Derby vehicle retailer issues profit warning

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Derby vehicle retailer issues profit warning

Motorpoint Group PLC, the independent omnichannel vehicle retailer, has issued a profit warning following sharp downward used car price adjustments, and disruption caused by floods leading to the Derby store’s temporary closure.

It came in a trading update for the quarter ended 31 December 2023. During the period, macroeconomic conditions remained difficult and were further compounded by sharp falls in used car values and reduced selling prices. Whilst these falls had a significant negative impact on profitability, along with a reduction in finance commission, Motorpoint said it is optimistic for FY25 as the used car market continues to normalise. It added: “Encouragingly, retail volumes improved through Q3 and ended the calendar year roughly consistent with the previous year, reversing the trend of H1. This momentum has continued into Q4 and volumes are growing year on year. Costs remain closely controlled, with further savings achieved in people costs and efficiencies resulting from technology investment.”

As a result of the third quarter’s pricing corrections, exacerbated by the timing of the Group’s seasonal increase in stock, in addition to the disruption caused by the Derby store closure, profitability for FY24 is now likely to be £5m-£6m below expectations, even with an anticipated strong fourth quarter.

However, Motorpoint believes that corrective cost and efficiency actions taken in FY24, combined with the positive signs that economic headwinds will ease in FY25, will ensure it is well placed to deliver an improved financial performance in FY25 as the market returns to a more normal trading environment.

Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “I have previously commented on Motorpoint’s agility and resilience in difficult times, and that I am confident the Group will emerge from this depressed consumer environment a much more efficient business.

“Now, at last, there are signs that the macroeconomic headwinds are easing, leading to renewed consumer confidence. As a result, the market size is expected to increase as demand grows, and supply is bolstered by new car registrations feeding into the used car market.

“The actions already taken to right size the business, protect cash and improve unit economics, mean that Motorpoint is well placed to seize the significant growth opportunity despite this correction in used car values. I therefore look forward with renewed optimism and am excited as to what the business can achieve in FY25 and beyond.”

165 new homes get green light in Glen Parva

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165 new homes get green light in Glen Parva
Vistry, the mixed-tenure housebuilder, in a joint venture with Sanctury, known as Glen Parva JV LLP, has secured planning consent to build 165 new homes on a 12.5-hectare brownfield site in Glen Parva, Leicestershire. The green light has been given for the development, which lies to the southwest of Cork Lane, of 97 open-market homes and 68 affordable properties being built in partnership with emh Group, one of the largest providers of affordable homes and care and support services in the East Midlands. The development will see a former landfill site transformed into a community of modern homes. Approval has been granted following satisfaction of a number of mitigation requirements and the commitment to use proven construction techniques to provide sound solutions considering the site’s former use. Steve Wilson, chartered civil engineer and technical director at The Environmental Protection Group Limited, said: “Developing a former landfill site such as this requires care and attention. “There are hundreds, if not thousands, of similar sites where houses have been built over ground previously used for landfill and there are well-established, routine procedures for dealing with this issue. By adhering to these we are able to unlock this brownfield site to help contribute to meeting the local area’s housing need.” As well as new housing, the development will trigger a £834,196 investment in services for the local community with money going towards education, healthcare, policing, public transport, developing public open spaces, and libraries. Andy Reynolds, Managing Director of Vistry South East Midlands, said: “We are excited to have secured planning permission for our development at Glen Parva. There is a significant need for new, high-quality housing in this part of Leicestershire and this is a major step forward in meeting that demand. “Through this 165-home development, Vistry will not only be investing over £830,000 in the local community and providing 68 affordable properties, but it will also give many people a first step onto the housing ladder and the opportunity to live in a sustainable community which will play a part in the thriving future of the area.” Infrastructure works will start shortly on the site and construction work on the new homes is expected to begin in the coming months.

2024 Business Predictions: Gary Piper, sales director, Barron McCann

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2024 Business Predictions: Gary Piper, sales director, Barron McCann
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Gary Piper, sales director of Barron McCann. When it comes to retail and hospitality, we can still, just about, refer to the ‘post-covid’ impact. The reason being, more than anything, is the shift in behaviours and expectations of us as consumers. Online shopping clearly spiked during covid but data shows that we are going back, at least in part, to visit ‘bricks and mortar’ and look for the shopping experience. Interestingly, it is reported that online sales increase by 80% when the retailer has a physical shop within 15 miles of the consumer. That brings an interesting dynamic to the balance that retailers are facing between their e-commerce and ‘bricks and mortar’ offering. What the consumer is looking for drives the technology offerings in play in the shops. Self-service terminals are moving at pace and RFID technology – radio frequency identification that uses radio waves to passively identify a tagged object – is now more frequently in use; that means just walking through a gate or barriers, with no scanning or bagging area challenges, with a payment card will become the norm. This is in place in a handful of UK shops already and will continue to grow in 2024. Equally, cashier-less shops using camera and avatar technology is appearing more and more, proving that the return on investment is becoming less of a barrier to entry. Hospitality is seeing the use of the same technology, and it’s been hailed a huge success. For example, at three football grounds in the UK, there are bars where the consumer ‘taps’ through an entry gate, picks up the drinks and snacks they want from a self-service counter, and leaves through another barrier. Their card is then charged upon exit. This does mean, though, that the retailer or bar owner needs to carefully consider how they engage with the consumer to ensure that the ‘personal touch’ doesn’t fall away. Research shows that consumers appreciate advances in technology and so in-store apps, consumer wi-fi plug-ins, kiosks and customer-centric loyalty apps are a great way of meeting their needs.

2024 Business Predictions: Russell Rigby, Managing Director, Rigby & Co

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2024 Business Predictions: Russell Rigby, Managing Director, Rigby & Co
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Russell Rigby, Managing Director of commercial property specialists Rigby & Co. Two major constraints that had a serious impact on property and development confidence in 2023 should be lifted in the next 12 months. The post-Truss wobble impacted directly on finance and borrowing costs for construction and development, and it must be sensible now for rates to move down, as we go through the New Year. In tandem, we should get some political stability post-Election which will hopefully inject further confidence into both the private sector and public sector finances during the second half of the year. The property asset class to watch in the next 12 months remains the shift from grey and conventional offices into exciting flex and hybrid space. Demand for flex offices is forecast to grow between 25% and 30% per annum with particular emphasis on strong regional centres such as Nottingham, Leicester and Derby. Encouraging greater numbers of economically active people to move back into the workplaces they want to use in those towns and city centres will then help inject vibrancy and confidence back into many of our key high streets, as those streets jostle for re-invention.

Tiffield special school gets the go-ahead

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Tiffield special school gets the go-ahead
A special school, to be located in Towcester, has been given the go-ahead from West Northamptonshire’s Planning committee. It is set to provide 250 places for children with special educational needs and/or disabilities. Approved by West Northamptonshire Council’s (WNC) Strategic Planning Committee, the new special school will continue in its development to provide much-needed spaces for 250 children and young people between the ages of four to 18 with SEND. The unit will cater for children who are on the autistic spectrum (ASC) and have speech, language and communication needs (SLCN), as well as those with severe learning difficulties (SLD). The planning application was approved subject to conditions, which include managing traffic to and from the school. This will include the routes of minibuses, which will be used to transport the majority of children to the school. The proposals approved are for a three-storey building that is specially designed to create an environment for children to learn, grow and thrive. The school will have general and practical teaching spaces, a lift providing access to the upper floor, with each key stage being located adjacent to a calm room, intervention room and a group room. There will be two halls proposed to provide physical activities, music, drama and assembly spaces. The Early Years phase will be co-located with need specific sensory rooms and separate dining spaces for primary and secondary pupils. This comes as a positive step forward as the demand for SEND placements continues to increase in West Northants, with this new provision providing additional school places for many local children in a specialist environment. Cllr Fiona Baker, Cabinet Member for Childrens, Families, Education and Skills at WNC, said: “This is great news for children and young people with SEND, and their families. We know there is a shortfall of placements in West Northants and that demand is continuing to increase, so this is very much needed. “The planning and design of the school has been really thorough in detail and I am confident it is going to offer fantastic education and learning facilities in an environment right for the children. “We know that this isn’t an instant solution, however it is a long-term one that will help us manage the demand we are seeing for placements as we continue on our improvement journey. The team involved will continue to work closely with all partners and stakeholders to ensure all are kept up to date and informed on progress.”

Thousands raised in Trent Bridge Community Trust charity auction

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Thousands raised in Trent Bridge Community Trust charity auction
A successful Christmas charity auction, run by long-standing club sponsors John Pye Auctions, has raised over £5,000 in aid of the Trent Bridge Community Trust. Ranging from signed and match-worn memorabilia to hospitality packages and money-can’t-buy experiences, 37 items sold for a combined total of £5,044, enabling the continuation and elevation of the Trust’s various health, wellbeing and life-skills programmes across Nottinghamshire communities. The collection included items from an array of cricketing entities, including various Stuart Broad-signed Nottinghamshire and Notts Outlaws match gear, a team-signed match jersey from Leicestershire Foxes’ Metro Bank One Day Cup win at Trent Bridge, as well as a Royal London-branded stump signed by England Men’s players. Various experience packages were also on offer, from ODI match hospitality to priceless match experiences for juniors. A Vitality Blast private hospitality package for 12 proved to be the most popular item, the winning bid amounting to £1,000. “Thanks to the enormous generosity shown by those who took part in the auction, the money raised will help us continue making a difference for those in our community who are disadvantaged or in need of our support,” said Mandy Wright, Head of Community and Development at Nottinghamshire CCC. “The vital work done by our staff – such as providing stimulating activities for residents living with dementia, or helping young people improve their employability – can never be overstated, and the continuation of that work often relies on fundraising events such as this. With these funds being unrestricted, all of our programmes can benefit from the money raised in the auction. “Our deepest thanks go to everyone who participated in the event, and to our partners at John Pye for facilitating the auction on our behalf.”

Work gets underway on new £8.5 million primary school

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Work gets underway on new £8.5 million primary school
A ceremony has been held to officially mark the start and progress with work on a new £8.5 million primary school – the largest project of its kind Derbyshire County Council have been involved in. The current 1930s Bramley Vale Primary School building had come to the end of its life and required replacement as the ongoing repair bill was no longer cost effective compared to the cost of a complete rebuild. Derbyshire County Council’s Cabinet Member for Education, Councillor Alex Dale, attended the ceremony on Friday (19 January) with school Headteacher Rob Rumsby, representatives from the council’s school development team and its design and build consultancy partner Concertus, building developer Morgan Sindall and Bolsover MP Mark Fletcher. The building, off York Avenue in Bramley Vale near Chesterfield, will accommodate up to 175 pupils aged up to 11. Councillor Dale said: “This is one of the biggest primary school building projects we have ever been involved in and we’re very pleased to be working in partnership on this exciting multi-million-pound project making the best use of our resources to provide a high-quality modern school for local children and for use by the wider community. “Bramley Vale Primary School at the very heart of its small community and this scheme will provide buildings that meet modern standards and enhance the education of its pupils for generations to come.” The works have been phased to allow pupils to be taught in temporary classroom accommodation on the lower school field site to limit disruption to their learning while the original school building is demolished and the new one built on the original building footprint. The new school will feature:
  • 5 full-size classrooms with improved workspace area – each with low-energy efficient lighting and with natural ventilation and heat recovery ventilation systems to reduce energy use, plus carbon dioxide and temperature control to provide adequate fresh air, manage air quality and reduce over-heating
  • a general teaching room which will also be used as an after-school space
  • library
  • new toilets
  • a new catering kitchen facility
  • staff room
  • new office space
  • reinstatement of the school field to Sports England standard
  • installation of new wall-mounted PE equipment
  • eco-friendly heating and ventilation with heat recovery system throughout for optimised energy efficiency and comfort.
The extensive school grounds will also be landscaped for wider use including for Forest School lessons as part of the ambitious rebuild project expected to complete later this year. Operations Director at Concertus Design and Property Consultants Tom Marshall said it was ‘fantastic’ to see work progressing well at Bramley Vale: “The development of a new learning facility here for students is exciting and will see the creation of a modern and innovative learning environment for children in the area. “The new facility will provide a range of benefits for students and the community alike, and it’s sure to make a positive impact for many years to come. “We’re thrilled to be a part of this exciting project, and we look forward to working collaboratively with Morgan Sindall and Derbyshire County Council to deliver this project for Bramley Vale and the surrounding area.” Midlands Area Director for Morgan Sindall Construction Richard Fielding said: “As a live, operational learning environment the key consideration throughout the Bramley Vale Primary School project has been to provide an outstanding new facility whilst keeping disruption to a minimum. “Through the provision of a Temporary Learning Village students will be able to continue their learning journey while we push on to complete their new school. “From the conversations we’ve had with the school, we understand the importance of the rebuild and the excitement at its delivery. We look forward to continuing our collaboration with Derbyshire County Council, Concertus, the school and the wider community in what will be a fantastic facility once completed.” The newly rebuilt Bramley Vale Primary School will be situated opposite a new £1.2 million purpose-built foundation block for its younger pupils which opened in 2015 featuring 2 classrooms and an outside play area for nursery and reception classes as well as toilets, an office and lobby area.

De Montfort University appoints new Pro-Chancellor

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De Montfort University appoints new Pro-Chancellor
Jenny Cross, CEO of Leicester-based marketing agency Cross Productions, has been selected as the newest Pro-Chancellor of De Montfort University Leicester (DMU). Vice-Chancellor Professor Katie Normington wrote to Jenny just before Christmas inviting her to become a Pro-Chancellor after the local businesswoman was voted through an open nomination process by DMU staff who described her as a “distinguished friend of the university.” Jenny will act as an ambassador and advocate for DMU, supporting its work, particularly in the business community championing entrepreneurship. She takes on the role with immediate effect joining 14 other Pro-Chancellors at DMU and will be officially welcomed as Pro-Chancellor in January’s graduations ceremonies, taking place at Curve, 23 to 26 January. DMU’s Pro-Chancellors are invited to preside over graduation ceremonies. They are the member of the platform party to whom graduands ‘doff their cap’ as they cross the stage. Jenny, who is a Virgin Start-Up mentor and East Midlands Chamber patron, graduated from DMU herself with a PGCert in Professional Coaching and has since embedded a coaching culture at Cross Productions. Jenny became an entrepreneur in residence at DMU in 2018 and has gone on to develop a training role working on the university’s flagship Crucible start-up incubation programme supporting graduates and alumni with marketing masterclasses and business mentoring. In 2020, she joined the Business Advisory Board of DMU’s Leicester Castle Business School, advocating for the university in the business community. She is also a guest lecturer on DMU’s marketing degree course and keynote speaker on DMU’s MBA programmes. As well as founding Cross Productions, which publishes Niche Magazine and runs the Real Entrepreneurs’ Club, Jenny is also the founder of the Amira Forum supporting female entrepreneurship, working with Dr Glynis Wright MBE and Leanne Bonner-Cooke. Jenny Cross, CEO of Cross Productions and DMU Pro-Chancellor, said: “This is a big deal for me and my team at Cross Productions and I’ve been so excited to share that I’m now a DMU Pro-Chancellor. I am DMU through and through having graduated there myself from the professional coaching course, which has been instrumental to the success of Cross Productions.” Pro-Vice Chancellor at DMU, Katie Normington, said:  “Jenny’s work with our business school and as a mentor for dozens of start-ups through our Crucible programme has been inspiring and we are delighted that she will become our newest Pro-Chancellor. “Our Pro-Chancellors serve as ambassadors for the university and play a crucial role in helping DMU connect to the communities we serve in Leicester and the region. Jenny is warmly welcomed into a group of distinguished friends we are proud to call our Pro-Chancellors.”

Driving business success in the East Midlands: exploring new technological avenues

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Driving business success in the East Midlands: exploring new technological avenues
In business, staying ahead means staying updated with technological advancements. As businesses in the East Midlands, it is vital to recognise how these changes directly impact your operations and growth opportunities. Technology is not just about the latest gadgets; it is a crucial driver for efficiency, innovation, and customer satisfaction. Whether you are running a small enterprise or a large corporation, the adoption of new tech can revolutionise the way you operate. It is about keeping pace with competitors, setting new standards and exceeding customer expectations. Your business’s ability to adapt to these technological shifts will play a pivotal role in shaping its future success in the East Midlands and beyond. The digital transformation in the East Midlands The digital age has revolutionised the way your business operates, offering new opportunities to streamline processes and connect with your customers. In the East Midlands, the adoption of digital technology is not just a trend; it’s become a necessity for maintaining a competitive edge. Your approach to digital transformation can redefine customer experiences, making interactions more efficient and personalised. Imagine a world where your customer service is not just reactive, but proactive, predicting customer needs before they even arise. This digital shift also offers opportunities to optimise internal operations. Tools that analyse data in real time can inform your decision-making, ensuring that your business stays ahead of market trends. It is about creating an ecosystem where every part of your business communicates seamlessly, reducing operational costs and improving productivity. The digital landscape opens up new channels for marketing and sales. Your ability to engage customers online, through tailored content and interactive platforms, can elevate your brand’s presence and drive growth. As East Midlands businesses continue to explore these new technological avenues, the focus is on how digital tools can enhance both customer engagement and operational efficiency. This is not just an era of technological adoption, it is an era of digital integration; shaping the future of your business. Boosting logistical efficiency and reducing carbon footprint In the world of logistics and transportation, staying ahead means optimising every aspect of your operations. GPS fleet management is a key area where technology is making a significant difference. Advanced GPS fleet tracking systems are now a cornerstone for businesses, helping to achieve logistical efficiencies that were once out of reach. Imagine having the ability to track your fleet in real-time, gaining insights into vehicle locations, routes, and driver behaviour. This level of oversight enables your business to make informed decisions that streamline routes, reduce idle times, and improve overall fleet efficiency. The benefits extend beyond mere operational improvements; they contribute significantly to reducing your carbon footprint. By optimising routes, you not only save on fuel costs but also contribute to a greener environment, a concern that resonates deeply across the East Midlands and beyond. Incorporating GPS fleet tracking into your business model doesn’t just enhance operational efficiency. It represents a commitment to sustainability and responsible business practices. Tools like these become invaluable as we continue to seek ways to reduce environmental impact. Consider exploring options here for more insights on how GPS fleet tracking systems can benefit your business. Sustainable technology practices for businesses Your business in the East Midlands has the power to make a real difference in the community by adopting sustainable technology practices. This commitment goes beyond just following trends. It is about making impactful decisions that benefit your business and the environment. By incorporating eco-friendly technologies, you are not just reducing your carbon footprint but also setting a standard for others to follow. Consider how renewable energy sources can be integrated into your operations. Solar panels or wind turbines, for example, can significantly reduce reliance on non-renewable energy, cutting costs and emissions. Moreover, adopting green practices can enhance your brand’s reputation among environmentally conscious consumers. Sustainability also means efficient use of resources. Technologies that promote recycling and reduce waste contribute to a healthier environment and can also lead to cost savings. Your efforts in sustainable practices are good for the planet; they resonate with your customers and the wider community. By showing that your business cares about its environmental impact, you create a positive image that attracts like-minded clients and partners. As businesses across the East Midlands move towards greener solutions, your role in this shift can make a lasting impact.   Your journey through digital transformation is not just about adopting new technologies. From enhancing operational efficiency to embracing sustainable practices, each step you take towards technological integration speaks volumes about your commitment to progress and responsibility. This path sets your business apart and contributes positively to the wider community. Your efforts to stay ahead in this technologically driven market will define the future success of your business in the vibrant and dynamic East Midlands business landscape.

CEO “pleased” with 2023 trading at Team17

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CEO “pleased” with 2023 trading at Team17

Team17 Group’s new CEO is “pleased” with how 2023 trading closed, finishing the year with positive momentum across the games label’s portfolio.

In a trading update for the twelve months ended 31 December 2023, the business, with offices in Nottingham, Manchester, and Wakefield, noted that all parts of the Group performed well over the key Black Friday and festive trading periods.

As a result, management continues to expect FY 2023 adjusted EBITDA to be at least £28.5m.

Steve Bell, CEO of Team17, said: “Having joined the business in September 2023, I am delighted to now formally take over as Group CEO, having spent the last four months fully immersing myself across the Group, with our people, portfolio of games and developers.

“I am pleased with how FY 2023 trading closed, finishing the year with positive momentum across the portfolio. I am extremely excited about the prospects for the Group in 2024 and beyond.”

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