Invertek Drives reaches three million milestone for its variable frequency drives
Mid Wales-based Invertek Drives has celebrated producing its three millionth variable frequency drive (VFD). The landmark arrives just three years after the two-million milestone, demonstrating rapidly growing demand for its energy-saving solutions. The company is currently undergoing a major expansion, including a new 27,000 sq ft facility to boost production capacity to over 1.5 million drives annually. Wit growing demand for VFDs across various industries the company achieved a record turnover of £96.9m in 2023, a 27% increase year-on-year. With a workforce exceeding 460 employees, it also recently announced plans for a multi-million-pound investment in its VFD research and development programme, including a new innovation centre and HQ. Read More : Our Welsh export champions Read More : Plans for £200m carbon capture and storage facility in Flintshire Its Optidrive VFDs play a crucial role in reducing energy consumption of up to 50% in some applications and associated emissions. By precisely controlling electric motors, they ensure they only use the power needed for the specific task, significantly reducing wasted energy. The firm’s chief executive, Adrian Ellam, said: “Tackling energy waste and emissions is a global priority. Our VFDs provide a powerful and proven solution. Expanding their use will significantly impact environmental sustainability. We innovate relentlessly, ensuring our technology remains at the forefront of efficiency. “We are expanding our Innovation team significantly to create next generation VFD products as more and more industries and sectors adopt such technology to increase efficiencies in systems and reduce energy consumption, leading to improved profitability.” Rhydian Welson, sales and marketing director, said the company’s recent launch of its new Optidrive elevator core VFD was the start of a new generation of VFDs entering the market. He added: “Our significant and continued investment in innovation over the past 25 years has positioned us as a leader in the development of VFD technology. We have a large and dedicated customer base who recognise the ease of use and durability of our drives in a wide range of applications, often in demanding environments.
MBO at Birmingham printing company
A printing company is under new leadership following a management buyout. Birmingham-based Set and Match is now under the control of managing director Stuart Mills after he bought out the firm's existing shareholders. Established in 1992 by John Mills and Jim Reely, Set and Match originally specialised in typesetting, moving into traditional printing with the purchase of a print business in 2002. The management buyout will now enable Mr Mills to merge two businesses, Colprint and Set & Match, and own them outright, focusing on growing print services. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. The MBO was backed by a £140,000, asset-based lending round from Bath-based Time Finance, split equally between an invoice finance facility and a secured loan. Mr Mills said: "Asset-based lending is not a funding solution that I had come across, even as a business owner for over 20 years. But it makes absolute sense to me to utilise the assets that already exist in the business. "It has created a funding solution which is flexible and it allows me to complete my share purchase and continue to fund and grow my company." Rob Walters, business development manager at Time Finance, added: "When we were introduced to Stuart, there was an assumption that to complete his buyout he would simply need a loan due to the size of his business. "Asset-based lending is a solution that SMEs don't explore because so many traditional lenders only package this form of funding in much larger sums." The deal was facilitated by Time Finance's broker partner, Paul Varley at Navigate Commercial Finance. Mr Varley said: "I'm delighted to have played a part in supporting Stuart and Set & Match with their next phase of growth.
Boohoo shares rebound from historic low as battle over its future continues
Shares in the fast fashion giant Boohoo have rallied from a record low as the company faces another pivotal moment ahead of a decisive vote this festive season. The Manchester-based conglomerate, which owns brands such as Debenhams and PrettyLittleThing, experienced a drop in its share value in July from 35p to 27p. However, Boohoo's shares have since rebounded to their pre-slump levels amidst ongoing debates about its strategic direction and management. Despite the recovery, Boohoo's shares are still trading lower than the 41p mark they hit in January 2024, and far below the peak of 413p during the height of the Covid-19 pandemic, as reported by City AM. This morning's uptick occurred as a leading shareholder advisory firm, Institutional Shareholder Services (ISS), advised Boohoo investors to oppose Mike Ashley’s attempt to secure a board position at the emergency meeting scheduled for later this month. Boohoo confirmed that ISS had recommended a vote against the proposal on 20 December. The fashion retailer is currently locked in a dispute with businessman Mike Ashley’s Frasers Group, which holds a 27% stake in Boohoo. On Sunday, Ashley penned an open letter to shareholders criticising the company for what he described as an "egotistical founder who has an unhealthy grip on the board" and claimed the company was "in desperate need of the guidance I can provide". He also cautioned against a scenario where there is a "fire sale of assets at knockdown prices", including the Debenhams brand, which he argued should not be sold. Ashley expressed his intention to take on the role of Boohoo’s chief executive to aid the brand and "prevent any dishonest profiteering" off investors. In retort, Boohoo maintained that Ashley was acting in pursuit of his own commercial interests, not those of its shareholders. On Monday, Boohoo articulated in a release: "ISS states that Frasers has offered a superficial view of performance and no specific plans for change and the two Frasers candidates, Mike Ashley and Mike Lennon, have real conflicts of interest, concluding that board change at Boohoo Group is not warranted." Chairman Tim Morris endorsed the support from ISS, stating it aligns with the board's recommendation to dismiss the proposals from Frasers Group. Shareholders are set to cast their votes on Ashley’s bid for a board position at the company before Christmas. A representative for Frasers commented: "The ISS opinion pre-dates the statements from Mr Ashley yesterday." They added, "Mr Ashley set out clearly in his letter of 8 December his determination to work on behalf of all boohoo shareholders and support Dan Finley to deliver on the opportunities to turn around the fortunes of the group and restore shareholder value." "He has been very clear he would not want Debenhams sold or any fire sale of assets and has put on record his commitment to transparency and shareholder consultation, something badly missing under the current board." "To achieve this, boohoo shareholders must vote for the resolutions on 20 December." AJ Bell investment analyst Dan Coatsworth commented: "Boohoo says it is not deliberately seeking confrontation with Frasers, yet this is more than just a simple war of words." "Its battle against the Sports Direct retailer is being played out in the public domain for all to see." "Each week brings a new form of attack from one side or the other, the latest being Boohoo latching onto a recommendation from proxy adviser ISS to vote against Frasers’ quest to get Mike Ashley a seat on Boohoo’s board." "Recommendations from ISS or fellow proxy adviser Glass Lewis rarely form the backbone of an announcement to the stock market, but Boohoo has seized upon ISS’s latest recommendation to launch another attack on Frasers." "This follows comments at the weekend from Mike Ashley that Boohoo must avoid a ‘fire sale’ of assets." "The fate of Boohoo will be in the hands of its shareholders when they vote on 20 December." "At 35.88p, Boohoo’s share price is on its knees, trading at a fraction of the 400p+ level seen in 2020." "Long-suffering shareholders might welcome someone of Ashley’s calibre joining the board and offering a different viewpoint to revive the business." "Equally, some shareholders may not take kindly to his vulture-like tendencies and view a board appointment as a pre-cursor to Frasers muscling in and taking Boohoo out on the cheap."
Leicester scheme to stop alcohol related crime and disorder
A national scheme to recognise responsible pubs, clubs and bars and stop alcohol related crime and disorder has been launched in Leicester. The Best Bar None accreditation scheme, supported by the Home Office and drinks industry, has been rolled out in the city to help provide a safer night out. The people behind it say dozens of venues have applied to gain the accreditation, which is designed to build positive relationships between the licensed trade, police and local authorities. It is also designed to champion improvements in the way venues are managed and encourage best practice to be shared. The scheme first started in Manchester in 2003 and has since grown to include towns and cities throughout the UK, as well as some overseas locations. It has been launched by BID Leicester – the body behind the city’s business improvement district – in partnership with Leicestershire Police, Leicester City Council and CityWatch Leicester. It is sponsored by De Montfort University, the Safer Leicester Partnership and Leicester licensing business PPL PRS. BID Leicester director Simon Jenner said: “Leicester city centre has a vibrant evening and night-time economy, with a huge variety of pubs, restaurants, bars, and clubs, which each contribute towards the city centre being a fantastic place for a night out. “The scheme will provide a framework to build upon this solid foundation, by providing support and the sharing of best practice, to raise standards across the city. “The response to the launch of Best Bar None has been resoundingly enthusiastic so far, with over 90 venues registering an interest in applying for the accreditation, pubs, bars, restaurants, and clubs. “As well as providing recognition for venues, Best Bar None accreditation will mean that visitors can be even more confident of an enjoyable and safe night out.” The scheme is open to all licensed premises in the city, with BID Leicester members able to join for free. Venues will be supported in submitting a detailed application showcasing their good practises and achievements to achieve accreditation status. On completion of the accreditation process, the project will culminate in an awards ceremony which will further recognise and reward responsible premises. Entries will be reviewed by a panel of judges and an awards evening held. Leicester City Council’s city centre director Sarah Harrison, who chairs the Night Time Economy Strategic Group, said: “Best Bar None aims to recognise the night-time venues that provide a safe and enjoyable experience for their customers.
Turf manufacturer SIS Pitches aims for global growth with factory investment and key hires
Synthetic turf manufacturer SIS Pitches has invested £500,000 in its factory as it bids to win more contracts around the world. The company has installed two more tufting machines at its factory in Maryport, Cumbria, to more than double its capacity to make elite sports surfaces. SIS Pitches makes hybrid, synthetic and natural pitches for sports football, rugby, hockey, padel, Gaelic sports, tennis and cricket. Existing clients include Celtic , Rangers, Saracens Rugby Club and Loughborough University. Parent company SIS Group, which also includes specialist machinery and undersoil drainage divisions, has seen “controlled growth” over the last three years with turnover growing by an annualised 30% and staff levels growing 25%. Last month it opened a new office in Warsaw to drive growth across Central Europe. It also opened a new office in Riyadh to coincide with SIS Pitches’ installation of the world’s first fully indoor hybrid pitch in just 21 days at the Saudi capital’s Kingdom Arena. SIS Group has also seen growth in Georgia after securing a deal to install and maintain 11 hybrid pitches for the UEFA under-21 European Championships. It has installed padel court, baseball and equestrian surfaces in the United Arab Emirates, and bought turf farms in Saudi Arabia and Turkey to serve Eastern Europe and the Middle East. The new machines in Maryport will make SISTurf, SIS’s synthetic pitch product used by sports teams, schools, colleges and universities worldwide. The group has also made six senior appointments as part of its expansion drive. Dan Meredith joins as group marketing director, with Lucas Poen becoming operations director. Simon Drury is taking on the role of sustainability manager, while Duncan Drury joins as head of IT. Dan Ramsdale has been recruited as SIS Project Manager, while Rafal Abel joins as the business development representative for Poland at the group’s new Warsaw office. SIS Group chief executive George Mullan said: “We are committed to the development of exceptional playing surfaces using the latest materials and manufacturing techniques. Our latest investment will make us more efficient and is a signal of our intent to grow, just as we experience sustained interest from some of the most recognisable names in sport. “But this is also a commitment to our future as a UK-based manufacturer. With these new machines, we will be able to complete more projects at home and abroad. This will have a real impact at both elite and grassroots level, giving people more opportunity to participate in their chosen sport.”
Lloyds, HSBC, NatWest and other bank payments could be delayed three days
Bank payments could be delayed by up to three days under new rules that would give banks more time to investigate potential fraud. The Government said it was proposing laws that will extend the time that payments can be stalled by up to 72 hours. Currently, a bank has until the end of the next business day to either process or refuse a payment made by a customer. Extending the window will give banks more of a chance to investigate transactions deemed to be suspicious, and potentially block any high-risk payments from going through. Tulip Siddiq, the economic secretary to the Treasury, said: “Hundreds of millions of pounds are lost to scammers each year, targeting vulnerable communities and ruining the lives of ordinary people. We need to protect these people better, which is why we are giving banks more time to investigate suspicious payments and break the criminal spell that scammers weave.” Rocio Concha, the director of policy and advocacy at consumer group Which?, said the proposals mark a “positive step in the fight against fraud”. “While it should not affect the vast majority of everyday payments, it’s important that banks can delay a bank transfer and take action if they think a customer is being targeted by a scam. These measures should be used in a careful and targeted way.” If a bank finds evidence to suggest a payment is fraudulent then it needs to inform customers about a delay, and explain what they need to do in order to unblock it. Banks will also have to compensate customers for any interest or late payment fees they could incur as a result of delays. The changes are designed to prevent people falling victim to authorised push payment (APP) fraud, which occurs when they are coerced or tricked into sending money to a fraudster. Purchase scams, where people pay for a product or service that they never receive or is counterfeit, are on the rise, as well as so-called romance scams.