Wealth management firm secures chartered status for sixth consecutive year
Wealth management and financial advice firm, The RU Group, has once again achieved Chartered Status from the Chartered Insurance Institute (CII), the premier professional body for the insurance and financial planning profession.
This is the sixth consecutive year that the Nottingham headquartered firm, with offices in Derby and Sheffield, has been accredited with Chartered Status and recognised as an exemplar in the field of financial management, planning and advice.
Following an extensive review of The RU Group’s professional conduct and management of its business operations, the firm was awarded the coveted accreditation of Corporate Chartered status. It demonstrates that the high professional standards required by the CII are deeply embedded within the culture, as well as the practice, of The RU Group.
The news comes just months after the firm reached another milestone and celebrated award success. Announcing more than £600million of assets under management for its clients in September, the team was then crowned SME Business of the Year at the 2020/21 Nottingham Business Awards in October.
Ian Browne, head of advice at The RU Group, explains: “The CII requirements are getting more difficult for a firm of our size. Achieving Corporate Chartered status requires a larger percentage of the company’s financial planners to be Chartered themselves, which is an increasing challenge as we grow.
“However, we have successfully embedded a ‘culture of learning’ into the business to encourage ongoing professional development. As such, our clients work with a team of highly skilled, knowledgeable financial planners who are focused on achieving excellent results.”
Ian adds: “Being recognised by the CII, achieving a record level of assets under management and being named as the Best SME in the Nottingham Post Business Awards has given the team a real boost as we reach the end of a challenging year. We look forward to what we can achieve in the year ahead.”
Trading ahead of expectations at Belvoir
Trading is ahead of expectations at Belvoir, for the ten months to the end of October 2021, with both of the group’s divisions, property and financial services, achieving year-on-year growth.
The Lincolnshire-headquartered company noted that its property division, which contributed 77% of the group’s gross profit, achieved gross profit growth of 29%.
Income from lettings was 21% up on 2020 resulting from unprecedented demand for rental properties with rents increasing in all areas of the UK, as well as the acquisition of Nicholas Humphreys, a predominantly student lettings network.
Meanwhile, income from sales was up 65%, mainly a result of the strongest market for property transactions seen since 2007.
The financial services division, which contributed 18% of the group’s gross profit, continued its strong growth with gross profit up by 39%.
Belvoir’s network of mortgage advisers increased by 21% from 202 at the start of the year to 245 by the end of October. This represented a net increase of 43, which arose through organic recruitment and 21 from the acquisition of Nottingham Mortgage Services, the mortgage arm of The Nottingham Building Society.
The group remained focused on meeting the demand for house purchase mortgages for much of 2021, and now, given signs that interest rates might rise, are benefitting from a busy period for remortgages.
The group’s operating activities continue to be highly cash generative underpinned by Belvoir’s significant recurring lettings income stream. As of today, net debt is down to £2.7m (31 December 2020: £3.7m) despite having deployed £4.0m of cash in March to acquire the Nicholas Humphreys network and £0.6m in July to acquire Nottingham Mortgage Services.
Current substantial pipelines of house sales and written mortgages support Belvoir’s end of year forecasts. Consequently, the board expects that the performance for the full year, in terms of profit before tax, will be ahead of management’s expectations for 2021 and substantially ahead of 2020.
Dorian Gonsalves, CEO, said: “In 2021 we have seen our franchisees and mortgage advisers take advantage of an exceptionally strong sales market. The sector undoubtedly benefitted hugely from the Government’s decision to extend the stamp duty holiday until September 2021, following which we have seen a predictable slowing in the number of new instructions as the market normalises.
“We anticipate that given the ongoing pent-up demand from buyers, the market will return to more usual transaction levels in 2022. In the meantime, our current pipelines remain strong and support outperforming our end of year forecasts.
“The board is mindful that 2022 is likely to present further challenges for the wider economy, but we are confident in our business model of supporting entrepreneurial franchisees and mortgage advisers to achieve their business ambitions, and that our growth strategy of organic growth coupled with investment in profitable property franchise and mortgage networks will continue to prove successful and deliver long-term shareholder value.”
Leicester named among global leaders on climate action
Leicester has been named as a leader on climate action and transparency, achieving a place on a global ‘Cities A List’.
International climate research charity CDP has named Leicester as one of only 95 places in the world – including Paris, Helsinki, Stockholm and Reykjavik – to achieve its top ‘A’ grade for leadership in environmental transparency and action.
It is also one of just 11 in the UK – including Bristol, Greater Manchester, Newcastle and Nottingham – to receive the top rating.
To score an A, a city must disclose publicly its city-wide emissions, have set an emissions reduction target and a renewable energy target for the future; and have published a climate action plan. An A List city must also have a climate adaptation plan to demonstrate how it will tackle climate hazards and it must be making progress towards achieving its ambitious goals.
Over 1,000 cities disclosed their climate data through CDP in 2021. Fewer than one in ten received the top grade.
Deputy city mayor, Cllr Adam Clarke, who leads on environment and transportation, said: “We’re very proud to achieve an A grade and to be recognised by CDP for our ongoing work to reduce carbon emissions across our city and do our bit to tackle the climate emergency.
“As a city we have almost halved our carbon emissions since 1990 – and as council we’ve cut our own carbon footprint by two-thirds in just over ten years. Last year we published the first Leicester Climate Emergency Strategy and will continue to deliver important projects and develop our ambitious plans to help us become a carbon neutral and climate-adapted city by 2030
“Being named as one of just 95 cities globally that are leading on climate action and transparency is a huge endorsement that we’re on the right track, but we’re under no illusion that we still face an enormous task.”
Kyra Appleby, CDP Global Director of Cities, States and Regions, said: “We are thrilled to champion the 95 cities from around the globe on CDP’s 2021 Cities A List. A new generation of climate conscious cities is showing what is possible when action replaces words – implementing innovative solutions to cut emissions and adapt to climate change, and demonstrating determined leadership on the defining issue of our time.
“We hope the example of A List cities’ efforts and actions will encourage far greater numbers of cities to ramp up their climate ambition, and work together with government and business, to safeguard our planet for generations to come.”
Leicester City Council declared a climate emergency for the city in 2019 and launched the first Leicester Climate Emergency Strategy last year.
Since then, the city council has led on a range of initiatives and secured external funding of over £100million to invest in low carbon schemes across the city.
These include:
- Investment of £13.5million in construction of the UK’s first carbon neutral bus station building as part of the St Margaret’s Gateway regeneration project.
- A successful bid for £19million of Government funding towards a £47million investment in increasing the city’s fleet of electric buses to over 100, backed by local bus operators Arriva and FirstBus.
- Securing over £24million of Government funding through the Salix Public Sector Decarbonisation Scheme for a programme of low carbon, energy efficient improvements to more than 90 council buildings, including schools, leisure centres, libraries and community centres.
- Progress on an ambitious £80million citywide programme of investment in sustainable transport backed by £40million from the Department for Transport’s Transforming Cities Fund (TCF).
- Developing plans to build 38 new A-rated low carbon council houses in the Saffron Lane area and launching a £3.1m programme to fit external wall insulation and other energy efficient measures to about 250 homes – including 80 council houses – by Spring 2022. The council has also recently submitted a bid for over £4million from the Social Housing Decarbonisation Fund to further extend this work across the city.
Manufacturing input prices rise at 30-year survey record rate as supply chain pressures remain intense
UK manufacturers continued to face a challenging operating environment in November, as severely stretched supply chains disrupted production schedules and drove up input prices to the greatest extent in a survey’s 30-year history.
The seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index® (PMI®) rose to a three-month high of 58.1 in November, up from 57.8 in October. All five of the PMI components had a positive influence, as production, new orders, employment and stocks of purchases rose and supplier lead times lengthened.
Output increased for the eighteenth month running in November, with the rate of expansion accelerating slightly from October’s eight-month low. Companies reported that improved new work intakes – especially from the domestic market – and efforts to build safety stocks supported increased output.
There remained widespread mention of input and labour shortages stymieing efforts to raise production, however. This led to existing stocks being depleted to satisfy customer orders.
The strain on supply chains also led to further substantial lengthening of average vendor lead times. Resulting shortages of components and commodities, combined with input demand outstripping supply, led to a survey record increase in average purchase prices. Around three-quarters of manufacturers reported a rise, compared to less than 1% seeing a fall. Cost and market pressures also affected selling prices, which rose at a rate close to October’s series-record.
November saw inflows of new business increase for the tenth straight month, underpinned by stronger UK market conditions, returning customers and rising client confidence. The trend in new export orders worsened, however, with intakes dropping for the third month in a row. There were reports of weaker demand from China, disruption to trade with the EU (in part due to ongoing Brexit complications) and the cancellation of some orders due to extended lead times.
Capacity also remained stretched at UK manufacturers during November, with backlogs of work rising to a near record extent. This supported further job creation in the sector, with employment rising for the eleventh month running and at the quickest pace since August.
Purchasing activity rose for the tenth month running in November. Increased input buying reflected rising production needs, safety stock building and efforts (including overpurchasing) to minimise supply chain delays. Input stock holdings expanded solidly as a result.
UK manufacturers maintained a positive outlook during November, with business optimism rising to a three-month high. Over 63% of companies expected output to rise over the coming 12 months, with only 6% forecasting a decline. Positive sentiment was linked to COVID recovery, economic growth, new product launches, planned marketing campaigns, business expansions, diversification, innovation and reduced supply chain stress.
Commenting on the latest survey results, Rob Dobson, Director at IHS Markit, said: “Although November saw rates of expansion in output and new orders gain some traction, growth remains lacklustre compared to the first half of the year. Manufacturers are facing a challenging backdrop, with rising supply chain disruptions, staff shortages and inflationary pressures stifling growth while ongoing difficulties caused by Brexit and logistical headaches restrict opportunities to expand into overseas markets. New export sales fell for the third straight month.
“Firms costs meanwhile continue to surge relentlessly higher, rising at the steepest pace in the three decades of survey history. Stretched supply chains, component shortages and a vast mismatch between demand and supply are all exerting massive upwards pressure on input costs. This is also filtering through to prices charged at the factory gate, which rose at a rate close to October’s record high.
“For those concerned about the strength of the jobs market as support schemes are withdrawn, positive news is provided by a further solid rise in manufacturing headcounts.
“The current mix of supply-side constraints, cost increases, skill shortages and rising demand for labour will add to the expectations of an imminent rate increase by the central
bank, but the survey highlights how the subdued rate of manufacturing growth and export decline leaves industry in a vulnerable position to any new headwinds, not least the Omicron variant.”
Duncan Brock, Group Director at the Chartered Institute of Procurement & Supply, said: “Sluggish global supply chains remained uppermost in the minds of manufacturers this month. Disruption led to a new three-decade high in terms of mounting prices and supplier
delivery times increased for the 29th consecutive month holding back further output.
“New orders flows exacerbated the problem in manufacturing capacity with the fastest intake for threemonths, and it was the domestic market that made up the majority of the new work. Export orders dropped back again as long lead times, port and shipping difficulties caused some clients to lose patience and opt to source elsewhere.
“This didn’t detract from the optimism in the sector as 63% of manufacturers that conditions would continue to improve – if only in fits and starts. With more success in finding skilled labour they are preparing for supply chain issues to even out and for price rises to subside. 74% of supply chain managers paid more for their goods in November, as prices charged also accelerated at a rapid pace raising fears that the UK economy could over inflate if supply chain disruption doesn’t subside in the first quarter of 2022.”
Programme of financial help for Leicester businesses approved
Additional funding has been approved for the latest series of measures to help Leicester’s economic recovery post Covid-19.
£370,000 has been set aside to deliver a programme of long-term support and development of the city’s creative and cultural economy.
The funding will focus on four key areas, designed to build on existing strengths and set out a sustainable framework for future work.
A total of £30,000 is earmarked for projects working with partners, including both universities, to support research and new thinking into the major economic, social and environmental challenges facing the city, focusing on areas such as support for more ‘green jobs’ in the local economy.
£125,000 will be invested in support for the city’s cultural and creative economy, looking at the viability of major cultural development projects, and devising a longer-term vision for expanding the city’s cultural and creative industries sector. This funding will also support the creation of a new archive celebrating the contribution to the East Midlands of communities from Africa and the Caribbean.
£65,000 will be put into work to attract inward investment into the city, by developing a long-term city growth plan to highlight opportunities for potential investors and developers and support other initiatives to attract investment and drive business recovery.
A programme of “Animating the City” activities, building on the success of the Summer in the City programme, will receive £150,000, to draw up a diverse range of activities to encourage people into the city in 2022.
The work marks the latest stage of work by the city council as part of its Economic Recovery Plan, which was drawn up a year ago to set out a framework for ensuring the city bounced back from the disruption of 2020 and the first part of 2021.
The latest funding will be drawn from money set aside to finance Covid-19 recovery measures.
City Mayor Peter Soulsby said: “We drew up the Economic Recovery Plan back in November 2020 as a roadmap to ensure the city’s economy was able to come back in a strong position after the upheaval caused to the lockdowns.
“This additional funding will help accelerate that recovery as we move forward. The measures set out here are all designed to enable short and long-term growth in the economy, attracting investment, generating footfall and promoting the city, which are all vital steps to ensure we emerge from Covid-19 in as strong a position as possible.”
Derby businesses helping to stop hunger over Christmas with £50,000 appeal
One of Derby’s well-known business figures has launched a £50,000 Christmas appeal with city charities to prevent needy families and individuals going hungry over the festive season.
Claire Twells of Smith Partnership Solicitors, is hoping to persuade 100 businesses to donate £500 to Derby Food 4 Thought Alliance.
Ten (Smith Partnership, Evad Communications, Specsavers, Cosy Foundation, Colleague Box, Champions, Midland Lead, Balls2Marketing, Smith Cooper, Oberoi Consulting and Derbyshire Lord Lieutenant Liz Fothergill) have already signed up, paying a total of £5,000.
Derby Food 4 Thought Alliance was initially set up in 2020 to respond to the immediate needs of people in Derby at the start of the Covid pandemic in March 2020.
It has now progressed to being a longer-term solution supporting the root causes of deprivation and poverty.
Its team works with The Community Hub and 11 food banks around Derby and has given out more than 25,000 food parcels in the city. Last Christmas it delivered food parcels to 850 children across the city.
Claire said: “The £500 donation will provide ten basic family food parcels for a family of two adults and two young children. I really hope business owners can find it in their hearts to help at a time which is so difficult for some families.”
The money would then be spread across the 11 food banks at The Salvation Army, covering Littleover and Mickleover, The Hope Centre (city centre and Darley Abbey), All Churches Together (Alvaston, Allenton, Wilmorton and Boulton), Springwater (Chellaston, Shelton Lock, Osmaston, Sinfin and Stenson Fields), Project Derby (city centre, Normanton, Allenton and Sinfin), Padley Shop (city centre and emergency provision), Padley Centre (provides hot meals and ready meals for people who have no cooking facilities), Food and Education Enterprise (whole of Derby, mainly supporting refugees), Mandela Centre (Peartree), Derby City Mission (city centre), The Pakistan Community Centre – (specialist Halal foodbank, covering mainly Normanton, Arboretum and Sunny Hill) and Aspire Community Shop (Derwent, Chaddesden, Spondon and Oakwood), Ashbourne Road Church (Mackworth and Morley).
Claire added: “It is so sad that people need food banks but, while they do, I think it would be wonderful for those who are better off to help them.”
Using the QR code
or by BACS transfer directly to:
Bank: Lloyds Bank
Account Name: Community Action Derby Ltd
Sort Code: 30-92-59
Account No: 03323744
If you can quote ‘Food for Thought’ this will help allocate the funds.
Those interested can also contact Claire at Claire.Twells@smithpartnership.co.uk or Debbie Jones at DF4TA on Deborah.jones@communityactionderby.org.uk
or by BACS transfer directly to:
Bank: Lloyds Bank
Account Name: Community Action Derby Ltd
Sort Code: 30-92-59
Account No: 03323744
If you can quote ‘Food for Thought’ this will help allocate the funds.
Those interested can also contact Claire at Claire.Twells@smithpartnership.co.uk or Debbie Jones at DF4TA on Deborah.jones@communityactionderby.org.uk Managing Minds at Work: A free online mental health training opportunity for Midlands line managers
Nottingham and Loughborough Universities are trialling an online training course for line managers as part of the Mental Health and Productivity Pilot (MHPP), and are recruiting Midlands employers to get involved.
One in six workers have mental health problems, a leading cause of sickness absence, costing businesses billions of pounds. This training will pilot an interactive training course to help line managers promote and protect the mental well-being of the people they manage.
Dr Craig Bartle, Research Support Officer at University of Nottingham said, “We want to discover if it improves line managers’ awareness, confidence, and skills and identifies any improvements that might be needed.
“The training is free, self-led, and can be undertaken at the most suitable time for individual line managers. It consists of 5 modules of 20-30 minutes each and, therefore, will have a minimal impact on participants’ time.
The training will cover several critical areas including:
- Module 1: Looking after your own mental health
- Module 2: Designing and managing work to promote mental well-being
- Module 3: Management competencies that prevent work-related stress
- Module 4: Developing a psychologically safe workplace
- Module 5: Having conversations about mental health at work.
New low carbon growth fund launched for Nottinghamshire and Derbyshire businesses
Small and medium-sized businesses, public sector organisations, and community groups developing low carbon projects across Derby, Derbyshire, Nottingham, and Nottinghamshire are being urged to apply for investment through the D2N2 Local Enterprise Partnership’s new low carbon growth fund.
The D2N2 low carbon growth fund, which is now open to applications, will invest £6.5 million in low carbon capital projects to create a pipeline of investable propositions which can be match funded to help our region meet challenges around high carbon dioxide output and unclean industrial practices.
Through the funding the D2N2 LEP aims to support a wide range of innovative low carbon projects from across Derby, Derbyshire, Nottingham and Nottinghamshire. Successful projects must be able to clearly demonstrate current or future carbon reductions through carbon sequestration.
Projects awarded funding will be encouraged to support local supply chains, helping to create new jobs and must be able to start delivery in the 2022/23 financial year. Funding will be capped at £1.5 million of D2N2 funding per project to enable the pot to invest in numerous key strategic investments.
Elizabeth Fagan CBE, chair of the D2N2 LEP, said: “The recent COP 26 UN Climate Change Conference in Glasgow highlighted the urgent need to take action now. The launch of our Low Carbon Growth Fund signals our region’s ongoing commitment to reduce carbon emissions and support the growth of our green economy.
“Investing in low carbon capital projects will support the delivery of our Recovery and Growth Strategy and our strategic aim of delivering the UK’s largest carbon turnaround.”
Regional disparities already arising in nascent green jobs market
The transformation to a net zero economy is feeding through to the employment market, accounting for 1.2% of total advertised jobs, equating to 124,600 new jobs, for the year to July 2021. However, disparities are already arising in how the transition to greener jobs is affecting different parts of the UK.
These findings come from PwC’s Green Jobs Barometer – a first of its kind analysis, tracking movements in green job creation, job loss, carbon intensity of employment, and worker sentiment across regions and sectors.
Currently the proportion of new green jobs is small, but each new green job generates a further 1.4 jobs (rising to 6 jobs for sectors closely aligned to the energy transition), through increased demand for goods and services in the supply chain. This figure should also grow as the UK accelerates efforts to transition to net zero. Nevertheless, the scale-up will need to intensify to meet Government targets of two million green jobs by 2030.
Moreover, work is needed to ensure the green jobs transition doesn’t exacerbate regional inequalities. The West Midlands, Yorkshire & the Humber, Northern Ireland and Wales are the lowest ranking regions across all aspects of the Green Jobs Barometer. Scotland and London are the top performers.
Kevin Ellis, Chairman and Senior Partner at PwC, said: “Jobs are getting greener and this is cause for optimism, but evidence is needed on the level and distribution of these opportunities. Left unchecked, green employment will grow in the most fertile spots, but not necessarily where they’re needed most.
“Our research indicates where support and investment needs to be targeted. Green jobs in energy, utilities and manufacturing sectors have a greater knock-on effect on employment, generating further jobs. Likewise, regions including Northern Ireland and Wales may see a disproportionate rise in green energy and jobs, given their current reliance on carbon intensive fuels. By acting now, we have a massive opportunity to rebalance the economy and ensure a fair transition.”
The research highlights workers’ fears about the impact of the net zero transition, with 5% expecting their job will disappear during the net zero transition, which would equate to 1.7 million jobs. PwC’s analysis suggests this figure is likely higher than the eventual reality, as many jobs will be easily repurposed for a green economy, and will be easily surpassed by new green jobs – creating a Net Jobs gain. Some sectors will clearly be impacted by job loss more than others. The sectors with the biggest share of sunset jobs are electricity, gas, utilities and waste. The latter provide support and advisory services, which can be more easily transitioned to other sectors.
Regionally, the largest relative impact of job loss will be felt in Scotland (9.4%) and the East Midlands (8.1%), in second place for sunset job losses – driven mainly by relatively high concentrations of workers in mining, manufacturing and utilities sectors, where the risk of job loss is greater than other sectors. The research also shows the East Midlands has an above average sentiment score on the environmental friendliness of their jobs.
Matt Hammond, Midlands Region Leader, PwC, added: “The research highlights the Midlands must address with speed the impact of a net zero economy. The West Midlands is amongst one of the poorest performing on the index among England’s regions, placing 9th on the index out of 12, with the East Midlands in 7th position. The East Midlands is also in second place for sunset job losses – driven by relatively high concentrations of workers in mining, manufacturing and utilities sectors.
“The impact of the net zero transition will be profound and there is a very real risk that people and communities could be left behind. The focus shouldn’t just be on the number of jobs at risk, but where they are concentrated, both in terms of industries and communities.
“It is incumbent on all of us to ensure that a reduction in economic opportunity is not the legacy of the green transition. Green jobs must not become elite jobs. With targeted policies, investment, and training, and collaboration between government, business and education providers, a green future can be a future of employment for everyone.
“It is however encouraging to see the commitment from the West Midlands Combined Authority, Midlands Local Enterprise Partnerships and City Councils in building a greener economy, transportation and skills development in this area, through various green strategies and net zero and carbon neutral commitments.
“This includes the aspirations for the Birmingham 2022 Commonwealth Games, which will be the first ever carbon neutral Games and will also provide employment opportunities and upskill the workforce in the region. As well as transportation initiatives such as the £22 million Future Transport Zone – which is trialing ground-breaking projects such as mobility credits and demand responsive bus services and the proposed gigafactory to build batteries for electric cars in Coventry.”
Pendragon increases profit guidance to £80m
Pendragon, the Nottingham car retailer, has boosted its profit guidance following a strong start to its fourth quarter.
In a trading update, the company announced it would be increasing underlying profit before tax guidance for the full year to 31 December 2021 from approximately £70m to approximately £80m.
Pendragon said: “The Group has continued to perform strongly during the first two months of Q4 FY21. Whilst the shortfall in the supply of new vehicles persists, customer demand and order levels have continued at a higher level than last year.
“Despite demand outpacing deliveries, the shortfall in October and November was lower than we had previously anticipated and performance has been supported by a strong gross profit per unit.
“In addition, we are continuing to see robust performance in used vehicles following successful implementation of the Group’s strategy, which continues to drive improved gross profit per unit, underpinned by favourable market conditions. The overall Group performance continues to be supported by cost and efficiency savings realised through the successful delivery of the strategy.
“We remain cautious about potential further disruption from Covid-19 to both our local markets and global supply chains, however, our strong financial performance, with only one month of the financial year remaining, means we now expect Group underlying profit before tax for FY21 to be approximately £80m.
“The Board is confident that the Group’s strategy positions it well to respond to the ongoing market uncertainty and to capitalise on any resultant opportunities.”
