< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE NEWS MBO for Loughborough-based electronics manufacturer Mariam Smith, Managing Director of Datalink Electronics, has spearheaded a management buyout (MBO) of the Loughborough-based company, with the help of KBS Corporate. Datalink Electronics was established in 1983 and provides a variety of integrated design and production services to a broad customer base ranging from multinational PLCs to start-up businesses. The two shareholders, Eric Luckwell and Ian Wilson, decided the time had arrived for them to retire and instructed KBS to orchestrate a sale process, during which it became clear that an MBO led by Mariam would be the ideal solution. Fabio Rambelli, KBS Corporate associate director who oversaw the transaction, said: “Mariam had a very active management role and was gradually taking over an increasing number of responsibilities from the shareholders, which meant she was the perfect person to sell the business to. “I’m happy the MBO completed as Mariam is absolutely the best person to take over the company.” In their announcement of the deal, Datalink heralded the MBO as “a pivotal move that signifies a new era” for the business and “a catalyst for strategic evolution.” “Having effectively run the company for the past 12 months, Mariam emphasises the infusion of new talent, machinery and a streamlined structure,” Datalink’s statement said. Leicestershire supplier to F1 teams secures £3.25m lending facility K.S. Composites Ltd, which manufactures carbon fibre and fibre glass components for major automotive companies, has secured a £3.25m lending facility from Praetura Commercial Finance as it looks to expand into new territories and sectors. The Leicestershire-based company supplies Formula 1 teams with both structural and non-structural carbon fibre components from chassis parts to body panels. It also is a key supplier to supercar manufacturers and automotive original equipment manufacturers (OEMs). K.S. Composites is now using the funding from Praetura to expand into new areas of the luxury market, located largely in the U.S. Overseas it will focus on the production of fibre glass and carbon components for luxury hotels and super yachts. It is also working to expand into other new sectors including defence, where there is an increasing demand for sophisticated carbon fibre components. The business has also recently secured a new civil engineering contract with Network Rail, using its materials to construct more sustainable composite footbridges. Jamie Smith, Managing Director of K.S. Composites, said: “Since the business started in 1985, our remit has grown to new sectors and territories, drawing on our reputation as the UK’s leading fabricator, renovator and repairer of glass reinforced plastic body work.” Cooper Parry Wealth makes fresh acquisition Following its recent swoop for Chamberlyns, Cooper Parry Wealth (CPW) has completed the acquisition of Creaseys Wealth. The news marks CPW’s third deal of 2023 after the acquisition of Future Perfect back in April. Previously, Creaseys Wealth was a joint venture. Set up by CPW and Creaseys back in 2015, and headed up by Ben Waite, it grew quickly to £220m AUM. Now, as CPW acquire the second half of that joint venture, Creaseys Wealth will join CPW. Stephen Jones, Cooper Parry Wealth CEO, said: “The joint venture has been an incredible success. We’re really proud of what we’ve achieved together, but now, with the size Creaseys Wealth has reached (£220m AUM) and our future growth plans, it feels like the right time to simplify the business and take full ownership. “For our clients, it will be very much business as usual. Since joining us in 2015 to head up Creaseys Wealth, Ben Waite and his team have been fundamental to the success we’ve had, and I’m excited to have them playing a key role in the continued growth of CPW.” L-R: Gitesh Patel, Kym Hubbard, Karen Twilton, Jamie Smith FINANCE NEWS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Auctioneer racks up record results and shares £2m with staff Nottingham-headquartered national auction house, John Pye & Sons Ltd, has seen record results from its latest financial year end, racking up significant increases in turnover, auction receipts and new bidder registrations. For year ending 31st July 2023 the firm saw auction receipts hit £119 million and turnover reach £45 million, up 36% on the previous year. And, with new bidder registrations up 90% year on year it has been a record year all round. Announcing the annual results, Adam Pye, Managing Director at John Pye & Sons, said: “These are incredible figures for our business. The team has worked so hard on several high-profile projects and achieved more than we ever thought possible during the period. “I’m so pleased to report that we have again built upon the success 2022 and am happy to confirm that we’re in the fortunate position of being able to share discretionary bonuses with colleagues in their November pay.” Based on this year’s results, the John Pye Board has agreed to the largest profit share in its history, at £2,000,000. BRUSH Group snaps up European transformer windings specialist Energy engineering solutions provider BRUSH Group has acquired European transformer windings specialist Co.Bo.T srl for an undisclosed sum. The deal allows BRUSH to secure a vital link in its supply chain and creates extra production capacity to support the expansion of the UK electricity grid for years to come. With increasing demand for power transformers, driven by the transition to net zero, acquiring Co.Bo.T also has the potential to optimise lead-times for BRUSH customers keen to connect to the grid. Based near Vicenza in Northern Italy, Co.Bo.T supplies major transformer manufacturers across Western Europe – including BRUSH – and has built a strong reputation as a winding specialist in the 33kV-132kV bracket. Last year the firm invested in a major upgrade to its production line and has proven capacity to handle the entire sub-assembly manufacturing process. And following a commitment to a multi-million-pound investment in its state-of-the-art testing facilities in Loughborough, Leicestershire, BRUSH is increasing its own in-house capabilities within final assembly and testing, ensuring its transformers continue to meet the highest standards and specifications. Ideagen makes sixth acquisition of 2023 Ideagen, a provider of software solutions for regulated industries, has acquired Australian tech disruptors Op Central. Ideagen CEO Ben Dorks said: “The acquisition of Op Central enables Ideagen to provide something that every compliance professional desires: time. “Productivity is a huge concern for businesses globally and is increasingly being discussed at board level as reduced productivity impacts both the top and bottom line. “With organizations being forced to do more with fewer or the same resources, the one element that cannot be compromised is compliance. “Ideagen Op Central and it’s AI functionality will do the heavy lifting for organizations on essential but time-consuming tasks, freeing up people to focus on adding the value where it makes the biggest difference.” Op Central is Ideagen’s sixth acquisition of 2023 following Qadex (now Ideagen Quality Management Food and Beverage edition) in January, Ideagen Tritan and Ideagen OnePlace Solutions in May, Ideagen DevonWay in September, and Ideagen Lucidity in October. Ben Dorks L-R: Davide Cornale (MD, Co.Bo.T), Lars Hennecke (chief strategy and sustainability officer, BRUSH Group), Cristian Cornale (operations director, Co.Bo.T) © stock.adobe.com/ vichie81 Adam Pye Manufacturing output falls and order books deteriorate Manufacturers reported that output volumes fell in the three months to November, disappointing expectations for expansion, according to the CBI’s latest Industrial Trends Survey (ITS). Manufacturers expect output volumes to decline further into the new year. A more subdued outlook for production comes as order books fell to their weakest level since the second COVID-19 lockdown in early 2021. Both total and export order books were reported as below normal in November, to the greatest extent since January and February 2021 respectively. Anna Leach, CBI deputy chief economist, said: “Manufacturing output has been under pressure recently given the combination of slowing demand and the run-down of stocks of finished goods. This latest data will fuel concerns that the economy is slowing swiftly as the highest interest rates for 15 years take their toll on demand. “The further softening in orders this month is a worry, with order books now in their weakest position since the start of 2021 when the economy was locked down amid the pandemic.” East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING NEWS Important milestone for Rolls-Royce’s UltraFan technology in Derby Rolls-Royce has successfully run its UltraFan technology demonstrator to maximum power at its facility in Derby. The initial stage of the test was conducted using 100% Sustainable Aviation Fuel (SAF). This is an important milestone for the UltraFan demonstrator, which was successfully tested for the first time earlier this year. Since then, the UltraFan team has been gradually increasing the power as part of the rigorous testing regime and the demonstrator has performed in line with expectations. The results of the test will provide valuable learning and data, which Rolls- Royce teams will now take away and continue to analyse. Rolls-Royce says this achievement reinforces its confidence in the suite of technologies that has been developed as part of the UltraFan programme. Confirming this capability is a big step towards improving the efficiency of current and future aero-engines as UltraFan delivers a 10% efficiency improvement over the Trent XWB, which is already the world’s most efficient large aero-engine in service. In total that’s a 25% efficiency gain since the launch of the first Trent engine. East Midlands manufacturer awarded £3m contract to fit out Passivhaus secondary school Mansfield-based Deanestor has been awarded another major contract in the education sector – a project worth over £3m to fit out the new 1,600-place Perth High School. The school is one of the first secondary schools in the UK to be built to Passivhaus standards. This will be Deanestor’s 14th contract for Robertson Construction and it follows its successful completion of a number of school projects in Scotland. Deanestor will be fitting out 274 rooms across the new campus and will manufacture or procure more than 2,700 items of fitted and loose furniture, including storage solutions, changing benches, teaching kitchen, learning walls, tables and chairs, equipment for sports and arts, workbenches and tools for technology and engineering. William Tonkinson, Managing Director of Deanestor, said: “This project will provide a fantastic learning and teaching environment for young people, and we are delighted to be playing our part and working with the Robertson team once again.” Image courtesy of Rolls-Royce plc © stock.adobe.com/ ParilovCarlsberg Marston’s Brewing Company invests over £10m in Northampton Brewery to boost sustainability Carlsberg Marston’s Brewing Company (CMBC) is to invest more than £10m in upgrading equipment at its Northampton Brewery, increasing capacity for producing its Snap Pack packaging and reducing its water usage. The investments will see three significant upgrades realised, with all three set to go live in Q1 next year; a second-generation machine for packaging cans in Snap Pack is being installed, alongside a new laser can encoder and an improved can filler and seamer. Paul Davies, CEO, CMBC, said: “We take our responsibility as a brewer very seriously and ensuring we reduce our impact on the planet is a hugely important part of this. This major investment of more than £10m in Northampton demonstrates our clear commitments to eliminating packaging waste, reducing water waste, and improving efficiency at our breweries. “By taking ambitious action now, we can deliver on our sustainability goals and enable even more of our innovative Snap Pack multipacks to make their way to consumers.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING NEWS TopHat secures £15m debt facility with Homes England TopHat, the Volumetric Modular house builder, has agreed a £15 million debt facility with Homes England. It follows previous news that TopHat raised £70 million from existing and new shareholders including listed housebuilder Persimmon and institutional investor Aviva Capital Partners. The new investment raised this year by TopHat will be transformational for the company, enabling it to scale-up production and accelerate manufacturing capacity as it draws closer to opening Europe’s largest modular housing factory in Corby, Northamptonshire in 2024. TopHat currently manufactures energy-efficient homes from its first factory in Derby, which is capable of delivering 800 homes a year. The company will begin production from its 650,000 square feet advanced manufacturing facility in Corby in 2024, where it will employ 1,000 people from the local community and manufacture up to 4,000 ultra-low carbon homes every year. Jordan Rosenhaus, CEO of TopHat, said: “The investment TopHat has received from Homes England alongside others, including Goldman Sachs, Persimmon and Aviva Capital Partners, reflects the continuing recognition that it is simply not possible to build enough new homes, including affordable homes, without a strong volumetric modular sector.” Convenience foods manufacturer agrees new £350m sustainability-linked facility Greencore, a manufacturer of convenience foods with its UK office in Worksop, has agreed a new five- year £350 million sustainability-linked revolving credit facility (RCF). The new RCF replaces Greencore’s existing £340 million facility and a £45 million term loan and extends the Group’s average maturity profile to close to 4.5 years. The facility has the option of two additional one- year extensions and includes a £100 million accordion feature which provides further potential financing facilities. The new RCF incorporates performance targets that are aligned with Greencore’s long-term sustainability strategy. Dalton Philips, CEO, said: “Greencore continues to deliver on its ambition to build a stronger, more efficient business serving our customers and consumers across the UK. This new facility provides us with significant new financial flexibility to deliver on our growth objectives while aligning our financing arrangements with our sustainability targets.” © stock.adobe.com/ leszekglasnerPROPERTY NEWS Dock extension progresses at Space City Leicester Work is progressing on the construction of a new low carbon innovation hub for high-tech industries in the East Midlands, which is on track for completion next year. On behalf of Leicester City Council, Brackley Property Developments (BPD) is delivering the expansion of the successful Dock managed workspace development at Pioneer Park, within Leicester’s Science and Innovation Enterprise Zone. The development will create c.43,000 sq ft of new high-quality office space for up to 45 businesses, and a terrace of nine manufacturing units providing more than 21,500 sq ft. Known as Docks 3, 4 and 5, the new sustainable buildings will be net carbon zero in operation and include a range of environmentally friendly features, such as low energy LED lighting, roof mounted photovoltaic panels, air source heat pumps, and super-thick insulation. There will also be cycle storage and provision for electric vehicles. Leicester City Council is retaining the freehold of the buildings, with accommodation being made available on a leasehold basis. The scheme is programmed for completion in April 2024. Two units snapped up at urban logistics scheme near Leicester Two units have been taken at Genesis Park in South Wigston, near Leicester, including an 18,570 sq ft unit by healthcare company Fresenius Medical Care to open a new dialysis clinic. Genesis Park is 128,180 sq ft urban logistics scheme delivered and owned by developer Chancerygate and comprises 15 units ranging between 4,800 sq ft to 18,570 sq ft. Fresenius Medical Care is a provider of products and services for individuals with renal diseases. The company provides care for more than 344,000 patients globally, with 50 dialysis clinics in the UK and 42 production sites globally. The company has signed a 15-year lease on the unit and is converting it to create a 49-bed renal dialysis unit with training and consulting rooms, which is due to be operational in Autumn 2024. Alongside this, a 12,300 sq ft unit at Genesis Park has also been sold to an owner occupier for an undisclosed price. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk Chesterfield office scheme fully occupied Less than 12 months after completion, all six floors of office space at One Waterside Place are now fully occupied, as new tenants move into the building. The flagship office development, owned by Chesterfield Borough Council, has welcomed Rosewood Wealth Management and another international company, both expanding their presence in Chesterfield. They join BHP Chartered Accounts and Varley which already occupy space in the building. Councillor Tricia Gilby, leader of Chesterfield Borough Council and cabinet member for economic growth, said: “We invested in One Waterside Place during the pandemic and it was a key element of our economic recovery. “To have now fully let the office spaces within the first year of opening shows how our economy is growing and demonstrates how we can compete with the cities around us to attract both investment and jobs.” PROPERTY NEWS Last plot at Castlewood Business Park achieves practical completion as Hines take ownership Lead contractor, Roe Developments have achieved practical completion on the last remaining plot at Castlewood Business Park as part of the development funding deal between Clowes Developments and Hines. Site owners, Clowes Developments instructed Roe Developments to build the 76,680 sq ft standalone unit as part of the 1.36 million sq ft portfolio with global real estate investment, development, and property manager, Hines. The brand-new commercial unit was designed by IMA architects and comprises of a 72,386 sq ft single storey warehouse and 4,294 sq ft office and welfare space. The unit benefits from a large secure yard to the side with two level-access loading bays and eight docks. There is a car park to the front of the building with five disabled bays and four EV charging stations. The roof is designed to carry photo voltaic panels subject to the occupier’s requirements. Additionally, this unit boasts floor to ceiling double glazing in the warehouse and 10% roof lights creating a brighter environment for warehouse workers. In total, the partnership is developing eight state-of-the-art warehousing and light-industrial units covering a total of 126,347 square metres (1.36 million sq ft) across the East Midlands. Octopus Energy takes 47,000 sq ft at Hinckley Park Hinckley Park, an industrial and logistics park situated adjacent to junction 1 of the M69, has attracted a fourth significant occupier. Hinckley 47 is to be occupied by renewable energy company, Octopus Energy, taking 47,000 sq ft. The facility is being used as a storage and distribution facility for customer’s orders of heat pumps and solar panels and will also act as a national training centre for installation engineers. The unit is one of three in the final phase of development at Hinckley Park. The unit has been delivered to EPC A and BREEAM Excellent ratings and is equipped with the ability to provide electric car charging for every parking space. The building is being delivered as Net Zero in Construction and Net Zero Ready, with the integration of solar PVs to help support an occupier’s journey to becoming Net Zero in Operation. Air, road and sea freight solutions provider expands in Derby AGI, a provider of air, road and sea freight solutions, has expanded its presence in Derby, moving to a significantly larger office in Nurton Developments’ Cardinal Square to accommodate its future growth. The new 3,776 sq ft office, three times the size of its previous one, positions the company for continued success into 2024 and beyond as it looks to scale up operations to better serve its clients and meet their evolving needs in the East Midlands. Dale Cross, director of AGI Derby, said: “It’s a great step up for us, but what’s even better is that it’s just down the corridor from where we were before. “Cardinal Square is ideally located for our needs and near to amenities and designed to consider the wellbeing of our team too, which will also help us recruit as we expand. “We have big plans for the East Midlands following rapid growth of the business and all the team are pleased to be staying at Cardinal and looking forward to welcoming new people and growing into the new space as we deliver our strategic growth plans.” www.eastmidlandsbusinesslink.co.uk East Midlands Business Link East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY Cathedral One, Derby CGI Revitalising the region Revitalising the region www.eastmidlandsbusinesslink.co.uk East Midlands Business Link COMMERCIAL PROPERTY With regeneration projects abound across the East Midlands, Business Link takes a look at some recent milestones. T he East Midlands is undergoing significant regeneration, with sites large and small across the region being given a new lease of life, whether for commercial or residential purposes, with a number of milestones recently reached. Plans to transform one of the largest derelict sites in Northampton, for example, and provide housing, are set to move forward as West Northamptonshire Council (WNC) has bought the former St James Depot. Having completed on the purchase of the site totalling 4.5 acres, the Council will now carry out the necessary steps to ensure the area benefits from regeneration to meet the needs of the local community. To match market offers, WNC purchased the site, which has stood vacant for over a decade, at £3 million, with a further £300k budgeted towards legal fees, stamp duty and future remedial work. Cllr Dan Lister, Cabinet Member for Economic Development, Town Centre Regeneration and Growth at WNC, said: “The former St James Bus Depot represents a prominent large brownfield site, close to Northampton town centre. This important landmark site has been vacant for some time, and we are dedicated to bringing forward a scheme that reflects the history of the area where appropriate and provides high-quality affordable housing which meets local needs. We look forward to carrying out further feasibility work and necessary planning to bring forward a viable scheme. Concerned that the site was heading for use as open storage, which we felt would not benefit residents, or maximise the contribution it could make to the attractiveness and the overall life of this area, the Council felt that it was essential to step in and acquire the site.” Remaining in Northampton, further transformation is on the horizon as national regeneration developer, Cityheart has been named as WNC’s preferred development partner to bring forward the Four Waterside and Marefair sites. Positioned at the entrance of the town from Northampton’s railway station, the Four Waterside and Marefair scheme is one of the largest brownfield developments in the county with two sites totalling five acres. Work is anticipated to start in 2025 to unlock this space, providing a hotel, grade A office space for new and existing businesses, homes and improved paving and planting to elevate the area. Andrew Sanderson, development director of Cityheart, said: “This superb site will open up the gateway to the town centre from the rail station and will be transformational for Northampton. It will deliver waterside residences and highly sustainable workspace, enhancing the living experience for people in the town centre. Cityheart is extremely proud to be appointed as preferred developer and we look forward to making a start on the project before the end of the year.” 18 Á East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY Meanwhile, in Leicestershire, the regeneration of Coalville has taken a step forward following the approval of a bowling alley complex for the town centre. North West Leicestershire District Council’s (NWLDC) Planning Committee unanimously approved the plans submitted by owners of the neighbouring Belvoir Shopping Centre, Gylo and Holland Park Leisure. The scheme will see the part-demolition and changes to the Emporium nightclub on Belvoir Road and the creation of a leisure building and an apartment block. Councillor Richard Blunt, Leader of NWLDC, said: “The regeneration of Coalville cannot be achieved by the public sector alone, so this proposal by Gylo will further enhance what the town has to offer. This mixed development has something for everyone, supporting the work to make Coalville a family-friendly town. I look forward to seeing it take shape, along with other aspirations featured in the Coalville Regeneration Framework.” Moreover, in Leicester a planning application continuing the regeneration programme along the city’s waterside has been submitted by multi-disciplinary design practice, rg+p Ltd, acting on behalf of Trafalgar Global. 360 new homes are proposed on vacant brownfield land to the west of Charles Bennion Walk, formerly part of the British United Shoe Machinery (BUSM) site. Comprising seven apartment buildings ranging in height between four and five storeys, the scheme also involves 43 two-, three- and four- bedroom houses, and allocated parking. “The land at Charles Bennion Walk forms part of a wider regeneration plan first envisaged in the early 2000s,” explains rg+p’s director, James Badley. “This includes the neighbouring schemes at Wolsey Island and Abbey Park Road, both of which we designed and have now been delivered, so it’s exciting to be able to continue transforming the cityscape with this application. Working closely with the local authority planning team and our client, we’re proposing a high-quality residential development that suits modern living yet honours the site’s footwear manufacturing heritage.” Finally, in Derby, a full planning application has been submitted to the City Council for the redevelopment of one of the final plots of vacant land within the Cathedral Quarter. 186 one and two-bedroom apartments are proposed by Wavensmere Homes and Wilson Bowden Developments for Cathedral One – a nine storey, u-shaped, red brick building. The site was previously home to a police station, constructed in the 1960s and demolished in 2013. Phase One of Wilson Bowden’s Full Street development was completed in 2016, including the refurbishment of the Riverside Chambers office complex, some 46 new apartments at Number One Cathedral Green, and a Premier Inn hotel. The remaining parcel of land had been earmarked for an office development of up to 100,000 sq ft, but will now be brought forward by Wavensmere Homes for an apartment scheme. Franklin Ellis Architects has designed the project, which also features 2,000 sq ft of mixed-use space at ground floor level to overlook Cathedral Green and Full Street. Uses for this space include a café and facilities such as a gym, co-working zone and www.eastmidlandsbusinesslink.co.uk East Midlands Business Link concierge point. James Dickens, Managing Director of Wavensmere Homes, said: “This challenging brownfield site occupies one of the best locations within Derby city centre and benefits from rich views of the Cathedral Quarter and the River Derwent. It has been vacant for 10 years and the opportunity to create an exemplary development, reflective of the prime gateway location is exciting.” These projects make up just a handful of regeneration schemes taking place throughout the East Midlands, a region embracing rejuvenation. New homes at Charles Bennion Walk, Leicester © rg+p/ © stock.adobe.com/amnajNext >