Competition and Markets Authority finds area of concern in £2.5bn housebuilder deal

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Competition and Markets Authority finds area of concern in £2.5bn housebuilder deal

As Leicestershire-based housebuilding giant Barratt’s £2.5 billion purchase of rival Redrow Homes continues to progress, the Competition and Markets Authority (CMA) has concluded a Phase 1 investigation into the deal.

The CMA has found that overall, the merger does not raise competition issues except for concerns regarding the supply of new build private residential housing in one of the more than 400 local areas where the two companies overlap.

The parties have until 15 August 2024 to offer undertakings to the CMA which would address its concerns and avoid the need for a reference to a full Phase 2 investigation.

Barratt and Redrow say they intend to engage with the CMA on the local area in question centred around Whitchurch, Shropshire which contains four Barratt developments and a Redrow development that has fewer than 10 plots remaining to sell. The proposed undertakings will seek to address the future conduct of sales and build on the Redrow site. No land disposals are being anticipated or proposed.

Joel Bamford, Executive Director for Mergers at the CMA, said: “Prospective homebuyers must not be disadvantaged as a result of deals like this one – with the potential loss of competition leading to even higher house prices or lower quality homes.

“Our initial investigation found concerns specifically in one area in and around Whitchurch, the companies now have the opportunity to agree workable solutions which address our concerns rather than move to a more in-depth investigation.”

David Thomas, Group Chief Executive of Barratt, said: “We are pleased that the CMA has found there would be no harm to competition in all but one of the areas in which Barratt and Redrow overlap.

“We remain confident that the combination of Barratt and Redrow will be approved and that it is in the best interests of our customers and wider stakeholders. Together we plan to build on our shared strengths and create an exceptional homebuilder, in terms of quality, service, and sustainability, helping to deliver the homes the country needs.”

Matthew Pratt, Group Chief Executive of Redrow, said: “Barratt and Redrow are two leading housebuilders, with strong reputations for quality, service and sustainability that have been decades in the making. Once the CMA process has completed, we are looking forward to our future as one team, accelerating the delivery of high-quality homes that the country so urgently needs.”

£5.3m sustainable aircraft programme takes off at University of Nottingham

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£5.3m sustainable aircraft programme takes off at University of Nottingham
The University of Nottingham has begun a £5.3 million programme of research to support the development, manufacture and test of a revolutionary cryogenic hydrogen-electric propulsion system.
This is part of a pioneering £44m project led by GKN Aerospace, partnered with Parker Meggitt and the Universities of Manchester and Nottingham, supported by the UK Government through the Aerospace Technology Institute (ATI) programme. The ATI programme invests in civil aerospace research and is delivered in partnership by the Aerospace Technology Institute, the Department for Business and Trade, and Innovate UK. The H2FlyGHT collaborative initiative will develop a 2-megawatt (MW) cryogenic hydrogen-electric propulsion system, setting new standards for the future generation of larger sustainable aircraft. The project will demonstrate an integrated propulsion system at the 2 MW scale including fuel cell power generation, cryogenic power distribution, and advanced cryogenic drive systems. At the University of Nottingham, the Power Electronics, Machines and Control (PEMC) research group, which hosts one of the Driving the Electric Revolution Industrialisation Centres (DER-IC), will support the full motor design and scale-up and cryogenic inverter technology development, essential for developing high-power, efficient propulsion systems. This will be one of the first programmes to use the university’s new hydrogen propulsion systems facility, enabled by the recently announced £70 million secured from Research England and industry co-investment to establish open-access research facilities and programmes to decarbonise future transport. Engineers at the university will deliver this research at a new hydrogen propulsion systems facility on campus. It will feature a cryogenics lab for low temperature loops to increase electrical system efficiencies, a systems integration lab, and an altitude environment chamber capable of testing a megawatt fuel cell together with battery and electrical motor systems. They will be connected to a digital twinning lab for optimising design and operational performance. The facility is situated next to and harnesses the high-power, 20+ MW testing capabilities of the world-leading Power Electronics and Machines Centre (PEMC), home to one of the world’s largest groups of electrification researchers. It also builds on the university’s manufacturing facilities that provide a clear route to market for new electrical machines, including at the new Zero Carbon Innovation Centre funded by East Midlands Freeport. “The vision of net zero air travel is within our sights. However, to get there we must push the limits of what is technically possible,” said Chris Gerada, Professor of Electrical Machines and lead for strategic research and innovation initiatives at the University of Nottingham. He continued: “Thanks to our new propulsion research infrastructure on campus, industry can co-locate, research, prototype, test, automate and manufacture the new solutions they need to future-proof their business. As a result, we can accelerate the economic prosperity of the East Midlands, the home of green industries and advanced manufacturing.”

Staveley Waterside Development gets under way

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Staveley Waterside Development gets under way
A transformation is beginning at Staveley town’s canal basin as part of the Staveley Town Deal, a £25 million government-funded regeneration programme for the area. A new, two-storey building is to be constructed adjacent to Staveley Canal, creating a mixed use facility that will support 11 business units for office, retail and workshop use alongside opportunities for food and drink. The project is being managed and funded by a partnership between Derbyshire County Council and the Staveley Town Deal, which is overseen by Chesterfield Borough Council. The Town Deal is providing £3.5 million of the £4.5 million cost of the project with the balance being met by Derbyshire County Council. The canal basin will be greatly enhanced by the new development and, hopefully, will encourage more visitors to make recreational use of the canal for walking, cycling and boating. Access to the site will be improved with a new road and footpath and there will be indoor and outdoor dining space. Contractors started work on phase 1 of the project at the end of July. This initial phase is scheduled for completion by the end of April 2025. This Staveley Waterside project forms part of the wider Markham Vale programme of works, a flagship 85-hectare business park based on the site of the old Markham Colliery. The programme is a joint venture being delivered with HBD focused on attracting and assisting businesses to support net zero ambitions and helping make Derbyshire a greener and lower carbon place to live, work and visit. Derbyshire County Council Cabinet Member for Clean Growth and Regeneration, Councillor Tony King, said: “It’s great to see this highly anticipated new development get underway at Staveley. “Not only will it bring more life and jobs to the area, it will also draw more visitors to this attractive canal-side environment and encourage greater use of the infrastructure that’s already there. “We have drawn on our many years of experience from work at Markham Vale and brought it to the Staveley Waterside project to help regenerate the area. It will provide both high-quality business accommodation and a visitor destination that people from near and far can enjoy.”   Ivan Fomin, Chair of the Staveley Town Deal Board, said: “I am thrilled to see this prominent project right by the canal, start on site. This landmark development is a key part of the Town Deal programme as it will help create new jobs and encourage people to explore the historic canal, contributing to our overall goal of ensuring that Staveley is a place where everyone can start, stay, and grow.”  

Property consultancy makes new appointments in the Midlands

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Property consultancy makes new appointments in the Midlands
Property consultancy and chartered surveyors Barnsdales has made two new appointments to its Midlands property team, as the business gears up for growth in the year ahead. Tim Richardson – a surveyor with over 30 years’ experience – will lead on commercial property valuations while Chris Beale will undertake primarily residential and mixed use property valuations including the valuation of large and smaller portfolios, individual valuations and valuations for the repayment of Help To Buy equity loans. As a member of the Royal Institution of Chartered Surveyors (MRICS) and a RICS Registered Valuer with a Diploma in Arbitration, Tim will focus on general commercial property matters including investment property and loan security valuations, as well as private valuations for other purposes including company accounts, pension funds, taxation, Charities Act, acquisition, disposal, probate and insurance reinstatement assessments across the industrial, distribution, office, retail and development land sectors. Jason Barnsdale, Group Managing Director at Barnsdales, said: “It’s a privilege to welcome Tim and Chris to the Barnsdales Group team. Their extensive experience in the industrial, warehouse, commercial and residential sectors adds a considerable boost to our growing expertise at a time when commercial markets are particularly optimistic.” Tim Richardson, Director at Barnsdales, said: “I’m really pleased to launch into the next chapter of my career with such a progressive company. Barnsdales is a well-established property consultancy that is as ambitious as it is able, so I’m thrilled to be able to bring my years of experience as a surveyor in the commercial sector to make a meaningful contribution to the firm at a time when it is truly going from strength to strength.” Having spent a decade at the Derby office of FHP Property Consultants, Tim’s appointment marks the third recent high-profile hire of the firm, coming shortly after it was announced that former RICS President, Professor Graham Chase, has joined as its head of valuations, and seasoned finance professional, Ian Dickinson, as its finance & operations director. Also recently joining Barnsdales is Chartered Surveyor and Registered Valuer, Chris Beale MRICS. With 25 years post qualification experience, Chris is extremely experienced in providing RICS Red Book Valuations for lending institutions including banks and building societies and has also undertaken many highly detailed RICS Homebuyer and Building Survey reports for individual clients. Chris joins Barnsdales from Legal & General where he worked for over 10 years and was previously with e.surv chartered surveyors where he carried out valuations for a further 14 years. Chris Beale, Associate Director of Valuations at Barnsdales, said: “I’m delighted to be making the move to Barnsdales for the next stage of my career. I have found working for some corporate entities can be quite isolating, with teams of up to 500 people limiting interaction, an increase in home working and valuation processes becoming more automated. “Barnsdales is the antithesis of this in that it has a direct, hands-on approach. For me, the mixture of office-based working and on-site valuations is the perfect combination, making the recent establishment of a Derby city centre base of operations ideal. I’m already undertaking a varied catalogue of interesting properties including several large portfolios of properties in Doncaster and Sheffield.”

Only 4 weeks until nominations close for the East Midlands Bricks Awards 2024!

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Only 4 weeks until nominations close for the East Midlands Bricks Awards 2024!
With the nomination deadline (Thursday 5th September) approaching quickly for the East Midlands Bricks Awards 2024, there’s only four weeks left to make your submissions for the annual celebration of the property and construction industry. Scheduled to take place on Thursday 3rd October, at the spectacular Trent Bridge Cricket Ground, the Bricks shine a light on the work of those shaping the landscape of our region, recognising development projects and people in commercial and public building across the East Midlands – from offices, industrial and residential, through to community projects such as leisure schemes and schools. We also showcase the work of architects, agencies and those behind large schemes. The glittering awards ceremony revealing winners will additionally offer the perfect opportunity to forge new contacts with property and construction professionals from across the region. Attendees will also hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire. To nominate your (or another) business/development for one of our awards, please click on a category link below or visit this page. Take this chance to highlight exceptional new commercial and residential developments, those demonstrating a leading position in sustainability and design excellence; gain recognition as outstanding developers, architects, contractors, and agents, as well as for significant deals; and ensure efforts in corporate social responsibility are rewarded, from eco initiatives to charity work, to social value schemes.
Award categories include:

Nominations end Thursday 5th September

Tickets can now be booked for the 2024 awards event, click here to secure yours. Taking place in the Derek Randall Suite at the Trent Bridge Cricket Ground on Thursday 3rd October, from 4:30pm – 7:30pm, connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region. Dress code is standard business attire. Thanks to our sponsors:      

     
     
 

To be held at:

Rolls-Royce wins engine order from Cathay Pacific

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Rolls-Royce wins engine order from Cathay Pacific
Rolls-Royce has revealed that Cathay Pacific has agreed to place an order for 60 Trent 7000 engines that will power 30 Airbus A330-900 aircraft. At the same time the airline has signed a TotalCare service agreement that will cover the fleet.
Ewen McDonald, Chief Customer Officer, Rolls-Royce – Civil Aerospace, said: “The Trent 7000, coupled with TotalCare, is a compelling proposition for airline customers and this order shows significant confidence in the Trent 7000/A330neo combination. The engine will benefit from the £1bn investment we’re making to the Trent engine family.
“All of us at Rolls-Royce are proud of the trust that Cathay Pacific is placing in us and we look forward to supporting these new aircraft as they enter service.”
Alex McGowan, Chief Operations and Service Delivery Officer, Cathay Pacific, said: “We are delighted to announce this order for 30 Trent 7000 powered A330-900 which will be a natural replacement for our A330ceo aircraft. The Trent 7000/A330neo combination will provide excellent comfort for our passengers as well as improved fuel efficiency to help us achieve our sustainability goals.”
The Trent 7000 is the latest addition to the Rolls-Royce Trent family of engines and exclusively powers the Airbus A330neo. After entering service at the end of 2018, the Trent 7000 has flown more than two million hours. Incorporating the latest generation technology, the A330neo/Trent 7000 combination delivers a 14% better aircraft fuel burn per seat (compared to the A330/Trent 700), while significantly lowering emissions. Rolls-Royce is investing more than £1bn in a programme that will deliver further improvements to the Trent engine family. For the Trent 7000, a Durability Enhancement package has been introduced which more than doubles engine time on wing and a second package of hot-section enhancements will deliver a further improvement of up to 30%. The engine is certified to operate on a 50% Sustainable Aviation Fuel (SAF) blend today and has been proven to be compatible with 100% SAF for the future.

Construction company reappointed to deliver £4.4m speculative industrial and warehouse units at strategic development site

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Construction company reappointed to deliver £4.4m speculative industrial and warehouse units at strategic development site
Construction company Glencar has been reappointed by Verdant Regeneration to develop two new units totalling 31,350 sq ft at their 200-acre strategic industrial/warehouse development site at Ilkeston in Derbyshire. The appointment follows shortly after the completion of Unit 1, a new 20,400 sq ft build to suit regional hub development constructed for DX Group. Designed by architectural practice Stephen George Partnerships, construction of the £4.4m units started on site in June and is expected to take 34 weeks to build with PC expected in the spring of 2025. Speaking about the project Pete Goodman, Managing Director – UK Midlands, North and Ireland said: “Repeat business is the best business and after a successful negotiation we are once again delighted to be back onsite at New Stanton Park so soon after completing DX’s impressive new regional sortation Hub. “This development is a significant strategically located site in the Midlands adjacent to the M1 – ideally situated for the road and rail networks of the UK. It is therefore unsurprising that the development has already received major interest from numerous international, national and regional occupiers. “Glencar are delighted to be part of the delivery of this key scheme and we look forward to once again be working with the team from Verdant and delivering these next units to come out of the ground.” David Ward of Verdant Regeneration said: “We are delighted to re-appoint Glencar for the construction of the next 2 build to suit units on New Stanton Park following the successful build of Unit 1 for our first tenant DX (Group) plc. “New Stanton Park offers an excellent, strategic location, blending an active rail connection with strong private and public transport connectivity. “To finally see the buildings rising out of the ground following years of design and planning is fantastic. We look forward to welcoming many more new tenants to New Stanton Park.”

43 new businesses created in Charnwood incubator programme

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43 new businesses created in Charnwood incubator programme

Hundreds of people have sought help from a Loughborough-based startup incubator – with more than 43 new businesses created as a result.

The latest cohort of local entrepreneurs have now completed the fifth cycle of the programme, which first launched towards the end of the Pandemic.

A total of 460 individuals engaged with Charnwood’s Restocking the Business Base programme to seek initial guidance about setting up a business. That was almost double the 250 queries projected when the programme got underway in March 2021.

Of those emerging startups, 101 went on to receive structured support across five cohorts. A total of 43 new businesses were ultimately founded, creating 48 jobs.

Andy Reed OBE, Chair of the Leicester and Leicestershire Business Board, said: “All economies need productive and innovative small businesses and entrepreneurs.

“Programmes such as Restocking the Business Base help to nurture bright new business ideas, which is so important for local employment and growth.”

LUinc – the Loughborough University incubator – has been supporting graduate startups and research spinouts since 2011. It operates from bases on Loughborough University Science and Enterprise Park (LUSEP) and the Careers and Enterprise Hub in Loughborough town centre.

Restocking the Business Base saw LUinc. partner with the Leicester and Leicestershire Enterprise Partnership (LLEP) and Charnwood Borough Council to extend its services to founders from outside the campus.

The aim was to develop a new generation of agile Leicestershire businesses.

As well as access to coworking space and other university facilities, members benefited from free weekly meetings, one-to-one coaching, structured training, and roundtable discussions delivered by a range of experienced experts and entrepreneurs.

Pete Hitchings, Incubator Manager, said: “Bringing together businesses from the university and the local area has grown a diverse community of business owners who are really invested in helping one another to succeed.

“We are now seeing businesses from our earlier cohorts grow and begin hiring new employees themselves.”

Sirius Transformation joined LUinc. in the Spring of 2022 after making an initial inquiry through the Careers and Enterprise Hub.

Founded in late 2021 by former 3M employees, James Whyley and Steven Sleath, Sirius is a process improvement consultancy based on its founders’ extensive manufacturing experience. It has gone on to work with a number of private sector clients in the construction, glass-processing and plastics industries.

Earlier this year, Sirius was appointed the Advanced Engineering and Manufacturing Specialist Advisor for a borough in Gloucestershire, assisting businesses on matters including capital investment, strategic planning, connections to subject-matter-experts, and targeted process improvements.

Charnwood Borough Council and Loughborough University have now collaborated to extend their small business incubation partnership for a further 12 months.

Cllr Jewel Miah, Leader of Charnwood Borough Council, said: “It’s great to see so many local startup companies taking advantage of what’s available through this programme.

“As a Council, we’re committed to supporting a thriving local economy; small businesses are central to that and that’s why we are keen to continue supporting them.”

The original three-year project was part-funded with £314,000 from a Covid-19 Recovery Fund, created using Enterprise Zone Retained Business Rates.

The extended programme, running until March 2025, is now accepting applications from local founders.

Construction of 22 new eco-efficient homes begins in Mansfield

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Construction of 22 new eco-efficient homes begins in Mansfield

Contractors drafted in to build new energy-efficient council homes in Mansfield have broken ground on-site.

Once complete, this new-build neighbourhood will consist of 22 properties, including three four-bedroom, eight three-bedroom and nine two-bedroom semi-detached houses. There will also be two two-bedroom detached houses, all of which will be available for council tenants on the housing waiting list. The homes will be the epicentre of the regenerated Bellamy estate, which is also home to a new parade of shops, now built and ready to be let out. Also, a new through road and a newly installed green space are all in the pipeline with building contractor Mercer. Executive Mayor Andy Abrahams said: “As well as building 22 well-designed, energy-efficient family homes, these much-needed houses will enable the council to play its part in tackling climate change and, just as importantly, help our tenants save money with lower electricity and heating bills. “Social value is also hugely important to us, so it is pleasing to see that 88 percent of the people employed on the project are from within 20 miles of Mansfield, against a target of 60 percent. “We want to expand this practice with all our local partners and suppliers to multiply the benefits to our economy, with the aim of seeing money being earned and spent in the Mansfield district.” The Bellamy regeneration scheme has a projected total cost of £7.7 million and is due to be completed next year. The site’s regeneration began more than 18 months ago with the installation of a new play park and a learn-to-cycle track for children. Mercer was appointed to the project via an open tender process with the council’s procurement partner Nottingham City Council, at the time, in July last year, in line with the Public Contract Regulations 2015 for over threshold projects. The council’s in-house architects designed the 22 homes in accordance with the Future Homes Standard, which requires new homes to have low-carbon heating and high energy efficiency, resulting in significantly lower carbon dioxide emissions than properties built to current Building Regulations. Fraser Mercer, Director at Mercer Building Solutions, added: “This is an exciting scheme, and it’s great to see the plots now coming out of the ground as we move into the next phase of our programme. “Our supply chain network is adapting well to the regulatory changes associated with the Future Homes Standard, and we continue to work alongside the council’s architects to implement the designs which go above and beyond present expectations in terms of energy-efficiency for each new property.”

Nottinghamshire engineering group acquires Italian business

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Nottinghamshire engineering group acquires Italian business
Langley Holdings, the engineering and industrial manufacturing group, has acquired GKN Hydrogen from Dowlais Group. Based in Northern Italy, GKN Hydrogen specialises in providing all-in-one clean hydrogen energy management systems and solutions to help achieve net zero emissions targets by generating green hydrogen from renewable energy sources and storing it compactly and loss-free in metal hydride. Nottinghamshire-headquartered Langley Holdings was established in 1975 by the current Chairman and CEO, Tony Langley. The Group operates in three principal areas: Power Solutions, Print Technologies and Other Industrials. Its 18 manufacturing facilities spanning Europe, the UK, and the USA are supported by a global network of more than 100 sales and service subsidiaries and a workforce of over 5,000 people. GKN Hydrogen will be a critical part of the Group’s Power Solutions division, which comprises Norwegian-based Bergen Engines, Italian Marelli Motori, and Piller Group, Europe’s leading producer of critical power conditioning, stabilisation, and backup systems based in Germany. In 2024, the Power Solutions Division will account for approximately half of the Group’s $1.5bn revenues. Anthony Langley, Chairman & CEO, Langley Holdings plc, said: “This acquisition underscores Langley Holdings’ strategic focus on sustainable energy solutions and commitment to a greener future.” David Armitage, corporate partner in the Leeds office of Gateley Legal, led on the deal and was supported by Scott Cooper. David Armitage added: “We are pleased to have acted on this latest strategic acquisition for our client. We were able to act quickly and decisively alongside our client based on our longstanding relationship and history of assisting Langley Holdings in its acquisitive growth.”
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