Hattrick of deals sealed at EastWest Nottingham

Tess Egginton
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Hattrick of deals sealed at EastWest Nottingham
Following the £7 million redevelopment of EastWest on Maid Marian Way in Nottingham, a further hattrick of tenants have leased more than 16,500 sq ft of office space. An international domain registry and web hosting company has taken 5,500 sq ft of bespoke designed workspace within EastWest, signing a five-year lease. Two further deals have been agreed with audit, tax and consulting firm RSM UK taking 7,500 sq ft and Roythornes Ltd taking 3,291 sq ft on 10-year leases. Ann Barrasso, operations director for Roythornes Limited, said: “As a firm we had been in Nottingham for several years but were ready, due to our ambitious expansion programme, to move to an office which reflected the law firm we are now, rather than the one we were some years ago. “In addition, of course, we were keen to improve the working environment for our talented team – it’s so important that we look after our people and that staff look forward to coming in to work. “We’re delighted to say that EastWest ticked all the boxes – it gives us a brilliant base for the firm and our staff love the building, the environment and the facilities. We’re looking forward to continuing to build our business from our new home.” Sheetal Sanghvi, managing partner in the East Midlands at RSM UK, said: “As part of our commitment to the East Midlands region, we’re thrilled to have extended our lease at the newly refurbished EastWest offices for the next decade. “We look forward to welcoming our team, clients and contacts to our new home very soon, where we will continue to support fantastic businesses in the city and across the region.” Alex Goode, investment manager at CEG, added: “We’re delighted to welcome three further businesses with strong covenants to EastWest. The building has fast become a thriving business community following its comprehensive modern refurbishment.” Mark Tomlinson, Director at FHP which is the agent on the scheme, said: “EastWest represents the ‘best in class’ office offering in Nottingham following its substantial refurbishment. “In particular, the building offers the high-quality finishes and lifestyle aspects which are sought after by occupiers with the onsite café restaurant and a particular emphasis on the occupier experience.”

CMA launches merger inquiry over Lincolnshire timber product manufacturer’s acquisition

Tess Egginton
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CMA launches merger inquiry over Lincolnshire timber product manufacturer’s acquisition
The Competition and Markets Authority (CMA) is investigating the anticipated acquisition by Scanpole Limited of Calders & Grandidge (Boston) Limited. The CMA is considering whether the merger has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the deal will result in a substantial lessening of competition. To assist with its assessment, the CMA is inviting comments on the transaction by 10 July 2024. Based in Boston, Lincolnshire, Calders & Grandidge is a timber supplier specialising in the manufacture of wooden utility poles and fencing posts. Finland-headquartered Scanpole is a leading producer of wooden poles in Europe. The CMA launched its merger inquiry on 25 June 2024, with phase 1 of its investigation having a decision deadline of 20 August 2024.

BCC pledges to work with next Government to grow the UK economy

Stuart Pearcey
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BCC pledges to work with next Government to grow the UK economy
British Chambers of Commerce Director General Shevaun Haviland will today issue a pledge to work in partnership with the next Government to grow the UK economy. She’ll make the promise at the British Chambers of Commerce Global Annual Conference in her keynote address, when she will also urge the next Government to use the BCC’s Election Manifesto as its ‘day one’ playbook for action. It includes a focus on improving EU trade and better planning around skills. She is expected to say:  “The only factor that matters, is what the Government will do on day one – after six weeks of electioneering, businesses will be looking at the next government and who will be true to their word “Business wants a long-term sustainable economic growth plan, some call it an industrial strategy, call it what you like, but what we need is a plan for the next 10, 15, 20 years and beyond. “Firms don’t want handouts; they want government to create the right environment so they can thrive. Whoever wins next week, we are ready to lean in and help our new government power the economy. “Our plan is to build an economy that has the green transition at its core, with a workforce fit for the future, living in thriving local places and powered by businesses that are globally facing and digitally enabled. “None of this is going to be easy, none of us can do it on our own, and it’s going to take time. That means we need a real partnership, one that is for that long-term. “We must stop walking on eggshells and start saying it how it is. The current plan isn’t working for our members. But better trade terms are possible if the UK government and the EU reach agreement in areas of mutual benefit for business on both sides. A better deal is best for everyone. “Skills are a top concern for our members. It’s time for action to boost investment in skills. It’s not about cutting up existing plans, it’s about making sure the right initiatives are given time to work. “The labour market is heading in the right direction, as we see the number of vacancies fall, but businesses are still telling us the skills they need aren’t there. We need to ‘Plan Better for Skills’ aligning our ambition and investment to prepare young people and job seekers for great jobs.”

Rail industry companies collaborate on graduate exchange scheme

Stuart Pearcey
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Rolling stock manufacturer Angel Trains, with premises in Derby, has joined forces with Siemens Mobility, which makes trains at Goole in Yorkshire, to launch a graduate exchange programme aimed at enhancing collaboration and innovation in the industry. The programme consisted of a six-week exchange between three Engineering graduates; two from Angel Trains and one from Siemens Mobility. The graduates rotated across different teams to expand their expertise and marked the end of their programme with a final presentation to key stakeholders from both organisations. Syeda Ghufran, Director for Asset Management and Assurance for Siemens Mobility said: “At Siemens Mobility, we’ve seen that early career exchange programmes not only benefits the participants but also our organisation, as we work towards transforming the everyday journeys for people across Britain.  Having completed an exchange programme as part of my own early career development, I have seen first hand the benefits of collaborating with customers and partners to share skills and best practice.” Barry Fox, Product Manager at Angel Trains said: “Angel Trains is proud to have collaborated with Siemens Mobility through the graduate exchange programme, as we continue our commitment to the development of young engineers. The programme offers a unique opportunity for graduates to gain valuable industry insights, and most importantly, helps them develop and grow as rail professionals and individuals.” Victoria Wright, Graduate Engineer at Siemens Mobility said: “This placement boosted my confidence, personal development, and understanding of the rail industry. During my placement at Angel Trains, I gained a comprehensive understanding of the business, working with both the fleet and product teams. I focused on energy-saving initiatives, remote monitoring, competitor analysis, and engineering change approvals.  I hope to see the continued expansion of these programmes throughout the industry, as they enable young people such as myself to reach their full potential.” Designed to empower entry-level talent, the programme aims to provide professional development opportunities for young people starting out on their career in the rail industry. With skills shortages and an ageing workforce threating the future of the rail industry, the programme is dedicated to preserving knowledge across the sector, ensuring a sustainable future for the industry as a whole. The Siemens Mobility early careers intake currently consists of 113 graduate trainees, 130 apprentices and 72 degree apprentices.

Watches of Switzerland CEO “proud” of performance “in what was undoubtedly a more challenging market”

Tess Egginton
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Watches of Switzerland CEO “proud” of performance “in what was undoubtedly a more challenging market”

Watches of Switzerland Group has seen a flat year for revenue, while profits have declined in challenging trading conditions.

According to results for the 52 weeks ended 28 April 2024, the luxury watch and jewellery retailer saw group revenue of just over £1.5bn, in line with results from the year prior, at reported rates, and up 2% at constant currency. The business noted that demand for its key brands continued to be strong and outstripping supply. Statutory profit before tax, however, was £92m, down from £155m. Looking ahead, Watches of Switzerland Group said: “Following the more challenging trading conditions of FY24, we are cautiously optimistic about trading in FY25.”

Brian Duffy, Chief Executive Officer, said: “I am proud of the performance that our team delivered this year in what was undoubtedly a more challenging market. We cemented our position as a leading international luxury watch and jewellery retailer and delivered further market share gains in both the UK and US, driven by our proven, differentiated business model. In particular, our US business went from strength to strength, growing 11% and will soon represent half of Group sales.

“The UK market is starting to show signs of stabilisation. In FY24, UK and Europe sales were down 5% impacted by significant price increases overall at a time of reduced consumer confidence influencing discretionary spending, and we see these pressures easing in FY25.

“During the year, we continued to invest for high-quality growth across showroom projects and strategic acquisitions including the 15 Ernest Jones showrooms acquired last November, and the acquisition of Roberto Coin Inc. post year end, which dramatically accelerates our luxury branded jewellery strategy.

“We have an impressive programme of showroom developments on both sides of the Atlantic and our strongest ever pipeline of committed projects, which includes the flagship Rolex boutique on Old Bond Street, London, Audemars Piguet Townhouse in Manchester, Rolex boutique in Atlanta, Georgia and a Rolex anchored multi-brand in Plano, Texas.

“Pre-owned represents a significant opportunity for our Group, with pre-owned luxury watch sales doubling year-on-year in Q4 FY24. Within this category, the new Rolex Certified Pre-Owned programme is performing ahead of our expectations in both the US and UK and is set for further roll-out in FY25 with improved methods of supply in the UK.

“Our strategic momentum underpins our confidence in our FY25 guidance and Long Range Plan objectives of doubling sales and profit by 2028, capitalising on our leading market positions and the unique growth opportunities ahead.”

37,000 sq ft former distribution depot let in Leicestershire

Tess Egginton
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37,000 sq ft former distribution depot let in Leicestershire
On behalf of private clients, FHP Property Consultants have let a 37,302ft2 former distribution depot situated on Melbourne Road, Lount, Leicestershire. The premises have been let to Summit Platforms Ltd on a new 10 year lease. The site is strategically located just 2 miles from Junction 13 of the A42 with Junction 23a of the M1 only 9 miles away to the north east. The property itself sits on a self-contained site extending to approximately 3.2 acres and comprises a single storey warehouse, a separate workshop facility and a two storey office building. Darran Severn of FHP Property Consultants says: “I am pleased this letting has completed in what has been an excellent result for all parties. This was not a straight-forward letting and there were a number of difficulties which arose during the due diligence. Pleasingly all parties took a pragmatic approach which enabled everything to be resolved to suit both landlord and tenant. “Given the nature of the site, there are a number of businesses who we are speaking to that have missed out on this opportunity, therefore I would be delighted to speak with any landlords who have any similar properties becoming available soon.”

Fifth annual Silverstone Soccer tournament raises charity cash

Tess Egginton
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Fifth annual Silverstone Soccer tournament raises charity cash
The fifth annual Silverstone Soccer charity event raised more than £3,000 for Cynthia Spencer Hospice on Sunday (23rd June). Ten teams battled it out on pitch in the five-a-side fundraiser at Daventry Town Football Club, but it was Stonhills Estate Agents who took the much-coveted winner’s trophy. Betchle UK were named as runners up. The popular event, which is hosted by vehicle leasing firm Silverstone Leasing, has raised thousands of pounds for its nominated charity partner Cynthia Spencer Hospice, since its conception in 2020. This year the grand total raised was £3,141, not just through the football tournament but also other family fun activities including a bouncy castle and Silverstone Leasing’s managing director Scott Norville’s car wash service. Organiser of the event and Silverstone Leasing sales manager Ryan Bishop said: “This year felt more special with it being our fifth consecutive year. It was great to see so many of our teams arriving with their families so everyone could feel part of the day, whether that meant getting their car washed by Scott’s Soapy Suds or letting the kids enjoy the bouncy castles. “The highlight of the day for me was seeing lots of teams that have played in the past come back to support us again, as well as having three new teams get involved this year. “Silverstone Soccer isn’t just a football tournament, it is a well-regarded, community focussed, impactful charity event that we are very proud to spearhead. Thank you to our headline sponsors All Things Business, gold sponsors Acorn Analytical Services and everyone who joined in to raise such a fantastic amount of money for a very worthy charity.” Nina Gandy, corporate partnerships fundraiser at Cynthia Spencer Hospice, said: “Silverstone Soccer once again proved to be a hugely successful event! A massive thank you to Ryan, Scott and the rest of the Silverstone Leasing team, we really appreciate your dedication, it takes a lot of hard work to organise events like this and raise a considerable amount of money. “It was great to see teams that had previously taken part support the event once again, as well as a number of new teams too. Getting involved with events like this really does continue to make a difference by raising funds as well as spreading the word about the work of the hospice, allowing our patients to be cared for with dignity, and helping them to live every moment.”

Expert energy advice helps Bassetlaw businesses cut carbon emissions

Tess Egginton
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Expert energy advice helps Bassetlaw businesses cut carbon emissions
Bassetlaw District Council is offering micro and small businesses the chance to get expert energy advice on how to cut their carbon footprint. Businesses are being invited to apply for an energy audit, which will help them become more sustainable and could identify financial savings. During the first year of the project, nearly 40 businesses have been audited by Mitie Plan Zero, with 16 going on to successfully apply for decarbonisation grants of up to £5k from the Council. These grants support the costs of implementing energy efficiency and carbon reduction measures. Matthew Hutton, Climate Change Officer at Bassetlaw District Council, said: “These Decarbonisation grants are making a real difference to businesses as they look to reduce their carbon footprint and make cost savings. “I would encourage other businesses across the district to sign up to the energy audit to see what measures they could introduce to improve their energy efficiency.” So far, the works have saved 14.2 tonnes of CO2 equivalent from being emitted a year – that’s the same as the average emissions of a return flight from Paris to New York for 14 passengers.

Bottle Up becomes the official sustainable bottle provider for Loughborough Sport

Tess Egginton
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Bottle Up becomes the official sustainable bottle provider for Loughborough Sport
Bottle Up, the bottle of water “designed with the planet in mind,” has secured a new partnership with Loughborough University and Loughborough Sport. This year-long collaboration marks a significant step towards enhancing sustainability and reducing single-use plastics on campus. As part of this initiative, Bottle Up will become the official sustainable bottle provider for Loughborough Sport. The eco-friendly bottles, crafted from sugar cane, will be distributed to athletes on performance programmes and athletic union members. This effort underscores Loughborough’s commitment to environmental stewardship and sustainability. Andrew Eversden, co-founder of Bottle Up, said: “We are thrilled to partner with Loughborough University and Loughborough Sport. Our bottles are designed to provide a sustainable alternative to single-use plastics, and we are excited to support Loughborough’s athletes and students in their journey towards a greener future.” The bottles will not only be available to athletes but will also be sold in university retail outlets across the campus. Each bottle comes pre-filled with water and has a lifespan of up to three years. By incorporating Bottle Up’s products, Loughborough University aims to further its mission of reducing environmental impact and fostering a culture of sustainability among its community. Elliot Brown, Sustainability Manager at Loughborough University, said: “Sustainability is at the core of our values, and our partnership with Bottle Up exemplifies this commitment. “By adopting its innovative, eco-friendly bottled solutions, we are actively reducing our collective environmental impact and promoting sustainable practices within our sports community and beyond. We are proud to support our athletes with sustainable choices that inspire positive change across campus.”

Revenue makes records as profits dip at Marks Electrical Group

Tess Egginton
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Revenue makes records as profits dip at Marks Electrical Group
Profits have dropped at Leicester online electrical retailer, Marks Electrical Group, in spite of record revenue.

According to full year audited results for the 12 months ended 31 March 2024 (FY24), pre-tax profits declined to £616,000 from £6.4m in the year prior.

This was primarily due to lower trading profitability as well as the impact of the costs incurred to replace the business’s legacy enterprise resourcing planning system with Microsoft Dynamics 365. Revenue, however, was up 16.9% year on year, at £114.3m (FY23: £97.8m), doubling the revenue Marks Electrical achieved in the year prior to listing (FY21: £56m).

The firm noted it has “optimism for the year ahead,” following a strong trading performance in April, May and June, with double-digit revenue growth and momentum starting to pick-up following a weaker January to March trading period.

Mark Smithson, Chief Executive Officer, said: “During what was a more challenging year for the Group, in an environment where consumers remained highly price-conscious, we continued to make good strategic progress across multiple fronts as a business. I am proud of the ongoing commitment and dedication of our entire team of customer-focused colleagues.

“Over the past year we invested in our operations and systems to position the business for long-term success, navigated a trade-down in customer buying preferences, managed the inflation increases impacting our cost base and continued to make a profit.

“Having doubled revenue since IPO, we’ve also managed to grow our market share profitably, and thanks to our disciplined approach to capital allocation, we’ve consistently returned a dividend to our shareholders, whilst retaining a net cash position. Our strategy and approach leaves us very well positioned for a market recovery when it occurs.

“Our relentless focus on operational excellence and customer service has enabled us to continue to gain share in a very competitive market, growing our share from 2.5% to 2.8% of the overall Major Domestic Appliances (“MDA”) market and from 4.7% to 5.3% in the online segment, with huge opportunities ahead, both in MDA and in other segments of Consumer Electronics and Small Domestic Appliances.

“Whilst I continue to be personally frustrated about our margin progression during the year, I remain confident in our long-term growth prospects, and continue to be impressed by our ability to deliver market share gains profitably, against a fiercely competitive backdrop, whilst maintaining the highest levels of customer service standards in the industry.

“The first three months of FY25 have been encouraging and we have been pleased to see a return to double-digit growth during the period, providing us with a robust platform to continue driving profitable market share gains, and ultimately enabling the Group to deliver long-term value creation and become the UK’s leading premium electrical retailer.”

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