Over 220 jobs saved as engineering firm acquired out of administration

Tess Egginton
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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.”

GT3 Architects forms international alliance with US design firm

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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

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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

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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

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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

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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.
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