In an update on trading ahead of its financial year ending on 30 April 2023, Van Elle, the Nottinghamshire-based ground engineering contractor, has hailed revenue growth approximately 20 per cent ahead of its previous year. The company’s trading performance since its announcement of interim results in January, however, has been subject to the impact of industry-wide softening and investment delays due to macro-economic factors in the housing and infrastructure markets. Despite these challenges, the firm says it remains on track to deliver profit before tax for FY23 in line with previously upgraded expectations. Looking ahead, with industry forecasts expecting weaker market conditions to continue into the new financial year, particularly in the new-build housing sector, Van Elle says it is undertaking “a range of cost saving measures to support margins” and has “made strategic progress on new growth opportunities.” This includes the launch of the Smartdeck foundation system and the incorporation of Van Elle Canada Inc.

Full year revenue is up 10% at iconic Northamptonshire brand Dr. Martens, according to a new trading update. The end of the year saw Q4 revenue up 6%, driven by strong direct-to-consumer (DTC) growth in EMEA and APAC, though this was offset in part by continued soft DTC in America. During the quarter wholesale revenue was down, due mainly to operational issues at Dr. Martens’ LA distribution centre (DC) and planned shipment reduction to the company’s China distributor. The business says it now expects FY23 EBITDA to be around £245m due to higher costs at the LA DC and lower wholesale revenue. Looking ahead Dr. Martens are maintaining FY24 revenue growth guidance of mid to high single digits. Kenny Wilson, Chief Executive Officer, said: “Full year revenue was up 10% with Q4 up 6%. In constant currency, full year revenue was up 4% with Q4 level with last year. By channel, Q4 growth was driven by strong DTC trading, led by retail growth of 36%, or 28% in constant currency, but this was offset partly by wholesale being behind last year. “Within our regions, EMEA DTC accelerated in Q4 while America DTC remained soft. We took decisive action to tackle the operational issues at our LA DC with shipments now back to normal levels. However, costs associated with resolving these issues were higher than our initial estimates which, in conjunction with softer Q4 wholesale revenue, means we expect EBITDA for the year to be around £245m. “We continue to adopt a custodian mindset, taking decisions in the best long-term interests of all our stakeholders, and I believe firmly in the DOCS strategy, the continued strength of the Dr. Martens brand and the medium to long-term growth potential of the business. I look forward to sharing more details at the full year results.”

Derbyshire-based KJB Global Consulting has acquired one of the UK’s largest independent metals recycling operators, Peterborough Metals Recycling (PMR). PMR, which has traded successfully as BW Riddle for more than 67 years, has been acquired as part of a transaction backed by industry veteran Tom Bird and Harwood Private Capital. The combination of a leading metals broker with an established metals recycling operator creates a vertically integrated, ESG-focused, metal recycling business of scale resulting in an ideal platform for future acquisitions. The two businesses, which will continue to trade as separate entities, will have a total of 70 employees, a combined turnover of £79m and an EBITDA of c£11.9m. The deal involves the retention of all existing PMR staff, with plans to create additional jobs as part of its growth plans. The deal was facilitated by Tom Bird, who takes a commercial interest and active role with the new organisation. Tom Bird is the current president of the Bureau of International Recycling and the former Managing Director, Chief Operating Officer and Chief Trading Officer of Scholz Recycling and Chiho Environmental Group, one of the largest recycling businesses in the world and is listed on the Hong Kong Stock Exchange. Tom Bird, whose previous roles also include Managing Director of Sims UK and Van Dalen UK, saw the potential for the two organisations to join forces and brought in boutique advisory firm, Lexington Corporate Finance. Lexington subsequently introduced both parties to private equity firm Harwood Private Capital, which will now take a stake in the business. KJB Global Consulting is owned by James Bowers and supports clients across Europe, including foundries, industrial plants, mining and metals companies. The firm advises owners and management teams on growth and risk management strategies and also shipped over half a million tonnes of scrap metal on its own chartered vessels in 2022. Following the integration of PMR into its business, it now has the ability to process more than 100,000 tons of inbound material a year. The complex nature of the deal required a breadth of advisory support, involving a number of UK firms. James Bowers and Tom Bird were advised on the deal by Lexington Corporate Finance and Capital Law. PMR was advised by Grant Thornton and Mills & Reeve, while Harwood Private Capital was advised by PKF Francis Clark and Gateley Legal. “The acquisition of PMR is the next key step towards an ambitious growth plan for KJB,” said James Bowers, CEO of KJB Global Consulting. “Having someone with the experience of Tom Bird, an industry veteran with over 30 years in the metal recycling sector, investing and taking an active role in the business is fantastic. Bringing private equity investment into the equation, allows for an unrivalled and aggressive buy and build strategy. PMR will be the first of many acquisitions and we are already working on number two. “PMR has a long heritage and is widely known across the UK metal recycling market with an excellent reputation. As a business it is also an established processor of secondary metals with a state of the art infrastructure allowing KJB to move from solely being a ‘trader’ to operating physical processing sites. We are excited about the merger of these two strong businesses, incorporating the outstanding and experienced PMR staff with the existing KJB team. It is going to be an exciting period in the company’s history.” “The synergy between the two organisations and the potential for future growth has been a driving factor in this deal from the outset,” said Sinead Johnson, who led the advisory team, which included Courtney Mattocks and Pablo Shorney from Lexington Corporate Finance. “The mix of debt and private equity finance, the involvement of different entities and the plans for full integration of the businesses has been complex in nature. The pragmatic and collaborative approach adopted by all parties has created a major player in an industry that is undergoing major change and is pivotal to the growth and decarbonisation aspirations of governments and companies across the globe.” Stuart Davies, Director at Grant Thornton in the East of England, added: “We are delighted to have supported the Riddle family through this transaction, enabling the business to move forward under its new ownership. We wish everyone involved all the best for the future.” Jonathan Wheeler, who led the deal for Harwood Private Capital, said: “The combination of a leading metals broker with an established metals recycling operator creates a vertically integrated platform from which to create an ESG-focused, metal recycling business of scale. “I look forward to working with Tom and James to integrate and drive the business forward, both organically and through acquisition and would like to thank the team from Lexington Corporate Finance, our lawyers, Gateley PLC and PKF Francis Clark who provided the financial due diligence.”

Grants of up to £10,000 are available to growing businesses across Northamptonshire for a limited time. SEMLEP is providing the grants through its Growth Curve programme which offers a comprehensive suite of support to business leaders, including one-to-one meetings with business advisers, university masterclasses and peer networking opportunities. With funding for the Growth Curve programme coming to an end soon, businesses which want to take advantage of its grants need to register for the scheme quickly and make their grant applications by April 28. SEMLEP Growth Hub manager Vicky Hlomuka said: “Growth Curve is a fantastic programme which has provided invaluable support and training for local businesses. “When firms register for Growth Curve they’re initially invited to take advantage of three hours of one-to-one support with one of our business advisers and then they are able to apply for grants to fund revenue projects. “This is a great opportunity for growing businesses and I’d urge firms to get in touch with us as soon as possible to make sure they don’t miss out.” The maximum grant available to businesses is £10,000 and match-funding is required from the company. The grants are for revenue projects and the funding needs to be spent by June 15. To help businesses with their grant applications, SEMLEP is running a free online Revenue Grant Surgery from 10am to 12 midday on Friday, April 21. Growth Curve is open to businesses which are experiencing or projecting high growth in the next two to three years, have a minimum of two employees and a current annual turnover of £100,000 with projected 20 per cent annual growth minimum.