Bradford Council has been granted £127 million in emergency financial support from the UK government to address its ongoing budget crisis. It is one of 30 local authorities receiving “exceptional” assistance from the Ministry of Housing, Communities and Local Government (MHCLG).

The council has faced severe financial strain for two years and narrowly avoided bankruptcy last March following an emergency government intervention. The council is prohibited from selling community and heritage assets as part of the funding agreement.

In November, the council approved £40 million in budget cuts, impacting services such as street cleaning and library operations. Three recycling centres were permanently closed last April to reduce costs. A council tax increase of nearly 15% was finalised last month.

Despite the bailout, the council must save an additional £40 million next year and £50 million annually for the following four years. The government stated that the funding is for councils in “immediate need” and will be accompanied by oversight to ensure financial stability.

Benchmark Capital, a provider of financial planning solutions and part of the Schroders Group, is to acquire Robertson Baxter.

Robertson Baxter is a directly authorised firm of four advisers with £200 million of client assets, based near Huddersfield.

Benchmark has supported Robertson Baxter with platform and investment solutions for several years.

Ed Dymott, CEO, Benchmark, said: “Over the past 17 years Greg Robertson and Stephen Baxter have built a successful practice and Benchmark has supported their growth by providing technology, platform and investment solutions.

“We’re delighted that they recognise Benchmark’s strong proposition, client focus, and capital strength as being the right long-term home for their staff and clients.

“Benchmark continues to demonstrate strong growth, having increased our number of advisers last year.

“The acquisition of Robertson Baxter represents a continuation of our strategy to support financial planning businesses at every stage of their journey from starting up, running efficiently, growing successfully and succession planning for business owners. The acquisition underscores the strength of our differentiated proposition.

“Robertson Baxter will, over the next two years, integrate fully into Benchmark, moving under Benchmark’s regulatory authorisation. We continue to see very strong interest in directly authorised firms looking to networks to help streamline their business and better navigate the regulatory landscape.

“Our Schroders UK Financial Adviser Survey shows that regulation continues to be a primary concern with the number of advisers ranking it their number one concern rising from 49% in 2023 to 57% in 2024. With close to 200 firms already in our networks we expect to see this shift continue.”

Greg Robertson, CEO, Robertson Baxter, said: “Having worked with Benchmark for several years we knew they were the right partner to support our business growth and secure a long-term home for our staff and our clients, as well as a smooth exit strategy for me and Stephen.

“We’ve already benefitted from Benchmark’s on-going investment into developing their proprietary technology and we’re pleased to be joining their network too; to leverage their broader practice management support to help us service more clients, more efficiently than ever before.”

UK-based challenger bank OakNorth has acquired Michigan-based Community Unity Bank (CUB) in an all-share deal, marking its first US acquisition. CUB, an FDIC-insured bank founded three years ago, primarily serves retail and business customers in Southeast Michigan.

OakNorth, backed by SoftBank, has been a key lender to UK businesses, including projects in Yorkshire. The bank focuses on firms with revenues between £1 million and £100 million. Since mid-2023, the bank has provided $700 million in loans to US businesses via its UK balance sheet as part of its expansion strategy.

The acquisition allows OakNorth to scale its business lending operations across the US, targeting the lower mid-market segment, which is facing a funding gap following recent US bank collapses. This marks OakNorth’s third overall acquisition, following its Fluidly and Ask Partners purchases. CUB’s leadership emphasised the bank’s entrepreneurial roots and commitment to small business lending.

Scarborough will receive £19.5 million in government funding over the next decade as part of the Plan for Neighbourhoods scheme, North Yorkshire Council has confirmed.

The funding aligns with the council’s previously developed 10-year vision, which prioritises town centre improvements and better bus services. Other potential projects include enhancements to public spaces, additional seating areas, and further development around Scarborough Station.

Public consultation will continue before a final plan is submitted by winter 2024, and project implementation will begin in spring 2026.

Council leader Carl Les said the funding presents an opportunity to drive long-term economic and community benefits. At the same time, Scarborough and Whitby area committee chair Liz Colling emphasised the need for investment in coastal towns.

Oncimmune, a precision medicine company based in Leeds, has fallen into administration.

In a statement Oncimmune said: “Despite a comprehensive sale process and positive interest in the business it has unfortunately not been possible to secure a buyer for the Company’s trading subsidiary, Oncimmune Germany GmbH. It has also not been possible to raise the additional capital required to meet the Company’s short term funding needs.

“In light of this, and after extensive consideration of the Company’s current financial situation as well as the resulting creditor position, the Board has regrettably concluded that there are no further options available to the Company to extend its cash runway and that the Group should therefore be placed into administration in order to preserve the value of the business for creditors.

“Accordingly, a notice will be filed with the Court today notifying the directors’ intention to appoint Managing Directors from Alvarez & Marsal Europe LLP as administrators of the Company as soon as reasonably practicable.

“Consequently, the Company has requested a suspension in the trading of its ordinary shares on AIM, which will become effective from 7.30am on 17 March 2025.”