IK Partners joins management to acquire majority stake in Dains
IK Partners’ IK X Fund has signed an agreement to invest in Dains Accountants alongside the management team who are significantly re-investing.
IK will succeed Horizon Capital as the majority shareholder. Financial terms of the transaction are not disclosed.
Established in 1926, Dains provides a comprehensive suite of accounting and business advisory services to fast-growing small and medium-sized enterprises (SMEs) in the UK and Ireland.
Following investment from Horizon Capital in 2021, Dains has grown rapidly as a result of 10 strategic acquisitions and organic growth. At present, the company has 765 employees who serve a customer base of over 17,000 clients.
With the support of IK, Dains will look to: continue its strong organic growth in the UK and Ireland; make further investment in its operational platform and recruitment; as well as accelerate its inorganic growth through partnering with strong, complementary firms across the UK and Ireland.
Richard McNeilly, CEO of Dains, said: “We are very excited to be partnering with IK, who we believe possesses the necessary track record and expertise required to successfully support us in this next phase of our development.
“The team’s experience in both the Accounting and Professional Services sector, as well as in executing buy-and-build strategies in the UK and Ireland will be especially important in a fragmented marketplace like ours, where we are looking to drive consolidation and reinforce our strong position as the acquiror of choice.
“We would also like to take this opportunity to thank Luke and his team at Horizon Capital for their unwavering support over the past three years.”
Pete Wilson, Partner at IK Partners and Advisor to IK X Fund, said: “Dains is a strong business with an impressive history of delivering exceptional client services and business growth year on year. The breadth of services offered by their accountancy experts across the UK and Ireland has built an excellent reputation for Dains amongst fast-growing SMEs.
“With our track record in supporting similar businesses in the Business Services sector, we look forward to partnering with Richard and his team in the next phase of the Company’s journey.”
Luke Kingston, Managing Partner at Horizon Capital, added: “We are so proud to have played a part in the growth of Dains over the last three years and to have backed Richard and his team to build a leading business in its niche.
“This was a fantastic investment, and we are thrilled to have delivered an excellent outcome for all stakeholders involved. We wish the Company every success in the future.”
New product demand supports bullish East Midlands firms heading into 2025
Almost nine in 10 (89%) private business owners in the East Midlands are confident of delivering growth in 2025, according to KPMG UK’s first ever Private Enterprise Barometer.
The new poll gauged optimism among 1,500 private business owners, including 126 in the East Midlands, across a range of sectors including professional services, finance, technology, industrial manufacturing and retail.
Increased demand for products and services was identified as the main reason for this confident outlook – cited by more than half (55%) of respondents. Looking ahead, almost three quarters of businesses (72%) in the region have plans to diversify through new products or services in the next five years.
Plans to target international expansion are a lower priority, however, with only 52% of businesses citing this as a key diversification strategy, 11 points below the national average of 63%.
Elsewhere, investment into technology and more specifically AI is a key priority for firms across the East Midlands, with seven in 10 (70%) respondents citing this as the main area of technology they would be looking to invest in in the future.
This investment into AI will support firms across the region to improve customer experience, with two-thirds (66%) of respondents citing this as a key priority.
Securing and developing the necessary skills for businesses to capitalise on these opportunities also remains a key priority for the region though.
Businesses across the East Midlands are generally optimistic about their ability to do this, with almost three in five (59%) expressing confidence in their ability to recruit people with the right qualifications and experience for their businesses – ahead of the national average (55%).
With fewer than a fifth (14%) of firms having difficulty accessing funding, it’s notable that internally generated funds and private equity were seen as the most popular sources of funding to support long-term diversification, ahead of bank debt.
Marc Abrams, Nottingham Office Senior Partner at KPMG UK, said: “Emerging from what many businesses will have experienced as a challenging year, it’s heartening to see that private firms in the East Midlands are optimistic about their 2025 growth prospects.
“Predominantly driven by an increased demand for their products and services, many are primed to make their expansion ambitions a reality in 2025.
“While upskilling continues to be a preoccupation for the region’s businesses, it’s heartening to see that the majority are confident in their ability to address this shortfall through recruitment, feeding into a wider picture of positivity among private business leaders.”
2025 Business Predictions: Jane Biggs, Managing Director at Bygott Biggs
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 legal recruitment expert Jane Biggs, Managing Director at Bygott Biggs.
1) Back to office working policies are definitely making recruitment more challenging, as candidates are voting with their feet to join law firms and in-house teams who offer hybrid or remote working opportunities.
2) Similarly candidates want to see a commitment to ED&I and improving diversity statistics at all levels within law firms. Strong CSR initiatives also help attract the best talent which increasingly focus on what firms are giving back.
3) Generally speaking, law firms continue to publish healthy growth with revenues up year on year. Consolidation still seems high on the agenda and looks set to continue. With a new government there looks set to be a focus on growth in particular legal specialisms such as infrastructure, planning, construction and renewable energy.
They would be my three key predictions. Of course there is also the Budget, where it remains to be seen what the impact will be on areas like corporate, banking and real estate which experienced high levels of activity in the lead up to the Budget.
University of Nottingham spinout secures £340k for electric car technology
University of Nottingham spin-out, The Thinking Pod innovations (TTPi), has secured £340,000 in its first investment round to commercialise pioneering power electronics technology, which reduce the environmental impact and cost of electric vehicles.
TTPi has developed groundbreaking technology in collaboration with the University of Nottingham, which will boost the efficiency and range of electric cars.
The company was founded in 2017 and to date, the firm has been funded through grants from Innovate UK, UKRI, Driving the Electric Revolution and income generated from commercial development agreements with partners such as Advanced Electric Machines, National Grid ESO and Infineon Technologies.
Now, the growing company has sought external equity investment for the first time. In a notable show of support for co-founders and directors Prof Lee Empringham, Dr Liliana de Lillo and their team, the new finance has been provided by fellow academics within the field of power electronics, the University of Nottingham, as well friends and family.
TTPi’s novel technology enables the creation of smaller, lighter, more efficient power converters and motor drive systems, which are essential in electric vehicles, aircraft, and any dynamic industrial processes that rely on electricity as a power source.
Currently, these components can be bulky and heavy, but using TTPi’s knowledge and applications allows them to be packaged into lightweight, compact units that will produce major savings in terms of precious raw material use, energy and cost, and deliver a better performance compared to anything currently available.
“The support for TTPi from fellow academics, friends and family is exceptional,” said company chairman David Whelan, who has over 35 years of business development experience, with particular expertise in expanding companies, while increasing company turnover and profitability.
“I have been working with spin-outs for 15 years and this shows what the investors feel about Lee and Liliana and their colleagues, as well as the future of the company, the technology it is developing and where that can go.
“We believe this technology and the products it supports will make a real difference in the transition to net-zero carbon emissions across multiple industrial sectors.”
This investment in TTPi will facilitate the commercialisation of cutting-edge components aimed at the electric vehicle industry. It will enable further development of TTPi’s DC-to-DC modular converter unit for use in electric vehicles, fund new staff and the creation of commercial licence agreements and patents.
The demand for improved power electronics components is huge, as all industrial sectors strive to manage the environmental impact of production and achieve net-zero greenhouse gas emissions.
The market for more compact and efficient electric vehicle (high-voltage DC-DC) power converters alone, is estimated to be $1.46 billion in 2024, rising to $2.82 billion in 2029.
The interest in and support for TTPi derives from the fact that its technology and modules have already been tested and field-trialled with excellent results.
“Industry is turning to electricity to meet the environmental challenges facing the planet and power electronics is the backbone of our increasingly electrified world,” said Prof Empringham, a leading member of the Power Electronics Machines and Control (PEMC) Research Institute and Standards Chair for the Industrial Power Converter Committee of the IEEE Industrial Application Society.
Prof Empringham explained that in an electric car, for example, a 400V or 800V battery is used to drive the wheels, but other systems like air conditioning and power steering require a lower voltage such as 42V and 12V systems.
“That’s where power converters come in, but their size and weight is currently a problem,” added Prof Empringham who has previously collaborated with leading global companies, including Boeing, GE Aviation, Infineon, Liebherr-Aerospace, Airbus, Ultra Electronics, Jaguar Land Rover.
“TTPi is ideally placed to help meet these challenges and supply these growing markets with state-of-the-art power dense, efficient and sustainable solutions, which includes power converters and motor drive systems.”
TTPi’s converters are lighter than existing products and are currently in prototype testing. TTPi is now working towards Technology Readiness Level (TRL) 6 and samples will be available for third-party testing in Q2 2025. The company plans to undertake a second investment round late next year.
In addition, TTPi recently unveiled its new advisory board, which includes Professor Jon Clare, Emeritus Professor of Power Electronics at the University of Nottingham and a leading international authority on the subject.
He is joined by Dr Simon Hart, an Honorary Associate Professor (Electrification of Transportation) and an Entrepreneur in Residence at the University of Nottingham, who has held senior positions at several technology companies, and Riona Armesmith, CTO at magniX, a company that is pioneering the development of electric aircraft.
TTPi was founded in 2017 and spun out of the University of Nottingham in 2020.
Consultancy constructs charity Christmas hampers
Kind-hearted colleagues at a Northampton-based construction consultancy have spread festive cheer by building Christmas hampers and donating gifts to local families needing support.
Bhangals Construction Consultants wore Christmas jumpers to put together the 100 hampers at their Grange Park base on Tuesday.
The parcels are full of both essential and luxury items including biscuits, tinned goods, pasta, rice, shampoo, conditioner, shower gel, face wash, toothpaste, toothbrushes, chocolates and toys for the children.
It is the sixth consecutive year that the generous team have put together the hampers, which cost a total of £2,000.
The bumper bags were then handed over to innovative community support hub SCCYC Waterside Connect, who work tirelessly to provide vital services to the local community and much needed food and supplies to families living in poverty, and in crisis.
Bhangals Construction Consultants associate operations director Katie Newman said: “We are delighted to be able to support SCCYC Waterside Connect for another year with our Christmas hampers. They are an incredible charity and the work they do makes such a positive impact on families who are struggling, particularly at this time of year.
“Spreading some Christmas spirit brings us all great joy and I hope that our contribution will really make a difference in our valued community.”
East Midlands manufacturers see post-Budget slump in confidence
Business confidence among East Midlands manufacturers has dipped sharply to the lowest level in a year in response to rocketing costs, according to a survey published by Make UK and business advisory firm BDO.
The Make UK/BDO Manufacturing Outlook Q4 survey shows that while output remained positive in the last three months at a balance of +12%, orders fell and are forecast to fall further in the next 3 months to -12%. While recruitment intentions in the region remained stable, the fall in confidence resulted in cutbacks in investment which also turned negative at -12%.
This picture contrasts sharply with the previous survey when almost six in ten companies (58%) saw a brighter economic outlook under a new Government and, bar the immediate post-Covid recovery, when business confidence among manufacturers had reached its highest level in a decade.
According to the survey, 70% of East Midlands manufacturers have seen their costs already increase by up to a fifth in the last year, while almost one in ten (8%) had seen their costs rise by up to a half. In particular, the survey shows almost nine in ten companies (86%) will see their business costs increase due to the Make Work Pay reforms, with almost half of companies (44%) saying the increase will be ‘significant’.
With the Budget set to add substantial extra business costs to those that companies were already facing, in particular the changes to National Insurance Contributions, Make UK has cut its growth forecasts with manufacturing contracting by -0.2% this year and growing by just 0.7% in 2025.
In response, Make UK is urging the Government to look at measures which might help alleviate the impact of rising costs, in particular reforms to business rates and current incentives to decarbonise.
Chris Corkan, Region Director at Make UK in the Midlands, said: “Having faced a cost creep for most of the year, manufacturers in the East Midlands are now facing a cost crisis which has brought a sharp dip in their confidence.
“While overall conditions had begun to gradually improve during the year, the Budget has brought this to a shuddering halt, with the substantial increase in National Insurance Contributions potentially the straw that might break the camel’s back for some.
“There is now an urgent need for Government to look at other measures which might mitigate the impact of the rocketing costs that businesses are now facing.”
Jonathan Lanes, Head of Manufacturing at BDO in the Midlands, said: “While manufacturers across the East Midlands have welcomed the Government’s Industrial Strategy green paper, optimism across the region is declining, driven by increased input costs and the implications of the latest Budget on employment costs.
“Increasing investment in improving productivity is vital now more than ever to maintain stability and offer opportunities for growth across the East Midlands and the wider sector.”
HBD and Feldberg Capital launch Origin mid-box industrial and logistics platform seeded with c.£100m development portfolio
HBD, the property investment and development arm of Henry Boot, has formed a UK focused industrial and logistics platform in joint venture with Feldberg Capital, the specialist in rapidly scaling sustainability-focused real estate ventures in high-growth sectors.
The platform will be known as Origin, with seed assets including the first phase of SPARK, a major employment scheme in Walsall.
With a GDV of £53m, the 13-acre first phase of SPARK has full planning consent and comprises two units totalling 270,000 sq ft. Work will begin on the construction of the first phase in February 2025.
Origin, subject to market conditions, intends to deliver circa £1bn of high-quality industrial and logistics schemes across the UK over the next seven years. Alongside SPARK, two further HBD schemes will be among the seed assets; ARK, a new £19m GDV development at Markham Vale in Derbyshire, and INTER a £27m GDV development in Welwyn Garden City.
All three initial sites have the potential to deliver around 450,000 sq ft of prime industrial and logistics space, with the construction of each to commence in H1 2025 for delivery from H2 2025. All developments will target market leading ESG credentials, including BREEAM Excellent and EPC A.
The venture will draw on both HBD’s development pipeline as well as acquiring sites from third parties for further pre-let and speculative industrial and logistics development.
Ed Hutchinson, Managing Director of HBD, said: “We are delighted to be able to announce the launch of Origin which will strategically help HBD to expand its industrial and logistics pipeline across the UK.
“The first phase of SPARK is one of the seed assets within the new venture, with the first two units expected to start on site early next year. Feldberg Capital share our commitment to ESG and sustainable development and SPARK is no exception, with net zero carbon, BREEAM Excellent units ready to occupy from H2 2025.”
David Turner, Managing Partner at Feldberg Capital, said: “Having held back from the industrial and logistics market while assets looked overpriced, we believe now is a highly attractive entry point, with land values having come down over the last 24 months and entry yields being at more sustainable levels.
“The positive tail winds within the sector remain, driven by structural trends including the continued growth of e-commerce and more firms serving the UK market looking to ‘onshore’ their production here in the face of a shifting regulatory and geopolitical backdrop.
“Our aim is for Origin to become a market leader in the mid-box space. We’re excited to be working together with HBD, using our tried-and-tested ESG framework to deliver the next generation of units for modern, environmentally responsible occupiers, and driving strong risk-adjusted returns for our investors in the process.”
Origin is immediately well capitalised and will own and develop next generation, ESG compliant industrial and logistics assets, predominantly in the mid box market, across the UK. The venture will be seeded with an initial portfolio of three sites from HBD’s pipeline with a combined GDV of c.£100m (HBD share: £25m).
HBD has a 25% share of the joint venture, while Feldberg Capital will hold a 75% share. HBD will be the development manager, receiving a fee for doing so, and Feldberg Capital will act as investment manager.
Shoosmiths and Linklaters advised Feldberg Capital and HBD was advised by Pinsent Masons.
Counselling service turns a new leaf in Derby
New Leaf Derby, a specialist counselling and therapy service, has relocated to Kings Chambers, part of Connect Derby’s portfolio of managed workspaces.
Founded by Hazel Green, a BACP (British Association of Counselling and Psychotherapy) accredited therapist, New Leaf Derby offers compassionate, client-focused counselling services in a safe and supportive environment.
The move to Kings Chambers offers New Leaf Derby a platform to expand its services. In addition to individual counselling, the practice now provides clinical supervision for qualified and trainee counsellors, along with access to meeting rooms for group work and training sessions, which provides a supportive environment for professional growth.
Previously based at The Wendy Centre on Wilson Street in the city, New Leaf Derby’s new location in the heart of the city brings significant benefits, including improved accessibility via public transport, ample parking, and modern amenities.
Commenting on making a new home at Kings Chambers, Hazel Green said: “I am thrilled to join the Kings Chambers community. Not only does the space foster a professional and calming atmosphere for therapy, it also offers improved amenities which will enable us to better serve our clients and make therapy more accessible to people in the Derby area.
“The move to Kings Chambers has been incredibly smooth, thanks to the supportive and responsive Connect Derby staff. I feel safe and secure in this new space, and I’m excited about the opportunities this move brings for New Leaf Derby and our clients.”
Sonia Kang, operations manager at Connect Derby, added: “We are delighted to welcome New Leaf Derby to our thriving community at Kings Chambers. Hazel’s dedication to mental health aligns with our mission of creating an environment where local businesses can flourish. We look forward to seeing the positive impact of her work on our city.”
Deal landed for former aircraft factory in East Midlands
Hortons has strengthened its presence in the industrial/logistics sector with the acquisition of a multi-let estate in Leicestershire, once home to the famous Auster Aircraft.
Rearsby Business Park is set on a 12.95-acre site near Rearsby, between Leicester and Melton Mowbray, within the M1 corridor.
The estate comprises 155,985 sq ft across 15 fully let industrial units with an additional 2.5 acres of development land for future expansion.
Hortons has acquired the business park from a private investor for an undisclosed price – it is the first time the site has changed ownership in almost 50 years.
Rearsby has a rich manufacturing history and the site was once home to Taylorcraft Aeroplanes (England) Ltd’s factory, where the world-famous single propeller ‘Auster’ light aircraft was designed and built. It has since been extensively modernised, extended and redeveloped, with the last unit being added in 2020.
Established tenants at Rearsby Business Park include: East Coast Fittings, T.E.K Seating, GT Plumbing & Heating Engineers, Lewis & Hill Ltd, Metric Services (Leicester) Ltd, and K & D E Barnett & Sons Ltd.
Steve Tommy of Hortons said: “We are pleased to have secured such a well established asset, in the heart of the East Midlands’ industrial market. The acquisition of Rearsby Business Park complements our expanding industrial/logistics property portfolio, providing a strong existing rental income and opportunities to add value.”
Hortons was represented by Nick Wood at Savills, with Oliver Forster of CBRE acting on behalf of the vendor.
Nottinghamshire County Council to invest in cost-effective, energy saving buildings
Measures to bring more front-line council services into cost-effective, energy saving buildings are set to get the go-ahead next week (Thursday 19 December).
Plans from Nottinghamshire County Council include reducing their overall number of offices, creating more carbon-neutral buildings, generating income by leasing space and co-locating with other public organisations.
An investment worth £7.4 million is due to be approved at next week’s full cabinet meeting to help move these major plans to the next stage. These include the appointment of a specialist commercial agent to bring further expertise to the business case for the future use of County Hall, the council’s current HQ.
Due to the high costs to run and maintain, the aging annex building on the County Hall site is earmarked for demolition to save money and help increase the land value of the site in the long-term. Early feasibility work estimates this would cost approximately £2.5 million.
With the planned departure from County Hall in 2025, many council staff are due to relocate to the nearby Trent Bridge House in West Bridgford. Essential works to this building are required, with initial costs estimated to be around £500,000.
Oak House will be the council’s new low carbon, all-electric office and aims to bring more jobs, skills and investment into the Hucknall area. Despite the spate of recent storms and heavy rainfall, the building is still currently on track to be completed by spring 2025. This has meant more extensive and complex groundwork than planned and, with inflation, an additional £888,000 is needed to complete the project.
The new office is being designed, project and cost-managed by Arc Partnership and delivered through its construction partner, Morgan Sindall Construction. A target of 86 per cent of local spend has been set for the project and associated infrastructure works, with sub-contractors and tradespeople located within 20 miles of the site.
One of the many local firms working on the project include R&R Joinery Services Limited, based in Hucknall. It has installed all internal joinery on the building – including fire rated doors, kitchenette tea points and final fixtures and equipment.
Richard Allen, managing director, describes how the company is delighted to be working on the project and is helping it grow. He said: “Our two owners were born and raised in Hucknall, so the opportunity to be part of this project, providing a great new workspace for Nottinghamshire County Council has been fantastic.
“This project is our first with Morgan Sindall, which has expanded our client base and will allow us to grow and take on an apprentice in the coming six months.”
Oakfield Construction is a family-owned firm based just over two miles away near Eastwood, which also worked on the project.
Carl Tyson, project manager, says the company was proud to have contributed to such an important local project. He said: “We were involved in the Oak House project for around seven months and, as a result, we were able to bring on a new machine driver, and two of our apprentices also gained experience working on the site.
“During this time, we worked on the footings, drainage, ducting, footpaths, edgings and various other aspects of the project.”
Other major building and office plans include a contribution worth £3.5 million towards the new hub planned by Mansfield District Council in the town centre. This hub is planned to be the new home to some of the county council’s key services.
Early work also continues on an energy-efficient contact centre and office building in Worksop to help provide a fit-for-purpose environment for parents and children. The work is expected to be completed in early 2026.
Council Leader, Councillor Sam Smith, said: “We are an ambitious council, and this additional investment is all part of our wider plan to prioritise delivering services rather than just running expensive buildings.”
Councillor Keith Girling, Cabinet Member for Economic Development and Asset Management, added: “This programme focuses on improving our buildings which offer front-line services such as contact points which are used by parents and young children, including looked-after children.
“These buildings are now old and far from ideal, which we are having to regularly address, so we need to put this right.
“This programme is already providing lucrative refurbishment and building contracts for local subcontractors which is benefitting the local economy.”
