Hull construction business goes into administration
Hull-based P.D.R Construction Limited, a long-established privately owned main contractor within the construction sector, has entered administration.
All trading operations have ceased and all staff were made redundant shortly prior to the appointment of Joint Administrators Philip Deyes, Sean Williams and Andrew Poxon, of Leonard Curtis Business Rescue & Recovery, on 11 January 2022.
The Joint Administrators will be seeking expressions of interest for the sale of the construction contracts ledger, including active and completed sites where applications for payment and/or retention balances remain outstanding.
As part of this sales process, the Joint Administrators will liaise with relevant JCT Contracted Employers in relation to all part completed sites.
An additional marketing exercise will be undertaken by the Joint Administrators seeking buyers for separate land property assets owned by the company.
Joint Administrator Phil Deyes said: “The company has experienced challenging market conditions including the timely delivery of a number of recent projects, resource issues within the sector principally as a result of the Covid-19 pandemic, and contractual disputes with private clients including a recent significant lost adjudication.
“New work opportunities have been delayed as a result of the uncertainty in the economic and political environment causing a significant fall in turnover. The company had fallen behind with payments to its creditors and sub-contractor supply chain, culminating in a winding up petition being served on the company on the 4th of January.”
Bumper pay increases set for professionals as companies grapple to hold onto top talent
Salaries for white collar professionals will increase by as much as 25% in the first quarter of 2022, as companies bouncing back after the Omicron-slowdown fight to hold onto their best staff.
According to the findings from the Robert Walters 2022 UK Salary Guide, professional services firms are planning to increase their budget for pay raises by 10-15% this year – the largest increase seen since 2008 and almost 3x the inflation rate.
Whilst the biggest pay rises will be reserved for new starters – at least 5% of the increase in payroll budgets will be reserved for existing employees in 2022. These pay raises are expected to be for workers across all seniority levels – from entry-level workers and temporary staff right through to management level and executives.
Pay rises for retention
Almost half of companies (43%) from the Robert Walters survey said they’re planning salary increases for current employees to keep pace with higher pay they’ve awarded new hires.
This will come as a relief to professionals who have stayed with their employer throughout the pandemic, with over half (54%) of workers stating that they are expecting a pay rise this year following a two-year salary freeze.
In fact, two thirds stated that they will leave their job if they are not rewarded fairly, with 75% feeling ‘very confident’ about job opportunities in their sector this year.
Wage compression hits
In the past year wages for new starters grew by 6-8%, and for those professionals who moved into ‘hero industries’ such as technology or health care saw pay hikes as high as +15-20%.
Chris Poole, Managing Director at Robert Walters UK, says: “Wage increases above market value for in-demand hires was a recurring theme of the past year. As a result, we saw new starter salaries outstrip those of existing employees.
“The consequences of this will result in ‘wage compression’ – where existing employees feel their additional experience at the company (over new starters) is no longer valued or has not grown in value over the past two years.
“Looking at the year ahead we will see more companies raise the pay of their existing employees to sit in line with new starter salaries.”
Soft perks growing stale
According to the 2022 UK Salary Guide, it is excellent compensation & benefits (65%), a desirable bonus scheme (53%), and job security (40%) which are the top three values of a post-pandemic professional.
In fact, flexi-hours (29%), remote working (22%), and holiday entitlement (20%) all rank much lower in importance for professionals – perhaps because over half of white-collar workers (53%) stated that they “wouldn’t bother” asking about flexi-working in a job interview in the coming year because they naturally assume “it is a given now.”
Gym discounts, company cars, and voucher schemes have all been traded in for the hope of “inspiring colleagues and company culture” – with over a third of workers (37%) stating this is an important factor in staying on or taking on a new role.
Inflation plays a role
Over a third of businesses (39%) said they’re increasing pay to keep up with rising inflation, but recruiter Robert Walters warns that companies may find themselves in a ‘wage-price’ spiral in the coming year – whereby higher prices and rising pay feed into each other and accelerate even more.
Chris Poole adds: “Many companies decided on their 2022 raises a few months ago before we had a clear picture of how much rising wages for new hires, as well as inflation, would impact the labour market.
“There is little point in companies offering a pay rise as a morale booster if the impact of that increase isn’t really felt in the real world – and so we are increasingly seeing more companies consider the cost-of-living when determining the average pay rise an individual gets.
“Businesses will have to decide how much to raise their salaries to keep their employees, whilst also deciding how much to pass on those costs to their clients and consumers.”
New integrated housing IT system to launch this month in York
To further improve residents’ experience of working with City of York Council’s housing services, a new integrated ICT system is launching.
This will let them set up their own account, and will bring together all housing data from 24 January 2022.
The system called Open Housing, is launching with a first phase which will connect and improve the way the council, customers, staff and contractors work together. Further new features will be added later in the year.
This system will give access to council housing applications, temporary accommodation, resettlement services, housing management, housing repairs, planned maintenance, minor adaptations and leaseholder services.
Tenants will be able to set up accounts on the system giving them direct access to their account where they can check their rent balances, when payments are due, update customer and household details and check progress of repairs. In a later phase, tenants will also be able to set up and amend Direct Debits, and request and schedule repairs.
Wherever staff work in the service, they will be able to answer any housing-related enquiries because they will be able to see information on all aspects of the service. This could range from checking and updating a tenant’s contact details, to advising on rent account balances and payments, checking the progress of a repair and when planned maintenance is due.
Building services’ contractors will be allocated work through Open Housing’s contractor portal. They will be able to update progress and completion of works on the job, reducing officers’ time with processing orders and invoices.
Cllr Denise Craghill, Executive Member for Housing and Safer Neighbourhoods, said: “Open Housing replaces many separate systems with one integrated web-based system which will help tenants and staff by providing a single source of information.
“It gives customers greater independence as they can self-serve when it suits them. With one log-in, they can access more real-time information than ever before. This includes detail about their tenancies or their applications for housing in York, which they have told us they want.
“Open Housing will have a phased approach and bring in different features to deliver significant service improvements and efficiencies. Please be aware that service may temporarily be a little slower as we implement the system, and as staff and customers get used to using it.”
Residents will be able to use Open Housing to apply for social housing in York from April 2022. People who have already applied for housing in York, will be contacted soon to check their priority and requirements. Those who are eligible and qualify under the new, York-only policy, will be asked to make a new application through Open Housing later this year and which will be backdated.
Staff can still be contacted via email and phone as usual, and any tenants not online can book time on Explore Libraries’ computers.
Find out more at www.york.gov.uk/OpenHousing where there is a link to the Open Housing portal. The portal will open on 24 January 2022.
Plan ahead for the new year with new routes, as Connecting Leeds transforms travel
This new year Connecting Leeds will start construction on several major highways’ schemes, which are all part of transforming travel in the city and across the district.
Connecting Leeds construction works will begin first on the Armley Gyratory, before focusing on roads around City Square, Leeds train station and along routes linking to the city centre. This will be the first phase to create a world-class public space and arrival gateway to the city centre for train, bus users, pedestrians, and cyclists, and will eventually see City Square closed to through traffic in readiness for the Year of Culture in 2023.
These are all part of over £100 million of transformative highways works to overturn historic barriers and issues developed from the ‘Leeds Motorway City’ of the 1970’s. This created substantial ‘through traffic’ across the city centre, which has contributed to environmental issues and disconnected neighbourhoods – which can make it more difficult for people to travel on foot or cycling between different areas. Leeds City Council’s approach to re-route traffic away from the city centre on to the more appropriate Inner Ring Road and the M621 orbital route following the closure of City Square, will enable public transport, walking, cycling and public realm plans to be realised in the city.
Although still subject to programme changes, the construction timetable covers these affected areas:
Winter 2022
- Armley Gyratory starting with off-highways, then on-highways
- Boar Lane
- Crown Point Road
- Neville Street / Meadow Road
- Bishopgate Street – works for diverting utilities
- Great Wilson Street
- Aire Street, King Street and Wellington Street
- Lady Lane
- East Parade bus gate and Calverley Street
- Bishopgate Street and Dark Neville Street
- Quebec Street
- Late summer – the final closure of vehicular access to City Square
CPP Group UK has acquired the travel insurance and scheme specialist business Alpha Underwriting
CPP Group UK, the Managing General Agent (MGA) and insurance product and services provider, is announcing today that it has acquired the travel insurance and scheme specialist business Alpha Underwriting.
The deal sees CPP grow its broker network to over 500-strong in just three years. The acquisition includes Alpha’s general insurance broker network and broker portal, which provides online quote, purchase and administration tools for brokers for a range of travel insurance products.
Following the acquisition, CPP will develop Alpha’s existing suite of travel insurance products – which include a range of Covid covers – to brokers on the portal, with further travel insurance enhancements coming soon.
This expands CPP’s travel-related insurance product and service portfolio and sees the business build upon its current position as a leader in the global parametric travel insurance market, having launched the UK’s first parametric lost luggage product in 2021. CPP’s parametric travel insurance ancillaries for flight delay and lost luggage delay will be available on the portal later in the year.
The deal with Alpha, part of the Tedaisy Insurance Group, is CPP’s second acquisition in three years, following the 2019 acquisition of insurance broker Business & Domestic.
Carl Carter, CEO of CPP Group UK, said: “This is an exciting acquisition for CPP Group UK, enabling us to bring our range of innovative insurance products and services to large numbers of brokers in a simple, accessible way. It’s also an important part of our growth strategy for the year ahead: branching out into travel insurance is a natural evolution for us and builds on the successful launch of our parametric lost luggage travel insurance product last year and our range of parametric travel insurance solutions.
“Over the coming months, we’ll be scaling up our offering on the Alpha broker portal to provide a comprehensive suite of general ancillary insurance products beyond the travel insurance market. We have a strong portfolio of insurance products that can add real value to the 400+ brokers on the Alpha platform, and help them protect their customers from the everyday disruptions of life whilst generating valuable revenue in these challenging economic times.”
CPP is planning to go live on the Alpha broker portal with its key insurance, excess protect insurance and total loss protect insurance products for home and vehicle within the next quarter.
Drax donates £10,000 to Shelter
Employees at Britain’s biggest renewable power station have donated over £10,000 to the charity Shelter, which aims to end homelessness and poor housing in Britain.
Drax’s Christmas parties did not go ahead this year, in order to reduce Covid risks, and instead employees were offered a festive hamper or to donate the equivalent value to the charity Shelter.
As a result of the generosity of employees, Drax raised more than £10,000 for the charity, which provides support to thousands of people in the UK who face homelessness and unsafe housing.
Alan Knight, Drax’s Director of Sustainability, said: “I hope the generosity of Drax’s employees will help Shelter to deliver the vital services to those most in need of safe housing this winter.
“Drax has a long history of supporting charities and it is important that we continue to do so especially at the moment, as their ability to fundraise and provide services to vulnerable people has been impacted by the pandemic.”
Drax is committed to supporting the communities local to its operations. It has invested more than £840,000 to support its customers and local communities since the start of the Covid-19 crisis.
Announcement of board changes for PFG and Vanquis Bank
PFG announces the next phase of its strategy to reinforce its position as a leading specialist bank with a focus on the financially underserved.
With effect from today, PFG has restructured the Board of Vanquis Bank to substantially align its membership with the Board of PFG. This is an important step in the execution of the Group’s specialist bank strategy, which includes the wider use of retail deposit funding across the Group from H2’22. PFG believes that streamlining the Boards of the two legal entities in this way will create a simpler, more efficient Group governance structure, whilst streamlining and enhancing both PFG and Vanquis Bank’s handling of corporate governance.
As part of the new governance structure, and with effect from today, the following directors of PFG have each been appointed to the Board of Vanquis Bank, such that they now hold roles on the PFG and Vanquis Bank Boards, as well as to the relevant Board Committees of Vanquis Bank: Patrick Snowball (Chairman), Malcolm Le May (Chief Executive Officer), Neeraj Kapur (Chief Financial Officer), Andrea Blance (SID and Remuneration Committee Chair), Angela Knight (NED), Paul Hewitt (NED), Graham Lindsay (NED) and Margot James (NED). Elizabeth Chambers will retain her position on the PFG Board as an Independent Non-Executive.
Subject to receipt of applicable regulatory approvals, Angela Knight will take on the role of Risk Committee Chair of Vanquis Bank and Paul Hewitt will take on the role of Audit Committee Chair of Vanquis Bank.
As a consequence of these changes, Robert East (Independent Non-Executive Director on PFG Board and Chairman of Vanquis Bank) will step down from the PFG Board and Vanquis Bank Board with effect from today. Each of the other existing Non-Executive Directors on the Vanquis Bank Board will step down from the Vanquis Bank Board with effect from today.
In addition, Neil Chandler (Managing Director) and Gary Thompson (Finance Director) of Vanquis Bank have decided to leave PFG. They will each step down from their roles as directors on the Vanquis Bank Board as of today’s date and will leave PFG on 31 March 2022 following a handover period.
Patrick Snowball, Chairman of PFG said:“I would like to thank Robert for his Chairmanship of the Vanquis Board and his support and thoughtful contributions as a member of the Group Board. I would also like to extend my gratitude to the other departing members of the Vanquis Bank Board for their help and support.”
Malcolm Le May, CEO of PFG said: “Neil Chandler and Gary Thompson successfully managed Vanquis Bank during the pandemic whilst also developing its loan proposition, a key strategic objective, and have guided the division back to receivables growth. I thank them for their dedication and wish them the best for their future endeavours.”
Other than the resignation referred to above, the Board of PFG remains unchanged.Yorkshire business receives six figure boost from HMRC Research and Development Incentive
Yorkshire based fleet management company Autohorn Fleet Services Ltd has benefited from a cash boost of over half a million pounds, following a successful claim through HMRC’s R&D tax incentive.
The monies have been received back into the business over the last four years as Altrincham-based Research & Development Specialists (https://randdspecialists.co.uk/) identified that the development of a new piece of bespoke software created to streamline Autohorn’s internal processes, was eligible for tax relief under the Government’s scheme.
Autohorn Fleet Services Ltd was introduced to RDS through a mutual business contact and Fraser Maclean, Fleet Director at Autohorn admits he was initially sceptical. Yet having seen the benefit that a successful claim has had to the business, he now wouldn’t hesitate to recommend that other bosses follow suit and pursue a claim.
“I was a bit dubious at first I have to admit,” begins Fraser. “When you first look at it you think, ‘oh we’re never going to get much from that’, but the amount we were spending on the new software system was a considerable investment, so we decided to look a little closer.
“When we spoke to RDS they gave us the reassurance that this is an incentive the Government is keen to push. Because we had a legitimate development that was already underway to improve the business, we decided to see if we were eligible.”
Following a full financial audit, the team of financial analysts at RDS were quick to identify numerous costs from the software development project that would qualify for tax relief. And because Autohorn has continually invested in the project, it has been able to take part in the scheme over a number of consecutive years, culminating to a total of £500,000.
Fraser continued: “The software has completely transformed our business. Previously we would have had six different systems to do the same job but now everything is synchronised together in one place.
“We estimate conservatively that it has saved us well over 780 workdays, but to be able to offset the costs as well has been amazing for us really. What it has allowed us to do is continually improve and develop the software and really invest that money back into making our business even more efficient.”
Research & Development Specialists Ltd (RDS) works with hundreds of blue-chip clients as well as SMEs across the country and has claimed over £23,000,000 back to support businesses since it was incorporated nearly five years ago. With the average claim across the UK now being around £53,714, Mark Joyner, RDS Managing Director, outlines how a simple thirty-minute meeting to discuss eligibility could reap big rewards.
“Either through lack of awareness or time constraints, companies such as Autohorn Fleet Services Ltd could’ve missed out on huge sums of money that would be transformative for their businesses. We’ve had clients who have literally been kept afloat during the pandemic thanks to the money we have been able to recover for them.
“There’s a misconception that research and development is just about people in lab coats or operating microscopes, but it really can be any type of new product or service. As specialists in our field RDS can quickly identify a firm’s eligibility and simplify the entire process, with no cost to you until a successful claim has been submitted and recovered.”
Fraser Maclean concluded: “As a rapidly growing business, time is precious, so it was ideal for us to have a team of specialists who could visit our office and take just a couple of hours of our time.
“We know that RDS will always give us direct, honest and accurate advice and input relating to our R&D projects, and it is great that we can pick up the phone anytime and discuss anything related to R&D with their team. We’re now outperforming where we were before, despite the pandemic where without the improvements we’ve been able to make we may have been struggling. Our accountants were so impressed with RDS that they now recommend them to their clients.”
AMC appoints new regional agriculture manager to head its team in Lincolnshire
The Agricultural Mortgage Corporation (AMC) has appointed a new regional agricultural manager for East Anglia and Lincolnshire.
Declan Wilson joins the AMC team having previously worked at Lloyds Bank Commercial Banking as an agricultural relationship manager. He brings more than a decade of banking experience to the role, along with links to agriculture through his extended family.
Having initially joined Lloyds Bank in 2017 as a relationship manager within the bank’s SME and Mid Corporate Commercial Banking’s specialist agriculture team, Declan has since worked with a diverse range of farming businesses across Lincolnshire, Cambridgeshire, and East Anglia, helping them to secure funding, structure transactions and advising on liabilities.
In his new role, which is effective immediately, Declan will head a team of agricultural sector experts that provide financial expertise, funding, and guidance to around 1,300 farming businesses.
Declan, who lives in Boston, will also work alongside AMC’s team of 27 independent land agents who carry out the business’s loan application and valuation work, as well as 14 valuers in the region.
Commenting on his appointment, regional agricultural manager for East Anglia and Lincolnshire, Declan Wilson, said: “East Anglia is a key area of focus for AMC and I’m looking forward to working closely with local farming businesses.
“Whether they’re looking at renewable energy technology to reduce their carbon footprint, have ambitions to diversify their existing operations into new markets, or need investment to purchase new land or machinery, we are committed to helping them achieve their ambitions.”
Lee Reeves, AMC’s Managing Director, added: “Declan’s appointment comes at a time when British farming is undergoing a period of considerable change, with the phasing out of the BPS, recent severe weather, as well as the ongoing challenges of the Covid pandemic.
“But against all this, we’re continuing to see a strong appetite from rural businesses who want to diversify and modify their operations to generate new revenue streams. This senior appointment brings additional resource and expertise to AMC’s proposition in the region as we look to support even more local farmers achieve success over the long-term.”
The appointment marks a new era for AMC in the region, with Declan stepping up to lead the East Anglia and Lincolnshire team following the departure of his predecessor Mike Lord.
Eco-friendly offices: a guide for creating a green workspace
With the rise of eco-friendly and sustainable businesses, it has never been more critical to create an environmentally friendly office. As we become more aware of the impact we have on our world and on each other, we need to find ways to lessen that impact.
Creating a green workspace is not only environmentally-friendly, but it can also be a great way to show your employees that the company values sustainability. In this guide, we’ll provide you with some practical tips for how you can create a green workspace.
The importance of creating an eco-friendly office
As we become more and more aware of the impact we have on our environment and on each other, it’s essential that you find ways to lessen it. One of the best ways to do that is by creating an eco-friendly workplace.
An environmentally-friendly office will not only be good for the planet, but it will also show your employees that the company values sustainability. This is a great way to boost your business’s image while also doing some good for the world.
A lot of businesses are starting to make changes to their workspace in order to create a more eco-friendly environment. For example, many companies are looking at sustainable materials for their furniture, installing energy-efficient lighting, and providing recycling bins.
Bring the outside in with biophilia
One of the simplest ways to create a green workspace is by adding plants. Plants are not only aesthetically pleasing, but they also act as natural air purifiers and humidifiers. And who doesn’t love having fresh, clean air? Additionally, plants promote productivity and creativity in your employees, which can actually result in higher sales.
Biophilia is the desire for humans to be close to nature. We all feel happier when we’re near plants or flowers, so why not bring them inside your office building? It’s a great way to make people happy! Plus, they’ll bring life to your space. For more information or help bringing the outside into your workspace, take a look at this post from Amos Beech on biophilia in the office.
Create a culture of recycling
A big part of creating a sustainable environment is to make recycling an everyday habit. You can incorporate sustainability into your office by having a designated space for recyclables and making sure everyone in the office knows what goes in there.
Make it easy for employees to recycle by having bins in shared spaces, such as the kitchen and break room. This will encourage people to participate in recycling even when they’re not near their desks. But public awareness is just the first step as you also need to educate your employees about what can and cannot be recycled.
Practice responsible lighting and energy use
Another step to creating a green workspace is to reduce your environmental impact by making changes with the lights and energy in your office.
How often do you leave your lights on when you know no one is there? Do you leave your computer on at night when there’s a deadline coming up? Turn off these devices when they’re not being used so you can save money and have a more environmentally friendly office. Also, think about the type of light bulbs you’re using. You’ll want to switch to more eco-friendly bulbs that will last longer and use less energy.
Making these swaps and more is sure to have a positive and lasting impact on your workspace, with it looking eco-friendlier in no time!
Finance Yorkshire secures multi-million pound exit from Faradion
Finance Yorkshire has realised its investment in Sheffield-based Faradion after the sodium-ion battery business was acquired by India-based Reliance Industries.
The sale represents a significant exit for Finance Yorkshire’s Seedcorn Fund, which initially invested in Faradion in 2010 and has since made follow-on investments to help the company scale up its innovative technology and go from strength to strength.
The exit represents a return of more than 10 times Finance Yorkshire’s total investment.
Reliance Industries has acquired a 100% shareholding in Faradion in a deal which values the company at £100m. Reliance will provide a further £25m on top of its purchase price to support a commercial roll-out of Faradion’s batteries, which it intends to use at its green energy giga complex project at Jamnagar, India.
Faradion, based at The Innovation Centre, Sheffield, was founded in 2010 by Dr Jerry Baker, Dr Chris Wright and Ashwin Kumaraswamy.
Finance Yorkshire Chief Executive, Alex McWhirter, said: “This is a significant exit for our Seedcorn Fund, representing an excellent return on our investment and one of the biggest we have achieved.
“Alongside Mercia Asset Management, Finance Yorkshire is proud to be a founding investor in Faradion and through strategic follow-on investments, Finance Yorkshire has helped the business to advance its technology and thrive on a bigger stage.
“The return on our investment in Faradion ranks as one of the top returns from JEREMIE funds across the country. The exit will be added to Finance Yorkshire’s new fund which will invest more than £50m over the next five years in SMEs across Yorkshire and the Humber.”
James Newman, Finance Yorkshire chairman, said: “Working with our Seedcorn Fund managers from Mercia and the Faradion management team, significant technological advances have been achieved. Reliance Industries’ future financial commitment into Faradion secures a legacy for the region.”
James Quinn, CEO of Faradion, said: “Faradion has been one of the first to champion sodium-ion battery technology. Reliance is the perfect partner for supporting Faradion’s growth in the rapidly expanding Indian market and to jointly speed up the transformation of the global energy market. Becoming part of the Reliance group validates the incredible work our team has done in advancing sodium-ion technology.”
Finance Yorkshire’s new fund has been created from the combined legacies successfully created by Finance Yorkshire and the former South Yorkshire Investment Fund. Finance Yorkshire’s JEREMIE and Extension Funds invested £113m in more than 500 companies in the region.
HW Global acquires majority shareholding in digital recruitment specialist
HW Global has made a further acquisition in the digital recruitment market after securing a majority shareholding in Osmii.
The London-based development, cloud and digital recruitment specialist, which was founded by Xavier Osipczak and Neil Mitchell in 2011, places senior talent into disruptive start-ups, major software players and game-changing brands on a permanent, contract and interim basis.
Osmii also supports clients with advisory services, market intelligence and entity set up. Operating globally, its client base includes India-headquartered Wipro, Germany based T-Systems, US based DellEMC, with Unilever, BT and Lloyds Bank among its UK customers.
The deal follows HW Global’s acquisition of Zebra People, which specialises in hiring digital product teams, in 2019. Also London-based, Zebra was launched in 2001 by Nick Cochrane and recruits up to director level for permanent and contract roles including user experience and product design, full stack developers, product managers and delivery/project managers.
It takes the HW Global group, which also includes mid-market talent provider HW People launched last year, to £30m turnover with offices in London, Leeds and Manchester.
CEO Spencer Jinks said: “Osmii is an exceptional business and fits perfectly within the HW Global group. Alongside Zebra People, Osmii will enable us to provide even greater support to our clients in the fast-moving digital and technology sectors that have quickly become a cornerstone of the global economy.
“Forming this strategic partnership is another key component in our growth strategy, offering clients end-to-end talent solution on a global basis in targeted sectors of high growth, transformation and demand.”
The strategic partnership will facilitate mutual growth for both businesses, with HW Global forecasting a group EBITDA in 2022 of £3.7m, which will include the results of Osmii.
Neil Mitchell, director of Osmii, added: “Working closely with HW Global provides a springboard to further scale our business both in UK and international markets. We have built a strong reputation in the industry, which we can enhance further through this partnership, combining our capabilities with the expertise and global reach that exists in HW Global.”
Advising HW Global on the acquisition of Osmii was Newcastle-based RG Corporate Finance (RGCF) led by partner and head of corporate finance, Carl Swansbury, supported by CF manager Connor McBride and CF executive Ben Kain.
Financial and tax due diligence was undertaken by RG partner Grahame Maughan and director Jon Routledge. Legal advice to HW Global was provided by Philip Ashworth, corporate partner at Andrew Jackson Solicitors LLP, who was supported by Nicole Waldron.
Osmii received legal advice from Chris Coates, corporate partner at Clintons.
Additional funding will support Tower Street Finance’s ambitious growth plans
Following a successful 2021, Tower Street Finance, the inheritance lending specialist, has successfully closed its latest funding round.
The latest round raised £18.2m of debt and equity, to fund growth through 2022. The total raised now stands at £36.2m.
2021 saw Tower Street Finance establish itself as the market leader in the sector, securing relationships with the leading practitioners in the probate sector, helping many customers and firms, and achieving an ‘excellent’ Trust Pilot rating for customer service.
Additional funding has enabled the business to double its headcount in Q4 2021 with key hires in Marketing, Business Development, Operations and Credit. This additional resource will ensure TSF has the headcount to deliver its growth plans for the new year and beyond.
Tower Street Finance’s Finance Director Jim Sisson said: “We’re really pleased to have successfully closed this latest funding round. Funds raised will help accelerate our plans and meet our growth aspirations through the first half of 2022 and beyond. The additional funding demonstrates continued faith in the team, sector and our business plan.”
“We are enormously grateful to our shareholders and debt-funders for their ongoing support.”
Funds were raised from existing shareholders, including a leading London-based private equity and alternative credit fund provider. The TSF team was supported by DAC Beachcroft LLP, led by Chris Wall and Mike Pearce.
Tower Street Finance is regulated as a Lender by the FCA and currently offers four products to help customers who are going through the probate process – Inheritance Advance, IHT Loan, Estate Expense Funding and Inheritance Dispute Funding.
Tower Street Finance’s business development director Dicky Davies says: “Our products were designed in conjunction with feedback from probate professionals and the firms we’re partnered with tell us our products add to their service proposition, whilst saving time and cost. In particular our funding can help unlock problem estates which are asset rich and cash poor.”
Find out more about partnering with TSF at https://towerstreetfinance.co.uk/partner-with-us/, email info@towerstreetfinance.co.uk or call 0343 504 7100.
£100,000 digital marketing investment builds on sales boom for Conservatory Outlet
A leading home improvement product supplier has pressed the button on an £100,000 digital marketing drive to help its UK-wide network of retailers enjoy a strong 2022.
Wakefield-based Conservatory Outlet is working with DigitalKOG to develop the latest lead generation focused websites that will be tailored to all 27 retailers that exclusively sell their conservatories, extensions, doors, windows, and orangeries.
These sites will feature enhanced product collections, improved navigation to support the customer journey and a clearer insight into company values, including what makes them different, quality standards, manufacturing processes and helpful guides.
They will also have a dedicated ‘careers’ section that will help the sector overcome the significant recruitment issues it is facing.
“The pandemic has really highlighted how important digital marketing can be to our business, with more than a third of our £28m sales generated through email or website enquiries for our network,” explained Karen Clough, Marketing Director of Conservatory Outlet.
“Last year, our collaboration with DigitalKOG and our retailers generated over 46,500 enquiries, a 7% rise on 2020 and a massive 150% increase on 2019. Website hits also registered 1.8million for the first time in our history, as more consumers decided to spend their time and disposable income on improving their homes.
“Interestingly and proving that people still crave human interaction (especially during Covid-19), over 73,035 potential sales calls were received, whilst showroom visits were also significantly up.”
She continued: “You can’t stand still in our industry. We wanted to build on 2021’s momentum by investing £100,000 into our next digital marketing campaign. This will create new websites for all 27 firms in our network, and we’re also facilitating a major marketing event in Manchester in February to develop strategies for the next twelve months.”
Conservatory Outlet, which recently secured the ‘We Invest in People’ accreditation for the first time, focused on seasonal offers and specific dealer advantages, such as new products, showrooms, finance and living experience case studies.
Individual customer brands were also strengthened, whilst social media campaigns explored Instagram more and split tested different Facebook approaches, including lifestyle animations and real-life video case studies.
Karen went on to add: “We firmly believe that leads are best generated directly and exclusively for our individual customers, as opposed to being passed on from a central source. It’s all about building strong brands that make an impact in their own right.”
“The past two years have taught people that their homes are more important than ever, and for that reason they’re willing to spend on improving them.
“We believe this trend will continue. Although the industry has been hit with multiple significant price increases and extended lead times, people are still very willing to purchase… it’s all about buying from the right company, so trust and service are very important.”
Booming digital sector fuels growth at Leeds’ home of tech
Bruntwood SciTech welcomed 18 new fast growth tech and digital businesses to Platform – the home of tech in Leeds – during the final quarter of 2021, while a further seven Platform-based companies expanded as a result of recent growth.
The demand for all-inclusive serviced office and coworking space specifically designed for businesses in the science and tech sector comes as Yorkshire continues in its post-pandemic economic trajectory towards the creation of a further 42,000 digital tech jobs, generating £1.6bn in GVA for the region, by 2025, the fastest growing tech sector in the UK.
Among those joining the community at Platform are music AI platform Musiio, new fintech powered business bank Recognise Bank, VSaaS Smart Cloud Video Surveillance company Morphean, and independent provider of managed IT services Hyperslice.
These rapidly growing firms will join an established like-minded ecosystem of more than 80 of the region’s most innovative and disruptive digital and tech businesses such as app developers xDesign, digital transformation experts FluidIT and People Movement Analytics Specialists Citi Logik, all of which have recently expanded at the city’s only dedicated specialist tech hub, following sustained periods of growth.
Deb Hetherington, head of innovation at Bruntwood SciTech, said: “Innovative tech and digital businesses thrive from proximity to one another, which makes the growth of Platform’s ecosystem an exciting development for the city’s tech community. It is the ideal base for companies looking to accelerate their growth, something which is evident by the number of companies based there that have expanded over the past year.”
As Singapore’s first VC funded Deep Tech AI music company, Musiio decided to open its first UK office in Leeds because of the region’s tech-talent pool, with five job openings currently listed.
Commenting on its move, Hazel Savage, CEO at Musiio, said: “Platform came highly recommended by other startup founders in the Yorkshire area, and what I have loved even more is the connections I’ve made since moving in. I’m realising it’s a tight knit but incredibly welcoming community, who are all willing to network and share ideas and resources.
“The Tech Hub in particular for an AI business such as Musiio is absolutely the place to be for a company like ours. I love being immersed in the Tech culture which is forward thinking, kind hearted and innovative.”
Matt Ward, head of client services at xDesign, said: “With its specialist support for tech businesses which we have already tapped into, Platform has been the ideal base to drive xDesign’s success and growth in Leeds and the North of England.
“Not only does the Tech Hub give us the chance to interact with like-minded, innovative businesses on a daily basis, it provides us with the perfect space to nurture the people we’ve brought on board since arriving here, while we continue working towards our goal of creating 100 jobs in the North of England by 2023. Looking ahead, Platform is the perfect place for us to continue creating opportunities, developing talent, and building relationships in the area.”
James Meigh, regional director, North, for Recognise Bank, said: “Platform is perfect for our new regional office because it puts us at the heart of a vibrant business community with like-minded companies, while also providing the ideal base to serve our growing customer-base in the North.”
CPP InsurTech investment KYND secures funding from the Business Growth Fund
CPP Group is pleased to provide an update on its investment, KYND, a provider of pioneering cyber risk management solutions to the insurance industry.
KYND has secured £3.25m of investment from BGF, a UK and Ireland-based growth capital investment company that provides funding as a minority, non-controlling equity partner.
Founded in 2018, KYND has developed an industry-first API-based technology platform that gathers and processes data to assess cyber risk for small and mid-market companies, insurers, brokers, and their clients, providing instant and meaningful insights into exposure. KYND has achieved 1000% growth on annual recurring revenue since June 2020 and developed partnerships with high-profile insurers and brokers, such as Beazley, Howden, Paragon and Alliant.
BGF’s investment will be used to accelerate KYND’s growth and global expansion plans while supporting the development and launch of cutting-edge cyber risk technology products.
CPP Group acquired a stake in KYND in March 2018 as part of its strategy of investing in innovative people, businesses and products that are relevant to its distribution partners internationally.
Jason Walsh, CEO of CPP Group, commented: “KYND’s goal of simplifying and improving cyber insurance is highly complementary of our own objective of reducing disruptions for people across the world through the use of easy-to-use solutions, making it a great fit for the Group.
“We’re proud to be associated with such a promising UK tech business as it continues to develop innovative products that capitalise on the increasing demand for cyber insurance worldwide, adding value to CPP’s offering alongside those of some of the biggest names in the industry.
“To secure this quantum of investment from one of the most highly regarded funds in the UK is a great endorsement of the incredible work the team at KYND are doing, and I wish them continued success as they move into their next phase of growth.”
Significant milestone reached at Sheffield Olympic Legacy Park’s Community Stadium
Eleven months on from a ground-breaking ceremony, the final piece of roof cladding has been lifted into place at Sheffield Olympic Legacy Park’s Community Stadium, marking the completion of this current phase of works.
It features a three-storey, covered grandstand with initial seating for 758 spectators and total capacity for up to 3,900, alongside 23,000 sq ft of commercial space and ancillary facilities.
Principal contractor, GMI Construction Group PLC has made notable progress on site over the last few weeks, with the installation of the roof, which is a significant structure measuring 58m in length and 30 in width, now complete.
Jon Anderson, project director at SGI, said: “The Community Stadium is looking fantastic in its setting and is going to be a real focal point for the Park.
“Despite the challenges posed by impact of the global pandemic, the project is currently on track for handover in early 2022, which is testament to hard work and dedication of everyone involved.”
Lee Powell, divisional managing director of GMI Construction Group PLC, added: “Sheffield Olympic Legacy Park is delivering a tangible legacy from the London 2012 Olympic and Paralympic Games through the four themes of Sport, Community, Environment and Economy. GMI is delighted to once again be working with Scarborough Group International to deliver this impressive new addition to the stadium skyline.
“GMI is well known for its prowess in the sports stadia and community environment arena having previously worked to build Rotherham FC’s fantastic new New York stadium together with new completed stand developments at Yorkshire County Cricket Club’s Headingly ground and for Leeds United at Ellend Road and Carlisle United FC. We are very proud of the work we have done in all of these arenas.”
The Group acquired the Community Stadium site from Sheffield City Council in 2018 prior to concluding a wider agreement to deliver the next phase of Sheffield Olympic Legacy Park, which includes a masterplan for approximately 850,000 sq ft of commercial space across an 80-acre zone.
This will completely transform the eastern quarter of the city into a community for the health, wellbeing, sport and activity sectors, creating up to 5,600 high-value jobs.
Award-winning accountants open new office in York City Centre
360 Chartered Accountants is pleased to announce the opening of a new office in York City Centre.
The award-winning firm has a developing portfolio of clients in and around York and says now is the perfect time to have a base in the city.
Andy Steele, Director of 360 Chartered Accountants, said:
“We are really excited about opening our office right in the centre of York. It’s always been in our business plan to expand outside of Hull and East Yorkshire and as our client portfolio here in York has grown, we have seized the opportunity – and can’t wait to welcome both our current clients and future clients to Blake House on Blake Street.
“We chose this location because it is right in the heart of the city. There is a fantastic and continually growing business economy here and we know that our services are a perfect fit for so many business owners who have been hit hard over the last couple of years. We worked throughout the pandemic, offering advice and support to anyone who needed it, clients and non-clients. We guided them through the various government grant systems and helped our clients claim nearly £10 million in furlough payments across all sectors. There’s also been some great innovation and we have helped businesses adapt to the changing climate. We understand what people have been through and are still going through and we can’t wait to start sharing our knowledge and expertise with even more businesses across York.”
360 Chartered Accountants couldn’t be more different to the image of a typical, ‘boring’ accountancy firm. Their success lies in a willingness to remain agile as a practice in an ever-changing financial and business climate. They are 21st century accountants embracing modern technology to give their clients every advantage. Innovative and forward thinking, they have invested in IT and modern technology to simplify and speed up accountancy processes, so that clients can view real-time accounts in a secure cloud environment at any time of the day or night, which in turn allows them to make better, more informed decisions based on up-to-the minute figures. It also means the team is able to work from home if necessary, with no disruption to clients, which has been invaluable over the last 2 years.
Jono Stead, 360’s Corporate Portfolio Manager, will be managing the York operation. He said:
“It’s such an exciting time for 360 right now. Our continued growth is testament to the commitment we show to our clients. I am really looking forward to continuing to work with our current clients in York as well as getting to know many more business owners over the coming months.”
360, which also incorporates its own payroll bureau, 5Four Payroll, provides a full range of accountancy services for businesses of all sizes, from startups to large corporate clients. These include accounts, tax and bookkeeping services, support and advice on business growth, grant claims and raising finances, advising on exit strategies – and everything else in between.
Innovative horticultural products set to boost UK biodiversity efforts
The UK’s first ever range of self-contained, integrated eco-systems and associated products have launched to help boost biodiversity and conservation across the country.
The range of landmark habitats has been created by BioScapes®, a new business under the Rolawn Group, one of the country’s longest established and leading suppliers of topsoil and turf in a bid to become a leading voice in finding solutions for the challenges facing biodiversity in the UK and around the world.
BioScapes® has launched with two different products within the range, the BioCube® and NatureArk®. The products will help to directly offset the negative impact of biodiversity loss, such as by consequence of the construction of housing developments and commercial property.
With fifty years’ worth of experience in innovation in the field and the help of expert ecologists to call on, BioScapes® has conducted extensive research and made significant investments over the course of four years to produce this range of products that responds to new targets set by Government within the Environment Bill from the 2019 Spring Statement.
The Chancellor indicated it will be mandatory that new English planning developments will be required to demonstrate a 10% increase in biodiversity on or near development sites and deliver a ‘Biodiversity Net Gain’ with the legislation set to officially come into effect in 2023.
Globally, investors have committed £3.6bn to nature restoration and conservation as part of the 30by30 initiative, which aims to protect 30% of the planet’s land and water by 2030.
The BioScapes® products are suitable for installation in both commercial and residential environments such as, private gardens, new housing developments, local authority projects, roof gardens, commercial sites, retail parks, orchards and general landscaping schemes.
The BioCube® provides a combination of wet and dry habitats, supporting process of rewilding through the development of ecosystems which encourage small mammals, amphibians, insects, invertebrate and plants to thrive.
It has been launched alongside the NatureArk®, which delivers a similar suite of benefits, and has been specifically developed for implementation in smaller community environments, such as schools, as well as commercial construction projects. The BioCube® is priced at £2,950 and the NatureArk® at £399.95 and have already been successfully implemented by Believe Housing Association, Durham, major housebuilders Persimmon and Taylor Wimpey, as well as six primary schools in Yorkshire and northeast England.
Terry Smithson, biodiversity manager and expert ecologist at BioScapes®, said: “Biodiversity is vital to our future and is the fundamental contributor to processes such as pollinating our food, providing clean water and filtering the air we breathe. We upset these systems at our peril.
“The loss of woodland cover, and the destruction of peatlands and saltmarshes could render our homes and businesses more vulnerable to flooding.
“But no matter how much space you have, you can always make space for wildlife, and the BioCube® provides the perfect solution in this respect by creating a self-contained area, which can be used in a range of environments, and that will support wildlife.
“We recognise that developers, architects, business owners and other key decision makers acknowledge the importance of biodiversity, but that many struggle to implement a practical solution – and particularly this is what has led to the creation of the BioScapes® products.”
BioScapes® chairman and managing director, Paul Dawson added: “There is no doubt that the natural habitats of the planet are under threat like never before, which makes it more important than ever to educate our stakeholders and the public on the importance of biodiversity and making a positive impact.”
“We believe that this innovation will offer housing developers, property planners, builders’ merchants and others a simple, self-contained solution to make a tangible, positive impact on biodiversity, the likes of which we’ve not seen before.”
A New Initiative to put the Humber at the Heart of the Government’s Net Zero Ambitions
A new private sector led initiative, strongly supported by the public sector, aims to make the Humber at the heart of the Government’s ambitions to tackle climate change by becoming net carbon zero by 2040.
The Humber Energy Board has been launched to act as a single voice for the region, providing co-ordinated promotion of the Humber’s strengths and its assets to a global audience, encouraging investment, as well as ensuring the region is able to communicate directly with Government in the same way as mayoral combined authorities are able to do.
Convened by the two Local Enterprise Partnerships across the region, the board has the backing of the Humber Leadership Board, as well as key organisations including the CBI, the Universities of Hull and Lincoln and a number of major companies, including Equinor, Ørsted, British Steel, Phillips 66, Drax, Youngs, Siemens as well as wider industry members such as CATCH and the Humber Freeports.
The board was launched at a meeting co-chaired by James Newman, Chair of the Hull and East Yorkshire LEP (HEY LEP), and his counterpart south of the estuary, Pat Doody, Chair of the Greater Lincolnshire LEP (GLLEP).
In a joint statement both Chairs said: “We were delighted to be able to bring together so many sector leaders to support the drive for the Humber to deliver on this vital agenda for climate change.
“The region may be the biggest emitter in the UK, but we also have the best solutions to the issues created by these emissions, with significant activity already ongoing around offshore wind, clean hydrogen production and carbon capture assets, all on a large scale.
“Our hopes are that the Government will recognise that this region is vital to its climate change and levelling up ambitions and will work through the Humber Energy Board to ensure a coordinated programme of investment and private sector collaboration.”
As a very industrialised region and a key part of UK’s national infrastructure and, as such, a major emitter of carbon, the board will be asking Government to provide a single point of contact at the highest level who can engage with the board on behalf of the many Government departments already involved in this agenda.
The board will also be looking to appoint a high-profile independent Chair from the sector who can provide the single voice and advocacy for the region in relation to this agenda, not just to when speaking to Government but across the UK and internationally.
The board also plans to engage with the many other projects and programmes already ongoing across the Humber and to provide additional cohesion to avoid duplication and unnecessary competition, while encouraging collaboration. There will also be a need to create some priorities for investment by both the Government and private sector.
Darren Cunningham from Phillips 66 said: “We will only progress towards net zero by engaging collaboratively. As an integral part of the Humber Industrial Cluster, the Phillips 66 Humber Refinery is committed to working with others, in all sectors across the Humber region, to drive real progress. We welcome the formation of the Humber Energy Board as an important private-public partnership to further encourage the ‘levelling up’ agenda across this vitally important region.”
Richard Gwilliam, Drax’s Head of Cluster Development, said: “The Humber has been an industrial heartland for centuries and now stands on the precipice of a green industrial revolution. If we are to achieve the ambitious net zero targets set out by Government, it is vital that we work together to develop the technologies that will support this goal.
“At Drax, we are deploying the crucial negative emissions technology bioenergy with carbon capture and storage (BECCS). In doing so, we can create and protect tens of thousands of jobs across the region, levelling up the UK and help the nation to reach net zero.”
