ThinCats, the alternative finance provider to mid-sized SMEs, has appointed Rajeev Raichura as Chief Financial Officer.
Rajeev brings nearly two decades’ worth of finance experience to the role, having previously worked at IBM, Experian, Capita, and Equifax Group.
Rajeev Raichura
He joins ThinCats from FTSE company LSL property Services plc, the UK’s largest mortgage and protection distributor, where he was group finance director of the Financial Services Division. Rajeev will based at Thincats’ office in Ashby-de-la-Zouch.
Rajeev Raichura, CFO, ThinCats, said: “I’m delighted to be joining ThinCats at this exciting time. ThinCats is on a high growth trajectory, and I am looking forward to helping navigate the business through the next stages of its development. Mid-sized SMEs make a vital contribution to the UK economy, so it’s very satisfying to be in a position to support the growth plans of some fantastic businesses.”
Amany Attia, CEO, ThinCats, said: “Following a record year of lending in 2021 and a strong start to 2022, I’m very pleased to welcome Rajeev to the senior leadership team. He brings a great deal of relevant experience and expertise at a time when we are supporting increasing numbers of SMEs across the UK.”
Panattoni, the industrial real estate developer, has begun speculatively developing a 575,000 sq ft logistics park at junction 28 of the M1 in the East Midlands.
Panattoni Park J28 Central M1 will comprise two units of 345,000 sq ft and 230,000 sq ft, which are expected to be completed in the fourth quarter of this year and will be built to a BREEAM rating of ‘Very Good’ and an EPC rating of ‘A’.
The 345,000 sq ft facility will benefit from 15m clear internal height, 32 dock doors, 4 level access, 291 car parking spaces, including electric charging points for cars and vans and 49 HGV spaces. The 230,000 sq ft facility will benefit from 15m clear internal height, 22 dock doors, 3 level access, 260 car parking spaces and 41 HGV spaces.
Buckingham Group Contracting has been appointed main contractor on site.
Andy Preston, development director at Panattoni, said: “This is a key logistics location in the UK, as 71% of the UK can be reached within a 4.5-hour HGV journey. The park can serve as a centre for same day e-fulfilment operations or as a national and regional distribution hub.
“We are excited to be bringing forward Grade-A buildings in a supply-starved market and we are already having conversations with potential occupiers, struggling to find suitable existing buildings.”
Letting agents are FHP and CBRE.
Leonard Curtis Business Solutions Group has completed the sale of Crouch Logistics Limited, saving all 198 jobs.
The Leicestershire-based logistics and courier business has been sold back to management following a period of marketing in January.
Administrators Conrad Beighton and David Griffiths of Leonard Curtis were appointed by Crouch Logistics following a difficult period dealing with increasing costs of labour, driver shortages, and the COVID-19 pandemic.
Conrad said: “We have worked closely with management and key stakeholders to ensure a business and asset sale could be achieved which has also safeguarded nearly 200 jobs. In this sector the employees are fundamental to the successful operation of the business so it was critical that their transfer formed part of any sale.
“Following a short period of marketing and engagement with a number of interested parties, a sale back to management was completed on 31 January 2022.”
At its height, the company’s turnover was circa £13.1m for the year ended September 2021.
PMW Property have continued to remodel their property investment portfolio, completing the acquisition of The Curve, NG2 Business Park in Nottingham – a prime 30,000ft² HQ building occupied by VF Corporation.
Whilst the terms of the transaction have not been publicised it is understood that VF occupy the property on a lease expiring December 2025 with the annual rent being £510,000 per annum.
The move by PMW may come as a surprise to some as PMW have traditionally built their property portfolio with an emphasis on industrial properties, many of which are older in their nature.
In recent years however there has been a significant change of emphasis within the group and they have successfully completed a number of new build schemes including a trade counter scheme and complementary industrial units in Swadlincote, new warehouses at Alfreton and they are embarking on the marketing of a distribution site on the A50 which can accommodate a 130,000ft² distribution unit.
Mike Wrigley, Managing Director of PMW, said: “We work closely with a number of agents including FHP. When John Proctor offered me the opportunity at The Curve it resonated very nicely in a complementary way with our own thinking as to how we should look to acquire properties as the economy and property sector seeks to continue to evolve as we come out of the depths of the pandemic period.
“We have traditionally looked at the industrial and logistics sector as our default sector to invest in but during the pandemic the exponential growth of e-commerce and the need for businesses to reach out directly to their customers has meant that pricing in this sector and sourcing opportunities which we feel have value has been a challenge.
“We do see that the office sector is one where there will be emergence of rental and capital growth as the market regains and retains its confidence.
“The Curve attracted us as it is located on Nottingham’s best Business Park and it is let to a high quality Tenant who are best in class within their own fields with brands such as North Face and Timberland.
“We recognise that there will be changes in occupational requirements. The Curve attracted us because the internal configuration allows the building to potentially subdivide floor by floor and if necessary on a wing by wing basis and the passing rent of £17 per ft² represents good value compared with the values of new build sectors and those rents being achieved elsewhere within the city.
“We are looking forward to working with John and his team, and with VF Corporation onwardly, as working with our Tenants has always been a key component of our business model and we continue to look for more opportunities in all sectors.”
John Proctor said: “This has been a rewarding acquisition to work on as we have worked with Mike Wrigley and PMW Property for more than 20 years now and not only do we value them as Clients but we feel they are very much part of the family and we hope equally they feel the same about us.
“Knowing your Clients is a vital component in advising properly and when I saw The Curve come on to the market I thought of Mike because he is always one to spot value and essentially the market price of this asset class is under priced because of the detrimental effect of the pandemic and the fear factor attached to the ‘future of the office’ and there is therefore hypothetically greater risk but you cannot escape the fact that this building is prime and it sits within Nottingham’s best Business Park.
“The Nottingham office market continues to transact and with there being no prospect of speculative development for the foreseeable future we believe that The Curve will remain one of the best buildings within the city for some time to come.”
M1 Agency acted on behalf of the Vendor.
Flint Bishop (Derby) advised PMW Property on all legal aspects with Addleshaw Goddard LLP advising the Vendor.
Safe and Sound, the local charity that specialises in supporting children, young people and families across Derbyshire who are victims of or at risk of child exploitation, has appointed a new chairperson.
Mark Richardson, a partner at commercial property agents BB&J Commercial in Derby, has been a trustee of the long-established charity since 2020 and takes over the role from previous chairperson Allen Graham.
Mr Richardson explained: “Child exploitation is an issue which many people understandably find difficult to deal with so find it easier to ignore. Sadly, the fact is that now more than ever it is an issue that needs to be recognised.
“I have greatly valued the opportunity to learn more over the past two years about Safe and Sound’s work and was keen to take on more responsibility to lead our committed and talented board of trustees.
“My focus is to support the CEO and management team in further developing the services that we offer to help children, young people and their wider families who have been affected by child exploitation positively rebuild their lives.
“I particularly want to see Safe and Sound even further embedded within the local and regional business community.
“As business people, we all have an important role in spreading key messages across our professional networks about the increasing dangers facing young people and in supporting the charity both financially and in kind to keep our communities safe.”
Safe and Sound Chief Executive Tracy Harrison continued: “Our services and support to local young people and families are in greater need than ever and I remain incredibly grateful to all the professionals who give their time and expertise to Safe and Sound to help us in our work.
“Their role as the ‘guardians of purpose’ will make sure that all decisions put the needs of children, young and their families at the heart of everything we do and I am particularly looking forward to Mark’s leadership as chairperson as we continue to develop the charity.”
Young people on work placements at Chatsworth set up to address rising youth unemployment have praised the valuable experience with several now progressing into permanent roles.
The Devonshire Group created a number of six-month placements under the Kickstart scheme last year across the garden, catering, farmyard, textiles, collections and wider operations at its Chatsworth and Bolton Abbey Estates.
Now several of the young people who have completed their placements have been offered permanent jobs. The good news looks set to continue with further roles being offered to others due to complete their Kickstart placements over the coming weeks, while other candidates successfully used the experience as a launchpad into related employment elsewhere.
Kickstarters Beth Cartwright and Georgia Wilson, who have been taken on as Collections Assistants, found the placements were an invaluable experience.
Beth said: “I’ve really enjoyed my placement here at Chatsworth, I’ve learned lots about conservation and what goes into keeping a collection. This is something I never thought would be available to me and I’m thrilled to be staying on full time.”
Georgia added: “I have learnt so much about the work that goes into running and maintaining a heritage site such as Chatsworth. I am delighted to now have a job as a result of my placement, allowing me to continue working in a field I love, and gain new experience.”
Chatsworth’s Head of Textiles Susie Stokoe said: “ Kickstart has been a great way to bring young people into the workplace giving them the flexibility to work in positions they may not have originally thought of.”
Over in the Chatsworth Farmyard and Adventure Playground, Josh Nicholls will be joining as an apprentice and Jordan Henshaw now has a permanent job as Farmyard and Adventure Playground Assistant.
Melissa Underwood, Farmyard and Adventure Playground Manager, said: “Kickstart has been a great programme and it has been a pleasure to watch our Kickstarters grow in confidence and gain new skills in a variety of ways.”
Farmyard apprentice Josh said: “I’ve had lots of fantastic support from everyone at Chatsworth. I’m absolutely thrilled to be starting an apprenticeship and look forward to learning more about animal care.”
Jordan added: “I feel like I’ve learnt a lot. The placement has also improved my general agricultural knowledge and I enjoy sharing the farming story with visitors. I feel brilliant about gaining a permanent job and look forward to the start of lambing and the new season.”
With Sustainability such an important area for the Devonshire Group, Tom Hendry was keen to create a high quality placement for a young person in this area. Following a successful placement, Ella Thompson has now been offered a full time role.
She said: “I knew I wanted a job where my work could contribute towards supporting the community or environment and that’s what sustainability is all about. I was happy that this placement allowed me to build experience and then continue into a permanent role, as I felt very welcomed here by colleagues. I hope to continue to become more confident and get involved in more sustainable initiatives.”
Nathan Fairhead, Talent and Training Coordinator, Devonshire Group, said: “We are thrilled at the progress of our Kickstarters and the attitude they have shown to working with us. They have thrown themselves into their placements, becoming valued members of their teams. We are very excited for how their experience with us will influence their careers, especially those who will remain with us.”
The Government’s Kickstart Scheme is open to young people aged 16 to 24 who are receiving Universal Credit, and at risk of long term unemployment.
About The Devonshire Group – www.devonshiregroup.co.uk
Group revenue has increased by 35% to £127.9m at Joules, the Market Harborough-based lifestyle brand. However with Group profitability impacted by factors including the severe inflationary cost environment, the company has said it will simplify operations.
The business has also been hit by global supply chain issues and labour shortages.
In interim results for the 26 weeks ended 28 November 2021 (H1 FY22), the group posted a pre-tax profit of £2.6m, decreasing from £3.7m in the same period of the year prior.
Meanwhile store revenue increased by more than 80% to £35.5m (H1 FY21: £19.7m), reflecting a strong recovery in retail demand to almost pre-pandemic levels.
Total e-commerce sales across the Group’s websites and third-party e-commerce partners increased by 14% against the prior period, and 53% on a two-year basis, driven by Garden Trading (acquired in February 2021) and strong performance through the Group’s digital partners.
Nick Jones, Chief Executive Officer, said: “Whilst the Group experienced strong levels of customer demand that resulted in good revenue growth against the prior two comparative periods, Group profitability in the first half was impacted by various factors, most notably the severe inflationary cost environment.
“We have a clear plan of action to simplify the business, enhance efficiencies and mitigate the cost pressures that will enable the Group to convert the strong levels of customer demand into sustainable, profitable growth.
“Whilst we acknowledge that there are areas within the business where we need to simplify our operations and improve profitability, we remain very excited in our long-term growth prospects.
“We have continued to see improvements in brand awareness and customer numbers, and we are confident that our broadened lifestyle proposition – which benefits from increased product and category diversification through Friends of Joules and Garden Trading – is more relevant than ever to consumers.”
Adjusted profit before tax is up 95.9% to £14.1m at Mattioli Woods, the specialist wealth and asset management business, according to interim results for the six months ended 30 November 2021.
Revenue meanwhile has increased by 69.1% to £49.9m, compared to £29.5m in the equivalent period of the year prior, driven by positive contribution from acquisitions, strong organic growth, and increased new client wins.
Ian Mattioli MBE, Chief Executive Officer, said: “The first six months of this financial year saw the Group build momentum, having shown resilience in spite of the economic and political complexities that persisted throughout 2021.
“During the period, we proactively balanced securing good financial outcomes for our clients with ensuring the long-term sustainability of our business, remaining true to our purpose of putting clients first in all that we do.
“We are pleased to report further material progress towards our strategic medium-term goals, with total client assets now up 24.4% to a record £15.1bn (31 May 2021: £12.1bn). This also sees the Group pass a significant milestone, delivering on one of our previous strategic goals to manage more than £15bn of client assets.
“Revenue of £49.9m was 69% higher than the equivalent period last year (1H21: £29.5m) driven by positive performances in our pensions consultancy and administration, and investment and asset management operating segments.
“Pleasingly, and in support of improved organic growth trends, the number of new clients on-boarded in the first half and net inflows into the Group’s investment and asset management services are ahead of the equivalent period last year. This renewed momentum reflects the success of new business initiatives and strength of existing client referrals, with organic revenue growth in excess of 11% for the period, our strongest performance since 2018. These initiatives, alongside our increasingly diversified service offering, have also generated an increased pipeline of new business enquiries.
“The eight acquisitions completed since 1 June 2020, including our two largest acquisitions to date: Maven and Ludlow, contributed £19.4m (1H21: £2.0m) of revenue in the period. The contributions from these recent acquisitions, organic growth and continued cost management resulted in adjusted EBITDA up 77% to £15.8m (1H21: £8.9m).
“Profit before tax of £3.3m (1H21 restated: £4.2m) was down 23% driven by increased acquisition-related costs of £2.6m (1H21: £0.1m), while adjusted profit before tax was up 96% to £14.1m (1H21 restated: £7.2m) after adding back acquisition-related costs, amortisation of acquired intangible assets of £3.3m (1H21: £1.3m) and deferred consideration on acquisitions recognised as an expense under IFRS 3 of £4.6m (1H21: £nil).
“We are pleased by our performance in the first half of the financial year, which has seen the Group thrive. We plan to build on this positive momentum, advancing our key strategic initiatives: new business generation, growth through the integration of strategic acquisitions, developing new products and services, reviewing our processes and investing in technology to deliver an improved digital client interface and further operational efficiencies.
“Our trading outlook for the year remains in line with management’s expectations and we believe the Group is well-positioned to grow, both organically and by acquisition. We are committed to delivering our ambitious growth strategy and in doing so create a business that remains responsibly integrated for the benefit of our clients and well-positioned to deliver sustainable shareholder returns.”
A former owner of Norton Motorcycles has admitted illegally investing money into the business from three pension schemes for which he was the sole trustee.
Stuart James Garner, of Park Lane, Castle Donington, pleaded guilty to three charges of breaching employer-related investment (ERI) rules by investing more than 5% of assets from each scheme into his business, Norton Motorcycle Holdings Ltd.
Derby Magistrates’ Court heard yesterday (Monday 7 February) how the offences were in relation to three defined contribution schemes: Dominator 2012, Commando 2012 and Donington MC which had a total of 227 scheme members. The investments, which were made in return for preference shares, were made between 2012 and 2013.
Nicola Parish, executive director of frontline regulation at The Pensions Regulator, said: “As a trustee, Stuart Garner failed to comply with restrictions on investments which are designed to protect the funds of pension schemes.
“Trustees have a vital role in protecting the benefits of members and we will take action where that responsibility is abused. Trustees should be clear on when a pension scheme can invest in its sponsoring employer.”
As set out in Regulation 12(2) of the Occupational Pension Schemes (Investment) Regulations 2005, subject to certain exceptions, it is a criminal offence to invest more than 5% of the current market value of scheme resources in ERIs.
Mr Garner is due to appear at 10am on 28 February at Derby Crown Court for sentencing.
Britain’s manufacturers are calling on Government to adopt a special approach to how the manufacturing sector can spend their companies’ left-over levy funds, currently expiring and going to waste.
They are asking to be able to spend those funds – which amounted to nearly £2bn last year – to pay the wages of new apprentices, a move which would allow a significant boost to new young recruits into the sector.
Manufacturing has already been officially recognised as a growth sector by Government, and the sector is ideally placed to help deliver the Prime Minister’s promise of more good jobs in those left-behind areas of the country where he has pledged to focus his levelling up agenda.
With a high proportion of manufacturing companies based in the so-called Red Wall areas of Britain, manufacturing can create more high wage, high-value job opportunities to help the UK level up. The sector already delivers wages higher than the rest of the economy with 2.7 million jobs countrywide. This sits alongside a £191 billion contribution to national output with massive growth potential and agility in the sector to expand.
In spite of last year’s pandemic, 47% of manufacturers still managed to recruit an engineering or manufacturing apprentice, but only 45% say they plan to do so in this coming year. There remains untapped potential with almost a fifth considering taking on apprentice in the next 12 months.
Jamie Carter, senior policy manager, Make UK, said: “With a bit of flex in the levy spending arrangements, manufacturers could do even more in terms of building the workforce of the future. Manufacturers are telling us they are keen to take on more apprentices to fill the skills gap which would in turn allow businesses to grow and help level up regions.
“During the pandemic manufacturers showed the amazing agility of the sector, with many switching production lines almost overnight to produce vital PPE products for the NHS and the sector is ripe for further expansion.
“Currently an average four year engineering apprenticeship can cost a business up to £120,000 to deliver, yet just £27,000 of that cost is currently claimable from levy funds. The system as it currently stands often leaves companies struggling to pay an apprentice, leaving their levy contribution unspent.
“Government has already recognised manufacturing as a growth sector, so allowing businesses to recruit an increased number of apprentices with the flexibility to support them financially by using their excess levy funds for wages. A special targeted approach to levy funds would go a long way to allowing manufacturers to deliver even more high-wage, high-value job opportunities across the UK.”
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