure to crime and disease as well as loneliness, isolation and often fear.” Encouraging people to get involved, she added: “Do it. The one night will leave something with you that you will remember for a long time and you will have made a huge lasting impact on the lives of others.” Sales director from Halo Recruit, Stephanie Revill-Wiseman was honoured to be asked to become an ambassador earlier this year. Speaking of how she first got involved, she said: “I was doing research on homelessness and CEO Sleepout appeared. By raising awareness and offering assistance, we can work towards alleviating suffering and improving the lives of millions of people across the UK. “Sleeping out allows you to gain firsthand experience and develop a deeper understanding of the challenges faced by many individuals. As a business leader, your participation inspires peers, employees and community members to get involved and make a difference. By leading by example, you can create a ripple effect of positive change.”

MTMS stays on track with extension of long-running contract

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MTMS stays on track with extension of long-running contract
UK rail depot maintenance firm MTMS has been given the nod to extend one of its longest-running contracts after it signed a new deal with train operators Southeastern. The Leicestershire-based firm has maintained the equipment at depots serving the busy South-East network since 2014 and agreed to extend its nine-year association this month. The contract involves the maintenance and renewal of carriage wash plants, controlled emission toilets and associated bowsers at 10 depots, including Ashford, Dover, Gillingham, Grove Park, Orpington, Ramsgate, Slade Green, St Leonards West Marina, Tonbridge & Victoria. The depots are home to Southeastern’s 399 trains, which deliver 1,700 services each day across the network, which links London with communities in Kent and East Sussex. Between March 2022 and March 2023 the network carried 29.9m passengers – the fourth-highest in the country – serving 180 stations and covering 540 miles of track. MTM currently services and maintains rolling stock and specialist equipment, as well as carrying out routine infrastructure tasks, at more than a half of rail depots across the UK, with its central location in Moira, near Swadlincote, helping it to serve customers as far afield as Penzance and Aberdeen. However, Matt Forst, the firm’s managing director, says there is some extra local pride when it comes to the Southeastern contract because Southeastern mainly operates Class 375 Electrostars, which were made by Bombardier – now Alstom – in Derby, just 12 miles away. Matt said: “We’re thrilled to have extended our long association with servicing the equipment at the maintenance depots on the South-East network and are looking forward to continuing to work with Southeastern. “Our work is vital to supporting the quality of service that Southeastern is able to offer its passengers on what is undoubtedly one of the country’s most high-profile networks. “We’re also proud to operate within the Midlands rail cluster and it will be a matter of pride to our team that the trains they will be helping to service were built up the road, perhaps even by their friends or members of their family.”

Plans submitted to continue regeneration along Leicester’s waterside

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Plans submitted to continue regeneration along Leicester’s waterside
A planning application to continue the regeneration programme along Leicester’s waterside has been submitted by multi-disciplinary design practice, rg+p Ltd. Acting on behalf of Trafalgar Global, rg+p has designed and submitted a proposal for 360 new homes on vacant brownfield land to the west of Charles Bennion Walk, formerly part of the British United Shoe Machinery (BUSM) site. Comprising seven apartment buildings ranging in height between four and five storeys, the proposed scheme also includes 43 two-, three- and four-bedroom houses, and allocated parking. “The land at Charles Bennion Walk forms part of a wider regeneration plan first envisaged in the early 2000’s,” explains rg+p’s director, James Badley. “This includes the neighbouring schemes at Wolsey Island and Abbey Park Road, both of which we designed and have now been delivered, so it’s exciting to be able to continue transforming the cityscape with this application. “Working closely with the local authority planning team and our client, we’re proposing a high-quality residential development that suits modern living yet honours the site’s footwear manufacturing heritage.” rg+p’s design approach was shaped by the site’s industrial history, proximity to local landmarks including the National Space Centre, and the traditional architectural language of buildings along the Grand Union Canal. The firm’s design director, Ben Walton continues: “Our design narrative plays on the waterside location and Leicester’s rich heritage in garment and shoe machinery production. The site was the former home of BUSM, which at one point was the world’s largest manufacturer of footwear machinery, exporting to more than 50 countries. “This is interpreted as pleats of fabric, folds of leather or ripples along the canal. In the façade of the new buildings, materials and textures were deliberately chosen to be indicative of those found on the warehouses of the time, and therefore continue telling the story of shoe making. “Brick and metal are draped over each other to create distinct layers, mirroring the traditional assembly process of a leather brogue. Sawtooth roofs mimic the design of the neighbouring Sock Island apartments, while also echoing the industrial buildings that once stood along the canalside. “The site’s wider placemaking has sought to maximise views to local landmarks through the shaping and arrangement of buildings. The landscape moves from a formal urban edge through a central open space into a natural, biodiverse environment adjacent the canal. Well defined public spaces and pedestrian/cycle routes enable strong connectivity with the city,” concludes Ben. Mandeep Singh, director at GS Developments, adds: “It’s hugely rewarding to invest in projects that will positively change the cityscape and encourage more homeowners to put down roots here. Re-using brownfield land for housing, and bringing people and families back into the city, is extremely important to us. “We believe rg+p has devised a development that will not only have widespread appeal but that also tells the history of the site with intricate detailing and a modern interpretation. Submitting this application marks an exciting milestone for the project and we are hopeful for a positive outcome.”

East Midlands property consultancy makes raft of promotions

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East Midlands property consultancy makes raft of promotions
An East Midlands property consultancy has made a raft of promotions, including a new partner, following a strong period of success for the firm. Fisher German has invited Carl Pearson, based at the firm’s Ashby office, to join the partnership. The firm has promoted 12 other colleagues at its Ashby office as well as five members of staff from its head office, also based in the town. Other progressions within the business in the East Midlands include two promotions at the firm’s Newark office and one in Market Harborough. Carl, who joined Fisher German in 2016, specialises in the strategic asset management of non-operational property portfolios for corporate real estate clients including CEMEX, Valencia Waste Management Limited, South West Water and Southern Water. He manages properties across all asset classes including commercial, residential, rural and amenity. Carl said: “I am very pleased to join the partnership at such a pivotal time for the business. “It has been an aspiration of mine to progress to this position and I would like to thank the existing partners for their support and the opportunity to develop. “Fisher German has seen a considerable amount of growth over the last 18 months, and I will now be leading a corporate real estate business plan focusing on ensuring our service lines are interlinked as we look to continue providing clients with the very best service possible. “It is fantastic to see so many promotions made not only in Ashby but across the whole firm, which gives our clients the confidence that Fisher German is investing in its people as it continues to strengthen the business.” Fisher German has promoted 39 colleagues – including three new partners – across all areas of the business across its network of 27 offices. Senior Partner, Duncan Bedhall, said: “It is always a privilege to announce colleague promotions and to reflect on their achievements as they progress through our business. “Seeing such a variation of roles across the divisions is reflective of our continued growth and the diversity of services we offer, and it’s great to see how much this has evolved over the last few years.”

Food ingredients supplier secures $55m financing deal

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Food ingredients supplier secures $55m financing deal
Food ingredients supplier, Jain International Foods, trading in the UK as Sleaford Quality Foods, has secured a $55 million cross-border asset-based lending (ABL) and cashflow facility from private debt fund Blazehill Capital, alongside Wells Fargo USA and KBC. Proceeds from the financing will be used to refinance existing indebtedness and provide additional liquidity to support Jain International Food’s working capital, enhance its food innovation capabilities, and drive cost efficiencies. Jain International Foods is a subsidiary of Jain Farm Fresh Foods Limited, a processor of fruits, vegetables and spices. It consists of three entities, Jain Farm Fresh Food Inc, Sleaford Quality Foods Limited, and Innovafood N.V.. With an expected consolidated revenue of approximately $160 million in 2023, Jain International Foods is well-positioned for growth having shown resilient performance through the pandemic. Lincolnshire-headquartered Sleaford Quality Foods, founded in 1968, was acquired by Jain Farm Fresh Foods in 2010. It specialises in importing, processing, and distributing dehydrated foods and spices, offering over 650 dried and dehydrated food products, including its own Chef William and Our Earth brands. California-based Jain Farm Fresh Foods Inc. specialises in the processing and distribution of dehydrated foods, including bell pepper, tomatoes, and onions, to large global customers. Blazehill Capital and Wells Fargo USA structured a hybrid ABL and cashflow facility which can be drawn in the UK and USA to maximise flexibility. The company was advised by Olympia Capital Partners (led by Nedim Music and Peter Lizza) and Hogan Lovells. Blazehill Capital was advised by a cross-border team from Dentons led by Simon Prendergast. Legal counsel for Wells Fargo was served by Bill Starshak, Prisca Kim, and Randall Klein from Goldberg Kohn. To strengthen its position in the food industry, the company has already implemented operational efficiencies and is committed to exploring expansion opportunities in new food categories and branded product lines. The UK frozen food market is projected to reach £6.1 billion by 2026, underscoring a favourable market environment characterised by increased demand for long shelf-life food products, including vegetables. Similarly strong industry tailwinds in the United States provide the company with multiple opportunities for global growth and expansion. Paul Lawlor, CFO of Jain International Foods Ltd, said: “This new facility represents a pivotal moment in our business journey. As demand for long shelf-life food products grows, we’re positioned to capitalise on burgeoning market opportunities and further enhance our industry leadership. The Blazehill Capital and Wells Fargo teams worked closely with us to understand our unique needs and establish a facility tailored to our ambitions.” Adam Sookia, Head of Investments at Blazehill Capital, said: “We are extremely proud to be working with Jain; a global business with a strong local presence in Lincolnshire, Jain has demonstrated its resilience and best in class governance over recent years. We look forward to seeing the company through its next chapter, setting new standards of food innovation and quality whilst working with partners to ease inflationary pressures on consumers.”

NEXT’s Chief Financial Officer to retire

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NEXT’s Chief Financial Officer to retire

NEXT’s Chief Financial Officer, Amanda James, is set to step down to retire from full time work.

Amanda has made a significant contribution to the business in her 28 years with NEXT, with the company saying she “has been an exceptional guardian of our finances.” NEXT added: “Our financial position today is testament to her diligence and hard work. The Board is extremely grateful to Amanda for her excellent service to the group.”

Amanda’s successor will be Jonathan Blanchard, currently CFO at Reiss. Jonathan will join NEXT in February 2024 and take over as CFO in July 2024 and also join the Board of Next plc at that time.

Jonathan is currently the CFO and Chief Operating Officer of the Reiss Group, having joined the company as a Board Director in 2017. Jonathan qualified as a Certified Chartered Accountant in 1994 and has over 30 years of experience in finance.

The last 25 years of his career have been at Board level in private equity backed businesses, all of which were in the retail/consumer sectors. Jonathan has a wealth of experience implementing rigorous financial and capital controls; he has also managed several successful private equity transactions.

Jonathan played a critical role at Reiss, not least negotiating and implementing the transition to Total Platform. NEXT has worked closely with Jonathan for over three years and believe that his skills are well suited to NEXT’s financial disciplines and its culture.

Lithia increases Pendragon offer

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Lithia increases Pendragon offer
Lithia Motors, one of the largest automotive retailers in North America, has increased its offer for Pendragon’s UK motor business and leasing business by £117 million, to £367 million.

The total cash consideration is £397 million, including a previously publicly disclosed subscription for shares in Pendragon.

Last month Nottingham-based car retailer Pendragon revealed plans to sell its UK motor business and leasing business to Lithia in a £250 million deal. They also agreed the terms of a strategic partnership, including the rollout of Pinewood, the company’s dealer management software (DMS) business, to Lithia’s existing 50 UK sites and the creation of a joint venture to accelerate Pinewood’s entry into the attractive North American DMS market.

As part of the transaction, it was announced that Pendragon’s Pinewood division, which operates the company’s proprietary DMS business, would become a standalone entity, retaining Pendragon’s existing listing on the London Stock Exchange and creating a pure play Software as a Service (SaaS) business with an accelerated growth plan.

The increased offer follows unsolicited bids for Pendragon from other companies, including shareholder Hedin and PAG International, and AutoNation.

Midlands businesses call for simpler ways to access capital, as exits loom

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Midlands businesses call for simpler ways to access capital, as exits loom

Midlands businesses are calling for simpler and greater ways to access growth capital, as more than half consider selling their business in the next 12 months.

According to BDO LLP’s bi-monthly Economic Engine survey of 500 mid-market businesses, more than a quarter of regional companies (26%) believe they would benefit from a greater variety of borrowing products, if smaller banks were helped to enter the business banking market.

Despite the Bank of England choosing to hold interest rates at 5.25%, following 14 consecutive increases, 15% of Midlands businesses believe that the current rate is too high to take out a new loan.

The survey by the accountancy and business advisory firm also found that nearly a quarter of regional businesses (23%) are searching for new sources of funding abroad due to difficulty accessing capital in the UK, with nearly a third (31%) stating that existing schemes do not provide enough support, such as the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme.

Roger Buckley, corporate finance partner at BDO in the Midlands, said: “The issue of raising capital has been a familiar topic of debate for Midlands businesses over the last few months, as they continue to explore ways to meet their strategic growth ambitions.

“While the Midlands corporate finance market remains a good place to do business in, and is well served by private equity and non-debt growth capital that offers companies with an attractive option, there are frustrations being felt which are leading businesses to consider ways of realising the value within their business.”

According to BDO’s Economic Engine survey, remarkably, more than half (51%) of the Midlands companies surveyed are considering selling their business in the next 12 months.

Buckley added: “If this appetite to sell translates into exit activity then this will undoubtedly drive M&A transactions in the regional market, with other factors, such as an impending general election and a slowing pressure on inflation helping to trigger decisions made by businesses.”

Property developer fined more than £14,000 for breaking bat rules

Stuart Pearcey
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Property developer fined more than £14,000 for breaking bat rules
A Derby-based property developer has been ordered to pay more than £14,400 in a prosecution brought by Natural England for breaching the conditions of a European Protected Species Bat Mitigation Licence. Patrick Weekes, 55, of Radbourne Construction Limited, Vernongate, Derby, pleaded guilty to four offences relating to a housing development in Harehill, near Ashbourne. He was fined £3,200 plus a victim’s surcharge of £1,280 and ordered to pay full prosecution costs of £9,955.17. A European Protected Species Bat Mitigation Licence was issued to the defendant in October 2020, but, the court was told, Natural England’s Wildlife Licensing Service had been made aware of potential breaches of the licence. Natural England decided to prosecute because the breaches were considered so significant as to have impacted the welfare and Favourable Conservation Status of the bat species involved. The breaches left brown long-eared bats with no suitable maternity roosting provision within the site. They also significantly reduced the suitability of roosting opportunities for common pipistrelle bats, as well as endangering the welfare of both species. Following a compliance check, Natural England’s Enforcement Team led a multi-agency site visit in February 2023 which evidenced that the defendant had breached the conditions of his licence on four counts:
  • Failed to install Bitumen type 1F roofing felt with hessian matrix as agreed in the licence. This roofing felt is designed to be non-breathable which mitigates the risks to bats. Breathable roofing membranes, such as the one installed by the defendant, can cause bats to become entangled in the loose fibres and result in their injury and/or death. This is a significant risk to bat welfare.
  • Failed to install the compensation and mitigation measures as agreed in the licence. Mitigation and compensation measures are included in licences to reduce the harm to bats, mitigate for any impacts, and where impacts cannot be mitigated then compensation is designed to maintain the Favourable Conservation Status as required in legislation. In this case, the agreed compensation in the form of various specific ridge crevices and access tiles to allow bats to roost within the roof were not installed, and the loft space set aside in one building to compensate for the loss of a Brown long-eared maternity roost was unsuitable and did not meet the requirements set out in the licence.
  • Failed to complete post-development monitoring as agreed in the licence. Monitoring is vital to understand whether the impacts of bats have been successfully mitigated and compensated for, as well as determining if there are any issues with the compensation that need to be addressed to ensure they remain suitable for use by bats.
  • Stripped the roof of a property containing a Common pipistrelle day roost without direct ecological supervision, as agreed in the licence. Ecologist supervision is required wherever there is a risk that bats can be encountered such as stripping a roof of a property with a confirmed bat roost present. This requirement is to ensure that works are done in a sympathetic way towards bats and if any bats are found during the process they can be safely transferred to a suitable bat box on site.
Sentencing, the court noted that Mr Weekes had acted in contravention to the professional advice provided by both their own ecological consultant and Natural England, and did not carry out work to mitigate the harmful impact on bats when so instructed by Natural England. Steph Bird-Halton, Natural England’s National Delivery Director, said: “Natural England does not take the decision to prosecute lightly. However, where individuals or companies place the welfare or Favourable Conservation Status of protected species at risk, we will not hesitate to take targeted and proportionate enforcement action. “I would like to thank the Bat Conservation Trust’s Wildlife Crime Project for the assistance they provided in this case.”
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