£24m MBO completed at electronics business
NVM Private Equity (NVM) has backed the specialist electronics business, Easby Group Limited that comprises Easby Electronics Limited and Delta Impact Limited in a management buyout (MBO) worth £24 million.
Easby Group, which has offices and warehouses in Richmond, North Yorkshire, Newbury and Thatcham Berkshire, is a UK Franchised distributor and stockist of electronic components and a service provider in the electronics supply chain.
The Easby Group has worked with OEMs for more than 40 years to understand complex product roadmaps and assist them with product selection and design for the demand they are witnessing in the market. This client-first approach has resulted in the company being at the forefront of development in rapid growth sectors such as EV charging solutions, EV related products, smart energy, IoT, building management solutions and 5G, resulting in significant double digit growth over the last three years.
The MBO, which sees four of the Easby Group’s senior executives, Nigel Copely, Gregor Ross, Phil Clarke, and Eamon Francis, become shareholders, is NVM’s tenth deal from its Vintage III LP Fund, and follows a £15m investment into Edit announced in November 2021.
Upon completion of the investment Jonathan Simpson-Dent will be joining the Easby Group Board as chair. Jonathan is an experienced leader of private equity backed B2B services businesses and currently chairs Carousel Danx Logistics, sits on the board of Edinburgh Worldwide Investment Trust plc and is a Fellow of the Institute of Chartered Accountants.
Nigel Copely, CEO at Easby Group, said: “This is a major milestone in our journey, one that will bring additional strengths to both Easby Electronics and Delta Impact.
“Our growth has come from our determination to deliver a strong, technology led portfolio of franchises and services along with strong service solutions while focusing on core markets and verticals that we can bring to our established and ever-growing customer base.
“This deal reflects our successful engagement with both our customers and suppliers and the faultless support, drive and focus of all our Easby Group colleagues.”
Jonathan Simpson-Dent, chair at Easby Group, said: “Easby and Delta Impact have both built strong positions in the rapidly evolving electronic component and supply chain market. NVM will be an excellent investment partner for the next stage of the journey and I am delighted to be joining the Easby Board to support Nigel and the leadership team to continue their impressive growth track record.”
The investment was led for NVM by Mauro Biagioni, investment partner and Oliver Wildig, investment manager. Mauro Biagioni said: “Easby is a fantastic regional business operating in a sizable market estimated to be worth just under £2billion.
“We are hugely confident that Nigel and the team will be able to grow their market share as a result of today’s investment. The quality of relationships that the team has held with customers spans several decades and now with the right investment behind them we look forward to accelerating this growth.”
Dewsbury-based builders merchant acquired for £23.1m
Lords, a distributor of building materials in the UK, has acquired the business and assets of Dewsbury-based independent builders merchant, A.W. Lumb.
The £23.1 million deal, payable in cash, consists of £19.5 million due on completion and deferred consideration of £3.6 million payable in equal annual instalments over the next five years. It is to be funded from Lords’ existing cash resources and debt facilities.
The acquisition provides the group with an extension of its product offering and geographical reach into the North of England.
Both key senior management from A.W. Lumb and its 77 employees will be joining the group.
Established in 1964 and family owned until a management buyout in 2017, A.W. Lumb has depots in Dewsbury and Tamworth. A.W. Lumb’s customers include several well-known house builders, civil engineering contractors, local authorities, plasterers and smaller developers.
In the year to 30 June 2021, AWLC generated revenues of £43.3 million, EBITDA of £3.9 million and a profit before tax of £3.8 million.
Shanker Patel, Chief Executive Officer of Lords, said: “This acquisition delivers against our strategy of gaining market share through geographic expansion and product range extension. Specifically, it gives Lords broader reach in the North of the country.
“A.W. Lumb is highly regarded in its local markets, respected for its product expertise and superior service levels and we are delighted to welcome their 77 colleagues and senior management to our team, who we believe share the same values as Lords.
“Furthermore, this acquisition is a major milestone in our growth and supports our stated ambition to reach £500 million revenue by 2024.”
Terra to purchase 27-acre Lincolnshire site for £67m mixed-use development
Terra has agreed terms with a private landowner to purchase a 11Ha (27.3-acre) site in the Lincolnshire market town of Boston.
A hybrid planning application is currently being prepared for a £67m mixed-use development featuring 315 new homes and a care home.
Located off Toot Lane, under two miles from Boston town centre, the site has an expired Outline Planning Approval, granted in 2016 by Boston Borough Council. Terra’s hybrid application will be a detailed submission for the first phase of 100 homes, with the proposed care home and the balance of the additional 215 residential units covered by an outline plan.
A large expanse of Public Open Space and a fully-equipped play area will create a focal point for the scheme.
Jordan Langdon-Bates, land and development director of Terra Strategic, said: “With so many employment opportunities close by, Boston is an attractive and affordable place to live. The scale of this well-located site will enable the creation of a high quality new community of eco-efficient modern homes within easy reach of town centre amenities and local schooling.
“This immediately available site could help to meet South East Lincolnshire’s annual housing targets at a time when there is a considerable shortfall in the number of new homes being built across the UK. We are looking forward to working with Boston Borough Council’s Officers, Local Councillors and all stakeholders to move forward with our plans.”
Terra has appointed Nottingham-based planning and design specialists Nineteen47 to draw up the fresh plans for the scheme. A range of two-bedroom apartments, bungalows, and two-, three- and four-bedroom houses will be proposed. Hawthorn Tree Primary School is located opposite the entrance to the site, with the rest of the immediate area being predominantly residential in character.
Fast growing independent veterinary group secures £3m funding
ThinCats, the Leicestershire-based alternative lender to mid-sized SMEs, has supported South Yorkshire and Lincolnshire based independent veterinary group, The Pet Vet, with £3.1m in growth funding.
Founded in 2011, The Pet Vet remains a vet-owned, independent practice, bucking the trend of corporatisation in this sector. The organisation is led by Managing Director, Dr Mel Fuller.
With surgeries across South Yorkshire and Lincolnshire, each of their 4 sites, located in Rotherham, Doncaster, Barnsley and most recently in Lincoln, is purpose built and equipped with the latest technology.
Dr Mel Fuller, Managing Director at the Pet Vet, said: “The funding secured from ThinCats will enable us to deliver our ambitious plans to improve and expand the services we offer. Every surgery will benefit from the funding, further enhancing our workplace environment, customer experience and patient care, and aligning with one of our core Values: ‘We strive to be better everyday’.”
Ben Kimball, director business development, ThinCats, said: “It is fantastic to support ambitious businesses like The Pet Vet, but it is even more rewarding given I have known the business for over 8 years, and understand their importance to the local communities they operate in. It was great to work with the team at Parsons on the transaction, and we look forward to seeing The Pet Vet go from strength to strength.
Dr Rob Jones, owner and chairman at The Pet Vet, said: “We are delighted to secure this funding as we aim to continue on our strong growth trajectory over the next few years. Our success can be attributed to the hard work of our knowledgeable team and our passion for delivering excellent patient care. Thanks to ThinCats we can look to provide our services to even more families in the future.”
The funding, advised by Parsons Accountants, will help fund the next phase of growth as the management team look to double the size of the business. Legal support for ThinCats was provided by Andrew Curtis & Marie Pugh at Clarion Solicitors.
Efficiency savings and cutting emissions on the Humber
Eco-efficiency is at the fore of Associated British Port’s latest £1.6 million investment on the Humber.
Four Konecranes Reach Stackers are being used in the port of Immingham, all run on HVO (hydrogen vegetable oil), a renewable, fossil free version of diesel which can cut carbon emissions by 90%. They also feature a Start/Stop function, which means the amount of time the engine is idle is cut, further assisting in reducing carbon emissions. Simon Bird, Director of the Humber ports said: “These new Reach Stackers are part of an ongoing effort by ABP to invest in our infrastructure to enhance the service we offer to our customers. They will improve efficiency and help us improve our carbon footprint. It is part of a wider investment into more efficient plant and equipment over the next five years. “We are investing in equipment of the highest quality that will help us maintain our productivity. Being eco-friendly helps align with our long-term commitment to the environment and sustainability.” The Reach Stackers replace older equipment which had reached the end of their usable life. They will be used to move containers around the port and will be more efficient at travelling over longer distances. The new equipment is also seen as more ergonomic, responsive, and easier to drive. It will also feature a lightweight spreader. This reduced spreader weight enables improvements on the reach stacker design and makes it possible to increase the lifting capacity in second and third container row. As part of long-term investment into new equipment electric cranes are also being looked at, and later in the year 14 electric forklifts will arrive.Flood protection advice and support for businesses across the Humber region and beyond
The University of Hull’s Flood Innovation Centre has expanded the range of services it provides and can now offer fully funded support to business owners keen to protect their premises, em-ployees and other assets against the risk of flooding.
The team is able to provide support to eligible Small to Medium Enterprises (SMEs) across the Humber region (including Hull and East Yorkshire), Lincolnshire, South Yorkshire, Cumbria and more.
£82,000 – the average cost of damage suffered by businesses during a flood event
Communities across our region face a variety of different types of flood risk, and climate change, coupled with increasing urbanisation, means that flood events are happening more frequently. During the 2007 floods, more than 1300 business premises were damaged in Hull alone. The Environment Agency estimates that the average cost of damage suffered by businesses during a flood event is around £82,000. As many as 40 per cent of businesses never reopen after being flooded, and a further 25 per cent of businesses that do reopen go on to fail within a year.
Thankfully, by taking a few simple steps to protect their premises, businesses can give themselves a fighting chance of surviving future flooding events. In fact, every £1 spent on property flood resilience measures can save businesses around £5 in flood damage. Property flood resilience is a term used to describe measures that reduce the risk of flood damage to properties, speed up the recovery process and enable people to get back into their properties quicker after flooding. These measures are installed in business premises, as well as people’s homes, to make them less vulner-able to flooding. Property flood resilience solutions are bespoke to each property; the aim is to identify the measures that are most appropriate for your premises and the type of flooding you face.
Pip Betts, Project Manager at the Flood Innovation Centre, said: “We recognise that there is a lack of awareness about what property flood resilience is and how it works. We also know that every business is unique and that’s where our new, tailored approach to working with businesses comes in. Our Technology Research Managers will work with a business to create a bespoke, innovative solution based on their location, flood risk, employee profile, building design and other factors. Our funding means that this support is provided at no cost to eligible businesses.”
Pip added: “The Flood Innovation Centre and the wider team at the University of Hull are commit-ted to boosting the resilience of communities at a local, regional and national level. The climate crisis means that the need to take action to mitigate and adapt to flood events has never been so vital.”
Any businesses that are concerned about flooding and its potential impact on their activities but don’t know where to start, are encouraged to contact the Flood Innovation Centre
Wellington Place in Leeds inspires next generation of workforce talent
Businesses at Wellington Place in Leeds are celebrating another successful year of engaging young people across the city with exciting future career opportunities, through a programme delivered by Ahead Partnership and MEPC, the developer and asset manager behind the popular business location.
Volunteers from Burro Happold; the Ministry of Justice; Willis Towers Watson; Wates; and Brewin Dolphin took part in MEPC’s 2020-2021 programme of online activities, which helped to connect school students – particularly those from disadvantaged areas of the city – with the working world. Making a significant impact following a period of lost opportunities for careers education due to the pandemic, 88% of the young people that took part in the programme said that they now felt more optimistic about the future.
Last year’s programme included the interactive online #WellingtonPlaceChallenge, which saw year eight and nine students from inner-city schools gain an insight into diverse sectors – for example financial services, law and the built environment – operating from this inspirational workplace location. Students were set a challenge brief by organisations taking part, enabling them to learn more about the roles available and routes of entry into careers in growth areas, with 89% of students saying the activity gave them a better understanding of the jobs available in Leeds when they leave school.
This was shortly followed by MyExperience@ Wellington Place, an exciting two-week virtual work experience initiative. Through tasks, workshops and events that simulated the experience of working at different organisations and sectors operating from Wellington Place, students from Cockburn John Charles School were given the opportunity to gain valuable employability skills and experience. In response to the experience, 100% of students said that they felt motivated to work harder at school following the activity.
Megan Lipp, Head of Business Development at Ahead Partnership, said: “It has been fantastic to see the continued impact of our partnership work with MEPC and organisations located at Wellington Place over the last year. The students always gain a lot from this type of activity, and it’s particularly important that we enable these experiences and connections to organisations at a time when young people have suffered the impact of lost learning and opportunities for careers learning and development.
“Last year we delivered the programme flexibly, adapting activities to take place online while still highlighting the significant careers opportunities available across sectors at this exciting quarter of Leeds and driving ambition. We look forward to being able to deliver activities onsite at Wellington Place in the future, giving students a taste of what the inspiring workplace destination – and Leeds as a wider business community – has to offer for their future careers.”
Yorkshire-based company donates 100 mattresses to tackle furniture poverty
Yorkshire-based Harrison Spinks has partnered with a not-for-profit social business in Liverpool to tackle furniture poverty, donating over 100 mattresses to those in need in the local community.
The Harrison Spinks mattresses have been delivered to Bulky Bob’s, a social enterprise and charity that supports local people in crisis. Bulky Bob’s is part of the FRC Group.
Nick Booth, Managing Director at Harrison Spinks, said: “The thought of having no bed to sleep on or spiralling debts can feel unimaginable for some, but for others it is a terrible reality – the work FRC Group is doing to tackle the growing furniture poverty crisis really is admirable. We’ve donated 100 mattresses so far and are aiming to provide a further 40-50 mattresses a month. We hope this goes some way in supporting the aims and ambitions of FRC Group.”
Shaun Doran at FRC Group said: “Our social mission is to reduce and ultimately eradicate furniture poverty, and so we campaign to raise awareness of furniture poverty and create practical solutions to get furniture to the people who need it most. Partnering with companies like Harrison Spinks is exactly what we need, and we’re thrilled that the team was so keen to work together for this important cause.”
Think Cleethorpes Draft Masterplan
More than 2700 people took part in the Think Cleethorpes Masterplan survey, and it’s now heading into the democratic process prior to adoption by North East Lincolnshire Council.
“The beauty of Cleethorpes is the town’s varied seafront offer and its independent traders,” said Wayne Hemingway MBE, who is leading the design team. “With more than 4 miles of beautiful beaches, there’s so much you can do. There’s really something for everyone, but what we’ve designed really has to fit in the natural environment.”
The draft plan, which includes a range of concept ideas, is relevant for the next 10 years, and shows how Cleethorpes could change to appeal to people living in the resort, and those visiting with development opportunities and visitor attraction at its heart.
“From those looking for a truly brilliant place to live, to set up business, to those who want some down time and checking out the natural environment, Cleethorpes has opportunity for all,” explained Wayne.
“The Victorian Heritage is at the heart of this wonderful resort, but with the Site of Special Scientific Interest and the different spaces, we’ve been able to incorporate a number of different elements into our thinking. But none of this could have been done without the amazing amount of time that people took to think about Cleethorpes and give us their views.”
Thousands of people took part in the survey, spending more than 1000 hours over 6 weeks in what is probably the largest and most in depth survey ever undertaken in Cleethorpes.
“The draft Masterplan has been derived from the great themes that came out of that engagement process,” said Wayne. “We’ve spent hundreds of hours refining it, bringing in things that people wanted to see, and the visions that residents, business owners and visitors have for parts of the resort.”
The draft plan will be heard by the Scrutiny Panel on 10 March, with final comments being incorporated into the document ahead of the Special Cabinet meeting on 16 March, where it’s hoped that the plan will be adopted.
Although the draft Masterplan covers concept ideas and options for development, the projects aren’t set in stone. This is a framework with identified projects that will help Cleethorpes become more attractive to a wider population, alongside recommendations for infrastructure development to support the projects.
Four character areas that have been identified in the draft Masterplan:
– North Promenade: the vision is for this area to become a vibrant sustainable sea front destination with a progressive unique character, where there are many things to see and do including, independent businesses, cultural activities, and overnight accommodation in zero-carbon beachfront cabins.
– Central Prom and Pier Gardens: this area is to retain and enhance the Victorian heritage but evolve to meet the needs of a modern-day family, including more family friendly activities.
– Cleethorpes town centre: develop a “loop” from the prom through Market Place to St Peter’s Avenue to Sea View Quarter and Alexandra Road. Make changes to reintroduce a functioning market square that can accommodate amongst other things, food festivals and markets. Make sure that there is a recognisable ring of opportunity around the retail “loop” which effectively creates a town centre “promenade” to support the town centre traders.
– South Beach: this area is a natural jewel, but it offers light touch development opportunities, such as renewed beach huts, improved access and pathways, and low-impact activities that can offer health and well-being activities to a wider range of people.
Once the draft Masterplan has been adopted, projects identified will be worked on, and involve more rounds of engaging with the public and key stakeholders about their views on specific elements. This will be your opportunity to be an integral part of the consultation.
Hull city centre gets £19.5m regeneration boost
Hull city centre is receiving £19.5m from the Government’s Levelling Up Fund.
The investment, which was approved by Hull City Council’s Cabinet today (Monday 28 February), will focus on supporting the regeneration of Whitefriargate and Albion Square.
Councillor Daren Hale, leader of Hull City Council and portfolio holder for economic investment and regeneration said: “We have never underestimated the need to invest and reimagine our high streets and city centre.
“We all know how much the retail sector has struggled due to changes in shopping habits and the growth of online retail.
“In Hull, our historic city centre remains a priority, which is why we have continued to support regeneration and reimagination.
“Albion Square and Whitefriargate are the latest locations we have identified for investment, with various projects already completed and beginning to flourish. This £19.5m will support the regeneration and the many businesses that have shown faith in our vision by investing in these areas.
“Hull City Council has a track record of delivering bold regeneration schemes, such as in the Old Town and on the Marina, as well as supporting significant private investments, such as the recently completed Hammonds of Hull development.
“I have no doubt that Albion Square and Whitefriargate will be equally successful, as we work towards building a bold, exciting and modern city centre that we can all enjoy and be proud of.”
£12.5m from the Levelling Up Fund will be used to support the ongoing regeneration of Whitefriargate and its surrounding areas.
This will include the delivery of an exciting project to create a multi-million pound modern cultural and educational hub on the historic street. The site will feature modern digital technologies as part of a collaborative space that will support education and the arts.
The funding will also be used to create a new grant scheme to provide further support to bring unused floorspace back into use, ensuring that the benefits of the targeted investment in Whitefriargate and Albion Square are maximised across the city centre. Previous grant schemes in the Old Town have allowed various diverse businesses to open and operate, breathing new life into the area.
The new grant scheme will open in the next few weeks. More information will be released in due course.
£7m from the Levelling Up Fund will be used to support the £96m Albion Square Development. The large development in Hull city centre will feature a mixture of residential, office and retail space, as well as a large urban park.
Demolition of the site will begin in early 2022 with construction starting in 2023. The transformative project is set to be completed in 2026.
