Opus Trust Communications, the omnichannel communications specialist headquartered in Leicester, will become a £110m turnover business as it acquires Adare SEC for an undisclosed sum from its private equity owners, Endless LLP.
With sites in Huddersfield, Redditch and Nottingham, Adare SEC is an integrated communications provider specialising in very similar sectors to Opus Trust.
The deal will take the headcount at Opus Trust Communications from 180 to 530, exemplifying the size and scale of the agreement.
Following the strategic acquisition of Critiqom in 2019 and DocCentrics in 2020, the company will once again strengthen its capabilities and geographic footprint within the transactional communications market.
Chief Executive of Opus Trust Communications, Tony Strong, says: “This acquisition is a significant moment in our story, and we look forward to welcoming both colleagues and clients from Adare SEC to the Opus Trust Group.
“While the market is contracting, we are investing to allow us to grow at scale and pace. We made the commitment to become a £100m business within five years and have achieved that in under three.
“With complementary specialisms, we are now a much larger and more resilient business, but we don’t want to lose sight of our values or our wider ambitions. Our focus is to become the largest and best transactional communications partner in the UK market.
“As an acquisitive organisation we are already looking at further opportunities, however the relationships we have with our customers and the way we work so closely with them will remain our point of difference.”
Rachael Nevins, CEO of Adare SEC, says: “When we began the sale process of Adare SEC, we wanted to ensure that the business found the right new ownership. We are delighted that Opus Trust is that new partner who shares our vision of the future of the industry, our culture and our values.”
As part of the sale, Ms Nevins will be stepping down from her role as CEO.
She continues: “It has been an honour to lead Adare SEC and its fantastic workforce over the last four years. All of our colleagues had to go the extra mile in recent times, dealing with impact of the pandemic, and I am humbled to have had the opportunity to represent them all.”
James Woolley, partner at Endless, added: “The sale to Opus Trust represents the culmination of five years of work to transform the business into a leading digital and integrated communications company in this industry. It has been a pleasure to work with Rachael and her executive team and I wish them, and all of our colleagues at Adare SEC, a bright future as part of the Opus Trust Group.”
A Lincolnshire housebuilder has been purchased by a global investment management firm.
Current owners Karl and Helen Hick have sold the home building activities of the company to the funds managed by PIMCO.
John Anderson, the current Chief Executive Officer of Larkfleet Group, and Alastair Gordon Stewart, current Chief Financial Officer, will stay on to lead the company under the new ownership.
PIMCO’s decision to purchase the company reflects the heritage of the brand that Karl and Helen have built over twenty years, creating the platform for significant further growth, and the strength and experience of the senior management team.
The sale covers all the house building activities of Larkfleet Group. The new company will continue to trade under the brand names Larkfleet Homes and Allison Homes.
PIMCO will back the existing management team with significant investment to help deliver the business’s ambitious strategy to deliver over 2,000 homes a year within the next five years, maintaining a focus on the delivery of high-quality developments using innovative technology and construction methods.
Karl is to remain as an advisor to the new company to help the transition. Karl will also retain a financial interest in major existing housing projects.
Karl and Helen will retain all the non-home building interests of the Larkfleet Group and will continue their work supporting community and charitable projects, particularly the recently formed Karl and Helen Hick Charitable Trust.
Bellrock Property & Facilities Management Limited, a provider of specialist risk focused workplace & property management solutions in the UK, has, after a successful partnership with Horizon Capital, secured new ownership and backing from Sun European Partners, LLP to accelerate its potential for future growth.
Sun European is a private investment advisory firm that focuses on defensible businesses in growing markets with tangible improvement opportunities. Sun European’s focus on leading well performing businesses with strong management teams and good prospects will secure future growth for Bellrock. This new partnership will enable Bellrock to capitalise on their unique and differentiated business model through its proprietary and integrated technology platform Concerto.
During Horizon Capital’s ownership, Bellrock has seen its revenues quadruple to over £160m. In addition to organic growth, the acquisition of 11 add-on companies has built scale, depth in new sectors and geographic reach while broadening Bellrock’s capability set and adding strength to its technology offering. The transformation has been underpinned by continuous investment in Concerto, putting Bellrock in a position to capitalise on estate digitisation and future trends in the FM and property market.
David Smith, Chief Executive Officer, Bellrock Property & Facilities Management, said: “We are very excited to be partnering with Sun European Partners, giving us the opportunity to accelerate growth, focusing on key market challenges around sustainability and carbon net zero, whilst continuing our investment in disruptive technologies such as advanced automation and data analytics.
“Sun European Partners has an excellent track record of driving growth within its portfolio companies, leveraging its operational experience to support defensible businesses which makes them the ideal partner for us.
“I would like to thank Horizon Capital, who through our journey together, have helped us deliver, expand, and evolve Bellrock into the market-leader it is today. We are proud to offer the FM market a differentiated proposition challenging the traditional low service FM delivery model. Our management team are fully committed and excited about the next stage of our journey and working with Sun Capital to realise the full potential of the business.”
Gerry Higgins, chairman, Bellrock Property & Facilities Management, said: “Witnessing Bellrock’s growth from a small retail focused Facilities Management provider into its present position as the UK’s leading holistic FM and property services business has been one of the highlights of my business career.
“With technology at its core and customer service firmly established in its DNA, the company is now uniquely positioned to benefit from the opportunities provided through this exciting partnership with Sun European Partners.
“Clear strategic insight coupled with supportive capital investment from Horizon Capital has enabled David and his team to build an innovative, market disrupter in the traditional property and FM sector. I would like to thank our advisors Rothschild & Co, Travers Smith, Graph Strategy and KPMG for their support in helping make this transaction possible.”
Paul Daccus, Managing Director, Sun European Partners, said: “We are very excited to be partnering with Bellrock and continue its excellent track record of organic growth as well as its buy and build strategy.
“They have a highly experienced management team with a proven track record of integrating acquisitions and gaining market share through their proprietary software offering. We look forward to partnering with the team as they transition to their next phase of growth.”
HBD has submitted detailed planning for its 426,000 sq ft New Horizon industrial scheme following a £53.8m forward funding deal with Oxenwood Real Estate, announced in September.
New Horizon is a landmark 28-acre site, part of the former Imperial Tobacco plant. The redevelopment will see the delivery of seven new industrial buildings up to 145,000 sq ft, all of which will be developed on a speculative basis.
The development secured outline planning consent in 2019. Now, detailed plans have been submitted to Nottingham City Council for permission for go-ahead at the site.
HBD is aiming to start on site early next year, with completion expected in Q1 2023 following the earlier demolition of the Imperial Tobacco factory.
The developer has repurposed or recycled more than 90% of the original structure throughout the redevelopment of the brownfield site. The team has used various techniques to reduce the scheme’s environmental impact, such as the crushing and reuse of concrete from the old building.
Justin Sheldon, director and head of region at HBD, said: “This is a major scheme for Nottingham – it will not only bring a disused brownfield site back into use, but could create up to 1,000 new jobs.
“New Horizon is a very well-located scheme and the new units will help to meet established demand for industrial stock in the Midlands, which remains in very short supply.”
Lorraine Baggs, head of inward investment at Invest in Nottingham, said: “Developments like New Horizon play a vital role in ensuring that Nottingham has the right space to attract businesses into the city, while also regenerating and restoring life to our old industrial sites and creating much-needed new jobs. This is a fantastic scheme and we look forward to seeing it take shape early next year.”
Equity investment firm Foresight Group and other minority investors, have successfully exited Castle Donington-based Selazar, a logistics management software platform, after the firm sealed a multi-million pound investment from an unnamed investor.
Based in Castle Donington, Belfast and London, Selazar is an end-to-end eCommerce fulfilment platform which aims to simplify and reduce the costs of fulfilling ecommerce sales orders for retailers and logistics providers.
Selazar connects the four major components of ecommerce order fulfilment: product suppliers, fulfilment centres, couriers and retailers. Retailers are able to readily view and manage their stock, sales orders and returns through a single, unified platform.
Foresight has taken a proactive approach alongside the management team to strengthen the business. Since the investment round in November 2019 led by Foresight, Selazar has fully launched its proprietary software platform and opened a base in Castle Donington, Leicestershire, strategically positioned in an area with a strong logistics presence.
This also gave the company access to the large SME retailer market and its fulfilment partners, which has supported material growth in the company’s customer base. To meet this demand, Selazar has grown its team, with 30 jobs created.
Selazar’s new investment partner will provide £20m of further growth capital to support expansion across Europe, the US and Latin America with total headcount projected to quadruple over the next year.
The sale represents a return of 3.4x to Foresight with an IRR of 135% after less than two years and the first successful exit for the Foresight Midlands Engine Investment Fund. This is also the seventh exit completed by Foresight’s Private Equity team in the last 12 months.
Jack Williams, CEO of Selazar, said: “Foresight’s support over the last two years has been invaluable in helping us establish our business, launch our innovative platform to market and deliver those initial, critical phases of growth. Through the support of Foresight and other investors, we have been able to attract our new investment partner, which will help us achieve our next phase of global growth.”
Adam Huckerby, senior investment manager at Foresight, added: “It has been a pleasure to work with Jack and the whole Selazar team over the last two years. This is an excellent example of how emerging businesses can benefit from regional funding initiatives such as the Midlands Engine Investment Fund to support their growth plans and as a bridge to a larger investor. We wish the team all the best in the next chapter of their exciting journey.”
Kevin Harris, chair of the LLEP Board of Directors, said: “It’s great news to see a Leicestershire business receive investment through the Midlands Engine Investment Fund and move to the next stage of growth. This success story has also created 30 local jobs in LLEP priority sectors of tech and advanced logistics, with more to come as the business continues to grow.
“The Midland Engine Investment Fund was set up to support businesses to grow and create jobs across the region and I am delighted to see another Leicestershire business benefit from the fund. I wish Salazar every success for the future.”
Foresight and the other shareholders were advised by Browne Jacobson, Tughans and PwC.
Output volumes among manufacturing SMEs saw slower growth in the three months to October, while fears that labour and materials shortages could impact future production hit an all-time high.
The CBI’s latest SME Trends Survey – completed by 249 companies – shows that growth slowed over the past three months, following July’s record rise in output. However, growth remains solid in comparison to the long-run average, and is also expected to pick up again in the coming quarter.
Total new orders growth also remained firm despite easing on last quarter’s record-high rate, reflecting an easing in both domestic and export orders growth. SME manufacturers expect total new orders growth to be maintained at a similar pace next quarter.
The three months to October saw further strong growth in firms’ headcounts, despite the rate slowing slightly from July’s record high – with expectations for headcount growth to accelerate again in the coming quarter.
However, almost two-thirds of SME manufacturers reported concerns that supply of materials/components could impact output in the next three months – the highest share on record (since 1988).
Concerns over the availability of skilled labour (46%) and other labour (25%) were also higher than at any other time in the survey data’s 33-year history.
Firms reported that growth in average unit costs, domestic prices, and export prices in the three months to October sped up to their quickest on record, and growth in all three is expected to accelerate further next quarter.
Elsewhere, business sentiment was broadly flat after having grown rapidly in the past two quarters. Investment intentions for the year ahead softened somewhat on the previous quarter, but generally remained strong.
Alpesh Paleja, CBI Lead Economist, said: “The optimism of summer has given way to an uncertain autumn for SMEs in the manufacturing sector, as firms struggle with persistent supply challenges and acute cost and price pressures.
“It has been encouraging to see Government recognise the issues facing businesses and begin to take action to address supply chain issues and skills shortages. Creation of the new supply chain taskforce is a welcome step, and crucially utilises expertise in understanding and addressing these challenges.
“Business and Government working together is the best way to restore momentum to the UK recovery, and move towards building the high-wage, high-skill, high-investment, high-productivity economy that we all want to see.”
Small businesses are keen to reduce carbon emissions, become more sustainable and achieve net zero status, but will require support and smart policies to help them along the way, according to a new FSB report.
The study, Accelerating Progress: Empowering small businesses on the journey to net zero, has been launched to coincide with COP26, as well as FSB’s Small Business Net Zero Conference, and pulls together findings from a 1,200-strong small business survey.
A clear majority (56%) believe that the planet is facing a climate crisis – but only a third (36%) have a formal plan in place to combat climate change within their business.
Many have, however, taken meaningful steps towards becoming more sustainable, with two thirds (67%) addressing energy usage, and nearly a fifth (18%) investing in microgeneration.
Amongst those who have not yet taken action to reduce energy usage, a significant proportion cite uncertainty around return on investment (24%) and a lack of sufficient capital to invest in assets such as heat pumps and solar panels (22%).
Where waste is concerned, two thirds (64%) of small firms have increased recycling and half (50%) have taken steps to eliminate waste wherever possible.
With regards to the move to zero emissions vehicles (ZEVs), close to half (46%) of those surveyed cite the extra expense of ZEVs as a barrier to change, and a third (35%) say poor provision of charging points is holding them back – one in six (16%) cite the lack of an established second-hand market for ZEVs.
Over half (54%) of small businesses say that grants or low-interest loans would be a strong incentive to become more energy-efficient, while three in ten (28%) say a discount on business rates would encourage them to do so.
In light of the findings, FSB is urging the Government to:
Launch a Help to Green initiative, modelled on Help to Grow, encompassing £5,000 vouchers that businesses could spend on environmental products and services. Vouchers could be used to fund an audit of a firm’s carbon footprint coupled with advice on how to reduce greenhouse gas emissions, or enable firms to replace equipment and materials to become more energy-efficient.
Introduce a scrappage scheme through which diesel commercial vehicles could be recycled in exchange for grants that could be put towards cleaner hybrids and ZEVs – providing businesses with £2,000 for each qualifying disposal.
Work with Ofgem to establish a taskforce of suppliers, small business landlords and business groups to agree how to cut energy use in rented premises. The taskforce could learn from examples where landlords and tenants have cooperated to green their premises, and consider further interventions to allow small businesses to take ownership of their own energy use.
Lower the capital requirements banks must adhere to when lending to businesses for green improvements. Current capital requirements act as a brake on banks releasing funds in the form of loans to small businesses looking to invest in green technologies and improvements.
Set out target-based infrastructure strategies to deliver necessary ZEV charging infrastructure by 2030. As things stand, the number of ZEVs being purchased is outstripping the number of charging and rapid charging points on motorways and highways across the UK.
FSB development manager, Natalie Gasson-McKinley, said: “Adopting sustainable practices on the journey to net zero is everyone’s duty. Small businesses are keen to play their part, but often don’t have the resources, deep pockets and dedicated specialists enjoyed by their larger counterparts, so can find identifying and taking the necessary steps a challenge.
“However we know from our survey that East Midlands small businesses are more likely to say they have taken steps towards net zero emissions, in comparison to small businesses in other areas of the UK. Small businesses within the East Midlands are now asking for more support from Local Enterprise Partnerships to help them do even more.
“With world leaders converging on Glasgow for COP, we need much more than a talking shop to ensure that more businesses in the region have the confidence to take steps towards net zero. This moment must be a catalyst, for governments to remove the barriers that are holding small businesses back. If we are to successfully transition to net zero, it’ll be through grassroots action, enabled by smart and supportive policies.
“Whilst the Chancellor rightly embraced some of our proposed changes in this area at the Budget, it was disappointing to see that the Government’s recent net zero strategy contained only four specific mentions of small business.
“We now need to see the changes announced last week brought in as swiftly as possible, so that small firms can install solar panels and heat pumps without fear of higher business rates bills.
“With inflation surging, cost is proving a significant barrier to the green investment we need. Small businesses require certainty and long-term support – they need to know for sure that their sustainable investments will be worth it in the long run.
“Equally, we have to avoid scenarios where landlords are barriers to progress – too often we hear from members who say they are ambitious when it comes to net zero, but the owner of their premises is less so.
“The challenge we face calls for practical action plans that can be implemented immediately, and we hope to see such plans emerge from this week’s conference.
“There’s no shortage of enthusiasm among small firms to reduce their impact on the environment, and the Government should take note – our report sets out a range of comprehensive recommendations which, if taken forward, will equip our 5.6 million small business owners with the tools they need to build a more sustainable future.”
Andrew Madge, Managing Director of Alfreton-based timber windows and doors manufacturer, Gowercroft Joinery, has been appointed Vice President and Honorary Treasurer of the British Woodworking Federation (BWF).
As the foremost trade association for the woodworking and joinery manufacturing industry in the UK, the BWF provides a positive voice for the sector, influencing government policy and regulations and championing standards.
The appointment of Andrew comes three years after he joined the Board as an executive member, where he has been instrumental in raising the profile of the woodworking sector as a whole and highlighting how it can support the construction industry through the Covid pandemic in a safe and sustainable way.
In his new role as Vice President, he will be working with the BWF Executive Board and President on the three areas identified in the President’s Campaign: supporting growth and future success of our sector; attracting the next generation of talent into our sector; and developing the talent within the profession, with the underlying thread of ensuring the BWF will continue to deliver value for its members as they meet the challenges of a post Brexit economy.
“I believe that the BWF has an increasingly important part to play in these uncertain economic times of skills and materials shortages and I very much look forward to helping shape the strategic direction of the woodworking industry, whilst building on the excellent work of those who have gone before me on the Board and its Executive team,” said Andrew.
Helen Hewitt, Chief Executive Officer for the BWF, said: “Andrew is always full of energy and passion for promoting the work of the trade association and has been a key driver in the direction of the association in the last couple of years. We are delighted to have Andrew as our Vice President, as this appointment adds further strength to the BWF Executive Board. We look forward to his active contribution in the future.”
A derelict pub in Whitwick is set to be transformed into much-needed affordable rented homes after being bought.
North West Leicestershire District Council (NWLDC) has bought The Oak on Talbot Street as part of work to increase the number of affordable homes across the district.
Time was called on the pub in 2013 when it became vacant, and since then it has sat empty. Outline planning permission to demolish the pub and build eight homes was granted by the council in May this year.
More detailed plans for the layout and design of the small development will follow in the new year.
Subject to a full planning application, work to build the homes should start in summer 2022.
Once complete, the homes will be available to rent via the Choice Based Lettings scheme; there are currently 1,200 people waiting for an affordable home in the district.
Transformation of the site will add to the council’s housing stock of 4,100 homes.
In addition to this scheme, an extra nine properties are also being bought from developer Peveril Homes as part of Section 106 commitments at The Coppice development in Ravenstone.
While an additional four homes, including a detached bungalow, are also being purchased from Chevin Homes as part of a section 106 agreement for homes on Worthington Drive, Newbold Coleorton.
Councillor Roger Bayliss, Portfolio Holder for Housing at NWLDC, said: “We are delighted to have bought The Oak’s site to provide much-needed affordable rented council homes for local people in housing need.
“The site has been a local eyesore for many years now and we look forward to improving its appearance in the short term, for the benefit of the local community before developing it next year.
“We’re committed to expanding the availability of affordable rented homes across the district and as well as building our own homes, are also working with developers through section 106 purchases on larger developments.”
Burton-based commercial property agents, Rushton Hickman Ltd, has let 2,145 sq ft (199.3 sq m) of prime ground floor office space to Acorn Training as part of their business expansion program.
Milton House, on Worthington Way, in Burton town centre, is prominently located and was formerly occupied by The Burton Mail for a number of years.
National training provider, Acorn Training, confirms this latest office launch adds to the company’s footprint across the Midlands, comprising offices in Coalville, Chesterfield, Hinckley, Daventry, Loughborough and headquarters in Stoke-on-Trent.
The office will serve as a hub of support for the community where the Acorn Training team will deliver their employability, skills, training and youth service work. Around 20 employees will be based from the office.
Gareth Saldanha-Fallows, Managing Director, said: “We are delighted to be expanding our footprint to Burton, bringing our strong core values and inclusive ethos to provide opportunity to individuals from all backgrounds.
“The expansion is an important step towards strengthening the delivery of our services across the Midlands and growing our success to help more people secure sustainable employment. The new office will serve as a welcoming and safe space to give the community access to information, advice and guidance for life and work.
“As the country recovers from the effects of the pandemic, Acorn Training will play a vital part in boosting the local economy in Burton and the surrounding area and continue to have a positive impact on the lives of the individuals and communities that we serve.”
Simon Walker (Rushton Hickman agent) said: “I carried out viewings with Gareth on several potential locations in the town centre. Given Acorn’s brief, it was evident the property on Worthington way (Milton House), was ideally placed to tick most, if not all the boxes on the search criteria requirements, particularly as it had operated as a Learn Direct Training Centre several years ago. This is an excellent opportunity and ideal location for Acorn Training to open their new Burton Office and we wish them every success in their new venture.”
Graham Bancroft, director at Rushton Hickman, added: “This is a fantastic letting and shows that despite the previous work from home rhetoric, there is now a real push from businesses to get people back into the office. The services offered by Acorn Training will also help train both young people and adults and we wish them all the best in their new surroundings.”
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