Hedin Group will be required either to announce a firm intention to make an offer for the company or to announce that it does not intend to make an offer by 24 October 2022.
Pendragon shareholder puts forward £400m bid for the business
Pendragon has received “an unsolicited, preliminary and highly conditional proposal” from shareholder Hedin Group regarding a possible cash offer for the business.
The bid is for 29 pence per share of the Nottingham car retailer, valuing it at £400m.
The Hedin Group, which has over 200 car dealerships, is a family-owned company with operations mainly in the sale and service of vehicles, wholesale of spare parts and tires for vehicles and rental car operations.
Pendragon said: “The Board of Pendragon is currently considering the proposal together with its financial and legal advisers.
“There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made. A further announcement will be made if and when appropriate.”
£9.2m grant funding available to upskill the domestic retrofit workforce
The Home Decarbonisation Skills Training Competition (HDSTC) has been launched by the Department for Business, Energy and Industrial Strategy (BEIS). Through the competition, £9.2m of grant funding will be available for training providers across England to run courses to upskill the domestic retrofit workforce.
The competition is being facilitated by the Midlands Net Zero Hub, which is governed by Nottingham City Council. Registered training providers can bid for up to £1m of grant funding through the competition and 8,900 courses are set to be delivered across three areas: retrofit assessment and accreditation, insulation and heat pumps.
Improving energy efficiency of homes remains the best approach to reducing fuel poverty in the long-term, and these courses are aimed at addressing shortages that exist within the retrofit supply chain. Retrofitting domestic properties through these measures contributes to warmer homes, reducing both energy bills and carbon emissions.
Councillor Sally Longford, portfolio holder for energy, environment and waste services, said: “I’m delighted that we are supporting the net zero agenda nationally thanks to the Midlands Net Zero Hub. Heating and powering domestic properties accounts for approximately 40% of energy demand and 30% of carbon emissions, so ensuring the domestic retrofit workforce can be delivered at scale is a vital part of achieving net zero by 2050.
“The Home Decarbonisation Skills Training Competition gives an opportunity for training providers to offer courses which will help plug the skills gaps in the current retrofit supply chain and join the growing green jobs sector. These opportunities will have a real impact on improving people’s lives by lifting many out of fuel poverty, while also helping us to decarbonise homes.”
Wayne Bexton, director of carbon reduction, energy and sustainability at Nottingham City Council, said: “This competition is a direct boost for the low carbon economy, ensuring skills are being developed to match the pace of retrofit being delivered. I believe the Midlands and Nottingham can lead the green jobs revolution that will support the improvements to properties we need to achieve in order to fulfil our net zero ambitions.”
Michael Gallagher, head of the Midlands Net Zero Hub, said: “We’re pleased to be involved in delivering the second Skills Training Competition on behalf of BEIS, following the success of the Green Homes Grant Skills Training Competition.
“Through our delivery of domestic retrofit schemes in the Midlands, we can see how vital the upskilling of the workforce is to ensure that energy efficiency improvements and low carbon technologies installed are compliant and deliver real benefits to those who are living in homes that may be hard to heat and power.”
The Home Decarbonisation Skills Training Competition is open for applications between 12 September until 10 October 2022.
Interior fit out starts to transform Nottingham’s new Central Library
Anticipation is building as work starts on the interior fit out of the new Central Library, which sits at the heart of the Broad Marsh regeneration area.
The work involves turning the shell of the building – part of the new Broad Marsh Car Park and Bus Station complex – into a modern library, with the installation of new floors, lifts, electrics and plumbing.
Nottingham City Council are working with interior fit out and refurbishment specialists Overbury and acclaimed architects FaulknerBrowns, M&E consultancy Chord and Morgan Sindall construction to transform the inside of the building.
The new library, spread over three floors and fully accessible via lifts, will feature a high-quality children’s library with an immersive story telling room, extensive book collection and comfortable areas to sit and read. Other amenities will include:
- Feature book walls and shelving to display a large collection of books
- Free Wi-Fi and free access to computers, laptops and iPads
- A café & ground floor reception area which can be converted into a performance space
- Specialist and rare collections room for local study material
- Learning lab for special activities and school class visits
- Meeting rooms
- Exhibition space
- Creative design areas
- Business Intellectual Property Centre for the city.
Improving road and rail connectivity highlighted as priorities for ‘Levelling Up’ the East Midlands
Better rail links, reduced congestion and safer roads are all highlighted as key priorities for ‘Levelling Up’ the East Midlands in a new document.
Transport for the East Midlands (TfEM) and Midlands Connect, have highlighted eight shared priorities in a new joint vision for the cities and counties of the East Midlands.
Delivering these priorities will boost growth and investment, contribute to the Government’s ‘Net Zero’ and ‘Levelling Up’ Agendas, and help address the historic underfunding of transport in the East Midlands.
The eight priorities are:
- Electrification of the Midland Main Line
- Improved rail connectivity between Nottingham, Leicester and Coventry
- The delivery of HS2 to the East Midlands and Leeds
- Enhancements to the A46 Growth Corridor
- Reducing congestion and improving safety on the A5 Growth Corridor
- Supporting growth and improving reliability throughout the A50/A500 Corridor
- Improving safety and reliability on the A1
- Improving connectivity across EMDevCo and East Midlands Freeport areas.
Almost half of East Midlands staff now ‘hybrid working’
Nearly half of workers in the East Midlands are spending at least one day a week at home, new figures have revealed.
In a government survey of more than 1,100 firms in the area, 31.9 per cent said their workers were in the office one or two days a week, while a further 15.9 per cent were in three to four days a week.
Across the East Midlands, 15.9 per cent staff never work at home, the study found.
The 47.8 per cent of staff now hybrid working in the East Midlands is above the UK average of 42.7 per cent.
The Office for National Statistics data was gathered in the two weeks to August 21, and surveyed a total of 9,207 firms across the UK.
Hybrid presentation expert and former politician Gavin Brown, director of UK firm Speak With Impact, said the new numbers showed habits which developed as a result of the pandemic were here to stay.
He added that there were opportunities for East Midlands businesses who embraced the hybrid world to broaden their horizons, as well as for individual employees who excelled in a hybrid environment.
Gavin Brown, director of Speak With Impact, said: “Unless you work every day in the office, or indeed every day at home, you are a hybrid worker.
“These figures show us that now accounts for almost half of East Midlands workers, and it illustrates just how drastically things have changed in a couple of years.
“This transformation in working and business environment must be adjusted to, and holds a great deal of opportunity.
“But pitching, collaborating and performing in a hybrid world requires an entirely different set of skills which, prior to the Covid pandemic, almost nobody had.
“If businesses can excel in this hybrid world by maximising in-person and virtual opportunities in tandem, it could provide a real boost to our economy and to individual prospects generally.
“Other parts of the developed world are doing this now, and it’s essential the East Midlands and the wider UK does not get left behind.”
Lincs & Notts Air Ambulance say’s ‘Thanks to ride of thanks’
Lincs & Notts Air Ambulance are saying a big thank you to the hundreds of motorcyclists from across Lincolnshire and Nottinghamshire who took to the streets on the 4th September for their annual Ride of Thanks ride-out.
Approximately 280 bikers created an eye-catching procession as they wound their way round the 62-mile circular route taking in some of the most glorious countryside and villages across Lincolnshire and Nottinghamshire. Several trikes and 3 wheelers also joined in on the action. The event raised a total of £3,264 which will be split between LNAA, the Lincolnshire Emergency Blood Bikes Service and Nottinghamshire Blood Bikes. Both blood bike groups provide a free service to the LNAA ensuring that life-saving blood and plasma are delivered on board 24/7.
Chris Bailey, Operations Manager for LNAA said: “Thank you to the organisers of the Ride of Thanks for the very generous donation of £1088. The money raised will help keep our helicopter airborne and Critical Care Cars operational across both counties. Events like this raise awareness of not only LNAA, but also those other Charities that support us, such as the Blood Bikers. Without their support it would be challenging to provide the advanced level of service we provide, which has seen over 100 units of blood products transfused on scene this year; the highest in any year for LNAA”
The LNAA is one of the UK’s leading Helicopter Emergency Service (HEMS) Charities. The enhanced level of pre-hospital critical care delivered to patients at the scene, gives people with the most severe injuries and medical conditions the very best chance of survival when minutes matter. And with the crews are on call 24 hours of the day, 365 days of the year, the highly skilled doctors, paramedics and pilots are there to help people in Lincolnshire and Nottinghamshire, involved in life-threatening incidents every single day.
Roland Johns, volunteer and joint organiser of the event said: “On-line registration was slow to start with but increased nearer the event and even a few bikers turned up on the day and donated the £10 requested to take part. As part of the preparation, we contacted all the 26 villages on the route and encouraged residents to come out and give us a wave as we passed by. I am pleased to say that we received great support and it was lovely to be greeted at all the villages that we passed through.”
The Ride of Thanks was such a success due to the hard work and commitment from all committee members, sponsors Robin Hood Harley Davidson, the volunteers that marshalled the route, the people in the communities that cheered the bikers along the route and of course all the bikers who took part.
Plans are already underway to make the Ride to Save Lives 2023 even bigger and better so even more money can be raised to support these three life-saving charities.”
£120m refinancing deal for housebuilder
Allison Group has has secured £120 million of funding to achieve its goal of delivering 2,000 homes a year by 2025.
A £20 million, 5 year term loan from HSBC and a 5 year £100 million Revolving Credit Facility (RCF) has been put in place with HSBC and NatWest, placing the group in a strong position for future growth plans.
The RCF will be used for investment in new land and development and will enable Allison Group to achieve its goal of delivering 2,000 homes a year by 2025. The business recognises that this target cannot be reached without the support of its supply chain and in recognition of this the group is pleased to be able to announce that from 1st August 2022 it has improved supplier payment terms from 45 to 30 days.
Chief Operating Officer and former Chief Finance Officer Alastair Gordon-Stewart talks of how pleased he is to announce the news of the refinancing: “I am very satisfied with the financial firepower the refinancing gives to the Allison Group. This builds on our long standing relationship with HSBC and I am delighted to form a new relationship with NatWest and look forward to working with both Lenders into the future.”
John Anderson, CEO of Allison Group said: “Refinancing will undoubtedly bring exciting possibilities for Allison Group. We are making significant progress and have excellent ideas in store for our future that will now be viable with the £120 million we’ve secured from HSBC and NatWest. We are continuing to seek new talent, improving payment terms for suppliers, and making great headway towards our goal of building 2,000 homes a year. Our growth strategy is being brought to life and we are excited about what the future holds for us.”
Tenders invited for enviro-crime enforcement contracts in Lincolnshire
A tendering process inviting businesses to carry out enforcement across council areas of South Holland, Boston, and East Lindsey has been launched for the first time.
The work will cover litter, dog-fouling, fly-tipping and other enviro-crime offences which blight communities. It’s felt that opening up procurement to work across all three areas is a key milestone for the Partnership while also being able to address enviro-crime head on across each authority.
The successful bidder will provide foot patrols and overt CCTV surveillance across the Partnership to tackle littering, dog fouling and fly tipping. Officers will also be able to enforce offences in areas under Public Space Protection Orders.
CCTV surveillance has already proved successful in Boston at fly-tipping hotspots with incidents on a downward trend. Enviro-crime enforcement officers have also recently started in East Lindsey and now the scheme aims to share that best practice by introducing the measures across the Partnership.
The launch of the procurement process is a significant milestone for the Communities Directorate as set out in the Annual Delivery Plan.
Cllr Deborah Evans, Portfolio Holder for Environmental Services at Boston Borough Council said: “While I have been frustrated by the length of time it has taken to get the tender out, I can see the huge benefits of the South and East Lincolnshire Councils Partnership coming together to make our councils attractive to potential enforcement companies and better value for money for our residents.
“Giving us a wider choice will deliver the best possible outcome and service for the people of Boston.”
Cllr Martin Foster, Portfolio Holder for Operational Services at East Lindsey District Council said: “I am very happy that Partnership working has led to this opportunity to help deliver a wider-approach to tackling enviro-crime across each authority.
“By working across the Partnership, the successful bidder will also help deliver our key education messages to all our residents no matter where they live over such things as fly-tipping and litter.”
Cllr Anthony Casson, Portfolio Holder for Public Protection, at South Holland District Council said: “This is a fantastic opportunity for enforcement companies to operate across three councils and make a difference to enviro-crime issues which impact so many villages and towns.
“I am sure residents will be supportive to bring this enforcement to South Holland and being able to deliver a cost-effective way to tackle the problem collectively for all our residents is a positive step forward.”
New funding to spark growth of regional SME housebuilders
A new fund has been launched to help SME housebuilders to add more than 5,000 properties to the UK’s housing stock when traditional funding is not available.
Mattioli Woods and other private institutional investors, alongside Homes England and Greater Manchester Pension Fund, have committed £80m to the Initial Close of the Newstead SME Real Estate Lending Fund.
The Fund is to be managed by specialist fund manager Newstead Capital and the intention is to grow the fund to £300m in subsequent capital raised and deliver £1bn of funding over the Fund’s lifetime.
It is intended to help to meet Homes England’s mission to accelerate change in the housing market by bringing in new sources of institutional capital and more lending channels to the SME housebuilding sector, whilst enabling the construction of over 5,000 high-quality, affordably priced, and efficient new homes throughout England.
Peter Denton, Chief Executive of Homes England, said: “This partnership is our latest intervention to offer SME housebuilders a route to finance that may otherwise be unavailable through traditional means.
“Introducing new sources of institutional capital to support SME house builders is a priority for Homes England and our cornerstone investment in this fund signals government support for accessible and competitive finance to meet the needs of SME developers across the country.
“We look forward to working with our new partners and welcome further institutional capital to help grow this fund and give SME housebuilders the helping hand they need to get more quality homes built in our regions.
“By empowering smaller regional housebuilders, the Fund will help to encourage the creation of sympathetic and environmentally responsible projects while supporting the regional SME house building sector and boosting regional job creation. The Fund employs a robust underwriting process overseen by Newstead, incorporating its own credit, environmental, social and governance metrics and will encourage the development of sustainable housing by taking new homes’ energy efficiency into account at the underwriting stage. Simon Champ, CEO at Newstead Capital, said: “This is an exciting step for Newstead. Our fund is the first of its kind. We are providing a conduit for long term institutional investors to gain access to a market which until now has been out of reach. “The Newstead RELF is aimed exclusively at the unfulfilled need for capital from regional housebuilders. Regional housebuilding has historically been critical to the economy, providing the country with a diverse range of smaller housing communities. The fund gives pension, insurance, and wealth management institutions an appropriate long term investment platform to support this vital industry.“By meeting this demand, we will provide an attractive return for investors, the taxpayer and Manchester retirees, while also empowering local SME builders to compete with larger housebuilders. The Newstead RELF fund will allow more new homes to be built, tackling the housing shortage and contributing to levelling up by allowing smaller sites to be developed, with the associated environmental benefits.”
Government to make 33,000 more loans available to new businesses
An £884m loan scheme for new businesses is to be greatly expanded, delivering much needed finance to the UK’s array of innovative start-ups, the Business Secretary Jacob Rees-Mogg announced over the weekend.
With 33,000 new loans available, the programme’s eligibility will be expanded to support businesses trading for up to three years, up from two years. Businesses can apply immediately under the new criteria. This builds on the Start Up Loans programme that has provided more than 95,000 loans to start-ups across the UK since June 2012, offering an average of just over £9,000 in support.
Start Up Loans provide a fixed interest rate of 6%, as well as mentoring, support and funding to aspiring business owners across the UK, providing support to those who might find it difficult to secure loans from traditional lenders.
Alongside this, a new second loan will be available to businesses operating for up to five years, providing eligible businesses between 3 and 5 years old a much-needed Government-backed finance to support their expansion at a crucial juncture.
Business Secretary Jacob Rees-Mogg said: “Encouraging entrepreneurship and new businesses to thrive is critical to growing the economy and raising living standards.
“From a hair salon in Wales, to a furniture business in Northern Ireland and a cake seller in the Lake District, expanding the Start Up Loans Scheme will support these small businesses through this challenging period and position them to grow – creating jobs and opportunities across the UK.”
The scheme has backed businesses across the United Kingdom, with more than £54m provided to businesses in Scotland, £42m in Wales and over £12m in Northern Ireland.
Expansion of the Start Up Loans scheme follows the 2021/22 Spending Review, at which the government made the commitment to provide 33,000 loans to the programme over the next three years.
The extension provides further government support for businesses grappling with cost pressures and adds to measures announced by the Chancellor earlier this week, including the introduction of the Energy Bills Relief Scheme to help support them with the costs of energy, reforming off payroll working rules and simplification of the alcohol duty system.
It also builds on key measures the Government has announced for small businesses in particular, including extending the £4.5 billion Recovery Loan Scheme and delivering the Help to Grow schemes, which provide mentoring and free software to thousands of businesses across the UK.
Michelle Ovens, founder of Small Business Britain said: “The expansion of funding opportunities for start-ups and growing businesses will certainly be welcomed by small firms as a positive move to unleash their potential. Access to finance is vital for entrepreneurs to grow, and with rising costs and challenges across the board they need all the help they can get right now to realise their ambitions.”
