Lincolnshire financial adviser acquired by international group
Kingswood Holdings Limited, the international wealth and investment management group, is to acquire Vincent & Co Ltd, a privately owned independent financial adviser firm based near Market Rasen in Lincolnshire.
Vincent & Co, ran by Mark Vincent, provides financial advice to over 130 clients in the Lincolnshire area. They hold £25m AuA and in the year ending 31 October 2021 generated revenue of £135k, and profit before tax of £83k.
Following regulatory approval, the business will be acquired for total cash consideration of up to £421k, payable over a two-year period. £211k will be paid upon completion of the transaction and the balance paid on a deferred basis.
David Lawrence, UK CEO at Kingswood, said: “I’m delighted to announce the acquisition of Vincent & Co, our fifth acquisition this year. Vincent & Co have been established for over 20 years and have built deep relationships with their clients and an ethos which matches ours at Kingswood. This is a great opportunity to make an acquisition that consolidates our presence in Lincolnshire.”
Main building contractor appointed for National Rehabilitation Centre
The National Rehabilitation Centre (NRC) Programme has appointed Integrated Health Projects (IHP) as main contractor to construct the NRC in Nottinghamshire.
The NRC will be one of the early schemes to be delivered under the government’s commitment to build 40 new hospitals by 2030. It will also be designed to be Net Zero Carbon, in line with the wider Greener NHS pledge to be the world’s first net zero national health service.
Pre-construction activity can now move forward on site which is part of the Stanford Hall Rehabilitation Estate (SHRE) near Rempstone in Nottinghamshire. Main construction will start subject to final agreements from Government.
IHP, an established alliance between Vinci Construction UK and Sir Robert McAlpine, was selected following the Procure process under the P22 Department for Health and Social Care (DHSC) procurement framework which provides Design and Construction Services for use by the NHS and Social Care organisations.
Partnering is embedded in the contracting process to achieve best results, quality and value. As part of the contract a Partnering Agreement overlay will be adopted which is a collaboration agreement between the central New Hospital Programme (NHP), Nottingham University Hospitals NHS Trust (NUH) and IHP, as well as Trusts and contractors for other early NHP schemes. This approach is intended to create a collaborative environment across Trusts delivering the early schemes within the NHP.
The NRC is a unique and brand-new facility with the potential to transform clinical rehabilitation across the NHS in England and Wales. Thanks to a wide National Clinical Academic Partnership of 22 Higher Education Institutions with the University of Nottingham and Loughborough University as the leads, the NRC will combine under one roof clinical rehabilitation, research, development and commercial innovation, and training and education. The impact of the NRC for patients is anticipated to be game-changing in terms of the quality of life potentially achievable after serious injury or illness.
Nottingham University Hospitals (NUH) NHS Trust is the NRC Programme sponsor and NUH is procuring the main contractor appointment.
Miriam Duffy, NRC programme director, said: “This is excellent news for all of us eager to see the benefits of the NRC realised and the facility become operational as soon as possible. IHP is a great fit and I’m impressed not just with their technical capability but with their understanding of the uniqueness of the NRC. We’re confident of creating a great construction partnership that will see the outstanding NRC building come to life and help us to get on with treating patients.”
Stuart McArthur, healthcare sector lead at IHP, said: “We are delighted that IHP has been appointed to the construction of the National Rehabilitation Centre through the P22 DHSC procurement framework. Through the 20 successful years of our alliance, we have demonstrated that we have the expertise and experience necessary to match the unique nature of this project. We look forward to working in close collaboration with NHP and NUH on delivering this new model of rehabilitation in an inspiring setting, which will benefit patients and staff whilst supporting leading edge research.”
Natalie Forrest, senior responsible owner for the new hospital programme, said: “This is an important milestone for the National Rehabilitation Centre as we deliver on the government’s commitment to build 40 new hospitals by 2030. Together with eight existing schemes, this will mean 48 hospitals delivered by the end of the decade. This new facility will transform outcomes for people who have suffered potentially life-changing injury, trauma and illness.”
The NRC is a 70-bed facility designed to integrate with the natural landscape of the Stanford Hall Rehabilitation Estate and specified to the highest standards of sustainability.
The NRC has been designed to ensure it will continue to achieve net zero carbon over the entire life of the building. It will not require any fossil fuels, and carbon-free electricity will be generated through solar panels on the site. The building will be highly insulated to minimise energy loss and will be built using low carbon materials such as timber for its structure.
The NRC will be built on a site approximately 400m from the counterpart Defence facility – the ‘Defence Medical Rehabilitation Centre (DMRC) Stanford Hall’ – which is operated by the Ministry of Defence and opened in 2018. Both the NRC and the Defence facility are part of the overall Defence and National Rehabilitation Centre (DNRC) Programme.
The NRC will share knowledge and some specialist facilities with the Defence facility so that both can benefit. This sharing between NHS medicine and Defence medicine is novel and will enable both facilities to achieve more than the sum of their individual parts.
Alongside IHP, the NRC project team includes Ryder Architecture, Arup and Fira (landscape architects). “Another strong year” for Ideagen
Nottinghamshire-based software firm, Ideagen, has hailed “another strong year,” reporting continued organic growth augmented by strategic acquisitions.
In an update on trading for the year ended 30 April 2022, the company said it expects total revenue to rise 41% to approximately £92.2m in comparison to £65.6m in the prior year. Meanwhile adjusted EBITDA is anticipated to be up 33% to approximately £30.5m, from £22.9m.
Earlier this month (May 2022), the Board of Ideagen reached agreement on the terms of a recommended cash acquisition by Hg, a software and services investor, for the entire issued and to be issued share capital of Ideagen.
Ideagen’s directors intend to recommend unanimously that Ideagen shareholders vote in favour of the acquisition at the forthcoming shareholder meetings.
It is anticipated that the acquisition will complete in July 2022.
The Board meanwhile remains in discussions with Astorg, who have also proposed an offer for Ideagen, who have been granted access to due diligence.
Ben Dorks, Chief Executive Officer of Ideagen, said: “I am pleased to report another strong year for Ideagen, delivering strong organic growth and customer momentum. We have completed seven acquisitions that significantly extend our leadership in compliance software for regulated industries and expect to derive synergy opportunities once integrated.
“Our primary focus remains growing our recurring revenues and expanding our customer base. The offer received from Hg reflects the quality, track record and future growth potential of Ideagen. Given the momentum in the group, we remain confident about the year ahead.”
Mattioli Woods subsidiary snaps up Scottish firm
Leicester-based Mattioli Woods, the specialist wealth and asset management business, has revealed that its subsidiary, Ludlow Wealth Management Group Limited, has acquired the trade and assets of Ferguson Financial Management Limited for an initial consideration of £0.6 million and potential further consideration of up to £0.6 million dependent on the attainment of specified performance targets in the year after completion.
Ferguson provides financial planning and wealth management services to over 200 private client families with approximately £80 million of assets under advice. Ferguson is based in Glasgow and as part of the deal an experienced employee will join Mattioli Woods and operate from the group’s existing Glasgow office.
In the year ended 31 October 2020, Ferguson generated revenues of £0.34 million with a profit before taxation of £0.16 million. At 31 October 2021, Ferguson’s gross assets were £0.19 million and net assets were £0.19 million.
Michael Wright, Group Managing Director of Mattioli Woods, said: “We are pleased to complete Ludlow’s first acquisition since joining the group. We continue to work closely with Ludlow’s experienced team as we pursue other transactions of a similar nature to further expand our growing wealth management presence in the north of England and Scotland.”
Ian Hemingway, Chief Executive of Ludlow, said: “Ludlow has a track record of successful deals involving retiring financial advisers, a model which Mattioli Woods continues to support. We look forward to working with the Ferguson team to responsibly integrate their clients into the group over the coming months, whilst continuing to explore other opportunities within the market.”
Managing energy price hikes, more than hot air in the Boardroom? By James Pinchbeck, partner at Streets Chartered Accountants
James Pinchbeck, partner at Streets Chartered Accountants, considers the effect of energy price hikes on businesses and what can be done to manage the situation.
Whilst the Spring invariably brings warmer weather and lighter days, this year it is unlikely to help businesses weather the storm of unprecedented price hikes in the cost of energy. According to a recent Policy Voice Survey by the Institute of Directors, over 53% of its members surveyed indicated that the cost of energy was and continues to exert a negative impact on their organisation.
The energy price hikes have come at a time when there seems to have been a perfect storm with Brexit and the pandemic leading to unprecedented disruption to businesses, with rising costs particularly as a result of labour shortages and supply chain issues and in many cases a lockdown loss of revenue. Whilst some may have been able to pass on such cost increases, for many this has not been the case having to absorb them with a loss of margin.
Businesses are no doubt feeling a bit weather beaten with what seems the exponential increases in energy yet another disruption or problem that is adding to the domino effect of challenges faced.
The average household is likely to face an increase in their annual energy bill of around £700 in light of the 54% increase in prices. When it comes to businesses, the annual bills for the average small business will increase from £1,150 to £1,725 and for the average medium sized business from £1,860 to £2,864. Many businesses though, depending on what they do, for example those engaged in manufacturing or processing, are set to see in real terms much larger bills.
Whilst the first approach to dealing with the situation may be to see if you can seek a cheaper supplier, this is unlikely, given the state of the market, to yield results. For those on contract with their energy supplier, whilst their current deal may be favourable, they should prepare for hikes on renewal.
Managing the situation really needs a more strategic approach, starting with an in depth understanding, even audit of your energy consumption. Such information can then be used to determine steps and approaches to reducing consumption and becoming more energy efficient. This may include greater use of more energy efficient equipment, changes in staff attitudes and approaches and working practices through to installing new energy generation technology.
Quick and simple short-term measures, though, may not achieve the results required, not least in terms of achieving security or certainty around the supply and cost of your energy. You may then look to capitalise on the tax reliefs included in the Spring Statement and prior Budgets to support those looking at investing in green technologies and alternative energy sources.
Those looking to install heat pumps, solar panels or wind turbines can benefit from a removal of the 5% VAT levy on the cost of such installations.
The government is introducing targeted business rates exemptions for eligible plant and machinery used in onsite renewable energy generation and storage and a 100% relief for eligible low-carbon heat networks with their own rates bill. It was announced in the Spring Statement that these measures will now take effect from April 2022, a year earlier than previously planned.
Businesses investing or incurring expenditure in energy saving or environmentally beneficial technologies can look to benefit from the enhanced capital allowances. The extension to the temporary increase in the Annual Investment Allowance (AIA) to 31 March 2023 allows 100% tax relief to businesses investing up to £1 million in qualifying expenditure.
Help may also be available from your energy company with many offering schemes or grants to help improve business energy efficiency, which can reduce costs; for example, subsidies on the upfront costs for more energy-efficient equipment.
The cost of investing in new technologies could also be financed, with some funders and banks like Natwest offering ‘Green Loans’ and ‘Green Asset Finance’.
Finally, food for thought, perhaps the increase in energy prices may see more and more of those who have either opted for hybrid or home working return to their employer’s place of work as they seek to manage their domestic bills.
See this column in the May edition of East Midlands Business Link Magazine.
Recognise the exceptional work of property and construction firms at the East Midlands Bricks Awards 2022
With nominations now OPEN for East Midlands Business Link’s annual Bricks Awards, showcase your business, team and projects by submitting an entry for the prestigious event.
Celebrating the region’s property and construction industry, award categories include: 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.
Winners will be revealed at a glittering awards ceremony on Thursday 15 September, at the Trent Bridge Cricket Ground – an evening also offering an opportunity to establish new connections with property and construction professionals from across the region, and featuring John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker.
After winning an award at the 2021 event, Allan Joyce Architects said: “We are delighted to have won Architects of the Year at the East Midlands Bricks Awards. It is lovely for the whole team, who always work incredibly hard to create amazing designs, to be recognised in this way. It was wonderful to attend the event in person and to hear about all of the great projects happening in our region and the companies involved in them.”
To submit a business or development for the East Midlands Bricks Awards 2022, please click on a category link below or visit this page.
Thanks to our sponsors:
- 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
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
Book your tickets now
Tickets can now be booked for the awards event – click here to secure yours. The special awards evening and networking event will be held on 15 September 2022 in the Derek Randall Suite at the Trent Bridge County Cricket Club from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region. Dress code is standard business attire.
To be held at:
Geldards partner Paul Southby installed as High Sheriff of Nottinghamshire
Geldards’ dispute resolution partner Paul Southby has been installed as the 458th High Sheriff of Nottinghamshire. The role of High Sheriff is a royal appointment for 12 months and is made by the Queen on the recommendation of the Privy Council.
Paul has played an active role in Nottingham and Nottinghamshire’s business community for many years. He recently stood down as chair of Marketing Nottingham but remains on its board, championing inward investment and growth in the local economic area and the development of the visitor economy locally. He is chair of Nottingham Partners, chair of Broadway Cinema and a member of the Nottingham Growth Board.
The origins of the Office of High Sheriff date back to Saxon times when the ‘Shire Reeve’ was responsible for law and order and the collection of taxes due to the Crown and it remains the oldest royal appointment. Supporting the Crown and judiciary are still key components of the role today and the 55 High Sheriffs across England and Wales also lend their support to crime prevention agencies, community groups, charities and voluntary organisations. It is an unpaid, independent and non-political role.
Paul has chosen to support Nottingham Partners’ chosen charity of the year Switch Up, a programme to empower children and young people in Nottingham to break the cycle of offending and reoffending. Switch Up delivers mentoring as well as physical training in Nottingham and soon in Mansfield to help young people reflect on their lives and set positive goals and ambitions for a better future.
A declaration ceremony at which Paul commenced his duties as High Sheriff of Nottinghamshire was held at Broadway in April and was attended by the Lord Lieutenant of Nottinghamshire Sir John Peace, the recorder of Nottingham His Honour Judge Gregory Dickinson QC, the Chief Constable of Nottinghamshire Craig Guildford, Marcellus Baz BEM of Switch Up, local political leaders as well as one very proud VIP, Paul’s Mum!
Paul said: “I am honoured to be taking on this historic role and am looking forward to supporting our City and County over the coming year through it. I am particularly pleased to lend my support to such a deserving and dynamic project as Switch Up which has real impact in improving the lives of young people in Nottinghamshire.
“My main focus will be on supporting local community crime prevention projects and on supporting the work of our county police force and court services. In addition, I intend to do what I can to support our local arts and cultural venues and projects in their recovery post-pandemic.”
Works complete on specialist healthcare facility at Nottingham Trent University
Work on a three-storey, specialist training facility for those in the healthcare sector has now been completed at Nottingham Trent University’s (NTU) Clifton Campus.
The renovation of existing NTU buildings and the completion of a new building will serve as a base for the Institute of Health & Allied Professions, which offers a range of specialist courses such as adult and mental health nursing and paramedic science. The whole facility is focused on equipping the healthcare providers of the future with the knowledge and hands-on skills required for modern healthcare.
Independent property, construction, and infrastructure consultancy, Pick Everard provided architecture, interior design and principal design services from concept to completion, working with main contractor Henry Brothers during the construction period.
Devika Parmar, director of architecture at Pick Everard, said: “We are delighted to have provided services for such an important scheme for the university and its healthcare students.
“We won this project via a competition under the NTU consultancy framework, where we put forward our concept proposals to create a gateway building to the campus that would be visually striking, functional and inspirational for anyone hoping for a career within health services. We’re thrilled that the completed building aligns very closely with our original concept sketch.
“Blending our healthcare and HE knowledge, we designed a building that caters to nursing, paramedical, and other healthcare professionals. It accommodates a variety of clinical simulation spaces that support teaching, assessments, and learning opportunities.
“Underpinning our design approach was a modular grid and a simplicity in design to create flexibility and standardisation in space planning and construction delivery. Working closely with university stakeholders, we meticulously planned the building to meet user requirements and allow for new educational technologies to support the evolving learning demands.”
With flexibility of use in mind, multi-use spaces have the potential to provide students with fully immersive experiences. The new building also provides a welcoming gateway building to the campus with the external façade treatment and quality materials providing aesthetic interest.
One floor of the new development is dedicated to realistic simulated healthcare environments for the training of healthcare students. This includes hospital wards, consultations and counselling rooms and a mock flat for home and emergency care scenarios. Meanwhile, a further two floors provide office and flexible teaching space to accommodate creative learning approaches.
David Shaw, national design director at Pick Everard, said: “The architecture of the new development has been designed for maximum visual impact on arrival to the campus. We wanted to ensure this new addition to an evolving campus would be complimentary but also distinctive both externally and internally.
“The whole consultant team worked closely to deliver this project to ensure the architecture, interior design and engineering has been holistically considered. We were intent on combining the existing building into the project, with the atrium space connecting the refurbished and new accommodations to bring people together in a central collaboration space.
“With such unique requirements for its end use, this development provided room for a number of innovations to be adopted. This included the inclusion of virtual reality training spaces that completely immerse students into situational experiences, which is an incredibly valuable experience for their training.
“The pandemic has reaffirmed the need for training facilities like this to make sure that the healthcare professionals now and tomorrow have the best quality teaching experience possible. We very much look forward to seeing the building fully occupied by students and professionals and seeing them make the most of their new teaching spaces.”
Dr Anne Felton, head of the Institute of Health & Allied Professions at NTU’s School of Social Sciences, said: “We’re incredibly excited that our new teaching centre is now open. The courses we’re providing will directly increase the supply of professional qualified staff into the NHS and related services, as well as providing a dedicated facility to allow greater opportunities for Continuing Professional Development for existing health practitioners within the local area.
“The virtual reality training facilities that will provide students with fully immersive situational experiences are a demonstration of NTU’s commitment to pushing the boundaries of the learning experience, while the audio-visual recording equipment installed within the simulation suites will enable feedback and reflection on students’ performances, creating a truly modern learning experience.”
Ian Taylor, Managing Director at Henry Brothers Midlands, the contractor for the development, said: “It’s great to see this project reach completion and I look forward to seeing it full of students. Despite being a challenging project delivered during difficult times, I’m really pleased with how the whole team came together to deliver a great looking building for the university’s students and staff.”
Revitalising the Heart of Chesterfield plans set to be considered
A multi-million pound project to revitalise Chesterfield town centre – helping the borough thrive for generations to come – is set to be considered by Chesterfield Borough Council.
The £10.28m Revitalising the Heart of Chesterfield scheme aims to transform the look, feel and flow of the town centre – creating a contemporary market town that has better connections between key public spaces, and a more attractive physical environment.
It includes plans for significant improvements to Chesterfield’s historic market grounds, along with proposals that will help maximise the potential of the iconic Crooked Spire as a key attraction for visitors, while also re-imagining town centre spaces for a range of flexible uses including markets, festivals, events, cultural celebrations and community gatherings.
Together with the £17m refurbishment of Stephenson Memorial Hall – which received planning permission in March 2022 – the project is being brought forward thanks to almost £20m which the council secured from the Government’s levelling up fund at the end of last year.
The latest designs for the scheme will be considered by the council’s Cabinet on 17 May and, if approved, the proposals will be subject to a consultation period running from 24 May to 8 July 2022 before a final Master Plan is developed.
Councillor Kate Sarvent, Chesterfield Borough Council’s cabinet member for town centres and visitor economy, said: “Chesterfield has been a flourishing market town for hundreds of years, but like places everywhere, we must address the challenges that the rise in online shopping presents to the future sustainability of our town centre.
“Our town has so much to offer, and we want to harness and build on this to create a town centre that remains vibrant, and relevant in today’s world.
“This project, together with the scheme to refurbish our historic Pomegranate Theatre and Chesterfield Museum, will transform the experience for those visiting the town centre, and help sustain the economic future for the wider borough.”
Levelling up funding will be used to extend the council’s planned regeneration of the market grounds, with extra investment now centred on key public spaces and the connections between them – including Burlington Street, Corporation Street, Rykneld Square, Spire Walk, Market Square and New Square.
It is proposed that new paving, seating, lighting, and street furniture will combine with more greenery, to create better-looking and better-connected spaces which people can enjoy and socialise in.
The Revitalising the Heart of Chesterfield project will complement work to regenerate the Northern Gateway and – at the other side of town – will connect with plans to transform the area around Chesterfield Station.
Key areas of focus are:
- Corporation Street – a tree-lined boulevard with improved paving and lighting will transform this key gateway to the town centre and provide a welcoming environment for visitors to the refurbished theatre and museum.
- Spire Walk – the council will work in partnership with the Church of St Mary and All Saints to create a more welcoming and attractive space in which to enjoy the iconic Crooked Spire.
- Rykneld Square – the proposals seek to make better use of this open public space – providing a better connection with the Crooked Spire, improving the feel and flow of this area.
- Burlington Street – proposed upgrades to paving, planting and lighting will create a more attractive main route – better connecting the Market Place and High Street through to Rykneld Square and Spire Walk.
- New Square and Market Place – a multi-million pound investment will revitalise Chesterfield’s historic market. Plans will create a modern, vibrant town centre experience with additional space alongside traditional markets to host outdoor events and speciality markets. The council is working with local traders to develop a revised market stall and layout design for the main market, and to consider how New Square could be used to complement the town centre offer in future.
- Packers Row – under existing plans, in place before the successful bid for levelling up funding, this area will also undergo improvement, following the completion of similar public realm works at the nearby Elder Way. Plans include improved lighting and paving, with an overhead light canopy to add character. Work here is set to start in spring 2022.
FTT prepares for future expansion with new Derby offices
