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Top Story
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Sweet results for Thorntons
Thorntons has reported a healthy rise in profits for the 28 weeks to 9 January 2010. In results released this morning, the East Midlands-based chocolate maker reported a rise in profits of 24.6 per cent to £9.1m. Revenues dipped slightly to £127.4m, a drop of 0.7 per cent. Thorntons puts the encouraging results down to a decision not to cut prices in its stores. Net debt was reduced by £1.7m to £14.6m. Mike Davies, Thorntons chief executive, said: “Although the sales volume recorded from our shops suffered a slight decline, sales of Thorntons’ branded products across all channels, excluding private label products, increased by 5.5 per cent. We are in the process of adding several products to our offering and have just launched the new Easter range in our stores. Going forward, we will continue to focus on reducing our dependency on Christmas by investing in products that drive sales in the traditionally quieter summer months. We therefore expect to be able to continue to improve our performance in the second half, which is historically loss-making.”
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Deals
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Orbis advises on Elite MBO
Orbis Partners has completed its third deal of the year, putting together the multimillion-pound management buyout of Elite Creations, one of Europe’s leading suppliers and distributors of fast fashion accessories. The deal was arranged by Gary Ecob at Birmingham-based Orbis Partners LLP, with legal advice from Lee Clifford and Tom Brown at Freeth Cartwright. Funding was provided by HSBC bank and HSBC Invoice finance. Elite Creations has a turnover of up to £20m and supplies more than 30 UK retail groups, as well as exporting to customers in Spain, Germany, Scandinavia and the Middle East. The management buyout team is headed by Nitesh Sakhrani, who has been chief executive for ten years. He will be supported by Lavesh Sakhrani, sales director. For Insider comment, click here.
All change at Claverley Group after refinancing deal
Lloyds TSB has agreed a multimillion-pound refinancing deal with West Midlands-based media publishing company Claverley Group, which owns the Express & Star newspaper series. The deal, which marks a change of bank for Claverley Group, involves a term debt spread over five years, as well as revolving credit and overdraft facilities, and will be used to support the group’s day-to-day activity. The deal marks a new phase for the Claverley Group, which sees former Trinity Mirror regional managing director Steve Brown take over as group chief executive from Graham Evers, who takes up the role of deputy chairman.
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Business
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Wilkin Chapman merges to form Lincs law giant
Lincolnshire firm Wilkin Chapman and Grimsby’s Grange Wintringham
are set to merge later this year, creating a firm with a combined
turnover of £15m. The merger will take effect on 1 August, creating a
firm with 12 offices across Lincolnshire and eastern Yorkshire and a
total staff headcount of 351 – the biggest in the region. The new firm
will be known as Wilkin Chapman Grange in Grimsby, Cleethorpes, Louth,
Horncastle, Sutton-on-Sea, Mablethorpe, Alford and Market Rasen. In
Lincoln, the firm will go by the name Wilkin Chapman Epton Blades, and
Cooper Wilkin Chapman in Beverley. Wilkin Chapman’s senior partner
Philip Day, who specialises in agriculture and commercial property,
will continue in his role at the new firm, as will the firm’s chief
executive Julia Whittaker. Grange Wintringham senior partner Stephen
Savage will join the new firm’s strategy committee.
FG Skerritt sheds 130 jobs, enters administration
FG Skerritt, the Nottingham building firm owned by Nat Puri, has
gone into administration with the loss of 130 jobs. The company stopped
trading on 11 February after it revealed poor trading results, which
resulted in subsequent cashflow difficulties. Despite a slight recovery
in first two months of this year, the situation was exacerbated by
deteriorating trading conditions in the industry, said administrators
from RSM Tenon. Dilip Dattani of RSM Tenon said: “We are pleased to
announce that we have found buyer for the major contracts, and the
purchaser plans to recruit staff immediately in order to meet customer
requirements. I would also like to thank Nat Puri, who came out of
retirement to help us find the buyer, as time was of essence to avoid
loss of contracts and customer confidence.”
Umeco reports steady results
Umeco, the Leamington Spa supplier to the aerospace industry, has
revealed that revenue in the four months to 31 January 2010 was
slightly below that achieved in the equivalent period in 2009. However,
better news came in the shape of an increased order book, which at 31
January 2010 stood at £225.1m – up from £213m in 2009. Umeco said this
increase was due to additional parts responsibility taken on under
supply chain contracts.
Lending conditions “tougher”, says IoD
New data from the Institute of Directors (IoD) shows that nearly 60
per cent of East Midlands businesses seeking bank finance in 2009/10
were rejected by their bank, and that 20 per cent are financing their
businesses to some extent with credit cards. According to the IoD, this
evidence challenges a central claim made by some UK banks in the wake
of the Public Accounts Committee report that where demand exists for
bank finance, the majority of that demand was being met. Ron Lynch, IoD
East Midlands regional director, said: “At a time when we are hoping to
see signs of recovery, this is another barrier to businesses trying to
grow.”
Flint Bishop praised for diversity
Midlands law firm Flint Bishop has been recognised for its
commitment to inclusivity after reaching the top three in three
separate categories in the 2009 Diversity League Table, which looks at
the diversity charters of some of the UK’s leading firms. Flint Bishop
ranked first for the number of female associates (75 per cent), second
in the number of its ethnic minority trainees (33.33 per cent) and
third for the proportion of female partners that it employs (36.36 per
cent).
'42s' contenders sought
Insider is seeking nominations for its 2010 "42 under 42"
feature. This long-standing and much-anticipated feature aims to
highlight the region’s blooming business talent by selecting 42 young
entrepreneurs under the age of 42. As ever, we are seeking
recommendations from their peers. If you know someone who runs their
own successful business or has turned around an existing company, we
want to hear from you. We are also happy to consider self-nominations.
The "42 under 42" feature isn't open to those working in professional
services or commercial property – as their talents are promoted
throughout the year in other features and at key Insider
events including Dealmakers and the Midlands Property Awards – but we
expect a broad cross-section of entrepreneurs and managers from a wide
range of sectors. The 42s feature doesn't rank those who are selected,
but a young entrepreneur of the year is chosen at a gala dinner. Here's
hoping this year's 42ers prove as inspirational as their forebears.
Please send details of the person you are nominating, who should be
under 42 years of age on 1 May 2010, to Andy Coyne.
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Property
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NRL urges “focused development”
The need for focused and urgent redevelopment has not changed – that
was the message from Nottingham Regeneration Ltd’s (NRL) regeneration
director Mike Taylor at a Forum for the Built Environment (FBE) East
Midlands Region event late last week. More than 60 delegates
representing construction, property and development across the East
Midlands met to hear to Taylor explain NRL’s strategy for redevelopment
across Nottingham and highlight a number of key projects. Taylor said:
“We are the link between public-sector funding and private-sector
development, and there are a number of excellent opportunities in
Nottingham for both the public and private sector to fulfil in
partnership. NRL is focusing on a number of key regeneration areas and
our strategy is to develop partnerships so that these projects can be
developed.”
Capital move for Cranfield
Pension fund Capital Cranfield Trustees is moving to larger premises
at the Atrium building on Wollaton Street, Nottingham. Capital
Cranfield employs 26 people and has relocated to 6,000 sq ft of Grade A
office accommodation in the Atrium. Capital Cranfield was advised by
Phil Quiggin of Lambert Smith Hampton, and Fisher Hagreaves Proctor and
Heb were joint agents for the landlord.
Two to grow on Acorn Park
Two new occupiers have taken up premises at Revelan Group’s Acorn
Park development in Blackheath, Halesowen. Love Your Blinds,
manufacturers of bespoke leather Venetian blinds, and MCS Pipework
Services, installers of industrial pipework, have each taken a freehold
unit of 1,625 sq ft. Chris Keye, a surveyor from Phoenix Beard,
negotiated both deals.
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People
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RSM Tenon announces promotions
Accountancy and business advisers RSM Tenon has announced key promotions within its East Midlands teams. David Parish has been promoted to director in the audit team in Nottingham, and Steve English to director in the business services team in Leicester. A number of associate director promotions have also been announced for Jonathan Creed in the education, training and skills team, Alex Shacklock in the HR, training and academy team, Nathan Jones in the recovery team and Andrew Bucklow in the financial services team.
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Contact Us
Insider Weekly
Canterbury House
85 Newhall Street
Birmingham
B3 1LH
Telephone: +44 (0)121 232 0980
Email:
midlandsnews@insidermedia.com
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