Wealth management company names new MD
Derby-based wealth management company Rhodes Wealth Management has Hayley Burton as its new MD.
She will be responsible for shaping the strategic direction of the business, driving growth, and fostering a collaborative and positive work environment.
With more than 20 years’ experience in financial services, she has a strong track record of growing wealth management businesses with a customer-centric focus and a passion for empowering people.
Chief Exec Adam Rhodes said: “I’m confident that Hayley’s strategic approach, energy and people-focus will prepare us for the next phase of growth and support our talented team here at Rhodes.”
Nottingham group acquires online retailer
Huddled Group plc, the Nottingham-based business focused on building a portfolio of e-commerce brands, has acquired online retailer Food Circle Supermarket for up to £300,000.
The acquisition comprises the entire stock, intellectual property and website and other social channels of Food Circle.
Founded in 2018, by owner/operators Paul Simpson and James Barthorpe, Sheffield-based Food Circle is an online, direct-to-consumer retailer specialising in discounted foods for healthy and specialised diets such as high-protein and energy products.
Food Circle serves customers across the UK and has become a trusted partner for well-known brands within this market, including Huel, Nakd, Grenade and Optimum Nutrition, amongst others.
Food Circle delivers an average of 3,000 orders per month, with an average order value of £40. The business has seen strong growth since inception and delivered unaudited revenue of £1.4m and a small net loss of £46k for the year ended 31 December 2023.
With access to additional funds to grow its range and other expected synergies as a result of becoming part of Huddled Group, the Board believes that Food Circle can be grown significantly. Paul Simpson and James Barthorpe will continue in their current roles and will be supported to grow the business.
Martin Higginson, Chief Executive Officer of Huddled Group PLC, said: “We’re delighted to announce this exciting opportunity to further strengthen our position in the online surplus food and drink market, alongside our existing brand, Discount Dragon.
“Food Circle is positioned at the intersection of a number of market trends; the continued search for value among consumers, the demand for e-commerce and direct delivery services, and the growth in health and nutrition products to support active lifestyles.
“It has developed important relationships with brands for whom responsible disposal of surplus stocks remains a priority and this will remain a core mission for Food Circle.
“Paul and James have done an amazing job growing the business to a turnover of £1.4m with very limited capital and therefore range. We are convinced given access to additional funds the pair will quickly grow this business to new heights.”
Paul Simpson and James Barthorpe, Founders of Food Circle, said: “We are delighted that Food Circle is joining the Huddled Group plc family. We have worked hard to build our business from the ground up since our formation in 2018, and feel that now is the ideal time to join a growing group with exciting ambitions for the future.
“We believe that Huddled Group plc is the perfect partner to help us unlock the huge potential of Food Circle.
“The business is positioned in a rapidly growing market, and we are confident that this acquisition will enable us to build on the work we have done so far in helping brands to reduce waste, while maintaining their brand equity, and offering consumers access to high quality products at competitive prices.”
Is it time to reflect on the culture of your organisation? By James Pinchbeck, partner at Streets Chartered Accountants
James Pinchbeck, partner at Streets Chartered Accountants, considers the importance of a business’s culture.
Having been involved in recruitment interviews recently, in which seemingly all applicants asked what the culture of the organisation was like, it did give rise to reflection on the same and what is meant by culture and how it affects the success or otherwise of an organisation.
Organisational culture refers to the collective beliefs, values, attitudes and behaviours that define the unique identity and character of an entity. It’s the intangible fabric that shapes how employees interact, make decisions, and perceive their roles within the organisation. Essentially, it is the personality of a business.
Manifestations of organisational culture are evident in various aspects of workplace dynamics. This includes communication styles, leadership approaches, decision-making processes, employee relationships, dress code, workspace layout and even organisational rituals and traditions. These elements collectively reflect the underlying norms and values embraced by the organisation.
Describing the culture of an organisation can vary depending on its unique characteristics and values. It could be described as collaborative, customer-centric, results-oriented, hierarchical, innovative, inclusive or bureaucratic, among others.
The impact of organisational culture on business performance is profound. A strong, positive culture can foster employee engagement, productivity, innovation and loyalty, leading to better customer satisfaction and overall business success. Conversely, a toxic culture marked by distrust, micromanagement, favouritism, resistance to change, fear or lack of transparency can hinder employee morale, creativity and collaboration, ultimately impeding organisational effectiveness and growth.
Organisational culture is particularly important for new employees as it shapes their onboarding experience, integration into the company and long-term engagement and satisfaction. A positive culture can facilitate smoother transitions and help new hires align with company values and expectations.
Assessing organisational culture involves analysing various factors such as employee attitudes and behaviours, management practices, communication patterns and alignment with organisational values and goals.
While leadership plays a crucial role in setting the tone and direction of organisational culture, every individual contributes to its formation and evolution. However, senior executives and managers bear primary responsibility for shaping and nurturing a positive culture through their actions, decisions and reinforcement of desired behaviours.
People seek to change organisational culture for various reasons, including adapting to external market forces, addressing internal issues or inefficiencies, fostering innovation and agility or enhancing employee well-being and satisfaction.
Changing organisational culture is a complex and challenging process that requires commitment, patience and strategic planning. It typically involves identifying areas for improvement, engaging employees in the change process, providing training and support and implementing new policies and initiatives aligned with the desired cultural shift.
Current trends in organisational culture include a greater emphasis on more flexible and remote work policies and virtual collaboration tools, fostering diversity, equity and inclusion initiatives, promoting employee well-being and mental health support and adapting to rapid technological advancements and market disruptions.
In conclusion, organisational culture is a vital aspect of any business, influencing its performance, employee satisfaction and long-term success. Understanding, assessing and shaping culture requires proactive efforts from leaders and employees alike, with a focus on fostering a positive and inclusive work environment conducive to innovation, collaboration, and growth.
See this column in the April issue of East Midlands Business Link Magazine here.
Nottingham professor named one of the most influential women in UK finance
Professor Meryem Duygun, from Nottingham University Business School, has been named on the Innovate Finance Women in Fintech Powerlist for the third time.
Professor Duygun was previously named on the list in 2022 and 2020, after making significant contributions to the fintech industry.
The list, compiled by Innovate Finance, celebrates senior leaders, marketers and investors, all leading the way in finance and technology innovation.
This year, Professor Duygun has been recognised in the Policymakers and Regulatory Experts category, alongside nine other women, underscoring her commitment to advancing financial inclusion through policy initiatives.
The category highlights those women who work in regulation, government affairs and strive to encourage innovation in their sectors.
Professor Duygun said: “I am deeply honoured to once again be recognised on the Fintech Powerlist, alongside such distinguished individuals. This acknowledgment not only celebrates my ongoing dedication to innovation and advancement in the FinTech sector but also underscores the importance of collaborative efforts and diversity in driving meaningful change.
“I am particularly proud of the significant role that INFINITY, the University of Nottingham Inclusive Financial Technology Hub, has played in shaping our collective impact. Through INFINITY, we are fostering a culture of inclusivity and pioneering research that is shaping the future of FinTech.
“I remain committed to empowering more women and underrepresented groups in FinTech and look forward to continuing our journey towards a more inclusive future together.”
Professor Duygun established the very first FinTech research network in 2018. She is an Endowed Chaired Professor in Risk and Insurance, funded by Aviva.
In September 2021 Meryem was conferred the Fellowship of the Academy of Social Sciences, in recognition for the excellence and impact of her work and her wider contributions to the social sciences for public benefit.
Professor Duygun also recently established the University of Nottingham Inclusive Financial Technology (INFINITY) Research Hub, which aims to improve inequalities in access to financial services and products. The hub was recently awarded a £1.4m grant from Research England to establish a fintech hub on the university’s new Castle Meadow Campus.
Professor Jeremy Gregory, Pro-Vice Chancellor for the Faculty of Social Sciences, said: “It is a fantastic achievement that Professor Duygun has been named on the Fintech Powerlist again this year. It is a testament to her hard work and achievements across the Fintech sector, and helps to show the excellent developments being made at Nottingham in this industry.” Key promotion made at Timms Solicitors
Timms Solicitors have promoted Charlotte Day to head the growing Wills and Probate department across their offices in Derby, Burton, Ashby and Swadlincote.
Having graduated with a Law degree from the University of Chester and completing her Legal Practice Course with a London firm, Charlotte qualified as a Solicitor in 2016 and joined Timms in August 2018. She completed the firm’s bespoke Pathways programme and was promoted to Associate in 2022.
Timms managing partner Fiona Moffat said: “Charlotte has proven to be a natural leader as well as an excellent lawyer and we are delighted that she has taken on the role as Head of Wills and Probate.
“This is a growing team and I know that, under Charlotte’s leadership, this important aspect of our work will flourish even further.”
Charlotte, who is a fully qualified STEP member and an accredited member of The Association of Lifetime Lawyers, concluded: “Wills and Probate is a diverse and sometimes complicated area of law and I am proud to head such an excellent and empathetic team.
“I originally joined Timms because of their commitment to professional and personal development. Having seen the benefits of the Pathways to Associate programme, I too am keen to nurture young talent to ensure that our clients continue to receive not only sound legal advice but the support they need at what can be particularly challenging times in their lives.”
Team’s achievement leads to promotion for Daniella
Professional services recruitment company Sellick Partnership has promoted Daniella Pye to the role of associate director in recognition of achievements made by the large, multi-specialism team that she leads.
The team focuses on partnering with public and not-for-profit sector organisations within the HR, finance and accountancy and procurement specialisms.
Daniella, who is also part of the Wellbeing Team at Sellick, has been an integral part of the company for 15 years – joining in 2009 as trainee recruitment consultant.
Her new role will involve focusing on the growth and development of the HR division, using her sector experience and knowledge to drive the team’s progress.
Group director Nikki Kinsey said: “From the very beginning, Daniella’s resilience and drive set her apart. Her journey is a testament to her exceptional abilities and the remarkable results she has achieved.
“Today, Daniella stands as a shining example of success and growth within Sellick Partnership, having joined as a trainee and now sitting as part of the senior management team as an associate director. This is what each and every person working here can do, if they want it.”
Record sales year for Carfulan Group
A surge in demand for advanced manufacturing and 3D printing systems has paved the way for a record year for an East Midlands industrial specialist.
Carfulan Group has seen revenues rise by 14% to £19.2m, creating six new jobs as a result.
Significant investment in boosting its sales team and several new product releases have been behind the expansion, with the family-run business now setting its sights on meeting a £40m target by 2030.
“Manufacturing has entered a new era of global competitiveness and our customers, whether they are OEMs, tier 1s or further down the supply chain, are all looking for ways to save costs, increase capacity and improve quality,” explained Chris Fulton, who is Joint Managing Director alongside his brother Matt.
“This is where we come into the equation. Our range of advanced metrology solutions gives them the opportunity to reduce the amount of downtime in their machining operations and the confidence that the parts they are producing are going to be right, first time.”
Founded in 1989 by the brothers’ mum and dad Andrew and Angela, Carfulan Group has evolved into a critical partner to industry.
It has invested more than £2.5m in creating a state-of-the-art demonstration centre in Derbyshire.
Chris went on to add: “Getting the right people into our business has been really important to our growth, with the workforce now topping sixty for the first time.
“Recent recruitment has seen us take on experienced specialists in our field and more apprentices that are making the most of our partnership with the JCB Academy.”
Agencies and businesses unite in bid to save jobs at Alstom factory
Marketing Derby, Derby City Council, and hundreds of Bondholders are calling on the Government to act now to save thousands of jobs by approving a solution to prevent the closure of Alstom’s city factory.
John Forkin, MD of the inward investment agency wrote to Bondholders outlining the imminent threat posed to the future of the train-making in Derby, and within hours more than 200 had given their support for the campaign to save the factory.
Alstom’s Litchurch Lane site is the nation’s largest train factory – in operation for 185 years – and is the only UK site where trains are designed, developed, built and tested.
At risk are 1,300 direct jobs in Derby and a further 15,000 jobs in supply chains across the country.
In his letter, Mr Forkin wrote: “We urge the Government to approve the viable identified solution. The closure of Litchurch Lane would be terrible news for our city – most especially for those who work at the site and their families – as well as those who work for suppliers across the UK.
“It is not too late. A viable option for 10 new Aventra trains (as used on the Elizabeth Line) which Alstom and its supply chain can deliver immediately is available.”
Councillor Baggy Shanker, leader of Derby City Council said: “We are doing everything we can to save these jobs and the future of train manufacturing in Derby.
“Unfortunately, so far this has fallen on deaf ears, and we now need the wider Derby community to make their views known. We will not let 185 years be destroyed without a fight.”
Planned Clay Cross town square revives historic name
The Clay Cross Town Board has decided the nw town square to be built as part of the town’s redevelopment will be called Baileys Square.
The new name is based on an old map of Clay Cross, featuring ‘Bailey’s Square’ in the same location as the new development, brought by the Town Centre Regeneration project.
Chair of the Clay Cross Town Board and Managing Director of Inspire Design and Development, Lee Barnes, says: “I am extremely eager to unveil Baileys Square to the public. It will be a place to host some amazing events, make some fantastic memories for those attending and will become a household name to residents and visitors of Clay Cross, as a substantial leisure space at the heart of Clay Cross.”
Baileys Square will be a place to meet with family and friends, hosting a unique selection of places to wine and dine, a place for families to take part in experiences and crafts; and enjoy vibrant events.
The Clay Cross Town Deal project will enhance Clay Cross’ evening economy with a wider food and leisure offer thanks to the flexible business units coming as part of Baileys Square.
UK economy sees slight growth
UK GDP (gross domestic product), a key measure of economy growth, rose minimally, by 0.1%, in February, following a revised 0.3% rise in January (up from 0.2% previously).
It comes as the UK tries to clamber out of recession.
The increase was driven by strong growth in production sector output, up 1.1% month-on-month (following a fall of 0.3% in January), with a smaller contribution from the services sector, growing 0.1% month-on-month (following growth of 0.3% in January 2024). Construction output, however, fell 1.9% month-on-month, following a growth of 1.1% in January 2024.
Ben Jones, CBI Lead Economist, said: “With the damp and dismal weather hitting retail and other sectors, it’s not surprising to see activity was broadly flat in February. But lower inflation is easing pressure on household incomes and spending, and the economy still seems to be on course to exit its mild recession in the first quarter.
“While growth was probably fairly modest over the first quarter, the outlook is improving with our business surveys showing growth expectations for the second quarter at their strongest for almost two years.
“But we need to get some momentum going in economy without undoing hard work to bring down inflation. In this General Election year, it’s crucial parties of all stripes focus on structural challenges facing economy – like poor productivity and labour market pressure.
“What firms across all regions, nations and sectors tell us they need to drive sustainable growth, is stability and a long-term economic vision – which in turn will deliver prosperity to businesses and households alike.”
