Future of Peak District hotel secured following acquisition
The Premier Inn Chesterfield West hotel and Highwayman Beefeater Restaurant, situated at the edge of the Peak District National Park just six miles from Chatsworth, has been acquired by the Devonshire Group, securing the site’s future.
The Group has purchased the site for an undisclosed sum and will focus on protecting and growing the impact of the hotel and restaurant within the local economy and Peak District visitor landscape.
Located in Eastmoor just off the A619, the hotel currently offers 25 rooms alongside a Beefeater restaurant, and employs 28 staff. The Devonshire Group will enter a period of planning to bring forward a new vision for the site that will be announced in due course.
In the meantime, the restaurant and hotel will retain the name The Highwayman. All existing staff at the site will continue in their employment at the hotel and restaurant under the Devonshire Group’s ownership.
The Devonshire Group has a strong track record of investing in local business and hospitality. It oversees a diverse collection of hotels, restaurants and holiday cottages across the Chatsworth Estate, including The Cavendish Hotel and The Devonshire Arms at Beeley and Pilsley.
The group has also owned the nearby Peak Village shopping centre and nature reserve since 2021, consistently developing the site’s offer since its acquisition, as well as its reputation as a destination for local communities and visitors alike.
Stephen Vickers, CEO of the Devonshire Group, said: “We are always looking for opportunities to create and grow businesses that have a positive impact on local people, local employment and the wider visitor economy in Derbyshire.
“The Highwayman site represents just that, providing us with the chance to enhance an already successful site to encourage even more visitors to this special corner of the UK, connecting them with nature, heritage and the wealth of local activities and produce on offer here.
“We are looking forward to welcoming our new colleagues to the Devonshire Group and sharing our plans for the site in due course.”
Richard Palmer, Managing Director of Devonshire Hotels and Restaurants Group, said: “We’re very excited about the opportunity to add the Highwayman to our portfolio of restaurants and accommodation in Derbyshire, and to build on the warm welcome and strong reputation created over years by the staff at this site.”
BRUSH acquires majority stake in Scottish engineering contractor
Loughborough-based energy engineering solutions provider BRUSH Group has acquired a majority stake in Scottish infrastructure and environmental engineering contractor McGowan Group.
The multimillion pound deal sees McGowan – a National Electricity Registration Scheme (NERS) accredited Independent Connection Provider (ICP) – become a key part of BRUSH Engineering Solutions, a leader in turnkey solutions to the UK’s power distribution network.
Based in Aviemore in the Scottish Highlands, McGowan employs 60 people in three business units: McGowan Infrastructure, McGowan Environmental, and Eco Cable Protect UK.
Nicolas Pitrat, CEO of BRUSH Group, said: “This is an exciting deal for both BRUSH and McGowan, creating significant growth opportunities both north and south of the border. There are strong synergies between our two businesses and McGowan’s impressive environmental credentials add a new dimension to our engineering capabilities.
“What’s more, their exclusive Eco Cable Protect business gives BRUSH customers a lower cost, lower carbon alternative protection system for cable and pipe laying projects across the UK.”
Ross McGowan, who founded McGowan Group in 2009 and will continue as Managing Director alongside the existing management team, said: “Becoming part of BRUSH Group is an exciting new chapter in our story and we’re looking forward to working with the team at BRUSH to apply our approach to working in the natural environment to a broader range of customers as we support the growth of the business across the UK.”
McGowan is the latest in a series of acquisitions by BRUSH, which when combined place the Leicestershire-based firm in a leading position among engineering solutions providers including Aprenda, ETA Projects, KUS Power Engineering, Poise and Rybka.
Nicolas Pitrat continued: “2024 has been yet another year of transformation for our business – one where we have made huge strides towards our vision of delivering complete turnkey solutions for our customers.
“Together, we are changing the landscape of the industry, redefining what it is to be an original equipment manufacturer; using our hard-earned experience, industry expertise, and drive for excellence to build a business fit for the future. As we move into 2025, we are in a stronger position than ever to deliver industry-leading products, services, and solutions to support the UK’s energy transition.”
Leadership unites as Penny delivers 7-language international programme
With elections and organisational change the focus of global affairs, one Nottingham-based expert has completed a major contract with one of the world’s foremost construction and engineering companies. Nottingham-based leadership and change specialist Penny Strutton, has been working with BrandSafway, which has a network of 340 strategic locations across 30 countries and more than 38,000 employees, on a major leadership and development programme. It has not only seen Penny delivering her “Think Forward” programme’s Elevated Leadership course in various countries but also, thanks to translation, in 7 different languages! Working with Penny over the last 6 months, the BrandSafway team have been discovering more about themselves and their leadership style and potential through the Lumina Learning concept. This includes psychometrics that reveal people’s dynamic personality, accelerate collaboration, creativity and problem-solving. Speaking about the programme, Penny said: “This has been one of the more challenging programmes to deliver purely from the scale and logistical perspective of so many countries, cultures and languages that we need to factor in but that challenge is what has made this such a rewarding journey for all of us. “There has been that one common thread uniting the entire programme as we’ve rolled it out and that is leadership. Now more than ever, in an era of great change and indeed challenge across the globe, this is a key skill that the world needs. “It has been fantastic to work with the BrandSafway team, they are a forward thinking organisation that is proactively placing their people at the heart of the business and I’ve learned a huge amount myself – how can’t you in such diverse teaching and learning situations!”
Housebuilder submits plans to deliver £78m, 275 new home development in Duckmanton
Housebuilder Honey has submitted plans to deliver a £78m, 275 new home development on a 41-acre site in Duckmanton.
The proposed site, which will be called Pearl, is located on Tom Lane on the outskirts of Duckmanton and is adjacent to the M1.
Subject to planning, Pearl will comprise a mix of two-, three-, four- and five-bedroom homes and will include terraces, semi-detached and detached properties.
If given the go ahead, work at Pearl is anticipated to start in February with the first residents expected to move into their new homes in spring 2026.
The 41-acre site has been allocated for development by Chesterfield Borough Council as part of the Chesterfield local plan to deliver 4080 homes by 2035.
Since being launched in October 2022, Honey has secured 19 sites across Yorkshire and the East Midlands that will deliver 2,349 homes and a combined gross development value of £665m.
The housebuilder is backed by private equity firm Alchemy Partners and its Alchemy Special Opportunities Fund IV which has £937m of fully committed capital.
Honey chief executive officer, Mark Mitchell, said: “Our proposed development will provide much needed new homes for people living in, or wanting to move to, Duckmanton at a range of price points.
“Duckmanton is an excellent location for us to execute our vision of delivering high specification, sustainable homes within a well thought out development to further enhance local communities.
“We have designed a range of house types that combine style, substance and sustainability. This ensures our buyers, and the wider community in which we build, benefit from a high quality development.
“We are excited by the opportunity to make our vision for our development a reality and we now look forward to Chesterfield Borough Council considering our plans for the site.”
Chesterfield’s Superior Wellness expands global presence with acquisition of European hot tub manufacturer
Superior Wellness, the Chesterfield-based manufacturer and distributor of hot tubs and wellness products, has acquired the ongoing trading business of Portcril, a well-established Portuguese hot tub company.
This strategic move marks a significant milestone in Superior Wellness’s ambitious growth strategy.
With a robust network of over 500 partners worldwide, Superior Wellness is the parent brand of some of the best-selling hot tub, ice bath, and sauna brands, including Platinum Spas, AquaSolus, HEKLA, and Chill Tubs.
“We are incredibly excited to welcome Portcril into the Superior Wellness family,” said Rob Carlin, Managing Director of Superior Wellness. “Portcril has a strong legacy in the hot tub industry, and we look forward to working closely with José and Diogo, from the founding family and current Executive Directors of Portcril, to build on their success.
“This acquisition not only strengthens our product portfolio but also allows us to continue delivering exceptional products and services to our customers, with the addition of a European production facility and operating base to our global network of manufacturing and operational facilities.”
Gareth Ward, Global Sales Director of Superior Wellness, shared his excitement about the new European facility: “I’m thrilled to announce the acquisition of Portcril, the renowned European hot tub manufacturer!
“After spending time at their facility and working closely with their team over the past few months, I’m incredibly excited about this significant milestone for Superior Wellness. This acquisition represents a major achievement for all involved and marks a huge step forward for our company.”
As part of the acquisition, all 44 employees of Portcril will retain their full-time employment and have their continuing employment rights honoured.
José and Diogo Teixeira, the Executive Directors of Portcril, expressed their enthusiasm for the future: “Joining forces with Superior Wellness is an exceptional next step for us. We are confident that this partnership will allow Portcril to thrive for many more decades, and we are excited to be part of such a dynamic and forward-thinking company.”
Maven appoints Investment Manager for East Midlands
Maven Capital Partners has appointed Paul Davis as Investment Manager in the East Midlands, where he’ll lead on deal origination and execution, with a focus on deals and opportunities for MEIF II Debt Finance East and South East Midlands.
Paul has more than 17 years’ experience within the business and commercial banking sector, and has worked for several major high street banks and alternative lenders including Barclays, Allica Bank, Metro Bank and The Co-operative Bank. His deal experience spans a wide variety of industry sectors, particularly in the manufacturin.
Paul will lead on sourcing and executing deals in the South East Midlands, as Maven continues to back ambitious and entrepreneurial companies across the region.
Maven has a long-established deal team operating in the Midlands, and earlier this year was appointed as Fund Manager for the initial £46 million debt fund for the East and South East Midlands, part of the overall £400 million Midlands Engine Investment Fund II. The new addition to the growing team underscores Maven’s commitment to nurturing innovative businesses across the Midlands and driving their growth to realise their full potential.
MEIF II Maven Debt Finance has already announced a number of new deals into local businesses including Advance Tapes, a Leicester-based independent manufacture of specialist adhesive tapes, and Nottinghamshire specialist logistics and trackway installation provider DUKE Distribution.
He said: “I am proud to join and be part of the MEIF II team, as it’s really rewarding to support SMEs operating in the same area I live. I’ve grown up seeing local businesses thrive and create new employment opportunities and I get great enjoyment in knowing I’ve had a small part to play in growing the South East Midlands economy.”
Legal community urged to become Star Trust advocates
Fishers Solicitors, which recently opened a new office at Oberoi Business Hub in Pride Park, has become the first local law firm to pledge support for a new fundraising initiative across Derby and Derbyshire, launched by East Midlands charity, Star Trust – The Charitable Entrepreneurs.
Derby entrepreneur Kavita Oberoi OBE, who is a patron of the Star Trust and managing director of Oberoi Business Hub, launched a local monthly pledge scheme across Derby and Derbyshire earlier this year alongside the charity’s co-founder Steve Hampson.
They invited the local business community to pledge a monthly amount from £50 upwards, which will be ring-fenced and then donated to SME charities across Derby and Derbyshire who apply for much-needed funding to improve the lives of people in their local communities.
Oberoi Business Hub are also gold patrons of DDLS and are appealing to the other local law firms to follow suit and support Star Trust with monthly pledges.
Fishers Solicitors’ co-director and head of Commercial Property, Ian Riley, explained: “When we learnt more about the Star Trust from Kavita, we recognised the value of supporting local charities across Derby and Derbyshire having just expanded our own reach on Pride Park.
“This is a very straight forward and highly effective way for businesses to ensure that the money they raise and donate supports those who most need it as Star Trust handle all the applications from charities and due diligence and more importantly it goes back to our local community.”
Fellow co-director Donna Ennis continued: “The Star Trust is a very well organised organisation which supports some incredibly worthwhile local charities. We hope that other law firms in the region follow suit and support this important initiative.”
Kavita Oberoi added: “Star Trust raises over £100,000 a year from their annual ball and motoring days which is then deployed within weeks to charities that have applied.
“When I joined as a patron, I was keen that we look at ways to generate funds throughout the year so that charities can benefit from our support when and where they most need it.
“I knew from experience that the Derby business community would get behind such a worthwhile cause and it is wonderful that Fishers Solicitors, who are part of the Oberoi Business Hub community, have pledged their support in this way.
“My plea is that other local law firms come together as a collective to make a real positive difference in their local communities and I am happy to discuss this with anyone interested in this fantastic opportunity.”
Star Trust co-founder Steve Hampson concluded: “Fishers Solicitors join a growing community of companies across the East Midlands who support the Star Trust – safe in the knowledge that their generosity is translated into real support for real people in the heart of our local communities.”
Since its launch 11 years ago, the Star Trust has supported 120 charities with a total of £886,000 and has directly touched the lives of more than 80,000 people in the East Midlands area.
East Midlands entrepreneurs fight back as start-ups rise and cashflow improves
East Midlands entrepreneurs are fighting back against current economic challenges with a rise in start-ups in the region and a decrease in the amount of businesses in liquidation with outstanding debts.
This is according to the Midlands branch of national insolvency and restructuring trade body R3 and is based on an analysis of data from business intelligence provider Creditsafe.
R3’s figures show a month-on-month increase of 16.6% in the number of companies set up in the East Midlands in October, rising from 2145 to 2500, while the number of businesses in liquidation in the region who owe money to their creditors has fallen by 29.1%.
R3 reports, however, that insolvency-related activity in the East Midlands – which includes liquidator and administrator appointments as well as creditors’ meetings – has risen by 29.2% over the same period, but this increase should be taken in context.
R3 Midlands Chair Stephen Rome, a partner at Penningtons Manches Cooper in the region, said: “The increase in insolvency activity, coupled with latest national statistics from the Insolvency Service, suggest directors are seeking early professional advice – a key campaign focus for R3.
“The indications are that there are more companies that have the potential to be rescued via a sale out of Administration, which is the preferred outcome for members of the profession.
“Without doubt, we continue to experience an unstable economic backdrop, but if business owners can get help at the first sign of a signifiant problem – such as late customer payments, low working capital and rising overhead costs – the more likely it is that a company can be rescued and returned to profitability.
“Many R3 members offer a free initial consultation to those who wish to explore their options.”
Listed Midlands companies record nine profit warnings in Q3 2024
Listed companies in the Midlands issued nine profit warnings in Q3 2024, three more than the previous quarter, according to the latest EY-Parthenon Profit Warnings Report.
Nationally, UK-listed companies issued 84 profit warnings between July and September 2024, the highest quarterly total for two years.
The report found that profit warnings from UK-listed companies rose 11% compared with Q3 2023, and the proportion of companies that have issued a warning over the last year now stands at 19.2% – the highest rolling 12-month percentage since the pandemic and, before that, since 2001.
Leading factors behind Q3’s profit warnings included contract and order cancellations or delays, cited in 38% of warnings, the highest percentage for this reason in 15 years. Falling sales also triggered a third (33%) of the quarter’s warnings.
Jo Robinson, EY-Parthenon Partner and UK&I Turnaround and Restructuring Strategy Leader, said: “Uncertainty has been a persistent feature of the business environment for several years now but, unusually, this latest surge in warnings wasn’t preceded by a sudden economic downturn or one-off event.
“This uncertainty seemed to intensify over the summer as companies awaited the new Chancellor’s Autumn Budget and US election and were also affected by ongoing heightened geopolitical tensions. The latest profit warning data gave us a real-time indicator of this shift in business sentiment and the impact this can have on company earnings.
“Time will tell whether this rise in profit warnings is a temporary spike or indicative of a longer-term trend, but against a volatile macroeconomic and policy backdrop, coupled with profound changes in technology and consumer behaviour, abrupt adjustments to earnings expectations appear increasingly likely.
“In this environment, companies and their stakeholders must be vigilant in proactively identifying and addressing emerging issues before they escalate. The restructuring landscape may be rapidly evolving, with innovation often offering opportunities for value preservation, but prompt action is still crucial to secure the best possible range of outcomes.”
Industrials and technology lead the rise
The FTSE sectors with the highest number of profit warnings in Q3 were Industrial Support Services – which encompasses business service providers, industrial suppliers and recruitment companies – with 10 warnings issued, and Technology Hardware & Equipment, with eight.
Customer reluctance to commit to new contracts and orders was particularly pronounced in the Industrial and Technology sectors, where over 90% and 70% of the warnings, respectively, were related to either lower orders or contract delays and cancellations.
In the Midlands, warnings were spread across a number of FTSE sectors, including Beverages, Industrial Engineering, Industrial Metals and Mining, and Retail. Companies operating within FTSE Industrials sectors issued the highest number of warnings (four), making up 44% of the region’s total warnings in Q3 2024.
Dan Hurd, EY Partner, Turnaround and Restructuring Strategy based in Birmingham, said: “The industrial sector in the Midlands is heavily reliant on business and public sector spending, making it particularly vulnerable to economic uncertainty and cost-cutting measures.
“With nine warnings issued so far this year, companies in the region have been grappling with a drop in sales, budgetary pressures and, as reported again in Q3, challenging negotiations with customers.
“The 64% quarterly rise in industrials profit warnings nationally also reflects the pressure we’ve seen in the automotive sectors in the Midlands. Demand in the sector is under greater pressure, with annual car sales in Europe still materially below pre-pandemic levels, and OEMs having to navigate regulatory requirements to increase the mix of electric vehicle sales.
“This is having a disruptive impact on the automotive supply chain, and the OEMs are now also facing the additional challenge of having to keep an eye on the resilience of their dealer networks.”
Midlands job vacancies fall more quickly in October
The latest KPMG and REC, UK Report on Jobs survey, compiled by S&P Global, indicated that the Midlands saw accelerated declines in demand for staff at the start of the final quarter of the year, with temporary vacancies down to the largest extent since the COVID-19 pandemic.
Temporary billings continued to rise, however, in contrast to a further reduction in permanent placements. On the pay front, permanent salary inflation softened while there was a renewed increase in wages for temporary staff.
The KPMG and REC, UK Report on Jobs: Midlands is compiled by S&P Global from responses to questionnaires sent to around 100 recruitment and employment consultancies in the Midlands.
Sharpest fall in permanent placements since January
October data pointed to a sharp and accelerated reduction in permanent placements in the Midlands, thereby extending the current sequence of decline to five months. Moreover, the rate of contraction was the fastest since January. According to respondents, market uncertainty meant that companies were often reluctant to hire at present.
The reduction in permanent placements in the Midlands was sharper than the UK average. The steepest reduction overall was in the South of England, with the slowest decline in London.
In marked contrast to the picture for permanent placements, temp billings continued to rise in the Midlands during October. Moreover, the rate of expansion was solid and faster than in September. Temp billings have now increased in each of the past seven months.
The North of England was the only other region to see temp billings rise, with the Midlands posting the sharpest expansion overall.
Demand for both permanent and temporary workers declined during October, and to larger extents than was the case in September.
Permanent vacancies fell particularly sharply, with the rate of contraction the most marked since January 2021. Only the South of England posted a steeper fall than the Midlands.
Demand for temps was down for the second month running, and at the fastest pace since the opening wave of the COVID-19 pandemic in mid-2020.
Sharp increase in permanent candidate numbers
Redundancies meant that permanent staff availability increased sharply again in October. The number of candidates rose for the nineteenth month running, albeit at a slightly softer pace than in September.
Higher candidate numbers were seen across each of the monitored regions, led by London. The slowest increase in permanent staff availability was recorded in the Midlands.
The rate of increase in temporary candidate numbers quickened markedly during October and was the strongest since November last year. The rise in the Midlands was the second-largest of the monitored English regions, just behind the capital.
As was the case with permanent staff, the rise in availability of candidates for temporary positions was mainly due to redundancies.
Permanent salaries continue to rise markedly
As has been the case on a monthly basis since March 2021, starting salaries for permanent workers in the Midlands rose in October. Panellists reported that the increase often reflected the placement of candidates into senior roles.
The rate of inflation was marked and by far the sharpest of the four monitored English regions, despite easing from the previous survey period. Modest increases were seen elsewhere.
After having dropped for the first time in almost four years in September, hourly pay rates for temporary staff increased in October. Moreover, the solid rise was the fastest since June.
As was the case with permanent starting salaries, the increase in temporary pay rates in the Midlands was the sharpest of the English regions covered. The softest rise was in the South.
Kate Holt, People Consulting Partner at KPMG in the Midlands, said: “October’s figures recognise the challenges facing the Midlands’ labour market, as demand for both permanent and temporary staff continues to fall.
“That said, it’s likely that many firms in the region will have eased off on recruitment until the outcomes of the Autumn Budget were known.
“The increase in National Insurance announced by the Chancellor provides a further cost consideration for management teams but we would hope to see more firms in the Midlands looking to enact their recruitment plans for 2025 with the table now set.”
Commenting, Neil Carberry, REC Chief Executive, said: “These figures are a timely reminder that demand from employers for new staff has weakened since the election – though the overall picture in the UK remains resilient by comparison to pre-pandemic.
“There is a positive sign in this month’s data with temp billings going up faster than September and now having increased in each of the past seven months in the Midlands. But things now stand in the balance – firms need to be persuaded to invest, with recent changes to NI thresholds, the minimum wage and prospective changes to employment law all causing concern.
“Firms will be looking for the Government to deliver a clear, stable growth plan and detailed regulatory changes that enable firms rather than put them off over the next few months. Temporary work in particular is a fantastic way of helping people take steps out of inactivity, and the threat of new employment laws undermining opportunities for workers must be addressed.
“There is little in the pay data, with salary rises in the Midlands easing from the month before, that suggests the Bank of England should step away from further cuts to interest rates, which will also boost business confidence. And data on shortage sectors is a timely reminder that delivering on a skill strategy that is aligned to business needs is one of the biggest things Government and businesses could achieve working together.”
