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Visitor economy bounces back in Mansfield
New figures show that tourism is continuing to bounce back in Mansfield after being hit by the Covid pandemic.
- The visitor economy was worth £130.76m, up from £124.75m in 2022 and making good progress back to the 2018 high of £147.23m.
- The figures show there were 2.82m visitors to the district, up 4.2% on the 2022 figure of 2.71m in 2022 but still below the pre-pandemic figure of 3.22m in 2019.
- The sector supported the full-time equivalent (FTE) of 1,540 jobs, compared with an FTE of 1,379 in 2022 and 1,254 in 2021.
- Most people visited Mansfield to go shopping, which accounted for 42% of expenditure, followed by food and drink at 29.3%.
- Day visitors made up 81% of the total value of the visitor economy, up from 80% in 2022.
- The number of visitor days also increased with 3.09 days recorded in 2023 compared with 2.97 days in 2022 and 2.66 days in 2021. However, they remain below the pre-pandemic levels in 2019 of 3.51 days.
- Spring and early summer were the most popular times of year to visit the district in 2023 with 300,000 visits in May and 291,000 in June.
New initiatives revealed to revitalise Northampton town centre
- H&M Expansion: A loan of up to £2 million will support the development of a larger, more modern H&M store following its decision to move from Abington Street. As a key high street brand, H&M’s expansion is expected to draw more shoppers to the town.
- Flexible Workspaces: In partnership with workspace provider Wizu, a £1 million loan will facilitate the creation of flexible workspaces within the centre. This initiative aims to support remote working and attract new micro-businesses to Northampton.
- Leisure Parking: To accommodate a new leisure operator in the former Sainsbury’s unit, 180 two-hour free parking spaces will be provided, making it easier for visitors to enjoy the new facilities.
- Micro Shops: An investment of £375,000 will convert several units into micro shops on the centre’s first floor. This project will support new business startups, with a profit-sharing arrangement to benefit the taxpayer.
- Belgrave House Redevelopment: Restrictions on the use and sub-letting of Belgrave House will be removed, allowing WNC to make productive use of the building in line with the Greyfriars masterplan.
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Light Science Technologies “confident” as revenue grows and losses shrink
Derbyshire-based Light Science Technologies Holdings, comprising three divisions: Controlled Environment Agriculture (CEA); Contract Electronics Manufacturing (CEM); and Passive Fire Protection (PFP), has hailed record group revenues in a new trading update for the 12 months ended 30 November 2024.
Group revenue increased by approximately 29% to £12m for the period, up from £9.3m in the year prior, underpinned by strong trading across all divisions. Losses for the period reduced substantially to £0.2m, from £1.1m.
Light Science Technologies noted that “importantly, the business was net profitable during H2 2024, and management is expecting to sustain this momentum in FY 2025.”
Revenues from the CEM division grew by approximately 5% to £9.5m with continued strong traction from sports entertainment.
The CEA division generated revenues of £0.8m – up approximately 250% year-on-year – highlighting increased traction and the benefits of the firm’s Tomtech acquisition, which is helping drive increased cross selling opportunities.
The PFP division contributed £1.8m in sales, establishing an entirely new revenue stream for the group.
Simon Deacon, CEO of Light Science Technologies Holdings, said: “Our key focus is on continuing the profitability we have seen in H2 with increasing levels of margin contributions from PFP and CEA; and by realising further efficiency gains across the Group.
“We are an innovative business, and management has worked hard to stabilise and scale operations within growth markets. We believe that we are positioned to generate increasing levels of recurring revenue and cash and have a portfolio of well-balanced sustainable businesses that are positioned to benefit from broader market trends as we focus on long-term profitable trading.
“We have a number of exciting opportunities across all three divisions and are confident that the business will provide strong and growing returns.”