A round up of latest news-in-brief from around the region...
Plans to put UK at centre of the green industrial revolution take major step forward
Britain's green industrial revolution ambitions have taken a significant leap forward with the launch of Greenpower Park - the UK Centre of Electrification and Clean Energy. With the West Midlands Gigafactory as its anchor tenant, the ambitious project, designed to foster world-leading collaborations between industry, major academic institutions and stakeholders to drive the UK's ambitions in leading the transition to a cleaner, more sustainable energy future, has unveiled plans to create an end-to-end electrification and clean energy ecosystem at its Greenpower Park campus on Coventry Airport.
https://thebusinessmagazine.co.uk/property/plans-to-put-uk-at-centre-of-the-green-industrial-revolution-take-major-step-forward/
Cycas Hospitality to manage UK’s first Fairfield by Marriott hotel
Cycas Hospitality has been appointed to manage the UK’s first Fairfield by Marriott hotel, a part of Marriott Bonvoy’s global portfolio of more than 30 hotel brands. Introducing Marriott’s midscale hotel brand to the UK market, this 142-room new-build property is scheduled to open its doors in early 2026. Situated just off the M40, the hotel is expected to attract both leisure and business travellers. The area surrounding the new Fairfield by Marriott is a hub for the UK’s automotive industry, with the hotel’s immediate neighbours including Jaguar Land Rover’s global research and development centre and Aston Martin’s world headquarters.
https://www.hotelmanagement-network.com/news/cycas-hospitality-manage-fairfield-hotel/
LTS Global Solutions deploys first electric truck from Warwickshire hub
The fleet of logistics firm LTS Global Solutions has gained its first electric truck. Working within a 50-mile radius of the company’s 130,000 sq. ft site in Coleshill, Warwickshire, the Volvo FM Electric truck will be used primarily for collections and deliveries on behalf of LTS’ retail, automotive and construction customers across the West Midlands.
https://thebusinessmagazine.co.uk/esg/warwickshires-lts-global-solutions-brings-in-first-electric-truck/
BGF backs Warwick consultancy firm with £6m investment
Warwick-based Skewb, a provider of consultancy, digital transformation services and products to the energy and water sectors, hopes to expand its suite of products and services to meet the demands of an expanding customer base. The consultancy has seen significant financial momentum to date, growing revenue almost fourfold over the last three years. Skewb works alongside a large number of UK utilities and engineering partners and employs 170 people, or ‘Skewbers’ as they’re known, from its headquarters in Warwick.
https://www.thebusinessdesk.com/westmidlands/news/2085084-bgf-backs-consultancy-firm-with-6m-investment
Finalists named for Inspirational Women Awards
High achievers from Coventry and Warwickshire have been named among the finalists in the sixth Ladies First Network Business and Inspirational Women Awards.
Coventry and Warwickshire finalists join Lionesses among those announced for sixth inspirational women awards | Chalmers News PR
Acoustics firm revolutionise in-car audio with £7m fundraise
Warwick Acoustics, whose patented loudspeaker technology is set to revolutionise in-car audio systems, has raised a further £7 million in a funding round led by Mercia Asset Management and including NFU Mutual and a range of private investors. The funding will enable the Mira Technology Park, a Nuneaton-based company, to invest in a new manufacturing facility and ramp up manufacturing capacity. It follows its success in securing its first production contract with a leading global luxury vehicle manufacturer.
https://thebusinessmagazine.co.uk/corporate-finance/acoustics-firm-revolutionise-in-car-audio-with-7m-fundraise/
Coventry Building Society in £780m merger talks with Co-operative Bank
Non-binding terms have been agreed for a potential acquisition of the Co-operative Bank by Coventry Building Society for a total cash consideration of £780 million. Though there is ‘no certainty at this stage’ that the deal will occur, and both parties await approval from financial services regulators, Coventry CEO Stephen Hughes told members that the society ‘believes it’s the right thing to do’.
https://thebusinessmagazine.co.uk/companies/coventry-building-society-in-780m-merger-talks-with-co-operative-bank-reports/
Warwickshire tour firm Go Cotswolds looks to make 10th year its best
A growing guided tour company in Warwickshire is hoping for a record year of business during its tenth anniversary after investing in new vehicles and expanding its workforce. Around 40 per cent of Go Cotswolds’ customers hail from the US and Canada. But since 2019, co-founders Tom and Lisa Benjamin have noticed a steady increase in visitors from India, who made up four per cent of their customer base last year.
https://thebusinessmagazine.co.uk/lifestyle/warwickshire-tour-firm-go-cotswolds-looks-to-make-10th-year-its-best/
Planning approved for Nuneaton town centre development
Following approval from the planning committee at Nuneaton and Bedworth Borough Council, Warwickshire County Council can now begin preparatory work on a new library and business centre, to be built on the site of the existing Royal Mail Delivery Office. It’s hoped the mixed-use development, which would also include up to 65 family homes, will act as a major catalyst for regeneration of the town. The new housing is to be delivered by Warwickshire Property and Development Group (WPDG), formed by the council in 2021 to deliver new homes and commercial space.
https://thebusinessmagazine.co.uk/property/planning-approved-for-nuneaton-town-centre-mixed-use-development/
Planning approved for extension to Prologis Park Coventry
Prologis UK has secured planning consent to deliver an additional 159,000 sq ft of space at Prologis Park Coventry, on the boundary with Bedworth at Keresley Village. Consent has been granted to deliver either a single unit or two-unit scheme on the site, depending on customer demand. Once complete, the scheme at Prologis Park Coventry will bring the total value of assets under Prologis management in the Midlands to over £3 billion. The business’ Warwickshire footprint will span about 5 million sq ft across its holdings at Hams Hall, Prologis Park Ryton and Prologis Park Coventry. https://thebusinessmagazine.co.uk/property/planning-approved-for-extension-to-prologis-park-coventry/
GMI Construction Group wins contract to deliver MIRA Technology Park R&D units
GMI Construction Group has been awarded a £16 million contract to deliver the next units on Europe’s largest automotive research and development cluster as well as new major infrastructure providing access to the new plots being developed. The project forms part of the major masterplan expansion of MIRA Technology Park (MTP), near Nuneaton, Warwickshire, by HORIBA MIRA and Evans Randall Investors, with the project delivery managed by Swanvale Developments.
https://thebusinessmagazine.co.uk/property/gmi-construction-group-wins-contract-to-deliver-mira-technology-park-rd-units/
University support boosts West Midlands economy by £450m
WMG (Warwick Manufacturing Group) at the University of Warwick has boosted the West Midlands economy by £450 million – with every £1 invested into WMG’s small and medium enterprise (SME) programmes, around £22 has returned to the local economy, the university has revealed. Celebrating 20 years of tailored business support, WMG has delivered manufacturing expertise to 15,000 SMEs in the Midlands. It has supported the creation of more than 13,000 jobs, 350 new businesses and 355 internships over the last two decades.
https://thebusinessmagazine.co.uk/companies/university-support-boosts-west-midlands-economy-by-450-million/
Coventry University Group opens sixth global hub in New Delhi
Coventry University Group has strengthened its longstanding connections with India by opening a global hub in the heart of New Delhi. The hub will house more than 70 employees in India to support Coventry University Group’s admissions, recruitment and partnerships portfolio in India and the region.
https://thebusinessmagazine.co.uk/recruitment-careers-hr/coventry-university-group-opens-sixth-global-hub-in-new-delhi/
Coventry University signs agreement with Kyiv University
Coventry University is hoping to help a second university in Ukraine as the war with Russia continues. Coventry University and Kyiv National University of Construction and Architecture (KNUCA) have agreed to explore KNUCA offering Coventry University degree programmes, as well as online summer schools and potential joint research between the two institutions.
https://thebusinessmagazine.co.uk/recruitment-careers-hr/coventry-university-signs-agreement-with-kyiv-university/
Half of UK SMEs are struggling to access finance, finds BCC
Many SMEs feel it’s become increasingly difficult to access the finance they need, according to new data from the British Chambers of Commerce (BCC). Around half of the 533 firms surveyed said securing funding had become more challenging over the past three years, compared with just 13 per cent which believed it had got easier. On top of that, 70 per cent have not accessed finance from an external provider in the past twelve months, though companies with more than 50 employees are more likely to have done so than smaller firms.
https://thebusinessmagazine.co.uk/corporate-finance/half-of-uk-smes-are-struggling-to-access-finance-finds-bcc/
Manufacturing minister needed as firms decry lack of government support
Nine in ten manufacturers are unhappy with the current level of government support for the sector, the latest Manufacturing Outlook Report from Crowe has revealed. Almost half saw ongoing global turbulence and economic conditions as barriers to growth – though nearly 70 per cent are nonetheless expecting a growth in sales this year. During a period of high inflation, political changes, and continued strained supply chains, the report – conducted in partnership with the Confederation of British Metalforming (CBM) – looks at the key issues impacting manufacturers.
https://thebusinessmagazine.co.uk/manufacturing-engineering/manufacturing-minister-needed-as-firms-decry-lack-of-government-support/
Economic outlook improving for Coventry and Warwickshire, finds survey
The economic outlook for Coventry and Warwickshire has improved after the first three months of the year, according to the latest quarterly economic survey from Coventry and Warwickshire Chamber of Commerce. The survey found that domestic orders in both the service sector and among manufacturers have risen significantly, though overseas sales have taken a small hit.
https://thebusinessmagazine.co.uk/professional-services/economic-outlook-improving-for-coventry-and-warwickshire-finds-survey/
Report reveals ‘True Impact’ of manufacturing is much bigger than thought
Manufacturing is having a far greater impact on the UK economy than first thought according to a major new report released today. ‘The True Impact of UK Manufacturing’ shows industry is worth £518 billion and supports 7.3 million UK jobs directly and across the supply chains/communities it operates in. This represents nearly a quarter of total GDP (23 per cent) and far bigger than the direct contribution of 8.2 per cent usually quoted by economists.
https://thebusinessmagazine.co.uk/manufacturing-engineering/report-reveals-true-impact-of-manufacturing-is-much-bigger-than-thought/
Construction sector on the up for first time in seven months, finds S&P Global
Activity across the UK construction industry has finally seen fractional growth following a six-month period of decline, according to the latest S&P Global UK Construction PMI. This March, the sector saw the strongest boost to new orders since May 2023, with input price inflation at a three-month low. Companies have reported a turnaround in their sales pipelines and a greater volume of new business enquiries as the national economic outlook improves and financial conditions stabilise.
https://thebusinessmagazine.co.uk/property/construction-sector-on-the-up-for-first-time-in-seven-months-finds-sp-global/