< Previous10 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS Mattioli Woods acquires Buckinghamshire business Leicester-based Mattioli Woods has acquired Richings Financial Management Ltd for an initial consideration of £0.9m and potential further consideration of up to £0.9m after two years. Founded in 1991, Richings is an established financial planning and wealth management business, working with over 270 private client families with approximately £70 million assets under advice. Richings employs an experienced team of four staff, all of whom will remain with Mattioli Woods following completion. Their location in Iver, Buckinghamshire supports Mattioli Woods’ continued growth in the South East. Ian Mattioli, Chief Executive Officer of Mattioli Woods, said: “Clive Ridge (Director of Richings) shares the Mattioli Woods philosophy of putting clients’ best interests at the forefront of his advice. “The families looked after by Richings will benefit from the range of products and services offered by Mattioli Woods and we look forward to working with Clive and his experienced team in ensuring high standards are maintained and built upon in the South East.” Leicester medicines optimisation specialists secure multi-million-pound funding Spirit Healthcare, a medicines optimisation service provider for the NHS, has secured a multi-million-pound revolving credit facility from Growth Lending, to support innovative R&D projects and expansion into new markets. Growth Lending chose to invest in Spirit Healthcare following the company’s consistent double-digit growth and strong turnover, even against the pressures applied by the COVID-19 pandemic. With over a decade spent improving healthcare services, Spirit Healthcare has saved the NHS millions of pounds and improved the lives of thousands of patients via its medicine optimisation programmes. The organisation works to replace expensive products with cost-effect, but high-quality solutions, with aims of reducing the NHS prescribing spend by more than £100 million by 2025. Louisa Poole, the financial director at Spirit Healthcare, says: “We are delighted to have acquired this support from Growth Lending. They have provided us with a working capital solution that will support our growth plans. Not only are they a pleasure to work with, they share our passion for improving healthcare provision and understand our ambitions. “We look forward to continuing our support of the NHS and wider healthcare sector by increasing our investment in quality solutions and technology. The investment will allow us to further improve services, reduce costs, create efficiencies, and ensure positive outcomes.” Jack Trowbridge, the commercial director at Growth Lending, says: “Although many businesses have been impacted with the events of the last 18 months, strong leadership has seen Spirit Healthcare continue its push for growth, with an already strong presence in the healthcare market. “This business is a welcome addition to Growth Lending’s portfolio and we are excited to support Spirit with its future growth.” Jobs saved as buyer found for Derbyshire construction company A buyer has been found and jobs saved at a Derbyshire construction company. Richard Pinder and Sean Williams, of Leonard Curtis Business Solutions Group, were appointed administrators of Ilkeston- based Whytemount Civils Limited on 4 August 2021. The business – a construction and civil engineering company – was incorporated in 2015. It had suffered financial difficulties due to a number of factors relating to the COVID-19 pandemic. This included delays to contracts as a result of the government restrictions, a shortage of materials, increased cost of supplies, and a lack of skilled labour to complete existing works. Also, a significant reduction in ongoing works resulted in a downturn in turnover. Despite the company directors working hard to turn the situation around – including raising additional funding and investing personal funds – the business reached a point where it was not able to trade out of its financial difficulties. Leonard Curtis Director Richard Pinder met with Directors in July 2021. Following this meeting, the professional advisory firm liaised with stakeholders and undertook an accelerated marketing campaign in an attempt to sell the business. This resulted in 11 expressions of interest and a sale was completed to Rhino Civils Ltd, which is a connected party. The sale saved the jobs of the company’s 8 employees. Richard Pinder said: “Unfortunately, market conditions have resulted in Whytemount Civils being unable to continue to operate. However, the team here at Leonard Curtis and our partner advisers have delivered the best possible result under the circumstances. “The transaction had to be completed in a very short timeframe, which was governed by the lack of working capital within the company. We believe that the pre-pack has maximised asset realisations for creditors and, most importantly, safeguarded the employees’ livelihoods. We’d like to thank the company directors for their co-operation in what was a very distressing time for them.” Richard Crofts, Managing Director of Rhino Civils Ltd, said: “We are pleased to have purchased the trade and assets of Whytemount Civils Limited. The transaction had to be undertaken in a short space of time due to the constraints and pressures facing the business. To have been able to save 8 jobs is pleasing.” Ian Mattioli Jack Trowbridge 06-15.qxp_Layout 1 02/09/2021 15:39 Page 5Next generation takes over at Leicestershire insurance broker Leicestershire-based insurance broker Blythin & Brown has been bought by Jonathan Blythin and Richard Picton, following the support of Shawbrook Bank. The business has been providing insurance solutions to its customers for over 50 years, specialising in general commercial insurance, with a track record in the construction, leisure and hospitality sectors. The transaction provided an exit for the retiring shareholders and minority partners, whilst ensuring that crucial personnel remain in place. The buyers are long-term members of the senior management team. Shawbrook Bank provided a commercial loan to part fund the acquisition. Richard Picton, Director at Blythin & Brown Insurance, commented on the deal: “Jonathan and I are immensely proud to continue the Blythin & Brown legacy and are very much looking forward to maintaining the service levels that our clients have received over the years. “The acquisition will enable us to regain our independence, continue our growth trajectory and solidify our position in the insurance broking market. Our staff are recognised and rewarded for all the hard work they do, and we are now looking to expand our team to invest in the future of the business. “We wish to thank the outgoing shareholders for their commitment to the business over the years and also express our gratitude to our professional advisors for their help and support throughout the transaction. We would also like to thank Shawbrook, who demonstrated an excellent understanding of the insurance broking sector.” Steve Armstrong, Director at Shawbrook Bank, said: “This really was a fantastic opportunity in which to support the existing Blythin & Brown directors in completing an MBO of a well-established insurance business. “For us, this deal ensured management continuity as key people who were well versed in the day-to-day operations of the business have gained control as its owners step away into retirement. “With the resurgence of the hospitality and leisure sectors, a specialist area of expertise for Blythin & Brown, we believe it will drive the company forward and ultimately, help it achieve its future goals.” Elliott Watts, Sandip Odedra and Mukesh Bulsara of Integrity Group provided corporate finance and debt advisory services, introducing the transaction to Shawbrook. Legal advisors included HCR (Shawbrook), BHW, and Shakespeare Martineau (MBO team). FINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 11 BGF exits investment in Lincolnshire hotel group BGF, the growth capital investor, has exited its investment in The Coaching Inn Group, which operates 18 hotels in traditional market towns across the UK. The business has been acquired by RedCat Pub Company, an investment vehicle which provides funding to the UK pub sector. Headquartered in Boston, Lincolnshire, The Coaching Inn Group was founded in 1996 by CEO Kevin Charity. BGF backed the group with an initial £4.5 million investment in 2015, before providing follow-on funding of £10 million a year later to support a planned £50 million expansion across the UK. In the last six years, The Coaching Inn Group has significantly expanded its portfolio, acquiring 11 sites. These include The Rutland Arms in Bakewell, The Golden Fleece in Thirsk and The Three Swans in Hungerford. Gurinder Sunner, head of BGF in the Midlands, said: “BGF’s Birmingham team backed The Coaching Inn Group in 2015 to support its planned multi-million pound expansion across the UK. “During this time, the company has gone from strength to strength and substantially improved the profitability of every site thanks to a strong and energetic management team, which has extensive experience in the hotel and hospitality market. “We’re extremely proud to have supported the company in helping to accelerate the growth of the business and wish the team all the best on the next exciting stage of their journey.” © Shutterstock / Sirisak_baokaew © Shutterstock / Pressmaster 06-15.qxp_Layout 1 02/09/2021 15:39 Page 6Forterra competes sale of Swadlincote site for £14m Forterra, the Northamptonshire-based producer of manufactured masonry products, has completed the sale of its Swadlincote site for £14.2m. The site contained two separate manufacturing facilities; a hollowcore precast concrete flooring factory which was mothballed in 2020 and a bespoke precast concrete facility, the closure of which was announced in July 2021. Forterra will continue to lease part of the site for a nominal amount until the end of the year as remaining operations are wound up and manufacture of its bespoke precast products is consolidated at its Somercotes facility. A condition of the sale is that the Swadlincote site will not be used for the manufacture of building products. uPVC manufacturer doubles workforce after receiving £158,000 A family-run uPVC manufacturer in Leicestershire has been able to double its workforce and invest in a new factory after its online customisation tool qualified for research and development (R&D) tax credits. Hinckley-based Burbage Custom Windows, established in 1994, received £158,000 from its two most recent claims for innovation found in the ongoing software development of their online customisation tool, which allows customers to design their own windows and doors. The company received the cash payment from HMRC across two R&D claims, secured by the firm’s advisers, R&D tax specialists, Access2Funding, who identified all aspects of the business’s recent projects that qualified for research and development tax relief. James Meah, Managing Director of Burbage Custom Windows, said: “Developing and testing the customisation tool was our biggest challenge, employing a full-time programmer to ensure we can hand-hold the customer all the way through the process and continue to make the tool more intuitive, faster and with more functionality. “We are really proud of our unique software and are currently working on developing the mobile app for the online tool, to make it more accessible for builders working outside and others who don’t have immediate access to a desktop computer.” R&D tax credits are an HMRC incentive to encourage UK businesses to continue to grow by innovating. The incentive being a reduction in corporation tax or a cash payment. 12 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Manufacturing output growth eases, while stock adequacy hits record low Manufacturing output growth in the three months to August eased from the previous month’s record pace, but remained firm by historical standards. However, stock adequacy weakened to a new survey-record low for the third consecutive month, according to the latest monthly CBI Industrial Trends Survey. The survey of 262 manufacturers found that output increased in 13 of out 17 sectors, with growth mostly driven by the food, drink & tobacco sub- sector. The easing in headline output growth compared to last month was driven primarily by the motor vehicles sub-sector, which saw output go from rising a near-record pace to being flat. Looking ahead to the next three months, manufacturers expect output growth to pick up slightly. Total order books remained strong, at a broadly similar position to last month. Meanwhile, export order books weakened somewhat from last month but still sit broadly in line with their long-run average. Manufacturers also reported that stock adequacy worsened to its weakest on record (since April 1977), marking the third month in a row in which a new record-low outturn has been set. The weakness in stock adequacy was driven by the electronic engineering and plastic products sub-sectors. In addition, expectations for output price growth over the next three months remained strong, close to the near-30 year high seen in June. CBI Lead Economist, Alpesh Paleja, said: “Manufacturing activity remained strong this month, with total order books remaining firm and most sub-sectors reporting rising output. However, early signs from the data suggest that growth in activity may have peaked. “It is notable that stock adequacy deteriorated to a new record low for the third consecutive month. Many firms are feeling the pinch from ongoing supply chain disruption, which also partly explains the continued strength in pricing pressures. “Despite the rebound in activity, ongoing disruptions could choke off future manufacturing growth. It’s therefore vital that businesses and the government continue to work together to smooth over some of the frictions in supply chains and the wider sector, until activity settles back down to normal levels.” Tom Crotty, Group Director at INEOS and Chair of the CBI Manufacturing Council, said: “While it is great to see manufacturing performing well, there is no getting away from the fact that many firms are facing serious challenges, such as staff shortages, supply disruption, and rising costs. It is important that these issues are addressed quickly. “Looking ahead, the upcoming Spending Review and COP26 conference present exciting opportunities for the manufacturing sector to define its role in the UK’s decarbonisation journey and economic renewal over the longer-term.” © Shutterstock /1968 James Meah 06-15.qxp_Layout 1 02/09/2021 15:39 Page 7Manufacturer centralises nine production units with £3m Nottinghamshire move 35 jobs are being created by an independent manufacturer of home baking products, following its relocation to a new site in Nottinghamshire. Food Innovations Baking Group, which supplies the full spectrum of edible and non-edible products under licence, private label and own brand, has completed a £3m move that has seen it centralise nine production units into one brand new facility on Panattoni Park in Eastwood. The sizeable investment has created a number of additional dedicated lines and helped it expand its Product Development Kitchen to give it more capacity to bring additional baking kits and other products to market. Backed by Ardenton Capital, the company is now looking to recruit ten technical and NPD jobs, with a further twenty-five roles available in production, ranging from general/skilled operatives to line and area leaders. “Demand for our range of products has really accelerated during COVID-19 and this prompted the need for a purpose-built central facility in Nottinghamshire that will give us the platform for the next twenty years,” explained Jag Sanghera, HR Manager at Food Innovations Baking Group’s Nottingham facility. “We have moved from nine individual units to one central site, where all the administration, manufacturing and R&D work is carried out under one roof and benefits from state-of-the-art production space.” She continued: “Better still we are creating 35 jobs, which comes at a great time for the people of Nottingham who may be considering their career prospects following the pandemic.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 13 MANUFACTURING NEWS Engineering consultants secure funding package for office and research facility Derby-based engineering consultancy, SCITEK Consultants Ltd, has received a seven-figure funding package from NatWest to create purpose-built office space and a research facility, as it drives forward its ambitious growth plans and expands into the renewables sector. SCITEK specialises in the research and development of a range of engineering services. Its clients cut across the aerospace, defence, power generation and automotive sectors. The funding from NatWest has been used to build the new offices and a factory research facility on Victory Road, Derby after the business outgrew its previous premises. Construction of the 13,000 sq ft space finished in December 2020 and the firm was able to officially open last month, following an easing of COVID-19 restrictions. The new site will present significant growth opportunities for the company, increasing its capacity and capabilities to handle larger engineering projects, as well as expand its in-house testing facilities. It will also enable SCITEK to further diversify its work in the renewables sector; the firm is already working on a number of hydrogen related research projects. Founded in 1997 by Dr Marios Christodoulou, SCITEK employs a workforce of 24 employees. To facilitate its growth plans, the firm will look to increase its workforce by 4 employees within the next 2 years. Dr Christodoulou said: “The new premises on Victory Road funded by NatWest will allow us to keep expanding into new, exciting projects. Moving forward, it is important for SCITEK to remain adaptable when taking on new projects in different sectors that we have not worked within before – for example, renewables.” Mark Jones, Senior Relationship Manager at NatWest, said: “NatWest has worked with SCITEK over a number of years, and as a result has established a strong relationship with the company. “We have previously offered international trade facilities to SCITEK, to allow the business to undertake a number of export contracts. After seeing the positive impact these have had on the business’ growth, NatWest were happy to support in the latest round of funding and we look forward to witnessing SCITEK’s progression.” Jag Sanghera and Peter Gillanders from Food Innovations Baking Group © Shutterstock /Jenson 06-15.qxp_Layout 1 02/09/2021 15:39 Page 8PROPERTY NEWS Student accommodation firm expands portfolio with £30m Leicester development Study Inn Group, a student accommodation owner, developer, and operator, are set to convert Reynard House, a former office block in Leicester, into a 267-bed purpose-built student accommodation centre. The £30million redevelopment will increase the overall square footage of the existing Reynard House by 50% with additional new build space, totalling 73,550 sq ft. The brand-new 7-storey student accommodation scheme will provide a mixture of studios and en-suite serviced apartment rooms. Construction is underway, with opening scheduled for September 2022. Facilities will follow the same enhanced specification as Study Inn’s 2nd generation of properties, including 24?7 onsite management; room cleaning and linen services; and state-of-the-art communal facilities such as extensive study space; wellness spa; sauna; steam room; hot beds; gym; yoga studio; games room; lounge; big screen cinema room; and an atrium conservatory for additional natural light. Commenting on the new development, Jack Jefferson, acquisitions director at Study Inn, said: “We are very pleased to add another fantastic city to our fast-growing portfolio. As both a developer and an operator, it is testament to our confidence in the continuing purpose-built student accommodation letting ability in Leicester.” E-commerce retailer lets 354,000 sq ft Northants development Firethorn Trust’s first UK development, Northampton Cross, has been fully-leased by MH Star UK, who will occupy the 37-acre scheme from October 2021. The e-commerce retailer has signed a 15-year tenancy on the two units, which span a total of 354,000 sq ft. MH Star UK, a specialist in home, outdoor, office, pet and children’s products sold by several in-house brands, has experienced rapid growth over the last year, accelerated by the consumer shift to e-commerce following the COVID-19 pandemic. The new site, which is located directly off Junction 15A of the M1 and offers enhanced access to the UK motorway network, will put the retailer in prime position for continued expansion, whilst bringing a boost to the local jobs market. Arvind Panchmatia, General Manager at MH Star, said: “As more consumers adapt their spending habits and shift to e- commerce, it has been increasingly important for us to source high-quality warehousing solutions so that we can effectively respond to ever-increasing demand. Northampton Cross delivered on every aspect, from modern, flexible office spaces to renewable energy provisions and welfare facilities for employees. “It has been a pleasure working with Firethorn Trust, and we are delighted to be leasing both units at the scheme. This new site will put us in a strong position to drive forward MH Star UK’s expansion as the business continues to grow and evolve.” Chris Webb, Partner at Firethorn Trust, continued: “MH Star’s tenancy is an incredibly exciting milestone for Firethorn. Northampton Cross is the first UK development opportunity that we acquired, we are proud to have agreed such a significant lease within a year of bringing the scheme to market, and prior to its completion in October.” Knight Frank acted for MH Star, while Lambert Smith Hampton & DTRE acted for Firethorn Trust. 14 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Rail electrification on track with lease of Thurmaston premises The lease of a prime Thurmaston business site is keeping the Midlands on track for rail electrification. Leicestershire commercial property specialist Andrew + Ashwell has negotiated the lease of the former Jewsons builders’ merchant, on Troon Commercial Area, to SPL Powerlines, in a move that will help speed work on the electrification of local train lines. Located approximately three miles north of Leicester, Troon Commercial Area is one of Leicester’s largest commercial business locations. Located on the corner of Wenlock Way and Cannock Street, with vehicle access off both roads, the site had a long history of use for a builders centre but is adaptable to a variety of uses. Interlinked buildings include single storey stores and workshop areas, plus two storey offices, a trade area totalling 21,890 sq ft, plus extensive hard standing. The electrification of public transport systems is the basis of the reduction of CO2 emissions in transport. SPL Powerlines UK is among the leading rail electrification businesses in the UK, providing overhead line equipment. The service portfolio spans complete implementation of complex projects, including design, project management, isolations, installation and maintenance, as well as commissioning and resourcing rail personnel. Chris Morton, for the tenant’s agent, Elliam CPS, said the new premises perfectly meets the needs of SPL Powerlines and will facilitate successful implementation of the next phase of the electrification of the Midland Mainline through to Leicester from Market Harborough. “The location, with low site cover but also a mix of offices and warehousing, suits the operation ideally and will enable the company to bid for further phases of the project as it heads north towards Nottingham and Derby. The ability to work here 24/7 is of particular importance.” A+A’s Kelvin Wilson said the move reflects an upsurge of interest in commercial sector property post-lockdown. “We had terms agreed with an alternative party in early 2020, prior to COVID, but they unfortunately felt that they could not continue given the uncertainty of the economy at the time of lockdown restrictions. After the first lockdown, a temporary arrangement was put in place and following the relaxation of restrictions, interest in the site bounced back strongly. Overall interest from a variety of occupiers has been very positive.” 06-15.qxp_Layout 1 02/09/2021 15:39 Page 9PROPERTY NEWS Planning permission secured for builders merchant facility Property development and investment company, CEG, has secured planning permission to deliver a modern 1,933 sq m builders merchant facility for Travis Perkins at the Vesuvius development off Sandy Lane, Worksop. CEG will build out the bespoke unit and lease it to Travis Perkins. The development will create 20 new jobs, deliver a new supply chain facility for existing local business and bring economic benefits to the area. CEG is currently managing the comprehensive regeneration of the 17.75ha Vesuvius site. With planning permission for more than 200,000 sq ft of employment space, the multi-million-pound first phase of commercial development is due to complete this summer. Providing a multi-tenanted 46,000 sq ft of industrial units, ranging from 1,200 to 5,000 sq ft, and retail space adjacent to the recently opened Asda superstore, the first pre-let has already been agreed with Burger King. Subsequent phases will also offer larger employment units including speculative as well as pre-let, design and build development for office, light industry, storage and distribution requirements. Nottinghamshire Fire and Rescue Service is also on site constructing a new fire station. Lawrence Escott, Investment Manager from CEG, said: “The regeneration of this brownfield site is proving a huge success. Vesuvius is fast becoming a thriving commercial destination and Travis Perkins will be a welcome addition. “We will soon complete the largest speculative scheme of this scale and quality in Worksop for many years and we continue to see strong interest in the space from well-known national trade and industrial occupiers alongside smaller, local businesses.” In 2018, supported by D2N2 Local Enterprise Partnership, CEG delivered a £5.5million package of works to create a new roundabout and access road opening up the site and remediating it for redevelopment. This makes the site easily accessible to the A60, A57, Worksop and its surrounds. Breedon Group expands office portfolio in Leicestershire AIM Listed construction materials group, Breedon Group plc, has expanded its office portfolio, leasing 8,400 sq ft of office space at Garden Court within the old walled garden at Lockington Hall in Leicestershire, adjacent to M1 J24. The property was marketed on behalf of the landlord by Alex Reid of Mather Jamie who was recently appointed to manage the Lockington Estate. Garden Court offers modern, single-storey offices set in landscaped grounds with on-site car parking. Arranged around four linked Pavilions with a central atrium, the offices offer open-plan accommodation flexible for use by a variety of office users. Robert Marsden, Land & Mineral Resources Manager at Breedon, said: “In terms of location, size of the property and the availability of car parking, Garden Court fitted our requirements perfectly. Everything that was promised worked out perfectly.” Lockington Estate comprises a diverse portfolio of 39,000 square feet of office space, a substantial sand and gravel quarry, and 15 residential properties. Lockington Hall, a grade II listed building, was converted to office accommodation soon after the current owner Charles Coaker inherited the estate in 1972. Commenting, Mr Coaker added: “I was very pleased that Mather Jamie was able to agree a new lease with such good tenants to run seamlessly from when the previous occupiers vacated, ensuring that I had virtually no void rental period. We were delighted to assist Breedon to establish a new base in an unrivalled rural setting which has superb connectivity and transport links.” Plans in for 55,000 sq ft Brackley industrial development Developer Chancerygate has submitted plans to speculatively build a new 55,000 sq ft light industrial and warehousing development within the Boundary Road Industrial Estate in Brackley, South Northants. Called Boundary43, the proposed scheme on a vacant two-and-a-half- acre site will comprise 14 Grade A units ranging from 2,050 sq ft to 19,125 sq ft with a gross development value of £10m. Properties at Boundary43 will be available on a freehold and leasehold basis. Chancerygate development director, George Dickens, said: “This will be an exciting development for the town and given the site’s proximity to Silverstone we anticipate attracting occupiers from the motor sport and high-tech industry. “Grade A supply is very limited in the region, especially on a freehold basis. With planning now submitted, we are looking forward to working with South Northamptonshire Council in bringing forward this exciting development.” Agents for the development are Brown & Co and White Commercial. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 15 06-15.qxp_Layout 1 02/09/2021 15:39 Page 1016 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY Lifeblood logistics 16-19.qxp_Layout 1 02/09/2021 15:52 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 17 COMMERCIAL PROPERTY © Shutterstock /Rudmer Zwerver Given our region contains the ‘golden triangle of logistics’ it should come as no surprise that the logistics industry is booming across the East Midlands. Having said that, take-up of logistics space has continued to soar, reaching record levels in Q2 this year. Indeed, research from CBRE shows that the East Midlands accounted for a third of all the deals. The property consultancy’s ‘UK Logistics Market Summary’ reports that fifty-five deals totalling more than fifteen million square feet of space were signed between April-June, representing a twelve per cent increase from the previous quarterly record set in Q3 2020. 19 Á The East Midlands accounted for 32.7 per cent (five million square foot) of the total, with 11.4 per cent (1.7 million square foot) of take-up in the West Midlands. Online retailers make up the bulk of new occupiers (42 per cent), thanks to the boom in e- commerce, though in the West Midlands, eleven of the fourteen units taken up went to third party logistics (3PL)/distribution operators. However, a consequence of the record take-up is that ready-to-occupy supply has fallen by forty-three per cent since Q1 to a new low of 9.4 million square foot, with With logistics space take-up reaching record levels, we shine a light on some major deals taking place within this booming property sector. 16-19.qxp_Layout 1 02/09/2021 15:52 Page 2Armstrong house Armstrong House, Armstrong Street, Grimsby DN31 2QE Tel: (01472) 310301 • Email: s.fisher@blmgroup.co.uk Superb Location - - Close to the ports of Grimsby & Immingham - Great motorway links - Close to the town centre Secure off street parking High speed internet availability Easy in/out terms A range of affordable office sizes 3 3 3 3 3 Last remaining office suites Prime location in Grimsby Offering a prime position in Grimsby, Armstrong House on Armstrong Street is ideally located. Close to the ports of Grimsby and Immingham, motorway links and the town centre, off-street parking is also available for all staff and visitors, meaning it’s convenient too. Our spacious, welcoming offices are located on the ground floor and are both secure and CCTV-monitored, giving you the ultimate peace of mind. At Armstrong House, the flexible in/out terms of contract mean confidence when it comes to affordability and with a range of office sizes there are opportunities for all types of business. If you require virtual office services, prices start from just £15 per month. For more information, or to discuss your office requirements call 01472 310301. 16-19.qxp_Layout 1 02/09/2021 15:52 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 19 COMMERCIAL PROPERTY vacancy across the UK falling to just 2.1 per cent. The surge in demand in the East Midlands saw available space hit a six-year low, at 3.9 million square feet. The issue is even more acute in the West Midlands, which saw a thirty per cent fall in available space to three million square feet. Prime rents in the Midlands region have also risen as a result of supply issues, with the West Midlands now posting £7.50 per square foot. In the East Midlands prime rents breached £7 for the first time, now standing at £7.25 per square foot. It’s no surprise with the rise in e- commerce demand, then, that one of the biggest deals over the last month has saw Firethorn Trust’s first UK development, Northampton Cross, fully-leased by MH Star UK, who will occupy the thirty-seven- acre scheme from October 2021. The e- commerce retailer has signed a fifteen- year tenancy on the two units, which span a total of 354,000 sq ft. MH Star UK, a specialist in home, outdoor, office, pet and children’s products sold by several in-house brands, has experienced rapid growth over the last year, accelerated by the consumer shift to e-commerce following the COVID-19 pandemic. The new site, which is located directly off Junction 15A of the M1 and offers enhanced access to the UK motorway network, will put the retailer in prime position for continued expansion, whilst bringing a boost to the local jobs market. Elsewhere in our region, the green light has been given for the speculative development of three warehouse schemes across the East Midlands to commence now that planning approval has been granted. Investor, Urban Logistics REIT (ULR), and developer, Wilson Bowden Developments, have secured full planning consent for 255,000ft? of new industrial / warehouse and distribution space in six units across three sites in Nottingham, Castle Donington and Leicester. Wilson Bowden Developments will shortly begin construction on all three schemes with completion due in Q2 2022. The three schemes comprise Blenheim Park in Nottingham where four units of 18,000ft2, 24,000ft2, 43,000ft2 and 81,000ft2 will be delivered, a single unit of 45,000ft2 at Willow Farm, Castle Donington and a further unit of 44,000ft2 at Optimus Point, Leicester. The schemes will be jointly marketed by M1 Agency and FHP. Lastly this issue, over 40,000 square feet of good quality warehouse space just off the M1 at its intersection with the A38 has been let to Sunbelt Rentals. This is FHP’s latest deal at Junction 28 of the M1, which was concluded by Tim Gilbertson who acted on behalf of a charitable client, with Sam Robinson of Colliers acting on behalf of new tenants, Sunbelt Rentals. “It was great to see this deal over the line, this building generated a lot of interest from the start of our marketing and was quickly put under offer to a quality covenant. Space around Junction 28 of the M1 is hugely sought-after and there will be speculative development coming soon in the region, but at present supply remains painfully poor,” said Tim Gilbertson.“We do have existing space coming to the market in the region in the not too distant future of similar size and larger, but the market is at its weakest in terms of supply I can remember in my 25 years of working in this patch. Therefore, with this deal its always disappointing to turn down other potential tenants, but an absolute pleasure to deal with Sam Robinson at Colliers who acted on behalf of our eventual high quality tenants, Sunbelt Rentals.” Northampton Cross 16-19.qxp_Layout 1 02/09/2021 15:52 Page 4Next >