76% of UK financial services chiefs to increase office attendance in next 12 months

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76% of UK financial services chiefs to increase office attendance in next 12 months

More than three quarters (76%) of financial services leaders across the UK are planning to increase office attendance in the next 12 months, according to new research from KPMG UK.

The survey of 150 leaders working across banking, insurance, asset and wealth management and private equity found that more than a third (37%) of those planning to increase attendance will expect employees to be in the office at least four days a week.

Financial services were a first mover in returning staff to the office post-pandemic, with some of the major investment banks being the first to vocalise a vision for a full office return. However, they also see the value of the hybrid working model, with more than half (58%) of UK financial services leaders saying it is a competitive opportunity for the sector; 20% of these say the opportunity is significant.

A separate study by KPMG into the working preferences of financial services employees found that just 10% want to work in the office full time. Despite differing locational working preferences, all age groups of employees said flexibility around hybrid working is important when choosing a job.

Karim Haji, Global and UK head of financial services at KPMG, said: “There is no one-size fits all approach to this and businesses are still trying to find the hybrid working sweet spot more than two years on from the pandemic.

“Leaders see the commercial value of hybrid working models, particularly when it comes to attracting and retaining talent, but they are still expecting greater office attendance in the coming months to retain collaboration with colleagues and clients. Leaders also have to balance regulatory and risk pressures as part of managing hybrid models, which will be a contributing factor for getting staff back into the office.

“What is important is that companies find the right balance that works for their business and their employees. This will ensure that the sector retains good people and fosters a collaborative, productive culture that is successful and competitive.”

Leaders are planning to track attendance in several ways. Almost 45% plan to monitor attendance through office card swipe systems, followed by 40% using timesheets and just under a third (29%) will install digital cameras.

East Midlands businesses invited to have say on government Industrial Strategy before time runs out

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East Midlands businesses invited to have say on government Industrial Strategy before time runs out
With one month left until the government closes public consultation on Invest 2035 – its Industrial Strategy – East Midlands Chamber is to hold three round table webinars for the business community to help shape and influence the consultation response ahead of the 24th November deadline. Insight and evidence gathered at the webinars – to be held on 11th, 18th and 20th November – will provide the core elements, shaping the response East Midlands Chamber delivers to the government. The government’s Industrial Strategy proposes to boost growth across clean energy, advanced manufacturing, creative industries, clean energy, design and technologies, defence, life sciences, financial services and professional and business services. The final Industrial Strategy will be published in spring 2025, alongside the multi-year spending review.  East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “This is a critical moment where, with only 4 weeks until the clock runs out on the government’s public consultation, it’s essential the voice of business in the East Midlands is heard. “The Green Paper identifies 8 key sectors which offer the highest growth opportunities for the UK economy. It is vital the East Midlands is seen as a key delivery partner for some, or all of these to ensure the region benefits from the impact on growth this strategy is set out to deliver over the next 10 years. “We’re calling on the region’s business community share their views and experiences on the 10 questions we’ve raised including ‘How should the government identify the most important subsectors and technologies’ and ‘What barriers are there to investment?’ “It’s just a case of a business choosing one of the three webinar dates that work for them and registering. Sparing a short amount of time could really make a difference. “These opportunities to influence policy on this scale are rare. It’s seven years since the previous government released the last Industrial Strategy, so now is a key opportunity which I’d urge businesses in the East Midlands to seize and shape the response that the Chamber presents to the government.”

Allscreens Nationwide secures windscreen repairs and replacement deal with Tesco

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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

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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

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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

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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

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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

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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

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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

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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.
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