Sector Focus
New site for wholesaler
A Birmingham-based wholesaler of Chinese food products has purchased new premises with the support of Barclays, resulting in the creation of new jobs within the city. New Harvest Wholesale Ltd
has purchased the 60,000 square foot site on Cheston Road, Birmingham. The business provides daily deliveries to hundreds of Chinese takeaways and restaurants around the country. The business was purchased
by director Ben Luk in 2013 who seized the opportunity to grow the business by increasing stock levels and identifying new customers. This year the company intends to reach a turnover of around £8m and has an ambitious three-year plan to increase this. Mr Luk said: “Our business
previously operated from two leasehold premises in the city, but due to rapid business growth we were facing storage issues and the lack of space was becoming a problem.”
Finance Sector Focus The latest news from the sectors that matter to business NEC Group growing strong
The NEC Group has reported impressive growth in its latest set of financial results. The Birmingham-based group –
which includes five major live event venues as well as caterer Amadeus and ticket agency The Ticket Factory – has filed its second set of financial results since being acquired by LDC in May 2015. Figures show revenue of £157.7m
for the year to 31 March 2017, up £23.9m (17.9 per cent) on the previous year. Reported EBITDA for the trading
businesses (including valuation gains on investment properties of £2.6m) was £50.4m, up £18.6m (58 per cent) on the underlying position for the previous year. Key to the accelerated growth
were several new exhibitions, increased levels of non-exhibition activities held at the NEC and the first full year of rentals from
Resorts World Birmingham, operated by Genting. New exhibitions included
Automechanika, Destination Star Trek and the UK Games Expo. These supplement the programme of well-established exhibitions including Spring Fair, Crufts and the BBC Good Food Show and more recently introduced formats such as Insomnia, the UK’s biggest gaming festival. The group’s two arenas
welcomed over 1.4 million visitors The NEC’s Genting Arena
during the year. International music acts hosted included Adele, Justin Bieber, Drake and Black Sabbath and the arenas also welcomed back Horse of the Year Show, BBC Sports Personality of the Year, Strictly Come Dancing and Cirque du Soleil. The group also continued its
programme of capital investment. Capital expenditure of £17.2m was incurred during the financial year, up £0.6m on the previous year, with a focus on projects to enhance the customer experience and drive trading performance. NEC Group CEO Paul Thandi
said: “This has been an exceptional year, building on the strong maiden results the group posted 12 months ago. As part of our transformation agenda, we are implementing an exciting and focussed strategy which starts with a deep understanding of the needs of our customers and visitors.”
54 CHAMBERLINK November 2017
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