“In a period when some of the group’s competitors are retreating or lacking financial capability and when current macro headwinds are forecast to continue, the Board believes that there is significant opportunity to continue making targeted strategic investment to grow market share and become a highly profitable market leader.”
Motorpoint ready to “emerge from depressed consumer market a more efficient business”
Motorpoint Group, the vehicle retailer, is remaining confident that it will “emerge from the current depressed consumer market a more efficient business,” as it reveals a new trading update for the nine months ended 31 December 2022.
Revenue was up 17% in the period to £1.06bn, though gross profit per unit sat below expectations due to higher financing costs and the falling value of electric vehicles.
The Derby-based company believes this will continue to impact sales and profitability for the foreseeable future, but expects to remain profitable for the full year.
Meanwhile the firm says it has “continued to make strong progress on its targeted strategic investments in FY23 in order to meet the medium-term growth objectives outlined in June 2021 – over £1 billion in e-commerce sales and over £2 billion in total sales – and to better position the company for the long-term with a lower cost base, a stronger brand, and improved customer experiences.”
In its latest financial year so far, Motorpoint has invested an incremental c.£5m compared to the equivalent FY22 period to grow market share, investing in its growing digital and technology capability, and roll out of more stores in new catchment areas.
Mark Carpenter, Chief Executive Officer of Motorpoint, said: “Motorpoint will emerge from the current depressed consumer market a more efficient business, having made progress on multiple key strategic initiatives. Over the long term we will make further investments in technology, digital development and national marketing, which will be offset to a degree by efficiencies across the business.
Rolls-Royce’s new CEO says company will not survive without transforming
Rolls-Royce’s new CEO has given an unsparing critique of the engineering company, saying it will not survive without transforming how it operates.
Tufan Erginbilgic, who took up the CEO role in January, told employees in a global address broadcast, parts of which were shared with the Financial Times, that the firm is underperforming all its key competitors, and that investors are losing patience.
From Rolls-Royce’s Derby manufacturing site, Erginbilgic said the business was a “burning platform” with an unsustainable performance. He further noted that this is a long-standing problem, not the fault of COVID.
Erginbilgic launched a “transformation programme” with the broadcast, with a focus on “efficiency and optimism.”
Tufan, who has a background in engineering, has built his career in international business including over 20 years with BP, with five years as part of its executive team. In his last role before leaving in 2020, he led BP’s downstream business, which included Refining, Petrochemicals, Service Station Network, Lubricants, Midstream operations and the Air BP jet fuel operation.
During Tufan’s tenure, the business achieved record profitability and delivered record-setting safety performance.
Rolls-Royce recently cut thousands of jobs as part of a cost cutting programme.
2023 Business Predictions: Rob Tice, Managing Director of BMcPrecept
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.
The biggest challenge for employers in 2023 will be retaining and motivating their older members of staff, says the boss of a HR & Employment Law firm.
Rob Tice, director of growing Derby business BMcPrecept, sees continued challenges for businesses across the UK in the new year and is urging bosses to think of innovative ways to incentivise their staff.
Findings from the recent Resourcing and Talent Planning Report from the Chartered Institute of Personnel and Development (CIPD) found that recruiting for senior and skilled roles was most challenging with 58% of companies struggling in this area.
Sixty per cent of companies also reported that talent was more difficult to retain compared with 12 months ago.
Rob said: “Retention of staff is a massive issue for many businesses. Pay is, of course, a huge factor in keeping employees happy but flexible working and other factors are becoming increasingly important.
“It is also important to bring in the right staff. Currently, we are seeing a lot of people in roles that they may not necessarily be suitable for because the Company has struggled to find the right candidate and that has a knock-on effect for management, owners and clients.
“That is where honest conversations need to be had. These conversations haven’t been held because people try to avoid them; they’re afraid of the consequences on livelihood, especially with the rising cost of living.
“But it’s vital for everyone that employers are honest and open.”
Rob also believes that, in 2023, we will see an increase in apprenticeships and a push on workers over the age of 50 being re-employed.
In November, the Government unveiled a network of dedicated 50PLUS: champions now in place across England, Scotland and Wales. It builds on £22m funding boost secured to support older workers.
“Brexit hasn’t helped the jobs market but the huge drop-out of people aged over 50 in the labour market is something that is being addressed,” said Rob. “These people are seen as a huge asset to our country with their skills and experience.
“We are also seeing quality apprenticeships come back in fashion, with more and more companies seeing the value of employing apprentices at all levels including degree-level apprentices.”
2023 Business Predictions: Kevin Hard, MD at Stagfield Group
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 Kevin Hard, Managing Director at land promotion and property developers, Stagfield Group.
It is no surprise that the cost of living crisis has caused a high degree of market uncertainty within the housing sector. Despite the current economic challenges, now is a great time for housebuilders and land promoters to look ahead and keep pushing forward with sustainability and low energy homes.
Now more than ever, buyer demands and environmental concerns are influencing how we create housing developments that serve the local community. Here at Stagfield we are already predicting a greater focus on sustainability. With climate change and energy prices ever increasing, our focus is very much on providing innovative low energy homes, which helps combat the cost of living and creates desirable communities that people want to live in.
With the need for housing, biodiversity and improvements to infrastructure also a strong focal point, we’re also expecting to see a greater interest in landowners who own brownfield or greenfield land, looking to realise the value of their land and bring forward development opportunities.
New six storey office development opens in Chesterfield
A brand new six storey office development has opened in Chesterfield – a major step forward for the Chesterfield Waterside regeneration scheme.
One Waterside Place was officially opened on Thursday 26 January by Chesterfield Borough Council. The building, which has become a striking new feature of the local skyline, features six floors of ‘Grade A’ office space with a ground floor retail unit and has already drawn in new investment to the town.
BHP moved into the building in November 2022 and were closely followed by leading woman’s leisurewear company Varley in January 2023.
Councillor Tricia Gilby, leader of Chesterfield Borough Council, said: “The opening of this new development is a key milestone for the £340 million Chesterfield Waterside regeneration project. One Waterside Place represents our ambition to build a thriving borough and create new opportunities for our residents.
“Our first tenants have already moved in and I look forward to welcoming more businesses to the building over the next year.”
BHP partner Dominic Staniforth said: “The new office is an excellent space that provides first-class facilities for our team, with an array of restaurants, cafés and shops close by. I know I can speak on behalf of my Chesterfield colleagues when I say that we’re proud to be the first tenants in such a prestigious building and we look forward to being in our new home for many years to come.”
One Waterside Place provides bespoke office accommodation for established businesses – offering a modern base for ambitious companies looking to grow and thrive in a central and well-connected location.
The 35,000 sq ft building delivers Grade A, large floorplate office accommodation, which does not exist elsewhere in Chesterfield. The building incorporates two passenger lifts, raised access flooring, air conditioning, LED lighting, a high-quality entrance foyer, showers, on-site cycle parking facilities as well as attractive public realm and landscaping.
The building has been designed with sustainability in mind, boasting a BREEAM score of Very Good and an EPC A rating for its energy performance. The ground floor has been designed to create a new retail or leisure space close to the train station.
Peter Swallow, Managing Director of Bolsterstone Group Plc, which project managed the delivery of the office and is delivering the Chesterfield Waterside scheme, said: “We are delighted to have worked with Chesterfield Borough Council to deliver this landmark building.
“Britcon began construction of One Waterside Place amidst the pandemic which brought many challenges in terms of staffing, health and safety and supply of materials. However, they have delivered an exceptional building which they have also used as a learning experience for local students during the build, following an initiative from the council.”
One Waterside Place sits within the £75 million first phase of the Basin Square neighbourhood of the £340 million Chesterfield Waterside regeneration scheme. Once complete, the Basin Square neighbourhood will also comprise 320 Built-to-Rent apartments, a 400-space multi-storey car park, a 140-bed hotel, retail and leisure units.
This area will be landscaped to a high quality standard with the canal basin being at the heart of the scheme, creating a great environment to spend time in on the edge of the town centre alongside a central community hub for occupiers and residents of the Chesterfield Waterside scheme.
The canal basin site has been brought forward with support from the South Yorkshire Combined Authority Infrastructure Fund. One Waterside Place was funded by Chesterfield Borough Council.
One Waterside Place provides bespoke office accommodation for established businesses – offering a modern base for ambitious companies looking to grow and thrive in a central and well-connected location.
The 35,000 sq ft building delivers Grade A, large floorplate office accommodation, which does not exist elsewhere in Chesterfield. The building incorporates two passenger lifts, raised access flooring, air conditioning, LED lighting, a high-quality entrance foyer, showers, on-site cycle parking facilities as well as attractive public realm and landscaping.
The building has been designed with sustainability in mind, boasting a BREEAM score of Very Good and an EPC A rating for its energy performance. The ground floor has been designed to create a new retail or leisure space close to the train station.
Peter Swallow, Managing Director of Bolsterstone Group Plc, which project managed the delivery of the office and is delivering the Chesterfield Waterside scheme, said: “We are delighted to have worked with Chesterfield Borough Council to deliver this landmark building.
“Britcon began construction of One Waterside Place amidst the pandemic which brought many challenges in terms of staffing, health and safety and supply of materials. However, they have delivered an exceptional building which they have also used as a learning experience for local students during the build, following an initiative from the council.”
One Waterside Place sits within the £75 million first phase of the Basin Square neighbourhood of the £340 million Chesterfield Waterside regeneration scheme. Once complete, the Basin Square neighbourhood will also comprise 320 Built-to-Rent apartments, a 400-space multi-storey car park, a 140-bed hotel, retail and leisure units.
This area will be landscaped to a high quality standard with the canal basin being at the heart of the scheme, creating a great environment to spend time in on the edge of the town centre alongside a central community hub for occupiers and residents of the Chesterfield Waterside scheme.
The canal basin site has been brought forward with support from the South Yorkshire Combined Authority Infrastructure Fund. One Waterside Place was funded by Chesterfield Borough Council.
Knight Frank and FHP Property Consultants are letting agents for the office space at Chesterfield Waterside.
Hinckley business forges partnership with global tech leader
Hinckley business Savage Lighting, a specialist in the design and manufacture of custom high-end lighting solutions for luxury yachts across the world, has been appointed an integration partner by global automation provider, Crestron Electronics.
The unique partnership represents a first for Crestron, as the international business is now working with Savage Lighting as its first LED lighting partner.
Described by Crestron as ‘one of the most prestigious marine lighting firms in the world’, the partnership will see Savage Lighting creating and manufacturing custom lighting solutions for superyachts, as the company’s Managing Director Julie Clark, explains:
“The integration partnership with Crestron will involve Savage Lighting creating highly customisable, easy to install and maintain lighting control solutions for superyachts, and brings together the power of the Crestron Home OS tunable lighting solutions and their DMX-C LED lighting driver to the Savage Marine line of fixtures.
“Crestron products are at the forefront of technology, are user-friendly, and beautifully designed, so the partnership fits perfectly in our portfolio of high-end lighting solutions. For Savage Lighting to be appointed an Integration Partner by one of the world’s leaders in technological innovation is hugely significant for the business.
“All the lighting solutions and products created under the Crestron partnership, will be designed, engineered and manufactured at our Leicestershire facility,” she adds. “Our in-house machining facilities and highly skilled teams of precision engineers and dedicated electrical engineers will handle the design and manufacture, alongside Crestron and their dedicated project management team.”
Dan Kerkhof, director of Crestron Marine, explains: “Together, Crestron and Savage Lighting offer a complete lighting and window treatment solution for superyachts in a way that is unique to this market. With just two suppliers, you have an end-to-end solution with all the features and customisation options you could need.
“One of the many benefits of the partnership is the simplification of the hardware that’s needed to run marine lighting, and resulting possibilities are nearly limitless.”
Light Science Technologies appoints new sales director
Adam Sedgwick has been appointed as sales director at Light Science Technologies to spearhead its global growth plans, as the Derby-based AgTech firm eyes further success after a busy 2022.
With extensive experience in the industry spanning 30 years, Adam is a graduate of Harper Adams University, where he gained his BASc in Agricultural Engineering, before working as a precision farming specialist for four years. He then moved into sales in the sector, working for Vantage England & Wales, before moving into an international sales role at environmental data services specialist Soil Scout.
In his new role, Adam will be responsible for directing the firm’s sales strategy across the UK and identifying further opportunities in the lighting and sensor markets.
The announcement comes off the back of a successful 2022 in which LST reported it had secured contracts for several trials for its newly launched sensorGROW product, with a potential value of more than £1.1 million. sensorGROW offers technology, data collection, advisory and maintenance services for clients, on a three-year contracted basis.
Adam said: “It is an incredibly exciting time to be involved in this area of the market, LST’s lighting and crop growing technologies in indoor farming are evolving rapidly to offer a viable solution to growers focused on energy and cost efficiency, as well as sustainability.
“My aim is to build on the success LST has had so far as an AgTech specialist, one which has already established a strong footprint within the CEA market. I’m very much looking forward to helping deliver on our ambitious sales targets as we kick start 2023.”
Simon Deacon, CEO and founder of Light Science Technologies, said: “Adam’s expertise in the field perfectly complements our vision – we are delighted to have him on board.
“His extensive experience in sales will without doubt accelerate our business development activity and we are excited about expanding our client base in the UK and further afield. Adam is a great asset to the team and brings a wealth of both industry and sales insight to the table.”
Lincoln student accommodation development secures bespoke loan
OakNorth Bank has completed a bespoke loan to a joint venture between Harrison Street and Torsion Developments, for a 361-bedroom purpose-built student accommodation (PBSA) development in Lincoln called, Pine Mill.
Located a 12-minute walk from the University of Lincoln’s main campus and a 20-minute walk from Lincoln City Centre, the accommodation has managed to achieve almost 100% occupancy.
Harrison Street, one of the leading investment management firms that exclusively focuses on alternative real assets, has over $55 billion in assets under management and has invested in over 105,000 student beds throughout North America and Europe. Meanwhile Torsion Developments, which was founded in 2015, specialises in student accommodation, care, residential, and housing. Its team has a combined experience of delivering over 16,000 beds across the UK, with a combined gross development value of c.£130 million.
Dan Spencer, founder of Torsion Developments, said: “With student numbers at both the University of Lincoln and Bishop Grosseteste University continuing to rise, we’re delighted to be playing our part in bringing highly sought-after PBSAs to the city. The experience with OakNorth was delightful, and we look forward to continuing to build the relationship with them.”
Damien Hughes, senior director of Property Finance at OakNorth Bank, said: “We’re delighted to be working with two such strong businesses in Harrison Street and Torsion Developments. They both have incredibly strong track records in this space and have clearly already demonstrated a strong product market fit with this new site. We look forward to continuing to support them with future projects.”
Harrison Street and Torsion were advised by JLL.
Derbion submits city centre masterplan proposals featuring hundreds of new homes and commercial space
Plans to transform a large part of Derby city centre to create hundreds of new homes and commercial space have been lodged with Derby City Council.
Towards the end of last year, Derbion revealed ambitious proposals to regenerate two sites – the Eagle Quarter, made up of the current Eagle Market and Derby Theatre – and Bradshaw Way Retail Park.
As well as new homes, the plans also include shops, offices and public space. Now, two separate applications, seeking outline permission for both schemes, have been submitted to the city council.
A statement filed with the city council relating to the Eagle Quarter project said the scheme would secure “the long-term future of this part of Derby city centre with the repurposing of under-utilised and outdated buildings” and assist in “making Derby a more attractive option and compete with other regional centres.”
The Eagle Quarter site is primarily occupied by the Eagle Market, Derby Theatre and The Castle and Falcon pub.
Under the proposals, these would be demolished, or partly demolished, to make way for 875 homes and around 25,000 sq ft of commercial space.
Phase one of the Eagle Quarter development forms part of the Eastern Gateway scheme, planning for which was lodged with the city council last year.
The Eastern Gateway aims to improve public access to the city centre from Derby bus station, build a new entrance to Derbion on East Street, add additional shops and leisure outlets and create a new public boulevard.
The application for the Bradshaw Way Retail Park site features up to 420 homes, about 50,000 sq ft of office space and 5,100 sq ft of commercial space.
Before submitting the planning applications, Derbion held an exhibition just before Christmas to get feedback from the public on its proposals.
Speaking back in December, when Derbion first unveiled the plans, commercial director Beth McDonald said: “We believe that increasing the mix of uses across both the Eagle Quarter and Bradshaw Way sites would improve the vitality of the city centre, increase connectivity and encourage people to actively enjoy and engage with the developing spaces, creating a more attractive gateway experience for visitors.
“Our masterplan is the starting point for us to explore future opportunities over the next 10 years and beyond that will benefit both Derbion and the ongoing regeneration of Derby city centre.”
East Midlands housebuilder welcomes new Managing Director
An East Midlands housebuilder has made a key senior appointment.
Redrow East Midlands, based in Castle Donington, has appointed Michael Coker as Manager Director. He brings more than 30 years’ industry experience to the role.
Michael is trained as a chartered builder and has a first-class degree in Construction Management from the University of Leeds. His new role will see him take responsibility for driving the division forward, by securing land opportunities, launching new developments and overseeing the progression of a large team.
Michael said: “My father was in the business from the mid-seventies and as such I have always been around housebuilding. The varied and complex nature of the industry makes it interesting but also at times challenging and I love a challenge. The industry is full of fantastic people and some amazing characters.
“I am thrilled to be working for Redrow in my new role. The brand was built by an individual passionate about our industry, our product, and our people, and that is still true of the business today. I am most looking forward to seeing our team develop in their roles and continue to progress at Redrow – it is a fantastic industry, and we need to do more to attract the next wave of housebuilders.
“The greatest challenge will be keeping everyone focussed on what is important in a tougher marketplace, both in terms of production and sales. The industry is under pressure to deliver more new homes in a more sustainable manner than ever before.”
Previously chief operating office for Kier Living/Tilia Homes, Michael worked with a large team of people to deliver the sale and transfer of Kier Living from the Kier Group and into the Terra Firma owned Tilia Homes.
Commenting on this achievement Michael said: “My greatest achievement so far in my career was actually a team achievement and that was delivering the sale of Kier Living. I worked with some superb people and a fantastic CEO to deliver 500 people to a new owner and a new future.”
Michael finished by saying: “There is no single most satisfying part to the role. The challenge is what gets me out of bed in the morning and the ability for people to sometimes deliver the impossible allows me to go home satisfied. I’m thrilled to be taking the helm of Redrow East Midlands and can’t wait to see what we achieve in the coming years.”
