< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS Profit warnings from UK-listed companies in the Midlands fell by 21% in 2023 Listed companies in the Midlands issued 31 profit warnings in 2023, a decrease of 21% on the previous year, according to the latest EY-Parthenon Profit Warnings report. In Q4 2023, nine warnings were issued by companies in the region, the same as Q3 and the highest quarterly total since Q4 2022. The number of warnings issued during this quarter is down by over a third (9) on the same period (October – December) in 2022. Companies within the Midlands operating in Industrial and Consumer Discretionary FTSE sectors continued to issue the highest number of profit warnings (eight) in Q4 2023. This is comparable to the broader national trend, with FTSE Consumer Discretionary sectors issuing the most profit warnings in the UK during Q4, accounting for 35% of all warnings during this period. Project management and property consultancy company sold to Leicester group Project management and property consultancy company Capital and Provincial has been sold to Bellrock Group. Capital and Provincial provides client-focused and results-led project management, quantity surveying and property consulting services to a wide client base, from international corporations to developers and individuals across the UK and Europe. The company has a team of more than 20 consultants at its offices in Farnham, Surrey, and central London having become one of the leading operators in its industry, serving clients in the South of England in the corporate, hotel, hospitality, residential, technical and education sectors. Bellrock Group, headquartered in Leicester, is a provider of specialist risk-focused workplace and property management solutions with a turnover of £170million. Its team of 1,600 property and facilities professionals is located at 70 sites across the UK, working on behalf of clients with access to 700 suppliers. Daniel DiMarco, KBS Corporate deal executive who oversaw the transaction, explained Capital and Provincial had been keen to explore the market to see what was achievable to help drive the growth of the business and release equity. Copper recycling company falls into administration A Leicestershire company which processed unused or discarded copper materials for resale has been placed in administration. Steven Wiseglass, a director at Inquesta Corporate Recovery & Insolvency, has been appointed as administrator of Pure Copper Recycling Ltd. Pure Copper Recycling, based in Gaddesby, had stopped trading while it sought new premises. All eight employees have since been made redundant. The company, founded in 2018, was a granulation specialist which repurposed and recycled unused or discarded copper cables and materials bought from a variety of clients, including scrap merchants, tradesmen, waste sites and electricians. In the period from December 1 2022 to September 28 2023, the business generated sales of £10.4m. Steven Wiseglass said: “We have been appointed as the administrator of Pure Copper Recycling Ltd. “Due to a number of issues, the business was unable to continue trading and regrettably the employees have been made redundant. “We are now working with advisers to assess the value of the company’s assets and will then undertake a sale process with a view to securing a return for creditors.” © stock.adobe.com/lexiconimages Vardo restaurant in Duke of York Square, Chelsea, London, the construction of which was project- managed by Capital and ProvincialFINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Interest rates held at 5.25% The Bank of England has held interest rates at 5.25%, for the fourth time. With aims to meet the 2% inflation target, the Bank’s Monetary Policy Committee (MPC) has voted by a majority of 6–3 to maintain Bank Rate at 5.25%. Two members preferred to increase Bank Rate by 0.25 percentage points. One member preferred to reduce Bank Rate by 0.25 percentage points. A statement from the Bank of England says: “The Committee voted to maintain Bank Rate at 5.25%. Headline CPI inflation has fallen back relatively sharply. The restrictive stance of monetary policy is weighing on activity in the real economy and is leading to a looser labour market. In the Committee’s February forecast, the risks to inflation are more balanced. Although services price inflation and wage growth have fallen by somewhat more than expected, key indicators of inflation persistence remain elevated. “As a result, monetary policy will need to remain restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term in line with the MPC’s remit.” Ideagen moves closer to next acquisition Ideagen has moved a step closer to strengthening its environmental, health and safety (EHS) capability after Damstra, an Australian EHS business listed on the Australian Securities Exchange, entered into a Scheme Implementation Deed with the Nottingham- headquartered software company. Under the terms of the scheme, Ideagen will acquire 100% of the fully diluted share capital. The Damstra Board (including the independent board committee formed for the purpose of considering the Scheme) unanimously recommended that Damstra shareholders vote in favour of the Scheme. Ideagen CEO Ben Dorks said: “Ideagen provide regulated industries with the clarity and confidence to turn risk to resilience, and the addition of Damstra’s market-leading workforce and asset management solutions will enhance this. “We’ve made significant investment in the Asia Pacific region and intend to continue to grow our presence in Australia. Existing Damstra customers will benefit from Ideagen’s broader resources and we intend to use our global footprint to introduce Damstra’s capabilities to a wider customer base.” © stock.adobe.com/ Parilov Wealth management firms merge Holleron Wealth Management is joining forces with another wealth management company. The Stanton by Dale-based firm, established 10 years ago by Kevin Holleron, is merging with Sovereign Wealth. According to the firm, the decision to merge with Sovereign was driven by a number of factors, including its ambitions for growth. Holleron said that Sovereign shares synergies with the firm, including its values, culture, passion for excellence and focus on clients. The firm’s team of 14 will continue to be based at its Grove Farm headquarters. Kevin, Managing Director at Holleron Wealth Management, said: “Together, we look forward to a bright and prosperous future. We will as always strive to shine a light on Derbyshire, celebrating our region as well as building a business where our clients continue to be at the very heart of everything we do.” © stock.adobe.com/ snowing12 Ben Dorks, CEO of Ideagen © stock.adobe.com/lDoubletreeStudioBramble Foods gobbles up The Bay Tree Food Co Leicestershire-based Bramble Foods Group, a manufacturer and distributor of fine foods to independent, local retailers, garden centres, farm shops and holiday parks, has acquired The Bay Tree Food Co, an award-winning manufacturer of branded chutney, relish, sauce and jam. The Bay Tree Food Co was founded by Emma Macdonald in 1994 and has been creating artisan chutney, relish, sauce and jam from its BRC accredited factory in Ivybridge, Devon, ever since. In addition to its own brand products, The Bay Tree Food Co offers own-label and bespoke recipe solutions to independent retailers and food service companies. Emma Macdonald, founder and CEO of The Bay Tree Food Co, will stay with the business to help deliver the next phase of its growth. She said: “We are very excited to work with the Bramble team. Being part of a larger group will accelerate the next phase of our development and I’m looking forward to the opportunities that will bring.” East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Ibstock enhances concrete capabilities with new acquisition Leicestershire-headquartered Ibstock has extended its concrete offering with the acquisition of Birmingham-based Coltman Precast (Valerie Coltman Holdings Limited). The purchase of Coltman’s 9.25-acre facility in Sutton Coldfield, which manufactures hollowcore and staircases, has the capabilities to expand Ibstock’s current range, whilst also increasing manufacturing capacity, which supports the company’s Flooring and Structural concrete growth plans. Tim Wright, commercial sales operations director at Ibstock, said: “The acquisition of a brand as well-known and respected as Coltman Precast is a significant milestone for Ibstock. “We believe it further increases Ibstock Group’s ability to manage the short-term challenges which are being impacted by the wider economic climate, whilst helping us plan and work towards longer term success. “We look to the future with excitement as the unlocked potential of this acquisition is immense. Once we have fully integrated the Coltman Precast facility and team into our wider operations, the business will go from strength to strength.” East Midlands manufacturer awarded £3.8m school fitout contract Mansfield-based Deanestor, the furniture manufacturer, has been awarded its 13th school fitout project for Robertson Construction – a £3.8m contract for the new East End Community Campus in Dundee. Due to open in August 2025, the £100m campus for Dundee City Council will cater for 1,900 pupils and will replace two high schools. Deanestor will fit out over 300 rooms across the new three-storey campus, providing more than 4,000 items of loose and fitted furniture. William Tonkinson, Deanestor’s Managing Director, said: “We welcome the opportunity to work as a partner of choice to both Robertson and Procurement Hub, and are looking forward to contributing to the delivery of another really high-quality, multi-use school campus in Scotland. “We are in no doubt that these facilities will make a tremendous difference to the local community in Dundee and to city-wide education.” © stock.adobe.com/ FreedomzScott Bader to invest £30m to transform manufacturing site Scott Bader UK, a Northamptonshire-based specialist in composite, adhesive and polymer materials, has revealed intentions to invest £30m to transform its flagship UK manufacturing site. The five-year programme will commence in 2024 with £8m earmarked for the first phase of the works. This planned investment will support the group’s UK customers by making the plant more flexible – enabling quicker lead times and the rapid scaling up of an increasing number of sustainable alternatives to the group’s current products as well as new performance products in areas such as 3D printing. “The planned investment reaffirms our commitment to the UK composite supply chain and to all our colleagues, partners and associates that benefit from our long- standing presence at Wollaston,” says Scott Bader’s CEO, Kevin Matthews. “In addition, the investment will upgrade our capability to continue to develop and supply new sustainable performance materials designed to help our customers on their journey to net zero.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS Derby composite materials manufacturer secures capital injection Prova has made a follow-on investment in Derby composite materials manufacturer Composite Braiding, having initially taken an equity stake in the business back in 2022. Coming as part of a seven-figure funding round, the capital injection will be used to strengthen manufacturing, bolster the workforce and purchase equipment as the company continues to experience rapid growth. Composite Braiding uses an automated manufacturing process to combine thermoplastics with materials like carbon, glass and basalt fibres, to create a much lower embedded carbon solution for end products spanning the automotive, rail, sports equipment, maritime, and civil engineering sectors. Richard Postins, founder of Prova Investments, said: “At Prova Investments, we’re excited to continue our journey with Composite Braiding in its mission to decarbonise the composite materials industry. “With its novel processes to automate the manufacture of advanced composites using sustainable materials, Composite Braiding is a great fit for our cleantech and circular economy portfolio, and we’re looking forward to offering ongoing growth and support as it continues to pioneer composite manufacturing.” Liquid vitamin manufacturer marks successful year with Nottingham relocation An East Midlands liquid vitamin, nutrients and minerals manufacturer is marking a year of success with a new office in Nottingham. Nutrivitality Limited has relocated from Derby to an 80,000-square-foot facility on Sherwood Business Park, which is shared by its sister company Surescreen Diagnostics and its beauty and collagen brand SKINGLO. Comprised of a modern, purpose-built manufacturing unit, the site will have the capability to produce high volume mixing, bottling and vial filling, and sachet packing, producing two to three million products of vitamins, supplements and collagen daily, as well as house staff across both businesses. John Knox, Managing Director of Nutrivitality, said: “We started to outgrow our previous site in Derby and driven by our needs for increased capacity and the expansion of our ever-growing customer base, we decided to relocate to Nottingham. “The new site allows us to have everything under one roof, including a fully equipped research and development laboratory, approximately 20,000 square feet of manufacturing space, with aseptic spaces, impressive warehousing facilities, as well as commercial functions such as marketing and sales.” © stock.adobe.com/ Fantasista © stock.adobe.com/ Ian O'Hanlon © Holmes MillerPROPERTY NEWS Construction consultancy relocates in Northampton A construction consultancy has relocated to a newly refurbished two-storey office space in Northampton. Bhangals Construction Consultants has spent months planning and designing the new office, in Grange Park, which offers open plan working, as well as dedicated meeting rooms, a kitchen and staff breakout areas. All the desks have been purpose built to fit the space, and the renovations have been completed to enable the best possible working environment for staff. A yet to be opened upstairs space will soon also provide a versatile events area for both Bhangals staff and the wider business community. The entire space totals 7,500 square feet. The move, which has rehoused the company’s 30-strong workforce, will allow for further growth as Managing Director Parm Bhangal adds to the team. It comes just five years after the company doubled the size of its previous office space by taking over the office next door. Planning permission granted for new mixed-use scheme in Glen Parva IMA Architects has secured planning permission for a new mixed-use development in Glen Parva, Leicester. Working in partnership with its client Anglia Healthcare the plans will see the redevelopment of the current Anglia Healthcare and Mobility shop on Little Glenn Road to create a mixed-use scheme with retail on the ground floor and residential across two floors above. IMA’s plans feature a more modern aesthetic that makes best use of the plot, maximising on space available. It will include much needed, high quality residential units comprising seven duplex apartments. The ground floor retail space will become Anglia Healthcare’s new mobility showroom. It will provide a much-improved retail space for the company with associated office space, amenities and parking. Anthony Day, Managing Director of IMA Architects, says: “Securing planning permission for this site had been a complicated process. When we were brought in, the process had already been going on since 2021 so I am pleased that our designs for this area of Little Glen Road have been approved and that work will soon begin on site.” East Midlands Business Link www.eastmidlandsbusinesslink.co.uk £5.4m funding facility secured for new Nottingham housing scheme Nottingham-based property developer Hockley Developments Ltd has secured a £5.4 million funding facility from Paragon Bank to support the second phase of its Sherwood Library development in Spondon Street, Nottingham. The scheme will consist of 12 houses and 22 flats in the second phase of the development and is expected to be complete by January 2025. The first phase of the development saw the building of a brand-new library, a Sainsbury’s and seven flats. Within the second phase of the development, 14 flats have already been sold and will be used for supported living accommodation. This is Paragon’s fourth deal with Hockley Developments, having previously supported the company to fund various projects including a £1.6 million funding package to turn a former care home in Nottingham into 23 self-contained one and two-bedroom apartments. The deal was led on behalf of Paragon’s Development Finance team by senior relationship director Steve Hallam, with support from senior portfolio manager Ashling Quinn.PROPERTY NEWS Planning permission granted for second phase at Leicestershire business park Planning permission for a second phase at Beauchamp Business Park, a new commercial development in Kibworth, Leicestershire, has been granted by Harborough District Council. Beauchamp Business Park is being brought forward by Clowes Developments and its team including IMA Architects, TanRo, Millward Consulting Engineers, Gateley’s Legal and Postins Project Services. Philips Sutton and TDBRE have been instructed as agents on the scheme. Construction of the first phase of the scheme began in September 2023 and 80% of the units were sold or under offer within two months of being made available for enquiries. Phase Two will see the creation of a further three new commercial/industrial buildings to be used for B1 and B2 use class. Construction is scheduled to begin in Summer 2024 with completion expected in early 2025. When complete, Beauchamp Business Park will feature a series of freehold and leasehold industrial units ranging from 1,270 sq ft to 10,085 sq ft. Senior living developer sells care home scheme in Leicestershire Senior living developer Charterpoint has sold a 66-bed care home scheme in Leicestershire to Octopus Healthcare Fund. Work is now starting on site to build the development at New Lubbesthorpe, a new community in Blaby. Charterpoint received planning permission for the scheme, along with a nearby mixed-use, two-storey local centre, from Blaby District Council last year. Now, in a deal brokered by Christie & Co, the two and three-storey care home development has been sold to Octopus Healthcare Fund, which invests in best-in-class care homes across the UK. Charterpoint MD Giles Nursey said: “We are very pleased to have secured a deal to sell this site to Octopus Healthcare Fund who will now take it forward through development and to completion. “This scheme will provide a modern, state-of-the-art care home, offering additional facilities at New Lubbesthorpe which has become a popular and vibrant community just 20 minutes from Leicester city centre.” The care home was designed by Franklin Ellis Architects. 5-acre Leicestershire site secured for new homes The Strategic Land Group (SLG) has secured a new site in Packington, Leicestershire, with the potential to deliver 35 new homes along with new greenspace. SLG will now work with the landowner to bring the 5-acre site forward for residential development through North West Leicestershire’s emerging Local Plan. Paul Smith, Managing Director of The Strategic Land Group, said: “Packington is a very desirable location, and this site represents a logical extension to the village, so we look forward to working with the landowner to bring it forward. “It has all the right attributes for development and would provide much-needed new homes within the area, both for new and existing residents.” SLG was advised by Shakespeare Martineau and Marrons Planning, while Brown & Co advised the landowner. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY is already seeing transformational developments throughout the region make progress, whether getting the green light from planning committees, appointing contractors, or starting on site. In Nottingham, GRAHAM has been awarded a £70m contract by property developer Bricks Group for the two-stage design and build Bendigo Building project. Originally built in the late 1960s, the Bendigo Building served as a Royal Mail Sorting office, and now after being vacant for nearly two decades, a redevelopment scheme will bring new life to the area and accommodation to students. ‘True Nottingham’, a 661-bed development, provides various living options including studios and four, five and six en-suite bedroom apartments. The all-inclusive accommodation will present amenities such as the Festival zone, multi-media/games lounge, gym with personal trainers plus fully landscaped garden with outdoor seating areas, car parking and cycle storage. Two ground-floor commercial units will offer additional amenities. Ronan Hughes, regional director at GRAHAM, said: “We are delighted to be continuing our relationship with Bricks Group to deliver this development that represents a significant investment in student accommodation, contributing to the growth and vibrancy of Nottingham. We have similar experience in delivering major projects in the city and look forward to transforming an unused space into a thriving new community for Nottingham’s student population.” Meanwhile, Wavensmere Homes has received the go-ahead from Amber Valley Borough Council for its revised plans for the redevelopment of Milford Mills, overlooking the River Derwent, located between Belper and Duffield in north Derbyshire. 69 new homes will be delivered on the historic site, which is within the Derwent Valley Mills UNESCO World Heritage Site. Accessed off Derby Road (A6) in the centre of Milford village, Time to transform Transformational projects are taking steps forward throughout the East Midlands. 18 Áwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY The Bendigo Building redevelopment. Image shows proposed Bath Street visual East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY the redevelopment of former commercial premises will feature 42 two- and three- bedroom houses and 27 one- and two- bedroom apartments, within a four-storey building overlooking the River and Mill Lade. Wavensmere Homes has already spent over £250,000 on archaeological investigations on site throughout 2023, while amending the original planning application to enable the 4.7-acre development to be gas free and fully compliant with new building regulations. The houses will be installed with air source heat pumps, while the apartments will have electric heating, with solar PV panels fitted to the roof of the building to generate renewable energy. Dating back to 1780, Milford Mills is a former cotton mill which housed some of the world’s first mechanised industrial spinning factories. The unique project will see the retention and restoration of historic features from the former cotton mill, including the Mill Lade that now feeds a hydroelectric power plant downstream, the wheel pit and tail race that historically connected the mill to the River Derwent, along with the repair of all original stone boundary walls. The site will be further complemented by two acres of public open space and the recent restoration of the Grade II listed Dye House by Chevin Homes to form a 4,500 sq ft commercial premises. Moreover, in Brackley, an expansion of the Mercedes-AMG Petronas headquarters has been given the green light by West Northamptonshire Council’s Strategic Planning Committee, Milford Mills development sitewww.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY anticipating millions of pounds of economic investment and over 500 multiple skill set jobs. The site on St James Road is currently the HQ for the Mercedes Formula One team and is where the cars are designed and constructed with engineering work being carried out through their Applied Science engineering capability, which conducts engineering design for external clients. A key aim of the plans is to create a parkland campus setting. The plans propose to remove the existing car park and replace it with a single deck car park featuring an under croft and a surface level car park, together with vehicular access to the Mercedes site from Lauda Drive and St James Road. In addition, there will be a covered walkway, refurbished bridge, new pedestrian and cycle bridge, cycle hub and parking spaces with solar panels. The refurbishment will also see the introduction of a three-storey marketing centre and health and wellbeing hub complete with restaurant, gym, yoga space and other facilities for Mercedes employees. Finally, contractor G F Tomlinson has started work on the site of a multi- million-pound refurbishment of Chesterfield’s theatre and museum. The refurbishment of Stephenson Memorial Hall, home to both the Pomegranate Theatre and Chesterfield Museum, involves the creation of a single entrance to both facilities, an expanded theatre, a reconfigured museum, community spaces and a new café bar. The project is led by Chesterfield Borough Council and is due to be complete by the end of next year. Initially announced in 2021 following a funding commitment from the Government’s Levelling Up Fund, the project has been in development ever since. The Museum and Theatre closed in 2022 to allow preparatory works to begin including the removal of asbestos, ground investigations and a strip-out. Councillor Kate Sarvent, Chesterfield Borough Council’s cabinet member for town centres and visitor economy, said: “Since closing in 2022 we’ve been very busy behind the scenes both preparing the building for renovation and finalising the plans with our partners including our fantastic architecture team to ensure our ambitions can be realised. I’m delighted that G F Tomlinson have now begun work on site to deliver this project for our residents, we look forward to working closely with them over the next few years and keeping everyone updated on progress within the building. This is a landmark building in our town and a place where generations of Chesterfield residents have created lasting memories. This project seeks to protect this building for the future but also enhance the visitor experience which will encourage more people to attend shows and visit our museum. This ambitious project will benefit both our community and our economy – we are committed to investing in the future of our borough, to ensure it can thrive for years to come and has first class facilities for both residents and visitors Stephenson Memorial Hall Next >