Latest news-in-brief from around the county...
Polestar expands its presence in Warwickshire
The firm said it would shortly open new offices and a workshop at Ansty Technology Park, in Rugby Borough, on the outskirts of Coventry. Polestar opened a research and development centre at MIRA Technology Park in Nuneaton in 2019, and has already increased from 50 to 500 employees, with further growth planned.
https://www.bbc.co.uk/news/articles/cv2gq711jq7o
Manufacturing Technology Centre opens sustainable hub
The Manufacturing Technology Centre (MTC), based at Ansty near Coventry, has launched a new hub focused on sustainable additive manufacturing (AM).The initiative aims to drive research and development to support the creation of net-zero products with full circularity.
https://www.thebusinessdesk.com/westmidlands/news/2088529-manufacturing-technology-centre-opens-sustainable-hub
Jaguar i-Pace will not form part of brand re-birth
JLR has confirmed that the all-electric i-pace will be discontinued along with its internal combustion engine (ICE) models in 2025, when the brand is re-launched. Speaking to Autocar, JLR CEO Adrian Mardell confirmed the car would be retired to give Jaguar a completely fresh start.
https://thebusinessmagazine.co.uk/manufacturing-engineering/warks-automotive-consultancy-contechs-bolsters-us-presence-with-new-hire/
Rugby industrial site acquired in £2.5m deal
A Glasgow-based supplier of accessible vehicles has purchased an industrial site in Rugby in an effort to expand its footprint. Allied Vehicles has purchased the 2.23-acre site at 6 Somers Road, Rugby, to provide the company with a Midlands transport hub to service its showroom in the Midlands, a staging post for all UK deliveries south of Rugby and onward deliveries to the increasing demand for their wheelchair accessible vehicles in Europe.
https://www.thebusinessdesk.com/westmidlands/news/2088033-rugby-industrial-site-acquired-in-2.5m-deal
Long road ahead as losses deepen at Aston Martin
Aston Martin’s losses have widened as the luxury car manufacturer prepares to launch four new models. It comes at a “pivotal moment” for Aston Martin, as it embarks on a portfolio transition as well as a move to electrification. It expects to invest £2bn by 2027 in its long-term growth strategy and electric vehicle portfolio. Its third CEO in four years will also be appointed this year, with former Bentley boss Adrian Hallmark taking the helm of the manufacturer from September 1.
https://www.thebusinessdesk.com/westmidlands/news/2088607-long-road-ahead-as-losses-deepen-at-aston-martin
Warwickshire hotel reveals £1.5m transformation
A boutique hotel in Warwickshire has revealed newly refurbished bedrooms after a £1.5m transformation. Mallory Court Hotel and Spa in Leamington Spa has revamped all 19 rooms in the manor house. Mallory Court Hotel and Spa is part of The Eden Hotel Collection, which also includes The Arden Hotel in Stratford-Upon-Avon, Brockencote Hall Hotel in Kidderminster, The Greenway Hotel and Spa in Cheltenham and Bovey Castle in Devon.
https://www.thebusinessdesk.com/westmidlands/news/2088531-warwickshire-hotel-reveals-1.5m-transformation
Tata pledges tech and engineering jobs to drive future technology
Tata Elxsi has announced it will create a wave of high-value technology and engineering jobs, reinforcing the group’s commitment to the West Midlands. The design and technology services provider is bolstering operations at its Coventry-based design hub, the global Centre of Excellence for Cybersecurity and AI. Since establishing its design hub in September 2022, Tata Elxsi has expanded its presence in Coventry, with over 100 engineering positions already recruited from West Midlands institutions including the University of Warwick, the University of Birmingham and the University of Coventry.
https://www.thebusinessdesk.com/westmidlands/news/2088215-tata-pledges-tech-and-engineering-jobs-to-drive-future-technology
E-commerce firm adds over 160,000 sq ft of logistics space to portfolio at Ryton
Global e-commerce company, Furnolic Co has signed a 10-year lease on over 160,00 sq ft of space with Prologis UK, securing a second unit at Prologis Park Ryton, Warwickshire. The new unit, DC4, adds 166,748 sq ft of logistics space to Furnolic’s UK presence and brings the park to full occupation. Furnolic, trading under the names Songmics, Vasagle, and Feandrea, is one of Amazon’s largest retailers, specialising in homeware, furniture, and pet furniture.
https://www.thebusinessdesk.com/westmidlands/news/2087931-e-commerce-firm-adds-over-160000-sq-ft-of-logisitcs-space-to-portfolio
Logistics provider snapped up by Danish group
Debrett’s and Frontier Development Capital (FDC) have exited Logik Logistics after backing the firm in a management buyout deal. Logik which provides transport solutions to the automotive, aerospace and retail industries, including JLR, BMW, Aston Martin and Amazon, has been acquired by Danish logistics firm, Danx Carousel, has its registered head office in North Warwickshire Borough, near Meriden.
https://www.thebusinessdesk.com/westmidlands/news/2088211-logistics-provider-snapped-up-by-danish-group
University of Warwick Science Park celebrates growth of startup alumni
The positive impact of supporting startup businesses on the economy has been highlighted at an event in Warwickshire. The University of Warwick Science Park held its latest Ignite Alumni Network meeting in the Warwick Innovation Centre at Warwick Technology Park.
https://thebusinessmagazine.co.uk/technology-innovation/university-of-warwick-science-park-celebrates-growth-of-startup-alumni/
Mercia Asset Management to stop making new direct investments
The regional investor floated nearly 10 years ago with £23m of funds under management (FuM). That has now grown to £1.6bn, from institutions, retail, and the government-backed British Business Bank. Mercia recently secured £360m across five mandates from the Bank’s regionally-focused funds in the North and Midlands, NPIF II and MEIF II.
https://www.thebusinessdesk.com/westmidlands/news/2087895-mercia-reveals-natural-evolution-as-it-ends-direct-investments
Plans lodged for 700,000 sq ft Warwickshire logistics scheme
Outline planning permission is being sought for up to 700,000 sq ft of industrial and logistics space in Warwickshire. Richborough Commercial has submitted plans for a site at Junction 9 of the M42 in Curdworth, with hopes of creating jobs for the area and in the wider logistics sector.
https://www.thebusinessdesk.com/westmidlands/news/2087844-plans-lodged-for-700000-sq-ft-warwickshire-logistics-scheme
£2.5bn gigafactory urges Government to boost battery investment
Greenpower Park, the UK’s Centre of Electrification and Clean Energy, is calling on the next UK Government to accelerate domestic battery production to attract global battery manufacturers and their supply chains to invest in the UK. The site at Coventry Airport, now known as Greenpower Park, has planning consent for a £2.5bn electric vehicle battery factory, expecting to attract supply chain firms. The site is located within the West Midlands Investment Zone. The Greenpower Park team and Coventry council have said the UK is falling behind countries like the US, France, and Spain in attracting investors.
https://www.thebusinessdesk.com/westmidlands/news/2087822-2.5bn-gigafactory-urges-government-to-boost-battery-investment
£135m sustainable logistics scheme unveiled by Panattoni
Logistics giant Panattoni has announced plans to develop a £135m logistics project in Coventry. Panattoni Park Coventry is hoping to secure net-zero carbon emissions credentials on the 47-acre plot near junction 3 of the M6, recently purchased from L&Q Estates. The site has outline planning approval for 600,000 sq ft of logistics facilities last year, with a main unit spanning 540,000 sq ft and the potential for two additional units of 40,000 sq ft and 20,000 sq ft each.
https://www.thebusinessdesk.com/westmidlands/news/2087694-135m-sustainable-logistics-scheme-unveiled-by-panattoni
Midlands businesses plan multi-million pound investments over next five years
Mid-sized businesses in the Midlands plan to invest millions over the next five years, with nearly half (42%) planning to spend upwards of £3 million to grow their business, according to accountancy and business advisory firm, BDO LLP.
https://thebusinessmagazine.co.uk/corporate-finance/midlands-businesses-plan-multi-million-pound-investments-over-next-five-years/
Plans revealed for new rail line to plug HS2 hole
London Northwestern Railway has announced plans to introduce new train services linking the West Midlands, Manchester and London Euston after the northern leg of HS2 was scrapped. Starting in summer 2026, the new routes will establish direct links from Rugeley, Lichfield, Tamworth and Atherstone in the West Midlands to Manchester, as well as to Warrington. These services will use London Northwestern Railway’s new Class 730 electric trains, manufactured by Alstom in the Midlands.
https://www.thebusinessdesk.com/westmidlands/news/2087884-plans-revealed-for-new-rail-line-to-plug-hs2-hole
Business park expansion plans to fuel 1,400 jobs
FI Real Estate Management (FIREM) has submitted a hybrid planning application for the expansion and redevelopment of Drayton Manor Business Park in Tamworth, Staffordshire, on the border with North Warwickshire Borough. The project is valued at £70m and aims to create 1,400 permanent jobs and the plans propose 168,500 sq ft of new BREEAM ‘Excellent’ industrial units, along with green spaces and ecological investments.
https://www.thebusinessdesk.com/westmidlands/news/2088402-plans-lodged-for-business-park-expansion-set-to-create-1400-jobs
‘Skills England’ is new Skills Body Launched by Government
The announcement was made by Prime Minister Starmer at the 2024 Farnborough International Air Show. Richard Pennycook CBE, former chief executive of the Co-operative Group and lead non-executive director at the DfE, has been appointed interim Chair of the new body, which will be named Skills England. Skills England will bring together central and local government, businesses, training providers and unions to meet the skills needs of the next decade across all regions, providing strategic oversight of the post-16 skills system aligned to the Government’s Industrial Strategy.
https://thebusinessmagazine.co.uk/companies/government-launches-new-skills-body/
Tech firm invests to boost youth careers in the West Midlands
The Rigby Group has announced an investment through its foundation to address rising youth unemployment in the region. With over 130,000 people currently unemployed in the West Midlands, including 20,930 young individuals aged 16-24, the initiative aims to provide opportunities for at least 300 young people to secure tech careers over the next three years. The £600,000 investment will support employment firm Generation UK in conducting skills bootcamps tailored to empower young individuals facing barriers to employment. The bootcamps will equip participants with technical skills such as cloud and data engineering, cyber security, data analytics, green energy, sustainable construction and health and care.
https://www.thebusinessdesk.com/westmidlands/news/2088336-tech-firm-invests-to-boost-youth-careers-in-the-west-midlands
West Midlands business views presented to the Government by Chambers of Commerce
The perspectives of West Midlands businesses were conveyed directly to the Government as the region’s three Chambers of Commerce presented findings from an economic report in Parliament.
Key points from the report included AI and digitisation, innovation, net zero, the built environment and people, processes and skills.
https://www.thebusinessdesk.com/westmidlands/news/2088258-west-midlands-business-views-presented-to-the-government-by-chambers-of-commerce
DHL loses JLR logistics contract to rival bidders
JLR revealed its decision this week, but has yet to say which companies it has chosen to operate the contract at the manufacturer’s Halewood, Solihull and Castle Bromwich plants and how it will be divided. DHL operates over 25 sites in Coventry & Warwickshire, but much of the JLR logistics activity had relocated to J11 of the M42, just north of the county of Warwickshire.
https://motortransport.co.uk/operator-news/dhl-loses-lucrative-jaguar-land-rover-logistics-contract-to-rival-bidders-in-major-retender/19287.article