All the latest news in brief from the region..,
£7.6 million power boost for Warwickshire
The final stage in a major National Grid initiative to boost power supplies and support the development of new homes and businesses in Warwickshire is underway. National Grid has already built a new major substation in Wellesbourne and installed nearly a kilometre of new underground cables. Now the final 60m are due to be installed on Princes Drive, Leamington Spa. The work will help to further safeguard supply reliability to more than 65,000 customers in the Wellesbourne, Warwick and Leamington area while also supplying power to the new housing developments and industrial units in Wellesbourne.
https://thebusinessmagazine.co.uk/companies/7-6-million-power-boost-for-warwickshire/
Headlam Group confident despite challenging conditions
The floor-coverings distributor Headlam Group, based in Coleshill, has "confidence for the future" despite challenging trading conditions. An update for the six months to 30 June 2023 showed that revenue in H1 2023 was 2.5 per cent above that of H1 2022 at £332m, despite residential trading volumes being down almost 7 per cent.
https://www.insidermedia.com/news/midlands/headlam-group-confident-despite-challenging-conditions
JLR unveils 300 new technician jobs across Midlands
Premium car maker Jaguar Land Rover announced this week the creation of 300 new jobs in the midlands. The new technician roles will support the continued production of Range Rovers and the development of the next generation of electric models, said JLR. Around 100 jobs will be at the Solihull plant to operate and maintain highly production facilities in a new body shop costing around £130 million, which is aimed at lifting Range Rover and Range Rover Sport production by 30% in future quarters. In addition, JLR is recruiting around 200 technicians and test engineers to be based at its Gaydon engineering centre and Whitley Powertrain facility to support the advancement of JLR's next generation electric vehicles (EVs).
https://thebusinessmagazine.co.uk/company-spotlight/jlr-unveils-300-new-technician-jobs-across-midlands/
Year of growth at recruitment giant
Turnover moved further past the £1bn mark at a Warwickshire-headquartered recruitment giant during its latest financial year, new documents have confirmed, despite a "challenging and changing landscape". The company's chief executive added that it would be looking at strategic acquisitions as it pursues its "longer-term group strategy". Pertemps Network Group, which was established in 1961, is a workforce talent provider with more than 200 branches across the UK. The company generated a turnover of £1.17bn in the year to 31 December 2022, up from £1.04bn in 2021.
https://www.insidermedia.com/news/midlands/year-of-growth-at-recruitment-giant
Truck manufacturer establishes UK base
A commercial vehicle (CV) manufacturer in the electric truck market has set up a UK base of operations in Warwickshire as part of its plans for expansion. Volta Trucks has taken more than half of the American Barns office development on Banbury Road, Warwick, to support the engineering and production of the Volta Zero, a 16-tonne commercial vehicle designed for last-mile urban logistics. The company has approximately 20 members of staff permanently based at the site with a further 26 hot desk areas and meeting rooms that are in continuous use.
https://www.insidermedia.com/news/midlands/cv-manufacturer-establishes-uk-base
Weed control company raises more than £1m
A Warwickshire-based electrical weed control company has raised more than £1m through its crowdfunding campaign. At the time of writing, RootWave has raised £1.13m from 249 investors on Crowdcube, beating its £1.05m target. The company has already launched the handheld eWeeder RootWave Pro and the product has generated more than £2m in revenue to date. Its first tractor-powered machine for orchards and vineyards will be launched next year.
https://www.insidermedia.com/news/midlands/weed-control-company-raises-more-than-1m
Lotus produces record 2,200 sports cars in first half of 2023
The British carmaker Lotus produced a record number of sports cars in the first half of 2023, as it gears up for a huge push behind sales of a new electric SUV under its Chinese owners’ expansion plans. Lotus, which marked its 75th anniversary this year, produced 2,200 vehicles in the first six months of the year at its factory in a former second world war bomber factory at Hethel in Norfolk. This compares with sales of just 500 in 2022, as the company phases out petrol engined vehicles in favour of EV only.
https://www.theguardian.com/business/2023/aug/10/lotus-produce-record-2200-sports-cars-first-half-2023-eletre-electric-suv
Valpak expands national service to help coffee shops meet new recycling regulations
Reconomy brand Valpak – the Warwickshire-based administrator of the UK’s largest paper cup recycling scheme – has expanded its national service to help coffee shops meet the demands of upcoming legislation. The National Cup Recycling Scheme was set up to kick-start paper cup recycling. It brought together major retailers, waste management companies and UK paper mills and, in response to next year’s change in the law, the scheme is expanding to include smaller brands and cafés.
https://thebusinessmagazine.co.uk/esg/valpak-expands-national-service-to-help-coffee-shops-meet-new-recycling-regulations/
Aston Martin overtakes market expectations
Shares in luxury sports car firm Aston Martin surged six per cent after the Warwickshire manufacturer posted better-than-expected financial results.mThe firm said revenues grew by 25 per cent in the first half of 2023, and earnings were up 38 per cent. The firm also slashed its net debt from more than £1 billion to £846 million, but pre-tax losses climbed slightly to £142 million.
https://thebusinessmagazine.co.uk/manufacturing-engineering/aston-martin-overtakes-market-expectations/
Hercules Site Services updates progress on new £multi-million Warwickshire training centre
Hercules Site Services plc, the Gloucestershire-headquartered technology enabled labour supply company, has updated on progress on its new 'Hercules Construction Academy', which is in Warwickshire. The company is investing around £6 million in the construction and fitting out of the new training facility near Nuneaton.
https://thebusinessmagazine.co.uk/property/hercules-site-services-updates-on-progress-at-its-new-warwickshire-training-centre/
Electric Truck manufacturer to merge with US counterpart
Electric trucks innovator Tevva which last year opened a base at MIRA Technology Park in Nuneaton, Europe’s leading mobility research and development location for developing advanced automotive technology, is to merge with ElectraMeccanica ElectraMeccanica, a designer and assembler of electric vehicles, and Tevva, a pioneer in electric medium- and heavy-duty commercial vehicles have entered into a definitive agreement, which is intended to accelerate their combined ability to capture the growing opportunity in commercial electric trucks.
https://thebusinessmagazine.co.uk/companies/305280/
JLR develops new renewable energy storage system from used car batteries
Jaguar Land Rover has developed one of the largest energy storage systems in the UK to harness solar and wind power using second-life Jaguar I-PACE batteries. The Warwickshire manufacturer partnered with Wykes Engineering Ltd, a leader in the renewable energy sector. A single Wykes Engineering Battery Energy Storage System – or BESS – utilises 30 second-life I-PACE batteries, and can store up to 2.5MWh of energy at full capacity.
https://thebusinessmagazine.co.uk/manufacturing-engineering/jaguar-land-rover-develops-new-renewable-energy-storage-system-from-used-car-batteries/
Warwickshire's Cell Therapy Ltd to be acquired by SPAC
Ashington Innovation PLC, a special purpose acquisition company, is reported to be about to acquire Stratford-upon-Avon based Cell Therapy Ltd, for £135 million, less than two months after floating on the London Stock Exchange.
https://thebusinessmagazine.co.uk/corporate-finance/warwickshires-cell-therapy-ltd-to-be-acquired-by-spac/
Work underway on new delivery office for Royal Mail in Nuneaton
Work has begun on a new state-of-the-art delivery office for Royal Mail in Nuneaton. The new 18,000 sq ft facility is being constructed on a two-acre brownfield site which was formerly part of the Stanley Brick Works at Bermuda. A total of 53 commercial vehicle spaces, including 28 electric vehicle charging points, will be available for Royal Mail’s new fleet of electric vehicles.
https://thebusinessmagazine.co.uk/property/work-underway-on-new-delivery-office-for-royal-mail-in-nuneaton/
Major tourism partnership announced for Coventry and Warwickshire
Two of the Midlands’ leading tourism bodies are launching a major partnership to map out a long-term blueprint to grow Coventry and Warwickshire’s national and international profile. Destination Coventry, the destination management organisation (DMO) for Coventry, and Shakespeare’s England, the DMO for south Warwickshire, are forming the Coventry & Warwickshire Destination Partnership.
https://thebusinessmagazine.co.uk/lifestyle/major-tourism-partnership-announced-for-coventry-and-warwickshire/
Cotswolds Distillery named most popular whisky distillery in UK and Ireland
The Cotswolds Distillery has been named the most popular whisky distillery in the UK and Ireland following on from research carried out by whisky experts, The Cask Connoisseur. The Cotswolds Distillery was commended for its ‘highly sought-after destination in a picturesque location, immersive tours and the opportunity to witness the meticulous craft of distilling first-hand’.
https://thebusinessmagazine.co.uk/lifestyle/the-cotswolds-distillery-named-as-the-most-popular-whisky-distillery-in-the-uk-and-ireland/
Government approves West Midlands and Warwickshire skills plan
A plan designed to help the West Midlands and Warwickshire tackle labour and skills shortages has been approved by government, with more than £10m of funding available in the region. The West Midlands and Warwickshire Local Skills Improvement Plan has been produced by Coventry and Warwickshire Chamber of Commerce, in collaboration with Greater Birmingham Chambers of Commerce and Black Country Chamber of Commerce. The plan, which sets out three key priorities, has been devised after engaging with more than 1,000 employers as well as skills and training organisations such as FE and HE institutions and other private providers.
https://www.insidermedia.com/news/midlands/government-approves-west-midlands-and-warwickshire-skills-plan
West Midlands bucks national negative trend - Lloyds Bank
Business confidence in the West Midlands rose two points during July to 38 per cent, according to the latest Business Barometer from Lloyds Bank Commercial Banking. The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. West Midlands businesses identified their top target areas for growth in the next six months as introducing new technology (38 per cent), evolving their offer (38 per cent) and diversifying into new markets (32 per cent).
https://thebusinessmagazine.co.uk/professional-services/west-midlands-bucks-national-negative-trend-lloyds-bank/
East and West Midlands identified as high investment areas
The East and West Midlands have come out first and second when it comes to areas of high investment, based on data in a new quarterly economic study from KPMG UK and the University of Nottingham. Standout areas identified for high levels of investment included Nuneaton and North Warwickshire, identified as areas of high investment. The LBPI provides data insights across 363 UK areas, drawing on geographic, sub-national data covering businesses, employees and consumers.
https://www.insidermedia.com/news/midlands/east-and-west-midlands-identified-as-high-investment-areas
Warwickshire firms show resilience in Grant Thornton regional economic study
A Grant Thornton regional economic performance report has underlined the resillience of privately-owned companies in Warwickshire. The inaugural Warwickshire Limited report is part of an annual series of business analysis of UK counties undertaken by Grant Thornton UK LLP. It celebrates the showcased firms and provides them with recognition for their contribution to the region and the wider UK economy. The full top five largest privately-owned companies in Warwickshire as identified by the report are IT business Rigby Group, National Farmers Union Mutual Insurance, car dealer groups Listers Group Limited and Rybrook Automotive Ltd and electrical wholesalers CEF Holdings Ltd.
https://thebusinessmagazine.co.uk/companies/warwickshire-firms-show-resilience-in-grant-thornton-regional-economic-study/
Shift in customer spending major challenge for Midlands businesses
A shift in customer spending is one of the biggest challenges facing Midlands businesses over the next six months, as the cost of living crisis continues to bite. According to BDO LLP’s bi-monthly Economic Engine survey of 500 mid-market businesses, more than half of regional companies said a decision by customers to cut back on spending is their biggest concern. Supply chain issues also continue to cause a significant headache for 31 per cent of Midlands businesses, as problems such as delayed deliveries, stock shortages and cost increases, persist in the market.
https://thebusinessmagazine.co.uk/companies/shift-in-customer-spending-major-challenge-for-midlands-businesses/
Birmingham Tech Week Returns for 2023
The UK’s largest regional tech festival, Birmingham Tech Week, is returning for what is set to be the biggest yet. Taking place from 16-20 October 2023, the event will bring over 25 sessions and 150 speakers together, including tech founders, government officials and industry experts.
https://thebusinessmagazine.co.uk/technology-innovation/birmingham-tech-week-returns-for-2023/