Chesterfield-based XB Realisations Limited, formerly Xbite Limited, has been sold out of administration, saving all jobs.
James Lumb and Howard Smith from Interpath Advisory were appointed joint administrators of the business on 15 July 2022.
The company operated as an online retailer which traded through websites including 365Games, Roov, Maison and White, Pukkr and Shop4World, as well as via various other sales channels. The company employed 87 members of staff and had turnover of £51.7 million in FY21.
In common with many online businesses, the company’s turnover levels increased significantly during the COVID-19 pandemic, so the business geared up for further growth, employing additional staff and expanding into new larger leasehold premises.
However, the operational and financial pressure of a scaled-up infrastructure, combined with supply chain issues associated with importing from China (including shipping delays and increased container costs) had an impact on profitability.
With mounting cashflow pressures, the directors explored options for additional investment, including exploring a potential sale of the business. Despite receiving multiple offers, ultimately a solvent sale could not be delivered. The directors concluded the company had no prospect of avoiding insolvency and sought to appoint the joint administrators.
The joint administrators have now completed a sale of the business and certain assets of the company to an unconnected purchaser which now trades as Xbite. All employees transferred to the purchaser as part of the sale.
James Lumb, Managing Director at Interpath Advisory and joint administrator, said: “We are pleased to have concluded this sale of the business and we wish the purchaser all the very best for the future.”
Recruitment company secures global engineering contract
A recruitment firm in Northamptonshire has been selected by a global engineering company to lead its recruitment processes.
SSI Schaefer Ltd, which operates across six continents and has more than 10,500 employees, has entered into a Recruitment Process Outsource (RPO) agreement with Kettering-based Wills Consultants Ltd.
The agreement sees Wills Consultants manage and enhance the end-to-end sourcing and recruitment strategy for permanent and contract operation roles across all UK sites.
Andy Wightman, Managing Director UK at SSI Schaefer, said: “We work with very large brands, meaning we sometimes manage and deliver projects worth millions of pounds to our customers.
“We require peace of mind that our employees have had the very best hiring experience from the initial source through to post engagement. It is essential that we partner with a company that shares our core values when hiring and Wills Consultants has shown that it can improve our acquisition function.”
Simon Wills, director at Wills Consultants Ltd, added: “Finding the right talent for SSI Schaefer is crucial and the work we have done together over the last year has proven to be highly successful with a 100 per cent placement record, despite the pandemic challenges and lockdowns.
“We are providing a concierge management account service and are looking forward to working together more and seeing this partnership promote the hiring manager experience and heighten candidate steadfastness with the brand.”
£4.5bn Recovery Loan Scheme extended
A support scheme offering Government-backed loans to small businesses will be extended for a further two years, Business Secretary Kwasi Kwarteng has announced.
The Recovery Loan Scheme, originally launched in April 2021 to help businesses recovering from the COVID-19 pandemic, has supported almost 19,000 businesses with an average of £202,000 in support.
The Recovery Loan Scheme (RLS) is a government scheme aimed at supporting access to finance for UK businesses. It gives lenders a government-backed guarantee against the outstanding balance of the facility.
The extension provides further government support for businesses grappling with cost pressures and adds to measures already announced by the Chancellor, such as increasing the Employment Allowance, slashing fuel duty, and introducing a 50% business rates relief for eligible high street businesses.
Business Secretary, Kwasi Kwarteng, said: “Small businesses are the lifeblood of the British economy, which is why we are determined to support our traders and entrepreneurs in dealing with worldwide inflationary pressures.
“The extension of the Recovery Loan Scheme will help ensure we continue to provide much-needed finance to thousands of small businesses across the country, while stimulating local communities, creating jobs and driving economic growth in the UK.”
Chancellor of the Exchequer, Nadhim Zahawi, said: “Small businesses are the engines of economic growth, supporting jobs and livelihoods in communities right across the UK.
“The Recovery Loan Scheme has supported thousands of businesses over the past year and this extension will ensure they continue to access the finance they need to navigate the months ahead.”
The principle behind the extended Recovery Loan Scheme remains unchanged: government will underwrite 70% of lender liabilities, at the individual borrower level, in return for a lender fee. Lenders must ensure that the benefits of the government guarantee are passed through to businesses.
The maximum loan size remains at up to £2m. However, recognising that businesses and the UK more generally are now in a better position than they were during the pandemic, lenders may now require a personal guarantee from the borrower, in line with standard commercial practice.
Chris Wilford, CBI director of financial services policy, said: “Amidst challenging economic headwinds and continued cost pressures, this remains a difficult time for business.
“With cashflow difficulties at the forefront of the minds of many business owners, continued access to Government-backed loans will bring great comfort.
“This next phase of the Recovery Loan Scheme will provide a critical lifeline for firms. The CBI will also continue to work with Government and lenders on ensuring businesses have access to the finance they need to go for growth.”
Shevaun Haviland, director general of the British Chambers of Commerce, said: “After two years of pandemic disruption and with a faltering global economy, the BCC has been calling for this continued financial support for firms. The two-year extension to the Recovery Loan Scheme will be a lifeline for many businesses facing a rising tide of costs.
“It is now essential that businesses in need of this extra support can access the scheme as quickly as possible to make sure they get help before it’s too late.”
Wireless Logic acquires Mobius Networks
Wireless Logic, the global IoT connectivity platform provider, has acquired Mobius Networks for an undisclosed sum.
Mobius is a mobile virtual network operator, providing data connectivity services for Internet-of-Things (IoT) and Machine-to-Machine (M2M) applications. This agreement marks the latest step in Wireless Logic’s business expansion following the recent acquisition of Jola.
Formed in 2004 and headquartered in Leicestershire, Mobius began as Vodafone’s preferred distributor for M2M Data SIMs for local government and smart cities. This has now expanded to other global operators and a broader set of sectors including critical national infrastructure, healthcare, and retail. NVM Private Equity financed the management buyout of Mobius in 2019.
Douglas Gilmour, Mobius Networks MD, said: “We are delighted to be joining the Wireless Logic Group. Mobius’ unique approach to data security as well as our deep expertise in particular verticals create a great fit with Wireless Logic and one that will generate new opportunities across the globe. The whole Mobius team is very excited at the prospect of what we can all achieve together.”
Oliver Tucker, CEO of Wireless Logic, said: “The IoT and M2M operations market is growing rapidly, and Mobius has developed a stellar reputation and strategic position to capitalise on this growth.
“With Mobius onboard, the Wireless Logic Group will benefit from the deep expertise within the business and a much stronger position when targeting the public sector. We are very excited by this acquisition and look forward to working closely with the talented team at Mobius.”
Andy Leach, partner at NVM Private Equity, said: “Mobius has grown significantly over the past three years and is well positioned to capitalise on the exciting prospects for the IoT and M2M market. Doug and his team have built a great business which will undoubtedly prosper under the stewardship of Wireless Logic.”
IA Global Capital acted as financial advisor to Mobius Networks for the transaction.
Plans for new, green council building set to get final go-ahead
A new, low carbon council office located at the planned sustainable village at the site of Top Wighay Farm is due to be considered by Nottinghamshire County Council’s Planning and Rights of Way Committee.
This new building will form part of plans to bring long-term savings for taxpayers by creating more carbon-neutral council buildings, generating income by leasing space within buildings, and co-locating with other public organisations. The flagship building is also planned to provide new, flexible workspace and accommodation for small and medium-sized businesses.
The new Top Wighay office is part of wider plans to build a sustainable village on the site, which already has outline planning permission. The wider plans will bring 805 new homes and a new primary school and are estimated to create more than 1,000 new full-time jobs and boost the economy by more than £873 million over a decade.
This site is on land which has been approved for development in Gedling Borough Council’s local plan. None of this development site is designated as green belt land.
Cabinet member for economic development and asset management, Councillor Keith Girling, said: “We are an ambitious, forward-thinking council and have made a clear pledge to help meet the UK’s carbon-neutral targets by 2030 so it’s vital we invest now to make our buildings more energy-efficient.
“The new building at Top Wighay will house services such as adult and children’s social care, which are currently based in leased office space.
“We will move out of buildings we pay rent for and bring services closer to the residents who need them the most, which will cut down on their travel time and help the environment.
“This forms part of wider plans for more carbon-neutral buildings with the aims of saving money, improving quality for the benefit of communities across the county.
“We have focused on improving our buildings which offer services to some of our most vulnerable residents.
“Top Wighay aims to be as carbon-neutral as possible and will be built to the highest of standards when it comes to sustainable buildings.”
As part of the statutory planning process partners and local residents have had the opportunity to feedback on planning proposals.
Cllr Girling continues: “We have taken all feedback into careful consideration and welcomed the support for our plans from many partners.
“We appreciate that traffic is a concern in the area, which is why footpaths, cycling routes and other forms of sustainable travel such as buses are at the heart of plans.
“Following feedback, access to the existing, regular bus services (The Threes) will be improved thanks to new bus shelters with real-time displays in both directions on the A611. A direct pedestrian/cycle path to the A611 from the new council building will also provide quicker, more convenient access.
“Our plans will also include creating electric vehicle charging points in the staff car park area.”
This site is close to the M1 and Hucknall is well served by tram and rail, with existing links to Nottingham, Derby, Mansfield and Chesterfield.
Completed infrastructure work at the site includes an expanded roundabout on the A611/Annesley Road, a new signal-controlled junction as well as a new, three-metre wide, shared use footway/cycle lane along the northern side of the A611 north of Hucknall and to the west of Linby. This work has already helped to limit the impact of traffic on nearby towns and villages.
Cllr Girling added: “Let’s not forget this investment will provide building contracts for local subcontractors, which in turn benefits the local economy and local jobs.
“Plus, as one of the county’s biggest employers with many staff in public-facing roles or still being office-based from time to time, having workplaces which are fit for purpose and in the right place around the county, forms part of the thinking behind these plans.”
Subject to planning approval work is planned to start on site early next year.
The Top Wighay council building is being delivered though the Arc Partnership, on behalf of Nottinghamshire County Council.
Office move marks start of new chapter for sales and marketing firm
A Northamptonshire-based sales company is relocating to new offices in the county after experiencing significant post pandemic growth.
Virtual Sales Team, which has been operating in Northampton for 15 years, has moved into a 1,250 sq ft barn office on Pury Hill Business Park near Towcester.
The move comes after a difficult trading period for the company, which was massively impacted by the COVID-19 pandemic.
As the months have rolled by, Virtual Sales Team has bounced back stronger and now boasts a team of 37 people, four more than pre pandemic.
Andrew Smart, solutions director and founder of Virtual Sales Team, said: “I don’t mind admitting that we had a really tough time during COVID-19. Our business dropped off significantly during the first lockdown as many of our clients didn’t want to be seen to be marketing or selling during this time and wanted to pause their activity. We furloughed staff and moved out of our prominent office at Rushmills in Northampton and reverted to working from home.
“Whilst this was hugely concerning and stressful at the time, it did give us the opportunity to take a step back and look at the business with fresh eyes and devise a whole new business plan and fantastic product portfolio.”
The location for the new office was chosen after a staff happiness and wellbeing survey gave the management team a list of criteria to satisfy, which included green space, free parking, electric vehicle charging points and close proximity to gyms and restaurants for lunch breaks. It also needed to be the perfect space to fully embrace a hybrid model of working, bring the team together again and welcome clients.
“Choosing the location for our next office proved to be a real challenge,” said Andrew. “Before COVID we were fully office based, then we were fully remote. Now we want a hybrid of the two. VST has been testing the hybrid model for over six months now to find, not only the perfect size of office, but also what additional value the space needs to deliver.
“We needed to find somewhere that made people excited about going to work again on the days they do and that could offer an environment we could work together collaboratively and creatively. At Pury Hill there are nature walks, a gym, a café and the setting is just beautiful. The team absolutely love our new home and tell us we completely overdelivered on their brief.
“Being less than 10 minutes from Milton Keynes but still in Northamptonshire also extends our reach over the border in terms of attracting and recruiting talented staff in the future.”
Louise Howson, who was promoted to Managing Director at Virtual Sales Team in April, added: “We are seeing this move as the start of a brand new chapter for Virtual Sales Team – we are calling it VST 2.0 internally!
“The name Virtual Sales Team is more relevant now than when we were established in 2007. We want to remain true to our core mission of ‘introducing our clients to their next customer’ but being innovative in the way we do it and constantly looking at developing new products, processes and services that will enable us to deliver on that.
“People noticed when the sign came down at our last office as it was in such a prominent position on the Bedford Road. We want to let people know that we have bounced back to be bigger, better and more efficient than ever before and we intend to keep building on that momentum.”
Yü Group marks fourth consecutive period of revenue growth
Yü Group, the challenger independent supplier of gas, electricity and water to the UK corporate sector, has reported “significant revenue growth” and “much improved profitability” in a new trading update for the six months ended 30 June 2022.
The first half of 2022 represents Yü Group’s fourth consecutive period of revenue growth, with H1 22 revenues expected to exceed £125m, up over 90% compared to H1 21 (£65.8m) and up over 39% from H2 21.
Revenues for the year are now expected to grow by over 50% against 2021 (£155.4m).
Bobby Kalar, group Chief Executive Officer at the Nottingham-headquartered firm, said: “The period delivered a continued strong financial performance with significant revenue growth, margin expansion and consequently much improved profitability and cash generation. H1 22 will represent our 4th consecutive period of revenue growth and margin improvement and I am confident we will continue to deliver in H2 22.
“Despite the wider macro environment and the pressures being felt in the industry our story, brand and growth remains strong. We are delivering our KPI’s in line with management expectations and we continue to derive significant strategic benefits both operationally and commercially from the investments we have made in our systems and processes.
“In H2 22 we will launch Yü Smart, our smart metering business, and expect to be installing our first smart meters in Q4 this year. This capability will represent a significant strategic milestone in the expansion of the group.
“I am delighted by our performance in H1 and am confident this momentum will continue into H2 and beyond. The Board remains as excited as ever about the future of the group. I would like to thank all of my team who continue to deliver on our medium term goal of £500m of revenues with an adjusted EBITDA margin in excess of 4%.”
Gain exposure at the East Midlands Bricks Awards 2022: submit your nominations by 19 August!
Raise the profile of your business by submitting a nomination for East Midlands Business Link’s prestigious Bricks Awards!
Celebrating the region’s property and construction industry, its people, and outstanding developments, the annual awards attract leaders from across the region and are the perfect way for businesses to promote the work they are completing and create more buzz.
Award categories include: most active estate agent, commercial development of the year, responsible business of the year, residential development of the year, developer of the year, deal of the year, architects of the year, excellence in design, sustainable development of the year, contractor of the year, and overall winner.
A highlight in the calendar, winners will be revealed at a glittering awards ceremony on Thursday 15 September, at the Trent Bridge Cricket Ground – an evening that will also provide plenty of opportunities to forge new contacts with property and construction professionals from across the region.
Henry Brothers, winners of Commercial Development of the Year at the 2021 East Midlands Bricks Awards, reflected on the event: “Henry Brothers was absolutely thrilled to have won the Commercial Development of the Year award at the East Midlands Bricks for the delivery of the Medical Technologies Innovation Facility at Nottingham Trent University’s Clifton Campus.
“The Henry Brothers story began in Northern Ireland in the 1970s and the company has grown to become a leading UK construction company. However, this award for Henry Brothers Midlands cements our position as a significant member of the East Midlands construction sector and we are very proud to have been recognised for our contribution.
“We enjoyed the informal atmosphere of the East Midlands Bricks Awards ceremony and hope to nominate projects next year, as we’d very much like to be part of the event in 2022.”
To submit a business or development for the East Midlands Bricks Awards 2022, please click on a category link below or visit this page. Make your nominations before entries close on Friday 19 August!
The Overall Winner of the East Midlands Bricks Awards 2022 will also be awarded a year of marketing/publicity worth £20,000.
Find out who last year’s winners were here.
Thanks to our sponsors:
- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
Book your tickets now
Tickets can now be booked for the awards event – click here to secure yours. The special awards evening and networking event will be held on 15 September 2022 in the Derek Randall Suite at the Trent Bridge County Cricket Club from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region. The event will also welcome John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker, as well as award-winning mind reader, magician, and professional mentalist Looch, who will bewilder and astonish guests during the evening’s networking. Dress code is standard business attire.
To be held at:
Grant Thornton appoints tax risk specialist
Grant Thornton UK LLP’s tax team continues its growth and investment in specialisms with the appointment of tax risk management specialist, Sam Dean.
Joining the firm as an associate director, Sam will support clients on all aspects of tax governance, including the Corporate Criminal Offence and Senior Accounting Officer regimes.
Sam joins the firm from HMRC where he gained over a decade of experience in the Specialist Investigation and Fraud Investigation Service, working on tackling offshore tax evasion and enablers of tax crime. Sam was the HMRC lead for the Corporate Criminal Offence of failing to prevent the facilitation of tax evasion since its introduction in September 2017 and led an international action group to help OECD countries develop their own approach.
In his new role, Sam will support Grant Thornton’s 40-strong Midlands’ tax team based in Birmingham and Leicester. This team has been bolstered over the past 12 months by Rachel Parker’s move to become lead partner for Midlands Corporate Tax and Rob Outram’s appointment to the regional head of VAT.
Nicola Haynes has also recently become the new lead for the Midlands’ customs duty practice. Nicola brings almost 40 years’ experience in customs duties and cross border trade to the role, in positions spanning HMRC, industry organisations and advisory firms.
Commenting on the appointment, Lee Holloway, tax partner, said: “Sam’s knowledge and expertise are hugely sought after, and so I’m delighted he chose to join us at Grant Thornton. Sam will be brilliant at supporting our clients on Corporate Criminal Offence work and providing insight into our wider tax risk and governance work. He joins the established Tax Risk Management team based across the UK and will work closely with the team to develop the tax risk offerings and tools.”
Sam Dean, associate director at Grant Thornton, said: “It was a big decision for me to leave HMRC and so I was very selective about my next move. The people from Grant Thornton that I met through my previous role were impressive and spoke highly of the firm, and the partners have been incredibly supportive.
“The opportunity to get involved in lots of exciting specialist areas that play to my strengths, was the icing on the cake. I’m really looking forward to working with the great people on the Grant Thornton team to develop market-leading corporate criminal offence and financial crime prevention offerings.”
Engineering consultancy expands senior management team during period of growth
Civil and structural engineering consultancy, Howard Ward Associates (HWA) has restructured its management team with members stepping up to senior positions, as the company goes from strength to strength with a large pipeline of work and three new hires appointed recently.
HWA sees two new buy ins to the senior management team with associates Andy Bowler, who has been with the company for six years, and Dave Taylder, who has been with the company just under two years, each stepping up to director level.
From its head office in Nottingham, HWA delivers construction engineering consultancy services across the country across sectors including education, healthcare, emergency services and residential.
The company is experiencing a period of rapid growth, appointing three new team members in recent months – including senior technician Nadeem Chaudhry, administrator and business development assistant Iqra Saleem, and senior civil engineer Theodora Francis.
The expansion of the team comes in response to the growing pipeline of projects that HWA is involved in – with an approximate construction value of £100million.
Director Dan Bailey will be also taking on the role of Managing Director, as the company’s current Managing Director Giles Ward takes a step back following 26 years at HWA.
Dan, who joined HWA in 2013, has more than 25 years’ experience as a civil and structural engineer, working in the public and private sectors on varied projects both regionally and nationally.
The firm has recently worked on impressive projects such as the Alfreton Park Community Special School in Derbyshire and the Nottinghamshire Police and Nottinghamshire Fire and Rescue Service joint headquarters as well as substantial student accommodation schemes in Brighton and Coventry.
On the restructure, Managing Director, Giles Ward said: “During my 26 years with the company I have been delighted to see our client base, portfolio and the range of services we offer continue to grow. We have been involved with a huge array of schemes across the country from pre-acquisition through to project completion – from heritage to healthcare, and the future of the company is positive as we expand our team to manage our strong pipeline of work.
“Congratulations to Andy, Dave and Dan on their new positions – it is an exciting period for the team, as we focus on nurturing the relationships that we have with our clients and celebrate the fantastic work that has been achieved to date.”
Dan Bailey commented: “I am extremely pleased to be taking on this new role at an exciting time for the company, and to be able to reward Andy Bowler and Dave Taylder for the key parts they have played in the success of the business over recent years. Congratulations to them on stepping up to director level.
“I believe that an expanded senior management team gives a solid base for growth and we look forward to further diversifying HWA’s client base and the sectors in which we work.”
