Lincolnshire medical centre acquired for £6.8m
Primary Health Properties (PHP), one of the UK’s leading investors in modern primary healthcare facilities, has acquired the Parkside Medical Centre in Boston, Lincolnshire for a total consideration of £6.8 million.
The property is fully let to a substantial GP practice and a pharmacy. The two leases, with a weighted average unexpired lease term (“WAULT”) of 13.5 years, are accretive to the portfolio WAULT and provide for a substantial proportion of government backed income.
This acquisition will increase PHP’s portfolio to a total of 520 assets, of which 20 are in Ireland, with a contracted rent roll of over £139 million.
Harry Hyman, CEO of Primary Health Properties, said: “We are delighted to be making this acquisition of a modern, purpose-built facility in Boston. Originally constructed in 2009, the property was extended in 2013/14 in order to provide the range of medical services required by the local community, which has allowed the patient list to grow significantly.
“We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure.”
Northamptonshire Chamber welcomes its first female president
An organisation which supports around 1,000 businesses from across Northamptonshire has welcomed its first female board president.
Award-winning personal insurance expert Robyn Allen, of Robyn Allen Solutions Ltd, became the first woman president in the Chamber’s 104-year history at the end of its annual general meeting today.
Robyn, who at 33 is also the organisation’s youngest ever president, had been an active member of the Chamber board for two years prior to taking up her new role.
She said: “I originally joined the Chamber board because I felt it was important that we have a diverse collection of voices to represent our wide range of members. There’s a bit of a weight on my shoulders because I’m the first female president but I’m very excited about my new role.
“I love the Chamber and what it stands for. It gives organisations so many opportunities to raise their profile as well as access to a wide range of fantastic support services. My focus will be on the needs of the Chamber membership so that together we can ensure the Chamber continues to lead the way, grow and move forward.
“I’m already looking forward to next year’s Northamptonshire Business Awards and to seeing how we can help Northamptonshire Chamber’s Women With Vision network and Next Generation Chamber to further develop and grow.
“I’m also excited about the Chamber’s first exhibition next year – I know their team is already working on great plans for it involving the Women With Vision network and it promises to be a fantastic event.”
Robyn also paid tribute to the Chamber’s outgoing president, Kevin Rogers of Wilson Browne Solicitors, adding: “Kevin has been a fantastic example of what being a good president looks like and I hope he will mentor me as I take on this new role. He’s an incredible human being.”
In her spare time Robyn is a trustee at HomeStart Kettering, a governor at Montsaye Academy in Rothwell, mentors new start-up businesses and is a trained mentor to teenagers.
Construction consultancy donates more than 100 Christmas hampers to food bank
Staff at a construction consultancy have donated thousands of items to create more than 100 Christmas hampers for Northamptonshire’s needy.
The team at Bhangals Construction Consultants collected both essentials and luxuries from their own pocket to fill each of the 107 parcels for SCCYC Food Aid.
Hampers included essentials such as pasta, teabags, tins, cereal, coffee, juice, shampoo, conditioner, shower gel and toothpaste, as well as treats such as mince pies, chocolates and biscuits.
They also put gifts such as colouring books and puzzles inside.
SCCYC Food Aid, in St James Mill Road, Northampton, provide much-needed food and supplies to families living in poverty, and in crisis.
Beneficiaries consist of people facing complex issues and vulnerabilities who require critical support and vital resources.
Bhangals Construction Consultants operations manager, Katie Newman, said: “We know, for many people, this time of year is very difficult both emotionally and financially. After the last few years we have had, we really wanted to put together these hampers to make Christmas just that little bit easier for those who might be finding things tough.
“For a lot of us, we take for granted just having food and essentials, but for others it’s a massive struggle. If us doing this just takes some pressure off, it means a lot. We’re so glad to be able to help.”
Ten new tenants secured at Vesuvius Worksop
Property investment and management company CEG has secured 10 new tenants to its multi-million speculative Vesuvius development in Worksop.
The new tenants include gym and fitness training company Crossfit Worksop and Endeavour Martial Arts, as well as retailers such as Kitchen Craft, Escape Hot Tubs and Rother Valley Optics.
It has also become a hub for auto companies from Just Tyres, DV Autos Ltd, Epic Detail and electric vehicle charging specialist Powerpoint to Shark Eye’s research and design centre.
Burger King has taken the first of three flexible food and beverage units at the site.
The largest speculative development of this scale and quality in Worksop, 16 light industrial units offer flexible space from 1,200 to 5,000 sq ft. Only five units remain available, with two under offer. CEG is also set to deliver subsequent phases offering larger employment units including design and build development.
Lawrence Escott, investment manager from CEG, said: “The development has proved incredibly successful. We only completed in August and already have ten new tenants in occupation and strong interest in the remaining five units.
“Construction is also underway with the new Nottinghamshire Fire and Rescue Station and a Travis Perkins. With such a shortage of supply of well located, flexible accommodation, we expect to announce more deals imminently.”
In 2019, supported by D2N2 Local Enterprise Partnership (LEP), CEG delivered a £5.5million package of works to create a new roundabout and access road opening up the site and making it easily accessible to the A60, A57, Worksop and its surrounds. As part of this work, the land was remediated to pave the way for redevelopment.
D2N2 LEP Interim CEO, Will Morlidge, said: “It’s great to see this transformational project moving from strength to strength with ten new tenants. The regeneration of the former Vesuvius Brickworks into a thriving retail and business park is a landmark development for Worksop and the wider area, creating new jobs and supporting our collective ambitions to rebuild and grow our economy.”
Ultimately, the 425,000 sq ft of industrial development at the site will help to address identified latent and future demand for space. The comprehensive development of the site is expected to create almost 1,000 new jobs and contribute £23 million p.a. in GVA. Wider local benefits include apprenticeships, training and skills development and inward investment opportunities.
Nottingham networking group raises £4,000 for Operation Orphan
Propertyface2face, a Nottingham networking group for property and finance professionals, has raised £4,000 for Beeston-based children’s charity Operation Orphan thanks to its annual Christmas lunch held at the Motorpoint Arena.
A total of 90 guests gathered for a Paris themed Christmas networking lunch on Friday 3 December 2021. The MC for the day was well-known ex Nottingham Forest star, turned property professional, Nigel Jemson and the event was hosted once again by David Stewart, Managing Director, In Residence Estates.
Brad Moore, Managing Director and co-founder, Operation Orhan, says: “On behalf of the children I want to say a massive thank you to everyone for the very generous donation raised at the 2021 Christmas lunch. This substantial gift will help us to continue making a positive impact in the most vulnerable children’s lives. Thank you, David, Sasha and the team for making this a reality.”
David Stewart, In Residence, Managing Director, said: “This was our 11th Christmas networking lunch event, we’re very pleased to have raised a large sum despite the challenging time many local firms face during the on-going pandemic. Peter Simon Financial Services alone raised £2,500 to help kick things off.”
Pre-tax profits to be below expectations despite “good revenue growth” at Joules
Joules, the Market Harborough-based lifestyle group, has “achieved good revenue growth,” according to a pre-close trading update in respect of the 26-week period ended 28 November 2021 (the first half of the group’s financial year ending 29 May 2022), yet is expecting full year profit before tax to be below current market expectations.
Customer demand for the group’s products remained strong during the period resulting in group revenue increasing by 35% to approximately £128m (FY21: £95m). Joules said this performance reflects continued growth in active customers to 1.9m alongside the strength of the group’s flexible model which offers customers multiple channels to engage with and shop the Joules brand.
Joules’ stores delivered a strong revenue performance, up 80% against the prior year. Store revenue was just 3% behind the comparable pre-pandemic period two years ago despite lower high-street footfall. The company noted that this performance reflects the “attractive locations of the Joules store estate” as well as the opening during the second half of FY21 of five Centre Parcs locations, which have performed particularly well.
E-commerce grew 14% and 54% on a two-year basis. This performance benefitted from the acquisition of Garden Trading and the performance of third-party e-commerce partners. Gross platform demand across Joules’ websites increased by 2% against a transformational prior year supported by continued growth within the Friends of Joules marketplace.
Garden Trading revenues increased 4% year-on-year and 77% on a two-year basis despite global supply chain disruption.
Wholesale revenue, excluding Garden Trading, increased 16% year-on-year reflecting the reopening of the group’s wholesale partners in the UK and internationally. However, revenue remained significantly down on a two-year basis, in part due to supply chain challenges. The board anticipates strong H2 wholesale performance benefitting from despatches delayed from H1 as well as a stronger orderbook for Spring/Summer 22.
The well-documented global supply chain issues have resulted in some higher costs and stock delays during the period. In addition, labour shortages in Joules’ third-party operated distribution centre (DC) have resulted in extended product delivery times to online customers, stores and wholesale partners. These factors were particularly acute in November, including the Black Friday period, which alongside weaker year on year online traffic contributed to performance during this month being below expectations.
Group profit before tax and adjusting items for the period is anticipated to be in the range of £2.0m – £2.5m (FY21: £3.7m). Global supply chain challenges are expected to remain during at least the second half of the group’s financial year and there is increased consumer uncertainty as a result of the emergence of the Omicron coronavirus variant.
Supported by a strong stock position and wholesale orderbook, the business said that with actions taken to improve productivity at the DC, and the ongoing strong customer demand for the group’s products, the board is confident that the group will achieve continued strong revenue growth in H2 and an improved profit performance.
Nevertheless, full year profit before tax and adjusting items is now expected to be below current market expectations and in the region of £9m to £12m notwithstanding any further significant Covid restrictions.
Nick Jones, Chief Executive Officer of Joules, said: “Joules has achieved good revenue growth against the prior two comparative periods reflecting the strength of the group’s flexible model and despite a challenging external trading environment. Alongside the strong appeal of our core Joules brand, the group continues to benefit from its increased diversification through Friends of Joules and Garden Trading, both of which continue to give customers even more reasons to shop with us.
“While we have not been immune to certain industry-wide pressures including supply chain disruption and cost inflation, we remain focused on delivering the group’s long-term growth strategy. We have continued to invest in the business to support our plans and, despite the high levels of near-term consumer uncertainty, we remain very confident in achieving the group’s exciting future potential.”
Collaboration – the pros and cons: Fiona Duncan-Steer, founder of RSViP Business Networking Agency
Fiona Duncan-Steer, founder of RSViP Business Networking Agency, considers the pros and cons of collaboration.
Now more than ever, businesses are embarking on collaborations, whether it be through strategic partnerships, joint ventures, projects, or simply to help one another out.
The past eighteen months in business has shown us that whilst some industries have thrived, others have fallen, and a compromise to what could potentially be a fatal end to what may have once been a lucrative business could well be – collaboration.
One of my favourite African Proverbs, reads: “If you want to go fast go alone. If you want to go far, go together.” This is certainly true of many aspects in life, in particular post pandemic as we gradually pick up the pieces as the world reopens.
Considering a collaborative approach to business is most definitely worth your time, even if at very least you focus on building a network of like-minded individuals and surround yourself with them regularly, through perhaps a peer group, networking, or indeed your in-house dream team. This will open up new possibilities and opportunities you may well not have thought of yourself and this in itself is a collaborative approach to business.
Opening yourself up to new perspectives and the ideas of others is an innovative way to run business and how many successful industry leaders manage their strategies. Plus, as we all know, networking can offer so many collaborative opportunities aside from the generation of business itself, so whether you choose to network online or in the room, this is a must.
So, here I list an example of pros and cons to the concept of ‘collaboration’…
Pros
- New business can potentially be generated at a quicker speed.
- The opportunity of the sharing of knowledge and training.
- A strengthened brand identity and raise of your business/personal profile.
- An increase/improvement in your team, providing you with a stronger infrastructure.
- Access to more useful resources.
- Increased support of your operations.
- Access to new and useful suppliers who in turn may save you money.
- An opportunity to make a difference in the world.
- New friendships formed and you may also enjoy it!
- It may all go wrong, but you won’t know until you try – right?
Craft drinks equipment supplier locates to Silverstone Park
Core Equipment has located to new 6,400 sq ft industrial premises at Silverstone Park – part of a recently competed 258,000 sq ft development comprising 13 properties at the estate.
A supplier of innovative technology to the drinks industry, Core’s head office houses its marketing, sales, finance and logistics teams, and provides both a storage and workshop space for pre-inspections of equipment to support the business’s expansion.
The move coincides with Core’s new office in Dijon, France to supply demand in the European market.
Marketing Manager Beth Kelsey explained: “Over the past ten years we have seen both a huge growth in business and staff. Alongside a refurbished look to our logo and new website, the new premises at Silverstone Park really stood out for us.
“We’re right next to a world-famous sporting venue, making it a great place for customers to visit – it enables us to show who we are by being part of an innovative business community.
“We’re in a period of progression and the new office gives us greater space to allow the whole team to work closer together.”
Working with manufacturers across Europe, USA and China to deliver high-quality equipment for customers’ business development and growth, Core tailors its services specifically to producers in the craft beverage markets – in sectors such as beer, wine, juice, cider and spirits.
Core Equipment continues to settle into its building, with an added mezzanine extension creating additional space for its team to grow alongside its business successes.
£2m clean growth accelerator fund launched by Greater Lincolnshire LEP
The Greater Lincolnshire Local Enterprise Partnership is to reallocate £2m of its existing funding towards a new Clean Growth Accelerator Fund to help tackle the impact of climate change.
Building on the Government’s Ten Point Plan for a Green Industrial Revolution and the recently released UK Innovation Strategy, the LEP is inviting organisations and businesses to submit projects that will help to develop innovation and R&D ideas focused on decarbonisation and clean growth.
“We are delighted to announce our new Clean Growth Accelerator Fund for Greater Lincolnshire and Rutland,” said Pat Doody, Chair of the Greater Lincolnshire LEP.
“Not only will this fund help us to achieve our Net Zero ambitions, but it will also ensure that innovation remains at the heart of our economic growth.”
The essential criteria for this fund are as follows:
- proposals should be capital focused but can include a revenue element which should not exceed 10% of the project cost
- schemes must be over £1 million in overall value with a minimum grant requested of £500,000
- projects that are related to clean growth and driven by R&D and innovation will be considered, but they must relate to one of the following LEP game changers or sectors:
- an innovation, research and development project focused on clean growth / net zero
- reducing carbon emissions by 2027
- reducing nitrogen oxide and particulate emissions
- contributing to Green Masterplan Net Zero targets
- decarbonisation of the National Grid or heat production
- creating EV charging points
- demonstrating the use of Modern Methods of Construction (MMC)
- introduction of new clean growth-related products to the market
Derby City Council says residents and businesses to have their say on new planning policy
Residents and businesses will have their say on Derby’s new planning policy. Work will start next year and a new Local Plan will be developed in time for 2024.
Cabinet Member for Regeneration, Decarbonisation, Strategic Planning and Transport, said: “We are making sure that residents get their say. Housing and planning is a major concern for many people. With a new local plan Derby can create planning polices to help tackle the issues of our time, shape the future of our city and build back better.”
The current 2017 local plan which sets out areas for development has been successful at delivering much needed new housing, including redeveloping brown field sites such Castleward and the former DRI for housing as well as delivering new primary schools while also protecting green spaces.
Recently the Government has changed the formula used to calculate how many new houses are required built in an area. This means Derby must plan for 35% more homes per year than previously. A new local plan will be important in setting out how we respond to this challenge and in defining the sort of future developments that will be permitted. It also provides an opportunity to address issues such as climate change and changes to the way we live and work.
Work on the new plan will begin next year, a wide ride range of stakeholders will be engaged including residents, communities and businesses to gather ideas and inform the proposals. It is hoped a draft local plan will be ready for public consultation by Spring 2023 and approved in the Autumn. It will then be independently examined before being formally adopted in Winter 2024.
A new cross-party working group of Derby councillors will be created to oversee the creation of the local plan. The new working group will provide the opportunity for all political parties to work together, consider the full range of Local Plan issues and how to address them.
Details about how residents and stakeholders can get involved will be announced next year.
