Approval for 275-bed student scheme at Argos site
Plans for a new student accommodation scheme and commercial space at Lombard House in Nottingham have been approved by the city council.
The site, at 37-41 Lower Parliament Street, is currently occupied by Argos.
Bmor Ltd are behind the 275-bed student accommodation development which would provide a mix of clusters and studios, including 23 studios which are included in the existing Argos building.
The proposals involve the demolition of the warehouse section of the Argos for a new development. The scheme would be up to 10 storeys.
Acquisitive firm snaps up majority stake in Notts furniture company
Storskogen, the Swedish firm which acquires and manages well-managed and profitable small and medium-sized enterprises, has snapped up a qualified majority stake in Julian Bowen Ltd.
Julian Bowen is a Nottinghamshire-based e-commerce design and fulfilment specialist for home furniture, with annual revenue and EBIT of approximately £34.9m and £6.9m, respectively. Julian Bowen is Storskogen’s second acquisition in the UK and represents a major milestone in the group’s international expansion.
Established in 1987, online retailers now comprise about 70 per cent of Julian Bowen’s sales, while the company offers a flexible fulfilment model to suit its wide range of customers that includes e-commerce, traditional bricks and mortar retailers, and contract furniture providers.
Amazon, Wayfair, Dunelm and DFS can be found among Julian Bowens customer base. Julian Bowen has also amassed a wide range of international suppliers.
Julian Bowen has a workforce of around 100 employees, while Managing Director Emmett Lenaghan and buying director Mark Pickup will remain in their existing senior roles within the company.
“We are delighted that Storskogen have chosen to partner with us. Their support and expertise will be highly beneficial as we continue to deliver our ambitious plans for the company,” said Emmett Lenaghan, Managing Director of Julian Bowen.
Julian Bowen will join the business area Trade headed by Christer Hansson.
“Throughout our discussions, we have been immensely impressed with Julian Bowen, in particular their extensive e-commerce operations and capacity to innovate in partnership with customers and suppliers. Julian Bowen is an ideal partner for Storskogen, and we will continue to support the expansion of their flexible and dynamic customer offering,” said Christer Hansson, EVP and Head of Business Area, Trade.
Storskogen UK CEO Philip Lofgren believes the UK has an integral role to play in Storskogen’s international expansion plans, and Julian Bowen represents another step towards realising these objectives.
“Julian Bowen represents our second investment in the UK following our acquisition of SGS Engineering in Q2 2021. Like SGS, Julian Bowen is exceptionally well positioned to benefit from the ongoing migration from bricks and mortar towards digital retail channels.
“We have extensive expertise in the B2B and B2C e-commerce space and are excited to partner with the existing Julian Bowen management team to develop these capabilities further,” said Philip Lofgren, CEO of Storskogen UK.
National lighting and security provider expands into Derby
National lighting and security providers, QVIS, have taken occupation of Unit 11 Dunstall Park.
The business has moved into the 4,500 sq ft unit on a new 10 year lease as part of their planned UK wide expansion.
Dunstall Park is a new development of workshop and warehouse units being undertaken by Derby-based Ivygrove Developments. The 7-acre scheme will provide units from 2,000 sq ft to 6,000 sq ft.
Matthew Holliday, UK project manager, QVIS, said: “We are delighted to be opening our 6th Technology Showroom in the fantastic City of Derby. This continues our rapid growth and we hope to open 14 more technology centres within the next 24 months and are glad to be creating new jobs in each of the areas plus providing the Security Trade with State-of-the-Art Technology, advice and training inside our Showrooms.”
Chris Keogh, associate director, Salloway Property Consultants, said: “The addition of QVIS to the Dunstall Park development fits perfectly within the scheme which will eventually comprise a mixture of Trade Counter and Industrial occupiers once completed. We are now releasing the final two phases of the development where units are available on a freehold or leasehold basis with sizes ranging from 2,000 sq ft up to 5,700 sq ft.”
Take advantage of face to face networking at the East Midlands Property & Business Expo
After almost two years of no exhibitions, the East Midlands Property & Business Expo, for which Business Link is a proud partner, will return on Friday 12 November 2021.
Taking place at the De Vere East Midlands Conference Centre, Nottingham, delegates can pre-register for free entry to the event, which has everything you need for a great day of networking and business generation.
An established event of over 20 years, the show is well targeted and aimed at the construction, property, business, investment, finance, professional services and related B2B markets.
The exhibition will open to attendees at 9am, with a seminar taking place between 10:30am and noon. A special networking lunch (for which tickets can be purchased here) will then take place between 12:15pm and 2:15pm, and the exhibition will close at 3:30pm.
For more information on exhibiting at the event click here.
To register to attend the event for free click here.
To secure tickets for the networking lunch click here.
Exhibitors include A+G Architects, Allica Bank, Aspbury Planning, Bassetlaw District Council, Bowmer + Kirkland, BSP Consulting, Business Link Magazine, Delta Simons, East Midlands Chamber, Empire Finance, Galliford Try, Invest East Midlands, Invest Newark & Sherwood, J Tomlinson, Lindum, Nottingham Trent University, Pick Everard, Pygott & Crone, Rigby & Co, Severn Trent, Stepnell, Wildgoose, YMD Boon, and more.
Supply chain issues and rising costs drive profit warnings of listed Midlands firms back to pre-pandemic levels
The number of profit warnings issued by UK listed businesses based in the Midlands rose marginally in the third quarter of the year, to six (from five in Q2).
Nationally, profit warnings rose to 51 in the third quarter of the year, up 19 from Q2 2021, as threats to growth and profitability increased, according to EY-Parthenon’s latest Profit Warnings report.
The report reveals that whilst a post-pandemic demand surge boosted sales for many businesses over the summer months, it has also exposed vulnerabilities in supply chains and energy and labour markets, with 43% citing these pressures as the reason for their profits warning.
Most warnings in the region came from Industrial FTSE sectors and a third (33%) of Midlands-based companies issuing a warning said that supply chain issues were hampering their business.
Midlands listed business issued the joint second highest number of profit warnings, along with the South East (6) although significantly behind London (27).
Nearly two-fifths (39%) of UK companies warning were also affected by the fallout of COVID-19 – down from 72% in the previous quarter. Whilst the direct impact of the pandemic is waning, the increase in supply and cost pressures, and the end of government furlough support, will add to the challenge – especially for sectors where demand hasn’t yet returned to pre-COVID-19 levels.
Businesses with annual turnover of under £100m issued 50% of the third quarter’s profit warnings and almost 60% of the warnings were from AIM listed companies, typically small to mid-market companies which are less resilient to economic headwinds. New headwinds, including the impact of the steep rise in energy costs on a wide range of sectors, has also led to a high proportion of new companies warning for the first time.
Dan Hurd, EY Parthenon UK&I Turnaround and Restructuring Leader in the Midlands, said: “Whilst it’s encouraging that profit warnings among Midlands-based businesses remain low, evidence from the last few years has shown a trend for warnings to dip during Q3.
“The last two years has been anything but normal trading for businesses and there is nothing straightforward about this recovery. Whilst UK profit warning levels remained low during the summer they jumped dramatically back to above-average levels in September, as supply chain and cost stresses cascaded through the economy.
“Over the last 18 months, government support has mitigated the impact of massive changes in the UK economy. These measures have now come to an end and the remainder of the year will reveal those surviving on life support, as the government removes most, but not all of its props.”
Supply challenges dominate
The report revealed that profit warnings are rising in consumer-facing sectors as the impact of rising energy prices, supply bottlenecks and labour shortages spread across the economy. Consumer Discretionary FTSE sectors issued the most warnings in Q3 2021 with 11, followed by Industrials with 10.
The Consumer Staples sector – including food, drink, and household product producers – issued six warnings, its highest level of third-quarter profit warnings since 2014, with all but one of these six warnings blaming increasing costs or supply chain issues.
Meanwhile, supply chain issues remain acute in many FTSE Industrial sectors compounded by delayed or cancelled contracts, as companies suspended or limit production in response to the direct or knock-on impacts of rising costs or the lack of goods and labour.
Rising energy prices have also generated considerable stress in the retail energy supply sector, with EY expecting the number of UK suppliers to consolidate to 8-10, from 70 at the start of 2021. There is also a wider challenge in the transition to Net Zero that is also playing out in this and other sectors – including oilfield services and automotive – as companies move away from carbon intensive activities.
Dan Hurd said: “As this recovery develops, we expect the gaps to widen between and within sectors, depending on companies pricing power, their agility and capacity to adapt and capitalise on changing behaviours, and their ability to build a sustainable long-term value story.”
A sustainable recovery?
The research also explores how the trade-off between value and values is narrowing. Changing consumer behaviours, regulation and Environmental, Social and Governance (ESG) measurements are now all moving into the capital markets mainstream and companies will increasingly need to demonstrate their commitment to creating long-term value.
Adding to the challenge for companies is the lack of standardisation and regulation of ESG measurements. But, with the growth in green indices, green bonds, green investment funds and increasing fund manager differentiation, EY anticipates more consistent standards and scrutiny to emerge.
This could effectively lead to companies issuing ‘purpose warnings’ in the future – for instance, if companies miss targets and their price of debt increases, or they miss out on contracts as a result.
Joanne Robinson, EY-Parthenon Partner, Turnaround and Restructuring Strategy, said: “Just as we’re seeing increased investor reaction to profit warnings in the wake of greater economic peril, we’re also seeing investors react to greater climate peril. There’s no doubt that companies face a potentially difficult transition period where they’ll need to manage and time new investments, whilst also maintaining some legacy businesses.”
She added: “Companies need to strengthen their social licence to attract new customers and talent. The sustainability challenge will provide the impetus to innovate new products, services and business models that will be more valuable and resilient in the long-term. But the journey – as we can see in the UK energy market – won’t be easy.”
Siemens virtual work experience breaks down barriers to STEM careers for East Midlands students
Students across the East Midlands are among hundreds to enroll to a virtual work experience programme launched by Siemens during the pandemic.
The free programme, which combines live webinars, videos, and activities, has seen 1,164 young people log-in and learn about how engineering and technology builds a more sustainable future.
This includes young people living in Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, and Nottinghamshire.*
Now a third round of virtual work experience to run from October 26 to November 5 will give more young people an opportunity to explore and see what a future career at Siemens looks like. The deadline for applications is Wednesday, October 20.
Siemens virtual work experience is breaking down barriers to STEM careers. Moving to online delivery from in-person placements has increased the number of students Siemens can offer work experience to, has increased diversity and inclusion, and helped young people overcome limitations and barriers such as geography, mobility, financial constraints, and inflexibility due to school or employer timings.
For example, while ethnic minorities are broadly underrepresented in STEM fields, more than half (55%) of students participating in Siemens’ virtual work experience programme were from BAME backgrounds. Meanwhile, the programme has contributed to efforts to reduce the gender gap in STEM, by inspiring the 40% of female participants.
What is more, Siemens has been able to overcome geographical barriers, showcasing STEM as a career path to hundreds of 14 to 18-year-olds in every corner of the UK, rather than to just those living near Siemens sites.
Brenda Yearsley, Education Development Manager, Siemens GB&I said: “Offering free, accessible work experience for students is vital to increase diversity and inclusion, inspire a career in science, technology, engineering, and mathematics (STEM), and showcase Siemens as a career path.
“Moving to an online delivery has helped us continue to offer this valuable experience to young people, regardless of geographical location, with some truly remarkable outcomes when it comes to gender and ethnic diversity, something Siemens is passionate about addressing.
“While Siemens’ sites begin to open up their doors again to in-person work experience opportunities, the chance to continue to give more school and college students invaluable practical skills, industry experience, and a head start for their careers is increasingly important to the post-pandemic recovery.”
The two-week programme, which is delivered on careers platform Springpod, involves around 10 hours of activities, pre-recorded videos, quizzes and live webinars.
Modules include: an overview of Siemens, its core values and six lines of business; an introduction to the field of engineering, the various disciplines, sustainability in engineering and the design process; an introduction to the world of technology, the different pathways within the sector and what roles in tech involve; an introduction to the other business services such as sustainability, legal, marketing and finance; early careers opportunities at Siemens such as apprenticeship, internship and graduate schemes; an introduction to employability skills, how to build a CV and how to apply for a role at Siemens.
Once complete, students earn a certificate which can be used for a CV and Personal Statement.
Air conditioning and heating business expands in Mansfield
Oceanair UK Limited, an award-winning distributor of air conditioning and heating products, has expanded on Millennium Business Park in Mansfield.
Their existing air conditioning business has seen growth in the domestic air conditioning market and a massive growth in air to water heat pumps ahead of boilers being banned in new builds from 2025.
The industrial unit comprises 6,597ft² of warehouse space with 6 metre eaves, being ideal for Oceanair UK’s storage requirement due to their growth.
Anthony Barrowcliffe of FHP Property Consultants said: “Unit 3C Isabella Court is personally my ninth completed industrial transaction in the Mansfield area this year with a further three properties under offer. The Mansfield area is a fantastic industrial market with excellent access to the M1 and huge employment opportunities.
“The unit in its isolation was a great letting for both landlord and tenant and it was a pleasure to work with Tony Evanson, Managing Director of Oceanair UK Limited, who was honest, straightforward and did everything promised to a high professional level.”
Tony Evanson, Managing Director of Oceanair UK Limited, said: “As gas boilers are being phased out in favour of air source heat pumps it was imperative we increased our storage capability to keep up with demand, Anthony worked closely with us and expedited the whole transaction in a very timely manner.”
4 in 10 business leaders say regulation has a negative impact on their organisation
The Institute of Directors (IoD) has published data showing that the negative impact of regulation is only exceeded by that of the Coronavirus pandemic and employment taxes, and has called for the Government to do a better job in shaping a more business-friendly regulatory framework.
In a recent IoD survey of over 600 directors, 40% stated that compliance with Government regulation was having a negative impact on their organisation, compared to 53% for the Coronavirus outbreak, 41% for employment taxes, 40% for UK economic conditions and 39% for skills shortages/employee skills gaps.
In the IoD’s response to the BEIS consultation, ‘Reforming the Framework for Better Regulation’, Dr Roger Barker, director of policy, said: “In order for business to play a meaningful role in building back better, it is essential for the Government to do a better job in shaping a more business-friendly regulatory framework.
“New business regulation must be more critically scrutinised in order to ensure that it is effective, proportionate and free from unintended consequences.
“The process would be more robust if it incorporated a more central role for an independent scrutiny body, like the Regulatory Policy Committee (RPC), at an earlier stage of the policy making process.
“Similarly, we would like to see the government’s own impact assessments of proposed regulatory changes always published at the consultation stage so that they can be taken into account before the legislation is introduced into Parliament.
“As well as assessing individual regulatory proposals, a broader view of the cumulative impact of regulation is also required. This broader perspective should be developed in the context of an overarching objective to reduce unnecessary regulatory burdens on business.
“The previously employed offsetting approach of ‘One In, Two Out’ has not been particularly effective in controlling the aggregate regulatory burden on business. It is not the number of regulations that matters to business, but rather their effectiveness and impact on business activity.”
Light Science Technologies joins AIM
Light Science Technologies Holdings plc, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, has floated on AIM.
In a successful placing the Derbyshire-headquartered company has raised gross proceeds of £5.2. million and joins with a market capitalisation of approximately £17.4 million.
Simon Deacon, CEO of Light Science Technologies Holdings plc, said: “We are delighted to be joining AIM, and welcome the support shown by our investors in this tremendous milestone for the company.
“We look forward to delivering shareholder value as we take advantage of the substantial CEA pipeline and bolster the capacity of our CEM division.”
The net proceeds of the placing are intended to be used to accelerate the group’s growth, primarily through its CEA operations, by expanding its UK scientific laboratory grow room, enhancing marketing campaigns, product design, tooling and development, geographic expansion into the Netherlands and for ongoing working capital purposes.
Astronaut Tim Peake to open Space Park Leicester
Tim Peake will be on hand to declare Space Park Leicester officially open at a special ceremony next spring.
The first British astronaut to visit the International Space Station will attend Leicester’s pioneering £100 million research, innovation and teaching hub for space-related high-tech companies and researchers for an official invitation only opening ceremony on Monday 14 March 2022.
Developed by the University of Leicester in collaboration with local, national and international partners, the 4,800m2 facility provides a base for space scientists, researchers and business minds to collaboratively work together from offices, shared laboratories, teaching facilities and co-working spaces.
In April representatives from construction company Bowmer + Kirkland handed over the keys to the building, marking a significant milestone in the completion of the first phase of the project, which opened this summer.
To date organisations joining space, climate and Earth observation scientists include: AST SpaceMobile, developers of the first space-based cellular broadband network for mobile phones, Satellite Applications Catapult, a government-backed technology and innovation company, space solutions specialists Northrup Grumman, air quality expert EarthSense, and Omnidea, an international space technology company.
The second phase of the development, also for collaborative work between industry and academia, will provide state-of-the-art laboratories and workshops focussed on Artificial Intelligence and robot-assisted satellite production.
Professor Richard Ambrosi, Professor of Space Instrumentation and Space Nuclear Power Systems in the University’s School of Physics and Astronomy, said: “We are absolutely delighted to announce that Tim Peake will join us at what will be a momentous celebration for Leicester, the East Midlands and the rest of the country.
“Being able to celebrate our magnificent facility and Leicester’s six decades of experience in space and Earth observation science, as well as one of the largest groupings of space-related researchers of any institution in the UK, together with Britain’s very own astronaut, will mark the start of something special.
“We are incredibly grateful to all of our partners for recognising the leading research taking place at the University of Leicester. Their support will enable us to develop innovative technologies and methods to transform our understanding of space and our own planet in the future.”
Space Park Leicester aims to leverage that capability and capacity to attract and grow space and space-enabled businesses. In doing so, it will bring jobs to the East Midlands as well as create expanded opportunities for students and the wider community.
Tim said: “Teamwork and communication are vital skills for any successful space mission – two key themes that resonate with Space Park Leicester, developed to provide a unique offering of collaborative work between University researchers and the private sector, working side by side to develop technologies and processes to be used in space.
“Space Park Leicester will highlight the exciting careers available within the space sector and help to train, educate and inspire our future generations.”
