The board of directors of fashion brand Mulberry has rejected Frasers Group’s revised offer for the business.
It follows Challice Limited, the company’s majority shareholder, stating publicly that it has “no interest” in selling its Mulberry shares to Frasers. As a result, Mulberry has now said: “After careful consideration with its advisers…the Board is unanimously of the view that the Possible Offer is untenable and that the Company should focus its attention on driving the commercial performance of the business.” It also reiterated an earlier statement: “We believe that the combination of the appointment of a new CEO, our new debt facility and the capital raising…will put the Group on a firm footing to ensure we are well set up for future growth.” The new bid by Frasers, which is a significant minority shareholder in Mulberry, would have entitled shareholders to receive 150 pence in cash for each Mulberry share. This implies a valuation of approximately £111 million for the entire issued, and to be issued, ordinary share capital of Mulberry, or approximately £72 million for the entire issued and to be issued share capital of Mulberry that Frasers does not already own.Modular housebuilder to wind down Derby factory
Modular housebuilder TopHat is to shutter its factory near Derby following dwindling orders.
As reported by the Construction Enquirer, the Goldman Sachs-backed firm has opened consultations with the staff at its factory at Dove Valley Park, Foston, which it plans to wind-down alongside the completion of all orders.
A statement from the company said: “In response to the challenging market environment over the last several years, TopHat has been gradually reducing its workforce.
“Unfortunately, due to the continued reduction in future pipeline, TopHat is in the process of making most of the factory staff redundant by following a statutory consultation process.
“This orderly wind-down of volumetric operations will put the business in a position to assess all future options.
“It is our strong belief that there is a continued need for Category 1 and Category 2 modular in the UK and we hope that we can capitalise on this in the future.”
It follows news in March that TopHat had pressed pause on its plans to open Europe’s biggest modular homes factory in Corby. Production was due to start this year at the 650,000 sq ft facility.
New Northampton development sites opened up following Government funding
West Northamptonshire Council has been awarded a total of almost £2.6m from the Government’s Brownfield Land Release Fund.
The funding will help bring several derelict sites across the area back into use, as part of the Ministry of Housing, Communities and Local Government’s One Public Estate programme.
A former bus depot in St James, Northampton, will benefit from a £1,368,000 grant which will help remedy ground contamination and asbestos at the site which has been vacant for a decade.
There will also be further work on the site to prepare it for a residential-led scheme, creating much needed housing in that area of town.
Preparation at the former University of Northampton Avenue Campus site – including the construction of roads in the site and utility upgrades – will be possible thanks to a £1,031,500 award. This will also allow residential development.
And the former Ecton Brook Care Home site will be demolished in preparation for a new affordable housing scheme, thanks to a £200,000 grant.
Cllr Daniel Lister, Cabinet Member for Local Economy, Culture and Leisure, said: “This funding recognises the potential of these sites and our prudent approach in buying them, and we’re grateful to the Government for this valuable contribution.
“Finding areas for new housing can be challenging and brownfield sites are ultimately the most appropriate but salvaging them is often difficult due to the cost.
“These three sites will provide in the region of 250 new homes for our residents, as part of our drive to meet growing residential demand.”
Pet food brand acquired following £43m funding package
Butcher’s Pet Care (Butcher’s), a family-owned pet food business based in Northamptonshire, has been acquired by Inspired Pet Nutrition (IPN), the independent pet food business owned by CapVest.
The acquisition will include a refinancing of term debt provided by Blazehill Capital and working capital facilities provided by Secure Trust Bank Commercial Finance (STB).
Founded in 1983 by Graham Baker, Butcher’s is one of the UK’s leading pet food brands, specialising in natural pet food for dogs and cats. Its products are available in all major retailers across the UK, online and in several markets worldwide.
The business faced significant inflationary pressure in early 2022 as a result of the war in Ukraine and in parallel management were looking to deliver a strategic growth plan, which included a full brand refresh.
To allow the business to withstand the market volatility and ensure the successful delivery of the business plan, Butcher’s sought to refinance their existing facilities with a more flexible funding package to provide the necessary financial breathing space.
The optimal solution was a combined funding package from Blazehill Capital and STB, consisting of an STB working capital facility and a Blazehill Capital non-amortising term loan. Since securing the new facilities, the business has gone from strength to strength, culminating in a successful exit for shareholders to Inspired Pet Nutrition.
The acquisition by Inspired Pet Nutrition creates a petfood group with sales of more than £350m and allows Butcher’s to continue focusing on its strategic growth ambitions.
Tim Watsham, former CEO of Butchers Pet Care, said: “This acquisition marks an exciting milestone in the Butcher’s journey. Both the Blazehill and STB teams took the time to understand the drivers of our business and our growth ambitions.
“The combined facilities, consisting of a flexible STB working capital facility and an innovative stretch-senior Blazehill term loan integrated seamlessly, with the dual-lender structure operating throughout the term as if it were a single bilateral solution.
“We’re all excited for what is next as we enter a new chapter and would like to thank the Blazehill and STB teams for their patient and pragmatic approach throughout.”
Tom Weedall, Managing Director at Blazehill Capital, said: “From the outset we invested significant time with Tim and Butcher’s key stakeholders to fully understand their strategic plan for the business and ensured that they had access to sufficient capital to support its objectives.
“This hugely successful outcome for the Butcher’s team underscores Blazehill’s ability to provide Transformational Capital to unlock further liquidity for businesses and, crucially, highlights the benefits of Blazehill’s hybrid approach to structuring debt led solutions.
“We have built a strong relationship with Tim and the team and we’re excited to see the business continue to flourish following its acquisition by Inspired Pet Nutrition.”
Colin Muir, Portfolio and Structuring Director at Secure Trust Bank Commercial Finance, said: “From supporting the business in 2022 to its recent acquisition, the Butchers team has remained committed to strategic growth and has turned the business around, delivering strong results and ultimately driving forward a successful acquisition.
“By working closely with Tim and the team, we were able to initially structure a flexible facility that would allow Butchers to unlock the value held in the business and grow its market presence.
“The facility, alongside Blazehill Capital, all helped to achieve this so it’s great to see such a strong result for the business as it enters a new era with Inspired Pet Nutrition. We all wish the business the best in its next chapter of growth.”
MEC strengthens team with trio of promotions and senior hire
MEC Consulting Group, a specialist, multi-disciplinary technical consultancy with offices in Leicester, has strengthened its team with a series of promotions and new senior appointment.
In the firm’s Civils team, Danny Hinds is promoted to Senior Civil Engineer and Nathan Broomfield becomes a Civil Engineer.
Now in his tenth year with MEC, Danny’s career began on the firm’s apprenticeship scheme and has seen him qualify with a HND in Civil and Building Engineering and an NVQ in Construction Management.
As Senior Civil Engineer, Danny moves into a more client-facing role where he will also oversee quality control and project resourcing for the five-strong Civils team.
Nathan joined MEC as a CAD Technician and has progressed to Civil Engineer, including achieving his EngTech membership with the ICE (Institution of Civil Engineers) this year. In his new role, Nathan will report to Danny but also acts as the design lead on projects and line manager/mentor to one of MEC’s current civil engineering apprentices.
Newly promoted in the Flood Risk and Drainage team is Ryan Chafer, who becomes a Senior Flood Risk Engineer. Alongside scheduling all the team’s work, part of Ryan’s new role means he becomes a direct line manager for two junior members of staff, including performance reviews and mentoring.
MEC’s Managing Director, Alex Bennett said: “Nurturing professional development is a fundamental part of our company culture so it’s especially pleasing to be able to reward these three talented individuals with this series of promotions.
“I’m also aware that Danny, Nathan and Ryan each aspire to undertake further training towards their respective technical qualifications and am confident that their new roles will give them the skills and experience to achieve this. We look forward to supporting them take this step forward in their careers with MEC.”
Meanwhile, new to the business is Group Marketing & Business Development Manager, Libby Willmott. A qualified CIM (Chartered Institute of Marketing) Member, Libby brings 12 years’ B2B and B2C experience from roles in healthcare, education, technology, and hospitality.
At MEC, Libby will be responsible for all marketing and communications output, including website, social media and events as well as driving business development, brand awareness and strategy.
Libby said: “It’s an exciting time to be joining MEC as the company seeks to grow its presence across the Midlands and South East.
“The team is working on some flagship schemes in these regions, including strategic development land and sustainable urban extensions, as well as more unusual projects such as topographical surveys to help reintegrate water voles and technical drainage assessments to support the extension of a woodland mushroom farm!
“In addition, we’re actively recruiting for graduate, mid and senior level roles, and will celebrate our 15th year in business later this year, so there’s plenty of positive news to talk about.”
West Bridgford to get 90 new homes on abandoned restaurant site
A £15m investment is set to transform abandoned brownfield land in West Bridgford at the hands of Doncaster-based developer Keepmoat.
The housebuilder acquired the site off Wilford Lane, which formerly housed a disused restaurant and rifle range, in 2020 and subsequently secured planning to regenerate the land with 90 homes.
The site, which saw a show home launch this summer, will deliver an enhanced specification of energy efficient homes – a new type of offering for the housebuilder, which typically creates homes perfect for first-time-buyers.
Robin McGinn, Land & Partnerships Director at Keepmoat, East Midlands said: “We’re pleased to be regenerating a disused piece of land at the heart of West Bridgford that has so much culture and diversity within the existing area.
“Considering the already established community we’re committed to creating new homes that will fit seamlessly within the existing landscape. We are also investing in the local road infrastructure to provide valuable, convenient access to local amenities including schools, restaurants, cafes, gyms and the tram network.”
The development will be called Chateau Mews in a nod to the name of the restaurant which used to occupy the site.
Market Harborough facility to help bring banking services back to the high street
The Chair of Harborough District Council, Councillor Peter Elliott, has officially opened a new banking kiosk at Market Harborough Building Society’s (MHBS) branch on The Square.
The facility is helping to bring banking services back to the high street following a number of bank closures in recent years.
The OneBanx kiosk will provide local people and businesses with a range of important services that were lost after Barclays, NatWest and HSBC all closed their branches in the town last year.
According to Which?, high street banks in the UK have been closing at a rate of 53 a month since 2015.
The free service, provided by the Society and OneBanx, a GLORY company, will allow customers of any bank to deposit and withdraw cash including coins. Higher deposit values are available if customers link their accounts to the Open Banking service.
Councillor Elliott said: “It’s encouraging to see banking services being brought back to the high street and that residents’ needs are being taken into account. It’s so important that Harborough residents and businesses have consistent access to banking facilities and this will be a significant fixture for our thriving town centre.”
Iain Kirkpatrick, Chief Executive from MHBS, said: “We know our branches are invaluable to many customers – especially to local businesses which need to deposit takings and the more vulnerable members of society, so this is a significant step in helping people to manage their money and overcome the problems caused by the loss of traditional high street banking.
“We fully expect the kiosk to be in demand by all kinds of people and we are very proud that we are the first organisation in the entire Midlands region to have been able to provide one. It’s just one of the ways that we’re giving back to the community as part of our Thrive Agenda.”
Javed Anjum, CEO of OneBanx, said: “By teaming up, OneBanx and MHBS combine modern convenience with a deep commitment to local community. Together, we have created an accessible and inclusive space where customers have reassurance of in-person support when they need it.
“As the original provider of multi-bank, cash transaction services in the UK since 2020, we have already powered substantial volumes of cash for thousands of UK consumers and businesses – and we are constantly innovating to meet the growing needs of UK financial institutions.”
Security specialist’s headquarters transformed with major design and fit out
Derby-based design, refurbishment and fit-out firm, DSP (Interiors) Ltd, has completed a significant transformation project of an 8,100 square foot unit for Secur-it Group Ltd, a security and fire safety specialist headquartered in Mansfield.
Secur-it Group Ltd, established in 1994, is a key player in the fire and security sector, protecting over 5,000 properties with more than 58,000 monthly alarm responses. With growing demands on its operations, the company sought to enhance its working environment by modernising and upgrading its facilities to improve efficiency and elevate employee well-being.
DSP (Interiors) Ltd began the project in June, working with Secur-it’s facilities team to design and deliver an extensive refurbishment and interior fit-out. The refurbishment involved reconfiguring and transforming the existing two-floor unit into a contemporary, multi-functional office and meeting space that fosters productivity and collaboration.
Key features of the fit-out included the installation of acoustic double-glazed partitioning with integrated blinds, alongside a series of durable laminate doors including replacing all the existing door sets to match. The workspace was revitalized with over 8,000 square feet of commercial grade carpet tiles.
To complete the project, the team carried out the specification and installation of furniture throughout both floors including feature acoustic slat wall panelling. A variety of furniture was included to provide an array of spaces that supported the staff including Informal meeting pods, breakout areas and high specification Meeting tables. All of the furniture was specified to tie in to the scheme, with high end finishes including rustic Oak.
Darren Ward, director at DSP (Interiors) Ltd, said: “We are delighted to have partnered with Secur-it on the design and fit out of their commercial unit in Mansfield. The extensive refurbishment project included the integration of advanced acoustic solutions and stylish design elements to provide a functional and visually appealing space for the team at Secur-it.”
Secur-it added: “We are delighted with our new refurbished office space. The collaboration with DSP (Interiors) has resulted in a workspace that aligns perfectly with our operational needs. Their attention to detail and commitment to quality have transformed our environment into a more productive and inviting space for our team.
“This refurbished space not only enhances our daily operations but also highlights our commitment to providing a secure and comfortable environment for our staff and clients – a huge thank you to everyone at DSP Interiors.”
Nottingham textile business enters administration
Nottingham-based wholesale textile business, GS UK Limited, has entered administration.
Insolvency Practitioners, Richard Easterby and Michael Kiely from business advisory firm Quantuma, were appointed as Joint Administrators on 5 September 2024.
GS UK Limited was established in 1988 and was acquired by its most recent owners in 2019. GS UK Ltd has provided garment decorating services to the UK textile industry for over 30 years, whilst supplying thread stock and equipment including embroidery machines, printers and laser cutters.
Recently, the company has been lossmaking and was unable to find a buyer nor generate sufficient cashflow to meet future creditor obligations. Therefore, the company entered administration and immediately ceased to trade. GS UK Ltd employed a team of 10 staff – all roles at the business have now been made redundant.
Quantuma director and Joint Administrator Richard Easterby said: “It is deeply regrettable that GS UK has been forced to cease trading, due to a series of challenging circumstances.
“This was a sad ending for a long-established company. Our thanks go to all of the employees who worked hard during a difficult time and gave the company every chance to find a buyer. But unfortunately, it simply wasn’t to be.
“As Joint Administrators, our immediate priorities have been to provide appropriate support to those whose jobs have been affected whilst seeking to obtain maximum value for the Company’s creditors.”
Housebuilder wins approval for 128 homes in Nanpantan, Loughborough
William Davis Homes’ plans to build 128 new homes in Nanpantan have been approved.
Charnwood Borough Council’s Plans Committee resolved to grant permission on Thursday (17 October) for the development to be built on land off Snells Nook Lane.
The site has been allocated for housing in the emerging Charnwood Local Plan and was previously earmarked for development as part of the Loughborough University Science and Enterprise Park.
As well as bringing new homes to help to meet local demand and national development targets, the new development will include 7.93 acres of public open space and green infrastructure.
The public open space will cover more than 43 per cent of the overall development site and will include sustainable drainage features and a children’s play area.
William Davis will build a mix of one to five-bedroom homes on the site, with 30 per cent – equivalent to 38 homes – to be made available as affordable housing. This will include a mix of homes for rent, shared ownership and for purchase through the First Homes scheme.
The housebuilder will make financial contributions totalling more than £1.5m as part of the plans, which will be spent on healthcare provision, education and transport improvements in the area.
Sarah Whetton, group land director for William Davis Homes, said: “We welcome the decision to approve our proposals for development on land off Snells Nook Lane, Nanpantan.
“As a Loughborough-based business which has been building in the area for 89 years, we put a great deal of care into planning our developments to ensure they are quality additions to the areas where they are built.
“This site has been earmarked for development for some time and our plans will create 128 quality new homes to help meet local demand.
“The development will also provide a boost to the local economy. Our developments enable us to employ almost 400 people locally – 40 per cent of whom live in Charnwood – and we invest £20m annually in the local supply chain.
“We will also make significant contributions to fund healthcare, education and transport improvements in the area.”
