Gear4music acquires audio-visual equipment retailer in £9.2m deal
York-headquartered Gear4music, the online retailer of musical instruments and music equipment, has completed the acquisition of AV Distribution Ltd (trading as AV Online) in a £9.2m deal.
AV Online is an online retailer of audio-visual equipment. It increased revenues by 54% to £8.6m during the last financial year to 31 March 2021, generating adjusted EBITDA of £1.3m and profit before tax of £1.2m (FY20: £0.4m).
Founded in 2003 by Carl Pickles, AV Online operates from a 26,000 sq ft warehouse, offices and showroom in Bacup, Lancashire. AV Online has 21 members of staff.
Commenting on the announcement, Andrew Wass, Chief Executive Officer, Gear4music, said: “We are very pleased to have completed the acquisition of AV Distribution Ltd trading as AV Online, and welcome the team into the Gear4music Group.
“AV Online is an online retailer of audio-visual equipment, including HiFi speakers and home cinema systems.
“With the launch of AV.com scheduled for January, we look forward to building on the profitable growth achieved by AV Distribution Ltd, and leveraging the strength of our e-commerce platform and our European infrastructure to accelerate our growth in this £2.7bn European market.
“We are also pleased to report our systems and supply chain operations have performed well over the busy Black Friday and Cyber Monday period, and we continue to be confident that our full year financial results will be in line with the recently revised consensus market expectations.”
New images revealed for Hull’s £96m Albion Square development
New images have been revealed of Hull’s transformative £96m Albion Square development.
The large development in Hull city centre will feature a mixture of residential, office and retail space, as well as a large urban park.
The proposals, designed by FaulknerBrowns Architects and landscape architects Gillespies, will also use rewilding to create a new and natural green space, both for residents and the city.
The project is being delivered by Hull City Council’s construction partner, VINCI Construction UK.
Throughout the development, new buildings will complement the existing architecture, history and colour of this part of the city centre.
Councillor Daren Hale, leader of Hull City Council and portfolio holder for regeneration, said: “This development, just like our Hull: Yorkshire’s Maritime City project, has Hull’s history and heritage at its heart.
“The iconic mural will be the face of what will transform the city centre, creating first-class housing, retail units and office space, along with a unique and stunning urban woodland.
“This important development will compliment and add to the incredible investment and regeneration we have already seen on the Marina and in the Old Town. Albion Square is a vital part of our exciting vision for the city centre.”
Alan Boyson’s Three Ships Mural will be incorporated and made a key component of the new development, alongside retail space facing Albion Square, adding to the retail offer of Jameson Street and King Edward Street. Modern apartments will also be created at this part of the development, which will have access to stepped rooftop gardens.
The rear of the development will feature retail units, as well as housing sensitive and complimentary to the existing Georgian architecture on Albion Street. This will include family homes and apartments, some of which will have private gardens.
At the centre of the site, a new urban woodland will reconnect communities with city centre green space, allowing nature back into our urban areas through rewilding.
Adam Greatrix, associate partner at Gillespies, said: “The Urban park represents far more than just a new park, this water based, biodiverse space is a statement of Hull City Council’s commitment and response to the climate emergency, to create a more sustainable and climate resilient city for its community.”
The urban park will be an example of how we can live with water, showcasing how rainwater can be stored, filtered, drained sustainably, and become an amenity, even play opportunity, for its inhabitants rather than relying on traditional underground drainage networks.
The result will be a dynamic and ever-changing park where water levels can rise and fall depending on weather conditions, to create either parkland or urban wetland.
Niall Durney, associate partner at FaulknerBrowns Architects, said:
“Albion Square will bring new activity and life to Hull city centre and provide the type of green space that is essential to sustainable, post-covid cities.
“Our design focuses on repairing the urban grain of this part of the city, by re-instating historic streetscapes and framing an important piece of public art. The new buildings are all centred around the urban park, allowing both residents and the wider city to enjoy accessible, natural green space.”
The design of the park draws inspiration from Hull’s dramatic estuary landscape and the biodiverse and ecological-rich river banks. Bridges and decks will guide people through the park which will feature water, lush green spaces, seating areas and artistic elements.
The plans for Albion Square also include a bike hub where cyclists will be able to store bikes.
The development will also include solar panels, EV charging points and other sustainable features.
The plans will go to Hull City Council’s planning committee for final approval in early 2022.
Construction of the site is scheduled to begin in 2023.
The plans include an urban park in the heart of the development.
An image of how the rear of the development could look from Albion Street.
Work begins on £40m affordable council housing development in Leeds
Work has now started on a £40million council housing development which will see the regeneration of Throstle Recreation Ground and the former Middleton Skills Centre in Leeds.
The project off Middleton Park Avenue is one of the largest being undertaken as part of Leeds City Council’s Housing Growth Programme and will be made up of 60 two-bed, 38 three-bed, two four-bed properties and four bungalows.
It will also feature an extra care housing facility for older people requiring care and onsite support, with 47 one-bed and 13 two-bed contemporary open-plan type apartments which will provide secure, well-designed homes that are wheelchair accessible and allow for future adaptability and 12 one-bed bungalows which will be built specifically for adults of working age with disabilities.
The development will provide benefits to the wider community through delivering improvements to the existing public open space and creating a recreation ground and a central area suitable for numerous leisure activities.
Soft landscaping will be used to enhance the green space with a feature area of wildflower meadows; the planting will improve the aesthetics of the area and provide a space for pollinating insects and wildlife.
Tree planting will further enhance the area by creating a focal point that will also provide both shade and increase biodiversity. Pathways will provide access routes for the community with strategically placed seating and natural play areas.
Created by developer Wates Construction, the site will be equipped with an underground district heating system to provide the properties with energy-efficient heating and hot water, supporting the council’s commitment to tackling the climate emergency through new energy-efficient, affordable housing options. In addition, each property will have off-street parking and an electrical vehicle charging point.
The development is scheduled to be fully completed by autumn 2023.
Councillor Helen Hayden, Leeds City Council executive member for infrastructure and climate, said: “I am thrilled to see that work has now started on site to create one of the council’s largest affordable housing projects. Not only will it contribute positively towards our ambition of building more affordable housing in the city, but the new energy-efficient homes and electric vehicle charging points will also help in our efforts against the climate emergency.
“We know green space is important, especially in this area, and that is why a clear focus of this development is to invest in high-quality green space for people of all ages to benefit from and we will continue to work with residents in the surrounding areas to minimise disruption as much as possible. I look forward to seeing this exciting project develop over the coming months.”
David Wingfield, Regional Director North East, Wates Construction, said: “We have an excellent relationship with Leeds City Council and look forward to working with them. We fully recognise how important housing growth schemes like this are to the council’s future ambitions and we’re proud to play our part in the delivery of this affordable housing project, which will not only benefit the local economy and provide new green spaces for the community, but by accessing a network of local SME’s, this scheme will have a lasting impact on the local economy from the very outset.”
Trading ahead of expectations at Belvoir
Trading is ahead of expectations at Belvoir, for the ten months to the end of October 2021, with both of the group’s divisions, property and financial services, achieving year-on-year growth.
The Lincolnshire-headquartered company noted that its property division, which contributed 77% of the group’s gross profit, achieved gross profit growth of 29%.
Income from lettings was 21% up on 2020 resulting from unprecedented demand for rental properties with rents increasing in all areas of the UK, as well as the acquisition of Nicholas Humphreys, a predominantly student lettings network.
Meanwhile, income from sales was up 65%, mainly a result of the strongest market for property transactions seen since 2007.
The financial services division, which contributed 18% of the group’s gross profit, continued its strong growth with gross profit up by 39%.
Belvoir’s network of mortgage advisers increased by 21% from 202 at the start of the year to 245 by the end of October. This represented a net increase of 43, which arose through organic recruitment and 21 from the acquisition of Nottingham Mortgage Services, the mortgage arm of The Nottingham Building Society.
The group remained focused on meeting the demand for house purchase mortgages for much of 2021, and now, given signs that interest rates might rise, are benefitting from a busy period for remortgages.
The group’s operating activities continue to be highly cash generative underpinned by Belvoir’s significant recurring lettings income stream. As of today, net debt is down to £2.7m (31 December 2020: £3.7m) despite having deployed £4.0m of cash in March to acquire the Nicholas Humphreys network and £0.6m in July to acquire Nottingham Mortgage Services.
Current substantial pipelines of house sales and written mortgages support Belvoir’s end of year forecasts. Consequently, the board expects that the performance for the full year, in terms of profit before tax, will be ahead of management’s expectations for 2021 and substantially ahead of 2020.
Dorian Gonsalves, CEO, said: “In 2021 we have seen our franchisees and mortgage advisers take advantage of an exceptionally strong sales market. The sector undoubtedly benefitted hugely from the Government’s decision to extend the stamp duty holiday until September 2021, following which we have seen a predictable slowing in the number of new instructions as the market normalises.
“We anticipate that given the ongoing pent-up demand from buyers, the market will return to more usual transaction levels in 2022. In the meantime, our current pipelines remain strong and support outperforming our end of year forecasts.
“The board is mindful that 2022 is likely to present further challenges for the wider economy, but we are confident in our business model of supporting entrepreneurial franchisees and mortgage advisers to achieve their business ambitions, and that our growth strategy of organic growth coupled with investment in profitable property franchise and mortgage networks will continue to prove successful and deliver long-term shareholder value.”
Yorkshire holiday destination given new lease of life with six-figure cash injection
A holiday destination in Birdforth, forced to close during the pandemic, has reopened its doors to guests with an ongoing refurbishment plan by its new owners.
Birdforth Hall, which dates back to 1685, is a manor house surrounded by four converted barns, which now act as holiday lets. Close to the tourist hotspot of York, and with easy access to the coast in Scarborough, as well as the North York Moors and Yorkshire Dales, it is a popular destination for families and large groups.
The property had to close its doors at the start of the UK’s first national lockdown, and was put up for sale by its previous owners in March 2020. But it has now been purchased by husband-and-wife Sue and Paul Sadler, with the support of a six-figure loan from Lloyds Bank.
The couple have now kickstarted the refurbishment of the site’s four holiday cottages and pool complex, and are preparing to welcome the cottages’ first guests in over a year this Christmas.
As well as refreshing the cottages’ interiors, Sue and Paul now plan to install hot tubs, and will also be upgrading the interior of the main hall itself in the new year, while retaining its original features – such as the building’s 300-year-old wood panelling.
The refurb will also include creating space to host weddings – both ceremonies and receptions.
Sue Sadler, co-owner of Birdforth Hall, said: “Paul and I have always been keen to move into the hospitality business – in the past we have hosted weddings at our own farm, so have dipped our toes into that world. So when the opportunity to invest in Birdforth arose, we knew it was one we couldn’t miss.
“Birdforth is already a well-loved holiday destination. With easy access to the A19, it seamlessly blends your classic country escape with a city break and an unrivalled selection of local pubs and restaurants. We’re very excited to welcome back customers old and new, and to restore the estate to its former glory. By refreshing the look and feel, we’re retaining the warm, family-friendly feel that Birdforth is known for, while opening up new opportunities for bigger groups to enjoy the estate and surrounding area.”
Craig Smith, relationship manager at Lloyds Bank, said: “The UK hospitality industry has experienced a huge resurgence post-pandemic, and Sue and Paul have led the charge when it comes to capitalising on opportunities in the market. We’re pleased to be backing their investment in restoring what’s not only an iconic estate, but a key part of Yorkshire’s wider hospitality offering.
“We look forward to working closely with Sue and Paul as they continue to make Birdforth bigger and better in the coming months.”
Scrap metal recycling business purchases large scale premises in Scunthorpe
Scrap metal recycling business, Acetech Metals, has purchased a large scale premises in Scunthorpe after securing a £3.25m funding package from ThinCats, the alternative lender to mid-sized SMEs.
Founded in 1998, Acetech is a leading player in the metals recycling sector, offering a combination of innovation, technical expertise and resources. Operating from their own purpose designed premises as well as within steelworks sites, they offer a fleet of plant equipment and machinery (including two of the world’s biggest hammers) and an expert team working to the highest levels of safety and workmanship.
The funding will support the purchase of a new 20 acre site with 180,000 sq ft of steel framed buildings, which when fully developed will be one of the largest specialist metals processing facilities in the North of England.
Acetech’s products are utilised as feedstock by steelmakers and aluminium smelters in the UK, Europe and elsewhere, reducing the usage of virgin materials and providing major environmental benefits. At current levels of output Acetech’s recycled products save in excess of 130,000 Tonnes of CO2 per annum and the new premises will allow this saving to be more than doubled in the next two years.
ThinCats were advised by Kevin Steven of Pierce Corporate Finance and legal support was provided by Ben Slack and Andrew Curtis at Clarion Solicitors. Acetech were advised by Dan Hunt of Simple Commercial Finance and legals were provided by Michael Kidd at Lupton Fawcett.
Jonathan Wells, chairman, Acetech, said: “The acquisition of the major new premises in Scunthorpe represents an important step for the business. We are excited about the future and look forward to continuing to deliver market leading services, whilst upholding the highest standards in health and safety and increasing our already substantial contribution to decarbonising the steel and aluminium production industries. We are delighted to have found a like-minded funding partner in ThinCats, who have supported our vision for the growth of the business.”
Dan Hunt of Simple Commercial Finance said: “We are very excited to support Acetech in its next phase of growth and it was fantastic to work alongside the team on this transaction. With the purchase of the new site, the business is in an excellent position to continue growing its specialist services. We thank Ben and the team at ThinCats for their support in delivering the funding package.”
Ben Kimball, director regional business development, ThinCats, said: “We are keen to support ambitious businesses like Acetech. The knowledge and experience within their team, combined with their impressive track record in providing innovative, safe and environmentally sustainable solutions, will I am sure see Acetech continue to lead the sector in terms of service delivery and innovation.”
Half year results demonstrate recovery and resilience as Fulcrum grows across multiple sectors
Fulcrum, the leading independent net-zero focused multi-utility infrastructure and services provider, has demonstrated its strong recovery since the Covid-19 lockdowns and its resilience in the evolving and turbulent energy market in its latest interim results.
For the six months ending 30 September 2021, the Sheffield-based Group has seen revenues increase on the previous six months to £28.6 million, up from £19.5 million.
Demonstrating its presence in multiple markets including housing, industrial and commercial, smart metering and electric vehicle charging infrastructure, Fulcrum has achieved significant order book growth, which, as of 30 September 2021 stands at £80.9 million. A 44% increase on the period from 31 March 2021, up from £56.1 million.
In line with a trading update issued by Fulcrum in September, Fulcrum continues to secure a broad portfolio of contracts, which includes a five-year agreement, anticipated to be worth £20 million with energy supplier E to manage its 320,000 meter points and exchange an expected 80,000 meters to smart technology.
In the housing sector, projects won include two contracts, worth a combined £5.9 million, to deliver multi-utility infrastructure at a major scheme, Fairham, as well as a £1.1 million contract to design and install multi-utility connections to 715 new homes on behalf of a national house builder.
Fulcrum also continues to be highly active in the industrial and commercial property market, with schemes including a £5.5 million contract to design and install 21.1km of multi-utility infrastructure that will heat and power a large-scale greenhouse and a £4.9 million contract to design and install high voltage electricity, water, and gas infrastructure for a major new innovative employment park.
Highlighting the diversity of its group capabilities, contracts in this period include securing a five-year agreement to undertake high voltage electrical maintenance for two new 50MW battery storage facilities located in Kent and Oxford, which will provide power to sites including a new EV charging Superhub.
Fulcrum has also continued its staged transfer of its domestic gas assets to ESP. On 30 November 2021, the fourth tranche of assets transferred for a total consideration of £2.8m. To date, in its 2022 financial year, Fulcrum has successfully completed the third and fourth tranches in the transfer of its domestic customer gas connection assets, for a total consideration of £6.6m.
The Group also continues to evaluate opportunities in other areas of the market. In particular, this includes the smart energy infrastructure sector where strong government stimulus and an increasing regulatory framework present significant and strategic growth opportunities.
Terry Dugdale, CEO of FULCRUM said: “We have made good progress across all areas of the business in the first half of the year. Our order book is healthy and continues to grow. The resilience demonstrated by Fulcrum to date in the face of ongoing turbulence in the energy market is, I believe, a testament to the robustness of our business model, diverse operations and order book strength.
“Our continued focus on stabilising the business and strengthening its foundations has enabled us to grow in our core markets and provides a robust platform from which to grow the business further. The backdrop of the UK’s smart energy revolution and vision for a net-zero future presents Fulcrum with significant and strategic growth opportunities and I am excited by the future prospects for the business.”
Serbian Ambassador explores trading opportunities with the Humber
Following a successful webinar earlier in the year on Serbian business opportunities, chaired by Martin Vickers, MP for Cleethorpes and the Prime Minister’s new Trade Envoy to Serbia, the Chamber was delighted to join the Serbian Ambassador to the UK, Her Excellency Aleksandra Joksimovic, in November at Phillips 66 Humber Refinery for lunch and then at Healing Manor for a private dinner sponsored by the Hull & Humber Chamber of Commerce.
Martin Vickers showcased the Humber’s green credentials and its ambitions for carbon zero activity which Drax, Phillips 66 and Able UK, as well as ABP, are supporting locally.
Chamber President Phil Jones attended the lunch along with Martin Vickers and Grimsby MP Lia Nici, as well as Cllr Philip Jackson, Leader of North East Lincolnshire Council and the Council’s Chief Executive, Rob Walsh.
It was noted that as well as opportunities in the green energy sector, the UK nationally is exploring opportunities for business related to Serbia’s large lithium reserves.
Sinisa Krajcinovic, a board member of the Serbian British Chamber, also made contact during the visit with the Hull & Humber Chamber and agreed to explore future trading links with this part of the world.
Any members interested in trading opportunities with Serbia should contact the Chamber’s International Trade Centre team on (01482) 324976.
Could You Be Our Charity of the Year for 2022?
Shooting Star, an award-winning PR, marketing and digital agency, has begun its search for a charity or non-profit organisation that could benefit from free PR and marketing services in 2022.
Based in Lincoln, the agency is encouraging anyone who runs or works for a third-sector organisation which needs help raising its profile to apply to become its 15th Charity of the Year.
Shooting Star provides 12 months of free advice, expertise and support to a charity that would not otherwise be able to afford such support.
Jez Ashberry, Director at Shooting Star, said: “We have adopted a charity every year since 2009 as it’s important to us to give something back and support good causes whenever we can.
“We feel we can best help by offering our services for free – something our team here is delighted to do!
“We’re excited to receive applications for 2022 and we’d encourage all charities large and small to get in touch with us, even if you’ve applied unsuccessfully in the past.”
Throughout 2021 Shooting Star has provided Help Us Grieve (HUG) with pro bono marketing, PR and social media support to help them raise their profile and provide the vital funds needed to run the charity.
Newark-based HUG was established in 2017 by mum Amy Everatt after she lost three babies at different gestation periods. Leaving hospital after each loss, she discovered there was little emotional support available and found it difficult to talk about what she had been through physically and emotionally.
She and her husband Oliver set up a JustGiving page to raise money to start Help Us Grieve. Now they have a website and an app to signpost people to help and support after baby loss.
Shooting Star ran a social media competition for the public to submit their favourite recipes and have a chance of seeing them published in the book, which is being released in time for Baby Loss Awareness Week 2022, and TV chef Kwoklyn Wan chose five winning recipes in total.
The agency also secured an interview with Amy in Woman magazine in October.
Amy said: “The support from Shooting Star was perfectly timed for HUG as the pandemic threw us all into a wave of obstacles and panic.
“With their help we have managed to keep going, increase our support to families and grow significantly and we couldn’t be more grateful. A huge thank you to everyone at Shooting Star for being incredible with HUG. There is no way we’d have managed it alone through the most testing times all round. What a fantastic team!”
To request an application form, email hello@weareshootingstar.co.uk. The deadline for applications is 5pm on Friday 17th December 2021.
To find out more about the charities that have been helped by Shooting Star over the years, visit: https://weareshootingstar.co.uk/charity
Sheffield-based L.B. Foster Wins Equipment Innovation Category at Prestigious GE Awards
L.B. Foster’s award-winning submission detailed the deployment of its Insight Earthworks Monitoring solution on a project for Network Rail in Gloucestershire. Little Hagloe is on the coastal rail line adjacent to the River Severn in Gloucestershire. The railway runs along the bottom of a steep embankment and has a history of failures of the cutting slope. L.B. Foster’s Insight LiDAR units are now providing real-time monitoring of slope integrity at critical sites along the line.
Adam Cousins is Head of Business Development at L.B. Foster. He says: “Winning this award is recognition of all the hard work that has gone on behind the scenes to design, develop and deliver a truly outstanding remote condition monitoring solution for Network Rail.
“On Friday 28th August 2020, our Insight Earthwork Monitoring system measured a slippage that was reported in real time. This was after the system went live in June 2020 for full site reporting to Network Rail’s local infrastructure management team. The report generated from Network Rail noted that the system measured a slip. LiDAR head 2 recorded the movement on the track point measurement. The Insight system recorded the slip at precisely 07:24:31am, with Network personnel receiving the email alarm notification at 07:25am.
“This event during live reporting operation of the system showed the excellent response time of the system to a detected cutting slippage of sufficient dimensions to cause concern. Of particular importance was the ability of the train controllers to action signalling to halt trains on receipt of a critical alarm prior to potential concern for a derailment. ”
Network Rail manages a portfolio of more than 190,000 earthworks assets, including slopes, embankments, soil cuttings and rock cuttings. Many of these assets are over 150 years old and pose a significant risk to the railway especially after heavy rainfall, making the earth saturated and more prone to movement. Insight Earthworks Monitoring deploys LiDAR units to scan the earthwork slope, comparing against previous scans to detect tiny movements of the earthwork. Software ignores non-valid movement, such as wildlife and vegetation detection, and determines if the slope has moved sufficiently to raise an alarm. The amount of valid movement depends on the slope, soil type, vegetation, and water saturation and threshold limits for alarms can be configured to meet customer requirements.
The Ground Engineering Awards celebrate the very best in geotechnical engineering and are organised by GE Magazine. This year’s awards received almost 230 submissions across 18 different categories.
Nia Kajastie, editor of Ground Engineering, said: “We were delighted to host the GE Awards as an in-person event once again, and it was great to have so many industry representatives join us to celebrate the achievements of the ground engineering industry.
“The last year and a half have been tough for us all, but this sector and the people at the centre of it
have shown their perseverance and adaptability in the face of sudden changes.
“Despite the pandemic challenges, this was a record-breaking year for entries to the GE Awards. With a total of 227 submissions of a high calibre, our expert judges had their work cut out for them to choose the amazing winners.”
