GTCR to acquire Leeds-based broker JMG Group

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Private equity firm GTCR has agreed to acquire JMG Group, a rapidly growing UK-based insurance brokerage, in partnership with existing backer Synova LLP. The transaction is expected to close in Q3 2025.

JMG, headquartered in Leeds, primarily provides insurance and risk management services to SMEs and high-net-worth individuals. Since its launch in 2020, the firm has scaled to over 750 staff and more than £350 million in annual gross written premiums. Its growth has been driven by a buy-and-build strategy, acquiring regional brokerages and enabling them to grow through a centralised support platform.

This investment marks another move by GTCR to deepen its exposure to the insurance sector, following previous deals involving Alliant Resources, AssuredPartners, Premium Credit Limited, and other businesses across the insurance value chain.

The management team at JMG, led by CEO Nick Houghton, will retain a significant equity stake and continue to run the business. The new ownership aims to accelerate JMG’s M&A activity and organic expansion across the UK.

Advisors on the transaction included Morgan Stanley and Jefferies for financial advisory, and Kirkland & Ellis for legal counsel.

Sharp fall in women-led business registrations in UK’s major cities raises structural concerns

New figures reveal a steep year-on-year decline in the number of businesses registered by women across the UK’s largest cities. Despite overall growth in new company registrations nationwide, female entrepreneurship has markedly contracted, signalling potential structural issues in access, support, and funding.

According to the latest analysis from Instant Offices, the number of women-led companies registered in 2024 dropped significantly in eight of the UK’s ten largest cities compared to the previous year. Bristol saw the most dramatic fall, down 57%, followed closely by Leicester (–56%), Glasgow (–54%), Leeds (–52%), Birmingham, and Liverpool (both –51%). Even London, the country’s economic engine, recorded a 48% reduction.

This trend comes despite the government’s goals to increase the number of female entrepreneurs by 600,000 by 2030. The reversal suggests that existing initiatives may not translate into results on the ground.

The study highlights key inhibitors, including limited access to funding, underrepresentation in investment decision-making, and the enduring gender pay gap. Only 2p of every £1 in UK equity investment currently goes to all-female founding teams, a figure that has not improved over the past decade.

Although total company registrations in some cities grew in 2024, the disproportionate drop in women-led firms underscores systemic hurdles rather than a broader economic slowdown. The data suggests a need for tailored investment vehicles, expanded mentoring networks, and more inclusive funding structures if the UK intends to meet its long-term targets for entrepreneurial diversity.

Evri and DHL UK ecommerce merge to create logistics heavyweight

Parcel delivery firm Evri has merged with DHL’s UK ecommerce division in a move set to reshape the UK logistics market. The combined operation, now known as Evri Group, brings together over 42,000 workers, including 30,000 couriers and van drivers, positioning the firm as one of the largest players in the country.

Under the agreement, DHL Group takes a significant minority stake in Evri, while private equity firm Apollo remains the majority shareholder following its £2.7 billion acquisition of Evri in 2023.

The newly formed entity will handle over one billion parcels and letters annually. It also marks Evri’s entry into the UK business letter market, heightening competition with Royal Mail and potentially introducing more cost-competitive alternatives for enterprise-scale clients.

The combined group aims to improve service levels by integrating Evri’s high-volume infrastructure with DHL’s premium van network. This promises increased efficiency and scalability for UK retailers and e-commerce platforms.

Yorkshire charities in need to be matched with businesses for free, expert help

A Yorkshire businessman has launched a new non-profit brand, which aims to plug the gap between charities in need and companies that are willing to help them for free. Chris Worthington has established Cause Matcher, an online platform for good causes in the region to find willing volunteers to fulfil their support requirements. From IT, marketing and recruitment to assistance with electrics, plumbing, maintenance and everything in between, Cause Matcher is a platform for charities to use to identify businesses and skilled volunteers that can help them. After working in recruitment for 21 years’, Chris found himself wanting to find a way he could support local non-profits and give back. Chris said: “After working in recruitment for more than two decades, I came to the realisation that I could do far more with my time and skills to help local good causes and make a real, lasting impact. “I quickly identified the need for a central resource that both Yorkshire-based charities and businesses willing to help them could utilise to bring them together and help them collaborate for the greater good – and so, Cause Matcher was born! “Cause Matcher’s mission is focused on supporting local businesses and skilled volunteers in working with local worthy causes that need their help. Rather than asking for monetary donations, the impact of which is difficult to accurately measure, Cause Matcher allows people to donate their time and skills, which are often more beneficial.” With almost 20 Yorkshire-based charitable organisations, companies and volunteers already signed up to Cause Matcher, and even more on the cusp of becoming members, Chris hopes that it will become the go-to resource for willing businesses and in-need good causes to come together and support one another.

Rotherham Council outlines five-year plan to support local business growth and infrastructure

Rotherham Council has announced a new five-year strategy focused on local economic development, infrastructure upgrades, and community investment. The strategy clearly emphasises supporting businesses and enhancing the region’s competitiveness.

The strategy, known as “Forging Ahead,” will be presented to the Cabinet on 19 May 2025. If approved, it will guide council actions through 2030. Key priorities include boosting the borough’s business infrastructure, improving transport connectivity, and driving local procurement.

Among the highlights is an £8.4 million investment in the Templeborough Business Zone, designed to create new commercial spaces and jobs. The Council is also progressing plans for a mainline rail station at Parkgate to enhance regional and national connectivity—an initiative expected to benefit freight logistics and commuter access.

The plan includes initiatives to support local enterprises, such as strengthening supply chains, encouraging local spending, and delivering targeted business support programmes like “Go for Growth.”

Investment in public spaces is also central. A £4 million “Our Places” programme will focus on improving town and village gateways. In contrast, upgrades to public parks and the creation of 400 homes in the town centre aim to make Rotherham more attractive to residents and businesses.

From a workforce and community development perspective, the plan includes support for new families, facilities for young people, and expanded housing options for adults with complex needs, measures intended to boost workforce participation and community wellbeing.

A new Street Safe team will be introduced to address antisocial behaviour and improve perceptions of public safety, which often affects high-street businesses.

The Council sees the plan as a continuation of progress made since 2021, including road improvements and significant cost-of-living support. If adopted, “Forging Ahead” will serve as a roadmap for aligning public investment with private sector growth.

Uber expands shared-ride service across UK cities, excluding London

Uber is extending its UberX Share ride-sharing option to all major UK cities except London by the end of June 2025. The service, piloted in Bristol since November 2024, allows passengers travelling in the same direction to share rides at a discount of up to 20%. UberX Share aims to keep detours under eight minutes on average.

This expansion is part of Uber’s efforts to reduce urban congestion and vehicle emissions by decreasing the number of cars on the road. London is excluded from the initial rollout due to differing local regulations; Uber’s previous shared-ride service there, UberPool, was suspended in March 2020 amid the pandemic. The company plans to introduce UberX Share in London later this year.

Leeds residential development sold for £30 million to overseas investor

A residential scheme in Leeds comprising 222 apartments has changed hands in a deal valued at approximately £30 million. The property, Headingley Park, occupies a 6.5-acre gated estate close to Leeds city centre. The development includes 43 studios, 143 one-bedroom, and 36 two-bedroom units, primarily serving young professionals and postgraduate students.

The complex was created by converting five former office buildings over an eight-year period from 2016 to 2024. It offers amenities such as a concierge service and landscaped grounds. The asset has demonstrated a record of stable occupancy and robust rental growth.

The acquisition was completed by property consultancy Allsop on behalf of a private overseas client looking to expand their UK property portfolio. The transaction underscores continued investor interest in well-located, income-generating residential assets within the Leeds and broader Yorkshire markets.

Retailers recommit as £3m invested to rejuvenate Lincoln’s Waterside centre

Joint venture owners Wykeland Group and Lincolnshire Co-op have rejuvenated Lincoln’s Waterside centre, delivering a £3m programme of investment and securing the long-term commitment of three major retail brands. The investments by Yorkshire-based property development business Wykeland and Lincolnshire Co-op have been delivered in under two years since they acquired Waterside and have now resulted in a trio of high street stores renewing their leases. Fashion and homeware retailer H&M has extended its lease at Waterside and committed to a major £2m revamp of the centre’s anchor store. Next and The Body Shop have also each signed new leases, giving a major vote of confidence to Waterside and ensuring the three popular stores remain in Lincoln city centre for years to come. New operators have also come on board, including luxury lifestyle brand Rituals, which is opening a new store at Waterside next month. Hull-based Wykeland and member-owned Lincolnshire Co-op acquired Waterside in June 2023. Since then the owners have committed to a significant and ongoing programme of investment that has given Waterside a new lease of life. This has included the creation of a new coffee shop at the heart of Waterside, operated by local independent operator Seven Districts Coffee. Waterside’s joint owners are also investing to create a more attractive and welcoming frontage to the centre from Lincoln’s High Street, along the River Witham. This will enable an improved pedestrian flow by the riverside, into the centre and across the river into The Cornhill Quarter. Two units on High Street have been acquired to form part of the centre and enable the reshaping of the entrance to take place, while Waterside has also undergone a rebrand. These changes have also attracted more visitors into the centre, with footfall in 2024 up by three per cent compared to 2022, before Wykeland and Lincolnshire Co-op acquired Waterside, bucking the national trend. Wykeland managing director Dominic Gibbons said: “Since acquiring the Waterside centre in a joint venture with Lincolnshire Co-op, we’ve invested significantly to ensure it remains a key destination for both local people and visitors to Lincoln. “The new, long-term commitments by H&M, Next and The Body Shop reflect the strength of Waterside and the very positive reaction from tenants to the rejuvenation of the centre. “Waterside’s footfall is buoyant, trading is strong and there’s a great deal of confidence in the centre’s future. “The investments we’re continuing to make, with our partners at Lincolnshire Co-op, are enabling Waterside to buck the retail trend and play a key role in Lincoln remaining a highly attractive location.” Kevin Kendall, head of property at Lincolnshire Co-op, said: “It’s been fantastic to work alongside Wykeland to bring new services into the area, as well as updating pre-existing ones. “Our joint investment is reflected in the shopping centre’s success – long-term commitments from tenants and increased footfall are both great indicators of this.” Waterside’s owners and H&M are now jointly investing in a £2m refit of the centre’s anchor unit. Among other investments, frontages on a number of smaller units at the centre are being revamped and £60,000 has been invested to refurbish the customer toilets.

UK economy sees better growth than expected in first quarter

The UK’s economy has grown more than expected in the first three months of the year, following a rise in activity in March. According to new figures from the Office for National Statistics (ONS), GDP (gross domestic product), a key measure of economy growth, is estimated to have grown by 0.2% in March, following a 0.5% expansion in February. It reflects, across key sectors, services output rising by 0.4% in March, construction output growing by 0.5%, and production output falling by 0.7%. GDP in the first quarter, meanwhile, is estimated to have grown by 0.7%, following an uptick of 0.1% in the previous quarter. Ben Jones, lead economist, CBI, said: “The rise in activity in March was a pleasant surprise, coming on the back of the strong bounce in February. “While the latest data adds to signs that a gradual recovery in household spending may be underway, the strength of GDP over Q1 is likely to prove a one-off. “An up-tick in inflation and a cooling labour market will see real household income growth slow this year, though lower interest rates should encourage consumers to save less and spend more. “Businesses remain cautious over hiring and investment plans given the steep rise in employment costs following the Autumn Budget. And the uncertain global economic backdrop is hardly conducive for long-term planning. “Now is a critical time for government to hardwire growth into the economy through the upcoming Spending Review. Measures to accelerate tech adoption alongside a modern Industrial Strategy can support the UK’s investment and growth potential and bolster the UK’s competitive position.”

Climb25 festival to showcase Northern business growth with global investors in Leeds

Climb25, formerly ClimbUK, will take place in Leeds from 2 to 3 July 2025. It will focus on regional business growth and connect UK scaling companies with international investors and industry leaders. Now in its third year, the event is expected to attract over 4,000 attendees, including startups, established businesses, investors, and policymakers.

The festival aims to highlight innovation outside of London and the South East by spotlighting Northern England’s economic potential and talent. Investors confirmed for the event include Sure Valley Ventures, Eka Ventures, Channel 4 Ventures, and Puma Growth Partners, with more than 400 certified investors expected. Delegations will come from regions such as the US, the Baltics, Asia, and the Middle East.

Climb25 offers a programme with over 30 stage sessions, 60 roundtables and masterclasses, and multiple networking opportunities. The event will also feature speakers on technology, sustainability, and entrepreneurship. Past participants have used the event to secure significant funding and expand internationally.

Supported by West Yorkshire Combined Authority and regional partners from Lancashire, Greater Manchester, and beyond, Climb25 reflects growing momentum in the North’s business ecosystem. Representatives from US states, including California and Georgia, will attend to explore investment partnerships. Full event details and additional speakers will be announced ahead of the festival.

£10m employment pilot targets health-related inactivity in North Yorkshire

A £10 million employment support programme has launched in York and North Yorkshire. The programme is focused on helping individuals with long-term health conditions either re-enter or remain in the workforce. Backed by the central government as part of the Get Britain Working Inactivity Trailblazer initiative, the scheme positions the region as one of eight areas trialling new approaches to tackling economic inactivity.

Over the next year, the programme will assist 1,500 job seekers with health-related barriers, 500 individuals currently employed but needing extra support, and 150 local employers. The initiative responds to a 72% rise in health-related economic inactivity in the region since 2019, well above national trends.

The pilot will offer tailored employment interventions and test innovative delivery methods, including a Work, Health and Skills Interchange hub and a dedicated online platform. Community grants will also be issued to organisations developing grassroots employment solutions.

Better Connect, a not-for-profit based in Knaresborough, is leading delivery. The first to go live is Better Connect’s Rise2Thrive service. The programme will prioritise underserved groups, including 16–24-year-olds, over-50s, and people in rural and coastal areas.

Referrals will be channelled through local health and wellbeing hubs to embed employment support into existing community infrastructure. Outcomes from the pilot are expected to inform future UK-wide employment policy.

Burberry to cut 1,700 jobs as part of £100m cost-saving plan

Burberry has announced plans to cut around 1,700 jobs globally, approximately 20% of its workforce, as part of a broader strategy to reduce costs and reposition the brand for long-term growth.

The job cuts are expected to be concentrated in office-based roles and include closing a night shift at the company’s trench coat factory in Castleford, West Yorkshire. The reduction will occur over the next two years and contribute significantly to an increased annual savings target of £100 million by FY27, up from a previous target of £40 million.

The restructuring comes as CEO Joshua Schulman, who joined the company in 2023, continues efforts to reverse Burberry’s underperformance in the global luxury market. His turnaround strategy is focused on reinforcing the brand’s British heritage and prioritising core products like trench coats and scarves. These changes follow previous missteps, including overpricing and inconsistent product lines, compounded by broader market weakness.

Burberry reported a stronger-than-expected recent performance, citing increased wholesale orders following its February fashion show. The positive momentum in sales and the cost-cutting announcement triggered an 18% rise in the company’s share price.

This is the company’s fourth leadership change in a decade. Past strategies under different CEOs attempted to elevate Burberry into the top tier of luxury fashion but delivered limited financial results. The current approach aims to stabilise operations, cut excess, and refocus on profitability.

Government to relocate 12,000 civil service jobs out of London by 2032

The UK government plans to reduce its London civil service workforce by 12,000 jobs and close 11 central London offices as part of a strategy to cut costs and decentralise operations. The move aims to save approximately £94 million annually by 2032.

New government campuses will open in Manchester and Aberdeen, with additional roles created in cities including Birmingham, Leeds, Cardiff, Glasgow, Newcastle, Sheffield, Bristol, Edinburgh, Belfast, York, Darlington, and Tyneside. The Manchester campus will focus on digital innovation and AI, while the Aberdeen site will specialise in energy. A third regional campus location is yet to be confirmed.

This initiative is part of a broader government effort to shrink the civil service, which has grown to over 514,000 staff since 2016. The Cabinet Office plans to cut 2,100 jobs within its department over the next two years, contributing to a 15% reduction in overall government running costs by 2030.

The government has requested departments to submit detailed relocation plans for staff, including senior civil servants, in preparation for an upcoming spending review due in June. Half of the UK-based senior civil servants are expected to be outside London by 2030.

102 Petty France, a major Ministry of Justice hub, and 39 Victoria Street, home to the Department of Health and Social Care, are among the London offices set for closure.

Industry unions have cautiously welcomed the decentralisation plans but emphasise the need for clear communication regarding employee impact and career development opportunities outside London.

Economic projections estimate that relocating and expanding government roles outside London could generate £729 million for local economies by 2030.

Medequip expands into East Yorkshire with new depot at £10m Melton West site

Healthcare logistics provider Medequip has secured a new facility in East Yorkshire as part of its national expansion, becoming the first tenant at the £10 million Evolve development in the Melton West business park.

The site was designed to address a regional shortage of modern industrial space and supports Medequip’s entry into the East Riding of Yorkshire and Hull markets. The company was recently awarded a contract to deliver the Community Equipment Loan Service across the area, supporting local authority social care and NHS services.

Medequip operates 27 depots nationwide and supplies mobility and independent-living equipment to 48 local authority areas. The new East Yorkshire depot will enhance its logistical coverage and improve service efficiency in the region.

The Evolve development offers high-specification units focused on sustainability and strong transport connectivity. With Medequip operational, the remaining units at the site are nearing completion and will soon be available.

This move follows Medequip’s recent partnership with Vanaways to streamline fleet procurement and support its growing national footprint.

North Yorkshire targets enterprise growth with new regional business week

North Yorkshire Council will run its first Business Week from 16 to 20 June. The week aims to help local enterprises build capability in innovation, finance, and growth strategy.

The council has confirmed a programme of both in-person and online events designed for SMEs, startups, and established firms across the region. Sessions will include sector-specific panels, skill-building workshops, and advisory clinics delivered in partnership with regional support organisations.

The opening event, which will take place at Harrogate Convention Centre on 16 June, will feature networking sessions, a business support expo, and panels focused on driving innovation across industries.

A separate event on 19 June in Scarborough will address commercial opportunities in maritime and renewable energy. Discussions will cover skills, supply chain development, and crossover with tourism.

Workshops throughout the week will offer practical marketing, finance, and growth planning content. The council’s Business North Yorkshire advisors and other regional business specialists will also host drop-in sessions for tailored guidance.

The initiative is part of the council’s broader effort to support economic development through cross-sector collaboration and access to regional resources.

Work starts on new Faculty of Health building at University of Sheffield

Contractor Clegg Construction has started work to deliver a new Faculty of Health building at the University of Sheffield. The facilities will be used to expand Sheffield Institute for Translational Neuroscience (SITraN) which supports pioneering research into neurodegenerative diseases like Motor Neurone Disease, Parkinson’s, dementia and Multiple Sclerosis. Clegg Construction was appointed on a £16m contract to deliver the Faculty of Health Phase 1 project on the Glossop Road/Clarkehouse Road site. It involves demolition of some existing buildings on the current site of Barber House Annex and Central Garages, and the construction of a new three-storey health facility with associated external work and landscaping. The new development will be connected to the SITraN building via a link corridor and will expand the existing SITraN laboratory space. Facilities will also include teaching and learning spaces, offices, and workspaces for visiting staff, students and researchers. A new – more visible – frontage will be presented on Glossop Road to ensure the building is more closely associated with the University Campus and the Royal Hallamshire Hospital. The building will have two storeys from the main road, and a third storey at the rear to allow for the slope of the site away from the road. Clegg Construction contracts manager Craig Gibbons said: “This is our fourth contract with the University of Sheffield and we are very pleased that work has now got under way on site. “SITraN is well known for supporting pioneering research into serious neurodegenerative conditions. This project will help to increase space for research and also improve collaboration between academics at the university and clinicians at the Royal Hallamshire Hospital. “We are proud to be involved in a project which has such potential for the improvement of patient treatment and care.” Other members of the construction team include architect Bond Bryan, providing architect and landscape services, and structural engineer Ridge. The project is expected to be handed over in September 2026.

LUR expands operations in response to rail sector demand

Lucchini Unipart Rail (LUR) is investing £6.5 million to expand its operational capacity across two key UK sites in response to increased demand from the rail sector.

The joint venture between Lucchini RS Group and Unipart will relocate its Doncaster bogie servicing operation to a new 102,000 sq ft facility in Warmsworth. This move will double the size of the current Hexthorpe Road site and boost output of overhauled and refurbished bogies for passenger, freight, locomotive, and light rail use.

In Manchester, LUR’s wheelset repair operations will shift from Chadderton to a 63,000 sq ft facility in Trafford Park, bringing it closer to its existing 118,000 sq ft head office and manufacturing plant. The gearbox servicing operation, also based in Trafford Park, will remain at its current 20,000 sq ft site.

The investment includes new machinery and technology to increase throughput to 800 wheelsets in Manchester and 80 bogies per month in Doncaster.

Both new sites are refurbishing and are expected to be fully operational by autumn 2025. The expansion aligns with LUR’s long-term strategy to enhance flexibility, improve operational efficiency, and better serve the evolving needs of the UK rail industry.

The business currently employs 380 staff across its Doncaster and Manchester locations, and this investment is set to strengthen its regional presence in South Yorkshire and the North West.

Green hydrogen power plant gets UK planning approval

SSE Thermal and Equinor have secured planning permission for their Aldbrough Hydrogen Pathfinder project in East Yorkshire. The site will become one of the UK’s first integrated green hydrogen-to-power facilities.

The project will install a 35MW electrolyser to produce hydrogen using renewable electricity. The hydrogen will be stored in a repurposed salt cavern at the existing Aldbrough Gas Storage site and used to generate electricity through a 100% hydrogen-fired open-cycle gas turbine. The facility will deliver flexible, zero-carbon power to the UK grid by 2029.

The project is under review in the UK government’s Hydrogen Allocation Round 2 (HAR2), competing for 15-year revenue support contracts under the Hydrogen Production Business Model. Final funding decisions are expected by Q3 2025.

The Aldbrough facility combines production, storage, and generation in a single location and is positioned as a potential model for future hydrogen infrastructure in the UK. It aligns with broader efforts to scale clean energy capacity and attract regional investment.

Biofuel station plans at Wakefield site withdrawn after local opposition

Plans for a 24-hour biomethane HGV fuelling station at a former abattoir in Wakefield have been withdrawn following significant community opposition.

CNG Fuels Ltd had proposed to develop the facility at Flanshaw Business Park, installing 14 pumps connected to the mains gas network. The site, intended to support logistics and distribution operations in the area, including operators such as Amazon, would have operated around the clock without on-site staff, using key-fob access for permitted vehicles.

The station aimed to serve HGVs with biomethane, a compressed natural gas derived from organic waste. It was part of the company’s broader expansion to support decarbonisation in freight transport. CNG Fuels currently operates 13 UK stations, including one near Castleford.

Despite the proposal aligning with government goals to lower emissions in the transport sector, the plan attracted 539 formal objections. Concerns raised included potential night-time noise, traffic volume increases, and environmental impact due to the site’s proximity to residential housing. No letters of support were filed.

According to Wakefield Council’s planning portal, the application was formally withdrawn on 12 May.

Pension funds commit billions to private UK assets in industry-backed push

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Seventeen major UK pension schemes and providers have pledged to allocate at least 10% of their defined contribution (DC) default funds to private markets by 2030, half of which will be earmarked for investments in UK-based assets. This initiative, the Mansion House Accord, is a collaboration between the Pensions and Lifetime Savings Association (PLSA), the Association of British Insurers (ABI), and the City of London Corporation.

The move is expected to mobilise over £50 billion in capital across the next five years, with £25 billion directly targeted at UK investments. This represents a significant potential capital boost for British businesses, particularly those seeking venture capital or growth equity.

The agreement follows an earlier 2024 pledge, the Mansion House Compact, which revealed UK pension funds held just £800 million in unlisted equity, equating to around 0.36% of their total DC default fund holdings. The new targets aim to substantially improve that figure and bring the UK more in line with international peers regarding private market exposure.

The British Private Equity and Venture Capital Association (BVCA) is using this momentum to lobby for greater inclusion of venture capital in pension fund portfolios, positioning the asset class as capable of delivering strong long-term returns. The group emphasises that much of the benefit from UK innovation is currently being captured by overseas investors and calls for domestic funds to take a more active role in supporting UK growth sectors, including life sciences, AI, and net-zero technologies.

The government has also signalled continued support for reforming pension regulations to help unlock greater capital flows into British scale-ups.