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Top story
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Lincat in £58m takeover
Lincat, the Lincoln-based catering equipment manufacturer, is to be acquired by the UK arm of US kitchen giant Middleby. The deal, which values Lincat at £58m, was revealed as the company released its preliminary results to the London Stock Exchange (LSE) this morning. Lincat’s directors said the price offered for the company was at “a significant premium”.
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Deals
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Colourbank expands with Lloyds TSB loan
Leicester-based carpet and bed retailer Colourbank has opened a new 30,000 sq ft warehouse and showroom. The company expanded its operations after securing a £1m loan from Lloyds TSB Commercial.
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Two-tiered capital system looms
Competition for capital is set to intensify with fears of a looming split creating a "two-tier economy" between larger cash-rich businesses and those in need of funding. That's the view of Deloitte, which has carried out a study entitled 'A Tale of Two Capital Markets'.
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Property
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£20m Wheatsheaf project gets go-ahead
Urban Rhythm, the Market Harborough-based regeneration specialist, has been granted planning permission for a £20m residential project in Leicester. The former Wheatsheaf Works Boot and Shoe Factory will be redeveloped into 172 homes.
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FHP and Colliers appointed to market Pegasus
Nottingham property agent Fisher Hargreaves Proctor (FHP) has been appointed alongside Colliers as joint agent at Pegasus Business Park. The pair will work to secure new occupiers at the park, which is a venture by East Midlands Airport and commercial property business MAG Developments.
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Chesterfield industrial park on sale for £5m
Holmewood Industrial Park in Chesterfield has been put on the market with an asking price of £5m. The property, which comprises a two-level factory and office block, is described as one of the largest cold storage facilities in the country.
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Business
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Profits boost for Midlands companies
Research commissioned by Insider into Midlands business sentiment has revealed that 55 per cent of companies are more profitable than they were a year ago. Three in four manufacturers said their profitability had increased.
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Chamber calls for red tape blitz in Budget
The planned increase in employers’ National Insurance tax is one of the big concerns for businesses in the East Midlands ahead of George Osborne’s Budget announcement this afternoon. At an event attended by Insider, George Cowcher, chief executive of Derbyshire and Nottinghamshire Chamber of Commerce, said the tax rise, fuel price increase and changes to pension legislation were high on the list of concerns for the region’s companies.
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Rolls-Royce secures £174m contract
Derby manufacturing giant Rolls-Royce has won a $200m (£173.8m) order from Turkish Airlines for its Trent 700 engines. The engines will be used to power three Airbus A330 freighter aircraft.
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