City Briefs: Meggitt; Mitchells & Butlers; Brooks Macdonald; LightwaveRF

Large contract win for Meggitt

AEROSPACE group Meggitt has secured a multi-million dollar contract for an advanced wheel and braking system for Gulfstream Aerospace’s new G500 and G600 business jets.

The G500 and G600 aircraft will be capable of 5,000 and 6,200 nautical miles respectively and feature a maximum operating speed of Mach 0.925, matching the G650 and G650ER.

To help ensure Gulfstream meets these performance parameters, Meggitt’s Aircraft Braking System division – which has a base in Coventry – is developing advanced wheels and compact carbon brakes featuring its latest generation carbon composite heat sink material and anti-oxidant coating, optimised for weight, envelope and reliability.

Both aircraft will feature Meggitt’s tyre pressure monitoring system, which it will integrate as well as design; an ‘intelligent’ brake-by-wire control system featuring high performance braking via conventional pedal braking; and a touchscreen-driven automatic braking system to maintain selected deceleration levels on touchdown and improve stopping performance.

Stephen Young, Meggitt chief executive, said: “Meggitt Aircraft Braking Systems continues to benefit from excellent demand worldwide for long range business jets.  This is one of Meggitt’s largest ever braking systems contracts in the business aviation marketplace, promising a strong revenue stream in spares and repairs over the life of the programme.”

Carpetright offers new role for M&B’s Ivell

BOB Ivell, chairman of Birmingham pubco Mitchells & Butlers, has been appointed to a similar role at carpet retailer, Carpetright.

Ivell, who is also senior independent director of Britvic and AGA Rangemaster Group, will assume the role with effect from November 1, 2014. In addition, outgoing Carpetright chairman Lord Harris has confirmed that he will retire from the firm’s board with effect from October 31.

Ivell was previously chairman of David Lloyd Leisure, Park Resorts Group, Next Generation Clubs Pacific and a non-executive director of The Restaurant Group. He has over 30 years’ experience in the food and beverage industry, holding executive roles with Regent Inns, Scottish & Newcastle and Whitbread, each of which involved the management of large consumer-facing estates.

He said: “I am looking forward to working with the board as we seek to drive a sustained recovery in profitability and to build on the strong legacy being left by Lord Harris.”

Funds improve for Brooks Macdonald

WEALTH management group Brooks Macdonald has announced an increase of funds under management for its first quarter.

The group, which has an operation in Leamington Spa, said that as of September 30, 2014 discretionary funds under management totalled £6.677bn, an increase of 1.99% (June 30, 2014: £6.550bn).
 
This represents all our discretionary funds across the group (Asset Management, Funds and International) and this growth was a combination of performance (£25m) and net new business (£102m) over the quarter.
 
As at September 30, 2014 advisory funds under management (managed by Brooks Macdonald International) totalled £460.9m, an increase of 0.99 % (June 30, 2014: £456m).
 
The group’s property management business Braemar Estates had property assets under administration of £1.142bn, an increase of 0.79 % (June 30, 2014: £1.13bn).
 
The group now has third party assets under administration in excess of £215m (June 30, 2014: >£200m).

Chris Macdonald, Chief Executive of Brooks Macdonald, said: “Despite more challenging markets during the quarter, which is historically our slowest trading period, the group has grown discretionary funds under management by c. 2%, derived from a combination of organic growth and by performance. Against this background, the group has made a reasonable start to the new financial year.”

Tiller steps down as FD at LightwaveRF

BIRMINGHAM-based home technology firm LightwaveRF has announced that its Finance Director, Frank Tiller, is to leave the board with immediate effect in order to pursue other opportunities.

Commenting Mike Lord, Chairman and CEO said: “Frank has been involved on a part time basis with the company since its admission to AIM in 2008. The company has now reached a stage in its development when it has been agreed that it is the right time for him to leave.

“We wish him every success in the future and thank him for the contribution he has made to the progress of the company. Measures are in place to cover Frank’s role until a suitable appointment can be made.”

LightwaveRF, formerly JSJS Designs, is the creator of the LightwaveRF Smart Home platform, which enables households and businesses to remotely monitor and control lighting, heating, power and security using an online app or via the internet.

 
 

 

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