Great British Railways visit Derby for first Board meeting in the city

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Great British Railways visit Derby for first Board meeting in the city
The Transition Team working to design Great British Railways held its board meeting in GBR’s new home city for the first time on Wednesday 26 July, cementing their commitment to Derby and the new headquarters. The board and officers from GBRTT were welcomed to the city by representatives from Derby City Council, including the Leader of the Council, Cllr Baggy Shanker, and Deputy Chief Executive Rachel North, at the historic Derby Roundhouse, Derby College. The visit provided an opportunity for representatives from both parties to discuss progress and celebrate the potential that the move to Derby will bring. The city was selected to be the location of the new Great British Railways headquarters in March this year, beating off fierce competition from the other shortlisted finalists Birmingham, Crewe, Doncaster, Newcastle and York. Derby was shortlisted from 42 expressions of interest from towns and cities across the nation, all keen to be the home of the new ‘guiding mind’ for the railways. Councillor Baggy Shanker, Leader of Derby City Council, said: “It was a pleasure to welcome the board of Great British Railways to Derby for their first meeting in the city. “The Roundhouse was the perfect setting to showcase the city’s unmatched rail heritage once again, as well as its commitment to a bright future of skills, learning and innovation. “I was delighted to be able to share in positive conversations with the board about the future of GBR here in Derby. The atmosphere in the room was buzzing and ideas invigorating.” Anit Chandarana, Lead Director of GBRTT, said: “We’re grateful to Derby City Council for being such gracious hosts to our Board, as we work to create a simpler, better railway for everyone in Britain. Every trip up to Derby is an opportunity to get better acquainted with this fantastic city, which will be home to GBR’s headquarters.”

Former care home up for sale after falling into administration

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Former care home up for sale after falling into administration
Specialist business property adviser, Christie & Co, has been instructed to sell the Grade II listed former residential care home, Egerton Lodge, in Melton Mowbray, Leicestershire. Originally built in 1829 for the Earl of Wilton and used as a base for hunting and socialising, Egerton Lodge was turned into a residential care home in 1987, caring for residents across 44 en-suite bedrooms. In June 2023, the home went into administration and business operations were taken over by Leonard Curtis Business Solutions Group. This sale presents an opportunity for either existing care (C2) use or to redevelop for alternate use, subject to the necessary planning permissions. Rosie Turner, senior business agent – care at Christie & Co, who is handling the sale, says: “I’m pleased to be marketing this vacant home for the administrators at Leonard Curtis Business Solutions Group. “This impressive, well-located, 44-bedroom property presents a great opportunity for care operators looking to expand their portfolios, or for alternate healthcare use, subject to the necessary planning.” Egerton Lodge is on the market with an asking price of £1.55 million.

Revenue and profit dip at Travis Perkins

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Revenue and profit dip at Travis Perkins
Revenue and profit have dipped at Travis Perkins, the builders merchant, according to half year results for the six months ended 30 June 2023. Revenue of £2.47bn was down 2.5% compared to the same period of 2022, while adjusted operating profit of £112m was down 31%. The company said this reflects weak market volumes in private domestic RMI and new build housing. Full year adjusted operating profit is expected to be around £240m. Nick Roberts, Chief Executive Officer, said: “Market conditions have been challenging, which is reflected in both our first half performance and our outlook for the balance of the year. The Group remains focused on striking the appropriate balance between seeking to protect shorter term profitability, delivering our strategic objectives and being well placed to benefit when market conditions improve. “Given the market backdrop, we are relentlessly focused on meeting our customers’ needs in core categories and supporting our local branch managers to grow share of wallet, particularly with general builder and professional trade customers, by making it simpler and easier to transact with us through our digital channels and in our branches. “I am pleased with the continued progress we are making on the development of value-added services, as shown in the growth of Managed Services and Hire, and also with the market share gains coming through in Toolstation. “Whilst near-term trading is expected to remain difficult, we continue to work to position the Group to benefit from the long term structural drivers in our end markets. “The opportunities presented by the requirement to decarbonise the UK’s built environment and address the shortage of both private and social housing remain significant and our unique portfolio of businesses, coupled with the development of innovative solutions for our customers, will enable the Group to deliver long term growth and create value for shareholders.”

Revenues soar at Journeo

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Revenues soar at Journeo
Journeo plc, a provider of information systems and technical services to transport operators and local authorities, has seen revenues soar in its first half. According to a trading update for the six months ended 30 June 2023, group revenues increased by 145% to £21.8m, up from £8.9m in the first half of 2022, with the acquisition Infotec, in January 2023, delivering revenue of £9.3m in the period. Profit before tax at the Ashby-de-la-Zouch firm, meanwhile, increased to £1.7m. Revenue for the full year is now expected to be £41m, significantly ahead of current market expectations, with profit expected to be marginally ahead. Russ Singleton, Chief Executive of Journeo plc, said: “The first half of this year has seen the Group enter a transformational stage in its development following the acquisition of Infotec in January and generate strong organic and acquisitive growth. “Revenues increased 145% to £21.8m, delivering a pre-tax profit of £1.7m. We entered H2 2023 with a £27m order book, a £55m sales opportunity pipeline and expect revenue for the full year to be £41m, with profit marginally ahead of current market expectations. “The integration is going well with finance, HR, new product design and marketing working together and a number of cross selling initiatives underway to broaden the customer base, increase sales, annual recurring revenues and margins.”

Pre-tax losses widen at Staffline

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Pre-tax losses widen at Staffline
The CEO of Staffline has praised a resilient first half performance amidst a challenging market environment for the recruitment industry, despite a dip in revenue and losses widening. According to the recruitment and training group’s unaudited interim results for the six months ended 30 June 2023, revenue slipped slightly to £434.1m compared to £438m in the same period of 2022. Meanwhile the Nottingham-based company posted a loss before tax of £4.3m, widening from £1m last year. Staffline expects a significant improvement in the second half of the year, in line with a traditional second-half weighting of the group’s Recruitment division, and notes that full year trading remains in line with market expectations.

Albert Ellis, Chief Executive Officer of Staffline, said: “The business has delivered a resilient first half performance amidst a challenging market environment for the recruitment industry.

“Our management team has demonstrated exceptional leadership by securing new business wins, implementing significant structural and cost changes across all businesses, and strengthening customer relationships with a focus on service delivery.

“These actions have underpinned the Board’s confidence in full year trading being in line with expectations, alongside implementing a £4m share buyback programme.

“We anticipate better trading conditions in the second half of the year with improved consumer confidence stimulating growth.

“Whilst the outlook for permanent recruitment is more subdued, a number of new temporary staffing contract opportunities are currently in the pipeline, in addition to the seasonal boost expected in the final half of the year including the Women’s Football and Men’s Rugby World Cups. 

“There is no question, the broader economic environment in the UK and Ireland will continue to dominate headlines.

“However, with the increasing return to work of many classified as economically inactive in the most recent ONS labour market report, we are cautiously optimistic that the tight labour market is starting to ease and this will support the economy going forward.”

Over 220 jobs saved as engineering firm acquired out of administration

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Over 220 jobs saved as engineering firm acquired out of administration

The Enact Fund, managed by private equity firm, Endless LLP, has acquired the business and assets of Accrofab Ltd and the Alcester site of Bromford Industries Ltd out of administration, in a move that will secure the jobs of over 220 current employees.

The deal will be funded from Endless’s Enact Fund III which seeks to invest in transformational SME opportunities.

Accrofab and Bromford Industries, which precision engineer fabricated components for the aerospace and power generation sectors, operate out of sites in Derby and Alcester. Both Accrofab and Bromford Alcester retain a global, blue-chip client base. Following completion of the deal, both companies will trade under the Accrofab brand.

Endless are supporting the current management team, led by CEO Ed Ashworth, to separate the businesses from the Bromford Group and invest in its operations to enable growth with both existing and new customers.

Richard Harrison, Enact partner in the Manchester office, said: “Accrofab and Bromford Alcester are both profitable businesses which were brought down by a separate loss-making site in the Bromford Group. The Accrofab Group is perfectly positioned to benefit from the growth in its core aerospace and power generation markets and we will invest in both sites to broaden their operational capability and capacity.”

Ed Ashworth, CEO at Accrofab and Bromford Industries, adds: “The orderbook and pipeline is strong at both Derby and Alcester and our key customers have been incredibly supportive during this challenging time.

“Endless have a history of supporting companies with a similar story to ours and completion of this transaction is an exciting milestone for all of the employees of the new Accrofab Group.”

Ryan Grant, joint administrator and Managing Director at Interpath Advisory, said: “After trading the business for twenty weeks, we’re delighted to have secured this transaction which not only sees production continue uninterrupted at both sites in Alcester and Derby, but which importantly safeguards the jobs of 220 members of staff.

“On behalf of the Interpath team, I’d like to extend our profound thanks to customers, suppliers and Bromford’s dedicated team of employees who have all provided unwavering support throughout the administration process. Their efforts, along with the commitment from Endless, has enabled us to find a solution for the business which puts in place a solid financial platform upon which it can move forward.”

Cynergy Business Finance are providing a new asset based lending (ABL) facility to the Accrofab Group. Danny Monksfield, corporate sales director at Cynergy, added: “We’re delighted to support the acquisition of Alcester and Derby with an asset based lending facility that will assist in delivering the impressive pipeline of work at both sites.

“It has been a pleasure to work closely with Enact to tailor our lending facility to fit the group’s unique working capital requirements, and we look forward to being a part of the future growth of the group.”

The Enact team (Kiran Reddy, Alex Nicholls and Adam Milner) were advised by Shoosmiths LLP (Bethan Moore, Andria Stylianou), Claritas Tax and Vista Insurance Brokers.

Interpath were advised by Irwin Mitchell LLP (Amy Keogh and Stephen George).

Cynergy were advised by Bermans (Dave Gledhill) and SIA.

As part of the deal, Endless will not purchase Bromford Industries’ Leicester site.

Manufacturer expands in Kettering

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Manufacturer expands in Kettering
A manufacturer and dealership for mounted platform vehicles and equipment has let warehouse premises at Vernon Court, Telford Way in Kettering. The commercial property agency of Eddisons secured the letting to CPL Ltd. The detached, 6,403 sq ft, industrial unit at 6B Vernon Court is the latest site in Kettering for CPL, whose growing client base is chiefly in the utilities sector in the UK and also overseas. CPL Ltd was founded in 2011 and now, with the addition of the Vernon Court premises, has four sites on Telford Way. The company’s founder & CEO, Paul Murphy, confirms CPL is seeking further premises – a fifth operational location – to accommodate business expansion plans which include increasing its current headcount of 100-plus employees within the next twelve months. Speaking about the letting of 6B Vernon Court to CPL, Eddisons’ Gilbert Harvey, director of Kettering and Northampton, said: “With the squeeze on the availability of quality industrial stock in general – and in such a desirable location as Telford Way, in particular – we secured the unit under offer to CPL prior to the expiry of the previous lease and its vacation by the former occupier. “This ensured no void period for our landlord client and gave CPL the certainty of its new premises to an agreed timescale in its favoured location.”

Entries close at the end of August for the prestigious East Midlands Bricks Awards 2023!

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Entries close at the end of August for the prestigious East Midlands Bricks Awards 2023!
At the end of the month (Thursday 31 August) nominations will close for East Midlands Business Link’s prestigious Bricks Awards, shining a light on the region’s property and construction industry. The annual event recognises development projects and people in commercial and public building across the region – from office, industrial and residential schemes, through to community projects such as leisure schemes and schools. With the economy now recovering after lockdown, and following a successful event held last year, we believe it is now more important than ever to celebrate the robustness of the property and construction industry in our region. Take this opportunity to showcase your team, reward their efforts, and boost morale. To nominate your (or another) business/development for one of our awards, please click on a category link below or visit this page.
Award categories include:

Nominations end Thursday 31 August.

The Overall Winner of the East Midlands Bricks Awards 2023 will also be awarded a year of marketing/publicity worth £20,000. Winners will be revealed at a glittering awards ceremony on Thursday 28 September, at the Trent Bridge Cricket Ground – an evening of celebration and networking with property and construction professionals from across the region. The event will also welcome Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, as keynote speaker. Find out who last year’s winners were here.

Book your tickets now

Tickets can now be booked for the awards event – click here to secure yours. The special awards evening and networking event will be held on Thursday 28 September 2023 in the Derek Randall Suite at the famous Trent Bridge Cricket Ground from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region, and hear from Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, our keynote speaker. Dress code is standard business attire.
Thanks to our sponsors:                                                             To be held at:

East Midlands business confidence marks drop

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East Midlands business confidence marks drop
Business confidence in the East Midlands fell 22 points during July to 30%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.   Companies in the region reported lower confidence in their own business prospects month-on-month, down 14 points at 37%. When taken alongside their optimism in the economy, down 27 points to 25%, this gives a headline confidence reading of 30%.  East Midlands businesses identified their top target areas for growth in the next six months as evolving their offer (38%), investing in their team (35%) and diversifying into new markets (34%). The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.  A net balance of 15% of businesses in the region expect to increase staff levels over the next year, down 24 points on last month.   Overall, UK business confidence dipped by six points to 31% in July, with nine out of 11 regions and nations reporting a lower confidence reading month-on-month.   Optimism in the economy has also fallen, dropping 11 points to 21%, the lowest levels since February this year. However, firms remained resilient in their own trading prospects, with 43% of companies expecting business activity to increase over the next 12 months, up one point on last month and reaching a 14-month high.  Despite the fall in overall confidence, levels remain higher than the survey’s long-term average reading of 28% and every UK region and nation reported a positive confidence reading in July. The North East reported the highest levels of business confidence at 43% (down four points on last month), followed by Yorkshire (down seven points month-on-month) and the West Midlands (up two points month-on-month) both at 38%. Retail was the only broad sector registering higher confidence (up six points to 35%), mostly reflecting stronger transport services. The fall in overall business confidence this month was led by the service sector sentiment falling by seven points to 30%. While the fall in confidence was seen broadly across this sector, hospitality firms appeared to be more resilient. Confidence also was lower in manufacturing (down 16 points to 34%) and construction (down eight points to 31%). Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking, said: “Despite the dip in overall business confidence, firms in the East Midlands have a high level of optimism in their own business prospects, something that will help buoy them as they focus on their plans for the year ahead. “I know from speaking to businesses across the region that many see opportunities in growing and developing their team, but inflation is affecting their ability to invest in developing skills. Financial tools such as invoice discounting and term loans can help businesses to manage their cash flow, enabling them to free up capital to invest in the training or making the new hires they need to grow their business.” Hann-Ju Ho, senior economist, Lloyds Bank Commercial Banking, said: “The Barometer presents a complex picture for firms this month, with the data showing that trading prospects remain strong with businesses feeling under less pressure by inflation to raise prices. “However, there is clearly uncertainty about the wider economy and rising interest rates. This may be causing net hiring intentions to moderate slightly. Nevertheless, wages and jobs growth continue to support staff with the current cost of living. “However, the sectoral analysis this month shows some positive signs for the retail sector, while there are indications that pent-up demand may be boosting confidence in tourism and travel. As businesses continue to adapt to the economic environment, we expect to see ongoing resilience broadly across all sectors.”

Nottingham recruitment and training group launches share buyback

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Nottingham recruitment and training group launches share buyback
Staffline Group, the Nottingham-based recruitment and training group, is set to launch a share buyback programme. The company said it intends “to make a series of share repurchases with a view to returning up to £4 million to shareholders.” It added: “The Group remains disciplined in its allocation of capital with the main objective being to enhance shareholder value. We continuously assess our medium-term plans which take account of growth prospects, investment in the Republic of Ireland branch network, cash generation, net borrowings, and leverage. Therefore, the amount allocated to buybacks is based on our predicted trading cash flows and financing headroom.” Following the announcement of its 2023 interim results, Staffline believes the current time presents a good opportunity to make share purchases. The company has delivered two years of underlying operating profits of at least £10m and net debt (pre IFRS16) has reduced to £3.5 million at 30 June 2023 (30 June 2022: £9.7 million) through retained earnings and improvements in working capital. In addition, average borrowings are on a downward trend. Consequently, the company has substantial headroom under its available debt facilities. Accordingly, the company is launching the share buyback, to repurchase ordinary shares in the capital of the company up to an aggregate value of £4 million. In further news for the business, GXO Logistics has awarded Staffline’s Recruitment GB division the dedicated temporary labour supply to a further 14 distribution centres across the UK for several major High Street brands. This award grows the Staffline share of GXO labour supply business in the UK by an additional 40%. The award will result in the generation of significant revenue growth to the business. In addition, Recruitment GB has been awarded contract renewals with Marks and Spencer and AM Fresh Group. Albert Ellis, Chief Executive Officer of Staffline, said: “We are extremely pleased to announce these opportunities which are live and coming on stream in H2 2023. “We have grown our operational reach with these hugely important customers, not only fulfilling a key strategic objective for the Group, but further expanding our services with substantial and progressive employers of choice and is testament to our strong operational and strategic partnership approach to our valued customers.”
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