Latest local news-in-brief...
Unprecedented £700m capital investment from The University of Warwick
The University of Warwick has unveiled plans of the first phase of a £700 million investment into its West Midlands campus - the STEM Connect programme. It is the largest single investment in campus facilities across the Midland university's entire 60-year history and will see innovative new spaces built for state-of-the-art research and education.
https://www.commercialnewsmedia.com/archives/133117
Tributes from across Midlands for business tycoon Ratan Tata
Tributes from across the Midlands were paid last week to Indian businessman and philanthropist Ratan Tata, who via the giant Tata Group, rescued Jaguar Land Rover, helping to securing the car maker's future and creating countless regional jobs. That followed the acquisition of British tea firm Tetley in 2000 for US$432 million and the Anglo-Dutch steelmaker Corus in 2007 for US$13bn.
https://thebusinessmagazine.co.uk/companies/tributes-from-across-midlands-for-business-tycoon-ratan-tata/
Push to deliver West Midlands Investment Zone gets underway
The push to attract new companies to the West Midlands got underway as a £14.5 million funding package was approved - the first money to be made available to the region's flagship Investment Zone. The package includes £2 million to start the Gigapark at Coventry airport (Greenpower Park) - which will be able to accommodate a battery manufacturer and associated businesses in the electric vehicle (EV) supply chain.
https://thebusinessmagazine.co.uk/companies/push-to-deliver-west-midlands-investment-zone-gets-underway/
Revenues move past £1.4bn at Volvo Group UK
Revenues surged past the £1.4bn mark at the UK arm of Swedish vehicle making giant Volvo, new documents have confirmed, with pre-tax profits also rising. Volvo Group UK, which is headquartered in Warwick, has reported revenues of £1.45bn for the year to 31 December 2023, up from £1.21bn in 2022.
https://www.insidermedia.com/news/national/revenues-move-past-1.4bn-at-volvo-group-uk
Warwickshire's Aston Martin lowers market expectations
External factors within the global automotive industry, including supply chain disruption and weak demand in China, are now impacting Aston Martin's volume outlook for the remainder of 2024 the luxury carmaker has said.
https://thebusinessmagazine.co.uk/corporate-finance/warwickshires-aston-martin-lowers-market-expectations/
Turnover accelerates past £1.3bn at car dealership giant but profits reverse
Turnover accelerated past the £1.3bn mark at one of the largest privately-owned automotive groups in the UK during its latest financial year. Listers, the Stratford-upon-Avon-headquartered company has reported a turnover of £1.31bn for the year to 31 March 2024, up from £1.29bn in 2023.
https://www.insidermedia.com/news/midlands/turnover-accelerates-past-1.3bn-at-car-dealership-giant-but-profits-reverse
West Midlands’ tech sector set to reach £100bn by end of the decade
The West Midlands' fast-growing tech industry could be worth £100bn by the end of the decade, according to the founder of the region's biggest festival dedicated to promoting the sector.
https://www.insidermedia.com/news/midlands/west-midlands-tech-sector-set-to-reach-100bn-by-end-of-the-decade-birmingham-tech-week-founder
Electric car sales surge 14% in flagging European market
Electric car sales increased by 14% across Europe in September, reversing a period of sustained decline in demand for EVs, but car sales were down across the board. Figures from industry analysts Jato Dynamics reveal that 212,197 battery-electric vehicles (BEVs) were registered in September - up from 186,380 in the same month last year.
https://www.autocar.co.uk/car-news/business-car-sales/electric-car-sales-surge-14-flagging-european-market
Profits heat up at boiler maker founded in the mid-19th century
Turnover and pre-tax profits have risen at Warwick based boiler and heating products manufacturer BAXI. Baxi Heating has been manufacturing in the UK since 1886 and forms part of the BDR Thermea Group.
https://www.insidermedia.com/news/midlands/profits-heat-up-at-boiler-maker-founded-in-the-mid-19th-century
Lingerie retailer which employs 700 people acquired by Japanese group
A national lingerie and swimwear retailer which employs 700 people has been acquired by listed Japanese manufacturer Wacoal. Founded in 1995, Bravissimo is a specialist in bras and bra-sized swimwear, made for D cups and up. The company, headquartered in Leamington Spa, employs 700 people and has 26 shops throughout the UK, with one outlet in the US that complements its online store that sells to women all over the world.
https://www.insidermedia.com/news/national/lingerie-retailer-which-employs-700-people-acquired-by-japanese-group
Milestone for Moasure as it launches two new products
Rapidly growing Warwick-based measuring technology firm Moasure has unveiled its second generation of products, in a bid to increase accuracy and break into new markets. The company, which is based at the Warwick Innovation Centre, is behind the handheld Moasure ONE tool, which enables users to 'draw' an area in two or three dimensions before a diagram appears on a linked smartphone app showing such things as the perimeter, area, and volume.
https://thebusinessmagazine.co.uk/companies/milestone-for-moasure-as-it-launches-two-new-products/
Warwick engineering consultancy bought out of administration
A Warwick engineering consultancy has been bought out of administration in a deal that secures 14 jobs. Lyra Electronics provides specialist engineering design services for customers, developing power electronic systems for industries including automotive, aerospace and marine. The company has been bought by Hinduja group company Drive Systems Design in Leamington Spa.
https://thebusinessmagazine.co.uk/corporate-finance/warwick-engineering-consultancy-bought-out-of-administration/
Warwickshire Hotel Chain and Pub Recognised in National Awards
Owned by IT Entrepreneur Sir Peter Rigby, the Eden Hotel Collection won the AA's Small Hotel Group of the Year. AA said that because the group doesn’t operate as a big company, its strength is in the "individual nature" of the venues. The Eden Hotel Group includes Mallory Court Country House Hotel & Spa and The Arden Hotel in the countyWarwickshire.
https://www.insidermedia.com/news/national/the-uks-best-chefs-restaurants-and-hotels-revealed-at-2024-25-hospitality-awards
Warwickshire pub featured among the 16 best pubs in the UK in 2024
The 2024 Great British Pub Awards saw hundreds of UK establishments judged and commended for their excellence within the hospitality industry, with 16 winners announced, including the Royal Oak in Brandon, which was awarded the Admiral Taverns Pub of the Year, despite being closed for four months due to flooding.
https://www.insidermedia.com/news/national/revealed-the-16-best-pubs-in-the-uk-in-2024
Mayor announces first West Midlands Business Festival
Richard Parker, Mayor of the West Midlands announced a major new festival for the business community offering firms the chance to come together and help turbocharge economic growth across the region. The first West Midlands Business Festival will take place in March next year and bring together small and medium sized enterprises (SMEs) and the wider business community for a fortnight of inspiration, innovation, learning, showcasing, and networking.
https://www.cw-chamber.co.uk/news/wmca-041024/
Midlands property firm signs £17m deal to expand portfolio and drive growth
A leading property firm has consolidated and refinanced its portfolio, in a deal worth £17 million, to accelerate the strategic growth of the business. Tetra Real Estate Limited (formerly the main portfolio of The Wigley Group) based in Stockton in Warwickshire, has consolidated assets from its sister company Waterloo Capital Limited and refinanced the portfolio.
https://www.commercialnewsmedia.com/archives/132930
Top spots in the UK to start a business - including 3rd Placed North Warwickshire
A study has revealed the best areas to start a new business in, based on the number of new UK companies opening across a 12 month period. IT service software company InvGate looked at data from the Office for National Statistics, showing the number of registered businesses opening between 2022 and 2023 and the sectors they fall into. Ranked third is North Warwickshire, which saw a 5.03 per cent increase in new companies opening between 2022 and 2023.
https://www.insidermedia.com/news/national/revealed-top-spots-to-start-a-business-in-the-uk
Government launches industrial strategy to 'hardwire' investment into UK
The government has published proposals for an "industrial strategy" that it says will give confidence to investors for the next 10 years and beyond. Delivered by Business Secretary Jonathan Reynolds and Chancellor of the Exchequer Rachel Reeves, the green paper paves the way for a strategy that the government hopes will drive long-term growth in key sectors that is sustainable and spread across the country.
https://www.costar.com/article/1938140793/government-launches-industrial-strategy-to-hardwire-investment-into-uk