Business insolvencies highest in almost three years

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Corporate insolvencies are now at their highest level in almost three years, according to monthly research from the government’s Insolvency Service. The number of insolvent businesses in England and Wales rose by 18.7% last month to a total of 1,674 compared to October’s total of 1,410, and increased by 87.9% compared to November 2020’s figure of 891. According to the Midlands branch of insolvency and restructuring body R3, these statistics indicate the growing number of company directors choosing to close their businesses because they feel that survival is impossible in the current climate. R3 Midlands Chair Eddie Williams, a partner at PwC in the East Midlands, said: “The monthly increase in corporate insolvencies has been driven by a rise in Creditor Voluntary Liquidations (CVLs) to the highest number in more than two-and-a-half years. “This suggests that a growing number of directors have been unable to combat the economic and financial obstacles thrust upon them by the pandemic and have closed their companies down. “Times continue to be tough for local businesses, not least over the last few weeks, as they have been hit by the triple whammy of increased costs, supply chain issues and rising COVID cases. “We urge any director who is worried about their company to take professional advice as soon as possible. Seeking it at an early, rather than later, stage provides more solutions, more time and, potentially, better outcomes.”

How to enhance teamwork in your workplace

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If your employees tend to work individually or lack vital communication skills, it may be worth taking the time to implement a number of company-wide changes. It can be difficult to know where to begin if you are unfamiliar with promoting good collaboration amongst employees but by familiarising yourself with a number of helpful tips and tricks, you can enhance teamwork in your workplace and create a happy and healthy working environment for everyone involved going forward. Build diverse teams It can be tempting to build teams of employees based on their shared skills, knowledge, or experience, but by building diverse teams, you can ensure your workforce bonds on a deeper level and forms long-lasting friendships that may also exist outside of work. This is because a group of employees with varying backgrounds and histories are far more likely to bring new and fresh ideas to the table as opposed to a group of like-minded individuals or employees that are already familiar with one another inside or outside of work. This can potentially lead to a wider range of perspectives and, as a result, a diverse approach to decision-making on important projects or within the entire business as a whole. Organise non-work events If you are committed to enhancing teamwork in your workplace, it may benefit you to organise non-work events on a regular basis to encourage employees to get to know one another on a deeper level, communicate in a non-work environment, and discuss topics unrelated to work. It can be done in a number of ways but is most commonly done by scheduling team-building events, organising days out, and planning office Christmas parties. This is especially important if your employees work from home or across a number of different departments with little to no opportunity to collaborate or engage outside of work. Reorganise teams on a regular basis It may seem disruptive or even cruel but by reorganising teams on a regular basis, you can ensure the individual skills, strengths, and weaknesses of team members complement one another and, essentially, enhance teamwork in your workplace. If certain employees are struggling to get on with one another or power dynamics are a common problem, it may be worth rotating team members on a regular basis until you form successful teams that are capable of working together to achieve a common goal. This can have a substantial impact on productivity and morale in the workplace and may even lead to greater profits in the long run. Provide learning opportunities In order to enhance teamwork in your workplace, you must provide relevant learning opportunities if and when necessary. This can ensure all employees and trained and up to date on any company-wide changes and allow you to provide them with the chance to sharpen their existing skills on an ongoing basis. It may sound like an obvious point, but you would be surprised at how far proper training and guidance can go in maximising the benefits of working together as a team. In addition to enhancing teamwork, hosting guest speakers and relevant seminars may also enhance employee job satisfaction and engagement and ensure they understand the importance of becoming a valuable team member both inside and outside of work. If you are looking to enhance teamwork in your workplace, there are a number of steps you can take. This includes building teams of diverse employees, organising non-work events throughout the year, reorganising teams on a regular basis, and providing learning opportunities. By doing so, you can produce greater results and ensure employees are happy and productive whilst at work.

2022 Business Predictions: Jason Hercock, Andrew McFarlane Holt and Trevor Wells, Directors at Wells McFarlane

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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 Jason Hercock, Andrew McFarlane Holt and Trevor Wells, Directors at Chartered Surveyors and Property Consultants, Wells McFarlane, who present their views on the future of the office, industrial and land markets in 2022. “The office market remains very competitive, especially for premises that have a high specification and therefore represent better value, and I don’t see this diminishing in 2022,” explains Jason Hercock. “What we’ve seen recently is businesses reflecting on how they use the space they occupy and to what extent it’s fit for purpose. Decisions that may have been parked last year are now being made with more confidence, as firms have a year’s experience and working patterns have emerged. “How this translates is that there is a definite need for designated office space, somewhere tangible that ensures the identity of a business is retained. Out of city spaces, with open plan, flexible layouts and private parking are hugely desirable, perhaps also as they are accessible without commuting on crowded public transport. “Similarly, small to medium sized offices will remain sought-after, as firms look to downsize and provide environments better suited to flexible working arrangements.” Andrew McFarlane Holt expects the industrial sector to perform equally strongly. “Demand is completely outstripping supply and this won’t change over the next 12 months,” he said. “Rents and capital values are also increasing – both indications of a healthy 2022. The industrial/logistics sector has been one of the big beneficiaries of the pandemic, particularly for businesses specialising in light manufacturing, home improvements, technology and online retail. “What’s happening now is new industries such as TV and film production, streaming services and even modular home developers are looking to secure high volume space and this means good quality stock is hard to find – more speculative development is urgently needed. “On the positive side, so much development in this sector, especially in the Midlands with the expansion of Magna Park, has considerably strengthened the local economy and created ample employment opportunities, which we expect to continue through 2022.” The land market faces a similar scenario, as Trevor Wells outlines: “Appetite for land of all types is extremely high and prices have performed well as available parcels are in such short supply. “Land continues to be seen as a safe investment, especially as Capital Gains Tax was not altered in the Autumn Budget. Strategic land is much sought-after due to increasing pressures for housing stock and industrial uses, and commercial land is now actively competing with residential land. “We’re still waiting to see the full impact of the Planning Bill that was announced in The Queen’s Speech so hopefully further details on the new categories for land will emerge in 2022 and accelerate viable options.”

2022 Business Predictions: James Wallis, owner of Aristotle Financial Planning

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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 James Wallis, owner of Aristotle Financial Planning in Derby. Quite apart from the high levels continued sales, mergers and acquisitions that we have been dealing with, thanks to owners approaching their retirement, the pandemic, unsurprisingly, continued to have a big effect on the way we work – and who we worked with – during the year. It has encouraged more people to launch start-ups and also to reassess their lives and changes in circumstances, which has seen them making bigger financial decisions than they might otherwise have taken. In particular, we made more use of technology in order to overcome remote working during lockdown but behind the scenes the software we use to do our work has come on in leaps and bounds in 2021. That will help us enormously next year and will be a game-changer by allowing us to operate more efficiently, which means that financial advisers will be able to take on clients with less wealth who previously would not have been financially viable.

Lincolnshire local a winner at Natwest Everywoman Awards

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Hannah Dale, founder of Wrendale Designs, from Brigg, Lincolnshire has been announced as a winner at the 2021 NatWest Everywoman Awards. The awards celebrated the UK’s most inspiring female entrepreneurs, recognising their outstanding achievements during one of the most challenging periods for businesses in living memory. Bringing together some of the UK’s most successful business owners, the ceremony featured the stories of many extraordinary women who, against the odds, have brought business concepts to reality, creating jobs, opportunities and global brands. This year’s winners span multiple sectors including food, fashion, drinks, health, beauty, energy, IT and service industries. All are united in one common purpose – to inspire future generations of entrepreneurs and to leave the world a better place than they found it. Hannah is the winner in the Athena category, which is awarded to the most inspirational woman running a business trading from 6 to 9 years. Hannah had a successful City career until the financial crash of 2008 left her facing redundancy. Returning to contemplate her options at the family farm, she revived her hobby of painting animals and country scenes. She initially developed a small range of greetings cards and took to local gift shops to gauge interest. The response was encouraging and persuaded Hannah to expand into giftware and homeware. From a standing start 10 years ago, Hannah has built Wrendale into an international brand turning over £8 million annually and providing jobs for over 60 employees. Covid threatened to derail the business given its wholesale model, but by supporting her retailers with strong content and digital assets, she helped them to pivot their businesses online and sales rebounded with popular lines including a motivational quote box, journals and notelets. Speaking about the winners, Maxine Benson MBE, co-founder at everywoman, said: “For nearly two decades these awards have provided a platform to share the stories of hundreds of entrepreneurs, encouraging, emboldening and empowering other women to follow suit. “Against a backdrop of Covid, these women have shown how innovation and enterprise have helped their businesses to thrive under extraordinary trading conditions. We hope their experiences will go onto inspire others and provide the motivation and inspiration that will be the backbone of the UK’s economic recovery.”

Henry Brothers appointed on DfE’s 2021 Construction Framework

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Henry Brothers has been appointed to the Department for Education’s (DfE) 2021 Construction Framework for the first time. The company has been successful on the Medium Value Band – projects from £6m to £12m – for the East of England. The framework runs for four years and is worth £7bn. Both educational and non-educational schemes can be procured under the framework. This is the latest in a number of framework appointments secured by Henry Brothers. Others include the Public Buildings Construction and Infrastructure (PB3) LHC Framework, which allows local authorities, social landlords and other public sector bodies to source contractors for the construction and refurbishment of educational, healthcare, emergency services and community buildings. Henry Brothers has been appointed on lots for new build and refurbishment projects up to £2m across the Midlands and East Anglia, along with projects from £2m to £7m across the Midlands, East Anglia, Yorkshire and the North West of England. In addition, Henry Brothers has places on the Pagabo and Crown Commercial Services frameworks. Managing Director for Henry Brothers Midlands, Ian Taylor, said: “We are very pleased to have been appointed to the Department for Education’s 2021 Construction Framework. “Henry Brothers Midlands has built up a reputation as a key contractor in the education sector, building first-class facilities for schools and universities across the East Midlands. This framework appointment opens up a potential new stream of work for the business as we head into 2022 and beyond.”

New job is best Christmas present for Work & Skills Leicestershire client

A Leicestershire resident who signed up with the county council’s Work & Skills programme has received the best Christmas present they could hope for – a new job! The new year will see Karen Norton start work in her role as a senior youth advocate – and she says it is all thanks to the Work & Skills Leicestershire team. Work & Skills Leicestershire is open to anyone who is seeking employment or training – from those who have never been employed, to those who have lost their jobs due to the pandemic, or who are at risk of redundancy. Karen worked for many years as a cover teacher, but when she went to apply for teacher training in Leicestershire, she was told her American qualifications in English and Maths were not deemed equivalent to the GCSEs required. Karen, who has a degree in History, an MA in Museum Studies and is studying for an MA in International Human Rights Law, is now also studying for her Maths GSCE, alongside being a volunteer youth worker. She is looking forward to starting her new job. She said: “I am a well-educated person and I didn’t expect not to be able to do my teacher training. It was heartbreaking – it really knocked my confidence. I’d had a plan and it hadn’t worked out and I had no self-worth at all. It felt like I had a cultural disconnect. “I found out about Work & Skills Leicestershire from the website – and it was brilliant! I’d been turned down for jobs, so we went through my CV and through the job specifications and the staff helped me so much – they never made me feel self-conscious. It was great to have someone to point out my skills and experience and where else they might be useful – for instance I thought I had no managerial experience, but they pointed out that I had run a youth camp and that was managerial experience. ”When I found out I had got the job, it was the best Christmas present I could have wished for. My confidence is now through the roof, my self-worth is back, I feel like myself again – and I have Work & Skills to thank for all that. I am so looking forward to the new year and to starting work in my new role. “Work & Skills Leicestershire  is a great programme and the fact that it is free is amazing! It has had a huge impact on my life and I have been telling other people all about it. I think it is a service which could help anyone – and I would say to people ‘you have more skills than you think you have – don’t let your self-confidence be knocked’.” Work & Skills Leicestershire has helped over 200 clients, some of whom have already found new jobs. Over half of those attending have received support with their CVs or job applications. It currently runs at Loughborough Library on Tuesdays 10am until 12 noon and on Fridays at Hinckley Library between 10am and 12 noon. There are also sessions at Wigston Library from 10am until 12 noon every Wednesday and at Coalville Library between 2pm and 4pm on Wednesdays. A pop-up Employment Hub is to be launched at Measham Community Managed Library beginning on Thursday January 27. It will run between 10am and 12 noon for four weeks. There is also to be an online hub on Thursday January 20 for those interested in working in the care sector. This will include talks from employers, employees and employment specialists looking at transferrable skills and routes into care work. It will also inform of current vacancies. Everyone who signs up to Work & Skills Leicestershire is offered one to one support and  the opportunity to have a tailored work plan drawn up for them. Help is given with CV and letter writing skills, job searches, interview techniques and much more.
Councillor Peter Bedford, cabinet lead member for post-Covid recovery saidStories like Karen’s are a wonderful illustration of how Work & Skills Leicestershire is making a real difference to those seeking a change of direction in their working lives. “We are pleased to be offering enhanced services in the New Year, especially focusing on the care sector and I would urge anyone who would like to find out more about what Work &Skills Leicestershire can offer, to drop into one of its hubs, to call 0800 988 0308, or to visit www.leicestershire.gov.uk/work-and-skills
Leicestershire’s  economy has taken a big hit during the pandemic and the county council has launched a series of initiatives to help boost it. These include:
  • Supporting and extending the Government’s Kickstart scheme by creating placements for 16-to-24-year-olds whose job prospects have been most impacted by the pandemic.
  • Extending superfast broadband to hard-to-reach rural areas.
  • Investing almost £4m in supporting community groups, hundreds of small businesses and struggling rural pubs.

£1 billion in support announced for businesses most impacted by Omicron

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With the rise of the Omicron variant set to see many businesses struggle over the coming weeks, the government has revealed it will be providing one-off grants of up to £6,000 per premises for businesses in the hospitality and leisure sectors in England. At what is often their most profitable time of year, many pubs and restaurants have seen cancellations and reduced footfall as people have responded to the rise in cases ahead of Christmas, with Hospitality UK reporting that many businesses have lost 40-60% of their December trade, often their most profitable month. Around 200,000 businesses will be eligible for business grants which will be administered by local authorities and will be available in the coming weeks. Chancellor of the Exchequer, Rishi Sunak said: “We recognise that the spread of the Omicron variant means businesses in the hospitality and leisure sectors are facing huge uncertainty, at a crucial time. “So we’re stepping in with £1 billion of support, including a new grant scheme, the reintroduction of the Statutory Sick Pay Rebate Scheme and further funding released through the Culture Recovery Fund. “Ultimately the best thing we can do to support businesses is to get the virus under control, so I urge everyone to Get Boosted Now.” To support other businesses impacted by Omicron – such as those who supply the hospitality and leisure sectors – the government is also giving a more than £100 million boost to the Additional Restrictions Grant (ARG) fund for local authorities in England. As increasing numbers of Covid-19 cases means more workers taking time off work, the government is also reintroducing the Statutory Sick Pay Rebate Scheme (SSPRS). The SSPRS will help small and medium-sized employers – those with fewer than 250 employees – by reimbursing them for the cost of Statutory Sick Pay for Covid-related absences, for up to 2 weeks per employee. Firms will be eligible for the scheme from today and they will be able to make claims retrospectively from mid-January. To provide continued support to the cultural sector, £30 million further funding will be made available through the Culture Recovery Fund to support organisations such as theatres, orchestras and museums through the winter to March 2022. Responding to the Chancellor’s announcement of new financial support for hospitality and leisure businesses, East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire) Chief Executive Scott Knowles said: “These measures will provide some welcome respite to many of those businesses that have been hit hardest by the latest Covid-19 measures. “The Chancellor and his team has engaged with the British Chambers of Commerce in talks over the past week, considered the experiences of business communities including in the East Midlands, and the proposals we put to them. “We are pleased the Chancellor heard our call for additional grant funding for hospitality and leisure businesses, which will provide some much-needed support in the face of this increasingly difficult trading period. “The festive season is vital to the survival and prosperity of hospitality and leisure businesses in particular. Having missed out on the opportunity to maximise income last year, a second cancelled Christmas may have been devastating without the necessary financial backing. “Clarity and speed will be needed to ensure these grants are paid out swiftly to help these hard-pressed firms weather the next few weeks. “While these measures are a positive starting point, if restrictions persist or are tightened further, then we would need to see a wider support package, equal to the scale of any new measures, put in place.”

Grant writing service merges with Loughborough counterpart

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Inventya Grants Limited has completed a merger with Loughborough-based Cresco Innovation Limited. The merger will allow Inventya to “further enhance [its] combined offering of innovation and growth support to [its] clients via increased grant writing services.” With over a decade of grant writing experience, Cresco’s team of bid writers has raised more than £30million in grant funding for clients in the last three years. Aldo De Leonibus, CEO of Inventya Limited, says: “We are delighted to have completed this merger, as it will allow us to offer our enlarged customer base an enhanced service to further support our mission to help innovative companies bring their products and services to market in the UK and internationally via funding, finance, R&D tax credits and consultancy.” Jo Derbyshire of Cresco Innovation Limited says: “This is a move driven by the collective vision to work proactively on behalf of our clients, drawing on our experience to maximise both bid and tender success with our commitment to support innovative growth and myself along with the team are excited to be joining a larger group to provide a greater range of client services.” For more than 10 years, Warrington-headquartered Inventya Group has helped more than 2,000 businesses grow and raise more than £160million in finance. The merger will increase staff members to 75+ and provide Inventya with two main bases of operation in the UK.

Work to start on next stage of Midland Main Line electrification

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A month after announcing £96 billion of rail investment for the North and Midlands, work is starting on the Integrated Rail Plan with the launch of the next stage of Midland Main Line electrification. Main works to electrify the Midland Mainline between Kettering and Market Harborough will start on 24 December 2021, laying the foundation for the planned upgrade of the line all the way to Sheffield and Nottingham and setting the starting gun for quieter trains, greater decarbonisation, better connectivity and more local services across the region. Today (21 December 2021), on a visit to the Leicester hub of Network Rail contractors SPL, the Transport Secretary saw wiring gantries being built for the Midland Mainline and met with staff to mark the launch of the biggest ever government investment package for the North and Midlands, which will boost opportunity and support job creation across the regions. Transport Secretary Grant Shapps said: ”Last month, I promised we would get on with delivering the Integrated Rail Plan by Christmas and that’s exactly what we’re doing. “Today marks the beginning of a transformation of rail journeys for the Midlands and the North, where we will slash journey times and build better connections between towns, cities and everywhere in between. “Under our plans, people won’t have to wait 2 decades for better services. This unprecedented investment will deliver better railways sooner.” Maria Machancoses, Chief Executive Officer of Midlands Connect, said: “It is great to see the government putting the Integrated Rail Plan into action so quickly after the report was released. Extending the Midland Main Line electrification is an early Christmas present to the region and is the first step towards giving the East Midlands the transport infrastructure it deserves. “Our job now is to build the infrastructure around it with HS2 trains coming to Derby and Nottingham through East Midlands Parkway and our flagship project the Midlands Rail Hub progressing well, too. “Today’s news is testament to local councils, businesses and MPs who have successfully made the case for upgrades on the Midland Main Line for years and the Department for Transport for working with us. Today is a good day for the Midlands as spades start to go into the ground.” Paul McKeown, Investment Director for Network Rail’s Eastern Region, added: “It’s our pleasure to welcome the Secretary of State to Leicester. This next phase of electrification will bring real benefits to passengers and the communities we serve in the East Midlands. Teams will be working throughout Christmas to install the equipment which will carry the electric wires as far north as Market Harborough.” East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire) Chief Executive, Scott Knowles, said: “Electrifying the Midland Main Line is one of the biggest infrastructure priorities for our region, so it’s fantastic to see some real progress finally being made with work beginning – a welcome early Christmas present for the East Midlands economy. “After the huge disappointment of the HS2 Eastern Leg being scaled back significantly, once more leaving the East Midlands at risk of being structurally disadvantaged compared to the west of the country, this is a great opportunity for the Department for Transport (DfT) to demonstrate it is serious about delivering much-needed infrastructure in our region. “It will also offer some confidence to potential investors that our region is a great place to spend their money, which ultimately benefits businesses and residents across Derbyshire, Leicestershire and Nottinghamshire because investment begets investment. “However, it must be remembered that we were promised upgrades to this key rail route many years ago and we are merely playing catch-up. This is also just the first small step of a major project, so it’s important we now have a full timetable and clear milestones for the delivery of the entire Midland Main Line electrification. “Timescales in the Integrated Rail Plan suggested it won’t be completed until 2030 at the earliest but we will be pushing the DfT to speed this up because after years of uncertainty over the future of our rail infrastructure, we can’t afford to waste any time.”