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FirstGroup completes takeover of York Pullman bus company
The sale of long-established family business York Pullman Bus Company to FirstGroup plc has been completed.
MD Tom James will remain with York Pullman and continue to run the business under the same name with support from his existing team and First Bus, which is FirstGroup’s bus division. The deal has been competed with advisory services fromaccountancy firm Azets and regional law firm Andrew Jackson.
Nick Barker, Corporate Finance Partner from Azets Yorkshire acted for York Pullman, with Karen Sadler, Senior Manager in Tax Advisory, providing the tax support. They worked closely with Mr James as well as a legal team led by Susie Mortonson, Corporate Partner at regional law firm Andrew Jackson. The deal had been announced in January before being completed following standard regulatory reviews. Mr Barker said: “It has been a privilege to assist Tom with the sale of York Pullman, which is such a well-known and well-regarded York name. Through his expert guidance it has grown to hold a dominant position as the leading independent bus and coach operator in the local market. “It was particularly important that we found a partner that shared that same integrity and values that have made the business such a success and I am delighted that in FirstGroup we have found a new owner that is committed to continuing the name and good work of York Pullman.” Susie Mortonson added: “It has been a pleasure to support and guide Tom and his team on this significant transaction. York Pullman is a fantastic business and I wish them every success as the business enters a new chapter as part of FirstGroup.” Tom James said: “I am extremely grateful for the exceptional professional advice and guidance provided by Azets and Andrew Jackson Solicitors throughout the entire process. “Their support will enable York Pullman to build and grow on its successes as it looks towards an exciting future with FirstGroup.” York Pullman has more than 130 vehicles and is made up of five well-established brands in regional and business-to-business operations in York and North Yorkshire. These include home-to-school and college contracted services, private hire and local bus routes run on behalf of local councils. The York Pullman name can be traced back to the 1920s before it was resurrected by Tom James in 2007. Vehicles were painted in the original Pullman livery colours as the company’s brand once again appeared on York’s city streets.North Yorkshire industrial estate awarded funding to lead the way to become net zero
Yorkshire and Humber shares in £20m investment to help ‘heartbeat of the economy’
The Yorkshire and the Humber region is to get a share in £20m through the Business Enterprise Fund to support support for small firms, via an investment from Lloyds Bank & Big Society Capital.
To support local jobs and improve the economy, the investment is part of a £62m boost to help Community Development Finance Institutions back businesses in the most deprived areas of England and Wales.
BEF, which operates across Yorkshire and the Humber, the North East and the North West, is one of three CDFIs selected to receive the funding, with criteria ensuring that the money goes towards socially motivated lenders who are already lending around £100m every year to businesses which traditional and challenger banks or fintech can’t service.
The fund is designed to support underserved communities including BAME and female led businesses; CDFIs have become known for working with such businesses and providing support where mainstream banking cannot.
Stephen Waud, CEO of BEF said: “It’s good news that mainstream lenders such as Lloyds Bank recognise the transformative effects that CDFIs have in the communities they serve. It’s all about providing business owners, and aspiring business owners, with the opportunity to go to market with their ideas. There’s also a real focus on trickle up, rather than trickle-down economics, where job creation and wealth generation in these communities create proven economic change.
“We’re thrilled to be one of the CDFIs helping to utilise this fund and support small businesses and local economies. We plan to support over 280 businesses and create nearly 600 jobs with the funds that we have, helping both female and BAME led businesses with the opportunity to prove their success.”
Elyn Corfield, CEO Business and Commercial Banking at Lloyds Bank, said: “SMEs are the heartbeat of the UK economy and as the largest domestic banking group, we have a proud history of supporting UK businesses to thrive. We’re therefore delighted to support the CDFI sector to back local businesses, with a focus on deprived areas, and ensure they have access to a range of financial options right for them. When local businesses flourish so do local communities and we hope our leadership within this second phase of CIEF will see many more areas of the UK succeed.”
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- minimising negative effects such as pollution, food loss and waste
- resilience and responsiveness in the supply chain, mitigating risks, interruptions or disruptions
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2 Sisters Food Group CFO to step down in July
2 Sisters Food Group’s CFO Craig Tomkinson has decided to step down from his role and will be leaving the business in July.
Craig has held the position of Group CFO and Board Director for almost six years, working in total for the company for over a decade, and has decided on a career break before taking on new opportunities.
He will be officially handing over responsibilities at the start of April to new CFO Nigel Williams, after Nigel’s full induction in March. Craig will then focus on key projects from April until his official departure date later in the year, reporting as normal to Chairman Richard Pennycook.
Nigel is a highly-experienced CFO with more than 20 years leading multi-site food and beverage retailers. Having relocated back to the UK last year, Nigel spent the previous eight years in Australia as Chief Financial Officer at global business Collins Foods Ltd. Prior to his role at Collins, Nigel was Finance Director for Starbucks UK.
Craig said: “I believe now’s the right moment for a career break. I will take on fresh challenges after a period of recharging my batteries with my family.
“I have had an incredible journey at 2 Sisters and I’m proud to have played a role in transforming the company. The priorities when I re-joined were to improve trading performance, reduce debt and the pension deficit, strengthen financial controls and rebuild the finance team, and I’m proud of the progress made.”
Richard Pennycook added: “On behalf of the Board, we would like to thank Craig for his significant contribution over the years and his considerable talents in helping transform 2 Sisters for the better. Craig has played a critical role in helping us to overcome some tough external challenges in recent years and setting us up for future success. We wish him and his family all the very best.
“We would also like to welcome Nigel to the Board. He has a first-class track record in financial leadership roles and we look forward to working with him in taking the business forward to the next stage of its evolution.”
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£3m raised by hydrogen generator firm to boost uptake of green energy
Suiso – a Rotherham company developing an innovative hydrogen generator that could boost uptake of green energy – has raised £3m from NPIF – Mercia Equity Finance, which is managed by Mercia Ventures and part of the Northern Powerhouse Investment Fund, and Mercia’s EIS funds.
The company plans to create generators the size of shipping containers that could be placed on site to power factories, hospitals, and warehouses or at filling stations to fuel hydrogen-powered vehicles.
Producing hydrogen where it is needed eliminates the high costs involved in distribution from a large, centralised plant, which has been one of the key barriers to adoption. It also allows businesses that want to decarbonise their operation to start much sooner than waiting for large-scale hydrogen plants to be built.
Suiso’s process produces low-cost, low-carbon or zero-carbon energy. It uses a novel microwave technology to extract hydrogen from natural gas or biogas, while capturing the carbon in the form of carbon black, a valuable byproduct that can be used to make tyres, batteries and inks. As existing methods of carbon black production create high levels of emissions, Suiso’s technology can help decarbonise these industries too.
A study by the Department of Business, Energy & Industry Strategy (BEIS) confirmed that, for many key applications, Suiso’s technology is lower cost and produces lower emissions than existing production methods such as grid-powered electrolysis, and 97% lower than steam methane reforming, making it one of the greenest forms of hydrogen available. It also uses 80% less electrical energy than electrolysis, therefore putting less stress on the grid network.
Suiso was founded by engineer and financier Stuart McKnight and serial entrepreneur Dr SB Cha, whose father invented Suiso’s microwave technology. The company was one of the winners of the BEIS Low Carbon H2 Supply scheme in 2023.
The latest investment will enable it to scale up its technology and begin a pilot project. Ultimately it aims to produce generators that can produce 1,000 kg of hydrogen a day – equivalent to 1.6 MW of energy and enough to fuel 50 20-tonne trucks. The company, which currently employs five staff, expects to create seven new jobs in the next six months.
Stuart McKnight, CEO of Suiso, said: “Hydrogen is rapidly emerging as a sustainable way to decarbonise the economy, but cost, availability and other practical issues have held back its use. Our technology offers a way to overcome these and provide clean, low-cost power on site.
“For some organisations, Suiso’s on site hydrogen generation may be the only realistic ‘green’ option – for example, energy-intensive industrial applications such as large boilers or furnaces, heavy lifting gear or HGV and truck refuelling. This investment will help us move to the next stage on our journey to bring it to market.”
Ashwin Kumaraswamy, Investment Director with Mercia Ventures, added: “Suiso has found a way to decarbonise natural and biogas to produce ‘greener’ hydrogen than many current methods of production including grid powered electrolysis, and a zero-emission form of carbon black which is a valuable product in itself.
“This technology could make hydrogen a viable option for many businesses and drive rapid uptake. With growing global demand for clean energy, we are confident that Suiso will have many opportunities ahead.”