Global investment firm agrees to acquire Chesterfield motor finance platform

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Global investment firm agrees to acquire Chesterfield motor finance platform
Global investment firm Carlyle has agreed to acquire Evolution Funding, the used auto finance platform, investing alongside Evolution’s founders and existing investor LDC. The terms of the transaction were not disclosed. Based in Chesterfield, Evolution is a technology-led motor finance platform that connects car dealers and auto finance providers with multiple lenders. Since it was founded in 2002, the business has grown to become the largest used car finance marketplace in the UK with its funding platform widely embedded across UK automotive dealerships. It has 500 employees and supports over 4,000 dealer forecourts, including national car dealerships such as Marshall, Sytner Group and Trust Ford, and major online-only used car dealers such as Cinch and Cazoo. It also has brand partnerships with the AA and fintech services like Experian and ClearScore, which offer access to direct-to-consumer channels. In the last twelve months, Evolution has enabled nearly 150,000 financing transactions with a total platform volume in excess of £2 billion. Over the last four years, the business has almost quadrupled the total volume of advances it enables along with doubling its employee headcount. Evolution has made two key strategic acquisitions in recent years: Click Dealer in July 2021 and Motion Finance in May 2023. Click Dealer is highly complementary to Evolution’s existing services and supports its growth strategy to enhance its technology, digital capabilities, and SaaS proposition. Motion Finance has allowed Evolution to further grow its core market share in independent motor dealers. Equity for the investment will be provided by Carlyle Europe Technology Partners (CETP) V, a €3 billion fund which invests in technology companies across Europe. CETP will work with management to support Evolution’s growth in the used car finance market by working to expand the range of dealers’ product offerings on its interface and in doing so becoming an enablement platform for additional sales, developing a digital lead-generation capability, and exploring consolidation of the fragmented motor finance market through further M&A. Fernando Chueca, Managing Director in the CETP investment advisory team, said: “In Evolution, we identified the opportunity to partner with an advanced technology platform in the UK’s fragmented market for used car finance, which we believe is an attractive and growing segment. “In addition to its market leading position and high barriers to entry, we believe the continued development and expansion of Evolution’s digital platform, as well as exploring M&A opportunities, can unlock significant value. We look forward to working with Lee and the entire team at Evolution.” Lee Streets, founder and CEO of Evolution Funding, said: “We believe Evolution holds a unique position in the UK’s motor finance market, built upon capturing the opportunity to provide a differentiated, technology-based platform which helps both lender and dealer partners navigate change from digitisation and regulation. “In Carlyle, we have found the ideal partner to continue our growth journey, given their experience growing and scaling entrepreneurial technology businesses like ours. “We would like to thank the team at LDC for their support over the last four years, investment in the development of our technology platform, and for helping us to position Evolution at the leading edge of the market. We are excited for this next stage of Evolution’s journey as we continue to transform the motor finance market.”
Lawrence Dean, partner and head of South at LDC, added: “Lee and his team have almost quadrupled the total volume of advances Evolution’s platform enables in the last four years; a significant achievement given the uncertainty in the market. “In addition, Evolution has continued to invest in its technology, playing a leading role in the digitisation of the motor finance market and developing innovative digital finance solutions that are shaping the industry and customer experience. We look forward to continuing to work together to support Evolution’s future growth plans.” CETP was advised by Houlihan Lokey, DLA, Alvarez & Marsal, LEK and Seedcloud. Evolution Funding and LDC were advised by Arma Partners, Gowling WLG, KPMG, OC&C and Crosslake. The transaction is subject to FCA approval.

Profits soar at Frasers Group

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Profits soar at Frasers Group
Shirebrook-based retail giant Frasers Group has reported a record performance for the year ended 30 April 2023.  Group revenue of £5.5bn marked an increase of 15.8% from £4.8bn in the prior year, largely due to acquisitions and the impact of a 53rd week in FY23. Meanwhile reported profit before tax soared to £660.7m, up 96.9% from £335.6m in the year prior. Strong results across the group were boosted in particular by profitable growth in sports retail.

Michael Murray, Chief Executive of Frasers Group, said: “In my first full year as Chief Executive, we have delivered a strong performance across the group. We were bold in setting our full year guidance twelve months ago, before the full impact of the cost-of-living crisis was clear, but our business has remained resilient, and we have met these expectations. 

“The Elevation Strategy is continuing to drive results across every segment, and I want to thank the entire company for all their hard work in delivering our vision for Frasers Group. It has been a particularly significant year for Sports Retail, demonstrating that elevating Sports Direct was the right strategy.

“Our investment in the store estate, our focus on strengthening key brand partnerships, and the synergies created by strategic acquisitions is now delivering very clear results. We’ve also made huge progress in the year building our sector-leading ecosystem, with Frasers Plus now successfully launched across our brands and businesses. 

“We enter the new financial year in a strong position and are determined to unlock further growth, underpinned by our laser focus and acceleration of our Elevation Strategy.”

Forterra reports resilient performance despite drop in revenues and profits

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Forterra reports resilient performance despite drop in revenues and profits

Despite a drop in revenues and profits, Forterra has hailed a “resilient performance” in the first half of its financial year.

For the six months ended 30 June 2023, group revenues at the manufacturer of clay and concrete building products were £183.2m, a decrease of 17.8% relative to the prior year (£222.8m). Meanwhile profit before tax decreased from £44.2m to £18.1m. Forterra noted that the results are “broadly in line with management expectations” and were “delivered against a backdrop of challenging trading conditions.”

Neil Ash, Chief Executive Officer, said: “We are pleased to report a resilient performance in the first half, despite the challenging trading conditions faced in our markets. 

“I joined Forterra in the belief that it was a great business with a bright future. This sentiment has been confirmed in the three months since I became Chief Executive Officer.  I have been impressed by the dedication, ability and depth of talent of our people, and their desire to continually improve our business.

“To do this we are focusing on three key areas: firstly, customer experience and commercial excellence; secondly, manufacturing excellence; and thirdly, innovation and sustainability. This focus will further strengthen our core. 

“After over three years of construction at Desford, and an investment which will total £95m, we were delighted to open the largest and most efficient brick factory in Europe in May. This new factory will deliver a meaningful enhancement to group results for years to come, through additional production capacity, improved efficiency and improved sustainability. 

“During the first half we also took the opportunity to rebuild inventory levels allowing us to better serve our customers and meet their expectations. Now done, we have been unafraid to take difficult decisions to ensure our inventory levels do not continue to grow excessively and are aligned to demand. 

“As we enter the second half, the outlook continues to remain uncertain due to high inflation and rising interest rates. These factors are likely to continue weighing on demand for new housing and therefore our products.

“So, whilst we presently see tentative signs of improving trading, we are forecasting only a modest improvement in demand in H2 and our recent guidance of a full year 2023 EBITDA with a more balanced H1/H2 split remains unchanged.

“Looking ahead, we are optimistic that the group’s results will benefit from a number of positive drivers including: the efficiency benefits of Desford; an end to customer inventory reduction; the opportunity to substitute imported bricks; stabilising energy costs with approximately 70% of our requirement for 2024 secured; and the cost benefits of our restructuring actions. 

“Beyond this, as market conditions normalise, we expect to benefit from the additional capacity offered by Desford along with our other organic development projects at Wilnecote and Accrington.

“In addition, we have a strong pipeline of investment opportunities aimed to capitalise on the medium to long-term market fundamentals of a shortage of UK housing supply, a shortfall of domestic brick production capacity and cross-party political support for increasing housing supply.”

Just 5 weeks until nominations close for the East Midlands Bricks Awards 2023

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Just 5 weeks until nominations close for the East Midlands Bricks Awards 2023
With the nomination deadline (Thursday 31 August) creeping closer for the East Midlands Bricks Awards 2023, ensure you have made your submissions for the annual celebration of the property and construction industry! Scheduled to take place on Thursday 28 September, the Bricks shine a light on the outstanding work of those shaping the landscape of our region, recognising development projects and people in commercial and public building across the East Midlands – from offices, industrial and residential, through to community projects such as leisure schemes and schools. We also highlight the work of architects, agencies and those behind large schemes. The glittering awards ceremony revealing winners, at the spectacular Trent Bridge Cricket Ground, will also offer the perfect chance to forge new contacts with property and construction professionals from across the region. The event will additionally feature Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, as keynote speaker. Entries for the awards are open until Thursday 31 August. To nominate your (or another) business/development for the East Midlands Bricks Awards 2023, please click on a category link below or visit this page:
Find out who last year’s winners were here.
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Book your tickets now

Tickets can now be booked for the East Midlands Bricks Awards 2023 – 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 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:

OMEETO completes latest in string of deals at Pride Park

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OMEETO completes latest in string of deals at Pride Park
Commercial property agency OMEETO has completed the latest in a string of letting deals on premises across Derby’s Pride Park. Utilities infrastructure and engineering services company, Avove, is opening a new office in the East Midlands, which reflects its ambitious growth plans and will allow for the creation of new jobs in the region. Avove’s business director of operations, Patrick Rafferty, said: “We wanted quality, modern offices which are in a great location and in keeping with our environmental aspirations of being energy efficient and within easy walking distance of public transport infrastructure. “Securing the second floor of Pride Park gives us a great base and provides plenty of capacity to grow our business in the region. We’ve taken a long-term lease which shows our commitment and is a statement of our intent to be recruiting further as we gear up our operations in the coming years.” Avove’s activities at Pride Park involve water and wastewater infrastructure works including design, construction, programme management, commissioning and customer service – allowing the teams to add real value for its clients. This will be Avove’s twentieth office/hub across the UK. Chris Wright, the director at OMEETO, which recently celebrated its third anniversary in business, said: “The deal with Avove is the latest in a series of completions in and around Pride Park and highlights the continued popularity of this centrally located commercial district across a number of business sectors. “We have recently also secured lettings for a number of other businesses including Explo, Scargill Mann, Derbyshire Properties, Resource Finder and Ivy Tech. “With excellent communication links, these offices have been recently refurbished and offer high quality and flexible open plan and self-contained premises which are ideal for Avove.”

College unveils plans for T Level Construction Hub

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College unveils plans for T Level Construction Hub
Moulton College has revealed ambitious infrastructure plans to support students studying its new Construction T Level qualification. It follows Government investment through the T Level Capital Fund, which will see the college redevelop existing buildings into a next-generation Construction Science & Technology Hub. T Levels are technical qualifications introduced by the Department for Education as a new two-year post-GCSE option to prepare students going into skilled employment. Moulton College will launch its initial T Level in Construction in 2024-2025, with the first cohort able to make use of the brand-new Hub. The investment will be used to repurpose and update an existing facility, which will be transformed into a new space able to deliver the requirements of the T Level qualification, supported by industry-standard specialist equipment. The building will contain bespoke classrooms and practical skills spaces, including a construction science lab and a digital technology unit offering CAD software and leading virtual reality technology. Corrie Harris, CEO and principal of Moulton College, adds: “We are delighted to have been successful in receiving a share of the UK-wide T Level investment funding. It will enable us to deliver a first-class curriculum in a modern, high quality and engaging learning space, inspiring our students to develop the cutting edge practical and theoretical skills the construction industry requires.” Minister for Skills, Apprenticeship and Higher Education Robert Halfon says: “This boost of over £100 million is our latest investment in T Levels. These are robust, high quality technical qualifications providing a unique ladder of opportunity for students to gain both classroom knowledge and on-the-job experience. “T Levels will support young people into rewarding careers and back businesses with the skills of the future.” Moulton College will offer the Construction T Level from September 2024 alongside other T Levels in Electrotechnical Engineering and Arboriculture.

200 Degrees “blown away” by response to new West Bridgford shop

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200 Degrees “blown away” by response to new West Bridgford shop

Nottingham-based coffee company 200 Degrees saw one of its busiest opening weekends ever as it welcomed the public to its new shop in West Bridgford.

On Saturday 22 July, despite heavy downpours, hundreds of people queued to get their first glimpse of the new location and hopefully bag some of the prizes on offer. The queue of coffee-lovers was so long, they were queuing right into Bridgford Park for the first two hours after opening.

The first 50 people in the queue received exclusive tote bags designed by local artist and 200 Degrees barista, Jess Williams, and two lucky winners took home a Sage coffee machine and an Opal pod machine. The 200 free coffees were gratefully received by the slightly soggy customers who braved the rain to retain their place in the queue.

But even after the prizes had been handed out, the people kept coming, and the shop has remained consistently busy ever since.

200 Degrees Managing Director Stephen Fern said: “We thought West Bridgford was going to be a popular site, but we were blown away by the response on our opening day. The West Bridgford shop really has had a flying start and that has continued since opening day – West Bridgford has embraced 200 Degrees with open arms.”

The new shop features a roof terrace with festoon lighting which was finally being put to good use on Monday when the rain eased off, and the shop team is looking forward to welcoming many more visitors over the coming weeks.

Sustainable refurbishment for Boyer’s Loughborough office

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Sustainable refurbishment for Boyer’s Loughborough office
National planning consultancy Boyer (part of Leaders Romans Group) has reopened its Midlands office, based at Cedar Business Park, Normanton on Soar, Loughborough following a re-fit with sustainability at its heart. Boyer’s Loughborough sustainable office features solar panels, a biomass boiler and EV chargers. It has sustainable carpets and hard flooring made from 65% recycled material and low volatile organic compounds paint. Waste to landfill is minimised through an organised recycling and compostable waste system. Acknowledging the importance of the circular economy, Boyer will be re-using much of its original furniture and fittings. At the point at which these items are replaced, the same sustainable principles will be followed. David Hutchinson, director and head of Boyer’s Midlands office, said: “We are delighted to be the first of Boyer’s six offices to have undertaken a sustainable re-fit. “As planning consultants, we understand the impact brought about by climate change and our work is focussed on delivering sustainability through the built environment. So its entirely apt that we used this opportunity for a re-fit to put our strongly-held principles into practice in our own building. “The expansion of this office has resulted in the creation of the first regional hub accommodating our Land, Planning and New Homes services in a single office. This will enable collaboration between these linked services to better serve our clients and to help secure further growth across the region.” This, Boyer’s first sustainable refurbishment, is one of many within Leaders Romans Group (LRG), which is refitting many of its branches across its estate agency brands to focus on energy efficiency and recycling.

Plans to improve key city gateway get the go ahead

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Plans to improve key city gateway get the go ahead
Plans to improve the eastern side of Derby city centre have been given the green light by planners. Derby City Council’s planning committee recently granted permission for the Eastern Gateway scheme. The project, which is part-funded by the Government’s Future High Streets Fund, will add extra shops and leisure outlets and create a new public boulevard to transform the area opposite the bus station and the eastern entrance to Derbion. The business case for the Eastern Gateway scheme, which will be delivered by Derbion, estimates that the regeneration will create new jobs, drive additional footfall and support the ongoing recovery of the city centre. John Forkin, Managing Director of Marketing Derby, which submitted a letter supporting the application, said: “We really welcome this as improving the city gateway from the bus station and two of the city’s largest hotels is long overdue. “The area has a footfall of over 12 million people which will only increase when the Becketwell Performance Venue opens in 2025.” The plans involve the removal of a section of the former Eagle Market building and the Castle and Falcon pub, opening up the streetscape and creating a vibrant new space. It will create a split-level area of landscaping, with a series of garden terraces with opportunities for seating at different levels, overlooking the street. It will also include durable play zones to offer a family friendly element to the scheme, with food and drink outlets and associated seating bringing further vitality to the site. A new double height Derbion entrance, which is designed to be welcoming and inviting to visitors, is also part of the scheme. A report prepared by planners ahead of the committee meeting stated: “The existing entrance on the corner of East Street and Morledge provides an uninviting arrival to the city. “The proposal seeks to create a welcoming ‘Eastern Gateway’ to the city centre from the Bus Station with new landscaping works. “These high-quality proposals will raise the overall design standard for Derby city centre and make a positive contribution to the character of East Street.” The city council was awarded £15 million by the Government back in December 2020, following a successful Future High Streets Fund bid to support the recovery of the city centre. Around £5 million of this funding has been allocated to the Eastern Gateway scheme. A share of the funding has also been invested in refurbishing the city’s Grade II-listed Market Hall into an attractive, flexible retail and leisure destination.

Midlands Care acquires Leicester care home

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Midlands Care acquires Leicester care home
Midlands Care has acquired Gokul Vrandavan Care Home on Windsor Avenue in Leicester. This facility has been dedicated to providing culturally appropriate care to the Gujarati community, offering an Asian lifestyle that resonates with the local elderly population. This strategic opportunity has allowed Midlands Care to further its commitment to inclusivity and expand its range of care facilities to cater to the needs of local elders from diverse faith backgrounds. The newly acquired purpose-built home, consisting of 27 single en suite bedrooms, has merged with an existing residential facility to create a comprehensive care environment. The reason for acquiring this service was for the group to extend its services and become an inclusive regional organisation. Midlands Care also welcomes back Sailesh Raja, founder of Midlands Care, who will play a role in the ongoing leadership and management of the home. Additionally, Pradeep Patel, operations director, will provide expertise and support to maintain the highest standards of care whilst working with the existing staff team and Keilash Mcilwee, registered manager. Mr Shyamal Raja, Managing Director, said: “I vividly recall when my father visited the original building two decades ago. Evidently, he had a strong desire to acquire it, but he couldn’t make it happen for reasons beyond his control. “Over the years, he occasionally reminded me and Sagar about the immense potential this opportunity held to serve the local community, which he held dear. The building was purchased by Mr Pabari, who later acquired the land next door and built a purpose-built facility before joining into the original building.” Shyamal added: “Now, it brings me great joy to announce that, through a meticulously arranged, highly confidential off-market deal, we have completed the takeover of Gokul-Vrandavan Residential Home. The entire process was shrouded in secrecy, with my father completely unaware. Sagar and I orchestrated the service transfer from Mr. Pabari to Midlands Care, creating a wonderful surprise. “I eagerly anticipate the collaborative efforts ahead and the enhancement of the already exceptional level of care we provide to those entrusted to our care. Together, we will strive to positively impact the lives of our residents and the community we serve.”
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