Northamptonshire contractor reports 56% revenue growth
A continued focus on the later living sector has seen main contractor Kori Construction grow revenue by almost 56% in the 12 months to March 31, 2024.
The contractor, based in Corby, Northamptonshire, reported sales of £54.1m in 2024, up from £34.7m in the same period of the previous year.
Pre-tax profit climbed to £4m in the 12 months to March 31, up from £1.5m in the previous financial year and generating a profit margin of 10.5% – outstripping the industry average.
The company also reported a 100% increase in net worth and continues to operate a dividend strategy which prioritises strengthening the balance sheet and retaining earned profits to support future growth ambitions.
Jordan Connachie, Managing Director of Kori Construction, described the results as very encouraging, attributing the performance to strong client and subcontractor relationships, and the dedicated and professional team within the business.
He added that the company’s deep sector understanding, combined with robust financial controls, had enabled Kori Construction to mitigate risks, particularly inflationary pressures brought about by increases in material and labour costs.
Mr Connachie said: “Over the year, we have cemented ourselves as the leading main contractor of choice for purpose-built care homes in the UK, which is testament to the strong relationships we have built and maintained with our operator and developer clients, spanning from independent operators to blue chip businesses.
“As a result, the company has safely delivered five projects totalling 332 beds in the year, bringing the total number of completed beds to more than 1,000.
“With a further 10 projects under construction totalling 671 beds, the company continues to experience significant demand in the sector.”
Mr Connachie added future growth would continue to come from the care home sector, but also from the multiroom sector and retirement living projects which accounted for 35% of the company’s pre-construction opportunities over the financial year.
SkegVegas 100-mile bike ride set to return as £50,000 handed over to charities
Organisers of a sponsored 100-mile bike ride which took cyclists from Derby to Skegness have handed over £50,000 to two city charities – and are already looking for people to take part next year.
Cosy Foundation has given the money to the Derbyshire Children’s Holiday Centre and Derby Kids’ Camp following the SkegVegas 100 event, which took place in May.
It is the most the bike ride, which was launched in 2013, has ever raised, thanks to the generosity and pedal power of more than 70 participants, whose journey took them from Derby Arena through Nottinghamshire and Lincolnshire and to the holiday centre’s door.
It was also the biggest turn-out the ride had ever attracted thanks to a huge effort by its organisers, led by Cosy’s managing director, Dave Hook.
But now Peter Ellse, CEO of the Cosy Foundation, says organisers are looking to go bigger and better next year, with more riders and more money for the charities top of their wish-list.
The money raised will help pay for the charities’ work, which involves providing holidays for under-privileged young people across the county.
The Derbyshire Holiday Children’s Centre treats them to a week at the seaside in Skegness, while Derby Kids’ Camp gives them a week away sleeping under canvas, with games, treats and songs around the campfire at its own site outside Ashbourne.
Next year’s ride will take place on May 17 and there will be a host of new features including a walk called the Ashbourne Amble, a 20-mile trek across the Derbyshire countryside which will take place at the same time.
It is designed to give people who do not fancy embarking on the bike ride a chance to undertake their own fundraising challenge and it also helps reflect the work done by Derby Kids’ Camp.
The bike ride is also being opened up to local businesses, who will be invited to enter teams of four to 10 people and will get their own corporate cycling jerseys to commemorate the occasion.
And there will be a special celebration in the evening in Skegness, where the saddle-sore riders can unwind and swap their cycling tales, complete with refreshments and entertainment.
Peter said: “We learned this year how much of an institution the SkegVegas 100 is, with people returning year after year to take part and raise thousands of pounds for charity.
“We want to build on that by getting as many people involved as possible and raising awareness of these two wonderful charities who give young people a lifetime’s-worth of memories by giving them something everybody else takes for granted – a holiday.
“By organising a walk that will take place at the same time as the bike ride we will attract people who might feel that a 100-mile bike ride is beyond their capability but who are willing to take on a 20-mile hike to Ashbourne, which is just a few miles or so away from Derby Kids’ Camp.
“We also want to make the events extra memorable and reward everyone who is taking part, so what better way than host a party with, we hope, an Elvis impersonator thrown in.”
The SkegVegas 100 ride has become a much-loved fixture in the yearly calendar for the Derbyshire Children’s Holiday Centre, which, in the same spirit as Derby Kids’ Camp, gives a week’s seaside holiday to underprivileged children from Derby.
Alan Grimadell, chair of the Derbyshire Children’s Holiday Centre, said: “The SkegVegas 100 ride has raised many thousands of pounds over the years and we are thrilled with the success of last month’s event.
“Even though it happened a few weeks ago, Dave and his team have wasted no time in planning next year’s event and we’re all excited with the prospect of raising awareness of the ride even further and incorporating new ways in which to raise money.”
Chris Edwards, chairman of Derby Kids’ Camp, said: “This was our first year of being involved in the SkegVegas ride and the warmth, camaraderie and generosity of everybody who has helped organise it or have taken part has been a true eye-opener.
“They have helped raise an incredible amount of money, which will buy a whole load of happy memories for the young people who come out to our camp to get some fresh air, make new friends and just have fun.”
Former haulage warehouse in Lincoln hits the market for £3.3m
The former home of a family-run haulage firm is being marketed for sale by Watling Real Estate, who are seeking offers in the order of £3.3 million for the 78,733 sq ft industrial / warehousing unit in Lincoln.
The property comprises a detached, self-contained, four bay industrial/warehouse premises, located within the principal commercial district of Lincoln.
Ben Holyhead and Chris Davies of Watling Real Estate’s Birmingham office have been instructed to sell the vacant unit on Freeman Road, North Hykeham, on behalf of joint administrators from Kroll, who were appointed over Cartwright Bros. (Haulage) Ltd on 20 June this year.
Ben Holyhead said: “Given market demand for freehold industrial and warehousing accommodation, we anticipate a good level of interest, from occupiers and property investors alike. We expect demand to be supported by the property’s sub-division and asset management potential.
“Given the critical shortage of standing freehold industrial stock within Lincolnshire and the wider East Midlands, and with the cost of developing new accommodation exceeding £100 per sq ft, we expect the property to be an attractive proposition to a variety of potential purchasers.”
UK economy returns to growth
The UK economy returned to growth in May, following a flat April, according to new figures from the Office for National Statistics (ONS).
GDP (gross domestic product), a key measure of economy growth, showed a 0.4% month-on-month uptick in May, ahead of expectations.
All three main sectors contributed positively, with services output growing 0.3% in May, production output growing by 0.2%, and construction output growing 1.9%.
Ben Jones, CBI Lead Economist, said: “The latest data shows that the UK’s economic recovery is starting to put down roots. While growth in May was driven by a rebound in sectors such as retail and construction, which were hit by poor weather earlier in the spring, recent months have seen activity creeping up across a wide range of sectors.
“The new Labour government will benefit from some economic tailwinds going forward, with consumer confidence rising as lower inflation and strong wage gains support household incomes. However, many firms remain cautious about the near-term outlook. While the outcome of the election will help dispel some of the recent uncertainty, it could take a turning of the interest rate cycle for the recovery to really bed in.
“The new government’s focus on making growth a priority is welcome. However, to put the economy on a pathway to long-term, sustainable growth, we need to see concrete actions to deliver that vision within the next 100 days.
“While recent commitments to reforming the planning system are hugely welcome, firms are also keen to see progress in other key areas. A Net Zero Investment Plan would support ambitions to boost green growth, and a clear business tax roadmap would help deliver the stability that firms are looking for.”
Nottingham recruitment company secures multi-million-pound investment
Specialist recruitment company Metric Search has secured a multi-million-pound investment from BGF, the growth capital investors.
Founded in 2019 by Joe Jani, with headquarters in Nottingham, the business has offices in New York, London and Florida to service its growing US customer base.
The funding from BGF will allow Metric to further extend its footprint in the US recruitment market, which is worth an estimated $216 billion, by expanding its offering into dedicated exec search, contract recruitment and further niche specialisms.
The deal was led by Adam Huckerby, Sam Giurani and Seb Saywood, investors in BGF’s Midlands team.
Andy McCrae – part of BGF’s Talent Network – is joining as non-executive chair (NXC). He brings a wealth of industry experience from the likes of Phaidon International, Oliver James and SR Group, having previously worked with a range of PE-backed businesses and entrepreneurs.
In addition, John-Joe Walker has been appointed as chief commercial officer to ensure the company continues to offer the best level of client care across its global office base, alongside continued support from Zac Flint as finance director.
Joe Jani, founder and CEO, said: “Our global footprint has enabled us to successfully grow in the US market, whilst building a world leading HQ in our home city of Nottingham. From there, we have developed a compelling proposition in high growth, well capitalised sectors that have an excellent outlook, servicing clients that are at the forefront of cutting-edge technology and innovation and range from SMEs to blue-chip companies.
“The US recruitment market as a whole has vast potential and will play a crucial role in helping us to accelerate our growth ambitions – both geographically and from a sector perspective. In BGF we have an aligned investment partner which has the experience, network and approach to help us achieve our exciting plans and we’re delighted to be partnering with them.”
BGF investor Adam Huckerby, who will join the Metric board, added: “Metric has achieved remarkable success in a short amount of time, and is well placed to capitalise on the dynamic, growing US recruitment market through its high quality, specialist service.
“This is a great example of how BGF can support ambitious, high performing teams to fulfil their plans. We look forward to working with Joe and the team with the next phase of accelerated growth.”
Cowgills advised management on the deal. James Kennedy, partner in the deal advisory team, said: “We are very pleased to support Metric in securing an investment from BGF. The high performing Metric team are great to work with and I wish them every future success as they continue their impressive momentum in the US.”
Other advisers on the deal to the company and shareholders were Cowgills Corporate Finance (James Kennedy, Brett Marsden, Tom Roberts), Knights (Gavin White, Hannah Jones, Rachel Hatton, Clive Day), Cowgills Tax (Georges Daubney, Jason Gauthier), and Browne Jacobson (Matt Bolton).
Other advisers on the deal to BGF were Gateley Legal (Matt Hussey, Sophie Cahalin, Tammi Broad), Claritas Tax (Ses Memhi, Cass Cornforth, Natalie Lee), and Fairgrove Partners (Paddy Woods Ballard, Oli Lestner).
Business helps homeless people learn IT skills
Nottingham-based recruitment company Staffline is providing equipment and training to help homeless and vulnerable people across the East Midlands gain digital skills.
Staffline has donated around 400 items of pre-loved IT equipment to the homelessness charity Framework. The items, including more than 140 laptops and 100 tablets, as well as smartphones and protective cases, are estimated to be worth more than £23,000.
Framework’s digital inclusion team will use these to help people in need to acquire the vital IT skills and confidence to live independently.
In addition staff from the company are providing pro bono support by delivering IT training to Framework’s staff.
Matt Roberts, Staffline’s Group Head of IT, said: “At Staffline, we’re not just about providing top-notch flexible work across the UK; we’re about making a real difference in our communities, too.
“That’s why we’re thrilled to share our recent collaboration with Framework, a charity dedicated to supporting homeless individuals in the East Midlands. By donating tablets and laptops, we’re opening doors to new opportunities for people in need, aligning perfectly with our core values and vision.
“One of our core values, to ‘Stand Up and Be Counted’, is about building credible relationships and delivering on our promises with relentless passion. This donation to Framework embodies that commitment, offering a lifeline to those who are often left behind. We believe in the power of technology to connect, educate, and empower individuals, helping to bridge the gap between adversity and opportunity.
“‘Doing the Right Thing’, another core value at Staffline, is at the heart of everything we do. Acting with integrity and honesty, we adhere to the highest ethical standards, which is why partnering with Framework felt so right.
“This initiative supports their vision of creating an inclusive community where everyone has the chance to thrive. Together we’re working towards a future where homelessness is not just addressed but prevented, through understanding, support, and access to crucial resources like education and employment opportunities.
“We’re proud to support Framework’s goals, which resonate deeply with our vision of creating a future where everyone feels valued, supported, and hopeful. Through this donation, we’re not just providing technology; we’re helping to build a foundation for resilience, skill development, and a sense of belonging.
“It’s a reflection of our belief in doing the right thing for our community, standing up to be counted, and making a tangible difference in the lives of those we serve.”
Framework’s Head of Fundraising and Communications, Claire Eden, said: “Businesses and organisations provide vital support to our work in many different ways including payroll giving, taking part in fundraising events, or making Framework their charity of the year.
“Gifts in kind and pro bono support also make a massive contribution to the work we do to help people in need – as in the case of Staffline’s hugely generous and heartfelt support which is greatly appreciated.
“The quantity, quality and range of equipment provided by Staffline have given many more service users access to vital digital communications equipment. The training offered has increased the skill level among our service users. Both elements of this support have increased the scope and effectiveness of the work by our colleagues and have advanced digital inclusion among our service users.
“Thank you to everyone at Staffline who has been involved in this exceptional initiative. We are delighted to demonstrate our appreciation by including Staffline among our Friends of Framework – a group of businesses who have gone above and beyond in their support of our work. The plaque we recently presented provides enduring evidence of that appreciation.”
New plan launched for Nottingham’s economy
A new plan has been created to help boost Nottingham’s local economy over the next ten years.
Nottingham City Council have worked with partners across the city to create the Economic Plan for all private, public and third sector partners, residents, and stakeholders.
The vision is to deliver a vibrant, sustainable, and investment friendly Nottingham that promotes inclusion, secures resilience and unlocks prosperity for residents and businesses.
The Nottingham Growth Board, which is a partnership of some of Nottingham’s key businesses, educational institutions, and public sector organisations, will oversee the plan.
The idea behind the Economic Plan is to have:
- A shared vision for improving the economy of Nottingham
- A plan to help the city grow in a fair and sustainable way that benefits all citizens of Nottingham
- A framework of activity to help focus ambition and investment in our city
- A plan for all partners in the city to work towards to create sustainable and inclusive economic growth
Fashion logistics provider lets 587,000 sq ft unit at Magna Park Corby
GLP has signed a new lease agreement with Bleckmann, a logistics provider for companies in the fashion and lifestyle industry, for its 587,662 sq ft MPC 3 unit at Magna Park Corby.
A milestone for Bleckmann, MPC 3 is now the largest building in Bleckmann’s portfolio, and now the third occupied building with GLP, with the first two in Magna Park Lutterworth, bringing the total occupied space with GLP to over 965,000 sq ft.
Founded in 1862, Bleckmann has evolved from a transport company into a full supply chain solutions provider with a specific expertise in e-fulfilment solutions in the fashion and lifestyle industry.
Mark Van Onna, General Manager Real Estate at Bleckmann, said: “The combination of availability, capacity and sustainability was unique and perfectly matched our requirements. The 588,000 SQ FT footprint of the building and an internal clear height of 18 meters, enables us to utilize the cubic meters of the building in a very efficient way.
“With a BREEAM Outstanding certificate, this is a future proof building which we have added to the Bleckmann UK portfolio. This is our third transaction with GLP in the UK which clearly demonstrates our professional partnership.”
James Atkinson, Development Director at GLP, said: “Magna Park Corby’s importance as a logistics hub is strengthened by this significant agreement with Bleckmann. Their decision to establish a presence at Magna Park Corby recognises the UK as being a crucial growth market for their business.
“We continue to see strong demand for modern best-in-class, sustainable logistics warehouses and are delighted to see Magna Park Corby continuing to grow.”
Travis Perkins names new CEO
Northampton-based builders’ merchant Travis Perkins has appointed Pete Redfern as a Director of the company and Chief Executive Officer with effect from 16 September 2024. Pete succeeds Nick Roberts, who will step down as CEO and from the Board on the same day.
Pete brings over two decades of leadership, operational and finance experience in the construction sector, including 14 years as Group Chief Executive of Taylor Wimpey plc until 2022.
During his time at Taylor Wimpey, Pete oversaw the transformation of the company into one of the largest housebuilders in the UK, and its elevation to the FTSE 100, restructuring the Group post its merger, building a strong financial position after the global financial crisis, refocusing the company on its UK operations and delivering a strategy that created significant shareholder value through a focus on organic growth.
Alongside his sector experience, Pete also benefits from a deep understanding of Travis Perkins Group, having served on the Board as a Non-Executive Director for nine years to September 2023.
Jez Maiden, Interim Chair, said: “I am delighted that Pete Redfern will be joining Travis Perkins as CEO. Pete brings a combination of deep sector knowledge, operational delivery capability, commercial acumen and listed company expertise.
“He is focused on operational rigour and driving a performance culture, prioritising customers, quality and people. He has demonstrated his skills in managing costs, margins and cash generation, complemented by a rigorous approach to capital allocation.
“Pete joins at an important time for the Group as we focus on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business.
“I am confident that, together with Duncan Cooper, Chief Financial Officer, the executive leadership team will accelerate the ongoing transformation of the Group and deliver strong shareholder returns.
“I would like to thank Nick Roberts for his leadership of and dedication to Travis Perkins as CEO over the last five years. Nick has led the modernisation and simplification of the Group, whilst navigating a challenging trading environment, and we wish him every success in the future.”
Pete Redfern said: “It is a privilege to become the next Chief Executive Officer of Travis Perkins. In addition to my time as a Non-Executive Director, I have operated as both a customer of, and a supplier to the Group and have a strong sense of its inherent potential.
“My initial focus will be on implementing and adding to the actions already underway to improve operational execution and increase the focus on efficiency and cash generation, whilst also starting to develop the Group’s strategy for the years ahead.
“I am looking forward to working with Geoff, Duncan and the Board, together with all colleagues across the Group, to position us for the opportunities our changing environment will offer and to drive significant value for our shareholders.”
The appointment comes alongside that of Geoff Drabble as a Non-Executive Director of the Company with effect from 1 October 2024. He has also been appointed Chair (designate) from the same date and will take up the position of Chair as soon as his capacity allows.
Geoff brings unrivalled experience in publicly listed businesses across the building materials distribution, equipment hire and tools markets in which the Travis Perkins Group operates, gained from both executive and non-executive roles.
Geoff is Chair of Ferguson plc, the building materials distribution business listed on the New York and London Stock Exchanges, which primarily operates in North America. He is also currently Chair of DS Smith Plc, the international packaging company. He was a Non-Executive Director of Howden Joinery Group plc, the specialist kitchen supplier, from 2015 to 2023, serving latterly as its Senior Independent Director.
In his executive career, Geoff was Group Chief Executive of Ashtead Group plc, the FTSE 100 listed international equipment hire company, from 2006 to 2019 and previously held senior executive positions in Laird Group plc and Black and Decker Corp.
York research consultancy joins Leicester group
York-based research, evaluation and insight consultancy, Qa Research has joined Leicester’s EMB Group.
EMB Group provides a range of professional services designed to drive meaningful change through business information & advice, grant & transaction processing, and research & insight services. This latest acquisition increases the number of people working in the research division of the business to over 60.
For Qa, the sale represented an opportunity to become part of a larger group of companies and tap into a sophisticated infrastructure, whilst continuing to operate as a stand-alone business under the well-respected Qa Research brand, retaining the current team of experts.
Richard Bryan, Managing Director of Qa, said: “Over the past few years, Qa has been growing steadily and we wanted to find a partner with the right systems and culture to underpin this growth.
“As a business that is already engaged with many of our sectors and which understands how research agencies operate, EMB Group is a great fit for us. We’re excited to be part of the Group and working alongside the other research teams.”
Danielle Gillett, CEO of EMB Group, said: “Since entering the research market in early 2023, we have been steadily increasing our capability and the sectors we cover.
“Through their wide range of qualitative, quantitative and data collection services, Qa bring a new dimension to our offer, as well as strengthening our existing research and insight expertise and we’re delighted to welcome them to the Group.”
Qa Research will sit alongside Blue Marble Research and Pye Tait Consulting and continue to operate from their base in York.
