< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS Professional services firm swoops for Nottingham wealth manager Multi-disciplinary professional services firm, Progeny, has acquired Nottingham-based wealth manager, Fiscal Engineers. This will strengthen Progeny’s presence in the Midlands and take its assets under management to £8 billion. The move will allow the two businesses to combine their expertise, complement each other’s offerings and build on their shared principles, values and strategic thinking. Fiscal Engineers uses a Family Office approach to provide bespoke services for business owners, entrepreneurs and other individuals who have substantial investment needs. Fiscal Engineers executive chairman and founder Shane Mullins said: “This move will enable us to keep building on everything we’ve achieved over the course of the past 23 years. “We believe combining our own unique strengths with Progeny’s will help both businesses fulfil our shared ambitions of delivering a world-class wealth management service and continually improving what we offer to clients. “We’re very excited about this chance to grow the Fiscal Engineers family, broaden our proposition and deliver even more benefits to our clients, team and professional friends.” Biomass business snapped up in multi-million pound acquisition Flush Energy Limited has looked to Lincolnshire for its first acquisition, as the start-up business seeks growth opportunities in the biomass sector. Flush Energy has secured a multi-million pound funding package comprising private equity investment as well as debt finance to assist with its growth plans, following its acquisition of the business and assets of 3F Pellets Limited (in administration), a manufacturer and supplier of wood-based pellet products including biomass heating pellets. Flush Energy is now focussed on returning the Lincolnshire-based plant to production and targeting further acquisition opportunities. A multi-disciplinary team at Andrew Jackson Solicitors LLP advised Flush Energy on the acquisition from administrators, Moorfields Advisory. Andrew Jackson also advised Flush Energy on the private equity investment and debt finance package. Grant Lodge, CEO of Flush Energy, said: “We are delighted to have concluded the acquisition of the Lincoln pellet plant and are making swift progress with getting it back into production and yielding RHI income.” We Are Fulfilment secures £700,000 to accelerate growth plans Foresight Group, a listed regional private equity and infrastructure investment manager, has made a £700,000 growth capital investment into We Are Fulfilment Limited (WAF), using equity finance from the Midlands Engine Investment Fund (MEIF). The Nottinghamshire company connects e-commerce businesses’ sales channels – such as Shopify, Amazon, eBay and others – with WAF’s warehouse management system so that businesses can receive and ship customer orders. It was founded in 2022 by business partners Trent Peek and Richard Ardis who spotted an opportunity after failing to find a fulfilment service for their own e-commerce businesses. In its first year, WAF experienced rapid growth by partnering with over 60 e-commerce businesses and reached full capacity at its current warehouse facility. The investment will enable WAF to open a second fulfilment centre, improve automation of its systems, optimise supply chain processes across its two fulfilment centres and create high-quality, local jobs. Following investment, the company has appointed Jamie Clark, a supply chain specialist, as Chief Operations Officer, and Sarah Gilling, former Managing Director of Ocean Saver and an existing partner of WAF, as Chief Finance Officer. Shane MullinsFINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Midlands mid-market private equity deal activity drops by nearly a quarter in the first half of 2023 Mid-market private equity investment in the Midlands cooled in the first half of the year amid market volatility and tough trading conditions, new analysis from KPMG UK has revealed. The firm’s latest Mid-Market Private Equity study shows that 28 deals were completed in H1 2023, reflecting a drop in volume of 24.3 per cent when compared with the same period in 2022. This downward trend was matched across the country with a total of 327 deals worth £32 billion completed in H1 2023, a drop in volume of 12 per cent. Khush Purewal, corporate finance partner at KPMG UK, said: “Despite hopes of a continued upward trend and a return to greater stability in the market, factors including rising inflation and interest rates, and geopolitical uncertainty, have combined to have a significant impact on deals during the first half of 2023. “For the remainder of the year, it can only be hoped that the market sees some easing allowing confidence to return and deal volumes to begin to rise.” Leicestershire vehicle parts supplier firm revs up for growth A Melton Mowbray business specialising in supplying and distributing vehicle accident repair parts is motoring towards further growth with support from HSBC UK. Trade Vehicle Parts will use the seven-figure funding package from HSBC UK to source and secure a growing number of vehicle parts such as bonnets and bumpers globally, ensuring customers have more options available when seeking repairs to their vehicles. The funding package will enable Trade Vehicle Parts to import core stock from countries around the world including Taiwan, China, and Poland. The deal also sees the business utilise HSBC UK’s Global Wallet. This multi-currency virtual account allows Trade Vehicle Parts to make and receive international payments using local account details, making it easier to purchase car parts in bulk, lowering costs and increasing revenue. The funding package from HSBC UK also includes a refinancing of the commercial mortgage for its 17000 sq ft Melton Mowbray headquarters. The deal with HSBC UK is expected to result in a 50 percent increase in turnover for Trade Vehicle Parts over the next three years. © stock.adobe.com/ Stavros © stock.adobe.com/ Atstock Productions Fresh acquisition for Dains Accountants Dains Accountants, which has offices in Derby, has acquired PSTAX and S3TAX, the public sector and not-for-profit VAT and Employment tax specialists. PSTAX has celebrated 20 years in business this year, being formed in 2003. Founder Peter Gladdish has championed the decision to join the Dains group of businesses saying: “Having been established for 20 years PSTAX is delighted to join forces with Dains as we continue to grow our market share across the UK. With Dains’ support, we will be able to provide a broader service to our clients and connect to an incredible network of advisors across the group.” Richard McNeilly, CEO of Dains, said: “PSTAX and more latterly S3TAX, which was launched in 2022, have developed a fantastic proposition for clients which blends helpline support and training with first-class consultancy advice. “The team is a great fit and although we traditionally operate in different market segments, our ethos is absolutely consistent, where we support clients and help them deliver long-term success.” Mark Greasley (HSBC), Deyan Petrovski, Vladimir Asenov (Trade Vehicle Parts), Kim King (HSBC) Richard McNeilly100 jobs saved in Slack & Parr acquisition The Hayward Tyler Fluid Handling subsidiary of Avingtrans has acquired certain assets of Slack & Parr from administration, together with Slack & Parr’s overseas subsidiaries in the USA and Asia for a total consideration of up to £4.9m. Slack & Parr is a family-owned manufacturer of specialist pumps and a supplier of high-precision gear metering pumps, hydraulics flow dividers and industrial pumps to customers around the world. Founded in 1917, it has a strong track record in supporting global blue-chip OEMs and end users, with a large installed base, supported by service facilities in the USA and Asia. Slack & Parr operates from a 64,000 sq ft manufacturing facility in Kegworth, Derbyshire and it also has facilities in Charlotte, North Carolina and Shanghai, China. The acquisition has secured the employment of 100 skilled employees. Slack & Parr entered into administration on 3 July 2023, following ongoing losses and funding issues. The last audited annual accounts to March 2022 reported revenue of £13.6m and a loss before tax of £1.9m. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Acres Engineering sees record year Derby-based Acres Engineering has achieved record sales for their closing financial year and now their best ever quarter following a series of major contracts in the automotive and aerospace sectors. The family business, which is located on Castle Lane Industrial Estate, Melbourne, faced significant challenges during Covid, as did the majority of the industry. However, they are now growing again after a stellar 12 months which has also seen them expand the footprint of their manufacturing and assembly space by a third. “We are proud of these figures which are the results of tough decisions, prudent planning and ultimately, a huge amount of hard work from everyone on the team,” said MD Luke Parker, speaking at a company-wide briefing to launch their new ‘Vision, Mission and Values’. Along with the expansion of the facility, there have been a number of role changes across the team and a new apprentice fabricator has joined. Luke continues: “Acres is a family-firm with a proud history but we are very firmly focused on the future, embracing modern methods and new ways of working which have already helped significantly drive performance and productivity.” Chesterfield manufacturer forms strategic sustainability partnership Chesterfield’s MTM Products, the industrial graphics suppliers, has announced a strategic partnership with CarbonQuota, a print and packaging carbon measurement and reduction specialist. The partnership reflects MTM’s commitment to delivering a more energy-efficient and carbon- reduced operation. Catering to a diverse range of industries, MTM supplies original equipment manufacturers in the UK and EU, with a particular focus on automotive, electrical and electronic, rail, medical, construction, and machinery equipment sectors. The company’s industry-specific stock management systems, including lineside stocking, buffer stocks, and call-off orders, ensure efficient supply chain operations for its clientele. Mark Niblett, Managing Director of MTM Products, said: “Our partnership with CarbonQuota signifies our commitment to decarbonise as much as possible by 2030. “This not only benefits the environment but also brings with it many other advantages for MTM Products Ltd, including competitive differentiation.” MTM Products engaged CarbonQuota to accelerate its carbon reduction efforts, aligning with the 2030 government directive and rising client demands for environmentally conscious practices. © stock.adobe.com/ Olivier Le Moal © stock.adobe.com/ Natee Meepian Luke Parker (MD), Dave Yeoman (sales manager), Jeremy Peterson (operations manager), Alison Parker (HR manager) Closure of Young’s Seafood factory confirmed Over 200 jobs are set to be lost after Young’s Seafood confirmed the closure of a Grimsby factory. Plans were revealed in June to stop production at its Marsden Road site and move what remains to its other Grimsby factory on Humberstone Road and a Scottish site. At the time the owner of Young’s, Sofina Foods Europe, said the factory was “no longer financially sustainable,” according to BBC reports. Staff and unions were set to be consulted before a formal decision on the closure. Now, however, the business has said it has been unable to find a viable solution. Production at the site will be scaled back and cease in late October 2023. Some new roles are expected to be created at the Humberstone Road site in Grimsby and in Scotland at Fraserburgh. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS Irish engineering company chooses Chesterfield for UK HQ One of Ireland’s leading industrial automation and electrical engineering companies has opened its UK headquarters in the centre of Chesterfield. NeoDyne’s newly recruited team, based at the company’s state-of-the-art Spire Walk office, was joined at the launch by Toby Perkins MP, Shadow Minister for Skills and Further Education; local councillors Jenny Flood and Keith Miles, Deputy Leader of Chesterfield Borough Council Amanda Serjeant; and Dom Stevens from Destination Chesterfield. Referring to Chesterfield’s long history of engineering excellence, Matt Close, UK business lead, said NeoDyne was harnessing the area’s potential and local talent to guarantee the success of the office. “Chesterfield was the ideal location to base our UK headquarters, with its accessibility to the midlands and the north,” he said. “We are proud to invest in and support the local economy and to work closely with Destination Chesterfield to champion the area.” Matt Close joined NeoDyne at the start of the year, bringing over 25 years’ experience of working with leading UK automation and engineering companies. He will head up the Chesterfield team. Atlas to create 100 jobs at new site Specialist manufacturing company Atlas Composite Technologies is set to create more than 100 jobs at a new facility on the back of a seven-figure investment. Atlas is expanding with a new 30,000 sq ft building at Pride Park in Derby, opposite Derby County FC’s stadium. The site is due to be fully operational by September and will enable Atlas to ramp up production to meet growing demand for its composites. The facility will initially generate 30 jobs, rising to more than 100 over the next three years. Atlas manufactures complex composites for use in a range of sectors, including aerospace, defence, medical, elite motorsport and niche automotive, such as supercars and hypercars. It currently operates from three sites in Ilkeston, Derbyshire. Its growth strategy is being supported by WeDo Business Services group, which made a seven-figure investment last year. Atlas, which currently employs 105 staff, expects to grow turnover to more than £10m in 2024 as a result of its expansion. © stock.adobe.com/ nordrodenPROPERTY NEWS Elevate secures £11.9m Paragon Bank finance for historic Derby Silk Yard development Elevate Property Group has secured an £11.9 million finance facility from Paragon Bank’s Development Finance division for the development of The Silk Yard, a 258-strong apartment scheme in the centre of Derby. Located on the corner of John Street and Castleward Boulevard, the building consists of a selection of studio, one, two and three-bed apartments and is already proving popular with over 35% reserved. The Silk Yard, which is ideally positioned between the city centre and the railway station, will be built across three phases, with construction expected to be complete within two years. It will usher in new life at this landmark historic site, a site that has been home to manufacturing for the past 200 years. The £50m Silk Yard development, which has been designed by architects Corstorphine & Wright and is being built by Bode Contracting, is the first time Elevate Property Group has developed in Derby. Brackley Property Developments reveals plans for new light industrial scheme Brackley Property Developments (BPD) has won the remit from Leicester City Council, through a competitive tendering process, to transform a currently vacant property in Leicester into job-creating light industrial units. The commercial developer has entered into a Development Funding Agreement with Leicester City Council for the redevelopment of the vacant Ian Marlow Centre, a former council depot site on Blackbird Road. The scheme proposes the clearance of the existing buildings and the development of 21 small units offering a combined c.30,400 sq ft of new light industrial accommodation. If planning consent is granted, BPD could start construction of the scheme later this year/early 2024. BPD is also working with Leicester City Council to expand its existing Dock and Dock 2 workspace hub with two new Dock-style office buildings and a terrace of nine high-quality manufacturing spaces. Both projects are being supported by funding from the government’s Levelling Up fund. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Development of 650 new homes at Mastin Moor gets green light Work is due to begin on the new 650-home community at Mastin Moor, Derbyshire, now planning approval has been granted. The Devonshire Group, which owns the 46-hectare site, will begin enabling works for phases 1 and 2 of the project, which will pave the way for the first homes to be delivered. These include creation of a new access road, services and the formation of public open space. The preparatory works are due to complete in late spring 2024, with work on the new homes set to begin over the summer of 2024 on the first phase of 143 three, four and five- bedroom homes, by local developer Harron Homes. The enabling works will also pave the way for the launch of the Construction Skills Hub, a Staveley Town Deal project, developed by Chesterfield Borough Council and to be operated by Chesterfield College in conjunction with the University of Derby. The Skills Hub will provide a practical platform for construction training, careers activity and work experience on a live construction site. PROPERTY NEWS Scientific Laboratory Supplies get keys to purpose- built premises Scientific Laboratory Supplies (SLS) has agreed a long-term lease with Clowes Developments for a purpose-built 56,000 sq ft property at the brand-new Fairham Business Park. The unit has recently achieved practical completion by lead contractor, TanRo, and the keys have been handed over to the client. SLS’s fit-out contractors are currently on site, completing the necessary works with the aim of being fully operational at the start of 2024. SLS first began trading in 1991 and has since grown to become the UK’s largest independent supplier of laboratory equipment, chemicals and consumables. Having outgrown their headquarters in neighbouring town, Wilford, SLS wanted to remain local but make the move to a purpose-built facility. The building located on ‘plot A’ at Fairham Business Park sits prominently close to the entrance to the business park and has direct access to the A453 via Mill Hill Island. SLS’s bespoke unit will span 56,000 sq ft in total, incorporating approximately 12,000 sq ft of office space. There’s a large, secure yard with two loading docks and two-level loading doors to assist with their distribution and logistics requirements. Former Job Centre site acquired as part of Northampton redevelopment plans The former Job Centre located in Wood Street, Northampton, has been purchased by West Northamptonshire Council (WNC) as part of the ongoing redevelopment of 35 – 45 Abington Street. The site is in the heart of the town centre, set just behind Abington Street and the Grosvenor Centre. Having sat vacant for more than a decade the site has fallen into disrepair. WNC has stepped in and bought the building to ensure that this site benefits from restoration and provides high-quality homes and services for the local community. The £475,000 freehold price plus costs was funded through the Towns Fund, which is allocated by Government to enable WNC to transform Northampton Town Centre. WNC has been able to acquire this site to form part of the wider regeneration of the former BHS and M&S stores. The completion coincides with the Expression for Interests as WNC seeks a development partner for the site. The site will undergo extensive redevelopment to deliver modern leisure or retail spaces to the ground floor with new homes for residents above. Duo of deals sees finishing line crossed at Dunstall Park Derby-based developer Ivygrove Development’s successful Dunstall Park regeneration scheme has been brought to a satisfactory conclusion with the letting of the last remaining space. Salloway Property Consultants, Ivygrove’s agents, have secured two tenants for the concluding block of units at the business park. Totalling some 31,500 sq ft, the two units will be occupied by West Midlands-headquartered Advanced Maintenance Supplies Limited and Derby-based Riverside Medical Packaging Limited. Hugo Beresford, the surveyor at Salloway who negotiated the two simultaneous lettings, said: “I am delighted that we have been able to attract two high-calibre tenants to complete the final furlong. In tandem with Ivygrove, we were able to agree terms early enough in the construction process in order to meet the tenants’ requirements for slightly larger units than those initially planned. “It is typical of Ivygrove to show flexibility and they should be congratulated for delivering yet another successful regeneration scheme in Derby which provides much needed workshop and warehouse space accommodation for forward-looking businesses.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link East Midlands Business Link www.eastmidlandsbusinesslink.co.uk What is your background? Previously I worked at Tamworth Borough Council, I was employed there for 19 years and worked within the Economic Development team for 7 years. Within that time I worked with many businesses to access support and built great working relationships with partners. I delivered several business engagement events, which were great to build relationships with local businesses to understand current challenges businesses may be facing or to hear of successes that businesses were keen to highlight. During the pandemic I was responsible for structuring the processes and delivery of the grants available for businesses, the total of grants Lorraine Farley Q&A Charnwood Borough Council East Midlands Business Link sits down with Lorraine Farley, Business Relations and Economic Growth Officer at Charnwood Borough Council, to find out about her new role and how the council are helping local businesses. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link given approximately two million pounds. I worked closely with the FSB, Growth Hubs and sat on the board of the local Chamber of Commerce to build strong relationships, having a collaborative working approach was essential to influencing and building a strong economy to gather local intelligence to shape initiatives that businesses could benefit from in terms of free membership, events, business support. What drove your interest in Economic Development? Playing a role in Economic Development can be really rewarding, having a really big impact on local communities which I was keen to be involved in. Economic Development has a wide scope from attracting new investment into an area, working with businesses to access support, growing businesses to creating new jobs. What do you enjoy most working in Economic Development? I enjoy the opportunity it brings to collaborate with a wide range of different partners, there are many varied partners who all have an impact on Economic Development and collaborative working can generate a real positive impact. Building an understanding of local businesses always fascinates me to learn about the wide variety of businesses in operation, and it’s always great to hear of businesses’ success stories. What are you looking forward to in your new role? Charnwood is a great location for businesses and is known as a leading centre for innovation, having an Enterprise Zone with 2 sites and the highly engaging Loughborough University & Loughborough College on its doorstep. I am really looking forward to working closely with partners to support businesses and broaden my knowledge of the borough. Can you share what Charnwood Borough Council are currently exploring to support local entrepreneurs / businesses? Loughborough University as well as having an unrivalled sporting reputation is one of the top 20 research led universities in the country, it also provides business enterprise collaborations, helping organisations to partner in research, consultancy, and new technologies. We have already started to look at ways we can partner up for the benefit of Charnwood businesses. To date as part of the Leicester Business Festival on the 15th November Charnwood Borough Council have partnered with Loughborough University and will be delivering an event aimed at Inspiring Entrepreneurs. We intend to introduce local business founders to share how they established and grew their businesses from local to global, utilising local facilities, networks, and resources. The event will be an opportunity to learn, share and network with businesses, partner organisations, start-ups and enterprising academics and will also include an interactive discussion with attendees on how to improve support for more local founders in the future, including what’s currently being done well and what may be missing. The outcomes and feedback from the event will be communicated out to a wider audience and will also influence our approaches and the offers we have for businesses going forward. The InCharnwood website is currently under review and will become a great Lorraine.Farley@charnwood.gov.uk www.incharnwood.com source for businesses to access information around events, business support and inward investment opportunities. I am currently working with Charnwood Campus, Science Innovation and Technology Park looking at the great work that is happening in the Life Sciences focussing on the biopharmaceutical sector and the opportunities available to businesses wanting to join the campus. Please visit: https://www.incharnwood.com/ The Loughborough Town Deal fund is also supporting 11 projects in Loughborough which will improve skills, help regenerate the town and support the visitor economy. These projects include a Careers and Enterprise Hub located in the town centre which is a partnership alongside Loughborough College and Loughborough University, Loughborough College Digital Skills Hub as well as the Healthy and Innovative Loughborough project, all of which will support businesses and look to create jobs. In total, the Town Deal secured £16.9m from the Government’s Towns Fund and will bring in over £40 million of investment for Loughborough. As part of the UK Shared prosperity fund from April 2024 businesses will have the opportunity to work with business advisors to gain support and mentoring who are looking to scale up. We are currently working with Exemplas to finalise details of the programme and further information will be launched early next year. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY T he past month has seen some major milestones hit in the East Midlands property sector, drawing a spotlight onto the region. Firstly, the ground has been broken on site at Sherwood Observatory as work starts on the new Planetarium and Science Discovery Centre — one of the projects being funded by Ashfield District Council’s £62.6m Towns Fund. The plans for the site seek to create a world-class facility rivalling those elsewhere in the UK. The observatory, on Coxmoor Road, sits alongside a Victorian subterranean reservoir which will be sympathetically transformed into an education and exhibition space, with original features of the reservoir kept to preserve the history of the building. The Planetarium will be built on top of the reservoir and will immerse visitors in space with a wraparound experience. Mansfield and Sutton Astronomical Society (MSAS), who own the observatory, currently run outreach programmes with local schools, group visits for adult and children’s groups, public open events and night schools and the new building will allow them to expand this work in Ashfield and beyond. In January 2023, it was announced that £3.1m from the government’s Levelling Up Fund had been awarded to the project. Since then MSAS have been working to secure match funding and have now received contributions from The Garfield Weston Foundation, Foyle Foundation, Wolfson Foundation, and National Lottery Heritage Fund that total £850,000. Remaining in Nottinghamshire, a new technology and skills centre is set to be built in Mansfield after being given the go-ahead by councillors. The multi-million- pound Future Tech Skills and Knowledge Exchange will create a new teaching and innovation space at the Chesterfield Road campus of West Nottinghamshire College. The centre aims to address high-value employment opportunities in priority sectors and support businesses to adopt new technologies. This state-of-the-art education facility, due to open in autumn 2024, will deliver qualifications at level 3 and above, with a strong focus on innovation and STEM (science, technology, engineering and maths) subjects. Incorporating facilities to support construction, engineering and digital technologies, funding for the £8.86m facility has been made possible thanks to an allocation of £4.3m from Mansfield District Council’s Towns Fund pot, £3.827m from the Education and Skills Funding Agency as part of the second phase of its Further Education Capital Transformation Fund, and £734,000 from the college and Nottingham Trent University. The new centre will provide 1,343 sq m of high-quality teaching space over two floors and be a focal delivery point for T Levels being introduced by the college. On-site works soon to begin include demolishing the college’s former visual art and design building – once the Mansfield School of Art – which has not been widely Business Link highlights some of the biggest East Midlands property stories from the last month. 20 Á used for education for almost a decade due to its poor condition. Parts of the portico on the former School of Art building will be retained and re- positioned to create an entrance to the new centre to preserve its historical significance. Councillors also put a condition on the application to include the remaining elements of the portico within the grounds. The rear extension to the Ashfield House building will also be demolished. However, the original early nineteenth-century building will be retained and given prominence in front of the skills hub, forming a visual link between the area’s past and present. Meanwhile, over in Derby, Wavensmere Homes and Clowes Developments have submitted a full planning and listed building application to Derby City Council for the redevelopment of the city’s historic Friar Gate Goods Yard. The detailed design proposal sets out the vision for the reanimation of two landmark Grade II listed buildings into over 110,000 sq ft of commercial space, with 276 new homes also planned for the 11.5-acre site. A milestones Majorwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link Artist impression of the Planetarium and Science Discovery Centre at Sherwood Observatory Mansfield’s Future Tech Skills and Knowledge ExchangeNext >