< PreviousFINANCE NEWS Grimsby-based card payment solutions provider sold to US company Card Industry Professionals – the Grimsby-based card payment solutions provider – has been acquired by Shift4, a US-based company that is a global leader in payments and commerce-enabling technology, listed on the New York Stock Exchange. The deal provides an exit for Mercia Ventures, which backed the company in 2022 using funding from the first Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF). It achieved a 2x return on investment. Card Industry Professionals provides card terminals, point of sale and online payment solutions to thousands of SMEs such as retailers, hair salons and hospitality venues. The business was founded in 2017 by award-winning young entrepreneur Ciaran Savage, who was joined by his mother, Lyn Savage, as Operations Director, and John Selby as Sales Director, both of whom have many years of experience in the UK payments industry. The company now employs a 20-strong team in Grimsby, has a nationwide network of over 150 sales agents and processes over £60m worth of transactions per month. IK Partners joins management to acquire majority stake in Dains IK Partners’ IK X Fund has signed an agreement to invest in Dains Accountants alongside the management team who are significantly re-investing. IK will succeed Horizon Capital as the majority shareholder. Established in 1926, Dains provides a comprehensive suite of accounting and business advisory services to fast-growing small and medium-sized enterprises (SMEs) in the UK and Ireland. Following investment from Horizon Capital in 2021, Dains has grown rapidly as a result of 10 strategic acquisitions and organic growth. At present, the company has 765 employees who serve a customer base of over 17,000 clients. With the support of IK, Dains will look to: continue its strong organic growth in the UK and Ireland; make further investment in its operational platform and recruitment; as well as accelerate its inorganic growth through partnering with strong, complementary firms across the UK and Ireland. Richard McNeilly, CEO of Dains, said: “We are very excited to be partnering with IK, who we believe possesses the necessary track record and expertise required to successfully support us in this next phase of our development.” Lincoln company gets £250k funding to expand into US Lincoln-based Panoramix has secured a £250,000 follow on debt funding package to implement a comprehensive marketing strategy aimed at expanding its client base, particularly in the US, where it has already seen strong demand. The funding comes through the Midlands Engine Investment Fund II though Maven Capital Partners, appointed Fund Manager for East and South East Midlands. Panoramix is a specialist intellectual property law firm delivering legal services to both UK and overseas businesses. Founded in 2019 by IP law specialist Kevin Hanson, Panoramix offers a flexible, attorney-led service without the billable hours model commonly used across the industry. Instead, the business offers fixed fees based on task complexity and value, allowing clients to benefit from transparent and efficient services. The funding will also enable the company to recruit additional staff, including a client relationship manager, an administrative support role, and a part-qualified patent attorney to support its growing operations. From left: Lyn Savage, Ciaran Savage and John Selby of Card Industry Professionals with Maurice Disasi of Mercia Ventures. ©Darren Casey DCimaging 10 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Richard McNeilly, CEO of Dains FINANCE NEWS © stock.adobe.com/NorGal East Midlands accountancy firm eyes further growth with new private equity partner East Midlands accountancy firm Cooper Parry has revealed a new investment partnership with New York-based Lee Equity. Following two years of transformational growth, Lee Equity succeeds Waterland Private Equity as the firm’s capital partner. Waterland has supported Cooper Parry to broaden its capabilities and expand its presence across the country. The past two years has seen the business complete and integrate 11 transactions, including the acquisition of Haines Watts London and its associated audit and advisory businesses across the South-East, Thames Valley and the Midlands, UHY Manchester, London-based Cloud Orca, the fast-growing Salesforce consultancy and MacroFin, the award-winning NetSuite Alliance Partner. This M&A activity, coupled with a highly differentiated client experience and strong business development, has fuelled growth. Turnover has grown 4X over the last two years to £180m with sustainable organic growth exceeding 24% annually over the prior 3 years. Ade Cheatham, CEO of Cooper Parry, said: “This investment marks a monumental milestone in the CP journey, representing one of the largest deals of its kind in the global accountancy market.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 11 Private equity investor backs Mansfield battery power specialist LDC, the private equity investor which is part of Lloyds Banking Group, has made a significant investment in battery power specialist Power Saving Solutions to support its organic growth strategy. Mansfield-based Power Saving Solutions provides high performance battery storage units and hybrid power systems for commercial use. It has a strong track record of growth, driven by rising demand from sectors including construction, transport and utilities for products that support the transition to more cost-efficient clean energy sources. It operates both a rental, sales and service model and has increased revenues by 34% in the year ending 31 December 2023. During 2024, it has doubled its manufacturing and technical labour force to increase capacity and support further R&D. LDC is backing the business’s management team, led by Andy Richardson, Tom Cummins and Graeme Maxwell. The firm’s support will help Power Savings Solutions to cement its position in the growing battery storage industry and deliver a growth strategy underpinned by product development and diversification into new end markets. Road Angel drives expansion with seven-figure deal Nottingham-based In Phase International, manufacturer of the Road Angel dash cameras, has secured a seven-figure deal with HSBC UK to fuel its ambitious growth strategy and international expansion. HSBC UK funding is enabling Road Angel to expand its product range, increase stock levels, and meet the growing demand from customers in the UK and overseas. Road Angel has already established a strong presence in Europe, with dedicated office and warehouse facilities in Dortmund, Germany, supporting its rapid growth. Road Angel continues to see its market share increase year on year. The partnership with HSBC UK positions the company to launch an innovative new product range in 2025 and expand further into Europe, America, and Asia. With enhanced in-house warehousing and logistics capabilities, In Phase International predicts a 35% year-on-year increase in turnover, driven by the success of the Road Angel brand. Front to back: Jack Digva, Director, Sir Mark Spencer, board member, Steve Digva, CEO & Founder, Neil Scanlon, COO, Gary Digva, Director & Visionary Ade Cheatham, Cooper Parry CEOAdministrators appointed to fish processing specialist Fish processing specialist Arctic Fish Products has ceased trading and fallen into administration. Jamie Miller and Gareth Harris of RSM UK Restructuring Advisory LLP were appointed Joint Administrators of the business on 4 December. Founded in 2005, Arctic Fish Products Limited operated successfully in Grimsby for many years processing, packing and storing fish for a strong customer base. Administrators were appointed after the company experienced significant cash flow difficulties due to material bad debts with key customers, along with the related impact on future trading prospects. This led to the company’s directors consulting RSM UK for advice to address these cash flow difficulties and to protect the company’s assets for the benefit of all creditors. Unfortunately, the cash flow position was irrecoverable and the company was placed into administration. The company ceased trading and staff were made redundant shortly prior to the administration appointment. MANUFACTURING NEWS Partnership working in Chesterfield leads to more young people taking up STEM careers More young people are taking up manufacturing and engineering courses in Chesterfield, according to new figures. Chesterfield College has reported an 80% increase in engineering study enrolments for 16–18-year-old students in the last 3 years. The figure was released during the annual Made in Chesterfield Festival, in which local businesses invite school pupils to their factories and premises to showcase the range of rewarding careers in STEM sectors. Destination Chesterfield and Direct Education Business Partnership coordinate the Made in Chesterfield campaign. It is delivered in association with the Chesterfield College Group and supported by Chesterfield Borough Council, EMCCA Careers Hub, MSE Hiller, United Cast Bar Ltd and Natwest. More than 3,500 school pupils in Chesterfield have now engaged with the town’s manufacturing and engineering businesses since Made in Chesterfield was first launched 10 years ago. This year, students were invited to visit several businesses, including: MSE Hiller, Superior Wellness, Weightron Bilanciai, United Cast Bar, The Devonshire Group, Penny Hydraulics, Aztec Oils, Heraeus Electro-Nite, and Chesterfield Construction Skills Hub. Output volumes fall in final quarter of 2024 as growth expectations weaken further Manufacturing output volumes fell at the fastest pace since mid-2020 in the quarter to December, according to the CBI’s latest Industrial Trends Survey (ITS). Manufacturers expect another steep drop in output over the next three months. Total and export order books deteriorated sharply relative to the prior month, with the volume of total orders falling to its weakest since late 2020. Against a backdrop of weak demand, manufacturers’ stocks of finished goods remain relatively high, at levels last seen during the early stages of the Covid pandemic. Meanwhile, expectations for selling price inflation picked up noticeably in December, with the rate of selling price inflation during the next three months expected to be comfortably above the long-run average. Ben Jones, CBI Lead Economist, said: “Manufacturers are facing a perfect storm of weakening external demand on the one hand, amid political instability in some key European markets and uncertainty over US trade policy. And on the other hand, domestic business confidence has collapsed in the wake of the Budget, which has increased costs and led to widespread reports of project cancellations and falling orders.” 12 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk © stock.adobe.com/nordrodenAggregate Industries’ dome silo is inflated for the first time An inflatable dome silo commissioned by Coalville- based Aggregate Industries has been inflated at the heart of a multi-million-pound cement import, manufacturing and distribution facility on Tilbury Docks. The 45m tall, 32m diameter dome silo is one of only a handful of its kind in the UK, built using innovative construction methods and materials. It is designed to store up to 30,000 tonnes of cement to support local demand for building materials, to be used across an array of construction projects in the region. Once operational in 2026, this facility will allow Aggregate Industries to serve its customers 24/7 with conventional, low carbon and circular cementitious materials from five loading heads. During construction, more than 25,000 tonnes of concrete from the existing site has already been recycled and reused, and over 10,000 tonnes of recycled asphalt planings have been incorporated into new asphalt products. Aggregate Industries is also incorporating lower carbon materials throughout every aspect of construction; including use of the firm’s own green-building solution, ECOPact readymix. MANUFACTURING NEWS Landmark agreement between the UK, Qatar and Rolls-Royce to support clean energy transition The UK’s position in clean energy has received a further boost as a landmark agreement with Qatar reaches a significant milestone, solidifying £1 billion of investment in climate technology. The partnership is expected to create thousands of highly skilled jobs over its lifetime and will see the launch of climate technology hubs across the UK and Qatar to accelerate development in climate-friendly technologies. This includes investment in technology programmes by Derby engineering giant Rolls-Royce that improve energy efficiency, support new sustainable fuels and lower carbon emissions. It will also see investment into start-ups in the UK and Qatar focusing on energy efficiency, carbon management, and green power. Prime Minister Keir Starmer said: “Qatar and Rolls- Royce pursuing these opportunities in climate technology is a significant step in our ambition to become a clean energy superpower and further evidence that the UK is one of the best places in the world for companies to develop those technologies.” Multi-million-pound deal will see ‘only British steel’ used on major solar project The developer of a major new Midlands solar park has unveiled a multi-million pound partnership that will lead to British steel being exclusively used to construct the site. Great North Road Solar & Biodiversity Park, near Newark, would produce enough clean energy to power every home in Nottinghamshire. The site’s developer, Elements Green, has announced a new multi-million-pound partnership with Pro Renewables which will also help to create a further jobs boost for the local area. “This partnership means GNR Solar & Biodiversity Park would be the largest solar development in the UK to use mounting frames constructed using only British steel,” said Mark Noone, UK Project Director. “And not only does the deal with Pro Renewables mean we are committed to using only steel made in the UK, but British labour will be utilised to manufacture our mounting frames – creating new job opportunities in Newark and Sherwood.” © stock.adobe.com/wi6995 www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 13 © stock.adobe.com/ thomathzac23 © stock.adobe.com/Benoît © Aggregate IndustriesPROPERTY NEWS Plans approved for second phase of student accommodation at The Island Quarter The next phase of purpose-built student accommodation (PBSA) at Nottingham’s The Island Quarter has secured planning approval, set to provide a further 394 dedicated spaces for students living in the city. Plans approved by Nottingham City Council will enable a second phase of student accommodation to be built on the Manvers Road side of the 36-acre site, adjacent to the 693-bed Winfield Court. Comprising of four adjoining blocks ranging from seven to 11 storeys, 313 beds will be provided within cluster flats and a further 81 within single occupancy studios, with additional facilities including a gym, laundry room, lounges and breakout areas. Christopher Ware, property director at Conygar, the developer behind The Island Quarter, said: “Following the completion of Winfield Court, this secondary student phase is the next step to evolve and diversify the opportunities for students to live at The Island Quarter. “By creating living experiences that are well-designed and varied in options, including more single occupancy studios, we can provide a mix that appeals to a variety of domestic and international students.” Real estate investment firm sells Leicester industrial estates Boundary Real Estate Partners has sold an urban Leicester multi-let investment. The investment comprises adjoining industrial estates with a total of 34 units, configured to provide a mix of functional light industrial, urban logistics and trade units. The site also includes an office complex on a five-acre site with redevelopment potential. The overall industrial element totals 241,187 sq ft, providing an annual rental income of just under £2 million. Over the last three years of ownership, there have been 21 lettings, renewals and rent reviews across Bridge Park and Pinfold Road Industrial Estates producing an average rental growth of over 12% pa. Strategically located in Thurmaston, one of Leicester’s prime industrial and logistics areas, the scheme benefits from easy access to the A46, A6 and M1 Motorway, as well as the A607 Melton Road, providing direct access into Leicester City Centre. Bridge Park & Pinfold Road Industrial Estate was acquired by Boundary in December 2021 as part of the Raynsway Portfolio. Deal landed for former aircraft factory in East Midlands Hortons has strengthened its presence in the industrial/logistics sector with the acquisition of a multi-let estate in Leicestershire, once home to the famous Auster Aircraft. Rearsby Business Park is set on a 12.95-acre site near Rearsby, between Leicester and Melton Mowbray, within the M1 corridor. The estate comprises 155,985 sq ft across 15 fully let industrial units with an additional 2.5 acres of development land for future expansion. Hortons has acquired the business park from a private investor for an undisclosed price – it is the first time the site has changed ownership in almost 50 years. Rearsby has a rich manufacturing history and the site was once home to Taylorcraft Aeroplanes (England) Ltd’s factory, where the world-famous single propeller ‘Auster’ light aircraft was designed and built. It has since been extensively modernised, extended and redeveloped, with the last unit being added in 2020. Established tenants at Rearsby Business Park include: East Coast Fittings, T.E.K Seating, GT Plumbing & Heating Engineers, Lewis & Hill Ltd, Metric Services (Leicester) Ltd, and K & D E Barnett & Sons Ltd. 14 East Midlands Business Link www.eastmidlandsbusinesslink.co.ukPROPERTY NEWS £3.2 million sale for Derby retail park Midlands property agency Bond Wolfe has brokered the sale of the remaining units on Derby’s Southgate Retail Park for a combined price of £3.2 million. Bond Wolfe has now completed the £1.9 million off-market sale of the rest of the retail park, with Connect Derby Properties Ltd again the buyer. It comes after the £1.3 million sale last summer of Southgate’s Unit 5, let to The Gym Group, to Connect. The retail park provides a total gross income of £285,344 per annum with other tenants including Royal Mencap Society, One Below Retail Ltd, and Swarco. The property was sold off a net initial yield of 7.14%. Clark Brookes Turner Cary Solicitors in West Bromwich acted for the seller and Elliot Matther in Derby advised Connect Derby Properties Ltd. The entire park consists of a 53,202 sq ft, eight-unit retail and office property combining a modern retail warehouse scheme and a business innovation centre. Work begins on speculative 73,000 sq ft Langley Mill industrial scheme Work has begun on two new industrial units on Total Park in Langley Mill. Total Park, Nottingham is a new industrial/logistics development of two brand new units of 30,968 sq ft and 42,047 sq ft, totalling 73,015 sq ft. The speculative scheme is being brought forward by Total Developments. Total Developments CEO and co-founder, Ed Chantler, said: “The demand for Grade A, sustainable warehouse space remains across the wider East Midlands. Langley Mill will help satisfy this demand by bringing new high- quality industrial and logistics stock to the region. “Sitting in an already-established industrial location means the development will be best- placed to serve businesses operating in the region while stimulating economic growth and job creation.” Both units are fully protected by warranties and will achieve EPC A-Rating & BREEAM ‘Excellent’. NG Chartered Surveyors are joint agents with M1 Agency on the scheme. Prologis UK, a logistics property owner, investor and developer, has welcomed Flexispot Limited, a kinetic furniture manufacturer, to Prologis Park Wellingborough West. The move to DC2 forms part of the business’s expansion plans and move from its former base in nearby Northampton. Flexispot, owned by global 3PL business Lecangs LLC, is leading the kinetic furniture movement, putting ergonomics and eco-consciousness at the heart of its operations. Flexispot’s offering encompasses a range of office furniture such as adjustable desks, chairs and storage solutions made from fully-recyclable materials with a focus on advanced engineering and technology. Soon to be Flexispot’s new home, DC2 spans 130,726 sq ft of fully- fitted and racked warehouse space. The unit was built with the environment in mind, achieving an EPC A rating, energy efficient LED lighting and is Net Zero in operation, in line with the UKGBC framework. Flexispot’s arrival to the Park community will boost the local economy, providing a number of new job opportunities for the surrounding area. Furniture distributor welcomed to Northamptonshire logistics park www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 15 © stock.adobe.com/ASDF16 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY A new year of Groundbreaking at Staveley Market. L-R: Nick Banks, Senior Contracts Manager at Stepnell, Councillor Kate Sarvent, Chesterfield Borough Council’s cabinet member for town centres and visitor economy, Councillor Tricia Gilby, leader of Chesterfield Borough Council and vice chair of the Staveley Town Deal Board, Ivan Fomin, chair of the Staveley Town Deal, Will Mart, Trainee Site Manager at Stepnell www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 17 COMMERCIAL PROPERTY Setting the stage for a new year of development, 2024 concluded with construction starting on, plans being revealed for, and approval being granted to a number of projects in the East Midlands. A s the transformation of the East Midlands’ towns and cities continues, 2024 ended with new developments getting underway, new plans being revealed, and proposals receiving the green light. In Derbyshire, the multi-million-pound regeneration of Staveley Market began on site. Chesterfield Borough Council’s Staveley 21 project, funded through the Staveley Town Deal, includes the construction of a landmark building in the town centre, improvements to the market square and rejuvenation of the high street. Together the works will help support local businesses by creating a more attractive town centre for everyone to enjoy, with Stepnell leading the programme of work on site. In 2025, the new building will be constructed to house Derbyshire County Council’s Staveley Library on the ground floor, with the upstairs providing space for new businesses. Meanwhile, the marketplace will be revitalised to create an enlarged public space to support existing uses, such as regular markets, but also as a setting that can be used to host a range of new events to encourage more people to visit the town centre. Proposals involve tiered outdoor seating to facilitate outdoor theatre and performances, and natural play equipment to help make the marketplace more attractive to families. In Derby, updated plans for the potential development of three sites were unveiled through the Derbion Masterplan, a framework for the long- term development of underused land that will support the centre, its significant position within Derby, and benefit the ongoing regeneration of the city. Plans originally presented in 2022 considered the potential of two sites, Eagle Quarter and Bradshaw Way. These have now been updated with a revised layout and reduction in height of the development 18 Á18 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY proposed buildings, while a third site, the Riverside Quarter, is included. Planning permission has already been granted for the Eastern Gateway project, acting as the first phase of the proposed Eagle Quarter development. Work is underway to create a new public square on the corner of East Street and Morledge and provide an enhanced gateway to the city from the bus station. The Derbion Masterplan proposes how the rest of the Eagle Market site could be developed for around 500 new homes and commercial uses, within a framework of green, accessible routes and public areas. The updated plans for the Eagle Quarter also feature the retention of Derby Theatre, providing a green cultural square at the heart of the project. The proposals for Bradshaw Way involve around 480 new homes and commercial space around landscaped public areas, transforming the gateway site and improving links to the Nightingale Quarter. Finally, following the closure of the Riverside car park, the Riverside Quarter is to present around 380 new homes with public spaces and walkable streets that will bolster connections towards the river and into the rest of the city centre. On a smaller scale, planning permission was granted for the new local centre within Wellingborough’s Stanton Cross development. The approved designs for the neighbourhood centre include 37 apartments, eight retail spaces, office facilities, a convenience store, a nursery, and a gym. Developed by GSSArchitecture in collaboration with Vistry Group, the Stanton Cross local centre will be an integral part of the community, sat at the heart of the project. Stanton Cross is a mixed-use scheme set to transform approximately 339 hectares of green and brownfield land. Once completed it will feature 3,650 homes along with retail, leisure, and commercial spaces. Reacting to the news, Dave Bullock, Director (Stanton Cross Developments Ltd) at Riverside, said: “This marks an exciting milestone in our commitment to creating a vibrant, inclusive space at Stanton Cross, where our residents can come together, connect with one another and thrive as a community. Working closely with a specialist commercial developer, we’re excited to see the hub come to life – not only to serve the needs of the community, but also to enhance the local area for residents.” In a further planning win, outline permission was granted at Overfield Park, Newark for commercial development, allowing up to 130,000 sq ft of industrial, storage, distribution, R&D, and office employment space. It is expected up to 120 new jobs will be created at the 21-acre site off Godfrey Drive, at the intersection of the A1, A17 and A46. Newark and Sherwood District Council’s planning committee approved the scheme, with detailed design for individual units, including sustainable build features such as solar panels, low carbon materials and EV charging points, to be submitted during the detailed design stage. Travel plans will also feature in future reserved matters planning applications, to help promote and secure sustainable travel provision for site occupants. Dean Bower, Senior Development Manager, Lindum Group, said: “This is another big milestone at Overfield Park, adding to the previously developed Farol dealership, Wirtgen UK head office and Starbucks restaurant. New build development of this bespoke nature is limited in the area and this planning permission will allow further high-quality complimentary development to be delivered in the next 12-18 months to meet occupier demands.” These schemes come as development in the region received additional positive news in December as the East Midlands Combined County Authority (EMCCA) approved £9.5m in funding to go to local projects that will help promote economic growth for the region. The money, from EMCCA’s Investment Fund, will support South Derbyshire Growth Zone (£1.5m), the Trent Clean Energy Supercluster (£3m), the Derby City Urban Quarter (£3.75m), Broad Marsh (£3.392m), Infinity Park (£1.5m), and Avenue Site Southern Access (£1m). Derbion’s plans Derbion’s plans www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 19 2025 BUSINESS PREDICTIONS Looking ahead It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead. Marc Abrams, Nottingham Office Senior Partner, KPMG UK Getting back to sustained economic growth will be a defining issue in 2025 and with the new East Midlands Combined County Authority in power, there’s plenty to play for. Access to its £4billion spending pot will help to boost growth opportunities for our region’s great businesses and universities, and bring the East Midlands onto a more equal footing with other devolution areas. As home to some of the country’s leading manufacturers, how the East Midlands embraces the green agenda to develop its manufacturing strengths will be essential in driving change and boosting our vibrant health and agri-tech sectors.?As a region, we already have much to be proud of in this space, and as the new Combined Authority grows and develops, the role of local businesses will be critical to its success. Innovation in tech will also continue to accelerate at pace in 2025, with generative AI leading the charge both at home and in the workplace. Technology has the power to revolutionise industries across the East Midlands, and those businesses that are bold and invest in digital transformation will be best-placed to capitalise on new opportunities. The digital economy will continue to expand, driven by e-commerce, digital payments, and online services. Every new year brings new opportunities, and ambitious businesses are already making moves to enhance their digital presence and leverage technology to reach and serve customers effectively – for those that follow suit, the sky is the limit. Next >