- Boosting the capabilities of innovative businesses already operating in fields such as artificial intelligence or financial, health and legal technology;
- Supporting people from diverse backgrounds who want to launch their own innovation-led businesses;
- Raising the profile of Leeds as a centre for innovation and showcasing its strengths to outside investors.
Leeds makes money available to support world-class thinking by city’s businesses
Housebuilder submits plans to deliver 170-home development in Lincolnshire
Demolition works mark start of Rotherham Markets transformation
Work has started on the demolition of the former Drummond Street shops – also known as the Guardian Centre buildings – at the Rotherham Markets site this week.
Hull locksmith finds key to £60,000 investment
Hull-based locksmith J O’Neill & Co has secured £60,000 from the Northern Powerhouse Investment Fund II, and will use it to meet increased demand, buy new equipment, create six new jobs, and safeguard 30 existing ones.
And the decision makes it one of the first businesses in the Humber to benefit from a NPIF II Smaller Loan since the launch of the £660m fund in March this year.MD Ben Hicks said: “This funding marks an important milestone for J O’Neill & Co as we continue to build on our 80-year legacy. It will allow us to invest in new equipment, meet growing demand, and create valuable job opportunities for the local community. We take great pride in our roots, and with this support from BEF and NPIF II, we’re well positioned to strengthen our service offering while driving sustainable growth for the future.”
Duane Walker, investment manager at BEF said: “We’re delighted to support J O’Neill & Co through the NPIF II and CIEF2 funds. As a longstanding, family-run business with deep ties to the local community, they exemplify the kind of enterprise we’re committed to helping grow and thrive. This funding will not only enable them to invest in new equipment and expand their operations but also contribute to the creation of new jobs, further supporting economic growth in the region.”
Founded in 1945 by James O’Neill, the business provides 24/7 locksmith services, garage door installation services, property maintenance, and safe engineering across the East Riding of Yorkshire.
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
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Vertu Motors acquires Yorkshire dealership group
Vertu Motors, the automotive retailer with a network of 202 sales and aftersales outlets across the UK, has acquired Yorkshire-based Burrows Motor Company.
Burrows is a family-owned group of dealerships operating five Toyota dealerships, two Mazda dealerships and one Kia dealership. The acquisition significantly increases Vertu’s brand presence in Yorkshire and Nottinghamshire adding outlets in Barnsley (2), Doncaster, Rotherham, Sheffield (3), York and Worksop.
All outlets will be rebranded Vertu and integrated into the Vertu systems platform in the coming weeks.
For the year ended 31 December 2023, Burrows Motor Company Limited achieved revenue of £168.9m and an operating profit of £1.4m.
Robert Forrester, CEO of Vertu Motors, said: “We have long admired the Burrows business and are delighted to have completed this acquisition creating further scale for the Group with key Manufacturer Partners.
“The acquisition of Burrows gives us considerable scale in our partnership with Toyota and strengthens the Vertu brand in Yorkshire and Nottinghamshire. This is in line with our strategy to actively pursue value accretive growth opportunities to enhance our portfolio, applying strict investment return metrics as well as returning cash to shareholders.”
Majority stake snapped up in Leeds medical equipment manufacturer
Reinsberg Group, the MedTech holding of BHM group, a Prague-based investment firm, has acquired a majority stake in Brandon Medical, a Leeds-based company specialising in the development and manufacturing of medical equipment.
This acquisition is a key part of Reinsberg Group’s strategy to build a strong group of independent European medical manufacturers, leveraging their capabilities to achieve economies of scale in the global consolidation of the medical industry.
“This move strengthens our market position especially in the UK market as well as in the area of hospital products as lights, integration and other products while supporting the growth and innovation of Brandon Medical,” said Dr. Markus Keussen, CEO of Reinsberg Group. “We are excited to welcome this company into our family and continue developing it with a focus on its key products, both in the UK and globally.”
Brandon Medical is a manufacturer and designer of advanced technological solutions for operating theatres, critical care, and primary care, with over 70 years of experience in the healthcare sector. This acquisition is part of Brandon Medical’s long-term succession plan to ensure the company’s strategic growth and sustained success in a dynamic and fast-changing marketplace. Adrian Hall, Chief Executive Officer, Brandon Medical, said: “As part of a larger group we now have the opportunity to leverage a wider pool of expertise, resources, and innovation. This will allow us to accelerate innovation and enhance the value we deliver to our customers, partners, and stakeholders. Together, we are positioned to drive even greater success, fostering innovation and creating new opportunities in our global markets.”