- Redevelop the Priory Centre including the development of a brand-new leisure facility focused on family-orientated activities such as tenpin bowling, an indoor soft play facility, a trampoline park and a café. The redevelopment will retain existing occupiers and bring in new tenants for current empty units.
- Deliver a new green footpath/towpath link along the Chesterfield Canal along with new moorings, capitalising on canal boat traffic whilst improving a green corridor through the town centre.
- Create a footbridge over the Chesterfield Canal resulting in improved connectivity to the main town centre from the residential areas to the north of the town which is one of the most deprived areas within Bassetlaw.
- Enable the redevelopment of the area for new town centre living, bringing two sites forward for development and encouraging underutilised space to be made into apartments and town houses.
- Create a multi-functional market area with a new food court.
- Create a new cycle hub that includes a cafe with changing facilities and bike lockers.
- Improve the existing road surfacing to ensure there is defined access into the Shopping Centre.
Worksop Town Centre set for £20m investment
Worksop is set to benefit from £20 million of investment, after the Government awarded Bassetlaw District Council an £18 million Levelling Up fund grant to transform the town centre. The Council and partners will contribute an additional £2 million in funding to support the Levelling Up project, bringing the total to £20 million.
The funding will initially focus on the redevelopment of the Priory Centre including the creation of a new family-focused leisure facility with activities such as tenpin bowling, indoor soft play, a trampoline park and a café.
The scheme will look to retain existing occupiers and bring in new tenants for empty units. The works will also create a new towpath link along the Chesterfield Canal, improve a green corridor through the town centre, and bring two sites forward for the development of new apartments and town houses.
Councillor James Naish, leader of Bassetlaw District Council, said: “We have a long-term vision for the regeneration of Worksop town centre and the Levelling Up funding is key to attracting further investment and unlocking the town’s potential.
“Our immediate focus will be the redevelopment of the Priory Centre with new leisure facilities, encouraging people into the town centre and giving visitors a reason to stay. This builds on the recent investment in the town centre through the Bridge Skills Hub and the new Middleton’s Yard development, creating a growing sense of confidence for Worksop.”
The bid was shaped by a Levelling Up Board which included the District Council and Bassetlaw MP Brendan Clarke-Smith, and was chaired by Andria Birch, Chief Executive of BCVS. It will:
£3m Sherwood Observatory funding confirmed
One of Ashfield District Council’s Towns Fund projects takes another leap forward with £3.1million funding confirmed.
The Council has been working with Mansfield and Sutton Astronomical Society who have developed the plans for Sherwood Observatory, Sutton, which will see a planetarium and educational centre join the observatory as part of the Council’s £62.6million Towns Fund.
The plans for the observatory will create a unique experience that will draw visitors from across the East Midlands, and beyond, to Ashfield.
The news of the funding follows the planning application submitted by Mansfield and Sutton Astrological Society to Ashfield District Council in November 2022. Subject to match funding, the project will soon be underway.
Cllr Matthew Relf, executive lead member for regeneration and corporate transformation, said: “I am over the moon that Ashfield District Council working with Sherwood Observatory and Discovery Ashfield have secured £3.1million funding from the Levelling Up Fund. The observatory is one of Ashfield’s greatest assets and Mansfield & Sutton Astronomical Society (MSAS) have developed a great plan to turn it into a fantastic visitor and educational centre.
“The Council have previously committed funding, as well as securing funding for the project through our £62.6million Towns Fund as we know how fantastic the plans for the observatory are. It will bring enormous benefits to the local economy, and education, in Ashfield, and will draw visitors from across the East Midlands. The observatory is one of our key projects that will have a positive impact on Ashfield’s local tourism and help shape ambitions for future generations.”
Planetarium project manager Steve Wallace said: “Securing the Levelling Up Round 2 contribution marks an important milestone in the project journey. Subject to securing the matched funding work can start on the development in the middle of this year and the new centre will be open and fully operational by our ideal timeframe of autumn 2024. It will be a jewel in the crown of the local visitor economy, creating a unique tourist attraction that will help put this area on the map and attract people from across the UK to Ashfield.”
Local business leader and chair of the project board, Martin Rigley, said: “The jobs and prosperity of our area will be increasingly dependent on having a STEM-educated workforce. The new planetarium and visitor centre will play a key role in presenting these subjects in an exciting and hands-on way to raise awareness of the opportunities a STEM career can unlock.”
New directors appointed to Marketing Nottingham board
Marketing Nottingham, the official place marketing organisation for Nottingham and Nottinghamshire, has appointed eight new directors to its board.
The new directors were chosen following a public exercise seeking new recruits for the board last year and bring with them a wealth of industry experience and expertise. The new directors are from various sectors including the visitor economy, marketing and communications, as well as inward investment, business visits and events, education and law.
“We are thrilled to welcome our new directors to the board,” said interim chairman of Marketing Nottingham, Iain Blatherwick. “It’s great to be able to appoint a group of directors passionate about the City and County and who want to help Marketing Nottingham move into its next phase as a private sector led organisation. We are confident that they will make a positive impact on the organisation and its ability to deliver.”
The new directors will play an active role in shaping the future of Marketing Nottingham, and will work closely with existing directors and management team to drive the organisation’s growth and success into 2023 and beyond.
“Marketing Nottingham are a passionate group of people whom I have worked with on many occasions to promote Nottingham and Nottinghamshire,” said Kathryn Greenwood of Eden PR. “By joining the board I hope I can help shape the strategic direction of Marketing Nottingham in the years ahead and support the team to promote Nottingham as a top destination to visit, do business in, live and work.”
Marketing Nottingham’s new directors are:
· Victoria Reeves – National Justice Museum
· Kathryn Greenwood – Eden PR
· Lisa Wilson – Nottingham College
· Tom Waldron Lynch – Nottingham Venues
· Thal Vasishta – Paragon Law
· Natalie Shaw – Endymion Property Group
· Josh Dickerson – BWB/Deetu
· Dan Ellis – Fletcher Gate Industries
Derby law firm props up commercial property team with quadruple promotion
East Midlands law firm Nelsons has promoted four employees at its Derby office within its commercial property, dispute resolution and residential property departments.
Paul Hinchliffe has been promoted to partner, Oliver Maxwell has been promoted to legal director, Sarah Burns has been promoted to senior associate and Fiona Cox has been promoted to associate. Between them, they’ve worked at Nelsons for more than 34 years.
Paul earned a post-graduate diploma in legal practice at the Manchester College of Law in 2010 and worked at Quality Solicitors Burton & Co for six years before moving to Nelsons in 2016. Paul is also a trustee and vice chair of Emmanuel House, a not-for-profit organisation that helps support vulnerable homeless people in Nottingham.
Paul said: “My promotion to partner is an exciting and new opportunity. Since I joined the firm six years ago, Nelsons has continued to develop and expand its services to meet our clients’ changing needs. I’m looking forward to continuing with this as we grow the department in Derby.”
Dispute resolution specialist Oliver graduated from the University of Birmingham with a master’s degree in law in 2011, before obtaining his post-graduate diploma in legal practice at the Nottingham Law School. Oliver qualified as a solicitor in 2014 and joined Nelsons in 2017. He is currently vice president of the Derby and District Law Society and specialises in commercial property disputes and contentious land trusts.
He said: “It’s an exciting time for property litigation in Derby as we continue to grow and prepare to welcome more members of the team in the coming months.
“Those who seek our advice are experiencing issues with what is usually their most valuable asset, which is why I’m committed to making sure we continue to deliver the best service we can to our clients.”
Sarah has been with Nelsons for more than a decade after graduating from the University of Northumbria with a bachelor’s degree in law, combining a post-graduate diploma in legal practice. She started at Nelsons as a legal assistant before being promoted to a paralegal, then qualifying as a solicitor and now becoming a senior associate.
She said: “I’m incredibly proud to have been promoted to a senior associate. My new position will mean taking on more of a supervisory role in the team where I can get involved in mentoring and helping colleagues develop their skills which I’m really looking forward to.”
Fiona, who specialises in all aspects of house sales and purchases, joined the firm in 1999 when Gadsbys merged with Nelsons.
She said: “Helping first-time-buyers get a foot on the property ladder is one of the most rewarding parts of my role and I look forward to continuing to do this as we build the department’s presence in the region.”
Stewart Vandermark, chief executive at Nelsons, said: “Paul, Oliver, Sarah and Fiona are all integral members of the team in Derby who have shown great commitment, not just to their role but also to their clients and teams. I’d like to congratulate them all on their very well-deserved promotions and look forward to seeing what they achieve in the future.”
Lincoln-based Environmental Marketing Company planning expansion secures £15k funding
A Lincoln-based environmental marketing company has secured £14,500 in funding to be used for creating two new jobs and developing a calculator tool.
My Square Metre (MSM) secured finance from First Enterprise – Enterprise Loans through British Business Bank’s Start-Up Loans Company.
MSM was established to promote biodiversity and sequester carbon in a local and tangible way. They collaborate with ecologists and experts to identify the ideal areas of degraded land to repair by planting wildflower meadows one square metre at a time.
With funding from First Enterprise, My Square Metre is not only able to hire more staff as they enter their next phase of growth, but they are also able to create a calculator tool.
The tool helps individuals and businesses determine how many wildflowers need to be planted in order to offset daily activities. For example, 167 wildflowers may be planted for every GB of 5G usage, or 1 wildflower for every email sent.
Edward Crowther, Founder of My Square Metre, said: “Through the process, I got the opportunity to review elements of my business with a business expert, who guided me to any weaknesses in the business plan that needed to be strengthened or communicated better. For me as a founder, when I actually received the funding, more than anything else, I had the encouragement that I was on the right track.”
Stefan Nycz, Investment Manager at First Enterprise – Enterprise Loans, commented: “It was a delight to work with Ed on this proposal. It’s a simple but great idea, and anything that contributes to the welfare of the planet is something that I am happy to be part of.”
Richard Bearman, Managing Director Small Business Lending, British Business Bank commented: “Edward and the team have done excellent so far in their business journey and we are proud to assist them as they take the next step in expanding their team and improving their facilities.”
Transformational £14.8m government grant backs Boston regeneration vision
Boston Borough Council has successfully secured £14.8m from the Government Levelling Up Fund to kick-start regeneration and secure further investment to the heart of the town centre.
The Levelling Up Fund is specifically designed to secure capital investment in infrastructure that has the potential to improve lives and give people pride in their communities. Boston’s Rosegarth Square masterplan, forming part of PE21, seeks to revitalise and repurpose the area between the River Witham and the bus station – particularly focusing on the area of the former Dunelm/B&M building and the vacant Crown House building.
A new public park, spanning the area between the river and the Len Medlock Centre will provide a new place for people. New green spaces, improved pedestrian routes, artwork and other features seek to create an inviting, safe, accessible and enjoyable place for all, as well as offering significant environmental enhancements.
Alongside this, works to convert Crown House to provide a mix of residential and other uses to support young people and families, will see this building visually improved and positively enhance its presence.
Works to demolish the existing B&M building as enabling works to future re-development will also be undertaken; taken together these interventions will improve the appearance of the area and address some local challenges from anti-social behaviour and crime.
In conjunction with the proposed works, a programme of community engagement will be undertaken, including a linked archaeology project, to better understand the history of the site, influence the emerging designs, and link the area’s past to its future.
Collectively these interventions are intended to be high-quality, and make significant impact both for the short and longer-term. They will revitalise this large brownfield site and act as a catalyst for further positive inward investment and the regeneration ambition for the area. The aim is to change the character and appearance of this area, create opportunities for new uses and homes, create jobs, support the economy and the community, and create a place where people want to live, work and enjoy.
Securing this level of public investment, supplemented by further match funding, will act as the catalyst for the wider re-development of this prominent, and unique place so that it makes a positive contribution to the area and becomes a place people can be proud of and which complements the setting of Boston Stump and the core of the town centre around the Market Place. It comes on top of Boston Borough Council’s successful bids to the Towns Fund.
The proposal was initially submitted in August 2022, and the Council will now seek to mobilise quickly to access and draw down the funding from Government and seek to re-engage with partners to move the scheme on to the detailed design and delivery phases. Further engagement will also be undertaken as the proposals are developed.
Cllr Nigel Welton, deputy leader and portfolio holder for economic growth at Boston Borough Council, said: “Since submitting the bid in early August, we have been eagerly awaiting to hear the result – and we are absolutely thrilled to be able to say that we have been successful in our bid, and have been allocated £14.8million from the Levelling Up Fund.
“This is another great example of the public and private sector working together to help bring investment into Boston. This forward-thinking council is focussed on doing all that it can to help improve the economy, create new job opportunities and install a sense of pride for residents in the town. This is an ambitious scheme which we hope to bring real change for Boston for future generations. We want to continually improve the town and help to raise aspirations and this investment will play a key role in that.”
The funding announcement comes as several regeneration and improvement projects start to take shape in Boston following Town Deal funding from the Government, also part of the Levelling Up agenda.
Historic shop fronts are being renovated as part of plans to attract more investment; improvements at Boston Railway Station are proposed; and other projects to transform the health, wellbeing and education through the Boston Leisure and Mayflower projects all seek to create new opportunities for residents as well as attracting new visitors to the area.
Matt Warman, Member of Parliament for Boston and Skegness, said: “The government has backed the Council’s bold, ambitious vision for Boston, and awarded major funding that many other towns were also bidding for. The success of Boston Borough Council in securing their full £14.8 million bid in the face of stiff competition across the UK demonstrates the transformative quality of this comprehensive plan to regenerate a currently neglected and run down part of our town in a sustainable way.
“Linking with improvements made within the £21.9 million Boston Town Deal, residents and visitors to Boston will see their route through the town renewed with both new high quality building projects and sympathetic renovation and reinstatement of historic features.
“Council leaders and officers have worked in partnership with government and business to bring contemporary housing, hospitality and retail options within a newly created urban green space. And with every £1 of public money spent here bringing a benefit of £2.80 to our local area as well as creating jobs it’s great value for taxpayers too.”
The Council hopes this investment will unlock further opportunities in this area to deliver homes, health-facilities and new employment spaces.
The Government is supporting all the LUF projects put forward by the whole of the South & East Lincolnshire Councils Partnership with £14.8million awarded to Boston Borough Council, £20million to South Holland District Council and £8million in East Lindsey.
Each scheme will see projects which will be transformational for each district for generations to come, through job creation, new opportunities, driving inward investment and supporting the health and wellbeing of residents.
More than £18.4m Levelling Up funds awarded to Cleethorpes
Plans to continue with the reinvention of Cleethorpes have taken a major step forward as North East Lincolnshire Council has secured more than £18.4m of Levelling Up grant monies for the resort.
Delighted council leader, Cllr Philip Jackson, said work would now begin at pace to kickstart this section of the Cleethorpes masterplan, which was spearheaded by Wayne Hemingway MBE of HemingwayDesign and extremely well received locally.
“This is absolutely brilliant news for the resort, which is fast becoming the jewel in the crown along the east coast of our country and is attracting growing numbers of people who want to not only visit here, but live here too. Over the last few years, we have seen the start of the Cleethorpes transformation, with the Coastal Communities Fund work and that around the heritage properties on Alexandra Road. This successful LUF bid means that transformation can continue.”
The Cleethorpes bid incorporated schemes identified in the Cleethorpes’ Masterplan as important strategic development locations, and deliverable within the timescales.
The area of focus for the bid was Market Place, Sea Road and Pier Gardens, which were three initial projects identified in the “Think Cleethorpes” Masterplan, developed alongside the local community to deliver the projects that they wanted to see, and adopted last year.
The key vision is to reintroduce the historic Market Square, creating a safe and flexible space that can accommodate markets, festivals and associated retail events, which will encourage outdoor dining, and provide a healthier, more pleasant environment.
The successful funding bid will also support the redevelopment of the Sea Road site which received planning permission for a new building and is currently being marketed.
There is an opportunity to change Pier Gardens, retaining the Victorian heritage and feel, but making it more attractive. In the masterplan consultation, people wanted to see more made of the gardens, with additional seating, planting to increase biodiversity, and improved areas for children’s play, events and performances, and spaces for reflection and contemplation.
Cllr Jackson continued: “Over the last few years, we’ve secured in excess of £70-million into North East Lincolnshire, underpinned by an ambitious vision for the growth and regeneration. We’re working hard to make sure that the money spent in this borough is to the benefit of everyone living and working here.
“The changes we continue to spearhead in the resort, and which we can now continue with the support of the LUF monies, are also vital when it comes to reflecting the aspirations of our residents and visitors, for our young people to enjoy positive futures, and in our ability to attract new and retain good businesses in an attractive coastal town.”
East Lindsey District Council to make Horncastle its HQ as it opens shared facility with Boston College
East Lindsey District Council is moving to a new, energy efficient and more central headquarters from Monday 23 January 2023.
After 44 years, Tedder Hall in Manby will close and the council will officially mark a new era in its history when it moves to the Hub in Horncastle.
The Council has been working with Boston College to help provide a campus in Horncastle to fill a learning and skills gap. The Hub is a shared facility with the college who have been providing a range of 18+ courses for people in Horncastle and the surrounding area from the campus since November.
The project was supported by The Greater Lincolnshire LEP who contributed £1.2m for the College campus.
The Council funded the remaining £6.23m of the project cost in recognition that it would be a cost neutral project over a maximum of 15 years when factoring in the sale of Skegness Town Hall, Tedder Hall and the reduced running costs of the new building. Given the significant increase in utility prices, this payback period has now significantly reduced to around eight years.
The Hub supports the Council’s commitment to reducing CO2 and minimising its impact on climate change.
The sale of Skegness Town Hall was completed last summer, with the sale of Manby Park which includes Tedder Hall, completed in December.
Cllr Craig Leyland, leader of East Lindsey District Council, said: “Monday marks a new chapter in East Lindsey District Council’s history. The project has helped Boston College fulfil an ambition to provide a Campus in Horncastle. More people are able to access a range of courses without the need to travel far.
“The Hub has been built to ensure it is as energy efficient as possible, in line with our other ambitions around sustainability and the response to climate change.
“Both Tedder Hall and Skegness Town Hall served us well for many, many years but both buildings had high running and repair costs which were expected to keep on increasing over time. The Hub also provides staff who work across the South & East Lincolnshire Councils Partnership a more central base to touchdown in as well as other touchdown points located in Skegness, Louth and Mablethorpe.
“Being more central in the district also provides a better experience to our partners and members of the public coming to hear decisions made in the council chamber. We also expect footfall to increase for Horncastle businesses and services with more council staff, PSPS colleagues and the College, bringing more people to the town.”
£8m secured to transform at-risk heritage and cultural sites in East Lindsey
Three historic sites are set to benefit from £8m Levelling Up funding from the Government.
The Government has announced East Lindsey District Council has been successful in its bid to support ambitious regeneration schemes for Alford Manor House, Alford Windmill and Spilsby Sessions House.
The funding will help transform these culturally significant sites, attract new visitors and enhance their uses. The Levelling Up Round 2 investment will create a financially stable future for the three at risk heritage assets and will have a beneficial impact on the entire Lincolnshire Wolds tourism economy.
The Levelling Up Fund is specifically designed to secure capital investment in infrastructure that has the potential to improve lives and give people pride in their communities. The fund is one component of the Government ‘Levelling Up’ ambition.
The Government is supporting all the LUF projects put forward by the whole of the South & East Lincolnshire Councils Partnership with £14.8m awarded to Boston Borough Council, £20m to South Holland District Council and £8m in East Lindsey. Each scheme will see projects which will be transformational for each district for generations, through job creation, new opportunities, driving inward investment and supporting the health and wellbeing of residents.
Spilsby Sessions House is to be supported to bring the building back into use as a theatre and as a community-owned space. The listed building also has a significant place in history, for its past use as a jail, and funding would allow the building’s old police cells to be opened to the public, creating a new visitor attraction.
£2.5m is going to Alford Manor House to create a permanent function space as well as the relocation and improvement of the tearoom and kitchen, freeing up space for improved displays within the museum.
£1.1m is secured for Alford Windmill to help save the historic mill which is now on the Heritage at Risk register. Work will see the mill restored and reopen as a major attraction, including a new visitor experience, café and shop.
All these projects have been developed in partnership with the local community and through East Lindsey’s commitment to its Vital and Viable programme which supports businesses in our market towns with initiatives aimed to drive footfall.
Cllr Adam Grist, portfolio holder for market towns and rural economy at East Lindsey District Council, said: “It is fantastic news for Spilsby and Alford to be awarded this funding which will revive facilities which are historically and socially important for both towns.
“The funding will truly be transformational for these heritage sites and the communities they support. New tourist attractions which enhance the current offer will be created which will help secure their use for generations to come.
“These projects are vitally important for supporting the tourism offer in the Lincolnshire Wolds and wider East Lindsey. Enhancing the district’s visitor offer as a whole will help the market towns attract visitors and holiday makers from our coastal towns.
“Securing this funding is a great day for the community groups and a celebration of partnership working. There are so many hardworking people committed to these cultural facilities and I am so delighted the Government has recognised this and is supporting us to help keep these facilities thriving.
“I would like to thank everyone who was involved in this bid and all the community groups who wrote letters of support.”
Bruce Knight, heritage & arts co-ordinator at Spilsby Sessions House, said: “We are so pleased about the Levelling Up decision. The Spilsby Sessions House charity will now be able to realise the vision of fully repairing the Grade II listed heritage site and transforming a theatre at risk into a visitor attraction and community arts venue for all.
“The impact of this project will be a huge boost for the local community and for East Lindsey as whole. It will complement the Town Deal investment the District Council has already achieved for the coast and will create something that people across the region can be proud of.”
Dennis Bell of Alford Manor House and Alford Windmill said: “The purpose behind the Levelling Up fund application is the transformation of Alford by establishing a viable tourist product to attract the tens of thousands of tourists holidaying on the coast to visit Alford.
“This extra footfall will boost the local economy and provide jobs for the future.”
Victoria Atkins, MP for Louth and Horncastle, said: “I am delighted by the news that Alford and Spilsby will benefit from a boost of £8million from the Government’s Levelling Up Fund. This transformational funding will bolster the cultural offer to constituents and visitors and support the local economy.
“Since being elected, I have championed our market towns and have worked with community groups on reviving and enhancing much loved heritage sites that are at the heart of our communities. I have pressed the Government to invest in our corner of Lincolnshire and was pleased to support this bid in partnership with East Lindsey District Council.
“On top of the landmark £24million Mablethorpe Towns Fund, this substantial funding will help ensure the constituency of Louth & Horncastle continues to be a bright place to live, work and visit for future generations.”
£20m Levelling Up funding secured for South Holland
£20million of major investment has been awarded to help transform health and wellbeing in South Holland, after the District Council secured Government Levelling Up funding for the Castle Sports Complex site in Spalding.
After submitting a bid in August, the Government has this week confirmed the success of the application, which will look to create a new and improved offer focused around health, wellbeing, leisure, sport, recreation and community spaces.
The ambitious plans the Council submitted included proposals for a new 3G floodlit football pitch to allow play all year round, a changing pavilion, a multi-use games area for a variety of other sports and three new swimming pool facilities including a large pool, a teaching pool and a splash pad.
The bid also sought funding to provide community rooms and space dedicated for use to provide a health and wellbeing hub including services for mental health, diabetes, Alzheimer’s and dementia support, as well as an Extra Care housing scheme for the District’s older residents.
The Levelling Up Fund is specifically designed to secure capital investment in infrastructure that has the potential to improve lives and give people pride in their communities. The fund is one component of the Government ‘Levelling Up’ ambition.
The District Council worked closely with a number of partners on the submission, to ensure that as many residents and community groups would be able to benefit from the project. The submission also received support from Sir John Hayes, MP for South Holland and The Deepings, who formally sponsored the bid and helped to make the case for it to the Government.
With funding secured, the next steps will now begin to get the project planned and underway, with such a major piece of work expected to take several years to complete due to the scale and complexities of the proposal for the site.
Councillor Nick Worth, deputy leader and portfolio holder for people, places, economy, said: “The success of this bid is a momentous moment for the whole of South Holland, and provides vital funding that will be truly transformational for helping to improve the lives of our residents.
“This was a highly competitive process, with over 500 bids submitted across the country, and is recognition of a District punching above its weight. We have a forward-thinking proposal that can provide enormous benefits for people of all ages, backgrounds and interests, and that will enhance and diversify the services and activities on offer in Spalding town centre.
“Thank you to everyone who has helped to support and form the bid. I am delighted that the Government has recognised the hard work, thought and collaboration that has gone into it, and now cannot wait to start the process of making these plans a reality.”
Sir John Hayes MP also celebrated the announcement, saying: “Bringing such significant funding to South Holland is fantastic news for the District, which can help to make a real, positive difference for residents for many years to come.
“An enormous amount of work went into the excellent bid that won the day. Local understanding and the strong case for why Spalding was deserving made our unique case a success when pitched against hundreds of other worthy submissions. I was pleased and proud to play my part in that work. The decision to make this substantial investment and to help remodel and improve our local service provision is a major and welcome statement of support from the Government that will benefit my constituents in so many ways.”
He added: “This is a victory for Spalding and South Holland and demonstrates what can be achieved when an MP and the local council work seamlessly for the good of their residents.”
The Government is supporting all the LUF projects put forward by the whole of the South & East Lincolnshire Councils Partnership with £14.8m awarded to Boston Borough Council and £8m in East Lindsey. Each scheme will see projects which will be transformational for each district for generations, through job creation, new opportunities, driving inward investment and supporting the health and wellbeing of residents.
Record year for East Midlands private equity-backed buyouts
The value of private equity backed deals in the East Midlands was at record levels in 2022, according to full-year data from CMBOR, the Centre for Private Equity and MBO Research based at Nottingham University Business School and supported by Equistone Partners Europe.
There were 21 deals in the East Midlands in the year with a combined value of £1.9bn – up from the total value of £1.5bn in 2021 and higher than the previous peak in 2015 (which stood at £1.6bn).
Whilst the number of deals in the East Midlands also increased from 13 in 2021, the average deal size reduced from £114m (2021) to £90m (2022), still considerably higher than the 10-year average of £60m. 14 of the deals occurred in the first half of the year, with 7 in the second half, suggesting that momentum could be reducing.
Will Copeland, from Equistone’s Midlands office, said: “Both in the East Midlands and nationally, 2022 continued the trend of 2021 with significant amounts of private equity capital invested. It is a reflection of the current quality of management teams and businesses in the East Midlands region that there has been a huge amount of investment from private equity in the region at more than double the 10-year average of private equity capital invested.
“For the year ahead, despite the continued economic uncertainty, there continues to be several interesting opportunities emerging in the Midlands.”
CMBOR’s year-end report also showed that private equity activity across the whole of the UK was well above the 10-year average and was surpassed only by 2021 since the global financial crisis. At £35bn, the cumulative value of the 189 buyouts of UK-based companies in 2022 represented the third highest headline figure in the 35-year history of CMBOR, surpassed on an inflation-adjusted basis only by the £44bn recorded in 2007 and £47bn in 2021.
Across the UK, there was an expected drop in exit activity compared to record levels in 2021, as private equity firms realised 109 investments in the UK at an aggregate value of £23bn, compared to 150 transactions at an aggregate value of £29bn in 2021. The dominant exit route for private equity in 2022 was to trade buyers, accounting for 57% of exits by value, followed by exits to other private equity investors (42%).
Despite the well-publicised rout in tech valuations, TMT continued to attract sizeable investment and was highest in terms of volume (24%) and value (29%) among all sectors for the very first time. This was followed by the Leisure sector (14% of total value) and Healthcare sector (14% of total value).
“Notwithstanding the turbulent economic conditions, a number of sectors have witnessed strong buyout activity,” said professor Kevin Amess, director of CMBOR at Nottingham University Business School. “TMT continues to receive significant investment, a trend demonstrative of how deeply private equity has committed to covering and investing in the sector.”
Ibstock sees resilient final quarter
Ibstock, the Leicestershire-based manufacturer of clay and concrete building products and solutions, has hailed a resilient performance in the final quarter of 2022, despite lower sales volumes across new build and RMI markets in a more cautious demand environment.
A trading update for the year ended 31 December 2022 highlights that revenues are expected to increase by 25% to approximately £510 million, in comparison to £409 million in 2021.
Adjusted EBITDA, meanwhile, is expected to be modestly ahead of previous expectations.
Joe Hudson, CEO of Ibstock PLC, said: “The business delivered a resilient performance in the final quarter of 2022, despite, as expected, lower sales volumes across both new build and RMI markets reflecting a more cautious demand environment.
“A continued disciplined focus on cost management, alongside our dynamic commercial approach, underpinned a solid margin performance in Q4 and resulted in adjusted EBITDA for 2022 that was modestly ahead of our previous expectations.
“The strong performance achieved in 2022 reflects the strategic progress we have made as a business over recent years. Our balance sheet is strong, we continue to make good progress towards our ambitious 2030 ESG targets, and our growth investments in both the core business and Ibstock Futures are progressing well.
“We are particularly excited about the prospect of producing the UK’s first net zero carbon brick at our redeveloped Atlas factory before the end of this year.
“Whilst in the short-term we expect market conditions to be more challenging, we remain well positioned to deliver strong growth over the medium-term.”
Dunelm reports strong second quarter
Homewares retailer, Dunelm, has reported a “strong performance” in its second quarter.
According to an update on trading for the 13-week period ended 31 December 2022, total sales of £478m were 18% higher than the same period last year and up 48% compared to three years ago, pre-pandemic.
Dunelm says this performance reflects a strong quarter in which Autumn and Winter product ranges proved particularly popular with customers. The company saw broad based growth across its categories and its Christmas offer sold well. Customers seeking ways to mitigate higher heating costs also found value in Dunelm’s ‘Winter Warm’ assortment, as well as in products such as heated indoor airers.
The Leicestershire firm expects full year profit before tax to be above current market expectations.Nick Wilkinson, Chief Executive Officer, said: “We have delivered another strong performance and the relevance of Dunelm’s value offering has really come to the fore. Customers have enjoyed shopping our ‘Winter Warm’ ranges as they find innovative ways to manage rising heating costs. Our Christmas assortment also proved popular as customers prepared their homes for the festive period.
“It is a difficult time for many people in our communities, so we were delighted to significantly grow our ‘delivering joy’ campaign this year, resulting in over 60,000 Christmas gifts being donated by customers and colleagues to local causes.
“We are deeply conscious of the challenges which everyone is facing and remain focussed on making every pound count across our entire offer, so customers can feel confident in receiving outstanding value whatever their budget or taste.”
Operational issues at distribution centre see Dr. Martens predict EBITDA dip
In a new trading statement for its third quarter, Dr. Martens have revealed an expected dip in EBITDA for the full year, of £16-25m, as a result of significant operational issues at its new LA distribution centre.
It comes as total revenue in the quarter to 31 December 2022 grew 9% to £335.9m, which the Northants firm said was below expectations.
Kenny Wilson, Chief Executive Officer, said: “Demand for Dr. Martens remained resilient through challenging conditions during our peak trading period of Q3.
“However, due to a combination of significant operational issues creating a bottleneck at our new LA distribution centre and weaker than anticipated US DTC trading, in part due to unseasonably warm weather, we now expect full year revenue growth of 11-13% on an actual currency basis and full year EBITDA to be between £250m and £260m.”
Derby tech business attains B Corp status
Orderly, a technology business based in Derby with a focus on artificial intelligence to boost supply chain social responsibility and sustainability, has achieved the coveted B Corp certification.
Orderly now join the ranks of over 4,000 companies who are using business as a force for good.
The B Corp was established in 2006 and is the first and only certification for businesses that meet the highest standards of social and environmental performance, public transparency, and legal accountability.
To become B Corp Certified, a business must complete an in-depth assessment administered by the non-profit B Lab.
Orderly staff had to fill out a lengthy assessment (over 200 questions) that looked at every aspect of the business – from its environmental impact, to how the company treats its employees, to the diversity of the team.
This was followed by a phone review by B Lab staff to clarify points, while requests were then made for documentation of key points.
Orderly CEO Peter Evans, said: “When we heard about B Corp Certification, it felt like the perfect fit. It’s taken us almost three years of incremental change to gain the certification and has been a huge team effort. Getting certified is certainly a challenge – but well worth it.”
This is just the start, added Peter: “Becoming B Corp Certified is just the beginning. By stipulating that companies must ‘set improvement goals against the most-up-to-date standards and benchmark their performance over time’ that ensures that we are constantly striving to improve and be the best that we can be – which of course, every business should be.
“We have big plans for the future including developing our world-first digital store assistant technology, and we are excited to continue our journey as a sustainable and ethical business – with that exciting new B Corp Certified logo joining us for the ride.”
Derby hotel acquired
David Hargreaves of FHP, acting on behalf of local investor clients, has acquired the Travelodge Hotel on Pride Park in Derby.
The hotel, which comprises 84 bedrooms with 87 parking spaces with a passing rent of £307,750 pa, is leased to Travelodge Hotels Ltd with a further 21 years left to run on the lease.
The price paid was £4,825,000 equating to a yield of 6.00% or £57,440 per room before costs.
Hargreaves said: “This hotel, close to the Derby County football stadium and the nearby Events Arena, is a well-known national brand which trades well off affordable room rates.
“The investment offered our client a secure long term income stream of 21 years, with the Landlords having the right to ask Travelodge to take a further lease for 8 years when the current lease expires in 2044.
“Furthermore the rent, which equates to £3,655/bedroom, is index-linked to the Retail Price Index without a cap which should guarantee good rental and capital growth over the coming years.”
Knight Frank acted for the vendor, whilst Russell Thompson of Massers Solicitors provided the legal advice to complement the FHP property advice.
Derby secures Levelling Up funding to push forward Assembly Rooms site plans
Derby has secured £20m Government Levelling Up funding towards an ambitious plan to redevelop the Assembly Rooms site.
The funding will contribute towards the vision for a new purpose-built learning theatre on the site, putting culture at the heart of the area’s rejuvenation.
City partners believe a vibrant cultural sector plays a critical part in delivering economic growth and attracting investment. It’s estimated that a new venue would increase theatre attendance by 83,000 and attract an additional 25,000 visitors to Derby each year, generating an additional £1.7m per year for the local economy.
The new learning theatre would also provide opportunities for the wider Derby community to develop skills in the cultural sector. It would create a vibrant cultural heart for the city with the transformed Market Hall and new performance venue at Becketwell, and the existing Déda, QUAD and Museum of Making.
The announcement of the successful bid is expected to act as a significant catalyst in regenerating the city centre and help attract further funding and investment.
Responding to the announcement the leader of Derby City Council, Councillor Chris Poulter, said: “This funding is an endorsement that Derby is a place to invest. It comes off the back of Derbion and the University of Derby both announcing transformational plans to re-develop key areas of our city.
“At Becketwell regeneration is well underway, the new public square and apartment block are nearing completion and construction work on Becketwell Performance Venue is set to start this year. The transformation of Derby Market Hall is moving a pace and Derbion are in the process of redeveloping the Eagle Market and creating the Eastern Gateway. Derby is very much on the move.”
Derby has a strong and successful history of delivering culture in partnership from major events such as Derby Festé to key assets like the QUAD. Arts Council England recently awarded £15,000 to the city to develop the strategic, partner-led Culture Derby partnership. Derby Theatre, Derby City Council and University of Derby are working together on the learning theatre scheme.
Professor Kathryn Mitchell CBE DL (vice-chancellor and Chief Executive, University of Derby and chair of Derby Theatre Board) and Sarah Brigham (CEO and artistic director, Derby Theatre) said: “We are delighted that the Government see Derby as a place to invest in and culture as the driving force for regeneration.
“The Learning Theatre model, which the University of Derby and Derby Theatre have trailblazed over the last 10 years, has shown real impact for the city, not only by bringing critically acclaimed and award-winning shows to our stages, but also in the impact it has had on our communities.
“We look forward to working with Derby City Council in ensuring that the LUF funds will contribute to a vibrant future for our Theatre and our city.”
2023 Business Predictions: Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Dave Atkinson, regional director for the East Midlands at Lloyds Bank Commercial Banking.
Businesses in the East Midlands have faced challenges this past year. Many have struggled with skills shortages and supply chain issues, on top of broader economic headwinds, which look likely to continue in early 2023.
But despite this, local firms are looking at the new year with positivity. Our latest Business Barometer recorded the highest confidence reading from firms in the East Midlands since February, marking a ten-month high for business confidence in the region. What’s more, businesses are optimistic about the economy too, with inflation appearing to have peaked.
The hope will be that this relatively more positive economic outlook continues into 2023, clearing a path for businesses to focus on investing in growth, and manoeuvre other hurdles coming their way. Three key things for firms to look out for in 2023 will be energy prices, cyberthreats and staffing shortages. However, with the right planning and support, businesses will be able to turn each of these into opportunities for growth.
Energy costs and inflation will likely remain at the forefront of business owners’ minds in 2023, especially during the winter months, and they are likely to have one eye on the looming deadline for the end of the Energy Bill Relief Scheme on the 31st March. However, investing in sustainability offers an opportunity to alleviate energy bill pressures. From small everyday changes such as switching halogen lightbulbs to LEDs to more significant measures like installing solar panels or investing in more sustainable machinery and equipment, businesses should look to unlock the opportunities making their operation more efficient can bring.
Businesses looking to become greener can access tailored lending through schemes such as our Clean Growth Finance Initiative (CGFI), which provides discounted funding to help businesses transition to a lower carbon, more sustainable future.
The threat of cyberattacks is another likely concern for businesses in 2023, especially for those in the region’s crucial manufacturing sector. According to our latest Business Barometer, firms are already mindful of this growing threat to operations, with a quarter (26%) saying they will be prioritising investing in new technology, such as AI, automation and digitalisation to combat cyberthreats, over the next six months. In order to handle these threats, firms need to ensure they’re employing the right talent, as well as upskilling their existing staff.
More than a third (37%) of East Midlands businesses said they will be focusing on increasing staffing levels over the next year according to our recent survey. However, all things point towards labour shortages continuing to disrupt hiring plans, especially in the manufacturing sector, according to Make UK latest manufacturing outlook survey1.
In 2023, we’ll be continuing to support manufacturing firms struggling with skills shortages through our sponsorship of the Midlands-based Advanced Manufacturing Training Centre (AMTC) with £1m per year until 2030.
The AMTC has already trained more than 2,500 engineers, graduates and apprentices during the past eight years of our partnership, and our continued support will help grow this figure to over 5,000 by 2030. This will help the region’s firms manage the current labour shortages and skills gap challenges they are experiencing, as well as providing them with the skills they need to support the implementation of advanced technologies and solutions to drive innovations in cybersecurity and sustainability.
While firms in the East Midlands will be faced with some tricky roads to navigate in 2023, those that remain optimistic and look to turn challenges into opportunities for upskilling, driving sustainability and investing in their technology, will thrive.
2023 Business Predictions: Elliot Cook, director at Simple Marketing Consultancy
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Elliot Cook, director at Simple Marketing Consultancy.
Despite what the mainstream media may want to tell us, I’m predicting positive things for 2023. As a business community, so much has been thrown at us over the past two years that the supposed incoming “R” word just gives the feeling of déjà vu; we’ve been here before and come out the other side.
That is no reason not to be prepared for what lies ahead however. January is always the perfect time for businesses to take stock of the previous year’s trading, and put together a clear and robust marketing plan. If we are to learn anything from the pandemic era, it is those businesses that invested in their marketing programmes are the ones that survived and thrived. I predict those that adopt similar principles will be the ones that will navigate the murky waters of 2023.
Over the last couple of years, we’ve also seen a massive shift to towards digital marketing. Yes it is essential to ensure your business has a nailed down digital marketing strategy but at the same point whilst everything has gone online, I’m going to also go out on a limb here and say that we at Simple Marketing Consultancy are starting to see a resurgence in print marketing. Especially if it is tailored and uses sustainable materials.
BGF continues to power the Midlands growth economy in 2022
BGF, the growth capital investors, has delivered a series of strong exits in the Midlands in 2022, generating combined returns of £148 million and an average money multiple of more than 2.5x.
Last year saw BGF complete the stellar exit of Jola, the channel-only supplier of business communications specialising in mobile data SIMs, which was acquired by Wireless Logic – a global IoT connectivity platform provider.
Nationally, BGF invested a total of £443 million in 2022, continuing its commitment to providing patient minority-only capital to help ambitious growth companies achieve their full potential. BGF exited 40 companies across the UK, with an accumulative value of over £675 million and a combined money multiple of 2x.
In the Midlands £42.5 million was invested into the local growth economy. Notable deals included an £11 million investment into MyZone, a global manufacturer of wearable fitness tracking technology, and a £3.5 million investment into Nottingham-headquartered energy storage start-up, Cheesecake Energy.
BGF also provided follow-on funding for its existing Midlands portfolio, including £2.4 million for Environmental Essentials to drive its acquisitive growth strategy.
At the same time, BGF continued to invest in its Midlands team with new hires, including investors Adam Huckerby and Sam Giurani.
Neil Inskip, head of BGF in the Midlands and North West, said: “BGF was set up to back businesses in challenging times, and 2022 has shown us the potential and opportunity that exists in this region. As such, our aim in the coming 12 months is to continue building strong relationships with fast-growth and entrepreneurial-led businesses looking for a non-controlling, supportive equity partner.”
BGF’s portfolio has looked towards the Midlands for growth in 2022 with several entrepreneurial businesses expanding into the region. BGF-backed Apprentify acquired West Midlands-headquartered Netcom Training following a £5 million investment from BGF. Operam Education in Yorkshire expanded to the Midlands with the acquisition of First for Education, and bar operator Mission Mars opened new sites for its Albert’s Schloss and Rudy’s Pizza brands in Nottingham and Birmingham.
Seb Saywood, investor in BGF’s Nottingham office, added: “As with any challenging economy, strong, well-capitalised businesses in resilient sectors will find opportunities to seize market share, particularly from less nimble, over leveraged rivals. The success of our portfolio in 2022 is testament to this strength and agility.”
The year was rounded off by the launch of the BGF Foundation, with a commitment of at least £1.5 million from BGF and the portfolio over the next three years. BGF will provide funding and practical support to help small and mid-sized charities, focused on alleviating social disadvantage, to scale up their impact across the UK. Neil Inskip is a trustee of the Foundation.
