< PreviousFINANCE NEWS Nottingham firm among UK recipients of smart airport tech funding =The UK government has allocated £450,000 to six British technology firms, including one in Nottingham, to develop advanced airport screening equipment aimed at improving security and reducing delays. The funding, announced by the Department for Transport (DfT), supports innovations designed to enhance threat detection, reduce false alarms, and speed up passenger screening. Companies based in Tewkesbury and Cambridge are also among the recipients. In addition to funding, businesses will receive tailored guidance on technical development, regulation, and corporate finance through workshops led by the Connected Places Catapult. Airlines UK and AirportsUK have welcomed the investment, highlighting its potential to improve airport operations and support the aviation sector’s goal of achieving net zero. Industry leaders are also calling for reforms to the UK’s airspace design process to reduce delays further and enhance resilience. Aviation Minister Mike Kane stated that the funding aligns with the government’s broader strategy to strengthen security, boost international competitiveness, and drive economic growth in the aviation sector. Greencore’s mission to acquire Bakkavor takes step forward Convenience foods manufacturer Greencore’s mission to acquire Bakkavor, the manufacturer of fresh prepared food, has taken a key step forward, with the businesses reaching an agreement in principle on the key financial terms of a possible cash and share offer. The £1.2 billion deal bringing the companies together would create a leading UK convenience food business with a combined revenue of £4 billion. Under the terms of the offer, Bakkavor shareholders would be entitled to receive 85 pence in cash for each Bakkavor share and 0.604 Greencore shares. Greencore shareholders would own approximately 56% and Bakkavor shareholders would own approximately 44% of the combined group. Following the rejection of previous bids from Greencore, which has its UK head office in Worksop, the board of Bakkavor has now indicated that the key financial terms represent a value it would be minded unanimously to recommend to Bakkavor shareholders. TowerBrook makes majority investment in Corby sustainable waste management solutions business TowerBrook, a purpose-driven investment firm, has made a majority investment in Corby-based Axil, the sustainable waste management solutions business. With TowerBrook’s backing, Axil is poised for growth, strengthening its market presence and expanding its service offering. TowerBrook, has invested in Axil through its Impact strategy, TowerBrook Delta which supports high-potential companies with impact at their core. This investment aligns with Axil’s vision of delivering sustainable waste management solutions that create positive impact. Edward Pigg, Managing Director at Axil, said: “We’re excited to welcome TowerBrook as our partner as we share the same enthusiasm and energy to improve the environmental performance of our customers. “Our teams share many common values, and we look forward to continuing our track record of growth with their support. What impressed the Axil team during the shareholder transition was the level of engagement and interest demonstrated by TowerBrook with our staff at all levels.” 10 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk © stock.adobe.com/Who is Danny © stock.adobe.com/monticelllloFINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 11 Precision medicine company falls into administration Oncimmune, a precision medicine company spun out from the University of Nottingham, has fallen into administration. It follows attempts by the business to sell its German trading subsidiary and a failure to raise additional capital required to meet the company’s short term funding needs. In a statement Oncimmune said: “Despite a comprehensive sale process and positive interest in the business it has unfortunately not been possible to secure a buyer for the Company’s trading subsidiary, Oncimmune Germany GmbH. It has also not been possible to raise the additional capital required to meet the Company’s short term funding needs. “In light of this, and after extensive consideration of the Company’s current financial situation as well as the resulting creditor position, the Board has regrettably concluded that there are no further options available to the Company to extend its cash runway and that the Group should therefore be placed into administration in order to preserve the value of the business for creditors.” W B R ANAADV UNLEA GAANTG TTASH GES THE WHEN W T TGREA OF OORK TWE W THINGS HAPP SF A OGETHER PEN SAS \EXXREG VMILXSXWX˃IR n pension,wro MEsand ailabvs abreak PML[WWIRMWYF M\I˄KRMHMZSVT amily businesf S solutioAASS ble. ˃MRKMWILXKRM]SNRIXW RIFIYUMRYHRE]XMPMFM ftheirontrolosses in c fSorsoon puts Direct viderS ProAhe UK’s Largest Independent SST FINDOUTMORE eting@kmar ol Lon BristBolt FIND O AXT | SSAS uk.oc.oupgr@wbr er London SalisburestLeic OUT MORE CTA | YVISORAD y Wimbledon AWL | ARIALU © stock.adobe.com/lenblr Two Chicks sells majority stake to Eurovo Two Chicks, a Kettering-based producer of liquid egg whites, has sold a majority stake in its business to Eurovo Group for an undisclosed amount. The deal will enable Two Chicks to access Eurovo’s extensive resources to support its growth and expansion. Founded in 2007 by Anna Richey and Alla Ouvarova, Two Chicks was the first company to introduce liquid egg whites into the UK retail market, creating a new product category. The company has become a market leader, doubling its turnover in the past two years. Eurovo, one of Europe’s largest egg producers, has partnered with Two Chicks since 2015. In 2024, the Italian family-owned company reported approximately €1.25 billion in revenue and serves around 5,000 customers across over 40 countries. The acquisition will allow Two Chicks to broaden its product range, enter new markets, and strengthen its international presence. Ash & Lacy strengthens position in automotive industry with Vestatec acquisition Solidifying its position in the automotive industry, Smethwick-headquartered Ash & Lacy has acquired Nottingham-based Vestatec, a supplier of decorative automotive components. The acquisition brings together Ash & Lacy’s high-volume manufacturing capabilities and Vestatec’s expertise in cutting-edge Physical Vapour Deposition (PVD) coating technology, to offer innovative solutions to automotive manufacturers. Both companies are family-owned and driven by a shared philosophy of quality and growth. Dr. Jonathan Evans, CEO of Ash & Lacy, said: “From the outset, it was clear that Ash & Lacy and Vestatec share a similar philosophy. “This fusion brings together our strengths, allowing us to offer even more comprehensive, cost-effective, and sustainable solutions for the automotive sector.” MANUFACTURING NEWS Nottingham electrical insulation components manufacturer snapped up Termate, a Nottingham-based manufacturer of electrical insulation components, has been acquired by n Industries. The strategic partnership positions Termate for accelerated growth and expanded global reach. For over 80 years, Termate has established itself as a trusted provider of safety-critical electrical components, specialising in busbar supports, standoff insulators, busbar plugs, and a range of insulation and termination products. “Joining n Industries marks a significant milestone for Termate,” said Rob Swann, departing Managing Director and owner. “Their decentralised structure and commitment to supporting Termate’s excellent management team will enable them to capitalise on the company’s strong foundations to meet the increasing demand for products in key sectors. “With the global energy transition and the rapid expansion of data centres and energy storage solutions, the need for high-quality, reliable electrical insulation has never been greater. This partnership with n-industries will empower Termate to better serve their global customer base and drive innovation.” Toyota launches Derbyshire-based circular factory for vehicle recycling Toyota Motor Europe (TME) has announced the launch of its first Toyota Circular Factory (TCF) at its Burnaston plant in Derbyshire. The facility aims to maximise recycling, repurposing, and remanufacturing of end-of-life vehicles. It will begin operations in the third quarter of this year and serve as a model for future sites across Europe. The TCF will focus on three areas: reintroducing reusable parts into the market, remanufacturing commodity items such as batteries and wheels, and recycling raw materials like copper, aluminium, steel, and plastic for use in new vehicle production. TME expects the UK facility to process 10,000 vehicles annually, recovering 120,000 parts, 300 tonnes of high-purity plastic, and 8,200 tonnes of steel. The company plans to expand similar operations across Europe and collaborate with other organisations on circular economy initiatives. Toyota aims to achieve complete carbon neutrality by 2040 and reduce CO2 emissions across its European product line-up by 100% by 2035. The TCF initiative supports these goals by cutting vehicle manufacturing and material use emissions. 12 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk © stock.adobe.com/BORIS © stock.adobe.com/FreedomzVaillant opens £40m Derby plant, creating 200 jobs Vaillant has opened a £40 million manufacturing plant in Derby, adding 200 jobs to the local economy. The facility at Indurent Park will produce hot water cylinders, including the new uniSTOR high-recovery range. The plant, which spans 12,200 sq m, includes manufacturing and warehousing space and incorporates sustainability features such as rainwater harvesting, energy-efficient lighting, and heat pump technology. Vaillant, a global heating and cooling solutions provider with 17,000 employees, has expanded its UK manufacturing presence to meet the growing demand for low-carbon heating solutions. The company previously launched the UK’s first boiler manufacturer-led heat pump plant in 2022. Energy Secretary Ed Miliband highlighted the plant’s role in supporting local employment and advancing the UK’s low-carbon transition. Vaillant Group UK’s plant director, Joe Dunn, emphasised the company’s commitment to Derbyshire, its historic roots, and its continued investment in sustainable heating technology. MANUFACTURING NEWS Leicester plastic moulding and product design specialist falls into administration Ledwell Plastics, a plastic moulding and product design specialist based in Leicester, has entered administration. The company had fallen into financial difficulty in a challenging operating environment, with uncertainty around taxation on plastics and packaging affecting demand in the sector. Despite a pipeline of future work, cash flow issues meant the company was unable to stay solvent and had no option but to enter administration. Nathan Jones and John Lowe, partners at FRP Advisory, were appointed joint administrators of Ledwell Plastics Ltd on 17th March 2025. In a statement FRP said: “FRP is speaking to interested parties about the business’s assets and is supporting 17 employees with applications to the redundancy payments service. A further 14 staff members remain employed by the company and are assisting with winding down operations.” Northamptonshire food group gobbles up edible oils and fats platform Northamptonshire-based Whitworths Food Group is set to acquire Wednesbury- headquartered KTC Edibles Group from Endless LLP. KTC is a vertically integrated edible oils and fats platform with an important role in the UK food industry supplying over 370,000 tonnes of oils and fats across all major food channels. The group has sales of over £500 million and employs 450 people across its five manufacturing and distribution sites in the UK and Ireland. Endless acquired KTC in May 2022 and has invested heavily in the business over the last three years. Working alongside incumbent CEO, Paresh Mehta, turnover has grown by over £150 million and profitability has more than doubled. Michael George, Director at Whitworths, said: “Whitworths are pleased to welcome KTC into our family of food companies. We have been impressed by the progress of the business over recent years, and look forward to working with Paresh Mehta and his talented management team to continue to progress and grow the business.” © stock.adobe.com/alexhitrov www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 13 © stock.adobe.com/Seadog81 © stock.adobe.com/kenchiro168 © stock.adobe.com/Jag_czPROPERTY NEWS Work starts on more than 760 new Nottinghamshire homes Vistry Group has started work on 763 new homes at Top Wighay, Nottinghamshire, triggering the start of a £6m investment to bolster local services. Situated approximately 2km north of Hucknall town centre and to the east of Annesley Road (A611), the £191m development forms part of Nottinghamshire County Council’s (NCC) flagship mixed-use scheme. The 86-acre site, contracted in 2023 with NCC and earmarked for development for more than a decade, will also include 21 acres of employment land, a local centre with retail offering and a new primary school. Now the ceremonial spade has been placed in the ground, work will start imminently on the 763 one-, two-, three, four-, and five-bedroom homes, maisonettes and apartments. Of the new homes, 269 will be affordable properties, 97 will be available for private rental and 397 will be on sale on the open market through Vistry’s Linden, Bovis and Countryside brands. In addition to new housing, the development will also offer benefits to the wider community, with almost £6m designated to bolstering local services. Bucher Municipal secures 30,000 sq ft facility at Stud Brook Business Park A 30,000 sq ft facility at Clowes Developments’ Stud Brook Business Park has been let to Bucher Municipal. Bucher Municipal, the suppliers of municipal vehicles, have secured the brand-new Unit 4 as they expand their nationwide portfolio of bases. The deal sees Bucher Municipal take a 10-year leasehold agreement for the unit, which has been built and designed to meet their exact requirements and specifications to provide them with a best-in-class facility. The unit will be available for them to move in from May 2025. Terry Flannery, UK After-Sales Manager of Bucher Municipal, said: “The expansion in the range of Bucher Municipal products offered to the UK market demands larger and more flexible service centres. Stud Brook Business Park with its efficient connections make it an ideal location. “Clowes and their development team have been excellent partners, helping us adapt the building to our specific business needs. The Stud Brook facility with its modern sustainable design and high-quality construction will be a flagship service centre in our national network.” Go-ahead secured for 350,000 sq ft aluminium extrusion factory in Ashfield Nottingham planning consultancy Nineteen47 has advised aluminium trade extruder Garnalex on securing permission to build a new 350,000 sq ft multi-million-pound manufacturing facility in Ashfield. Nineteen47, which has offices in Nottingham, Sheffield and York, supported Garnalex with the preparation of a hybrid planning application. This included co-ordination of a full environmental impact assessment together with 3D visualisation services. The planning permission secured by Nineteen47 totals 1,000,500 sq ft on a 23.75-hectare site. Phase one is dedicated to the new factory with the remaining space for phase two which will comprise additional Garnalex facilities. Once both phases are complete, it is anticipated they will deliver more than 1,000 jobs. Located south-east of junction 27 of the M1, the proposals, which are located within the green belt, have been carefully designed to assimilate into the landscape. This includes significant tree planting and bunding providing screening which, together with a detailed landscape scheme, will deliver an 11 per cent increase in biodiversity net gain including a 68 per cent increase in hedgerow units. 14 East Midlands Business Link www.eastmidlandsbusinesslink.co.ukPROPERTY NEWS UK’s largest cold store facility reaches completion near Grantham McLaren Construction Midlands and North has completed the UK’s largest cold store facility, developed for Magnavale Ltd, the temperature controlled warehouse and value added service providers. The fully automated facility stands at 47 metres tall with a capacity for 101,000 pallets and represents a significant milestone in logistics and sustainable storage solutions. Located near Grantham, the purpose-built, rack-clad automated cold store has been designed to support Magnavale’s goal of creating Europe’s most efficient cold storage facility, operating at a standard temperature of -20°C. The 474,283 sq ft development can function at temperatures as low as -28°C and is powered entirely by renewable energy. The facility features a five-storey office space, extensive external yards, an HGV marshalling area, and a large staff car park. Additionally, cutting-edge refrigeration plant ensures that the storage chamber maintains optimal conditions for frozen food products from retailers. Work underway to transform site of former police station into extra care housing scheme The site of a former police station in the heart of Hucknall is set to become a new extra care housing scheme, with construction work well underway. The £15.9m scheme is being constructed on behalf of affordable extra care housing provider Preferred Homes Ltd by Midland-based Deeley Construction, and will see the creation of 73 apartments for affordable rent. The affordable extra care housing scheme will regenerate the site of Hucknall’s derelict former police station, which has now been demolished to make way for the new development that has been designed to provide a modern and comfortable living space for residents. When completed, it will comprise a three-storey and a four-storey building, with a mix of one-bedroom and two- bedroom apartments. The scheme will also feature communal space, including a lounge area, dining area, plant room, multi-purpose room and a bistro for the community and residents to use. Watnall Road is the second development which will be delivered by Deeley on behalf of Preferred Homes. Work is back underway on an affordable housing development in Long Eaton, Futures Housing Group and Lovell Partnerships have revealed, after setbacks with the original builders. The East Midlands housing association is working with Lovell to complete 109 homes on Bennett Street, Long Eaton. The homes will be a mixture of affordable housing, including social and affordable rent, shared ownership, and Rent to Buy. Due to a number of significant issues, Futures terminated the contract with the original builders in 2022 and it has taken time to get the project back on track. Anthony Holt, Director of Development & Asset Maximisation at Futures, said: “We’re aware it may have looked like not much has been happening on this development for a while. Over the past year we’ve had to carry out a lot of ‘behind the scenes’ work, such as weatherproofing the partially built homes on site, knocking down some timber frames that couldn’t be saved and building a new pumping station. “But we’re full steam ahead again now.” Work resumes on stalled affordable housing scheme www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 15 © stock.adobe.com/ASDF Richard Frank (Preferred Homes Limited) and Richard Bamford (Deeley Construction) 16 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY New life Sites across the East Midlands are being regenerated, bringing fresh life to the region’s towns and cities. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 17 COMMERCIAL PROPERTY A cross the East Midlands, underused and derelict sites are being revitalised to bring new life to the region, with a plethora of projects gaining momentum over the last month. In Northampton, for example, West Northamptonshire Council (WNC) and the regeneration specialist Cityheart have committed to a development agreement for the £130+ million transformation of Northampton’s Four Waterside and Marefair sites. Cityheart will work in partnership with WNC to deliver a mixed-use scheme on a complex brownfield site that has been vacant for over a decade. It will include grade A office space, a new hotel, homes, an extra care facility, as well as improved areas of public realm. Cityheart and WNC will now prepare a planning application for?remediation works, which are expected to start in autumn 2025, to ready the sites ahead of construction. The formal signing of the development agreement will enable Cityheart to begin preparation of a planning application for the overall scheme, separate to the remediation works. Cllr Daniel Lister, cabinet member for local economy, culture and leisure, said: “We are delighted that our partnership with Cityheart will enable us to deliver this significant development. Their expertise will be invaluable in transforming the two vacant brownfield sites and providing high-quality facilities to meet the needs of our local community and benefit our local economy. This area has stood empty for too long, and once complete, this development will enhance the wider transformation of Northampton town centre, benefiting residents and businesses from across the area. It’s an exciting time for one of 18 Á18 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY the key gateways into Northampton having recently entered into an agreement with John Lobb, Hermes, for the redevelopment of the Horizon House site and with the development of the Marefair Heritage Park site which is underway.” In Nottingham, meanwhile, a vital step forward has been taken for the redevelopment of the Broad Marsh site, with the City Council approving its sale. The authority’s Executive Board has agreed to sell the land to a proposed buyer with a considerable track record of major development – Homes England. The sale will provide a significant capital receipt for the council and accelerate plans for the area, which include more than 1,000 homes, up to 20,000 square metres of retail, office and community spaces, and the creation of around 2,000 full-time jobs. The land involved in the sale consists of the former Broad Marsh shopping centre, the cleared site to the west of the Green Heart, the NCP multi-storey car park, Severns House and former college site in Maid Marian Way. Councillor Neghat Khan, leader of Nottingham City Council, said: “This is really positive news for Nottingham and marks the start of a major redevelopment for this key part of our city. We know that people have wanted to see progress here for a long time and we understand that it has been a frustration for some that this hasn’t happened. However, it’s important to be clear just how much work has been undertaken by the council since the site was suddenly handed back to us in 2020 – in the middle of a global pandemic – when Intu went into administration. We developed the Green Heart as a direct result of feedback from residents and businesses, who shared what they wanted to see here. We now have a fantastic new green space, right in the heart of the city. The council has also successfully applied for grants to facilitate the demolition of the former shopping centre frame to prepare the ground for development. We’re excited by the plans that the proposed buyers have and we look forward to working closely with them on bringing these to fruition.” Furthermore, in Long Eaton, the derelict Galaxy cinema is to be demolished this month (April) to make way for its redevelopment. The former Stage One nightclub next to it will also be demolished to facilitate a wholesale regeneration of what is known as Galaxy Row. The demolitions will see new homes and commercial units built, www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 19 COMMERCIAL PROPERTY with plans for three business premises in addition to 16 flats and four townhouses. The council has partnered with Mypad and Tuntum for the development scheme. Chair of the Long Eaton Town Deal, Richard Ledger, said: “This marks a significant milestone in our Town Deal vision for Long Eaton. After considerable effort to secure these properties, we’re thrilled to see demolition begin. This is the first step in transforming Galaxy Row into a vibrant hub of homes and businesses, and we’re committed to keeping the community informed every step of the way. We eagerly anticipate the positive impact this redevelopment will have on Long Eaton.” The demolition work is expected to take four months with construction work beginning immediately after. Progress on these schemes follows developer St James Securities achieving practical completion at Derby’s £45.8 million Becketwell Live venue, earlier this year. Construction firm Bowmer + Kirkland completed the final stages of construction ahead of its opening this Spring, with the venue handed over to owners Derby City Council and operators Legends and ASM Global. Built on the site of the former Pink Coconut nightclub on Colyear Street, the new, 3,500-capacity venue will enhance Derby’s cultural offering, with a larger, more flexible space than the city centre has had in the past. Becketwell Live forms the second phase of the £200 million Becketwell scheme, which is the most significant urban rejuvenation project in the city for more than three decades. Phase one includes The Condor, the city’s first purpose-built Build to Rent scheme, owned and operated by Grainger plc and Springwell Square, and a new public green space for the city. Paul Morris, development director at St James Securities, said: “The completion of Becketwell Live marks a transformative moment for Derby, delivering a world- class venue that will drive significant economic growth and serve as a catalyst for the city’s future regeneration. This project has been more than five years in the making, and we are immensely proud to have developed a venue that will attract top- tier events and enhance the city’s cultural vibrancy, enriching the lives of its residents.” These projects represent just a handful of the transformative schemes taking place across the region, as sites throughout the East Midlands are prepared for regeneration. Paul Morris, development director at St James Securities (centre left), is pictured handing over the keys to the new Becketwell Live Arena to councillor Nadine Peatfield, leader of Derby City Council and Gary Simpson, senior vice president operations UK & director of security, safety and risk at ASM Global Europe (centre right). Also in attendance are representatives from main contractors Bowmer + Kirkland and funding and development partners Peveril SecuritiesNext >