Charity plugs into historic connection with MS3 to tackle digital poverty among disadvantaged families
Leeds office building acquired for ‘megachurch’ transformation
Rotherham engineering group continues global expansion with acquisition
Rotherham-based engineering and reliability group, AES Engineering Ltd, has further increased its reliability services and product offering in North America by acquiring a controlling stake in the reliability company, Condition Monitoring Services (CMS), for an undisclosed sum.
The group also owns AESSEAL, in Rotherham, the homogeneous designer and manufacturer of mechanical seals. This latest expansion in the global market follows acquisitions in the Netherlands, Canada, Australia and USA. CMS, headquartered in Las Vegas, Nevada focuses on the states of California, Nevada, Arizona, Utah & Colorado with a specialised skill set in the power generation & municipal sectors. The acquisition will allow the existing customers of CMS to benefit from a wider product and service offering from the AES Reliability Group of companies owned by AES Engineering Ltd. CMS President Kirk Cormany said: “The selection of AES Engineering Ltd as our partner was an easy decision due to their product technology, similar dedication to customer service and reliability focus. This partnership allows us to immediately meet the demand from customers for an expanded product range as well as opening new opportunities in other markets.” Chris Rea, Group Managing Director of AES Engineering Ltd, said: “The acquisition of CMS supports our strategic decision to globalise our reliability focused businesses and further strengthens our customer reliability offering in the important North American market.”Duo of companies secure Finance Yorkshire funding
Financial Conduct Authority to expand in Leeds, creating more jobs
Genuit Group makes acquisitions to bolster sustainable solutions strategy
Genuit Group, the Leeds-based provider of sustainable water, climate and ventilation solutions for the built environment, has acquired Sky Garden Limited, Omnie and Timoleon.
Sky Garden, acquired for a cash consideration of £2.5m, is a leader in green roof technologies providing design, supply, installation and maintenance services for green and bio-solar roofs, podium decks and green walls.
The business, based in Tewksbury, Gloucestershire, will join the Water Management Solutions (WMS) business unit and will extend the Group’s blue green roof offering. It will provide an additional route to market for Genuit’s Permavoid business, which it complements, and synergies are also expected with the Keytec installation business.
Omnie and Timoleon are leaders in underfloor heating (UFH) board technologies and providers of full UFH system design and supply services. The trade and assets of the group operating the Omnie and Timoleon businesses have been acquired for a cash consideration of £2.7m.
The businesses operate and manufacture in Exeter, Devon and Lomza, Poland. The brands will complement and enhance the Group’s UFH offering and will be part of the Climate Management Solutions (CMS) business unit.
Omnie serves direct customers and the merchant channel whilst Timoleon supplies OEM customers. Strong synergies are expected with the existing Nu-Heat business in CMS and with the Group’s Polypipe UFH offering for new housebuilding in the Group’s Sustainable Building Solutions (SBS) business unit.
Joe Vorih, Genuit Group Chief Executive Officer, said: “We are excited by these acquisitions, which present a compelling opportunity for Genuit and align with our Sustainable Solutions for Growth strategy. They complement our existing portfolio, expand our product offering and will enable us to drive further growth in attractive end markets.
“I am delighted to welcome our new colleagues from Sky Garden, Omnie and Timoleon, and look forward to working together as we continue to address the challenges posed by climate change and urbanisation.”
Positive half year results for West Yorkshire & Humber industrial market
York Handmade Brick aids York Racecourse transformation
Mamas & Papas secures funding to support future growth
Lindum Group starts work on 58 new homes in Derbyshire
Consent sought for conservation works on Grimsby landmark
- Insertion of a new staircase
- Installation of internal lighting
- Brickwork repairs
- Metalwork repairs
- Paintwork
- Roofing
- Floor repairs
- Drainage
- Interpretation panels
Contractor named for £2.95m sea wall project in Filey
Competition and Markets Authority provisionally clears sugar deal
Azets makes 22 promotions across three Yorkshire offices
Rail operator switches Drax trains to run on vegetable oil
York company completes another acquisition and expands in the south west
New future proposed for former rail training college
HMRC gets tougher on R&D claims
The new statistics show that the tax under consideration in R&D investigations being carried out by HMRC’s Wealthy and Mid-sized Business Compliance Directorate has doubled over the past year to reach £641m in 2023/24.
Over the last few years, there has been increasing concern about the level of fraud and error in R&D claims. Last year, HMRC published a new analysis of R&D claims in 2020-21 which estimated that almost a quarter (24.4%) of claims by value in the SME scheme and 3.6% of claims in the RDEC scheme were either incorrect or fraudulent – with a combined cost to the Exchequer of an estimated £1.13bn.
While the new report shows the estimated level of “error and fraud” in claims for 2022/23 is almost unchanged, HMRC estimates that its policy and operational measures in 2023/24 – notably the introduction of the Additional Information Form – will have reduced the overall level of error and fraud in claims to 7.8% overall (down from 13.3% in 2022/23).
Commenting on the report, Carrie Rutland, Innovations Incentives partner at accountancy and business advisory firm BDO, said: “We’ve been aware of an increase in HMRC activity in relation to historic R&D claims. Buried in the detail of today’s report are clear signs that the tax authority is getting much tougher when it comes to investigating past claims it thinks were wrong or fraudulent. “In our view, the published increases in tax under consideration must equate to a lot more R&D investigations.
“With an increase in targeted HMRC activity, many businesses may find they are subject to an enquiry triggering a large clawback in R&D tax credits. Many will require specialist advice to ensure their claims, both historic and current, are watertight.”