Watch Insider's Business Briefing - 7th August
Dan and Adam discuss plans for a huge tower block in plymouth, an MBO at a Meryseyside law firm, news from a carbon fibre specialist established by a former Tour de France winner, and financial results from Irwin Mitchell.
Category
🗞
NewsTranscript
00:00Plans for a huge tower block in Plymouth, a management buyout at a law firm in Merseyside,
00:05news from a carbon fibre specialist established by a former Tour de France winner, and results
00:10for a national law firm, all featured in today's business briefing.
00:19Good morning, I'm Daniel Zembartis.
00:21And I'm Adam Beach.
00:22So, I'll kick things off, Adam.
00:23I've seen plans for a major development in Plymouth, so a 30-storey tower block at a
00:28hotel is going to be built in the city centre, should these plans go ahead.
00:32Now, that would consist of 300 homes and 114 hotel rooms.
00:37That hotel has not been named, but we do know that there is a Premier Inn and a travel lodge
00:40in the area, so we can probably rule them out, but we will see.
00:44SLV Investments are behind the proposals for what they have called Crescent Green.
00:48It's going to be built in Derry's Cross, which is currently used as a car park, so should
00:52these plans go ahead, that is bad news for those who like to park in Plymouth, but good
00:56news for those who are visiting the city.
00:58But we are quite early on in the application process, so at the moment, a screening opinion
01:03request has been made and a full detailed planning application will be submitted towards
01:07the end of the year.
01:08So, moving away from that, I hear you've got results from a national law firm.
01:12Yeah, law firm Irwin Mitchell, which has officers across the UK, has released figures from their
01:17latest financial year, and it shows a strong year for the business, revenues passing £300
01:22million for the first time, a significant milestone.
01:26The company said the figures were boosted by a pair of significant deals, including
01:30the acquisition of Silk Family Law in the North East.
01:34A raft of appointments and promotions were made during the period, and details of that
01:39and the revenue and pre-tax profit performance can be found in the story on Insider Media
01:43this morning.
01:44I'll make sure to check that out.
01:45So sticking with thriving law firms, let's see, I've got news from a law firm based in
01:50Crosby.
01:51So, Black Norman Solicitants, they are set to undergo a management buyout, which will
01:56be helped by a six-figure loan deal from River Capital.
01:59Now, they were established in 1976, and they specialise in property and private client
02:04work.
02:05And for the loan, we'll see the current owner and director, Richard Entwistle and Shoab
02:10Panwar, acquire the shares of Howard Norman, the founding partner.
02:14He spent 48 years in the company and aged 74, he's taking a step back into a consultancy
02:20role.
02:21So, the loan will support future growth and expansion plans for the firm, and they currently
02:24employ 30 staff, but plans are in place for five full-time positions to come up in the
02:29incoming years.
02:30So, moving away from law firms, and to finish off, you've got news from a carbon fibre specialist.
02:36Yes, Le Monde Carbon, founded by Greg Le Monde, who won the Tour de France three times, I
02:42believe, submitted plans for carbon fibre production facilities in Grimsby.
02:48It's two facilities, one submitted in outline, one detailed, each of which will extend to
02:54above 140,000 square foot, and it's forecast that the scheme, once fully operational, will
03:00create hundreds of jobs for the region.
03:02Now, the company's UK arm is actually commercialising a new technology for manufacturing carbon
03:09fibre, designed to be greener and of a lower cost, so that's definitely notable considering
03:13the country's sustainability objectives.
03:16You can read about that and other stories from this morning on InsiderMedia.com, where
03:21you can subscribe to our newsletters and hear about upcoming events.