Air conditioning and heating business expands in Mansfield
Oceanair UK Limited, an award-winning distributor of air conditioning and heating products, has expanded on Millennium Business Park in Mansfield.
Their existing air conditioning business has seen growth in the domestic air conditioning market and a massive growth in air to water heat pumps ahead of boilers being banned in new builds from 2025.
The industrial unit comprises 6,597ft² of warehouse space with 6 metre eaves, being ideal for Oceanair UK’s storage requirement due to their growth.
Anthony Barrowcliffe of FHP Property Consultants said: “Unit 3C Isabella Court is personally my ninth completed industrial transaction in the Mansfield area this year with a further three properties under offer. The Mansfield area is a fantastic industrial market with excellent access to the M1 and huge employment opportunities.
“The unit in its isolation was a great letting for both landlord and tenant and it was a pleasure to work with Tony Evanson, Managing Director of Oceanair UK Limited, who was honest, straightforward and did everything promised to a high professional level.”
Tony Evanson, Managing Director of Oceanair UK Limited, said: “As gas boilers are being phased out in favour of air source heat pumps it was imperative we increased our storage capability to keep up with demand, Anthony worked closely with us and expedited the whole transaction in a very timely manner.”
4 in 10 business leaders say regulation has a negative impact on their organisation
The Institute of Directors (IoD) has published data showing that the negative impact of regulation is only exceeded by that of the Coronavirus pandemic and employment taxes, and has called for the Government to do a better job in shaping a more business-friendly regulatory framework.
In a recent IoD survey of over 600 directors, 40% stated that compliance with Government regulation was having a negative impact on their organisation, compared to 53% for the Coronavirus outbreak, 41% for employment taxes, 40% for UK economic conditions and 39% for skills shortages/employee skills gaps.
In the IoD’s response to the BEIS consultation, ‘Reforming the Framework for Better Regulation’, Dr Roger Barker, director of policy, said: “In order for business to play a meaningful role in building back better, it is essential for the Government to do a better job in shaping a more business-friendly regulatory framework.
“New business regulation must be more critically scrutinised in order to ensure that it is effective, proportionate and free from unintended consequences.
“The process would be more robust if it incorporated a more central role for an independent scrutiny body, like the Regulatory Policy Committee (RPC), at an earlier stage of the policy making process.
“Similarly, we would like to see the government’s own impact assessments of proposed regulatory changes always published at the consultation stage so that they can be taken into account before the legislation is introduced into Parliament.
“As well as assessing individual regulatory proposals, a broader view of the cumulative impact of regulation is also required. This broader perspective should be developed in the context of an overarching objective to reduce unnecessary regulatory burdens on business.
“The previously employed offsetting approach of ‘One In, Two Out’ has not been particularly effective in controlling the aggregate regulatory burden on business. It is not the number of regulations that matters to business, but rather their effectiveness and impact on business activity.”
Light Science Technologies joins AIM
Light Science Technologies Holdings plc, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, has floated on AIM.
In a successful placing the Derbyshire-headquartered company has raised gross proceeds of £5.2. million and joins with a market capitalisation of approximately £17.4 million.
Simon Deacon, CEO of Light Science Technologies Holdings plc, said: “We are delighted to be joining AIM, and welcome the support shown by our investors in this tremendous milestone for the company.
“We look forward to delivering shareholder value as we take advantage of the substantial CEA pipeline and bolster the capacity of our CEM division.”
The net proceeds of the placing are intended to be used to accelerate the group’s growth, primarily through its CEA operations, by expanding its UK scientific laboratory grow room, enhancing marketing campaigns, product design, tooling and development, geographic expansion into the Netherlands and for ongoing working capital purposes.
Astronaut Tim Peake to open Space Park Leicester
Tim Peake will be on hand to declare Space Park Leicester officially open at a special ceremony next spring.
The first British astronaut to visit the International Space Station will attend Leicester’s pioneering £100 million research, innovation and teaching hub for space-related high-tech companies and researchers for an official invitation only opening ceremony on Monday 14 March 2022.
Developed by the University of Leicester in collaboration with local, national and international partners, the 4,800m2 facility provides a base for space scientists, researchers and business minds to collaboratively work together from offices, shared laboratories, teaching facilities and co-working spaces.
In April representatives from construction company Bowmer + Kirkland handed over the keys to the building, marking a significant milestone in the completion of the first phase of the project, which opened this summer.
To date organisations joining space, climate and Earth observation scientists include: AST SpaceMobile, developers of the first space-based cellular broadband network for mobile phones, Satellite Applications Catapult, a government-backed technology and innovation company, space solutions specialists Northrup Grumman, air quality expert EarthSense, and Omnidea, an international space technology company.
The second phase of the development, also for collaborative work between industry and academia, will provide state-of-the-art laboratories and workshops focussed on Artificial Intelligence and robot-assisted satellite production.
Professor Richard Ambrosi, Professor of Space Instrumentation and Space Nuclear Power Systems in the University’s School of Physics and Astronomy, said: “We are absolutely delighted to announce that Tim Peake will join us at what will be a momentous celebration for Leicester, the East Midlands and the rest of the country.
“Being able to celebrate our magnificent facility and Leicester’s six decades of experience in space and Earth observation science, as well as one of the largest groupings of space-related researchers of any institution in the UK, together with Britain’s very own astronaut, will mark the start of something special.
“We are incredibly grateful to all of our partners for recognising the leading research taking place at the University of Leicester. Their support will enable us to develop innovative technologies and methods to transform our understanding of space and our own planet in the future.”
Space Park Leicester aims to leverage that capability and capacity to attract and grow space and space-enabled businesses. In doing so, it will bring jobs to the East Midlands as well as create expanded opportunities for students and the wider community.
Tim said: “Teamwork and communication are vital skills for any successful space mission – two key themes that resonate with Space Park Leicester, developed to provide a unique offering of collaborative work between University researchers and the private sector, working side by side to develop technologies and processes to be used in space.
“Space Park Leicester will highlight the exciting careers available within the space sector and help to train, educate and inspire our future generations.”
New funding to support culture and creative industries in Derbyshire
Derbyshire County Council is setting £1 million aside to boost culture and creative industries across the county after Cabinet members approved plans.
The funding, which will be earmarked from the council’s COVID-19 Recovery Fund, will be used to deliver a series of initiatives drawn-up in partnership with the Culture, Heritage and Tourism (CHAT) Board – a partnership which includes local councils working alongside some of Derbyshire’s key visitor attractions, higher education providers and organisations such as Arts Council England, National Heritage Lottery Fund, Marketing Peak District and Derbyshire, Arts Derbyshire and Derbyshire Museums and Heritage Forum.
Leader of Derbyshire County Council, Councillor Barry Lewis, said: “Derbyshire has a vibrant creative community and rich cultural heritage which are key to the county’s identity and unique story.
“The impact of COVID-19 has been devastating to Derbyshire’s creative and cultural economy, alongside the wider visitor economy, with those businesses that rely on attracting audiences and visitors some of the very last to return to normal operation.
“This funding will help support these businesses which make a valuable contribution to the vibrancy and vitality of our county, and in particular our 27 market towns across Derbyshire, which we are supporting to recover from the pandemic and the trend for online shopping.”
The plans include a series of initiatives which will be launched to:
- develop and diversify Derbyshire’s creative talent
- celebrate Derbyshire’s cultural heritage, stories, landscape and people
- use culture and creativity to help revitalise and attract more people to Derbyshire’s town centres
- develop distinctive signature projects, of scale and quality, to provide attractions for local audiences and visitors
- provide leadership, support and collaboration for culture heritage and tourism sectors across Derby and Derbyshire.
Notts business leaders challenged to join fight against homelessness
ON Thursday 11 November 2021, bosses, and senior members of staff from business across Nottingham and Nottinghamshire will take part in this year’s CEO Sleepout in support of local charities aiming to tackle homelessness and poverty.
CEO Sleepout has partnered with Nottingham-based charities; The Friary, Emmanuel House Support Centre, and Notts County Foundation, to bring together senior level executives and corporation owners from the local business community to spend a night under the stars at Meadow Lane.
Bianca Robinson, Chief Executive Officer of CEO Sleepout, said: “While it’s only for one night, and doesn’t come close to representing what homeless people experience on a daily basis, CEO Sleepout aims to raise awareness of and financially support the work of both local and national organisations looking to tackle the issue of homelessness.
“We are incredibly grateful for the many businesspeople who have taken part in our fundraising events across the country and want to challenge the Nottingham business community to get involved. We are inviting chief executives, senior members of staff and their teams from across Nottinghamshire to take part in what’s shaping up to be a memorable and rewarding night in support of a truly invaluable cause.”
Since the charity was founded in 2013, CEO Sleepout has held fundraising events at venues across the country, including Wembley Stadium, St James’ Park, Old Trafford Cricket Ground, The Alnwick Garden, and Lord’s Cricket Ground – raising more than £2.9m to date.
Sam Crawford, Head of Business Development at Notts County Foundation, said: “We are delighted to be, once again, supporting this fantastic initiative in Nottingham. Homelessness is such a prevalent issue across the entirety of the UK and organisations such as CEO Sleepout are undertaking crucial work to support some of the most vulnerable people in society.
“Placing yourself in someone else’s shoes and experiencing a small part of the struggles they face every day allows us to better understand life from difference perspectives, and in turn, educate ourselves on how we can better support those who need it the most.”
Representatives from several Nottinghamshire businesses, including John Pye, 200 Degrees, Nottingham City Transport, The Dairy, Page Kirk, blOKes, and Hallam have already pledged their support to this year’s CEO Sleepout, and encouraging others to do the same.
Ben Talbot, Chief Executive Officer of The Friary, said: “CEO Sleepout gives people the chance for both charity partners and the local business community to come together and raise awareness of the challenges faced by individuals either sleeping rough or at risk of homelessness. All the money raised is invested solely in ensuring both practical and emotional support is on-hand and available for those in need whenever required.”
Since 2017, CEO Sleepout events in Nottingham have raised £164,317 in the fight against homelessness, all of which has changed the lives of many people in the local area.
Denis Tully, Chief Executive Officer of Emmanuel House, said: “It’s easy to feel that we are all protected, but anyone can become homeless. Accountants, lawyers, teachers, children, and families – and they do. It just takes a mortgage or an illness. Business has special skills and talents not found in other sectors and can make a vital and important contribution to ending homelessness. Nottingham’s CEO Sleepout is a small challenge that can make a big local contribution towards ending homelessness.”
Planning permission granted for Stamford mixed-use scheme
Burghley and South Kesteven District Council have received planning permission for the St Martin’s Park development on Barnack Road, Stamford.
Last year Burghley and South Kesteven District Council announced they were collaborating to bring forward plans for the 14.7-hectare Barnack Road site which includes a designated commercial area; a mixed-use area; a retirement village; a range of residential properties, including 30% affordable homes; and areas of green and open space.
After carrying out stakeholder and public consultation in May and June 2020, the St Martin’s Park application was submitted in November 2020.
David Pennell, CEO of Burghley, said: “On behalf of both landowners we are delighted that our application for a quality driven mixed-use scheme at St Martins Park has been approved.
“We believe that this development will bring opportunity for Stamford and the surrounding area, the wider local economy and businesses, and that through long term sensitive sustainable development our town will become stronger and more resilient to the challenges ahead.
“We are excited to keep working with SKDC to ensure the delivery of St Martin’s Park that meets the needs of the current and future generations of Stamford, whilst protecting our wonderful heritage.”
Notts makes shortlist to host ‘world’s first’ fusion energy plant
An existing coal-fired power station in Nottinghamshire has made the shortlist of what is hoped to be the world’s first prototype fusion energy plant.
Part of the site at Ratcliffe-on-Soar has made it to the final five as part of a national search for potential locations by the government for alternative energy plants, with the final decision due to be announced in late 2022.
The UK Government is bidding to be the first to develop a commercial power station that will use the energy produced by fusion reactions to generate electricity. Fusion offers an inherently safe and virtually limitless source of clean electricity by copying the processes that power the sun.
The ambitious project – Spherical Tokamak for Energy Production – known as STEP, is being led by the UK Atomic Energy Authority (UKAEA).
The authority announced that part of the Ratcliffe-on-Soar power station site will now progress to the final stage of assessment and has the potential to host the fusion power station, aimed to be built by 2040.
West Burton A, near Retford, which was also being considered as part of the 15-strong long-list, announced earlier this summer, has made the reserve list. Although it won’t be immediately assessed alongside the shortlisted sites, it will be brought into the process by the end of this year if any of the five sites fall out of the process.
Nottinghamshire County Council coordinated this nomination process for the county working with several partners, including the landowners of these sites as well as Rushcliffe Borough Council and Bassetlaw District Council.
Councillor Ben Bradley MP, leader of Nottinghamshire County Council, said: “For a Nottinghamshire site to get down to the final five is incredible. We are another step closer to this being a reality.
“Achieving STEP would bring massive benefits to the county, putting it at the heart of the government’s plans to revolutionise the way we generate energy in the UK.
“It would build on the existing strengths of our universities and manufacturing sectors, but would also create new skills, training, and thousands of highly skilled jobs, attracting investment and delivering amazing overall benefits to our regional economy including the lucrative opportunities for the local supply chain to help construct the plant.
“While it would have been phenomenal to have two sites in the final five, the benefits will be felt across the whole county, should we be successful. It is also encouraging that West Burton A is the only site to be kept on as a reserve, which shows the strength of its bid.
“We are an ambitious county and have a proud heritage of producing energy which helped power the industrial revolution, but looking to the future, we want to be at the heart of the UK green energy revolution.
“As global energy demand continues to grow, this technology is expected to play a crucial role in helping to achieve net zero emissions – in a safe and sustainable way – during the second half of this century.”
Paul Methven, STEP Programme Director at UKAEA, said: “This is an important step forward in the process to find a home for STEP somewhere in the UK. We were pleased to receive a number of really good nominations during the open call for sites at the beginning of the year, including both Ratcliffe-on-Soar and West Burton A.
“Following this phase of assessment and recommendations made to the Minister, we’re delighted to have a strong shortlist of five sites with West Burton A in reserve. We’re looking forward to the next phase of assessment and the opportunity to find out even more about each of the sites and communities on the shortlist.”
UKAEA plan to start working with the shortlisted sites and local communities to gain a more in-depth understanding of the socio-economic, commercial and technical conditions associated with each site before making final recommendations to the Secretary of State in 2022.
UK Atomic Energy Authority (UKAEA) will be responsible for all aspects of the development, consenting, construction and operation of the proposed facility.
Loughborough software company sold to US business
Accrosoft Limited, a recruitment and employee onboarding software company, has been sold to Acendre Technologies Inc., a global HR software business headquartered in the US.
Based in Loughborough, Accrosoft was founded in 2008 by Alex Khakbiz and Mitesh Chauhan, experienced SaaS entrepreneurs. Accrosoft’s Vacancy Filler (VF) software streamlines talent acquisition and recruitment management for organisations.
Foresight Group LLP originally invested in Accrosoft in August 2018. Since then the private equity investment manager has taken a proactive approach alongside the management team to strengthen the business, accelerating both product development and commercial activities.
The company has established several strategic partnerships to extend the platform’s functionality and developed a range of features to strengthen its offering in its core markets, including education, the public sector, leisure and retail. This successful exit returns 2x to Foresight funds in a little more than three years with further upside for investors given the ongoing investment in Weduc.
Prior to the sale of Accrosoft, its subsidiary, Weduc, was spun out with Foresight’s funds retaining their shareholding. Weduc is a communication platform sold into the education sector and was initially launched in 2017.
The company has grown significantly since Foresight’s original investment, doubling its customer numbers over the past year following a £1.4m funding round in December 2020 led by Foresight and the management team. Weduc is expected to continue on this growth trajectory over the coming years, taking advantage of the increasing digitisation of the education sector.
Acendre and Accrosoft’s VF product are complementary businesses and by joining forces they will be able to offer a recruitment and HR management software platform across a much wider customer base as well as establishing a presence in Europe.
This transaction represents the sixth successful realisation by Foresight’s Private Equity team in the last 12 months.
Alex Khakbiz, CEO of Accrosoft, said: “Foresight’s support over the last three years has been invaluable in taking our business to the next level. We are delighted to begin the next chapter of our company’s journey with Acendre, which will enable us to showcase our Loughborough, UK-born technology offerings on a global scale.”
David Miles, senior investment manager at Foresight, added: “It has been a pleasure to work with Alex, Mitesh and the whole Accrosoft team over the last three years. This sale, to a large US buyer, validates Foresight’s approach of supporting regional UK businesses in their ambitions to become global players. This realisation delivers an attractive financial return to investors, while offering the opportunity for further upside through the remaining holding in Weduc.”
Foresight and the other shareholders were advised by Acuity Advisors and Shakespeare Martineau. RSM and RW Blears provided tax structuring advice.
69-acre logistics site acquired in Corby
Intermediate Capital Group (ICG) has acquired a 69-acre mission critical open storage & logistics site from Rockingham Automotive LLP in Corby, by way of a 25 year lease to STVA UK Limited.
STVA UK Limited is a subsidiary of Group CAT, an independent operator in transport and vehicle logistics. STVA has this year relocated to the purpose built site, as they continue to grow their compound management and services business. The site ensures the business is positioned to take advantage of changing habits and regulatory developments and is fully equipped to support the anticipated rollout of electric cars.
Chad Brown, investment director of sale & leaseback at ICG, said: “This is an attractive deal for ICG, supported by growing demand for limited open storage capacity. We look forward to working with STVA UK, as they continue to evolve their model.
“We continue to actively seek opportunities and are targeting mission critical assets across continental Europe and the UK. We have circa €1bn to invest and will look at all sectors and opportunities, where the importance of the asset to the tenant is evident.”
M1 brokered the transaction and advised Rockingham Automotive LLP. ICG was advised by JLL.
