Misconceptions about accountancy creating barriers for next generation of talent

Tess Egginton
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Misconceptions about accountancy creating barriers for next generation of talent

New research shows that many young people have misconceptions about careers in accountancy which may be creating unnecessary barriers and preventing them from seeing it as an attainable option, limiting the potential future talent pool of the profession. 

In the research, accountancy firm Grant Thornton UK LLP explores Generation Z’s view of accountancy as a career.  Analysing the responses of 2,000 people aged between 16 – 25 in the UK, the study seeks to better understand the attitudes and perceptions towards the accountancy sector of this age group.   

The top misconceptions held by Gen Z about accountancy, identified in the research, are:  

  • 62% believe you need high grades to become an accountant   

  • 57% believe you need to go to university to become an accountant   

  • 57% think training for accountancy qualifications is expensive   

  • 53% think accountants sit at desks all day  

The level of misunderstanding about the profession identified by the research may be explained by the finding that two thirds (65%) of young people have never received careers advice about accountancy.    

Those that have are most likely to have received it at school or college, however the type of school attended affects how much information young people receive. Those attending private schools are 20% more likely to have received careers advice about accountancy than those from comprehensive schools. Private school students are also more likely to know an accountant than those attending comprehensive schools (52% vs 43%).  

Social media and online research are the next most popular ways to source information about accountancy for Gen Z. Those from lower socio-economic backgrounds are more likely to find information in this way, they are also less likely to receive advice about the profession from a family member or friend. 

Richard Waite, people and culture director at Grant Thornton UK LLP, said: “There are now so many different routes available for young people considering joining the accountancy profession, whether that is starting on an apprenticeship straight from school, undertaking an internship or placement, or following the traditional graduate route. But it’s clear that there remain significant, and detrimental, misconceptions about access to and working in the accountancy profession. 

“It’s therefore vital that employers, such as Grant Thornton, take action to help bridge that gap so we do not miss out on attracting the next generation of new and diverse talent to the sector. Employers need to take the time to actively educate young people, to reach out and work with schools in target areas, such as social mobility cold spots, to tackle some of these false barriers and provide much needed advice and insight to those considering the next step in their lives.” 

The research finds that the school you attended has a significant impact on whether you view accountancy as an attainable career. Private school attendees are 25% more likely to believe that a career in accountancy is attainable than those from comprehensive schools. 

Gender is also found to impact young people’s perceptions of attainability. Men are 13% more likely to believe that a career in accountancy is attainable than women. Non-binary people are less likely than men or women to feel a career in accountancy is possible.  

Overall, half of respondents believe that accountancy is an attainable career for them, while one in four (24%) disagreed. Of those who disagreed, one third attributed it to not knowing enough about the profession to consider it for a career.  

James Brown, practice leader for Grant Thornton UK LLP in the Central and East region, said: “It’s clear that the accountancy profession needs to work harder to bust historic misconceptions. There remain clear misunderstandings about not only the routes to entry but also the scope of the career on offer, which may be preventing many from considering it as an option. 

“Both the people and the careers available within accountancy are now more varied and diverse than ever before, with opportunities for international travel, varied work across different sectors and specialities and long-term career prospects. It’s evident that we need to showcase this more prominently and shine a light on the reality of the working accountancy world and the broad and rewarding career path it can offer. 

“The school you attend, your background or gender should not dictate your access to information or the career path you follow yet our research shows that these factors contribute to the level of exposure to and understanding that a young person may have of the profession. 

“Volunteering our time, through established initiatives such as Access Accountancy, RISE and our own firm’s Schools Enterprise Programme, to build confidence and knowledge with a wider range of young people will encourage a better understanding of the sector. Without a concerted effort to tackle these lingering misconceptions, we risk, inadvertently, missing out on a huge diverse pool of untapped talent.”

Yorkshire food group acquires first non-food business

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Yorkshire food group acquires first non-food business
Regal Food Products Group Plc, the food group owners behind household brands, Regal Foods and Yorkshire Baking Company, have acquired Packaging ‘R’ Us for an undisclosed sum – their first non-food and drink business. The acquisition comes in response to the group’s long-term vision of expanding and strengthening their wholesale and food service offering, whilst providing a diverse product range within their brand portfolio. Since the recent challenges of Covid-19 and Brexit, the Regal group have identified the importance of becoming a one-stop solution for their customers, delivering services including finished goods, ingredients, and now packaging. Packaging ‘R’ Us is a well-established catering supplier, manufacturing and specialising in a wide range of disposable food packaging solutions, including foil containers, catering foil, disposable utensils, and plastic containers. Younis Chaudhry, CEO of Regal Food Products Group Plc, adds: “Following on from our Just Desserts Yorkshire acquisition 18 months ago, we are delighted to be bringing our first non-food and drink business into the Regal group. “Acquiring Packaging ‘R’ Us will allow to develop our wholesale arm of the business, whilst offering our customers an eclectic range that will naturally sit alongside our existing products and brands. “As a PLC we recognised a business that presented itself with opportunities and using our existing teams, manufacturing expertise, distribution networks and channels to market, we can really build and scale what is already a great business. “This is an extremely exciting milestone in the Regal journey, as we not only welcome our first non-food brand into the group but relocate Packaging ‘R’ Us and its production to our main manufacturing and distribution facilities to Bradford. “As a business that has the Bradford community close to its heart, we are pleased the new production site will create approximately 20 new jobs offering employment in a range of keys areas, whilst providing platforms and opportunities for personal development.”

Inflation sees further fall – but remains stubborn

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Inflation sees further fall – but remains stubborn
Inflation has fallen to 6.8% in the year to July, new data from the Office for National Statistics (ONS) shows, with the consumer price index (CPI) down from 7.9% in June. It marks the second month in a row that the rate of inflation has dipped sharply. Falling gas and electricity prices provided the largest downward contributions to the monthly change, while a slower rise in food prices helped ease inflation rates. The decline sees prices increasing at a less rapid rate than wages, indicating further pressure for the Bank of England to raise interest rates next month. Moreover, core inflation, which takes out energy, food, alcohol and tobacco to give a clear picture of underlying trends, was unchanged from 6.9% in June. Alpesh Paleja, CBI lead economist, said: “A big fall in inflation was widely expected in July, given the 37% cut to Ofgem’s energy price cap. However, the Bank of England will be more concerned about signs of persistent domestic price pressures. In particular, the latest data points to continually strong wage growth, which means that more interest rate rises are in the pipeline. “Inflation will continue to fall through the remainder of this year. While this is welcome news for households, the Bank has been clear that they’re willing to keep interest rates higher for longer if needed, to reign in price pressures. So, at least for the time being, tighter financial conditions for households and businesses look like they’re here to stay.” Martin McTague, national chair of the Federation of Small Businesses (FSB), said: “While a drop in inflation provides some comfort, today’s figures show less of a drop in inflation than hoped for, and will renew fears of a wage-price spiral, and of yet more base rate hikes in future. “The worry now is that rising wages ignite a fresh wave of inflation in September, which will threaten the momentum from June’s GDP growth. “The cost of doing business crisis still has a grip on the small business community, as prices for many key inputs, from energy to components and raw materials, remain far above where they were a year ago. “Any reduction in inflation is good news, but the huge toll that spiralling prices have inflicted is still being keenly felt by small firms. “Despite the inflationary pressures that we’ve seen for more than a year, more small businesses have seen their revenues shrink over each of the last five quarters than have seen them increase, according to our research. “Small business confidence levels fell back in the second quarter, with stickier-than-expected inflation alongside interest rate increases playing a major part in that. We very much hope that these inflation figures continue on a downward trend in Q3, to give confidence among small firms a chance to recover. “Yesterday’s record wage increase figures will however make the path back to lower inflation and lower interest rates more complicated, while the news that GDP rose by 0.5% in June makes the job of maintaining recovery while bearing down on inflation a tricky one. “With low interest rate deals on loans and finance options near-impossible to find, small firms looking to grow will be keeping their fingers crossed that the end of base rate rises is in sight. “We’re calling on the Government to use the rest of the summer to plan a growth agenda for small firms, and tackling late payment should be top of the list. Having to chase overdue payments is a huge drain on small firms’ resources, increasing their cost of doing business and making them more likely to have to apply for finance to manage their cashflow.” Remaining stubborn, inflation sits much higher than the Bank of England’s 2% target.

Clean energy company ITM plans venture with Italian energy conversion specialist

Stuart Pearcey
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Clean energy company ITM plans venture with Italian energy conversion specialist
Sheffield-based clean energy company ITM Power is to collaborate with Italian energy conversion company FRIEM to develop a standard Power Supply Unit design optimised for ITM’s 2MW Plug & Play electrolysis container.
Based on state-of-the-art electrotechnical solutions, the development will leverage each company’s expertise and experience from projects executed both jointly and independently. The aim is to further improve the performance of the PSU by closer integration with ITM’s electrolyser technology. Also, the standardisation aims to further drive overall system reliability, while lowering cost.
ITM is a leader in the design and manufacture of electrolysis solutions based on proton exchange membrane technology. Electrolysis requires electrical energy for the process of splitting water into hydrogen and oxygen gases. Power conversion is therefore a key function of electrolysis systems, and it is necessary to ensure a high level of integration.
FRIEM is a leader in electric energy conversion systems with 70 years of experience as a supplier into industrial applications. The PSU converts AC power supplied from either the electricity grid or directly from renewable generators to DC power in a form suitable for the electrolysis process.  The characteristics of the PSU therefore contribute to the performance of the overall system.
Dennis Schulz, CEO of ITM Power, said: “Today’s announcement with FRIEM follows the communication of our collaborations with Mott and Gore, all of which support ITM to cement our technology leadership in PEM electrolysis. A closer integration of electrolyser and PSU will further advance overall system performance and drive down cost.”

Lincolnshire Chamber appoints new Head of Membership

Stuart Pearcey
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Lincolnshire Chamber appoints new Head of Membership
Lincolnshire Chamber of Commerce has recruited Paul Green as its new Head of Membership. Paul joins the Chamber from Hegarty Solicitors, where he worked as Business Development, working collaboratively with partners to develop and implement a business growth strategy. Before that, Paul worked with South Kesteven District Council focusing on business support and economic development. He said: “I am delighted to join both Lincolnshire and Rutland Chamber of Commerce and look forward to meeting and working with everyone who plays a part in shaping and developing the Chambers. My diary is open for discussions with past, present and future members!” In his new role, Paul will work closely with the Chief Executive to oversee  all membership activity, through working closely with the Membership Executive team and providing strategic input to all Chamber services. He added: “It’s an exciting time to be joining Lincolnshire and Rutland Chamber of Commerce with more events than ever before, meaning there are a growing number of opportunities for our members to get involved, grow their networks and meet new like-minded businesses. I strongly believe the Chamber of Commerce can provide the necessary support, guidance and prospects that will help the county grow together”. Rutland Chamber of Commerce has recently formed as part of Lincolnshire Chamber of Commerce, which has been supporting businesses for over 130 years. Together, both Chamber of Commerce organisations aim to support businesses across the two counties.

More than 1,200 Lincolnshire firms are suffering ‘financial distress’, says insolvency expert

Stuart Pearcey
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More than 1,200 Lincolnshire firms are suffering ‘financial distress’, says insolvency expert
Lincolnshire businesses are facing a growing burden of economic pressures, including rising interest rates and higher labour and materials costs, according to the latest Red Flag Alert data from independent business rescue and recovery specialist Begbies Traynor. The report found that 1,260 businesses in Lincolnshire were suffering early or ‘significant’ distress in Q2 2023, a 3.5% increase on the same period in 2022 and up 8.2% on the first quarter of this year. ‘Significant’ distress refers to businesses showing deterioration in key financial ratios and indicators including those measuring working capital, contingent liabilities, retained profits and net worth. The latest data is sourced from a completely new Red Flag dataset that has involved deep dive analysis of eight years’ company data by data scientists over the past two years to track key factors behind company distress and failure rates. Of the 22 sectors monitored by Red Flag Alert, in Lincolnshire five sectors reported increases of 10% or over in the number of companies in significant financial distress compared with a year ago. Sectors suffering the biggest increases in significant distress in the region, compared to last year, included general retail (26.8%), telecoms and IT (22.8%), food and drug retail (14.3%) and support services (13.9%). Gareth Rusling, who heads Begbies Traynor’s Lincolnshire offices in Lincoln, Scunthorpe and Grimsby, said: “Consumers and businesses have both been hit hard by higher interest rates and there are mounting concerns that the situation may worsen in the second half of this year in Lincolnshire and across the UK, when winter sets in and energy costs go up. “Consumers are feeling the pinch and cutting back not just on discretionary spending but also on essentials to counteract higher mortgage and loan repayments. Meanwhile businesses are also seeing the cost of their debt rising and, still reeling from the effects of the pandemic and set back by higher energy bills and the effects of the war in Ukraine, it’s no wonder that the number of distressed companies has jumped since last year. He added: “Our advice to businesses is to monitor their financial position carefully, and seek advice from qualified restructuring professionals as soon as any problems become apparent to avoid them escalating.”

Interior design, fit-out & furniture specialist expands Yorkshire reach with new hire

Tess Egginton
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Interior design, fit-out & furniture specialist expands Yorkshire reach with new hire
Karen Adams has joined Chameleon Business Interiors as the company’s newest business development manager, bringing 15 years’ experience to her new role. Working across Yorkshire – and beyond – since 1998, Chameleon has delivered projects for A-SAFE and BusinessWatch, as well as currently working with Leeds Beckett University. Karen will be adding to the business development team in Yorkshire, looking to increase the portfolio of clients in the region. “I’ve always worked in business development and have developed a specialism in commercial property, so I’m delighted to join the team at Chameleon and use my industry knowledge to support the company’s growth,” said Karen. “Over the last 15 years, I’ve worked with numerous organisations within the interiors sector and it’s an area that’s always interested me. So, when I heard about the business development role opportunity at Chameleon, I jumped at the chance. “Having now met the whole team, I know it’s a good fit. I’m looking forward to expanding the company’s reach further across Yorkshire and supporting potential clients with workspace designs, fit-outs, refurbishments, new build developments and more.” Shaun Watts, chairman of Chameleon, added: “I’m really pleased to welcome Karen to the team. She has lots of valuable experience and a real understanding of clients’ needs and expectations – so, I’m confident she’ll be a real asset to Chameleon. “It’s an exciting time to join a design led interiors company. The traditional office model has evolved post-covid and this evolution has brought with it a lot of creative opportunities. “More and more, companies are adopting a hybrid working pattern and the workspace needs to reflect this, giving staff complete flexibility and the opportunity to collaborate with colleagues easily. Karen will be working with our team of experts in supporting clients make this transition and providing advice and guidance on how to make the best use out of their space.”

Leeds firm’s free glass recycling service to raise thousands of pounds for good causes

Tess Egginton
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Leeds firm’s free glass recycling service to raise thousands of pounds for good causes

A Morley company which manufactures integral blinds for doors and windows is offering window installers in the Leeds and Bradford areas the opportunity to save money through a free waste glass collection and recycling service, and raise thousands of pounds for good causes in the process.

Morley Glass has been collecting old glass units that its customers remove during replacement work for two years. The company crushes these ‘post-consumer’ double glazed units into what is known as cullet, which is then sent to glass manufacturer Saint-Gobain to make new window glass at its Eggborough factory.

It is now extending this post consumer glass collection and recycling service – free of charge – to window and door installers in the local area, regardless of whether they are a Morley Glass customer or not, to boost the amount of glass that is being recycled.

As the crushed glass is such a high quality raw material for making new glass, Morley Glass generates money from its sale to the manufacturer. Every penny raised from this goes into a fund called GreenVision which provides grants of £500 to local charities, groups and individuals who are working to deliver environmental or social benefits in their communities.

The GreenVision fund has supported a wide variety of projects to date, ranging from the volunteers behind Halton in Bloom to dancing scholarships at a Castleford dance academy. But Morley Glass is hoping to attract many more people to apply for grants as awareness of the fund grows.

Ian Short, Managing Director of Morley Glass, said: “If you are a window and door installer in the Leeds and Bradford area, we want your old double glazed units! We should be able to provide a free collection service to most people so please get in touch if you are interested.

“It may surprise most people to learn that the vast majority of glass removed when windows and doors are being replaced is not being recycled properly. Often it either ends up in landfill or in low-grade uses like road building which is a terrible waste given that much of it is of such high quality that it can now be crushed and remanufactured into high quality new glass thanks to the technology and processes that Saint-Gobain Glass have developed.

“And most window installers are spending hundreds or even thousands of pounds every year to dispose of their old double glazed units. They don’t need to incur this cost – our service helps installers cut their waste disposal costs and improve their bottom line.”

Leeds-based private equity firm acquires Aberdeen logistics company

Tess Egginton
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Leeds-based private equity firm acquires Aberdeen logistics company
Leeds-based private equity firm Endless LLP has acquired ASCO, an Aberdeen-headquartered provider of multi-site integrated supply base operations to the energy industry handling over 1.3 million tonnes of cargo each year with an overall warehouse footprint in excess of 150,000m2. ASCO has over 1,000 employees in the UK with a further 500 across its international operations. It operates from 60 strategically placed locations in nine countries across six continents serving offshore energy operators, developers and major service companies in the renewables, new energy, oil & gas, and decommissioning markets. The acquisition by Endless will further strengthen ASCO’s position in the growing renewables and new energy markets, enabling it to capitalise on the increasing opportunities presented by the global energy transition. Andrew Ross, Endless partner, says: “ASCO is a fantastic business servicing a blue-chip customer base across its global operations with great potential for further growth. “It is an exciting time in the energy sector both in the UK and internationally and ASCO is well placed to support its customers to accelerate the energy transition. We are looking forward to supporting Mike and the entire ASCO team to deliver the global opportunities available to the business across both current and new service lines.” Endless will continue to support the current management team, including the planned transition of a new CEO as Mike Pettigrew assumes the role from Peter France on 2 October. Mike Pettigrew adds: “Over the last few years, ASCO has succeeded in supporting its longstanding existing customer base whilst also expanding into the renewables market, actively contributing to numerous wind projects in the North Sea. “Our commitment to supporting all new energy development has led us to build strategic alliances in cutting-edge energy ventures such as carbon capture utilisation and storage and hydrogen projects. “Leveraging over fifty years of extensive offshore logistics experience with our focussed approach to sustainability, we’re well positioned to capitalise on the significant opportunities arising from the energy transition. We look forward to working closely with Endless to further build on our growth during this exciting period for the energy industry.” The deal has been funded from Endless Fund V which invests in UK mid-market companies to support them on their transformation journey. The Endless deal team was led by Andy Ross, Stefan Nowakowski and Jon Duffy, with financial due diligence support from Kerry Battiscombe, Sian Williams and Kayleigh van Eyk. Endless were advised by Walker Morris (Legal); KPMG (Tax); Lodestone (Political); Jacksonbreen (IT); and PwC (Debt). Advisors for the vendors were Piper Sandler (Corporate Finance); Ashurst (Legal); and Deloitte (Financial and Tax Due Diligence). Management were advised by Burness Paull (Legal).

University of York’s Biorenewables Development Centre awarded further funding to research biohydrogen production for transport

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University of York’s Biorenewables Development Centre awarded further funding to research biohydrogen production for transport
Following on from Hydrogen BECCS Innovation Programme Phase 1 funding for the H2Boost project, the Biorenewables Development Centre (BDC) and partners have successfully been awarded £5 million for a phase 2 project. This is funded by the Net Zero Innovation Portfolio (NZIP) that has been awarded by the Department for Energy Security and Net Zero.
H2Boost aims to produce biohydrogen for the UK transport sector by integrating an advanced oxidation and enzymatic pre-treatment technology of bio-based feedstocks, conversion to bio-hydrogen by dark fermentation (DF) and down-stream processing of by-products via anaerobic digestion, microbial CO2 capture and storage. Building on the work of phase 1, under-utilised, low-value feedstocks will be subjected to different pre-treatment conditions to improve biohydrogen yields and reduce the residency time of nutrient-rich streams in DF. The fermentation by-products, namely anaerobic digestion digestate, will be used as substrates for algal propagation and anaerobic digestion to achieve a closed-loop system for enhanced biomethane yield and carbon capture and storage (CCS). This multi-step process aims to create a technology that is financially viable and environmentally sustainable. Input from the supply chain, market engagement, techno-economic and life cycle analysis will demonstrate process environmental and commercial sustainability. Deborah Rathbone, Bioscience Innovation Team Manager, Biorenewables Development Centre, said: “We are delighted to be awarded phase 2 funding to further develop biohydrogen for the UK transport sector. “Working with our ten partners, the University of Leeds, Greenthread Solutions, Qube Renewables, Aardvark EM, WSP, Cyanocapture Ltd, The Maltings Organic Treatment Ltd, AB Agri, NNFCC and CM90 Ltd, we have a real opportunity here to make a difference as the H2Boost objectives align with the UK ambition of reaching net-zero by 2050 with low carbon hydrogen-based technologies providing up to 35% of energy requirements.” The work undertaken by the consortium will contribute to the decarbonisation of the passenger and long-haulage transport sector which contributed to 16% of 2019 domestic GHG emissions. The growing demand for hydrogen to meet the UK net-zero ambitions will rely on processes such as those deployed by the H2Boost consortium. The project combines expertise from academia and industry with support from a panel of external advisors on feedstock pre-treatment, fermentation, microbial analysis, and downstream processing. The integrated process developed by H2Boost partners will offer a novel reliable source of UK-produced low-carbon biohydrogen and high-value products with market applications such as biofertiliser and biofuels to help to address the use of high volume waste streams in generating biohydrogen. The Hydrogen BECCS Innovation Programme supports technologies which can produce hydrogen from biogenic feedstocks and be combined with carbon capture. It forms part of the Department for Energy Security and Net Zero £1 billion Net Zero Innovation Portfolio, which aims to accelerate the commercialisation of innovative clean energy technologies and processes through the 2020s and 2030s. In total over £26 million of funding was awarded to enable 6 organisations, including 5 micro- and small- sized enterprises to deliver commercially viable hydrogen BECCS innovations.

Leeds business scores partnership to spearhead drone innovation in Premier League refereeing

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Leeds business scores partnership to spearhead drone innovation in Premier League refereeing

A Leeds-based business has secured a unique partnership with the PGMOL, to spearhead the use of drone technology within top Premier League football referee training programmes, to coincide with the kick-off of the new season.

Drone provider, Coptrz is working with the PGMOL, the body responsible for the management and development of officials in English professional football, to implement drones within practical-based programmes benefitting top referees such as Michael Oliver and Anthony Taylor.

The core aim is to widen the training and development of officials in professional football by building on the current video analysis provision offered to both referees and assistant referees.

PGMOL recently opened the doors of its pre-season training camp at Loughborough to show how it is harnessing Coptrz’s drone technology to enhance match officials’ coaching programme.

Using both the DJI Mavic 3 Enterprise, and the DJI M30 drones, PGMOL can capture game-realistic situations from a bird’s eye perspective during its regular training camps; footage of which is then analysed in real time and off the pitch to help referees and assistant referees, and their coaches, work on different aspects of their game. In particular, this focuses on positioning and improving sight lines to gain the optimum angle to make decisions during games.

George Burne, business development director at Coptrz, based in Leeds, said: “Teaming up with the PGMOL is a key milestone for Coptrz as a business and will really demonstrate the positive impact drone technology can have at the highest level of the professional game.

“We look forward to working with PGMOL to provide referees and assistant referees in football with even greater analysis within their regular training scenarios.” 

Adam Carter, head of performance analysis at PGMOL, said: “The use of technology in sport is constantly evolving and we are committed to ensuring we remain at the cutting edge of innovation.

“The introduction of drones into our training programme has meant that we can now capture game scenarios from a new and beneficial viewpoint, which is playing an important part in preparing our officials for their fixtures both at home and across the world.

“There’s been a lot of investment into the coaching structure at PGMOL in recent months and this technology is another positive step to continuing to provide officials with the best possible tools to perform on matchdays.”

North Yorkshire firms offered free digital marketing advice

Stuart Pearcey
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North Yorkshire firms offered free digital marketing advice
Businesses in North Yorkshire have the chance to enhance the way they use social media and digital marketing with fully funded one-to-one bespoke support from industry expert Sue Thompson of Catch Design Management. This opportunity is suitable for any small business looking to improve their social media and digital marketing skills. Whether you are the business owner, marketing manager or social media assistant, this support is for you. Firms will gain an overview of the benefits of creating a social media strategy and the skills to develop and curate time-effective quality content for your target audiences . Sue will guide you through the most popular social media platforms available for small businesses including Facebook, Instagram and Google Business Profile, highlighting best practice ideas for these platforms as well as some of the new features that have been developed specifically to help small businesses to reach their audiences. Further information from joseph.midgley@ynygrowthhub.com

Yorkshire Building Society partnership with Citizens’ Advice goes nationwide

Stuart Pearcey
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Yorkshire Building Society partnership with Citizens’ Advice goes nationwide
An award-winning partnership between Citizens Advice and Yorkshire Building Society will now provide more support to more people after expanding nationally to over 40 locations. The partnership sees Citizens Advice advisers hold free, impartial and confidential appointments in private meeting rooms at selected high street branches of the Society. It initially started with just six Yorkshire Building Society branches in 2021, but due to increased demand the amount of Yorkshire locations offering the service trebled in the first 18 months. Now, this latest expansion nationally will see 42 branches offer Citizen s Advice advisers across Scotland, Yorkshire and the North West, East Anglia and the South West of the country. Glasgow, Newcastle, Norwich and Plymouth are among the new locations. The service, which is available to all members of the public, not just the Society’s customers, supports people with a range of issues, and to date has unlocked more than £1 million worth of estimated additional income for those it has helped. Yorkshire Building Society Chief Exec Susan Allen said: “As a mutual organisation we are committed to providing real help to people in our communities, and this is just one of the ways we do this. In the current climate, this partnership is incredibly relevant – offering an immediate lifeline to people who need it, in an accessible location. “We know from the current locations just how valuable this service continues to be and I have no doubt extending the use of our retail space to host Citizen Advice advisers nationally will ensure more people across the country benefit from the support, where and when they need it.” Dame Clare Moriarty, chief executive of Citizens Advice, said: “We’re thrilled to be extending our partnership with Yorkshire Building Society. The number of people helped by Citizens Advice hit a record high during the first four months of 2023, and this partnership will help us to reach even more people who need support during these particularly challenging times.”

Dairy farmers to get new rules over contracts, says Government

Stuart Pearcey
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Dairy farmers to get new rules over contracts, says Government
New contract regulations for the UK’s dairy farmers will come into force in the autumn, the Government has formally announced, promising to empower dairy farmers’ negotiating position, helping to ensure fairer prices, transparency and accountability across the supply chain. NFU Dairy Board chair Michael Oakes said: “These new regulations mark a significant step forward in the government’s efforts to increase fairness and transparency in the dairy supply chain.” New regulations promise to empower dairy farmers’ negotiating position, helping to ensure fairer prices, transparency and accountability across the supply chain
The government has announced that the regulations will come into force later this year and will enable farmers to challenge prices, prevent changes being made to contracts without farmers’ agreement, and make it easier for farmers to raise concerns. The development of the regulations has been supported by detailed discussion with key industry players including the NFU and Dairy UK, with Mr Oakes describing the announcement as a “significant step forward” in increasing fairness and transparency across the dairy supply chain. He said: “For a long time, unfair milk contracts have held British dairy businesses back, and these changes will give dairy farmers much needed business security and confidence, as well as helping to share risk along the dairy supply chain.” Farming Minister Mark Spencer said: “Farmers must be paid a fair price for their produce and these regulations will provide price certainty and stability for farmers by establishing written milk purchase agreements with clear and unambiguous terms. “This represents a key milestone in our commitment to promote fairness and transparency across food supply chains to support farmers and build a stronger future for the industry, and will be followed by reviews into the egg and horticulture sector supply chains this Autumn.”

NHS names new Chief Exec for trusts north and south of the Humber

Stuart Pearcey
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NHS names new Chief Exec for trusts north and south of the Humber

Today Jonathan Lofthouse has taken up the role of Group Chief Executive at Hull University Teaching Hospitals NHS Trust and Northern Lincolnshire and Goole NHS Foundation Trust.

Formerly site Chief Executive as part of King’s College Hospitals, Mr Lofthouse will oversee the management of both organisations. As well as five hospitals – Hull Royal Infirmary, Castle Hill Hospital, Diana Princess of Wales Hospital in Grimsby, Scunthorpe General and Goole – he will be responsible for some community services on the south bank of the Humber. He has previously held the position of Director of Improvement at Liverpool University Hospitals NHS Foundation Trust. HUTH and NLaG will continue to be two separate organisations although they will, in future, share an executive team. While the two organisations already collaborate closely in the delivery of many key hospitals services, the appointment of Jonathan Lofthouse is the most significant step in enabling them to work more effectively on shared regional challenges. Mr Lofthouse said:“We all know how busy NHS services are and how much pressure services are under. We also know that following the pandemic many of the demands we are now experiencing across our hospitals and community services are really challenging and difficult to respond to. That’s true across all our north and south bank hospitals. We have emergency pressures, challenges in discharging patients and too many patients who have been waiting far longer than we would desire for our care, whether that be surgery, diagnostic or therapeutic. “Now is the time for us to act creatively and courageously and innovate, focusing all of our efforts on making things better for patients and for staff. Through a group operating model we get to do that on a far bigger scale, and the power of that collective focus, the effect of coming together, I believe will allow us to create stronger, higher quality, better functioning services for our patients, and create more opportunities for our 17,000 staff.”

Rising debt and inflation fuel surge of Yorkshire businesses in financial distress

Tess Egginton
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Rising debt and inflation fuel surge of Yorkshire businesses in financial distress

Yorkshire businesses are facing a growing burden of escalating economic pressures including rising interest rates and higher labour and materials costs, according to the latest Red Flag Alert data from independent business rescue and recovery specialist Begbies Traynor.

The report found that 29,261 businesses in Yorkshire were suffering early or ‘significant’ distress in Q2 2023, an 8% increase on the same period in 2022 and up 4.9% on the first quarter of this year. ‘Significant’ distress refers to businesses showing deterioration in key financial ratios and indicators including those measuring working capital, contingent liabilities, retained profits and net worth.

Across the UK, ‘significant’ distress was up by 8.5% in the second quarter of this year compared to the same period last year, with a total of 438,702 businesses affected. The three sectors most severely affected by financial distress nationally were support services, construction and real estate and property services.

The latest data is sourced from a completely new Red Flag dataset that has involved deep dive analysis of eight years’ company data by data scientists over the past two years to track key factors behind company distress and failure rates.

Of the 22 sectors monitored by Red Flag Alert, in Yorkshire nine reported increases of over 10% in the number of companies in significant financial distress compared with a year ago. Sectors suffering the biggest increases in significant distress in the region, compared to last year, included sport and health clubs (16.7%), property businesses (14.2%) and retailers (14.6%) which accounted for 21% of this distress (6,074 businesses). Other sectors which saw escalating early distress were health and education (13.4%) and media (11.3%).

Julian Pitts, regional managing partner for Begbies Traynor in Yorkshire, said: “Higher interest rates have hit both consumers and businesses hard and there are mounting concerns that the situation may become worse in the second half of this year in Yorkshire and across the UK, when winter sets in and energy costs go up.

“Consumers are feeling the pinch and cutting back not just on discretionary spending but also on essentials to counteract higher mortgage and loan repayments. Meanwhile businesses are also seeing the cost of their debt rising and, still reeling from the effects of the pandemic and set back by higher energy bills and the effects of the war in Ukraine, it’s no wonder that the number of distressed companies has jumped since last year.

“Given the wider economic uncertainty we fear that time is simply running out for many businesses and we expect a surge in company collapses with the likely failure of many ‘zombie businesses’ in the coming months.”

He added: “Our advice to businesses is to monitor their financial position carefully and seek advice from qualified restructuring professionals as soon as any problems become apparent to avoid them escalating.”

Plans approved for £12.5m Hull facility to drive low carbon technologies

Tess Egginton
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Plans approved for £12.5m Hull facility to drive low carbon technologies
Ideal Heating has received the green light to establish a new £12.5m research and development facility to support low carbon technologies including heat pumps. Hull City Council has granted full planning permission for the UK Technology Centre at Ideal Heating’s headquarters site in the city. The R&D facility will create a testbed for product development and advancements in the heating solutions to help decarbonise UK homes and business premises. The state-of-the-art facility, at Ideal Heating’s site at National Avenue in Hull, will see the company expand its R&D team. It represents a significant investment from Ideal Heating and will play key role in the company’s transition to low carbon heating solutions including heat pumps. Construction of the UK Technology Centre is expected to begin this October and is due be completed in late 2024. The R&D centre is set to be operational in early 2025. Ideal Heating engineering director Helen Villamuera said: “Our UK Technology Centre is part of a major £60m investment we’re making in our Hull site, to support heat pump manufacturing, distribution and innovation in heating technologies. “From the outset, Hull City Council has been fully supportive of our plans, which will create highly skilled jobs in the city and expand our existing R&D capabilities. “We’re delighted to have secured full planning permission for the UK Technology Centre. We will now begin a competitive tender process to appoint a contractor to deliver this project.” The two-storey building, with an additional partial storey to accommodate plant rooms for the centre, will help to develop and refine the low carbon heating technologies, including heat pumps, needed to decarbonise the UK’s 25 million homes. The Government has set ambitious targets for heat pump deployment, including for 600,000 heat pumps to be installed in domestic properties annually by 2028. The UK Technology Centre will provide a purpose-designed new home for Ideal Heating’s expert R&D team, which has an increasing range of engineering roles related to design, development, electronics, simulation and product testing disciplines. Laboratory facilities within the 38,000 sq ft building will enable Ideal Heating’s R&D team to simulate a range of scenarios and conditions to test new innovations and advancements. The R&D facility is one of a series of major investments from Ideal Heating at its Hull site. Construction work has been completed on a heat pump production facility and expanded distribution centre, totalling £20m of investment. Ideal Heating also announced recently it had started producing its new monobloc heat pump, Logic Air, in Hull as the company supports the rollout of renewable heating products. Ideal Heating has also opened a £2.2m National Training and Technology Centre in Hessle, on the outskirts of Hull, with capacity for up to 5,000 installers every year to learn the skills needed to supply and maintain heat pumps.

New commercial scheme set for central Lincoln

Tess Egginton
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New commercial scheme set for central Lincoln
Lincoln contractor, Stirlin, has revealed details for a new commercial scheme in central Lincoln. The scheme, Witham Enterprise Park, is planned to offer nine new industrial units with sizes starting from circa 956 sq ft, designed by Johnathan Roberts Architects and constructed by Stirlin. The 1.22-acre site, located off Newark Road, adjacent to the Esso fuel station and the River Witham, serves as a prime gateway into Lincoln City Centre. Split across three phases, Witham Enterprise Park will provide over 16,000 sq ft of employment space. Tony Lawton, Managing Director of Stirlin, says: “We’re delighted to collaborate with our joint venture partner to bring forward Witham Enterprise Park. The existing site will greatly benefit from a complete regeneration and there is a notable lack of sufficient contemporary industrial space within the city centre. “We are looking forward to delivering another fantastic project that will boost the county’s economic growth and support the local business base. With its excellent access to Lincoln City Centre and the A46, Witham Enterprise Park will act as the perfect hub for a variety of both local and national enterprises.” Jasper Caudwell, Chartered Surveyor at Pygott & Crone, says: “We are delighted to be named as sole agents on another one of Stirlin’s leading developments in Lincoln, Witham Enterprise Park. The scheme sits in an extremely attractive and strong strategic position located just off Newark Road and will fill a much-needed gap in the market for accessible, modern warehouse space. “The success of the scheme has already been proven by the early interest off-plan, with two units already under offer. We recommend interested parties to get in touch at the earliest to see how your business could benefit from being located at Witham Enterprise Park.” Site preparation works are underway, with construction due to commence imminently.

Kay joins Chamber in membership and marketing role

Stuart Pearcey
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Kay joins Chamber in membership and marketing role
The Hull & Humber Chamber of Commerce’s appointed Kay Hudson as Membership and Marketing Executive in the wake of Janice Harrison’s retirement in July. Kay has more than 25 years’ experience in both private and public sector organisations and thrives on creating successful results for clients and is now looking forward to putting those skills to good use in a membership organisation. Kay has previously worked in numerous sectors, including inward investment and economic development, healthcare, education, legal, luxury retail, property, sports, military, tourism and leisure, agriculture and food and energy and renewables, and has met some interesting characters along the way, including Brian Clough, Stuart Pearce and boxers Anthony Joshua and David Hayes. Alongside David Hooper, External Affairs and Membership Director and Anne Tate, Northern Lincolnshire Manager, Kay will be helping to create an exciting Chamber Events Diary for 2024 to support the region’s businesses, keeping them informed of new opportunities and helping them to flourish in the Humber region. Kay said: “I was thrilled to be invited to join the Chamber team and I’m already enjoying my new role. There’s a lot to learn and I’m looking forward to putting my skills and knowledge to good use for the Chamber’s members.” David Hooper said: “Kay has a strong skill set and some great ideas for some different events and she is already proving to be a valuable asset to our team. She is really looking forward to getting to know our members, so feel free to give her a call and say hello!”

Work starts onsite at Leeds Beckett University city campus building

Tess Egginton
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Work starts onsite at Leeds Beckett University city campus building
Leeds Beckett University’s Rose Bowl building is undergoing a four-floor transformation, which will revolutionise the way staff and students work, study and collaborate. Chameleon Business Interiors has been commissioned to deliver interior design, fit-out and furniture services at the city centre building. Harriet Wagstaff, head of sales, at Chameleon said: “The work is taking place across a mix of staff work departments, teaching spaces and student areas. “Research shows that working in a collaborative – rather than individual – setting sees a 50% increase in productivity. This boosts motivation and engagement. But Leeds Beckett University had identified that the Rose Bowl building was quite segregated. Departments needed to be strategically brought together to enable better collaboration and in turn, greater productivity – all while embracing hybrid working. “So, we’ll be incorporating collaboration hubs and lounges, a collection of different work environments – from comfortable seating to high benches – and contemporary, glass-fronted meeting pods. Alongside this, work-café areas will feature at the end of each wing on all four floors to create an informal space away from desks, where staff and students can hold informal meetings and hot desk. “We’ve delivered a number of projects in the education sector, but this is our first piece of work with Leeds Beckett University – so we’re incredibly proud and excited to play a role in improving the working environment for staff and students for years to come.” Work is due to complete in September.
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