Next has reported further increases to pre-tax profits and sales in results for the half year ending July 2023.
Total group sales hit £2.6bn, up from £2.5bn in the same period of the year prior.
Profit before tax meanwhile grew to £420m up from £401m.
The results have seen the Leicestershire-based retailer raise its profit before tax guidance for the year from £845m to £875m, up 0.5% on last year.
Full price sales guidance for the second half has also been increased, to be up 2% on last year, compared with previous guidance of +0.5%. This would take full year growth to +2.6%.
The Board of Directors of Pendragon has unanimously rejected a proposal from shareholder Hedin and PAG International to jointly acquire the entire issued and to be issued share capital of Pendragon for 28 pence per share, in cash.
Pendragon said: “The Board carefully considered the proposal, including taking advice from its advisers, and concluded that it fundamentally undervalues the company and is therefore not in the best interests of shareholders or other stakeholders.”
It follows news earlier this week that Nottingham-based Pendragon and Lithia Motors, one of the largest automotive retailers in North America, had agreed the terms of a proposed sale by Pendragon Group Holdings Limited (PGHL) of the entire issued share capital of Pendragon NewCo 2 Limited (Pendragon NewCo) which will hold, either directly or indirectly through its wholly-owned subsidiaries, the company’s entire UK motor business and leasing business, to Lithia UK Holding Limited (Lithia), a wholly-owned subsidiary of Lithia Motors, Inc. for a gross aggregate consideration of £250 million.
Pendragon and Lithia Motors, Inc. have also agreed the terms of a strategic partnership with Lithia, 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 highly attractive North American DMS market.
As part of the transaction, Pendragon’s Pinewood division, which operates the company’s proprietary DMS business, will 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.
Pendragon added: “The Board is excited about the future prospects for Pendragon as a result of the transaction announced with Lithia Motors, Inc on 18 September 2023, which, if completed, will deliver a substantial cash dividend and create a pure play Software as a Service business with an accelerated growth plan and a strategic partnership to enter North America.”
For the first time, the UK will have a ‘National Rehabilitation Centre’ (NRC) following Government approval for the £105 million plans today (Thursday 21 September 2023).
Approval by HM Treasury means work on the site (near Loughborough in the East Midlands) can now start in earnest, creating a 70-bed, purpose-built and highly energy efficient new facility as part of the Government’s New Hospital Programme.
The specialist NHS facility will be built on the Stanford Hall Rehabilitation Estate, already home to the Defence Medical Rehabilitation Centre which opened in 2018.
Combining patient care delivered by staff from Nottingham University Hospitals with research, innovation and training, the centre’s objective is to act as the National hub to transform how people recover and regain fitness and function following serious injury or illness, and to widen access to rehabilitation beds.
The unique opportunity to pioneer innovative new approaches to rehabilitation, including new technologies, with real time feedback from clinicians and patients, is a clinical model that it is hoped will be rolled out across the country. This will be enabled not least via an academic partnership led by the University of Nottingham and Loughborough University.
The construction of the centre aims to be completed by the end of 2024. Contracts have been exchanged between NUH and its construction partner Integrated Health Projects (IHP), a joint venture between VINCI Construction UK and Sir Robert McAlpine.
Miriam Duffy, NRC Programme Director at Nottingham University Hospitals NHS Trust, said: “The National Rehabilitation Centre will transform how we provide clinical rehabilitation in this country. This long overdue centre will push the boundaries of rehabilitation for the next generation and bring real impact in terms of helping people to realise their full potential following injury or illness.”
The designs for the NRC are inspired by best practice from around the world with the facility purpose-planned and purpose-designed around the patient. The new building will be carbon net zero.
With the East Midlands Bricks Awards 2023 set to take place next week (Thursday 28 September), there’s not long left to secure your seat at the prestigious event.
The awards recognise and celebrate those behind the changing landscape of our region – the very best companies, teams, individuals and projects.
They also present a prime opportunity to network with property and construction leaders from across the East Midlands over canapés and complimentary drinks, sponsored by Nicholas Associates.
Attend the glittering awards ceremony at Trent Bridge Cricket Ground to see who takes home the title of Contractor of the Year, Developer of the Year, Commercial Development of the Year, Residential Development of the Year, Sustainable Development of the Year, Deal of the Year, Most Active Agents of the Year, Architects of the Year, Excellence in Design, Responsible Business and of course Overall Winner.
The event, which will begin at 4:30pm and continue until 7:30pm, will also feature Matt Wallace, Director of Estates and Building Services at Leicester City Council, as keynote speaker.
Guests network at the East Midlands Bricks Awards 2022
Shortlist for the East Midlands Bricks Awards 2023
Most Active Estate Agent – sponsored by OMS
BB&J Commercial
Mather Jamie
FHP
Commercial Development of the Year – sponsored by MKM
HBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Bolsterstone Group Plc, Chesterfield Borough Council – One Waterside Place, Chesterfield
Responsible Business of the Year – sponsored by Press for Attention PR
Cawarden
G F Tomlinson
Aspbury Planning Limited
Residential Development of the Year – sponsored by Sterling Commercial Finance
Phoenix Brickwork UK Ltd – St Marks student accommodation, Lincoln
Elms Developments – Elms Phase Two Ltd
St James Securities, Grainger – The Condor, Derby
Deal of the Year – sponsored by Mather Jamie
Rushton Hickman Limited – Branston Locks deal
Bassi Group Nottingham Ltd – Job saving Pizza Hut takeover
Rigby & Co – Aida Factory deal
Developer of the Year – sponsored by Ward
Chevin Homes
Clowes Developments
Brackley Property Developments
Architects of the Year – sponsored by Blueprint Interiors
IMA Architects
Matthew Montague Architects
Influence Landscape Planning and Design
Excellence in Design – sponsored by Cawarden
Chevin Homes – Amber Farm
Marchini Curran Associates – Phoenix cinema and art centre
Trident Construction Services – Lark Hill Retirement Village refurbishment
Sustainable Development of the Year – sponsored by Viridis Building Services Ltd
HBD – Power Park, Nottingham
Henry Brothers Construction – SportPark Pavilion 4, Loughborough
Elms Developments – Elms Phase Two ltd
Contractor of the Year – sponsored by RammSanderson
Cawarden
EE Smith Contracts
Bowmer + Kirkland
The Overall Winner,sponsored by Streets Chartered Accountants, will also be announced at the ceremony, who will be awarded a year of marketing/publicity worth £20,000.
East Midlands Bricks Awards 2023When: Thursday 28 September 2023, 4:30pm – 7:30pm
Where: The Derek Randall Suite, Trent Bridge Cricket Ground
Keynote speaker: Matt Wallace, Director of Estates and Building Services at Leicester City Council
Dress code: Standard business attire
Tickets: Available hereParking: Due to the Notts V Middlesex 4 day County Championship fixture, parking will likely be limited at Trent Bridge on the day, therefore parking has been made available for Bricks guests at the Notts Sports Club, Holme Road, NG2 5AA (by Nottingham Rugby Football Club), quoting “Bricks Awards” to any parking and gate stewards.
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Emh group (East Midlands Housing), one of the largest providers of affordable homes and support services in the East Midlands, has completed the refinancing of its debt. It refinanced £270 million bank facilities, including new finance of £90 million, and successfully sold £100 million of its bonds.
The refinancing and bond sale are part of its strategy to ensure sufficient and flexible funding is in place to fund its business plan. Emh can continue its commitment to delivering high-quality new homes and investment in its existing properties to improve energy efficiency and decarbonise its homes. This is to create thriving communities, drive economic growth, and contribute positively to the East Midlands landscape.
Geoff Clarke, emh’s executive director of finance, said “We are delighted to have completed this refinancing and bond sale, which is a testament to the confidence our funding banks, Lloyds Bank, NatWest and investors have in our vision and track record. Their support will enable us to develop innovative and sustainable properties that enrich lives and contribute to the development of vibrant neighbourhoods.”
Lloyds Bank and NatWest, as core relationship banks, have played an important role in ensuring the success of this project. Their commitment to emh’s mission has reaffirmed the company’s position as a trusted player in the social housing sector, with growth and innovation.
The £370 million of loan facilities and bonds will provide emh with the necessary resources to complete its development projects, with sustainable new and existing homes to enhance the lives of residents. The £100 million bond sale reflects the confidence of investors in emh’s long-term viability and contribution to the social housing market.
With this financing in place, emh can deliver its business plan’s mission to provide homes and care to improve opportunities for people, developing partnerships with key stakeholders in the East Midlands.
Chatham Financial acted as funding advisor and Anthony Collins as legal advisor.
John Horton, director, Housing Finance at NatWest, said: “We are very pleased to build on our long-term relationship with emh by providing support which helps them to fulfil their strategic goals. It is important to NatWest that our customers and wider communities succeed, and assisting emh in addressing the demand for affordable and energy efficient homes is reflective of this ambition.”
Jatinder Dhaliwal, regional housing director at Lloyds Bank, said: “We’re proud to support emh and look forward to seeing it realise its ambitions to provide people in the East Midlands with affordable, quality housing that is future proofed for years to come.”
Gowsikan Shugumaran, associate director, Chatham Financial, said: “We are delighted to have supported Geoff and his team in delivering this strategy through a mix of bank and capital markets funding, despite the challenging wider economic context. The successful outcome of this refinancing project has helped to unlock capacity and offers the management team greater flexibility to deliver the mission set out by Group Board.”
Business, industry and academic leaders gave a firm pushback against the Government’s “shifting of the goalposts” on net zero policy at an East Midlands Chamber event yesterday (20 September).
Speakers at the Sustainability Summit said “flip-flopping” over net zero commitments from Westminster created huge uncertainty that undermined long-term investments and would ultimately harm the UK’s quest to become a global leader in the green economy.
About 200 people representing organisations from across Derbyshire, Leicestershire and Nottinghamshire gathered at Reach Events, in Derby, for the event, held in partnership with the University of Derby, Mazars, Thompson Tree Services and Epson.
Exploring how to unlock the green growth for SMEs and the wider East Midlands economy – across themes including leadership, innovation, international trade and best practice – it took place against a backdrop in which Prime Minister Rishi Sunak announced the Government will water down net zero policies, including delaying a ban on the sales of new petrol and diesel cars and phasing out gas boilers.
East Midlands Chamber director of policy and insight Chris Hobson said: “We heard at our Sustainability Summit about some of the great things that businesses are doing in pursuing green growth and the very tangible rewards they are reaping with innovation and financial growth.
“These are the shining examples of success we can glean from embracing net zero, which means viewing it as not just a challenge but a golden opportunity.
“Yet while our national leaders correctly talk up the research and development strengths of our businesses and ambitions to be a global leader in developing low-carbon goods and services, there is a huge disconnect between this messaging and Government policy – as evidenced by the Prime Minister’s ill-judged shifting of the goalposts on our country’s net zero commitments.
“We saw first-hand the impact policy flip-flopping has on business decision-making during the chaotic political landscape of 2022, which quashed business confidence and thus investment. The lack of certainty about the future direction of our economy will unfortunately have a similar impact at a time when we should be encouraging transformational long-term investment.
“Having net zero targets is one thing, but to get us there we require a roadmap that will be led by business innovation. The vacillating from our political leaders instead undermines our ability to make real progress in this space and we instead find ourselves stuck in limbo when it comes to the most significant economic opportunity of our lifetime.”
Findings from the Green Growth Trends in the East Midlands research conducted by the Chamber and University of Derby were discussed by report author Dr Polina Baranova, associate professor of strategy and sustainability.
It showed the proportion of East Midlands businesses that have made any income from environmentally-friendly goods and services dropped from 45% in 2022 to 36% in 2023, decarbonisation investment varies significantly according to business size and sector, and a widening gap in business support and information.
Dr Baranova said this illustrated not only the impact of the cost-of-doing business crisis but the “fragility” of the current policy landscape, with green growth yet to be a firmly embedded business philosophy.
Other highlights at the Sustainability Summit included:
· East Midlands Chamber president Stuart Dawkins discussed how sustainability is at the heart of businesses’ responsibility to support their communities and future generations
· Professor Chris Bushell, pro vice-chancellor and head of sustainability at the University of Derby, outlined how the institution is taking a lead in the net zero agenda via its research, innovation, thought leadership and knowledge capital
· Ian Meikle, director of clean growth at Innovate UK, explained how Britain can create jobs and sustainable economic growth by developing its own low-carbon products and services, but this required stable policy and regulation, innovation in business models and supply chains, and a step-change in access to capital
· Chris Fuggle, global head of sustainability services at audit, tax and advisory services firm Mazars, provided practical strategies to upskill leadership teams on the environmental, social and governance (ESG) agenda and embedding sustainability at board level
· Charlie de la Haye, communications manager at Epson UK, gave an insight into how the global printing manufacturer had pivoted its business model to deliver green goods and services while demonstrating how it could deliver cost-saving benefits to customers.
The number of insolvent businesses in England and Wales has risen by over a third (33.6%) to hit a four-year high, with company directors heavily impacted by a mixture of long-term economic issues, director fatigue and creditor pressure.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest statistics published by the Insolvency Service which show that corporate insolvencies rose by 33.6% in August to 2,308 compared to July’s total of 1,728, and by 18.9% in comparison with August 2022’s figure of 1,941.
The government statistics also show that corporate insolvencies in England and Wales increased by 71.3% against August 2021’s total of 1,347, and by 69.1% compared to the pre-pandemic level of 1,365 in August 2019.
R3 Midlands chair Stephen Rome, a director at law firm Thursfields in the region, said: “August’s corporate insolvency figures were their highest for this month in four years as increasing numbers of companies enter an insolvency process in an attempt to resolve their financial issues, or simply shut their doors.
“Creditors’ Voluntary Liquidations remain high as more and more directors choose to wind down their firms, while compulsory liquidation numbers were at their highest this August for four years as creditors continue to pursue the money they are owed.
“The sad fact is that businesses are being hit from a variety of angles – and all these blows have an effect on their bottom line. Cost inflation has been a problem for some time and, while this is expected to ease, it is still sitting higher than many had predicted.
“As a result of this, upward pressure on pay is continuing, while recruitment is a challenge, and people are still cautious about spending money on anything other than the essentials.
“It’s unlikely that the picture will improve in the near future as people and businesses face the prospect of increased energy bills and start watching their spending even more closely.
“Our message to directors, therefore, is simple: be alert to signs your business could be financially distressed and seek advice as soon as they show themselves. If you’re having problems paying wages, staff or suppliers, if stock is starting to pile up, or if you’re worried about your business and its finances, that’s the time to speak to a qualified advisor.”
Accountancy and business advisory firm BDO LLP has strengthened its Midlands team with the appointment of Georgina Connor.
Georgina joins the Forensics Services team as a director. She brings more than 20 years’ experience to the firm, with expertise in compliance, risks management, and forensic investigation, gained in both the UK and emerging markets. Her experience spans a wide range of industries, including government and healthcare sectors.
At BDO, Georgina will focus on anti-bribery and corruption, fraud risk management, and investigation. She will also be supporting clients to manage their risks, including to design, build, implement and monitor related risk and compliance programmes. She is a chartered accountant and previously worked at PwC and GE Healthcare.
Sannan Khan, partner and head of Forensic Investigation and Economic Crime Risk Management in the Midlands, said: “Georgina is a fantastic addition to our forensic services team, as we continue to attract some of the brightest talent in the sector – people who have an in-depth understanding of the challenges facing regional businesses and the skills and experience to help guide clients through the complex landscape that surrounds fraud, compliance and other risks.”
Georgina added: “I’m delighted to be joining such a talented team at BDO and I can’t wait to help grow our capabilities in what is quickly becoming a business-critical area for companies across a broad spectrum of sectors.”
BDO’s annual fraud report released earlier this year showed that an overwhelming number of Midlands mid-sized businesses surveyed (85%) experienced fraud during 2022, with 63% of companies reporting that they feel somewhat or significantly more exposed to fraud since the cost-of-living crisis has taken hold.
Dunelm Group, the Leicestershire-based homewares retailer, has hailed another record year of sales.
According to preliminary results for the 52 weeks to 1 July 2023, the business saw sales of £1.64bn, up from £1.55bn in the year prior.
Profit before tax, however, slipped to £193m, down from £209m last year, which Dunelm said reflects “tight control of margin amidst inflation in our operating costs and our ongoing commitment to investment for the future.”
Nick Wilkinson, Chief Executive Officer, said: “In a period of extensive economic uncertainty, we have maintained our focus on enhancing our customer proposition, expanding our offer whilst staying fully committed to value and making every pound count.
“This has clearly resonated well with our customers, enabling us to continue growing both sales and market share. As ever, our amazing colleagues have been at the heart of this performance and I thank them all for their knowledge, personality, commitment and enthusiasm.
“As we manage the ongoing challenges, it is crucial that we do not lose sight of our longer-term ambitions. We are committed to raising the bar on value and joy for our customers and continuing to invest where we see good returns, so that we can seize the various opportunities ahead.
“We are excited about our future growth opportunity and more confident than ever that our commitment to value and tireless focus on improving the experience for our home-loving customers will leave us well placed to deliver sustainable growth in the future.”
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