Don’t dwell on financial downturn says Beylmayne

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Local independent financial planners, Belmayne, are reassuring investors there is no need to change their retirement plans because of current market volatility. The Dronfield-based firm is urging people not to concentrate on recent market news, but to review their retirement objectives and focus on making sure their plan is on target. Belmayne partner, Jon Stevens, said: “Investing is not about trying to enter or exit the markets at the right moment, it is the time spent in the markets that matters. If the headlines in your life haven’t changed, then neither should your investments.” The professional financial planning process enables investors to establish goals and build an achievable plan, taking into account variable levels of returns in good and bad years. Belmayne advocates evidence-based investing and gives clients access to a highly diversified, low-cost suite of solutions. Jon added: “Planning for retirement is a detailed process and there are many moving parts. We use cashflow forecasting tools to demonstrate how markets will vary and how we can protect your finances from this volatility. It is easy to get lost in the ‘noise’ surrounding the recent economic turbulence, but by focusing on long-term goals, we can ensure investments remain on track.”

Breedon on track to deliver record earnings for 2022

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Breedon, the construction materials group, is on track to deliver record earnings in 2022, according to a new trading statement regarding its performance for the 10 months to 31 October 2022. Trading conditions during the second half have “remained supportive,” and the Leicestershire firm says this has enabled the company to fully recover rising input costs through robust pricing and disciplined cost management. In the four months to October 2022, the business delivered revenue growth of 16% compared to the same period in 2021. This resulted in revenue of £1.19bn in the year to date, some 14% ahead of the equivalent reported period last year. Rob Wood, CEO, said: “This time last year we reminded our investors of the agile and entrepreneurial DNA that sets Breedon apart. Our rapid response to changing market conditions, local focus, vertically-integrated business model and disciplined financial framework will again enable us to deliver record results.
“Visibility in the trading landscape has been poor for some years now, for a variety of reasons. Against this constantly changing backdrop, our team’s commitment and resolve have delivered quality products and great service to our customers, regardless of the economic or political landscape. For this, we thank them. Their focus and determination in turn continues to deliver for all our stakeholders.”

Eight storey apartment building approved in Nottingham

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Plans for a new apartment building in Nottingham have been approved.
The proposals for 1 Wallett Street come from Arkwright Property Co Ltd and would see existing buildings on the site demolished.
The site currently comprises a collection of industrial buildings and a large surface car park, which will be replaced with a building that steps down in height from 8 storeys on the frontage to Crocus Street to 4 storeys adjacent to Meadows Way.
141 apartments are planned, comprising 72 one bed and 69 two bed flats.
There would be 44 car parking spaces at the ground floor level along with bin and cycle storage facilities.

Chattertons Corporate Team celebrate completion of ten deals in October

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October has been a busy month for the Corporate Team at Chattertons Solicitors which has completed ten deals with a further eight expected to complete by the end of 2022. Over the last year the firm has been involved in over 50 transactions ranging in value from £200,000 to £20m. Many of them have involved businesses located throughout the UK, which showcases the demand for advice from East Midlands based-advisers. The deals completed in October include the sale of London-based Rogers Removals to worldwide Cadogan Tate Group Limited, who are internationally recognised as a market leader, with removals, storage, freight and fine art logistics operations in London, Paris, the Côte d’Azur and the United States. Clients include royalty, presidents, government agencies, business magnates, blue chip corporations and celebrities. Other deals include the sale of Appliance Care to Pearson North Devon Limited, the sale of architectural firm WSW Consultancy Limited to Stiles Harold Williams Partnership LLP, both based near Brighton, the sale of Mustard Models to Whole Grain Limited, and Derby-based Diacom Networks to Grantcroft Limited. The tenth deal was the highly publicised acquisition of Leeds-based insurance broker Ravenhall Risk Solutions by Jenston Group. Adam Gilbert, head of Corporate, said: “Despite the uncertainty in the economy there seems to be a continuing appetite in the SME market to buy and sell businesses and our pipeline of future deals is still very strong.” He added: “The recent rises in interest rates is also not perturbing activity as many business owners remember when interest rates were much higher. Good businesses will always find buyers, largely irrespective of what the economy is doing as long as the buyer and the seller have a realistic approach to valuation. There is definitely a willingness to dismiss the speculation by doom mongers and those with a clear strategy and solid business plan are clearly pressing full steam ahead with their plans.”

New Derby centre for sustainable tech business

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Sustainable technology business Circulayo has officially opened a new centre in Derby. The firm, which was founded last year by RDS Global, is on a mission to reduce the use of single-use plastic. Its new base at Perkin’s Yard is called the Flow Centre – named after Flow, a reusable packaging system devised by Circulayo. Flow uses technology to power a system where reusable cups are as easy and as cheap to use as single-use disposables. The system has already been used at numerous events across the city, including beer festivals and the recent Marketing Derby Food and Drink Awards. Councillor Baggy Shanker, from Derby City Council, cut the ribbon on Circulayo’s new premises. He said: “I was absolutely delighted to officially open the new line at Circulayo. It will be able to take 12 million cups a year from landfill if users across the city use this truly innovative and sustainable idea. “Circulayo’s mission is so important to us all and the future of our planet. We can all do more to be sustainable and we are privileged to have this concept here in Derby. I hope food and beverage businesses across Derby use this facility and collectively we all do our bit to eradicate single use plastics.” Chief Executive Andy Flinn said: “Our new sustainable technology venture is being rolled out into Derby venues and we couldn’t be prouder. We have proven that a zero-waste future for Derby is possible and it’s great to finally see our ideas and passion be at the forefront of people within our community.”

Local companies support the most vulnerable this winter

A host of local companies have donated over £28,000 to help those hardest hit this winter during the cost-of-living crisis. Derby Homes set a target of raising enough money to buy 500 slow cookers, 500 air fryers and 500 electric blankets/throws. Their contractors and suppliers have responded generously with contributions already received from Buildbase, ARCUS Consulting, EEM, Nationwide Windows, Eurocell, Marley, Buxton Decorators, SPK Contractors, JAL Roofing, Vaillant Group, Bell Group and Westville Group. Derby City Council Local Area Coordinators are working closely with Community Action Derby and Food 4 Thought Alliance, who are organising delivery to residents across the city. One of the first residents to receive a heated blanket was hugely appreciative of the gesture. The elderly gentleman from Derby has a number of physical health conditions which limit his mobility. Due to the cost-of-living crisis he’s not been able to afford to put his heating on and has had to sit in the dark after running out of credit on several occasions. He wanted to remain anonymous but did say: “I’ve been struggling for weeks, the cost of living is having a huge impact on me every day. “I’m reluctant to ask for help but having spoken to Community Action Derby I realised I could get some help. They helped me apply for the Household Support Fund vouchers. “I’ve now been able to buy food from Sainsburys and top up my electricity. I can’t remember the last time I ate three meals in a day. “Having used the blanket for the first time last night I can’t tell you how it was. It actually made me feel human.” Derby Homes chair Mike Ainsley said: “It has been a difficult few years for us all, however 2022 remains an anxious time as the country begins to see the growing cost of living pressures. “As a collective group we are doing everything we can to help residents through the crisis. There’s still time for local firms to get involved too to help the cause. “Heating an individual by using the blankets can save people hundreds off their energy bill when compared to solely relying on central heating. We hope they can make a real difference. “Likewise, alternative cooking appliances such as slow cookers and air-fryers can be a cheaper way of heating food than traditional electric or gas ovens, especially for smaller meals. “The amount of energy home appliances use varies massively. Using a slow cooker, for example, for eight hours costs around 44p (1.30kWh), which is a big reduction compared to when using an electric oven (which uses around 3.04kWh costing £1.03). “Meanwhile it costs 3.5pence per hour for a heated throw on full power compared to 70pence per hour for a 2kw electric fan heater. “The items will be handed out to the most vulnerable, to the people who will benefit from them most. This includes elderly people, or those with specific medical conditions which make them immobile, very unwell, or feel cold.” Councillor Roy Webb, cabinet Member for Adults, Health and Housing, said: “The cost-of-living crisis is affecting everyone, and the rollout of these appliances will go some way to reducing the financial pressure on our most vulnerable residents. “A full raft of cost-of-living support is available to help people struggling with the rising cost of energy, food and bills, which can be found at https://www.communityactionderby.org.uk/crisis-support/help-with-the-cost-of-living.”

Dr. Martens CEO “pleased” with half year results

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The CEO of iconic British brand Dr. Martens is “pleased to report another strong set of results” for the first half of its financial year in which the business opened 21 new stores. According to interim results for the six months to 30 September 2022, revenue has risen while profits have slipped. During the period, when the consumer environment weakened, revenue grew to £418.6m at the Northamptonshire-headquartered firm, up from £369.9m in the first half of last year. Profit before tax meanwhile slipped to £57.9m from £61.3m. The company noted it has made a proactive decision to continue with targeted investment for the future rather than reducing investment for short-term profit. Kenny Wilson, Chief Executive Officer, said: “I am pleased to report another strong set of results covering the first half of our financial year. Underlying revenue growth was 18% and the EBITDA margin was in line with our guidance. I’d like to thank all Dr. Martens people for their hard work and custodianship over the last six months in helping to deliver these results.

“Our growth is built on the successful execution of our DOCS strategy, led by the DTC-first approach, with DTC revenue up 21%. At the heart of our continued success is the strength of our brand, highlighted by underlying pairs growth and continually improving brand metrics. We have further pricing headroom for AW23 so we will offset cost inflation once again.

“Although there are economic challenges ahead, we are well positioned for future growth. We will continue to drive growth investment to deliver the DOCS strategy, mainly in new stores, marketing, people, technology and inventory. Reflecting our confidence in the future, our balanced global revenues and our strong balance sheet, the board has decided to increase the interim dividend by 28% to 1.56p per share.”

One in four small firms plan to close, downsize, or restructure if energy bills relief ends in April next year

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Small firms’ survival during the ongoing energy price crisis will depend on continued government support through Energy Bill Relief Scheme (EBRS) beyond March 2023, according to a new Federation of Small Businesses (FSB) energy survey.The survey, which measured the impact of the energy price crisis on small businesses, shows small firms await with both hope and anxiety for clarity on whether they will still be eligible for support amid the on-going government review of the six-month scheme, which is due to end on April 1, 2023. The findings have been submitted to the Department for Business, Energy & Industrial Strategy (BEIS).A quarter of small firms (24%) plan to close, downsize, or radically change their business model if the government reduces energy support post-March next year. This rises to 42% of firms in the accommodation and food sector, followed by the wholesale and retail (34%), and manufacturing sectors (29%).More than four in ten small firms (44%) are considering raising prices to cope with soaring bills when the current EBRS is due to end, and a third (30%) expect to cancel or scale down planned investments.One in five (18%) have said they would need to keep prices the same, even though their energy bills are increasing, because customers simply cannot afford further increases. A majority of 63% say energy costs have increased this year compared to last year. Some 44% report a double, triple or even higher increase in their energy bills, and nearly one in five (19%) say their bills had tripled or higher. In response to the eye-watering bills, nearly half of small firms (46%) have already raised prices although it has been impossible for them to pass on full costs to consumers tightening their belts amid the cost of living rises. In light of the findings, FSB suggests the government should

·    Continue support under the current EBRS to avoid a cliff edge on April 1, 2023;

·    Consider the size, not just sector or geography, of firms when determining which businesses are vulnerable, and therefore entitled for further support;

·    Maximise planning certainty over the long-term so that small businesses can plan ahead; and

·    Help small businesses to invest in energy efficiency, through incentives like voucher schemes

FSB development manager, Natalie Gasson-McKinley, said: “Our research indicates that small firms are being held back from investment and are at the brink of collapse because of sky-rocketing energy costs. It’d be a real shame and great loss to our economy if those who managed to get through the pandemic and this tough winter with government support end up closing their businesses because relief ends too sharply in April. “Latest OECD forecasts suggest the UK economy will suffer the biggest hit from energy crisis among G7 nations. But the tides can be turned if the government extends the period of energy support to struggling small businesses after the EBRS ends in April next year. “It’s important that the government provide certainty to small firms for the long-term as they can’t plan on a six-month horizon. “Think of the engineering business in Hampshire which 40 local families are dependent on, and the independent launderette that has been serving the community for years. To allow well-run businesses to go under would be a false economy as we enter a recession. “Business size must be taken into account as a relevant factor in the government review of the EBRS, given the stark impact on small firms which have typically lower margins and are least able to deal with the rising costs. It can’t be a purely sector-based decision, otherwise it’ll lead to deadweight and unfairness.”

Third annual survey highlights challenges facing SMEs

Businesses in the UK are being urged to share the challenges they expect to face over the next 12 months in the third annual SME Business Survey. The study, originally launched by Northants human resources experts HR Solutions in the midst of the pandemic in 2020, is live now for 2022 and is open to all small and medium sized enterprises and focuses on key issues such as the impact of rising costs, and employee retention. This is the third year that HR Solutions have run the survey, which they use to gain a deeper understanding of the year ahead and discover how SMEs plan to navigate the changing business climate. Chief Executive of HR Solutions, Greg Guilford, said: “The past three years that we have carried out our survey, have arguably been three of the most challenging years for SMEs for some time. “Last year’s survey found that SMEs were keen to manage their costs more effectively whilst also highlighting that recruitment was set to be a serious challenge. The survey allows us to do a ‘stock take’ on key trends for SMEs, and reflect on how the market is changing. “It also gives us the opportunity to support those enterprises that really need the extra help. In response to the challenges identified in the 2021/22 survey, we worked with a number of SME partners to deliver further guidance and support in key areas including business finance, employee retention and recruitment using webinars, seminars and detailed support packages.” Last year’s findings showed many SMEs were struggling with employee retention so HR Solutions teamed up with Vestd to discuss The Great Resignation and whether share and share option schemes could be the answer. Another webinar showed key ways to secure top performing employees within a challenging recruitment market. The 2021 SME Business Survey results also showed that cash flow within businesses is more important than ever, so HR Solutions partnered with Nordens accountants to look at the importance of cash flow and forecasting. Greg added: “The more people that take part in the survey, the clearer the picture is for us of what challenges need addressing and what support SMEs need right now. The work we do provides a wealth of material to enable SMEs to thrive and succeed, despite those challenges. “We are hoping to get a record number of participants this year. The survey is available online now and is quick and easy to complete. Take a look and be part of something that benefits our business community.” To take part in the 2022 SME Survey visit https://www.hrsolutions-uk.com/sme-business-survey before the end of the year.

Gateley hails “strong” six months

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The board of Gateley, the legal and professional services group, is “pleased with the strong performance” of the group in the six months ended 31 October 2022.

According to a trading update ahead of Gateley’s half year results, revenue has grown by 22% and is expected to be not less than £76 million. 

Underlying adjusted profit before tax meanwhile has grown by 11% and is expected to be not less than £9.4 million for the period.

Rod Waldie, Chief Executive Officer of Gateley, said: “In a period that included previously announced investment to strengthen our operating model and some predicted and appropriate post-pandemic increases in operating costs, our resilient business model, enhanced by an increasing range of complementary services, and our embedded ‘one-team’ culture, remain the driving forces behind another strong financial performance by the group. 

“On behalf of the board, I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude. 

“We are excited by the wide range of opportunities that are presenting themselves to the group and look forward to continuing to grow the business, both organically and via acquisition, in line with our stated strategy.”