Professional services firm snaps up wealth manager
Leeds-based multi-disciplinary professional services firm, Progeny, has acquired Nottingham wealth manager, Fiscal Engineers.
This will strengthen Progeny’s presence in the Midlands and take its assets under management to £8 billion.
The move will allow the two businesses to combine their expertise, complement each other’s offerings and build on their shared principles, values and strategic thinking.
Fiscal Engineers uses a Family Office approach to provide bespoke services for business owners, entrepreneurs and other individuals who have substantial investment needs.
The company, which is based in Nottingham and also has offices in Birmingham and London, has won a number of awards for financial services and innovation since its launch in 2000.
Fiscal Engineers executive chairman and founder Shane Mullins said: “This move will enable us to keep building on everything we’ve achieved over the course of the past 23 years.
“We believe combining our own unique strengths with Progeny’s will help both businesses fulfil our shared ambitions of delivering a world-class wealth management service and continually improving what we offer to clients.
“We’re very excited about this chance to grow the Fiscal Engineers family, broaden our proposition and deliver even more benefits to our clients, team and professional friends.”
Progeny CEO Neil Moles said: “Over nearly a quarter of a century, Fiscal Engineers has built a highly prestigious advice firm that services a select and extremely discerning client base.
“Their well-researched and methodological approach to providing advice is progressive and effective in equal measure and will add a great deal of value to our own proposition.
“It’s great to be able to welcome Fiscal Engineers and their clients into Progeny as we realise the full potential of two great businesses coming together.”
A team from global law firm Squire Patton Boggs acted as legal adviser to Progeny during the deal. Fiscal Engineers’ side of the transaction was led by the company’s own management team.
Corporate insolvency rate hits 14-year high
The 14-year high number of corporate insolvencies reached this quarter is due to a rise in Creditors’ Voluntary Liquidations, administrations and Company Voluntary Arrangements, says Eleanor Temple, chair of the UK’s insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds.
She says: “Although Compulsory Liquidations have fallen compared to the last quarter, numbers for this process are the highest we’ve seen in the second quarter of the year since 2019.
“More and more businesses are running out of road or rope. Directors are choosing to close down their firms while the decision is still theirs, while an increasing number of creditors – including HMRC – are turning to winding-up petitions to recover the debts they’re owed.
“When the pandemic ended, many directors thought and hoped things would improve, but instead they’ve faced rising costs, supply chain issues and a customer base that is tightening its purse strings to cope with the cost of living.
“Business owners remain worried about customer demand, rising costs and the state of the economy, while high interest rates may affect access to rescue funding and could deprive saveable firms of a lifeline. Unless the economic picture improves, it’s likely more businesses will need an insolvency process to help resolve their financial issues, and numbers will remain high throughout the rest of this year.
“Turning to personal insolvencies, the trend we’ve seen is down to a fall in Individual Voluntary Arrangement numbers – which suggests that the ongoing cost of living crisis isn’t translating into more people requiring a personal insolvency process at present.
“However, the rise in bankruptcies and Debt Relief Orders suggests that more people are unable to make almost any kind of contribution to repaying their debts this quarter, so have turned to these processes in an attempt to resolve their financial issues.
“Making ends meet is still a key concern for many. People are living in a world where it costs more to keep a roof over their head, put food on the table and keep the lights on, so they’re only spending money on the essentials. Alongside their money worries, job security and the health of the economy are key concerns for many people – while rising interest rates could affect their ability to pay or secure mortgages in the future, and inflation levels will continue to push costs up.
“An increasing number of people are turning to credit cards to pay bills or pay for the basics, which is concerning as people in this position are just one financial shock – like an unexpected bill or a cut in hours at work – away from becoming insolvent.
“Anyone who is worried about their business or personal finances should seek advice as soon as possible. Money worries are one of the hardest topics to talk about, but having that conversation while your concerns are fresh gives you more time to make a decision, more potential solutions for your issue, and usually leads to a better outcome than if you’d waited till the problem became more serious.
“Most R3 members will give potential clients a free consultation to understand more about them and their financial issues and outline the potential options open to them to resolve them.”
First glimpse of Piccadilly Line trains to be built in Goole
The first of the 94-Siemens Mobility built new trains for London’s Piccadilly Line has arrived at the Test and Validation Centre in Wegberg-Wildenrath in Germany from Vienna, where it was built.
Both are a long way from Goole, where half of the new fleet will be built at the new Siemens Mobility site. The site is currently in the final stages of fit-out, with recruitment well under way, ahead of production starting there early next year. Up to £200m is being invested in developing the train manufacturing facility, which will create up to 700 skilled jobs, as well as up to 1,700 in the supply chain and 250 during construction.
Sambit Banerjee, MD for Rolling Stock and Customer Services for Siemens Mobility UKI, said: “The first new Piccadilly line train is now at our world class testing facility in Germany where it will undergo a period of extensive testing. This is the first stage of testing before London Underground’s newest train reaches the UK for further testing and integration in late 2024. I am incredibly proud to see this first train continue its journey towards enhancing passenger experience and transforming rail travel on the Piccadilly line.“
Stuart Harvey, TfL’s Chief Capital Officer, said: “Seeing the first of our new Piccadilly line trains getting ready to undergo rigorous testing clearly demonstrates the hard work that has been going on behind the scenes to build a new fleet of state-of-the-art Tube trains for London. We remain on track for these new Piccadilly line trains, which will see air-conditioning brought to the Deep Tube network for the very first time, to start serving our customers from 2025.
“We hope to follow the introduction of these new trains to the Piccadilly line by doing the same on the Bakerloo line, replacing the 51-year-old trains that it currently operates, and then by introducing new signalling across the Deep Tube lines to realise the full benefits of the new trains.
“However, such large-scale investment will not be possible without continued capital investment from the Government from April 2024. We will continue to work with the Government to make the case for long term investment in London to make it an even better, greener, safer and more successful place for everyone.”
Doncaster housing development is largest of its kind in the UK
Housing 21 has completed at Patent House and Patent Walk in Doncaster – England’s largest net zero volumetric Retirement Living scheme.
Built offsite at M-AR’s factory in Hull, the scheme adopts ‘low carbon specification’ to meet the Future Homes Standard and 2050 net zero targets.
The scheme will enable people aged 55 and over to live independently within a community setting.
More than 60 volumetric modules provide a total of 20 homes, including eight two-bedroom bungalows, as well as a three-storey building featuring six one-bedroom and six two-bedroom apartments – all available for social rent.
Located off Cooke Street, residents will also be able to enjoy the facilities at another Housing 21 scheme, Minden Court, located adjacent to Patent House and Patent Walk. Minden Court has a spacious communal lounge, which was renovated in 2017 and is surrounded by extensive open-plan gardens featuring outdoor seating.
Tony Tench, Deputy Chief Exec at Housing 21, said:“This has been an incredibly exciting project for us to deliver. We had a very clear objective for developing this scheme. Not only did we want to provide an entirely affordable Retirement Living complex, but we wanted to ensure it could achieve net zero in terms of operational carbon so that we can keep energy costs as low as possible for our future residents.
“While we look forward to welcoming our new residents, we are already looking ahead and have put in place a year-long programme to accurately monitor the energy use of these new homes. This will be reviewed alongside another traditionally built scheme, so we can capture data that will further shape net zero homes of the future.”
Waystone Hargreaves gets planning permission for M18 project
Waystone Hargreaves Land has been given planning permission for a major new phase of industrial development at Unity Yorkshire, close to Junction 5 of the M18.
It’s for Unit A, which will provide 375,000 sq.ft of industrial accommodation on a 20-acre plot. The unit is designed to meet modern occupier requirements.
Unity Connect forms part of the Unity Yorkshire development covering 618 acres. The development has opportunities for commercial and industrial business, residential, retail and leisure developments.
When completed the site will accommodate industrial and warehousing units from about 20,000 to 400,000 sq. ft.
North Yorkshire asks tourism businesses to highlight their priorities for the region
Tourism businesses are being given the chance to highlight their priorities and fine-tune the first strategy of its kind to help to attract thousands more visitors to the county and support the multi-million pound industry.
The visitor economy is said to be a cornerstone of North Yorkshire’s economic vitality, bringing in more than £1.5 billion a year from domestic visits alone.
A new strategy aims to boost the visitor economy and support tens of thousands of workers who are employed in the sector, while also attracting a wider and more diverse range of visitors to the county.
The destination management plan is set to provide the first countywide approach to promoting the visitor economy following the launch of the council in April.
A series of events will be held this month to gather information and views from key organisations and enterprises involved in the visitor economy to help to shape a draft document for the destination management plan.
Council leader Carl Les said: “The visitor economy is so important to North Yorkshire, and we are proud to give everyone who comes to the county the warmest of welcomes.
“It is vital that we take into account the views of all those businesses and partner organisations which are involved in the visitor economy to help to develop the destination management plan.
“This is such a key moment for North Yorkshire as we develop the first countywide strategy to promote the visitor economy, and we are committed to supporting the sector while attracting more visitors to enjoy what is such a wonderful part of the country.”
As part of the public engagement for the draft destination management plan, invitations are being sent out to tourism businesses for the workshops, which are free and will be staged both in person and online.
Attendees will be asked about their priorities and aspirations for the tourism industry as well as the strengths, opportunities and challenges being faced by North Yorkshire’s visitor economy.
Sessions will be held at:
- The Garden Room at Tennants Auctioneers in Leyburn on Friday,11 August.
- The Old Deanery in Ripon on Tuesday, 15 August.
- Whitby Pavilion on Tuesday, 15 August.
- Harrogate Convention Centre, Wednesday, 16 August.
- North Yorkshire Council’s offices in Skipton on Wednesday, 16 August.
- The Civic Centre in Selby on Wednesday, 16 August.
- Mercury House in Richmond on Thursday, 17 August.
- Scarborough Spa on Friday, 18 August.
- Pickering Memorial Hall on Tuesday, 22 August.
Wykeland Group secures further retailer for its Flemingate development in Beverley
The Flemingate centre in Beverley has attracted another major retailer with footwear chain Shoezone arriving in the East Yorkshire market town.
Flemingate is owned and operated by Hull-based property development and management business Wykeland Group, which has secured Shoezone to occupy a 4,500 sq ft unit in the heart of the centre.
Wykeland Property Director David Donkin said: “We’re delighted that another national retailer has chosen Flemingate for its latest opening.
“The arrival of Shoezone is another major vote of confidence in Flemingate and reflects the popularity of the centre among both local customers and visitors to the town.
“We now have one of Britain’s favourite footwear stores in our line-up, which complements the great mix of fashion, food, films, fun and so much more that Flemingate has to offer”.
Yorkshire Building Society names new Non-Exec Director
Yorkshire Building Society has confirmed Debra Davies as an new Non-Executive Director.
Debra has more than 30 years’ experience in financial services, with the majority of her career at American Express where she gained deep and broad experience at senior levels in customer focused roles, both consumer and business-to-business.
She also currently serves on the Board at AXA UK PLC and Intrum AB.
John Heaps, Chair of Yorkshire Building Society, said: “Debra has considerable experience, skill and knowledge in the financial services sector. Her focus on renumeration and risk and her great interest in social purpose and sustainability will, I’m sure, be of considerable value as we continue to grow and develop.”
In addition to the non-executive role, Debra will also chair the Society’s remuneration committee, subject to regulatory approval.
Debra said: “Yorkshire Building Society’s strong mutual heritage and clear customer-focused approach was particularly appealing. I’m looking forward to using my experience and expertise to ensure, among many other things, we’re attracting and rewarding the best talent to lead and deliver outcomes that are in the best interests of our membership as a whole.”
Architect trusted with board role
An architect from York has been appointed to York Civic Trust’s board of trustees. The organisation helps safeguard the city’s heritage buildings and historic monuments.
Matt Seddon is an associate director at Brewster Bye Architects in Leeds, where he has worked for almost 20 years. His architecture work includes the acclaimed restoration of the historically important crescent at St Leonard’s Place in York city centre, which has been transformed back into grand houses and apartments.
Matt said: “The York Civic Trust is a membership organisation that is run by volunteers for the benefit of everyone who lives, works and visits the city.
“As well as owning and running Fairfax House, which is an impressive Georgian town house dating back to the 1760s in the centre of York that is open to the public, the trust is involved with several restoration projects throughout the city. It also provides the City of York Council with crucial planning reports and recommendations.
“My role will be to provide a contemporary viewpoint and insight into the most recent planning rules and regulations when reviewing policy documents and creating planning reports for the Local Authorities and Council on behalf of the trust.
“I will also help the board of trustees to review and consider new uses for the historic buildings it is responsible for. It’s a fascinating role that will allow me to play a part in the protection of some of the city’s most interesting and historic buildings.”
York Civic Trust also works with local primary and secondary schools across the city as well as the University of York to educate pupils and students about the importance of York’s history and architecture. It is responsible for awarding and erecting the famous blue plaques seen on many buildings across the city.
Plans submitted for phase one of Attercliffe Waterside scheme
Sustainable developer Citu has submitted plans for the first phase of the landmark Attercliffe Waterside scheme in Sheffield.
The 23-acre urban regeneration scheme, which will transform brownfield land either side of the Sheffield and Tinsley Canal, will be one of the largest zero carbon communities in the UK, featuring more than 1,000 homes alongside climate conscious creative workspaces, an arts venue and retail opportunities to bring the neighbourhood to life.
The first phase, located on the north side of the Sheffield and Tinsley canal, will develop the heart of the district, transforming six existing buildings into the new neighbourhood’s cultural centre including bars, an independent bakery, music venue and art studios.
A public and commercial square will be created, alongside a series of walkable, south facing courtyard areas and new routes down to the canal. A new pedestrian and cycling footbridge will connect phase one to the south side of the river.
Phase one will also include 447 new homes including a mix of apartments and houses, built using Citu’s timber-framed housing system which combines bold architecture with flexible designs, and sustainable, low carbon materials to ensure the highest standards of energy efficiency.
The houses will be constructed on a podium which sits above an under-croft carpark and there are plans to remove cars from the particular stretch of Effingham Road, to replace with pedestrianisation, public realm and incorporation of a cycle lane, as part of the developer’s ambition to create a car-free landscape.
If planning is approved, work will begin on the leisure and commercial elements of the scheme in the autumn and due to complete in 2024, ahead of construction starting on the homes in 2025.
Chris Thompson from Citu said: “Our vision is for this area to become a new destination in Sheffield, filled with independent, creative, and spirited businesses to kickstart the regeneration of Sheffield’s East end.
“For so long, this part of the city has remained derelict and underused, and we were keen once the development deal was signed in May to swiftly move forward with our planning submission.
“We’ve prioritised the leisure and commercial elements of the scheme first to put this area on the map as a place to visit and enjoy, and then when the homes are built, a place to live.
“We’re not just building homes, we’re creating a new neighbourhood complete with its own identity, one that incorporates the heritage and beautiful waterside location of this place. And underpinning this, is our ambition to establish a low carbon community that will enable future generations to live more sustainable lifestyles.”
Citu has major ambitions for the scheme to set new standards of sustainability for Yorkshire, building on its multi-award-winning treatment of previously vacant or derelict brownfield land which include low-carbon residential neighbourhoods in Kelham Island, and the Climate Innovation District to the south of Leeds city centre.
The land at Attercliffe Waterside, which is owned by Sheffield Council, was brought to market in 2019 and billed as ‘one of the most exciting development opportunities in the north of England’. In May of this year, it was announced that Sheffield City Council and Citu had exchanged contracts on a development agreement for the site.
Cllr Ben Miskell, chair of the Transport, Regeneration and Climate Policy Committee, said: “It is fantastic to see the next stage in this development coming forward to create 1000 new zero carbon homes in Attercliffe. If approved, the scheme will provide much needed homes for the city, and will complement ongoing Levelling Up and Transforming Cities projects set to rejuvenate the once thriving area.”
