Business insolvencies hit four-year high

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Business insolvencies hit four-year high

The number of insolvent businesses in England and Wales has hit a four-year high, with company directors choosing increasingly to shut down their companies voluntarily.

This is according to the Midlands branch of insolvency and restructuring body R3 and follows statistics published [14/3/23] by the Insolvency Service which show that corporate insolvencies rose by 6% in February to 1,783 compared to January’s total of 1,682, and by 17.5% in comparison with February 2022’s figure of 1,518.

The government statistics also show that corporate insolvencies in England and Wales increased by 160.3% against February 2021’s total of 685, and by 32.6% compared to 1,345 in February 2020.

R3 Midlands committee member Stephen Rome, a director of Thursfields Solicitors in the region, said: “Corporate insolvency numbers are at their highest level in four years due a rise in Creditors’ Voluntary Liquidations. Numbers for this process exceed those for 2022, 2021, 2020 and 2019 as more and more directors are deciding to close their businesses.

“After nearly three years of lockdowns, supply chain issues, rising costs and falling revenues, many business owners have simply had enough, and are shutting up shop before they are forced to.

“Trading conditions remain tough in the region – and it seems like the traditional Christmas and New Year trading period didn’t give them the boost they needed to survive.

“People are still very worried about money and the economy and are reluctant to spend on anything other than the basics. At the same time, the costs of energy, fuel and wages continue to be a major concern for businesses.

“Now is the time for directors to be aware of the signs their company is struggling and to seek appropriate professional advice. Cashflow issues, payment delays and rising stock are all indicators of a business in distress. The earlier directors seek help, the more options are available to address the challenges they face.”

Fundraising target quadrupled as MHR employee shaves head in support of mental health charity Mind

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Fundraising target quadrupled as MHR employee shaves head in support of mental health charity Mind
20-year-old Nottingham local, Martin Bassey, has ‘braved-the-shave’ this week and raised over £1,200 for mental health charity Mind – more than four times his fundraising target of £300. Martin works in the marketing department at Ruddington-based HR, payroll, and finance specialists MHR. Contributions have come from friends, family, colleagues and a £500 donation from MHR itself. Martin’s mobile barber arrived at MHR’s office on Monday morning where the transformation to his new, sleek look was filmed live for his JustGiving page. At any given time, one in six working-age adults have symptoms related to mental ill health, yet mental health services are often lacking funding. Mind states that care services are largely under-resourced, understaffed and overstretched, and that is despite significant awareness being raised around mental health during the COVID-19 pandemic. Martin recently understood what it is like to be negatively impacted by poor mental health and realises the importance of a strong support network of friends and colleagues. He is an advocate for those without this structure and for the lifesaving support charities like Mind offer the vulnerable, particularly young men with the male suicide rate standing at 15.8 per 100,000 – almost three times higher than for women (ONS). Mind is a mental health charity that focuses on tackling the stigmas of mental health in all areas from healthcare, work life, and law. The charity offers informative and supportive services that in the last year were accessed 21.4 million times. Mind also lobbies government and local authorities on behalf of people suffering from poor mental health. Jessica Mills, chairman of MHR, said: “Martin’s openness about his recent mental health struggles and his efforts raising money for Mind have been an inspiration for the team at MHR. His charitable nature has really shone through in the last few weeks and Monday was an exciting culmination for his fundraising campaign. “As an employer we believe in raising awareness about mental health issues and ensuring people get the right support, so we’re delighted to back this initiative and know that the funds will go to Mind, towards helping those in need.” Martin Bassey, business development representative at MHR, said: “I might be sporting an ‘interesting’ new look, but I know this has all been for a very worthy cause. Mental health services have suffered from lack of funding in recent years, but charities like Mind play a critical role helping to support those in need. If shaving my head helps just one individual in difficulty, then that can only be a positive thing.” You can donate to Martin’s fundraising efforts here: https://www.justgiving.com/page/martin-bassey-1676990126679

Macildowie invests in new hires to strengthen executive search business

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Macildowie invests in new hires to strengthen executive search business
Nottingham-headquartered recruitment and retention consultancy, Macildowie, has welcomed the return of former employees Joanna Riley and Jo Garside, bolstering the company’s dedicated executive search team.Jo Riley re-joins the consultancy as business director of Macildowie’s CFO and Finance Director Practice, specialising in headhunting Executive Board Level Finance Leaders across the Midlands.Having previously worked for Macildowie for nearly ten years, between 2003 and 2012, Jo has since headed up executive search teams at various East Midlands agencies. Jo Garside returns to the consultancy after 14 years, having previously worked for Macildowie between 1997 and 2009. Also joining the Executive Search team, Jo has taken up the role of Executive Search Associate.With a focus on the Midlands, Macildowie’s Executive Search team has helped businesses to hire into crucial leadership positions for almost 30 years.Speaking about the two new appointments, James Taylor, CEO of Macildowie, said: “At Macildowie one of our greatest strengths is our culture – recognised by achieving the highly coveted three-star ‘world-class’, employer status by the ‘Best Companies To Work For’ for the seventh time. “We understand that maintaining a fantastic culture for our own employees drives them to produce amazing results for our clients. It speaks for itself that Macildowie has been awarded the much coveted ‘World Class’ status every time we’ve entered the Best Companies accreditations.“The two Jos, Riley and Garside, have both seen how Macildowie has evolved and continued to grow whilst enhancing our strong and dynamic culture, a key aspect of what drew them back to us. It’s rare for any business to have employees return, so it’s a great privilege to welcome Jo and Jo back, helping us to develop the next stage of growth for our Executive Search business. We are excited to see what they can achieve and wish them both the very best for the next chapter of their Macildowie careers.”Managing Director of Executive Search, Richard Haaker added: “It can’t be overstated how important it is to find and retain strong, effective leadership. We know that businesses rely heavily on individual leaders who can devise, develop and deliver a vision – and we know the importance of getting it right the first time.“We are extremely proud of the Executive Search team we’ve built, bringing together the best recruitment experts who are passionate about helping our customers to find the perfect executive candidate, in doing so also helping them to achieve their strategic goals. What we do is crucial and often helps to elevate our client’s Leadership Team to the next level. “With this in mind, we’re thrilled to welcome back Jo Riley and Jo Gardside to the business, bringing a combined 25 year’s worth of knowledge and experience to the team. It’s fantastic to see Executive Search growing and we’ve got an exciting year ahead with some great projects in the pipeline.”

New UK ‘Space City’ cluster launched in Leicester

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New UK ‘Space City’ cluster launched in Leicester
A new ‘Space City Leicester’ cluster has been launched in Leicester that will create one of the largest and most connected Enterprise Zones for space-related activities in the UK. Space City Leicester represents up to £233 million of investment in new and planned facilities on the former Pioneer Park development to the north of Leicester city centre. This includes the University of Leicester’s science and innovation hub Space Park Leicester, the award-winning National Space Centre visitor attraction and the flexible working space and high-tech business incubator facilities at Dock and Dock 2. Workspace will be expanded in the near future to include Dock 3 innovation workspace, and newer industrial and business incubator facilities at Abbey Court. Space City Leicester is dedicated to space research, production, manufacture and development, and will make Leicester a key part of the UK’s Space Spine. The cluster will also be home to non-space related knowledge economy businesses, those working towards decarbonisation, innovative start-ups and established businesses looking for grow on space. The Space City Leicester partnership includes DOCK, Leicester City Council, Leicester and Leicestershire Enterprise Partnership (LLEP), National Space Centre, Space Park Leicester and the University of Leicester. Space City is part of the Loughborough and Leicester Science and Innovation Enterprise Zone. Research scientists at the University of Leicester have a long and distinguished record of discovery in space science with around 300 academics and researchers working on space and Earth observation, one of the largest groups in the UK. Every single year since 1967 has seen a Leicester-built instrument operating in space and their work today includes x-ray and observational astronomy, radio and space plasma physics (including space weather) and planetary science and instrumentation development. Building upon the heritage and space-science excellence of the University of Leicester, Space Park Leicester is a world-leading space and Earth observation cluster that has built a collaborative community of industry, academics and students working together to drive growth in the space sector. Space Park Leicester is forecast to contribute £750 million per year to the UK space sector over the next decade and is expected to support more than 2,500 direct and indirect jobs in the East Midlands. The launch of Space City comes as Space Park Leicester, the city’s hub for space research and innovation, marks the first anniversary of its opening. The new Space City Leicester cluster will be promoted to an international audience for the first time at the world’s leading real estate event, MIPIM in Cannes, France from 14-17 March 2023. Leicester City Mayor Sir Peter Soulsby said: “Space City Leicester has put our city firmly on the map for research production and manufacture in the space industry, but the good news doesn’t end there as further expansion is planned to meet the demand from businesses keen to locate here from the UK and overseas.” President and Vice-Chancellor of the University of Leicester Professor Nishan Canagarajah  said: “This is the launchpad for an exciting new chapter in our city’s space history. From its beginnings 60 years ago at the University, we have grown space activity to unlock its huge potential to advance learning, to stimulate inward investment, innovation and growth and to address the challenging problems of our time. Space City Leicester is exciting, it is bold and it is built upon a heritage of success. I would like to thank all our supporters, industrial partners, LLEP and the Leicester City Council for their steadfast commitment to this ambitious endeavor.” Andy Reed OBE, Co-Chair, Leicester and Leicestershire Enterprise Partnership (LLEP), said: “Space City Leicester combines world-leading expertise with major assets such as Space Park Leicester and the National Space Centre to boldly build on what we have here in Leicester and Leicestershire. “It will create a world-leading cluster of research and development that will bring growth, investment, and many hundreds of jobs to our region.”

Henry Brothers appointed on Ministry of Justice Framework

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Henry Brothers appointed on Ministry of Justice Framework

Contractor Henry Brothers has been appointed on the Ministry of Justice Constructor Services Framework for the first time.

The company has been chosen on both national and regional frameworks in support of construction work across the entire justice sector, including courts, prisons, and the Home Office.

Managing Director of Henry Brothers Construction, Ian Taylor, said: “Being appointed to the Ministry of Justice Framework for the first time is excellent news for Henry Brothers. Henry Group has a long history of working in the justice sector, and more recently delivered a new £50m prison Block at HMP Maghaberry.

“We are excited to have been appointed on both the national and regional frameworks, which will give us an extensive pipeline of opportunities.

“Henry Brothers is on numerous frameworks, including the Crown Commercial Services Framework, so we are very familiar with working for Government organisations, such as the Defence Infrastructure Organisation (DIO). We look forward to partnering with the organisations under the MoJ Framework to support future construction projects in the justice sector.”

Henry Brothers has been appointed on two Lots in Framework B – construction projects valued at between £5m and £10m. These cover the North region and the Wales and Central England region.

In addition, Henry Brothers has been appointed as one of eight contractors on Framework C for national construction schemes valued at between £10m and £30m.

Both Frameworks run for five years and cover work for MoJ Corporate, HM Courts and Tribunals Service, HM Prison and Probation Service, Legal Aid Agency, Office of the Public Guardian, and the Home Office.

The anticipated value of Framework B is expected to be £0.75bn over four regions, while the anticipated value of Framework C is expected to be £0.625bn.

Howes Percival delivers £700m of corporate deals

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Howes Percival delivers £700m of corporate deals
Howes Percival’s corporate, commercial, and banking (CCB) team completed over 150 deals with a combined value of £700 million in 2022. The growing team advises clients on significant and transformational acquisitions and disposals and the full range of contractual matters. It also provides a dedicated banking and finance service to banks, financial institutions, funds, and other lenders. The number of completed transactions in 2022 was a further increase on the firm’s record deal volumes in 2021, with levels of M&A, financing and restructuring activity remaining high. The growth was also driven by the ongoing investment in the Howes Percival CCB team, over the last three years. The team is now 60% larger than in 2019, as a result of a series of quality lateral hires including Chris White, Chloe Bristow and Deb Hay Davison (all formerly at Dentons), James Stephen (BDB Pitmans) Will Taylor (EMW) and Bradley Johnson (Machins) all joining in 2022. Tom Maksymiw also qualified into the team during the year. Andy Harris, partner, and head of Howes Percival’s CCB team, said: “2022 was a record-breaking year again for Howes Percival’s CCB team and I’m incredibly proud of what we have delivered, both in terms of the volume of deals and the quality of the service the team has provided to clients. We hope we are increasingly seen as one of the go-to firms for corporate transactions in our key regions and we are getting more and more referrals across a wide range of sectors, as word spreads. “We have seen a really good flow of instructions from some of our key sectors such as Automotive (particularly motor dealer M&A), Development, Food and Beverage, Healthcare, Leisure & Tourism and Technology & Innovation with significant transactions in each of these areas. We think these clients come to us not only because we are capable corporate, commercial and banking professionals, but also because of our relationship-driven approach, as well as our deep sector knowledge. “In addition to the lateral hires we are proud to have attracted, we continue to place great emphasis on recognising and promoting home-grown talent within the team, and offering a complete career path, from developing great trainees through to creating new partners. We’ve also expanded the firm’s services to clients. Paula Dumbill, who joined us from Browne Jacobson, established and has grown our dedicated Commercial team, while we also now have a dedicated Company Secretarial and Governance team headed by Chloe Bristow.” Andy Harris continued: “Of course, the ongoing situation in Ukraine, the cost-of-living crisis and the potential for recession in the UK are still major concerns this year, and we will all be keeping a close eye on things. As a general observation, transactions are taking longer to deliver, but the situation does vary by sector and we are still seeing plenty of activity and new opportunities.”

Significant milestone reached at new £9.2m East Leake School

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Significant milestone reached at new £9.2m East Leake School
A topping out ceremony has marked a major milestone at the new £9.2m school in East Leake which will create vital school places for the village. Millside Spencer Academy is part of a £14m investment in education in East Leake by Nottinghamshire County Council. The academy is being delivered by Morgan Sindall Construction, designed, cost-managed and project managed by Arc Partnership, a joint venture between SCAPE and the County Council, and run by Spencer Academies Trust. The two-storey building includes 8 classrooms, a nursery, a library, a food-tech room, a hall and dance studio. Once the keys to the school are handed over this summer, it will provide 350 primary and 26 nursery places in the heart of the new David Wilson Homes housing development, The Skylarks. Councillor Tracey Taylor, the county council’s Cabinet Member for Children and Families, who recently had a progress tour at the site, said it was wonderful to see how the school was taking shape and to chat to staff and pupils about how much they’re looking forward to moving in for the new academic year. Cllr Taylor said: “I am delighted to be working with our partners to deliver this fantastic project and Millside Spencer Academy will be a great addition to the county’s family of schools – as well as a huge benefit to a village where many new families have moved to. “The County Council is committed to investing in our children’s futures by building new schools where needed across the county, and we’ve also set aside more than £9.5m over the next two years to refurbish schools in every borough and district of Nottinghamshire. “The Council’s major investment in delivering the new Spencer Academies Trust-sponsored East Leake primary school reinforces our commitment to ensuring all Nottinghamshire children have access to the best education and have an opportunity to succeed.” Located on former farmland on Rempstone Road, ground level works at the school is now complete and this will be followed by the installation of foundations and the erection of the steel frame. The first-floor planks, windows, doors and internal partitioning have also been fitted and the contractor is now turning its attention to the mechanical and electrical fixtures and external bricklaying and rendering. Councillor Reg Adair, Deputy Cabinet Member for Economic Development, said: “This school will be a wonderful asset for the families of East Leake and the feedback from everyone involved points to an excellent advert for partnership working at its very best. “Once the school is handed over, the Temporary Learning Village will be removed and used elsewhere to make way for the delivery of a new school field which will complement existing outdoor play areas. “I’m also delighted that the 30% target for the contractor to use and spend with local subcontractors within 20 miles has been exceeded.” This is the third successful project between the County Council, Arc Partnerships and Morgan Sindall following the successful joint delivery of Bingham Primary School in August 2022 and Rosecliffe Spencer Academy in May 2021. Sara Williams, head of pre-construction at Arc Partnership, said: “We are proud to be working in collaboration with Nottinghamshire County Council and Morgan Sindall to design and manage the project delivery and bring much-needed school places to the local community. “Supporting the council’s move towards low carbon solutions, the school has been designed to be Net Carbon Zero in operation. It will have high levels of building fabric insulation, and a range of sustainable features including an all-electric strategy, meaning no fossil fuel will be burnt on site and as the National Grid decarbonises, the carbon emissions associated with the building will reduce.” Principal Sophia Thorne, at the Spencer Academies Trust, said: “The Millside Spencer community is amazed at the speed that our new school building is progressing. These facilities – alongside our existing on-site Forest School area, dedicated staff team, supportive parents and inspirational children – will continue to make Millside Spencer a happy school where everyone can shine.” Richard Fielding, area director at Morgan Sindall, said: “We are thrilled to mark the progress at Millside Spencer Academy with a topping out ceremony which highlights another significant project through Arc Partnership. We are delivering a school which will not only create vital pupil places, but also inspiring and modern learning environments. We will continue to engage with the local community through our social value initiatives and work towards our net zero goals as we near completion this summer.”

Plastribution Group acquires Leicester-based Eagle Plastics

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Plastribution Group acquires Leicester-based Eagle Plastics
A plastics raw materials distributor, Plastribution Group, has acquired another Leicester-based business, thermoplastics sheet supplier Eagle Plastics. Plastribution Group’s core business is the distribution of thermoplastic pellets for injection moulding, extrusion and blow moulding industries and the acquisition fulfils the company’s growth strategy to offer a wider range of plastic products, to include a sheet business, in their products division. Based in Thurmaston, Eagle Plastics supplies semi-finished thermoplastic materials to a diverse client base including blue-chip organisations. The business has eleven employees who will be retained at their existing site in Leicester, along with Managing Director Darren Clarke. Leading the deal from Geldards’ Corporate team was partner Debra Martin who was supported by solicitor Hugh White, who advised on all elements of the transaction. Debra Martin, partner, Geldards, says: “We were delighted to act for the Plastribution Group on their acquisition of Eagle Plastics, the deal is a great fit for both companies, aligning their core values and seamlessly integrating their operations. We wish them every success for the future.”

Trading Standards probe uncovers £200,000 fake car-parts scam

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Trading Standards probe uncovers £200,000 fake car-parts scam
Two Nottingham men have been given suspended prison sentences after an investigation by Trading Standards officers found they made more than £200,000 selling fake car parts. Nasir Abdulla, aged 35, of Chalfont Drive in Aspley, and Sayed Mahmoud, aged 34, of Haselmere Road, Bobbers Mill, admitted selling the counterfeit items when they appeared at Nottingham Crown Court on Friday 3 March. Nottingham City Council’s Trading Standards discovered that the pair started two companies around 2013 trading as ‘g-customz’ and ‘nf-designz’. They were importing thousands of counterfeit car parts from China, mainly Audi, Volkswagen and Mercedes. These were then advertised on Facebook as genuine parts and sold to unsuspecting consumers. Abdulla and Mahmoud made a substantial amount of money from the scam, benefitting to the tune of £150,000 and £60,000 respectively. The car companies involved made test purchases from g-customz and nf-designz after seeing their parts being advertised and confirmed they were counterfeit before contacting Trading Standards, which began an in-depth investigation. Abdulla and Mahmoud pleaded guilty to the unauthorised use of trademarks between 2013 and 2018. Abdulla was given an 18-month prison sentence, suspended for two years and ordered to do 200 hours’ unpaid work. Mahmoud was handed a nine-month prison sentence, suspended for two years and ordered to do 120 hours’ unpaid work. Councillor Neghat Khan, Portfolio Holder for Neighbourhoods and Safety, said: “I commend Nottingham City Council Trading Standards for bringing these perpetrators to justice. “This was a difficult and complicated investigation over a long period of time which has resulted in the companies being closed down. The sentences handed out by the judge reflect the serious nature of their offending and are fully deserved.”

Microlise snaps up Vita Software in £2.06m deal

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Microlise snaps up Vita Software in £2.06m deal
Microlise Group, a Nottingham-headquartered provider of SaaS based transport technology solutions to fleet operators, has acquired Vita Software, a provider of transportation management system (TMS) solutions, for £2.06 million. The acquisition will expand Microlise’s suite of transport technology solutions and is expected to immediately enhance earnings. Established 2012 in the UK, Vita Software is a SaaS based TMS who are highly regarded and profitable, adding recurring revenue to the Microlise Group. They provide a range of order management products to fleet logistics operators, which includes resource and transport costing, subcontractor management and invoicing solutions. Business and product integration will begin immediately, with all existing staff being retained. Microlise’s existing solutions manage the safe, compliant, and efficient execution of the transport movements through its range of subscription services, offering the tracking and execution of generated orders. Vita Software’s TMS capabilities provides upsell and cross-sell opportunities, embedding Microlise even further into its existing customers’ operations. The software only system is applicable to fleets of all sizes, supporting the group’s strategy to expand its value proposition further into medium sized fleets, with an enriched product offering. Microlise CEO Nadeem Raza said: “We are excited to announce the acquisition of Vita Software, as part of our strategic plans to grow the Microlise product portfolio using funds raised via our IPO. “This is the first of a number of targeted acquisitions that are being progressed, driving our long-term plan to offer a comprehensive suite of solutions that cater to fleets of all sizes across our strategic geographies. “Through combining TMS technology with our existing offerings, we are providing our customers with an accessible and enriched end-to-end solution that is designed to optimise operations, increase cost visibility, and improve profitability. “This acquisition will also provide us significant opportunities for upselling and cross-selling, enabling us to further strengthen our relationships with our customers and reinforce our position as a leading provider of transport technology solutions. “We remain committed to delivering innovative products and services that add value to our customers’ businesses, and we look forward to leveraging our expanded capabilities to achieve further growth and success.”
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