Award winning entrepreneur joins Purpose Media
Greater Lincolnshire LEP to focus on ‘four game changing sectors’ at annual conference
SourceBio unveils plans to go private to accelerate growth
The Nottingham-based provider of laboratory services says its board has conducted a review of the benefits and drawbacks to the company retaining its listing on AIM and maintaining its existing corporate structure.
Subject to shareholder approval, the firm believes that the cancellation would be in the best interests of the company and its shareholders as a whole.
Reasons noted by the business include that while one of the main benefits of a company being on AIM is the potential to issue new shares to raise additional funds for investment or to issue new shares as consideration for acquisitions, the company has been unable to raise money at what the directors believe to be a fair valuation and, due to the low liquidity, the shares do not represent an attractive currency.Further, the board believes that the company’s current share price does not accurately reflect the future potential of the business.
The group also believes that as a private business corporate development and restructuring needed to drive and develop growth may be executed faster and more nimbly, and that it would be able to command a much higher valuation for the business on eventual exit, serving in the best interest of shareholders.SourceBio estimates that it could save annualised costs of £600,000 per year in the move.
In conjunction with the cancellation, the company is planning a tender offer at a price of 115 pence per ordinary share to certain shareholders. It is expected that over half of issued shares will be purchased and the firm says it is in advanced discussions to secure the necessary financing for the tender offer.
The news comes as revenues from SourceBio’s three core business units (Healthcare Diagnostics, Genomics and Stability Storage) continue to perform well, as they did in the first half of the year, with all business units showing growth on last year. Jay LeCoque, executive chairman, said: “We continue to be encouraged with progress and growth delivered across our three core business units. Our operational focus remains the continued expansion and scale-up of Cellular Pathology and Digital Pathology volumes through the rest of the year and beyond. “We are confident that we can potentially grow the business faster as a private company and look forward to providing fuller details in due course.”Ideagen appoints chief corporate development officer
Major trade-counter brands expand in Ashbourne
Next makes Made.com swoop after online furniture retailer’s collapse
Nottingham Trent University calls on construction supply chain to become Innovation Champions
Caistor architects join building control partnership scheme
- A single point contact for all your building control work in England and Wales
- Competitive pricing on high volumes of repeat work or major developments
- Site inspections from a local professional team with invaluable local contacts and knowledge
- Simplified fees and invoicing arrangements
- Electronic submissions and e-working
- The use of LABC Partner logo on all of your marketing materials
- Easy access to the planning department, the highways engineers and local fire service
- In-depth expertise on structure, fire, acoustics, warranties, access, contamination, energy and sustainability from LABC specialists
Azets Midlands strengthen senior team
Gowercroft Joinery appoints new finance director
Iconic Lincoln property, Judge’s Lodgings acquired by new owner of the White Hart Hotel
Pride Park property deal for Derby virtual training company
Nottingham-based smart sensor company helps major car manufacturer make significant energy savings
Custodian REIT dispose of 18,424 sq ft warehouse and distribution unit at a premium
Sterling performance at Kitchen Appliance retailer
Marks Electrical is celebrating its good fortunes today with revenues soaring by 15.1% to £43.1m in what the company describe as a “tough market conditions” economically.
The company’s resilient profit performance and Adjusted EBITDA of £2.7m (H1-22 £3.0m), delivering a margin of 6.3% and the company is confident that it will deliver our full year targets.Mark Smithson Chief Executive Officer, commented: “I’m proud of the performance we’ve delivered against a tough back-drop, with the Group’s sales up 15.1% in a very challenging market where the online MDA and CE markets were down over 15% in our first half. This further demonstrates the resilience of our business model and the attractiveness of our market-leading customer offering.
Our focus on operational excellence, customer service, and improving brand awareness has enabled us to continue to gain share in a very competitive market, where our share grew from 1.6% to 2.1% of the overall MDA market and from 2.6% to 3.9% in the online segment. As more people across the UK come into contact with the Marks Electrical proposition and become customers, we are able to harness our highly efficient, single-site operational model to drive profitable market share growth.
The strong competitive activity we saw in pricing and marketing during the first half has begun to ease more recently and despite the margin pressure, we were able to achieve an Adjusted EBITDA margin of 6.3%, keeping us on track to achieve our full year objectives and continuing to demonstrate the differentiated margin proposition of our operating model.
As growth momentum continues to build going into the peak trading period, with an acceleration in October and a strong start to November, our focus on operational excellence and cash flow generation, combined with our net cash position, provides us with a robust platform to generate continued profitable market share growth and deliver on our full year targets.”
Leicester Council drops workplace parking levy proposals to alleviate cost-of-living crisis
BDO strengthens Midlands team with duo of director hires
Accountancy and business advisory firm BDO LLP has strengthened its team in the Midlands, with the appointment of two directors.
Dan Corden and Liam O’Donohue join as directors in the Business Services & Outsourcing (BS&O) team, covering both the East and West Midlands. The duo’s arrival follows the firm’s move to a prominent office location in Nottingham city centre, cementing its commitment to the regional market.
Corden, who has over 10 years’ experience in financial and operational management, will be responsible for expanding the firm’s outsourcing and advisory offering across the whole of the Midlands, focusing specifically on ambitious entrepreneurial owner managed businesses and SMEs, as well as the technology and creative sectors.
O’Donohue – a qualified Chartered Certified Accountant – brings considerable experience to the BS&O team, having worked in the accountancy and business advisory sector since 2001. He will focus specifically on entrepreneurial, high growth and international Midlands-based businesses in the automotive, transport and manufacturing sectors.
Suk Aulak, partner at BDO in the Midlands, said: “In the last 12 months, our BS&O offering has seen considerable growth across the region, as we continue to support businesses to help them meet their growth ambitions, while facing changing requirements and economic forces.
“We’re delighted to have strengthened our Midlands teams with the appointment of Dan and Liam – two outstanding individuals who will add real value to our regional proposition.”
Corden said: “It’s a really exciting time to be joining the Midlands team, following the move into high-profile offices earlier this month. The move cements the firm’s commitment to the region and provides us with the perfect base to support and engage with entrepreneurial and fast-growth businesses across the whole region that are looking to outsource a range of accounting, advisory and compliance services.”
O’Donohue added: “There’s significant market potential in the Midlands for Business Services & Outsourcing and we’re looking forward to working alongside a fantastic team in both the East and West Midlands, to help develop exciting opportunities at both a local and national level.”
Nottingham Colleagues raise hundreds with Rainbows charity day
Colleagues at a Nottingham chartered accountants staged a special Rainbows Day to support the East Midlands’ only children’s hospice.
Page Kirk accountants, based in Gregory Boulevard, has chosen Rainbows Hospice for Children and Young People as its charity of the year.
Over 40 colleagues have been fundraising since January and there are lots more events to come in the run up to Christmas. Last month, the team staged a dedicated Rainbows Day, which in itself raised £400.
Rainbows’ mascot Bow Bear was on site surprising staff as they arrived that morning. He also got up to mischief during the day carrying out photocopying and taking over reception.
As well as enjoying Bow’s antics, colleagues held a bake sale, staged a quiz, played games and there was a raffle to win a day’s annual leave. Staff also made donations for their lunch, which was provided by Page Kirk.
James Haywood, partner at Page Kirk, said: “It was pleasure to hold Rainbows Day at our office. Having chosen Rainbows as our charity of year, it was great to hold a specific event related to the charity that all members of staff could take part in and understand the wonderful work that Rainbows is performing to brighten children’s lives.
“The day itself was a fantastic success with all enjoying themselves and having Bow Bear around with his energetic enthusiasm made the day, especially when he ran down to me waving his arms when I arrived at the office in the morning.
“We are very proud to be supporting Rainbows this year and look forward to the many events that we still have planned in the diary.”
Kirsty Coxon, corporate fundraiser at Rainbows, added: “We are thrilled to have Page Kirk on board for 2022 and they have been doing some fabulous things for us. The Rainbows Day, and Bow Bear’s visit, was a big hit and it is great to see so many people getting involved.
“We rely on the support of companies like Page Kirk to continue to provide care to more than 300 children and young people with terminal and serious illnesses, including those from Nottinghamshire.”
The power of video testimonials
Vitamin maker up for award after helping local community during COVID
A manufacturer of vitamins has been shortlisted for an award for its management through the difficult times of the COVID pandemic, and its support of the local community.
IVC Brunel Healthcare, which employs 550 staff and produces vitamins and supplements at its 30,000 square metre base in Swadlincote, has been named a finalist for Manufacturer of the Year at the East Staffordshire and South Derbyshire Business Awards.
Holders of the Queen’s Award for Enterprise, the company is the biggest producer of vitamins and supplements in the UK, working on behalf of top UK retailers, and exporting to global international brands.
It produces four and a half billion tablets a year, including traditional herbal remedies such as echinacea and milk thistle and more than 250 different vitamin formulations.
But it was its contribution to the health of Swadlincote when the first COVID lockdown was announced in the UK in March 2020 that the company hopes will go down well with award judges.
At the same time as the company saw demand for its health supplements increase by up to a whopping 400 per cent, as millions of people turned to its products to try and boost their immune system, it pulled out the stops to ensure that its workers and their families stayed safe and well.
This included supplying them each with a digital thermometer, putting in strict social distancing and staggered changing room systems, while it also stepped in to provide substantial support to the local food bank, which had seen contributions of food drop off.
It also made sure that staff at the local University Hospitals of Burton and Derby NHS Foundation Trust were able to continue to fight the pandemic on the front line by supplying all 2,500 staff with vitamin tablets as a thank you.
IVC Brunel also sponsors six local sports teams, including Gresley Rovers, Moira United and Burton Rugby Football Club, and Managing Director John Hackett hopes that its community mindedness during a time of need will receive some much-deserved recognition.
He said: “I’m delighted that IVC Brunel Healthcare has been shortlisted for this manufacturing award. The challenges of keeping going during Covid were enormous. Our staff were classified as key workers, which meant that we were open throughout, and around 300 members of our manufacturing and quality teams stayed on site.
“There was, as we had foreseen, huge demand for our products because everyone in the UK wanted to stay as healthy as they could. We saw an increase in demand of up to 400 per cent, at the same time as the safety measures meant our productivity was reduced.
“We’re proud to say that most of our workforce lives in the local area and while we try to be the very best employer we can, with people living in our area facing real problems due to the economic situation brought about by COVID, we felt it was only right to provide a substantial donation to keep the local food bank going too.”
IVC Brunel Healthcare’s work throughout COVID is the latest chapter in a long history which stems back to 1865, when it was based in Burton.
The company moved to Swadlincote in 1969 and established its factory base on former coal mining land in William Nadin Way in 1996. Today it has four sites in the area and employs people working in wide-ranging roles including engineers, lab technicians, quality control staff plus warehouse operatives.
The winners of the awards will be announced at a gala celebration evening held at the Pirelli Stadium in Burton-upon-Trent on Thursday November 10.