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

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

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

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

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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

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?

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

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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

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

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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

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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

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

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

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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

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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

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%

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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.”

Sensing solutions company to create 25 jobs following £1.5m funding round

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A Sheffield company whose smart sensing solutions help industry to improve performance has raised a further £1.5m from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, and Mercia’s EIS funds.

Tribosonics’ solutions are used to monitor industrial machinery and components and manage process efficiency and product quality. Its integrated systems – which incorporate hardware, software and advanced ‘edge’ analytics – provide data and insights to help companies improve performance, extend plant life, reduce maintenance and energy use and meet sustainability goals.

The investment will support Tribosonics’ ongoing product development and bring its solutions to a wider audience. The company also plans to expand its 42-strong team with the creation of around 25 new jobs in the next 18 months across its technical teams. It will also continue to invest in its apprenticeship scheme, Tribosonics Future Leaders Programme.

Tribosonics’ solutions are used in industries such as industrial energy, composites, polymers and battery manufacturing. The company has attracted high-profile customers, in the UK and globally. 

Tribosonics has tripled its revenue in the past two years and is on course to double it again in the current financial year. The company, which received previous investment rounds from Mercia and NPIF, has raised over £4m to date.

Glenn Fletcher, Tribosonics CEO, said: “Industry is facing a host of challenges such as the need to be energy efficient, sustainable and ESG compliant, reduce costs and enhance quality.

“Our integrated sensing solutions provide the data required to help companies to meet these challenges and achieve digital transformation. The funding will help us to drive further growth and bring our solutions to a wider global audience.”

Will Schaffer, Investment Director at Mercia, added: “Industry is waking up to the potential of data to improve efficiency. Process mining – the use of data to understand performance and improve processes – has become one of the fastest-growing areas in IT.

“Tribosonics’ technology is one of the most advanced of its type and the company has a strong management team to drive it forward. This latest investment will help it take advantage of this new and growing market.”

Yorkshire Housing secures £74m funding deal

Yorkshire Housing is set to build almost 400 new affordable homes thanks to a £74 million loan deal secured under the Affordable Homes Guarantee Scheme (AHGS). The AHGS is a £3 billion government-backed lending scheme which aims to help registered housing providers build more affordable homes by providing longer-term, lower-cost, fixed rate loans. Yorkshire Housing already has plans to deliver 8,000 new homes and this latest deal will enable it build around 380 homes. ARA Venn, a leading investment manager, manages the AHGS on behalf of the government and was responsible for the deal. Rob Parkes, director of finance at Yorkshire Housing, said: “With thousands of families on housing waiting lists and the cost-of-living still high, it’s more important than ever to provide affordable homes across Yorkshire. “This new long-term funding will help us to build around 380 quality new homes, making it possible for more people to have a place they’re proud to call home.”

Work due to start to transform Halifax theatre

Work to transform the Victoria Theatre in Halifax is soon due to start. The work, which is funded by the UK Government’s Future High Streets Fund, is set to begin, with Calderdale Council appointing the construction company Morris and Spottiswood to carry out the improvements. Plans include a new box office on Commercial Street with an amended layout to reflect current booking patterns. The current box office, along with part of the foyer area, will become a new café/bar which will provide new food and drink opportunities and could hold small performances, events and meetings. Access improvements are also included in the plans, with a new lift taking visitors to the theatre’s bars on the circle level for the first time in the venue’s history, a platform lift for access from the theatre foyer to the auditorium, and two new accessible toilets being installed. These changes will vastly improve the visitor experience for those with access requirements. Initial works will be focused around the new box office, which will be in the former Ivor Burns shoe shop on Commercial Street and the former newsagents next to the theatre entrance, which will become part of the new café/bar. Throughout the works, the theatre will be open as normal, with performances unaffected, though there will be protective hoardings and scaffolding in and around the building during the works. Calderdale Council’s Cabinet Member for Towns, Tourism and Voluntary Sector, Cllr Sarah Courtney, said: “The Grade II listed Victoria Theatre is a landmark in Halifax and a key part of our visitor economy. We’re passionate about the future of the venue and we’re excited for improvement works to begin. “This is part of an £11.7million package of Future High Streets funding being used to deliver ambitious regeneration work in Halifax town centre. Supporting thriving towns and places is a priority for the Council, and this work will boost economic growth whilst also protecting our distinctive heritage.” Calderdale Council’s Cabinet Member for Public Services and Communities, Cllr Jenny Lynn, said: “As we head towards the Calderdale Year of Culture in 2024, it’s wonderful news that one of the region’s top cultural venues is being revitalised with new and upgraded facilities to support an improved visitor experience. “The work will transform the box office and foyer area, increase the food and drink options and improve accessibility of the venue. This will encourage greater daytime use, opening the theatre to different customers who may not have visited before. “Construction is being carried out around the packed programme of events at the theatre and will be complete in time for celebrations as part of the Year of Culture.” Matthew Wall, Public Sector Director at Morris & Spottiswood, said: “We are delighted to be part of this transformative project, which will not only breathe new life into Commercial Street but also provide the Victoria Theatre, Halifax with some fantastic new spaces and improve accessibility. “We are looking forward to working in collaboration with the Council to ensure this important cultural facility can continue to be enjoyed by local people and visitors for years to come.”