Latest local news-in-brief...
UKBIC lands £38m funding to upgrade capabilities
The UK Battery Industrialisation Centre (UKBIC) based at Baginton near Coventry Airport, has secured a further £38m in funding to upgrade the facility's scale-up capabilities. Announced as part of the Autumn Statement, the funding is principally for UKBIC's innovative flexible scale-up line, and builds upon the £36m already committed by Faraday Battery Challenge in May. Preparatory work on construction of the facility is underway.
The announcement follows the inclusion of Coventry Airport and sites adjoining it as part of the West Midlands Investment Zone, which seeks to attract further battery supply chain R&D and manufacturing into the Coventry & Warwickshire area.
https://www.insidermedia.com/news/midlands/ukbic-lands-38m-funding-to-upgrade-capabilities
Midlands Engine Investment Fund delivers £250m in direct investment for region’s businesses
The Midlands Engine Investment Fund (MEIF), delivered by the British Business Bank, has achieved a milestone of £250 million in direct investment for Midlands businesses. With a focus on supporting local businesses, over the last five years, a total of 1,037 investments were made, directly creating a positive impact on local communities. The investment has catalysed additional private sector funding of £372m, further stimulating economic development.
https://thebusinessmagazine.co.uk/corporate-finance/midlands-engine-investment-fund-delivers-250m-in-direct-investment-for-regions-businesses/
New figures show growth for south Warwickshire's tourism scene
South Warwickshire’s tourism industry is on track to return to pre-pandemic visitor levels and spending in 2023, according to new figures. Around 9.9 million day and overnight trips were made to south Warwickshire in 2022, resulting in £625 million being spent in the region. This represents increases of 25 per cent and 53 per cent respectively when compared to 2021.
https://thebusinessmagazine.co.uk/lifestyle/new-figures-show-growth-for-south-warwickshires-tourism-scene/
New British coachbuilding firm aims to create the ‘most exclusive ultra-luxury cars’
A new British coachbuilding firm has been launched in Warwickshire - heartland of Britain's motor manufacturing industry - to build 'the most exclusive ultra-luxury cars'. The firm is staffed by 'a highly experienced design, engineering, and production team, all of whom have spent decades in-house at the world’s leading luxury automotive brands'.
https://thebusinessmagazine.co.uk/manufacturing-engineering/new-british-coachbuilding-firm-aims-to-create-the-most-exclusive-ultra-luxury-cars/
Coventry and Warwickshire Chamber of Commerce appoints new president
The new president of Coventry and Warwickshire Chamber of Commerce says he plans to use the role to help fix the “disconnect” preventing young people in the region accessing meaningful employment opportunities when they leave their chosen education route. Steve Harcourt, who works for West Midlands accountancy firm Prime Accountants Group, says there is a struggle to link up employers and young people exiting education, particularly in the manufacturing and engineering sectors. He plans to use his role to improve careers advice for young people across the region, including whether university is the right path to take.
https://thebusinessmagazine.co.uk/companies/coventry-and-warwickshire-chamber-of-commerce-appoints-new-president/
Lift off for Apollo industrial scheme at Ansty Technology Park
Work is underway on the expansion of a landmark business park that will deliver more than 850,000 sq ft of new industrial space at Ansty Technology Park. Four new speculative units are being constructed as part of the second phase of development at Apollo, Ansty Park in Coventry, a 52-acre site near the M6 and M69 motorways. The first phase Apollo I and II have attracted a couple of local manufacturing business. All four new developments will target BREEAM Excellent and an EPC A rating.
https://thebusinessmagazine.co.uk/property/lift-off-for-apollo-logistics-scheme-at-coventrys-ansty-park/
Former Leamington business completes deal with Octopus Energy to becomes Britain's second-largest supplier
Energy supplier Octopus has purchased Shell's Coventry-based household and gas electricity business, Shell Energy. The company, which started out as First Utility based in Leamington Spa as a challenger to traditional suppliers, is now the second-largest supplier in the UK after taking on Shell Energy's 1.3 million customers. Meanwhile Octopus, founded in 2015, now has 6.6 million customers. Earlier this year it took on 1.5 million customers from Bulb after the firm went into administration.
https://thebusinessmagazine.co.uk/corporate-finance/octopus-completes-deal-with-coventry-based-shell-energy-to-becomes-britains-second-largest-supplier/
£10 million in funding will help the West Midlands and Warwickshire to close the skills gap
More than £10 million in funding will help the West Midlands and Warwickshire to close the skills gap in six key areas to make the region fit for the future when it comes to talent, according to the region's Chamber of Commerce. The Department for Education awarded £10,304,523 of Local Skills Improvement Funds (LSIF) to the region – the highest amount for any area of the UK.
https://thebusinessmagazine.co.uk/companies/10-million-in-funding-will-help-the-west-midlands-and-warwickshire-to-close-the-skills-gap-says-chamber-of-commerce/
Prism Solutions swoops for IT services firm
Prism Solutions has swooped for Inside IT, the Warwickshire based IT services and support provider. Inside IT was founded in the 1980s as a software services provider catering primarily to the automotive industry. It transitioned into an IT services and support company working with the automotive care, local authority/local services, agriculture and non-profit sectors. The company currently supports approximately 1,600 users.
https://www.insidermedia.com/news/national/prism-solutions-swoops-for-it-services-firm
Industrial compressor manufacturer enters administration
Industrial compressor technology business Lontra has ceased trading and appointed administrators with 45 jobs lost. A buyer is being sought for the company's assets. Lontra, based in Napton, with a manufacturing facility in Doncaster, had developed a new blade compressor technology demonstrated a number of innovation and environmental benefits. However, the business encountered significant challenges in introducing its green tech product to the market. This came amidst constraints with both investment funding and industrial capital expenditure in the sector. Upon appointment, 45 employees were made redundant, with seven retained for a limited period to assist the administrators.
https://www.insidermedia.com/news/yorkshire/industrial-compressor-manufacturer-enters-administration
Celebrating two decades of Imagineer as Jane Hytch steps down as CEO
Imagineer are celebrating almost two-decades of achievements as founder member and Chief Executive Jane Hytch steps down to embark on semi-retirement at the end of 2023.Alongside fellow founder members Kathi Leahy, Claire Maddocks and Andrea Simpson, Jane has embedded herself in the arts in Coventry, growing Imagineer into a thriving organisation, housed in the Daimler Powerhouse with National Portfolio investment from Arts Council England, and with a strong future ahead with new CEO and Creative Director Angus MacKechnie.
https://www.cw-chamber.co.uk/news/imagineer-111223/
Study finds some local authorities ‘Better Equipped to Host SMEs’
Businesses in the West Midlands are struggling more than in any other area. The research, conducted by Qardus, an ethical funding platform, analysed data from the ONS to determine where SMEs are thriving and where they are in fact struggling. The analysis was based on six different factors, including the following: The Active Enterprise Change between 2021-2023, the change in the count of births of new enterprises 2020-2022, the change in the count of deaths of new enterprises 2020-2022, the change of high growth enterprises per 1,000, and the survival rate of SMEs across 3-5 years.
https://londonlovesbusiness.com/businesses-in-the-west-midlands-are-struggling-more-than-in-any-other-area/
'Positive signs' for region's real estate market as 2023 comes to a close, conference hears
Activity in Coventry and Warwickshire’s real estate market is showing “positive signs” as 2023 comes to a close, a major regional conference heard. Professionals from across the sector came together to discuss the current market, challenges, and law updates at Wright Hassall's Real Estate Conference on Thursday, November 23, held at its Olympus House offices in Leamington Spa.
https://thebusinessmagazine.co.uk/property/positive-signs-for-regions-real-estate-market-as-2023-comes-to-a-close-conference-hears/
New Nuneaton Industrial Campus completes
Glencar has completed construction on the final warehouse at a one million sq ft industrial campus in Nuneaton. The company has handed over 771,000 sq ft for pan-European and industrial development company Baytree Logistics Developments and its customer global logistics provider Rhenus Warehousing Solutions UK. Baytree Nuneaton, known as the 'Rhenus Campus', comprises two warehouses of 210,000 and 771,00 sq ft on 64 acres.
https://www.insidermedia.com/news/midlands/logistics-campus-final-warehouse-completes
Aldi picks Colliers for national role as it targets 500 more stores
German budget supermarket chain Aldi has created a new national real estate team as it targets opening 500 more UK stores. The UK’s fourth-largest supermarket which has its UK headquarters in Atherstone, recently announced a long-term plan to operate 1,500 UK stores and the distribution network to service them, to meet what it says is growing demand from consumers for a closer Aldi.
https://product.costar.com/home/news/1991062763?tag=18
Regeneration of Coventry city centre moves closer
The transformation of Coventry city centre has moved a step closer with development partners The Hill Group and Shearer Property Group (SPG) submitting a reserved matters application for the first of two phases in the scheme, which includes 991 new homes and 8,000 square metres of new commercial space. The new homes range from studios to three-bedrooms and 200 will be affordable. The remaining 791 private homes will be available through open market sale and rent.
https://thebusinessmagazine.co.uk/property/regeneration-of-coventry-city-centre-moves-step-forward/
Age As Well As Beauty: The oldest commercial properties for sale in the UK
From 11th Century Inns to Office Castles and Church Conversion Opportunities, there is a range of elderly properties on the market around the UK, according to commercial property platform CoStar. This includes the Manor House in Southam, which occupies a prominent retail location in the town. The Grade II listed building, which has ancillary storage/offices above the ground-floor shopfront, was built in the mid- to- late 15th century and has been on the market for more than three years. It has a guide price of £395,000. Simon Hain at EHB Reeves has the listing.
https://product.costar.com/home/news/716321965