Value of ‘take private’ deals jumps seven-fold to £29.3bn

Steve Fisher
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Value of ‘take private’ deals jumps seven-fold to £29.3bn
The total value of UK listed companies taken private by private equity firms increased from £4bn to £29.3bn in the last 12 months.
  • The number of deals has also increased to 19 in 2021 compared to just five in 2020
  • Consistent recovery of deal volumes expected if stock market valuations come under further pressure
The total value of UK listed companies taken private by private equity firms increased from £4bn to £29.3bn in the last 12 months, shows research by accountancy and business advisory firm BDO LLP. The research also shows the number of UK listed companies being taken private has increased from just five in 2020 to 19 in 2021. While 2021 may prove a high watermark for ‘take private’ deals following a pandemic-shaped lull in 2020, BDO says a more consistent recovery of deal volumes could take place if stock market valuations remain under pressure, coupled with exacerbated investor uncertainty following the invasion of Ukraine. BDO explains that the growing valuation gap between UK listed companies and their US peers in the last decade, for example, has made take private deals more attractive to US funds. The finite of number of private companies, of size, that are ‘available’ for purchase means that PE firms are seeking listed opportunities as the private equity asset class continues to grow. BDO adds that listed companies are also becoming more receptive to bids from PE houses. PE funds are sitting on record amounts of cash that they are under pressure from their investors to deploy. Data from S&P towards the end of 2021 showed that private equity firms globally have been sitting on a record $2.3tn in ‘dry powder’ or money that has been committed by investors but not allocated. This was up from just under $2tn in December 2020 and $1.6tn in December 2019. John Stephan, Partner and Head of Global M&A at BDO, said: “Many UK listed company directors continue to be frustrated by the low valuations put on their shares. That makes them more receptive to takeovers from PE houses. The reputation of PE firms amongst FTSE directors has dramatically improved over the last 20 years, so going private no longer seems such an unusual move. “Private equity firms can often also offer more generous share-based incentives to directors than they might expect if the company remained listed and subject to different corporate governance rules.” It is often argued that taking a company private can cut the high costs that maintaining a public listing entails and free management from the pressure of short-term earnings targets or having to explain a volatile share performance to multiple institutional investors. Adds John Stephan: “The most popular targets for PE houses will be the companies that have been swept up by the stock market sell-off, but still have good underlying fundamentals and are less affected by macroeconomic or geopolitical events. “There is always an ongoing assessment among listed companies about whether they want to remain listed. If valuations don’t improve in the UK any time soon, there are likely to be some boards who may think, ‘let’s do something that will crystallise value for our shareholders’.”

Agents appointed for marketing of £6.3m hub

Steve Fisher
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Agents appointed for marketing of £6.3m hub

Having already successfully marketed the majority of development plots on Phase I of the FEZ, Pygott & Crone have been appointed as the commercial agent for The Hub building.

Their success on Phase I has resulted in 7 out of 11 plots under offer within the first year of being on the market. Cllr Colin Davie, Executive Councillor for economy and place at the County Council, says: “With excellent progress being made on the building, I’m delighted that Pygott & Crone will soon be able to market the office space within the Hub. “They have a great understanding of the ethos of the FEZ and what it will bring to Lincolnshire and our residents. “The Hub building will be a great centre for smaller businesses to collaborate and benefit from brand new facilities, research and training opportunities.” Sarah Louise Fairburn, Deputy Chair of the Greater Lincolnshire Local Enterprise Partnership and Chair of the LEP’s Food Board, adds: “The Hub is an exciting development at the FEZ that will provide the connections and support for SME businesses in the agri-food tech sector to grow, innovate and collaborate. “The LEP is pleased to have provided the £6.3m to enable construction of this extremely important building for knowledge transfer and business support within the UK food Valley.” Tim Downing, Director at Pygott & Crone, said: “Our commercial team are really looking forward to marketing this innovative development which offers much needed space for food related business in the region. “The hub will enable business in the food sector to collaborate with other like minded companies across the whole enterprise zone and will help cement Lincolnshire’s reputation as the centre of the UK food valley. “Our UK wide network of offices have already received many positive enquiries.” The Hub brand has also been revealed, designed by Bourne-based Green Trumpet, to sit alongside the existing branding of the FEZ.

Half of East Midlands businesses have an equality, diversity and inclusion strategy, new research finds

Tess Egginton
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Half of East Midlands businesses have an equality, diversity and inclusion strategy, new research finds
Better workplaces, improved decision-making and increased innovation are among the benefits cited by East Midlands businesses that have an equality, diversity and inclusion (EDI) strategy, according to a new report. Research by East Midlands Chamber, in partnership with housing association emh group, found that almost half (48%) of businesses in Derbyshire, Leicestershire and Nottinghamshire have a dedicated policy in place. More than two-thirds (68%) consider EDI can contribute, at least to some degree, in the success of their business plans over the coming 12 months – while it was attributed as an important part of leadership strategy by 55% of firms. When asked to give a score between one and 10 to how important consideration of EDI would be to the success of their organisation, the average score was 5.6 – suggesting that while it may not be integral to firms overall, it’s also not an insignificant consideration within business activity in the East Midlands. The research will be presented at the Chamber’s Celebration of Culture and Communities event, which will be held tonight (24 March) at Leicester Tigers’ Mattioli Woods Welford Road stadium – showcasing the region’s diverse mix of cultural backgrounds via music, dance and food. East Midlands Chamber director of resources, Lucy Robinson, who is the business representation organisation’s diversity and inclusion champion, said: “It’s clear from these findings that equality, diversion and inclusion is increasingly becoming less of a ‘nice-to-have’ for organisations and more business-critical. “The majority of East Midlands businesses recognise an important role for EDI within their planning and activity, and there’s clearly a need for further support in helping those that identify its value but are yet to have policies in place. “A core of roughly one in 10 feel it doesn’t play any role in their success. When examining this figure further, these businesses are more likely to be micro in size, with a very small bias towards the manufacturing industry. “Given that those actively engaged in the EDI agenda have illustrated some very real commercial benefits – ranging from a better workplace culture, recruitment and retention, through to supporting innovation and a diversity of thought in decision-making – we should now be looking at how to better showcase good examples of business success in this agenda. “We will also explore further work that may quantify how progressive approaches to EDI can result in productivity gains – which is high on the business priority list as they seek to grow once more following the pandemic.” Key findings in equality, diversity and inclusion research The Chamber and emh group surveyed 341 East Midlands companies in November for the study – the first of its kind in the region – which found: · 48% of businesses have a specific EDI-related policy, but four in 10 (40%) haven’t and 12% were unsure whether they did · 68% felt having specific approaches to EDI would play a role in supporting the achievement of business plans for the next 12 months, with 26% believing this role would be significant and 11% saying it would play no part · 55% of respondents felt EDI formed an important part of their leadership discussions and strategy, with 14% saying this was to a great extent and 12% believing there was no EDI focus at all · When asked about the benefits of having an engaged approach to EDI, 61% said it can help create an inclusive working environment, 54% believed a “diversity of thought” could lead to better decision-making, 45% felt it supported innovation and creativity, 42% claimed it supported staff retention and recruitment, and 41% identified how it helped to better represent customers and clients – with just 17% seeing no real benefits The research also highlighted some particular sectoral gaps across the East Midlands economy when it comes to embracing the EDI agenda. While 48% of all businesses have a specific policy in place, the proportion fell to 43% for manufacturers – although those unsure increased to 20%, suggesting slightly less understanding or communication of EDI activity within these businesses.
Chan Kataria OBE
Chan Kataria OBE, Chief Executive at emh group, said: “This research builds on our joint commitment to promoting diversity and inclusion within communities and organisations across the region. The findings provide a solid platform for exploring opportunities to enhance performance on EDI. “We see this as a starting point for showcasing engagement on EDI issues and exploring some of the barriers within specific sectors and small businesses. We look forward to further discussions with Chamber members to consider and share good practice.” How businesses can increase engagement with the EDI agenda A set of recommendations were made as part of a discussion paper published by the Chamber and emh group, titled Understanding attitudes and approaches to Equality, Diversity and Inclusion in the East Midlands: · Further support on developing EDI-specific polices can be offered to those businesses that view these as having a value but are yet to have policies in place · Businesses that are active in this space should be encouraged to demonstrate their approaches and showcase best practice · There is an opportunity for further work to quantify how progressive approaches to EDI can support a business’s success and productivity gains

£12m Extra Care facility opens in Lincolnshire

Steve Fisher
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£12m Extra Care facility opens in Lincolnshire

Lincoln’s De Wint Court Extra Care facility in Boultham Moor has been officially opened, with residents set to move in next month.

The £12 million, 50 one-bed and 20 two-bed apartment extra care facility is the first such scheme to open its doors. Jointly funded between Lincolnshire County Council, City of Lincoln Council and Homes England, the facility has care provision available, non-resident management and support staff, a wellbeing suite, changing places facility, restaurant and salon. Councillor Wendy Bowkett, Lincolnshire County Council’s executive member for Adult Care and Public Health, said: “This type of accommodation will be vital going forward with the forecast increase of older aged people and vulnerable adults in the county. “It will provide quality accommodation for these groups who want to remain in their own homes but also gives them the option of on-site care.” Residents can enjoy the benefits of renting a home, free from the worries of maintenance or gardening, along with like-minded over 55s. With access to care and support on-site 24 hours a day, together with additional communal facilities, De Wint Court offers the perfect place to make your home.
Cllr Donald Nannestad, Portfolio Holder for Quality Housing at City of Lincoln Council said: “These new apartments will enable residents to maintain independence in their own homes as their needs change with care providers arranged by the county council. “De Wint will play a vital part in our commitment to provide quality homes, to meet the diverse housing need within the city, and I welcome our new residents to the development.” Stuart Leslie, Divisional Director at Esh Construction added: “We are proud to have delivered this fantastic new extra care facility in Lincoln, providing high quality and much-needed new homes to enable people to live independently with onsite care and support. “Throughout this scheme we worked hard to maximise the social and economic benefits for the local area. Through our commitment to employing locally, more than 70 operatives were Lincolnshire residents, and 24 new jobs were created for local people who were previously unemployed.” Christine Seaton Senior Manager – Affordable Housing Growth at Homes England said: “This is a high-quality development of apartments for older people that will support independent living and contribute to their wellbeing and the wider community. I am pleased to see these homes completed and ready for new residents. “Homes England recognises and supports homes that make a meaningful contribution to people’s lives and their community. We are pleased to work in partnership with the City of Lincoln and Lincolnshire County Council to make these homes happen.” The county council is investing £12m to support the development of Extra Care Housing for older people and Community Supported Living options for adults with a disability. Work is due to start on a Welton scheme in October in partnership with LACE Housing. Another scheme at the Hoplands site in Sleaford will begin next year, in partnership with North Kesteven District Council. These schemes will provide a fantastic opportunity for residents to remain in a home of their own, connected to their local community, where they can be supported and encouraged to live meaningful and independent lives.
 

£21m full fibre rollout sparks Lincoln jobs boost as contractor appointed

Tess Egginton
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£21m full fibre rollout sparks Lincoln jobs boost as contractor appointed

CityFibre, the independent full fibre platform, has awarded a £21m contract to Trust Utility Management Ltd. to deliver its network rollout in Lincoln, a project which has sparked the creation of more than 80 local jobs.

Lincoln has been chosen as one of the latest cities to benefit from CityFibre’s £4bn Gigabit City Investment Programme, which will bring next generation, gigabit-speed broadband to nearly every home and business in the city, and to up to 8 million premises nationwide.

The latest milestone has incited a recruitment drive with new workers needed to support throughout the build process.

Works commenced in Lincoln in March and real progress is already being made. The rollout is progressing into new areas with construction underway in Abbey Ward while work in areas such as Glebe Ward is set to start in the near future. Once the city-wide rollout reaches completion in 2024, almost every home and business locally will have access to full fibre services from a choice of internet service providers.

Neal Wright, city manager for Lincoln, said: “CityFibre is investing £21m in a full fibre roll out which will benefit residents and businesses across the city with broadband of up to 900mb. In Trust Utility Management Ltd, we have found a partner that recognises the importance of this project, knows what is needed to deliver for the people of Lincoln and can grow with us as we move into new areas of the city.

“In addition to future-proofing Lincoln’s digital capabilities, this project is providing a welcome boost to the jobs market. It has sparked the creation of 83 new roles, with local talent needed to help us carry out this important project.”

Liam Coyne, commercial director, Trust Utility Management Ltd., said: “We are pleased to have been appointed by CityFibre to construct full fibre networks in Lincoln and support its wider plans of transforming the digital infrastructure of cities and towns across the UK.

“We are certain that with our vast utility contract management experience and the high calibre team that we are building, this project will prove to be a success for Trust Utility Management Ltd. and our client, CityFibre.”

In Lincoln, the team is using a range of construction methods while working in close partnership with Lincoln City and the County Council and local communities to deliver a fast rollout while managing potential disruption.

Leicester pension specialist acquires Dorset-based firm

Tess Egginton
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Leicester pension specialist acquires Dorset-based firm
Leicester-based company, Westerby Trustee Services Limited, a specialist self-invested personal pension provider for individuals and businesses, has acquired Corporate & Professional Pensions (CPPL).
 
The completion of the deal came about after Weymouth-based CPPL entered administration earlier this year. The acquisition means that all CPPL staff will transfer to Westerby, marking a new era of growth for the firm, which is based in Leicester city centre.
 
Commenting as the acquisition was announced, Westerby Group Managing Director Steve Harvey said: “We are delighted to announce our acquisition of CPPL. CPPL has great synergy with Westerby as it provides a high level of service to its customers in the specialist area of Self Invested Personal Pensions (SIPP) and Small Self Administered Schemes (SSAS). So, we are very much looking forward to this exciting new chapter as CPPL becomes part of the Westerby brand.”
 
The retention of CPPL’s Weymouth office and staff will provide a continuity of service whilst the two businesses are integrated.
 
“We would like to extend a warm welcome to all of the CPPL clients and professional connections and offer reassurance that the transition process will be smooth with no disruption to the service they are accustomed to receiving,” adds Steve Harvey. “Not only that, we look forward to CPPL’s staff and clients joining us as we will all benefit from their integration into the Westerby brand.”
 
Westerby Group chairman Les McLintic added: “As a company, Westerby has been growing organically for over 30 years. This acquisition will not only enhance our growth strategy, but it will also contribute to our long-term future strength in the industry.”

Chesterfield chosen as new home for manufacturer

Tess Egginton
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Chesterfield chosen as new home for manufacturer

A manufacturer of timber holiday lodges and buildings, Pinelog Ltd, is set to relocate its production facility from Bakewell to Chesterfield and create 30 new jobs.

Nick Grayson, chairman of Pinelog Group, a family-owned business which also owns Landal Darwin Forest and Landal Sandybrook Holiday Parks and employs approximately 240 people, made the announcement at the annual Celebrate Chesterfield event held on Wednesday 23 March at the Winding Wheel.

The move to Chesterfield marks the end of Pinelog’s 10-year ambition to modernise their premises. The company will make the move from Bakewell, where it has been based since 1974, to its new premises on Sheepbridge Works in May later this year.

The new 36,000 sq ft industrial unit, formerly occupied by Vesuvius, will enable the company to bring its production process under one roof. The site also offers a central location, excellent road links and access to a skilled local labour force and supply chain network.

In addition to complete holiday lodges, components for the construction of timber Glulam framed commercial buildings designed and built by Pinelog, will also be manufactured at the new site.

Mr Grayson said: “Our refusal to compromise on our requirements for a new facility has meant it has been a long process, but it has paid off. All our requirements have been met at Chesterfield.

“The move to our new facility in Sheepbridge marks a new chapter in Pinelog’s story; one where we can modernise, invest in new technology and further improve the business to capitalise on the staycation boom and growth in sustainable construction.”

As part of the company’s growth plans, Pinelog will develop partnerships with local skills providers, including Chesterfield College.

He added: “A number of our staff live in Chesterfield, as do I, so I know there is a good local labour pool we can draw on immediately to increase production capacity in the business. We have also got to look to our future workforce, so we will be investing in apprenticeships and skills and training through Chesterfield College.”

Mr Grayson’s announcement was welcomed by delegates at the business event, which was organised by Destination Chesterfield in association with The University of Derby and sponsored by CT and Markham Vale.

Councillor Tricia Gilby, leader of Chesterfield Borough Council, welcomed Pinelog Ltd to Chesterfield saying: “The investment by Pinelog in the town is testament to Chesterfield’s strong offering for manufacturing businesses. We not only have excellent road and transport links, but we also have the premises, people and skills and good local supplier network.

“Our economic development team have worked closely with Pinelog to help support their move into the town. I am delighted that Chesterfield has been selected by Pinelog as the location to take the business to the next level and we look forward to continuing to work closely with them as they settle into their new business base here in Chesterfield.”

Dominic Stevens, manager of Destination Chesterfield, said: “Despite the challenges the pandemic has thrown at the town, Chesterfield has kept moving and the announcement by Pinelog Group at the conference was testament to that. We’re delighted that Pinelog chose Celebrate Chesterfield as the event to share its relocation news.”

PR agency teams up with charity to promote UK’s first live mental health event of its kind

Tess Egginton
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PR agency teams up with charity to promote UK’s first live mental health event of its kind

Nottingham-based digital PR company, Jennie Holland PR, is working with Birmingham-based charitable organisation Be;Live, in the build up to its first-of-its-kind, live mental health event, taking place in Birmingham next weekend (2 April). 

Jennie Holland PR, which has a wealth of experience in the not-for-profit sector, has been appointed to provide digital PR services on a pro-bono basis for Be;Live, to build awareness and maximise ticket sales for the upcoming event.  

Be;Live was founded by James Crystal, who began the organisation after suffering abuse as a teenager which manifested into several years of substance misuse and criminal activity, eventually leading to a prison sentence and a diagnosis of PTSD and depression.

Now aged 28 and five years sober, James’ and the event’s aims are simple; to educate, inspire and empower people around the topic of mental health and ultimately contribute to reducing the UK’s stark mental health statistics.

Be;Live brings together not only professionals and specialists but also those with lived experiences, who have survived serious adversity, to share their stories, support and advice in order to change the way we all see mental health, providing tools for attendees to take the first steps in creating positive mental health.

Taking place at Gas Street Central in Birmingham on Saturday 2 April 2022, the event – which can be attended in person or virtually – will feature a range of guest speakers, including former Sky Sports presenter Simon Thomas and ex-premier league footballer Clarke Carlilse among many others, who will be sharing their own personal stories around mental health.

Jennie Holland PR is providing publicity services to Be;Live by securing print, online and broadcast media coverage for the event as well as influencer marketing services.

Georgina Mackintosh, senior PR manager at Jennie Holland PR, said: “We are honoured to be working with Be;Live – James is a hugely inspiring and humble individual who, after going through traumatic events and facing mental health struggles of his own, is now striving to help others and let them know that no one has to go through hardship alone.

“As a Midlands-based digital PR team, we are proud to be able to offer our expertise to help promote this unique and important event – which is open to everyone and free for students.

“Be;Live is an event unlike anything the UK has seen before and it will make a real impact on people’s lives, both those who want to improve their own mental wellbeing but also those who simply want to have a better understanding of mental health to support friends and family. We look forward to attending this year and for years to come.”

James Crystal, founder and Managing Director of Be;Live, said: “We’re overwhelmed with the amount of support we’ve had from businesses who are extending the work from our small team here at Be;Live.

“The team at Jennie Holland PR have delivered so much more than we could have hoped including an interview with Global and several PR pieces in press to help drive awareness of our event. It goes without saying, it’s the people behind these supportive brands who have understood how important an event like Be;Live is and we honestly felt Jennie and her team were just as passionate about our cause as we are. We’re eternally grateful for all of their support.”

Ticket sales and brand sponsorship of the event will raise funds for independent mental health charities who provide free mental health services on the front line. In person event tickets start from less than £23, and virtual event tickets costs just over £10. Further information about the event can be found at www.belive.org.uk.

Finch Consulting lands asset management specialist in recruitment drive

Tess Egginton
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Finch Consulting lands asset management specialist in recruitment drive
Leicestershire-based health and safety engineering risk management experts, Finch Consulting, have appointed Chartered Mechanical Engineer Paul Wood as a senior consultant. With over 15 years’ experience in mechanical engineering, Paul will be joining Finch from his most recent role as an engineering manager of asset management with the Peel Ports Group. In his new role, Paul will be helping the business develop and roll out a range of asset management focused services to support the existing portfolio of business offerings. Paul has a wide range of knowledge and experience in varied industries, including manufacturing, heavy engineering and maritime environments. Paul said: “Finch stood out as a forward thinking, team-focused company who aim to be the best in their field and want to help the various industries they work with to, not only make them safer, but help them achieve their business objectives.” At the beginning of the year, Finch also recruited Rachael Robinson into the nucleus of the business, the Finch Support Team. Her role is to provide support for the consultants in the delivery of projects. Dom Barraclough, Managing Director at Finch, said: “We are very pleased that Paul and Rachael have decided to become Finch’s. Paul’s asset management experience is significant in our efforts at expanding our offering to our clients. Rachael will be a massive help in supporting the consultants with their workload.”

Timms Solicitors announce new partner

Tess Egginton
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Timms Solicitors announce new partner
A senior family lawyer has become a partner with Timms Solicitors, which has offices in Derby’s Cathedral Quarter, Burton-upon-Trent, Swadlincote and Ashby. Dee Khunkhuna specialises in childcare law and advocacy and has been with Timms for seven years. She is a member of the Law Society Children Panel and Advanced Family Law Panel and deals with complex children matters and other areas of family law. She joins the existing partners – Fiona Moffat, Jo Robinson and Lisa Collett. Managing partner Fiona Moffat said: “We are delighted to welcome Dee to the partnership. She is a highly skilled and experienced solicitor who is a fearless advocate and well respected across the region for her expertise in this complex area of Family Law. “I am particularly delighted that Dee has joined the partnership having successfully completed our innovation Pathway Programme which, combined with her personal and professional skills, has helped to prepare her for this senior position with the firm.” Dee continued: “I am honoured to be joining the partnership and to play a greater role in the firm’s ambitions to do new and great things.”
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