Skegness Town Hall has been offered for sale since February, and within that time it has been showcased by Lambert Smith Hampton as the vendor’s sole agents, where final offers for the Grade II Listed property ended on Friday 29 April 2022.
Local businessman Taj Bola is the successful bidder in respect of the Town Hall.
Taj Bola, owner of The Royal Hotel Skegness, said: “I am very pleased with the acquisition of this important piece of Skegness History. I am unable to disclose too much at this stage, other than to say that this forms part of my long-term strategy of developing visitor attractions and experiences along the entire length of the sea front, from North Parade all the way to Princes Parade.
“Skegness is a great resort and has great potential for the future. East Lindsey District Council have shown great commitment to Skegness with the modernisation and development of key amenities, it is now up to businesses to show the same vision and commitment.”
Councillor Richard Fry, portfolio holder for finance at East Lindsey District Council, said: “We are pleased the Town Hall has received a successful bid, it is an extraordinary building with a fantastic coastal location. We look forward to seeing the property in full use again and wish Mr Bola well in his future endeavours.”
Lincs law firm launches litigation funding with DBA option
For the first time, Lincoln law firm Shakespeare Martineau is to offer damages-based agreements (DBAs) as part of its portfolio of litigation funding options called ‘FeeManage’.
DBAs – a fairly new addition to English law – are contingency-based agreements where legal fees are payable as a percentage out of the damages received in the event a case is successful. Shakespeare Martineau is proud to be in a position to offer DBAs as part of its FeeManage proposition.
If a DBA is entered into and the pre-determined success criteria is achieved but the recovery from the losing party is relatively low, the DBA percentage fee from recovered monies may be a sum significantly less than that which would have been payable by the client on a normal retainer basis or pursuant to a conditional fee arrangement (CFA) – meaning an increased shared risk between client and legal advisors.
In addition to DBAs, the firm is working with a variety of funders to offer third-party funding (TPF) and after the event (ATE) insurance in combination with CFAs as potential options. Unlike competitors, Shakespeare Martineau is not tied to a single funding provider in order to flex requirements and offer full or part funding for litigation claims.
Barry Jervis, partner and litigation expert at Shakespeare Martineau, said: “Too often businesses are put off from pursuing debts and assets that are rightfully theirs due to the associated costs, impact on the balance sheet and risk.
“Litigation was buoyant across the country before the pandemic and, as we emerge into a post-pandemic economy, we can expect disputes to increase further. However, the costs of litigation are climbing sharply, alongside increasing numbers of businesses experiencing cash flow issues as a fall out from the pandemic.
“Our new ‘FeeManage’ service helps to reduce the financial risk of litigation. Every individual and every business is unique and while traditional CFAs might work for one client, third party funding might be more appropriate for another. Whatever the size or complexity of the litigation, we have an option that will suit.
“We’re really proud to be taking a different approach to litigation funding. We’re not fixed to a single provider and we’re giving our clients every option available for funding their claim.”
The 2022 Greater Lincolnshire and Rutland Manufacturing Conference set to feature talks from five industry experts
The Business Lincolnshire Growth Hub is inviting Greater Lincolnshire and Rutland manufacturing businesses to attend this year’s Manufacturing Conference.
Hosted at Kenwick Park Hotel in Louth, The Greater Lincolnshire and Rutland Manufacturing Conference will act as the event of the year for local manufacturers. This all-day conference will provide invaluable insight into the future of manufacturing, helping businesses to future-proof for a more sustainable and prosperous future.
This year, Business Lincolnshire have curated an impressive line-up of guest speakers, sharing their expertise to help Greater Lincolnshire and Rutland manufacturers to make better-informed strategic decisions about the future of their businesses.
Among the expert speakers – discussing the sustainable business opportunity and why it matters – is Richard Hill, head of automotive and manufacturing at NatWest. Richard will be exploring what sustainability means for a manufacturing business and why it is so crucial in preserving the future of the sector. Graduating in Business Studies, Richard’s career has revolved around the Auto and Manufacturing sectors, representing NatWest Group and the banking sector on key bodies such as the UK Automotive Council, The Scale Up Institute, and Warwick-based manufacturing group, HVM Catapult, which he currently chairs.
Business Lincolnshire Growth Hub’s very own David Knight will then be taking to the stage, discussing net-zero and how manufacturers can take their first steps toward building a carbon neutral enterprise. David is the resource and efficiency specialist at the Growth Hub, providing specialist advice on energy efficiency and how it can be applied to an organisation, as well as sharing his wealth of knowledge on carbon and energy analysis – supporting organisations to find effective ways of reducing their energy reliance and carbon emissions.
Up next is Dug Harrison, industrial advisor at Nuclear AMRC. Dug joined AMRC back in 2021, after spending ten years at NSAN. Working across a variety of roles within the energy sector, he has gained a wealth of knowledge on oil & gas, nuclear, and offshore-wind energy solutions. His speech will be centred around the topic of carbon capture and storage, helping businesses to adopt cleaner practices and lower their environmental impact.
With cyber threats on the rise since the beginning of the Ukraine conflict, data security is pivotal in a technology dependant industry. Manufacturers will hear from Richard Morris, sales executive at KryptoKloud, next as he delves into the current dangers faced by the manufacturing industry, along with the steps that businesses of all sizes can take to combat them.
The speeches will conclude with Justin Willis, Siemens Energy industrial gas turbine director of supply chain, as he shares tangible examples of sustainability in the supply chain via a case study example. Working in senior management across three key industry sectors over the past 35 years; including Construction, Aerospace, and Energy Generation, Justin is greatly experienced in implementing green solutions to support growth and efficiency within a manufacturing environment.
Businesses that attend the Greater Lincolnshire and Rutland Manufacturing Conference will also be provided with the opportunity to take part in an industry site tour with Micronclean or Wolds Manufacturing Services. You can now find out more information and sign up to the 2022 Greater Lincolnshire and Rutland Manufacturing Conference on the Business Lincolnshire website.
Bid successful on Skegness Town Hall
East Lindsey District Council has announced that Skegness Town Hall has had a successful bid, which has now been accepted.
Workplace health platform acquired in £10m deal
Physitrack, a leader in the global digital health space, has completed the acquisition of Sheffield-based Champion Health, a workplace health platform.
Physitrack will pay a total cash consideration of £2.5 million upfront for the acquisition, and a further potential aggregate earn-out consideration of up to £7.894 million over four years, subject to Champion achieving stretching growth and profitability targets in that period.
Henrik Molin, CEO and co-founder of Physitrack, says: “Joining forces with Champion Health today is a pivotal event for Physitrack, and we are beyond excited to share this news with the market. Champion Health has built some of the most innovative and dynamic technology for workplace wellbeing in the market, and it’s my firm belief that combining Champion with Physitrack’s holistic health and wellness product Access, is a true home run for us – technically and commercially.
“The acquisition of Champion will create a more comprehensive and attractive offering for Physitrack in the booming corporate wellness market, and it will accelerate our expansion in the UK, the Nordics, Germany and in the US. I can’t wait to enjoy a very bright future with Harry Bliss and his team.”
Harry Bliss, CEO and co-founder of Champion Health, says: “This is a big day for Champion’s team, clients, mission and for me personally. In 2018, I lost my friend and mentor to suicide, following a short bout of stress. From here, I made a personal vow to change the way health and wellbeing is delivered in workplaces, to make wellbeing more accessible, inclusive and engaging.
“Since then, we have rapidly established ourselves as a leading technology provider that can build happier, healthier and more productive organisations, at a global scale. Becoming part of the Physitrack family is the next step for us in achieving this mission, by joining forces with a fast-growing leader in healthcare SaaS aligned to our mission and vision.
“With a solid track record over a ten-year period, a public market listing and a multi-cultural, multi-geographic team, Physitrack is perfectly positioned to fulfil Champion’s vision and mission, and deliver on the vow I made to myself in 2018.”
Ricky Bailey, CDO and co-founder of Champion Health, says: “Joining forces with Physitrack enables Champion to have immediate distribution in a multitude of geographies where Physitrack is already present with its range of products, as well as to accelerate outreach and localisation globally.
“Champion will continue to benefit from the resources and integration opportunities available to it from the broader Physitrack group in the coming years, especially the ability to partner with Physitrack’s care and wellness companies on the integrated Access product.”
Ongo looks for a further four North Lincolnshire apprentices
North Lincolnshire social housing provider Ongo is taking on four new apprentices as part of its commitment to invest in local employment and education, taking the total number of current roles to 20.
All four vacancies are within their maintenance team, and involve two plumbers, a plasterer and a works planner. Alongside full on the job training and being paid above the average rate, each will complete a recognised qualification.
Dan Vockins, Apprenticeship Support Coach at Ongo said: “Not only do the majority that come to work for us go on to have a great career, we have many in management roles that started as apprentices, people completing degrees and higher education, who are all advocates of the scheme.
“We’re very excited to welcome new talent into the organisation and hope to offer many more opportunities in the future.”
Max Bushell, Manager at Ongo’s Heating & Plumbing Business Hales and Coultas, is passionate about offering apprenticeships to the next generation. He said: “An apprenticeship in a trade opens so many doors in terms of development and opportunities.
“It has helped me because you learn so many skills and meet so many skilled contacts. Even if you start by doing more basic jobs, you need to learn these primary skills to get into all of the exciting job roles that are out there.”
Katie Walmsley started as an apprentice and has been with Ongo for ten years. She said: “My apprenticeship benefited me greatly as I was always fairly shy. This role pushed me to be more confident, to believe in myself and to challenge myself.
“Advice I would give to someone considering an apprenticeship is to just go for it. Personally for me, the aspect of learning whilst earning is another bonus. Who would want to miss out on an opportunity like that?”
YMD Boon opens new Lincoln office as part of business growth
Architects and construction consultants, YMD Boon, have opened a new, larger office in Lincoln as part of growth plans to expand its business further across the Midlands.
In the past 18 months, the company has expanded into new sectors, broadened its client-base and increased its employee headcount by approximately 35%.
With offices in Market Harborough and Nottingham, the expanding firm will be replicating the success it has had in these areas with a new focus on Lincolnshire and surrounding regions.
Shari Setayesh, director, said: “YMD Boon have established relationships with many clients in Lincolnshire, including Boston College, Boston Borough Council and several local schools, so a natural step for us was to open a larger premises here for our growing team.”
Jonathan Warren, director, also said: “We are excited at the prospect of working with more organisations in and around Lincolnshire. The move to larger office space strengthens our capabilities within Lincolnshire at a time when the region is booming.”
YMD Boon are now looking for talented individuals to join them at this exciting time. Are you looking for a new role? Get in touch today or visit their Careers page here.
Rotherham businesses encouraged to apply for grant to help improve productivity
Rotherham firms are being encouraged to apply for a grant which will help improve their productivity.
The Business Productivity Project is being run by Rotherham Council’s economic development unit RiDO to benefit small and medium sized businesses across the borough, part funded through the European Regional Development Fund.
The aim of the project is to improve firms’ productivity through the provision of capital or revenue grant, and to improve how they measure and report productivity gains.
Whilst the project is initially looking to safeguard businesses and jobs, priority will be given to those applicants that can best demonstrate how the investments will have a positive impact on productivity and the creation of potential new employment opportunities in the town.
Rotherham’s businesses are invited to apply with an investment project up to a maximum value of £15,000, to benefit from 50% grant funding up to £7,500.
Already businesses are benefiting from receiving funding. Examples of projects that have been supported are purchase of new equipment which has increased the speed of production, therefore improving the productivity of the organisation, and new CRM software which have improved processes and improved the productivity of staff.
Paul Woodcock, strategic director for regeneration and environment at Rotherham Council, said: “This is a great opportunity for businesses within Rotherham to receive support around a project that will make their services or people more productive. We’d encourage firms to get in touch to see if they are eligible, and what the steps are, soon as there is a finite budget and timescales.”
DIT promotes offshore energy investment opportunities
Opportunities to invest in the growing offshore wind energy sector on the North Sea coast off the Humber estuary are being promoted by the Department for International Trade, as the UK offshore wind workforce is predicted to double from 15,000 employees in 2021 to a predicted 27,000 by 2030..
The DIT launched its High Potential Opportunity for the Offshore Wind Deepwater Ports Hub (Teesside and Humber) at Offshore Wind Connections 2022 in Bridlington.
The HPO showcases the investment opportunities presented by the offshore wind energy sector on Teesside and the Humber, particular for companies looking to manufacture wind turbines, towers, blades, cables and other energy infrastructure.
The UK is a leading nation in the deployment of offshore wind and currently has the largest offshore wind assets in the world.
Offshore wind energy in the UK is poised to grow rapidly over the next 10 years, and Teesside and the Humber presents a unique investment offer in its ability to test, develop and manufacture the necessary components and subcomponents with the large quayside needed to deploy the offshore wind farms in the North Sea and further afield.
The UK government has committed an investment of £95m for two new offshore wind ports to be constructed in the Humber region and Teesside, complementing the existing Greenport site at Hull.
This will enable large manufacturers of blades, monopiles, wind turbines, cables, large installation vessels and other supply chain companies to co-locate at these sites. The region offers a wide range of testing facilities, ample physical space for investment and a committed offshore wind cluster to support investors.
Stephen Parnaby OBE, Chair of the Hull and East Yorkshire Local Enterprise Partnership (HEY LEP) and Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, both spoke at the Offshore Wind Connections conference.
Pat said: “Offshore Wind Connections is a very important event for the offshore wind energy sector and the perfect platform for the launch of this High Potential Opportunity. As the world moves towards Net Zero wind energy will play a crucial role in reducing our reliance on fossil fuels.
“We’re fortunate to have a well-established offshore wind energy sector on our North sea coast, and this HPO will help to cement our position as a world-leading cluster in this area.
“The low-carbon and energy economy is already worth £1.2bn a year to Greater Lincolnshire and employs over 12,000 people.
“The Humber Estuary is fundamentally connected with at least 25% of the UK’s energy production and the south bank of the Humber lies at the centre of an emerging offshore wind market, with the potential to create wholly new supply chains. It will become the biggest Enterprise Zone in the UK and will position the area as one of the major hubs for the renewables sector in the UK.”
It could be you: Why data breaches can have dire financial consequences
Businesses are being warned about the increasing number of significant fines being issued by the Information Commissioner’s Office for business data breaches.
The ICO has More than 60 different monetary penalties are available to the ICO, and any of them can be actioned when an organisation fails to protect its data – the biggest fine being up to £17m or four per cent of annual turnover (depending on which one is the largest).
Paul Wallis, a privacy information management expert at Hantec Systems, warns business owners that the biggest threat of a breach are within an organisation, often resulting from insufficient staff training and awareness.
He said: “Many organisations do not know how to spot a potential ransom attack, or do not realise the potential consequences of their non-deliberate actions, putting itself at a higher risk of being fined by the ICO.
“But to reduce the risks of fines, it is vital for business owners to implement robust industry-standard management systems (ISOs).
“ISO systems are good business practice and ensure organisations have policies and procedures in place which reduce business errors that could lead to extremely large fines from the ICO.
“If a business is caught out by the ICO it could have very serious consequences for the organisation and its staff. The biggest mistake we all make in life is thinking that it will never happen to us. Be sure to protect yourself and business wherever possible.”
Paul has recently enhanced his expertise in GDPR and Data Protection issues through a privacy management development course which ensures he is best qualified to advise clients of the steps they need to take to maintain compliant.
Lending to small businesses hits all-time low, new study finds, with six in ten impacted by late payment
The Federation of Small Businesses (FSB) is warning that banks “pulling up the drawbridge” to small firms will further stifle economic growth as its new Small Business Index (SBI) study shows successful finance applications plunging over the first quarter of this year.
Fewer than one in ten (9%) small firms applied for finance in Q1 2022, the lowest proportion since SBI records began. The share that saw applications approved (43%) is also at a record low.
The number of respondents describing the availability of credit as “good” (19%) has tumbled to its lowest point since 2016. A minority (44%) of successful applicants were offered a borrowing rate of up to 4% in Q1 – the figure is down 32 percentage points on the same period last year.
Of the few firms that did manage to secure finance, four in ten (42%) plan to use credit to manage cashflow, considerably more than the numbers planning to use funds for equipment updates (21%), expansion (19%) or recruitment (4%).
The majority (61%) of small firms were impacted by late payment of invoices over the first quarter of this year. A quarter (26%) say the propensity for late payment is growing – close to one in ten (7%) experienced late payment for the first time in Q1 of this year.
Of those that applied for finance, the majority (61%) sought traditional overdraft and/or loan products. A quarter (25%) applied for asset-based finance, such as invoice finance, with smaller numbers seeking funds through peer-to-peer platforms (7%) and/or crowdfunding (5%).
Latest Bank of England figures show the annual growth rate of lending to SMEs at a record low, despite small firms making net debt repayments of close to £1bn in March alone. Lending to big corporates, by contrast, has increased significantly since the start of the year.
One in ten (11%) small firms plan to close, sell or downsize their business over the coming year, equating to more than half a million businesses.
FSB national chair Martin McTague said: “Lenders pulling up the drawbridge for small firms will threaten our already faltering economic recovery.
“Businesses are born every day across the UK – many need funding to get off the ground, ensuring they reach a stage where they’re profitable and creating opportunities.
“A lot of those who’ve worked tirelessly to adapt, survive and thrive over lockdowns need finance too, empowering them to take their firms to the next level, driving our economic recovery and the transition to net zero in the process.
“A big chunk of what little finance is being accessed is being used to manage cashflow challenges as our late payment crisis worsens, rather than for much-needed investment and innovation.
“The Government should accelerate delivery of our proposal to make Audit Committees directly responsible for supply chain practice to address this worrying trend.
“Culture change is what’s needed here – lenders taking an objective approach to small business finance and big corporates putting best supply chain practice at the heart of environmental, social and governance programmes.
“The result would be win-win: strength in corporate supply chains and a thriving small business community driving economic growth from the ground up.”
