North Lincolnshire Council wants to bring AI Growth Zone to the area
Financial distress surges among Yorkshire businesses
Yorkshire businesses are experiencing a sharp increase in financial distress, with 3,303 firms classified as being at critical risk of insolvency in Q4 2023—a 32.4% rise from the previous quarter, according to Begbies Traynor’s latest Red Flag Alert report. Year-on-year, the number of distressed businesses in the region grew by 18.3%.
The financial strain in Yorkshire is more pronounced than the national average, where critical distress rose by 25.9% quarter-on-quarter and 2.6% year-on-year. Less severe financial difficulties also climbed, with Yorkshire seeing a 13.1% rise since Q3 and 9.2% over the past year, compared to 12.9% and 5.6% across the UK.
The construction sector reported the highest number of critically distressed businesses in Yorkshire, reaching 604—a 30.7% increase from the previous quarter. Real estate and property services firms in severe financial trouble rose by 35.4% to 409, while professional services businesses, including accountants, solicitors, and architects, saw a 51.5% increase, affecting 256 firms.
Bradford IT recycling firm sold
Planning application submitted for transformative development in Penistone
Yorkshire Housing secures £75m for affordable housing expansion
Yorkshire Housing has secured £75 million in funding from Lloyds and NatWest to support its expansion and sustainability initiatives. The deal includes a £40 million sustainability-linked loan from Lloyds and £35 million from NatWest.
The funding will go toward building affordable homes and upgrading existing properties to meet energy efficiency standards. Lloyds’ loan is tied to targets such as increasing affordable housing supply, achieving an EPC rating of C or higher for properties by 2030, and expanding solar PV installations.
Yorkshire Housing currently manages 20,000 homes and plans to build 8,000 more. To date, it has completed 2,100 homes, with 2,000 in development. The organisation is also investing in workforce growth, with plans to add 60 apprenticeships over the next five years.
NatWest has increased its social housing lending target to £7.5 billion by 2026, citing growing demand. The bank and Lloyds have an established relationship with Yorkshire Housing, providing long-term financial support for its expansion efforts.
BGF successfully exits Independent Forgings & Alloys as US private equity firm acquires majority stake
Yorkshire Building Society profits decline amid lower interest margins
Yorkshire Building Society reported a drop in profits for 2024 as falling interest rates pressured mortgage and savings margins. Core operating profit declined from £449.9m to £345.7m, while pre-tax profit fell from £450.3m to £383.7m. Net interest income dropped by nearly £50m year-on-year to £736.5m, with net interest margin shrinking from 1.31% to 1.16%.
Despite the profit decline, the mutual expanded its mortgage book to £49.7bn, driven by increased gross lending and borrower retention. Mortgage arrears over three months, including possessions, stood at 0.5%, below the industry average of 0.97%.
Executives anticipate modest UK economic growth in the near term but highlighted uncertainty in global markets due to geopolitical conflicts and potential US trade tariffs.
Aluminium doors and security specialist secures funding for growth
Hull businesses win praise from BID Exec Director
Waverley’s new high street to open this Spring as construction completes
Yorkshire business confidence rises in February
AstraZeneca opens Lincolnshire biogas plant to power UK operations
AstraZeneca and renewable energy firm Future Biogas have launched a biogas plant in Gonerby Moor, Lincolnshire, to supply renewable energy for the pharmaceutical company’s UK operations.
The Moor Bioenergy plant will generate 100 gigawatt hours of biomethane annually, meeting the heating needs of more than 8,000 homes. By the end of 2024, AstraZeneca aims to power all its UK research and manufacturing facilities with clean energy, reducing its reliance on fossil fuels. The company expects the plant to offset 18,000 tonnes of CO₂ emissions per year, equivalent to 20% of its total global gas consumption.
Unlike some renewable energy projects, the plant was developed without government subsidies. AstraZeneca says the investment aligns with its broader goal of achieving 100% renewable energy across all global operations by the end of this year and reaching net-zero emissions by 2045.
AstraZeneca shares rose 0.24% to 11,910p on Thursday, reflecting a 15% increase over the past year.
North Lincolnshire Council to review HMO regulation amid rising concerns
North Lincolnshire Council will hold an extraordinary meeting to address concerns over the rapid expansion of houses in multiple occupation (HMOs) and their living standards. The meeting, initiated by opposition Labour councillors, follows reports of increasing HMOs in Scunthorpe and resident complaints about housing conditions.
A council review identified 110 suspected HMOs in just two wards—Crosby and Park, and Town and Frodingham—raising questions about regulatory oversight. Only 25 HMOs in North Lincolnshire hold mandatory licences, which are required for properties with five or more tenants sharing kitchen or bathroom facilities.
Labour councillors argue that local authorities elsewhere have imposed stricter controls and are calling for similar action. A motion on the issue will be discussed, and the meeting must take place by late April.
The council is already working on implementing selective licensing for landlords, a measure supported across party lines. In September, the ruling Conservative group approved selective licensing in parts of Scunthorpe.
Turner & Townsend relocates to zero carbon-ready office building in Sheffield
Leeds real estate developer secures £14.2m development exit loan
Study Inn completes Leeds student scheme
Harrogate Housing Association secures £15m for 200 affordable homes
Harrogate Housing Association has secured £15 million in loan funding from Triodos Bank UK to build 200 new affordable homes, expanding its portfolio beyond 300 properties in and around Harrogate.
The new homes will have energy performance certificate (EPC) ratings of B or higher, and some will feature air source heat pumps and solar panels to lower residents’ energy costs.
Triodos Bank, which has provided £500 million in loans to UK housing associations since 2008, focuses on financing projects with social and environmental impact. The bank sees the development as a critical step in addressing Harrogate’s housing shortage.
Founded in 1968, Harrogate Housing Association is a not-for-profit housing provider registered with the Homes and Communities Agency. It continues to focus on delivering affordable housing in response to high property prices in the region.
Strategic implementation of workplace safety standards in Yorkshire & Lincolnshire
Zest launches ultra-rapid EV charging at Doncaster’s Riverdale Park
Zest has installed four ultra-rapid EV charging stations at Riverdale Park in Doncaster, located on Argo Drive near Wheatley Hall Road. The chargers provide up to 80% battery capacity in as little as 20 minutes, serving residents and visitors to nearby businesses, including Wheatley Centre Shopping Park and Costa Coffee.
The deployment is part of a collaboration with Harworth Group, the developer behind Riverdale Park. Harworth Group aims to enhance local infrastructure as more drivers transition to electric vehicles. Zest, a Leeds-based investor and public EV charging infrastructure operator, continues to expand its network in partnership with real estate developers and local authorities.
Muse expands regeneration pipeline with new partnerships
Regeneration specialist Muse has contributed to the financial growth of parent company Morgan Sindall Group, which reported a 10% revenue increase to over £4.5 billion and a 19% rise in adjusted operating profit to £172.5 million. The group’s secured order book grew 28% to £11.4 billion, with net cash reaching £492 million.
Muse’s development pipeline has expanded to £4.1 billion, up from £1.8 billion in 2023, driven by key partnerships. The company secured a Development Agreement with Bradford City Council for City Village, a project under its ECF partnership with Legal & General and Homes England, set to deliver up to 1,000 homes, workspaces, and retail spaces.
In Wakefield, Muse was named preferred Strategic Regeneration Partner, while in Hull, its ECF partnership was appointed as Development Partner for East Bank Village. This 15-year project could bring 850 new homes. The company also completed 113 affordable homes at Northshore in Stockton-on-Tees and delivered Forge Island, a leisure destination in Rotherham.
Additionally, Muse agreed to sell a 31-acre commercial site at Harrier Park in Hucknall and completed phase five infrastructure work for a new Nottinghamshire community.
The company is also expanding its partnership strategy through Habiko, a joint initiative with Pension Insurance Corporation and Homes England. The initiative aims to build up to 3,000 sustainable, affordable homes nationwide, including potential developments in Yorkshire and the North East.