East Midlands business confidence rises in October

Tess Egginton
-
0
East Midlands business confidence rises in October
Business confidence in the East Midlands rose 11 points during October to 50%, according to the latest Business Barometer from Lloyds. Companies in the East Midlands reported higher confidence in their own business prospects month-on-month, up seven points at 64%. When taken alongside their optimism in the economy, up 13 points to 35%, this gives a headline confidence reading of 50% (vs. 39% in September). Looking ahead to the next six months, businesses in the East Midlands identified their top target areas for growth as investing in their team, for example through training (50%), evolving their offering, for instance by introducing new products or services (31%) and entering new markets (30%). The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. National picture Overall UK business confidence dipped slightly in October to 44% – down three points from September’s 47%. This was driven by marginal falls in firms’ confidence about their own trading prospects (53% vs. 56% in September) and the economy (35% vs. 38% in September). The North East of England was the most confident UK nation or region in October (63%), followed by London (56%) and the North West (53%). Sector insights  Firms’ trading prospects pulled back for the third consecutive month in manufacturing to 46%, the lowest level since March. There were also moderate declines of 3 points in both retail and services to 51% and 57% respectively. Expectations in construction bucked the trend, rising to 50%. Dave Atkinson, Regional Director for the East Midlands at Lloyds, said: “It’s great to see East Midlands firms bucking the national trend with a rise in confidence, and particularly encouraging to see many businesses feeling optimistic when it comes to their own prospects. “Firms will be working hard to translate this sentiment into further growth, and we’ll continue offer the support they need to help them meet their goals.”

Corby investor acquires refrigerated coldroom firm

Tess Egginton
-
0
Corby investor acquires refrigerated coldroom firm
Nene Capital, a Corby-based investor in small and medium-sized enterprises (SMEs), has acquired Cold Tech (Services), a refrigerated coldroom and cabinet maintenance firm. This acquisition enhances Nene Capital’s portfolio with a company renowned for its bespoke solutions in food, retail, pharmaceutical, and logistics sectors. Cold Tech (Services) Ltd. will continue under its established brand, ensuring uninterrupted service and trusted relationships. Nene Capital will support Cold Tech by investing in resources to expand its capabilities while maintaining quality and customer satisfaction. Stephen Bayliss, Managing Director of Nene Capital, said: “We are thrilled to welcome Cold Tech (Services) Ltd. to our growing portfolio. This acquisition represents a significant step in our mission to invest in businesses that offer sustainable value and operational excellence.” Simon Stringer, Finance Director of Nene Capital, said: “Cold Tech is a well-established business with over ten years of successful trading during which it has achieved a strong position in its market. We are excited to take the business into the next stage of its development.” The transaction was supported by the corporate deal team at solicitors Howes Percival LLP and the Growth Finance team at Allica Bank.

117-home Woodthorpe development gets green light

Tess Egginton
-
0
117-home Woodthorpe development gets green light
Plans have been approved by Charnwood Borough Council to pave the way for a new 117-home housing development to be built in Woodthorpe. Miller Homes, the housebuilder behind the scheme, is to build 117 new homes on a 14.4-acre parcel of land to the south of Terry Yardley Way in the village, including 35 homes to be provided as affordable housing. The plans were approved by the council at its planning committee meeting on Thursday, 24 October, with construction work set to begin on the site of the new homes in early 2025. Miller Homes East Midlands, whose regional offices are located at nearby Pride Park in Derby, will build a mix of two to five-bedroom homes for private sale in Woodthorpe, as well as a collection of one to four-bedroom affordable properties, at its development which is to be known as Meadowbrook Chase. The developer will also provide a locally equipped area of play to the south of the development, which will include a variety of sustainable play equipment for children, such as swings, a see-saw and a multi-play structure. Tom Roberts, operations director for Miller Homes East Midlands, said: “Our plans for this development in Woodthorpe have been carefully considered throughout all phases of the planning process, and so we’re naturally really pleased to have secured consent via Charnwood Borough Council for our proposed scheme. “Woodthorpe has been identified as an area for residential growth within the local plan for the area, and we will now be able to deliver new career opportunities within the jobs market locally, as well as enhancements to local services and support for the community, through our 117-home development, to be known as Meadowbrook Chase. “Miller Homes will be building 82 homes for private sale, alongside a further 35 affordable homes at this site, which will go some way towards achieving the council’s goals from its local plan and will deliver attractive new build housing for this area, with a strong mix of size and style of property to suit homebuyers looking to move to or within Woodthorpe.” Many of the properties to be built by Miller Homes will feature bird or bat boxes to enhance and protect local wildlife, while the developer’s landscape strategy also provides areas to the north of the site earmarked for a planting buffer and an attenuation pond to support the drainage system at the site. The first homes are due to be completed in Summer 2025.

Rail links could boost tourism economies in East Midlands hotspots

Tess Egginton
-
0
Rail links could boost tourism economies in East Midlands hotspots
Improvements to the Castle Line rail corridor in the East Midlands would boost economic growth in tourism and hospitality sectors, according to the latest research. The Castle Line is an important route linking multiple key destinations – Nottingham, a business and nightlife hotspot, renowned for the historic legend of Robin Hood, Lincoln, a historic cathedral-city, and Newark, a quaint market town. Midlands Connect submitted plans to upgrade the route, to the Department for Transport last year. The proposals include increasing the line speed from predominantly 50mph to 75mph, with a long-term aim to double the frequency of services in the future. A recent report titled ‘Tourism on Track’ explores how improved connections to the East Midlands would expand the visitor bases of these hotspots, shift the demographic groups attracted to the area and reduce car use. Hamish Falconer, MP for Lincoln, said: “I wholeheartedly support Midlands Connect’s outline business case for funding to improve the Castle Line from Nottingham to Lincoln, allowing for faster and more frequent trains along the route. “Lincoln has a lot to offer its visitors, with sites of major historic significance, as well as a bustling network of medieval streets, packed with quaint pubs and charming independent shops. But it is clear that the state of the city’s rail links has become a barrier to the city’s growth as a competitive tourist destination. “Visitors are a major driver of our local economy, and by investing in the Castle Line rail upgrades – better connecting Lincoln to the wider Midlands and East Coast main line – we would support our tourism industry to flourish. “Midlands Connect’s plans have my full support, and I hope to see the project progress.” Tourism stakeholders in the East Midlands outlined concern that the current rail provision between Lincoln and Nottingham is presenting a challenge to the tourism and hospitality sectors in both cities. The research found these sentiments were shared by rail customers who referenced issues such as slow, crowded and infrequent trains, affecting the appeal of using the trains for tourism. Current timetable re-structuring is providing the opportunity to increase to two services an hour between Nottingham and Lincoln and these plans are also being considered. Claire Ward, Mayor of the East Midlands, said: “Investing in the Castle Line rail corridor will be a significant step forward for the East Midlands’ visitor economy. “By improving the speed and frequency of services between key destinations like Nottingham, Lincoln, and Newark, we will unlock new opportunities for tourism growth across the region. “This investment would not only attract more visitors to our historic cities and market towns, boosting local businesses in hospitality and leisure, but also support sustainable travel options, reducing car use and enhancing the overall visitor experience. “The East Midlands is rich in culture, history, and natural beauty, and better rail connections will ensure more people can enjoy everything we have to offer.”

Nottinghamshire motorcycle retailer falls into administration

Tess Egginton
-
0
Nottinghamshire motorcycle retailer falls into administration

Pidcock Motor Cycles Limited, an approved motorcycle retailer for a number of well-known manufacturers, has entered administration.

The Nottinghamshire business fell into financial difficulty following a challenging trading period linked to cost inflation and weak consumer demand.

Nathan Jones and John Lowe, partners at FRP Advisory, were appointed as joint administrators on 21st October 2024.

Through an accelerated sales process, the administrators have secured interest in the company’s BMW site and are currently considering offers from prospective buyers. The company’s Ducati and Triumph sites have been closed permanently.

18 employees have been made redundant across the two closed sites and are being supported with applications to the redundancy payments service.

Nathan Jones, joint administrator of Pidcock Motor Cycles and partner at FRP, said: “Pidcock is not the first retailer to struggle in challenging market conditions over the past year. The company is a reputable seller, partnered with some of the world’s best-known bike brands, and we’re not surprised that there has been interest from prospective buyers.

“While it’s unfortunate that a viable route forward for all three sites hasn’t been possible, we’re hopeful of a positive outcome for the Company’s BMW outlet. Securing that, as well as supporting employees affected by the closures, is our focus now.”

Sales from all of the company’s sites have been paused and a managed system put in place to allow owners to collect vehicles that have already been purchased. All customer deposits are being protected throughout the administration process and FRP plans to contact customers about how to collect either their vehicle or their deposit in the coming days.

Plans submitted for new Mansfield homes

Tess Egginton
-
0
Plans submitted for new Mansfield homes

Plans for 380 new homes at Penniment Farm, Abbott Road, Mansfield, have been submitted to Mansfield District Council.

The site, which is part of the Mansfield Local Plan, already has outline planning permission for up to 400 homes. The application includes significant financial contributions exceeding £2.5 million, including nearly £1.6 million contribution towards primary school education in the Pleasley, along with over £500,000 allocated for bus service improvements. The proposed development will feature a mix of 1 to 4-bedroom homes, all fitted with electric vehicle chargers. As part of the development, 28 homes will be offered as affordable rent or shared ownership options. Residents will benefit from approximately 6.25 acres of public open space, equivalent to four football pitches, and two on-site children’s play areas. The development also features biodiversity enhancements such as a bat commuting corridor, hedgehog highways and bird boxes. George Breed, Senior Land and Planning Manager for Persimmon Nottingham, said: “We are delighted to have submitted our reserved matters application for Penniment Farm, this development will provide high-quality new homes for local homebuyers alongside significant investment into the local area. “We look forward to working with Mansfield District Council and local stakeholders to bring this project to life.”

boohoo responds to Frasers Group’s CEO push

Tess Egginton
-
0
boohoo responds to Frasers Group’s CEO push

Online fashion group boohoo has responed to a letter issued by Frasers Group in which it pushes the business to make Frasers’ founder Mike Ashley CEO, amidst a “leadership crisis.”

While the Board of boohoo is in the process of reviewing the requisitions with its advisers, it has spoken out to give clarification on certain matters raised by Frasers.

boohoo says it has neither delayed responding to Frasers’ requests for Board representation or ignored them, adding: “Frasers’ wish for Mike Ashley to be appointed as a Director and Chief Executive Officer was first communicated by Frasers to boohoo at an in-person meeting on the evening of Friday 18 October 2024, when Frasers sought to establish a 48-hour deadline for the Board to confirm that it would proceed to make this appointment.

“This was the first occasion on which Frasers had identified its preferred Board candidate and followed Frasers having formally ruled out Mr Ashley for the role on 9 October 2024 and having previously and consistently indicated that its one nominee would perform a non-executive role.”

With Ashley a 73% shareholder in Frasers, Frasers owning a 23.6% stake in ASOS, and both Frasers and ASOS operating in similar markets to boohoo, boohoo noted that “these are important facts that need to be taken into account and carefully considered by the Board.”

Boohoo continued: “Whilst the Board remains willing to discuss Board representation with Frasers in a constructive manner, it has been clear with Frasers that before any appointment can be made, appropriate governance will be required to protect the Company’s commercial position and the interests of other shareholders. boohoo has sought assurances from Frasers in this regard and they have not to date been provided.”

Boohoo also commented on Frasers’ critique of its recent debt refinancing, saying it is “inaccurate and unfair.” Boohoo said: “The refinancing provides certainty for the Company around its future requirements and is supported by its existing group of high street banks.

“The Company’s approach to its recent debt refinancing was discussed on numerous occasions with Frasers and its advisers. As part of those discussions Frasers were advised that the Board would be pleased to consider any alternative proposals they might wish to present, but none were forthcoming.”

Shirebrook-based Frasers Group, the largest shareholder in boohoo, with 27% of the issued share capital, is 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.

Step forward for Northampton’s Greyfriars regeneration as council completes purchase of iconic Corn Exchange

Tess Egginton
-
0
Step forward for Northampton’s Greyfriars regeneration as council completes purchase of iconic Corn Exchange
West Northamptonshire Council (WNC) has completed the purchase of the Corn Exchange in Northampton, marking a key milestone in its ambitious plans to revitalise Northampton town centre and transform the Greyfriars area. The Corn Exchange, a historic building that has stood empty for over a decade, will soon be brought back to life as part of a wider vision for a vibrant, multi-generational neighbourhood. Once a-thriving hub for cinema and entertainment before becoming the Chicago Rock Café, the Corn Exchange has long been a beloved part of the town’s history. The Council’s acquisition of the building signals a significant step forward in the transformation of Greyfriars, where WNC plans to create a new, connected neighbourhood featuring green spaces, entertainment areas, and improved transport routes. The Corn Exchange will serve as the cultural anchor of the Greyfriars redevelopment, reimagined as a venue for entertainment, leisure, and performance that will attract both daytime and evening visitors. Cllr Daniel Lister, Cabinet Member for Local Economy, Culture and Leisure at WNC, said: “The Corn Exchange has been a part of Northampton’s rich heritage, and we are thrilled to take ownership of this iconic building as part of our broader vision for Greyfriars. “By restoring it to its roots as a place for entertainment, we are safeguarding its history while creating new opportunities for cultural and economic growth. This project is not just about redeveloping a site—it’s about reconnecting our community with its town centre, breathing new life into a cherished space, and building a future that is vibrant and inclusive for all.” The site will be an integral part of the Greyfriars masterplan, which has been developed through extensive public consultation with local residents and businesses. The 25-acre area is set to transform into a dynamic and inclusive neighbourhood, integrating the historic building into a space designed for the future. The Council is working closely with the English Cities Fund (ECF)—a partnership between Homes England, Legal & General, and Muse—to take the project to the next level of detail. WNC will now work with ECF to further evolve the masterplan, investigate the best uses for the building and explore funding opportunities for the delivery of the scheme. Together, the partnership will present an updated masterplan to the public and Council in spring next year for consideration and consultation. Following the public consultation, and approval from Council, the project will then begin the necessary next steps such as planning, to bring this scheme forward. The regeneration of the Corn Exchange also promises to improve connectivity within Northampton. Once isolated, the Greyfriars area will be seamlessly linked to the town centre, creating a direct route between the newly transformed Market Square and the Greyfriars site. This development will create a cohesive and accessible town centre, positioning the Corn Exchange as a focal point for both the local community and Northampton’s broader cultural landscape.

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

Tess Egginton
-
0
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

Tess Egginton
-
0
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.”
1...122123124...973Page 123 of 973