Allscreens Nationwide secures windscreen repairs and replacement deal with Tesco
Leicester-based Allscreens Nationwide Ltd has been appointed as the sole-provider of windscreen repairs and replacements for Tesco.
Tesco has a national fleet of 10,000 lorries and home delivery vehicles. Operating out of 64 UK branches, Allscreens Nationwide specialises in minimising the downtime of fleet vehicles.
This contract is the largest Allscreens Nationwide has secured this year. Commenting on the deal, Sarah Harper, National Sales Manager at Allscreens Nationwide Ltd, said: “This is a significant national deal which helps to further establish Allscreens Nationwide as a leading windscreen repair and replacement company.
“We’re thrilled to add such a well-known brand to our roster of clients and we’re excited to start our work with Tesco over the coming months.”
Allscreens and Nationwide Windscreens form part of the Sole Automotive Glazing Group, which now has combined sales of £24m per annum, servicing many of the UK’s major fleets and insurance companies.
Chesterfield restaurant & foodservice supplier gobbled up
Chesterfield-based speciality restaurant & foodservice supplier, MSK Ingredients has been acquired by food ingredients specialists Ingå Group.
Founded in 1998, MSK supplies speciality functional ingredients, technical support and tools & equipment to professional chefs, restaurants, and foodservice across the UK and Europe, helping them create dishes with more precise control over flavour, colour, texture, and presentation.
Original owner, Kevin Bateman, is retiring after starting MSK in 1998, whilst partner and Managing Director, Deborah Prynne, will continue to lead the business, saying: “We are delighted to have found the right partners for this next exciting chapter of the business.”
Prynne added: “We’re confident that we have found a long-term partner that shares our vision of growing MSK for the benefit of our customers and colleagues alike, while maintaining and strengthening the values that have built the business to the success that it is today.”
This latest addition further strengthens the Ingå Group family of autonomous ingredients businesses across Europe, joining UK-based functional clean-label ingredient specialists, Ulrick & Short, France-based speciality premium ingredients company, Louis François, and Netherlands-based ingredients distributor, Verdant Ingredients.
CEO of Ingå Group, Adrian Short, said: “We are very happy to welcome MSK as our latest family member & to support them on the journey ahead. It was clear from the start of the process that MSK was a remarkable, market leading, gem of a business with compatible values to our own.
“We are looking forward to helping MSK create sustainable, long-term, value & growth helping the business achieve its potential for the benefit of existing and new customers.”
Short added: “MSK is an important piece in the puzzle as we look ahead to further acquisitions.
“The potential for future collaborations, along with the added experience and expertise, will allow us to even better access a broader customer base and product innovation within the ecosystem, ultimately creating better products for all users of food ingredients – from large scale food manufacturers to Michelin star chefs.”
Warehouse investment sold in Ilkeston
On behalf of private clients, FHP Property Consultants has completed the sale of 1 & 2 St Andrews Court, Manners Industrial Estate, Ilkeston, comprising 12,718 sq ft of industrial warehouse space.
The property features a steel portal frame building split into two units. Unit 1 comprises 6,877 sq ft of open plan warehouse accommodation with offices and staff welfare facilities and was vacant. Unit 2 comprises 4,594 sq ft of open plan warehouse accommodation and is let to Adams Engineering (Ilkeston) Limited at a rent of £27,000 per annum for a term expiring October 2029.
The price achieved was £981,755.
Corbin Archer from FHP Property Consultants said: “I am pleased to have sold this property on behalf of a longstanding client of FHP, achieving an excellent result having only been marketing the investment for two weeks prior to placing it under offer showing the strong demand for freehold warehouse properties in Ilkeston.
“Even after placing the property under offer, I was still getting constant calls from owner occupiers/investors wanting to purchase the property as there is such little available in the area for sale.”
Revenue declines at “distracted” Travis Perkins
Group revenue is down at Travis Perkins, the Northampton-based builders’ merchant, with the firm’s CEO saying “the Group has allowed itself to become distracted and overly internally focused which has led to the underperformance in recent periods.”
According to a third quarter trading update for the three months to 30 September 2024, revenue declined by 5.7%, driven by the Merchanting segment.
Toolstation, meanwhile, delivered a “robust performance” with growth of 2.9% in the quarter in the UK and Benelux like-for-like sales up 9.6%.
Toolstation France remains on track for full closure by the end of FY24, with 8 branches being sold to Quincaillerie Angles as a going concern and the remaining 43 branches, alongside the transactional website, having now ceased trading.
Given the shortfall in the Merchanting segment, the Board now expects FY24 adjusted operating profit to be around £135m.
Pete Redfern, Chief Executive of Travis Perkins plc, said: “My first few weeks at Travis Perkins Group have reaffirmed that this is a business with many strengths – the quality of our nationwide branch network, strong customer and supplier relationships and, above all, an experienced team of branch managers and commercial leaders within the business.
“Travis Perkins Group plays a critical role in the construction industry. Connecting our customers with the products and tools they need and removing the friction from fragmented and complex supply chains will be core to our strategy.
“However, it is clear that the Group has allowed itself to become distracted and overly internally focused which has led to the underperformance in recent periods. We now need to get back to a focus on operational execution – delivering great products and great customer service and better leveraging our reach and scale.
“Over the last nine months the team has made good progress on implementing cost discipline, improving working capital management and exiting Toolstation France.
“In addition to supporting these ongoing actions, my immediate priorities are driving and incentivising branch-led performance and motivation, identifying further ways to make the business run more efficiently and ensuring that we turn and face the anticipated recovery in the UK construction market.
“During this important period, I will combine the roles of Group Chief Executive and Managing Director of the Travis Perkins General Merchant business. This will allow me to shorten reporting lines and develop our new strategy, working closely with the operational leaders of this business as well as the Group Leadership Team.
“I am confident that together we can bring significant improvements in performance and the execution of change.”
Administrators appointed to Nottinghamshire manufacturer
Nottinghamshire-based business Dale (Mansfield) Limited has fallen into administration.
Dale was established in the early 1970s, initially offering engineering, manufacturing, design and subcontracting services to the deep mining industry.
Following the decline of the UK mining industry, the company diversified its business into other industries including manufacturing hydraulic cylinders and supplying quality machined parts through to fabricated assemblies. It employed 34 members of staff.
The company has now ceased to trade, with employees made redundant.
Richard Pinder, Director, Restructuring and Insolvency, at Leonard Curtis, who alongside Sean Williams was appointed joint administrator of the business on 15 October, said: “The company ran a marketing campaign last year to find a purchaser or investor to take the business forward which unfortunately was unsuccessful.
“Upon my instruction to advise the company, it was clear that its financial and operational position was such that there was no realistic prospect of avoiding a cessation of trade and there was insufficient working capital or work in progress to support continued trade, even in the immediate short term.
“The company therefore ceased to trade earlier this month and the employees were made redundant.
“We are currently assisting the Redundancy Payments Service in dealing with the processing and payment of employee claims for redundancy and their other entitlements.
“It is possible that unsecured creditors will receive some funds back through the administration process, although at this early stage this position is uncertain.”
A public auction of the company’s assets will be conducted by John Pye & Sons.
Frasers Group makes push to install Mike Ashley as boohoo CEO
Shirebrook-based Frasers Group has said there is a “leadership crisis” at fashion retailer boohoo, proposing the solution is to make its founder Mike Ashley CEO.
Frasers, which is the largest shareholder in boohoo group, with 27% of the issued share capital, has sent an open letter to the Board calling for a meeting of shareholders to vote on appointing Mike Ashley as a director and CEO, as well as Mike Lennon, a restructuring expert, as a director.
It comes after boohoo announced that John Lyttle would be stepping down as CEO, following five years with the Group, and amidst declining revenue. In its letter, Frasers critiqued the business’s Board, saying it has lost its ability to manage boohoo’s business and investments. In a statement to the London Stock Exchange, Frasers added: “Frasers is requisitioning a general meeting of boohoo to appoint Mr. Mike Ashley as a director and CEO of boohoo and Mr. Mike Lennon as a director of boohoo, to take effect without delay. Frasers firmly believes that these appointments are in the best interests of boohoo, its shareholders and its stakeholders.“The Board appointments proposed by Frasers are now the only way to set a new course for boohoo’s future. Frasers urges boohoo shareholders to vote in favour of its proposals.”
The boohoo Board is in the process of reviewing the content and validity of the requisitions with its advisers.Streets Chartered Accountants’ golf day secures hole in one for Air Ambulance
Lincoln-based Streets Chartered Accountants, a top 40 accountancy practice, has hosted their eleventh annual Charity Golf Day raising a record amount of more than £7,500 for the Air Ambulance.
The total amount fundraised will be divided between three regional charities; East Anglian Air Ambulance, Lincolnshire and Nottinghamshire Air Ambulance, and Yorkshire Air Ambulance.
The winning team on the day was Bickford Ltd with Martin Sheardown coming in second and Fisher Motor Factors in third place. The winners of the Longest Drive and Nearest the Pin competitions were Scott Park (Mens) and Alice Gray (Ladies) and Rory Colhoun respectively.
Streets would like to say a huge thank you to all those people who sponsored, donated, gave their time and helped in some way, without whom the day would not be possible.
The event received fantastic support with 25 teams taking part and more than 30 local businesses sponsoring the day, including Business Link Magazine, which sponsored a hole at the event. There were Stableford team prizes as well as competitions such as Longest Drive, Nearest the Pin, Beat the Pro, All four hit the Green and Hole in One.
Commenting on the day, Streets Partner Mark Bradshaw said: “The support we have received has been truly overwhelming and has helped us raise a staggering £7,545 for our three local Air Ambulance services. We’re delighted to be able to support our local Air Ambulance Services, who are the true winners of the day.”
Streets’ 12th Charity Golf Day will take place on Friday 4th July at Lincoln Golf Club, Torksey. Once again this will be in aid of the three Air Ambulances for which Streets have raised more than £70,000 for over the last 11 years.
Derbyshire manufacturer snaps up Wrexham firm
Derbyshire-based Prisma Colour, the independent Thermoplastic masterbatch manufacturer, has acquired Silvergate Plastics of Wrexham.
By joining forces, Prisma Colour and Silvergate Plastics expand the capabilities that both organisations have but also enhance their ability to serve all customers and potential customers with a broader range of products and services with the same speed of response.
Dominic Philpot, group MD, said: “Combining the expertise, market knowledge and processing skills of both organisations really does bring a massive benefit to our entire customer base.
“There will be no disruption to any of our clients as we continue to operate both sites fully and maintain the excellent quality and great customer service that both entities have become well known for. This obviously means our employees will also be looked after and retained.”
He added: “Joining forces with an already outstanding organisation like Silvergate, expanding and sharing human, financial and equipment resources can only provide greater opportunities to support customer developments with timely innovation for wider product offerings.”
Founded originally in 1984, Silvergate Plastics became part of the Vita group before becoming independent again following an MBO in 2008. Tony Bestall, who led the MBO in 2008, said: “Owning Silvergate with my fellow shareholders for the last 16 years has been a real privilege. Seeing it now join forces with Prisma Colour is extremely exciting for the two companies. “The combined operation will become the driving force of the sector, offering an unrivalled portfolio and the best customer service the industry has ever seen. I’m very excited to watch it develop!” Prisma Colour was established in 1991, and has remained independent and owned by the same family, primarily supporting the rubber, plastics and associated industries with colour and additive concentrates.Powering up rail electrification could create 4,300 East Midlands jobs
Regional leaders, MPs and the biggest business organisation in the East Midlands have joined forces to urge government to power up plans to electrify more sections of the Midland Mainline railway.
More than 4,000 skilled jobs could be created if government signs off plans to electrify parts of the line which go north of South Wigston in Leicestershire.
And industry experts say the most cost-effective way to deliver on those plans will be to let the firms and workers who have been building electrification infrastructure further south know that more work is on the way.
Midland Mainline is the main rail link between the East Midlands region, South Yorkshire and London, carrying more than nine million passengers a year and bringing annual economic benefits of £450m.
Unlike the East and West Coast main lines, it is not fully electrified, meaning trains must switch to polluting diesel power when they go north past South Wigston in Leicestershire and on to Leicester, Derby, Nottingham, Chesterfield and Sheffield.
Ahead of the 30 October Budget, Transport for East Midlands (TfEM) has revealed analysis showing that alongside the transport and environmental benefits, electrification of the line up to Sheffield could create 4,300 new jobs, including skilled occupations, and more than 100 apprenticeships.
The analysis also shows that over the remaining course of the project, electrification of the Midland Mainline could generate an additional £61m in economic value from jobs created in the East Midlands, and nearly £18m in social value benefit.
Sir Peter Soulsby, the Chair of TfEM, said: “After the cancellation of the eastern leg of HS2, it’s vital that the East Midlands’ existing rail infrastructure is improved and upgraded to support rising passenger demand and the need for economic growth.
“One of the critical components of getting electrification done cost-effectively is to ensure we’ve got a workforce that has the skills and capacity to deliver. I’m urging government to signal progress on the next phase beyond South Wigston so that we can keep the workforce together and develop the skills we’ll need for future sections to be electrified.”
In a clear demonstration of regional consensus, the elected Mayor of the East Midlands, Claire Ward, says the jobs electrification will create are vital to the region achieving its growth ambitions.
She said: “The electrification of the Midland Mainline is a vital step in unlocking the full economic potential of our region.
“By electrifying the line, we not only honour our region’s rich rail heritage but also create thousands of skilled jobs and apprenticeships, driving investment and improving connectivity for towns and cities across the East Midlands.
“This is a chance for the government to power up our economy, attract new businesses, and ensure a greener, more efficient transport network for generations to come.”
MPs and businesses are also supporting TfEM’s call for government to provide certainty.
Catherine Atkinson MP, whose Derby North constituency is a national centre for rail engineering, said: “For generations, Derby has been a rail industry leader and is the proud home of Great British Railways. Investment in our regional rail infrastructure will solidify that legacy for future generations to come, support our economic growth, whilst also retaining the rich skills we already have in the city’s workforce right now.
“This is an opportunity to signal a bright future for the rail sector, both at home and internationally, which is essential in protecting our supply chains, nurturing innovation and keeping recruitment and retention of this highly skilled workforce on track.”
One of the businesses involved in Midland Mainline electrification is Derby-based Overhead Line Engineering, headquartered at Pride Park.
Keith Orgill, owner-director of the business, said: “OLE is one of very few East Midlands businesses capable of carrying out electrification design. We employ 15 engineers and we have successfully delivered electrification of the Midland Main Line up to South Wigston.
“The delay to the procurement of the next stage of the electrification programme has created a hiatus in design work. This has already had an impact on design companies based in the East Midlands and the longer confirmation is delayed the harder it will be to keep the specialist workforce together.
“Should it be lost, it will be really difficult to reestablish this capability in the region. However, if government commits now, we can recruit, train, prepare and deliver cost effectively.”
James Naish is MP for Rushcliffe, which includes East Midlands Parkway on the Midland Mainline. He said: “After the cancellation of HS2, it is important that connectivity to the region isn’t forgotten and with electrification of the Midland Mainline, the East Midlands Parkway station will finally act as a proper gateway to the area.
“We know that there’s the prospect of high-quality jobs nearby on the Ratcliffe-on-Soar power station site, as well as fantastic and growing businesses and universities within a short journey, so I’m really pleased that we’re speaking as one on the importance of this project.”
East Midlands Chamber of Commerce has identified transport infrastructure as one of its key asks of government in the Autumn Budget.
Richard Blackmore, the Chamber’s Director of Policy & Insight, said: “Full electrification of the Midland Mainline is long overdue. We represent more than 4000 businesses across the region, and they tell us regularly about the challenges they face from inadequate rail and road links.
“Rail engineering is also an important part of the regional economy and an investment in improved connectivity is going to pay back directly in skilled jobs, greater productivity and increased growth. Government needs to commit to give the industry the certainty it requires to deliver.”
Tom Newman-Taylor, the CEO of East Midlands Freeport, has also joined calls for greater investment in the region’s transport infrastructure.
He said: “East Midlands Freeport is the biggest growth opportunity in the region, with the potential to create 28,000 jobs and deliver an additional £9bn in economic output.
“The Midland Mainline runs directly alongside our Ratcliffe-on-Soar Power Station investment site, with a station at East Midlands Parkway. If we are to unlock the region’s full potential, then we need to see investment in both upgraded rail and road infrastructure.
“Without this, transport could become a major barrier to growth and prevent us from realising these ambitious opportunities.”
Monthly insolvency figures rise, but seeds of recovery emerging
A rise in the number of monthly company insolvencies in England and Wales does not reflect the seeds of recovery which are beginning to germinate in the Midlands business economy.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest monthly statistics published by the Insolvency Service which show that corporate insolvencies increased by 1.5% in September 2024 to a total of 1,973 compared to August’s total of 1,943 but decreased by 7.4% compared to September 2023’s figure of 2,130.
R3 Midlands chair Stephen Rome, a partner at Penningtons Manches Cooper in the region, said: “Although corporate insolvencies have risen by a small percentage compared to last month, there have been some positive indications for the local marketplace, with construction output increasing, retail sales volumes continuing to rise in August and consumers spending more in the hospitality sector in September.
“Across the wider local economy, however, the business climate remains difficult as almost every firm faces a multitude of issues, including ongoing cost challenges and uncertainty around announcements in the Budget.
“Of particular concern is the impact of future tax rises, and R3 members are telling us that there’s an increased demand for support around Member Voluntary Liquidations as directors take steps to reorganise their business and its finances ahead of any changes announced in the Budget.
“Also of significant concern are the potential knock-on effects of the conflict in the Middle East, particularly for local companies in the energy, manufacturing and retail sectors. Increasing instability could further disrupt trade routes, impacting on the supply of imports or exports. Businesses will have to weigh up whether they pass any cost increase onto customers or absorb it themselves.
“With so much uncertainty ahead, R3 urges Midlands businesses to keep a close eye on finances and seek advice at the first sign of significant distress. Most R3 members will give prospective clients a free initial consultation to learn more about their circumstances and to look at potential solutions.”
