< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS University receives £1.4m grant to develop fintech hub for the East Midlands The University of Nottingham’s Inclusive Financial Technology Hub (INFINITY) has been awarded a new £1.4 million grant from Research England to develop a fintech hub at the heart of the city. The Hub will contribute to developing the next generation of financial technology start-ups and firms by creating a pathway for university-inspired research to give rise to early-stage commercialisation ventures in financial services. Provided by Research England’s Connecting Capability fund, the grant is designed to support levelling up and contribute to the UK’s tech sector. The Hub aims to become a focal point for Nottingham’s thriving financial services sector. The award will fund the creation of an agile pathway for commercialisation of financial technology research, taking early-stage research-inspired commercial propositions on a journey to being realised as live commercial prospects. Concurrently, it will provide training and support for academics at an early stage in the commercialisation journey, overcoming the barriers to engagement. The Hub brings together an existing ecosystem of three leading Midlands-based universities with financial technology expertise (Nottingham, Birmingham and Warwick). Professional services group snaps up Leicester accountancy practice Xeinadin Group, the professional services group, has acquired Alacrity Accountancy, a Leicester-based accountancy practice. Alacrity Accountancy was established 20 years ago and services clients from a range of industries including healthcare, dentistry and property across the UK and internationally. The firm specialises in all aspects of general practice including accounts, taxation and business advisory or support services. This is the 15th acquisition announcement made by Xeinadin since Exponent’s investment and marks a key milestone in the group’s expansion. The move continues the growth of Xeinadin’s footprint and brings additional expertise into the group whilst maintaining its focus on becoming the most trusted advisor for founder-owned businesses. Xeinadin Group CEO Derry Crowley said: “Welcoming Alacrity Accountancy under the Xeinadin Group is another great step forward in establishing our continued growth. With a laser-eyed focus on the needs of SMEs, Alacrity’s quality of services and clientele are an excellent fit for what we expect across the group. We look forward to working with the team.” Alacrity Accountancy founder and director Viren Kotecha said: “Alacrity is excited to be joining the Xeinadin Group and expanding upon the shared vision of providing exceptional local accountancy services to owner-managed businesses.” Private equity firm invests in Burton solar and renewable energy service provider Freshstream has invested in Project Better Energy, a solar and renewable energy service provider, acquiring a strategic stake from the company’s shareholders, who are reinvesting alongside Freshstream. Based in Burton-upon-Trent, Project Better Energy was founded in 2011 by Chief Executive Officer Simon Peat, an electrical engineer who spotted an opening in the residential solar market. The company has since expanded its product range to include off-peak power storage, electric vehicle chargers, air-sourced hot water cylinders and infrared heaters, providing a diversified range of green solutions across both the residential and commercial property sectors. The business has experienced significant growth over the last 12 years and now employs approximately 300 people across its divisions and generates around £100m worth of sales on an annual basis. With Freshstream’s support, Simon Peat will continue to lead the business through an accelerated phase of growth, expanding the product range and customer footprint as demand for its services continues to grow. © stock.adobe.com/ sirichai © stock.adobe.com/ WrightStudioFINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 133-year old Leicestershire-based noise control business sold RSM UK has sold Hodgson Acoustics Company Ltd’s business to Wiltech Acoustics Ltd, saving the jobs of all 80 employees. Glen Carter and Phillip Sykes of RSM UK Restructuring Advisory LLP were appointed as joint administrators of Hodgson Acoustics Company Ltd on 20 September 2023. Based in Leicestershire and with origins tracing back to 1890, Hodgson Acoustics operates in the industrial noise control and acoustic solutions sector, specialising in the design, manufacturing and installation of acoustic canopies. The company fell into administration due to capacity and efficiency issues which resulted in delays to ongoing orders and subsequent cashflow problems. The sale is to Wiltech Acoustics Ltd, an associated company of WB Power Services Ltd, which specialises in providing critical power, maintenance and hire solutions to organisations including data centres, hospitals and military facilities. All 80 employees together with certain assets will transfer to Wiltech Acoustics, giving them full control over the manufacturing process and allowing them to offer bespoke acoustic solutions to businesses. Leading accountancy practices merge Streets Chartered Accountants has announced the establishment of Streets Steele Chartered Certified Accountants following the merger of Bristol practice, Steele Financial with Streets Chartered Accountants. Ben Steele, now Managing Director of Streets Steele, said: “Having started Steele Financial only six years ago we have experienced significant growth and as such, in line with the advice we give our clients, we recognised the need to develop our practice to service growing demand. “In particular it would seem our approach to run a true cloud based and digital accountancy practice along with providing clients a virtual finance office, certainly has made us an attractive proposition for many entrepreneurs and businesses alike. “Recognising the potential, along with the need for us to provide a greater breadth of services, we sought to join up with a larger practice who can not only support us but also support the needs of our clients, now and in the future. We are delighted to say we have found that in Streets Chartered Accountants. “We also believe that our clients will benefit in that the combined firm will be able to offer a wider range of services, including areas of specialist corporate and private client tax planning, international advice and personal financial planning.” Management buyout completed at Burton tiling and flooring company QEP-UK, the home of tiling, flooring and hardware home improvement brands, has been acquired in a management buyout with support from PKF Smith Cooper’s transactional tax and corporate finance teams. As a result of this transaction, the UK business is now owned by the Boyce Family Group. Paul Boyce has been a member of QEP’s group management team for the past 14 years, having most recently served on the US Board of Directors as CEO of International Operations. The management team continues to be led by Paul Boyce as CEO. He has been supported in the transaction by FD Steven White and newly appointed COO Cam Gradwell. The management team has acquired the UK business from US-listed QEP Inc and will continue to trade under the name QEP-UK. The PKF Smith Cooper transactional tax team, led by Adam Rollason, provided a full range of taxation advice, including personal, corporate and VAT. Darren Hodson and Josh Gurton provided deal support to the management team, alongside Dahren Naidoo (Freeths). Darren Hodson (corporate finance partner) and Adam Rollason (tax partner) at PKF Smith Cooper L-R: Ben Steele, Ryan Saward and Paul Tutin © stock.adobe.com/ anatoliy_gleb © stock.adobe.com/ insta_photosCollege’s £3.5m automotive training facility gets go-ahead Plans by Derby College Group to extend one of its sites to create a workshop for engineering students have been given the green light. Earlier this year, the college lodged proposals with Derby City Council for the extension at the rear of the current Stephenson Building at its Roundhouse campus on Pride Park. Now, the city council’s planning committee have given the scheme the go-ahead. The two-storey motor vehicle facility, which is due to open in September next year, has been made possible thanks to £3.5 million from the Government’s Post 16 Capacity Fund. Speaking in July, Steven Elliott, the college’s head of technology apprenticeships, said: “This facility will help strengthen the automotive skills of today’s learners and support the education of the next generation. “We want to inspire anyone who is interested in working in the automotive industry as it is an ever-changing and exciting area to work in. It really has evolved and it’s now an extremely technical industry which requires an abundance of new skills. “By creating this propose-built training centre, DCG will be perfectly placed to meet the needs of the learners and of the employers.” The new facility is a response to changing automotive technology, including the evolving requirements for electric vehicles. The college said it will meet local and national skills requirements and is reflective of learner demand. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Burts cooks up £6m investment into Leicester factory Burts has invested £6m into its Leicester factory this year, doubling the site’s capacity to produce more hand-cooked chips and compression popped snacks to keep up with demand. The investment aligns with the company’s organic and strategic growth plan, creating new avenues for progression and opportunities for its employees. As part of the investment, installations include two new state-of-the-art fryers, one new bagging system and 14 compression poppers to create the brand’s popular Lentil Chips, along with doubling the potato storage capacity and updating handling operations. These improvements to the factory have created 16 new jobs at the Leicester location for frying and popping operatives. The premium snacks brand was acquired by European snack producer, Europe Snacks earlier this year. Burts continues to operate from its two manufacturing sites in Leicester, Plymouth and Devon. Dave McNulty, Managing Director at Burts, said: “It’s an exciting time for the business, and the investment means we’re able to double our capacity at our Leicester site to keep up with the demand of our products. “The improvement this will have on our manufacturing capabilities will allow us to continue to grow and innovate at a time where we want to continue building the momentum in the snacking category.” Midlands manufacturers eye demand uptick as optimism lags behind wider sector Leaders in the Midlands’ manufacturing sector are the least optimistic about experiencing an uplift in demand in the next 12 months, according to new research from specialist business advisory firm FRP. Three quarters (75%) of manufacturers surveyed in the region were confident that demand for their products would increase over the next 12 months – below the national average of 87%. Despite a challenging year for the sector, nine in 10 (90%) Midlands businesses are confident they will be able to continue trading over the next 12 months. The results feature in a new national FRP report, Against the odds: The future of UK manufacturing, which points to a resilient sector that is looking to invest in advanced technologies to help stimulate new growth. FRP conducted a similar study at the end of 2022, which found that manufacturers were far less optimistic about their prospects. © stock.adobe.com/ Konstantin ZRolls-Royce proposes 2,000- 2,500 job cuts Rolls-Royce has revealed plans for “a simpler, more streamlined, organisation” in the next phase of its multi-year transformation, including significant job cuts. It is said the new structure will create a more agile business that is better able to serve customers and continue to create and maintain world-class products. It will apparently help Rolls-Royce build enhanced capabilities in key areas such as procurement and supply chain management, ensuring they are “as strong as the company’s engineering and technical excellence.” Rolls-Royce says the changes being proposed will also remove duplication and deliver cost efficiencies. It is estimated that 2,000-2,500 roles will be removed globally. Rolls-Royce currently employs 42,000 people worldwide. Tufan Erginbilgic, Chief Executive, said: “We are building a Rolls-Royce that is fit for the future. That means a more streamlined and efficient organisation that will deliver for our customers, partners and shareholders.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS MTMS stays on track with extension of long-running contract UK rail depot maintenance firm MTMS has been given the nod to extend one of its longest-running contracts after it signed a new deal with train operators Southeastern. The Leicestershire-based firm has maintained the equipment at depots serving the busy South-East network since 2014. The contract involves the maintenance and renewal of carriage wash plants, controlled emission toilets and associated bowsers at 10 depots, including Ashford, Dover, Gillingham, Grove Park, Orpington, Ramsgate, Slade Green, St Leonards West Marina, Tonbridge & Victoria. The depots are home to Southeastern’s 399 trains, which deliver 1,700 services each day across the network, which links London with communities in Kent and East Sussex. MTM currently services and maintains rolling stock and specialist equipment, as well as carrying out routine infrastructure tasks, at more than a half of rail depots across the UK, with its central location in Moira, near Swadlincote. However, Matt Forst, the firm’s Managing Director, says there is some extra local pride when it comes to the Southeastern contract because Southeastern mainly operates Class 375 Electrostars, which were made by Bombardier – now Alstom – in Derby, just 12 miles away. Food processing company fined £20,000 after worker suffers serious injuries A company has been fined £20,000 after an employee’s arm was drawn into machinery and seriously injured. The worker, Piotr Zielinski, 58, from Nottinghamshire, was working for food processing company Belwood Foods Limited. His right arm was drawn into a machine and wrist crushed while cleaning poultry processing machinery at Belwood Food’s site at Lowmoor Business Park, Kirkby-in-Ashfield, Nottingham, on 22 November 2019. HSE inspector Lee Greatorex said: “This injury was easily preventable. Employers have a responsibility to properly assess the risks from all aspects of their operations, including cleaning and maintenance, and implement effective control measures to minimise the risk from dangerous parts of machinery. HSE will not hesitate to take action against companies which do not do all that they should to keep people safe.” Belwood Foods Limited pleaded guilty to breaching Section 2(1) of the Health and Safety at Work etc. Act 1974. The company was fined £20,000 and ordered to pay £7,839.21 in costs at Nottingham Magistrates’ Court in October (2023). © stock.adobe.com/ Aerial Mike © stock.adobe.com/ thomathzac23PROPERTY NEWS Kia to open new 40,000 sq ft training academy at St. Modwen Park Derby St. Modwen Logistics, the logistics developers and managers and a Blackstone portfolio company, has leased a c.40,000 sq ft bespoke unit to global automotive company Kia for use as a cutting-edge new training academy for the next generation of Kia employees. Kia UK Limited will take occupation by the end of 2023 following an extensive fit out period. The unit has been adapted to suit Kia’s requirements, including the installation of additional power, facilitating advanced electrification training and upskilling on STEM subjects to enable Kia’s apprentices and adult learners to meet the evolving demands of increasingly electrified vehicles. The academy also opens up significant opportunities for Kia’s growth, enabling the company to increase delegate numbers, expand its range of electric vehicles, and enhance service capacity. Kia is the latest global business to establish an educational hub at St. Modwen Park Derby, following Swedish medical technology manufacturer Getinge, which in February 2023 announced plans to establish a new Global Centre of Excellence for Chemistry and UK headquarters at the Park. Interiors business takes brand new unit at Teal Park ROL Fredbergs UK Limited, a Nottingham-based interiors business, has chosen Teal Park, Colwick as its new home, seeing it expand its footprint within the city. The global company boasts a range of well-known clients such as Hugo Boss, M&S, H&M, Jysk and McDonalds. The unit at Teal Park comprises a brand new detached 31,500 sq ft warehouse premises, with a large secure yard, and forms part of the scheme which provides a 20 unit warehouse and trade park totalling 170,000 sq ft owned by national investor, Northwood Urban Logistics. The scheme was completed in late 2022. Iain Taylor, director at Northwood Urban Logistics, said: “We are very pleased to welcome our latest occupier to Teal Park demonstrating that it is appealing to a wide range of occupiers who will be able to adapt the units for a variety of uses.” East Midlands Business Link www.eastmidlandsbusinesslink.co.uk 102 new homes set for Radcliffe-on-Trent 102 new homes are to be delivered in Radcliffe-on- Trent, Nottinghamshire, after planning permission was granted for a £61m development. Called Hackett Grange and located off Nottingham Road, the 13-acre development will include a mix of two-, three-, four- and five-bedroom homes. Of the 102 homes, 30 per cent have been designated to affordable housing. Avant Homes has also committed to a community contribution of £950,000 to support education and local services, and a sustainable travel plan. Work at Hackett Grange is anticipated to start this December with the first residents expected to move into their new homes in autumn next year. Avant Homes East Midlands Managing Director, Ben Felton, said: “Radcliffe-on-Trent’s proximity to key motorway links and strong local community means there is high demand for new homes in the locality. Our development at Hackett Grange will aim to satisfy this demand, so we are pleased our plans have been approved by Rushcliffe Borough Council.” PROPERTY NEWS Pride Leisure in Derby sold for £8.4m Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, has sold the final asset in its mixed-use Amber portfolio for £8.4 million to Manchester-based property company Elstar. The off-market sale of major sports complex Pride Leisure in Derby – home to Everlast Gym, Oxygen Freejumping, We Are Padel, Subway and Frankie & Benny’s – marks the conclusion of the portfolio break-up, bringing total realisations of £174 million of sales across 23 separate transactions. Having originally been acquired from abrdn in August 2015, the Amber portfolio totalled 2 million sq ft across 29 assets throughout England and Scotland, allocated across the logistics, retail and office sectors. Clearbell has spent c.£10million capex on repositioning assets before selling on completion of asset management objectives. This intensive asset management included over 60 leasing transactions, along with other initiatives including repositioning assets for delivery of over 600 homes, and energy efficiency improvements across the portfolio. Rob West, managing partner, Clearbell, said: “Completing the final sale of our Amber Portfolio and achieving a £174m realisation figure is a real milestone for us, and a testament to the skills of our investment team throughout challenging market conditions. “We acquired the portfolio in a buoyant market in 2015 before the challenges of Brexit, COVID-19 and the rise of interest rates. Our team successfully navigated these headwinds and delivered improvements across the portfolio to secure a double-digit return for our investors.” Owl gets green light for new Derbyshire homes Owl Homes, the Midlands homebuilder, has been granted full planning permission for a development of 18 homes in Doveridge, Derbyshire. The decision marks another significant milestone in Owl Homes’ mission to bring its homes to a wider market across the Midlands. The 3.36-acre Marston Lane site includes a variety of two, three and four-bedroom homes. Of the 18 homes, 12 will be for private sale and six will be affordable housing. These affordable homes will be subdivided into two first homes, two homes for affordable rent and two shared equity homes. Working with Derbyshire Dales District Council, Owl Homes is aiming to make sure that the affordable homes meet the specific housing needs of the community. Managing Director Dave Bradley said: “This new project in Derbyshire represents another step in our long- term strategy to expand into various Midlands communities. Marston Lane not only allows us to develop more high-quality homes, but also to work closely with the District Council in providing a range of affordable housing options.” Six-month turnaround sees developer sell Newark industrial unit Midlands property developer Rotherhill has sold Brunel House, located within Brunel Drive Industrial Estate in Newark, following its acquisition of the unit in March 2023. Purchased by a local creative event production company, the property is based in Newark’s principal industrial area and comprises a building of 27,500 sq ft with an additional extensive mezzanine, set upon a total site area of 2.65 acres. Rotherhill purchased the property from Vodafone which operated it as a call centre facility. The building was originally constructed in 1989 as an industrial facility for Fleur de Lys Automobiles to manufacture vehicles. Ed Jeffrey of Rotherhill says: “This property is in an excellent location within an established industrial estate and benefits from strong transport links. “Understanding the local market and demand for good quality second-hand industrial space with extensive hardstanding / yard areas, we saw the opportunity to return the property to its originally intended, industrial, use. “We are pleased to have sold the property to a successful Newark based business. The building will facilitate their growth and future job creation.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Dave Bradley East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY W ith myriad business parks flourishing across the region, the past month has seen numerous new deals sealed and development milestones hit at these locations. In Leicestershire, Rothley Lodge Commercial Park has been completed by Rotherhill Developments, with the site fully occupied. Situated on the outskirts of Leicester, near Loughborough, Rothley Lodge consists of four industrial buildings totalling 223,000 sq ft and is now home to national pharmacy group Day Lewis Plc, industrial automation component distributor BPX Electro- Mechanical Co. Ltd, and Selective Marketplace Ltd, a privately owned company with two premium womenswear brands. The 14-acre industrial site was acquired from Samworth Brothers in July 2017, with funding provided by a syndicate of investors from Mattioli Woods. Paul Bagshaw, owner and Managing Director of Rotherhill Developments, says: “We are delighted to have completed on the Rothley Lodge industrial scheme and to have welcomed three growing businesses as occupiers. Rothley Lodge provided a unique and rare opportunity for occupiers to design and build to meet their needs and requirements. In the current market, there are few opportunities for local owner occupiers to purchase on a freehold basis, and most recently built units fail to cater for businesses seeking smaller industrial accommodation. Having recognised the lack of supply of Bright times for business parks Following a busy month for business parks in the East Midlands, Business Link reflects on key news from across the region. 18 Á Bright times for business parks www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY Unit A4, Fairham Business Park. CGI courtesy of IMA Architects East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY high-quality, bespoke industrial space in the sub 150,000 sq ft region, we set out to develop a site capable of accommodating a range of growing businesses.” Nearby, expansion is on the cards at Wymeswold Business Quarter, an industrial development adjoining the existing Wymeswold Industrial Estate, with the recent granting of planning permission for its next phase. Positioned in Prestwold, near Loughborough, Wymeswold Business Quarter currently features 20 purpose-built new industrial units, with sizes ranging from 1,900 square feet to 12,000 square feet. The completion of phase two works will provide an additional 21 units which will be available for lease or sale in early Q1 2024. The development has already created 95 local employment opportunities and 80-100 more are anticipated. Furthermore, a new business park has moved a step closer for Market Harborough, as having resolved to grant outline planning permission for the development last year, Harborough District Council is set to issue the planning consent following the recent completion of the Section 106 Agreement. Reflecting its heritage, the 25 acre scheme will be known as Wellington Business Park and built on a strategically located site to the north- west of Market Harborough, within one mile of the A6. It will comprise some 450,000 sq ft of industrial, warehousing and office accommodation with a drive- thru coffee shop / restaurant on land north of Airfield Farm. The site formed part of the airfield that was used by the RAF in World War II and was home to the Wellington Bombers of No. 14 Operational Training Unit of RAF Bomber Command. The new business park could bring over a thousand new jobs and significant inward investment to the town, creating a new gateway from the north of Market Harborough. Buildings will initially be available on a build to suit basis with industrial/warehouse units from 10,000 sq ft to 100,000 sq ft and office buildings from 5,000 sq ft on a freehold or leasehold basis. Meanwhile, in Nottingham, works have begun at Plot A4, Fairham Business Park, as FHP secure a deal for the 100,000 sq ft plot. The unit will be placed next to stand-alone units totalling 260,000 sq ft purchased by international property investment and asset management company, Hines and a custom built 56,000 sq ft facility for Scientific Laboratory Supplies. The brand-new purpose-built premises will comprise of a Hamish Byers (Mather Jamie), Geoff Prince and Bradley Prince (Prince Group) at Wymeswold Business Quarter www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY 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 will be 84 car parking spaces at the front of the property with 10 electric vehicle (EV) charging bays. There will also be a large service yard to the rear with 10 dock levellers and 4 level access to meet the needs of the occupier. Clowes Developments will be providing a fully photovoltaic (PV) ready frame. The unit is expected to be ready for occupation by the summer of 2024. Tim Gilbertson, director at FHP Property Consultants, commented on the deal: “It’s fabulous to see the ongoing development of Fairham Business Park continue at pace following completion of the latest deal for a 100,000 sq ft standalone building. This deal quickly follows on the heels of the letting and completed building for Scientific Laboratory Supplies and will be the fifth building on Fairham Business Park with completion due and handover of keys set for mid-2024. The continuity of development on site is startling as TanRo will now be building out their fifth building on the site without ‘downing tools’ and we hope, with ongoing discussions with a number of parties for further buildings on the site, that they can continue building well into mid-2024 and beyond without a break. This says something about the fantastic transport links of Fairham Business Park and its positioning outside of Nottingham’s workplace parking levy and I am confident that we will bring forward new occupiers and news of further details in the near future.” Moreover at Beauchamp Business Park, a new commercial development in Kibworth, Leicestershire, Units A and B have now been sold. Purchased by a Leicester-based family of investors, the deal demonstrates the strength of demand from local businesses for sites at the scheme. Beauchamp Business Park is being brought forward by Clowes Developments and its team including IMA Architects, TanRo, Millward Consulting Engineers, Gateley’s Legal and Postins Project Services. Philips Sutton and TDBRE have been instructed as agents on the scheme. The first to be sold, Units A and B are both road facing buildings comprising a total of 25,169 sq ft. Construction is underway at the site with the steel frames being put into place. Phase One completion is expected in April 2024 with Phase Two coming at a later date. When concluded, the site will feature a series of freehold and leasehold industrial units ranging from 1,270 sq ft to 10,085 sq ft. Steel frames going up at Beauchamp Business Park Next >