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.”
GT3 Architects forms international alliance with US design firm
Architecture practice GT3 Architects has teamed up with US-based global design firm Sasaki to create a strategic alliance that brings together the skills and global expertise of more than 400 design specialists.
The powerful partnership aims to bring international perspective and experience to projects across multiple sectors – including sports and leisure, masterplanning, workplace design, landscape architecture, and more – combining expert sector knowledge and global capabilities.
Applying a creative, people-focused approach to UK design, projects will be delivered from GT3’s offices in the UK, in Nottingham and Newcastle-upon-Tyne, and Sasaki’s locations in Boston, Denver, New York and Shanghai.
Simon Dunstan, director at GT3 Architects, said: “This is a valuable alliance for both organisations that opens up numerous opportunities in the UK and the US. When we met with the Sasaki team, we were able to explore a number of potential projects and very quickly established a shared culture with lots of common values – the perfect bedrock for our alliance.
“The pandemic has clearly demonstrated that remote working is no barrier to collaboration, a concept that is at the heart of our relationship. We’re really excited to be working closely with the Sasaki team to share knowledge, research, expertise and staff as well as utilise technology and best practice to suit the specific needs of all our clients and projects.
“This announcement marks the culmination of extensive discussions and hard work behind the scenes and we’re looking forward to growing our presence in the UK and America – supporting our teams and clients along the journey.”
The strategic alliance brings a forward-thinking, global approach to projects, with GT3 and Sasaki clients benefitting from a fresh perspective and innovative design ideas. The firms both champion a holistic approach to the design of place and space that positions people at the heart of every project.
“Sasaki has an incredible 70-year legacy and global reputation, which gives new generations of leaders an amazing platform on which to grow our business,” said Sasaki CEO James Miner.
“We continuously seek to balance our history with forward looking curiosity and innovation to remain relevant in today’s world. Our alliance with GT3 provides a great opportunity to bring new voices and expertise to clients in a way that we could not before. We’re excited to work alongside GT3 to grow our collective portfolio in the UK, and collaborate with them here in the US and beyond.”
Property investment company seals multimillion-pound hotel deal
Law firm Moore Barlow has advised Cooper Estates Development on the multimillion-pound purchase of a hotel in Wellingborough, Northamptonshire as the property investment company looks to expand its hospitality portfolio.
As part of the deal Cooper Estates has also agreed a new lease for the site on the west side of Enstone Court with Travelodge. Taking over the lease from Ibis, the national hotel chain plans to reopen the venue ahead of the British leg of the Formula One grand prix in 2024, taking place at nearby Silverstone.
The deal to buy the hotel from K/S Wellingborough was led by Luc Algar, partner and head of real estate at Moore Barlow.
Commenting on the deal, Luc said: “Cooper Estates have a strong track record of acquiring sites and making them work. This is another excellent selection and the immediate interest from a national hotel brand shows the potential it has to deliver growth.
“The hotel and leisure industry is a vital cog in the UK’s economic machine and ensuring it is backed by a robust M&A market is essential. Companies like Cooper Estates play an important role in ensuring towns like Wellingborough, where tourism is essential to the local economy, continue to prosper.”
David Gregory, investment director at Cooper Estates, said: “This had the potential to be a very complicated deal, with the end of one lease, the acquisition and the new lease with Travelodge all needing to happen in tandem. That it went so smoothly is testament to the team that worked on it, and means all parties are in the best possible position to move forward and ensure the hotel’s continued success.”
Senior appointment cements housebuilder’s East Midlands region
A national housebuilder has appointed a new operations director to lead its growth in the East Midlands.
Miller Homes has appointed Tom Roberts to the role of regional operations director to head up the region from its Derby offices.
Tom brings a wealth of experience to the role, having initially joined Miller Homes in August 2004 as a graduate land buyer.
As one of 10 graduates selected for the national scheme, Tom benefited from exposure to every department, including sales and legal, helping him to develop his knowledge across all aspects of the business.
Following completion of the scheme, he was promoted to land buyer and most recently held the position of area land director in the East and South Midlands.
Tom said: “This region is already profitable and on target to achieve its objectives, so I will be looking to build on that success in my new role.
“We have built a great team in the East Midlands and our business reputation as an honest and trustworthy housebuilder has helped us win projects and land in the region.
“One of my initial aims is to increase my experience across the disciplines I’ve had less exposure to previously, such as production, finance and customer care.
“The structured support and continued investment that enables individuals like me to step up is fantastic and I’m looking forward to broadening my knowledge across all aspects of the business.”
Ben Massey, divisional managing director, said: “We are proud of our track record of developing and nurturing talent within Miller Homes, and to be able to recruit high calibre candidates from within our existing pool of staff.
“Tom’s career success demonstrates the value of the training and support that Miller Homes invests in, and our ongoing commitment to our team members.”
City Council’s plan for improving financial management makes progress
Nottingham City Council says it is making positive progress on improving control and stewardship of its finances with a series of actions that are already complete, underway or in the pipeline.
The council’s Financial Improvement Plan was presented to its Audit Committee on Friday (28 July), outlining a wide range of measures to improve financial governance and its financial management, control and reporting framework.
The council is under scrutiny by the Government-appointed Improvement and Assurance Board and has been taking steps to address several issues brought to light following the collapse of Robin Hood Energy (RHE).
One issue relating directly relating to RHE has been the inability of the council to finalise its accounts for 2019/20. These are now ready for external audit certification and those for 2020/21 and 2021/22, similarly delayed, will be ready for auditing by September 2023.
The council has also now embedded a corporate control, accounting and recording framework for grants into the council throughout the organisation.
The council has enhanced its grip on the transformation programme and the part it plays in achieving savings – over £15m in the current financial year – and contributing to the medium-term financial plan (MTFP), with a newly established Transformation Oversight Board set up to monitor progress.
A central savings tracker is being developed to support the council to embed robust financial control as part of its Budget and MTFP process, which will allow it to identify shortfalls and mitigations at an earlier stage.
A key focus area for the council is the implementation of remediation to mitigate risk in its financial control environment.
City Council Deputy Leader and Portfolio Holder for Finance, Cllr Audra Wynter, said: “While we continue to face a number of challenges, we are starting to make demonstrable improvements that will have a positive and lasting impact on improving control and stewardship of our finances.
“Establishing strong and robust financial management arrangements is a top priority for us requiring determination, discipline and some difficult decisions across the organisation. We are focused on meeting these challenges through our Financial Improvement Plan, and emerging a stronger organisation that’s better equipped to provide good, value-for-money services to local residents.”
Henry Brothers appointed by University of Nottingham on Castle Meadow Campus scheme
Henry Brothers Construction has been appointed by the University of Nottingham to help develop its Castle Meadow Campus (CMC) in the city.
The company has won a £7m contract to remodel and refurbish two of seven buildings on the 3.75 hectare site – preparing them for future occupation.
The university plans to create an enterprise campus on the site which is located on Castle Meadow Road at the foot of Nottingham Castle and was formerly occupied by HMRC.
The development has now entered its latest phase, with contractors being appointed to convert the site’s buildings and landscape to kickstart the creation of a new city centre campus for the university.
Managing Director of Nottingham-based Henry Brothers Construction, Ian Taylor, said: “This is a hugely exciting project for the University of Nottingham and for the city, and we are proud to be playing a part in it.
“Henry Brothers has extensive experience of working with universities across the Midlands to improve their facilities. This is our first contract with the University of Nottingham, and we are really looking forward to getting on site in our home city to deliver some of the building work at Castle Meadow Campus.”
Henry Brothers Construction has been appointed to strip out and refurbish buildings D and F on the site. On completion of the work in building D later this year, the facility will be used for long-term leases for the university’s industry partners, including leading global accountancy firm KPMG.
The plan is for building F to also house industry partners – but predominantly innovative spin outs, start-ups, and scale ups on flexible licenses. It will include spaces for collaborative working, hot-desking, meeting rooms, and meeting pods. The refurbishment is due to be completed in early 2024.
Other members of the team working alongside Henry Brothers on the design and build contract are project manager Aecom, quantity surveyor Gardiner & Theobald, concept architect Hopkins, engineer Arup, architect Bond Bryan, and landscape architect Ares Design.
Royal Mail opens Midlands Super Hub at Daventry International Rail Freight Terminal
Prologis UK recently saw the opening of Royal Mail’s largest automated parcel facility at Daventry International Rail Freight Terminal (DIRFT).
Spanning 53-acres and totalling 840,000 sq ft of warehousing space, Royal Mail’s Midlands Super Hub is the latest milestone in a significant growth and development programme currently being progressed at DIRFT.
Once fully operational, the Super Hub has the capacity to process 235 million parcels a year, with the site benefitting from an integrated rail link to support intermodal deliveries.
Royal Mail’s Midland Super Hub joins a total of almost 1.5m sq ft of logistics real estate investment on site, with DC6 and DC7 for Warrens Group now fully operational, and speculatively built DC628 and DC327 recently reaching practical completion.
Alongside new distribution centres, Prologis UK has further invested in the creation of a 130-bay lorry park to provide HGV drivers servicing the park with free, safe, and well-maintained facilities. The new development ensures that HGVs no longer need to park on surrounding roads, enhancing driver welfare and reducing traffic build up.
Sally Duggleby, head of leasing at Prologis UK, said: “DIRFT is our largest logistics property asset in the UK and second largest outside of the US, so to welcome Royal Mail’s Super Hub to the site’s portfolio is a fantastic addition. With a growing number of customers choosing to increase their operations at the site, DIRFT will continue to go from strength to strength.
“As a multi-faceted location, comprising three rail terminals, warehousing, a lorry park, Lilbourne Meadows nature reserve and a logistics training facility, Prologis UK’s sustained investment in the facility’s development is evident.”
Mather Jamie appoint new agency surveyor
Loughborough-based, specialist land development and property consultancy Mather Jamie has appointed Fraser Hearfield as an assistant agency surveyor.
Fraser, who lives in Ashby-de-la-Zouch, Leicestershire, holds a Real Estate BSc (Hons) from Sheffield Hallam University and joins the firm from the valuations team at a large Nottingham-based agency.
In his new role, Fraser will be part of the Mather Jamie Commercial team working on transactional agency instructions across the industrial, office, retail and investment markets throughout Leicestershire. He will also assist with other professional work, such as lease renewal and rent reviews as well as valuations for a range of purposes including loan security, acquisitions, disposals and development appraisals.
Fraser said: “I am really excited to be joining one of the most reputable property advisors in the Midlands. The Director team is very hands on and I am looking forward to expanding my knowledge and gaining experience in a different marketplace.”
Fraser has been playing rugby for over 15 years and previously captained his local club Ashby RFC. More recently he has started playing golf and has taken up road cycling. In June 2023 he completed The National 3 Peaks Challenge to help raise money for charities LOROS and MIND.
Duo of Northamptonshire logistics sites acquired by Czech firm
P3 Logistic Parks has expanded into the UK through the acquisition of two logistics assets from Segro, totalling 81,000 sq m of space.
One asset is located in Crick and comprises around 36,000 sq m lettable area. The second asset with more than 45,000 sq m is located in Kettering.
Frank Pörschke, CEO of the Czech firm, said: “The acquisition of these two logistics assets in the UK marks a significant milestone for P3, as it expands our operations into a key market known for its robust logistics industry.
“The country has always been a vital hub for international trade and commerce, and we are excited to offer our expertise and resources to meet the evolving needs of businesses operating in this region.”
All units were developed from 2010 onwards to a modern Grade A institutional specification including BREEAM rating ‘Very Good’ and are fully leased out to three tenants.
P3 is partnering with Roebuck, an institutional Pan-European investment manager specializing in the European logistics sector. Roebuck is assisting P3’s entry into the UK and will manage both assets in the initial stage of P3’s expansion into the UK.
Otis Spencer, CIO of P3 Logistic Parks, said: “P3’s entry into the UK market reflects our long-term vision and strategic growth plans. We have carefully selected these logistics assets as they align with our commitment to delivering excellent service quality, operational efficiency, and sustainability to our customers.”
David Proctor, Managing Director of Group Investment at SEGRO, said: “This disposal has enabled us to divest a number of relatively small holdings, all of which were ear-marked for disposal in the near to medium-term, allowing us to recycle capital into our successful development programme.
“It also demonstrates the continuing investment appeal of high-quality logistics assets after the significant valuation correction that occurred over the last year.”
P3 was advised by Colliers on the transaction. DTRE and ACRE acted on behalf of SEGRO.
Ed Plumley, director, EMEA Capital Markets, Colliers, said: “These acquisitions are the good news the market needs. It is a clear demonstration that investor appetite remains for assets in core locations with long-term growth and ESG performance opportunities. Colliers were delighted to bring this off-market opportunity to P3 and provide focused advice as they expanded into a new jurisdiction.”
The terms of the transaction have not been disclosed.
Frasers Group commences £80m share buyback programme
Frasers Group is set to commence a new £80m share buyback programme from today.
The Shirebrook-based retail giant is making the move to reduce the share capital of the company.
The news follows the business announcing a record performance for the year ended 30 April 2023.
Group revenue of £5.5bn marked an increase of 15.8% from £4.8bn in the prior year, largely due to acquisitions and the impact of a 53rd week in FY23.
Meanwhile reported profit before tax soared to £660.7m, up 96.9% from £335.6m in the year prior.
Strong results across the group were boosted in particular by profitable growth in sports retail.
