New account director and office for Nottingham PR agency
There is cause for double celebration at Nottingham PR agency RedTree PR as the company opens its new office on Regent Street in Nottingham City Centre, and appoints a new account director following a period of consistent growth.
The move into its new office lays the foundations for the future growth of the business, which was established by Managing Director Chris Mitchell in 2013. Since then, the firm has grown to work with a range of clients across the UK, primarily in the education, finance, property and construction sectors.
To support its client base, the company has also appointed Sarah Wilkinson. Sarah joins the business as an account director, and will be responsible for developing and delivering client PR and content strategies and supporting the growth of RedTree PR.
Sarah joins the business from her previous role as PR & content marketing specialist at Mortgage Advice Bureau, and brings with her a wealth of marketing experience from numerous different industries, including travel and tourism, software development and financial services.
Speaking on the appointment, Chris Mitchell, Managing Director at RedTree PR, said: “Sarah has significant experience that will be perfect for our current clients, future clients and the business as a whole. I am delighted to welcome Sarah to RedTree and I am looking forward to her becoming an integral part of the company over the coming years.”
Sarah added: “Having worked as part of an inhouse Marketing team for the past five years, I am delighted to join the RedTree team and very much look forward to rediscovering my agency roots.
“RedTree is held in very high regard by its broad portfolio of clients so I’m excited to get stuck in and deliver results for our clients and drive the growth of RedTree.”
The move to Regent Street and Sarah’s appointment follows a period of consistent growth driven by new client wins. The company has recently started working with IMA Architects and construction company Enrok Construction, and has also been retained by its established clients.
Lutterworth hygiene solutions firm snapped up
Enact has acquired PAL International from its family owners. Established in 1970, PAL has over forty years experience in providing hygiene solutions and infection control in healthcare, food manufacturing and industrial markets.
PAL’s head office, medical grade manufacturing site and European warehouse are based in Lutterworth, Leicestershire. The business also has an office & warehouse in Dubai helping to support an extensive distribution network that covers more than 70 countries.
Chris Cormack, partner of Enact, said: “We are delighted to acquire PAL and provide the investment needed to recapitalise the business. The PAL brand is recognised and trusted worldwide and has an excellent reputation in the highly regulated markets in which it operates.
“We are looking forward to supporting the management team to take advantage of a number of identified market opportunities which will enable further growth and development of the PAL brand.”
Enact invests transformational capital of up to £5 million into UK-based SMEs. The individuals who comprise the investor base of Enact Fund II include successful entrepreneurs, existing and former Board members of successful Yorkshire businesses and management from former portfolio companies. The single biggest investor in the Fund is the Endless and Enact partner and employee group.
Enact was advised by Simon Pilling, James Cook and David Ridley of Womble Bond Dickinson and Russ Cahill of the Tax Advisory Partnership. PAL were advised by Interpath and Freeths.
Tim Bateson, director at Interpath Advisory, said: “We’re delighted to have been able to conclude on this transaction, which safeguards the future of this market-leading international business. We wish the purchaser all the very best for the future.”
Woodall Homes marks year of growth following BGF investment
Derbyshire house builder, Woodall Homes, has marked a year of growth, just 18 months on from securing investment from BGF – the growth capital investor.
Woodall Group received a £4.25 million investment from BGF across 2020 and 2021 aimed at delivering more high quality homes in the East Midlands, and in turn, creating job opportunities.
In the last 12 months, Woodall Homes has grown its workforce and appointed a number of new starters, including directors in its planning department, Chris Dwan, and Darren Abbott, a technical manager, Mark Sweet, and a HR manager, Helen Day.
It has also started building on four new sites in Mansfield, Clay Cross, Matlock and Bolsover and recently launched a unique 45-home development in Calow, Chesterfield, called Churchfields. In addition, Woodall is on track to develop well over 100 new dwellings in this coming financial year, which will signal a doubling of the size of the business since BGF’s investment, while implementing new building processes, with a strong focus on improving property energy efficiency.
Dave Wood, founder and Managing Director at Woodall Group, said: “The achievements of the last 12 months have perfectly aligned with the vision we set out as a group when embarking on our investment journey with BGF.
“To be able to deliver on our goals, creating exciting job opportunities in the region, as well as helping to meet the demand for high quality, sustainably-built homes, is hugely satisfying and lays the perfect foundation for our longer-term growth plan.”
Aaron Baker is an investor at BGF and sits on the Woodall Group board. He said: “Woodall Homes has built a strong reputation in the region in the last decade and has expertly navigated the challenges that have arisen over the course of the last two years, as construction and real estate has felt the pinch of the Covid-19 pandemic, skills shortages exacerbated by Brexit, and the inevitable disruption to the supply chain. However, the market opportunity has endured, with a structural shortage of homes in the UK still an issue.
“To remain committed to building its land bank and accelerating development activity is testament to the strength and depth of the business and the management team. We’re excited about what the next few years have in store and the potential that exists in the residential development market.”
New CEO to oversee turnaround at MuscleFood
There’s a turnaround underway at e-commerce brand MuscleFood with returning CEO Nick Preston bringing in a renewed focus on brand and key values.
Previously a joint CEO, Mr Preston has been persuaded to rejoin the Nottingham-based company he left last December, and take sole charge with a remit to action change and restore pride.
The business will soon report a fall in revenue from £40m during Financial Year 20/21, to £27m in FY 21/22, with Mr Preston citing an unsuccessful rebrand, reduced focus on key trading areas and an expensive, delayed tech re-platform as contributing factors.
He previously spent six years at MuscleFood rising to joint CEO but left the business after feeling his voice was going unheard.
Now following on from the departure of several members of MuscleFood’s senior management team he has been tempted back to return to the helm, this time as sole CEO.
Since returning in June Mr Preston has set about commercially restructuring the business from top to bottom while at the same time setting plans for the future. Early results have been remarkable.
A recent internal HR Survey from across the business reported that 89% of staff reported that they felt Musclefood had a bright future and 96% felt that they were trusted to do their job.
At the same time, a renewed focus on the core Musclefood online Meat hamper business has seen the sales decline halted and sales increase.
Preston says: “It feels like Groundhog Day, for the second time in three years I find myself back in Musclefood saying the same thing – that the business had lost its focus, lost direction and suffered from mismanagement brought about by senior hires that didn’t get the brand. There was no accountability even when it was clear the plans were not working.
“The reason I have returned is because irrespective of recent performance, Musclefood is an amazing business and I know that if run correctly, can be turned around quickly. The team have now been given the freedom to do the jobs they were brought in to do and they are responding by delivering some great results.
“We have good control on the cost base and the business is now living within its means. This in my opinion gives us the perfect platform to take the business forward.”
Mr Preston admitted that some in his network had questioned his decision to return to MuscleFood but it is a challenge he relishes.
“MuscleFood has so much potential. There’s a tried and tested market for our products and we’re reconnecting with that. It would be true to say the brand lost its way and drifted backwards over the past couple of years but we are turning that around and going forward once again. I’m known for moving at pace and it’s an exciting time to be back involved.
“I know the business inside out and I’m putting together a core team of people who understand and care passionately about the brand.”
MuscleFood was founded in 2013 and quickly built a reputation for bulk purchases of quality meat and hampers at great value for money prices.
The brand also became well known for its healthy subscription meal plan Goal Getters which was followed by several high profile faces.
Healthy eating and value for money remain the brand’s key values and Mr Preston has pledged to put these at the forefront of the brand’s marketing as he steers it to recovery.
“My first priority has been on bringing in people who understand this brand and feel passionately about it. It’s all about restoring a sense of pride and identity. We will be focusing on our healthy eating offering and on the high quality of our meat and it’s incredible value for money.
“Times are difficult out there for consumers and we shouldn’t be afraid to champion and celebrate the fact we offer our customers a great deal when it comes to their food shop.”
Mr Preston is also the founder of DTS Food and creator of the ChillerFiller retail supply app. DTS supplies MuscleFood with several products. Their new Cookit meat and seafood range will soon be launched in Poundland, replacing other products which were recently the focus of negative press attention.
Mr Preston explains: “Our products offer both great value and super quality which makes them perfect for consumers who want to save money without compromising on quality. I’m excited to share the news of our partnership with Poundland.
“It’s products such as these which also built MuscleFood into a powerhouse of online retail. Consumers knew they could come to the website for both value and quality. That has always been the case but we lost our focus in communicating it.
“The healthy eating range accounts for around two thirds of MuscleFood revenue. We’re promoting that once again and it’s what we want to be known for first and foremost.”
Celebrate with the region’s property and construction leaders at the East Midlands Bricks Awards 2022
Taking place on Thursday 15 September, at the Trent Bridge Cricket Ground, the East Midlands Bricks Awards 2022, a highlight in the business calendar, will celebrate the region’s property and construction industry while providing a brilliant opportunity to connect with local decision makers over canapés and complimentary drinks.
The prestigious event, taking place from 4:30pm – 7:30pm, will also feature John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker, as well as award-winning mind reader, magician, and professional mentalist Looch, who will bewilder and astonish guests during the evening’s networking.
Thanks to our sponsors:
Tickets can be booked for the glittering awards event here.
Attend to see who takes home most active estate agent, commercial development of the year, responsible business of the year, residential development of the year, developer of the year, deal of the year, architects of the year, excellence in design, sustainable development of the year, contractor of the year, and overall winner.Shortlist for the East Midlands Bricks Awards 2022
Most Active Agent – sponsored by Blueprint Interiors Mather Jamie OMEETO BB&J Commercial Commercial Development of the Year – sponsored by Frank Key Broad Marsh Bus Station and Car Park – Galliford Try Construction Etiquette Park – Clowes Developments Nottinghamshire Police and Nottinghamshire Fire & Rescue Service joint HQ – Henry Brothers Responsible Business of the Year – sponsored by Press for Attention PR Cawarden Arc Partnership Phoenix Brickwork Residential Development of the Year – sponsored by Sterling Commercial Finance The Rise, Southwell – Stagfield Group Glenvale Park – Glenvale Park LLP Hindle House – KMRE Group Deal of the Year – sponsored by Blythin & Brown Insurance Brokers St James Securities – Phase Two of the Becketwell regeneration scheme in Derby – 3,500 capacity Becketwell performance venue with ASM Global Wells McFarlane, APB and Newton LDP – sale of 460 acres of land in North Leicestershire, making way for a new garden village Morgan Industrial Properties Limited – acquisition of the former Ewart Chain site in Shaftesbury Street, Derby Developer of the Year – sponsored by Ward Hockley Developments St James Securities HBD Architects of the Year – sponsored by OMS Swain Architecture Rayner Davies Architects CPMG Architects Excellence in Design – sponsored by Cawarden St. Peter’s Gate renovation – CPMG Architects Health and Allied Professions Centre at Nottingham Trent University – Pick Everard Brookside Farm – Chevin Homes Sustainable Development of the Year – sponsored by Viridis Building Services Refurbished HQ for LKAB Minerals – Scenariio Northern Gateway Enterprise Centre – Chesterfield Borough Council, Whittam Cox Architects, Robert Woodhead Group Broad Marsh Bus Station and Car Park – Galliford Try Construction Contractor of the Year – sponsored by RammSanderson Galliford Try Construction Cawarden Enrok Construction The Overall Winner, sponsored by Streets Chartered Accountants, will also be announced at the ceremony, who will be awarded a year of marketing/publicity worth £20,000.
To be held at:
Midlands businesses seek funding for growth, despite economic climate
Nearly half of mid-sized businesses in the Midlands will seek funding for growth in the next year, despite the current economic climate.
According to BDO’s Rethinking the Economy survey, 48% of companies in the region intend to look for investment by the middle of 2023, with 40% putting fund raising plans in place in the next 12 to 18 months.
The research of 500 mid-sized businesses showed that the top two sources of funding for Midlands businesses are debt finance (34%) and bank loans (31%), with private equity as well as crowdfunding also on the financial radar.
Roger Buckley, M&A partner at BDO in the Midlands, said: “Regional businesses are facing a plethora of challenges that keep on mounting in the face of high inflation and an impending recession. Despite this, there is still a clear appetite to seek and secure investment, as businesses look towards multiple sources of funding to meet strategic aims.
“With the investor market equally as ambitious in the region, eager to support entrepreneurial companies that wish to scale up at pace, we expect this level of interest by companies to have a positive effect on investment activity in the Midlands over the coming 12 to 18 months.”
The survey also highlighted the growth intentions of regional businesses, with nearly a quarter of companies stating that they intend to expand internationally in the next 12 months. Of those businesses that currently operate overseas, 19% plan to expand their presence.
Buckley added: “Operating internationally brings with it a multitude of tax and regulatory considerations that can differ from one territory to the next. However, the financial rewards for establishing a strong footprint in complementary markets can be significant if planned and funded in the most appropriate way and Midlands businesses are clearly keen to capitalise on the opportunities this brings.”
East Midlands local economy to be levelled up with historic billion pound devolution deal
Local leaders in large parts of the East Midlands will be given new powers to improve transport, boost skills training and build more attractive and affordable homes through an historic, first of a kind county devolution deal signed with the government.
Levelling Up Secretary Greg Clark will sign the deal with Derbyshire and Derby, Nottinghamshire and Nottingham, which will see the area appoint a directly elected mayor, responsible for delivering local priorities, backed by a new £38 million per year investment fund, totalling £1.14 billion over 30 years.
The deal delivers on a commitment made in the government’s Levelling Up white paper published early this year to shift in powers and resources away from Whitehall to local communities.
In addition to the agreed funding being under local control rather than control from Whitehall, a new Mayoral Combined County Authority will be created, with control over the core adult education budget, to boost skills in the region, as well as the ability to increase control over transport infrastructure.
The new mayor will also be granted powers to drive regeneration, with compulsory purchase powers and the ability to designate Mayoral development areas and establish Mayoral Development Corporations to promote growth and build new homes.
Levelling up Secretary Greg Clark said: “The East Midlands is renowned for its economic dynamism and it has the potential to lead the Britain’s economy of the future. For a long time I have believed that the East Midlands should have the powers and devolved budgets that other areas in Britain have been benefitting from and I am thrilled to be able to bring that about in Derby, Derbyshire, Nottingham and Nottinghamshire.
“I am impressed by the way councils in the region have come together to agree the first deal of this kind in the country, which will benefit residents in all of the great cities, towns and villages across the area of Derbyshire and Nottinghamshire.
“Taking decisions out of Whitehall and putting them back in the hands of local people is foundational to levelling up and this deal does that.”
The new East Midlands Combined County Authority will also be granted control of over £17 million of additional funding for the building of new homes on brownfield land in 2024/25, subject to sufficient eligible projects for funding being identified, and a further £18 million has been agreed to support housing priorities and drive Net Zero Ambitions into the area.
In a joint statement, Ben Bradley MP, leader of Nottinghamshire County Council, Barry Lewis, leader of Derbyshire County Council, Chris Poulter, leader of Derby City Council, and David Mellen, leader of Nottingham City Council, said: “We welcome the £1.14 billion devolution deal from the government on offer for our region. It’s fantastic news.
“We want to make the most of every penny so this can be used to make a real difference to people’s lives.
“As Leaders, we have all fought for a fairer share for our cities and counties, and a bigger voice for our area, to give us the clout and the influence we deserve, and to help us live up to our full potential.
“This deal would help make that a reality, creating more and better jobs through greater investment in our area, with increased economic growth, better transport, housing, skills training, and an enhanced greener environment, as we move towards being carbon neutral. These are what we all want to see, and we will work together for the common good of the East Midlands.
“We haven’t always had the same level of funding or influence as other areas, which has held us back. This is a golden opportunity to change that and put the power to do so in our own hands.
“There is a lot still to be agreed, and this is the beginning of the journey, not the end. We’re determined to build on this deal over time, as other areas have done.”
This will be the first ever Mayoral Combined County Authority, a new model of devolution provided for in the Levelling Up and Regeneration Bill. Implementation of this deal is dependent on Parliamentary approval of the Bill and necessary secondary legislation, as well as a public consultation.
This marks another important milestone in the government’s commitment to ensure that every area in England that wants a devolution deal can get one by 2030, as promised in the Levelling Up white paper published earlier this year.
New powers will help to improve local skills which will meet the specific needs of the local economy, helping to boost the region financially. In addition, there will be greater powers to drive regeneration creating more affordable housing for local people, making the area a more desirable place to live, work and visit.
East Midlands Chamber Chief Executive Scott Knowles said: “Our region is home to a wide range of fantastic businesses, from large industrial powerhouses to innovative university spin-outs, and everything in between.
“What they now need is the political apparatus that removes obstacles to decision-making, enhances our ability to attract investment and ultimately creates a more business-friendly environment.
“The announcement of a devolution deal for Derbyshire and Nottinghamshire provides a huge opportunity in this respect. It will help these counties to take strides forward in productivity and innovation, enabling firms to drive the economic growth that creates jobs and wealth locally.
“For too long, our region has lagged behind when it comes to being backed by central Government, with our recent analysis in partnership with East Midlands Councils highlighting how the region ranked either bottom or near the bottom for spending on transport, health, education, social protection and economic affairs.
“It’s reassuring to know many of these themes are covered by the East Midlands MCCA and that businesses will be represented within its governance structure. Following today’s announcement, it’s essential Government remains open to additional proposals for innovative structures that enable Leicester and Leicestershire to also optimise investment from the centre for local deployment.
“This is an exciting time for our region and we look forward to hearing more about how our local political system evolves to not only close the present funding gaps and imbalances, but drives the growth that allow all those who live, work and play in the East Midlands to prosper.”
Private equity investor acquires Leicestershire’s CTS Group
Palatine has successfully exited its investment in CTS Group, the fast-growing provider of testing, inspection and geoengineering consulting services to the construction and infrastructure sectors.
Leicestershire-headquartered CTS has been acquired by Oakley Capital, the pan-European private equity investor.
Palatine made a partial exit from the business in 2021, with the sale of its insurance claims management division to HomeServe plc for £53m. Together the transactions represent a return of 5.8x for Palatine’s investors.
Since its initial investment in 2018, Palatine has grown CTS into a leading business in the UK. Revenues have more than doubled over the last three years, through Palatine’s investment in digital transformation, talent acquisition and a highly successful buy and build strategy. With Palatine’s backing, CTS has made nine acquisitions adding complementary services and geographic scale to its offering.
CTS has also benefited from Palatine’s approach to ESG strategy, which has seen the business create an in-house ESG coordinator position and realise significant reductions in its carbon footprint through fleet electrification and digitisation initiatives.
Tony Dickin, partner at Palatine, said: “We have enjoyed a highly collaborative, productive and successful partnership with Phil and his team, based on a shared early belief in CTS’ potential to become a nationally-leading force in its market.
“This excellent outcome is a major milestone in what we are sure will continue to be a remarkable growth story for CTS and its new partners.”
In parallel with the acquisition of CTS, Oakley Capital has invested in Phenna Group, a global Testing, Inspection, Certification, and Compliance (“TICC”) sector business. CTS will become part of Phenna Group upon completion of both deals. The existing CTS management team will continue to lead the business within the wider group.
Phil Coles, CEO of CTS Group, said: “Over the last four years of partnership, Palatine has proven itself to be an outstanding and highly supportive investor. Together we have achieved remarkable growth, scaled the business significantly and enhanced our proposition to customers. All of this has paved the way for further long term success as we become part of a larger, ambitious, international group with the backing of Oakley Capital.”
Palatine was advised by Clearwater (corporate finance), Browne Jacobson (legal) and Deloitte (tax).
IoD appoints Paul Hooper-Keeley to lead Derbyshire and Nottinghamshire branch
The Institute of Directors (IoD) has appointed Paul Hooper-Keeley to lead its Derbyshire and Nottinghamshire branch.
Paul is Managing Director of Intervallum, a provider of finance director, chief financial officer and non-executive director services. Intervallum supports businesses through turnaround situations, growth and exit transaction projects.
He has been a board-level director since 1996 and was the IoD’s 25th Chartered Director, qualifying in 2000.
Paul has served as an ambassador for the IoD’s Greater Birmingham branch and holds non-executive director positions with B: Music and Lichfield Garrick Theatre.
He is a Fellow of the Chartered Institute of Management Accountants (CIMA) and holds an MBA from Edinburgh Business School.
Paul said: “I want to help to build better directors in this branch. This starts from the aspirations at student level in our universities to right across the spectrum of age and experience. We will build a community of directors and put on events that add value to their careers and businesses.”
IoD members range from start-up entrepreneurs to directors of large SMEs and international companies, as well as the public and third sectors.
East Midlands business confidence holds steady despite challenges
Business confidence in the East Midlands fell one point during August to 11%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies in the region reported lower confidence in their own business prospects month-on-month, down 11 points at 4%. When taken alongside their optimism in the economy, down 6 points to 2%, this gives a headline confidence reading of 11%.
East Midlands businesses identified their top target areas for growth in the next six months as evolving their offering (34%), investing in their teams (22%) and diversifying into new markets (21%).The Business Barometer, which questions 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.A net balance of a third (33%) of East Midlands businesses expect to increase staff levels over the next year, up 20 points on last month.Overall UK business confidence fell nine points during August to 16%, its lowest level since March 2021. Firms’ outlook on their future trading prospects was down 32 points to 5%, and their optimism in the wider economy dropped six points to 6%. The net balance of businesses planning to create new jobs also decreased five points to 16%.While every UK region and nation reported a positive confidence reading in August (except the South East, where confidence dropped 15 points to 0%), only three recorded a month-on-month increase in optimism. The three regions were the North West (up 26 points to 44%), South West (up 12 points to 23%) and Yorkshire (up nine points to 23%), with the North West now the most optimistic region overall.Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking, said: “It’s encouraging to see confidence among East Midlands firms remain steady, despite the multitude of economic headwinds they continue to face.
“In order to remain resilient, it’s crucial that they keep a close eye on working capital and make themselves aware, if they’re not already, of the many funding options available to ensure fluctuating demand doesn’t have a damaging impact on their cash flow.“We’ll be firmly by the side of businesses across the region to help them navigate the challenges that lie ahead.”
Business confidence declined across all four of sectors in August. Confidence within the retail sector declined the most this month (13%, down 18 points), with the service sector also seeing a significant nine-point decrease (15%). Other sectors saw moderate decreases, with manufacturing down by four points (16%) and construction (26%, a fall of two points), in line with recent trends.
Hann-Ju Ho, senior economist for Lloyds Bank Commercial Banking, said: “Business confidence declined for a third consecutive month as firms continue to face economic challenges in the period ahead and as inflation concerns intensify. Despite edging lower this month, the outlook for both wage and price pressures remains elevated. However, there are some brighter points as the demand for staff remains positive, and firms reported lower concerns about staffing issues and the pandemic.”
