Hilton Leicester Hotel sold
The Hilton Leicester Hotel has been sold to Valary Hotels Limited, following a year of sustained demand for quality regional hotels, with value-add opportunities.
The freehold property – sold for an undisclosed sum – is the latest addition to Valary Hotels’ growing portfolio of UK hotels and is the first acquisition in Leicestershire for the group’s Leicester-born owner.
The four-star, 179-bed, Hilton Leicester Hotel will benefit from investment across its facilities, which include a bar, two restaurants, eight meeting rooms, as well as a LivingWell Health Club with indoor swimming pool, gym and sauna.
Following an extensive planned refurbishment, the hotel will operate under a franchise agreement with Hilton Hotels and Resorts under the DoubleTree brand and will be managed by Countrywide Hotels.
Situated three miles from Leicester City Centre, The Hilton Leicester Hotel occupies a strategic location close to the M1 and Fosse Shopping Park – one of Britain’s largest out-of-town retail parks – and the Grove Park Business Centre which is home to more than 350 international firms.
The deal was led by senior director Gavin Wright in JLL’s hotels and hospitality team in Birmingham.
Gavin Wright, senior director (hotels and hospitality) at JLL, said: “The UK hotel sector has shown incredible resilience this year and remains an attractive asset class for investors.
“This is a strategic acquisition for Valary Hotels and an excellent addition to its portfolio – which now comprises three branded hotels across central England, totalling 523 bedrooms – and underlines the appetite we’ve seen throughout 2021 for quality regional hotels that provide opportunities to add value.”
Rajiv Nathwani, owner of Valary Hotels, said: “We are delighted to have acquired this hotel; being born in Leicester it is very close to my heart. We plan to significantly invest in the hotel and refurbish the property throughout. The hotel will operate under a franchise agreement with Hilton Hotels & Resorts with their successful DoubleTree brand and be managed by our operating partner Countrywide Hotels.”
Agri-feed manufacturer secures refinance package to support growth and sustainability plans
Agri-feed company, GLW Feeds, has sealed a refinancing deal with HSBC UK to support the company’s future growth and to enhance its sustainability credentials.
Founded in 1873, Charnwood-based GLW Feeds is one of the largest independent, family-run livestock and speciality feed manufacturers in the UK. The deal with HSBC UK will provide the company with additional working capital and allow the business to expand its facilities and invest in new machinery.
The support from HSBC UK will ensure the longevity and sustainable growth of the 150-year-old company. It will enable GLW Feeds to invest in state-of-the-art milling equipment and technology which will allow the company to meet increasing market demand and further its commitment to British Agriculture and the Environment.
GLW Feeds have been actively working towards reducing their carbon footprint and maximizing their environmental sustainability through increased capacity coupled with more energy efficient production processes.
The company now sources c.70% of major raw materials locally to the mill and has already enrolled in global sustainability schemes with other raw materials. Furthermore, a new CHP plant will allow GLW Feeds to continue to reduce their carbon footprint through energy consumption and increase their overall energy efficiency per tonne of feed produced.
Jamie McDonagh, finance director at GLW Feeds, said: “From the initial meeting with relationship director Phillip Carr and the wider team from HSBC UK, the enthusiasm, sector knowledge and support they had for GLW Feeds was clear and we instantly knew they were the banking partner we needed. We now look forward to working closely together as we implement our growth strategy.”
Debbie Harper, HSBC UK area director for East Midlands corporate, added: “By working collaboratively with HSBC UK’s head of agrifoods Allan Wilkinson, we are delighted to welcome GLW Feeds as a new client. The banking facilities provided give increased liquidity and flexibility for the business in support of the exciting, and sustainable, future growth plans.”
In the past five years, GLW Feeds has completed mill renovations to facilitate growth and meet increasing customer demand, which has seen turnover grow by 30 per cent.
New senior associate for Geldards’ Derby commercial property team
Law firm Geldards is strengthening its Commercial Property team in Derby with the appointment of senior associate Chloe Buxton.
Joining the team from Flint Bishop, where she practised for the past four years, Chloe brings to the team specialist experience in commercial and residential property development and finance.
Chloe completed her law degree at the University of Nottingham and qualified as a solicitor in 2016. She honed her specialism in Commercial Property gaining experience with a number of law firms in the East Midlands before joining Geldards.
On joining the team Chloe says: “I am thrilled to be joining the Commercial Property team at Geldards. It’s a great opportunity for me to work with such a respected team and I am looking forward to getting to know the clients.”
Graham Banks, partner & head of Derby Property team says: “It’s been a really busy year for the team, and we have completed some landmark deals, so it is a great time for Chloe to be joining. We look forward to her skills complementing and enhancing our talented team and are looking forward to what next year brings.”
Top 3 features of a successful entrepreneur
If you’re an entrepreneur, you already know how difficult this role can be at times. Not everyone is cut out to succeed in this profession, some people just don’t have what it takes. It’s a harsh truth, but a truth nonetheless. So what are the characteristics and personality traits of an entrepreneur exactly? Let’s find out!
Not Being Afraid of Asking for Help
An entrepreneur is always looking for solutions. To be successful, you can’t give up easily. That’s why, if faced with a task they can’t deal with, a good entrepreneur asks for support. A great option, in this case, is reaching out to a business coach for entrepreneurs like Jake Smolarek. A professional like that will be able to help you get a fresh perspective. Often, advice from someone else is exactly what you need to move on to a new project. That’s why it’s such a great way of dealing with slumps and any type of issues. A coach with experience will know what you need, so the collaboration will surely be beneficial for you.Knowing That Failure Is a Part of the Process
As an entrepreneur, you’re someone who has their own ideas and is not afraid to make them a reality. But along the way, there are always some problems and matters that require a certain amount of time to get sorted out. Nothing’s ever only easy. That’s why a successful entrepreneur, that’s on their way to a great career, is well aware of that. More so, an entrepreneur is not afraid of challenges, treats them as just another step on their way. Failure is an integral part of everything, it’s how you deal with it that decides your fate.Taking Risks and Having Bold Ideas
Successful entrepreneurs can’t be just like everyone else, they have to be willing to implement change. Their ideas can’t be something boring or already well known – they have to be innovative and one of a kind. Being an entrepreneur means being creative and brave, as you have to constantly be coming up with new ideas and overcome hurdles. You can’t be too cautious, taking risks is what’s ultimately going to bring you success, even if it may bring some trouble too. Nothing is certain, when you’re an entrepreneur, a lot of things have to be decided by you. That’s why you have to be confident but also smart and always on your toes. Think outside the box. Only by considering even the most unconventional options will you be able to truly choose the best one.Final Tips
Entrepreneurs are highly creative and bold people. To become a successful one, you have to have certain features. Not everyone could be satisfied or happy with that job, so it’s only advisable for individuals who are incredibly resilient to try their luck in this profession. As an entrepreneur, it’s all about your ideas and your actions, unlike a typical office job. You have to be prepared for the challenges and, if needed, ask for help. A good entrepreneur knows that this job isn’t easy but can be rewarding if you try hard enough and aren’t afraid of unconventional solutions.Major improvements to Kettering’s town centre due to start in January
The Kettering High Street Heritage Action Zone (HSHAZ) project, a £4 million partnership between North Northamptonshire Council and Historic England, is working to revitalise parts of Kettering town centre to improve the look and feel of the town’s street scene and showcase all it has to offer.
Across England, the £95 million government-funded High Streets Heritage Action Zone programme, which is being delivered by Historic England with local partners, will unlock the potential of high streets, fuelling economic, social and cultural recovery and breathe new life into it for future generations.
The aim is to transform and restore disused and dilapidated buildings into new homes, shops, workplaces and community spaces, restoring local historic character and improving public realm.
Street scene improvements will begin in January in Kettering town centre along the southern end of the High Street, Meadow Road and parts of Lower Street and Gold Street. The works are due to be completed by summer 2022.
As part of the works, new street trees will be planted to enhance the existing planting. Replacement pavement and road surfaces, new seating and bins will be designed to improve functionality for users and compliment the town’s rich heritage, encouraging visitors to look up at Kettering’s fine historic buildings.
Building owners will also benefit from the HSHAZ scheme with grants available for building repairs, shopfront improvements and building conversions.
Cllr David Brackenbury, NNC’s Executive Member for Growth & Regeneration, said: “This exciting programme of works will breathe new life into Kettering’s town centre and unlock its potential. It is hoped that this work will encourage people to visit and stay a while and use the businesses and services available in Kettering.”
Cllr Jason Smithers, Leader of the NNC, said: “I am delighted that this phase of the project is starting, and we will all be able to enjoy the improvements by summer next year. This exciting project will see the area revitalised and I cannot wait to see the end result.”
Louise Brennan, Historic England’s Midlands Regional Director, said: “Kettering has a great High Street with many fine buildings and huge potential. Historic England is excited to be funding these major improvements to the street scene. Good design, traditional and high quality materials will ensure these works complement the unique character of Kettering’s town centre.”
Proposals brought forward for next phase of redevelopment at Lincoln’s Cornhill Quarter
As part of the continued regeneration of The Cornhill Quarter in Lincoln, Lincolnshire Co-op are bringing forward proposals for the next phase of its development.
Having established a vibrant leisure and retail environment in this area of the city, they are now seeking to bring further investment through the addition of both residential and hotel accommodation at the site.
McCarthy Stone, the developer and manager of independent retirement living communities, is bringing forward proposals for a flagship development at the City Square Centre site on Sincil Street and Waterside South, combining specialist retirement accommodation with leisure facilities available to both its residents and the wider community.
Adjacent to the McCarthy Stone development, on Melville Street, Lincolnshire Co-op is proposing to develop the site for a hotel with around 150 bedrooms, supporting and enhancing the city’s role as a key destination for tourism.
As identified by the Consultation Draft Local Plan (2021), Lincoln continues to attract increasing numbers of visitors, and hotels in the city are already frequently full and forced to turn business away.
Both McCarthy Stone and Lincolnshire Co-op have commenced a pre-application consultation programme. Because of the ongoing impacts of Covid-19, the consultation programme is being undertaken in digital and postal format.
Plans in for 34,000 sq ft car dealership in Leicester
Property developer HBD has submitted planning for a new 34,000 sq ft car dealership at its Melton Road site in a jobs and investment boost for Leicester.
HBD is progressing the plans after agreeing terms with TMS Motor Group – a circa £10million deal that represents the largest investment made by TMS to date and will see the creation of 20 new jobs.
TMS Motor Group is family owned and run, operating from five centres across Coventry, Hinckley and Leicester. This latest addition will be its sixth centre, further expanding its reach across the Midlands. The new proposed dealership will offer both Volvo and Kia vehicles, alongside a service centre.
Josh Spicer, development surveyor at HBD, said: “We’re pleased to be working with TMS to deliver a new dealership for Leicester – it’s positive to see investment being ploughed into the city, driving up confidence and creating new jobs. Melton Road is very well-located, providing straightforward access for both TMS and its customers, and I’ve no doubt it will prove a successful addition to the Group.”
Len Hallows, Managing Director of TMS Motor Group, said: “This development represents the largest investment made by TMS to date – it will combine both Volvo and Kia on one site and provide customers with a modern retail facility with plenty of car parking, along with electric charging points.
“The proposed new site will also provide opportunities for new employment across our business, including apprenticeships. It’s a fantastic location close to the outer ring road, coupled with new facilities that will create a relaxed, comfortable environment for customers, with flexible waiting, working and assessment areas that will be designed and built sustainably.”
Major pub company acquired
Fortress Investment Group has acquired Vine Acquisitions Limited (Punch Pubs & Co.) from Patron Capital Partners.
The transaction is entirely funded by equity provided by funds managed by Fortress affiliates, with no additional debt finance, with existing management maintaining its equity ownership.
Punch Pubs & Co., led by Chief Executive Officer Clive Chesser, is one of the UK’s leading pub companies with 1,300 pubs across the UK.
Its strategy focuses on running the best community pubs, led by passionate and independent publicans via a specialist multi-model platform to deliver the optimum return.
Punch’s resilient business model and a suburban and rural estate has enabled it to weather the ongoing challenges of the pandemic, culminating in the acquisition of 56 pubs from Young’s Ram Pub Company in July.
Cyril Courbage, Managing Director, Fortress Investment Group, said: “We are excited to team with Clive and the Punch management, which has done an exceptional job of navigating the challenges of the Covid crisis while positioning the business for long-term growth and value creation.
“We believe in providing strong management teams with the flexibility and support to execute their long-term strategic plans. The UK is an extremely attractive investment environment, and we will continue to explore other opportunities in this sector and across the UK, Ireland and Europe.”
Clive Chesser, Punch Pubs & Co. CEO, said: “This is very positive news for everyone connected with Punch, and we are extremely excited about the opportunity that lies ahead with Fortress Investment Group. Fortress is a hugely experienced investor who understands the strengths of our business and fully buys into our strategic positioning and business plan.
“We welcome their ambition and commitment to work alongside the existing management team to invest in the business with innovation and capital to ensure our long-term success in what is a highly competitive market.
“I would like to take this opportunity to thank the teams at both Patron Capital and May Capital for the outstanding backing that they have provided during their ownership of the business. Their support has been invaluable over the last four years, none more so of course than during the pandemic.”
Stephen Green, Senior Partner, Patron Capital, said: “Punch is a fantastic business and has been an extremely successful investment for our investors, thanks to the talent and hard work of the management team and our partner on the investment, May Capital. We wish Clive and the team well for the future with Fortress.”
CTS to step-up growth after multi-million pound refinancing
Construction Testing Solutions (CTS), the Palatine-backed provider of construction and infrastructure testing and consulting services, has completed a multi-million pound refinancing with European credit specialist Kartesia.
The new funding will support the Leicester-headquartered company to continue a growth strategy that has already seen it acquire five businesses since it secured investment from Palatine’s Buyout Fund in 2018.
CTS offers a range of construction testing services including materials testing, structure and pavement surveys and geotechnical and geo-environmental investigations. With support from Palatine, the UK mid-market private equity investor, it has grown to become a national network of 19 laboratories and offices, employing more than 600 skilled engineers and technicians.
In the last 12 months CTS’ revenues have passed £40m for the first time, while the business has also recently moved to a new head office, following its separation from sister company CET Group.
Chief Executive Phil Coles said: “The new funding from Kartesia will be key to delivering our strategic growth plan, giving us the firepower to make further acquisitions in the short and medium term, while also allowing us to invest in our people and technical capabilities.”
Nick Holman, director at Kartesia, said: “We are delighted to complete our second transaction with Palatine and support CTS; a resilient and critical service provider with an excellent track record in the UK market. Our capital will help the company continue its impressive growth story and fulfil its buy-and-build ambitions.”
Tom Hustler, investment manager at Palatine Private Equity, said: “This refinancing deal is an important step forward for CTS and will allow it to continue to add depth and scale to its capabilities in line with its strategic vision of becoming an industry-leading nationwide construction testing business.
“We are pleased to be supporting Phil and the management team and look forward to making continued progress in 2022.”
Since becoming part of Palatine’s portfolio CTS has acquired: Esseltest, Enverity (2019), Card Geotechnics Ltd (CGL) (2020), Nicholls Colton, (2021) and most recently Silkstone Environmental in August.
Palatine was advised by a team from Clearwater International.
2022 Business Predictions: Amanda Dorel, regional director for the East Midlands at Lloyds Bank
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Amanda Dorel, regional director for the East Midlands at Lloyds Bank.
Businesses in the East Midlands have shown tremendous resilience throughout 2021. Our Business Barometer has indicated that confidence among local firms has grown steadily throughout the year, rising significantly from a negative reading at the start of the year to an impressive 42% in November.
However, the events of the past few weeks have demonstrated that we cannot predict what is around the corner. Firms have had to react quickly to ongoing supply chain disruption, and continue to face uncertainty over the impact of the Omicron variant.
Despite this, businesses will still be tentatively looking towards new opportunities in the new year; both at home, aided by more regional investment, and abroad, where new trade deals could open up wider prospects for East Midlands firms.
We expect sustainability to be one of the key factors dictating the business agenda in 2022. Eco-friendly credentials are no longer a ‘nice to have’, consumers expect firms to be making the right call on their environmental impact, and last month’s COP26 conference has increased this scrutiny even further.
We will be working with businesses to help them become greener through schemes such as our Clean Growth Finance Initiative (CGFI), which provides discounted funding to help businesses transition to a lower carbon, more sustainable future.
While there will be challenges in the months ahead, there will also be opportunities. Businesses must ensure they are ready to take advantage of these.
