< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS Chesterfield drinks company purchases brands from Molson Coors Chesterfield’s Global Brands Limited has purchased the Hooch, Hooper’s, and Reef trademarks from Molson Coors Beverage Company. The brands have been produced and distributed by Global Brands since 2012 and will now form parts of its owned portfolio. This sale to Global Brands will mean Global Brands own the brands and can now focus on them as part of their own portfolio with all the freedoms that brings. Nino Beneta, Managing Director of Molson Coors Export and License EMEA & APAC, said: “We are excited to see Global Brands progress in growing these brands over the last decade and look forward to seeing the continued success and growth of the Reef, Hoopers and Hooch brands going forward. “Moving forward as an EMEA & APAC Export and License team our focus will continue to be on a select portfolio of key international brands such as Coors, Staropramen, Carling, Madri Excepcional and Blue Moon.” Steve Perez, chairman and founder of Global Brands, said: “We are delighted to welcome the Hooch, Hooper’s and Reef brands as fully-fledged members of the Global Brands family. This will give us the opportunity to invest further into the brands with the added security of owning the equity.” National construction firm’s Midlands and North division celebrates record year McLaren Construction’s Midlands and North arm is reflecting on a year of record turnover and growth, with ambitions plans set for 2023 and beyond. Alongside achieving £142m turnover for the financial year ending July 2022, the company has achieved 75 percent repeat business, winning multiple awards for its developments and expanding its team and portfolio into new sectors. Projected turnover for the present financial year is £258m, an increase of 80 percent on 2022, and the Midlands and North division has already secured projects exceeding £100m into 2024. McLaren’s strategy in 2022 was to focus on nurturing key client relationships, supporting valued customers through the delivery of quality developments, whilst enhancing social value through its sustainability and charitable efforts. Gary Cramp, Managing Director, said: “We are extremely proud of our success in the last year, and this is all down to the amazing work of our team and our consistent approach to planning. “The challenges following Covid have presented themselves during a busy construction market in 2022, and the industry has been presented with inflationary pressure on materials and labour resource to carry out projects.” Lincolnshire dairy farm secures funding to invest in carbon efficient cowshed Lincolnshire-based dairy farm, White House Farm, has significantly increased its productivity after investing in a new carbon-efficient cowshed, using £1.05 million of funding from Lloyds Bank. Located in Bourne, the fourth-generation, 800-hectare dairy and arable farm is owned by the Dorrington family and its herd of nearly 300 cows produces milk exclusively for Arla. The seven-figure loan from Lloyds Bank has supported the construction of a new 2,700-metre square cowshed and will significantly improve the farm’s natural slurry filtration by using deep channels to move liquid manure below ground quickly and without the need for electric pumps. The large, open-plan pitched-roof building uses natural ventilation and LED lighting in a further boost for the farm’s net- zero credentials, while its passages are wide enough for an electric robot slurry scraper to operate, helping to further improve cow welfare by reducing the number of mastitis cases and the need for antibiotics treatment. Investing in the new state-of-the-art cowshed supports Dorrington Farm’s long-term sustainability commitment on both the dairy and arable side of the business. The shed’s new slurry separator has allowed the farm to move separated manure away more efficiently and use it to reduce the artificial fertiliser needed to grow the crops, with fields of maize grown entirely from slurry and solid manure applications this year. Zara Dorrington, who’s great-grandparents moved to White House Farm in 1924, runs the business along with her father Ross and uncle Simon. Commenting on the investment in the new cowshed, she said: “Slurry management was a key area we wanted to improve when designing the new shed. We knew it was where we could significantly strengthen our sustainability agenda, turning what was historically a waste product into a useable asset with many benefits. “With Lloyds Bank’s support, we’ve taken great lengths to make sure its design and build is as carbon-efficient as possible, whilst also providing a comfortable and nurturing environment for our herd.” Gary Cramp 06-15.qxp_Layout 1 06/01/2023 10:13 Page 5FINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Sluggish growth predicted for East Midlands economy as UK emerges from recession in mid-2023 Cities in the East Midlands will see their economies return to growth in the second half of 2023 but at a slower rate than Birmingham and cities in the South East, according to a new study by law firm Irwin Mitchell. The Irwin Mitchell City Tracker has been produced by the Centre for Economics and Business Research (Cebr) and examines 50 locations across the UK, forecasting future growth in terms of GVA and employment. The report, which estimates that the UK entered into a recession in the second half of 2022, expects economic growth to resume in the second half of 2023. According to the research, Nottingham and Leicester’s economies are predicted to be 0.6% larger in Q4 2023 than they were in the final quarter of 2022. Derby is expected to be further behind at 0.5%. Derby however leads the way among East Midlands cities in terms of job creation with a 0.9% year-on-year increase expected in the final three months of 2023. This is set to take total headcount to 135,300. Leicester is predicted to see job growth of 0.7%, whilst Nottingham’s rate of growth in this area is predicted to be 0.5%. Charlotte Rees-John, partner and head of Irwin Mitchell’s consumer sector, said: “Last year presented numerous challenges and the downward pressure on spending activity, which continues to be concentrated in the consumer sector, looks set to continue throughout the first half of 2023.” The Access Group acquires construction management software company CSB Holdings Limited (CSB) has sold Construction Industry Solutions Limited and COINS US Group Corp (COINS) to The Access Group. The Access Group is a Loughborough-headquartered provider of business management software to mid-market organisations in the UK, Ireland and Asia Pacific. COINS is a construction management software and services company providing end-to-end business solutions to the contracting, home building and service management sectors globally, with more than 100,000 users worldwide. Brendan Flattery, Managing Director Access ERP, said: “We see a huge opportunity with COINS joining the Access Group and we will be sharing more details over the coming months about our joint plans for the future. With the size, complexity and geographical spread of COINS’ operations, we are now in an exciting discovery phase while we integrate our two businesses.” Other advisors to CSB included KPMG Corporate Finance, BDO and Ashgates. Advisers to Access included Travers Smith and PWC. Brendan Flattery, Managing Director Access ERP, said: “We see a huge opportunity with COINS joining the Access Group and we will be sharing more details over the coming months about our joint plans for the future. With the size, complexity and geographical spread of COINS’ operations, we are now in an exciting discovery phase while we integrate our two businesses.” Robert Brown, COINS CEO, said: “I am excited to be joining my peers at The Access Group and the opportunities that this acquisition creates for our staff, customers, and business partners. Access and COINS share the same vision of delivering a suite of market-leading, end-to-end, construction-focused solutions, that enable construction companies to achieve higher levels of productivity, margin and cash flow.” © stock.adobe.com/ itchaznong © stock.adobe.com/ Shutter2U 06-15.qxp_Layout 1 06/01/2023 10:13 Page 6Commercial drinks company builds new production facility and warehouse in Swadlincote A commercial drinks company is set for further growth as it moves into larger premises and expands into new markets. Riviera Drinks Co. is a soft-drinks supplier focusing on ‘bag in box’ dispensary systems across pubs, clubs, and restaurants across the UK. Around a year ago, the business took the decision to expand its footprint and approached Lloyds Bank to support its move to a larger warehouse. With the help of a six-figure asset finance loan and refinancing package, Riviera has now built a new production facility and warehouse in Swadlincote, South Derbyshire. The new site has upgraded the firm’s existing equipment and allowed it to add new capabilities in-house. This includes a new filling line for bottled products and a labelling machine, allowing Riviera to expand into syrups and liqueurs for cocktails and ensure better consistency and quality across its products. Currently the syrup and liqueur market is primarily served by French companies, so the business hopes it can appeal to the domestic market. Utilising its new and improved facilities, Riviera is also now trialling draft cocktails using its ‘bag in box’ experience and pure-grade food nitrogen technology, which is already used in some stout and beer manufacturing and will target venues who don’t currently have the facilities to make their own cocktails. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Nottingham manufacturer enters administration Mazars, the international audit, tax and advisory firm, has been appointed as administrator of Firber Engineering Limited. Based in Kirkby-in-Ashfield, Nottingham, the company, which was established in 1968, was set up to design and manufacture steel waste and recycling containers and had established a strong customer base. Following several successful years trading, the Covid-19 pandemic affected sales patterns, resulting in diminishing profit margins. More recently the shortage of and significant increase in the cost of steel due to the war in Ukraine caused significant cash flow issues. Given these difficulties, the directors decided that the company had to be placed into administration. The business has ceased to trade and all employees have been made redundant. Simon David Chandler and Scott Christian Bevan of Mazars were appointed as joint administrators by the directors and are seeking a buyer for all or part of the company’s assets. Alstom secures further Irish order Alstom has secured a further order worth 160 million euros to supply trains to Irish Rail. It will see the firm, which has its UK train manufacturing site in Derby, provide an extra 18 X’trapolis battery-electric trains to the rail operator. The further order is part of a 10-year framework agreement signed last year, which allows for up to 750 electric and battery-electric rail cars to be procured for the DART+ network, which is planned to open in 2025. In total, Irish Rail has now ordered 37 five-car X’trapolis trains from Alstom, which will deliver more capacity and decarbonisation benefits once they enter service from 2025. Under the framework agreement, Alstom will also provide a range of services solutions, including technical support and spares. Nick Crossfield, Managing Director of Alstom UK and Ireland, said: “This further order of X’trapolis trains signals Irish Rail’s intent to move quickly in greening the Greater Dublin commuter network, Ireland’s most populated commuter belt as a first step in that national transformation. “As the world’s leading innovator and supplier of green mobility solutions, Alstom is here for the long-term to support Ireland in delivering transformative change to its citizens through sustainable rail travel.” © stock.adobe.com/Jacob Lund 06-15.qxp_Layout 1 06/01/2023 10:13 Page 7Manufacturing output volumes fall at fastest pace in over two years UK manufacturers reported a fall in output volumes in the three months to December, at the fastest pace since the three months to September 2020, according to the CBI’s latest Industrial Trends Survey. This fall was largely driven by the food, drink & tobacco, paper, printing & media, and mechanical engineering sectors. The survey found that selling price inflation is expected to accelerate slightly in the next three months (though below the record high reached last year). Total order books as well as export order books were reported as below normal, while stocks of finished goods were seen as adequate. Anna Leach, CBI deputy chief economist, said: “The corrosive effect of higher inflation on demand is increasingly clear... While some global price pressures have eased in recent months, cost and price inflation will likely remain very high in the near term, with rising energy bills a key concern for manufacturers. “Government support for energy costs has been considerable already, buying time for businesses to adapt to Europe’s new energy landscape. And with the UK economy set to be in recession through much of 2023, there remains a strong case for further support in the coming year.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS £400,000 invested into advanced surface texturing machinery company Foresight Group, the listed private equity and infrastructure investment manager, has provided a £400,000 growth capital investment into Texture Jet Limited from the Midlands Engine Investment Fund (MEIF). The funding is part of a wider £650,000 funding round, alongside the University of Nottingham and members of the Minerva Angel Investor Group. Founded in 2019, TextureJet is a University of Nottingham spin- out that has developed a range of patented surface texturing machines for use in manufacturing in the aerospace, medical and automotive sectors. The company’s machines have been developed to offer a cleaner, easier, more sustainable and cost-efficient alternative to traditional, expensive and often polluting processes. The founders, Dr Jonathon Mitchell-Smith and Professor Adam Clare, developed and commercialised the technology at the University of Nottingham. Having successfully spun-out of the University, the business is now scaling within the automotive and aerospace sectors. The investment, along with the support from Foresight and MEIF, will enable the management team to fully commercialise their technology. Commenting on the investment, Dr Jonathon Mitchell-Smith, CEO of TextureJet, said: “We are delighted to have Foresight’s support through the Midlands Engine Investment Fund and look forward to using their experience and expertise in the region. This investment comes at a key stage in our growth journey, and it will be significant in helping us achieve our long-term commercial goals.” © stock.adobe.com/den-belitsky © stock.adobe.com/06photo 06-15.qxp_Layout 1 06/01/2023 10:13 Page 8PROPERTY NEWS Go ahead given for new funeral home, commercial space and flats in Clifton A.W. Lymn The Family Funeral Service has received the green light from council planners to move ahead with a brand new, purpose-built funeral home with additional commercial space and three residential flats on Clifton high street. The successful planning application comes as the business further invests in its offering to the Clifton community, relocating from the current branch, Chaworth House on Varney Road. The new branch on Southchurch Drive will provide more space, measuring 169.1m2 compared to the current home’s 65m2, for both families and team members, a waiting room next to the chapel to allow more privacy and ease for the bereaved, onsite parking, and accessibility. And, as with all A.W. Lymn branches, the new Clifton location will have a cold room. Alongside the funeral home, the granted planning permission will see A.W. Lymn create residential and commercial opportunities. With the UK facing a “critical rental shortage,” the creation of three flats above the branch will be a welcome addition to the local high street, as well as the opening of a commercial space next door. Nottingham apartments scheme sold to specialist retirement living developer Commercial developer, Peveril Securities and senior living developer, Charterpoint have sold a site in Beeston, Nottingham, to specialist retirement living developer Churchill Retirement Living. Last year, the site received full planning permission for a development of 51 retirement living apartments from Broxtowe Borough Council. Situated on a mixed-use site, on land previously occupied by the former Myford Works, the scheme off Chilwell Road will feature one and two-bed apartments, plus communal owners’ lounge and coffee bar, along with a guest suite and a lodge manager. The apartments are part of a wider development on the site which also includes Myford Court, a new development of penthouses and apartments by Peveril Homes, a Central England Co-op store, which opened in May 2020, and a 66-bed care home to be operated by Tanglewood Care Services. This scheme will mark the completion of the 4.5-acre brownfield regeneration site. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Nottingham adventure golf development site sold Acting on behalf of multi-site mini golf operator, Adventure Experience, Christie & Co has sold the lease of the company’s development site in Nottingham to Skegness-headquartered leisure and entertainment operators, Teen Spirit. The development will occupy a high-profile site within Stockhill Park at the junction of the A610 Nuthall Road and Stockhill Lane, midway between junction 26 of the M1 motorway and Nottingham city centre. Planning and full design is in place for the construction of an 18-hole adventure golf centre, with a former pavilion building to be refurbished as a retail kiosk, together with associated car parking on a site of approximately 1.5-acres. As part of the transaction, Teen Spirit has entered into a new 25-year lease with Nottingham City Council, with construction due to commence early in 2023. Director of Teen Spirit, Charlton Cooper said: “Our current portfolio of businesses including the likes of Skegness Aquarium, the Tower Cinema and a variety of family entertainment centres including our own adventure golf operation is focussed on coastal locations. The opportunity to grow the adventure golf business and incorporate a more suburban concept with a fantastic catchment and with planning already in place fitted our plans perfectly.” © stock.adobe.com/romanruzicka 06-15.qxp_Layout 1 06/01/2023 10:13 Page 9PROPERTY NEWS M&E firm solidifies Nottingham presence Sustainability and M&E firm CPW has solidified its presence in Nottingham with its recent relocation to a new city centre office space. Having been located on Stoney Street within the Lace Market area of Nottingham since 2008, the move to a 3,500 sq ft space in the Imperial Buildings on Victoria Street marks a new chapter for the firm, aligning with the firm’s consistent growth and success in Nottingham and the surrounding areas since joining the region’s business community in 2003. Rising staff levels, flexible ways of working and the resurgence of client facing activity were key drivers in the decision to relocate CPW’s Nottingham team. The fully refurbished office includes facilities to promote staff capacity and wellbeing, including larger spaces for social evenings, breakout spaces for varied meeting environments and a pool table for friendly competition. Carl Humpage, director and Nottingham office lead at CPW, said: “We wanted to create a space that enables us to produce the best possible work for our clients, while also achieving a flexible office setting for our 26 staff with all the modern facilities and intricacies needed for growth in the sector. “Larger screens for building information modelling (BIM) capability, a boardroom with the ability to cater for larger meetings, a virtual reality room to bring our projects to life and the sustainability of air source heat pumps are just a few of the ways the new space is optimal for our line of work.” Council takes next step to restore Chesterfield’s historic Tapton House Proposals to safeguard the future of Chesterfield’s historic Tapton House – ensuring the Grade-II* listed building can be restored and brought back into beneficial use – have been considered by Chesterfield Borough Council. A sympathetic scheme which would see the building restored and converted for residential accommodation, together with a commitment to retain the parkland for public use and create visitor access to part of the Georgian mansion, was chosen as the preferred option by the council’s Cabinet. The decision followed careful consideration of bids from 17 interested parties, with the council’s Cabinet approving the sale of the property on a 999-year ground lease to developers, Stone Castle Enterprises Ltd. The sale is subject to further legal due diligence and exchange of contracts. Any development will still be subject to planning and conservation approvals, but the proposals put forward set out an aspiration to convert the main house into 15 apartments, with three town houses and two bungalows built in place of the annexe buildings. Construction gets underway on 51,000 sq ft speculative unit at Mercia Park A new 51,000 sq ft speculative unit is being constructed at IM Properties’ Mercia Park scheme, junction 11, M42, completing Q3, 2023. Targeting a rich seam of logistics providers and manufacturers in NW Leicestershire, Mercia 51 sits alongside some of the Midlands leading businesses including Jaguar Land Rover and DSV. The logistics destination has sustainability at its core. IM Properties has worked in partnership with the main contractor, Winvic Construction Ltd, to achieve Net Zero in Construction on the site overall, including the buildings recently constructed for Jaguar Land Rover. Mercia 51 will also be Net Zero Ready and target BREEAM Excellent, an EPC A rating and as part of its sustainable transport strategy have 10 active EV charging spaces, with passive infrastructure for another 40 and storage for up to 12 cycles. Harry Goodman, development director for IM Properties, said creating future-proofed, high specification warehousing was no longer just about the construction but the environment in which it sits. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link © stock.adobe.com/Puwasit Inyavileart 06-15.qxp_Layout 1 06/01/2023 10:13 Page 10 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk STOKES TEA & COFFEE Q&A What’s the outlook for SMEs in 2023? In the post pandemic period, hopes for a return to ‘normal’ have in the main, fallen on the wayside. The temptation to ‘make like an Ostrich’ as external factors batter businesses, may become all too strong. There’s no denying that whatever your news sources, the headlines make for grim reading. As New Year well-wishes fade, 2023 is set to be memorable, but not necessarily for the best reasons. Stating that there are economic headwinds right now is like describing a hurricane as a ‘gentle breeze’. Most business owners are bracing themselves for yet another historically challenging chapter in the precarious fortunes of great British businesses. SMEs contribute 60% of jobs in the UK and help distribute wealth beyond city borders by bringing growth and innovation to local economies. So, it’s vital for entire communities that they make it through. It’s easy to batten down the hatches and fixate on Newtonian measures like numbers, reports, processes and so on, however, without people and relationships, no business would ever take place. In the current quantum age, uncertainty and individuality are accepted as important elements to not only manage but tap into to maintain and grow revenues, and market share too. What are the quickest and most cost- effective ways to help a business meet current challenges? Being independent and smaller can mean greater adaptability. There are definitely things in the toolkit that when put to work, can make all the difference. The obvious things on the list are to manage costs, increase efficiency and grow revenue. It’s no secret that keeping clients and employees is the most cost-effective way to sustain any business. Especially, with the current staffing and economic hurdles. In fact, just a 5% increase in client retention can translate into increased revenues of between 25% and 95%, and 66% of employees who receive reward and recognition are reportedly more likely to stay loyal to their employer. Along with must do’s like delivering a great service or People focus builds business Nick Peel MD is the fourth generation in the family to run the company For some independent businesses, market challenges can be the catalyst for change and innovation. This is true for Stokes Tea & Coffee, a family of coffee roasters that has been operating for over 120 years. The company has a long history of supplying wholesale coffee, tea, machines, servicing and training, as well as operating some of the busiest cafés in the county. As one of the region’s most renowned and well-regarded SMEs, Stokes has seen its fair share of economic turbulence since its inception. Nick Peel is the fourth generation in the family to lead the company and he shared his thoughts on some of the quick-wins for SMEs in 2023. Stokes Master Roaster, Mike, Delivers Virtual Tasting 16-17.qxp_Layout 1 06/01/2023 10:14 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link STOKES TEA & COFFEE Q&A product, listening to feedback and most importantly, acting on it, there are other, often overlooked actions ready to take your business to the next level, like making customers and teams feel appreciated and doing it in a way that communicates authenticity. How are you helping your clients achieve greater customer and employee retention? At the height of the pandemic, we developed new virtual experiences including coffee and tea tastings to help bring teams, colleagues or clients together, and share something memorable, unique and in real-time even though they couldn’t physically, be together. Specially designed kits and gift boxes are sent out to participants with everything they need prior to an event, including a virtual tour of our Stokes roastery. Invitees then join online and are taken through their experience by our Stokes Master Roaster. The uptake has been nothing short of mind-blowing, with local and global clients signing up, including some of the biggest companies like Microsoft. We even received recognition from the Evening Standard Magazine and an award from the Beverage Standards Association for our virtual events! Why do you think this innovative product offer has been such a success? There’s nothing more important to increase loyalty and retention than making teams and customers feel like they mean the world to you. I think the biggest selling points are the personality and uniqueness of our offer. Being able to present something different, eco-friendly and artisanal has definitely helped our clients stand out from the crowd, and their event participants talk about their experiences long after they’ve happened. They love the fact that we are an historical, family company and prep everything by hand, just for them. Clients are moving away from the mass- produced, generic options with many asking us to send the tasting kits as gifts to their teams and customers. This has led to us to developing our gifting options further, to create bespoke, branded gifts as unique as every client. It’s an effective way to build positive brand associations, show a company’s support for independent artisans and great British businesses, not to mention a community and environmental conscience. Corporate gifts and experiences are an excellent way to retain, win and strengthen relationships. Demonstrating gratitude and appreciation for customers and colleagues can make all the difference to a business’s fortunes. We’re building our offering and as well as virtual experiences and gifts, we have added roastery tours and tastings for those wanting an ‘in person’ experience, as well as lots of other services like venue hire and event services. Every element has been designed to help our customers continue to build returns and loyalty from their clients and colleagues. Stokes HQ at The Lawn which offers tours and events Find out more - email: info@stokes-coffee.co.uk or visit: https://stokescoffee.com/pages/corporate-gifting Virtual Tasting Kit 16-17.qxp_Layout 1 06/01/2023 10:14 Page 2 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk NEW YEAR - NEW SUPPLIERS T he new year is a time for new beginnings. Some start with resolutions to lose weight, be healthy or pick up a new hobby, but there’s no reason a business can’t have its own resolutions as well. A good place to start is by looking at suppliers. Many business owners are hesitant to move away from what they know due to a sense of loyalty or to avoid any snags that might arise in the process, the reasons for doing so, or at least assessing your options are aplenty. You may have noticed your suppliers are no longer meeting your expectations, perhaps they can’t control their costs, their quality has dipped, they don’t have the infrastructure to meet the scale up in production you require, or lack communication, transparency, or they have just become complacent and stopped trying so hard. The reality is that familiarity breeds contempt, and it’s normal to prioritise new and less certain clients over old ones. If this is happening then it’s worth shopping around. Dependence on one supplier can quickly threaten production when this supplier is unable to operate, as has been seen over the past few years with the COVID-19 pandemic disrupting manpower, movement of supplies and causing a surge in demand, Brexit causing transport delays and additional costs, and Russia’s invasion of Ukraine last year seeing significant damage to supply chains, and then the shambles that © stock.adobe.com/Seventyfour Starting the new year right The last year was a tumultuous one and that’s likely to continue into 2023, which is why it’s important to make sure you have the right team of suppliers on hand to fulfil your needs. 18-19.qxp_Layout 1 06/01/2023 10:15 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link NEW YEAR - NEW SUPPLIERS became the UK economy after various Conservative leaders. With so much disruption and uncertainty today, it would be wise for businesses to begin sourcing from multiple suppliers to mitigate risk of disruption, reduce costs, maintain availability, and become more responsive to changes. The climate crisis is also calling on firms to reassess their suppliers, whether that be raw material, packaging, or machinery suppliers. Following COP27, sustainability is at the forefront of customers’ and consumers’ minds, and expectations are increasing for manufacturers to provide more environmentally friendly and ethically sourced products and move away from any suppliers that jeopardise this. Brands themselves are setting stringent sustainability and Net Zero targets, and thus suppliers are required that hold the same CSR goals and stick to best practices. There is a plethora of incentives to find new suppliers if your current partners cannot meet your expectations as we start 2023, but when making these changes it is essential that steps are taken to ensure a transition between old and new suppliers is smooth and successful. In the first instance it is important to assess what you like and dislike about a current supplier and to create a list of requirements, questioning whether they can support your future growth and provide high quality products. Sufficient time will then need to be allocated to explore other options, during which one should ask for supplier references. It is also important to be transparent with new suppliers, to visit them or hire a third party to audit a facility and conduct a full evaluation. One should test the capabilities of potential new suppliers, source quotes and request samples, looking for any defects, to analyse whether they can justify a move away from your current supplier, and establish if they have adequate capacity, a good delivery history, and are reliable. Sourcing suppliers is not always straightforward, and can have a significant effect on product performance, quality and consistency. One must therefore ensure that new suppliers are reputable and able to meet the stringent standards that one is used to, as well as responsive, with communication critical to maintaining high quality products. Changing your suppliers can be hard work, but it’s worthwhile for the long- term success of a business. We all know the importance of changing car insurance each year because “loyalty” doesn’t reward as much as it used to, and it’s odd that so many don’t take the same approach in business. Even if you do ultimately decide to stick with the same suppliers, even letting them know that you will be running yearly audits of supplier performance will likely mean they take a little more care with your account. © stock.adobe.com/ntinai 18-19.qxp_Layout 1 06/01/2023 10:15 Page 2Next >