< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS Private equity firm invests in replacement vehicle parts supplier Radial Equity Partners has invested in Rimmer Bros, a Lincolnshire-based supplier of replacement parts for UK marque vehicles, including Jaguar, Land Rover, MG, Mini, Rover and Triumph. Founded in 1982, Rimmer Bros maintains a comprehensive product library of over 50,000 SKUs sold primarily on a direct-to-consumer basis. The company has approximately 80 employees working out of its operation in Lincoln. Radial has simultaneously invested in Moss Motors, a U.S.-headquartered aftermarket supplier of parts for British cars, to form “a leading, global specialty supplier of restoration & replacement parts focused on British vehicle brands.” Bill and Graham Rimmer, founders of Rimmer Bros, said: “The merger of these highly complementary businesses creates a global business with immense R&D, sourcing, marketing and distribution capabilities to better serve our loyal customers.” “We are excited by the opportunity to carry on the great legacies of these two family-owned businesses,” said Jim McDonough, partner of Radial. “We are committed to continuing to provide leading service to customers as well as expanding the offering of parts solutions across existing British brands as well as new vehicle marques.” Retail display manufacturer targets future growth with refinance A manufacturer of point-of-sale display equipment, SDI Displays, has completed a multi-million pound refinance backed by Praetura Commercial Finance, generating additional capital for the business to pursue growth. Headquartered in Loughborough, SDI Displays offers end-to-end solutions across the retail and hospitality sectors by manufacturing and installing a wide range of visual designs across shops, restaurants, and cafes. Working with clients including Boots, M&S and Kurt Geiger, SDI delivers a suite of retail fixtures, from point-of-sale displays to full shop interiors. SDI’s installations help retailers to drive better brand presence and encourage higher shopper footfall. SDI now plans to accelerate its growth ambitions utilising additional headroom provided by Praetura. Ian Wright, Managing Director at SDI Displays, said: “This deal represents an exciting period for SDI Displays, where sustained growth and rising profits have meant that we can expand the business and its offerings. “We’ve already been able to diversify into the hospitality sector off the back of our retail success, so we’re looking forward to the growth possibilities that this transaction has afforded us.” Housing association agrees new funding worth £284m Savills Financial Consultants has helped Great Places Housing Group secure three new deals worth a total of £284m with Santander, NatWest, and ABN AMRO. Funding of £109m and £100m has been agreed with existing lenders Santander and NatWest Bank, respectively. New partner ABN AMRO has lent 25,000-home Great Places £75m. All loans are revolving credit facilities (RCFs). All three RCFs contain sustainability-linked performance measures which see a reduced interest rate in the event that Great Places meets agreed energy efficiency targets on new and existing homes. The housing association will use the funds to continue to deliver its commitments to customers to invest in existing and new homes in communities across the North West, Yorkshire and Derbyshire. Great Places’ current plans include further increasing resources to improve property conditions and customer services, as well as the ambition to develop around 9,000 new affordable homes during the period 2020-2030. © stock.adobe.com/nosoroguaPrivate equity firm backs specialist Maintenance, Repair and Operations business NVM Private Equity (NVM) has backed a specialist Maintenance, Repair and Operations (MRO) business, MRO+ Solutions Limited (MRO Solutions). NVM are backing the incumbent team led by Matt Cattell who has overseen a 50% expansion in revenue since joining four years ago. Grimsby-based MRO Solutions is a highly technical, value-added distributor of critical products to a range of process and manufacturing industries. The Group operates nationally through its wholly owned subsidiaries, MJ Wilson and Helix Tools. MJ Wilson is a specialist value added distributor of process instrumentation and control products servicing the energy, power generation and process industries. Helix provides technical support to a range of precision manufacturing clients supporting their tooling requirements. The market is highly fragmented providing the backdrop for an attractive buy and build opportunity to supplement organic growth plans. As part of the investment, funding for acquisitions has been reserved to enable the group to accelerate the M&A strategy post investment and consolidate the market. FINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Mattioli Woods receives shareholder approval for acquisition by Pollen Street Capital Mattioli Woods, the specialist wealth and asset management business, has received shareholder approval for its acquisition by Pollen Street Capital at a Court Meeting and General Meeting. The acquisition of Mattioli Woods by Pollen Street Capital was approved by over 95% of shareholders who voted. The offer values Mattioli Woods at approximately £432 million. Completion remains subject to regulatory approval and the next stage is for the FCA to approve the Change in Control application that has been submitted. The transaction is currently expected to complete in the second or third quarter of 2024. Listed on the AIM exchange since 2005, Mattioli Woods is a provider of wealth management and employee benefits. They look after more than 11,000 clients and have £15.3 billion of assets under management, administration and advice. Following the completion of the deal, Mattioli Woods will be delisted from AIM. © stock.adobe.com/ tonktiti East Midlands accounting and advisory firm acquires insolvency company East Midlands-based accounting and advisory firm PKF Smith Cooper has acquired West Midlands insolvency boutique BLB Advisory Limited as the company progresses its expansion plans, with BLB’s director and owner Brett Barton and seven team members also joining the firm. The acquisition of BLB Advisory Limited sees PKF Smith Cooper’s Business Recovery and Restructuring (BRR) team gain a further 80 years of experience and expertise in insolvency and recovery solutions, as well as an additional three office locations in the West Midlands. Brett Barton is an insolvency practitioner with nearly 30 years’ experience in helping businesses, specifically SMEs and owner managed firms, find solutions to their financial difficulties. Brett’s new role at PKF Smith Cooper will see him continue to deliver his current services in Coventry, Hereford and Worcester, in addition to supporting the firm’s BRR partners – Dean Nelson (head of BRR), Michael Roome and Nick Lee – in shaping and driving the firm’s ambitious expansion plans across the Midlands and UK. © stock.adobe.com/ I Believe I Can Fly © stock.adobe.com/Sutthiphong © stock.adobe.com/thanksforbuyingFunding sees automotive remanufacturer drive growth overseas Grantham-headquartered engineering firm Autocraft Solutions Group has secured a £24 million Asset Based Lending facility from HSBC UK to fund domestic growth and set up new facilities in Europe and the USA. The facility will directly fund significant growth for Autocraft Solutions Group’s existing UK and European contracts with original equipment manufacturers (OEMs), and as part of the expansion plans, the business is projected to increase turnover by over 50 per cent and to increase its headcount by over 10 per cent. The funding will also assist Autocraft Solutions Group in accelerating its expansion plans by replicating its REVIVE facility in Arnhem in the Netherlands at multiple global locations, including Scandinavia, Southern Europe and North America. The first of these locations is expected to open in mid-2025, which will enable the business to grow with existing and new global customers. The new REVIVE sites will triage, repair and remanufacture EV battery packs, enabling the business to process 1,400 EV batteries each year. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS East Midlands manufacturer delivers first project in tertiary education sector Mansfield-based Deanestor has delivered its first project in the higher education sector – providing fitted furniture for the Clarice Pears Building which houses the University of Glasgow’s School of Health and Wellbeing. Built by Multiplex and designed by AtkinsRéalis, the £50m facility on the University’s Gilmorehill Campus brings together five academic teams from different locations across Glasgow. This has created a single multi-disciplinary centre for world-class research into improving health and reducing health inequalities. The building is named after Clarice Pears, the mother of the founders and trustees of the Pears Foundation which donated £5m towards the building’s construction. Deanestor fitted out 42 rooms across five storeys, manufacturing more than 700 items of fitted furniture and joinery at its factory in Mansfield. These included the main reception desk in the entrance atrium, purpose-designed tables and benching, informal booth seating to encourage social interaction and quiet study, storage solutions, kitchenettes, and worktops. Manufacturing sentiment improves Sentiment within the manufacturing sector improved in April and output expectations were the strongest for six months, according to the CBI’s latest quarterly Industrial Trends Survey. Output volumes were broadly stable in the three months to April, following strong declines in output over the first quarter of 2024. Manufacturers expect output to rise over the next three months, with expectations the strongest since October 2023. Average cost growth remained elevated compared to historical norms, with costs also expected to increase at a strong pace in the quarter to July. Domestic and export price inflation are expected to pick up slightly in the next three months. With demand uncertainty falling back, and concerns over the cost of financing diminishing, investment intentions for the year ahead improved relative to January. Manufacturers expect investment in buildings and plant & machinery to be stable over the year ahead, which marks a shift from the picture in January, when investment intentions sank to their weakest for three years. Moreover, spending on product & process innovation is now expected to increase over the year ahead. Image courtesy of AtkinsRéalisSamworth Brothers swoops for sandwich firm Following the purchase of a minority stake in The Real Wrap Company in 2023, Samworth Brothers, the Leicestershire-based food manufacturer, has now acquired the remaining shares in the ready-made sandwich business. Samworth Brothers Group Chief Executive, Hugo Mahoney said: “Food To Go has been a tremendous success story for Samworth Brothers in recent years, and we believe the category is well-positioned for growth. “The Real Wrap Company is a dynamic, innovative young company that shares our values and focus on quality foods. “Real Wrap has great future potential, and the capability and scale of Samworth Brothers will help support further development for The Real Wrap Company business.” Jason Howell and Philippe Gill, The Real Wrap Company founders, said: “We are really excited about developing The Real Wrap Co business in the coming years and we are delighted to be supported by a like-minded partner in Samworth Brothers, to help us continue to do an amazing job for our customers, our people and our planet.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS Spin-out company secures funding boost to revolutionise power generation sector One-of-a-kind AI-driven software that can monitor the “health” of critical power plant components is being developed for sector use with the launch of a new spin-out company. MatAlytics Ltd is a University of Nottingham spin-out that has launched following participation in Innovate UK’s (IUK) ICURe programme to identify a market and build a business plan for CITRUS (Component Integrity and Technology Readiness Utilisation System) software, which has been developed over many years of research activity. A subsequent six-figure funding boost from IUK will now focus on commercialising the system, in partnership with Uniper UK, EDF France, and the Electric Power Research Institute (EPRI) in the US. Dan Hatfield, MatAlytics board chairman and investor, said: “The UK has been an early leader in the transition to renewable energy, creating challenges with intermittency and new patterns of demand for existing thermal power plant operators. “CITRUS can provide operators with ‘decision intelligence’ to plan, operate and maintain critical energy infrastructure in a new era of sustainability.” Go-ahead given to Rolls-Royce Raynesway site expansion The green light has been given to Rolls-Royce’s plans to significantly expand its Submarines site in Derby to meet the growth in demand from the Royal Navy, and as a result of last year’s AUKUS announcement. In March 2023 it was confirmed that Rolls-Royce Submarines would provide all the nuclear reactor plants that will power new attack submarines as part of the tri- lateral agreement between Australia, the UK and US. This increase in demand will see new manufacturing and office facilities being built at the Raynesway site, alongside a multi-storey carpark, and will create 1,170 skilled roles across a range of disciplines, including manufacturing and engineering. The proposal includes the demolition of five buildings and the construction of 10. Rolls-Royce Submarines currently employs more than 4,500 people and designs, manufactures and provides in-service support to the pressurised water reactors that power every boat in the Royal Navy’s submarine fleet. © stock.adobe.com/winnievinzence © stock.adobe.com / thomathzac23 © stock.adobe.com/topntp © stock.adobe.com/DanielPROPERTY NEWS Green Light for redevelopment of Derby’s Friar Gate Goods Yard Wavensmere Homes and Clowes Developments’ £75m proposals for the redevelopment of the city’s historic Friar Gate Goods Yard have been approved by Derby City Council’s Planning Committee. The detailed designs – submitted in August 2023 – set out the vision for the reanimation of two landmark Grade II listed buildings into over 110,000 sq ft of commercial space, alongside 276 new build homes. A painstaking restoration of the 19th Century Bonded Warehouse and Engine House will deliver a total of 111,275 sq ft of flexible offices, health and fitness space, a restaurant/café, together with a regional sales centre for Birmingham-headquartered Wavensmere Homes. Extensive new areas of open space, including play areas and pocket parks will be installed, in addition to the retention of the TPO tree buffer, to help enhance the biodiversity of the site. The elevated area adjacent to Friar Gate Bridge will become a new multi-purpose public realm and community space, with retention of some of the original railway arch facades. Five deals complete at £23m urban logistics development near Leicester Five transactions have taken place at Genesis Park in South Wigston, including a 6,000 sq ft unit to healthcare automation solutions and service provider Deenova. Genesis Park is a 128,180 sq ft urban logistics scheme delivered and owned by developer Chancerygate and comprises 15 units. Deenova is a supplier of combined robotic and automation solutions for closed loop medications and medical devices traceability in the healthcare industry. The company has signed a 15-year lease on the unit. In addition to the letting to Deenova, the unit has also been sold to Sandpiper Formulations Limited Pension Scheme for an undisclosed sum. Unit 5, which has been let to healthcare company Fresenius Medical Care, has been acquired by Key West Holdings Limited for an undisclosed sum. Two further units have been recently sold to owner occupiers at Genesis Park. Unit 1, which extends to 9,000 sq ft has been sold to Personal Homecare Pharmacy Limited and Unit 15, a unit of 10,000 sq ft, has been sold to F2 Medical Pension Scheme, both for undisclosed sums. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Global recruitment consultancy takes newly refurbished office in Nottingham city centre Clearbell UK Strategic Trust (CST or Clearbell), a Trust advised by Clearbell Capital, has agreed a new lease at 55 Maid Marian Way, Nottingham, to global recruitment consultancy, Metric Search, following a significant refurbishment project at the property. Located in the heart of the city centre, the office, totalling over 14,600 sq ft across five floors, has seen its communal areas transformed with new feature walls, floor coverings, lighting and external works. As part of the project, the c. 3,000 sq ft third floor suite was also completely refurbished to a CAT A standard and steps taken to improve energy efficiency, including the introduction of LED lighting and electric heating throughout resulting in an EPC B rating. Dovetailing with the refurbishment, the floor has been let to Metric Search on a five-year agreement. The speciality search recruitment business, founded in New York in 2019, works across the life sciences, MedTech, infrastructure and engineering sectors from its offices across the US and UK. Image courtesy of Vistry Group PROPERTY NEWS Markham Vale expansion plans submitted Property developer HBD, part of Henry Boot, is bringing forward a new 31,264 sq ft commercial scheme at Markham Vale which could create more than 100 new jobs. Reserved matters planning has been submitted for Markham Vale Trade Park; a brand-new development designed for trade counter businesses and SMEs. A 4,000 sq ft pre-let is already under offer to a national operator in a deal that could create around 16 full-time jobs. Markham Vale is a 200-acre industrial and logistics scheme delivered in joint venture between HBD and Derbyshire County Council. Vivienne Clements, executive director at HBD, said: “The Trade Park will be the newest addition to Markham Vale aiming to accommodate trade occupiers and smaller businesses who want to benefit from the scheme’s prominence and accessibility to the surrounding demographic. “The Trade Park will provide much-needed Grade A space, allowing smaller trade businesses to operate from energy-efficient buildings in a prime business location. The job creation element is also significant, with the potential to provide 100 full-time jobs.” Construction begins at Leicestershire’s first garden village Construction has started at Leicestershire’s first Garden Village, Broadnook. Announcing the launch of construction, the developers have unveiled a new roadside billboard as well as the installation of Hollywood- style 9ft lettering made from corten steel. Raising a glass of locally grown Rothley sparkling wine was the mayor of Charnwood, councillor Margaret Smidowicz, alongside James Wilson, Managing Director of Davidsons Homes, and Steve Keenan, construction director at Cora Homes. The creation of the new Garden Village includes plans for car-free zones, cycle paths, village square, community nursery and primary school, enterprise zones, allotments and open green spaces that will connect residents to the local landscape. The project is backed by an investment of £32.6 million – of which over £17 million is being invested into local schools – creating more than 1,900 homes ranging from one to five bedrooms. Healthcare provider relocates to £30m UK HQ at Castle Donington Healthcare provider Mediq has centred its UK operations at a major new base in Castle Donington. The firm – which operates across 14 European countries – has created its largest site to date as it builds its presence in the UK market. The 280,000 sq ft facility at East Midlands Distribution Centre will be used for medical healthcare distribution supply. The new facility was built to a cost of £30 million, which includes a £6 million fit-out. It means the Mediq UK fleet will operate from the prime location between East Midlands Airport, the M1 and the A50 – one of the most strategically important logistics locations in the Midlands. Mediq UK officially launched in September following the unification by acquisition of H&R Healthcare, Bunzl Healthcare, and 365 Healthcare. The group employs 415 people in the UK and 3,000 across its global group. Mediq UK currently operates from several sites around the country, including at Coalville, but will centre UK operations on Castle Donington over coming months. Smaller distribution sites will remain as regional hubs. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Image courtesy of S17 Photography Image courtesy of Clowes Developments East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY A hive of construction activity, the East Midlands is welcoming a wave of major planning applications and building milestones as new schemes spring up across the region. Near Loughborough, the new NHS National Rehabilitation Centre (NRC) has topped out. The £105m NRC programme is building a 70-bed, state- of-the-art and energy efficient new facility, run by Nottingham University Hospitals NHS Trust and part of the Government’s New Hospital Programme. Research, innovation and training will be led by academic partners the University of Nottingham and Loughborough University. IHP, a joint venture between VINCI Building and Sir Robert McAlpine, hosted a formal ceremony at the Stanford Hall Rehabilitation Estate to mark the three-storey building reaching its highest level and the completion of the building’s frame. The NRC, due to open in 2025, aims to transform clinical treatment for patients in the East Midlands, and set a new standard for research and innovation, and education and training in rehabilitation for the whole of the UK. Miriam Duffy, NRC director, said: “We began this journey almost eight years ago in 2016, and so [this] milestone is testament to the teamwork and perseverance that have brought us to this point, which is another step towards opening our doors to patients in need of rehabilitation.” Meanwhile, following a groundbreaking ceremony marking the start of the next phase for MIRA Technology Park, Plot 9 has officially begun construction, the inaugural building in this stage. The next phase will add one million sq ft of innovation and engineering facilities to the existing 850- acre site, with Plot 9 delivering a total area of 72,000 sq ft, divided into two units, each providing 36,000 sq ft of With significant schemes being proposed and under construction across the region, Business Link shares some recent milestones for major East Midlands developments. Making www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY space. These units have been designed to offer a blend of workshop and office space, surrounded by natural landscaping and parking. Sir John Peace, chairman of the Midlands Engine, said: “This milestone not only represents a significant economic opportunity for the region, with over £60m of high-value employment already present, but also signals a crucial next step in the evolution of both MIRA Tech Park and the global industry it supports. This development is a testament to the commitment of fostering innovation, collaboration, and sustainable growth, and is a key asset for the Midlands and UK’s innovation landscape.” This next phase of MIRA Tech Park is being delivered in a joint venture with real estate investor and developer, Evans Randall Investors, with the project delivery managed by Swanvale Developments. GMI has been appointed as the construction company for Plot 9 which is targeting a BREEAM rating of “Excellent” and an Energy Performance Certificate (EPC) rating of A. Moreover, in Lutterworth, Magna Park NHS National Rehabilitation Centre tops out. Image courtesy of University of Nottingham 18 Á East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY South has reached completion, ending a five-year period of activity, which has seen GLP speculatively develop 2.9m sq ft across eleven buildings over three phases. The first phase units (MPS 1, 2, 3 & 4) were successfully leased to Amazon, Whistl, Movianto and JD.com. GLP then developed MPS 5, 6, 7 & 8, providing a further 1m sq ft. The fresh completion of units MPS 9, MPS 10 and MPS 11 which are 388,000, 136,000, and 119,000 sq ft respectively, bring to the market a combined footprint of almost 645,000 sq ft of Grade A, sustainable logistics buildings. Bruce Topley, Managing Director at GLP, said: “The completion of Magna Park South is a major milestone for us. The park contains some of the most environmentally responsible warehouses in the country, affirming our commitment to maintaining the highest CGI of the Full Street scheme in Derby Magna Park South. Image courtesy of GLP www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY sustainability credentials. The combination of state-of-the-art facilities, a prime location, and an enviable list of existing and prospective tenants positions Magna Park South for continued long-term success.” At an earlier stage of development, Wavensmere Homes and Wilson Bowden Developments have submitted revised plans for the redevelopment of one of the final plots of vacant land within Derby’s newly revitalised Cathedral Quarter. 195 studio, one- and two- bedroom apartments are now proposed for the Full Street site, within a redesigned u-shaped nine-storey red brick building. The revised plans address concerns from stakeholders, with a reduction in the height of the proposed development tabled, while the top/ninth floor has been redesigned with a discreet glazed curtain wall, set-back by 1.5m to create full roof terraces. The stepped roofline – and loss of four apartments alongside the riverside elevation – will enable the development to blend in with the existing adjacent residential building. The revised dwelling mix introduces studio apartments and two-bedroom duplex homes, along with fully glazed cantilevered balconies to all plots overlooking Cathedral Green and the River Derwent. Nottingham-based Franklin Ellis Architects has drawn up the revised plans, inspired by the traditional architecture and heritage assets within the vicinity. In addition to the apartments, 2,000 sq ft of mixed-use space has been accommodated at ground floor level to overlook Cathedral Green and Full Street. A range of uses are earmarked for this space, including a new café and residential facilities such as a gym, co- working zone, and concierge point. James Dickens, Managing Director of Wavensmere Homes, said: “This challenging brownfield site occupies one of the best locations within Derby city centre and benefits from rich views of the Cathedral Quarter and the River Derwent. It has been vacant for 10 years and the opportunity to create an exemplary development, reflective of the prime gateway location is exciting. Our proposed scheme will help towards Derby City Council’s target to provide a minimum of 11,000 new homes throughout the city over the coming decade. By appropriately densifying this derelict brownfield site within such a prized and popular city location, we will create highly energy-efficient homes for well over 250 people who will then spend their time and disposable income locally. We look forward to continuing to work with Derby City Council’s Officers, Councillors, and wider stakeholders, as our revised plans are considered.” These are only a handful of new schemes across the East Midlands, with myriad others under consideration in the planning process and under construction.Next >