< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS Corby business sold to employees A Corby-based international telematics firm has been majority sold to an employee ownership trust (EOT). Mobilevalley has used a £1 million funding package from HSBC UK to support the transfer of ownership of the business to its employees, securing up to 18 jobs in the local area. An EOT is a special form of employee benefit trust introduced by the Government in September 2014 to encourage more shareholders to set up an employee-led business. Following the move, employees at Mobilevalley are now able to have a meaningful say in how the business is run and operated, driving long-term business growth, employee engagement and ensuring its services are protected for its customers. As part of its growth plans, the move has also enabled Mobilevalley to open its new branded Midlands Telematics Centre in Corby. The state of the art 3,500 sq ft centre will provide all its services under one roof and is designed for commercial partners and those looking for HGV telematics or CCTV products. The company is expecting a 10 per cent increase in turnover as a result of the deal. Financial planning business makes first acquisition of 2024 Nottingham financial planning business, Wren Sterling, has completed its first acquisition of 2024, swooping for TW Financial Planning Limited. Based in Newcastle-under-Lyme, TW Financial Planning has three financial planners, who service over 750 households. It manages around £265m on behalf of its clients. The TW Financial office in the heart of Staffordshire will join Wren Sterling’s national office network, boosting its physical presence in the West Midlands. Wren Sterling now operates from 13 offices covering 11 locations across the UK with plans for future deals to grow its network. James Twining, Wren Sterling’s CEO, said: “This deal ticks a lot of boxes for Wren Sterling. TW Financial Planning is a self-sustaining business borne out of close working relationships with professional introducers and has grown through client referrals and a strong local reputation. “The quality of the TW Financial Planning team, with some achieving Chartered status, will further grow our overall standard of advice and I am looking forward to bringing their expertise to the rest of Wren Sterling.” Nottingham MedTech company raises £8.4m Nottingham-based MedTech company, Locate Bio has raised £8.4 million in an oversubscribed funding round. It will help progress the orthobiologics company’s ongoing clinical study of LDGraft, which is being developed for use in patients who require surgery for chronic lower back pain. The news was revealed by Mercia Asset Management, which has invested £2.5 million into Locate Bio as part of the syndicated funding round. Mercia’s fully diluted direct stake now becomes 20.1%. The announcement came alongside Mercia confirming investments into other firms, MIP Discovery and Warwick Acoustics. Dr Mark Payton, CEO of Mercia Asset Management PLC, said: “We continue to be encouraged by the overall development of our direct investment portfolio. A number of the companies in our portfolio are maturing as they scale the commercial applications of their underlying IP. “Furthermore, the syndicated nature of these funding rounds, where nearly 80% of the investment funding is coming from outside of Mercia’s balance sheet, reflects the confidence of the wider venture community in these companies.” © stock.adobe.com/Prostock-studioFINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Mazars sees third consecutive year of double-digit income growth across Midlands offices Mazars, the international audit, tax and advisory firm, has revealed a third consecutive year of double-digit income growth across its offices in the Midlands as part of their annual financial statement report publication. The Mazars team in East Midlands, across its Leicester and Nottingham offices, significantly contributed to this successful year, which saw an increase of 17% to £39.2m. The headcount of its East Midlands team grew by over 10% over the year which included welcoming 20 news trainees and 4 new partners, as well as promoting many of its existing team into more senior positions. Steve English, Office Managing Partner for Mazars across the East Midlands, said: “We are incredibly proud of our achievements during FY 22-23 and contributing to the growth in our business across the Midlands region. “We’re confident in continuing this success in the coming years and look forward to expanding and welcoming new talent to support our growth, while also providing opportunities for development for all our team members.” Chesterfield plant company secures £400,000 asset finance package Paragon Bank’s SME Lending Division has supported Chesterfield- based plant company SH Plant Ltd to purchase two trucks. The company has purchased two Volvo articulated dump trucks through an asset finance package of £400,000 to support its growing business, adding to its fleet of existing vehicles. Of the two vehicles purchased, one of the articulated dump trucks was bought at auction, with the finance agreed with Paragon Bank before the auction took place. This enabled SH Plant to finalise the deal with the auction house on the day and collect it in less than a week. The second vehicle was purchased directly from Volvo, via Paragon Bank. SH Plant is a family-run business in Chesterfield operating in the quarrying industry. It specialises in rock extraction, soil stripping, hauling, and restoration works. The company was founded by company Director, Terry McGrael, who has over 40 years’ experience in the industry. Terry works alongside his wife, Hazel, and daughter Rosie to manage the day-to- day running of the business. © stock.adobe.com/ Yeti Studio Lincolnshire business lands £300k grant to develop crypto platform Recap, a provider of crypto tax calculation services, is poised for significant expansion following its recent Innovate UK grant win. This milestone achievement marks a pivotal moment in Recap’s journey to revolutionise crypto asset management, with the £300k grant fuelling the development of a pioneering, privacy-focused collaborative crypto tax and client due diligence platform tailored for accountants and professional services. Driving this initiative forward, Recap has brought together a consortium of industry experts – namely pioneers in source of fund analytics, Hoptrail, and top UK crypto specialist accountancy firms Andersen LLP and Wright Vigar. Together, they will enhance the platform’s capabilities to seamlessly track and process crypto asset transactions while ensuring trusted source of fund checks during customer onboarding. Daniel Howitt, CEO and co-founder of Recap said: “This grant is a testament to our dedication to innovation and our commitment to addressing the evolving needs of the Crypto industry. “We are immensely proud to lead this project alongside esteemed colleagues and partners Andersen LLP, Wright Vigar and Hoptrail, who bring unparalleled expertise in accountancy, tax services and anti-money laundering compliance, respectively.” Steve English Daniel HowittIlkeston furniture manufacturer receives £7.5m investment Ilkeston-based The Belfield Group, manufacturers of upholstered furniture and home furnishings, has received a £7.5m investment from its principal stakeholders, NorthEdge LLP and Virgin Money. The investment comes as part of a wider package of measures designed to support the business in completing its transformation plans for Westbridge, Tetrad, Belfield Home & Leisure and Clinchplain. It will enable further investment in plant, equipment and system upgrades, modernisation of facilities and a faster roll-out of its people- first plans. Tom Prestwich, Group MD, said: “This investment from NorthEdge and Virgin Money is great news for the Group, and for everyone at our Westbridge, Tetrad, Belfield Home & Leisure, and Clinchplain operations. We are proud of our heritage in design-led innovation and in the quality and craftmanship of our products. “We have brilliant and talented people at the Group who have worked tirelessly through challenging market conditions to enhance the Group’s status as a people-first, customer experience-driven, design-led business and I can’t wait to work with them to deliver our future.” East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Upperton joined by Oxford/AstraZeneca COVID-19 vaccine co- inventor to open new facility Contract development and manufacturing organisation (CDMO) Upperton Pharma Solutions was joined by Oxford/AstraZeneca COVID-19 vaccine co-inventor Professor Dame Sarah Gilbert, biotech industry representatives and local leaders to celebrate the official opening of a new 50,000 square foot development and GMP manufacturing facility in Nottingham. In addition to Professor Dame Sarah Gilbert, the plaque-unveiling ceremony included local Member of Parliament, Darren Henry MP, and leading industry professionals. Nikki Whitfield, CEO of Upperton Pharma Solutions, said: “This celebration marks another milestone in our incredible growth journey as a business. We are looking forward to officially opening our doors to customers and offering a single site solution for development and GMP manufacturing.” The new facility contains ten GMP manufacturing suites, cutting-edge quality control laboratories, and formulation development capabilities equipped with a pilot plant. The facility empowers Upperton to offer customers a seamless transition from early formulation development to clinical trial supplies from Phase 1 to Phase 3 and niche scale commercial manufacturing all on one site. Nottinghamshire manufacturer sold to Portuguese company Duke Capital, a provider of hybrid capital solutions for SME business owners, has revealed the successful exit of its investment in Meteor HoldCo Limited, the 100% owner of Fabrikat (Nottingham) Ltd, a manufacturer of street lighting columns and guard rails. The exit comes three years after Duke’s financing solution enabled Fabrikat’s established management team to become majority equity owners. Fabrikat is being acquired by Metalogalva – Irmãos Silvas, SA, a Portuguese company in the area of engineering and steel protection with more than 50 years of history and operations spanning across 14 countries and four continents. Neil Johnson, CEO of Duke Capital, said: “Fabrikat is a real success story for Duke and a great case study for why Duke’s capital is a perfect fit for individuals seeking to execute an MBO. “Our capital allowed long-standing employees of a strong business to step up into large equity ownership positions and in that role, they continued to prove themselves as great stewards of the business, creating value for all stakeholders.” © stock.adobe.com/ AleksandrEast Midlands manufacturers see mixed start of the year East Midlands manufacturers are seeing a mixed picture as they start the year but confidence is remaining robust despite the UK economy remaining weak overall. However, Make UK is forecasting growth for manufacturing of just 0.1% in 2024 and 0.8% in 2025 which is weaker growth than the economy overall. The findings come in the Q4 Manufacturing Outlook survey published by Make UK and business advisory firm BDO. According to the survey, output in the East Midlands was negative in the first few months of the year. However, looking forward both output and orders are set to pick up substantially in the second quarter of the year with orders in the next three months especially strong. This positive picture is reflected in strong recruitment by firms and a jump in investment intentions to the highest level of any English region, which may be due to the full expensing policy announced by the Chancellor in the Autumn Statement. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS Leicester College re- opens Advanced Manufacturing and Engineering facilities Leicester College will formally open its Advanced Manufacturing and Engineering facilities at the Abbey Park campus following an exciting multi-million-pound investment in resources, equipment and teaching spaces. This will enable the College to provide industry standard technical training to students and employers across the region. Leicester College is one of the largest providers of advanced manufacturing and engineering education in Leicester and Leicestershire. The project was supported by capital funding via the T Level capital fund. The upgraded facilities will improve the practical and technical experience for existing and future students, studying for T Level qualifications in Design and Development for Engineering and Manufacturing (Electrical, Electronic and Mechanical Engineering) and Maintenance, Installation and Repair for Engineering and Manufacturing, together with a range of other programmes, including new Higher Technical Qualifications (HTQs) in Engineering. They will also enable the College to continue to support regional employers to develop the skills and knowledge needed to develop the engineering workforce of the future. Rolls-Royce to invest in Derby Rolls-Royce is investing in its assembly, test and shop visit capacity in Derby and Dahlewitz, Germany to address growing long-term demand for new civil large engines and improve customer aftermarket support services for its global Trent fleet. As outlined at last year’s Capital Markets Day, Rolls-Royce expects an annual increase of 7 – 9% of Rolls-Royce powered aircraft in service for the remainder of the decade and forecasts engine flying hours to reach 120 – 130% mid-term compared to 2019 levels. To prepare for this growth, Rolls-Royce is investing £55m and recruiting more than 300 front-line operations roles, split between its operations in Derby and Dahlewitz. About half of the investment and about two thirds of the jobs will be created in Derby. The investments include expansion of engine build capacity in Derby to deliver over 40% more new engines per year from 2025 – compared with average deliveries over the last 10 years – and increase of services capacity. © stock.adobe.com/ Юлия Блажук © stock.adobe.com / thomathzac23 © stock.adobe.com/ Konstantin ZPROPERTY NEWS Construction company expands at Oberoi Business Hub A Derby company, which specialises in refurbishing social housing properties across the East Midlands, has expanded into larger serviced offices at Oberoi Business Hub in Pride Park in line with its growing customer base. Gratton Construction was launched in April 2022 by experienced surveying and construction professionals Jody Waldron and Kirsty Howard and relocated to Oberoi Business Hub last summer. The company recently added another major refurbishment and on-going maintenance contract to its growing customer base of local authority and housing association clients across the Midlands which prompted a recruitment drive. The larger offices at Oberoi Business Hub will house the current team of nine with capacity to accommodate even further growth. Operations director Kirsty Howard explained: “Just six months after moving our operations to Oberoi Business Hub, we have secured several contracts including a two- year programme to handle kitchen and bathroom replacements and general building repairs for a major social housing provider in Derbyshire and Leicestershire. “This has enabled us to re-structure the business into north and south divisions with site supervisors and coordinators in both and our first directly employed trades people.” 202,000 sq ft of new space completes at St. Modwen Park Derby St. Modwen Logistics has completed four new logistics units totalling 202,000 sq ft at St. Modwen Park Derby. An additional 147,000 sq ft pre-let unit is also due to be completed this Spring as part of this second phase of development. This latest c.£60 million phase of the Park’s development adds to the existing first phase of 300,000 sq ft completed at the Park. The four new units, ranging in size from 27,000-82,000 sq ft, have been built to St. Modwen Logistics’ ‘Swan Standard’ of sustainable construction, achieving BREEAM ‘Excellent’ accreditation and an EPC A+ rating. St. Modwen Logistics has already secured a diverse mix of occupiers at St. Modwen Park Derby. German heat pump manufacturer Vaillant occupies a 131,000 sq ft unit, whilst Swedish medical technology company Getinge has also established a new Global Centre of Excellence for Chemistry within a 79,000 sq ft building which also acts as its UK headquarters. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Vistry Group completes deal to deliver 133 affordable homes for Rushden Vistry Group, the provider of affordable mixed-tenure homes, has sealed a £34 million deal to bring 133 affordable family homes to Rushden in partnership with Platform Housing Group. The site, which was formerly owned by Co-op, benefits from full planning permission and work is expected to start in summer 2024. This new development will consist of one-, two-, three-, and four-bedroom houses and maisonettes, including air source heat pumps to reduce carbon emission, with thoughtfully designed green spaces to create a new area which will integrate well with the local community. As well as new homes, the development will also mean more than £700,000 of investment in services to benefit the whole community. All the homes will be manufactured off site using open panel timber frames from the Vistry Works East Midlands factory in Bardon. Building homes using this modern method of construction (MMC) reduces the carbon footprint of every property. Each home built using these panels emits 14,460kg CO2e less than a traditional brick-and-block house. L-R: Jodie Brady (Oberoi Business Hub), Kirsty Howard (Gratton Construction), Kavita Oberoi (Oberoi Business Hub) and Jody Waldron (Gratton Construction) Image courtesy of Vistry Group PROPERTY NEWS Planning permission granted for Louth residential development Planning permission has been granted to developer Charterpoint and housebuilder Snape Properties for a 90-home residential development in Louth. It marks the sixth and final phase of the popular Westfield Park scheme masterminded by Charterpoint. The developer has now sold the 12-acre site off Daisy Way to Snape Properties – paving the way for work to get under way on the final 90 homes. Once these have been delivered, the 47-acre site will be complete – featuring a total of 330 homes, plus Meadows Park Care Home. Adrian Goose, CEO of Charterpoint, said: “Westfield Park has developed into a flourishing community and this additional piece of land will facilitate the natural extension of it. It is the sixth and final phase of a residential scheme that we are very proud to have masterminded. “The site off Daisy Way will provide 90 much-needed homes for the Louth area, and we are delighted that East Lindsey District Council has granted full planning permission for the scheme, which allows building work to start.” 336-acre sustainable urban extension scheme gains approval in Skegness Plans to transform part of the East Lincolnshire coast have taken an important step forward, following unilateral approval of the 336-acre sustainable urban extension scheme in Skegness. The news means the town is on the cusp of receiving more than £300m in economic benefits, delivering hundreds of local jobs. Projections undertaken by the Gateway team showcase the scheme will deliver employment benefits of £289.7m, £20.5m and £16m in Gross Value Added (GVA) measurability for commercial, industrial and retail sector jobs. The proposed Local Development Order is seeking to expedite the delivery of up to 1,000 new homes and more than 49 acres of combined business, industrial and community space. Situated to the west of the town, on land principally owned by Croftmarsh, with additional areas owned by the Scarbrough family, the Skegness Gateway scheme is set to breathe new life into an area of the Lincolnshire coast that drastically needs change in order to secure its future, boosting the local economy and providing the education and jobs for local people that will encourage them to stay in the area. Northampton investment sale completed on behalf of Lidl A building occupied by The Gym Group in Northampton has been sold in a deal brokered by commercial property consultancy Johnson Fellows. AMK2 Real Estate Ltd has acquired the 16,963 sq ft unit on a 1.26-acre site at Gambrel Road from Lidl for an undisclosed sum. The property is currently occupied by The Gym Group on a 15-year lease, expiring in 2033. The former purpose-built supermarket, with 75 parking spaces, occupies a prominent roadside position alongside Sixfields Retail Park. Occupiers nearby include Sainsbury’s, Next, M&S, Boots, TUI, Poundland, Costa and Lidl. Johnson Fellows’ agency partner Chris Gaskell works alongside Lidl on the acquisition and disposal of sites across the country. He said: “We are working hand in hand with Lidl to identify sites for new supermarkets, while also disposing of land and property that is no longer required. The site at Gambrel Road, which has an excellent occupier, was surplus to requirements and we are therefore delighted to announce that it has been acquired by AMK2 Real Estate.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY T owns, cities, and developers throughout the East Midlands are embracing opportunities for transformation, regenerating and redeveloping sites across the region, to create a brighter future for residents, local economies and to stimulate investment. Business Link shares recent progress on some of these projects. In Mansfield, the District Council has appointed Kier Group plc to undertake phase one for Mansfield Connect, which will see the 1930s former Beales building in the town centre transformed into a modern, multi-agency and community hub. Phase one, given the green light in a delegated decision taken by Councillor Craig Whitby, Portfolio Holder for Corporate and Finance, will see the overall design and development of the project. Then, subject to progress, the council will tender and award a contract for phase two in autumn 2024, which will involve the main construction work being undertaken. Work is anticipated to start on site in January 2025, with it being fully operational and open in January 2027. The scheme is expected to house a variety of public, educational, enterprise, and health and wellbeing services, along with space for private sector investment and Mansfield District Council’s new headquarters. It is anticipated to cost around £30m to complete. Executive Mayor Andy Abrahams said: “Mansfield Connect is a key regeneration project that will transform the long vacant Beales department store into a multi-use, multi-service community and civic hub. Its creation will significantly improve access to a range of public services to support our communities; create new opportunities for enterprise and skills development; provide important new town centre amenities; and, by re-opening long closed frontages, will support greater footfall and high street vibrancy. The co-location of the council with partners in the town centre represents an opportunity to bring key services together, facilitating service transformation and significant efficiency gains within the council and across partner services. This once-in-a-lifetime regeneration project is a fundamental step forward in creating a brighter and transformative future for Mansfield’s residents, and we anticipate it will stimulate further private sector investment and economic opportunity in the town centre and beyond.” Meanwhile, in Staveley, plans have been submitted for a new landmark building which would form a major part of the town centre’s £6m regeneration scheme, Staveley 21, which will revitalise Redeveloping and regenerating With a wealth of redevelopment and regeneration projects underway across the region, the East Midlands is undergoing significant transformation. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY the market place, enhance the connections to the Chesterfield Canal and improve lighting in the town. Councillor Kate Sarvent, Chesterfield Borough Council’s cabinet member for town centres and visitor economy, said: “This project aims to transform Staveley town centre – enhancing the area and encouraging more people to visit and support both existing retailers and market traders. Town centres are changing and by trying to expand the offer, creating new opportunities for events and social spaces we want to boost visitor numbers and provide the space for local businesses to thrive. We’ll continue to engage directly with local businesses and residents over the coming months to finalise the plans and ensure the project meets their needs, including hosting more drop-in sessions for residents.” If approved the new landmark pavilion building, designed by Whittam Cox Architects, will sit between the Staveley Miners Welfare building and Staveley High Street as a new focal point in the heart of the town. The building aims to reflect Staveley’s heritage with a modern twist, opening the view from Market Street into the town centre. Several uses for the building are currently being considered including as a potential site for Staveley library and for retail, leisure, and business start-up uses. Mansfield Connect Image courtesy of Mansfield District Council Staveley town centre regeneration 19 ÁArmstrong house Armstrong House, Armstrong Street, Grimsby, North East Lincolnshire DN31 2QE Tel: (01472) 310301 Email: s.fisher@blmgroup.co.uk Superb Location - - Close to the ports of Grimsby & Immingham - Great motorway links - Close to the town centre Secure off street parking High speed internet availability A range of affordable office sizes 3 3 3 3 Last remaining office suites Prime location in Grimsby Offering a prime position in Grimsby, Armstrong House on Armstrong Street is ideally located. Close to the ports of Grimsby and Immingham, motorway links and the town centre, off-street parking is also available for all staff and visitors, meaning it’s convenient too. Our spacious, welcoming offices are located on the ground floor and are both secure and CCTV-monitored, giving you the ultimate peace of mind. At Armstrong House, when it comes to affordability and with a range of office sizes there are opportunities for all types of business. If you require virtual office services, prices start from just £15 per month. For more information, or to discuss your office requirements call 01472 310301.www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY Moreover, in Northampton, plans to transform the vacant Market Walk shopping centre have been given the go ahead by West Northamptonshire Councillors. Leisure developer STACK’s planning application will see the creation of an innovative entertainment hub with independent street food outlets, bars and a dedicated space for interactive games. The scheme also includes a main stage, which will be used for live music and entertainment. The facility is set to be the first in the Midlands and will boost the town’s vibrancy and vitality, supporting both the daytime and night-time economy and complementing the adjacent ongoing transformation of the historic Market Square and public realm of Abington Street and Fish Street. STACK completed on the site in August 2023 and the planning approval takes it one step forward. License approval is still pending, but once granted the design development can be progressed to the next stage. The scheme is being supported by the council, which is providing up to £4.2m investment through the Towns Fund, with a further £8m investment from STACK. Neill Winch, CEO of STACK, said: “We are thrilled that we can now start to move forward with our plans to bring STACK to Northampton and to create an exciting leisure destination for local residents and visitors. STACK will play a vital role in the plans to regenerate the Market Square area – of which Market Walk Shopping Centre is a part – and which will make a massive, positive difference to the local economy.” Closer to fruition, significant progress is being made on the construction of Derby’s new £45.8m entertainment and conference venue. Senior figures from Derby City Council and project partners visited the Becketwell site last month (March) to ceremoniously sign one of the development’s steel beams. The event celebrated completion of the external structure and roof of the building. The main contractors, Bowmer + Kirkland, took over the site in June 2023 and by December the steelwork, alongside the rows of concrete steps which will create the tiered seating area, had been put in place. The roof is now ready for a concrete pour, which will be followed by a layer of insulation, plasterboard and quilting to the underside to ensure the building is soundproofed. Built on the site of the former Pink Coconut nightclub on Colyear Street, Laurie House offices, multi-storey car park and Padley House in Becket Street, the new venue is set to enhance the city’s cultural offering. It will be a scalable space capable of staging a range of concerts, stand-up comedy, family shows, musical theatre, exhibitions, and business events, hosting over 200 cultural and commercial events each year and expected to attract an additional 250,000 visitors to Derby. It is also expected to create more than 200 new local jobs and kick-start further investment in surrounding areas of the city centre. The venue will be owned by Derby City Council and leased to and operated by ASM Global. Construction work is progressing to plan with practical completion and handover scheduled for the first quarter of 2025. The 3,500 capacity entertainment and conference venue forms the second phase of the £200m Becketwell regeneration scheme. How the transformed Market Walk shopping centre in Northampton will look. Image courtesy of West Northamptonshire Council Next >