< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY restoration of the 19th Century Bonded Warehouse and Engine House could 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 Wavensmere Homes. The plans additionally include new areas of Public Open Space, including play spaces and pocket parks. A new multi-purpose public realm and community space is also proposed for the elevated area adjacent to Friar Gate Bridge, with retention of some of the original railway arch facades. New vehicular, pedestrian and cycle access would be created at various points around the site, from Uttoxeter New Road, Great Northern Way, and Friar Gate, with the Mick Mack cycling route also extended. Friar Gate Goods Yard has been in the ownership of the Clowes family for over 40 years, with a number of options for redevelopment proposed but not progressed, due to heritage constraints and commercial viability. Moreover, in Northampton, leisure developer STACK is now set to transform the vacant Market Walk shopping centre as they work with West Northamptonshire Council (WNC) and acquire the central site. Completing the acquisition in August, STACK will bring forward a regeneration and development project to offer an innovative food hall and leisure space. Market Walk, previously known as Peacock Place, holds a prominent spot at the heart of Northampton Town Centre adjacent to the historic Market Square, but has stood empty for many years. The council will provide up to £4.2m investment through the Towns Fund, coupled with private investment of £8m from STACK, which will allow the space to be transformed into a new leisure, entertainment, and social community hub. The developers will now take the first steps to seek the relevant planning and licensing permissions to bring the project forward. Once complete, the space will host independent street food traders, a variety of bars and a dedicated space for interactive games, all focussed around communal seating and a main stage for live music performances and entertainment. These developments represent just a handful of significant schemes making strides forwards across the East Midlands, with many more transformative projects also continuing to progress.www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY Bonded Warehouse at Friar Gate Goods Yard East Midlands Business Link www.eastmidlandsbusinesslink.co.uk LCS IT SOLUTIONS Q&A How has IT changed over the last 21 years? Over the past 21 years IT has undergone transformative changes. Internet connectivity has vastly improved, shifting from dial-up to high-speed broadband and fibre-optic networks. Mobile technology has revolutionized how we interact with devices and the internet, while cloud computing has become pervasive, offering scalable services over the web. The rise of big data and analytics has enabled data-driven decision- making. The Internet of Things (IoT) has connected everyday objects to the internet, AI and machine learning have advanced significantly, and cybersecurity has become a critical concern. Social media and e-commerce have boomed, and VR and AR technologies have found applications in various sectors. Agile development and DevOps have accelerated software delivery. 5G technology has started rolling out, promising faster wireless communication, and sustainability practices, including green IT, have gained prominence. The COVID-19 pandemic propelled remote work adoption, transforming how businesses operate. What are the 3 big IT challenges businesses should be considering? The three biggest IT challenges businesses should consider are cybersecurity threats, data privacy & compliance, and digital transformation & innovation. Cybersecurity remains a major concern due to the increasing frequency and sophistication of cyberattacks. Businesses must implement robust security measures and educate employees to protect against data breaches, ransomware, and other threats. Ensuring data privacy and compliance with regulations is vital, as data becomes a valuable asset and customers demand greater protection of their personal information. Adapting to digital transformation and fostering innovation is essential for staying competitive. Embracing new technologies, integrating digital solutions into existing processes, and promoting a culture of innovation will enable businesses to meet changing market demands and maintain a competitive edge in the dynamic IT landscape. What’s the biggest misconception about working with an IT company? One of the most significant misconceptions about IT is that it revolves solely around fixing computers and dealing with technical issues. While technical support is a part of IT, the field is much broader and more diverse. IT encompasses various aspects, including software development, network administration, data management, cybersecurity, cloud computing, business analysis, project management, AI and machine learning, IoT, and digital transformation. IT professionals play a crucial role in driving innovation and supporting the strategic growth of businesses and industries. The misconception arises because people tend to associate IT with visible and immediate tasks, but in reality, it involves a wide range of activities that shape the digital landscape and impact almost every aspect of modern life and business operations. Understanding the breadth and depth of IT’s scope is essential for appreciating its significance in today’s technology-driven world. What should all companies have in place to protect themselves from hacking? To protect themselves from hacking and cybersecurity threats, companies should implement several essential measures. These include deploying firewalls and intrusion detection systems to prevent unauthorized access and detect suspicious activities. Strong authentication and access controls, along with regular software updates and patch management, help limit access to Q&A LCS IT Solutions reach 21st milestone We speak with LCS IT Solutions, who have worked in one of the fastest changing industries for 21 years now, to find out what challenges the IT industry faces and how the threats toward businesses have been adapting. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link LCS IT SOLUTIONS Q&A sensitive data and address known vulnerabilities. Data encryption ensures the protection of sensitive information both in transit and at rest. Regular employee training on cybersecurity awareness reduces the risk of falling victim to phishing and social engineering attacks. Additionally, companies should have a comprehensive backup and disaster recovery plan to restore systems in case of a breach, and they should segment their network to control access to specific resources. Security monitoring tools help detect unusual activities, while an incident response plan ensures swift and effective handling of security breaches. Companies should also assess the security practices of third-party vendors and consider cyber insurance coverage for financial protection. Staying compliant with data protection regulations and industry-specific security standards is vital to ensure a robust cybersecurity posture. What sets LCS apart from other IT companies? Since LCS’ inception in 2002, its focus has always been on quality and customer satisfaction. It has never wanted to be the biggest IT company, but it has always wanted to be the best. This is probably why the company has such amazing, long-term relationships with its clients and why they repeatedly recommend LCS to their business contacts. LCS’ ethos is to “do the right thing” for its clients, even if this makes the job more complex and time-consuming. It doesn’t cut corners to give its staff an easy life and doesn’t deliver a one-size-fits-all solution. The company provides services that are tailor-made and strives to do things properly to ensure that their clients get the best possible experience. This, together with LCS’ focus on honesty, trust, security and reliability, means that it has a close relationship with its clients, which enables it to understand their businesses, identify ways in which IT can help them to achieve more and lets them focus on what they do best, without having to spend time worrying about IT matters. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FOOD & DRINK SPOTLIGHT A utomation, which has already made significant headway in many sectors, continues to revolutionise the way food is manufactured and processed. This trend goes beyond traditional forms of automation, diving into the realm of robotics and artificial intelligence (AI) to redefine production processes. The University of Lincoln’s National Centre for Food Manufacturing introduced a groundbreaking solution back in 2016 – the Automated Processing Robotic Ingredient Loading system (APRIL). Developed in collaboration with OAL, APRIL’s capabilities extend beyond mere automation, resembling the precision and creativity of professional chefs, albeit on an industrial scale. By seamlessly mixing, loading and cooking ingredients, APRIL showed a paradigm shift in production efficiency and food quality. But as development research and advancements continue, this system is further helping to define the future of food manufacturing. In 2021, OAL presented Robotic Weighing systems using APRIL technology, and since then have gone on to prove how the accuracy and efficiency of all ingredients weighing can be improved upon by combining robotics with advanced automation. Robotic weighing systems designed to provide precise measurements consistently eliminate human errors that can occur during manual weighing, ensuring that each product or ingredient is weighed accurately according to predetermined specifications. This accuracy is crucial for maintaining quality control and adhering to regulatory standards, especially when equipped with advanced programming and sensors that allow them to adapt to various product sizes, shapes and weights. This flexibility is beneficial for accommodating diverse product lines without extensive reprogramming. Robots can also perform precise weighing tasks at a much faster rate than manual labour. Speed is particularly valuable in the fast-paced food and drink industry, and robotics make lighter work of high production volumes, thereby contributing to higher production output and reduced cycle times. While the initial investment in robotic weighing systems might be significant, the long-term cost savings make them well worth the investment. Robots can work around the clock without the need for breaks or overtime pay, resulting in reduced labour costs. Additionally, their efficiency minimises material wastage due to inaccuracies in weighing, not to mention the boost to safety. Certain food products can be hazardous to handle, including raw meat, poultry and seafood. For any ingredients requiring protective gear or posing contamination risks, robotic weighing systems reduce the need for human involvement in these potentially dangerous tasks, thus enhancing worker welfare. These advancements aren’t confined to the manufacturing floor alone. Packaging, an integral part of the food industry, is experiencing a transformation of its own. In response to consumer demands for healthier, more convenient options, packaging is adapting to accommodate these changing preferences. Sustainable packaging options like flexible pouches are gaining prominence due to their ease of storage, transport and recyclability. These materials also align with the millennial trend of food sharing and portion control, offering a blend of convenience and conscientiousness. Packaging is serving an ever more multifaceted Reshaping food manufacturing 26 Á Cutting-edge tech, smart labels, and AI analytics are enhancing production efficiency, ensuring quality, consumer transparency, and satisfaction. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link FOOD & DRINK SPOTLIGHT © stock.adobe.com/ sodawhiskey East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FOOD & DRINK SPOTLIGHT purpose that goes far beyond simple containment. The rise of food fraud has prompted the integration of cutting-edge technologies into packaging design. Smart label technology is emerging as a tool to combat counterfeit products, protecting consumers from exposure to harmful additives and pathogens. Smart packaging integrates technology such as sensors and RFID tags to provide real- time information about the product’s condition, such as temperature, freshness, and authenticity. By detecting spoilage and contamination, and proving the validity of products, these labels offer a new layer of transparency and security, reaffirming the industry’s commitment to consumer safety. Machine intelligence also provides assurance that labels and product information are applied accurately and consistently, as is fundamental to traceability. Data analytics gathered from traceable elements such as QR codes can then be analysed by AI to provide valuable insights into consumer engagement, preferences and behaviours. These processes and their data have the power to optimise supply chain processes and improve the overall consumer experience. AI-powered image recognition can help identify counterfeit items or inspect finished products for defects, guaranteeing the quality of outgoing goods. Meanwhile, robotics can apply packaging features that are difficult to replicate, adding an extra layer to authentication and letting consumers know the products and brands they can trust. Algorithms which actively study and return knowledge on consumer preferences can only help businesses grow their brands to suggest optimal packaging designs that appeal to the target market. Knowing how and when people engage with products, and which choices lead to a purchase, continues to teach AI to predict trends and preferences more accurately. This can include a vast array of elements from colours, fonts and visual elements to materials, evolving packaging design and messaging to resonate with the most specific target audiences. The combination of AI and robotics holds the potential to improve efficiency, reduce waste, enhance consumer experiences, and contribute to sustainable practices within the food industry. This significance not only extends into the future of factories, but all the way back to the roots of farmed produce. Terrafarmer, a new venture co-led by Lincolnshire businesswoman Gemma Clarke, strives to benefit farmers by providing deep analysis in a range of areas of crop health and growth. Bringing together the expertise of specialist consultants in soil health, biologicals, and regenerative farming practices, farmers can take away valuable and fruitful advice on how to practice forward-thinking agrobusiness. A full service that begins with in-depth soil analysis develops a Farm Plan with regular support provided by a dedicated consultant. These visits offer insight into managing rotations, livestock, tillage, seeds, nutrition and soil in a profitable and sustainable manner, helping our farms continue to thrive. The momentum doesn’t stop there. The food industry is experiencing a landscape of acquisitions, mergers and geographical shifts, indicating a dynamic environment shaped by global trade deals and regional developments. As businesses embrace automation and adapt to evolving consumer preferences, the future of the food industry is poised for a remarkable transformation, promising greater ease of sustainable production and consumer satisfaction for years to come. © stock.adobe.com/ ShantiMediawww.eastmidlandsbusinesslink.co.uk East Midlands Business Link FINANCE Global interest rates remain higher than pre-pandemic levels, and the prospect of recession is looming on the horizon, so thoughts are turning to the economic outlook for the latter half of 2023. W ith Summer having just passed us by, many remember the anxiety that descended last winter amid grossly inflated energy bills and sky-high food prices. For answers, we turn to the expert opinions of two global financial monoliths: JP Morgan, and the Bank of England. According to JP Morgan, global economic growth gained momentum in the first half of 2023, reaching 2.8%. This growth surge was partly attributed to diminishing supply shocks following the aftermath of the COVID-19 pandemic and Russia’s invasion of Ukraine. Yet, despite these positive factors, the tightening of monetary policies has been gradually catching up. The global policy rates have climbed by nearly 400 basis points since 2022, exerting pressure on interest- sensitive spending and hampering industrial output. However, this current growth trajectory seems insufficient to counter the impending moderation, as the resilience of the global economy starts to wane. It is widely anticipated that a fresh round of tightening measures Financial outlook in the latter half of 2023 28 Á © stock.adobe.com/ William East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE will be implemented in developed markets before the conclusion of 2023, aimed at reining in inflation. Nevertheless, the potential consequences of further tightening raise concerns about the vitality of the private sector. Such a scenario sets the stage for a synchronised global recession that could potentially materialise before the close of 2024. Predictions for the latter half of 2023 indicate a probable slowdown in global economic growth and a corresponding easing of inflation. However, projections suggest that global core inflation will remain elevated, surpassing 3%, throughout 2024. Bruce Kasman, Chief Global Economist at J.P. Morgan, emphasizes that inflation is unlikely to retreat to levels deemed acceptable by central banks unaided. The ongoing decline in inflation is evident, yet the enduring supply-related impairments are expected to keep it above 3% in the United States and the euro area. The persistent elevation of inflation will sustain pressure on central banks, hinting at potential further tightening measures to come. Entering the latter part of 2023, J.P. Morgan Research observes a defensive trend that could bolster the strength of the U.S. dollar. As growth momentum tapers off in both China and Europe, the U.S. dollar is poised to strengthen against currencies tied to lower yields and growth sensitivity. Meera Chandan, Co-Head of Global FX Strategy at J.P. Morgan, holds an optimistic outlook for the dollar’s performance in the latter half of the year. Inflation differentiation is expected to play a pivotal role, with certain countries like the U.K. and Sweden grappling with more persistent core inflation, consequently impacting their respective currencies. Ultimately, the second half of 2023 is likely to witness a shifting landscape in developed markets, driven by factors such as relative central bank policies, housing market dynamics, and disparities in inflation levels. Understanding the global financial outlook for the remainder of this year, research from the Bank of England seeks to explain the reasons behind the incredible rate of inflation, and what can be done to reduce it. The Bank of England attributes the high inflation rate to a series of significant economic “shocks” over the last three years. The initial shock was the onset of the Covid-19 pandemic, during which people shifted their purchasing habits from services to goods due to lockdowns. However, supply chain disruptions hindered the availability of goods, leading to increased prices, especially for imported items. The second emerged from Russia’s invasion of Ukraine, causing substantial spikes in gas prices, and subsequently influencing the cost of food. Poor harvests in other regions exacerbated this situation, resulting in a 17% rise in food prices compared to the previous year by June. The third shock stemmed from a notable decrease in available workforce, directly linked to the pandemic. To attract job seekers, employers had to raise wages, driving up business costs. This compelled many businesses, particularly in the service sector where wages constitute a major portion of expenses, to raise their prices. As of Thursday, August 3, 2023, the interest rate was raised by 0.25 percentage points to 5.25%. This adjustment could lead to higher mortgage and loan payments for borrowers, while savers might experience an increase in their www.eastmidlandsbusinesslink.co.uk East Midlands Business Link FINANCE returns. Failing to implement this rate increase could result in prolonged high inflation. Higher interest rates function by increasing the cost of borrowing, discouraging spending, and encouraging savings. Reduced overall spending tends to slow down the rise in prices, consequently curbing inflation. Although acknowledging the difficulties this presents for many individuals, it is imperative to take these measures to prevent long-lasting negative economic effects. The strategy employed to maintain stable and low inflation is referred to as monetary policy. Monetary policy is essential as persistent high inflation has disproportionately detrimental impacts on those in precarious employment. The rate of inflation has already begun to decline, dropping from over 11% in October of the previous year to just under 8% in June of the current year. Forecasts predict a further decline to around 5% by the year’s end, despite the potential for certain food prices to rise faster. An essential factor in this anticipated reduction is the expected decrease in energy bills due to a recent significant drop in gas prices. Higher interest rates will also contribute to lowering inflation by reducing overall spending in the economy. This trajectory is projected to continue into 2024, ultimately reaching the target inflation rate of 2% by early 2025. While prices would continue to rise, the pace of increase would be gradual. Prevailing expert opinion appears to be that many will experience yet another tough winter, as whilst rates are falling, they are still projected to be higher than average. Ultimately, whilst there is reason to be positive when considering last year’s economy, there is good reason to be cautious when making investments and considering expenditure. Yet, one should remain positive, as inflation should be at a more manageable rate by mid-2024. © stock.adobe.com/ Deemerwha studioNext >