Revenue up at Microlise Group

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Revenue up at Microlise Group

Revenue is up at Microlise Group, the Nottingham-headquartered provider of transport management software to fleet operators, according to a full year update on trading for the year ending 31 December 2022.

The company expects to report year-on-year revenue growth of 5% to £63.2m, despite industry headwinds caused by microchip supply chain issues and delays in project deployment with non-OEM customers. This resulted in non-recurring revenues slightly below forecasts.

However, the firm delivered record levels of OEM sales which impacted sales mix and had positive working capital effect. As a result of the change in sales mix, annual recurring revenues grew at a faster rate than revenue, by 10% to £42.6m, with recurring revenues now representing 64% of the total.

Meanwhile EBITDA is slightly ahead of market expectations.

Nadeem Raza, CEO, Microlise, said: “I am delighted to report that we shipped more units than ever during 2022, despite the well-documented supply chain issues that clouded our markets throughout the year. This pays testament to the strength of our products and the quality of our staff who have been agile and resourceful in the face of any issues, adapting where appropriate while improving efficiencies and the positioning of our company.

“Also, our new Great Place to Work (GPTW) accreditation reflects the passion and positive attitude of our people, all of whom are committed to building a supportive atmosphere. It recognises our commitment to staff and further establishes Microlise’s high-performing workplace culture.

“Although we can expect supply chain issues to continue to impact our markets in 2023, we do anticipate improvements during the second half of the year. This, combined with a record order book and healthy pipeline of opportunities across all the markets in which we operate, gives us confidence for the year ahead.”

Revenue increases at Mortgage Advice Bureau despite impact of mini-budget on mortgage market

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Revenue increases at Mortgage Advice Bureau despite impact of mini-budget on mortgage market
Full year revenue increased at Mortgage Advice Bureau (MAB) in 2022, despite the immediately negative impact of September’s mini-budget on the mortgage market. According to a trading update for the year ended 31 December 2022, the Derby-based group grew revenue by 22% to circa £230m. The acquisition of The Fluent Money Group on 12 July 2022 added £22m of revenue. The company’s adjusted profit before tax for the year is anticipated to be in line with expectations. With the start of the new year, MAB noted that current activity levels are below those seen this time last year. However, towards the very end of January there have been early signs of increasing lead volumes and written business across the group, which MAB anticipate will build steadily as borrowers gain confidence in a more stable macroeconomic and interest rate environment. The firm said that current trading is in line with expectations. Peter Brodnicki, CEO of MAB, said: “Despite the uncertain macroeconomic outlook, MAB remains very well positioned to grow its market share strongly again through 2023. In times like these housing transactions are typically postponed, not lost, and the opportunity these conditions generate for new AR recruitment will benefit MAB in the medium term. “The technology we have developed to help our AR firms optimise lead flow from existing lead sources and clients will help support an H2 recovery, and boost firm and adviser performance in all market conditions. Strong and effective lead flow has a heightened importance in times where purchase activity slows. “We anticipate a very strong year ahead for re-financing, a slow but steady improvement in consumer confidence and housing transaction levels, combined with an increase in new AR recruitment and the incremental impact of new lead generation initiatives. I am confident that whilst continuing to grow market share this year, MAB will be in a very strong position to regain significant momentum in 2024.”

Car company in top gear as dealership completed

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Car company in top gear as dealership completed
Construction of a major new premium used car dealership in Northamptonshire has reached practical completion. Premier Car Supermarket has expanded into Kettering with the completion of the new facility on a 3.55-acre site at Cransley Park. The premium used car retail operation, which has other dealerships in Derby and Leicester, is creating new jobs at the dealership which is located off the busy A43 at its junction with the A14 at Junction 8. The development includes a sales building incorporating a workshop and repair bay with external car wash facilities. There is also customer and visitor parking with most of the spaces for display sales vehicles. Other work included landscaping the site. Keir Edmonds, Managing Director at MCS Group, said: “The entire MCS Group team involved in the construction of the new Premier Car Supermarket at Kettering can be extremely proud of the fantastic new facility they have delivered. It has been a pleasure to work alongside the company on the project and we wish them huge success.” Premier Car Supermarket Chief Executive Neil Chapman said: “We are delighted to bring this growing brand to a new store in Kettering, and proud to be generating a number of new jobs and exciting new business opportunities for the town and surrounding areas. “The new site is in a great location and gives us access to thousands, if not millions of potential customers within a specific drive time radius. Car buyers will now have better access to our convenient, friendly and guided buying experience and hundreds of cars across the Midlands.” Premier Car Supermarket’s new dealership is adjacent to a new 1,800 sq ft drive-thru Costa Coffee outlet at the entrance to the recently constructed 270,000 sq ft Cransley Park industrial warehouse development.

Revenue hits record levels at Belvoir

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Revenue hits record levels at Belvoir
Revenue has hit record levels at Belvoir Group, the property franchise and financial services group with its central office in Grantham. According to a pre-close trading update for the year ended 31 December 2022, group revenue increased 13% to £33.5m, up from £29.6m 2021. The business noted that the housing sector performed better in 2022 than many commentators had forecast at the start of the year, with UK residential sales transactions down 15% on 2021, but around 6% ahead of pre-pandemic levels, and rents on new tenancies increasing by 10.8% during the year. As a result, Belvoir’s financial performance for the year, including profit before tax, is anticipated to be slightly ahead of managements’ expectations. Revenue from the financial services division increased by 24% to £17.9m, while revenue from the property division was up 1% to £15.5m. During the year the Belvoir Group acquired TIME Mortgage Services and Mr and Mrs Clarke (MMC). Dorian Gonsalves, CEO, said: “I am delighted to report that during 2022 our acquisition strategy both at group and at franchisee level enabled Belvoir to both extend its service offering and mitigate the lower level of activity in the housing market following the exceptionally strong conditions in 2021. “Our property franchisees and financial services advisers are highly motivated entrepreneurs who continue to demonstrate the ability to make the most of the opportunities presented in all market conditions. “Our property franchisees benefit from significant recurring lettings revenue that contributes around 56% of group gross profit and our financial services advisers have substantial client books from which to offer remortgages and other financial products, so are not entirely reliant on new mortgage business. “Whilst we anticipate continuing challenging market conditions in 2023, we remain confident that the resilience and diversity of our business model will enable the group to perform well against the market as a whole. As always, the Board will continue to identify suitable acquisition targets to support continued growth and enhance shareholder value still further.” Profitability in 2023 as a whole is anticipated to be slightly below 2022 and is expected to return to an upward trend in 2024. This is due in part to the mini budget in September 2022 creating a high degree of uncertainty within the property and related financial services markets. Between August and December, base rates doubled from 1.75% to 3.5% which led to a rapid rise in mortgage lending rates, the withdrawal of many mortgage products by lenders and a tightening of mortgage criteria. This impacted on instruction levels for house sales and demand for mortgages in Q4 which will in turn impact trading in H1 of 2023. While the Autumn statement reversed many of the fiscal initiatives proposed in the mini budget, which somewhat reassured borrowers and lenders, and the level of sales instructions and mortgage applications to date in 2023 have shown signs of improvement compared with Q4 2022, the recovery is expected to build slowly over the year. Belvoir noted that given the lead time from instruction to completion of a house sale and from mortgage application to drawdown can be up to five months, the improvement in activity in H1 is not likely to flow through into financial performance until H2.

Ideagen soars with Air India

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Ideagen soars with Air India
Nottinghamshire-headquartered software company Ideagen is set to support Air India with end-to-end safety management. The airline joins 750 aviation and aerospace organisations worldwide already using Ideagen to support them with their quality and safety operations. Ideagen software covers all aspects of risk, giving management full visibility of safety data from maintenance of the aircraft through to cabin crew checks on board. It provides the Air India leadership team with complete visibility across their entire organisation, allowing them to access the latest data and use this to spot and mitigate potential risks, enhancing the safety of their operations. Ideagen CEO Ben Dorks said: “We are honoured to be supporting Air India to continue to assure the safety of their passengers, crew and high-skilled workforce. “Air India, like Ideagen, are in an exciting period of growth, adding more routes to connect India with the rest of the world and we are delighted to be with them on that journey. “As an expert in software solutions within regulated and high-compliance industries, we have a strong pedigree in quality management, health and safety, risk mitigation, auditing, training and collaboration software. Air India customers can be assured that they are in safe hands.” Henry Donohoe, head of Safety, Security and Quality, Air India, said: “We are going for a significant and substantial upgrade of our existing systems and processes to ensure seamless flow of intelligence and data on a real time basis. “Ideagen Coruson is trusted by aviation industry globally for risk mitigation, auditing and training. Its induction will go a long way in enhancing our capabilities for the safety and well-being of our passengers and crew, particularly at a time when Air India is rapidly expanding its network on both national and international routes.”

2023 Business Predictions: Jason Hercock, Andrew McFarlane Holt and Trevor Wells, directors at Wells McFarlane

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2023 Business Predictions: Jason Hercock, Andrew McFarlane Holt and Trevor Wells, directors at Wells McFarlane
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Jason Hercock, Andrew McFarlane Holt and Trevor Wells, directors at Chartered Surveyors and Property Consultants, Wells McFarlane, who present their views on the future of the office, industrial and land markets in 2023… “It’s unlikely the office market will experience much variation from the past 12 months; the old adage of the high-quality properties attracting interest and tenants will certainly remain true,” says Jason. “This is not only compounded by a shortage of labour and skilled people, but also the rising costs of fuel and living impacting on the workforce’s willingness to commute. Offices in accessible locations with good transport links such as rural market towns will be the most desirable, followed by those on city perimeters or semi-rural locations. “From a landlord perspective, perception is critical. There’s an oversupply in the market so premises that are modern, energy efficient, flexible enough to facilitate hybrid working, and located in a well-connected environment that stimulates creativity and productivity will be the most in demand, so it’s advisable to talk to your agent about how best to market your property. I’m also starting to see a pleasant rebalancing in terms of freehold office space. Pre-Covid, there were very few available but with the changing interest rates and working patterns, an increase in freehold supply is emerging that could offer businesses alternative options next year,” concluded Jason. The demand for modern, high-quality units looks set to be the same in the industrial sector, as Andrew explains. “The better quality, thermally efficient buildings, like the Net Zero ready one at Hinckley Park we’ve just launched for IM Properties, will always hold their value and be well sought-after despite market conditions. We must expect the general uncertainty to be reflected in tenant enquiry levels, but in any recession there are still businesses up- and downsizing, meaning activity in the market. In certain areas, and on certain properties, I anticipate corrections in prices will be needed – tenants will be looking for deals and this will be the primary motivation for relocation – but the Midlands boasts excellent transport links and a strong labour pool, so is in a positive position and deals will continue.” On the land side, despite the announcement from government that housing targets will not be mandatory, there will still be pressure on the housing market, and therefore land supply. Trevor says: “Development land is already in short supply, and these changes are likely to make parcels even more scarce so I expect competition for consented sites will remain strong. The knock-on effect of course is that this likely lack of supply should sure up land prices, and hopefully as we see inflation fall back and interest rates stabilise, mortgage lenders will offer more competitive rates which should once again see sales rates of new homes start to pick up. Getting on with the strategic promotion of land will be more important than ever given the proposed changes to the way local authorities will have to deal with their housing supply numbers, so those with land which may have potential are advised to seek advice or a no obligation appraisal.”

2023 Business Predictions: Christopher Taylor, design director at Marchini Curran Associates

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2023 Business Predictions: Christopher Taylor, design director at Marchini Curran Associates
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Christopher Taylor, design director at Marchini Curran Associates. The industry is dramatically shifting to incorporate sustainability at the forefront of design, rather than paying lip service to it, and this is fantastic to see. We commend our home city of Nottingham for having an inspiring target of being carbon neutral by 2028, two years ahead of the national target of 2030. For 2023, we predict that our industry will be heavily looking to incorporate high quality sustainable design in all projects, and as a RIBA Chartered Practice, we have a strong commitment to this. Focusing on ethical and responsible sourcing of materials will also be more important than ever, as will recommending ways to build more efficiently, especially from a thermal perspective, in light of the current financial climate. Industry professionals will also be looking at creative ways of reinterpreting redundant building stock for contemporary purposes, and this is a key focus of our practice. We plan to continue developing our sustainability credentials across multiple aspects of the business, and our sustainability lead will oversee appraisals, addressing how we can continue to meet and exceed national and global targets, by reducing operational energy and embodied carbon in our buildings. The only way is up on the sustainability ladder, and it has to be this way – we are excited to see and contribute to the future of the industry by taking necessary environmental action.

Evolve Estates acquires main shopping centre in Northampton

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Evolve Estates acquires main shopping centre in Northampton
Grosvenor Shopping Northampton is under new ownership after it was snapped up by Evolve Estates, the national commercial property and investment company. The real estate company, which is part of the M Core group, has added the 319,048 sq ft prime retail, leisure and events destination to its rapidly growing retail portfolio, acquiring it from L&G for an undisclosed sum. Joe O’Keefe, one of the founding partners of Evolve Estates, said: “We are pleased to have completed this acquisition in an incredibly challenging market, cementing our commitment to continued investment in the retail sector. “This is one of the largest retail centres to come under our ownership and we’re excited to get to work. We’re already in discussion with numerous tenants who will complement the scheme and the wider Northampton town centre offer. “It’s also rare to find a scheme like this, with so many positive projects going on in and around it. There are more than £25 million of government-backed development projects immediately surrounding the centre on three separate sites, with Market Square, Greyfriars and the Abington Quarter, plus the Clock House key worker residential scheme. These will provide significant opportunities for us and the town to grow and fulfil its potential.” The two-storey shopping centre was comprehensively refurbished in 2015 and is anchored by Primark, Boots and Next. Other national retailers include: Office, Superdry, Lush, Pandora, Smiggle, Deichmann Shoes, and River Island. It has an 809-space multi-storey car park, which is owned and operated by West Northamptonshire Council. Evolve Estates has a UK-wide portfolio over more than two million square metres, and a value of about £340 million.

Private equity firm invests in Indian casual dining restaurant group

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Private equity firm invests in Indian casual dining restaurant group
TriSpan, a global private equity firm, has invested in Mowgli Street Food, an Indian casual dining restaurant group with sites in Nottingham and Leicester, through Rising Stars, its dedicated restaurant program. The founder and management have maintained a significant interest in the company with Nisha Katona MBE, the founder, continuing to lead the group as CEO in its next phase of growth, supported by TriSpan and the board. Matthew Peck and Lucy Worth will continue in their roles as CFO and COO respectively. Robin Rowland OBE, TriSpan European Operating Partner will chair the board. Dame Karen Jones, current chairperson, will remain on the board as a non-executive director. The first Mowgli restaurant opened in 2014 and it has since expanded to 15 sites nationally. The group has confirmed plans to open sites in Brighton, Bristol, Edinburgh in 2023, and is actively reviewing other expansion opportunities around the UK. Nisha Katona MBE, founder of Mowgli, said: “Founding and growing Mowgli has been an unremitting joy for me. I soar with excitement when I think of the future possibilities for Mowgli and the way the public and our teams have embraced our food and our brand. “TriSpan understands the elements that have made Mowgli, her food and her culture worthy of this affection and loyalty. They get it and always have, and I look forward to sharing the board table with colleagues that are committed to continuing to grow Mowgli with this delicious integrity at her heart.” Robin Rowland, chairman, added: “I have admired Mowgli for a number of years and am looking forward to working alongside Nisha and her proven management team and strong board to continue the evolution of this unique and loved brand, delivering authentic, fresh and exciting Indian cuisine.”
Commenting on the opportunity to support Mowgli, TriSpan partners Fady Michel Abouchalache and Joseph Patrick Dib said: “We are proud to have been given the opportunity to partner with Nisha and her exceptional team during its next phase of growth. “We are very excited at the prospect of bringing more Mowgli restaurants and their distinctive approach to Indian cuisine to more and more cities across the UK. This investment is once again testament to TriSpan’s commitment to the sector, especially in the face of the difficult macroeconomic environment present in the UK and globally.”
This is TriSpan’s tenth restaurant investment globally, and its fourth in the UK, following previous UK investments in Pho, Rosa’s Thai Café, and Thunderbird Fried Chicken. Debt financing for the transaction has been provided by OakNorth Bank. Terms of the transaction were not disclosed.

Warm reception for new manager at Nottingham Venues’ Orchard Hotel

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Warm reception for new manager at Nottingham Venues’ Orchard Hotel
Nottingham Venues, the brand behind meetings, events, hotel stays and a collection of venues across the University of Nottingham’s campuses, has appointed Peter Bartlett as hotel manager at their Orchard Hotel venue. Bartlett joins a growing team at the hotel and the wider group (nearly 250 employees) from the DoubleTree by Hilton, where he recently oversaw a £6m refurbishment of one of their West Midlands venues during the pandemic. With over 20 years in the hospitality industry and having worked in France, America (Long Island) and London, Bartlett brings a wealth of experience to the role as the business continues to build on a resurgence in business post-pandemic. Peter says: “This is a very exciting time to be joining the group as they have transitioned from being part of a major organisation in terms of De Vere into a thriving independent brand incredibly well. “This has been against a backdrop of huge uncertainty and challenges for the industry but Tom and his team have shown incredible vision to hit the ground running since last summer and are now reaping the rewards of a carefully managed process. “As well as having a firm focus on putting our customers first, I am looking forward to continuing the development of the growing team here at The Orchard Hotel and helping to forge a fantastic culture in the hotel and as part of the wider business.” General manager of Nottingham Venues, Tom Waldron-Lynch says: “Peter brings a wealth of experience to our growing team, both from his previous role and his wider global experience in the industry. His involvement in the major refurbishment programme at DoubleTree and the associated changes required within the team and the customer experience at his previous venue is also invaluable as we continue our own journey.”
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