The Midlands was the UK’s busiest region for deal making outside of London and the South East in 2021

Tess Egginton
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The Midlands was the UK’s busiest region for deal making outside of London and the South East in 2021
A positive upturn in deal making has been recorded for the Midlands in 2021, with an 18% increase in deal volume – from 859 in 2020 up to 1,013 last year – with the market appearing to have largely recovered from the impact of the global pandemic.
That’s according to Experian’s United Kingdom and Republic of Ireland M&A Review. Value figures climbed to the highest they have been since 2012, with a total of £21.5bn. Small deals were up by 20% from 2020 to 150 announced for the year. The mid-market remained relatively static year on year, with 83 deals compared to 82 in 2020, but large and mega deals made an impressive return – large deals were up by 50% year on year and there were five deals with a consideration greater than £1bn in 2021, whereas no deals of this size were announced in 2020. Acquisitions were again the most popular deal type in the Midlands, with a total of 707 transactions worth £7.2bn, a 28% and 75% increase in volume and value respectively. A relatively new deal trend in the region saw employee buy-out groups complete 12 acquisitions over the year for a total value of £31m – up from just three announced in 2020. The Midlands was the UK’s busiest region for deal making outside of London and the South East, with an involvement in 14.7% of all UK deals.
The final quarter of 2021 brought an additional two transactions to the top ten list. First, Triton’s £1.3bn buy-out of Burton on Trent-based pharmaceuticals group Clinigen – an improved offer after Triton’s original £1.2bn bid was sweetened to win the support of initially reticent shareholders. Then, European asset management group Aurelius completed the acquisition of Coventry firm McKesson UK from US healthcare company McKesson Corp, for an enterprise value of £477m – Aurelius’ biggest ever acquisition. The largest transaction in the region by a long way remains US motion and control technologies business Parker Hannifin’s £6.3bn acquisition of Meggitt, the Midlands engineering firm that designs and manufactures systems and components for the aerospace, defence and electronics markets. The mega deal is due to complete sometime in Q3 2022. Elsewhere, the region’s largest ever IPO was completed in January, when iconic boots brand Dr Martens commenced trading on the Main Market of the London Stock Exchange, raising £1.3bn for private equity owner Permira, which sold down part of its stake.
Deal volume was up year on year across the majority of sectors in the region. Manufacturing is traditionally the most active industry in the Midlands M&A market and remained at the top of the list in 2021 with a total of 302 transactions, up by 30% from the 231 announced in 2020. Wholesale and retail was the region’s second most active industry with 245 deals, up 27% year on year. Elsewhere, despite being less active than the likes of manufacturing or wholesale, the real estate sector is usually quite prominent in the Midlands’ M&A market. However, only 40 qualifying transactions were recorded in 2021, down from 56 during 2020, perhaps suggesting that the rate of recovery in the real estate segment is lagging behind other sectors as many organisations look to embrace flexible working and alternatives to the traditional office environment.
There was a definite shift in the Midlands deal landscape in 2021, with a move away from the fundraisings that characterised 2020 back towards more acquisitive transactions. The number of early stage investments was down by over 26% on a year on year basis, but this was set against a 75% increase in outright investor buy-outs and an 11% rise in the number of management buy-outs. The region’s most active capital provider was the Business Growth Fund (BGF), with 16 transactions in 2021 – up from 12 deals the previous year. Bank debt as a source of funds also saw an increase, up by 7% in volume; Maven Capital Partners was the most active source of acquisition finance in the region, with 14 deals, followed by high street bank HSBC, which supported a total of 11 transactions.
Grant Thornton was top of the Midlands financial advisers ranking with a total of 60 transactions, followed by K3 Capital with 55 and RSM assisting on 48 deals. The value table was headed by Citigroup, with Rothschild second and Morgan Stanley third. The top-ranking legal advisor for the Midlands was Gateley with a total of 73 transactions, retaining the top spot they enjoyed in 2020. Second place also remained the same with Harrison Clark Rickerbys advising on 49 transactions in 2021, while Higgs was third with 45 assists. In terms of value, Freshfields Bruckhaus Deringer was the highest-ranking advisor with £7.7bn worth of transactions, followed by Slaughter and May and Weil Gotshal & Manges.

New ‘digital high streets’ programme to boost local shopping in Long Eaton and Ilkeston

Tess Egginton
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New ‘digital high streets’ programme to boost local shopping in Long Eaton and Ilkeston
A new programme to attract shoppers back to the High Street by harnessing digital technology has been launched in Long Eaton and Ilkeston. Run in collaboration between Erewash Borough Council and social media specialists, Maybe* Tech – the partnership will kick-off with a digital health audit of businesses in Long Eaton and Ilkeston, to understand the digital skills gap in the region. One of the objectives of the programme is to help to bridge the gap between businesses, while engaging local consumers and encouraging them to shop locally. Maybe* has compiled a free online guide aimed at helping businesses in the area use social media more effectively, showing local companies how to create successful social media campaigns which engage with more customers and increase sales. The guide will also draw upon the social media success of three businesses in the area, Harper & Finch Tea Rooms & Gift Shop and HB Brows & Cosmetics in Ilkeston and Opulence Bridals in Long Eaton – all of who have been recognised by Maybe* for excelling at social media. Data within Maybe* technology shows that in the council area around 1,400 businesses use social media, all of these companies will feature on the programme. Of those businesses on social media, around 385 (or 27 per cent) are active, posting most days. Additional research conducted by Maybe* Tech suggests around 66% of consumers spend three hours per day using social media. Councillor Bryn Lewis, Lead Member for Town Centres at Erewash Borough Council, says: “We are delighted to be involved in this initiative which will give our high streets a boost across 2022 and beyond. It has been a difficult time for local traders and this will be a fantastic opportunity for businesses to utilise this digital platform to compete with some of the larger retailers. “The project includes a digital ‘health’ audit of businesses in Long Eaton and Ilkeston, to understand the digital skills gap. Maybe* will help to bridge that gap.” Polly Barnfield OBE, CEO of Maybe* Tech, said: “Initially, our partnership with Erewash Borough Council will focus on gaining an understanding of how businesses are using social media and their level of digital skills. We are committed to supporting businesses that get involved in the programme and will help them gain a better understanding of how digital can benefit them, while providing practical tips on how to use social media to drive sales and reach new customers. “High streets need infrastructure that until now has only been available for online businesses and this programme will help local businesses level the playing field,” adds Barnfield. “They need to communicate with shoppers in real-time and be able to showcase what’s available. In order to compete, High Street businesses need to up their digital game, promote their physical stores and collaborate. Our platforms help them collectively to do that and we are looking forward to working with businesses  across every high street in Ilkeston and Long Eaton.” The Maybe* platform has been developed to provide High Street businesses across all sectors, with access to social media, the tools and training to increase their customer base and drive sales. The Maybe* platform also provides practical suggestions and easy to use tools allowing organisations to connect with their audience, improve their return on investment and understand how to stay ahead of their competition.

Light Science Technologies appoints new national account manager

Tess Egginton
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Light Science Technologies appoints new national account manager
AgTech specialist Light Science Technologies (LST) has welcomed a new national account manager to its team in response to a period of intensive growth for the company, as the market is predicted to soar over the next three years. The latest recruitment comes as the Derbyshire-based business experiences increasing UK demand for its technology, via its sensor and lighting solutions for CEA applications across greenhouses, vertical farming and polytunnels. New addition Chris Shenton will focus on supporting existing customers as well as expanding LST’s client portfolio through the development of new business opportunities. His 15 years’ experience in the lighting industry has seen him work with some of the largest global lighting manufacturers including Osram, Fagerhult, Ledvance and Whitecroft Lighting, leaving him fully primed to take on his new role. Chris said: “It’s a great time to join LST as its growth plans are very ambitious for 2022 and beyond; I can’t wait to get stuck in. Having spent much of my career working in the industry, the market is now growing at an incredibly fast rate and it is a dynamic and exciting place to be, particularly within a company whose potential we are only just beginning to see.” Simon Deacon, CEO of Light Science Technologies, said: “This is another big appointment for LST and we couldn’t be more fortunate to have someone of Chris’ experience and expertise on board. His in-depth technical knowledge of the UK’s LED and luminaires market combined with his project sales experience means he is ideally matched to help us achieve our next phase of growth. We look forward to watching the impact he will make over the coming months and years.”

Leicester property firm sold

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Leicester property firm sold
Raynsway Properties has been sold to private clients of Boundary Real Estate Partners. Raynsway Properties is a property development and commercial lease management company based in Leicester. Its portfolio consists of over 350,000 sq ft of office and industrial units. Raynsway Properties also owns the 43-acre Watermead Business Park with frontage onto the A46, as well as Leicester Marina. Boundary Real Estate Partners invests in commercial real estate assets in the UK. Raynsway Properties was advised by an Alantra team led by Hoong Wey Woon, partner, and Bobby Fletcher, director. Hoong Wey Woon, partner and head of real estate at Alantra, said: “Raynsway Properties has established an impressive portfolio of office and industrial buildings with high quality occupiers. It was a pleasure working with the Raynsway team on this transaction and we’re excited to see what the company achieves in its next chapter.” Mike Morrison, partner at Boundary Real Estate Partners, said: “The Raynsway portfolio is a unique opportunity for Boundary. We are excited to bring forward our development and active management plans for the estate. We are delighted to have secured the portfolio off market and our thanks go to our advisory team as well as Alantra in completing what was a complex, corporate transaction.”

Broad Welcome for Levelling Up Plans from LEP Chair

Eleonora Gallina
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Broad Welcome for Levelling Up Plans from LEP Chair
The Government’s White Paper on Levelling Up the UK has been broadly welcomed by the Chair of the Greater Lincolnshire Local Enterprise Partnership, Pat Doody. The White Paper recognises the value of business-led Local Enterprise Partnerships (LEPs) and sets out a 12-point plan for reducing geographical inequalities across the country. But Pat Doody says the lack of devolved powers or a county deal for Lincolnshire is a missed opportunity for the area. “We’re very pleased to see that this Government recognises the value of business-led LEPs and has embedded the role of LEPs in Government policy for the first time,” said Pat. “The White Paper confirms that having an independent business voice in the decision-making process is vital for the economic wellbeing of local areas, skills and jobs. We are committed to working with Government to underpin that, to help build the new structures outlined in the White Paper and to focus on the priorities it sets out.” Pat welcomed the missions set out in the White Paper, in particular the commitment to investing in education in Lincolnshire. Lincolnshire will become one of 55 new Education Investment Areas aiming to improve education for disadvantaged children and young people. The county will receive targeted support including priority for new specialist sixth-form free schools, help for schools to retain the best teachers in high-priority subjects, and access to a new pilot programme to improve pupil attendance. “The increased investment in education is to be welcomed, as is the commitment to increase public funding for research and development away from the South East by 40%,” said Pat. “We will work with business and the universities to make sure we get our fair share of R&D opportunities in Greater Lincolnshire. “And it was encouraging to see our UK Food Valley highlighted in the White Paper as a good example of private sector initiatives supported by the public sector, and the Lincolnshire Institute of Technology cited too.” However, the Chair of the Greater Lincolnshire LEP voiced a concern that future funding for Greater Lincolnshire might not match levels of EU funding seen in the past. “We welcome the news that the process of bidding for funding will be simplified, but the criteria for qualifying to receive cash are still unclear. We remain concerned that money from the Shared Prosperity Fund will not be sufficient to match previous regional funding from the EU for Greater Lincolnshire,” he said. Pat also expressed disappointment that Lincolnshire was not included in the first-wave list of areas to be offered devolution deals. Nottinghamshire, Derbyshire, Leicestershire and Hull/East Yorkshire are all included. “We were disappointed to see that Greater Lincolnshire was not announced in the first wave for a devolution deal, despite being surrounded by areas that were invited,” he said. “As a LEP we will continue to put our shoulder to the wheel by lobbying for Greater Lincolnshire and by working at pace with our local authority partners to seek an early devolution deal. “Our opportunity has been unrealised and under-invested in for decades, and levelling up will only be achieved if it is a priority shared by the whole of Government, working with local and regional leaders.” We all know that we are stronger together, and the Greater Lincolnshire voice must continue to be united and strong.”

Purpose Media makes senior promotions and welcomes new starters in celebration of apprenticeships

Tess Egginton
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Purpose Media makes senior promotions and welcomes new starters in celebration of apprenticeships
Full service marketing agency, Purpose Media, is celebrating national apprenticeship week (7-13 February 2022 #NAW2022 #BuildTheFuture) following the appointment of its 15th apprentice and the promotion of two former apprentices to senior roles. Josh Donell joined Purpose Media first six years ago, and Olly Torrance the following year. Both have followed a structured career development plan gaining work experience in all areas of the business before settling into their preferred specialism. Josh found that his passion lay in front end development where he is now a senior developer, and Olly rose through the ranks to senior SEO strategist. Purpose Media’s latest apprentice is Alli Howland who joins on a digital marketing apprenticeship. The company has also strengthened its content team following the appointment of Olivia Beesley who has a degree in Professional Writing with Media Studies from The University of Derby. She joins from an event management and magazine publishing company where she was a marketing manager. Commenting on his promotion, Olly said: “Working at Purpose Media exposes you to a vast range of industries and each approach needs to be unique. This challenging environment is always pushing the boundaries of your own ability whilst driving fast paced growth. I’m very proud of my achievement and very eager to get started in the new role and delivering great results for our clients.” Josh added: “I have been very lucky to have great mentors over the last six years and have experienced first-hand the value of an apprenticeship. They enable young people to earn whilst they gain a qualification as well as the ability to gain softer skills that are invaluable in the workplace. Now I am in a senior role I am looking forward to nurturing the next generation of Purpose Media apprentices and helping them understand the company culture and needs of our clients.” Founded in 2008, Purpose Media has always been committed to nurturing young talent by providing rewarding and long term career opportunities. Many former apprentices have won local and national apprentice of the year awards and the company has a successful track record of apprentices working their way up into senior management positions. Purpose Media partners with James Stafford from EMA Training who manage the appointment of apprentices and arrange their ongoing learning and development.

Funding granted to bring further Lincoln historic shopfronts to former glory

Eleonora Gallina
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Funding granted to bring further Lincoln historic shopfronts to former glory

City of Lincoln Council in partnership with Historic England has awarded more than £250,000 in funding to help restore six historic Lincoln shopfronts.

Some £262.901.40 has been awarded towards the cost of eligible works for 38-44 Sincil Street, estimated at £799,847, as part of the High Street Heritage Action Zone (HSHAZ) scheme. In April 2020, City of Lincoln Council received a successful bid for funding of £1.68 million from Historic England, which has enabled a programme of historic building restorations designed to revitalise the area and uncover its rich history. This includes plans to revitalise Lincoln’s historic shopfronts and bring them back to their former glory. The first shopfronts to be restored are now complete and are located on 8-10 St Mary’s Street, with further works now taking place at 38-44 Sincil Street, some of which have been vacant for a number of years. Ursula Lidbetter, CEO of Lincolnshire Co-op said: “We are delighted with the public reaction so far to the development of The Cornhill Quarter. “This funding will allow us to continue our work in conserving the heritage of Sincil Street, which includes the buildings behind the shops that were built in the 1800s as back-to-back court housing. “There are very few examples of these types of buildings still in existence in the country, so we are delighted they can be preserved as part of the restoration works.” Cllr Neil Murray, Portfolio Holder for Economic Growth and Historic Environment Advocate at City of Lincoln Council said: “There are many unique heritage aspects and locations within Lincoln that need to be preserved so that Lincoln’s special character is maintained, and that includes its shopfronts. “This project will bring the buildings back to their original glory and help balance heritage townscape investment  towards the northern end of Sincil Street connecting with the Central Market development. “I look forward to seeing the completed works.” David Walsh, Principal Advisor at Historic England added: “Heritage led regeneration in The Cornhill Quarter has shown the transformative effect investing in Lincoln’s historic buildings can have. “We are delighted that funding from Lincoln’s High Street Heritage Action Zone will allow further restoration of historic shopfronts on Sincil Street.”

North Lincolnshire’s biggest ever Jobs Expo is back

Eleonora Gallina
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North Lincolnshire’s biggest ever Jobs Expo is back
The region’s biggest jobs fair takes place next week, with hundreds of opportunities for anyone who wants to change their future. Some of the region’s leading employers – including Ongo, Bupa Healthcare, CANPACK UK and Rocal – will be at the Baths Hall in Scunthorpe, next Wednesday, 9 February 2022, from 2.30pm to 6pm. They will be joined by dozens of other employers from the retail, hospitality, manufacturing, logistics, public sector and health and social care sectors, including Cooplands, Sawcliffe Manor, the British Army, 2 Sisters, British Steel, Humberside Fire and Rescue, Hales Group, Demeter House School – and many more. Organised by North Lincolnshire Council in partnership with the Jobcentre and the Department for Work and Pensions, the event follows the success of the first Jobs Expo last October, which saw many local people take on new roles. Anyone looking for an exciting new opportunity, or for the next step in their career, is urged to take advantage of the current jobs market, with companies looking for committed workers determined to improve outcomes for themselves and their families. Pupils from Years 11 and 13 are also invited to speak to employers about the many apprenticeship schemes and Kickstart jobs currently on offer for young people. These provide a fantastic route into training, permanent paid employment and a fulfilling career. Representatives from the National Careers Service will be in attendance for anyone needing advice and support on their employment journey. Visitors are encouraged to bring their CVs and be prepared to take part in on-the-spot interviews – they could could walk out with a better job. The Jobs Expo will be opened virtually by Scunthorpe MP Holly Mumby-Croft, and North Lincolnshire Council leader Cllr Rob Waltham will also be in attendance. Cllr Waltham said: “The kind of North Lincolnshire we want to build relies on high-quality sustainable jobs and a well-trained, motivated workforce. The Jobs Expo helps us go a long way towards achieving this. “The marketplace is very competitive right now and we are seeing employers competing hard to attract the right kind of employees, so there has never been a better time for people to take a step up. “Supporting businesses to get the people and skills they need will help build back our economy better, improving the outcomes for every family in North Lincolnshire.” The event is taking place on Wednesday 9 February 2022 from 2.30pm to 6pm at The Baths Hall, Doncaster Road, DN15 7RG.

Activity remains strong but cost pressures set to intensify further for SME manufacturers

Tess Egginton
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Activity remains strong but cost pressures set to intensify further for SME manufacturers
UK SME output volumes grew at a firm pace in the three months to January whilst costs growth remained at its record high, according to the latest CBI SME Trends Survey. The survey of 218 SME manufacturers found that output growth picked up slightly from the previous quarter and is expected to grow at a broadly similar pace in the next three months. However, average unit costs maintained their record pace of growth for the second quarter in a row, with expectations pointing to cost inflation picking up further in the next three months. Record costs growth has continued to feed into heightened price pressures. Average domestic prices grew at a slightly slower – but still elevated – pace in the three months to January, while average export prices increased at a similar rate to last quarter’s record high. Manufacturers expect both domestic and export price growth to pick up in the next three months. Total new orders grew strongly over the quarter to January, reflecting firm domestic orders growth and another small rise in export orders. SME manufacturers expect total new orders growth to slow over the next three months, primarily reflecting a deceleration in domestic orders growth. In contrast, export orders are expected to accelerate slightly. Supply challenges are still expected to hamper activity going forward, with concerns over the availability of skilled labour, “other” labour, and materials/components as factors likely to limit output remaining heightened (despite softening somewhat on last quarter). Meanwhile, investment intentions for tangible and intangible assets in the next 12 months (compared to the last 12 months) strengthened, despite a dip in business sentiment over the past quarter. Alpesh Paleja, CBI lead economist, said: “It’s been a challenging start to the year for SME manufacturers, with record cost growth, supply chain disruption, and labour shortages all weighing on production. Despite these roadblocks, activity has remained firm, and businesses have stepped up their investment plans. “The Government must continue to work with business to tackle immediate barriers to growth. They must also put forward more ambitious plans to incentivise investment, to boost the longer-term growth potential of the economy.”

Leicestershire invited to negotiate pioneering devolution deal

Eleonora Gallina
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Leicestershire invited to negotiate pioneering devolution deal
Leicestershire has taken the next step towards securing a ground-breaking, multi-million-pound deal to bring devolved powers to the county. The Government confirmed on Wednesday that Leicestershire County Council will be one of the first nine areas it will invite to agree a new ‘county deal’. The announcement is part of the Levelling Up White Paper and follows a bid submitted by the council in the autumn. Nick Rushton, county council leader, said: “We welcome the Government’s decision to invite Leicestershire to be in the vanguard of county deals and look forward to working with Government to get the very best deal for Leicestershire’s businesses and residents. “The opportunity to have a greater say over local services and their funding, matters which affect everyone in Leicestershire, is particularly welcome. I am grateful to the County’s MPs, and to Neil O’Brien in particular, for their help and support. I’m also grateful to the District Council Leaders for their support of our case and all our partners, including the local NHS. “The wellbeing of children and young people has been an important part of our bid, which I believe has made it particularly attractive to Government. Leicestershire has lost out for far too long – so we’re fully committed to levelling up. I look forward to working with Michael Gove and his ministerial team to get the best possible deal for Leicestershire’s residents.” The council will now wait to hear from the Government about next steps.
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