Council agrees to establish new development company
Bolsover District Council has agreed to formally establish a wholly owned development company, to help provide regeneration and new housing.
The company, called Dragonfly Development, will provide an income stream from housing, commercial and regeneration activities across the District to help fund the Council’s ambitions and the key challenges it faces.
Deputy leader, Councillor Duncan McGregor said: “Let’s not beat about the bush here, government funding is reducing all the time, so we have to come up with ways of generating more income if the Council is to survive and we are to continue with our ambitions and improve the services we provide.
“Our district is growing and everyone deserves the chance to live in a safe, secure, modern and efficient property. So, if we are in control of building these properties through Dragonfly Development, this will enable us to formulate business cases for each project and provide new homes for areas that need them and for people living in that community.”
The Council decided to set up the company after it had previously took quick and decisive action by agreeing to take on the current constructions projects at Whaley Thorns, Creswell, Langwith and Shirebrook after the collapse of its preferred building contractor Robert Woodhead Ltd.
A full business case on the new company was commissioned from Sharpe Pritchard (Public Sector Lawyers) and councillors had the opportunity to ask questions at two separate presentations. The business case shows Dragonfly to be a viable proposition, which will generate income over the proposed 30-year period of the plan.
Councillor McGregor added: “So, rather than a construction company making a profit on our regeneration and house-building schemes, Dragonfly Development will allow us to take this profit and re-invest it back into our services and District for the benefit of our residents.”
Pioneer Group invests in Nottingham surgical innovator
Pioneer Group (formerly the BioCity Group), the life sciences venture incubator in the UK, has invested in Selentus Science, a surgical innovator, to support the development of new surgical haemostat, TenaTac.
No financial details have been disclosed.
Selentus is based at Pioneer’s BioCity Nottingham site and the Pioneer investment team have known CEO Ben Nichols for many years, having previously invested in and successfully exited Haemostatix, the company he formerly led.
Selentus has developed TenaTac, an innovative medical device that controls bleeding during a surgical procedure while also reducing the risk of post-operative haemorrhage.
Ben Nichols, CEO of Selentus, said: “This investment really validates the innovation at Selentus and will assist in the funding of a post-approval clinical study of our lead device, TenaTac, and the development of an exciting pipeline of new products for surgical bleeding and wound therapy.
“We have benefited enormously from working in the BioCity, Nottingham life sciences ecosystem and from Pioneer Group’s specialist and dedicated support network. We intend to continue our ambitious growth plans with Pioneer’s support.”
Dr. Imelda Juniarsih, investment manager at Pioneer Group, said: “Our mission is to help life sciences businesses, such as Selentus, thrive at every stage of their innovation journey.
“We are proud to come in as lead investor in Selentus and strongly believe in the innovation behind TenaTac, a medical device with an exceptional IP that solves a key gap in the haemostatic market. We are excited to be supporting Selentus’ growth through our investment as well as our all-round incubator programme.”
Midlands tech specialists report a 192% increase in turnover
Public Sector specialist, Kingsfield IT, has reported a record year for growth, following a series of high-profile new business wins and several strategic appointments to their leadership team in 2022.
Kingsfield reported a 231% increase in turnover over the course of the last year compared to 2021, with revenue increasing from £6.19m to £20.47m during this period.
The success comes after a series of new business wins, including a place on the Total Technology Solutions (NOE.0552) Framework, worth £1.5 billion. The framework win means Kingsfield are now on hand to offer a range of IT solutions at best value to NHS Trusts across the country, supporting frontline workers with improved access to a wide range of products and services.
To facilitate growth, the Public Sector IT specialists appointed Brian Boys as Managing Director in February 2022, marking almost 12 months of his leadership. Kingsfield has since appointed Kieran Shah and Matt Green in senior, Public Sector roles.
Kingsfield Managing Director, Brian Boys, said: “It has been a fantastic year for Kingsfield and since my appointment in February I’ve loved supporting our specialised team in the East Midlands, continuing to grow its turnover and securing a number of framework positions.
“Alongside the new vendor accreditations and framework successes, I’m also pleased to report a huge increase in customer satisfaction, most recently in the period between October and December 2022, we can report NPS had grown to +77 for the period, signifying a huge enhancement in positive customer outcomes.
“Internally, Kingsfield has also gained a number of ISO certifications, as well as cementing our commitment to the local community by signing as a member of the Northampton and Milton Keynes Chamber of Commerce, ensuring we can continue supporting small and medium sized businesses in the adoption of technology. We have no intention of stopping there and we’re hopeful 2023 will mark another year of continued growth for Kingsfield.”
Kingsfield provides IT consultancy and support to various Public Sector bodies and organisations both in the region and nationwide, working with clients such as the NHS, Ministry of Defence, Department for Education and the BBC.
Go-ahead given for new leisure centre in Clay Cross
North East Derbyshire District Council has been granted planning permission for a new leisure centre – Clay Cross Active, to be built on the site of the current Sharley Park Leisure Centre in Clay Cross, with works set to commence in early 2023.
The new centre will be a low carbon, low energy building and a hub for the community. Along with the 100 plus gym space, soft play, swimming, café and TAG Active facilities, there will be the addition of North East Derbyshire Citizens Advice and other services, all nestled within the new building.
Built by the Council’s development partner, Alliance Leisure, the new facility is expected to open in winter 2024 and is funded through the Clay Cross Town Fund and North East Derbyshire District Council and partners.
North East Derbyshire District Cabinet Member for Leisure, Cllr Alan Powell, said: “We are delighted to get planning permission for the new leisure facility at Clay Cross and are excited to start work on site.
“The current facility is old and dated and our residents have said they wanted a new facility which will bring the community together, and we are delighted to say this will be happening imminently.
“With climate change at the heart of all our decisions, the centre will be low carbon, have solar PV and air source heat pumps and will be an asset to the community, bringing together other services to make a real hub for Clay Cross.”
Clay Cross Town Board Deputy Chair and North East Derbyshire District Council Deputy Leader, Cllr Charlotte Cupit said: “We are delighted to get the go-ahead for this amazing facility for all the community to enjoy. We listened when you said you wanted a new facility and this will be just that and more with other partners involved and it will be a real hub for the community for years to come.”
Julia Goddard, Senior Business Development Manager at Alliance Leisure, said: “Alliance Leisure’s role in the project is to deliver a leisure and wellbeing facility that the local community can be proud of. Having delivered over 200 leisure developments across the UK we are bringing this expertise to our delivery of Clay Cross Active. Our team will be assisting at every stage of the project and look forward to seeing the new centre open in 2024.”
Prime Minister appoints new Secretary of State for Business and Trade
The Prime Minister has appointed a new Secretary of State for Business and Trade as four new departments are created – a combined Department for Business and Trade, a new Department for Energy Security and Net Zero; a dedicated Department for Science, Innovation and Technology; and a re-focused Department for Culture, Media and Sport.
Kemi Badenoch will take up the role of Secretary of State for Business and Trade, while remaining president of the Board of Trade, and minister for Women and Equalities.
Kemi Badenoch was previously Secretary of State for International Trade, appointed on 6 September 2022. She was Minister of State at the Department for Levelling Up, Housing and Communities between 16 September 2021 and 6 July 2022, and Minister of State (Minister for Equalities) in the Equality Hub between 14 February 2020 and July 2022.
Badenoch was Exchequer Secretary to the Treasury from 13 February 2020 to 15 September 2021 and Parliamentary Under Secretary of State at the Department for Education from 27 July 2019 to 13 February 2020.
The appointment comes in another cabinet reshuffle which also sees Grant Shapps become Secretary of State for Energy Security and Net Zero, Michelle Donelan become Secretary of State for Science, Innovation and Technology, Lucy Frazer become Secretary of State for Culture, Media, and Sport, and Greg Hands become Minister without Portfolio in the Cabinet Office.
Sheet metal company lets Ripley warehouse
Acting on behalf of PMW Property, Corbin Archer of FHP Property Consultants has let Unit 3a Bradley Park, High Holborn Road, Ripley.
St Ann’s Sheet Metal Co Ltd have taken the property, located on Codnor Industrial Estate, for a period of 5 years.
Unit 3a Bradley Park provides 7,161ft2 of warehouse accommodation and 2,794ft2 of office space. Internally the property comprises ground floor clear span warehouse space with a large amount of office accommodation on the first floor.
Corbin Archer of FHP Property Consultants says: “I am delighted to have let Unit 3a Bradley Park, working closely with my colleagues and Victoria Wrigley on this. The letting is an excellent result for all parties involved and we were able to secure a new 5-year lease for our clients. I wish Neil Bradshaw and the rest of the team at St Ann’s well in their new warehouse space and I am sure they will make a great addition to the estate.”
Amy Howard of FHP Property Consultants says: “It has been a pleasure to work alongside both parties on this deal and to see it cross the line within a required timeframe. The unit has been on the market for a while so we are pleased to see it occupied.
“St Ann’s have been in the market looking for a unit suitable for their requirements and Unit 3a ticked a lot of boxes for them which will allow them to have the potential to grow their business to the next level. I wish St Ann’s all the best in their next adventure and look forward to working with them again.”
Victoria Wrigley of PMW Property Limited says: “I am very pleased to have successfully completed a long-term lease of 3a Bradley Park, Ripley, to St Ann’s Sheet Metal Co who were a pleasure to work with. The offer we received quickly turned into a completed deal within a short time frame.
“Thank you to Corbin of FHP Property Consultants and our legal advisors for acting on our behalf and ensuring the letting process was quick and easy. I look forward to working with St Ann’s Sheet Metal Co and wish them every success for their future.”
Vulcan Works opens in Northampton
A brand new £14 million hub supporting start-up businesses in creative industries has opened its doors in Northampton.
Vulcan Works provides lettable office space, workshops, meeting rooms and co-working spaces for business owners from its newly revitalised space in the heart of Northampton’s Cultural Quarter.
The transformation of the Grade II listed former ironworks factory has been months in the making and the extensive construction works have created an impressive, state-of-the-art centre for local businesses to thrive, while being true to the building’s heritage.
The refurbishment works have been funded by West Northamptonshire Council (WNC) and South East Midlands Local Enterprise Partnership (SEMLEP), who facilitated a Local Growth Fund contribution of £6.3 million, together with £3.06 million from the European Regional Development Fund.
The hub, which is managed by Oxford Innovation Space, has already created quite a buzz, with plenty of interest from prospective tenants and businesses booking to use the space.
Centre manager Garrick Hurter said: “We have been busy preparing the centre ready for everyone to see, getting signage approved and making sure all the infrastructure is raring to go. Now we are proud to open our doors and welcome the business community, who I know will be wowed by the incredible facilities on offer.
“Our thriving creative community begins today, and I am excited to welcome you all. Whether you’re a start-up or want to scale up, we want to hear from you. Get in touch and make use of this extraordinary space.”
It is estimated that Vulcan Works will support around 150 start-up businesses in its first 10 years, creating around 500 jobs in the area. The centre has also pledged to work with local contractors and agencies, ploughing more money back into the local economy.
“Vulcan Works has been a hugely exciting project to be involved with and I am delighted with how the space looks and feels. I am immensely proud that Northampton now boasts such an innovative and inspirational hub for fledgling creative start-ups, giving them the tailored support they need to flourish. I look forward to seeing the countless success stories that will, no doubt, come from this fantastic venture,” said Cllr Daniel Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth.
Mattioli Woods hails resilient first half trading performance
Mattioli Woods, the specialist wealth and asset management business, has hailed its “resilient trading performance” in interim results for the six months ended 30 November 2022.
Revenue was up 10% to £54.9m, growing from £49.9m in the same period of the year prior, with acquisitions made since January 2021 contributing £20.2m.
Meanwhile operating profit jumped 62.7% to £4.6m, up from £2.8m, and pre-tax profit increased 45.5% to £4.8m, up from £3.3m.
Ian Mattioli MBE, Chief Executive Officer, said: “The first six months of this financial year saw the group deliver a resilient trading performance against the challenging macroeconomic and geopolitical backdrop that persisted throughout calendar year 2022.
“During the period, we proactively balanced securing good financial outcomes for our clients with ensuring the long-term growth and sustainability of our business, remaining true to our purpose of putting clients first. We are pleased to report further progress towards our strategic medium-term goals, achieving continued revenue growth in the first half of this financial year.
“Revenue of £54.9m was 10% higher than the equivalent period last year (1H22: £49.9m) driven by positive performances in our pensions advice and administration, employee benefits, property management and private equity management operating segments.
“The success of our new business initiatives and the strength of existing client referrals resulted in organic revenue growth of over 2%, despite a 2% fall in the value of total client assets. Clients’ demand for advice and proactive communications by our advisers in such uncertain times resulted in an increase in advisory time, as well as the value of new clients on-boarded in the first half more than 10% higher than the equivalent period last year.
“The Group’s strong, integrated business model facilitates multiple engagement points in providing a holistic service to our clients and to generate multiple revenue streams to facilitate future revenue growth.
“The eight acquisitions completed since 1 January 2021, including our two largest acquisitions to date, Maven and Ludlow, contributed £20.2m (1H22: £19.4m) of revenue in the period and continue to deliver revenue synergies. The contributions of recent acquisitions, organic growth and continued cost management were offset by the impact of market movement on ad valorem revenues, resulting in adjusted EBITDA of £15.0m (1H22: £15.8m).
“Profit before tax was up 45.5% to £4.8m (1H22: £3.3m) due to reduced deferred consideration payments recognised as remuneration expense under IFRS 3 of £3.9m (1H22: £4.6m) and lower acquisition-related costs of £0.5m (1H22: £2.6m), while adjusted profit before tax of £13.5m was down 4.3% (1H22: £14.1m) after adding back acquisition-related costs, deferred consideration recognised as an expense and amortisation of acquired intangible assets of £3.9m (1H22: £3.3m).
“We believe the benefits of operating a responsibly integrated business allows us to secure great client outcomes, control clients’ costs while delivering strong, sustainable shareholder returns over the long-term. The Board remains committed to growing the dividend, while maintaining an appropriate level of dividend cover. Accordingly, the Board is pleased to announce an increased interim dividend of 8.8p per share (1H22: 8.3p) up 6.0%, demonstrating our desire to deliver value to shareholders and confidence in the financial outlook for our business.
“The first half of the financial year has seen the group deliver a resilient trading performance against a complex macroeconomic and geopolitical backdrop. We plan to build on this position, through investing in our people and our systems to advance our key strategic initiatives: new business generation, investing in our in-house training programmes, growth through the integration of strategic acquisitions, developing new products and services, reviewing our processes and investing in technology to deliver further operational efficiencies.
“Our trading outlook for the year remains in line with management’s expectations and we believe the group is well-positioned to secure further growth to the benefit of all our stakeholders, driving improvements in earnings, operating margin and shareholder returns.”
Small firms lead calls for £3,000 apprenticeship incentive for under 25s and SMEs
The Federation of Small Businesses (FSB) is leading calls to introduce the £3,000 apprenticeship incentive in England for under 25s and small businesses.
This comes as figures from the Department for Education (DfE) show the significant impact of the Government’s increased apprenticeship incentive during the pandemic.
The boost, from £2,000 for young apprentices and £1,500 for older apprentices, to £3,000 for all age groups, led to a 21% surge in apprenticeship starts during the Covid-19 crisis.
But with the reduction back to £1,000 for under 19s and care leavers only, apprenticeship starts plummeted by 12%.
FSB Policy Chair Tina McKenzie said: “Empowering small employers to attract and retain top talent is a crucial step towards unlocking the full potential of small businesses, leading to improved productivity and sustainable growth.
“Apprenticeships offer a fantastic opportunity to empower young people, but success is contingent on the right support.
“The Government’s increase of the apprenticeship incentive was a welcome effort in supporting young talent during the pandemic, but that funding was temporary, and it has been disheartening to see that commitment fall away.
“The correlation between the drop in apprenticeship starts and the reduction in financial incentives is plain to see.
“As the Chancellor looks to use his March budget to boost labour market participation and growth, he could start in no better place than by using National Apprenticeship Week to announce that he will introduce £3,000 for under 25s and SMEs, which could help unlock long-term, economic benefits for generations to come.
“With FSB figures showing that a third of small businesses recognise skills shortages as a significant hindrance to their growth, the Government must prioritise upskilling the next generation who currently face a very daunting job market.
“As National Apprenticeship Week shines a spotlight on the UK’s young workforce, it is a prime opportunity for the Government to revisit its policies by creating a £3,000 apprenticeship incentive that we know made such a difference.”
Derbyshire staircase manufacturer steps into employee ownership
Derbyshire-based staircase manufacturer TwoTwenty has announced its sale to an employee ownership trust (EOT).
The transition of TwoTwenty, along with its holding company Elephant Holdings, to a business that is 100 per cent employee-owned is believed to be the first such deal in the UK timber engineering sector and secures the jobs of 40 staff.
TwoTwenty Ltd was incorporated in May 2005 and has a purpose-built factory and HQ in Foston, Derbyshire and another manufacturing centre in Kirby Lonsdale, Cumbria.
No funding or contributions have been required from any employee to fund the purchase of the business by the EOT, and under the terms of the deal, all staff are expected to benefit from significant tax-free bonuses in future years as well as deciding the company’s future strategy and growth plans.
All the existing senior leadership team will remain closely involved in the business as trustee directors, including TwoTwenty’s current Managing Director Scott Peden, commercial director Jason Stain, Jason Ward, and Lisa Richards of Dains accountants, which has advised on the sale of the business and creation of the EOT.
Ali Wright, founder of TwoTwenty, will also become chair of the EOT. He says: “We passionately believe that our colleagues are the thing that make TwoTwenty successful, so becoming an EOT secures the perfect future for this business.
“As a small business, in reality we only have a few options for the next phase of growth. We did not want to pursue a trade sale as that does not secure the long-term future for our staff. We did not want to pursue an external investor or management buy-out because of the huge pressure and obligation it brings on future performance.
“We could not simply share the ongoing profits of TwoTwenty with our employees as that would make us unsaleable, and I certainly couldn’t imagine exiting by just closing down such a strong and vibrant company.”
Jason Stain, commercial director at TwoTwenty, said: “In effect, we are a family business whose employees are not related, so to create an EOT resonates with every value we have ever aspired to. It creates a legacy for us, provides security for all the staff, and allows us to handsomely reward every employee for the hard work and effort they put in.”
Within the next couple of months, a new Employee Council will be established at TwoTwenty to guide and inform trustees’ decision making. This will involve employee representatives from different parts of the business, including those on the shop floor.
Steve Chapman, director at TwoTwenty, said: “The EOT allows Ali and me to leave the business in the future knowing that we have shown our appreciation for the fantastic team in TwoTwenty, some of whom have been with us from the start. They regularly go above and beyond to provide a great product and service for our customers, so this deal gives financial recognition for that commitment and hard work.
“The Employee Council will be the thing that really makes the magic happen. The engagement and ongoing buy-in of our staff will transform the ability of TwoTwenty to capitalise on the huge opportunities ahead.
“It also allows us to make a 10 per cent pay rise for everyone and to introduce a new scheme that facilitates a minimum of 22.5 per cent higher pension contributions for each employee. These commitments can genuinely change the lives of our employees and their families.”
Scott Peden, Managing Director at TwoTwenty, said: “I am extremely excited for the future, to move forward with the Employee Council, EOT trustees and the whole amazing team to build on the legacy founded by Ali and Steve, ensuring the TwoTwenty ethos, which has contributed to our current success, remains at the very heart of this company.”
Jason Ward, area sales manager at TwoTwenty, added: “Our colleagues will now have a true sense of ownership, creating job security and demonstrating how their daily activities make a direct impact on the business. I don’t know of any companies within our industry that have chosen this exit route, which has made us want to do it even more.”
