He added: “The UK’s standing has been damaged by the government’s mini-budget”
The MPC have also stated that, if the outlook suggests more persistent inflationary pressures, it will respond forcefully, as necessary.Sterling dips and pundits warn of long recession as BoE announces biggest rate hike in decades
The Bank of England has announced a rise in interest rates from 0.75% to 3% – the biggest interest rate increase since 1989. The rise follows economic turmoil caused by Russia’s invasion of Ukraine and various faux pas by Liz Truss’s cabinet.
Economists are now forecasting that, as a result, the UK will be plunged into one of the longest recessions on record.
Seven members of the MPC (Andrew Bailey, Ben Broadbent, Jon Cunliffe, Jonathan Haskel, Catherine L Mann, Huw Pill and Dave Ramsden) voted in favour of the rise. Two members voted against the proposition. Swati Dhingra preferred to increase Bank Rate by 0.5 percentage points, to 2.75%, and Silvana Tenreyro preferred to increase Bank Rate by 0.25 percentage points, to 2.5%.
The Bank of England’s governor Andrew Bailey insisted: “If we don’t take action to bring inflation down, it gets worse,”
Government needs to ‘get the basics right’ to help businesses through high interest rates environment, says East Midlands Chamber
Commenting on the Bank of England’s decision to raise interest rates from 2.25% to 3%, East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire) chief executive Scott Knowles said: “The largest single increase in interest rates is a clear signal yet by the Bank of England that businesses should expect a high interest rate environment for the foreseeable future.
“This will inevitably hamper investment intentions, which are already lagging significantly due to the low confidence affecting many firms right now amid a cost-of-doing-business crisis not helped by a lack of certainty.
“Many businesses at this time of year are entering their business planning cycle for the next financial year and the lack of clarity on energy costs from 1 April 2023, among other inflationary pressures such as rising interest rates, will protract or even cancel planned investment in some cases.
“Our latest Quarterly Economic Survey showed confidence over profitability and turnover has fallen by 21% and 17% between the second and third quarters of this year, with investment intentions dropping by 6% for both people and plant and machinery.
“We understand the need to address rampant inflation, but equally the constant cycle of rates rises means these trends are unlikely to improve anytime soon unless the Government gets serious about supporting business with mountain concerns.
“Later this month, we will launch a Business Manifesto for Growth in the East Midlands and Beyond in Parliament that urges decision-makers to ‘get the basics right’. This means developing a long-term approach to business taxation and regulation, improving digital and physical connectivity, and backing firms to invest in people.
“By addressing the underlying structural issues that are holding many firms back, they can eventually get on with doing with what they do best – which is creating growth, job opportunities and wealth in their local areas, and driving the national economy forward.”
Founder of addiction charity among those receiving University of Derby honorary degrees
The founder of a charity supporting people recovering from alcohol or substance addiction, the manager of the Derby Bosnia Herzegovina Centre, and a senior RAF officer and engineer, are among those who will receive Honorary Degrees from the University of Derby later this month.
Each year notable people with a strong connection to the University or the city are chosen to receive an Honorary Degree at the Awards Ceremonies, when the University’s students graduate.
Thousands of graduates, guests and VIPs are expected to attend the ceremonies which take place from Wednesday 16 November to Friday 18 November at Derby Arena.
The recipients of the Honorary Degrees are:
- Jaz Rai OBE – founder and chair of the Sikh Recovery Network (Honorary Master of the University)
- Ferid Kevric – Project and Centre Manager of the Derby Bosnia Herzegovina Centre (Honorary Master of the University)
- Air Marshal Sir Richard Knighton KCB FREng – senior RAF officer and engineer (Honorary Doctor of the University)
- Stephen Layton MBE – Derby-born conductor, founder and director of Polyphony, one of the world’s leading choirs (Honorary Doctor of Music)
- Jane Ide OBE – Derbyshire-based CEO of the Association of Chief Executives of Voluntary Organisations (Honorary Doctor of the University)
Economic report reveals £1bn investment in Derbyshire and Nottinghamshire by Amazon
Amazon has launched its latest analysis of the company’s regional investment across the UK. The 2022 Amazon UK Economic Impact Hub shows that the company has invested more than £1 billion in Derbyshire and Nottinghamshire since 2010.
The Amazon UK Economic Impact Hub provides regional data on jobs created by Amazon locally, the number of regional independent small businesses supported by the company, the level of economic activity driven by Amazon’s investments and the export sales recorded last year by small businesses in Derbyshire and Nottinghamshire selling on Amazon.
Below are the key stats covering the region:
- Since 2010, Amazon has invested over £1 billion in Derbyshire and Nottinghamshire.
- This investment led to the production of goods and services that contributed an estimated £1.3 billion to the region’s GDP since 2010.
- To date, Amazon has created around 8,000 full and part-time jobs in the East Midlands.
- More than 400 people in the East Midlands have completed Amazon’s employability skills training programme since 2010.
- More than 200 apprentices in East Midlands have qualified from the Amazon Apprenticeship programme since 2010.
- In Derbyshire and Nottinghamshire there are more than 2,000 small and medium-sized businesses selling on Amazon as independent selling partners.
- Small businesses from the region selling on Amazon recorded over £50 million of export sales in 2021.
- In partnership with the charity Magic Breakfast, Amazon delivered more than 240,000 healthy breakfasts to vulnerable children and schools across the East Midlands in 2021.
Duo of appointments at Marchini Curran Associates
Nottingham-based architects and interior designers, Marchini Curran Associates, has appointed Sara Saadouni as architect and Lauren Leyva as architectural assistant, as part of its plans for growth.
The RIBA chartered practice, which provides design and project management services from its office on High Pavement in the city, has this year marked 20 years in business and put into action its growth and community strategy.
Sara is a qualified architect in both the UK and Morocco and has an MSc in Sustainable Building Technology from the University of Nottingham.
Having just completed her MA in Architecture with a first class honours degree, also at the University of Nottingham, Lauren is being sponsored by Marchini Curran Associates through her final Part III qualification to become an architect.
The appointments come six months after the management buyout of the practice by directors Kevin Smith, Justin Ziegler and Andrew Bull. Founders Nick Marchini and Des Curran, remain actively involved in the business.
Kevin said: “It’s a pleasure to welcome Sara and Lauren to our team. Their passion and unique expertise make them a great asset to our practice, and I always enjoy the fresh ideas new team members bring.
“Marchini Curran Associates is a team-oriented company. We invest in the best talent, which enables us to deliver the most innovative design solutions for our clients and further strengthen our culture.
“Justin, Andrew and I are equally driven to further build on our well-established reputation for quality and collaborative approach, and Sara and Lauren join us at an exciting time – as we move forward with our growth and community strategy.
Sara and Lauren will work alongside the close to 30-strong team at Marchini Curran Associates, delivering projects in the Midlands, nationally, and more recently in Europe.
Current schemes include a large-scale commercial redevelopment in Oxford city centre, a retail-led development in Camden, and a number of large data centres around London, as well as local schemes such as the new Phoenix Cinema in Leicester.
Sara said: “Really proud to be part of a team that cares about sustainable design and using my background in sustainable building technology, I’m already contributing my skills in this area to the work of the practice. The supportive and progressive approach has empowered me to take the lead on projects almost from the outset, and it’s wonderful to be part of this growth journey.”
Lauren said: “I have immediately felt part of a friendly and inclusive team and Marchini Curran Associates is the perfect environment to learn from highly skilled professionals. I was drawn to the practice for its varied architecture and the supportive culture and I’m really looking forward to the future here.”
Since its formation in 2002, Marchini Curran Associates and Marchini Curran Interiors has designed a diverse portfolio of projects for local, national and international clients, across commercial, retail, leisure, residential, education, industrial and master planning.
£18m funding for family owned bakery
A family owned bakery with operations in Derbyshire and Cheshire has successfully raised £18m to fund significant investment and upgrades to plant and equipment.
The bakery, owned by Frank Roberts & Sons Limited is a fourth generation family business dating back to 1887, and is the fourth largest retail bread brand in the UK. The company serves a mix of national branded retail, own label, food to go and food service customers, under key brands Roberts Bakery and Little Treats.
Mike Roberts, family member and Deputy Chairman of the business commented: “The new funding puts us in a very strong position and allows us to really invest in the future growth of our business and advance on our journey towards Net Zero Carbon. We’re constantly innovating new products alongside our core offerings and we now have the opportunity to ensure our bakery uses the most modern equipment and continues to produce the best quality products available on the shelves.”
PwC Debt & Capital Advisory advised the company on the financing, led by director Dominic Renshaw and supported by Ash Jacobs and Sam Morkel.
Blast off for Newark’s £15m air and space training facility
Construction work has started on the new £15.4m Air and Space Institute (ASI) in Newark – and the state-of-the-art training facility is due to open in early September 2024.
Portfolio Holder for Economic Development and Visitors, Councillor Rhona Holloway, from Newark and Sherwood District Council and Newark Town Board Co-Chair Tom Cartledge joined ASI colleagues on-site for the official turf-cutting ceremony this afternoon.
Councillor Rhona Holloway, Portfolio Holder for Economic Development and Visitors at Newark and Sherwood District Council, said: “Today marks the start of the exciting construction of a new Air and Space Institute located in Newark.
“The facility will train the next generation of pilots, engineers and aviation ground crew – providing young people who dream of flying a plane or working in the aviation or space industries the opportunity to have that dream turned into reality.
“To reach this point has involved a huge amount of work and I’d like to pay tribute to Lincoln College Group, Newark Town Board and colleagues within Newark and Sherwood District Council.”
Being built adjacent to the Newark and Sherwood District Council offices on the former Cattle Market site, the ASI was one of a number of priority projects identified as part of Newark’s Town Investment Plan, which was developed by the Newark Town Board to regenerate the town centre, boost business and improve infrastructure. As part of the proposals, £10.6 is being contributed towards the project from the Towns Fund.
Lincoln College Director of ASI and Strategic Growth, Tom Marsden, said: “This new HQ for the Air and Space Institute will be an iconic landmark for Newark as people enter the town. It’s also hugely exciting for our current and future students, who’ll be training to be pilots and engineers in the civil and military aviation and space industries.
“This project represents the vision, drive and tenacity of our partners; the District Council, Newark Town Board, STEM architects, our main contractor G F Tomlinson and our aviation industry partners.
“ASI is putting Newark on the map in terms of education and training. Our students are already taking flying lessons and training on real aircraft. This new facility will be truly world-class and attract students from all over the UK. This brings investment, new resources and a huge boost to existing and emerging businesses in Newark.
“We’re already training the pilots and aircraft engineers of the future and our Space Engineering programmes for school-leavers start in September. All of our programmes go from level 2 and 3 right up to higher national diplomas and degree-level and we will be in a position to make an exciting announcement about a new local university partner in the next few weeks.”
Chris Flint, Managing Director at G F Tomlinson said: “We were delighted to be appointed as the main contractor on this development.
“The project will provide students at the Lincoln College Group with a state-of-the-art facility and enable the ASI to offer first-class training at a brand-new campus in the heart of Newark.
“We are extremely pleased to have secured this project under the Pagabo National Framework for Major Construction Works. Through our early contractor involvement and close collaboration with the Client team, we look forward to turning Lincoln College Group’s vision into a reality by providing a world-class training facility for young people throughout the region.”
Positive performance from Leicester headquartered fashion giant
Leicester headquartered fashion retailer, Next, has released its latest profit guidance and despite turbulent times for the high street, the company remains confident that their revised forecast will be met.
In the thirteen weeks to 29th October, the listed company saw full price sales rise slightly ahead of expectations with an increase of 0.4% on the previous year. The report reveals that retail spend in the UK and Ireland increased 3.1 per cent, while on line sales dropped 1.9%.
The company state they expect to hit their recently adjusted guidance for full year profit, which, in September, was revised down from £860m before tax to £840m – however this still reflects an increase of 2.1% versus last year.
The company intend to give an update on sales to Saturday 31 December on Thursday 5th January 2023.
Work completes on £4m AMP building at Arnold Town Centre
Construction works have officially completed on The AMP building at Arnold Town Centre in Gedling, Nottinghamshire.
G F Tomlinson has been leading the construction of the building, having previously built the council’s Café 1899 at Gedling Country Park, since works started on the flagship scheme in May 2021.
The opening ceremony for the new facility took place in October, with Deputy Leader, Councillor Michael Payne, Councillor Jenny Hollingsworth, Chief Executive of D2N2, Will Morlidge, tenants from three of the new units and representatives from G F Tomlinson.
The two-storey building will be home to new start-up businesses, including a wine tasting experience outlet, a cat and dog accessory and treats store, a cake shop and delicatessen, as well as the Post Office which was the first to open its doors to the public this month.
The £4 million scheme has been commissioned by Gedling Borough Council and procured via the SCAPE Regional Construction framework, which is dedicated to creating spaces and experiences that leave a sustainable legacy within the local community.
Funding for the project came from the council’s capital programme budget, which was boosted by a successful bid for £1.25 million from the D2N2 Local Enterprise Partnership’s Local Growth Fund to support town centre improvements. Overall, 40 new jobs have also been created, through business employment and during construction of the new buildings.
Sustainability and renewable energy are at the heart of the building’s design, with initiatives such as 51 solar panels, natural ventilation points, high efficiency LED lighting and air source heat pumps installed within the building.
Rainwater retention tanks have also been installed to reduce flood risks and help feed the semi-mature trees that have been planted around the public realm to offset carbon emissions.
Craig Stopper, Regional Construction Framework Manager at G F Tomlinson, said: “We’re really pleased to have successfully completed The AMP building and play our part in contributing towards Gedling Borough Council’s pledge to decrease its CO2 emissions by 2030.
“The flagship building is a significant investment for the local region, which will revitalise the town centre and help to boost the local economy. We look forward to seeing residents enjoy the new shops and eateries and welcoming visitors to the community.”
Leader of Gedling Borough Council, Councillor John Clarke adds:“We are incredibly pleased that the AMP building is officially complete and our new tenants will begin moving into this wonderful new building in the heart of Arnold Town Centre. I would like to thank everyone involved in helping to get this ambitious project over the line, it has taken an colossal amount of work to get this done by Gedling Borough Council staff, G F Tomlinson and several other partners who all contributed to this project and made it a success.
We made a manifesto pledge that we would revitalise the town centre and this will be the jewel in the crown for Arnold.”
Two East Midlands directors banned for Bounce Back Loan abuse
Two East Midlands bosses misused or falsely claimed Bounce Back Loans totalling more than £80,000 during Covid pandemic.
Muhammad Rais, 42, from Leicester, has been disqualified for 9 years for exaggerating the turnover of his takeaway business to claim £31,000 of Bounce Back Loans to which the company was not entitled.
And Lee Mankelow, 42, of Arnold, Nottinghamshire has been disqualified as a director for 6 years, after claiming £50,000 from the loan scheme to support his timber supply business through the pandemic, before paying it all to a former director of the company.
The two directors received the money as part of a government scheme to support businesses that were facing hardship during the Covid outbreak.
Companies were entitled to claim Bounce Back Loans of up to 25% of their 2019 turnover, to a maximum of £50,000, for the economic support of their business.
Lee Mankelow was the director of Wolf Timber Ltd, which traded as a builders/providers of timber products. The company, however, entered into liquidation in December 2020 before Wolf Timber Ltd’s insolvency triggered an investigation by the Insolvency Service.
Investigators uncovered that Mankelow applied for a £50,000 Bounce Back Loan in June 2020, after the company had seen a rise in online business during Covid lockdowns.
Mankelow, however, transferred the full £50,000 the day after he received the loan to a former director of the company, breaching the terms of the loan which stated that the money must be used to support the business.
Investigators found no evidence to support Mankelow’s claims that the money was used to pay the wages, bonuses, dividends and expenses of the former director who had stayed on as an employee of the company.
And Muhammad Rais was the sole director of Lokma BBQ Ltd in Leicester until the company went into liquidation in January 2022.
The company came to the attention of the Insolvency Service following its liquidation before investigators uncovered that Rais applied for a £50,000 Bounce Back Loan, stating that the takeaway’s turnover the previous year had been £200,000.
However, Lokma BBQ’s actual turnover for 2019 had been around £74,000, resulting in the company receiving £31,000 of government-backed loans which it wasn’t entitled to.
Rais has agreed with the liquidator to re-pay £8,000 of the money owed through monthly installments.
The disqualifications prevent Mankelow and Rais from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court.
Tom Phillips, Assistant Director of Investigation and Enforcement Services for the Insolvency Service, said:
“Bounce Back Loans were put in place to provide vital support to help viable businesses through the pandemic. Both Mankelow and Rais completely abused the government-backed loans to further their own interests, which was totally unacceptable.
“Mankelow and Rais’ bans should serve as a stark warning to other directors who may have misused financial support during the pandemic that we have the ability to bring your actions to account and remove you from the corporate arena.”
CityFibre announces £17m rollout for Loughborough
CityFibre, the UK’s largest independent full fibre platform, has named Loughborough as the next UK town in line for a multi-million-pound investment in its digital infrastructure – a move that will see it join the nation’s growing list of full fibre enabled communities.
CityFibre is set to invest £17m in a new town-wide network that will bring fast and reliable full fibre-enabled internet services within reach of almost every home and business in Loughborough.
Across the UK, CityFibre is building new and better digital infrastructure for up to eight million homes and businesses through its nationwide full fibre rollout.
Full fibre networks, unlike many of the copper-based ‘fibre broadband’ services available today, use 100% fibre optic technology to carry data at light speed all the way from the home to the point of connection. This gives users speeds of up to 1,000 Mbps for upload and download, near limitless bandwidth and connectivity users can depend on.
A full fibre connection also goes far beyond simply enabling access to the latest entertainment at lightning speed. As an essential digital utility, full fibre boosts households and businesses alike, with experts saying it will drive a range of economic benefits, such as making us more productive and innovative.
Construction work on the full fibre network in Loughborough will begin in the Storer area. As work is completed in each neighbourhood, CityFibre will designate the homes ‘ready for service’, which means residents can choose to connect to full fibre-enabled broadband services when they go live in their area.
As Area Manager, James Cushing will be responsible for overseeing the project, while also acting as the main point of contact for all stakeholders.
James said: “We’re excited to get to work on Loughborough’s town-wide full fibre network, which will transform the town’s digital capabilities for decades to come. From smooth streaming when watching movies at home to buffer-free calls at the office, we cannot wait for residents and businesses to reap the many benefits of full fibre technology.”
Cllr Pam Posnett, Cabinet Member for Community and Staff Relations at Leicestershire County Council, added: “This is a great boost for Loughborough residents, helping people to work and connect with others. Leicestershire is growing, which is why we have delivered superfast speeds to more than 75,000 premises and are working with Building Digital UK to roll out Gigabit broadband, enabling families and the community to have access to fast and reliable broadband.”
In Loughborough, services will be available from an increasing range of broadband providers. Across the UK, CityFibre is already working with launch partner Vodafone to supply full fibre infrastructure for customers on selected Vodafone Pro Broadband plans, while TalkTalk, IDNet, Giganet, Zen and other providers are expected to join the network soon.
Northern Gateway Enterprise Centre receives plaudits from tenants
Seventeen businesses have made Northern Gateway Enterprise Centre their home since it opened in July this year. The flagship office development has let more than 50% of rooms in just four months after opening.
Targeted at new and growing businesses in Chesterfield, the 32 high quality office suites spread over three floors have attracted tenants from a range of sectors and industries into the town centre, including recruitment, IT, design, marketing, education and training, and fashion.
The building is part of the £19.9m scheme to breathe new life into the northern entrance to Chesterfield town centre and is Chesterfield Borough Council’s newest enterprise centre. It was part funded through a grant from the South Yorkshire Mayoral Combined Authority Investment Fund, with additional funding provided by Chesterfield Borough Council.
Providing 26,000 sq.ft. of modern workplace accommodation, Northern Gateway Enterprise Centre was designed to ‘provide a new contemporary landmark which will enrich the urban fabric of the town’.
Councillor Tricia Gilby, leader of Chesterfield Borough Council, said: “It is fantastic to see so many new businesses moving into the Northern Gateway Enterprise Centre. We’ve built on our experiences at Tapton and Dunston Innovation Centres to develop this building and it is already evident that we have been successful in creating a modern environment where Chesterfield’s budding entrepreneurs can collaborate and flourish.”
Tenants have praised the centre’s location, citing it as a primary factor in their decision to make the centre their new home. “Good transport links,” were the primary factor for Logical Personnel Solutions for choosing Northern Gateway as its new home.
Izabella Edwards, Managing Director at Edwards Employment Solutions Ltd. commented: “Our move to the Northern Gateway Enterprise Centre has been an absolute game changer for us. From a business point of view, we are benefitting from the excellent location. People looking for a new job are able to pop in and see us when they are in town, and we even have our clients from local businesses coming in to see us.
“We now have such modern and functional facilities to host people – it’s really working well for us. In addition to this, my team and I are really enjoying being back in Chesterfield Town Centre and making the most out of shopping and eating out at lunchtime. I would encourage any business thinking about making the move to go for it, we’ve certainly not looked back.”
The central location and transport links were also key for Potentia Teaching School Hub which acts as a ‘local’ centre of excellence’ for schools in Amber Valley, Bolsover, Chesterfield, Derbyshire Dales, High Peak and North East Derbyshire.
Alan Kealy, Director of Potentia Teaching School Hub, explained: “As a DfE designated hub for six areas within Derbyshire, the Northern Gateway Enterprise Centre enables us to provide a professional service from a central location so that we are able to support nurseries and schools effectively.”
The high quality interior of the building has been a major pull for a number of tenants, including James Taylor, founder and managing director of Roaring Mouse Public Relations, one of the first businesses to relocate to Northern Gateway in July. He explained: “This is a space that impresses customers and inspires our people. We are delighted to have a stylish, contemporary office that supports collaboration and enables us to do the best work possible for customers around the world.”
Lucinda White, director of Pure Awards, who moved into the centre in September, commented: “Not only is it an ultra-modern space, with floor to ceiling windows and instant hot water on tap but it is the ideal environment for the ‘agency’ feel business of Pure Awards.”
Accessibility and sustainability are central to the building which has been designed by Chesterfield architects Whittam Cox. The building has also been designed to minimise its impact on the environment and achieve considerable efficiencies in energy use.
The sustainability and accessibility credentials of the building were key for Kakou Technologies when selecting the centre for its new home. Ann Fomukong-Boden, co-founder and MD explained: “As a Disability Confident employer designing inclusive and accessible technologies, we required office space with good access to local transport links, not only for our staff, but for our visitors. The Northern Gateway Enterprise Centre is fully accessible, matches our sustainability principles through the excellent BREEAM rating and centre environmental policies, and provides us with the flexibility we require to grow our business.”
Accessibility was also important for Gillian Scotford, a leading disability campaigner and founder of AccessibleUK. Northern Gateway Enterprise Centre proved the perfect location for the organisation when she decided to make the move from being home to office-based.
She explained: “The time was right for AccessibleUK to have an office base where we could bring our clients from across the country to our beloved Accessible Derbyshire to deliver training and provide consultancy. The Northern Gateway Enterprise centre is somewhere we feel extremely proud to welcome businesses to such a wonderful, expanding market town with great transport links and accommodation provisions.”
The town centre location was a pull for East Midlands Chamber which is soon to lease space in the building in addition to its headquarters outside the town centre. The additional space will be used as a convenient drop-in meeting point for Chamber members.
Scott Knowles, Chief Executive at East Midlands Chamber, explained: “We want to create a members’ lounge for them to drop in and use as they see fit, while it adds more meeting space in addition to our headquarters in Dunston Road.
“We are excited to see the range of benefits the centre will have on the growth of businesses and the creation of jobs in Chesterfield, both of which will provide a boost to the town’s economy.”
Inside, the Northern Gateway Enterprise Centre boasts 24/7 access, IT fibre connection which offers maximum speed multi bandwidth capability, Wi-Fi and air conditioning throughout. Each office benefits from access-controlled doors and CCTV coverage is available in internal communal areas and external areas.
Within the centre itself, there is a shared reception and lobby area, two meeting rooms, a break-out area and kitchenettes, bicycle storage, shower and changing facilities, lift access and individually metered power supplies.
The interior of the Enterprise Centre has been designed by Amy Revell, Co-Founder and Director of We Are Spaces Limited, who is now also a tenant at Northern Gateway. She said: “Northern Gateway Enterprise Centre has given us Grade ‘A’ office space for people to work in. These workspaces are comparable to those in bigger cities like Sheffield, Leeds and Manchester which deliver the connectivity for hybrid working for a better work/life balance.”
The building fronts Chesterfield’s new office campaign which was launched earlier this year. The campaign, which is part-funded by the European Regional Development Fund, has been developed by Destination Chesterfield in partnership with Chesterfield Borough Council and Derbyshire Economic Partnership.
The campaign also showcases One Waterside Place a new Grade A office development. Together with the Enterprise Centre, the buildings add to the town’s already impressive portfolio of properties. Together they add more than 100,000sq. ft of additional high quality office space to the town’s offering, enabling the town to capitalise on the ‘flight to prime’ trend for office space.
In addition to One Waterside Place and the Enterprise Centre, the campaign promotes the range of excellent office and flexible workspace available in the borough, including the Innovation Centres at Dunston and Tapton, The HQ, Great2Work, West Studios and The Glass Yard.
Peter Swallow, Chair of Destination Chesterfield said: “Chesterfield meets the needs of new, growing and established businesses, offering a central location and connectivity, to a local skilled workforce and now, high quality, sustainable office space.
“The new office developments send an important message both locally and nationally that Chesterfield can meet every stage of a business’ life cycle from start-up to maturity.
“The investment in high quality workspaces across the borough will continue to help us to attract further businesses to invest in Chesterfield benefitting the locally economy now and for future generations.”
More than 70 people are now based at the Northern Gateway Enterprise Centre, with numbers set to grow further as businesses secure office space in the building. This will bring additional footfall and custom to surrounding businesses in the town.
Councilor Gilby added: “The Northern Gateway Enterprise Centre will support our economy but will also help ensure our entrepreneurs can receive the support they need to see their business thrive. I want to welcome all our tenants and wish them the best of luck; the development of this building is a celebration of their entrepreneurial spirit and the benefits it will bring to our borough.”
Multi-million pound acquisition of Leicestershire pet products firm
Leicestershire business Custom Vet Products (CVP) has been acquired by major European animal health product firm Swedencare AB in a deal valued at more than £10m in total.
CVP, which has its headquarters in Shepshed and sells its products predominantly through veterinary practices in the UK and some European countries, has recently increased its manufacturing capabilities
It will continue to be led by current Managing Director David Ryder in the UK, alongside the existing management team, but will be renamed Vetio UK.
Announcing the deal to the stock exchange, Swedencare said the addition of CVP to its business would give it a strong presence in the manufacturing and development market in the UK and Europe.
Christian Hunt, corporate partner in Bevan Brittan’s Leeds office, said the transaction was also a strong outcome for CVP and its team in Leicestershire, giving them a new platform from which to grow their business.
“It’s been fantastic to support CVP on this transaction and to see first-hand the excellent strategic fit between this business and Swedencare. It represents an exciting opportunity for further growth and development in the UK and Europe and I look forward to working with them on their future plans,” he said.
“It is a transaction which shows that, if you have a good product and good offering, you can still get successful deals done and achieve full value even in challenging market conditions.”
Andy Haigh, partner at BHP Corporate Finance, said: “I am really pleased that we were able to support and advise David and the CVP shareholders on the company’s successful sale to Swedencare. It is another great example of our execution capability in cross-border transactions.
“Animal health is an exciting growth market and I fully expect CVP to thrive under Swedencare’s ownership – it is a great home for the business to develop and grow.”
David Ryder said: “In recent months we have already started collaborating with some Swedencare subsidiaries. I firmly believe that the opportunity of being a part of Swedencare will provide superb synergy and bring fantastic opportunities to expand more rapidly into the UK and European Markets.
“Swedencare’s proven international leadership, ethos and expertise directly in our area is something we are really excited about being a part of. We look forward to maximising future growth by making superb products for our partners and customers.”
Håkan Lagerberg, CEO of Swedencare, said: “Through the acquisition of CVP, we can accelerate our plans to launch soft chews on the European markets. This will both help us to add new products to our existing brands fast and also enable us to facilitate a European launch for some of our important US-based private label and contract manufacturing customers.
“David and his team have done a fantastic job and have a unique competence in developing soft chews. Together with our own competences from Vetio and Garmon we are creating an important player for the European soft chew market. CVP will be renamed VetioUK as the first entity in Europe for Vetio which now means that we have own manufacturing on both continents.”
Ground-breaking ceremony marks start of building works on 40,000 sq ft development in Fleckney
The ground has been broken on the start of a 34 week project to build a new commercial development in Fleckney, Leicestershire. The development is located on Churchill Way and the first phase will provide over 12,000 sqft of high quality office and workshop space which will be occupied by a national organisation and benefit the economy by creating significant new employment opportunities for local people. The second phase of the development has detailed planning consent for over 40,000 sq.ft of new commercial space and will provide substantial further employment opportunities for the area.
The land was bought to market by Loughborough based specialist land development and property consultancy Mather Jamie. Alex Reid, Director, said: “This site presented an exciting opportunity for a prospective buyer looking to invest in an ideally-situated development land with planning approval for a range of uses. It has been great to play our part in bringing a much needed and exciting new development to the area.”
Works are expected to be completed by the end of June 2023 and Wilten Construction, based in Market Harborough, has been appointed by the developer, VentURe Properties Group as the main contractor responsible for the full turnkey delivery of the project which will include design, build and office fit out.
Commenting, Matt Moore, Founder of VentURe Properties, said: “VentURe aims to develop commercial space and residential homes across the wider Midlands region. Our Fleckney development represents a significant investment by ourselves and our occupiers and we are delighted to be working with Wilten Construction on the delivery of a development which will benefit the Leicestershire and Harborough District.”
Matt Fry, Director at Wilten Construction, said: “This is another fantastic ground-breaking ceremony for us and we had a great day hosting the project team on site. We have worked hard developing the scheme to meet the clients budgetary and programme expectations and to see this project taking shape on site is a proud accomplishment. We look forward to demonstrating our best-in-class service as this project progresses and building on our relationships with everyone involved to create ongoing reciprocal partnerships.”
Other advisers and project partners on the development include RJA Consultants who are acting as the employers agent, Corporate Architecture Limited, engineering consultants Jackson Purdue Lever and the approved inspector, Assent Building Control Limited.
East Midlands to lose numerous McColl’s stores after Morrisons’ closure decision
Morrisons have revealed plans to close 132 unprofitable McColl’s stores across the country just a short time after receiving the green light from competition regulators on the multi million buyout of the troubled convenience store group.
The decision is expected to affect numerous McColl stores in our region.
The Bradford based supermarket giant acquired the troubled chain for £190 million back in May, fending off a rival offer at that time from Asda.
After competition regulators gave the green light for the takeover, Morrisons unveiled their closure plans.
Morrisons said, that whist 132 stores have no realistic prospect of achieving a breakeven position, it does expect some McColl’s stores to return to profitability as part of its turnaround plans.
The majority of the closures are due to take place this year, and 55 of the stores that include a Post Office counter will close in the coming year.
Morrisons said every affected worker would be offered alternative employment at a nearby McColl’s store, Morrisons store, logistics operation or foodmaking centre.
Joseph Sutton, Morrisons convenience, online and wholesale director, said: “We have a great deal of work to do but there’s no question that McColl’s is a business with strong potential.
“I’m confident that the combination of McColl’s conveniently located stores and great colleagues together with Morrisons scale, brand, systems and fresh food expertise will lead to a transformation of the business.
“We very much regret the proposed closure of 132 loss-making stores but it is, very sadly, an important step towards the regeneration of the business.
“I am confident that McColl’s can, in the Morrisons family, once again become a growing, thriving and vibrant convenience business serving local communities across the UK.”
Last month, the UK competition regulator paved the way for the clearance of Morrisons £190m rescue deal on the condition it sold 28 McColl’s stores in 35 areas where the two retailers compete.
All 16,000 McColl’s staff were transferred to Morrisons as part of the deal.
Nottingham law firm promotes its first non-lawyer to director
Nottingham law firm Actons has promoted its first non-lawyer as a director.
Practice Manager Matt Coleman has taken on the role of Chief Operations Officer. With over eighteen years’ experience in the legal sector, Matt joined the firm in 2014 initially as the firm’s Marketing & Business Development Manager before becoming Practice Manager in August 2020.
Matt becomes the first non-lawyer to become a Director, a move that was enabled by the firm’s conversion to an ABS (alternative business structure) in 2019.
Simon Dakin, Chairman of Actons, commented: “I am delighted to welcome Matt as a Director of the firm. Since switching from Marketing & Business Development Manager to Practice Manager during the COVID lockdown, Matt has shown great enthusiasm and aptitude in developing additional law firm management skills. I am confident that he will continue his development and make a success of this opportunity. Matt will be our first non-lawyer Director, which is a great achievement, and he will play a key role in our future success.”
“The next twelve months are lining up to be an exciting period for the firm, as we welcome more great people to join our team and take forward some other key projects.”
Multi-Million pound hotel renovation wins national award
A multi-million-pound project backed by the D2N2 Local Enterprise Partnership to turn a historic building in Buxton into a luxurious hotel has won a top national award.
The £68 million Buxton Crescent Health Spa Hotel project was named Refurbishment/Revitalisation Project of the Year at the 2022 RICS Awards Grand Final.
Held in London, the awards, which are run by property industry trade body the Royal Institution of Chartered Surveyors, brought together winners from 12 regional ceremonies across the UK.
They celebrate the UK’s most inspirational projects that are having a significant positive impact on the communities they serve.
Ensana Hotels opened Buxton Crescent Health Spa Hotel in 2020.
Created at one of England’s most significant Georgian architectural buildings, the hotel revives the water wellness traditions of the historic spa town of Buxton, with guests able to experience the therapeutic qualities of the water for themselves.
The property comprises 81 rooms and suites and is home to three pools, including the ‘thermal pool’, which is a fully refurbished Victorian pool boasting the unique feature of having Buxton mineral rich water flowing into it, which is heated and left chemically untreated.
The transformation was made possible thanks to one of the largest grants ever awarded from the National Lottery Heritage Fund and significant support from other stakeholders, including the D2N2 LEP through the Local Growth Fund.
Chairman of the RICS judging panel David Brooks-Wilson said: “The judging panel and I were so impressed with the dedication of the teams behind these winning projects.
“They are a true testament to the tireless dedication of industry professionals across the UK. Their talent and collaborative approaches have resulted in exemplary and innovative schemes that really do represent the very best built projects across the regions.
“Each of the winning projects is having a profoundly positive impact on their local area and RICS is delighted to recognise the hard work that went behind ensuring these projects were delivered successfully, particularly in such challenging and uncertain times as we navigated through the pandemic.”
Derby rail giant to demonstrate rail’s key role at COP27
Rail giant Alstom is set to demonstrate the key role rail it can play in global decarbonisation efforts at the forthcoming COP27 climate conference.
A delegation from the firm, which has its UK train-making site in Derby, will be attending the 27th United Nations Climate Change Conference, to be held from 6 to 18 November, in Sharm El Sheikh, Egypt.
During the second week of the conference, Alstom will participate in transport focused events with other changemakers, where discussions about sustainable mobility and the importance of women’s roles in transforming and decarbonising transport, will take place.
Cecile Texier, Alstom’s vice-president for CSR and sustainability, said: “Strong investment in rail will enable the decarbonisation of transport, in addition to many other benefits essential to sustainable development such as equal access to transport, social progress and economic development.
“Transport accounts for more than a quarter of global energy consumption; it is one of the human activities that continues to cause C02 emissions to rise.”
Alstom is considered to be a global leader in smart and sustainable mobility.
COP27 is an opportunity for the firm to showcase the progress and options available to decarbonise the transport sector, as well as exchange on green transport solutions for the future.
Alstom has more than 20 years of expertise in low carbon technology and has been participating in the conference since COP21 in Paris.
At COP27, it will promote the critical role public transport, specifically rail mobility solutions, will play in any country’s sustainable development efforts to address climate change issues.
Alstom works with its customers to design and deliver innovative and environmentally friendly solutions.
Today, it is the only rail player that offers the entire scope of green traction solutions and in-house fuel cell technology, and also has battery and hydrogen trains in passenger operation.
Cecile said: “COP27 is an opportunity for Alstom to showcase its commitment to support Net Zero mobility by building innovative, sustainable solutions with a lower carbon footprint, while actively contributing to public debates on sustainable development policies.”
Hucknall Business Park achieves 100% occupancy with two latest lettings
The final two lettings have been snapped up on Whyburn Business Park, the new build scheme of small sized industrial units situated on an established and popular industrial location in Hucknall.
Phase 1 was completed in late Q1 / early Q2 2022, with phase 2 in discussions to provide further stock for small to medium sized units. The rental tones achieved throughout the site were £8.00 per sq. ft, a promising figure for a new build scheme in Hucknall.
Phase 1, which consisted of 9 units, comprised a mixture of 1,765 sq. ft and 2,130 sq. ft of industrial / warehouse space with excellent eaves height, yard space and generous parking. The new build development scheme has certainly proved to be popular with occupation now at 100% and the demand continuing to be apparent on the site. The number of enquiries received on the units indicates that the interest on the next two phases is going to remain strong.
Amy Howard, Surveyor in FHP Property Consultants’ Industrial Team comments: “It has been a delight to work alongside Total Aggregates Ltd and Total Reclaims Ltd in this scheme and to achieve full occupancy. The site has shown to be a popular destination for occupiers from the start and it was promising to see the amount of interest we were still receiving throughout the marketing of the units. It confirmed the limited stock available for sub-2,000 sq. ft units compared to the high level of demand that is still apparent.
The diverse use of occupiers throughout is great to see and something that we all hoped to achieve for on the site. The success in Hucknall for warehouse occupation continues and Whyburn Business Park has helped to service this sector of the industrial market. I look forward to working alongside both Total Aggregates Ltd and Total Reclaims Ltd in the future.”
Anthony Barrowcliffe, Associate Director in FHP Property Consultants’ Industrial Team adds:“This is an excellent scheme in an extremely well-established industrial location. It has been a pleasure working alongside Richard and Melvin on this scheme and I look forward to future schemes/projects to follow.”
Lincolnshire vineyard comes to the market
An award winning vineyard and winery on the edge of the Lincolnshire Wolds has gone up for sale for just £700,000.
Looking towards Caistor where the Romans made wine 2000 years ago, Somerby is currently planted with 9,000 vines, the operation is capable of vinifying 20,000 litres and has made a name for itself in recent years, having picked up awards at both the UKVA and IWC competitions.
The vines currently grown are Pinot Noir, Solaris and Rondo and there is the potential to expand the operation by planting up to 3,000 more vines. The vendor points out that, in addition to the opportunity to invest and expand within existing boundaries, there is also the potential to rent a further 2.5 acres of additional land planted with 1,500 vines, subject to negotiations. As such, a purchaser could increase production from 20,000 to 150,000 litres, should they wish.
Henry King, farm agent at Savills in Lincoln who is handling the sale, said: “It is very rare that such an established vineyard and winery is brought to the market, let alone one that has such good potential to be expanded and with the ability to produce and bottle on-site. With the future of UK viticulture looking rather exciting, the sale of Somerby represents a fantastic investment opportunity with the potential to further adapt or extend and create a supplementary revenue stream, such as glamping and winery tours, subject to the necessary consents.”
Somerby Vineyard and Winery is being sold by Savills.
