Qatar to invest £85m in Rolls-Royce’s new low carbon nuclear power business
Rolls-Royce has reached agreement with Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, to invest £85 million in Rolls-Royce SMR Limited.
Rolls-Royce SMR is building a new technology solution to deliver affordable, low carbon, nuclear power. A single power station will occupy around one tenth of the size of a conventional nuclear generation site and power approximately one million homes.
QIA will join Rolls-Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd as shareholders in Rolls-Royce SMR, taking a 10% share of the equity.
Mr Mansoor bin Ebrahim Al-Mahmoud, Chief Executive Officer of QIA, said: “QIA is investing in the energy transition and funding the technologies that enable low carbon electricity generation. We will continue to seek out investments that align with our mandate to deliver long-term value for future generations through responsible sustainable investments.”
Warren East, CEO, Rolls-Royce Group, said: “I am tremendously pleased to announce that we have further strengthened our relationship with Qatar, through QIA’s investment in the Rolls-Royce SMR business. We have successfully raised the capital we need to establish Rolls-Royce SMR and it is encouraging to confirm that the business is now set up to succeed.”
Business and Energy Secretary Kwasi Kwarteng said: “This investment is a clear vote of confidence in the UK’s global leadership in nuclear innovation and follows the £210 million of government investment in the development in Small Modular Reactors.
“It represents a huge step forward in our plan to deploy more home-grown, affordable clean energy – ensuring greater energy independence for the UK, highly skilled jobs and bringing cheaper, cleaner electricity to people’s homes.”
Minister for Investment, Lord Grimstone, said: “Although the COP26 Summit ended last month, the work to reach Net Zero and build back greener from the pandemic goes on.
“Investment will play an important role in this. By investing millions into innovative green tech, like Small Modular Reactors, not only are we working hard to end our contribution to climate change, but we are securing thousands of highly-skilled jobs.”
The Rolls-Royce SMR business is now fully funded, having secured £490 million through commercial equity and UK Research and Innovation (UKRI) grant funding. The development of SMRs is a core part of the UK Government’s 10-point plan for a green industrial revolution.
Packaging firm helps out the homeless and vulnerable with festive care packages
Staff at a packaging firm have once again played Santa – hand-delivering hundreds of hampers to the most vulnerable people of the area.
The elves at The Wilkins Group, based in Colwick, Nottinghamshire, have put together 250 festive care packages full of winter essentials to help users of local homeless shelters, and other vulnerable people, get through the winter months.
It follows a similar, successful charity drive last Christmas, in which The Wilkins Group delivered 344 festive hampers to local Covid-19 heroes and those most in need.
The latest packs contain a hat, gloves, thermal socks, toiletries including shower gel, toothpaste and a toothbrush, and snacks.
Among those set to benefit are users of Emmanuel House, Framework, The Friary, Men’s Complex Needs, Women’s Complex Needs, Hughendon Lodge, Nottingham Nightstop, The Arches and SOTA Sneinton Hermitage.
The donation comes after charities warned that they expect homelessness in Nottingham to increase past pre-Covid levels and that this winter could be the worst in a decade for rough sleepers.
A new kind of homelessness is presenting itself, with reasons including domestic issues, rather than substance misuse or mental health problems.
One recipient of a Wilkins care package, Sam, a service user at Emmanuel House support centre, in Goose Gate, said he had recently been released from a five-week prison term for a probation violation.
Sam said: “Last night I was on the Trent embankment in my sleeping bag.
“The toiletries will certainly come in handy. It’s very kind of The Wilkins Group to do something like this. It means a lot.”
Gill Barker, marketing and fundraising assistant at Emmanuel House, said: “The festive packages from The Wilkins Group are gratefully received by Emmanuel House support centre.
“The contents of the donations are amongst our most needed items and will be distributed to people using this service who are experiencing homelessness, in crisis, are rough-sleeping or at risk of homelessness.
“It will make a difference to the beneficiaries, who otherwise have no access to these basic supplies that many of us take for granted. This is particularly important at this time of year.”
Justin Wilkins, sales and marketing director at Wilkins Group, said: “There’s no doubt that it’s been another tough year for many. Now, as we’re in the depths of winter, we find ourselves thinking more and more of others, and what we might be able to do to help them.
“I had no idea how many charities there were that help the needy in our city and county – it shows how much they are needed. As a local company, we are committed to giving back to our local community, and if these packs can put a smile on just one person’s face, then it’s worth it.”
Bingham industrial unit sold to e-commerce fulfilment business
An e-commerce fulfilment business has snapped up a Bingham industrial unit.
Anthony Barrowcliffe of FHP Property Consultants has completed on the sale of 35 Moorbridge Road to Crocodile Stores.
The unit comprises of a semi-detached warehouse, of 5,588ft², with 4.5 metre eaves, located within an established industrial location.
Anthony Barrowcliffe of FHP Property Consultants said: “I realised quickly when I met Matt Kirby that he had a rapidly growing business working in the e-commerce sector which has seen huge growth, especially due to Covid-19.
“He was already operating three warehouses from Cotgrave so 35 Moorbridge Road worked brilliantly for this already established business due to it being located a short simple drive away on the A46.
“The warehouse consisted of simple storage space with only a small office to the front which suited Crocodile Stores operation perfectly. I hope to work with Matt Kirby again as I know he has already almost filled 35 Moorbridge Road and is still winning more and more business due to his brilliant operation/reputation.”
Matt Kirby of Crocodile Stores said: “Crocodile Stores offer e-commerce fulfilment services and Christmas is a key time of year so time was of the essence in getting the deal done in order to be ready for our peak season. Securing the additional space has allowed our business to service significant growth for our clients with order volumes doubling compared to Quarter 4 in 2020.”
East Midlands economic recovery slows as businesses grapple with uncertainty and price rises
The brakes are being applied to job creation, sales and investment in the East Midlands as economic growth slows down, new research reveals.
Every indicator of economic activity recorded a drop between the third and fourth quarters of 2021 in East Midlands Chamber’s Quarterly Economic Survey, while confidence was also down.
It was also the first time the State of the Economy Index – which aggregates the various indicators to rate the region’s economic health – fell since the beginning of the pandemic, having grown consistently since Q2 2020.
Chris Hobson, director of policy and external affairs at East Midlands Chamber, said: “The reading of our State of the Economy Index will be a disappointment for businesses and indicates an economy that continues to grow, but at a rate of pace that is slowing.
“To put it another way, over the past few months, the brakes have started to be applied to parts of our economy.
“When we dig a little deeper, we can see the reality for many businesses. They are having to contend with rising prices for raw materials and staffing, which is putting the squeeze on margins.
“While many businesses spent much of 2021 trying to stave off passing these price rises on to support competitiveness, additional pressures at the end of the year, including increased energy costs, seem to have provided the proverbial straw to break the camel’s back.”
Just under 400 businesses across Derbyshire, Leicestershire and Nottinghamshire took part in the survey between 1 and 22 November.
Key findings from the survey for the East Midlands included:
- UK sales were down by 9% in Q4 compared to Q3, while UK advanced orders reduced by 17%
- Overseas sales and orders were down by 3% and 1% respectively
- The proportion of businesses that increased their workforce fell by 8% (a net 25% of organisations grew headcount in Q3 compared to 17% in Q4), while there was a 3% drop (from a net 38% in Q3 to 35% in Q4) in those saying they expect to employ more staff in the next three months
- The rate of improvement for cashflow dropped by 10% at the same time as 62% of organisations (up from 46% in Q3) were concerned about future price rises
- There was a 2% drop in the proportion of businesses intending to invest in machinery and a 7% in those anticipating investment in training staff
- Confidence on turnover and profitability improvements dropped by 3% and 8% respectively
Chesterfield IoT software company raises £2.1m
A Chesterfield-based business which aims to transform industry with its internet of things software platform has raised £2.1m to accelerate its international expansion.
Konektio received funding from both the Midlands Engine Investment Fund (MEIF) and Northern Powerhouse Investment Fund (NPIF), managed by Mercia and Foresight Group, along with existing investor Tern plc.
The funding will allow Konektio to further develop the product, boost its sales and marketing team, create a number of new highly skilled roles at its headquarters, and grow sales in international markets.
Konektio’s main product AssetMinder enables companies to connect to and monitor assets, ranging from individual components to turbines in remote locations or assets across an entire factory floor. The technology gathers data from the assets, allowing users to make informed decisions on maintenance and servicing, reducing downtime and energy usage and improving efficiency.
AssetMinder, which was commercially launched just over two years ago, is now used across multiple sectors from food processing and manufacturing to logistics, energy and water industries. Konektio clients include maintenance and repair operation Dexis, GCE Healthcare, global engineering company Howden and gas turbine manufacturer Centrax, among others.
The company, which was previously known as InVMA, was founded by Patrick Nash, Jan Hemper and Jon Hill, who recognised the need for the software due to their work as industrial IoT consultants. It now employs around 20 staff at its headquarters in Chesterfield and has recently opened an office in North Carolina.
Peter Stephens, CEO of Konektio, said: “Companies have started to cut through the confusion around digital manufacturing and the next industrial revolution and now share a real appetite to see how the intelligent use of data can deliver returns on investment.
“This is really good news for our business, and we are looking to capitalise on this trend by investing significantly in product development, R&D and expanding our global customer base. The investment secured will help us achieve these goals.”
Kiran Mehta, investment manager at Mercia, said: “Konektio is a deep tech company with the potential to transform industries ranging from manufacturing to infrastructure and power generation. The team are renowned for their knowledge and strong track record. This funding round will enable them to take their product to the next level and establish the company on the global stage.”
Adam Huckerby, senior investment manager at Foresight, added: “We have been impressed by management’s achievements to date. There is a wealth of growth opportunity in the market and this is one of several IOT-related investments Foresight has made. We look forward to working with the team over the coming years.”
Al Sisto, CEO of Tern Plc, said: “We are very pleased that Konektio has secured a significant institutional investment in order to fund the next phase of its growth. We welcome the Mercia and Foresight funds as our partners, alongside the management and founders of Konektio, to help the business achieve its full potential.”
Kerry’s Fresh donates Christmas trees to local care homes in bid to spread festive cheer
Nottingham-based produce supplier Kerry’s Fresh has donated a number of real trees to local care homes and causes – in a bid to share some festive cheer this Christmas.
The family-run business delivered real trees to Church Farm Skylarks care home in Lady Bay, and Church Farm Rusticus in Cotgrave, where they were greeted with joy from residents and staff.
The Friary, a local charity based in West Bridgford also received six trees from the business, to deliver to local, vulnerable families who would otherwise not have had a Christmas tree this year.
Aidan Kerry, business development manager at Kerry’s Fresh delivered the trees personally and said: “Ensuring we followed all safety procedures, it was really lovely to meet some of the residents at the care homes and we were delighted to see how pleased they were to receive the trees.
“We also hope we brought some joy to those families who will have received the trees in partnership with The Friary this year.
“As a business, we are always looking at ways we can help and engage with the local community spread some cheer, especially in such uncertain and turbulent times. We wish everyone a safe and Happy Christmas.”
Specialising in care for people living with Dementia, staff at Skylarks care home were preparing for their annual ‘Winter Wonderland’ themed party for residents where the tree would take centre stage.
Whilst at Church Farm Rusticus resident Jean was excited at the prospect of decorating the tree.
Helen Walton, head of operations at Church Farm Care, said: “We were delighted to receive Christmas trees at our Church Farm care homes from this generous local business. Our family members love Christmas and everything that is involved.
“Engaging with the local community is extremely important to Church Farm Care so this gesture means a great deal.”
90% of Midlands businesses set to be impacted by R&D tax reform
Ninety per cent of Midlands business leaders will need to rethink their tax and innovation strategy as the Government has confirmed new R&D tax relief rules, first announced in the Budget, according to new research from accountancy firm, BDO.
The bi-monthly Rethinking the Economy survey of 500 leaders of medium-sized businesses reveals the significant proportion of Midlands businesses that will be impacted by the announcement which aims to target abuse, improve compliance and drive UK innovation.
Experts warn that without forward planning and a holistic tax strategy, this could have substantial implications on business’s cashflow and moreover for innovation in UK businesses and particularly in the regions.
Ross Northall, partner at BDO LLP, said: “At a policy level, it makes sense that the Government are seeking to onshore R&D, enhance UK innovation and better police genuine UK R&D but, practically, business leaders need a plan.
“The 90% of Midlands businesses with overseas R&D will need to consider modelling the impact of these tax changes on their R&D claim. This will allow them to truly understand the net cost of innovation for future R&D now the detail has been announced.
“Of course, the greatest cost to UK Plc could be that businesses invest less in R&D overall as they’re not able to transfer the current level of investment into the UK.”
ONS figures estimate that approximately £25.9 billion of the £47.5 billion of R&D investment in 2019 was in the UK with the remainder spent overseas.
BDO tax director, Claire Hudson, added: “For business leaders, this isn’t a case of just re-looking at their approach to R&D. Companies need to take a strategic approach and consider the detail of these changes and whether a restructure is required.
“There are several corporate tax considerations, such as whether onshoring would result in a transfer of IP, whether transfer pricing is impacted, and any overseas entities need to be liquidated. The good news is there is time to get into the detail, but this needs to be a priority for leaders in the new year.”
Businesses have struggled with staff shortages over the past 12 months and recent data showed 77% of Midlands businesses are already planning to increase their use of contractors to bridge the skills gap next year. Skills shortages could also be a considerable barrier to onshoring effective R&D.
BDO tax partner, Ben Tarry, who leads the Global Employer Services team, added: “The changes may also have an impact on staffing models within businesses, which could see a need for increased resource located in the UK.
“This could either be through permanent transfers, project workers or other. In each scenario there will be a need to consider the tax, social security and payroll compliance implications of cross-border employee movement.”
There is also a Government consultation – open until the 7th January 2022 – seeking views on the introduction of a UK re-domiciliation regime, which would make it possible for companies to re-domicile and therefore easier to relocate to the UK.
Housing developer on a mission to make Christmas special for disadvantaged kids
East Midlands housebuilder Peter James Homes has collected well over two hundred gifts as part of a drive to ensure that no child goes without a present this Christmas.
Alongside its partners within the McCann Group; J McCann & Co Ltd and McCann Utilities, Peter James Homes has teamed up with Nottingham radio station Gem 106 and charity, Cash for Kids as part of this year’s Mission Christmas.
Cash for Kids teams up with radio stations and companies across the UK every year to make sure every disadvantaged child wakes up on Christmas morning with a present under the tree.
For the past few weeks, Peter James Homes has been asking its suppliers, and anyone else who wished to help out, to donate new and unwrapped Christmas presents for youngsters of all ages.
Now, 298 presents have been amassed at the group’s head office in Chilwell, Nottingham.
Staff have also been raising money for the cause, including making cash donations for wearing festive garb to work on Christmas Jumper Day, Friday, December 10, and the grand total currently stands at £1,405
John McCann, CEO & Chairman of the McCann Group, said: “The generosity of our staff, suppliers, partners and others has been astounding.
“The idea of bringing joy to the life of a vulnerable or disadvantaged child, brings out the true meaning of Christmas in all of us. We were simply delighted to be able to pass on so many wonderful gifts to such a worthwhile campaign as Mission Christmas, from all branches in our group.”
Companies that contributed to Peter James Homes’ Christmas gift request include Nottingham solicitors Gateley Legal, Midway Clothing, which supplies PPE and branded apparel to Peter James Homes and McCann, estate agents William H Brown and FHP Living, marketing agencies M360 and The Dairy, Castle Donington-based Poppy PR Ltd, Birmingham City Council, Enva a local skip hire company, and United Trust Bank which has funded most of the developments at Peter James Homes.
Justine Bates, fundraising executive at Cash for Kids Midlands, said: “Christmas is a time for giving, but we’re blown away by the efforts of our donors this year. We’d like to thank everyone at Peter James Homes, McCann and everyone else who has donated cash and gifts for helping to ensure no child goes without this Christmas.”
Nottinghamshire care provider sold
Specialist business property adviser, Christie & Co, has sold Bank House Care Homes which comprises a portfolio of two purpose-built care homes in Nottinghamshire.
Established by Trish and Kris Sooriah in 2000, Bank House Care Homes is a family-run business that has enjoyed success with its two most recently constructed state-of-the-art, purpose-built care homes, Ashcroft and Willowcroft, which now make up the entirety of the business’s care home portfolio.
Both homes are situated on the same site, close to Sutton-in-Ashfield town centre in Nottinghamshire.
The business has been purchased by Only Care Limited, a family-run operator established in 2007, which caters to residential, nursing and dementia care needs across England.
Speaking on behalf of Only Care limited, director, Rishi Dhamecha, says: “We are excited to have completed on the acquisition of these two purpose-built care homes in Sutton-in-Ashfield, Nottinghamshire.
“Both homes have a fantastic reputation and share the same family values as us. We look forward to working closely with the team to continue the outstanding levels of care. We also wish Patricia Sooriah and her family well in their next endeavours.”
Lee Howard, regional director – healthcare at Christie & Co, who handled the sale, says: “It has been a pleasure to act for Kris and Trish over the years, having been involved in selling them Ashcroft in 2011. It is a fitting tribute to the late Kris Sooriah and Trish’s continuation to see the units become two of the most respected homes in the Midlands and we were honoured to act in selling them to Only Care.”
Bank House Care Homes was sold for an undisclosed price.
Jobs created as distribution business expands with 100,000 sq ft unit
Commercial Property Partners (CPP) has completed a 100,000 sq ft letting at Calladine Park, Orchard Way, close to Junction 28 of the M1, to distribution business, Home Delivery Solutions (HDS).
The move is set to support HDS’s expansion requirements following significant growth over the past 18 months in the volume of goods handled through existing contracts, alongside new client contracts.
This recent growth for the business, which includes key clients Costco, B&Q and Vibrant Doors, has resulted in the expansion from its present base in Markham Vale, Chesterfield, and will secure an additional 20 jobs, with more to follow.
The unit offers HDS a modern high-grade warehouse with reception, office and refurbished welfare provision.
Sean Bremner, director of CPP, said: “We are delighted to have agreed terms with Home Delivery Solutions so swiftly after our client completed their works upon the building. HDS’s initial search was for a smaller property, but during our conversations their volumes continued to rise and so our suggestion to match them into Calladine Park has worked out well for all parties. They are a welcome addition to our client’s portfolio.”
Stephen Taylor, Managing Director of Home Delivery Solutions, added: “HDS has seen huge growth helping our clients to meet their delivery promises over the past year. The move to Calladine Park will enable our business to continue with its rapid expansion plans.
“From the first meeting with Sean, he understood what we needed, was pro-active in showing us suitable options and slick negotiations followed to enable us to move swiftly to a deal position.”
Rob Wofinden from Browne Jacobson’s Nottingham Office was legal counsel to the landlord and commented: “It was a real pleasure working alongside CPP on this matter for our mutual client. The whole transaction ran very smoothly, and the client is delighted to have Home Delivery Solutions on board.
“The lettings market in the warehouse and distribution sector is certainly very strong, particularly across the Midlands region, and it is great to be at the forefront advising on these significant letting deals with CPP.”
Time to go green and boost your business
Leicester’s Business Gateway is giving small businesses the opportunity to play their part in tackling the climate crisis and improve their bottom line with a series of six webinars in the new year. As well as reducing their carbon emissions, the businesses will be helping to attract more trade as customers increasingly looking to buy from sustainable companies.
The Business Gateway has commissioned Sustainability West Midlands (SWM) to run the webinars which start in January and, like all Business Gateway events, will be free of charge to participating businesses. The programme of webinars will cover How to find funding and support; Green transport; Energy saving; Reducing waste and Bringing your staff on board.
Andy Whyle of SWM said: “We’re delighted to be working with the Business Gateway again to promote sustainability, particularly as Leicestershire is so clearly committed to tackling climate issues head on. We’ll be including speakers from local companies who have already introduced green changes, so that other small businesses can see how easy it is. Our focus throughout will be on supporting small businesses to understand the need to go green, where to find funding to do this and the benefits that they can create.”
Sonia Baigent, Chair of the Business Gateway Board, added: “In the near future, there are bound to be new regulations around waste reduction, renewable energy usage and carbon emissions so this programme is designed to help Leicestershire businesses get ahead. On top of that, the latest research shows that a massive 85% of UK consumers now make more sustainable lifestyle choices. By becoming more sustainable, our businesses can get a share of that. Going green really will boost your business.” (Deloitte: Sustainable Consumer)
An additional benefit for participating businesses is that they will be supported to draft their own Green Policy document at each webinar, completing it at the final webinar in March 2022.
The full programme of webinars for Going Green to Boost your Business is:
What Does Net Zero Mean for your Small Business? 11 January
Funding, support and opportunities for your SME 25 January
Greener Transport 8 February
Energy Saving in your Small Business 22 February
Reduce your Waste, increase your Profitability 8 March
Engaging your Customers and Staff 22 March
All webinars start at 1pm and run until 2.30pm
You can book your place here: https://bit.ly/2ZYYN53
Accountancy firm secures private equity investment
Dains Accountants has secured significant investment from Horizon Capital, the private equity investor specialising in technology and business services.
With almost 200 staff, Dains provides services to 4,000 fast-growth businesses, international companies and high net worth individuals helping clients achieve their goals through audit, tax and business advisory and support services.
The market that Dains operates in is highly fragmented and driven by strong tailwinds due to increasing levels of compliance and sophistication, as a result of which a growing proportion of clients are outsourcing business-enhancing tasks to expert providers.
Dains has delivered growth through the COVID-19 pandemic. Horizon Capital have invested significant capital to expand these capabilities further and to enhance this through high quality acquisitions. The partnership with Horizon will enable Dains to continue to build on the momentum already created following the recent acquisitions.
Dains is Horizon Capital’s fourth new platform investment in 2021 following those in BP3, Modern Networks and The Marketing Practice (TMP) earlier in the year, which have already completed four acquisitions collectively on their buy and build journeys.
Richard McNeilly, managing partner of Dains, said: “This is an exciting time for Dains, our clients and colleagues. We are delighted to be partnering with Horizon Capital who have a strong track record in supporting companies such as ours to accelerate both organic and acquisitive growth. Dains has grown in recent years thanks to the hard work of our colleagues and the support of our clients, and we look forward to building on that success with this investment.”
Luke Kingston, partner at Horizon Capital, added: “We are excited to invest in Dains as the company provides essential, tech-enabled services to a large universe of Small and Medium-Sized Enterprises and high net worth individuals, both vital components of the UK economy. Dains is already a strong player with an impressive track record, and we look forward to working with Richard and his team to supplement this with an exciting acquisition strategy.”
2022 Business Predictions: Lee Marshall, Managing Director at Viridis Building Services
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Lee Marshall, Managing Director at Viridis Building Services.
2021 has been another year dominated by Covid-19. We began the year optimistic of its end but as the year has gone on, we have continued to adapt to this new way of life. For businesses, there has undoubtedly been a strain financially, but the pandemic has also brought with it an opportunity to promote the importance of health and wellbeing at work and at home.
At work, a new ‘blended’ approach has taken centre stage, with employers understanding that staff need a good work-life balance by working both at home and in the office. The office has also seen a change with many downsizing their space to a better suited environment.
Many have also moved house or made changes to their home to meet their new needs, as well as deciding it is time for a career change – even to jobs that they may not necessarily have considered pre-pandemic.
I predict that these trends will continue to grow into 2022 as Covid will remain a key feature in our lives and pave the new way of working and living.
I also think that sustainability, which has been a big talking point this year, will continue to be high on the agenda for 2022. With agreements from COP26 beginning to impact legislation and the next COP being held an unprecedented one year after Glasgow, we will certainly see environmental solutions become engrained in all policies and procedures over the next five years as we to try to combat change.
Conygar looks to raise £10m for Nottingham Island Quarter scheme
Conygar has announced a share placing to fund part of the next phase of the 36-acre Island Quarter site in Nottingham.
The company has revealed its intention to conduct a placing of 6.7 million new Ordinary Shares (Placing Shares) at a price of 150 pence per share, raising gross proceeds of £10 million.
Potential uses for the proceeds, all of which will assist with progressing The Island Quarter, include funding the completion of the construction for the first phase of the scheme, bringing a new electricity substation to the site, funding the equity component of the student accommodation scheme and potentially progressing the design and planning for an office scheme.
The company has said it is in discussions with a number of businesses for office space totalling 250,000 sq ft.
Robert Ware, CEO of Conygar, said: “The Placing we are announcing today is to fund part of the next phase of the exciting 36 acre Island Quarter site in Nottingham. There are a number of potential uses for the proceeds, including bringing a new electricity substation to the site, funding the equity component of the student accommodation scheme and potentially progressing the design and planning for an office scheme.
“Significant progress has already been made on The Island Quarter, with planning permission granted for over two million square feet to include new homes, grade A office space, a creative market, a lifestyle hotel, retail units, student accommodation and associated public realm.”
Since acquiring The Island Quarter in 2016, Conygar has submitted three detailed planning applications for the early phase developments. Two of these have subsequently been granted with the third, which includes two hotels, residential apartments and co-working space, expected to be considered by the planning committee in early 2022.
The detailed applications granted to date have enabled the company to commence the construction of the first phase, which includes a 21,500 sq ft food and beverage-led building, planned for completion by late spring 2022, and to initiate the on-site preliminary groundworks for a 700-bed student accommodation scheme.
Bank of England raises interest rates to 0.25%
The Bank of England has raised interest rates for the first time since the start of the COVID-19 pandemic despite growing concern over Omicron.
Threadneedle Street’s monetary policy committee (MPC) voted to raise rates from the historic low of 0.1% to 0.25%, with pressure from surging inflation outweighing the risks to the economy from the new strain.
Figures show inflation hit 5.1% in November as energy prices skyrocketed and supply chains saw significant disruption. The MPC has an official inflation target of 2%.
The rate rise comes during deterioration in the economic outlook as the new variant hits consumer confidence.
Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said: “The Bank of England’s decision to raise interest rates was surprising given mounting uncertainty over the economic impact of the Omicron variant. While today’s rate increase may have little effect on most firms, many will view this as the first step in a longer policy movement – not as a partial reversal of last year’s cut.
“While policymakers are facing a tricky trade-off between surging inflation and a stalling recovery, with the current inflationary spike mostly driven by global factors, higher interest rates will do little to curb further increases in inflation. Instead, it is vital more than ever that the Government’s Supply Chain Advisory Group and Industry Taskforce start to provide some practical solutions to the supply and labour shortages that are continuing to stoke inflationary pressures.
“Without real improvement to the situation supply chains are currently facing rising prices are likely to continue to be an issue even with monetary policy responses.”
Derbyshire creative agency proves it has all the right ideas by doubling in size in time for 2022
An award-winning Derbyshire creative agency has proved a strong digital presence is vital for growth in pandemic times, as it prepares to double in size for 2022.
MacMartin, a full-service marketing agency based in Church Broughton, is taking on new office space which will double its square footage, as well as employing two more members of staff who start their roles in the New Year.
The move comes during a successful growth period – despite the pandemic – for the business set up by sisters Claire MacDonald and Anna Hutton back in 2017.
Claire said: “When the pandemic came in 2020 like all businesses we worried for the future, but what we’ve actually found is that our digital services were a lifeline to clients which really needed a strong online presence during those times.
“Clients such as food businesses needed to pivot their offering to be able to offer home delivery or takeaway services, which meant they needed a robust web-based shopfront that we were able to provide for them.
“We’ve also found that many businesses which have managed to survive the pandemic have in fact done more than survive – they have thrived, perhaps by having a greater market share than they previously did.”
Born and bred in Derbyshire, MacMartin founders Claire and Anna are feeling highly optimistic about the year ahead as they take on two new members of staff, Jess Henty and Daria Blok. Jess joins MacMartin from a previous job as an account coordinator for a national sporting body, while Daria is an experienced graphic designer with a background in print.
They join the now 10-strong all female MacMartin team who work in beautiful converted farm building offices at the Bartonfields Centre in the heart of glorious Derbyshire countryside. So strong is the business’s growth that they have recently taken on the lease for the next door office which doubles their total space.
The company’s commitment to its stunning countryside location recently saw it win a regional Amazon-backed Rural Business Award for best small rural business in the Midlands, and it will go on to represent the region at the awards’ national ceremony in February.
Anna said: “It’s an exciting time for us at MacMartin and we hope to do the Midlands proud at the national Rural Business Awards final in 2022.
“Next year we celebrate our fifth birthday and we can’t believe the journey we have come on so far. We’re so proud of our business and of the talent we have nurtured amongst our staff, and we look forward to continuing to flourish in 2022.”
Anglian Water appoints M-EC to landmark pipeline infrastructure programme
M-EC has been appointed by Anglian Water to work on one of the largest strategic infrastructure programmes currently taking place in the UK.
The firm of technical development consultants, which is headquartered in Leicestershire, are working with Anglian Water on various sections of its 500km long stretch of new, interconnecting pipelines that run from Elsham in North Lincolnshire, to Ipswich in Suffolk.
M-EC’s Geomatics Team has been commissioned to undertake topographical survey work and utility tracing on the sections between Grantham and Peterborough and Elsham to Lincoln, some 140 km of pipeline. M-EC will also carry out survey work on associated infrastructure which includes several reservoirs, pumping stations and river crossings.
Anglian Water has invested approximately £400 million into the new infrastructure programme and, once completed, the network will be longer than any UK motorway. The new pipelines will help Anglian move water more freely around the region so it can divert it from areas of water surplus in north Lincolnshire to the south and east of the region, where it isn’t as readily available.
The network will also help combat the impact of climate change as James Crompton, Strategic Pipeline Alliance Director at Anglian Water comments: “The programme will make it possible to reduce the amount of water taken from the environment, as well as strengthening local resilience by reducing the number of homes and businesses which rely on a single water source.”
Alex Bennett, Director at M-EC, says: “This is an exciting project for M-EC and our Geomatics team, and we are proud to be working alongside Anglian Water and specialist partners to deliver this critical piece of UK infrastructure. Our team is already on the ground and our surveys will help inform other engineers at critical stages in the design and development of this programme.”
James Crompton adds: “Each of our partners who have joined our new Strategic Pipeline Alliance, delivering this programme bring not only a wealth of experience but new mindsets, thinking and innovation for what is an incredibly exciting project, but also collectively, one of the largest investments in our water infrastructure we’ve made in recent years.”
The entire infrastructure programme is due to be completed by 2025.
Derby healthcare services firm acquires corporate fitness provider
Derby-based Totally, the provider of a range of healthcare services, has acquired Energy Fitness Professionals Limited (Energy Fit-Pro or EFP) in an up to £1.3 million deal.
EFP is a corporate fitness provider established in 1990 to address a gap in the market for workplace fitness, which has grown to offer a range of services covering workplace wellbeing.
Energy Fit-Pro is owned equally by the two founders, Robert Radford and Alan Gallacher, who will continue to work in the business following the acquisition.
For the year ended 31 March 2021, unaudited management accounts for EFP recorded revenue of £983,708 and a profit before tax of £444,691 (which includes the impact of both government support and the COVID-19 pandemic). Unaudited management accounts for EFP showed gross assets as at 31 March 2021 of £987,000.
Wendy Lawrence, Chief Executive Officer of Totally, said: “We are thrilled to announce a new acquisition for Totally as we continue to deliver on our strategy and expand the Group.
“This acquisition creates exciting opportunities to transform the Group further by providing a new digital solution for many of our existing and planned new services. Totally will now be able to offer existing clinical, and physical and wellbeing services as part of a new digital offering to new and existing customers.
“Energy Fit-Pro is a very well-regarded business and fits well with our commitment to delivering quality services that ensure people within the UK and Ireland have access to the care and support they need.
“By entering the corporate market through Energy Fit-Pro’s strong existing contract base, we can further support our traditional customers, such as the NHS, by providing solutions that keep the population physically and mentally healthy and avoid the need for in-hospital care where possible.
“We are excited by the opportunities that this acquisition offers in a growing market, as large employers take greater accountability for the health and wellbeing of their employees.
“We continue advanced discussions with a number of other bolt-on businesses to enhance and strengthen our proposition further. I look forward to updating the market in due course as we look to build upon Totally’s position as a leading provider of healthcare delivery across the UK and Ireland and expand further by offering workplace wellbeing solutions.”
Hilton Leicester Hotel sold
The Hilton Leicester Hotel has been sold to Valary Hotels Limited, following a year of sustained demand for quality regional hotels, with value-add opportunities.
The freehold property – sold for an undisclosed sum – is the latest addition to Valary Hotels’ growing portfolio of UK hotels and is the first acquisition in Leicestershire for the group’s Leicester-born owner.
The four-star, 179-bed, Hilton Leicester Hotel will benefit from investment across its facilities, which include a bar, two restaurants, eight meeting rooms, as well as a LivingWell Health Club with indoor swimming pool, gym and sauna.
Following an extensive planned refurbishment, the hotel will operate under a franchise agreement with Hilton Hotels and Resorts under the DoubleTree brand and will be managed by Countrywide Hotels.
Situated three miles from Leicester City Centre, The Hilton Leicester Hotel occupies a strategic location close to the M1 and Fosse Shopping Park – one of Britain’s largest out-of-town retail parks – and the Grove Park Business Centre which is home to more than 350 international firms.
The deal was led by senior director Gavin Wright in JLL’s hotels and hospitality team in Birmingham.
Gavin Wright, senior director (hotels and hospitality) at JLL, said: “The UK hotel sector has shown incredible resilience this year and remains an attractive asset class for investors.
“This is a strategic acquisition for Valary Hotels and an excellent addition to its portfolio – which now comprises three branded hotels across central England, totalling 523 bedrooms – and underlines the appetite we’ve seen throughout 2021 for quality regional hotels that provide opportunities to add value.”
Rajiv Nathwani, owner of Valary Hotels, said: “We are delighted to have acquired this hotel; being born in Leicester it is very close to my heart. We plan to significantly invest in the hotel and refurbish the property throughout. The hotel will operate under a franchise agreement with Hilton Hotels & Resorts with their successful DoubleTree brand and be managed by our operating partner Countrywide Hotels.”
Agri-feed manufacturer secures refinance package to support growth and sustainability plans
Agri-feed company, GLW Feeds, has sealed a refinancing deal with HSBC UK to support the company’s future growth and to enhance its sustainability credentials.
Founded in 1873, Charnwood-based GLW Feeds is one of the largest independent, family-run livestock and speciality feed manufacturers in the UK. The deal with HSBC UK will provide the company with additional working capital and allow the business to expand its facilities and invest in new machinery.
The support from HSBC UK will ensure the longevity and sustainable growth of the 150-year-old company. It will enable GLW Feeds to invest in state-of-the-art milling equipment and technology which will allow the company to meet increasing market demand and further its commitment to British Agriculture and the Environment.
GLW Feeds have been actively working towards reducing their carbon footprint and maximizing their environmental sustainability through increased capacity coupled with more energy efficient production processes.
The company now sources c.70% of major raw materials locally to the mill and has already enrolled in global sustainability schemes with other raw materials. Furthermore, a new CHP plant will allow GLW Feeds to continue to reduce their carbon footprint through energy consumption and increase their overall energy efficiency per tonne of feed produced.
Jamie McDonagh, finance director at GLW Feeds, said: “From the initial meeting with relationship director Phillip Carr and the wider team from HSBC UK, the enthusiasm, sector knowledge and support they had for GLW Feeds was clear and we instantly knew they were the banking partner we needed. We now look forward to working closely together as we implement our growth strategy.”
Debbie Harper, HSBC UK area director for East Midlands corporate, added: “By working collaboratively with HSBC UK’s head of agrifoods Allan Wilkinson, we are delighted to welcome GLW Feeds as a new client. The banking facilities provided give increased liquidity and flexibility for the business in support of the exciting, and sustainable, future growth plans.”
In the past five years, GLW Feeds has completed mill renovations to facilitate growth and meet increasing customer demand, which has seen turnover grow by 30 per cent.
