< Previous10 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS £3m Fintech Research Centre launched in Nottingham A new £3m Fintech Research Centre is to be launched at Nottingham Business School (NBS) to collaborate with organisations and carry out cutting edge academic research which informs policy and practice in the fintech and banking sector. The Centre aims to research the rapid and transformative effect of fintech on the competitive environment in banking and financial services, on service delivery and the supplier-customer relationship. Themes will include the impact of fintech on the nature and dynamics of competition and on the efficiency of service delivery, the implications for the structure and operations of banks and other financial service providers, the attitude of consumers to new delivery modes, issues of digital and data security and the emergence of a new regulatory agenda. The Centre will harness its academic capabilities and its network of industry partners in interrogating these questions and will disseminate its research findings across academic, business and policymaking communities. Its research will both inform and be informed by contemporary practice, whilst embodying the highest academic standards in terms of research rigour and integrity. The work of the Centre will also underpin innovations in undergraduate, postgraduate and post-experience programmes. A formal launch event will take place later this year. The Centre will be directed by Professor James Devlin who will be joining NBS, part of Nottingham Trent University, from the University of Leicester, where he is currently serving as dean of the School of Business. Professor Devlin has long-standing research interests in the areas of consumer decision making and behaviour in financial services, policy issues in financial services and firm strategy in the sector. Van hire firm becomes family owned with £10.5m funding A commercial van rental agency has been supported with £10.5 million from HSBC UK to buy out minority shareholders and become a family-owned business. Loughborough-based Reflex Vehicle Hire has used £6 million of its own money along with £10.5 million of funding from HSBC UK to buy back 31 per cent of its business from investment company BGF and independent investor Stewart Oades. Reflex Vehicle Hire, which brings in a revenue of £45 million a year, is now 92 per cent family-owned and explicitly controlled by the Waring family, working alongside two individual shareholders. The business is now aiming to grow at a rate of 10 per cent a year over the next four years – and after these four years, it plans to list the company on the UK stock market. Oliver Waring, chairman at Reflex Vehicle Hire, said: “This is an exciting time for our business. We’re really pleased that the share buyback was a smooth and beneficial transaction for all involved and we’re grateful to HSBC UK for making it possible. “Having greater ownership of the company gives us far more flexibility. We’re now looking forward to embarking on a measured growth strategy, as well as focusing on new products that will help to make our business more sustainable and improve driver safety.” Ben Foster, relationship director at HSBC UK, said: “Reflex Vehicle Hire’s success demonstrates how innovation and a customer-centric approach can lead to strong growth and stability – even in challenging times. It’s great to see the business return to being family owned, and we look forward to seeing the journey that the Waring family take Reflex Vehicle Hire on in the years ahead.” Private equity investment manager injects £1.75m into Loughborough spin-out Foresight Group, a listed private equity and infrastructure investment manager, has made a £1.75m growth capital investment into Previsico Limited, developers of an accurate flood forecasting and warning system. The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology and will enable the Loughborough University spin-out to further develop the Previsico platform, allowing it to be used in more cities, and support the creation of new jobs in Loughborough. The aim is to increase the headcount from 17 to 70 by 2024. Flooding is currently one of the most damaging natural hazards. Looking ahead, with a more volatile climate and increased urbanisation, global flood losses are expected to increase tenfold to $1 trillion by 2050, according to the World Resources Institute. As climate change makes severe weather occurrences more common, there is an increasing need for accurate predictions of flooding events. Previsico’s technology is currently the only one able to forecast and provide hyperlocal alerts for surface water flood events which potentially affects nearly 26 million properties in the UK alone. Aviva estimates 1 in 5 properties in the UK are located in areas of risk of surface water flooding. It can also warn customers up to 48 hours prior to a potential flooding event, allowing time to prepare, minimise and prevent significant flood damage. At the moment, sensors are only found on rivers to warn homeowners of impending floods. Previsico’s technology was developed by founder and chief scientific officer Dapeng Yu, Professor of River Dynamics at Loughborough University and a leading expert on hydrology. It combines data with proprietary algorithms to create automated alerts, highlighting areas at imminent risk of flooding. The recent flash floods in London resulted in the closure of eight tube stations, a DLR station, numerous roads and damage to hundreds of homes. The majority of the affected areas were not covered by current environmental agency warnings. FloodMap Live currently covers the UK, but has also been applied in places like Houston, New York and Tokyo. Moving into new territories, particularly the USA and South East Asia, is an important part of Previsico’s plans to scale. Flood alerts are a subset of the global incident and emergency management market, which was estimated to be $92bn per annum in 2020 and is forecast to grow to $123bn per annum by 2025. Previsico is led by Jonathan Jackson, CEO, who joined the company in 2019. Professor James Devlin Oliver Waring, chairman at Reflex Vehicle Hire 06-15.qxp_Layout 1 30/09/2021 12:43 Page 5East Midlands entrepreneurs secure over £41m in Start Up Loans The British Business Bank’s Start Up Loans programme has invested over £41m in the East Midlands. The programme, which provides mentoring, support and funding to aspiring business owners across the UK, has provided a total of 4,848 loans to entrepreneurs in the East Midlands. This follows Start Up Loans hitting a milestone of £600m delivered outside of London – providing 68,559 loans to entrepreneurs since launching in 2012. Start Up Loans’ impact has been particularly noticeable among individuals that are finding it difficult to secure finance from traditional lenders. Three female entrepreneurs used funding from Start Up Loans to launch an Indian restaurant and takeaway in Nottingham. Farzana Ali Choudhry, Kiran Hassan and Mariam Siddiqua secured £39,750, enabling them to launch Shahjees, which specialises in a range of Indian dishes, including Chaat – a type of savoury snack. The three friends used the funding for refurbishments, progressing a kitchen fit-out, while also purchasing furniture, marketing and signage. The company is now in its fifth month of trading. Dr Sophie Dale-Black, Midlands UK network director at the British Business Bank, said: “The British Business Bank is committed to increasing access to business finance. By hitting this latest milestone and delivering over £41m in the East Midlands, the Start Up Loans programme is providing critical support to a new generation of entrepreneurs. “The Start Up Loans programme is of real benefit to those with a business dream but struggling to access the finance to realise it. Shahjees is a great example of how entrepreneurs can use the programme to secure investment and launch successful businesses, with the Nottingham restaurant now entering its fifth month of trading.” Richard Bearman, Managing Director of Start Up Loans, said: “Providing £600 million worth of funding to new businesses outside of London is a huge milestone for the government backed Start Up Loans programme and reflects the broad diversity and ambition of the nation’s small businesses at a grass roots level across the whole country. “We have always been committed to providing support and funding to smaller businesses that hail from each corner of the country, particularly in areas of deprivation where people may struggle to access funding, and this milestone is tribute to that. “We are proud that our loans, mentoring and support for aspiring and existing entrepreneurs is helping to support the Build Back Better agenda and we’re delighted to have been able to help Shahjees make their dream into a reality.” FINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 11 Midlands businesses seek private equity funding in growth push More than a quarter of mid-size Midlands businesses surveyed are looking for private equity investment in a bid to achieve post- pandemic growth. According to BDO’s latest Rethinking the Economy survey of 500 mid-sized companies, 26% of companies are actively looking for an investor; nearly half (48%) have already secured private equity funding since the onset of COVID-19. The survey showed that the biggest driver for seeking external investment is additional funding to cover immediate costs (37%). This was closely followed by funding for organic growth opportunities (32%), while nearly a third of Midlands businesses (32%) admitted the benefit of private equity investment was the ability to move into new markets. Andrew Mair, business assurance partner at BDO in the Midlands, said: “From a private equity perspective, the UK is very much ‘open for business’ at the moment, with PE investments at record levels during the first six months of 2021. “Growing investor appetite, coupled with substantial available funds, provides an attractive proposition for Midlands companies actively looking to scale-up quickly in the wake of the coronavirus pandemic. “This type of investment will allow ambitious Midlands businesses to develop new products and services, expand through M&A and strengthen their workforce at pace, as the regional economy recovers post-pandemic.” The Rethinking the Economy survey showed that one of the greatest barriers to growth for Midlands companies in 2021 is access to funding, with nearly a fifth admitting this was a barrier to expansion. Recruitment and retention was also cited as a significant issue. Mair added: “There are still considerable challenges that exist for Midlands companies in making the transition from recovery to growth. However, with 67% of mid-market businesses stating that now in the right time to invest – set against a growing appetite from private equity firms to invest in the region – there is clear momentum in the market as we push towards recovery in the coming months. As such, we anticipate a further influx of private equity capital into the Midlands in the next 12 months across key sectors.” Dr Sophie Dale-Black Andrew Mair 06-15.qxp_Layout 1 30/09/2021 12:43 Page 6Cobot Maker Space launched in Nottingham A new facility for human-robot interaction research designed to support industry in exploring the use of this technology has been launched at the University of Nottingham. The new Cobot Maker Space is designed to provide a dedicated facility for research and industry collaboration into new innovations in robots and artificial intelligence (AI), and to explore ways to enhance human-robot interaction in a range of real life scenarios – from business and manufacturing to home life with social and rehabilitation robots. The new facility will enable researchers to create human – robot scenarios with conditions that resemble real production environments. It will also enable research into how people interact with robots and how new human sensing technologies can be used. There is also a public facing space within the Cobot Maker Space to deploy digitally enhanced products and to display new human-robot interaction as publicly accessible demonstrators. Professor of Computer Science and academic lead for the Cobot Maker Space, Steve Benford, said: “We have a wealth of expertise in human-robot interaction at the university that we already use to help solve problems, improve processes and enhance human experiences across a range of industries – from robots to detect allergens on the factory floor to interactive storytelling and performance. “The launch of the Cobot Maker Space will allow this expertise to be bought together and give access to industry partners for a range of exciting collaborative projects.” Grantham manufacturer bought out of administration Specialist truck provider MV Commercial has completed a multi-million-pound deal to buy Grantham-based tipping trailer and rigid body manufacturer Fruehauf out of administration – protecting 120 jobs. The landmark deal includes an immediate cash injection and a commitment to a further £30m investment over the next three years, as part of plans to modernise the manufacturing facility and realise the full potential of the 67-acre site in Grantham, Lincolnshire. MV Commercial will also revive the ‘Crane Fruehauf’ name, by which the business was known until around 1998. The rebranding is expected to be completed in the coming weeks. Tom O’Rourke, CEO of MV Commercial, says: “This is a hugely significant day for both businesses; and an opportunity we couldn’t turn down. Fruehauf has a fantastic product range, a rich heritage, and a wealth of talent within its team which will be complemented by MV Commercial’s strength and experience in the marketplace. “With immediate effect we are starting work to scale production back up, enabling us to commit to a delivery schedule for outstanding customer orders and begin building new stock trailers for MV’s own contract hire and ready-to-go fleets.” Steven Cairns, Managing Director of MV Commercial, says: “Geographically, Grantham is the perfect fit for us to develop a true ‘super site’. We should have 80-90 trucks and trailers available for sale on site within a month, and the manufacturing workforce back in the factory building at pace again. “We are so excited for the potential this acquisition brings and committed to ensuring there is a lot more Fruehauf product available in the marketplace. For long-time Fruehauf customers, we are confident this is very good news.” 12 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Manufacturer reaffirms commitment to UK after opening masks factory PPE producer Medicom has reaffirmed its commitment to the UK by joining the organisation representing the country’s top manufacturers. The Canadian-based group has become a member of Make UK, after setting up a factory in Northampton to manufacture medical masks for the NHS – creating around 250 new jobs. Medicom’s UK Managing Director, Hugues Bourgeois, said: “We’re proud to be helping to protect front-line NHS staff. Setting up a new manufacturing facility is a big commitment to the UK, and we’ve joined Make UK because we want to be active members of the UK manufacturing community.” The UK is the world’s ninth largest manufacturing nation and more than half of all the country’s exports come from that sector. Make UK represents 22,000 manufacturers, from Formula 1 racing teams and aerospace companies to small family businesses. Charlotte Horobin, Midlands and East of England director for Make UK, said: “Our role is to champion manufacturing. We know that strong manufacturing in a local place means long-term investment and jobs. That’s why Medicom’s move into the UK is such good news and we’re very happy to welcome them as Make UK members.” Medicom has been contracted by the UK government to provide more than 600 million clinical masks for the NHS, under its Kolmi brand. The new Northampton factory features a clean room covering more than 20,000 square feet, where two types of mask are made in carefully controlled conditions. The plant is producing more than 1.5 million masks a day, to help the NHS combat Covid. © Shutterstock /MikeDotta © Shutterstock /PhuShutter 06-15.qxp_Layout 1 30/09/2021 12:43 Page 7Greenbank secures future of Derby manufacturing facility A manufacturing facility in Derby is set for a new lease of life thanks to the expansion of a local engineering group. Work ceased at the industrial unit on Northbridge Business Park in Alfreton Road with the high-profile collapse of an historic engineering firm, but now Greenbank has stepped in to save part of the former Garrandale factory and a significant number of jobs. As part of a deal struck with administrators and the landlord, Greenbank has acquired on-site plant and equipment and access to the large Unit 7 facility. Greenbank has already re-employed numerous Garrandale employees and many more are being offered new roles. Charles Conroy, Greenbank Group Managing Director, said: “It was a sad day for the city when the factory closed in August, but by taking on the facility we will ensure manufacturing continues on the site. “The move also marks another significant step forward in our plans for diversification and further expansion, particularly in the rail sector.” Greenbank and Garrandale had previously worked together on the delivery of a number of contracts, including the manufacture of components for trains, rolling stock and railway infrastructure. “Looking to the future, this is set to become an increasingly important market for us, and we have already taken on twelve former Garrandale employees and we will be making more appointments in the near future,” Conroy added. At nearly 1,800 sq m, Unit 7 on Northbridge Business Park will complement Greenbank’s existing manufacturing and fabrication plants in Woodville, Derbyshire; Creswell, Nottinghamshire; and Connah’s Quay, Flintshire. The Derby site has been secured on a long-term lease through Derby-based agents DB Brown Commercial. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 13 MANUFACTURING NEWS PepsiCo to invest £24m in Lincoln factory PepsiCo is investing £24 million in its Lincoln factory to upgrade its facilities, meet growing consumer demand for Quavers and secure the listed building’s future. The investment will see existing machinery at its long-standing city centre site replaced by new equipment – including a compact packaging machine – creating training opportunities for employees including apprentices, some of whom will be upskilled in using the state-of-the-art equipment and technology. Quavers have continued to grow in popularity over the past year and are now bought by nearly one in three households in the UK. The investment will increase capacity at the factory, enabling the team to produce more Quavers to help satisfy this demand, as well as make space for new production lines. It also follows PepsiCo’s multimillion-pound investment in its Skelmersdale and Coventry Walkers factories to install specialist compact packaging machinery, leading to a 30% reduction in outer packaging on average across snacks multipacks. The new equipment at Lincoln will help remove even more packaging from the supply chain. Nigel Beilby, Lincoln site operations manager, PepsiCo, said: “We’ve always had a strong heritage in the Midlands, providing jobs to almost 2,000 people in the region across our factories in Lincoln, Leicester and Coventry. “For decades, our Lincoln factory has brought much-loved Quavers snacks to consumers up and down the country, and with this state-of-the-art technology, we’re confident that the site will continue to serve the nation for many years to come.” Kwasi Kwarteng, business secretary, said: “It’s brilliant to see PepsiCo doubling-down on its commitment to Lincoln through this significant investment in the city centre factory Walkers has called home for more than half a century. “This investment will help to deliver on our plan to spread opportunity across the Midlands by future-proofing the jobs of the factory’s outstanding employees by training them to use state of the art equipment, and further bolstering the workforce through their apprenticeship scheme.” The new equipment will be installed at Lincoln in mid-2022, with initial work now underway. © Shutterstock /Pormezz © Shutterstock /Yoyochow23 06-15.qxp_Layout 1 30/09/2021 12:43 Page 8PROPERTY NEWS Construction begins at 332,000 sq ft Leicestershire logistics development Harworth Group plc, a regenerator of land and property for development and investment, has commenced construction of 332,000 sq ft of industrial and logistics space at Bardon Hill in Coalville, Leicestershire. Located less than two miles from Junction 22 of the M1 and adjacent to Harworth’s South East Coalville development, the 54-acre Bardon Hill site was acquired by Harworth in May 2018. This scheme received outline planning consent from North West Leicestershire Council for an industrial & logistics development in July 2019, and approval of reserved matters was received in March 2020. The planned development will comprise six units ranging from 28,000 sq ft to 116,000 sq ft, built to BREEAM Very Good standard and EPC rating ‘A’, which can be used for manufacturing and distribution uses. All units will have first floor offices, secure service yards and dedicated car parking spaces. Plans will also include the development of a 10-acre local wildlife centre and new great crested newt ponds, to enhance local biodiversity and provide amenity space for the local community. Construction is being undertaken by Winvic, with marketing by Mather Jamie, Savills and Burbage Realty. The development is expected to reach practical completion within 12 months. First phase of construction completes at Teal Park Nationwide businesses have started fitting out their new premises at a major multi-million-pound development in Nottingham. The first phase of construction has been completed at Teal Park off the Colwick Loop Road in Netherfield which is being jointly developed by Warwickshire-based AC Lloyd Commercial and Nottingham-based Henry Davidson Developments (HDD). The completed phase consists of 33,300 sq ft of trade units and a 28,860 sq ft industrial unit. This is part of a £30 million GDV mixed-use site which will also include a further six trade units and six large employment units totalling 111,000 sq ft, a care home, a new Local Centre with four retail shops, a children’s day nursery and a pub as well as an Aldi supermarket. Tool Station, Screwfix and Howdens are kitting out their new homes of 4,000 sq ft, 5,000 sq ft and 6,000 sq ft respectively ahead of their planned openings in the next few months. Mark Edwards, Managing Director at AC Lloyd Commercial, said: “This is the next exciting phase in the development of Teal Park and to be have delivered it on time and to budget, considering the impact of Covid-19 and labour and construction materials shortages, is sterling work from everyone involved. “We expect the total number of jobs to be created on the site to reach over 340 when all three phases are completed which will give a much-needed boost to the economy as we start to re-build following the pandemic.” Richard Croft, director at HDD, added: “Following the opening of the care home earlier this year, it will be great to see Tool Station, Screwfix and Howdens open their doors to their customers and really see the area come to life.” 14 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk £54m forward funding deal signed for Nottingham logistics scheme Property developer HBD will deliver 426,000 sq ft of new industrial space at its New Horizon scheme in Nottingham following a £53.8m forward-funding deal with Oxenwood Real Estate. The forward funding partnership is with Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate LLP, the UK and European real estate investment firm. New Horizon is a 28-acre site in Nottingham, part of the former Imperial Tobacco plant, and will now see the creation of seven urban logistics buildings ranging from 30,000 sq ft to 145,000 sq ft. Since acquiring the site, HBD has completed extensive works to bring it back into use in preparation for development commencing. Nearby occupiers include Booker, Boots, ZF Services, DHL, Games Workshop, Aston Martin, Audi, Nissan, Ford, Sytner Group, Macfarlane Packaging and Big Yellow. The development secured outline planning consent in 2019. HBD will now be submitting detailed plans to Nottingham City Council for approval so that work can start on the site to deliver the investment and new jobs as quickly as possible. At the closure of the Imperial Tobacco Factory in 2017, 540 jobs were lost. Now, New Horizon has the capability to deliver up to 1,000 new jobs in the city. The development is expected to complete in early 2023, subject to planning. Justin Sheldon, director and head of region at HBD, said: “The development of New Horizon, with a range of units and sizes will appeal to a variety of businesses and sectors, which will drive inward investment into the city and create new jobs. We are very pleased to be working with Oxenwood and look forward to bringing our plans forward.” Vivienne Clements, executive director at HBD, said: “Industrial and logistics forms a key part of our strategy and we continue to build our portfolio across the UK – this latest deal will see the development of high-quality units at one of Nottingham’s most well-located sites. Demand for I&L space remains robust and we’ve no doubt that New Horizon will prove very successful.” © Shutterstock /Bannafarsai_Stock 06-15.qxp_Layout 1 30/09/2021 12:43 Page 9PROPERTY NEWS SmartParc partners with SEGRO for food manufacturing campus The final step has been achieved to enable the 1.85m sq ft, high-tech food manufacturing and distribution campus on the 112-acre former Celanese site near Spondon to proceed. SEGRO will work with SmartParc to create a new asset class dedicated to ‘state of the art’ food manufacturing and distribution. As development partner, SEGRO will provide a multi-million-pound investment to regenerate the brownfield site. SmartParc will provide the onsite managed services, supporting the food community to increase production efficiency and drive reduced operational costs through collaborative working. SmartParc’s energy sharing infrastructure will utilise wind and solar combined with central services, to deliver the most sustainable food production community in the country. The announcement of the partnership follows Derby City Council granting planning permission in June and the agreement of grant funding contributions from D2N2 Local Enterprise Partnership and Derby City Council. D2N2 Local Enterprise Partnership has allocated £12 million towards the project from the Government’s Getting Building Fund – the largest single allocation from D2N2’s £44 million allocation. SmartParc was founded to address the challenges facing the food sector. The collaborative hub at Spondon will provide food manufacturing facilities ranging from start-up incubation units through to large-scale manufacturing facilities ranging from 50,000 – 400,000 sq ft. The site will also be home to a Food Manufacturing Technology Centre of Excellence to future-proof the food industry, offering education and career opportunities to secure both the local and global food supply chains. Leicester’s Phoenix gets green light for multi-million pound expansion Despite the challenges of the past 18 months and delays caused by the COVID-19 outbreak, Phoenix Cinema and Art Centre in Leicester’s Cultural Quarter has finally got the green light for construction to begin on its multi-million pound expansion project, known as ‘Phoenix 2020’. With funding support and investment from Arts Council England of over £5m and from Leicester City Council of over £2m, the ambitious development project – which will see the Leicester venue expand to become a four-screen cinema, complete with a new art gallery, a bigger and better Café Bar, a roof terrace and more spaces for making and learning – is finally on the verge of becoming a reality. Further pledges of support have also been received from national funding organisations, including £135,000 from The Foyle Foundation, an independent grant-making trust. The British Film Institute has provided revenue funding support for the development, and Leicester City Council has granted Phoenix use of the land through a long term lease. By expanding the venue, the Phoenix 2020 project aims to double participation in arts, cinema, and creativity over five years, and will make a valuable contribution to the local economy through increased visitor spending and enhanced support for local artists and creative businesses. Construction will last for around 12-15 months, with the venue remaining open to the public for much of the build. Phase 1 will see the creation of a dedicated digital learning suite, which will be opened in early 2022; the new cinema screens, art gallery, Café Bar and roof terrace will be unveiled in early 2023. Though building has commenced, Phoenix still has a remaining fundraising target of £210k to support the fit-out and user experience aspects of the project. So far over 200 individuals and small businesses in Leicester and Leicestershire have generously donated to the ‘Phoenix 2020: Be Part of It’ campaign, but Phoenix is still actively seeking donations and sponsorship to reach this target. Furniture manufacturer secures 224,000 sq ft near Chesterfield The Gallery Direct Group, represented by property consultancy Gent Visick, has secured a long-term lease on the newly built OrionOne warehouse at Markham Vale near Chesterfield from Aver Property, a joint venture between Ergo Real Estate and NFU Mutual. This new facility located just off Junction 29A of the M1 Motorway comprises an eaves height of 15 metres, 21 docking doors and spaces for 39 trailers. It boasts over 224,000 sq ft of space, enough to house 35,000 pallets. This distribution facility sits prominently fronting onto the M1 Motorway and will serve as Gallery’s northern packing, warehousing, and distribution hub, with enough space to accommodate the ongoing expansion of the business. The property is also planned to accommodate a new 30,000 sq ft state-of-the-art showroom over three floors. Established in 1973 as a small family run business, Gallery Direct has grown to become a leading British based designer, manufacturer and worldwide distributor of furniture, home decor and accessories. Peter Delaney, Managing Director at The Gallery Direct Group, said: “We are absolutely delighted to have secured this prestigious facility in an amazing northern location. The fact is that this new property, combined with our southern warehouse and head office, improves further our distribution and operational capacity. We will be able to serve 96% of our clients’ requirements with one day delivery times, utilising our own home distribution fleet.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 15 Jackie Wild, Andrew Pilsworth, Paul Simpson 06-15.qxp_Layout 1 30/09/2021 12:43 Page 1016 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY Opportunity in offices This month East Midlands Business Link highlights fresh office deals and developments across the region as activity slowly increases while occupiers consider how they want to use office space in the future. 16-19.qxp_Layout 1 30/09/2021 12:47 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 17 COMMERCIAL PROPERTY © Shutterstock /Zastolskiy V ictor Office deals continue to be made in the East Midlands despite the “death” of such working environments, though the amount of floorspace and type of offices taken and developed is evolving, alongside new considerations for wellness features and amenities. As part of its new agile working policy, for example, the East Midlands Chamber has moved into a city centre office, co- locating with the University of Derby at its Enterprise Centre, in Bridge Street. This is in addition to offices in Chesterfield, Nottingham, Leicester, Mansfield, and Glossop. East Midlands Chamber director of resources, Lucy Robinson, said on the move: “Like all businesses, due to the acceleration of the Chamber’s digital transformation following the effects of the pandemic, we have been evaluating our office footprint to ensure it is fit for purpose in this new era of agile working. This is not just in terms of the facilities we use but the needs of our members, customers, the wider business community and Chamber team. Our Derby city-based team is very much looking forward to working in such close proximity to so many amenities and be part of a thriving ecosystem of entrepreneurship in this shared workspace. The recovery of city centres is very important to us and we know will depend on businesses like ours continuing to invest in them as we return to normality.” On a larger scale, in nearby Nottingham, Buzz Group Ltd have taken an office building on a ten-year lease, having relocated from premises in the centre of the city. 1 Castle Marina Road is an 11,500 sq ft detached building which the company is now fitting out in order to open a support centre in the Autumn of 2021. Mark Tomlinson at FHP Property Consultants, who acted on behalf of the landlord in the deal, said: “There has been much speculation as to the future of the office market, so we are delighted to see that occupiers continue to make positive moves such as this one in order to deliver the best quality spaces for their staff to return back to when restrictions allow. This building occupies a very accessible position among good quality amenities with public transport links and a good amount of parking, ideal for a modern flexible working strategy.” Furthermore, 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 18 Á 16-19.qxp_Layout 1 30/09/2021 12:47 Page 218 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY old walled garden at Lockington Hall. Meanwhile on Pride Park, Derby, Technology House, a detached office building providing 7,894 sq ft split over three floors, has been let for a duration of ten years to Loram UK Limited. Darran Severn of FHP Property Consultants said: “This is a substantial office transaction in Derby and I am pleased the letting has now completed. Loram is a well known international name who work within the rail sector. Technology House has been taken in addition to their existing offices at RTC Business Park. We are beginning to see more occupiers return to the office and this is evident by not only this letting, but a number of other deals that are currently progressing.” Remaining at Pride Park, investment in new office space continues, with some shift in the type of spaces created, with Oberoi Business Hub recently completing an extensive upgrade and refurbishment on another building at the site, following increased demand for flexible office space. The Business Hub’s fifth building in St Christopher’s Way offers 7,500 sq ft of space over three floors and holds eco-friendly features. The ground floor has been designed as serviced offices with single occupancy to twelve person suites including meeting rooms, and one 2,500 sq ft floor is due to be occupied in November, while another floor is available in its entirety on lease or as serviced office space with different sizes available from single occupancy to thirty-person suites. The Oberoi Business Hub was founded by Kavita Oberoi OBE in 2012. Kavita explained: “The demand for flexible office accommodation continues to grow post pandemic, especially in Pride Park. We are therefore looking to acquire further premises across Pride Park to meet this demand.” In Ilkeston, the iconic Toll Bar House has finally been re- opened, having been refurbished to accommodate small businesses. Erewash Borough Council invested £425,000 and together with its partners have redeveloped and revitalised the building as part of the £976,000 refurbishment project to transform it into an energy and water efficient building to help combat climate change. The art deco landmark now houses twenty-seven new offices, shared meeting rooms, kitchen and bathroom facilities with the flexibility to combine spaces to create larger letting units. Moreover, down in Northampton, a Grade II listed former ironworks has been fully transformed to provide local creative businesses with studios, workshops and managed workspaces. The £14 million Vulcan Works development, located in the heart of the city’s Cultural Quarter, is a combination of renovation and new build, presenting a total of sixty-eight lettable units specifically aimed at start-ups and growing businesses within the creative industry. Showing a contrast to those acquiring offices with reduced 16-19.qxp_Layout 1 30/09/2021 12:47 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 19 COMMERCIAL PROPERTY floorspace is the University of Nottingham’s bid to purchase the 32,500 sq m Castle Meadow site in the centre of Nottingham consisting of seven office buildings - though this site would be reworked to form a campus for final year and postgraduate students studying professional practice-based courses, as well as a prominent home for the university’s work to support jobs, investment and growth for the city. The city centre campus could house start-up businesses and partnerships developed under the university’s Digital Nottingham programme, as well as the joint activity delivered through the Universities for Nottingham partnership with Nottingham Trent University. The university has noted that providing a city centre base for this work would create significant opportunities to use the institution’s research expertise to support the growth of the city’s economy, and help realise the potential, skills and ambitions of people across the city. Offices also remain appealing to investors, with Regional REIT Limited, the UK regional office specialist, recently acquiring two East Midlands sites as part of a wider £236 million deal. The major portfolio of thirty-one predominately multi-let office assets has been snapped up from Squarestone Growth LLP. The local offices include Aspect House on Bennerley Road, Nottingham (64,016 sq ft), and Hudson House in Derby (31,858 sq ft). © Shutterstock /NDAB Creativity Allerton – specialists in sewage treatment systems, pump stations and septic tank conversions Allerton are the premier off mains drainage company covering sales, servicing, commissioning and repairs of all types of septic tanks, sewage treatment plant, sewage pump stations and soakaways. With forty-six years of sewage treatment experience, Allerton will be able to provide a bespoke sewage treatment solution for your specific requirements. All of its products are manufactured to the high standards dictated by our BS EN ISO 9001:2008 Quality Assurance system and EN 12566-3. It has sewage pump stations to suit any situation, all of which have been designed to provide storage capacity as required by the Building Regulations. All of its installations, sewage servicing and maintenance engineers are British Water trained to provide a high-quality professional service. One of the company’s recent innovation is the ground water tube. If you are concerned about the water level in the area of your soakaway, you can always dig a hole to see what the ground water level is. Some may refer to this as the Water Table, but that is the level all over the garden including the drive and house too. We are really talking about ground water in the area of septic tank soakaways or Sewage Treatment Plant soakaways or more properly called Drainage Fields. The Allerton Ground Water Tube is so simple to install with a garden spade. And thereafter, so simple to see into the ground. For £6 each, two for £10, or three for £14 (all prices include UK postage but exclude VAT), you get a tube that is 500mm deep. It has several small holes drilled into the bottom few inches of the tube which lets water in. All one needs to do is to take out the dipstick and see where the water level is. A ten second job. To find out more, visit www.allertonuk.com or call 0800 328 5492. The Allerton Ground Water Tube 16-19.qxp_Layout 1 30/09/2021 12:47 Page 4Next >