< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS Dains Group makes Scottish acquisition The Dains Group has acquired Condies Chartered Accountants in a move that underscores their commitment to the Scottish market. Condies has offices in Dunfermline, Edinburgh and Dundee and has grown consistently in recent years, driven by a commitment to investment in technology and an experienced and dedicated team. “We are proud to welcome Condies to the Dains family,” said Richard McNeilly, CEO of Dains Group. “Extending the incredible work done by Graeme Bryson and the Dains Scotland business is a fantastic opportunity. Pauline and the team at Condies are the blueprint for the perfect acquisition with a total focus on client support backed up by exceptional talent. Working in parallel with the Group, the team are in an amazing position to offer an even broader range of services to our clients.” Luke Kingston, managing partner at Horizon Capital, said: “This is another example of an excellent addition to the Dains group, and we are delighted to have supported Richard and the team on this acquisition. With group revenues now over £70m it is clear that Dains is one of the leading operators in its sector.” Female-founded business incubator secures £10,000 grant Incubation Nation, a community interest company dedicated to providing self- employment and start-up support services, has secured a £10,000 grant from NatWest. The funding will support 100 local women entrepreneurs in the South East Midlands to receive comprehensive business planning and development support, empowering them to turn their entrepreneurial ideas into successful ventures. Founded by Sam Poole, Incubation Nation is committed to ensuring female entrepreneurs are not left behind during the critical start-up stage. The grant from NatWest will facilitate one-on-one business planning sessions for each participant, followed by monthly accountability, training, networking and 30-day review sessions. These services aim to equip women with the necessary skills and resources to succeed with their business ideas. Debbie Lewis, accelerator manager at NatWest, said: “The mission of supporting women-led businesses to start and scale is important to us, and we share Incubation Nation’s mission to empower women entrepreneurs to build on their great ideas. “This grant underscores our commitment to harnessing entrepreneurial spirit and ensuring that women have access to the tools and mentorship that they need to thrive in the world of business.” Northamptonshire logistics firm falls into administration Northamptonshire-based Linkline, a provider of UK and international logistics, haulage, warehousing, and pallet network services to businesses, has fallen into administration. The company, which employed 104 staff, operated out of its three hubs near Wellingborough. Due to the economic challenges and competition within the logistics industry, the director of Linkline had recently launched an accelerated M&A process to find a buyer for the business and explore restructuring options. However, without any viable offers and unable to meet its financial obligations, Linkline couldn’t continue trading and administrators were ultimately appointed. Rick Harrison and Chris Pole of Interpath Advisory were appointed as joint administrators to Linkline Transport Limited on Tuesday 18 June 2024. 100 staff were made redundant on appointment. The joint administrators have retained the remaining staff to support them in winding up the business’s operations and will market the business and assets for sale. Debbie Lewis, NatWest accelerator manager, and Sam Poole, founder of Incubation Nation Richard McNeillyFINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link East Midlands scale ups attracted more than $36m in Q1 Innovative businesses in the East Midlands attracted $36 million across 13 deals in venture capital (VC) funding in the first quarter of the year, according to the latest KPMG Private Enterprise Venture Pulse report. While the number of deals remained relatively stable, decreasing only from 13 to 12, the total value of these deals experienced a significant decline, falling from over $58 million to $36 million compared to the same period in the previous year. Some of the largest raises came from businesses with a healthcare focus – Locate Bio raised $10.6 million for a clinical study, University of Nottingham spin-out IsomAb raised $9.4 million to develop a new treatment for cardiovascular diseases, and Neupulse secured $3 million to advance a wearable device aimed at tackling Tourettes Syndrome. In 2023, there were a total of 47 VC investments in the East Midlands, worth more than $155 million. Loughborough’s BRUSH acquires Scottish M&E building consultancy Energy engineering solutions provider BRUSH Group has acquired Rybka, the Scottish mechanical and electrical building services and sustainability consultancy. The acquisition expands the Loughborough firm’s portfolio of services to include mechanical and electrical consulting engineering, BIM (Building Information Modelling), building physics, Passivhaus design and low carbon consulting. It also gives BRUSH a foothold in the Scottish market whilst enabling Rybka to grow into England and Wales, supported by London-based building services consultancy Eta Projects Ltd – acquired by BRUSH in 2022 – which has a strong track record in healthcare and critical infrastructure. Nicolas Pitrat, CEO of BRUSH Group, said: “We are thrilled to welcome Rybka on board as part of the BRUSH Group. We already share a lot in common and I see many of our values reflected in the way the team at Rybka works together to deliver outstanding results for their clients. “I am impressed with their breadth of knowledge and expertise, and having Rybka as part of the Group will support our ESG ambitions and create decarbonisation opportunities with our customers.” © stock.adobe.com/Ondra Administrators appointed at controversial Leicester life insurance broker Adam Stephens and Kevin Ley of Evelyn Partners LLP have been appointed as joint administrators of controversial life insurance broker Dead Happy. Leicester-based Dead Happy was founded in 2013 and grew to a revenue of £2.5m by 2023, with more than 25,000 active customer policies. The administrators are working with the underwriting insurers to ensure that all customer policies transfer back to the insurers with minimal interruption to customers. As part of this process the business will continue to trade on a limited basis, with certain employees kept on to assist the administrators with their work. Adam Stephens, partner at Evelyn Partners and joint administrator of Dead Happy, said: “We are pleased to be able to assist with ensuring a continuity of insurance provision for all customers as the business is wound down. “Evelyn Partners has been working with the Dead Happy management team and major stakeholders to enable a smooth transition for customers.” The news follows provocative marketing tactics at the firm, with public outrage in 2023 over an ad featuring serial murderer, Harold Shipman. © stock.adobe.comlmd3d © stock.adobe.com/Ascannio Rybka chairman David MacLeod (left) with BRUSH CEO Nicolas PitratEast Midlands furniture manufacturer awarded £2m fitout contract in Scotland Mansfield-based fitout specialist, Deanestor, has been awarded a contract worth over £2m by Robertson Construction Tayside for the new Monifieth Learning Campus in Angus. This brings Deanestor’s furniture and fitout work for Robertson in Scotland to 15 contracts, totalling around £17m. Due to open in August 2025 and to be fully completed by summer 2026, the £66.5m facility and for around 1,200 pupils is designed to meet Passivhaus standards and will combine energy efficiency with a high level of user comfort. Deanestor will fit out 379 spaces across the three-storey campus and will design and manufacture or procure more than 13,000 items of fitted and loose furniture and equipment for the project. These will include dining tables, chairs and seating, lockers, storage solutions, shelving, teaching walls, mobile cabinets, sports equipment, changing benches, musical instrument racks, and kitchens for life skills and home education. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Leicester College launches metal fabrication workshop Leicester College has launched a cutting-edge metal fabrication workshop to train apprentices and students for careers in the advanced manufacturing engineering sector. The new facility at the St Margaret’s Campus will directly benefit Level 3 Metal Fabricator Apprentices by providing them with access to the latest industry-standard equipment, hands-on experience, and expert guidance in precision welding and metal fabrication. Within the East Midlands, demand for metal fabrication jobs is increasing, with a steady rise of 2.4% over the next 5 years; nearly 1,000 jobs. Leicester College has invested in 22 new welding machines and 2 plasma cutters for the metal fabrication facility. The new equipment includes the Kronos 320T MIG/MAG, Kronos 400T Duo, and the Titanium 230 AC/DC TIG, all from GYS. This advanced technology will ensure apprentices receive the most up-to-date training, preparing them for successful careers in metal fabrication. Output volumes unchanged but expectations remain positive amongst manufacturers Manufacturers reported that output volumes were broadly unchanged in the three months to June, after rising for the first time in a year and a half in the quarter to May, according to the CBI’s latest Industrial Trends Survey (ITS). Total order books improved in May, despite a sharp deterioration in the volume of export orders. Both total and export orders were reported below “normal” and below their long-run averages. Manufacturers reported that stocks of finished goods were more than adequate to meet expected demand, and to the same extent as last month. Meanwhile, expectations for selling price inflation picked up, with prices expected to rise at an above-average pace over the three months to September. Ben Jones, CBI lead economist, said: “We’ve seen a stop-start recovery in manufacturing output in recent months, with higher activity over the last quarter concentrated in a relatively small number of manufacturing sub-sectors. “But it’s encouraging to see that manufacturers remain confident the economy is heading in the right direction and our June survey suggests that the recovery should broaden out over the summer.” Photo courtesy of Angus Council / NORR L-R: Nick Waldrum and Lee Smith from Leicester College and Derek King from Kings Welding Supplies Nottinghamshire-based Surepak Limited is ceasing to trade despite appointed administrators at PKF Smith Cooper being hopeful of a sale following the interest of 96 parties. Surepak Limited’s financial concerns became apparent during the global energy crisis when its electricity costs increased by more than 425%. This increase, coupled with the loss of two significant contracts, decreased the company’s turnover by c.£1m, due to customers’ packaging requirements changing and the relocation of a customer abroad. The organisation sought a buyer after sole director Stuart Yorston filed for administration in February. This was to safeguard the company’s business, assets, and employees from a winding-up petition served by a creditor. Despite the challenges, Surepak Limited has continued to trade for the short term whilst in administration and the administrators pursued potential buyers, receiving substantial interest from 96 parties. Despite the optimum effort following a merger and acquisition process, and various offers being received, the sale progression has subsequently been unsuccessful. Polypouch UK Limited has purchased the order book. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS New Elizabeth Line trains to be built in Derby The government has confirmed funding for TfL to procure 10 new Elizabeth Line trains to be built by Alstom at Derby, providing certainty for the factory. Following careful consideration of TfL’s business case, the government has approved TfL’s request for funding for the additional trains. The trains are needed due to strong passenger demand, expected growth on the Elizabeth Line, and will allow TfL to increase capacity on the network in the coming years. Alstom has signed a contract worth around €430 (£370) million for 10 new nine-car Aventra trains, along with associated maintenance until 2046. East Midlands Chamber Chief Executive Scott Knowles said: “The base at Litchurch Lane has been a powerhouse of UK train manufacture for decades and is a key driver of both Derby’s economy and the country when you consider the wider supply chain. “With the continued uncertainty the factory has been facing for so long, due to a gap in orders, news of this multimillion-pound order for the Elizabeth Line is welcome, especially as the new trains will be built at the site itself.” Chesterfield manufacturers encouraged to inspire future talent Businesses are gearing up to celebrate the 10th anniversary of the Made in Chesterfield initiative, which brings together schools and local firms to close skills gaps in the town. Designed to spark interest in manufacturing, engineering, and construction careers among young people, the campaign offers a unique opportunity for businesses in those key sectors to inspire the future workforce. Destination Chesterfield is seeking companies to participate in this year’s Made in Chesterfield scheme. By engaging with school pupils, your business can offer firsthand insights into the exciting career paths within these crucial sectors. Celebrating a decade of partnership and collaboration, the Made in Chesterfield campaign will run throughout October 2024. Organised by Destination Chesterfield and Direct Education Business Partnership, and supported by Chesterfield College Group, Chesterfield Borough Council, Derbyshire North Careers Hub, MSE Hiller, United Cast Bar Ltd, and NatWest, the campaign has a proven track record of success. Since 2014, over 3,500 students have explored career opportunities in the area’s manufacturing, engineering, and construction sectors. © stock.adobe.com/ phonlamaiphoto © stock.adobe.com/Yeti Studio © stock.adobe.com/CeribPROPERTY NEWS Northampton retail sites acquired Evolve Estates, part of M Core, has acquired a portfolio of retail units in Northampton as part of its continued strategic growth. The deal includes 15-27 and 27/29 on Abington Street, the main road linking the east of Northampton town centre with the Market Square, and 9/15 and 1-13 Wood Street. Units are let to established occupiers such as Waterstones, Barclays Bank, Bodycare, Holland & Barrett, and Superdrug. Evolve Estates acquired the units for an undisclosed sum as part of its proactive acquisition drive in shopping parades, centres and retail parks across the UK. Joe O’Keefe, co-founder at Evolve Estates, said: “This is an exciting and logical addition to our portfolio, we already own and manage the Grosvenor shopping Centre which has proved to be a great success. “This continuity of ownership is great news for the community and local shoppers to the area, aiming to create spaces where businesses can grow and provide the community with further services and retail opportunities.” Grade II listed office building sold in Leicester City Centre Andrew + Ashwell has sold Berkeley House, a Grade II listed office premises located in the heart of Leicester City Centre. The 14,722 square foot property, renowned for its architectural significance and close proximity to Leicester Railway Station, has been acquired by CECOS Capital Ltd, reflecting continued confidence in Leicester’s commercial property market. The property is an example of Leicester’s rich architectural heritage. Designed by Percy Herbert Grundy, a Leicester architect, who originally configured the property for Goddard’s Silver Plate Powder and Polish firm, the property is an impressive example of art deco design which boasts a number of ornate features, including large span curtain walling, crittall lights and expansive internal ceiling lights. Despite its historical significance and original construction as a factory, the building has offered a mixture of open-plan and cellular office accommodation for some years and will continue in this vein with its new owner. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Business park and former aircraft factory hits the market A multi-let industrial estate in Rearsby, Leicestershire, once home to the famous Auster Aircraft, is to be openly marketed for the first time. CBRE has been instructed to sell Rearsby Business Park on behalf of its private owner, for offers above £10.25m. Set on a 12.95-acre site, the estate comprises 15 fully let industrial units, totaling 155,985 sq ft and ranging in sizes from 791 sq ft to 50,047 sq ft. Tenants include East Coast Fittings, T.E.K Seating, GT Plumbing & Heating Engineers, Lewis & Hill Ltd, Metric Services (Leicester) Ltd, and K & D E Barnett & Sons Ltd. The estate also has planning permission for a 56,400 sq ft industrial unit or alternative uses subject to planning. The site has a rich manufacturing history. It was first home to Taylorcraft Aeroplanes (England) Ltd’s factory, where the world-famous single propeller ‘Auster’ light aircraft was designed and manufactured. More recently it was occupied by Rearsby Automotive Ltd from 1966 to 1996. Over the years it has been extensively modernised, extended and redeveloped. PROPERTY NEWS 100,000 sq ft unit achieves practical completion at Fairham Business Park Fairham Business Park’s developers are celebrating another practical completion as Unit A is handed over to the occupier. Works begun at Plot A4, Fairham Business Park in October 2023. Nine months later the 100,000 sq ft unit has been built by lead contractor, TanRo and handed over to the occupier. The unit is located next to the stand-alone units totalling 260,000 sq ft purchased by international property investment and asset management company Hines and a 100,600 sq ft bespoke building for a local company who will be moving into their premises next year. The brand-new purpose-built premises comprises of a 95,379 sq ft warehouse with 12,292 sq ft office and welfare space over three storeys, situated at the front of the building. There are 84 car parking spaces at the front of property with ten electric vehicle (EV) charging bays. There will also be a large service yard to the rear with ten dock levellers and four level access to meet the needs of the occupier. Clowes Developments will be providing a fully photovoltaic (PV) ready frame. Hattrick of deals sealed at EastWest Nottingham Following the £7 million redevelopment of EastWest on Maid Marian Way in Nottingham, a further hattrick of tenants have leased more than 16,500 sq ft of office space. An international domain registry and web hosting company has taken 5,500 sq ft of bespoke designed workspace within EastWest, signing a five-year lease. Two further deals have been agreed with audit, tax and consulting firm RSM UK taking 7,500 sq ft and Roythornes Ltd taking 3,291 sq ft on 10-year leases. Alex Goode, investment manager at CEG, said: “We’re delighted to welcome three further businesses with strong covenants to EastWest. The building has fast become a thriving business community following its comprehensive modern refurbishment.” Mark Tomlinson, director at FHP, which is the agent on the scheme, said: “EastWest represents the ‘best in class’ office offering in Nottingham following its substantial refurbishment. “In particular, the building offers the high-quality finishes and lifestyle aspects which are sought after by occupiers with the onsite café restaurant and a particular emphasis on the occupier experience.” MK2 Real Estate, acting on behalf of Royal London Asset Management Property, has sold Unit 21 Thorpe Way, Leicester, for an undisclosed sum. The 93,000 sq ft prime distribution warehouse has been acquired by Wesleyan Assurance Society. Located on Grove Business Park, in Enderby, Leicester, within the established logistics ‘Golden Triangle’, the unit is let to fashion retailer White Stuff until 2028 at an annual rent of £706,276. MK2 was instructed to market the property for offers in excess of £11 million. Mark Rooke, director in MK2 Real Estate’s investment team, said: “We are pleased to have concluded the sale of Unit 21 to Wesleyan Assurance Society, on behalf of Royal London Asset Management Property. “The industrial and distribution market in Leicestershire has proven to be a strong performer over recent years, with rental growth above the national industry average. Coupled with high levels of demand for space in the region and a shortage of available and pipeline industrial stock, the investment fundamentals are compelling.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 93,000 sq ft prime distribution warehouse sold in Leicester Photo courtesy of James Bastable, image supplied by Clowes Developments (UK) Ltd East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY In Leicester, construction of a new industrial scheme has reached a key point with groundwork complete and steel frames erected Marking construction milestones Marking construction milestones As a hive of construction activity, a number of key milestones have been reached at projects across the East Midlands. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY 19 Á T he past month has seen a plethora of construction milestones announced for significant East Midlands schemes, as developments progress across the region. In Leicester, construction of a new industrial scheme has reached a key point with groundwork complete and steel frames erected. Commercial property developer, Brackley Property Developments (BPD), with main contractor Wilten Construction Limited, is redeveloping a brownfield site off Blackbird Road near Leicester city centre, on behalf of the City Council. The £6.25 million project will create more than 30,000 sq ft of light industrial accommodation, with four new buildings housing 21 small units for start-ups and growing businesses. Units will include roof- mounted solar panels, super insulation, and low-energy smart lighting, while tenants will also have access to EV charging and bicycle storage. The land was previously home to the Ian Marlow Centre, a former housing depot used by Leicester City Council, which contained vacant office, workshop, and storage buildings. The scheme is being financed by the government’s Levelling Up Fund and is set for completion in October 2024. Stephen Pedrick-Moyle, Managing Director of BPD, said: “It is pleasing to see the ongoing transformation of the site and the completion of the development’s steel frame. These new units will deliver environmentally sustainable accommodation within Leicester City and go some way to meeting the significant local demand for commercial employment workspace.” Meanwhile, in Nottingham, work has officially started on a £13 million build-to- rent residential scheme set to transform the Grade II listed former British Waterways building on the canal side area at Castle Wharf. The project, which is being East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Refurbishment works have begun to transform the Central Building at the University of Nottingham’s new Castle Meadow Campus Stud Brook Business Park in Castle Donington has taken a major step forward with construction starting on Units 2-7www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY developed in partnership with The Canal & River Trust (CRT), H2Ourban – the joint venture between bloc Group and CRT – and Citra Living, part of Lloyds Banking Group, will see the building converted to provide 95 residential units comprising 12 studios, 42 one-bedroom apartments and 41 two-bedroom flats. This includes a rooftop extension housing eight apartments. Ground floor amenity space for residents will also be included. Designed by Franklin Ellis Architects, it is being constructed by Jessops Construction Limited and completion is due in March 2025. Andy Hutchinson, CEO of Citra Living, said: “Bringing disused buildings back in to use and regenerating areas into new communities is central to what Citra is about. Regenerating the warehouse at Castle Wharf will bring much needed homes to the area, allowing more people to live in the type of quality homes they want in the areas that give them access to the facilities and amenities they want.” Construction has additionally kicked off at Clowes Developments’ 20-acre Stud Brook Business Park in Castle Donington, on Units 2-7, which comprise Phase 1 of the scheme. The mixed-use development will feature employment, amenity, office, and industrial units for sale or let ranging in size from 1,500 to 45,000 sq ft – as well as a retail offer. TanRo Construction has been named as the lead contractor for Units 2-7, which have been designed by IMA Architects. James Richards, development director at Clowes Developments, said: “We’ve been concentrating on the groundworks at Stud Brook for some time now, and so it’s very satisfying to be able to look forward to the steel frames coming out of the ground. We look forward to working with TanRo, IMA Architects and our joint agents NG Chartered Surveyors and FHP Property Consultants to work towards welcoming new occupiers into their brand-new premises.” The news came alongside that of Clowes and Roe Developments achieving practical completion at plot 10B and 3A at Dove Valley Park, Foston as part of a multi- million-pound property deal with Hines. Moreover, with up to 1,000 new jobs to be created, Logicor, the owner, manager, and developer of European logistics real estate, has begun construction of a new logistics building, Derby 507, at Infinity Park Derby. The site will provide over 500,000 sq ft of warehouse space. A new link road will additionally be built connecting Infinity Park Derby to a new dedicated junction on the A50. Logicor will work with Infinity Park Derby LLP to deliver Derby 507 to high sustainability targets, aiming for BREEAM ‘Excellent’ and an EPC rating of ‘A’ status. The construction will also deliver 17% biodiversity net gain, offer secure cycle storage and EV storage for both cars and HGVs. “We know there is local and national need for high quality, sustainably built logistics real estate in order to meet consumer demand – driven largely by ecommerce,” said Charlie Howard, Managing Director, UK at Logicor. “Derby 507 will play its part in meeting that need. It has the potential to support over 1,000 jobs in Derby as well as real time improvements to the surrounding road network with the new link road bypassing the main city area. Located within the Derby Enterprise Zone and so close to the road networks, it is an attractive prospect for those businesses looking from which to base their operations and we are looking forward to introducing this scheme to new and existing customers in 2025.” The main build contract has been awarded to Bowmer & Kirkland. Finally, refurbishment works have begun to transform the Central Building at the University of Nottingham’s new Castle Meadow Campus. Delivered by contractor G F Tomlinson, the refurbishment works will breathe new life into the Central Building, which sits on the site of the former HMRC offices, helping to establish the campus as a social and commercial hub for the university. The Grade II listed Central Building is undergoing extensive renovation works including the complex replacement of the tensile fabric roof to ensure a future proof building, and the addition of a new mezzanine at first floor level offering views of the roof through a large, glazed roof light at its centre. A new welcome reception area will present unobstructed views from the entrance into the heart of the building. Alongside this, a new bistro café with kitchen facilities, study spaces and external seating will provide a social space accommodating over 200 visitors. Next >