< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS Project D eyes bigger prize as crowdfund smashes expectations A fast-growing doughnut business is set to raise the ceiling on its crowdfund campaign after attracting five times its prospective investment target in just two weeks of trading. Derby-based Project D launched a £400,000 crowdfund campaign at the beginning of May in an effort to inject cash to speed up its already rapid expansion. On the first day of launch alone, the pre-registration figure totalled more than £500,000. And, within two weeks of launching its online campaign on the Crowdcube crowdfunding platform, the firm received expressions of interest amounting to more than £2m, in addition to the £150,000 lead investment already generated prior to the launch. More than 2,500 potential investors keen to claim their own stake in the booming bakery business have flocked to the crowdfunding site to register an interest. The company, which was launched from a kitchen table in 2018 by three former school friends, is now keen to encourage more potential future shareholders to pre-register before it decides how much to increase its original £400,000 target by. The closing date for pre-registration has not yet been announced. Max Poynton, co-founder and marketing director for Project D, said: “Given the level of interest, we will probably now look to overfund our original investment target. “It’s unbelievable how many individuals want to be a part of our company. I’m totally blown away by the numbers our crowdfund registration campaign has generated so far.: Loughborough vehicle hire company secures £18m funding package for acquisition A Loughborough-based vehicle hire company has expanded its operations across the UK with a HSBC UK supported acquisition. Reflex Vehicle Hire has utilised a £18m funding package from HSBC UK to acquire Hireway Vehicle Rental in Wishaw. The acquisition will see all Hireway Vehicle Rental staff maintained, increasing the Reflex Vehicle Hire team by 11 people, taking them to 115 employees, and adding 900 vehicles to its fleet. The expansion will increase Reflex Van Hire’s fleet to around 6,000 commercial vehicles. As a result of expansion, Reflex Vehicle Hire is anticipating a 19 per cent increase in turnover over the next 12 months. Oliver Waring, founder and chairman of Reflex Vehicle Hire, said: “This acquisition has progressed our growth strategy ahead of schedule and unlocks some fantastic new opportunities for the business. We’re excited to work with Hireway Vehicle Rental staff over the coming months to cement our reputation as the first-choice provider for business customers.” Derby visual marketing company receive Innovation grant to help boost business A Derby business says it will use money received from a government grant to help grow organisations in the city and boost the local economy. Visual marketing agency Briight are recipients of an Innovate UK grant that was made available to “develop and realise the potential of new ideas, including those from the UK’s world-class research base.” Directors Rob Dawes and Drew Taylour-Davis will use the money – almost £30,000 – to make a creative impact on the area. “The demand on digital and creative industries is huge right now,” said Rob, who has been running an agency with Drew for more than eight years. “We want our studio in Jubilee Business Park to be a creative hub. We want to be able to develop our studio space to increase our capacity and scale of projects, and be a fully functional space that will be hired out to other businesses and creatives in need of a large flexible filming space.” L-R: Jacob Watts, Matt Bond, Max Poynton of Project D FINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Jobs saved as buyer found for Mansfield packaging firm A buyer has been found for iTEC Packaging (Mansfield) Limited – securing 78 jobs. Martyn Rickels, Simon Farr and Allan Kelly of specialist business advisory firm FRP were appointed as joint administrators to iTEC Packaging (Mansfield) Limited on 5 April 2023 and have now secured a sale of the business and its assets to Alpla UK Limited, a global leader in innovative packaging solutions. iTEC Packaging was a plastic packaging designer and manufacturer that provided compression moulding and injection moulding of closures for the dairy industry, as well as the food and beverage sectors. The company faced financial pressures following difficult trading conditions and was placed into administration. Jens Seifried of Alpla UK said: “With the acquisition of the iTEC Packaging (Mansfield) business, the global packaging and recycling specialist ALPLA is expanding its expertise as a packaging system provider in the UK market. “The plant in Mansfield manufactures closures for dairy bottles which are made from HDPE using compression moulding and injection moulding processes. With our global know-how, with this acquisition we can increasingly offer the UK dairy industry sustainable, efficient and innovative packaging solutions.” Martyn Rickels, joint administrator of iTEC Packaging (Mansfield), said: “iTEC Packaging was a long-established business and player in the dairy supply chain so we’re delighted to have secured a new buyer. “Alongside the transaction to sell the sister business in Chester-Le-Street, this has helped save nearly 200 jobs in a short space of time, as well as protecting the customer base with ongoing production.” Investment trust acquires significant minority stake in Cubo Literacy Capital has invested in Cubo, the Derby-headquartered flexible office provider, acquiring a significant minority stake and providing capital to fund further growth of the business. Founded in 2020 by property investors Marc and Rebecca Brough, Cubo has sites in Birmingham, Leeds, Nottingham, Sheffield and Derby. Earlier this year, Cubo announced plans to almost double its footprint by the end of 2023. New workspaces in Nottingham, Birmingham, Manchester and Edinburgh are set to open in the coming months with sites in other regional towns and cities in the pipeline. The investment from Literacy Capital will support Cubo’s expansion plans, which come at a time where the flex office market is experiencing unprecedented growth. Cubo joins a roster of portfolio companies including Grayce, Oxygen Freejumping, Butternut Box and Antler Homes. Marc Brough, CEO of Cubo, said: “We are committed to establishing a network of Cubo workspaces across the length and breadth of the UK. Our model of securing leases in prime locations across all the UK’s core cities is reaping massive benefits for our members with all our sites currently enjoying 98% occupancy. “The opportunity to work with Literacy Capital will enable us to secure further sites quickly and fit-out in multiple locations simultaneously to meet the growing needs of both existing members and other corporate occupiers who have committed to work with Cubo as the business grows a nationwide platform. “We look forward to capturing more of the market for hybrid working in 2023 and beyond. ”Richard Pindar, CEO of Literacy Capital, added: “Marc and his team have built a solid track record of investment in flexible office space and client relationships in just three years, which is a great foundation for long-term success in a rapidly growing market. “Cubo is exactly the type of business we are looking to partner with, having executed its plan very well in regional cities which have been less well served by competitors. Cubo is also well positioned to double its footprint by the end of this year and progress plans further beyond this. “We are delighted to be supporting Marc and the business on their continued rollout and look forward to supporting the company as growth is maintained and accelerated following our investment.” © stock.adobe.com/ DaeninSuccessful first tests for Rolls-Royce’s UltraFan technology demonstrator in Derby Rolls-Royce has successfully completed the first tests of its UltraFan technology demonstrator at its facility in Derby. The first tests were conducted using 100% Sustainable Aviation Fuel (SAF). This is an historic moment for Rolls-Royce – it’s the first time in 54 years the aero-engine manufacturer has tested a brand-new engine architecture and is proof of what can be achieved when industry and Governments work together. Confirming the capability of the suite of technologies incorporated in the demonstrator is a big step towards improving the efficiency of current and future aero-engines. UltraFan delivers a 10% efficiency improvement over the Trent XWB, which is already the world’s most efficient large aero engine in service. In the nearer term, there are options to transfer technologies from the UltraFan development programme to current Trent engines, providing customers with greater availability, reliability and efficiency. In the longer term, UltraFan’s scalable technology from ~25,000-110,000lb thrust offers the potential to power new narrowbody and widebody aircraft anticipated in the 2030s. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Administrators secure future of Nottingham manufacturer After being appointed joint administrators to Nova Group Products Limited on 2 May 2023, Tim Bateson and Howard Smith from Interpath Advisory have secured the business’s future. Based in Nottingham and previously known as Fabriweld, the company is a manufacturer and processor of aluminium and steel products, primarily focussed on home speaker accessories and casings for commercial electric vehicle charge points. The business had faced a significant drop in revenue over the last two years due to lower demand for consumer-led products. With pressure on cashflow building, the directors explored a number of funding options but, with no solvent solution to be found, took the decision to seek the appointment of the joint administrators. The joint administrators concluded sales of the business and assets to Innovation Lifts Limited and Innovation Group Products Limited, two companies affiliated to Nottingham-based Innovation Laser Limited. As part of the transactions, all of the company’s 25 employees will transfer to the purchasers. Cement firms unite to form ‘Peak Cluster’ for carbon capture project Five cement and lime plants in the Derbyshire Peak District and Staffordshire Moorlands have combined to form the Peak Cluster, aiming to cut annual carbon emissions by three million tonnes a year from 2030 – a quarter of annual output for the area. They’re owned by Aggregate Industries, Breedon, Lhoist and Tarmac, together with the Lostock Sustainable Energy Plant in Cheshire. Being led by Progressive Energy, the project aims to capture and transport carbon dioxide emissions from the plants before permanently locking it away beneath the East Irish Sea in one of the storage options which the project has access to – including Liverpool Bay CCS or the recently announced Morecambe Net Zero project. Carbon dioxide emitted from the cement and concrete industry accounts for around a quarter of the total emissions in Derbyshire and Staffordshire, with 40% of all UK cement and lime manufactured in the Peak District and surrounding area. Dragan Maksimovic, CEO for Aggregate Industries said: “The cement industry hugely contributes to the economy and supports jobs nationally and locally at our Cauldon plant. As a key player in the market, we recognise our responsibility to drive sustainable transformation. “Peak Cluster will help us and our partners cut annual carbon emissions by a quarter in Staffordshire and Derbyshire. That is a game changer.” © stock.adobe.com/SFIO CRACHO © Rolls-Royce plcForterra’s new Desford brick factory opens Forterra’s new Desford brick factory in Leicestershire has officially opened. With a total investment of around £95 million, the new factory has been commissioned to grow capacity, improve cost efficiency, and boost sustainability. Once at full capacity, the Desford factory will be able to manufacture 180 million bricks per annum, enough to produce 25,000 new homes and provide customers with an additional 120 million domestically produced bricks compared to the old factory’s previous output. On a company-wide scale this increase in brick production capacity represents a growth of around 22%. The new factory incorporates state-of-the-art innovations with sustainability mechanisms, robotics hardware, and advanced packaging solutions, which streamline its production processes to be as efficient and sustainable as possible while satisfying the ongoing demands of customers. As a result of these changes, the bricks produced at Desford will have a carbon footprint approximately 25% lower than those from the old factory. Neil Ash, CEO of Forterra, said: “We are thrilled to announce the opening of the Desford factory, which represents a significant milestone for Forterra. This new factory’s impressive production capacity demonstrates our commitment to meeting the ongoing demands of the housing sector in our mission to Keep Britain Building.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS Metal roofing fabricator expands with new factory investment Metal roofing fabricator Corrivo, has invested more than £2 million into a new 10,000 sq ft manufacturing facility, including a range of new machinery. Based in Burton, Corrivo has opened another manufacturing facility in addition to its existing factory, which will expand its capacity for flashings, gutters and other metal fabrications. Paul Foster, Managing Director, says: “After experiencing consistent growth for the last few years, we wanted to increase the output of our production to keep up with demand. This investment in a new factory will allow us to continue delivering our exceptional service levels to customers, while increasing the level of products we can offer. “The new 10,000 sq ft facility will help us manufacture even more products without taking away our core business principles of getting products to customers quickly.” Having already moved into the new premises, Corrivo has already taken delivery of a range of new machinery, including an Amada punch machine. “We’re a fast-moving company, and we’ve already invested in a range of new machinery for the new location, some of which has already arrived. We don’t want to waste a minute and have already started manufacturing in the new premises. “Our new punch machine will also allow us to expand the range of products we can offer. Working to any CAD design, we can now manufacture a wide range of perforated and punched fabrications for a range of projects.” © stock.adobe.com/alisonhancockPROPERTY NEWS Lincoln shopping centre snapped up Lincolnshire Co-op and Wykeland Group have acquired Waterside Shopping Centre in Lincoln. The two organisations have come together in a 50/50 partnership to secure the prime retail and leisure destination in the heart of Lincoln city centre. The 130,000 sq ft Waterside scheme is 95% let with an impressive line-up of leading retailers including H&M, Next, New Look, Superdrug, O2, Office and Skechers. Following the success of the Cornhill Quarter development, the purchase extends Lincolnshire Co-op’s role in the regeneration of Lincoln and also brings Wykeland’s property asset management experience and expertise to the city. The partners will work together to operate Waterside Shopping Centre as a primarily retail scheme, while also aiming to develop the centre’s leisure offering. Lincolnshire Co-op head of property Kevin Kendall said: “Working together with other local organisations, we’re proud of the schemes we’ve developed which boost the economy of the city and county, improve the local environment and provide a range of valued services. “We’re always looking for opportunities where we could further support the retail and leisure offer within Lincoln and this partnership with Wykeland, focusing on a key site, is a perfect fit.” Work starts on latest eight- figure investment for logistics company at Derbyshire hub Work has started on the latest eight-figure investment for logistics company, Ascott Transport Limited (ATL) at its Midlands Hub in Foston, Derbyshire. Midlands-based contractor G F Tomlinson is delivering the project. The 127,000 sq ft warehouse will include 14 new loading bays, offices, welfare rooms and external concrete yards and roads. Due for completion early 2024, the facility will enable ATL to meet increased demand and grow its client base further. The development is the second warehouse scheme that G F Tomlinson has constructed for ATL, having previously completed a 190,000 sq ft warehouse at the Midlands Hub. The first phase of the development included a three-storey gatehouse, high-spec offices, a new workshop, and outside storage as well as parking facilities and an extensive, high-bay warehouse. Following the completion, the company almost doubled its Midlands operating capacity. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Derbyshire industrial investment property sold Commercial property consultancy Burley Browne has completed the off- market sale of an industrial investment property in Derbyshire. A 40,000 sq ft modern industrial/warehouse unit adjacent to Hearthcote Road, Swadlincote, has been acquired by a private property investment company. The transaction involved a sale and leaseback to Burley Browne’s unnamed client at an agreed sale price in excess of £3 million, reflecting a net initial yield of approximately 7.7% after costs. Ben Nicholson, senior associate director at Burley Browne, said: “We are thrilled to have been able to secure the sale and leaseback of these well- presented premises on behalf of our client. “Following receipt of instructions, we commenced off-market negotiations with parties during a difficult and uncertain economic period in the last quarter of 2022. Despite the uncertainty, this sale clearly demonstrates that the market remains buoyant and that industrial warehouse investment opportunities still command confidence, generating competing bids from potential buyers.” Pictured at Lincoln’s Waterside Shopping Centre, from left, Lincolnshire Co-op’s property manager Hayley Woodhouse and head of property Kevin Kendall, with Wykeland Group Managing Director Dominic Gibbons and property director David Donkin. © John Aron Photography Ben Nicholson of Burley Browne PROPERTY NEWS New Nottinghamshire office for project management firm Consultancy firm Bentley Project Management will soon take up a new home at Ruddington Fields Business Park. The firm, which is currently based in Lockington in Derbyshire, has taken some 5,278 sq ft of office space at Discovery House with plans to relocate during the summer months following a transformation being led by Arc Business Interiors. Work to revamp the space at Discovery House has now begun and will include a range of sustainable design elements including the use of recycled carpets throughout – with the existing flooring being recycled – and elements of biophilic design throughout. The open floor plan will provide collaborative workspaces and meeting areas, social spaces as well as quiet ‘pods’ for meetings. Andrew Hobson at Arc Business Interiors said: “We are really pleased to be working alongside Bentley to deliver their vision for a modern and creative office space that really supports its ambitious plans over the coming months and years. This is a real team effort and we are looking forward to seeing the concepts coming to life.” Ashby-headquartered consultancy wins five-year National Grid contract to help achieve UK’s net-zero goals A property consultancy has been awarded a major five-year contract to provide land agency services on projects that will play a crucial role in driving the UK’s net zero goals. Fisher German has won a place on a framework contract with National Grid UK Limited. The firm has been awarded one of just five places on the framework, with the contract commencing in September 2023. It follows an 18- month tender process in which Fisher German achieved some of the highest marks for technical responses. The contract will see the firm’s Infrastructure Services division working closely with National Grid UK Land and Property (UKLP) and National Grid Electricity Transmission (NGET) on a range of projects. These include Development Consent Orders (DCO) and Compulsory Purchase Orders (CPO) for major overhead and underground power line projects, and providing infrastructure planning services and valuation services. The contract delivery is being led by Matthew Hodgetts who will be supported by a team of more than 32 surveyors. Work gets underway on new trade park in Long Eaton Work is underway on a new scheme in Long Eaton, Derbyshire, that will see the development of a new Lidl and Wickes store in the town. IMA Architects (IMA) is working with Clowes Developments to provide all architectural services and act as Principal Designer on the scheme. The company will work alongside Millward Consulting Engineers and Roe Developments to deliver the site, known as Stadium Trade Park. The 1.68-hectare Stadium Trade Park will be built on a brownfield former industrial site that has been derelict since 2014, located just off Nottingham Road. Completion is expected next year and once finished, the site will feature a new Lidl and Wickes stores, car parking for 157 vehicles, a service yard and all associated boundary treatments and landscaping. The site will also bring new employment opportunities to the area. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link L-R: Joey Ascott, director of ATL, Andy Sewards, chairman and Managing Director of G F Tomlinson, Pete Ascott, Managing Director of ATL Matthew Hodgetts L-R: Kevin Webster – Clowes Developments, David Roe – Roe Developments, Marc Freeman – Clowes Developments, Joe Travers – IMA Architects & David Hurst - Millwards East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY Derby All eyes onwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY Derby has repeatedly hit headlines as of late, thanks to myriad new developments underway in the city. W hilst the entire East Midlands continues to welcome a wealth of new developments transforming its landscape, Derby has stolen the spotlight over the past month with novel schemes and regeneration projects gathering pace. Wavensmere Homes, for example, struck a deal for one of the final plots of development land within the newly revitalised Cathedral Quarter in Derby city centre, exchanging contracts for the vacant site – located off Full Street – with Wilson Bowden Developments. After initially being earmarked for an office development of up to 100,000 sq ft, the site will now be brought forward for an apartment scheme. It follows phase one of Wilson Bowden’s Full Street development, which includes the refurbishment of the Riverside Chambers office complex; delivery of 46 new apartments at Number One Cathedral Green; and a Premier Inn hotel. A planning application for the next addition to the multi-million-pound Cathedral Quarter will be submitted by Wavensmere Homes and Wilson Bowden, in consultation with Derby City Council and a range of stakeholders. James Dickens, Managing Director of Wavensmere Homes, said: “This site is one of the best located within Derby city centre, with rich views of the Cathedral Quarter and the River Derwent. Derby is a walkable city, and the significant investment in the public realm has seen it become a vibrant and cosmopolitan place to live, work, and visit. There is an increasingly strong appetite for city living here, and the development of this vacant site will transform a local eyesore into a high quality, architecturally designed building that adds significant value to this prized and popular part of the city. We look forward to working up our plans over the coming months.” Wavensmere Homes says it will incorporate the latest green energy features into the design for the new homes, to enable a high EPC rating to be targeted. The development proposals will also be compliant with the new Part L building regulations, and the designs for the Full Street site will promote sustainable development through the use of low carbon materials, 18 Á Wavensmere Homes has struck a deal for one of the final plots of development land within the newly revitalised Cathedral Quarter in Derby city centre East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY modern methods of construction, and renewable energy generation. The news quickly followed Wavensmere Homes inking a deal with The Fulton Partnership, which will see one of the pepperpot buildings at the £175m Nightingale Quarter Scheme in Derby City Centre transformed into a café, bar, and restaurant. Located off London Road, close to the Derbion shopping centre, ‘The Pepperpot’ is scheduled to open in August 2023, creating a new dining experience for the city. The restaurant will be situated at the front of the former Derbyshire Royal Infirmary redevelopment, where restoration and construction work is currently in progress. A bijou cocktail bar and cafe will feature within the historic building conversion, with an air- conditioned glass box extension housing the main restaurant to the rear. Wavensmere Homes and The Fulton Partnership are collectively investing more than £1m in the project. Remediation and construction work commenced at The Nightingale Quarter in late 2020. During the past three years, over 80% of the 925 homes have been matched with buyers. Five phases of the project are currently under construction by Wavensmere Homes, enabling 486 of the homes to be completed this year. The 18.5-acre site is one of the UK’s most significant city centre regeneration schemes and includes the restoration of several landmark buildings and monuments from the 130-year-old former hospital. Meanwhile, regeneration specialist Compendium Living has been given the green light to build the next phase of its Graeme Fulton of The Fulton Partnership and James Dickens of Wavensmere Homes at Nightingale Quarter in Derby www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY Castleward development in Derby city centre. Castleward is a £100m development providing around 800 homes in total. The project, which sits between Derbion shopping centre and Derby Midland Station, is being delivered over a period of 15 to 20 years, and also hosts green space and 35,000 square feet of commercial retail space. The fourth phase of Castleward will consist of 112 new homes, including two, three and four-bedroom houses and one and two-bedroom apartments, split over two sites, one located on John Street and the other on Canal Street. There will be 34 affordable homes for housing association Riverside, with the remaining 78 properties available through open market sale. Bruce Lister, Managing Director at Compendium Living, said: “We are very proud to have received planning permission to bring another 112 brand-new homes to Derby and continue the successful regeneration of Castleward with Derby City Council, furthering our investment in the city. The fourth phase of Castleward will meet the needs of local people by providing employment opportunities, economic benefits and high-quality homes. We put placemaking at the heart of our work and are committed to transforming Castleward into a vibrant and sustainable new community that residents can feel proud to call home. We are looking forward to commencing work on the next phase and achieving the next milestone of this exciting development.” Furthermore, the University of Derby’s new business school project is taking steps forward, with the appointment of Kier to deliver the city centre scheme. The development of Derby Business School kickstarts the University’s City Masterplan which aims to develop its footprint in the city and improve connectivity across its sites. The new business school is 9,317 sq m and is planned to include a 233-seat auditorium, a stock market financial trading room, a creativity lab, an extended reality (XR) suite and a range of social collaborative study spaces and quiet contemplation areas. The school will also feature a café on the ground floor and an open design providing air circulation and natural light. The building is projected to be the study base for more than 6,000 students by 2030. Dan Doherty, regional director for Kier Construction North & Scotland, said: “The business school is a key strategic project in the University of Derby’s City Masterplan and it marks the first project we will deliver for the University. We have extensive experience in delivering first- class higher education buildings and have no doubt that this business school will hugely benefit students, staff and the local community.” Compendium Living has been given the green light to build the next phase of its Castleward development, providing a further 112 new homes in Derby city centre Next >