Tokamak Energy, the fusion technology company, has accelerated the growth and manufacturing capabilities of its TE Magnetics business with the acquisition of specialist engineering company Ridgway Machines.
Leicester-based Ridgway Machines will operate as a subsidiary of Tokamak Energy, with the existing brand, workforce and facility remaining unchanged.
TE Magnetics launched in September 2024 to focus on the industrial deployment of transformative high temperature superconductors (HTS).
Ridgway Machines, founded in 1920, develop solutions for winding and insulating superconducting magnets and cables, and will enable TE Magnetics to scale up its UK manufacturing facilities to produce commercial products fit for multiple industries.
Warrick Matthews, Tokamak Energy CEO, said: “Since launching the TE Magnetics brand, we have been successful in securing contracts for a range of HTS products and it is now time to scale up. The acquisition of Ridgway Machines, a thriving business with a highly skilled workforce, will accelerate TE Magnetics’ manufacturing method development to deliver high quality products at scale.
“Ridgway’s specialist engineering capabilities combined with TE Magnetics’ world-leading HTS design and prototyping knowledge will deliver breakthroughs in performance, efficiency, and accessibility across a wide range of industries, helping to address global challenges and accelerate the electric revolution.”
Andy Glanville, Ridgway Machines managing director, said: “Throughout our hundred-years history, Ridgway has always been forward looking. This track record means we are well suited to expansion and this new period of growth. In Tokamak Energy, we’re proud to be joining one of the UK’s most exciting technology businesses and to play our part in their ambitious and transformative plans.
“Both businesses exist to provide innovative solutions to some of the most pressing and important technological challenges the world is facing, and we can’t wait to get started on new projects together.”
Law firm Mills & Reeve advised Tokamak Energy on the acquisition. Corporate partner Ryan Hawley said: “Tokamak is a transformative company that sits at the forefront of fusion energy through its groundbreaking technology and deep scientific, engineering and commercial expertise.
“We were delighted to have advised the team on the strategic acquisition of Ridgway Machines – a move that will strengthen its proposition and cement its position as a leader in its field – both regionally, nationally and globally.”
Howes Percival’s Leicester team advised Ridgway’s shareholders Stephen Hunt and Andy Glanville on all legal aspects of the deal.
Corporate partner Gareth John said: “We are absolutely delighted for Stephen and Andy who have worked so hard to build a fantastic business. Howes Percival have worked alongside them for many years now and are very proud to be associated with the businesses.”
PKF Smith Cooper provided tax and corporate finance advice to the sellers.
Monthly corporate insolvency figures decrease, but economic instability remains
A decrease in the monthly number of corporate insolvencies in England and Wales highlights tentative signs of recovery for the region, but business owners should prepare for significant economic challenges moving through the final quarter of 2025.
This is according to the Midlands branch of the UK’s restructuring, turnaround and insolvency trade body R3 and comes on the back of latest figures published by the Insolvency Service which show that corporate insolvencies decreased by 1.7% in August to a total of 2,048 compared to July’s total of 2,083.
R3 Midlands chair Stephen Rome, a partner at law firm Penningtons Manches Cooper in the region, said: “Corporate insolvencies may have decreased slightly in August, but we have a trend which shows continued high numbers of formal insolvencies, albeit way off the peaks of 2023 when pandemic-era problems unwound.
“While any drop in insolvency numbers is a welcome piece of news for many Midlands businesses, uncertainty in what is already a difficult trading environment remains the dominant theme across the region.
“The November Budget is already casting a long shadow, with widespread speculation about possible changes to business taxation, such as the bank surcharge and business rates. Until the details are known, it is challenging for local directors and investors to make investment, recruitment and expansion decisions.
“In addition, the well-documented problems Midlands businesses face because of inflationary pressures are coming to the fore once again. Higher costs for energy, materials and labour are eroding margins. Companies cannot always pass these increases onto consumers, many of whom are themselves reducing discretionary spending.
“Interest rate expectations are a further constraint. While businesses had hoped for meaningful reductions in the cost of borrowing this year, the expectation now is that rates will remain at their current level for some time, in part because of inflationary concerns. This keeps the cost of servicing debt higher and makes new borrowing for investment harder to justify.
“For any business owner concerned about their company’s finances, professional advice should be sought as soon as possible. Most R3 members will give prospective clients a free initial consultation to learn more about their situation and outline the potential options open to them to improve it.”
Henry Boot Construction sold to company formed by management team
Henry Boot has agreed to sell Henry Boot Construction (HBC) to PWS Construction Limited (PWS), a company newly formed by the HBC management team, for an initial consideration of £4m. The transaction also provides for additional payments to Henry Boot in the future based on certain performance criteria.
Under PWS ownership, the business will be known as HBC Construction Group. The transaction will offer HBC management greater autonomy to diversify and expand the order book as well as enhance HBC’s position in the construction market, than would be possible if the business remained within Henry Boot.
The deal allows Henry Boot to focus on its strategic priority areas of high quality land, prime property development and premium homes. Henry Boot noted that HBC is not part of the group’s medium term growth strategy and has made only a small contribution to profits. The transaction will also simplify the group’s structure and investment case.
During the year ended 31 December 2024, HBC generated £49.7m of revenue with an operating loss of £2.7m in the consolidated financial statements of the group. Following significant restructuring undertaken, including the appointment of the new management team, and with 94% of this year’s order book secured, it is expected the business should break even for FY 25.
HBC has extensive experience in both the public and private sectors, including major projects such as the £200m regeneration of Barnsley town centre, and The Cocoa Works, a £57m residential development in York.
Tim Roberts, CEO at Henry Boot, said: “The sale of HBC which we are announcing today allows Henry Boot to further its strategic focus on high quality land, prime property development and premium homes. It also enhances prospects for long term growth with a more focussed portfolio of activities with greater synergies.
“While HBC’s contribution to the group is relatively small, it is a well established business with a strong track record of delivery and an excellent management team and we wish them well for the future.“
Sainsbury’s to launch new Nottingham convenience store
Sainsbury’s is set to open a 9,118 sq ft convenience store at Fanum House, 484 Derby Road, Nottingham. The two-storey property has been fully fitted out for the retailer and includes substantial on-site parking.
The building is positioned on Derby Road, a major route in Nottingham, close to the University of Nottingham’s Jubilee Campus, the Queen’s Medical Centre, and surrounding residential areas. Its location is expected to serve students, residents, and commuters.
The letting was brokered by NG Chartered Surveyors on behalf of the landlord. Colliers acted for Sainsbury’s in the deal. The store is expected to create local employment opportunities and expand grocery access in the area.
The deal highlights the ongoing demand for prime retail and roadside properties in Nottingham, particularly in locations with strong visibility, excellent transport links, and easy community access.
East Midlands Airport to expand passenger and cargo services
East Midlands Airport is planning to increase both passenger and cargo flights, with upgrades aimed at improving connectivity and service offerings. Discussions are underway with airlines to establish links to major European hubs, allowing passengers to reach further destinations without travelling to airports elsewhere in the UK.
The airport currently serves approximately 70 destinations across Europe and North Africa, with seasonal increases during peak periods such as summer holidays. Expansion plans focus on year-round flight options, targeting both leisure and business travellers. The initiative aims to enhance regional access, providing more flexible travel opportunities outside traditional peak seasons.
Cargo operations will also see growth, building on East Midlands Airport’s position as the UK’s leading express air freight hub. Its central location offers strategic advantages for connecting Europe, Africa, and the US, supporting businesses in the region that rely on fast and reliable air logistics.
The airport’s development strategy prioritises collaboration with local businesses and authorities to align new routes and services with regional demand, ensuring both passenger convenience and commercial efficiency.
Chesterfield to inspire next generation of engineers and innovators
Chesterfield will recognise its manufacturers and engineers over the next month through the return of an annual celebratory campaign.
Taking place from 25 September until the end of October, the Made in Chesterfield festival aims to change perceptions of the manufacturing industry by connecting Chesterfield’s students with real-world experiences in local advanced manufacturing and engineering businesses.
Organised by Destination Chesterfield and Direct Education Business Partnership in association with Chesterfield College, the initiative supports businesses in showcasing the sector and creating a pipeline of talent while giving students access to cutting-edge technologies, from precision engineering to sustainable manufacturing practices.
Ivan Fomin, managing director of MSE Hiller and board member at Destination Chesterfield, said: “Modern manufacturing is full of innovation and opportunity, right here in Chesterfield. But do our young people know about the businesses and careers open to them locally? Perhaps only if they have parents working in the sector. Made in Chesterfield helps our young people see what’s possible. It also shows employers like us at MSE the future talent being nurtured right here.”
To celebrate National Manufacturing Day, the 2025 festival introduces the Innovation Challenge, where students team up with local manufacturers to solve real-world problems. They’ll visit workplaces, collaborate on ideas, and present their solutions at a showcase event at Barrow Hill Roundhouse.
James Brand, managing director of United Cast Bar Ltd, said: “The Innovation Challenge is an exciting way to celebrate National Manufacturing Day. It connects the classroom to real careers and gives young people a genuine opportunity to develop ideas and confidence.”
The festival showcases the links between the education sector and business, aiming to inspire a pipeline of future talent to consider a career in manufacturing.
Claire Godfrey, deputy principal at Chesterfield College Group, added: “Our new Advanced Manufacturing and Life Sciences Centre will equip students with the latest industry skills, including green technologies and digital innovation.
“Supporting the Made in Chesterfield Festival allows us to showcase these skills and facilities to both young people and employers as we continually help to supply a future-ready workforce locally. This fantastic festival engages students at an earlier age, providing a real-world insight and enthusiasm about the fantastic career paths there are available in and around Chesterfield so we’re delighted to be headline sponsor once again.”
Manufacturers taking part in this year’s festival include United Cast Bar Ltd, MSE Hiller, Weightron Bilanciai, Penny Engineering, Fast Signs, Superior Wellness, Heraeus Electro-Nite (UK) Ltd, Fast Signs and CBE+. Also supporting this year’s festival are Chesterfield Borough Council, the EMCCA Career Hub, Workwise, Barrow Hill Roundhouse and North East Derbyshire District Council.
Promethean Particles named a 2025 WIRED Trailblazer
Nottingham chemical firm Promethean Particles has been selected as one of 2025‘s WIRED Trailblazers – an annual line-up of the country’s most innovative small and mid-sized high-growth firms.
Promethean Particles was recognised for its role in scaling up the production of advanced materials for use in areas such as carbon capture and water harvesting – innovations that are critical to tackling the climate crisis.
The accolade relates to its work in developing a method of manufacturing metal-organic frameworks (MOFs), which are tiny crystal structures with exceptionally large internal surface areas that enable them to capture and store vast quantities of molecules.
This unique capability allows MOFs to be used for a range of purposes, including water harvesting and trapping carbon dioxide (CO₂) generated by the burning of industrial fuels.
Scientists have long understood MOFs’ potential in combating climate change, but large-scale production has historically been too costly and complex to make them commercially viable.
James Stephenson, chief executive officer of Promethean Particles, said: “It is a huge honour to be recognised by Wired and HSBC as a 2025 Trailblazer. With the rapid progress we have made, it can be easy to forget that we only made the strategic pivot towards a focus on MOFs less than three years ago.
“In that time, we have closed our Series A funding round and have active pilots underway in biogas upgrading and water harvesting, amongst other exciting applications. I am incredibly proud of our team, and this recognition is really about them and what they bring to our pioneering journey every day.”
Catriona Ejegi-Memeh, head of impact programmes at WIRED Consulting, said: “We are thrilled to recognise Promethean Particles as a Trailblazer this year.
“Having followed the company’s journey for several years, it’s inspiring to see its pioneering work in tackling climate change, as well as its continued growth and impact.”
Derbyshire high street regeneration set for 2026 start
Plans to overhaul Long Eaton’s High Street, delayed from a September 2025 start, are now scheduled to begin in May 2026, with completion expected by May 2027. The £10 million project is part of a wider regeneration programme funded through a £25 million government grant.
Erewash Borough Council reported that delays stemmed from cost challenges raised by the design and build contractor. The scheme aims to modernise the town centre, enhancing public spaces and infrastructure.
Other projects within the regeneration programme include the Britannia Mills Bridge, which will expand pedestrian and cycling access. Work on the bridge is set to start in November 2025 and finish by June 2026. Construction on the Broad Street Bridge has also been rescheduled to begin in November 2025, with completion expected in August 2026.
The developments form part of a coordinated investment strategy to improve connectivity and public amenities across Long Eaton, supporting long-term economic growth and urban renewal.
Plans approved for 18 affordable homes on former care site
West Northamptonshire Council has approved a development to convert a former care home in Ecton Brook, Northampton, into 18 affordable homes. The scheme will provide 12 homes for social rent and six for shared ownership, addressing a local shortfall in affordable housing.
Site preparation is underway, with demolition and asbestos removal supported by a £200,000 grant from the Government’s Brownfield Land Release Fund. Construction is expected to start after a procurement process later this year, with completion projected for spring 2027.
The development will incorporate sustainable features, including air source heat pumps and electric vehicle charging points, aimed at reducing energy costs for residents and limiting environmental impact. Funding will combine Homes England grants, Housing Revenue Account borrowing, and a reduced land transfer from the Council to maintain long-term affordability.
The project forms part of the Council’s Affordable Homes Delivery Plan, which seeks to provide more genuinely affordable housing in West Northamptonshire, where demand exceeds 1,000 homes per year.
This initiative repurposes a disused site into modern, energy-efficient homes, prioritising households in need while contributing to broader local housing targets.
Private equity firm invests in Leicester corporate events agency
Private equity firm Rockpool has invested in Leicester-based Imperial Corporate Events (ICE).
Founded in 2002, ICE specialises in delivering VIP event and travel services to corporate clients. The business was co-founded and is led by CEO Rob Poutch, who has overseen the delivery of client experiences at more than 15,000 events during ICE’s history.
Rockpool is investing alongside the existing management team to support ICE’s next phase of growth. The investment will enable the company to expand its geographical reach, pursue acquisitions, and secure access to additional premium events across the global sports and entertainment sectors.
Will Beckett (investment manager), James Ashton (investment associate), and Scott Sheldon (investment analyst) led the deal for Rockpool.
Rob Poutch, CEO of ICE, said: “Rockpool’s backing marks the start of an exciting new chapter for Imperial. After more than two decades helping clients strengthen their most important relationships through unforgettable in-person experiences, we are at a pivotal moment.
“With Rockpool alongside us, we will scale across the UK and internationally, expanding our reach, deepening access to premium products, and raising the bar on service while staying true to the values and culture that make Imperial special. Their support gives us the opportunity to invest in our people, technology, and infrastructure, and to combine organic growth with selective acquisitions.
“We chose Rockpool for their experience with founder-led businesses and their hands-on, collaborative approach. They understand where we have come from and, importantly, they share our ambition for what comes next.”
Will Beckett, investment manager at Rockpool Investments, said: “We are delighted to be investing in ICE, which has cemented its reputation as a market-leading provider for VIP event and travel services. We look forward to supporting Rob and his team as ICE expands into new geographies, pursues acquisitions, and continues to deliver a world-class service for its clients.”
Rockpool was advised by Taylor Wessing (legal), Cooper Parry (financial and tax), RPL (commercial), Continuum Ventures Ltd (HR) and Claritas Tax (tax).
ICE was advised by HMT Corporate Finance (M&A), Freeths (legal), and Travel Trade Consultancy (commercial).
