Barratt’s £2.5bn purchase of rival Redrow Homes could complete this week

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Barratt’s £2.5bn purchase of rival Redrow Homes could complete this week
Leicestershire-based housebuilding giant Barratt’s £2.5 billion purchase of rival Redrow Homes looks set to complete later this week, the business has revealed. Earlier this month, the Competition and Markets Authority (CMA) concluded a Phase 1 investigation into the deal. The CMA has found that overall, the merger does not raise competition issues except for concerns regarding the supply of new build private residential housing in one of the more than 400 local areas where the two companies overlap.

Barratt and Redrow are continuing to engage with the CMA with the objective of agreeing suitable undertakings which would address its concerns and avoid the need for a reference to a full Phase 2 investigation.

Clearance from the CMA is a condition to the combination. Further to the CMA’s announcement on 8 August, however, Barratt has waived the CMA condition and the parties now intend to complete the combination this week.

In a statement to the London Stock Exchange, Barratt added: “This removes uncertainty for the employees, supply chain and wider stakeholder groups of both businesses, and allows us to accelerate the creation of an exceptional UK homebuilder in terms of quality, service and sustainability, which in turn can accelerate the delivery of high-quality, sustainable homes and communities for customers across the UK, addressing the country’s need for homes.”

In accordance with the CMA’s standard practice and following completion, Barratt and Redrow expect the CMA to impose an initial enforcement order (IEO) on the parties, preventing any action which might prejudice the CMA’s process. As a result of the IEO, whilst integration planning can continue, Barratt and Redrow would be prevented from integrating their two businesses, until the proposed undertakings have been agreed with the CMA or the CMA otherwise agrees to such actions taking place.

Doubts raised over Frasers Group deal as Ted Baker shuts stores

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Doubts raised over Frasers Group deal as Ted Baker shuts stores
Myriad Ted Baker stores are shutting as doubts are raised for a future licensing partnership with retail giant Frasers Group. According to reports in Sky News, talks between the Shirebrook-based group and Ted Baker’s owner Authentic have broken down, with sources close to Authentic indicating that there were no ongoing talks between the two, while property industry sources suggested there had been talks of reopening a few Ted Baker shops in the last few weeks. Administrators of Ted Baker’s partner No Ordinary Designer Label are overseeing the closure of 31 remaining shops in the UK. A source from one store told Sky News their last trading day would be Tuesday.

PwC fined £15 million

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PwC fined £15 million
The Financial Conduct Authority (FCA) has fined PricewaterhouseCoopers LLP (PwC) for failing to report to the regulator their belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity. This is the first time the FCA has fined an audit firm.
PwC encountered significant issues throughout their 2016 audit of LCF. A senior individual at LCF acted aggressively towards auditors, and the firm provided PwC with inaccurate and misleading information. PwC found the audit very complex, and it took considerably longer to complete than anticipated. LCF’s actions, and PwC’s own work on the audit, led PwC to suspect that LCF might be involved in fraudulent activity. PwC was duty bound to report those suspicions to the FCA as soon as possible, but they failed to do so. PwC eventually satisfied itself that LCF’s 2016 accounts were accurate. Whether or not its suspicions remained, it still had an obligation to report its previous concerns to the FCA. LCF went into administration in January 2019 after the FCA ordered the firm to withdraw misleading promotional material for the sale of mini-bonds. Thousands of investors were misled because they were not given the full picture about the risks of the product. The Serious Fraud Office has an open criminal investigation into the failure of LCF. Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA, said: “Auditors have a central role to play in keeping our markets clean. They have privileged access to information and they are required by law to report suspicions of fraud to the FCA. “There were a number of red flags that led PwC to suspect fraud. They should have acted on them immediately. Their failure to do so deprived the FCA of potentially vital information.”

Industrial site changes hands for first time in almost a century

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Industrial site changes hands for first time in almost a century
A Derby industrial complex has new owners for the first time in nearly 100 years. The 1.3-acre site on Bateman Street had been the home of chemical and cleaning product manufacturer Quadralene since 1930. However, Quadralene was acquired by global medical technology leader, Getinge in 2020 and the plan was to relocate Quadralene into new premises on Pride Park. Salloway Property Consultants were appointed by the property owners to assist with the gradual relocation of Quadralene and to sell the property once it had been vacated. The premises, which comprise a number of interconnecting buildings totalling some 26,000 sq ft on a large site, had been adapted to suit Quadralene’s specific use. “I am thrilled that the sale has now been completed,” says William Speed of Salloways. “It was very unlikely that an occupier would be found who could utilise the site in its current configuration and so it is no surprise to see that the new owners intend to regenerate the site. “Despite a constant flow of enquiries since the site came to the market, it wasn’t a straightforward process, but it’s great to reach a satisfying conclusion for our client here.” 2i Investments, the new owners, are looking forward to making a start on the redevelopment. A spokesman said: “We have a number of plans for the site currently with different options presenting themselves. Ultimately, we are hoping to develop something that is attractive to the current market and offers flexibility to any occupiers that may be interested.” Speed concluded: “There is an acute shortage of small to medium sized sites suitable for redevelopment for light industrial units and despite its challenges, the Bateman Street site could have been sold several times over. We would be delighted to hear from anyone considering selling similar sites.”

Nottingham entertainment venue renews naming rights with Motorpoint

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Nottingham entertainment venue renews naming rights with Motorpoint
Nottingham Arena – the largest venue in the East Midlands – has extended its successful naming rights partnership with Motorpoint for another six years. Known as the Motorpoint Arena Nottingham since 2015, the renewal means the relationship between the UK’s largest independent used car retailer and the 10,500-capacity venue in the heart of the city will continue until at least 2030. As part of the renewal, Motorpoint will expand the scope of the partnership and introduce a range of new initiatives with the venue’s support. Andrew Thomson, Chief Digital Officer at Motorpoint, said: “We’ve been working with the Arena since 2015 and are delighted to be extending our partnership. As part of this renewal, we’ll be focusing our efforts on offering event goers something extra when visiting the Arena. “We’re going to be featured much more prominently on the digital screens throughout the venue – making it easier for event goers to be kept up to date with all the exciting initiatives we’re running online and across our 20 stores nationwide.” Martin Ingham, CEO, Motorpoint Arena, said: “The Motorpoint Arena attracts some of the biggest names in live music, comedy, family entertainment and indoor sporting spectacles to the city. “These all entice a local, regional and national audience that provides Motorpoint with an ideal opportunity for their brand to engage with fans enjoying wonderful experiences during these exciting events. “Naming rights partnerships are optimised for both parties with longevity and great activations and we are delighted to continue this successful relationship for many more years to come. “As we head into our landmark 25th anniversary year in 2025, we have much to celebrate but, more importantly, much more to look forward to as we deliver cultural, social, sporting and economic benefits to Nottingham and the East Midlands with a great commercial partner by our side.”

“The East Midlands Bricks Awards is a fantastic opportunity to recognise the achievements of our region’s property and construction sector,” says Derby City Council

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“The East Midlands Bricks Awards is a fantastic opportunity to recognise the achievements of our region’s property and construction sector,” says Derby City Council
With only a short time left to make nominations for the East Midlands Bricks Awards 2024, Derby businesses are being encouraged to enter the prestigious event. Councillor Nadine Peatfield, Derby City Council Leader and Cabinet Member for City Centre, Regeneration, Strategy and Policy, said: “We’re passionate about building a vibrant city for the people of Derby through an ambitious programme of regeneration projects. We’re already seeing the benefit of working with talented development partners and are looking forward to working with many more in the future to bring our vision for Derby to life. “The East Midlands Bricks Awards is a fantastic opportunity to recognise the achievements of our region’s property and construction sector and I’m looking forward to celebrating the sector’s skills and expertise.” A key event in the business calendar, showcasing the exceptional work of the region’s property and construction industry, the East Midlands Bricks Awards will take place on Thursday 3rd October, at the Trent Bridge Cricket Ground (4:30pm – 7:30pm). Revealing the winners in a glittering awards ceremony, the evening also offers an opportunity to establish new connections with property and construction professionals from across the region, and hear from keynote speaker Paul Southby. Nominations for the annual event are open, and now is the ideal time to make your submissions, ahead of the deadline – Thursday 5th September. To nominate your (or another) business/development for one of our awards, please click on a category link below or visit this page.
Award categories include:

Nominations end Thursday 5th September

Tickets can now be booked for the 2024 awards event, click here to secure yours. Taking place in the Derek Randall Suite at the Trent Bridge Cricket Ground on Thursday 3rd October, from 4:30pm – 7:30pm, connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region. Attendees will also hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire. Dress code is standard business attire.
Thanks to our sponsors:      

             

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Showcase sustainable developments at the East Midlands Bricks Awards 2024

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Showcase sustainable developments at the East Midlands Bricks Awards 2024
With the nomination deadline looming for the East Midlands Bricks Awards 2024, there are 10 categories open for entry, providing a perfect opportunity to shine a light on outstanding businesses, teams and projects at the annual event celebrating the region’s property and construction industry. One such category is Sustainable Development of the Year, which can be entered here. The winner of this category will be the scheme that has displayed a true commitment to sustainable development in the East Midlands, whether this be in an environmental development, social enterprise or a scheme which will benefit the region in other ways, so long as it benefits the future generation. Schemes must have been completed over the last 12 months. Last year, HBD scooped the award, for Power Park, Nottingham, beating out stiff competition from Henry Brothers Construction (for SportPark Pavilion 4, Loughborough) and Elms Developments (for Elms Phase Two Ltd.). Upon winning, Justin Sheldon, director and head of region, HBD, said: “If you don’t know the project it was the old Imperial Tobacco factory where we recycled well over 90% of the material from the demolition – it was 1m sq ft so we had quite a lot of material to work with. I started on the project in 2016 and we completed April this year, so it’s great to get this.” With this year’s Sustainable Development of the Year award once again sponsored by Viridis Building Services, a spokesperson for the company said: “Viridis are proud to sponsor the Sustainable Development of the Year award for another year. We have promoted this award for the past few years due to our own values as a team and how these fit in with those. “It allows us the opportunity to review innovative ideas, solutions, and developments in and around the East Midlands. We are passionate about sustainability and are proud to see that others have the same ethos as ourselves with their entries. “We believe being involved in this award allows us to further promote these pragmatic design solutions to create new relationships to present to others what can be done – to hopefully create an even more innovative sustainable future through places and spaces. “We are excited to see this year’s entries, as we are every year, and look forward to presenting the winner of this award. We feel that the Bricks is an opportunity to bring everyone in the area together to celebrate our achievements and promote our works to create a bigger and better East Midlands.” Submit your nominations for Sustainable Development of the Year here before entries close on Thursday 5th September. Winners will be revealed at a glittering awards ceremony on Thursday 3rd October, at the Trent Bridge Cricket Ground (4:30pm – 7:30pm) – an evening also offering an opportunity to establish new connections with property and construction professionals from across the region, and hear from keynote speaker Paul Southby. Other award categories open for entry include: Most Active Estate Agent, Commercial Development of the Year, Responsible Business of the Year, Contractor of the Year, Developer of the Year, Deal of the Year, Architects of the Year, Excellence in Design, and Residential Development of the Year. All entry forms can be accessed here. The Overall Winner award will also be presented at the event. This award cannot be entered, with the winner selected from those nominated for the event’s other awards. The Overall Winner of the East Midlands Bricks Awards 2024 will also receive a year of marketing/publicity worth £20,000.

Book your tickets now

Tickets can now be booked for the East Midlands Bricks Awards 2024 – click here to secure yours. The special awards evening and networking event will be held on Thursday 3rd October 2024 in the Derek Randall Suite at the Trent Bridge Cricket Ground from 4:30pm – 7:30pm.
Connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region, and hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire. Dress code is standard business attire. Thanks to our sponsors:      

     
     
 

To be held at:

Clowes Developments become Planet Mark ‘Certified’

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Clowes Developments become Planet Mark ‘Certified’
Clowes Developments have engaged Environment Social Governance (ESG) specialists BE Design to deliver the group’s ESG strategy. Construction and its impact on the environment have rightly become a regular topic of conversation amongst industry leaders, all looking to find effective and realistic ways to move forward. Clowes have identified the urgent need to proactively integrate ESG into the day-to-day function and decision-making processes across the group, from land and planning to development through to asset management. ‘Building for future generations to prosper’ has always been a key value instilled into the team at Clowes but the board have now invested heavily into this area of the business’s long term strategy. Clowes have taken several essential steps this year to kick start making their ambitions a reality. The team have had to review and implement several changes to ensure data is correctly gathered and reported according to government legislation including Energy Savings Opportunity Scheme (ESOS) and Streamlined Energy and Carbon Reporting (SECR). The group have historically published their carbon usage in their end of year accounts through Companies House but are now taking that a step further by verifying the data through an industry leading carbon tracking platform, Planet Mark. Backed by the Eden Project, CEO and Founder Steve Malkin began Planet Mark as an effective, people-driven sustainability certification. Clowes have been focusing on carbon reporting which involves measuring and disclosing the amount of carbon emissions produced by a business. Understanding your carbon footprint is the first step on your journey to becoming net zero. By becoming Planet Mark certified, it will help the business implement an effective carbon reduction strategy, stay ahead of legislation and mitigate risks, eliminate the risk of greenwashing and help to boost operational efficiency. The group’s utility co-ordinator, Daniel Houldey-Wright collated the groups energy usage data in line with the reporting requirements for Planet Mark which also comply SECR scope 1 and 2. Daniel said: “At first it felt a somewhat overwhelming task. The group has a large number of properties and meter supplies which needed to be streamlined. We identified exactly which supplies needed to be reported to comply with scopes 1 and 2 and began gathering the data. “We have had to implement several administrative changes to the way we collect our data as well as expanding our efforts to have smart meters installed across our portfolio; allowing us to not only access readings more swiftly, but to also better manage energy consumption across the group. “During the process, we were also very pleased to calculate that around 90% of our total energy usage stems from renewable sources, so we will be working on the balance of our supplies to achieve 100% renewable energy across our portfolio. “We now have all our processes working efficiently and we feel confident in our ability to accurately track our energy usage across the portfolio. This has been reinforced by the speedy certification we have received through Planet Mark. “We anticipated queries and inaccuracies but were pleasantly surprised with the quick turnaround from submission to certification.” Managing Director, Thomas Clowes, Development Director, James Richards and Head of Marketing, Kate Henderson are leading on the set up, roll out and ongoing management of the group’s ESG Strategy. Thomas said: “I am incredibly pleased with the teams’ efforts to submit this year’s Planet Mark data successfully and according to a tight schedule; we now have an accurate benchmark of our current carbon footprint, and we can begin our journey to reduce this year on year. Our aspiration is to deliver a 5% reduction by 2025. Clowes have a responsibility to play our part in reducing carbon emissions.” According to the World Green Building Council, buildings are currently responsible for 39% of global energy related carbon emissions: 28% from operational emissions, from energy needed to heat, cool and power them, and the remaining 11% from materials and construction. Now that Clowes have received their first year’s certification, BE Design will be working with Thomas, James and Kate to firm up their ESG strategy and carbon reduction action points which will be published online later in the year. Clowes will also be engaging their ESG committee members to help communicate with and empower employees across the group to support and drive forward the ESG strategy.

Thirteen Northamptonshire businesses awarded grants in second round of Build Your Business Programme

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Thirteen Northamptonshire businesses awarded grants in second round of Build Your Business Programme
West Northamptonshire Council (WNC) and North Northamptonshire Council (NNC) in collaboration with the Business & IP Centre Northamptonshire (BIPC), have announced the thirteen winners of the second round of start-up grants through the Build Your Business programme. This initiative, supported by £600,000 from the Government’s UK Shared Prosperity Fund (UKSPF) over two years, aims to empower small businesses, local entrepreneurs, and aspiring business owners across the county. The Build Your Business programme consists of five comprehensive modules covering key areas of running a business. These modules, delivered by specialist partners, include marketing, business growth, financial planning and personal development for business owners. Additionally, the programme offers 1-2-1s, workshops, mentoring, and access to specialist business databases. Eligible entrepreneurs participating in the programme can apply for a £2,000 start-up grant by submitting a competitive business plan, leveraging the knowledge gained through the programme. Successful applicants not only receive this crucial financial boost but also benefit from continued support from the experienced BIPC Northamptonshire team. The successful grant winners of the second round of grants are:
  • Ami & Martin – Whatsup Training
  • Clare & Yvette – Believe & Achieve Business Academy
  • Douglas – Carduan Ltd
  • Esme – Esme Abbott Hair Design
  • Nam & Darren – Tara Beauty Therapy
  • Heidi – Hartbeeps Kettering
  • Kate – Daventry Wellness & Sports C.I.C
  • Laura – Laura’s Seating Solutions
  • Owen – The Ethical Car Wash Company
  • Sheila – Take My Lead
  • Stuart – Medi8 Therapy
  • Susan – The Regent Street Cattery Limited
  • Sophia – So Clean (Simply Organic Home Cleaning)
Ami and Martin, owners of WHATSUP Training based in Thrapston, said: “Accessing the resources and training seminars provided by BIPC has been invaluable for our new small business. From excellent marketing and financial management courses to personalised one-on-one support and use of the in-library Grant Finder database, we have been able to chart the course for our company’s growth confidently. “The business planning documents and the guidance received during the BIPC training sessions helped crystallise our ideas and set clear short, medium, and long-term goals for our company. Securing the small business grant has allowed us to significantly expand our capacity, allowing us to serve more customers and accelerate our growth. This funding has enabled us to enhance our services and reallocate resources to other crucial areas of our business, ensuring a stronger foundation for future success.” Cllr Daniel Lister, Cabinet Member for Local Economy, Culture and Leisure, West Northamptonshire Council, said: “It’s fantastic to see the positive impact the Build Your Business Programme has had on local entrepreneurs and small businesses in Northamptonshire. The programme has provided vital support and resources to help our innovative businesses grow and thrive. “Congratulations to all the grant recipients of this second round. Their achievements underscore the importance of fostering entrepreneurship and supporting small businesses, which are the backbone of our local economy. We look forward to continuing this momentum and seeing even more success stories emerge from the programme.” Building on the success of the first two rounds of the Build Your Business programme, BIPC Northamptonshire has announced a third round, offering aspiring local entrepreneurs with businesses under one year old the opportunity to apply for start-up grants of up to £2,000 to help towards business-associated costs. Cllr David Brackenbury, North Northamptonshire Council’s Executive Member for Growth and Regeneration, said: “Small businesses and local entrepreneurs are essential to local economies across the country as well as closer to home. The last couple of years have been particularly tough for businesses and we are always working to support them in any way we can. “With this in mind, schemes like the Build Your Business Programme make such a difference and I wish all the grant recipients the best of luck in their future endeavours.”

Multi-million-pound regeneration projects becoming a reality in Mansfield

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Multi-million-pound regeneration projects becoming a reality in Mansfield

Mansfield district is on the cusp of multi-million-pound investment being transformed into a reality, with starts on site and contractors being appointed for multiple projects now underway.

Numerous sites in the district, including White Hart Street, the former Beales building soon-to-be Mansfield Connect, Berry Hill Park, Centenary Road, and Bellamy Estate, are seeing transformational changes taking place thanks to Mansfield District Council’s intervention and the council and UK Government cash. Notably, many of the schemes are highlighted as key sites within its Town Centre Masterplan that needed to be pursued and redeveloped. Executive Mayor Andy Abrahams said he was proud that the council was demonstrating strong leadership and ambition by delivering regeneration on these key sites. He said: “We have shown great vision and courage in acquiring and repurposing very challenging sites, particularly in the town centre. They would otherwise have proven to be a long-term eyesore, symbols of a dying town centre, and detractions to private investment. “Our bold actions are, in turn, stimulating further private investment into Mansfield, with notable international companies seeing the potential coming to the district, including Tim Horton, Taco Bell, Burger King, and Starbucks. “These actions are ultimately driving footfall in the town centre and demonstrate confidence to businesses that Mansfield is a place to invest. We are confident and committed to making Mansfield a place where everyone can prosper, and we make no apology for being bold and setting a forward and ambitious vision for our district in the future.” The council’s bold plans for the district are woven heavily into its recently adopted corporate plan, Towards 2030: A Strategy for Mansfield. The overarching objective of ‘our economy’—leading the regeneration and renewal to revive key sites—is the focus driving the generational changes taking place in the district. Rebekah O’Neill, Four Seasons Shopping Centre Manager, added: “In the last year we have continued to see footfall increase again year on year, which is a huge confidence boost to our retailers. “Confidence is also felt by the number of new stores that have had joined us, with over 10 new stores opening since 2023 – as well as many of our existing retailers renewing their leases and commitment to the centre and our town. “We are particularly delighted to have welcomed a number of local independent retailers to the centre, whom we have had the pleasure of supporting in their first steps on the High Street through our Pop-Up Shop initiative. “We are proud to be involved in the transformational journey Mansfield is embarking on, through our partnership with the council and Place Board, and look forward to seeing the town centre move from strength to strength in the not-too-distant future.” The White Hart Street scheme, funded by £16.5 million of council cash, has seen consultation on the plans come to an end in the last week. The aim was to seek people’s views on the social housing and public realm scheme before it is formally submitted for planning consideration next month. The properties are expected to be a mix of family houses and apartments for older people. It will also transform the current derelict site, deliver mixed-use affordable homes, revitalise heritage assets into new commercial spaces, and connect the town centre. Mansfield Connect, supported by £25 million of UK Government funding, will see the transformation of the former Beales building into a multi-agency hub, and is also progressing well, with the RIBA Stage 2 designs now being concluded. A planning application for the scheme is currently expected to be submitted towards the end of October with plans to demolish the link bridges over Stockwell Gate due to be submitted this month, opening a key gateway into the town centre and unlocking its vibrancy. Subject to continued positive progress, demolition could commence in January 2025 with project work expected to begin on site in November 2025, and it will be fully operational and open in February 2027. It is expected to house a variety of public, educational, enterprise, employment and health and wellbeing services, along with space for private sector investment and Mansfield District Council’s new headquarters. The delivery of a third phase of 77 high-quality and affordable council homes on Centenary Road is also reaching a critical point, as contractors are due to be appointed in the coming weeks. The £18 million project has been conducted in three phases known widely as Poppy Fields. So far, on the site, a total of 84 new homes have been built. Phase three works are expected to start on site in September 2024 and are due to be completed in May 2026. On the topic of contractors, the council is due to appoint a company in the next month for the extensive improvement programme at Berry Hill Park. The Destination project, funded from the UK Government’s Towns Fund, will see new and improved accessible footpaths, two new play areas, and a new building with a multi-functional space and toilets. Work is anticipated to start in the autumn and be completed in late 2025. A destination park aims to offer an experience that goes above and beyond what an average park would offer. It is hoped that these new facilities and changes will draw in more visitors to the district and boost the local economy. In the Bellamy estate, £7.7 million plans to build new homes, new shops, and a community orchard have been progressing well, with contractors breaking ground this month to build 22 energy-efficient council homes. Once complete, this new-build neighbourhood will consist of 22 properties, all of which will be available for council tenants on the housing waiting list. The homes will be the epicentre of the regenerated Bellamy estate, which is also home to a new parade of shops, now built and ready to be let out. The old shops are due to be demolished in the autumn. Also, a new through road and a newly installed green space are all in the pipeline, with overall work expected to conclude in October 2025. In the last month, the brand-new community health hub in Warsop has opened its doors, with demand surpassing initial expectations. The Warsop Health Hub is now home to a 15m x 8m swimming pool and splash play area, a changing village, a gym, a multi-purpose hall, a café, and a community space area. Also, the newly tarmacked multi-use games area to play sports outdoors is now open to residents, just behind the new building.
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