Custodian REIT dispose of 18,424 sq ft warehouse and distribution unit at a premium

Steve Fisher
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Custodian REIT dispose of 18,424 sq ft warehouse and distribution unit at a premium
Leicester-based property investor Custodian REIT, has announced the disposal of an industrial unit in Kilmarnock at auction for £1.4 million at a 12% premium to its 30th June 2022 valuation. The group aims to deliver a strong income return by investing in a diversified portfolio of smaller regional properties across the UK, and say the environmental credentials of the 18,424 sq ft warehouse and distribution unit no longer fit with the Company’s ESG objectives and it was not considered practical to mitigate these risks.  Having recently increased the lease term by 10 years it was considered the right time to sell and crystallise a valuation uplift. Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said: “The sale of this industrial unit at a premium to valuation demonstrates the ongoing liquidity in the market for smaller lot sized commercial real estate, underscoring our investment thesis.  Having acquired this property as part of our IPO portfolio eight years ago and having recently increased the lease term until 2032, we felt that now was an opportune time to crystallise the value we have created.  The proceeds of the disposal will be recycled into identified improvements to the remaining portfolio which we believe will be more accretive and better support the strategy of providing shareholders with strong income returns.”

Sterling performance at Kitchen Appliance retailer

Steve Fisher
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Sterling performance at Kitchen Appliance retailer

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.  

Leicester Council drops workplace parking levy proposals to alleviate cost-of-living crisis

Steve Fisher
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Leicester Council drops workplace parking levy proposals to alleviate cost-of-living crisis
Leicester City Council has announced that proposals to introduce a workplace parking levy (WPL) in Leicester in 2023 will not be developed. Deputy city mayor Cllr Adam Clarke says the current political and economic circumstances make it impossible to proceed with the levy, although the council’s long-term commitment to improve public transport in the city remains the same. “We made a commitment in 2019 to consult on a levy in Leicester, and at that time we could not foresee the political uncertainty and dire economic situation the country is facing today. We have concluded that we cannot implement a WPL during this ongoing national cost of living crisis, which is causing such uncertainty and concern for so many people and businesses in our city. “The consequence of this of course is that we won’t have the funding needed to radically improve public transport for so many of our residents, which would in turn help to tackle the climate emergency. In truth, simply maintaining the current levels of service will be a huge challenge.” The workplace parking levy consultation was carried out in the spring and generated more than 4,000 written responses. Cllr Clarke said: “We would like to thank everyone who took part in the consultation. We also met with many local business, school, NHS and trades union leaders, to listen to the views of those they employ or represent, and we are grateful for their input. “I am particularly grateful for the input from transport and environmental campaigners and want to reassure them that we will continue to focus on cleaning the air and reducing Leicester’s carbon footprint.” The consultation findings will be available at: https://consultations.leicester.gov.uk/sec/wpl Transport improvements made in Leicester over the last few years include the formation of the Leicester Buses Partnership, and the expansion of the city’s fleet of all-electric buses with more than 100 new vehicles set to be on the roads in the next two years. There has also been investment in the country’s first net zero carbon bus station at St Margaret’s; the development of new bus priority corridors linking the city centre to local neighbourhoods; and the expansion of the city’s network of safe and attractive routes for pedestrians and people on bikes. Leicester City Mayor Sir Peter Soulsby said: “We have made enormous improvements in Leicester in recent years thanks to successful bids for funding that we have had to compete for against other local authorities. However, our long-term aims require significant and reliable ongoing funding that is not currently available. “We can only hope that before too long there will be a Government in place that will have the vision to transform public transport in this country, and will provide the funds to do it. “As it stands, severe Government spending restrictions already in place mean we have a shortfall in our budget of many tens of millions, and it’s likely the Chancellor will announce further cuts to public services in November. This means we will be taking difficult decisions on all council services including transport over the next few months.” “In the meantime we need to continue to raise funding to support our existing public transport facilities, tackle the climate emergency and carry out improvements where we can, and that is why we are taking the decision today to increase our car parking charges for the first time in eight years. “We also need to look at how we can increase passenger numbers and reduce the large subsidies being given to some bus services, including park and ride, which have been severely affected by the pandemic.”

BDO strengthens Midlands team with duo of director hires

Tess Egginton
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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

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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

Tess Egginton
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The power of video testimonials
Glowfrog Video Production discusses the power of video testimonials. A testimonial is an ideal way to convey genuine customer experiences which in turn will garner the interest of potential future customers and clients. However, a video testimonial goes one step further and helps to humanise the brand, making them an incredibly effective form of marketing. Testimonial videos can really help customers connect to your brand on a deeper level. Brand personality and visibility A video testimonial can make your brand so much more memorable and personal to customers and will mean that your brand is the first to come to mind when selecting a product or service. You can portray the personality of your brand and help differentiate your company from competitors through the medium of video much more effectively. In the process you can have a greater control over your brand’s image and convey a much clearer message. An interesting video testimonial can grab the attention of customers and maintain that interest. Not only does it inform your potential customers about your company, it also allows future customers to see what others think about your company and their individual experience. In terms of visibility, video testimonials are reportedly 12 times more likely to be shared than text based content. This casts a wider net for audience reach and allows your company to reach larger markets. A video also has a 95% higher retention rate vs. standard text testimonials. Trust and credibility If you have an engaging video, this can convey a message in a much more accessible way. It allows customers to see genuine customer satisfaction and emotion as opposed to a write up review. Seeing a face to face testimonial like this can build faith in your brand much more effectively. 72% of consumers say a positive testimonial increases their trust in a business. This also immediately generates more credibility for your organisation as an unscripted, word of mouth testimonial is a much more genuine approach to marketing. It isn’t a quote listed as text, it’s a real person informing others about their experience in a direct manner. It illustrates what customers have gained from using your products and services and how they can benefit from using your business.   Putting a face to your brand If customers can see that real people use your service or product and that there are real people behind your organisation this can really help people relate to your company. It can give them a good reason to choose you over a brand which doesn’t have that personal touch. Studies show that 2 out of 3 people are more likely to choose your brand after seeing a video testimonial. Displaying emotion and connecting to your brand A video testimonial is a great way to show someone with a genuine enthusiasm and passion for your product or service and is a perfect way to reach out to new customers. An emotional connection can allow customers to really believe you are sincere and that your product or service is better than the competition because of the genuine reaction. Facial expressions, tone of voice, legitimacy and personal emotion all play a role if you choose to post your testimonials in video format, which is hugely influential when potential customers are making choices. Video testimonials can improve reach and help create an authentic and personal image for your brand. They can also generate trust and credibility in your brand and convey a message in a direct and clear manner. Customers can put a face to your brand and in an age where video marketing is a such an effective tool, testimonial videos are one of the best ways for your business to cultivate interest and a loyal and satisfied customer base. If you would like to enquire about producing video testimonials for your company, please visit www.glowfrogvideo.com – the East Midlands’ best rated video production company.

Vitamin maker up for award after helping local community during COVID

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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.

East Midlands councils face cash crisis of more than £181m says new report

Steve Fisher
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East Midlands councils face cash crisis of more than £181m says new report

Councils across the East Midlands face a collective funding gap of over £181m in the next financial year forcing them to cut essential services, says a report published by Unison.

Waste collections, leisure centres, nurseries and other vital services will all be hit according to the findings based on information* from local authorities in England, Scotland and Wales. The Unison report shows that Leicester City Council is set to have the largest funding gap of all the authorities in the region with a funding gap of £48.3m. The next worst affected authority in the region is North Northamptonshire Council (£25.1m), then Derbyshire County Council (£19.0m) and Lincolnshire district and county councils (£16 m) The record shortfall, totalling £181m across the 40 councils in the East Midlands in 2023/24, means local authorities will be forced to rely on dwindling reserves, and cut services and jobs, says Unison. The report shows there is worse to come with the cumulative funding gap rising even further in 2024/25 to over £360m, says Unison. Unison says skyrocketing inflation, energy costs and the economic impact of the mini budget mean that the actual shortfall will be many times higher. The picture is likely to get bleaker still, says Unison. Chancellor Jeremy Hunt has spoken of further cuts to the public sector, which are likely to compound the crisis in local government funding. And as the cost-of-living crisis deepens and inflation soars, even greater strain will be placed on councils as their costs increase and demand grows for food banks and other support. Unison’s research is based on data relating to 39 local councils across the region. It found that all but four (Chesterfield, Harborough, High Peak and North East Derbyshire) have predicted budget gaps. Most are responding to the crisis by cutting services and activities, examples include: • Derbyshire County Council is closing 8 adult disability centres and 7 authority owned care homes resulting in over 100 job losses. • Nottingham City Council has earmarked five children’s centres for closure, closed a leisure centre in Radford and have cancelled this year’s Bonfire night and fireworks display. Unison says even more services – as well as jobs – will be at risk if councils have to declare themselves effectively bankrupt. Unison East Midlands head of local government Rachel Hodson said: “Local authorities provide the essential services everyone relies on such as waste collection, road repairs, and children’s care. “But cash-strapped councils are having to resort to ever more desperate measures after years of austerity just to keep services going. Now the government looks set to make their predicament infinitely worse with emergency cuts to spending following the mini-budget fiasco. “I have written to all the region’s Conservative MPs to ask them to sort the crisis in local government funding and give councils the cash they need to save services.”

Growth sees new starters and promotions at Purpose Media

Tess Egginton
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Growth sees new starters and promotions at Purpose Media
Full service marketing agency Purpose Media has announced the appointment of two new people and two internal promotions as client growth and their recruitment drive continues in response to the demand for digital marketing services. Joining the company are account executive Georgia Weston and client services apprentice Harriet Fell. The promotions that have been announced include Becky Sandars, who has been promoted to account manager, and Olivia Beesley who is now a senior content and marketing executive. Georgia joins from a retail background and holds qualifications in branding and photography. Harriet has an automotive industry background and will be studying for a business administration apprenticeship arranged by EMA Training. In her new role Georgia will support the account management team, and Harriet will support the client service team – both helping to retain and attract new business. Olivia has excelled in her role since joining the company in February, and has shown great initiative in shaping the vital role the content team plays in delivering compelling campaigns. Becky joined Purpose Media in January 2021 and has gradually been mentored to manage her own client portfolio. Her promotion recognises the confidence she has developed with clients who have grown to trust her expert advice when planning their campaigns. Head of client services, Grace Golden said: “When we take on new people our goal is to always nurture their development so that they build confidence and enjoy their work from learning new skills. By promoting from within we help ensure continuity of client service and our people feel rewarded for their hard work and commitment.”

South & East Lincolnshire Councils Partnership awarded NPO status and £2m funding

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South & East Lincolnshire Councils Partnership awarded NPO status and £2m funding
The South & East Lincolnshire Councils Partnership is delighted to have been awarded National Portfolio Organisation status for the first time – securing just under £2m to support art, culture and creativity across the Partnership. The prestigious status awarded by Arts Council England has seen funding of £1,955,799 allocated for 2023-2026 to help support arts and cultural organisations across South Holland, East Lindsey and Boston. It will also support the creation of cultural centres at The Guildhall in Boston, Ayscoughfee Hall in South Holland and the Colonnade in Sutton on Sea and fund a programme of art and culture across the Partnership centred on the rich heritage and stories from each district. Education, research and skills programmes will also be developed, giving more people access to culture on their doorstep. The NPO comes after Boston and East Lindsey adopted a new cultural framework which sets out an ambitious vision for culture, connecting heritage and the visitor economy while recognising the health and wellbeing benefits culture brings to people’s lives. The Partnership is committed to extending the Cultural framework into South Holland too. Competition for the status was extremely high, with 1,700 applications made nationally from organisations, venues and providers. In total, 990 organisations will receive a share of £446 million (each year) ensuring that more people in more places have access to fulfilling art and culture. As well as the NPO for the Partnership, The SO Festival, Magna Vitae Trust for Leisure and Culture’s flagship cultural event in East Lindsey has also been awarded Arts Council England funding and secured its place as a National Portfolio Organisation for the third time running https://www.sofestival.org/so-festival-npo-2022/ Cllr Craig Leyland, Leader of East Lindsey District Council said: “Achieving NPO status and almost £2m for our communities to better access culture is genuinely a monumental achievement for the Partnership. “The Partnership has a proven track record of working collaboratively, including in the arts and culture sector across our three districts. This funding will help support them, as well as the health and wellbeing of our residents who will have more access to events and culture and support the local economy.” Lord Gary Porter, Leader of South Holland District Council said: “Being part of the National Portfolio investment programme and the funding awarded will create new opportunities for our residents, community groups and organisations and support Ayscoughfee Hall in Spalding as a central hub. “The heritage of South Holland is what shapes this district and we should all celebrate the stories which have built our communities. Going to any event, whether it be a drama group, show or festival, can really help improve health and wellbeing. I am pleased this funding will help our residents access even more things to do on their doorstep.” Cllr Paul Skinner, Leader of Boston Borough Council said: “This is a fantastic achievement for the Partnership and Boston. The town is built around its history and has so much to offer for local and international visitors. “This funding will help tell those stories to a wider audience and support our community-driven cultural providers as we lead up to the milestone of Boston 2030 and the internationally opportunities that will present to celebrate the town’s heritage.”

Work starts on £2m children’s care home in Lincolnshire

Steve Fisher
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Work starts on £2m children’s care home in Lincolnshire

Lindum Group has started work on a £2m children’s care home designed by Kier Construction, Design & Business Services on behalf of Lincolnshire County Council.

The council is looking to create additional places in the county for children aged between 12-18 that require a safe place to stay. The project will involve the creation of a two-storey, six-bedroom traditional brick and block property, with PV solar panels on the roof to improve energy efficiency. The proposed building aims to appear as domestic as possible, providing a safe, homely feel. The home will also include staff accommodation, a dining room, kitchen, and lounge. It will also be fully accessible for those with disabilities. In addition, the building will be fully soundproofed, with acoustic floor, ceiling, and panels under the roof. The grounds will feature landscaped gardens, a new car park and a gated entrance, and will be protected by a six-foot fence. Lindum will also be taking on improvement works to the road leading up to the house, benefitting both the children’s home and the nearby theatre. The scheme will cost over £2m and is being jointly funded by the county council and the Department for Education. The works contract was awarded through the Pagabo Medium Works Framework. The project will create 15 new jobs. Cllr Mrs Patricia Bradwell OBE, executive member for children’s services at Lincolnshire County Council, said: “Over the last few years, we’ve seen a rising number of young people needing care, so it’s important we have enough accommodation here in Lincolnshire for those who need it. To that end, the council has earmarked funding for the creation of two new children’s homes at sites in Louth and Lincoln. “The new homes will provide high-quality facilities for children in care and will mean that fewer children will need to be placed in homes outside the county. This will ensure these children remain close to their local community and existing support networks, leading to better outcomes.” The Louth home will be located behind the Riverhead Theatre, on the site of the former Pilgrim School. Work to demolish the existing building is due to start on 7 November, with the home expected to be completed in late summer 2023, with the first residents arriving in autumn 2023.
 

East Midlands businesses restructuring to cope with mounting cost pressures

Tess Egginton
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East Midlands businesses restructuring to cope with mounting cost pressures

A combination of inflationary pressures, rising interest rates, high energy costs, and ongoing supply chain issues are significantly impacting the financial viability of many businesses, according to new research from Grant Thornton UK LLP.

The business and financial adviser’s latest Business Outlook Tracker found that over a quarter (28%) of mid-sized businesses in the East Midlands have restructured their operations to face these challenges, with a further 48% having plans to do so.

30% of business leaders in the region have already reviewed their headcount due to the impact of rising costs and inflationary pressures, with an additional 36% intending to do so.

The survey recorded that optimism levels from respondents on their business’s funding position dropped to 64%, which is a fall of -28 percentage points (pp) compared to August.

Many businesses in the region are having to secure additional finance to work through the escalating costs facing the market, with 36% already having secured further funding and 38% planning to do so.

The strain on funding has also led to a considerable drop in investment expectations across most areas monitored by the Tracker. The most significant drops compared to the last round in August 2022 were seen in skills development (-33pp), recruitment (-27pp) and employee wellbeing (-23pp). There was also a -19pp drop in the number of businesses planning to increase investment in plant, machinery and new buildings.

But investment looks to be being directed to areas that will have the most impact on reducing costs. Over three quarters (78%) of respondents have already invested, or are planning to invest, in productivity, efficiency and automation.

The number of businesses in the East Midlands that are optimistic about the outlook of the UK economy has also plummeted by –30pp, compared to August 2022.

James Brown, partner and practice leader at Grant Thornton UK LLP, said: “Businesses in the East Midlands are facing a long list of cost pressures, ranging from input cost price increases and high energy bills to rising interest rates and supply chain bottlenecks. All of this means that many businesses are being faced with cost increases from 5% to as much as 100% in some cases.

“The severity of the current market landscape is causing many firms to restructure their operations and review their headcount. While these pressures are going to be with us for some time, there are steps that businesses should be looking at if they’re not already. This includes reducing their debt level to counter interest rate rises, minimising energy usage, looking for efficiencies wherever possible, and considering alternative, cheaper suppliers.

“Right now, many East Midlands businesses will be looking ahead and reviewing their budgets for the next 6-12 months. These forward plans should account for factors that may spring up in 2023, such as the energy bill relief scheme ending, and rising interest costs. Thankfully, I know that this region is full of proactive, agile and dynamic businesses that will take on the challenges and emerge as more resilient, efficient organisations.”

Rotheras to expand in Derby with JH Powell & Co acquisition

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Rotheras to expand in Derby with JH Powell & Co acquisition
Rotheras Solicitors LLP is set to expand its services into Derby with the acquisition of JH Powell & Co. The deal will see JH Powell & Co take on the Rotheras name in a partnership that will see the two historic firms combine to reinforce service offerings, whilst paving the way for growth and expansion into the Derby legal market for Rotheras. The deal consists of 15 staff including 7 legal advisors, 2 of which will join as partners, increasing the headcount to 131 at Rotheras, with the addition of city centre premises located next to Derby Cathedral coming under the umbrella of Rotheras’ 4 branch locations in Nottingham. Both firms share a rich history and legacy in their neighbouring legal markets with Rotheras having been established in 1824 and JH Powell & Co in 1873. Rotheras CEO, Christina Yardley said: “We are delighted to be joining forces with JH Powell & Co and we welcome their highly skilled and experienced team into the Rotheras family. JH Powell & Co operate with similar values to our own, particularly around their ethos for developing lasting client relationships, which is something that underpins the history and longevity of both of our firms. “We found a natural synergy in our desire to increase the quality and depth of service we can offer to our clients. We are extremely excited to bring the Rotheras name to the Derby market and we can’t wait to get our recruitment plans underway and further expand our legal presence in Derby.”

Confidence and output growth fall to lockdown levels as recession looms

Steve Fisher
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Confidence and output growth fall to lockdown levels as recession looms
Confidence and output growth have fallen to the levels experienced during lockdown as recession looms, according to a new report from BDO. October saw BDO’s Output and Optimism Indices fall to their lowest levels since the third national lockdown in February 2021, as record-high inflation continues to dampen the economy and prompt fears of a recession, according to the latest Business Trends report from accountancy and business advisory firm, BDO. The latest figures indicate that inflationary pressures are to blame for the decline across three of BDO’s four indices, as Optimism, Output and Employment all recorded their weakest readings for at least six months. BDO’s Inflation Index reached an all-time high in October forcing businesses to re-evaluate production in line with demand and supply-side headwinds and exercise caution in their outlook and hiring intentions. October saw BDO’s Output and Optimism Indices plummet to 93.10 and 94.63, respectively, their lowest levels since the third national lockdown in February 2021. Both indices now sit in contractionary territory, below the 95-point mark – regarded as the watershed between growth and decline, an indicator of a recession. The dip in productivity was driven by a fall across both the Services and Manufacturing Indices for the second month in a row. Continued disruption to global logistics networks and increased input prices have pushed manufacturing activity into negative territory, whilst the cost-of-living crisis has impacted consumer demand, driving down services output. Confidence amongst businesses followed a similar downward trajectory as the weaker macroeconomic environment drove a seventh consecutive month of decline for BDO’s Optimism Index. BDO’s Inflation Index rose by 1.67 points in October to a record high of 120.67 following an increase in the energy price cap which caused consumer price inflation to climb. At the same time, diminished spending power due to a weaker currency put considerable upwards pressure on input inflation leading to a record high of 121.26, as businesses importing goods paid higher prices. Driven by inflationary fears, the Employment Index mirrored waning confidence among businesses with a fall of 1.14 points to 113.05 last month. However, the index has remained resilient, and the unemployment rate stood at a historic low of 3.5% on the most recent reading in the three months to August. Despite the index remaining firmly in positive territory, hiring intentions are set to decline in the longer-term as businesses continue to tackle mounting inflation and a recession, resulting in further falls in the index over the coming months. Kaley Crossthwaite, Partner at BDO LLP, said: “A contraction in both optimism and output is a concerning bellwether for firms, as inflation is expected to continue climbing in the run-up to Christmas. A weaker currency and drop in consumer spending power will have real and tangible consequences for firms relying on imports or customers in the retail and services sector, alongside the knock-on effects of managing political and economic uncertainty. “We also know that rising energy costs are a top concern for nearly half of mid-sized businesses this winter as we’re only just beginning to see the impacts of the energy price cap rise. Firms will be looking to the Autumn Statement for the support they need as they navigate a tough period ahead.”

East Midlands workers name job security and flexible working as top reasons to stay in their jobs

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East Midlands workers name job security and flexible working as top reasons to stay in their jobs

A new survey has revealed that job security and flexible working are the top reasons given by employees in the East Midlands for choosing to remain in their current jobs.

Acas commissioned YouGov to ask employees of East Midlands-based businesses what are the three most important things that are keeping them in their current main job. The poll found that:

  • 55% job security;
  • 38% flexible working; and
  • 33% picked competitive pay and feeling valued, respectively.

Acas East Midlands area director Dwinder Virk said: “Our latest survey gives East Midlands employers a crucial insight into what their employees currently value most in their job.

“For workers in the East Midlands, job security and flexible working are the two main things keeping them in their current roles. One-third also chose competitive pay and feeling valued.

“These findings can help employers when they are considering the types of workplace practices and benefits that aim to attract and retain talent.”

Acas’ advice is that building good staff relations and supporting flexible working can help businesses attract and retain staff as well as increase staff productivity. Flexible working can allow employees to balance work effectively with their personal life and responsibilities.

Leicestershire, Derbyshire and Lincolnshire to receive a share of £17.5m funding boost to spur future growth

Steve Fisher
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Leicestershire, Derbyshire and Lincolnshire to receive a share of £17.5m funding boost to spur future growth
Leicestershire, Derbyshire and Lincolnshire are to receive a share of £17.5m funding to support high-growth potential creative businesses in sectors such as film, gaming, fashion and architecture. Businesses will also be able to draw from a fund of up to £7 million being managed by Innovate UK to support them in achieving their growth potential. The creative industries are one of the major UK economic success stories in recent years. They have grown at twice the rate of the wider economy since 2010 – generating approximately £115.9 billion for the economy and providing more than two million jobs. Indeed, Data from the Association for UK Interactive Entertainment (Ukie) estimates the value of the UK consumer games market reached a record £7.16 billion in 2021. Today’s plans will build on this stellar success and make sure the next generation of creative talent succeeds, companies continue to scale-up and those that need support have access to it. Creative Industries Minister Julia Lopez said: “From product design and video games to music and film, the creative industries are a stellar UK success story.

“Today’s plans will help get more creative businesses off the ground so they can spread jobs and wealth and help more people, including those from underrepresented backgrounds, break into these world-class sectors.”

Each of the six regions have been awarded £1.275 million in grant funding from the Department for Digital, Culture, Media and Sport (DCMS) to develop a targeted programme of business support. Companies applying for finance will need to demonstrate their potential to grow rapidly and become sustainable through private investment. The investment fund and investor building activities will be delivered by the UK’s innovation agency, Innovate UK. Also announced are seventeen start-up video games studios which have been given grants of up to £25,000 to realise their ideas for innovative new projects as part of the UK Games Fund. The cash injection is for firms across the country with great ideas but lacking in development funding. The fund, which was established in 2015, has received increased government funding of more than £8 million for 2022 to 2025. It aims to help high-potential companies raise new funding, spur economic growth and create new jobs. Games spanning formats from virtual reality to mobile and themes from space exploration to eco-education, with developers based across the country – from Cardiff to Paisley and Brighton to Yorkshire – will benefit from the scheme’s latest funding round.

Revival of iconic Derby retail street looming

Tess Egginton
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Revival of iconic Derby retail street looming
Independent Derby apparel designer, Karl Shaw is returning to Sadler Gate, this time at number 49, with his ‘Derby centric’ clothing venture ‘Mr Shaw’. Karl Shaw, Managing Director at Mr Shaw, said: “We want to bring Sadler Gate back to life. Being a Derby heritage brand, we have the city deep rooted within in our DNA. As well as opening our retail shop at number 49 where we will be selling Mr Shaw apparel, we will be using the space to generate a hub for creatives on the upper floors, a coffee and craft beer bar, a pop-up selling space and promote our ‘Reminisce’ music nights, designed to celebrate Derby’s 90s music culture.” It’s no secret that the Cathedral Quarter has been hit by various economic factors affecting footfall and trade over recent years. But, there remains a resilient hunger by local businesspeople who are committed to returning culture rich retail streets like Sadler Gate back to their former glory. Local property company, Clowes Developments, own several properties in and around Derby City Centre. Whilst most of their units are fully occupied, their team have been looking to find suitable occupiers for their empty retail units on Sadler Gate, The Strand and St James’ Street to help regenerate this historic part of the town, breathing fresh life into the city centre. Sadler Gate and its surrounding streets including Iron Gate, The Strand and The Strand Arcade are collectively known as the ‘Cathedral Quarter’. Historically, this part of town has been the home to high-end, independent, luxury shops with a diverse culture. Since the 1970s there have been some legendary shops which coined the path for high-end commerce within Derby. The likes of Napoleons and Josephine’s which then became His and Hers, Ziggies, Seargent’s Barbers, R E Cords, Roomes Fish Mongers, Potts Shoemakers, Interior Options, The Eye Gallery, Big Blue Coffee House, Limeys, Scenario, Ethos, the Forum, Mark Scott hairdressers… this list goes on. These names all played a huge part in forming the history and reputation of Sadler Gate. The stories created on this street still linger in the conversations of its frequenters and will continue to do so for years to come. Unfortunately, many of those names have since closed their doors but some continue to flourish and evolve with the trails and tribulations of high street retail. Canopy, established in 1992 has been a resident of Sadler Gate for many years. Thirty years on and the family business continues to face its challenges with creative optimism for turning a challenge into an opportunity whilst retaining its core values of great product and excellent customer service. Brigden’s has also stood the test of time and remained true to is roots in the Cathedral Quarter. In recent years, Brigden’s have expanded their offering to include a new shop dedicated to country attire, selling high-end lifestyle brands including Fairfax & Favor, Le Chameau and Holland Cooper. Importantly, there are many other businesses thriving along and around this historic street. Retail is not the only reason Sadler Gate holds such nostalgic fond memories for its patrons. The 90s and 00s were fantastic periods for the Sadler Gate night life scene. Some of those hot spots are still providing evening entertainment years on. Vines, The Old Bell, which has been recently renovated, and The Blue Note are still going strong, keeping the true spirit and kudos of Sadler Gate alive. Karl and his wife, Emma knows the significance and history of this part of Derby City Centre. They are keen to support the revival of Derby’s iconic Sadler Gate by encouraging collaboration between neighbouring occupiers and hosting events to encourage people back to the old streets of Derby. “When I started, Mr Shaw was a great way to keep my creative juices flowing; free from commercial and client constraints. I had often thought about developing a clothing brand as fashion is a great love of mine and I can’t deny the buzz from knowing someone would wear my brand… a living, breathing identity. I’m excited to combine this with my passion for Derby as we open up Mr Shaw House and combine our love for fashion, music, creativity, craft beer and coffee all in one place!” Kevin McFarlane, associate director at Clowes Developments, commented on the deal: “As landlords of several commercial properties within Derby city centre, Clowes recognise their responsibility to help regenerate the town. “We have been working with the Council and invested parties such as Marketing Derby over the past year to provide upgraded premises for start-ups and continue to improve the aesthetics of some of our more tired looking properties. Our aim is to encourage occupiers and promote increased footfall into the area. “We are delighted to welcome Karl Shaw back to one of our properties on Sadler Gate. Our vision and aspirations for Derby are aligned and we wish him all the best in his venture.”

Multi-million landmark scheme reaches completion in Chesterfield

Steve Fisher
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Multi-million landmark scheme reaches completion in Chesterfield
Seven street-level retail units at Elder Way in Chesterfield are now complete and ready for tenants. Elder Way, a former Co-op department store in the North Derbyshire town has been transformed into a landmark mixed-use leisure scheme by regeneration specialists Jomast Developments. The transformation of the street-level units, all with glazed frontages, has now been completed, offering prospective tenants a flexible and blank canvas for their business. The units, which range in size from 1,420 sq.ft to 16,076 sq.ft are targeted at food and drink businesses. Additionally, there is 16,285sq.ftof gym/D2 space in the basement of the building. The site boasts a hotel on the upper floors and now, retail units on the ground floor. Each of the units has been boarded out and painted, creating a blank canvas for new tenants. Situated in the golden triangle of investment with Chesterfield town centre, Elder Way sits within the recently completed £19.9million Northern Gateway regeneration scheme which comprises a new multi-storey car park, the Northern Gateway Enterprise Centre and large-scale public realm improvements. Jomast, one of the UK’s leading property development and investment specialists, acquired the famous 1930s, Mock-Tudor building in 2016. It has since developed it into hotel accommodation and the new retail units which are targeted at food and drink operators. The new units complement the upper two floors of the four-storey building which have been operated as a 92-bed Premier Inn hotel since 2019. Mark Hill, Development Director at Jomast said: “The transformation of the iconic and characterful former department store in Chesterfield has been a labour of love that has created a vibrant new leisure quarter for the town of which we are immensely proud. Interest in the units has been strong and we hope to welcome tenants soon.” Mark added: “The position and location of the site at times has been challenging but our ongoing collaboration with Chesterfield Brough Council has enabled us to create a premium and attractive business address on Chesterfield’s high street.” Northern Gateway Enterprise Centre, which opened in July earlier this year, already boasts more than 50% occupancy with 17 of the 32 offices now tenanted. Chesterfield Borough Council is making further investment in the town centre following £20million of Levelling Up funding which, along with additional funding from Chesterfield Borough Council, will transform key event spaces and public areas. The £26million Revitalising the Heart of Chesterfield scheme that will revitalise and better connect key areas of the historic town centre and revamp the Stephenson Memorial Hall. Work has already started and will be completed in phased until 2025. Elder Way and the golden triangle of investment in the town centre is part of £2billion of regeneration projects currently underway across Chesterfield, which includes the £400million Peak Resort and £340million Chesterfield Waterside developments.  

South Lincolnshire Food Enterprise Zone welcomes first tenant

Steve Fisher
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South Lincolnshire Food Enterprise Zone welcomes first tenant

Moving into new office space was a well-calculated decision for local accountant Tim Burrows, of Station One Accountants.

Tim owns and runs the accountancy firm, whose main client base is agricultural and food businesses, making the South Lincolnshire Food Enterprise Zone the perfect location for his new office. Cllr Colin Davie, executive councillor for economy and place at Lincolnshire County Council, said: “The Hub building is a great new space for established, growing and start-up businesses. I’m delighted that an existing local business has chosen to re-locate here as the first of many new tenants, and wish Tim every success. “All businesses who locate at the Hub will benefit from being at the forefront of new developments and innovation in agri-tech and in turn, will add their own expertise to support the sector.” Tim Burrows, said: “To have my own office with high-tech spec and the support of The Hub staff, but with the opportunity to hire a Meeting Room as and when I needed one, was just what I was looking for, and I am not disappointed. “When the Café is open on the ground floor, it will be even more attractive for client visits in a more informal, but professional environment. “There is plenty of parking on site, with EV charging points too. The building has been well thought out, with a shower room for example, if you cycle to work. “I am looking forward to the opportunity of working alongside other companies to offer advice where I can with my experience of working as an accountant within the food industry to help their business flourish.”  

Cambridge & Counties Bank appoints Patrick Newberry as its new Chairman

Steve Fisher
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Cambridge & Counties Bank appoints Patrick Newberry as its new Chairman

Specialist lender Cambridge & Counties Bank has appointed Patrick Newberry as its new Chairman. He replaces Simon Moore, who retired from the Bank after serving 10 years as a Board member.

Patrick joined Cambridge & Counties Bank as Non-Executive Director in June 2021, taking responsibility as Chair of Audit from September 2021. His executive career spans over 30 years with PwC, where his primary focus was on strategy, performance improvement as well as all things regulatory within the financial services and insurance sectors. During this time, he was the lead in major transformational programmes and worked with large financial institutions to set strategy and transform performance. Over the last nine years, Patrick has spent his time as non-executive director and freelance consultant for a number of financial and non-financial services organisations. He is currently on the Board as Chair of the Audit and Risk Committee at Brunel Pensions Partnership, is a Commissioner of Historic England and Chair of its Audit and Risk Committee. He is also Chair of the Cornwall College Group. Patrick Newberry, Chairman at Cambridge & Counties Bank said: “I’m honoured to be taking on the role of Chairman at a time when Cambridge & Counties Bank is continuing to expand its presence across the UK and building on its strong growth momentum. The bank’s tailored approach and deep relationships with clients and brokers allows it to offer a differentiated service and we have seen continued demand across 2022.” Cambridge & Counties Bank announced in June this year that total lending had topped £1 billion for the first time. Originally focused on the East Midlands region, the Leicester-headquartered bank has seen staff numbers increase to more than 200 over the past decade, with major offices now in Sheffield, Bristol, London, and Glasgow.
 
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