£120m refinancing deal for housebuilder

Steve Fisher
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£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

Steve Fisher
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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

Steve Fisher
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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

Steve Fisher
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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.”

£50m boost to cut industry’s reliance on fossil fuels

Steve Fisher
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£50m boost to cut industry’s reliance on fossil fuels
Nearly £50 million in government funding is being made available to support the future of British industry through the development of fuel switching technology. It’s intended that a wide range of industries, including steel, ceramics, pharmaceuticals and food production will be helped to reduce their reliance on fossil fuels and slash energy costs. Business and Energy Minister Lord Callanan said: “We’re investing £49.4m to back British industry, making sure they’re fit for the future and helping end their dependency on expensive fossil fuels.

“Developing fuel switching technology will make this possible, accelerating the transition to cleaner fuels across our economy, and driving down costs for businesses.

“Industrial fuel switching shifts industrial energy use from high carbon to low carbon fuels, with the aim of decarbonising industry in line with the UK’s target of reaching Net Zero by 2050 while boosting economic growth, jobs and prosperity.” Fossil fuels (including coal, gas and oil) made up around 55% of industrial energy consumption in 2019. As set out in the Industrial Decarbonisation Strategy, to decarbonise industry in line with net zero, it is expected that industrial emissions need to fall by around 2 thirds by 2035 and at least 90% by 2050. Investing in this technology will make it easier and more cost-effective for industry to be powered by cleaner fuels like hydrogen and renewable electricity, instead of fossil fuels. The funding, available through Phase 2 of the £55 million Industrial Fuel Switching competition, will support the development of new fuel switching technology in the UK, helping to attract private investment into the country and supporting new green jobs.

Derbyshire construction firm makes contracts manager promotion

Tess Egginton
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Derbyshire construction firm makes contracts manager promotion
After joining the Enrok team just 18 months ago as a project manager, Matt Shelley, MCIOB has been promoted to contracts manager to focus on client liaison, pre-construction and planning. Responsible for overseeing all of Enrok’s construction projects, Matt will now have a greater focus on client liaison, managing site teams and ensuring they have the long-term help and support they need to run successful, safe projects. Entrusting his teams to deliver on short term goals, Matt will concentrate on the wider outlook of projects and be involved in pre-construction planning and tender submissions, as well as meeting prospective clients and broader company development. Talking about his promotion Matt said: “I’ve always had a long term plan and vision for where I want my career to be heading and this is a positive next step for me in a great team. It’s an indictment of joining a company riding a wave of success and I guess its recognition and reward for doing a good job, which is always appreciated. “First and foremost, I want to continue Enrok’s outstanding safety record and strive to bring in best practice expertise from working with larger contractors. Secondly, I want to continue to play an active part in growing our business and replicating the fantastic year we have had for many more to come.” With over 20 years’ construction management experience, Matt has worked for several market leaders across several number of sectors including manufacturing, retail, education, probation and multinational consumer goods. He’s been involved in leading large teams to deliver multi-million-pound projects for some well-known brands. Jordan Mallisch, director at Enrok Construction, says: “Matt’s been instrumental in several of our projects since he joined us, working on Hartshill doctor’s surgery in Nuneaton and our Regan Way and Ashbourne projects too. It’s great to have Matt as part of the senior management team and be involved with projects from start to finish. We’re really pleased to promote him within the firm and look forward to where we can take the business in the future.” Matt concludes: “I really enjoy the inclusive, open and honest culture at Enrok. When big decisions need making, the whole senior team are involved. We come to a conclusion together, which is great for bringing everyone on board and driving the business forward.”

Godwin secures planning permission for residential development in Shepshed

Tess Egginton
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Godwin secures planning permission for residential development in Shepshed
Property developer Godwin Developments has secured outline planning permission for a residential scheme comprising up to 50 new family homes on Ashby Road, in the Leicestershire town of Shepshed. The development is located on a vacant site next to the established community of Crowson Close and is part of the emerging Charnwood Local Plan. It will create a much-needed extension to the town of Shepshed which plans to build 2,331 new homes by 2037 to satisfy growing demand. The development is well positioned for access into the town and all major amenities including local primary and secondary schools, shops, health care, services and employment, as well as the surrounding regional and national transport networks. It lies just over half a mile from junction 23 of the M1 motorway and approximately three miles from Loughborough, the principal settlement in the Borough of Charnwood. It is also surrounded by a range of historic parks and gardens and Charnwood Lodge National Nature Reserve is within a short drive. The approved outline plans feature an extensively landscaped area facing Ashby Road Central, giving residents access to shared green space and adding to the appeal of the town. As a part of the work to increase connections with the town of Shepshed, the proposals will improve footpaths, offering active forms of travel to new residents. Nick Harrison, planning director at Godwin Developments, said: “We’re pleased to have secured planning permission for our residential development in Shepshed which will play a vital role in meeting the growing demand for new homes in the area. This housing scheme will support the Council’s strategy for sustainable development, while also promoting Shepshed as a desirable place for people of all ages to live, work and play.” The Godwin Developments team included Planning and Design Group Ltd as the planning consultants and engineering firm HSP Consulting.

Cooper Parry appoints new COO

Tess Egginton
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Cooper Parry appoints new COO
Hard on the heels of launching new plans to grow fivefold in five years, Cooper Parry have announced a significant appointment to boost their leadership line-up. Phil Erridge recently joined the firm as chief operating officer after 16 years with HSBC where he led HSBC’s global wholesale model management and delivery function.
Phil brings experience of taking on a number of significant senior roles with HSBC. These include leading the integration activities of the global Wholesale COO organisation, creation of a data-led customer experience and sales function, and managing the Commercial Bank’s financial crime risk function globally. Phil is passionate about developing organisational capabilities; using a powerful blend of data, technology and collective team effort to continually develop all the operating elements of the business to enhance “how we do” what we do. All of which hits the right notes at Cooper Parry as they are driving growth across new and existing opportunities and markets following significant recent investment from Waterland Private Equity. Working alongside CEO Ade Cheatham and Cooper Parry’s Leadership Team, Phil will lead the firm’s integration activities across several strategic acquisitions and drive operational efficiency. Speaking about Phil’s appointment, Ade said: “I’m delighted to welcome Phil to the CP family. His role as COO will be invaluable as we target significant and ambitious growth over the next five years. And now with substantial PE investment behind us, having someone with Phil’s global breadth of experience and can-do attitude is both timely and terrific.” On joining Cooper Parry, Phil added: “What attracted me to CP was the both the culture of the business and its desire to continually improve and challenge the market. For me, this mindset is hugely exciting as it provides an environment to do great things. I’ve watched with interest the growth of Cooper Parry and I’m thrilled to be joining at a time of significant growth and massive change.”

The mini budget – Streets Chartered Accountants to explain what it means for you

Tess Egginton
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The mini budget – Streets Chartered Accountants to explain what it means for you
The new Chancellor of the Exchequer, Kwasi Kwarteng, is set to deliver a mini-budget on Friday, 23rd September 2022. Following the appointment of a new Prime Minister, Liz Truss, the Chancellor will outline the ‘new’ government’s plans to help ease the cost of living and to boost growth. It is likely to see measures to reduce the tax burden and incentives for growth, along with details of support to help businesses and individuals manage the rising energy bills. Following the Chancellor’s announcements, Streets Chartered Accountants will be holding a special webinar on Monday 26th September at 3pm. They will provide details of the announcements along with guidance on what they may mean to businesses and individuals. To register for the virtual event click here. This presentation will be recorded and available on-demand for those not able to join live. Simply register your place to receive a link to watch at a time to suit you.

Plan for £3m heritage vehicle centre on historic site motors ahead

Tess Egginton
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Plan for £3m heritage vehicle centre on historic site motors ahead

The team behind plans to build a £3m heritage vehicle centre on a historic site in Osmaston have thanked Derby City Council after they were given the green light to start work on the project.

Owners of Great Northern Classics said contractors are expected to move onto the site within days after “tremendous support” from the council helped them to get the necessary permission and funding over the line.

The project, which is expected to create 120 jobs, will see the former Light Alloy Factory in Osmaston Road transformed into a centre where owners of classic vehicles including cars, motorbikes and lorries can bring their pride and joys to be repaired and restored.

Similar to the concept of BBC TV’s Repair Shop, they will be able to access upholsterers, electricians, mechanics and bodywork specialists, all of whom will be given workshop space all under the same roof within the 85,000 sq ft building.

But the centre is also designed to preserve and propagate crucial skills for the classic vehicle industry by acting as a training academy for a new generation of young artisans and skilled workers, who will be offered apprenticeships to enable them to learn their trade direct from the experts themselves.

And it will also have extra facilities so that visitors will be able to meet and look at the work taking place and attend/host conferences and meetings, while the site will offer vehicle storage as well.

The idea for Great Northern Classics belongs to Shaun Matthews, a classic vehicle fanatic and the former MD of Denby-based Deb Group’s International Dispensing, R&D and IP Divisions, who wanted to establish an academy where the skills of classic vehicle restorers could be passed on.

He approached current Derbyshire High Sheriff Mike Copestake and Derby architect Derek Latham, who are experts in renovating old buildings, asking for help to find somewhere suitable to house it.

A number of possible sites were considered until Rolls-Royce agreed to sell the company the former Light Alloy Centre, which is currently home to the aerospace firm’s heritage collection of aero-engines.

Plans were promptly drawn up and, earlier this year, the scheme was approved by Derby City Council, which has also made another contribution to the scheme by lending the company £1.25m from its Derby Enterprise Growth Fund.

Shaun said: “I am so happy to see this project getting off the ground after so long and we’re hugely indebted to Derby City Council for their tremendous support.

“Classic vehicle ownership is booming, but it’s served by a cottage industry of talented engineers who are working away in small workshops all over the country and, frankly, aren’t getting any younger.

“We want to change that, by bringing them together under one roof while giving young people who want to become motor engineers a place to learn their skills from these experts, all of which will create jobs and attract visitors to the city.”

Mike Copestake, who is also a director of the project, said: “We are extremely grateful to the city council for sharing our vision and enabling us to start work on what promises to be a landmark development for this area of Derby.

“There is so much engineering history in Osmaston and we’re only round the corner from where Roll-Royce used to build the Silver Ghost motorcar at the start of last century.

“It’s wonderful to be able to rekindle that automotive spirit by ensuring that owners can preserve their classic vehicles and a new generation of engineers can learn the skills they need for their careers in engineering.”

Chris Poulter, leader of Derby City Council, said: “We want to ensure that as much of our spending as possible remains within the city, supporting Derby people – and Derby City Council is pleased to support this exciting opportunity. Not only will it secure the future of a historic cultural asset, but it also gives back to the people of Derby.

“It will create a space that attracts visitors, boosting the city economy and where young people can learn valuable skills totally befitting of Derby’s engineering heritage.”

The classic vehicle industry is estimated to be worth around £7bn to the UK economy and employs 35,000 people across the country, according to the Federation of British Heritage Vehicle Clubs.

Great Northern Classics is due to open in summer next year.

An artists’ impression of how the interior of Great Northern Classics heritage vehicle centre will look when it opens its doors next year.
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