£15.6m development loan secured for 293-bed Lincoln student scheme

Tess Egginton
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£15.6m development loan secured for 293-bed Lincoln student scheme
Moorfield Group, a real estate fund manager, has secured a £15.6 million facility from Investec Real Estate to fund the development of a 293-bed purpose-built student accommodation (PBSA) campus in Lincoln. The development is already under construction and due to complete ahead of the 2024/25 academic year. Comprising four three-storey townhouses and a further five four-storey buildings, features will include an on-site reception and laundry facilities. This is Investec’s second student deal with Moorfield, having previously provided an £18.97 million loan for the development of a 282-bed PBSA scheme in Colchester. Jonathan Long, Head of Corporate Lending at Investec Real Estate, said: “With UCAS expecting to receive one million applications annually by 2030, we remain bullish on the student accommodation sector’s compelling long-term outlook. It has an attractive, inflation-protected income profile supported by deep-rooted demographic tailwinds. “Our 13-year track record providing a mix of domestic and international capital with a range of funding solutions means we are well placed to capitalise on the continued demand for new development. “Working with repeat borrowers is central to our longevity – in particular with businesses like Moorfield, who deliver high-quality specialist schemes that are key to supporting the UK’s growing student numbers.” Charles Ferguson Davie, Chief Investment Officer at Moorfield Group, said: “We have been investing in student housing for over twenty years and investor confidence in the sector remains resilient, with domestic and international investors keen to increase their exposure to an undersupplied asset class offering risk-adjusted returns and long-term income streams. “We see a market opportunity in new-build development and refurbishment of existing stock, with both strategies responding to investor demand for high-quality assets with leading ESG credentials.”

South Yorkshire invention could help clean up energy production globally

Stuart Pearcey
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South Yorkshire invention could help clean up energy production globally

Am engineering breakthrough from a South Yorkshire company could solve the problem of flaring and venting from oil and gas fields and help clean up energy production.

Rotherham-based AESSEAL has invented new technology that seeks to eliminate or reduce both intermittent and continuous emissions and could be retrofitted to oil and gas facilities across the world. The company  has partnered with pump manufacturer Torishima UK to develop EcoGuard, which will be made in Glasgow. The product has been hailed as a game-changer for the oil and gas industry and could extend the life of existing rigs. Chris Rea, founder and group MD of AESSEAL, said: “My interest is in the environment. AESSEAL does not make pumps and the EcoGuard technology does not use seals, but I would like to turn off the industrial-scale bunsen burners that are destroying the planet for my grandchildren. On a case specific basis, I will give our competitors a royalty-free licence as the environment needs all the help it can get. “In Scotland, which has nearly 90 per cent of UK oil and gas production, more than one billion cubic metres of gas was flared in 2019, releasing 2.9 million tonnes of CO2 equivalent emissions – 21 per cent of the total. “Not only is this damaging, it is extremely wasteful. The gas flared off could have been used for heating and is the same as the total energy consumption of Glasgow, where EcoGuard will be produced at Torishima’s plant in the city.” EcoGuard is a small but powerful booster pump that transports gas around a rig’s compressor in a similar way to a central heating system circulating water around a house. The booster maintains the flow of gas during intermittent shutdowns, an established practice that removes the need for deliberate emissions to prevent contamination of the system. In the inventive step, the booster also keeps the seal clean to stop leakage throughout continuous operation. The EcoGuard is at prototype testing stage and will be ready to market in early next year, six years before the UK government deadline for the oil and gas industry.

Aviva pledges £100k to South Yorkshire’s apprenticeship scheme

Stuart Pearcey
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Aviva pledges £100k to South Yorkshire’s apprenticeship scheme
Aviva will pledge £100k to the new Apprenticeship Levy Matchmaking Service launched by South Yorkshire Mayoral Combined Authority and the South Yorkshire Apprenticeship Hub. The money will help fully fund training costs for four apprentices as they start their training as Level 3 Early Years Educators and Level 5 Early Years Practitioners from early nest year. The Apprenticeship Levy Matchmaking Service is a new scheme in the region which provides smaller businesses with access to additional apprenticeship funding. As part of this, larger employers pledge funding to support other businesses who would benefit from apprenticeships through unspent Apprenticeship Levy funds. Smaller businesses can then apply for this money and if successful will no longer pay the 5% costs towards the training of apprentices. Khalil Kirkwood, Senior Development Manager at SYMCA, said: “Large employers, who are currently paying the Apprenticeship Levy, can pledge their unspent allocation into a pot that smaller businesses can then apply for. “Smaller businesses, if successful with their application, will have the opportunity to upskill their workforce or expand their team through the apprenticeship funding that has been pledged by larger companies. “Being able to offer this innovative approach to address collective skills shortages in South Yorkshire is just one of the strategies we are looking at to improve the lives of our residents.” The Apprentice Levy Matchmaking Service was launched alongside the new South Yorkshire Apprenticeship Hub on 5 December, with the ambition to bring 300 new high-quality apprenticeships to the region by June 2025. South Yorkshire’s Mayor Oliver Coppard said: “South Yorkshire doesn’t just need a bigger economy, we need a better economy. But if we’re going to get there, and if everyone is going to be able to access the jobs and opportunities that the new economy will bring, we need to make sure people have the right educational skills, so they can access opportunity wherever it might be. “That’s what our new Apprenticeship Hub is all about; offering people, organisations and businesses a ‘one-stop shop’ for all the information and support they need to get the right skills, in the right place, so we can all benefit from more jobs.” Danny Harmer, Aviva’s Chief People Officer, said: “Apprenticeships create meaningful opportunities for people to develop their careers, at any stage and age. Giving some of our Apprenticeship Levy means Aviva can support businesses in South Yorkshire to create the skills they need for the future – which can only be good news for our communities.”

University of Bradford re-affirms its position as one of world’s best for business education

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University of Bradford re-affirms its position as one of world’s best for business education

The University of Bradford’s business school is among the top two per cent in the world following an official re-accreditation.

The School of Management has won joint re-accreditation from the Association of MBAs  and the Business Graduates Association, two of the world’s leading authorities on business education. It is three years since the School of Management became the first business school in England to receive its initial joint accreditation from AMBA and BGA. A total of 300 of the world’s 16,000 business schools, including Bradford, are AMBA accredited, equivalent to two per cent. Professor Sankar Sivarajah, Dean of the School of Management, says the latest re-accreditation shows that the university is delivering high levels of management education and research. He said: “It’s important to maintain our accreditation as it gives reassurance from an external perspective that we are doing the right things. “The hard bit is to maintain accreditation and consistently innovate and what we are doing in the forefront of business school education. It’s about delivering quality management education and impactful research. “Thank you to all our colleagues, students, alumni and business community who have played their part in helping the School securing this re-accreditation.” Bradford’s re-accreditation follows a two-day visit in September 2023 by a three-strong team of international business school leaders.

Ministry awards £54m contract for development of Catterick Garrison

Stuart Pearcey
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Ministry awards £54m contract for development of Catterick Garrison
Catterick Garrison’s Marne Barracks is to receive a £54m upgrade thanks to a new deal signed by the Defence Infrastructure Organisation and construction firm Morgan Sindall. The Barracks, which is currently the home of 5 Regiment Royal Artillery and 32 Regiment Royal Engineers, requires additional infrastructure to prepare for the arrival of 21 Regiment Royal Engineers by 2027. Upgrades, being delivered under the Defence Estate Optimisation (DEO) Army Programme, will see nine new facilities built alongside refurbishments to existing buildings. The new or upgraded infrastructure includes Single Living Accommodation, sporting facilities including multi-use game areas and a gym, and storage facilities. Andy Hall, Director of Morgan Sindall’s Yorkshire and North East business, said: “Our Armed Forces give one hundred percent dedication year-round and are committed to the service and protection of our country. To be one of the contractors named to support them through applying our expertise is a great honour.” Robin Hartley, DIO’s Deputy Head of Major Programmes & Projects (Army), said: “The award of this contract is the start of a major programme of upgrades for Marne Barracks, which will see some real improvements to the site in preparation for the arrival of new units. We look forward to working closely as a team with Morgan Sindall and the Army to ensure the success of the programme.” Survey work is already under way with enabling works expected to start at the end of next year, followed by the start of construction in summer 2025.

New rules offer workers more rights, says Government

Stuart Pearcey
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New rules offer workers more rights, says Government
The government has set out the next stages for a number of new Workers’ Rights Acts which it says will give more money and more say back to UK workers. The changes come on the back of this year’s legal requirement for employers to pas all tips to employees, and include:
  • new rights to protect new parents from redundancy
  • extra support for carers
  • help for all employees work flexibly
  • a week’s leave for those with a caring responsibility to care for a dependent
  • an increase in the Natrionbal Living Wage to almost £21,000, and
  • extending the NLW rules to 21-year-olds.
Acas Chief Executive Susan Clews said: “The shift in recent years towards increased use of flexible working by organisations has allowed more people to better balance their working lives and enabled employers to attract and retain skilled staff.

“Acas has recently consulted on a new draft Code of Practice which outlines good practice around requests for flexible working and explains the forthcoming changes in the law to employers and employees.”

On tipping, Business and Trade Minister Kevin Hollinrake said: “As we approach Christmas, it’s more vital than ever that we do what we can to support workers and families across the country. “I’d like to encourage businesses to be as flexible as possible and give their hard-working employees the tips they deserve.

“I want to thank the MPs who brought forward this legislation to support hard working families and shape the UK’s outstanding workers’ rights record.”

The Employment (Allocation of Tips) Act 2023, which became law in May this year, requires employers to pass all tips on to workers. Mr Hollinrake added that Christmas was an incredibly busy season for hospitality workers, and usually a time of year when customers are more generous with their tips. All employees deserved to receive their fair share of tips, so the Government has launched a public consultation on the Tipping Act’s Code of Practice to gain feedback from employers, workers and other stakeholders on the fair and transparent distribution of tips.

Contractor sought to restore Hull’s National Picture Theatre

Stuart Pearcey
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Contractor sought to restore Hull’s National Picture Theatre
The search is on to appoint a contractor to restore and preserve the National Picture Theatre in the wake of a funding award from Hull City Council and The National Lottery Heritage Fund. The National Picture Theatre is the last remaining WW2 civilian ruin in the UK, and will be restored as a flexible space for community events and education, it will also be  a place of reflection for the 1,200 Hull civilians that died during WW2. The contractor will undertake work to restore the façade to its former period style, including its iconic windows and signage. Structural elements, including the two large concrete beams, which saved the lives of the 150 people inside the theatre on the night it was bombed, will also be preserved. Councillor Rob Pritchard, Portfolio Holder for Culture and Leisure, said: “The council is looking to appoint a contractor who can sensitively restore the façade and undertake structural work. “This is an untouched site, and this work will not only protect its future but raise awareness of its significance as a rare surviving bomb-damaged building from the Second World War.” The former National Picture Theatre was designed by architects Runton and Barry for the De-Luxe Theatre Company and was constructed in 1914. The building was badly damaged during a Luftwaffe air raid on 18 March 1941, although none of the 150 people inside the cinema at the time were killed or seriously injured. The former National Picture Theatre gained Grade II listed status in 2007 due to its significance as a rare surviving bomb-damaged building from the Blitz of the Second World War. Air raids on Hull went on longer than on any other British city and, out of Hull’s 91,660 houses, only 5,945 survived the air raids undamaged. Remedial work to stabilise the building took place in 2020 and now the major works are scheduled to begin in 2024.

Funeral director signs up as Scunthorpe United sponsor

Stuart Pearcey
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Funeral director signs up as Scunthorpe United sponsor
Jason Threadgold Funeral Director signed a sponsorship deal for Scunthorpe United’s training ground.
The agreement, which runs until the end of the 2024-25 season, will see the club’s pitches be known as the Jason Threadgold Funeral Director training ground for the duration. The deal also sees the Iron players debut brand new training kit from Technical Kit Partner Kelme, with the gold Jason Threadgold Funeral Director logo emblazoned across the new clothing. United owner Michelle Harness said: “I would like to thank Jason, Nichola and the team at Jason Threadgold Funeral Directors for their amazing support since we took ownership of the football club. “To get another local business on board supporting the Iron is another massive step forward to help the football club get on the path to sustainability, and it’s another positive partnership created that we hope will continue to grow over the course of this deal, and beyond.

“I would also like to reserve a special mention to Jake Pullan, who is just 15 years old and a media intern at the football club and works closely with James Moody, for his involvement in getting this deal secured.”

Company Directors Jason and Nichola Threadgold added: “As part of our continued commitment to supporting our local community we felt it only prudent that we should step in to help support our local football team. “Both of us being Scunthorpe born and bred, we have both seen the changing faces of Scunthorpe United, and we have both supported the teams over the years. “We are very privileged to be given the opportunity of sponsoring the training ground here at Scunthorpe United, and look forward to the future of this team.”

York’s Stonebow House fully let

Tess Egginton
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York’s Stonebow House fully let
All the commercial space at the revitalised Stonebow House in York City Centre has now been let with new tenants Roxy Ball Room and mydentist set to join the Coop supermarket in the New Year. Wetherby-based Oakgate Group has regenerated this landmark building, which also includes repurposing the long-term vacant office space into luxury apartments, which are all sold and fully occupied. The £17m redevelopment scheme has seen the original Stonebow House stripped back to its core and remodelled to include 13 apartments, 4 duplex penthouses and 31,500 sq ft of retail and leisure space. mydentist will occupy the unit which was previously the Supersonic Gym and Roxy Ball Room will bring their unique leisure offer to the middle of the three commercial units on the ground floor of the building. This site will be Roxy Leisure’s 20th site under the Roxy Ball Room brand. Richard France, Managing Director of Oakgate Group, said: “The transformation of Stonebow House, is now nearing completion with the occupation of the final two commercial units, bringing more vibrancy and life into the immediate area. “The revitalised building is providing a new community for residents with retail, leisure and healthcare enabling it to continue to play an important part in York’s varied and historic heritage.” Roxy Leisure’s CEO, Matthew Jones said: “We are really happy to be working with Oakgate on this project, the building provides the perfect space and location for our 20th site opening in early 2024.” Stonebow House was built in 1964, following York’s slum clearance programme, and was originally designed by Wells, Hickman and Partners. It has had a chequered history in the eyes of York residents and the design for the rejuvenation of the building were by DLA Architecture.

What next for Central Library and Graves Gallery building Sheffield?

Stuart Pearcey
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What next for Central Library and Graves Gallery building Sheffield?
Sheffield City Council is working towards identifying the future use of the Central Library and Graves Gallery building, decisions on which will form a crucial part of plans to transform the city centre. At a meeting of the Strategy and Resources Committee next week, councillors will consider a proposal for new feasibility studies to be completed to develop a vision for a 21st-century central library for Sheffield, and to explore the potential for the building to become a flagship gallery and arts venue. Tom Hunt, Leader of Sheffield City Council, said: “This is a big, positive step forward to identify the future use of the Central Library and Graves Gallery. “In 2024, if approved, we plan to kick off studies to assess options for the building’s future, including as a refurbished library and art gallery or a flagship standalone art gallery. “The building has been used and loved by generations of people in Sheffield. Nearly 90 years after the building opened, it is right that we take steps to ensure the full potential of the building in the 21st-century is realised.” If the process is approved, public consultation will also take place as part of the information gathering process. The report also recognises that immediate, major repair works are necessary to achieve compliance, improve building efficiencies, preserve historic and heritage features, and prevent further deterioration. If this process does go ahead, a full project timeline will be developed alongside the feasibility phase.

Incommunities appoints new director of communities

Tess Egginton
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Incommunities appoints new director of communities

Bradford-based housing provider Incommunities has appointed Patrick Collins as its new director of communities.

Patrick joined Incommunities in November 2020, as head of neighbourhood management. He has more than 30 years’ experience in the housing sector and before joining Incommunities, Patrick worked for 10 years at Places for People in a variety of operational roles managing housing teams across the North West of England.

Patrick has also served as a board director for two north west housing associations. His wide ranging experience includes teaching Housing Policy and Housing Practice up to degree level for over 10 years.

Patrick Collins said: “I have worked in housing for many years and I have loved every day of it but none more so than the last three working for Incommunities.

“Here I am working alongside a completely new innovative senior management team who allow you to implement change and work with you to bring in best practice in all areas.

“The aim is to take the housing service back out on site to our customers so they can really influence how we do things.”

Janey Carey, executive director of customer and communities at Incommunities, added: “We are delighted Patrick was successful in securing this role. 

“He brings not only a wealth of experience, enthusiasm and knowledge but he has a strong vision on how to modernise our housing service and offer to our customers.”

Patrick has now started his new role.

Hull-based TEPS builds new warehouse and office

Stuart Pearcey
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Hull-based TEPS builds new warehouse and office

Hull-based family-run haulage, storage, and distribution company TEPS is building a new warehouse and office.

As part of the sixth generation John Good Group, TEPS is reinforcing its commitment to adapt and grow in response to market needs, which is being a strategic supply chain & logistics partner in the Hull and Yorkshire region.

The new development will feature a state-of-the-art 25,000 sq. ft warehouse, capable of housing 5,000 pallets, alongside a 1,900 sq. ft office block. This expansion will not only increase TEPS’s capacity to nearly 200,000 sq. ft but also enhance its operational efficiency. The new warehouse will create new roles and opportunities within the local area to be recruited for in 2024. MD Paul Fordon said: “This expansion is a significant milestone for TEPS. By constructing this new warehouse and office space, we are not just scaling our operations but also reaffirming our dedication to our clients and the environment. The integration of the new offices within the warehouse facility is a testament to our commitment to operational excellence.” Adam Walsh, CEO of John Good Group, added: “I’m delighted we were able to give the green light for TEPS on this multi-million-pound investment into the site. It’s a real vote of confidence in Paul and the team, who consistently deliver a service that makes them a standout operator in the region. I’m also pleased we were able to include a new office block in the development. Our people make the difference in our business, and to give them a new home with far superior facilities will help us retain and attract talent for years to come.” Scheduled for completion in Spring 2024, this new facility is set to be a major milestone in TEPS’s growth strategy, solidifying its position as a leader in the warehousing, storage, and distribution sector.

High-tech cobblers secure £300,000

Tess Egginton
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High-tech cobblers secure £300,000
A Leeds company pioneering a new approach to footwear repairs has secured a £300,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia Debt and is part of the Northern Powerhouse Investment Fund, to enhance its technology. The Boot Repair Co provides an authorised repair service on behalf of leading footwear brands including Fairfax & Favor, Vivobarefoot and Dubarry of Ireland, and also operates ‘white label’ websites to manage sales of refurbished products on their behalf. The funding will provide additional working capital following its recent success in winning a major contract with Dr Martens. It will also enable it to create 10 new jobs in the next six months and develop a bespoke software system to manage the entire repairs process, from receipt of goods to despatch. The Boot Repair Co was formed in 2011 by father and son Gerald and Tom Forbes who run the Craggs Shoe Repairs chain, and Chris Wilson, whose family founded Leeds-based Charles Birch, Europe’s leading supplier of footwear repair components. The company is now led by Tom Forbes, the current Managing Director. In addition to working with brands, it also provides repairs for customers direct, and has an exclusive contract with the Household Cavalry to repair military boots. Over the past 12 months it has refurbished over 100,000 pairs of boots and increased staff numbers from 35 to 68. Around 55 of these staff are based at its new premises in Leeds, and the remainder at its second site in Rochford, Essex. The company is currently working with Leeds City College to launch a new apprenticeship scheme and has received a range of advice and financial support from business support programmes delivered in partnership between West Yorkshire Combined Authority and Leeds City Council. This includes grant support towards cost of the new software, premises fit out and the original introduction to Mercia. Jamie Whitehouse, operations director, said: “We are pleased to have won contracts with so many prestigious brands. We have already made major investments in technology, machinery and training to enable us to take on this work including, most recently, sending staff to the Dr Martens factory for several weeks to learn their production techniques. “The latest funding will enable us to continue to expand and develop software that will significantly enhance our efficiency.” Gary Whitaker from Mercia Debt added: “Pre-owned footwear is a huge and growing market and offers benefits for brands and consumers alike, as well as being good for the planet. While many high street cobblers are struggling, The Boot Repair Co is bringing a new, tech-enabled approach to the industry. “The company has already created dozens of jobs and we are pleased to support its continued growth.”

2024 Business Predictions: Richard Hanby, Technical Director at Ascendant Solutions

Tess Egginton
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2024 Business Predictions: Richard Hanby, Technical Director at Ascendant Solutions
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Richard Hanby, Technical Director at Ascendant Solutions. Debt, Debt and more Debt – the more you know about your customer today will pay dividends tomorrow tenfold. Information accuracy is going to be a vital part of business operations moving into 2024, knowing which customers can, can’t and won’t pay before they fall into debt is an ideal prevention mechanism for your businesses cashflow. If you aren’t regularly reviewing credit limits of your business-to-business customers based on their circumstances 2024 could be painful. Looking at our primary business activities, we’re approached more and more for information services like credit reports, debtor tracing and investigation work for pre-litigation. It might seem like doom and gloom looms, but how deep this storm hits will depend on your preparedness for winter. Hopefully the BOE maintains if not drops the base rate, but we can’t rely on hoping for the best, we’re helping our clients prepare for the worst. Look North recently ran a segment on Local Authority solvency, all of those on the panel said that their authority will be bankrupt within 2 years. As I write this, Nottingham City Council were the latest to issue a Section 114 notice barring all new expenditure and asking for central government intervention. If we don’t hear “credit crunch” on the news by March, I’ll be very surprised. Changing times are hard but will be harder the less you know about your customers both before and after they fall onto hard times. Ascendant Solutions provides credit risk and credit reporting services based on a wide combination of suppliers built within bespoke online software which meet NCSC standards.

Hybrid working is here to stay, according to BCC research

Stuart Pearcey
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Hybrid working is here to stay, according to BCC research
New research by the British Chambers of Commerce Insights Unit and technology firm Cisco shows less than 30% of firms expect their workforce to be fully in the office over the next five years. A survey of more than 1,000 businesses, of which 96% were SMEs, found just 27% of respondents predict their staff will be fully in the office over the next five years, half 47 anticipate their staff to be mostly there, 16% expect mostly remote and 8% fully remote. The research found a clear divide between different sectors, with business-to-business services firms (such as the finance and legal sectors) more likely to expect remote working. Only 17% of B2B services organisations expect fully in person working, while the figure for manufacturers is 38%, and B2C services 37%. Companies were also asked about the connectivity tools they use such as video calling and cloud security. A quarter of firms say they are not confident they have the knowledge to make the right purchasing decisions, while three quarters are confident. Over half  are relying on external experts when making decisions about adopting technology. Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said: “Our data shows that hybrid working is now part of the fabric of the modern workplace. For millions of people, logging in remotely for at least part of the working week is now routine. “This flexibility is valued by employers and their teams. Less than 30% of firms expect staff to be working fully in person over the next five years. “Flexible working makes good business sense.  In a tight labour market, where employers are competing for skilled workers, hybrid working, and flexible working more generally, has become an important part of staff benefit packages.  As well as boosting recruitment and retention, it can help employers unlock new and diverse talent pools. “Employers still value regular face to face contact with staff, however, and our findings show only 8% of businesses expect staff to be completely remote. “ Aine Rogers, MD of SME at Cisco UK & Ireland, said:  “Small businesses are the heart of the UK economy, and their most important resource is their people. We know employees thrive in a hybrid working environment, as it enhances their wellbeing, work-life balance, and performance. “When it comes to choosing the right solution, the key consideration is implementing a simple, secure collaboration platform that can help employees be just as productive remotely, as they would in the office. With the right technology in place, SMEs can also ensure their employees have inclusive, secure and resilient access to their network data and applications, as well as a seamless experience when calling, meeting, and messaging.”

Sheffield prepares to sign lease deal for Cole Brothers building

Stuart Pearcey
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Sheffield prepares to sign lease deal for Cole Brothers building
Sheffield City Council’s Strategy and Resources Committee meets next week to hear the latest update on the project to transform the former Cole Brothers building as part of the ongoing regeneration of the city centre, and to consider an agreement with Urban Splash over the lease. Months of negotiations on the agreement have been taking place between Sheffield City Council and Urban Splash, which was announced in June as the preferred bidder to take on the building. Those negotiations have now concluded and the agreement for lease is expected to be signed in January 2024. Once the agreement has been signed, the award-winning regeneration company will then be consulting with the people of Sheffield on their plans for the building and gathering thoughts and ideas. The proposed Agreement with Urban Splash will result in the delivery of an exciting mixed-use scheme comprising flexible workspace and cafes/retail/leisure/cultural uses/event space which are all considered to be complementary uses to the rest of the Heart of the City project. Bringing this listed building back into active use will be hugely beneficial both for the wider city centre and the surrounding Heart of the City scheme. Retaining much of the structure, whilst improving the thermal performance and energy efficiency of the building, should have a positive impact on climate change. Leader of the Council Tom Hunt, Chair of the  Strategy and Resources Committee, said: “The former Cole Brothers building is an important and much loved part of Sheffield City Centre. It’s great that we’re moving forward with Urban Splash to breathe new life back into the building. The exciting proposal from Urban Splash will add to the fantastic regeneration we’re seeing throughout the city centre in the Heart of the City development at West Bar and more. “Sheffield is a city on the up. We are creating a city centre that will be a destination for people to come and relax, shop, eat, work, and drink.”

New networking group aims to support firms on Louth’s Fairfield Estate

Stuart Pearcey
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New networking group aims to support firms on Louth’s Fairfield Estate
A new business networking group is being created  to companies based on the Fairfield Industrial Estate in Louth. Set up by Wilkin Chapman in conjunction with Lincolnshire Chamber of Commerce, the Fairfield Networking Group will welcome organisations of any size or industry, based on the estate which is home to hundreds of businesses. Established in the late 1960s, Fairfield Industrial Estate has been steadily growing each year but there are no previous networking groups dedicated to this important part of the town and the Lincolnshire Chamber of Commerce has historically been underrepresented in the area. It’s hoped that the new group will connect businesses across the estate to help one another grow while encouraging collaboration on matters that directly impact the estate. The group’s first meeting is set to take place on 9th January at Louth Distillery, where Pin Gin is produced. Meetings will continue to be held on the second Tuesday of each month from 5-7pm. It’s hoped that the event will be hosted by a different business on the estate each month. Katherine Marshall, a partner at Wilkin Chapman which moved into a new office on the estate earlier this year, said: “I’m really excited to be helping to launch this new business networking group dedicated to this energising and inspiring area of Louth which has become a real hotbed for innovation, ingenuity and expertise. It does seem remarkable that even though Fairfield Industrial Estate has grown to become so important for the local economy the businesses here haven’t had a forum to regularly get together, get to know each other and work together, but that’s all about to change. “The news has gone down very well so far, with lots of interest in our first meeting so I’m sure it’ll be a great success, and it’ll become a must-do event in everyone’s calendar here. I’d like to thank co-organisers Lincolnshire Chamber of Commerce and our first hosts, Louth Distillery for their support and enthusiasm. I can’t wait to see everyone in the new year!” Simon Beardsley, pictured, Chief Exec of Lincolnshire Chamber of Commerce, said: “This is a fantastic opportunity for businesses to network with other industry professionals, potential customers, and suppliers. “We’re constantly striving to support local businesses in their efforts to grow their businesses and develop meaningful relationships with other firms and are confident this venture will unlock new opportunities for them.” While the group is primarily for those working at businesses based on Fairfield Industrial Estate, those from further afield are also welcome to attend. Pre-registration is not required and there is no membership fee, although future events may charge a small attendance fee to cover the cost of food and drink. Venues for future meetings will be discussed and agreed between attendees.

£1m from Finance Yorkshire supports management buy-out in Morley

Stuart Pearcey
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£1m from Finance Yorkshire supports management buy-out in Morley
A management buyout (MBO) has been completed at Morley-based Elm Building Services supported by £1m investment from Finance Yorkshire. Elm is an established provider of mechanical and electrical services to the industrial, commercial, retail and leisure industries. Key clients include David Lloyd Clubs and Whitbread, owner of Premier Inns. The company was founded by electrical engineer Neil Munday in 2002 who has grown the business year on year with turnover this year expected to exceed £8-10 million. Elm employs 23 staff members and is projecting turnover of £15-17m over the next three to five years. It undertakes large scale mechanical and electrical projects across the UK and Europe. The MBO will see Neil’s senior colleagues John Newton and Ian Walker take on the business with a view to growing the company particularly in the fields of solar power and low carbon solutions. Neil will stay in the business to provide support to John and Ian and further enhance their current client base. Finance Yorkshire’s £1m investment from its Growth Fund is supporting the MBO. Neil said: “We have grown a successful business which is in good hands with John and Ian at the helm with my ongoing support. Finance Yorkshire can see we are moving the business into a new chapter with the opportunity to become a £15m to £17m business over the next three to five years. Its investment will support us to bring in new customers and grow further.” Finance Yorkshire chief exec Alex McWhirter said: “Neil and his team have established Elm Building Services as a highly reputable provider of mechanical and electrical services. Our investment supports the opportunity to further grow the business as demand increases for the installation of green and sustainable energy technologies. “The MBO at Elm is the type of investment Finance Yorkshire is keen to support to ensure the retention of companies and jobs in the Yorkshire and Humber region.”

Next year’s Guinness Book of World Records records Hornsea 2 as planet’s largest wind farm

Stuart Pearcey
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Next year’s Guinness Book of World Records records Hornsea 2 as planet’s largest wind farm
Next year’s edition of the Guinness Book of World Records names Hornsea 2, off the east coast of our region, as the world’s largest windfarm in capacity. The book records: “Highest-capacity offshore wind farm. Hornsea 2 is a 1,320-MW wind farm built by Danish firm Ørsted some 89km (55.3miles) off the coast of Yorkshire, UK. The facility’s 165 turbines were declared operational on 31 Aug 2022. At maximum efficiency, the turbines can generate enough power for 1.4 million homes.’ This feat of engineering was built through Covid-19, battling with restrictions, and self-isolation rules. The 165 mighty turbines stand at over 200m tall, with most of the blades being delivered from the Siemens Gamesa factory in Hull. One rotation of the blades on each turbine generates enough electricity to power a home for 24 hours. In September 2022, AXA IM Alts and Crédit Agricole Assurances together purchased 50% of the windfarm for £3 billion. Duncan Clark, Head of UK and Ireland at Ørsted, said: “This fantastic achievement has come from years of hard work planning, building, and now maintaining Hornsea 2. Being named by the Guinness Book of World Records is recognition that we’re immensely proud of. There are too many people to thank, but each and everyone’s efforts has made this happen. Thank you all for your continued hard work.”

Bank of England holds interest rates at 5.25%

Tess Egginton
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Bank of England holds interest rates at 5.25%
The Bank of England has held interest rates at 5.25%. The Bank of England’s Monetary Policy Committee (MPC), which sets monetary policy to meet the 2% inflation target, voted by a majority of 6–3 to maintain Bank Rate at 5.25%. Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%. It marks the third interest rates pause following a run of 14 increases as the Bank tries to get inflation under control. Looking ahead, the MPC noted in a statement that “monetary policy is likely to need to be restrictive for an extended period of time.” David Bharier, Head of Research at the British Chambers of Commerce, said:  “While a cut in the interest rate could have provided some relief for firms ahead of Christmas, today’s decision to hold at 5.25% was expected and allays fears of further rises. “UK businesses have been faced with the twin shock of an inflation crisis and increased borrowing costs. Around half of the businesses we survey report a direct negative impact from the current interest rate, while only around one in ten see a benefit. “The BCC’s latest Economic Forecast expects only a 0.25% point cut in the interest rate for the whole of 2024, although businesses need to be prepared for any unexpected changes given the uncertain policy landscape. “SMEs have been operating in an uncertain climate for too long, with policies constantly chopping and changing over the past few years. They need to see clear direction from decision makers, creating a roadmap for business that boosts confidence and investment.”
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