Record first half revenue for Motorpoint
Motorpoint Group, the independent omnichannel vehicle retailer, has achieved record first half revenue, while pre-tax profits have slipped.
According to an update on the firm’s trading performance for the six months ended 30 September 2022, first half revenue hit £785m, up 30% from £605m in the same period of the year prior. The strong growth was driven by branch rollout, an increase in premium models being sold and vehicle price inflation.
Meanwhile, profit before tax for the period is £3m, significantly lower than the £13.5m pre-tax profit reported last year. Motorpoint noted that this comes as a result of increased strategic investment, “coupled with the costs of maintaining market leading finance rates.”
In a statement to London Stock Exchange, Motorpoint said: “The impact of rising inflation, interest rates, consumer uncertainty and worldwide vehicle supply chain challenges are significantly affecting the used car market. Whilst it is prudent to remain cautious given these short term headwinds, the group will continue to invest now for the longer term in a weakening competitor landscape, whilst also delivering appropriate levels of profitability and cash generation.”
Solar farms would be a catastrophe protests Council
It would be a catastrophe to build four nationally-important solar energy projects in the West Lindsey area of Lincolnshire believe its councillors, and they’ve written to the Government’s Environment Minister to tell him so.
Councillors say they’re extremely concerned about the scale and number of solar projects, which would account for almost a fifth of all solar energy generated in the UK, because they are shut out of the planning control process, which instead rests with national government.
Leader of West Lindsey District Council, Cllr Owen Bierley said the ‘sheer scale’ of the proposals in West Lindsey was at odds with both local and national policy.
He said: “It does not effectively balance the need for local social and economic prosperity, self-sufficiency in terms of food production, and the protection of open countryside against the need to generate green energy nationally”.
He has written to the Minister of State for Business, Energy and Clean Growth, Graham Stuart, MP for Beverley north of the Humber, urging him to consider the wider impacts.
He said: “If these proposals and others like them are allowed to go forward, driven by market forces and economic expediency alone, the impact on the countryside and rural communities would be catastrophic.”
Cllr Bierley strongly believes that rural districts have a key role to play in achieving self-sufficiency and realising net zero by 2050. But he stressed that allowing the market to drive these schemes removes the ability for the Country as a whole to appropriately plan future land use requirements. He added: “Ultimately it will affect the country’s ability to deliver sustainable food supply for future generations.”
The Council is aware of the challenges currently faced by farmers due to the uncertainty around future subsidies and financial incentives, leading them to part with land they would otherwise farm.
The letter outlines how the current proposals would also undermine’ competing priorities including that of the visitor economy of West Lindsey, which generates £43.67m for local businesses.
Cllr Bierley said: “West Lindsey’s unique selling point is access to the great outdoors, big skies and open countryside. Development on an industrial scale is not conducive to protecting or enhancing this critical income stream for a rural area’s West Lindsey.”
Tourism experts at Destination Lincolnshire, which is committed to growing the visitor economy in Lincolnshire, believes the project should be rejected. Charlotte Goy, Chief Executive of Destination Lincolnshire, urged the MP to consider the long-term implications and negative consequences of having a solar farm of this scale in this location in Lincolnshire.
She said: “I believe it will impact not only on the immediate businesses near it, but on the whole ecosystem of Lincoln and Lincolnshire as a visitor destination.”
Destination Lincolnshire believes its objection is aligned with national government encouraging positive visitor experiences in rural destinations post covid; a government which has gone to extraordinary lengths to support the sector financially, which work could be undermined by these solar projects could undermine this work.
Charlotte added: “As the sector recovers from the worst of the pandemic there has been an overwhelming demand for quality tourism experiences from a domestic market which enhance the place DNA and appeal of UK destinations – and Lincolnshire’s countryside offers just this.”
20 month sentence for bankrupt who acted as company director
A Lincolnshire company director has been given 200 hours community service on top of 20 months suspended sentence for breaches of Company Directors Disqualification Act 1986 and Insolvency Act.
Daniel Ross Patchett, 34, from Kingsthorpe in Lincolnshire, pleaded guilty at Lincoln Crown Court of acting in the management of a company whilst an undischarged bankrupt.
Bankrupts must adhere to a number of bankruptcy restrictions, including not creating, managing or promoting a company, or acting as a director of a company, unless they request and receive specific permission from the court. Breaching these restrictions is a criminal offence.
People who are made bankrupt also have a duty to declare their assets, which will be used to pay off their debts.
Daniel Patchett had resigned as a director of his business, DRP Distribution Ltd in February 2018, following his bankruptcy, at which point his wife became sole director. DRP Distribution operated from 2016 to 2019 as an order fulfilment company, providing warehousing, packing and distribution of parcels for third-parties who sold products online through Amazon and other services.
Despite his bankruptcy, Daniel Patchett continued to act in the management of the company in 2018, and he deliberately concealed his activity and income to avoid making payments to his creditors.
In particular, the Insolvency Service investigation found that Patchett was corresponding with Royal Mail regarding outstanding invoices and payments made, and the company’s accountants also confirmed that most of the communication came from him during this period.
A number of suppliers to the company also confirmed to the Insolvency Service that they understood Daniel Patchett was the director of the company.
He was due to be making monthly payments of around £400 to his creditors, but just a month into his bankruptcy he informed the Official Receiver that he no longer worked at DRP Distribution and therefore could pay only “a token gesture amount” toward his debts. He even provided a P45 form as evidence.
In reality, he continued to manage DRP Distribution and received over £30,000 from the company during his bankruptcy, additional hidden income of nearly £40,000 which the company paid to his wife, and a further £28,000 which he withdrew from the business in cash.
All of this money should have been paid to his creditors. Patchett told the court that he had been suffering from gambling addiction.
He was sentenced on 28 September 2022 at Lincoln Crown Court by Her Honour Judge Sjölin Knight.
Julie Barnes, Chief Investigator for the Insolvency Service, said:Daniel Patchett was fully aware both of his responsibility not to act as a director of a limited company given he was bankrupt, and also of his duty to disclose all assets and details of his income to the Official Receiver.
He chose to flagrantly disregard these obligations for his own personal gain, leaving creditors out of pocket. We will always prosecute such cases to protect the business community and the public from financial harm.
Trio of new contract wins confirms Phoenix Brickwork’s credentials as turnover exceeds £25m
A flurry of large contract wins for brickwork, scaffolding and drywall business, Phoenix Brickwork, has seen it both spread its wings across the UK, and boost its turnover.
Of five new recent contracts, the three largest – totalling over £3.5m – have pushed this year’s turnover to over £25m, with wins in Nottingham, York and Birmingham.
The biggest contract, worth £1.5m, sees Phoenix team up with main contractor, Clegg Construction, to provide EOS SFS, drywall Internal partitions and ceiling as well as Rockfon suspended ceilings on a new 188-bedroom, four-storey Premier Inn in Layerthorpe, York.
Down the road in Nottingham, Phoenix will provide the brickwork and internal blockwork for the new iQ student accommodation block for Galliford Try. A total of 85 new student flats are being created as part of an ongoing development in Nottingham with the contract win for Phoenix topping more than £1m.
The third largest completion – which touched nearly £1m for Phoenix, was Wylde Green Retirement Apartments for new client, Adlington Retirement Living. Phoenix will provide a brickwork and scaffold package. The retirement apartment complex is a four-storey, 57-apartment development in Sutton Coldfield.
Further project wins this year include projects in Sheffield and Tamworth, with Phoenix’s team delivering fire-stopping work, external brickwork and blockwork services for Equans and GMI Construction. These last two wins, each worth in excess of £250,000, demonstrate the broader reach that Derbyshire-based Phoenix is experiencing.
In total, these recent contract completions have totalled over £4m, setting Phoenix Brickwork (UK) Ltd on target for exceeding £25m turnover this year.
Christian Watson, group chairman at Phoenix Brickwork (UK) Ltd, said: “These recent successes are built on the quality of our team and their work.
“Our relationships with main contractors, many of whom are long-term clients, are becoming ever stronger, as we continue to deliver projects on time and on budget, to extremely high standards. It is exciting to witness such strong growth in the first half of this year already, with more wins to follow. In addition, the further growth of Phoenix in wider geographical projects will only fuel more success.”
Ibstock puts collaboration at centre of its Supply Chain Engagement Day
Supply chain collaboration is helping Ibstock plc, a leading manufacturer of clay and concrete building products and solutions, to tackle the global challenge of decarbonisation. The company brought together a cross section of key suppliers to identify opportunities for accelerating change at its recent Supply Chain Engagement Day.
Building on the success of the inaugural event held in 2021, the Supply Chain Engagement Day was attended by 30 of Ibstock’s suppliers who have a significant material impact on its Scope 3 carbon emissions, including CEMEX, Aggregate Industries, Linde H, RS Components and Berry.
The aim of the event was to support Ibstock in meeting some of the sustainability challenges faced by the construction sector, in particular getting a better understanding of how Scope 3 emissions can be reduced and identifying opportunities for collaboration on carbon reduction initiatives.
With almost one third of Ibstock’s carbon emissions falling under this category, it is important for Ibstock to understand the challenges being faced across the industry and to bring the best minds together in order to tackle them. In doing so, its findings can be aligned with its ESG Strategy to 2030, and ambition of becoming a Net Zero business by 2040.
ESG Strategy update
Addressing Climate Change is one of the three pillars of Ibstock’s ESG Strategy to 2030, which was launched earlier this year. Attendees were given an update on progress made towards Ibstock’s decarbonisation goals and invited to join in roundtable discussions, outlining how their businesses are approaching the journey to Net Zero. Participants were also shared their own challenges, best practice and offered examples of innovative solutions being implemented to reach their sustainability targets.
The findings and outcomes that arise from events like this will be crucial as Ibstock develops its pathway for reaching Net Zero and wider sustainability ambitions.
“Power of collaboration and partnership”
Darren Waters, Chief Operating Officer at Ibstock plc, said: “We believe in the power of collaboration and partnership. With this in mind we are keen to work with suppliers to develop new ideas and solutions to support our sustainability journey. It is why events like our Supply Chain Engagement Day are so important. By understanding the challenges being faced, we can co-create solutions that will lead to more rapid and effective change. Reducing our Scope 3 emissions is a key priority for us as we seek to be a Net Zero business by 2040, and the findings of this event will help us deliver our carbon reduction strategy.”
Joe Fox, Ibstock’s Group Procurement Manager, commented: “Coming together to discuss the sustainability challenges being faced across our supply chain is a crucial part of our shared decarbonisation journey. We can only succeed by building a mutual understanding of the opportunities for change. It was great to have so many different people come together, providing inspiration and ideas that we can all turn into momentum for positive change.”
Ibstock plc’s Group Sustainability Advisor Emily Landsborough commented: “In the last few years the sustainability agenda has been completely changed. Net Zero is a huge challenge for businesses and requires transformation across all areas. Whilst we are accelerating our decarbonisation journey, we don’t have all the answers, and we need to be willing to fail, learn and try new approaches – our hope is that by working together with our suppliers we can get to the right solutions more quickly.”
The value of the Supply Chain Engagement Day was not only felt by Ibstock but also by those who attended.
Attendee Luke Olly, Energy and Carbon Manager at Aggregate Industries said: “It’s been great to meet up with people in the same industry and find out what they are doing to reach Net Zero. We share many of the same challenges and it’s important that we are sharing best practice as we move towards our common goal.”
Alex Hacking, an Account Manager at Eclipse Packing, said: “It’s been really enlightening to be here and learn about other companies’ challenges and success stories as they progress to Net Zero. We all want to be in business in 10 years’ time, and businesses who don’t address their sustainability impact won’t be here in the future. Events like this bring us one step forward to reaching our goals, and it’s inspired me to think about how Eclipse Packing approaches our own downstream supply chain emissions.”
Derbyshire based Global workwear company announces search for five new charity partners
Submissions are now open to become one of leading workwear supplier Mi Hub’s charity partners for 2023-2026, welcoming international, national and local organisations to get involved.
The global company, which is formed of four divisions (Dimensions, Affinity, Yaffy and Alexandra), is seeking charities that align with its ambitions and share its values of community, sustainability and integrity.
Previously, Mi Hub has supported the likes of Save the Children, Mind and Nurses Guild, in addition to charities close to its Derby HQ, such as Doorways Debry. In fact, since 2015 Mi Hub has raised over £115k for charity!
Inviting organisations from all corners of the globe, Mi Hub is looking for five charity partners that will run for three years, including:
- International
- National (UK)
- National (US)
- Local UK (Derby, Bristol and Cambuslang)
- Local US (Jeffersonville)
Lincoln Golf Simulator company lands an ace with £50k of growth investment
A Lincoln-based golf simulator company, Virtually Golf, has secured £50k to further grow the business whilst creating two new positions.
Virtually Golf secured finance from First Enterprise – Enterprise Loans through British Business Bank’s Midlands Engine Investment Fund (MEIF) backed by the Recovery Loan Scheme. The funding will be used for equipment and improving the dining experience.
Although the UK has seen a rise in golf participation, golf clubs have been closing for various reasons, including a fall in club memberships. Virtually Golf identified this gap in the market and offers a realistic golf experience using simulators for both professional and amateur golfers. It offers several options for larger groups like friends or families who want to enjoy the experience together.
Using Virtually Golf’s unique simulator concept, the company provides an educational space for golfers to develop their skills and for non-golfers to be introduced to the game to create new and unique experiences with friends and family.
Stephen Clark, Founder & Managing Director, Virtually Golf, said: “It was fantastic to open and invite Lincoln’s residents to VG (Virtually Golf) to discuss and showcase this new concept with above ‘PAR’ experiences for golfers and non-golfers.
“We needed to adapt the business model and the loan has enabled us to focus on what we initially envisioned to create an elevated dining experience around the technologically advanced golfing services we offer. To bring in summer trade for friends and family through food, drink and fun!
“I personally want to thank First Enterprise for the service and help during the process. We even look forward to hosting an event together on the 24th of November.”
Matthew Wright, Investment Manager at First Enterprise – Enterprise Loans, commented: “Stephen and Christina were fantastic to work with and have pinpointed a great gap in the market whilst coming up with an innovative solution for it. First Enterprise and I fully support this type of resourceful entrepreneurship.”
Lewis Stringer, Senior Manager at British Business Bank, Commented: “The MEIF supports small businesses, such as Virtually Golf, with innovative concepts to realise their growth potential. MEIF funding continues to support businesses in Lincolnshire and across the Midlands to expand through the creation of new jobs, contributing to the growth of the region’s overall economy.”
Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said: “Virtually Golf is an excellent example of a disruptive start-up which has harnessed the power of new technology to solve a contemporary problem.
“Greater Lincolnshire is developing a reputation for high-tech innovation in sectors from sport to agriculture and from manufacturing to defence.
“It’s also home to some of the best golf courses in the UK, most notably at Woodhall Spa which is home to the English Golf Union and the National Golf Centre.
“I’ve no doubt that this new financial injection will help Virtually Golf to cement its place alongside some of these longer established golfing institutions.”
Nottingham Law School’s teaching law firm rebrands to reflect expanding services
Nottingham Law School’s multi award winning teaching law firm has been rebranded to NLS Legal to reflect its status more accurately as a regulated law firm and its growing range of services.
Formerly the Nottingham Law School Legal Advice Centre, NLS Legal sees Nottingham Law School students support members of the local community with free and affordable legal advice.
Supervised by a small team of experienced lawyers, they assist on a range of legal areas including employment, family, housing, business, civil litigation, intellectual property, special educational needs and disability, welfare benefits and victims’ rights. The firm also delivers a number of public legal education sessions each year in order to raise awareness of legal rights and responsibilities.
The firm provides hundreds of work experience opportunities for Nottingham Law School students each year. The law students provide administrative and management support to the firm, such as dealing with new enquiries and being involved in monitoring risk and compliance, through to case work such as research, drafting, client interviewing and representing clients at tribunal or court.
The service is aimed at those that are unable to afford, or unable to access, legal services and the team has secured financial awards totalling more than £5.5 million for its clients. The firm has also won numerous prominent accolades, including most recently being named Law Firm of the Year at the Lexis Nexis Legal Awards 2022 after being nominated alongside five private national and international law firms.
As a not-for-profit teaching law firm with charitable status, NLS Legal was the UK’s first law firm fully integrated into a law school when it obtained an ABS (Alternative Business Structure) licence in 2015.
Head of NLS Legal, Laura Pinkney, said: “When we launched as an ABS, we were the only firm of its type in the UK and this model remains rare both in the UK and internationally. As a law firm with a difference, we pride ourselves on providing high quality legal services, promoting access to justice and supporting the development of our students.
“Over the last seven years we have continued to grow and adapt, supporting more than 150 clients each year through the effects of cuts to legal aid, the pandemic and now the cost-of-living crisis.
“We now offer such a full range of support covering many areas of the law that we felt the time was right for a name change to reflect the services we offer as a fully regulated not-for-profit law firm.”
East Midlands Chamber Chief Executive appointed as chair of prison’s employment advisory board
One of the region’s most prominent business leaders is helping to bridge the gap between employers and prisoners after being appointed to a key position. East Midlands Chamber Chief Executive Scott Knowles is now chair of the newly-formed employment advisory board at HMP Sudbury Prison, in Derbyshire.
The 12-person board helps to develop work and training opportunities for prisoners, establish partnerships with local businesses, and invest in projects that will support their progression into long-term employment once they return to the community.
The Chamber’s director of resources Lucy Robinson is vice-chair of the board, which also includes business leaders from organisations including Staffordshire Chambers of Commerce, Blueprint Interiors, Cosy Direct, DPI UK, New Futures Network, PPL PRS, Qinesis and The Alternative Board.
Scott said: “It’s a great privilege to be asked to lead the new employment advisory board, which has a crucial role to play both for society and businesses.
“We want to ensure prison leavers are given the tools they need to re-enter the community and make a meaningful contribution via a long-term job.
“At the same time, businesses are grappling with a skills shortage that is severely hampering their growth prospects, with four in 10 East Midlands businesses that attempt to recruit struggling to fill vacant roles.
“With the region’s unemployment rate at a record low of 2.4% amid a rising number of people leaving the workforce, businesses now need to widen their labour pool via inclusive recruitment strategies that tap into people from all backgrounds, including prison leavers.
“Some of our members have already started to do this and are hugely enthusiastic about the contributions they make because these individuals are very keen to make a new start, and will show great loyalty to the organisation that gives them a chance.”
Businesses offering employment to prison leavers
HMP Sudbury, a Category D men’s prison based near Ashbourne, had on average 576 prisoners at any one time between January and December 2021.
About 160 of its current population is in regular, full-time paid work at 35 local, national and international businesses, which advertise roles via an employment hub within the prison that also supports with application forms and facilitating interviews. Companies include GXO, Scott Group, W H Ratcliffe, Clipper Logistics, The Bennie Group, RMF Construction.
Many of these employers offer additional training, such as forklift licences or construction tickets, and all offer jobs on release. There are often opportunities for progression within organisations to supervisor and management roles.
To join the outwork scheme, prisoners must meet a number of criteria, such as completing relevant education and risk assessment courses, and having good work attendance during an internal placement in the prison.
To date, 67 Employment Advisory Boards (EABs) have an appointed chair, with ex-offenders working in a host of areas including construction, retail, catering and manufacturing.
The Government has committed to establishing 92 EABs in prisons by April 2023. Since the launch of EABs in 2021, 4,000 ex-prisoners are in steady employment six weeks after leaving prison.
Employment is one of three golden threads to successful rehabilitation
Craig Smith, governor at HMP Sudbury, said: “In my experience, there are three golden threads that enable any individual leaving prison to remain out of prison – a place to live, contact with family and friends, and employment.
“Employment offers a wage, dignity, purpose and hope to succeed within the community. I firmly believe that by offering these golden threads, we will succeed in rehabilitating and ensuring we start to reduce our prison population.
“The employment advisory board is vital in offering HMP Sudbury the chance to provide these goals.
“Scott is ideal to lead this with his knowledge, experience and connections via East Midlands Chamber. I appreciate his honesty, directness and innovative thinking, and I am delighted he is the chair of the board.”
Loughborough colleagues brave mud for Rainbows
Colleagues from a Loughborough firm have raised £750 for Rainbows Hospice for Children and Young People by getting muddy in an extreme challenge.
Five team members from Anstey Wallpaper Company took on the Wolf Run last month in Leamington Spa.
The challenge saw Natalie Drummond, Dan Johnson, Sean Kelly, Lauren McCabe and Maisie Morris complete the 10k off road obstacle course. Between them, they mastered lake swims, mud pits, fallen trees and dense foliage.
The team said it was “tough but so worth it” as they raised £750 for Rainbows, which supports children with terminal and serious illnesses across the East Midlands.
Natalie Drummond, senior designer at Anstey Wallpaper Company, said: “We laughed the whole way around the course, even when we were covered head to toe in mud and pond weed; we were still laughing.
“It was a great way of showing competitive spirit but we had to work as a team otherwise we would still be in that mud pit now. It’s fair to say those t-shirts will never be as white again. It was an amazing experience and an honour to do it for such a wonderful cause. We hope with the funds raised, Rainbows can keep doing its amazing work.”
Kate Golding, head of Organisational Giving at Rainbows, added: “What the team from Anstey did was incredible and it looked like they had so much fun. Without the support of companies like theirs, we would not be able to provide the vital services that we do to hundreds of families who need us. On behalf of all of the children and young people at Rainbows, I thank them from the bottom of our hearts.”
