Soft furnishings company falls into administration
Nottinghamshire-based soft furnishings company Home Curtains (UK) Limited has fallen into administration.
Home Curtains is a leading name in the home furnishings industry, with over 35 years of industry experience, supplying products to a large number of retailers and direct to customers.
Due to rising costs of materials, shipping and energy, alongside reduced consumer spending and inflationary pressures, the company faced difficulty maintaining profit, and now Dean Nelson, Head of Business Recovery and Restructuring at PKF Smith Cooper, has been appointed joint administrator.
Trading of the business is being continued over the coming weeks, under the supervision of the joint administrator, whilst either a purchaser is found for the business and its assets, or the substantial quantity of stock is wound down and sold.
The administrator has already negotiated a significant sale for a proportion of the company’s available stock.
Dean Nelson said: “I continue to encourage both the trade and the public to seize the opportunities available during this trading period for the company. I will be working towards maximising sales of stocks to obtain the best possible outcome for all creditors and stakeholders.”
Paragon supports Midlands property developers through £150m development finance
Paragon Bank’s Development Finance division lent nearly £150 million to developers and housebuilders in the Midlands last year, boosting new homes across the region.
The team supported 16 projects throughout the region in the year to 30 September 2024 (Paragon’s financial year), including schemes in Birmingham, Coventry, Derby, Nottingham and Wolverhampton.
In terms of the split, £103 million was lent to developers in the West Midlands across 11 schemes, with £45 million financing five projects in the East Midlands.
Amongst the schemes supported were:
- £21.1 million funding for the second phase of Elevate Property Group’s Silk Yard Development in Derby
- £5.4 million funding for a 34-unit scheme in Nottingham for Hockley Developments Ltd
Balfour Beatty to sell Derby rail measurement business to Hitachi
Balfour Beatty, the international infrastructure group, has reached agreement for the sale of Omnicom, its Derby-based specialist rail measurement hardware and intelligent software business, to Hitachi Rail.
The acquisition by Hitachi Rail will support Omnicom’s growth strategy to expand beyond the UK into the US and European markets. Balfour Beatty’s UK Rail business will continue to focus on its core capability of managing, enhancing and maintaining thousands of miles of railways and supporting rail infrastructure across the UK.
Over the last decade, Omnicom’s capabilities and offering to the market has strengthened through acquisition and organic growth.
Today, with its over 100-strong subject matter experts, it develops and deploys proven, AI enabled technology alongside robust hardware and software to capture rail data. This assures operational stability and enhances train-borne monitoring of rail infrastructure for customers such as Network Rail and London Underground.
Mick Rayner, Managing Director of Balfour Beatty’s UK Rail business, said: “In order to capitalise on its unique technological solutions to the Rail market, Omnicom requires an owner with a truly global reach and a complementary culture.
“Hitachi’s acquisition will further enable Omnicom to leverage its capabilities and apply its expertise in the rail and digital technology sectors in both the US and European markets.”
Sanjay Razdan, Managing Director of Omnicom, said: “This acquisition strengthens Omnicom’s ability to collaborate, innovate and deliver AI-enabled systems and services whilst further enhancing the safety, efficiency, and reliability of rail infrastructure, building on our proven data driven solutions which help predict and prevent railway asset failures.
“I look forward to Omnicom’s continuing success as part of the Hitachi brand.”
Hitachi Rail CEO, Giuseppe Marino, said: “This is a strategic acquisition for Hitachi Rail. Plugging Omnicom’s pioneering track monitoring tools into our digital asset management platform, will further strengthen our global offer to optimize customers’ rail services and the surrounding infrastructure.
“New technological solutions such as our HMAX platform demonstrate the power of AI to enhance the performance of our railway infrastructure and systems.”
Yü Group delivers “strong” 2024
Nottingham-based Yü Group, the independent supplier of gas, electricity, meter asset owner and installer of smart meters to the UK corporate sector, has “delivered a strong 2024.”
According to a trading update for the financial year ended 31 December 2024, revenues grew 40% and are expected to be approaching £650m.
Meanwhile, delivery of 2024 EBITDA margin is forecasted above expectations, driven by strong contract profitability in the second half of the year, robust hedging policy and tightly managed bad debt.The year saw continued growth in Yü Energy, during which meter points supplied increased 65% to 88k, and volume of energy supplied (EQVS) increased organically by 78%.
Average monthly new bookings, however, of £42.6m was down from £55.5m in 2023, reflecting a softer commodity pricing environment.
Revenue contracted for the next financial year increased 9% to £566m.Progress was also mode at Yü Smart, with continued scaling up of meter installs growing 169% in the year to 22.9k.
Bobby Kalar, CEO of Yü Group, said: “The Group has delivered a strong 2024 and I’m delighted, once again, to update shareholders on our progress.
“Yü Energy, our supply business, has seen a c.40% increase in revenue despite lower commodity pricing, and we enter 2025 with 88,000 meter points, up 65%.
“Yü Smart continues to deliver incredible advantages to our customers and the Group, and we now have national coverage of skilled engineers. We have financed 27,200 smart meter assets which provide a growing index-linked annuity income stream alongside other significant benefits to our customers and our own operation.
“I look back with pride on our journey and the hard yards invested, which have seen a quadrupling of revenue in the last four years. While our increased scale suggests a lower organic growth rate in the future, our Group is well placed to continue to take market share with a significant opportunity remaining.
“Our business is in good shape across Yü Energy and Yü Smart to continue to deliver. We have a fantastic and dedicated team in place, and I’d like to thank them for all the work done in delivering yet-another record year.”
Weakening consumer confidence and unseasonal weather conditions hit revenue and profit at Shoe Zone
Shoe Zone has seen a fall in revenue and profit, as weakening consumer confidence and unseasonal weather conditions hit the Leicester business.
According to audited results for the 52 weeks to 28 September 2024, revenue was £161.3m, down from £165.7m in the prior year.
While store revenue reduced by 6.5% to £126.1m, trading out of 26 fewer stores, digital revenues increased by 13.9% to £35.2m, driven by an increase in conversion, due to the introduction of free next day delivery on all shoezone.com orders and strong Amazon sales.
Profit before tax stood at £10.1m, declining from £16.2m, which the firm said was “primarily due to the challenging second half trading environment, as a result of unseasonal weather conditions, particularly in peak summer, higher container prices, higher energy costs, higher depreciation charges due to increased capital expenditure, and higher wage costs due to the National Living Wage increase.”
The business told the London Stock Exchange: “Shoe Zone had a good year, essentially split into two halves. The first six months saw strong and consistent trading, followed by disappointing store sales, due to the weakening of consumer confidence and unseasonal weather conditions, particularly during peak summer.
“That said, the key back to school trading in the second half was positive, and ahead of the previous year, as were Digital sales, which had strong growth for the full period.”
Plans for 314,000 sq ft of employment space submitted in Leicestershire
Richborough Commercial has submitted an outline planning application for the development of a 23.4 acre site in Ellistown, north west Leicestershire.
It is looking to provide up to 314,000 sq ft of employment development floorspace, providing industrial, storage or distribution space, together with habitat creation landscaping and associated infrastructure.
The site, located on Midland Road, Ellistown, is adjacent to Bardon Hill and is some 3.5 miles from Junction 22 of the M1.
Nick Jones, Group Director at Richborough Commercial, said: “We are very pleased to submit the application on behalf of our landowner.
“We look forward to working with North West Leicestershire District Council and its consultees to secure a positive outcome at planning committee in 2025, to be able to provide the range of commercial units to satisfy the needs of occupiers, the strong demand for which has been identified by both Richborough and the local authority.”
Richborough Commercial anticipates bringing the site to the market mid-2025.
Beano to take over Coach and Horses after £200k refurb
The Coach & Horses pub in Ashbourne’s Dog Street has closed for a £200,000 revamp by Heineken-owned Star Pubs, after which firefighter Ian Godfrey will take the reins as the new operator.
The venue will reopen in late February in time for Ashbourne’s Shrovetide Football, which Ian has participated in every year since the age of 15.
Ian, known as Beano in the town, said: “I love Ashbourne; I’ve lived here all my life and try to do what I can to support it. The Coach & Horses was always very popular when I was growing up, and I’ve got many happy memories of visiting with my family. I’d like to return it to its glory days as a great pub for visitors to the town and a hub of local life that serves the whole community.
“I’ve always wanted to run a pub in my home town that was big enough to accommodate live bands. They’re hard to come by: when I spotted The Coach & Horses was available, I knew it was now or never. People are very excited about the improvements and to see the pub getting the TLC it needs to make a comeback. The pub has a fantastic team of staff who are staying on, so though it will look very different, there’ll be lots of familiar, friendly faces.”
Lorna Willoughby, Star Pubs’ investment manager for the Peak District, said: “Ian is very civic-minded and enthusiastic. The works combined with his plans will give The Coach & Horses a much broader appeal and put it back at the heart of the community.”
2025 Business Predictions: Sarah Newton, director, Penguin PR
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Sarah Newton, director at Penguin PR.
As we move into 2025 the demand for authenticity will become increasingly important in the world of PR. Undoubtedly, AI-generated content will be more abundant, but audiences will become quicker at detecting inauthentic or formulaic messaging. This means genuine messaging will be more important than ever.
Consumers will increasingly value human connection, transparency and brands that resonate on a personal and emotional level. AI may provide efficiency, but it cannot replace the genuine storytelling and human connections that build trust.
Modern audiences, particularly Gen Z and millennials, expect brands to take a stand on social, cultural and environmental issues in ways that feel sincere and consistent. PR strategies that prioritise human voices, relatable stories and real experiences will resonate far more deeply than AI-generated content that lacks nuance or emotional intelligence.
When it comes to crisis communication, people will prefer to connect with brands that admit mistakes, engage in open dialogue and demonstrate accountability. AI tools may help craft responses quickly, but audiences will only trust brands that communicate with genuine care and transparency.
As the PR landscape becomes more saturated with AI-powered solutions, the brands that thrive will be those that leverage technology to enhance – not replace – authentic human storytelling. By prioritising meaningful voices over automated content, the PR professionals that will stand out in 2025 will be the credible, relatable and honest communicators.
Vistry Group completes first deal with Placefirst to bring 139 private rental homes to Mansfield
Vistry Group, the provider of mixed-tenure homes, has sealed its first deal with Placefirst, the build-to-rent property developer-operators, for 139 of the 156 new homes that have been given the green light at Redruth Road in Mansfield.
Once constructed by Vistry, Placefirst will manage the homes for long-term rent, with a focus on fostering a strong sense of community and maintaining the high standard of construction quality.
Redruth Road will be Placefirst’s second presence in the East Midlands, following the acquisition of 34 homes in Corby last year.
The 9.8-acre site, previously owned by Mansfield District Council, now has full planning permission for 156 properties, secured with the assistance of O’Connell Property Ltd.
The two-, three-, and four-bedroom homes, as well as one-bedroom maisonettes, will be served by carefully designed footpaths and roads to ensure excellent connectivity through the new development to the surrounding communities.
As well as building new homes, Vistry is committing £536,869 to bolster local services. This includes a £91,576 cash injection for healthcare, £90,322 towards education and £318,062 for roads and transport. The scheme will also include a leap and trim trail through the public spaces and playground equipment for younger members of the community.
Each of the homes will be built using modern methods of construction (MMC) reducing the carbon footprint of every property. The homes will be manufactured off site using open panel timber frames from the Vistry Works East Midlands factory in Bardon in neighbouring Leicestershire.
Each home built using these panels emits 14,460kg CO2e less than a traditional brick-and-block house and will be designed to complement the surrounding area.
Lee Parry, Managing Director of Vistry North East Midlands, said: “It’s great to be working with Placefirst as we embark on what we hope is the first scheme of a fruitful partnership. Together we can make inroads into the shortage of rental properties in the region, bringing new family homes where they are needed most.
“We’re excited to have secured full planning permission for this site, which forms part of Nottinghamshire’s ongoing growth, and to be entrusted with creating high-quality homes here that will strike a harmonious balance between family-friendly housing and green open spaces, creating a thriving and sustainable community.”
Henry Marshall, Investment Director for Placefirst, said: “As we grow, our priority remains providing residents with the sort of exceptional stress-free living experience that inspires them to see the benefits of renting, and treat it as an active choice.
“Through a shared commitment to minimising environmental impact while keeping energy bills low for residents, this new partnership with leading housebuilder Vistry Group marks a step up in our ambitions for nationwide growth, while ensuring we continue delivering the market-leading standard of homes we are known for.
“Mansfield has faced challenges in meeting rising demand for homes, as seen by the increased housing target last year. This collaboration will play a key role in driving the town’s progress by delivering diverse, high-quality homes that support a growing population.”
BDO advises on £3.4bn deal value across Midlands and East of England
Accountancy and business advisory firm, BDO LLP has advised on 69 deals across the Midlands and East of England with a combined value of £3.4bn in 2024. Deal activity spanned 10 sectors, with over a third of BDO’s activity international/cross-border in nature.
During 2024, across the Midlands and East of England, BDO’s M&A, Transaction Services and Tax teams advised on 49 buy-side and 20 sell-side deals. Nearly half of all transactions (33 deals, 48%) involved private equity, with a further 31 deals (45%) involving corporate/trade and five deals capital markets related.
Vinod Patel, Partner, Deal Advisory – Transaction Services – said: “It’s fair to say that the economic headwinds have continued to create a difficult trading environment for many regional businesses, but their resilience and ambition translated into sustained deal activity throughout the year.
“While the Autumn Budget has added an additional layer of pressure for many businesses, what it has done is provided a degree of political and economic certainty, which will only benefit the M&A market in both the Midlands and East of England.
“Yes, the National Insurance Contribution (NIC) increase will sting for many, undoubtedly impacting on cost bases in 2025. For some, this will result in a reduction in headcount, a pause on pay rises and a freeze on recruitment, amongst other things. However, what it’s likely to bring is a greater examination of pricing strategies – by those businesses that are able to – in response to increased costs.”
Standout BDO deals across the Midlands and East of England in 2024 involved a wide range of buyers, including corporate/trade, private equity, debt and capital/plc markets in the UK and internationally.
These included: providing financial due diligence services to HSBC in respect of the take private and refinancing of AIM listed Rotala PLC (transport solutions business); the sale of Utopia Tableware to Steelite International (a portfolio company of US Private Equity house, Arbor Investments); the sale of Torus Technology to KKR backed IP Group; as well as providing buy-side financial and tax due diligence and SPA advisory services to Nurture Group on its buy & build strategy, including its 50th and largest acquisition of Tivoli Group.
In addition, BDO provided sell-side financial and tax due diligence support to Clifton Packaging Group on its sale to Carton Pack (an Italian group and portfolio company of A&M Capital Europe); buy-side M&A and commercial due diligence for LDC on its investment into Integrated Doorset Solutions; sell-side tax advisory services on the sale of CCS Media (one of the UK’s largest IT resellers) to Goldman Sachs-backed Advania; sell-side financial, tax and SPA advisory services to Charles Street Buildings Group to Lone Star, a leading private equity firm; while raising growth funding for PitPat (designer and creator of GPS Trackers & Activity Monitors for pets) from Correlation One Investments (Europe) Limited.
Roger Buckley, Partner, Deal Advisory – Mergers & Acquisitions – added: “Despite several competing factors, there is a growing sense of optimism for 2025. Despite the negativity arising from the 2024 Budget, we are expecting activity levels to exceed those seen in 2024, which is backed by a strong pipeline of engagements and opportunities.
“The UK faces many challenges. Yet both trade and private equity appetite for deals remains, with significant “dry powder” to deploy and portfolio companies to exit. M&A activity will also be underpinned by a desire to consolidate, particularly in those markets that remain fragmented with businesses executing buy and build strategies to achieve scale and gain market share in 2025.”
In light of the future pipeline, BDO continues to invest in its Deal Advisory team across the Midlands and East of England with the appointment of eight people, including Steve Round, as Deals – Tax partner.
