Independent Builders Merchant Group has appointed industry stalwart, Allun Pittingale, to the newly created role of Managing Director of the Builders Merchants Division. Allun started his career at the independent Western Builders Merchants in South London and has an impressive track record as a trader, steeped in builders merchanting. From
The proportion of UK small businesses predicting growth has almost doubled in just three months – from 14% to 27% – giving one of the first tangible indications that the Government’s easing of lockdown is having a positive impact on a key area of the UK economy. The quarterly tracking
Castleforge Partners, a leading UK-based real estate fund manager, today announced the final close of its third value-add commercial real estate fund at over £270m. Castleforge Partners III (“CFP III” or the “Fund”) successfully exceeded its predecessor by 15%, despite challenging fundraising conditions created by Brexit uncertainty and the COVID-19
Independent Builders Merchant Group has appointed industry stalwart, Allun Pittingale, to the newly created role of Managing Director of the Builders Merchants Division. Allun started his career at the independent Western Builders Merchants in South London and has an impressive track record as a trader, steeped in builders merchanting. From the age of twenty one, he held several branch manager positions for Erith Building Supplies, Hall & Co and Builder Center before joining the Travis Perkins Group in 2001. He spent eighteen years with the TP Group and was a central figure in the leadership team that brought the Benchmarx Kitchens & Joinery business to market before being appointed regional managing director in the South East, a role he held for the last four years. Renowned for building tight teams and obsessing about his customers and colleagues, he is considered a perfect fit for IBMG. Allun said: “I have been a big fan of independent merchants for many years and I had been intrigued by the unique competition provided by the newly formed Independent Builders Merchant Group. I am absolutely thrilled to be joining IBMG and be going back to my independent roots.” Andrew Cope of Independent Builder Merchant Group, said: “We are extremely pleased to welcome Allun to IBMG and know that under his leadership, our builders merchant branches will go from strength to strength.” Independent Builders Merchant Group includes Parkers and Chandlers Building, Stamco Timber and Fairolls. The Group provides all heavy-side building materials, civils, roofing & timber, plus an array of ancillary product lines including kitchens, plumbing & heating, joinery, architectural ironmongery, gardening and landscaping supplies. Local branch contact details can be found at www.independentbm.com <http://www.independentbm.com>
The proportion of UK small businesses predicting growth has almost doubled in just three months – from 14% to 27% – giving one of the first tangible indications that the Government’s easing of lockdown is having a positive impact on a key area of the UK economy. The quarterly tracking study by Hitachi Capital Business Finance goes beyond sentiment and confidence – it examines the percentage of small businesses that actually predict growth in the next three months. Following last quarter’s report, which saw the percentage of small business owners predicting growth plummeting from 39% to just 14%, the new findings show the highest quarter-on-quarter rise in five years. With 27% predicting growth overall, there were significant rises in the percentage of small businesses predicting moderate expansion the next three months (up from 10% to 23%) or no change (26% to 43%). This meant there has been a huge reduction in the percentage of businesses that fear contraction (down from 31% to 19%) or collapse in the next three months (down by almost two thirds from 29% to 11%). By sector, the IT/telecoms sector had the highest proportion of small businesses that predicted growth for the three months to 30th September (44%). The biggest rises in confidence since lockdown were evidenced in and transport and distribution (up from 8% to 34%) and manufacturing (9% to 30%), where the resurgence of growth forecasts was striking. There were also significant rises in sectors hardest hit by lockdown: In retail, the percentage of small businesses predicting growth rose from 21% to 27% – and in hospitality growth forecasts rose from 11% to 16% in the three months since April. The research also suggests that smaller, more agile enterprises will be the fastest to adapt to the UK’s re-emergence from lockdown: Small businesses that had been trading for less than five years (35%) and those that employed 10-49 employees (37%) were most likely to predict business growth for the next three months (to 30th September). Gavin Wraith-Carter, Managing Director at Hitachi Capital Business Finance commented: “The latest Hitachi Capital research findings are remarkable for both the scale and the speed of the revival in small business confidence. We knew last quarter that small business confidence would fall as lockdown started and the scale of the fall was a concern, particularly the steep rise in the number of business owners fearing for their survival. Our new research – just in – shows what an immediate and positive impact the easing of lockdown has had on the small business community. Whilst bigger businesses are having to adjust and adapt at a slower pace, small business confidence across the UK has bounced back and as the engine room of the British economy, today’s figures can give us confidence that small businesses will lead the nation’s effort to rebuild the economy and secure growth.”
Castleforge Partners, a leading UK-based real estate fund manager, today announced the final close of its third value-add commercial real estate fund at over £270m. Castleforge Partners III (“CFP III” or the “Fund”) successfully exceeded its predecessor by 15%, despite challenging fundraising conditions created by Brexit uncertainty and the COVID-19 outbreak. Castleforge Partners has further diversified its investor base, securing new commitments from institutional investors in North America, Europe and Latin America including a private pension fund, endowment, foundation and family offices. The Fund also received strong support from existing investors, with approximately 60% of the capital from long-standing partners. This combination of investors shows confidence in Castleforge Partners’ ability to outperform in the current market environment. Castleforge Partners is a private equity real estate business that was established in 2010 and has grown to a team of over 70 professionals (incorporating their London headquartered core team and in-house operating platforms clustered around the asset base). Since inception, Castleforge has closed 40 deals and successfully realized 17. Research remains a central tenet of the investment strategy and the output informs asset selection and thematic focus. This has helped to guide Castleforge away from troubled sectors and built exposure to themes that benefit from structural growth tailwinds. Driven by research, Castleforge has placed increasing emphasis on operational improvement to supplement traditional value creation initiatives. This has led to the creation of in-house operating platforms which enhance occupational experience to match evolving end-user demand, while driving yield and managing operational risk. The platform is establishing considerable scale in various high growth asset-classes and has begun to expand the asset base into continental Europe. Commenting on the Fund closing, Brandon Hollihan, Co-Founder of Castleforge Partners, said: “We are greatly appreciative of our investors, old and new, for their support and partnership. It is an exciting time for Castleforge Partners, and we believe we are well positioned to access new opportunities and grow our business, whilst also supporting the communities in which we invest.” Atlantic-Pacific Capital served as the exclusive global placement agent. Alex Hurst, Partner at Atlantic-Pacific, said: “We are pleased to close CFP III with commitments in excess of the predecessor vehicle despite headwinds in the capital markets resulting from a trilogy of events incorporating Brexit, a snap election and a global pandemic. We have enjoyed the second collaboration with Castleforge Partners and expect their focus on risk management and the unremitting evolution of their platform will serve investors well.”
