Vistry secures 122-home deal with MTVH across three East Midlands sites
Vistry Group, the mixed-tenure affordable housing developer, has finalised a partnership with affordable housing provider Metropolitan Thames Valley (MTVH), for 122 properties across three East Midlands developments.
MTVH has agreed a forward purchase of 90 new properties in Nottinghamshire: 65 at Vistry’s Fairham development and 25 family homes at its Padstow site in Bestwood. MTVH is also taking 32 dwellings in Derbyshire at Vistry’s St Lawrence Fold scheme in Clay Cross.
All three sites offer a blend of tenures. The 122 homes include a mix of two-bedroom apartments and two-, three- and four-bedroom houses. The first homes will be built and handed over in July 2024 with handovers taking place until the end of November 2025.
Lee Parry, Vistry’s Managing Director for North East Midlands, said: “Deals like this with MTVH which involve properties across multiple developments are hugely important in helping to tackle the crippling shortage of affordable homes in the region.
“Our regional team is thrilled to be building high-quality affordable family homes for MTVH across the three developments, helping to transform these new sites into balanced communities that are welcoming places to live.”
Geeta Nanda OBE, Chief Executive at MTVH, said: “We’re delighted to once again be partnering with Vistry to deliver much needed new affordable homes for the East Midlands.
“This latest venture represents a significant investment, and it will help to meet the growing demand for housing and provide an affordable route into homeownership for more people.
“MTVH is one of the leading UK providers of affordable housing with over 55,000 homes nationally, and around one in five of these in the East Midlands. Our aim is to provide as many people as possible with the security of a safe, affordable, and well-maintained home.
“Working with Vistry, we believe these three schemes will help more people across the region have the chance of a decent, affordable home and to live well.”
A slam dunk as Mo Walker joins WBR Group as ambassador
WBR Group (WBR), the independent provider of SSAS services and tax experts, has unveiled its most recent signing with the appointment of esteemed basketball player Mo Walker as its new ambassador for the Group.
In this role, Mo will be based in the Leicester office, where he will actively engage with the local community and collaborate with charitable organisations.
Mo Walker, known for his remarkable career in basketball, embodies the spirit of leadership and community engagement. His impressive career on the court, combined with his commitment to making a positive impact off the court, aligns perfectly with WBR’s values.
In this new role Mo will be at the forefront of WBR’s community initiatives, his influence in the sports world and his dedication to community work are anticipated to significantly boost the brand’s profile and encourage a positive impact within the community.
He will actively participate in WBR’s charitable endeavours, whether it’s supporting local schools, environmental projects or sporting themed events.
Tom Moore, CEO of WBR Group, said: “We are delighted to welcome Mo to our team, we have known him for some time as we are sponsors of the Leicester Riders, his most recent team.
“He is an icon in the world of basketball, and his commitment to community development resonates with our core values. As our Ambassador and Community Liaison, he will be an invaluable asset in connecting with our audience and advancing our outreach programs.”
Mo Walker said: “I am absolutely thrilled to join the WBR Group family, this opportunity is not just a new challenge, but a chance to make a meaningful difference beyond the basketball court. The values of WBR Group resonate deeply with me, especially their commitment to community, innovation and doing the right thing for their clients.
“When you reach a certain level in the sporting world, it is important to inspire and lead by example, and WBR’s dedication to excellence and social responsibility offers the perfect platform to continue this mission. I’m eager to embark on this journey, to connect with communities, and to help drive forward the incredible initiatives WBR Group stands for.”
Nottinghamshire cable firm secures £340,000 funding deal to acquire manufacturing HQ
A Nottinghamshire-based manufacturer and global supplier of cables and controls is eyeing further growth and safeguarding the future of its locally skilled workforce, after securing a major funding deal to help purchase a £550,000 industrial unit and business headquarters.
Cable-Tec, which also operates a site in Liverpool, has guaranteed its long term future in the region by utilising the £340,000 facility provided by Reward Finance Group to help purchase its existing rented commercial property in Sutton-in-Ashfield.
The company manufactures and supplies cables and controls to meet a diverse range of business applications and industry sectors, including agriculture, marine, construction and even motorsports. It has previously supplied parts to McLaren and its associated business on their sports and hyper cars and to suppliers of the Ministry of Defence for control and activation systems used in its armoured vehicles.
Cable-Tec was established in 1988, with current owner and managing director Kevin Whincup purchasing the business in 2019. Recognising the need to seize the opportunity to purchase the manufacturing facility within a short timeframe, he turned to alternative finance lender Reward, which specialises in providing property investors and SMEs with tailored business finance loans and asset based solutions of up to £5m.
Kevin Whincup, owner and managing director of Cable-Tec, said: “Being in a position to acquire the manufacturing facility is critical to our future growth aims and commitment to retaining our highly skilled workforce, who are all based locally.
“We’ve worked hard to establish a successful business that has a strong team in place and caters globally for an increasingly broad range of sectors. Relocating now would be hugely detrimental to our future vision for the business and long term expansion aims.
“Due to the speed with which we needed to complete the purchase of the manufacturing unit, we turned to Reward as it has vast property finance expertise and also a reputation for delivering funding solutions at pace.
“The flexibility provided throughout the borrowing process has also helped remove many of the financial headaches and hurdles that inevitably arise during this type and size of transaction.”
Steph Brown, regional director for Reward Finance Group in the Midlands, said: “To be able to support Kevin and his thriving business through a property acquisition that will safeguard the future of his local workforce is hugely rewarding.
“Having a secure manufacturing base in the region that the business can now call ‘home’ also opens up so many opportunities to drive future growth.”
Becky Hayward, relationship manager at Reward, added: “Many SME-size firms can often fail to capitalise on new market opportunities simply because they’re either unable to access the funding or secure it under a tight time constraint.
“We pride ourselves on being able to help firms like Cable-Tec find an agile financial solution that enables businesses to react to a change in circumstances and complete a transaction within a short period. We hope it now provides the springboard for further global expansion.”
The deal between Cable-Tec and Reward Finance Group was brokered by Evolve Commercial Finance.
ABB investing £27m in new Nottingham earthing and lightning protection factory
ABB is investing more than £27m in a new facility in Nottingham to meet increased demand for Furse® earthing and lightning protection solutions.
The new site is expected to open in early 2025 and will integrate advanced technology, flexible automation, R&D and testing, and digital processes to boost production capacity and enhance efficiency and sustainability.
More than 100 employees will relocate to the new 9,500 sq m facility from the existing 6,300 sq m ABB Installation Products Nottingham foundry, which has continually operated for over a century in the area where Furse originated in 1893.
In addition to an expanded footprint, the site will be constructed in line with the BREEAM Excellent rating for sustainable building standards and include efficient equipment and technology, photovoltaic rooftop cells, electric vehicle charging stations, and processes centered on reducing waste and energy.
The space will be designed to support collaboration and training, accelerate R&D, and drive automation to serve European customers and increase available inventory globally.
Khalid Mandri, president, ABB Installation Products Division, said: “This important investment builds on 130 years of Furse technology, enabling us to remain at the forefront of earthing and lightning protection and deliver solutions that improve safety and reliability for our customers. “As part of our global growth strategy, we continue to expand our capabilities and capacity, further strengthening ABB’s manufacturing footprint and supply chain and regionalizing production of high-demand electrical solutions customers, installers and distribution partners need. “Building this site in Nottinghamshire further reinforces our commitment to the industries we serve and to the community where we have operated for more than a century and want to continue to be a leading employer.”ABB Installation Products currently has six locations in Europe in Belgium, France, Hungary, Italy, Switzerland and the UK where it employs more than 100 associates in Nottingham who develop, test and produce a broad range of Furse solutions.
The new campus will occupy nearly five acres in Fairham Business Park, within close proximity of ABB’s existing Wilford Road site and is accessible for employees, customers, suppliers and distribution partners.
“We are continually advancing solutions across electrification, and the earthing and lightning protection lifecycle. Our new facility is a leap forward in design and technology, positioning us for the future while enabling us to preserve resources and reduce energy and water consumption aligned with circularity and sustainability priorities across ABB’s operations,” said Andrea Castella, Europe region leader, ABB Installation Products.
Boots delivers strong quarter with continued sales growth as CEO leaves and owner ditches sale
Boots has delivered a thirteenth consecutive quarter of market share growth with both retail and pharmacy sales in growth for the three months ended 31 May 2024.
Retail sales increased by 6%, on top of a 13% increase in the prior year quarter, with growth across all categories.
Digital sales continue to grow rapidly up 13.8%, on top of 25% growth in the year ago quarter. In store sales also grew in the quarter boosted by increased footfall in flagship, destination health and beauty and travel stores.
Pharmacy sales were up 5.8% for the quarter, driven by increased take up of healthcare services.
Sebastian James, Boots UK & ROI CEO, said: “This is another set of consistently strong results for Boots. I am pleased to see our positive momentum continue across the whole business, with both retail and healthcare increasing sales and a thirteenth consecutive quarter of market share growth.
“We continue to focus on making exciting new brands and services accessible, whilst focusing on value and rewarding loyalty. We are committed to delivering a fantastic experience for customers however they shop with us. I would like to thank our incredible team members for their continued hard work and ongoing commitment to deliver for our customers every day.”
The results comes as Sebastian James looks to leave his role after six years at the Nottingham business and Boots’ owner, Walgreen Boots Alliance, for the second time pauses plans to sell the business or list it on the stock market, as the company’s growth, strategic strength and cashflow remain key contributors to Walgreens Boots Alliance.
According to reports in Sky News, Sebastian James will depart Boots in November to run Veonet, a chain of ophthalmology clinics.
Ashfield businesses to get tailored international support
Business owners in Ashfield thinking about trading abroad, or existing importers and exporters looking to drive international sales, can take advantage of a fully funded service from the Ashfield Accelerator Project.
‘Trading Overseas’ is part of the Project delivered by East Midlands Chamber and funded by the UK Shared Prosperity Fund (UKSPF). It forms part of Ashfield District Council’s Accelerator Programme and offers support to local businesses to tap into global markets. This could be for strategic as well as operational support.
Sole traders, micro and small and medium-sized enterprises (SMEs) can be supported by a specialist consultant – Andrea Collins of the Global Trade Department – to address import and export challenges such as finding new markets, suppliers, distributors and trade events.
The service will be tailored to the needs of each business and could cover global trade functions, regulatory compliance or sustainability planning. Home Curtains, a maker and supplier of curtains based in Sutton-in-Ashfield, is one business that has already benefitted from support.
Home Curtains head of finance Rachel Binks said: “We were looking for support to guide us through the exploration of new markets abroad. We contacted the Accelerator project and explained what we were looking to investigate, and in turn built a plan to turn our ideas into practice.
“We were introduced to Andrea who worked tirelessly with us, showing patience and understanding in every question we had. The support and guidance paid significant dividends upon the acceptance of a Customs warehouse and continued support through applications for VAT numbers in EU countries and further afield.”
East Midlands Chamber Deputy Chief Executive Diane Beresford said: “We are delighted to be working with Ashfield District Council on the Accelerator Trading Overseas project. This is hands-on support for any business in Ashfield wanting to break into overseas markets or grow its current international portfolio.
“Eligible businesses also have access to the new Ashfield Accelerator Grant, which can provide between £8,000 to £30,000 to support costs for trading overseas as well as adopting new technologies, research and innovation, decarbonisation and workforce development.”
Businesses wanting to find out more should visit the Ashfield Accelerator pages of the D2N2 Growth Hub website and complete an Expression of Interest form. This project will end on 31 March 2025.
Erewash set for new landmark as bridge given the go-ahead
A new bridge that is poised to become an Erewash landmark has been given the formal go-ahead by the borough council.
The sweeping curve of steel – featuring a suspension arch – will help to transform one of the area’s waterfronts.
The crossing for pedestrians, cyclists and wheelchair users will span the Erewash Canal – linking the centre of Long Eaton to the town’s West Park.
It is being funded by government levelling-up money and will replace a bridge that towpath users currently risk banging their heads on because it was built so low.
The old Broad Street bridge dates back to 1913. It will be demolished after Erewash’s planning committee gave official permission for its replacement at a Long Eaton Town Hall meeting.
Councillors heard the existing crossing is “showing its age.” A report warned: “Structural assessments suggest a lifespan of only approximately a further ten years.”
The plan also includes a waterside terrace featuring tiered seating for 100 people overlooking the canal. Pontoons on the waterfront will allow kayaks and other small craft to be launched.
Refreshment space has been set aside for community events, theatre performances and cinema screenings.
Well-lit pathways will deter anti-social behaviour – while the new bridge has been designed to be graffiti-resistant.
The bridge’s balustrade will reference Long Eaton’s lacemaking industry by incorporating a wedding pattern motif.
Construction of the new bridge and waterfront is set to be completed by early 2026 after Long Eaton was awarded almost £25million of central government funding in what is known as a Town Deal. The grant for regeneration projects will also see the High Street transformed.
Practical completion achieved at Phase One of Beauchamp Business Park
Practical completion has been achieved on Phase One of Beauchamp Business Park, a new commercial development in Kibworth, Leicestershire.
The development is being brought forward by Clowes Developments and its team including IMA Architects, TanRo, Millward Consulting Engineers, Gateley’s Legal and Postins Project Services. Phillips Sutton and TDBRE have been instructed as agents on the scheme.
Beauchamp Business Park is situated on a 15-acre site located on the outskirts of Kibworth between Leicester and Market Harborough on the A6. The site features a series of freehold and leasehold industrial units ranging from 1,270 sq ft to 10,085 sq ft.
Construction began on Phase One in September 2023. Now, over 80% of the units have been sold or are under offer, with the majority being taken up by local business owners and investors.
Kevin Webster, associate director at Clowes Developments, says: “We are committed to developing sites that bring economic benefits to our region through providing exceptional buildings for growing businesses. We have been struck by the strength of demand for the units at Beauchamp and I am very much looking forward to seeing the whole site develop into a thriving business centre in the coming years.”
Clowes Developments have retained IMA Architects who are providing all architectural services and acting as Principal Designer on the scheme.
Ben Hall, director at IMA Architects, says: “We are proud to have delivered phase one on time for Clowes Developments and we are already on site pressing ahead with Phase Two of the scheme, which has started earlier than planned due to the strength of demand for units at the site.”
Construction of Phase Two has been underway since April 2024 and will see the creation of two additional terraces and a semi-detached unit to be used for B1 and B2 use class. Completion is expected in late 2024.
Kevin Webster adds: “We are pleased to have been able to pull the construction of the second phase forward and we are on course to complete the whole site ahead of schedule.”
Production to stop at Leicestershire stilton specialist
Arla Foods have confirmed production at a Leicestershire dairy could stop.
The business, which runs Melton Mowbray’s Tuxford and Tebbutt Creamery, is proposing to stop production at the site that has operated for nearly 250 years.
Arla Foods is now entering a period of consultation with the stilton specialist’s colleagues. The site employs around 60 people.
It follows a strategic operational review announced in January, following a decline of the speciality cheese market in the UK. At the time Arla Foods said it was looking for possible buyers.
Streets Chartered Accountants covers election concerns, trivial benefits and more in new news roundup
Streets Chartered Accountants covers election concerns, trivial benefits, and more in its latest monthly news roundup.
What might businesses want from the next government?
The wait is over and we now have a date for a general election, the 4th July. Whilst many will have been pressing for and wanting an election, how many of us have considered why or what we really want from the next government? Whilst individuals will no doubt have their own thoughts and asks, these invariably will be unique to them. When it comes to businesses there is probably a more collective thought or ask. Read More
Employment, workforce and skills election special
This special episode of The Streets Sessions, with guests Anita Wynne, CEO of Beststart Human Resources, and Taj Rahil, Partner and employment law specialist with leading law practice Fladgate LLP, focuses on the election and what the main party manifestos have in store for employers and employees, as well as addressing workforce skills shortages and managing migration. Listen Now
Small perks, big impact: keeping your team happy
In today’s competitive business landscape, finding and retaining great staff can feel like finding a needle in a haystack. But did you know that something as simple as trivial benefits can make a significant difference? Trivial benefits are small perks that don’t attract tax. Think coffee vouchers, seasonal gifts or a team lunch. These little tokens of appreciation can work wonders for morale and loyalty across all industries. Read More
Bloodstock industry benefits from Streets Bloodstock’s new Taxation Guide for 2024
Streets are excited to announce the publication of the 2024 Bloodstock Tax Guide, in association with The Thoroughbred Breeders’ Association. This specialist guide has been produced in response to the members of the association seeking advice and guidance on the specific tax implications and treatments for those involved in the sector and in particular breeders. This new guide supersedes the Horseman’s Group guide for bloodstock taxation advice. Read More
Banking & Finance services for clients – business funding options available
There are numerous reasons why many clients are using Streets’ Banking and Finance services. Their dedicated in-house team are easy to access, work with your accountants and are situated within Streets offices providing an expert knowledge in all areas of finance. Like your accountant they always have the client’s and their businesses’ best interests at heart. Whatever your funding requirements are it pays to engage with experts to support you, who have access to whole of market to secure the right funding solution for your business needs. Read More
HMRC wrongly refund voluntary Class 2 National Insurance payments
This incorrect refunding may have significant effect on many individuals in the future when the time comes to receive their state pension and other contributory benefits. Each year, Class 2 National Insurance is collected via self assessment returns and payments transferred through self assessment to each individual’s National Insurance record by HMRC. However, all Class 2 contributions need to be paid by 31 January for the contributions to be accepted by HMRC systems. Read More
