A super deduction successor could trigger £40bn-a-year boost for UK business investment

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Introducing a new permanent investment deduction to succeed the Government’s super deduction could boost UK business investment by up to £40bn a year by 2026, according to a new CBI survey. Data compiled from 325 firms – of all sizes and sectors of the economy – suggests the super deduction has spurred investment and that a permanent incentive could trigger an annual 17% uplift in capital spending. This could turbo-charge growth ambitions, helping raise productivity and improve living standards across all UK nations and regions. The CBI survey reveals more than half of respondents took advantage of the super deduction – or plan to do so – to increase or accelerate capital investment plans. However, with the scheme set to end in 2023, there is a risk business investment could tail off at a crucial time, when the OBR is projecting post-recovery economic growth levelling out at a modest 1.3-1.7%. The recent Bank of England forecast is more pessimistic still, expecting growth of only 1.0% in 2024. In the CBI’s own economic forecast, business investment is expected to fall in spring 2023, once the super deduction ends. The business group is urging Government to create a permanent 100% tax deduction for capital spending in the year of expenditure at this year’s Spring Statement, helping to sustain business investment throughout 2023 and ushering in a 17% rise in business investment over the medium-term. If the super deduction expires without a successor, the CBI forecasts the UK will remain the lowest in the G7 for business investment by 2026. Implementing a permanent investment deduction would lift us off the bottom, fuelling higher growth and productivity across the UK. Longer term, increasing productivity is the only sustainable way to pay down debt and meet rising spending pressures. Tony Danker, CBI Director-General, said: “The Chancellor’s super deduction exemplified the boldness in public policy that we need to inspire investment and get the economy moving. Going by our survey results, it looks to be a real success. It’s started the job but cannot be a one-hit wonder. Evolving the policy from short-term fix into long-term strategy will give firms confidence that Government and industry are aligned. “The UK is facing the highest tax burden in decades. But by rewarding firms who put money into their operations, we can unleash new innovation and productivity – the ingredients we need to escape the low-growth trap and build a stronger, sustainable and more equitable economic future.” Key survey results: Impact of the Super Deduction:
  • More than half of firms (53%) plan to claim the super deduction.
  • A fifth of qualifying capital spend is only taking place because of the opportunity presented by the super deduction.
  • Some 19% of qualifying capital spend was as a result of accelerated investment plans due to the super deduction.
  • And 2% of qualifying capital spending is being invested in the UK – rather than elsewhere – because of the super deduction.
  • In total, 41% of planned qualifying capital investment in 2021-23 is due to the super deduction – more than half of which would not otherwise have taken place in the UK.
Projected impact of a permanent equivalent relief:
  • 50% of respondents indicated they would revise investment plans as a result.
  • 24% said they would make additional capital investments in the UK.
  • 13% would make additional investments – and bring forward investment timescales.
  • A further 13% would accelerate UK investments already planned.
  • Survey respondents revealed plans for £1.3billion of capital projects and said a new investment deduction of the type proposed would see £169million of that spending accelerated – and a further £224million of projects added.
  • Extrapolating these findings to a medium-term projection of business investment shows this could increase spending by 17% by 2026, compared to existing projections.
  • This is equivalent to additional investment worth £40billion per year by 2026.
  • Expanding the assets that qualify for a permanent investment incentive – to include, for example, second-hand, leased and rented assets – and expanding the relief to unincorporated businesses could raise investment further, with potential for an additional boost of 4% over current projections, or another £10billion of investment per year by 2026.

Forge new connections at the Property & Business Investment Lincolnshire Expo

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Offering all that you require for a great day of networking and business generation, attend The Property & Business Investment Lincolnshire Expo to forge new connections. A well targeted, free to attend event aimed at the Construction, Property, Business, Investment, Finance, Professional Services and related B2B markets, for which Business Link is a proud partner, the expo will take place on Wednesday 27 April 2022 at The Bentley Hotel, Lincoln. Opening at 9am, as the exhibition closes (circa 2pm), it will roll directly into an informal network lunch – tickets are just £25 plus vat and can be ordered and paid for directly online. Meet more potential clients in one amazing cost effective day, than it would take months out on the road. To attend the event, register for free here. To generate opportunities by exhibiting at the event, click here. Purchase tickets to the networking lunch here.

APSS Celebrates 25 years of creating Amazing Workspaces

Experts in office design, fit out and refurbishment, APSS is celebrating 25 years of supporting businesses across the country to create inspirational and impressive workspaces. Founded in 1997, Darren Crookes started out on his own with two fitters to install office partitions and storage solutions for local businesses in the Lincoln area. Laurence Barrass, Managing Director for APSS said: “We now employ over 35 people and still work in partnership with our very first customer, Siemens. It’s incredible to think we have now completed over 10,000 different projects for our customers which span from Cornwall to Aberdeen. “Since the start, we have always helped smaller businesses as they remember the quality of service they receive from us, they grow as a company, then they turn into some of our biggest customers over the years. The partnership and bond we have with them is fantastic. It’s where we want to be – recognised as the company you can trust.” APSS has naturally evolved from a partitions and storage solution company to provide a full design and fit out service across a range of sectors. It has adapted to include its own in-house joinery department to speed up delivery time on projects and decrease overall costs for customers. Recently, the company has seen a change at the helm as Laurence Barrass became the new Managing Director, taking over from Darren who took a step back from the day to day running of the company, but remains as Chairman. “To reach 25 years in business is a huge milestone for any company,” Laurence said. “We have survived recessions and a pandemic which no one could have prepared for. There was a worrying time when offices nationally were closed to workers and this being key to our business. But thanks to the knowledgeable skill of our staff and the flexibility it allows for, as a company we were able to adapt to better support our customers who were going through exactly the same challenges we were facing. “We helped businesses which sold online to adapt their warehouse to cope with the additional stock levels required. Many of our key customers, like Wren Kitchens, used the down time in the offices to create a better and safer working environment ready for the post pandemic return to the office. “It’s been a bumpy ride, but an exciting one. We know many companies have had to shift to a more flexible, hybrid way of working thanks to the pandemic. It has been great to support so many in transforming their current office space to better suit that style of working.” When the company was first founded, it was all about trying to get the message out. The location in the Yellow Pages was an important consideration. Everything was faxed and drawings were all done by hand. To build up the business founder Darren Crookes knocked on every door he could find to obtain local clients. Many of which we are still working with. However, after a while, customers started saying ‘you know you’re doing that, well can you get carpets, and can you get furniture?’ It was a natural progression from the partitions, racking and storage the company originally provided – and still does. It opened up the marketplace and APSS began to offer more of a service driven product. “During the recession, APSS helped businesses to utilise their existing workspaces, similar to now after the pandemic. The only difference back then was it was about how we could squeeze as much in to the space as possible. Now it’s more about how to create a flexible working environment with space for people to move around the office without being crowded,” Explained Laurence. APSS works with a wide range of companies across the UK including Wren Kitchens, Slimming World, Octopus Energy, Siemens, University of Lincoln and Bakkavor to name just a few. “Over the years we have installed all sorts of different and quirky things from hidden bathrooms to Google inspired slides. As fun and different as these things are, our primary focus has always been ensuring our customers have a productive, efficient workspace that leaves a great impression.”

Multi-million pound expansion ‘All Packaged Up’ for Notts Firm

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An award-winning packaging firm which works with some of the UK’s best-known food producers and supermarkets is set for a multi-million-pound expansion of its headquarters.

The family-run Wilkins Group, based on Colwick Industrial Estate, in Nottinghamshire, will create extra jobs with this extension, which aims to increase capacity in production of food packaging.

It will make the site one of the biggest family-run factories in the sector.

Bosses at the firm, which employs 300 staff at its head office, say the 50,000 sq ft extension will increase turnover – currently on course for £45m this year, up by 20 per cent year on year.

The three-acre addition to the site will also bring an investment in around multiple new machines.

The Wilkins family said: “By investing in this extension, we will extend the production facility at our headquarters, and this could eventually mean the creation of a significant number of new jobs for the local area.

“There currently isn’t the capacity to cope with demand in the food packaging sector and this extension will assist in the shortage in capacity.

“It’s going to be one of the single biggest production plants in the UK and will easily be the biggest family-run packaging facility in the sector.

“It will also give us some extra capacity to assist in the environmental push towards cardboard packaging and away from plastic.”

The firm said it was determined to build on the success of a very productive 12 months.

“During the pandemic, we haven’t stopped as a business,” said the Wilkins family.

“We are very lucky to be in that position and feel very sorry for sectors and businesses which have not survived.”

The firm, which won the International Trade Award at the Midlands Family Business Awards and also has hubs in Sri Lanka, Bangladesh and China, was granted planning permission in September last year and is now in full swing of the development project.

The development will include the demolition of some existing units. The construction, at the rear of the current HQ, on Private Road Number 1, will be carried out by Lincolnshire-based Lindum Group, and demolition works will be completed by Total Reclaims Demolition.

Lindum construction manager Mark Leason said that Lindum had been working with Wilkins Group for more than two years to bring the project forward, having first been introduced by a mutual contact prior to the Covid outbreak.

“As a family-run, practical business, Wilkins Group shares many of the same principles as Lindum Group and we quickly developed a very positive working relationship,” said Mark.

“Our construction experts have worked alongside their team to help develop the design of the new building. As the pandemic went on, and Wilkins Group’s requirements evolved, we’ve been able to offer informed advice to make the best use of their space and their budget.

“We are very pleased to now be on site and to be seeing good progress on the construction work.”

Work is underway and is expected to be complete by late summer 2022.

Light Science Technologies awarded £503,000 Innovate UK funding

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Light Science Technologies (LST) has been awarded a £503,000 grant to develop a lighting and sensor technology system for indoor farming. Awarded by Innovate UK, the UK’s innovation agency, the grant is part of its Farming Initiative Pathway (FIP) consortium for more sustainable and efficient plant growth in the UK agricultural sector and will leverage LST’s expertise in sensor and lighting technology for indoor growing. LST’s turnkey, intelligent LED grow-lighting product is expected to be the first retrofittable, all-in-one solution designed for polytunnels and glasshouses – bringing sustainable, controlled environment technology to growers. It will extend the growing season, enabling farmers to grow a wider variety of produce all year round, while providing a potential solution to ongoing labour shortages and reduce reliance on food imports. The initial potential UK market includes over 4,000 industrial growers, producing over 300 types of field-scale and protected vegetable and salad crops, and tree and berry fruits covering over 10 million m2. The solution is being developed as part of a consortium between LST, Zenith Nurseries and Morrish Engineering Ltd, which began in November 2021, with a potential value of up to £13.84 million. In October 2021, LST announced its flotation on the London Stock Exchange, raising gross proceeds of £5.2 million with the company’s market capitalisation on admission at £17.4 million. Established in 2019, the firm currently employs 16 staff at its Derbyshire-based HQ with inbuilt lab facilities and is set on global expansion as demand for growing fresh produce using more sustainable farming methods soars, including vertical farming, polytunnels and glasshouses. Simon Deacon, CEO and founder of Light Science Technologies, said: “Due to the shorter growing seasons, unpredictable climatic conditions and heavy reliance on manual labour processes, the UK struggles to produce enough food to meet demand. We are delighted to have been selected for funding by Innovate UK, which is testament to the potential value of our product in alleviating both these national issues and extending our routes to market. We look forward to keeping the market informed with developments as we capitalise on our growing number of routes to market.” The total market size for polytunnel in Europe is worth a potential £2.96 billion in 2022 with a predicted CAGR of 9.6% from 2021-28.

Business support means a new chapter for Willoughby Book Club

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No one said it would be easy taking over a business. But the challenges of the last two years were never meant to be part of the story for the Willoughby Book Club. Director Marianne Chala faced a fire that destroyed the premises then a global pandemic. The latter also led to discovering some hidden weaknesses in the business causing further plot twists. Willoughby Book Club began in 2012 as a family business operating from a kitchen table in the south Leicestershire village of Willoughby Waterleys. Today, it is a leading bespoke book subscription service, based in Blaby, that caters to all reading tastes and ages with around 5,000 subscribers. Marianne, who has a background in book retail, took over the business in 2019 with friend Danielle Rowley. Danielle was an employee at that time. However, just before taking over, the new owners faced their first major challenge when a fire broke out at their premises making the business ‘homeless’. The fire was a huge blow, but they managed to secure premises with a neighbouring business, M3 Create Print, where they remain to this day. However, no sooner were they back on their feet and beginning to get to grips with the organisation, the pandemic hit. Marianne said: “With many people having more time on their hands during lockdown, there was a surge in interest which was fantastic, but we were struggling with all the same issues as everyone else. We had to change everything about the way we worked and there was one month when no books went out at all. “The pandemic struck just as we reached our first anniversary. Although it was a period of financial success it showed up every weakness in the company and gave us visibility on what needed to change.” Marianne reached out to the Business Gateway Growth Hub before the pandemic and had already started working with adviser, Joanna Moore on developing growth strategies. However, during the pandemic, a different kind of support was needed as the focus shifted from growth to survival once again. “Joanna gave us just what we needed at the time. During the COVID-19 crisis, I was regularly advised on the furlough scheme. I was supported with helping staff return to work, arranging a socially distanced workplace, flexible hours and working from home options.” During the lockdown, the business donated books to local care homes and schools to help where they could. Support from the Business Gateway continued after the initial distress and upset of the pandemic as new challenges began to present themselves. Marianne continued: “We didn’t have any business experience and Joanna provided that continual voice of sanity in the madness. It’s taken a long time to get through just learning about the day-to-day survival to now having more confidence and thinking strategically. “We’re working more efficiently now too, half the team of 10 work from home successfully and we’ve cut our costs. There were some cultural and workforce issues within the organisation and an understandable nervousness about the COVID situation. With Joanna’s help, we’ve improved communication and implemented better HR practices. “There’s also been concrete support on putting together financial and business plans. She’s made me focus on the stuff I don’t really like, or know, but is necessary. That gentle accountability was very good for me.” The next major challenge for the business is around sustainability and reducing their carbon footprint, as well as delivering on their commitment to being a socially responsible organisation. They already have a long-standing partnership with Book Aid International which means a book is donated to the charity with every subscription sold. As a result, Marianne has taken advantage of other Business Gateway services including the Peer Networks programme and has joined the Zellar sustainability platform pilot. She has also attended many online courses to grow her business skills. She adds: “Some of these things I would never have known about or got involved with had it not been for the process we have gone through. We are a different organisation, in a good way, to the one we were a few years ago. We are more professional operationally and staff wise. I also personally feel like I’ve transformed from having an employee to a leadership mindset.” Joanna Moore added: “The initial aims we identified were to help the business grow through sales and profits and become sustainable. We spent time on what was happening in the organisation and the way they worked so we could really understand the challenges and barriers to growth and identify solutions. “As well as general discussions on running a business we revisited some areas in much more depth like putting a marketing plan together and human resources. They’ve also made changes to their website because of our funded digital marketing support. “It’s very rewarding to see their hard work has led to increases in productivity, different ways of working and a more harmonious workplace. I’m delighted to have been part of their growth story.”

SMEs on agenda as Leicestershire Innovation Festival launches with packed event

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Leicestershire Innovation Festival launched with a packed event at Space Park in Leicester. An extended schedule of events for 2022 commenced on Monday with a morning themed around innovation and sustainability. It saw a series of public, private and university leaders from the East Midlands and beyond describing the region’s opportunities against the backdrop of Levelling Up and Net Zero. Dr Nik Kotecha OBE, chair of the Leicester and Leicestershire Enterprise Partnership (LLEP) Innovation Board, opened the event by presenting innovation as being about continuous improvement and open to all sizes of businesses. Leicester and Leicestershire’s £23bn GVA – the largest economy in the East Midlands – is built largely upon SMEs. Dr Kotecha, recently named chair of CBI East Midlands, talked about ‘Beacons’ – economic clusters in core local sectors – and their role in upskilling people to make the products of the future. He also described the Government’s interest in innovation as a means of improving productivity and global competitiveness. Dr Kotecha concluded by setting out the Innovation Board’s priorities, which included defining innovation, signposting funding opportunities, removing barriers and collaboration between public, private and academic innovators to the benefit of all. He drew the example of the Oxford-AstraZeneca vaccine as an example of what can be achieved when the three combine. Julian Bowrey, regional manager at Innovate UK, described Leicester and Leicestershire as a “happy hunting ground” for his organisation in the issuing of awards to support innovation projects. He made a case for increased communication, whether it be locally, nationally or internationally, to ensure conversations in a language that business understands are supporting collaboration and creativity. Dennis Hayter, of Loughborough University spin-out Intelligent Energy, described how collaborations with the likes of Suzuki and London Taxi Co were developing and trialling world-leading projects in the use of hydrogen fuel cells for transport. It was a theme continued by Robert Evans, CEO of Cenex, a consultancy for low carbon and fuel cell technologies which is also based on the Loughborough University Science and Enterprise Park (LUSEP) campus. His not-for-profit organisation formed in 2005 and works between industry and customers in getting emerging fuel cell technology into general transport use. Peter Ware, chair of the Midlands Engine’s Green Growth Board was next, pointing out that the Midlands’ £250bn economy was larger than that of Denmark. He outlined its 10-point plan for growth, based on three themes of Place, Energy and Enablers. Net Zero transport was again part of the plan, alongside buildings, low carbon, smart energy and nature recovery. The event concluded with a Q&A, led by Charlotte Horobin, the membership director for Make UK and Operating Board member of the Midlands Engine, who steered audience questions about cyber, skills and effective communications to a nine-strong panel. The event speakers were joined on the panel by Will Wells, commercial director at the University of Leicester, Sue Tilley, the LLEP’s head of business and innovation, and Business Gateway Growth Hub manager, Rachel York. Describing work being done at De Montfort University, including as GCHQ’s only accredited institute, Helen Donnellan talked about the importance of communication and making connections, adding: “Innovation comes in all shapes and sizes and is across the board – we have this festival to celebrate that.”
  • Leicestershire Innovation Festival runs until February 25. Events are both online and at venues across Leicester and Leicestershire. Anyone can register to attend now at https://bit.ly/LeicsInnovation22.

FRP continues East Midlands growth with new associate director

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FRP Corporate Finance has continued to grow its footprint in the East Midlands with the appointment of Oliver Taylor as associate director working from its Leicester and Nottingham offices. With eight years’ experience in the financial services industry, Oliver began his career in corporate foreign exchange, advising on and managing the delivery of funds to a global client base. He joins FRP from a boutique advisory firm, where he provided corporate finance advisory to organisations across a wide range of industries. This included recent roles working on the sale of a national healthcare telecommunications provider to an industry consolidator, the sale of a specialist offshore energy infrastructure maintenance business and the cross-border sale of a marine services business to a Finnish technology group. At FRP, Oliver will work alongside his colleagues in the 16-strong East Midlands practice and across FRP Corporate Finance’s national office network to deliver a full range of corporate finance services, including mergers and acquisitions, management buy-outs, strategic reviews and fundraising. Oliver’s appointment comes amid a strong period of activity for FRP’s East Midlands Corporate Finance team. In 2021, the team closed 10 deals, including the sale of Leicester-based paneer manufacturer Everest Dairies to Vibrant Foods, the sale of facilities management business SMS to an employee ownership trust and the cross-border acquisition of Aqualla Brassware by FM Mattsson Mora Group AB. FRP’s national corporate finance team completed more than 100 deals with a combined value in excess of £2.5bn during the same period. Meanwhile, in January, the East Midlands team advised Kartell UK Limited – one of the largest and fastest-growing suppliers of heating and bathroom products to the independent merchant and showroom sector in the UK – on its multi-million-pound acquisition of kitchen and bathroom furniture manufacturer Summerbridge Doors. Harry Walker, partner at FRP Corporate Finance, said: “The East Midlands has a thriving community of growth-focused firms, with strong demand for corporate finance support and advice. “Oliver brings a breadth of experience to the team, with a track record of working on a range of private equity and corporate M&A, across industries as diverse as technology, healthcare and consumer products. “His appointment continues the expansion of our presence in the region and ultimately bolsters the strength of our 60-strong corporate finance team nationwide, putting us in an even stronger position to help our clients make their strategic ambitions a reality.” Oliver Taylor, associate director at FRP Corporate Finance, added: “FRP has established a reputation for taking a straight-talking, pragmatic approach to corporate finance and delivering great outcomes for clients. “I’m very excited to be joining the team, and to be able to draw on my experience to help deliver the best possible outcomes for businesses and stakeholders – here in the East Midlands and beyond.”

Nottingham claims management boss fined £25,000

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A Nottingham-based claims management boss previously jailed for being in contempt of court has been fined for failing to carry out duties as a company director. Haroon Karim appeared at Nottingham Magistrates Court on 2 February 2022 where he pleaded guilty to failing to preserve company accounting records before District Judge Grace Leong. The claims management boss was fined more than £25,000, as well as being disqualified from running companies for 2 years, to run concurrently with the 7-year ban Haroon Karim received in 2018. During proceedings, the court heard that Bramcote-based Haroon Karim ran several claims management companies, assisting people with personal injury claims following road traffic collisions. One of the companies based in Nottingham, ACA Accident Claims Assistant Ltd, entered into Creditors Voluntary Liquidation in August 2016, which triggered an investigation by the Insolvency Service. Investigators, however, were frustrated in their enquiries as Haroon Karim failed to deliver the company’s records despite repeated requests. The claims management boss went on to tell investigators he had delivered the records to another party but could not verify this when questioned. Further enquiries uncovered bank records demonstrating that Haroon Karim spent company money on unnecessary expenses despite having company debts. One of these purchases was a designer suit worth £1,000, which the claims management boss claimed he bought to attend an awards ceremony. With a lack of records, neither the Liquidator nor the Insolvency Service were able to establish what happened to the company’s tangible assets. This led to Haroon Karim signing a seven-year disqualification undertaking in July 2018. A criminal investigation was then launched into the claims management boss’ conduct, which resulted in Haroon Karim being charged on three counts, including: failing to deliver up books and records to the liquidator; failing to cause ACA Accident Claims Assistant Ltd to keep accounting records; and failing to preserve company accounting records. A trial was set for 2 February 2022 before Haroon Karim pleaded guilty and was sentenced with a fine of £20,000 and costs of £5,715.34. In separate proceedings, Haroon Karim was sentenced to six months for contempt of court. This was in connection with a claim brought by an insurance company in September 2017 after Haroon Karim had forged a claimant’s signature without their knowledge to start insurance compensation proceedings. Julie Barnes, chief investigator for the Insolvency Service, said: “Haroon Karim was evasive throughout our enquiries and with a lack of company records was unable to explain exactly what happened to the company assets – something we’ll never know. “But the court recognised the severity of the claims management boss’ misconduct and not only gave him a new ban from running limited companies but ordered Haroon Karim to pay a substantial fine. “We hope this serves as a stark warning to company directors that they have clear responsibilities and if they are not upheld, could lead to disqualifications and even criminal prosecutions.”

Revenue rises as pre-tax losses halved at Leicester City

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Leicester City Football Club has announced its financial results for the year-ending 31 May, 2021 – a season in which the Club continued to invest in its future growth, while managing the immediate and ongoing impact of the COVID-19 pandemic.
  2020/21 was a period largely without precedent in that it included the conclusion of two Premier League seasons – the overwhelming majority of which took place behind closed doors – and accounted for costs (including those related to COVID-19) and revenue associated to both. Despite the effects of COVID, such as playing behind closed doors, revenue grew by £76.2m on the previous year to £226.2m (£150m in 2020). While timing differences relative to the conclusion of the 2019/20 season have affected this figure, the Club’s on-pitch success in the Premier League and the FA Cup, and participation in UEFA competitions have also increased revenue in the financial year. The Club posted a pre-tax loss of £33.1m for the year ending 31 May, 2021 (£67.3m in 2020), which includes a loss of £36.1m directly attributable to the COVID-19 pandemic. The average number of non-footballers employed by the Club increased by fifty-seven during the year. Consistent with the previous season, the Club did not use the government’s job retention scheme and any staffing resource under-utilised as a result of the pandemic was redeployed, supporting the numerous and important community projects and charitable initiatives in which the Club is involved. Investment in the Club’s First Team playing squad continued – both through new registrations in the 2020 summer transfer window and contract extensions for key talent before the year-end. Such investments contributed to immediate on-pitch success and were offset through a £43.9m profit in player trading. Susan Whelan, Leicester City Chief Executive, said: “A second season in the grip of the pandemic, played almost entirely without supporters, presented a great number of challenges. That we were able to turn that into one of the most successful seasons in the Club’s history – across our teams – is testament to the diligence and skill of our personnel, the unending support of our fans and the performances of our team on the pitch. “Our Chairman, Khun Aiyawatt, and the entire Srivaddhanaprabha family have been there for the Club throughout, providing security across the business that has enabled us to continue investing in excellence, while supporting the welfare of our staff and communities throughout challenging times. “The growth in our revenue streams is an encouraging indication of progress in our pursuit of sustainable success, particularly in the context of the obvious limitations brought about by the pandemic. As the world hopefully returns with confidence to more familiar settings, building on that commercial progress will be an important next step on that journey. “Our supporters remain integral to our future planning. Their return to matchdays has been transformational this season and it’s been a pleasure to see them – with all their passion, colour and energy – in their rightful place, reunited with our teams.”