Principle to manage 142 apartments in former bank headquarters

Tess Egginton
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Principle to manage 142 apartments in former bank headquarters
A unique luxury development of 142 apartments in a famous former bank’s landmark headquarters in Yorkshire is to be looked after by Principle Estate Management. Principle has won the contract for what will be known as The Halcyon from property investment company Joseph Mews, partners on the project with developers Sekhon Group. The Halcyon is on Croft Road in Bingley in the heart of the Yorkshire Dales, once the base of the former Bradford and Bingley banking group. This will be transformed into a mix of one, two and three-bedroomed apartments with the first block, Bingley House, featuring 34 homes and expected to complete by the third quarter of next year. The whole scheme will be ready by the end of 2026 and will include business suites and meeting rooms, a cinema room, private dining spaces, residents’ lounge and café bar, gym and peloton room. There will also be a yoga and wellbeing studio, golf simulator suite, private event space and games lounge. Joe Jobson, joint managing director at Principle, said: “We are thrilled to have been appointed to manage The Halcyon, a unique and luxury development. “There will be 142 beautiful apartments launched over three stages that will introduce a new and exciting standard of modern living, but without compromising the distinctive character of the existing building. “The developers are creating new benchmarks for quality apartment living with an impressive reception area, sweeping staircases and a skybridge. “Each apartment will be significantly larger than the market average, utilising open-plan layouts, sumptuous interior design and fantastic views of the surrounding area. “Once again, we won this major contract by showing the developers our proven success as managing large schemes across the country. “We were able to demonstrate how our experienced managers will use the MRI Qube-powered IT systems to operate an impressive package of finance, maintenance, asset management, compliance and resident engagement. “We will support Joseph Mews and Sekhon Group throughout the build process to help them carefully plan the high quality levels of professional service that will make a difference every day for new residents. “This close liaison will continue as the development emerges, including putting together budgets, reviewing operating and maintenance manuals, issuing service contracts and carrying out a full onsite inspection. “This will mean that everything will be in place and ready to work smoothly when The Halcyon reaches its management stage.”

Hull College awards major maintenance contract to former student

Tess Egginton
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Hull College awards major maintenance contract to former student
A Yorkshire-based building services engineering company has been awarded a three-year maintenance contract to carry out all electrical maintenance works for Hull College. GW Power was established in Hull in 2014 by managing director, Daniel Haley, who started his career as an apprentice at the college. He said: “It’s a real full circle moment for me! We have been awarded the electrical maintenance contract for the full college estate following a competitive public tender, with several companies bidding for the work.” GW Power provides a full range of renewable energy, mechanical and electrical solutions to public sector clients and businesses across all industries. The company now employs a 43-strong team and is actively recruiting electricians, plumbers, gas and heating engineers, renewables specialists and apprentices throughout 2025. Daniel added: “In the past 12 months we have employed five apprentices from Hull College, and they will no doubt get the chance to work with our team at the college over the coming years thanks to this contract win.” Head of facilities and contracts at Hull College, Matthew Blowman, said: “We’re thrilled to partner with GW Power. The company’s expertise, reliability and commitment to delivering exceptional standards of service makes it the perfect choice to support the smooth operation of our campus. “We look forward to working together to ensure our facilities continue to offer an exceptional experience for our students and staff.” Daniel added: “Hull College played a pivotal role in shaping my career, and I’m incredibly proud to be awarded this contract. Walking through its doors as a young apprentice sparked the journey that brought me here today. “This partnership allows GW Power to give back to a place that means so much to me, while continuing to nurture the talented apprentices who are the future of our industry.” GW Power-Safe expects its turnover to reach £12m in 2025.

ASOS makes changes to distribution network, with US customers to be served from Barnsley

Tess Egginton
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ASOS makes changes to distribution network, with US customers to be served from Barnsley

ASOS is making changes to its global distribution network, with US customers set to be served from the online clothing retailer’s Barnsley fulfilment centre. As a result the business will mothball its Atlanta distribution centre.

Due to these operating changes, ASOS expects a £10-20m annualised EBITDA benefit from FY26 onwards.

In a statement to the London Stock Exchange, ASOS said: “With success over FY23 and FY24 in reducing stock levels by c.50% and launching its new commercial model which requires lower stock holding, ASOS can offer better access to product for its global customer base while further reducing its distribution capacity and increasing the efficiency of its operations.

“Having successfully transformed the US into a profitable market over FY24, ASOS sees further opportunity to re-invest in the areas that matter most to its customers by optimising its global distribution model. From H2 FY25, US customers will be served from ASOS’ automated UK fulfilment centre in Barnsley, and through a smaller, more flexible local US site.

“This will offer ASOS’ US customers an enhanced product offering, including a broader assortment and faster speed to market of the best and most exciting product, while offering competitive delivery speeds and lowering the total fulfilment cost per order. ASOS will also roll-out Partner Fulfils in the US in FY25, further broadening the breadth and depth of the best product from our partner brands.

“As such, ASOS will mothball its Atlanta distribution centre in H2 FY25 and will formally market the site following the completion of the multi-year warehouse automation project.”

Seven employees will be directly affected by the change in operations and will be offered alternative roles where feasible, and third-party logistics partners will make efforts to redeploy several hundred staff to nearby sites, according to ASOS.

The company added: “As a result of these operating changes, ASOS expects a £10-20m annualised EBITDA benefit from FY26 onwards, assuming a reduction in US de minimis thresholds, and a similar benefit to free cash flow from FY26 onwards, with potential for additional working capital benefits.

“In FY25, it expects the impact on adjusted EBITDA to be broadly neutral. ASOS expects c.£190m of adjusting items predominantly relating to non-cash fixed asset impairments, resulting in a corresponding negative impact on reported profit. The impact on FY25 free cash flow is expected to be broadly neutral. ASOS re-iterates all other FY25 and medium-term guidance.

“ASOS remains excited about the opportunity in the US market and believes that its new operating model will better serve its US customer-base, while generating a better return on investment.”

2025 Business Predictions: Peter Garrett, MD, Keyland Developments Ltd

Tess Egginton
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2025 Business Predictions: Peter Garrett, MD, Keyland Developments Ltd
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Peter Garrett, MD at Keyland Developments Ltd. I’ve completed a number of predictions pieces over the years and fully understand that it’s impossible to forecast the unpredictable. For example, how many people looking forward into 2020 included the likelihood of a global pandemic? And how many in late 2021 predicted the start of Vlad’s ‘special military operation’ in February 2022? So, caveats regarding seismic world events in place, here are a few of my property predictions for 2025. Early indications suggest the Labour government will continue to demonstrate serious intentions to revive the economy by getting Britain building again. The 1.5m new homes is certainly a stretch target and it will shortly become very clear – if it’s not already – that one term in office is too short a period to deliver the changes needed to tackle a housing crisis that has been decades in the making. But demonstrating that the changes ushered in by the brand new NPPF are working is exactly what Labour must do if they are to achieve that all important second term in office. The Green Belt review will be a battle that is fought based on lots of mis-information; getting Joe Public to understand that Green Belt is not a landscape designation would be a good starting point. Even better if people also understood the negative implications of restricting development around our major cities to how those cities looked (and the populations they accommodated) in the 1960s. The UK’s population in 1965 was c54 million; in 2025 it will be pushing 70 million. All those extra people need somewhere to live and work and the size of our major cities as defined in the mid-1960s simply cannot accommodate them. Even with the Government’s push for development, I think the vast imbalance between supply and demand will ensure that house prices continue on their upward trajectory through 2025 and beyond. There doesn’t seem to be a limit on how far the relationship between average earnings and average house prices can be stretched.

Gateley CEO “pleased” with half year results as revenue and profit rise

Tess Egginton
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Gateley CEO “pleased” with half year results as revenue and profit rise

The CEO of Gateley, the professional services group, has said he is “pleased” with the acquisitive firm’s half year results.

For the six months ended 31 October 2024, group revenue grew to £86.3m, up from £82m in the same period of the year prior. Meanwhile, group underlying profit before tax rose to £10.6m, up from £10m. The results saw growth in legal services revenue (2.1%) overshadowed by revenue from consultancy services, which grew 13.6%.

Rod Waldie, Chief Executive Officer of Gateley, said: “I am pleased with the Group’s performance in H1 25.

“The Group continues to benefit from the resilience created by our strategy of investing in a diverse and complementary range of professional services. We are pleased that our more recent organic investments are beginning to generate positive returns alongside the strong performance from our recently acquired businesses.

“Our balance sheet provides a strong foundation from which to take a long-term view of potential opportunities to further invest in both legal and consultancy services.

“Finally, as always, I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude.”

2 Sisters Food Group appoints CFO

Stuart Pearcey
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2 Sisters Food Group appoints CFO

The parent company of 2 Sisters Food Group has appointed Paul Friston to be its Group Chief Financial Officer.

Paul will join the 2 Sisters Food Group business in early February and become a member of the BHL Board.

He is a Chartered Accountant and has a 28-year track record in financial and corporate leadership roles at Marks & Spencer, including being MD of its International business for six years.

He takes over from Nigel Williams who has decided to return to return to Australia for family reasons.

Ranjit Singh, President of BHL, said: “Paul joins at an extremely important time for the business, and I look forward to working closely with him as we execute our ambitious sustainability and investment plans in the coming years which will shape our business for the next generation.”

Paul Friston said: “2 Sisters is a dynamic business, I know it well and very much respect it as a food manufacturing leader in the UK, so I am extremely happy to be joining the team.

“There are clearly many challenges for the food sector in such a competitive and cost-conscious environment, but the potential of a business as ambitious and significant as 2 Sisters is a truly exciting prospect. I look forward to playing my part in taking the company forward.”

Taskforce talks over North Sea transition to renewable future

Stuart Pearcey
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Taskforce talks over North Sea transition to renewable future
An independent taskforce has met for the first time to ensure the North Sea’s strategic transition from oil and gas to a renewable future, while safeguarding up to 200,000 jobs. The North Sea Transition Taskforce brings together a diverse group of experts from industry, sustainability, supply chains, academia, and unions. Its three aims are to protect jobs, support the energy transition, and secure the long-term future of the North Sea as a vital national asset. The meeting at the British Chambers of Commerce marked the first step in creating an organised plan for transitioning from oil and gas to renewable energy while addressing challenges associated with licensing, decommissioning, investment, and the workforce. The Taskforce, chaired by Philip Rycroft, former Permanent Secretary in the UK Government, has assembled a panel of experienced leaders from a number of sectors:
  • Shevaun Haviland, Executive Director of the Taskforce and Director General of the British Chambers of Commerce
  • Professor Paul de Leeuw, Robert Gordon University
  • Professor Nick Butler, King’s College London
  • Dr Sally Uren, Executive Director and Chief Acceleration Officer, Forum for the Future
  • Sarah Moore, CEO, Peterson
  • Steven Gray, Managing Partner, Ventex Studio
  • Trevor Garlick, Independent Consultant
  • Peter Welsh, National Campaign Lead (Scotland), GMB
Mr Rycroft said: “This first meeting sets the foundation for an ambitious and inclusive agenda. Each member brings a wealth of knowledge and experience to help us ensure a just, fair and strategic transition for the North Sea. “By working together, we aim to provide Government with the blueprint for stability for businesses, protect tens of thousands of skilled jobs, and guide the sector and its critical energy assets towards a sustainable future.” The Taskforce’s discussions focused on identifying the key challenges and framing the scale of the transition. Initial conversations highlighted:
  • The opportunities presented by positive policy action in North Sea energy.
  • The need for long-term clarity around the fiscal regime for and governance of the North Sea to provide certainty to investors operating, or looking to operate, in the North Sea.
  • The future of the workforce in the North Sea and the transferability of the supply chain and skills between the oil and gas sector and the renewables sector.
Future meetings, in February and March, will delve deeper into these challenges, providing a comprehensive analysis and developing a framework to ensure an equitable transition. A consolidated and detailed strategy will be outlined as discussions progress with publication in Spring 2025. Shevaun Haviland, Director General of the British Chambers of Commerce, said: “The Taskforce was born from calls for action by industry leaders and workers alike. We are determined to find solutions that meet the challenges of net zero while safeguarding livelihoods and the UK’s energy security. This meeting has set the stage to develop a united approach from everyone involved to deliver a just transition.” The Taskforce’s recommendations will provide guidance to both the Scottish and UK Governments on managing the transition.

Council to consider awarding £9.6m Maritime Hub contract to Willmott Dixon

Stuart Pearcey
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Council to consider awarding £9.6m Maritime Hub contract to Willmott Dixon
North Yorkshire councillors are to consider awarding a £9.6m contract for Willmott Dixon to build the Whitby Maritime Hub, aimed at providing a greater breadth of career paths in the historic port. It’s said the multi-million pound development would place Whitby at the forefront of the maritime and offshore renewable energy sectors, and help to boost job opportunities. The hub in Endeavour Wharf is set to address the need to develop a better supply of technical skills in the maritime sector and put the town at the forefront of the growing renewable energy sector. Cllr Mark Crane said: “We have long recognised the need to ensure that there is a diverse and sustainable range of job opportunities for all our communities, and especially those on the coast. “The plans for the Whitby Maritime Hub present us with a significant chance to achieve just that, opening the door to new economic growth and helping to create the next generation of skilled apprentices and professions by providing first-class training and facilities for a range of maritime industries. “The proposals to enter into a contract to start work on the development will be considered carefully by executive members to ensure that we provide the best value for taxpayers while also capitalising on the opportunity to create what we hope will be a landmark development on the North Yorkshire coast.” If the plans are approved by the executive, it’s hoped that the building could be ready to open next spring.

Drop in inflation’s welcome, but it’s not a game changer, says BCC

Stuart Pearcey
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Drop in inflation’s welcome, but it’s not a game changer, says BCC
The British Chambers of Commerce says that although the slight dip in inflation is welcome, it’s far from a game-changer for business. Reacting to the latest inflation data released this morning, Stuart Morrison, The organisations Research Manager Stuart Morrison says underlying price pressures within the economy are clear following the Budget, and the path ahead on interest rates this year is likely to remain slow and cautious. He said: “As our research clearly shows, firms are having to make difficult decisions to manage the upcoming rises in national insurance contributions and the minimum wage. Our latest survey shows most firms expect to raise their prices in the next three months, while business confidence has dipped to 2022 levels. Labour cost pressures have grown significantly and are particularly acute in the hospitality sector. “We need quick government action to ease the cost pressures companies are facing and create new opportunities for investment. Ministers should focus on accelerating business rates reform, giving infrastructure projects the green light and boosting exports.”

Inflation slows

Tess Egginton
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Inflation slows
UK inflation slowed in December, according to new figures from the Office for National Statistics (ONS). Measured by the Consumer Prices Index (CPI), inflation came in at 2.5% in the 12 months to December, down from 2.6% in November, and lower than expectations. Significant downward contributions to the change came from restaurants and hotels, alcohol and tobacco, and clothing. Core inflation, meanwhile, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, stood at 3.2% in the 12 months to December, decreasing from 3.5% in November. Martin Sartorius, Principal Economist, CBI, said: “Inflation remained moderately above the Bank of England’s 2% target in December, reflecting the impact of ongoing price pressures such as strong wage growth. Looking ahead, we expect inflation will stay elevated this year, partly due to Autumn Budget measures contributing to higher prices. “Persistent, above-target inflation supports our expectation that the Monetary Policy Committee will loosen policy at a gradual, quarterly pace throughout 2025. The next rate cut is still likely to come in February, which will bring some respite for businesses and households as they continue to face high borrowing costs.”
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