Business start-ups in the East Midlands have hit a high in October with a month-on-month rise of 10.9%, one of the UK’s highest regional increases, according to the Midlands branch of national insolvency and restructuring body R3.
R3’s findings, which are based on data from business intelligence provider Creditsafe, reveal that new business registrations rose to 2,251 in October from the previous month’s figure of 2,030, a percentage increase exceeded only by Yorkshire & Humberside, the North East and Wales.
The East Midlands’ October start-ups figure is also a 2.4% increase on the number of new companies registered in the region six months previously.
Despite this growth in entrepreneurship, R3’s analysis indicates that late payments could pose a sizeable challenge to new companies, as well as to their longer-established counterparts. The data shows that, in October, the East Midlands had 27,077 companies with customer payments past their due date, a figure which has risen steadily in recent months.
R3 Midlands Chair Eddie Williams, a partner at PwC in the East Midlands, said: “These statistics highlight the effect that over two years of economic turbulence have had – and continue to have – on our local businesses.
“The growth in start-ups is most definitely a positive – a trend which is likely to have been driven by those who were furloughed or made redundant during the pandemic and who have decided to venture out on their own. This is an encouraging sign of entrepreneurialism and enterprise resilience in our region.
“However, this growth is being severely threatened by current market conditions, which include a perfect storm of spiralling inflation, contracting economies, steep rises in fuel, energy and wage costs, and dwindling consumer confidence. Late payments will only exacerbate these challenges facing local businesses.
“Our advice to any director who is worried about the viability of their business, start-up or otherwise, is to seek professional help and to do it as soon as possible. The sooner support is sought, the more opportunities there may be to assure a company’s survival and future success.”
Wattbike, the Nottingham-based elite exercise equipment manufacturer, has partnered with Praetura Commercial Finance to help fund its ambitious global expansion plans.
The agreed £3.25m asset-based lending facility will help the team invest in its Hub App to further enhance the health and fitness of every Wattbiker, which works in tandem with its indoor exercise bikes, as well as target key global territories in the North America and Asia-Pacific regions.
After launching in 2008, Wattbike has seen unprecedented growth, securing its position as the indoor exercise bike of choice for the world’s leading sports teams, athletes and coaches, British Cycling, Manchester City and cycling fanatics across the UK.
As the only exercise bike endorsed by British Cycling, Wattbikes are now used by over 1,000 professional sports teams and 500 Olympic medal winners. The team has sold over 100,000 bikes, with over 240,000 sessions uploaded per month. Piper, the leading specialist investor in consumer branded businesses, invested £11.5m into Wattbike in September 2020.
Wattbike was born out of elite sport, transcending into the commercial fitness industry and consumer fitness sector. Since then, the business has won significant commercial contracts in the health & wellbeing, education, professional sport, military & uniformed services, medical and hospitality sectors with contracts signed with David Lloyd, the England football team, Hilton Hotels and the British Army. Most recently, Wattbike has become an official supplier to New Zealand’s rugby squad, the All Blacks.
The pandemic created significant challenges for Wattbike. From severe surges in demand to skyrocketing supply costs, the team navigated a series of unprecedented changes. Wattbike’s business model has been stress tested and has emerged more adaptable, entrepreneurial and resilient.
As a breakout UK entrepreneurial success story, the Wattbike team has been on an unexpected journey of rapid growth. The team now only chooses partners and suppliers who understand the vision and remain flexible to the business’s needs in an increasingly unpredictable environment.
Richard Baker, CEO at Wattbike, said: “We are fiercely proud to have built a business that is chosen by the world’s best teams and athletes. This has enabled us to continue to scale our brand, product and services into the consumer and commercial markets, domestically and internationally.
“We are excited about the future as we progress through the next phase of our plans: building a more accessible brand, products and digital services with the mission of improving the health and performance of every Wattbiker, with the continued support of Piper and new funding from Praetura Commercial Finance.
“Praetura’s ability to get in and understand the business quickly, see the opportunity and create ways to unlock finance options for Wattbike made them a natural partner.”
Stuart Bates, commercial director of Praetura Commercial Finance, said: “Helping a best-in-class business like Wattbike achieve its goals is why we started Praetura. Spending time with Rich and the team, hearing how they’ve built one of the most noteworthy brands in elite sport and helping design a funding solution that supercharged their strategy for the future were a real privilege.
“Needless to say, the Praetura team includes a few cycling fanatics who are evangelical about Wattbike’s products. You can see the passion Wattbike’s team put into its bikes and the fitness community that develops around them. We look forward to working with the team again in future and wish them every success.”
The deal was managed by Henry Wheeler at Praetura and introduced by Adam Simpson from Silkstone Consultants.
Loughborough Sport’s long-standing partnership with Computacenter has been extended.
The partnership will see Computacenter continue to support elite-level female and Para sport programmes as named sponsors of the Loughborough Cycling Academy, Loughborough Lightning Netball, and Loughborough Lightning Wheelchair Basketball.
This new agreement will also see the independent technology business further embed the very best of Loughborough’s performance sport expertise and education programmes into their organisation.
Computacenter will also aim to recruit top quality Loughborough students into their award-winning graduate training schemes alongside utilising Loughborough’s expertise in executive education courses for their current employees.
Craig Cobb, Future Talent Manager UK for Computacenter, said: “The Loughborough Partnership is important to Computacenter because it allows us to have a strong connection with an elite student base which ensures our intake of talent remains of the highest quality.
“We also benefit greatly from their coaching and mentoring which we use to help shape our recruits attitude and approach to working in sales, prioritising a healthy balance of a winning mentality, understanding the importance of preparation and focusing on healthy habits to allow them to perform at their best.”
Through inspiring leadership talks and practical performance testing, Loughborough are transferring their high-performance knowledge to benefit Computacenter’s highest-performing executives.
Jo Simpson, Commercial and Facilities Director for Loughborough Sport, said: “I am incredibly proud of the partnership we have developed with Computacenter, as an organisation they deeply align with our core values.
“This ground-breaking relationship supports our female and Para sport programmes and highlights the innovative and forward-thinking approach Computacenter take to their business and employees.
“I look forward to working with the team at Computacenter as we continue to bring our organisations ever closer together.”
Clare Parry-Jones, Managing Director, UK & Ireland for Computacenter, said: “We are delighted to continue our partnership with Loughborough Sport and are incredibly proud of what we have achieved over the last few years.
“The opportunity to hear inspiring stories from their elite athletes as well as take guidance from their superb coaching teams has really helped us to shake up how we educate our employees to benefit both their work and their personal lives.
“Supporting a wide range of sports means we’re able to impact success across a diverse group of people and support their careers as they strive for excellence – a value we mirror here at Computacenter. I’m incredibly excited to see what further success this partnership holds for us all.”
OakNorth Bank has provided a loan to Cottons, the independent chartered accountants & business advisors.
The capital from OakNorth Bank will refinance existing acquisition debt, support the firm’s acquisition programme of accountancy practices – including Roberts & Co. and J R Watson & Co – and provide a tailored facility for future unidentified acquisitions.
Headquartered in Northampton, Cottons is a fully regulated member firm of the Institute of Chartered Accountants in England & Wales, providing c.10,000 customers, including freelancers, contractors, SMEs, and large corporations, with expert business, taxation and accounting guidance.
Established in 1983, the firm has scaled to over 100 employees across offices in its Northampton HQ, as well as Rugby, Daventry, Milton Keynes, Market Harborough, and London.
Will Smart, managing partner of Cottons Group, said: “At Cottons, our people and our personalised approach are our greatest assets and we’re committed to offering our clients reliable, first-class service at every step in their business journey.
“This bespoke debt facility from OakNorth will help propel Cottons forward, as we look to continue scaling the business further through acquisitions, helping us to build upon our well-established branch network and strong long-term relationships with clients.
“OakNorth’s ability to create a truly bespoke package that provided all our funding under one facility has been invaluable.”
Dale Cowdell, associate director of debt finance at OakNorth Bank, added: “Cottons is a well-established and well-respected, full-service accountancy practice, that has a strong focus on quality and a personalised approach. As the firm prepares for the next chapter of its growth journey, we’re delighted to play a part in its push forward for further acquisitions.
“With the accounting and auditing market set for significant growth over the next five years, driven by factors such as increasing M&A activity, Cottons is in a perfect position to capitalise on this opportunity. We look forward to supporting them again in the future.”
The former headquarters for Nottinghamshire Fire and Rescue Service has been put on the market for sale. Agents Bishop Property Consultants and Salloway Property Consultants have been appointed to dispose of the property.
The premises are situated adjacent to Bestwood Country Park and the Bestwood Lodge Hotel and occupy a 12-acre site. There is an extensive range of buildings comprising approximately 37,000 sq ft of accommodation all of which are located on approximately 4 acres. The remaining site-area of 8.00 acres is attributed as playing fields.
In September, outline planning permission was granted for the demolition of the existing buildings and the erection of up to 32 residential units.
The agents are anticipating significant interest, not only from house-builders looking to take advantage of the planning permission but also from other organisations who might wish to re-purpose the existing buildings.
Chris Keogh, associate director at Salloway Property Consultants, expects the property to be popular. “The site is in a unique location and is surrounded by mature trees. It has obvious redevelopment possibilities and benefits from planning permission.
“I am sure people would love to live in this location – highly convenient and yet having a semi-rural feel – and there will be no shortage of house-builder looking to take advantage of the demand.
“However, the existing buildings on the site are in reasonable condition and I could not rule out interest from institutional buyers for uses such as training, healthcare, educational facilities, or offices.”
The site will be sold by informal tender with further details available through the joint agents upon request.
Sound accounts for 50% of a video and it’s well known in the video production industry that audio quality is even more important than visual quality, as far as ‘viewer retention’ is concerned.
While low-grade footage is far from ideal, a poor quality audio mix will comparatively turn off even more viewers. Bad sound detracts from your message – potentially rendering it impossible to understand – and can be simply unbearable for the viewer, who may consequently associate your company with low quality.
There is a direct correlation between how good your advertising videos are, in terms of production standards, and how the viewer therefore feels about the professionalism of your business.
Despite already offering great visual and audio quality in their promotional videos for businesses, Glowfrog Video Production have now taken this a step further, by hiring a dedicated in-house sound engineer. This is because they pride themselves on the premium-grade video content they produce for businesses across the Midlands and they’re always looking for ways to increase that quality even further.
Will Emmerson is the new sound engineer at Glowfrog
BSC Sound Engineering graduate of the BIMM Institute, Will Emmerson, will now be mixing and mastering audio for all video projects going forward.
Great sound is an underestimated yet very important factor within your advertising videos. If you want to optimise your video marketing with exceptional production standards, enquire today at www.glowfrogvideo.com.
Topps Tiles, the Leicester-based tile specialist, has posted its second consecutive record year of revenue.
In unaudited annual financial results for the 52 weeks ended 1 October 2022, the firm hailed strong recovery from the Covid period, trading ahead of 2019 levels.
Group revenue was up 8.4% to £247.2 million, adjusted profit before tax grew 4% to £15.6 million, while statutory pre-tax profits dipped 22.1% to £10.9 million.
Rob Parker, Chief Executive, said: “We are pleased to have delivered a year of strong strategic progress, with record sales for a second year running and excellent delivery against our ‘1 in 5 by 2025’ market share goal. We are continuing to develop and diversify the group and further strengthening our position as the UK’s leading tile specialist.
“Within our Topps Tiles brand, where the majority of sales are being made to professional tradespeople, our focus on fewer more profitable stores and category extensions has driven sales per store up 25% since 2019. Parkside, our commercial brand, has delivered a record year of sales and now moved into profit. Pro Tiler Tools and Tile Warehouse have added a new, high growth, online-only sales channel to the group, leveraging our core strengths in product, service and scale.
“Looking forwards, we are mindful of the macroeconomic headwinds which will impact both UK consumers and businesses in the year ahead. Against this backdrop, our trading performance in the early weeks of the new financial year has been robust, with like-for-like sales growth in Topps Tiles over the first eight weeks of 3.4%.
“Our market share growth during 2022, combined with our clear strategy and strong balance sheet, give us confidence that we will continue to deliver growth and create value over the medium term.”
Twenty2 Recruitment & Consultancy, a boutique recruitment agency based in Castle Donington, Leicestershire, have welcomed Lindsay Woolley to the team as their newest recruitment consultant.
Lindsay brings with her a wealth of experience gained from a career in customer service and HR. Having worked with a number of leading companies across the East Midlands region, Lindsay knows the area well.
In previous roles she has been instrumental in building successful and long-lasting relationships with her clients through her previous experience in people relations and customer service.
It is these values that align so closely with those of Twenty2 and make Lindsay an asset to the team. Her role will see her build on the existing offering of Twenty2 in the region, focusing on opportunities across professional services in Derby and Leicestershire.
Founder, Hayley Grange, says: “We’re really excited to welcome our new recruit into the team. I’m looking forward to working with Lindsay and introducing her to our brilliant clients in the Derby and Leicestershire area.”
Midlands Engine Investment Fund (MEIF) exceeds £200 million milestone
The Fund has made 856 investments into Midlands’ businesses since 2017
Additional £301m of private sector investment unlocked by the fund
Funding supports innovative sustainable companies and improves access to finance in region
The Midlands Engine Investment Fund (MEIF) has now invested over £200m into Midlands businesses since its launch in 2017.
The debt and equity funding options offered by the MEIF have benefitted 595 businesses across the region and has supported SMEs in the creation of jobs, investment into new products and services and wider growth opportunities.
The Fund was launched by the British Business Bank in partnership with Local Enterprise Partnerships, the Midlands Engine and the UK Government with the aim of improving access to finance and the landscape for small businesses in the Midlands.
MEIF funding breakdown
Over £200m invested, with £301m of private sector co-investment unlocked
856 investments in 595 businesses
2,371 jobs created
Businesses in various sectors benefit from MEIF funding, including its ongoing investment in the region’s sustainable development and green technology.
A recent sustainability investment into renewable energy provided debt funding to Nottingham-based Roadgas, to support the company’s growth in supplying further renewable gas refuelling stations across the UK.
Birmingham-headquartered I-Phyc received £2.3m to support expansion of its nature-based wastewater treatment solutions through the MEIF’s Proof of Concept & Early Stage Fund to create new jobs.
Ken Cooper, Managing Director at the British Business Bank, said:
“Our partnership with key regional stakeholders including Local Enterprise Partnerships and our fund managers has played a significant role in reaching this new milestone. Investment by MEIF has been shown to promote resilience, innovation and productivity in supported SMEs and has helped diversify and strengthen the region’s finance landscape. We look forward to continuing this through the next £100m of investment.”
Jon Corbett, Chair of Strategic Oversight Board for the Midlands Engine Investment Fund, added:
“The Midlands Engine Investment Fund provides financing options to smaller businesses with potential in the Midlands. The funding allows businesses to achieve their goals and give entrepreneurs the opportunity to realise their growth ambitions.
“MEIF funding has helped many SMEs contribute to the wider economic growth of the Midlands and its wider economic goals through investment to support safeguarding existing jobs, creating new roles, overcoming challenges faced during the pandemic, and helping the region’s businesses to reach their full potential.
“While we’re celebrating another milestone, we hope to help many more businesses and entrepreneurs who have innovative and sustainable ideas in the future by breaking down the barriers of access to traditional finance and will allow the Midlands region to continue to prosper.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
New figures show that the return of the world-famous AJ Bell Tour of Britain cycle race boosted Mansfield’s local economy by more than £525,000 when it returned to Nottinghamshire in September.
An economic impact assessment commissioned by the event’s organisers reveals that the high profile cycle race generated £4.34m in net visitor expenditure for Nottinghamshire’s economy – with an impressive 225,000 fans lining the 116-mile route.
In Mansfield which hosted the final eight miles of stage five of the race on Thursday 8 September, the a total of spend was calculated as £525,015, mostly on accommodation and food and drink.
The average daily spend for day visitors was more than £48, while overnight visitors spent more than £135 with 86% of people saying the experience was very enjoyable.
The race returned to Nottinghamshire for the first time in four years with the fifth stage meandering through the county from West Bridgford to Mansfield. The stage proved to be the final leg of this year’s race as the three remaining stages were cancelled due to the passing of Her Majesty Queen Elizabeth II.
In Mansfield, there were an estimated 25,000 visitors watching the race. The evaluation report particularly highlighted how much people enjoyed the event with the majority of visitors left feeling, happy, proud, inspired and nostalgic.
Very few visitors noted any negative feelings associated with the event and 93% of visitors said that they would come back if West Bridgford/Mansfield were to host future Tour of Britain events.
Executive Mayor Andy Abrahams said: “This is a fantastic boost for the district. It showed Mansfield at its best and demonstrated our ability to host major international events such as this.
“We look forwards to hosting more of these kinds of prestigious events in the future in this area as a way of regenerating our local economy and showing the wider world what we know already – that Mansfield is a great destination, and that we are ambitious and open for business.
“I hope local people feel the same sense of pride that I feel about how the community came together.
“After their previous positive experience of working with the council, the race organisers were willing to extend the number of miles the route took in Mansfield so that more parts of the district were able to join in.
“I would like to extend a huge thank you to the communities of Warsop, Mansfield Woodhouse and Forest Town for their support in the build-up to the race and their enthusiastic cheer point events and activities on the day – we could not have done it without them.”
Race organisers hailed the Nottinghamshire stage for its atmosphere and organisation and the report revealed that Mansfield District Council was the fourth name most associated with the event, after A J Bell, Skoda, and Nottinghamshire County Council.
The total spend in Mansfield was up from £390,752 in 2018 when the district last hosted the race. And while attendance in Mansfield was down by 10,000 compared to 2018, the average spend per person was higher.
The report also shows that in Nottinghamshire:
69% of race spectators came from outside of the county
60% said they would visit the area again
24% stayed overnight
86% described the race as ‘very enjoyable’;
76% came with their families;
50% said the race had inspired them to cycle more.
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