Midlands Connect to update business case for Coventry-Leicester rail link

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Midlands Connect is revising its strategic outline business case (SOBC) for reinstating a direct rail service between Coventry and Leicester. Currently, passengers must transfer at Nuneaton, adding time and complexity to the journey.

The updated business case will be presented at an event on February 28 at the Coventry Transport Museum, where political representatives and business leaders will discuss the economic and connectivity benefits of restoring the link. Speakers include Coventry East MP Mary Creagh, Coventry and Warwickshire Chamber CEO Corin Crane, and East Midlands Chamber policy director Richard Blackmore.

UK business creation falls to lowest level in eight years

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According to Cynergy Bank’s analysis of ONS data, the number of new businesses in the UK fell to 306,995 in 2024, marking the lowest level since 2017. At the same time, the average turnover of failing businesses has reached a record high, indicating that even well-established firms are struggling in the current economic climate.

Job creation through new businesses remains weak, with a net gain of only 13,754 jobs in 2024, a sharp decline from the 348,845 jobs added in 2017. The latest data also highlights a growing divide across industries. Agriculture has been the hardest hit, with only half of closing businesses being replaced. Manufacturing, production, wholesale trade, and transportation are also facing significant challenges, struggling to keep up with business closures.

In contrast, health and social care businesses are expanding rapidly, likely due to increased private sector involvement in areas where the NHS is under strain. The education sector, including all schooling and vocational training levels, is also growing, while real estate businesses continue to show resilience.

Regionally, London remains the strongest performer, with more new businesses opening than closing. However, the East Midlands and Wales are experiencing the steepest decline in business health, with closure rates outpacing new formations.

Horncastle industrial estate expansion moves forward with £1.9m investment

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Construction has begun on the expansion of business land at Spratt Close in Horncastle, backed by a £1.5 million investment from Lincolnshire County Council and £400,000 from East Lindsey District Council. The project, known as Hornbeam Business Park, will create three serviced development plots across four acres and aim to generate over 65 jobs.

The initiative is part of a broader £20 million county-wide investment in business infrastructure over the next four years, targeting key sectors such as manufacturing, defence, and agri-food. Additional industrial estate expansions are planned in West Lindsey, East Lindsey, and Boston, to create 3,000 jobs.

Lindum Construction is managing the site development, which was procured via the Scape regional construction framework. The expansion includes new road infrastructure designed to improve access and attract further business investment.

Experienced CEO appointed chair of Promethean Particles

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Nottingham-based Promethean Particles, a manufacturer of metal-organic frameworks (MOFs), has appointed Paul Capell as its new Board chair. Paul, an accomplished CEO, non-executive director and strategic advisor, brings with him vast experience of launching and scaling up businesses across a range of industries, including oil and gas, water, renewables, and construction. His appointment follows the successful completion of Promethean Particles’ £8 million Series A financing round last year, which saw it attract investment led by Mercia Ventures and Aramco Ventures. The investment is now being used to help fund Promethean Particles’ pioneering work into the large-scale manufacture of MOFs, which are tiny crystal structures with extremely large internal surface areas. James Stephenson, chief executive officer of Promethean Particles, said: “I am delighted to announce Paul’s appointment. He brings a wealth of experience at a key time for Promethean Particles as we work to scale up the production of MOFs and seek new commercial partners. “His enthusiasm, knowledge, and connections in the application spaces we’re targeting for our MOFs are huge assets and we are delighted that he has chosen to join us at the start of a critically important chapter in our history.” MOFs can be used for a variety of purposes, including storing gas and liquids, dehumidification and water harvesting, and trapping the carbon dioxide (CO2) created by the burning of industrial fuels – properties which mean they have increasingly been identified as a promising advanced material to help in the fight against climate change. Traditional methods of manufacturing MOFs have presented challenges that have limited their growth in industrial applications. However, Promethean Particles has developed proprietary continuous-flow reactors that it says not only improve throughput and cost of MOF production, but also maintain their key performance properties whilst increasing process reliability and consistency. The company is now collaborating with a growing number of commercial partners to demonstrate the performance of MOFs in real-world applications. Paul’s appointment will help accelerate this work, thanks to his experience of having previously worked with international businesses and a number of private equity funds and family offices. He currently serves as a non-executive chairman for Evolution Aqua Group Ltd, Johnsons Aggregates and Recycling Ltd., and Myriad CEG Group Ltd. He also holds an advisory role with A1 Water & Power Group (Abu Dhabi) and was previously a main board director at United Utilities Plc. He also held senior executive roles at Weir Group PLC and Veolia Water. He said: “I feel very honoured to be joining Promethean Particles at such a vital time in its development. “It has already shown outstanding levels of innovation, excellence and commitment to overcoming the hurdles that stand in the way of us being able to harness these incredible materials to help tackle climate change. “The work that is taking place here is cutting-edge and it will be extremely exciting to be a part of Promethean Particles’ ambitions to ensuring MOFs fulfil the potential that they have been showing for many years now.”

Unit sold on Nottingham industrial estate

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FHP has sold the former JK Design & Manufacture Limited premises on Private Road No.1, Colwick Industrial Estate, Nottingham. The 18,701ft² property on a 1.2 acre plot comprises a two storey office block, production/warehouse space, a car park, and a self contained rear yard. The buyer has decided to retain FHP as their letting agents whilst they undertake a substantial refurbishment. The unit has already been stripped out and brand new cladding has been ordered. Works scheduled include full refurbishment of the office block, new roller shutter doors, new cladding on all elevations, redecoration throughout, new lighting, replacement/repair of roof lights, external landscaping, new fencing and car park re-lining. The property’s EPC will also be significantly improved. Anthony Barrowcliffe of FHP said: “We are delighted that we managed to sell this building and to do so off market, this method suited the vendor as well as the purchaser. The purchaser has already commenced the full refurbishment and we are delighted that we have been retained to find them a new tenant. “I have worked alongside the purchaser previously and am very excited to see the high level of refurbishment that they will undertake and to see the end product once the refurbishment has completed which is expected for April 2025. “We are always hungry for new freehold instructions and have a fantastic database of live requirements and clients who are eager to buy alongside a really good database of tenants looking to let, especially within Nottingham.”

East Lindsey District Council approves £7.83M investment for economic growth

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East Lindsey District Council has allocated £7.83 million from its £10 million East Lindsey Investment Fund to support community development, tourism, business growth, and infrastructure improvements. The funding includes £1 million for the new ‘Pride in Place’ grant scheme, which will finance community-led projects to improve safety, transport, local amenities, and environmental initiatives.

A total of £1.8 million will go toward tourism-related projects, with a significant portion allocated to The Woodland Trust for the restoration of Harrison Woodlands near Louth. The 483-acre site, currently in poor condition and closed to the public, will be rehabilitated and reopened. Another £1.25 million will be used for place and asset improvements, including shopfront renovations, upgraded signage, and car park enhancements in key areas like Sutton on Sea. Cultural events and arts engagement will receive £650,000, while £250,000 will support heritage projects, including market revitalization and infrastructure to promote the Lincolnshire Wolds as a tourist destination.

Business support funding will be directed toward hosting networking events, increasing access to skills and jobs through local education and training providers, and providing sector-specific grants for green technology investments. The fund will also support the development of new employment sites in the district. The council expects these investments to strengthen the local economy, attract visitors, and enhance residents’ overall quality of life. Details on the ‘Pride in Place’ grant scheme will be released when applications open.

Trio of tenants secured at Market Harborough business park

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Three businesses have secured premises at a Market Harborough business park after specialist commercial property consultancy, Wells McFarlane negotiated new lettings. New tenants at Lawrence House, part of Bowden Business Village on the town’s northern edge, include The Reformer Studio Ltd in Unit 5 (1,325 sq ft) and Berry Wealth Management in Unit 4 (1,325 sq ft). Completing the trio of lettings is a renewal of Unit 1 Bowden Inn Farm (298 sq ft) to an existing tenant, a private company. Wells McFarlane’s director, Jason Hercock manages Bowden Business Village and has negotiated all three transactions. Jason said: “With its converted barn buildings and easily accessible location just off the A6, Bowden Business Village has been a sought-after destination for many years. “Following its sale in 2022, we have worked closely with the new landlord to make incremental improvements across the park without losing the essence that makes it such an attractive workplace. “To have secured this series of lettings in rapid succession confirms Bowden Business Village as one of Market Harborough’s most popular business parks. We wish all three businesses every success in their new premises.” For one of the new tenants, The Reformer Studio Ltd, Lawrence House represents its eighth premises. The firm’s executive director, Holly Essuman said: “We’d seen incredible demand for our classes in our Stoneygate studio and knew we wanted to expand further into Leicestershire. Lawrence House fitted our model perfectly. It’s easily accessible with plenty of parking yet is surrounded by peaceful countryside. “We’re thankful that Wells McFarlane and the landlord understood our vision and were extremely supportive as we transformed a conventional office space into our signature Reformer Studio blueprint. “Jason and the team were an absolute dream to work with. From signing the lease to having our doors open, the entire process took just six weeks, so it was the fastest studio launch we’ve ever had! Their professionalism and efficiency played a major role in making this expansion a reality.”

Leicestershire Council Reorganisation: Single Authority Plan Moves Forward

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Leicestershire County Council is moving forward with plans to replace district and borough councils with a single unitary authority, aiming to streamline services and cut costs. The proposal excludes Leicester City and Rutland and is expected to be submitted to the Government next month.

The county council argues that consolidating governance into one authority would save approximately £30 million annually, compared to £10 million if the county were split into two unitary councils. Acting leader Cllr Deborah Taylor emphasized that a single authority would avoid service inconsistencies and duplication of administrative functions.

District and borough councils remain opposed to a two-authority model, citing concerns that a single council would be too large and disconnected from local needs. However, the county council plans to establish local area committees and expand the role of parish and town councils to maintain community engagement.

The council also reversed its previous position on expanding Leicester City’s boundaries, originally intended to support its financial sustainability and meet housing targets. The shift followed the Government’s rejection of the council’s request to delay local elections, though ministers did not provide a specific reason for the rejection.

Recruitment leaders warn UK employment reforms could threaten temp work

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UK recruitment leaders have raised concerns that the Government’s proposed Employment Rights Bill could disrupt the temporary work sector, which they argue is essential to economic stability. The bill introduces measures such as guaranteed hours for zero-hours workers and statutory sick pay from day one.

Pete Taylor, Managing Director at Gi Group, joined industry representatives at the REC’s Parliamentary Reception to highlight the risks of restricting temporary employment. He emphasised that more than 1 million temporary workers contribute to the UK economy daily, supporting key industries such as logistics, engineering, and manufacturing.

Citing a recent REC survey, Taylor noted that 79% of temporary workers value job flexibility, while 81% rely on temp work for essential income. He warned that policy changes, combined with upcoming tax reforms, could create a difficult hiring environment, limiting opportunities for both businesses and job seekers.

Gi Group, headquartered in Chesterfield, employs nearly 500 people and serves 1,500 clients from 87 locations across the UK. Its parent company places one person in work every 90 seconds.

Garnalex to build major manufacturing site in Nottinghamshire

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Ashfield District Council has approved plans for a 7.28-hectare manufacturing facility near Junction 27 of the M1, bringing over 300 jobs to the area. Aluminium manufacturer Garnalex will relocate from Derbyshire to the new site in Annesley, with plans to create additional jobs in the future.

The first phase of development, expected to be completed within 18–24 months, will house Garnalex’s operations for producing thermally efficient, low-carbon aluminium windows and doors. The 350,000 sq ft facility will incorporate sustainable design features, including wildlife corridors and tree planting.

A second phase allows for future expansion, ensuring long-term job growth and improved logistics access. Garnalex, founded in 2018 to reduce the UK’s reliance on imported aluminium, aims to establish itself as a key employer in Ashfield.