Latest news-in-brief from the county and region...
Thousands of new jobs promised as investment zone delivery plan approved
A detailed plan for the delivery of a West Midlands Investment Zone capable of attracting more than £5.5bn of private investment and over 30,000 new jobs has been approved. The West Midlands Combined Authority (WMCA) Board has agreed a delivery plan that will combine a mix of tax incentives, direct funding and business rate retention for the zone.
https://thebusinessmagazine.co.uk/property/thousands-of-new-jobs-promised-as-investment-zone-delivery-plan-approved/
Baxi opens new 10,000 sq ft flagship training facility at Warwick HQ
Manufacturer and distributor of boilers and heating systems, Baxi, has opened its new 10,000 sqft Solutions Academy at its Warwick HQ, increasing its annual installer training capacity on the site from 600 delegates in 2023 to 2,000 in 2025. For the first time, a Baxi training facility will have a dedicated solutions training room, allowing installers to get hands on with Baxi’s complete residential and commercial product portfolio under one roof.
https://thebusinessmagazine.co.uk/technology-innovation/baxi-opens-new-10000sqft-flag-ship-training-facility-at-warwick-hq/
Landmark expansion of technology hub completes in Coventry
Works have completed at Project Holst – a £75 million industrial unit scheme located at Prospero Ansty Park, located between Rugby and Coventry. Ansty Park is a major business park positioned next to the M6 and M69 junction, which is home to a number of high-profile companies including Rolls-Royce Aero, Cadent, London EV Company, aerospace manufacturer Meggitt and the UK's Manufacturing Technology Centre, the MTC. The commercial units, designed to meet a BREEAM Excellent rating, span a total of 856,109 sq. ft.
https://thebusinessmagazine.co.uk/property/landmark-expansion-of-technology-hub-completes-in-coventry/
DP World opens its largest UK warehouse in Coventry
DP World has opened a 598,000 sq ft warehouse in Baginton near Coventry at Segro Park Coventry Gateway. It is the largest ever in the UK for the group, investing £34 million in the site. The new facility is branded Synchreon and will be opening this Summer.
https://thebusinessmagazine.co.uk/companies/dp-world-opens-its-largest-uk-warehouse-in-coventry/
Property firm creates £29m rental portfolio through acquisition
lettingaproperty.com has added Mashroom’s portfolio of rent collection and management properties to its brand. The acquisition boosts Warwickshire-based lettingaproperty.com’s property management services in the Midlands and across the UK, as it now manages over 1,800 properties with a rental portfolio exceeding £29m per year.
https://www.thebusinessdesk.com/westmidlands/news/2087035-property-firm-creates-29m-rental-portfolio-through-acquisition
Viritech goes into crowdfunding overdrive
A world-leading developer of high-performance hydrogen powertrain solutions for the automotive, aerospace, marine and distributed power sectors has again smashed its Crowdcube fundraise, with 10 days remaining. Nuneaton-based Viritech develops high-performance hydrogen powertrain solutions for the automotive, aerospace, marine and distributed power sectors.
https://thebusinessmagazine.co.uk/manufacturing-engineering/330636/
£200,000 order boost for new UK-manufactured 3D printer
New additive manufacturing technology from LANDR, which has been spun out of fast-growing Shipston company RYSE 3D, is looking to unlock engineering-grade technology and materials for SMEs, disruptors and entrepreneurs.
https://thebusinessmagazine.co.uk/manufacturing-engineering/200000-order-boost-for-new-uk-manufactured-3d-printer/
Warks automotive consultancy Contechs bolsters US presence with new hire
Contechs, an automotive design and engineering consultancy headquartered in Warwick, has appointed a new US head of business development to support its growing list of North American customers. The appointment will enable Contechs to expand its operations in the US market, having forged strong ties with leading OEMs in Michigan and California, as well as provide more tailored support to its existing client base.
https://thebusinessmagazine.co.uk/manufacturing-engineering/warks-automotive-consultancy-contechs-bolsters-us-presence-with-new-hire/
Hundreds of thousands of young people needed to train as electricians
The UK is going to need hundreds of thousands of new electricians as the world races towards greater electrification, and the earlier they learn about the opportunities, the more likely they are to want to join the sector when they are looking at career opportunities.
https://thebusinessmagazine.co.uk/recruitment-careers-hr/hundreds-of-thousands-of-young-people-needed-to-train-as-electricians/
Reorganisation of portfolio to drive Warwickshire’s Wigley Group Growth
Warwickshire-based The Wigley Group has completed a strategic re-organisation of its portfolio – creating four new businesses to drive growth, create opportunity, and capture value. Historically recognised as a commercial property specialist, Wigley has developed a diverse portfolio of assets and shareholdings over its 60-year history.
Reorganisation of portfolio to drive Warwickshire's Wigley Group growth - The Business Magazine
UK tech sector is #No1 in Europe
The UK is top in Europe for AI investment. It's home to more than 1,800 VC-backed AI start-ups and 20 AI unicorns. The country is the number one tech ecosystem in Europe and the third most valuable in the world. The combined market valuation of the UK tech sector in the first quarter of 2024 was $1.1 trillion.
Across the West Midlands, $157 million of investments were made, with $29 million going to AI companies. The region has three unicorns.
https://thebusinessmagazine.co.uk/technology-innovation/uk-tech-sector-is-no1-in-europe/
Warwickshire woman named Midlands Young Entrepreneur of the Year
28 year old Katie Wilber beat of stiff competition to claim the 2024 Young Entrepreneur of the Year at the Midlands StartUp Awards. The social-media guru has supported several local businesses and helped relative businesses from the range of small-to-large to achieve exceptional results.
Warwickshire woman named Midlands Young Entrepreneur of the Year - The Business
Warwickshire hosts first ever multi-bank ATM deposit service
In an industry first, major banks have collaborated to provide an innovative multi-bank deposit service, with the first machine now in operation and serving customers in Atherstone in Warwickshire. This new system will offer easy access to cash services such as PIN management, withdrawals and balance enquiries.
Warwickshire hosts first ever multi-bank ATM deposit service - The Business Magazine
International students are worth £651m to the city of Coventry
International students are worth £651 million to the city of Coventry, new figures show.
https://thebusinessmagazine.co.uk/recruitment-careers-hr/international-students-are-worth-651-million-to-the-city-of-coventry/
Rallycross Championship “in talks” with the aim of hosting a street race in Coventry
MotoFest Coventry, sponsored by E.ON, has revealed it is in “advanced talks” with the FIA World Rallycross Championship to host a round of the World RX championship on its unique sprint circuit, created from the city’s ring road. The FIA World Rallycross Championship is aiming to host a street race at MotoFest Coventry in 2025, after engaging in advanced discussions with the UK’s largest free to attend annual motoring and motorsport festival event.
https://thebusinessmagazine.co.uk/lifestyle/rallycross-championship-in-talks-with-the-aim-of-hosting-a-street-race-in-coventry/
UK startups have raised £5.4bn in VC funding since January, finds GlobalData
Startups across the UK have been involved in a total of 497 venture capital (VC) deals since the start of 2024 for a total disclosed value of £5.4 billion, a new report from GlobalData has revealed.
https://thebusinessmagazine.co.uk/corporate-finance/uk-startups-have-raised-5-4bn-in-vc-funding-since-january-finds-globaldata/