Lincolshire County Councillors are to offer more financial support to family farms and to write to Government to express concern about the impact of recent government announcements on family farms and businesses in Lincolnshire. The money will come from council reserves to support the Lincolnshire Rural Support Network and the Business Growth Hub. Council Leader Martin Hill said:“We have a proud agricultural heritage and landscape in Lincolnshire and our farms contribute strongly to the nation’s food needs. “With so many agricultural and food manufacturing businesses, we’re concerned about the impact of some of the recent government announcements. “Today, we pledged to do all within our powers to protect our farming community, including urgently writing to the government to explain the impacts on removing Inheritance Tax Relief on farmland and restrictions on Business Asset relief. “The removal of these, combined with employer National Insurance increases, will have a devastating impact on small farms and businesses which are the heartbeat of our county. On top of the other pressures facing the industry, including through new environmental legislation, many may not survive in the future. “With this and plans for massive amounts of industrial infrastructure including pylons, huge solar farms and onshore wind turbines with no direct benefits to our residents on top of increased house building, it is no surprise that rural counties like Lincolnshire are feeling under threat. “The future of our own finances is also uncertain with the recent announcement of the £9.4m Rural Services Delivery Grant removal by government. However, we have committed to increasing our financial support to the Lincolnshire Rural Services Network who help farmers with a whole range of issues, and to Business Lincolnshire to provide more specialist Growth Hub advice to small rural businesses.”

Lincolnshire’s Streets Chartered Accountants has established Streets Dyke Ruscoe Limited following the merger of the well-established Shropshire and Worcestershire practice of Dyke Ruscoe Chartered Certified Accountants with Streets. This latest merger sees Streets establish a greater footprint in the West Midlands, close to the Welsh border. When asked about the merger Carl Davies, Director of Streets Dyke Ruscoe, based in its Ludlow office, said: “Dyke Ruscoe was established around the late 1920’s and has since this time been a local presence in Ludlow, Tenbury Wells and Craven Arms. “As part of our own succession and growth strategy we have for some time been considering options for the future. Whilst we operate within the West Midlands and the Welsh Marches area, we recognised the opportunity to grow the practice into Wales and across the West Midlands. In part, the barrier to our growth, has been our size and structure, we therefore had to become part of something bigger. “We are therefore delighted to have merged with Streets, whilst we considered a number of options, we believe that we have found our perfect partner. The Streets philosophy and outlook is similar to ours and they were keen to retain our sense of being a part of the local community and standing something that has been established over the years. “It was also important for us to continue to be able to provide our services in a relatively unchanged environment with the same great team engaging with our clients. “In an increasingly competitive market and with growing client needs we are, through joining up with Streets, pleased to be able to offer a greater breadth of services, including more specialisms like personal and corporate tax advice, banking and finance along with other services we have historically had to outsource. “We are also especially pleased to announce that following the merger we are now able to service the needs of clients who require an audit as these can now be looked after Streets dedicated audit team and practice which acts nationally for groups, large companies, subsidiaries and charities. “It truly does seem to be a partnership of like-minded people with similar principles to face not only the future and challenges together, but also the great opportunities that exist. Together we can achieve growth not only for ourselves, but for our staff, existing and prospective clients. “Following the merger, we are delighted to announce that Charlotte Beamond has joined the directorship of the company, following the retirement of Peter Reynolds, we wish her every success in fulfilling her role.” Looking at what the merger means to Streets, the firm’s Managing Partner, Paul Tutin, said: “We are delighted to have Carl Davies along with fellow directors Brydie Prime and Charlotte Beamond and their colleagues join the practice. It is especially pleasing to see and experience the mutual benefits and synergy to be had through firms like ours coming together. “Whilst this year has seen our significant growth come about through the merger of firms located in Yorkshire, the East of England and the South West we are particularly pleased to have ventured further into the West Midlands. This is in keeping with our strategic intent to be a truly national and even UK practice. “We continue to find that firms we talk to and that merge with us like our approach which is very different to the private equity led deals, as we seek to build on the success of the existing practice and empower individuals to drive and lead on their future growth and success.” Streets Law, the firm’s dedicated corporate and commercial law offering led by Managing Director and Solicitor, Adam Aisthorpe, undertook the legal work on behalf of Streets for the merger, including drafting the sale and purchase agreement and dealing with the due diligence process in collaboration with internal colleagues in the tax and audit teams at Streets.

The UK’s economy shrunk unexpectedly in October. According to new figures from the Office for National Statistics (ONS), GDP (gross domestic product), a key measure of economy growth, declined by 0.1% month on month – below expectations of 0.1% growth. This follows a fall of 0.1% in September. It reflects dwindling and declining output across all three key sectors, with production output falling by 0.6% in October, due to drops in manufacturing, and mining and quarrying output. Construction output, meanwhile, dipped by 0.4% in October and services output showed no growth. Ben Jones, Lead Economist, CBI, said: “Following these disappointing figures, businesses will be glad to see the end of 2024. Nevertheless, firms remain hopeful that things will improve in the New Year. “It may take a few more months for firms to work through the impact of the sharp increase in employment taxes outlined in the Budget and adjust their hiring and investment plans accordingly. But businesses can probably still look forward to a steady, if unspectacular, economic recovery next year as the impact of the inflation shock fades and interest rates come down further. “The Government can support business confidence by accelerating measures that could restore some headroom for investment. These include delivering flexibility to the Apprenticeship Levy, preparing a faster timetable to reform business rates and working in full partnership with boardrooms to develop a long-term modern industrial strategy that can provide the stability and certainty needed to unlock innovation, investment and grow the economy.”

Card Industry Professionals – the Grimsby-based card payment solutions provider – has been acquired by Shift4, a US-based company that is a global leader in payments and commerce-enabling technology, listed on the New York Stock Exchange. The deal provides an exit for Mercia Ventures, which backed the company in 2022 using funding from the first Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF). It achieved a 2x return on investment. Card Industry Professionals provides card terminals, point of sale and online payment solutions to thousands of SMEs such as retailers, hair salons and hospitality venues. The business was founded in 2017 by award-winning young entrepreneur Ciaran Savage, who was joined by his mother, Lyn Savage, as Operations Director, and John Selby as Sales Director, both of whom have many years of experience in the UK payments industry. The company now employs a 20-strong team in Grimsby, has a nationwide network of over 150 sales agents and processes over £60m worth of transactions per month. Ciaran Savage, Founder and Managing Director, said: “We are excited to be joining the Shift4 family. We are committed to upholding the company values and best-in-class service customers have come to expect from us and are confident that this acquisition will allow us to improve upon those service levels, while offering even more value in the form of new benefits, incentives and product offerings.” Maurice Disasi of Mercia Ventures added: “We’re delighted to have supported CIP on its growth journey. Ciaran and the team have built a business with first-class customer support and Shift4 now has the benefit of adding a strong and well-respected team here in the UK as part of their global operations. We wish the team continued success.” Cerelo in Leeds provided corporate finance advice to Mercia and Card Industry Professionals, Marshall & Co Chartered Accountants in Hull provided financial due diligence support, with Wilkin Chapman in Grimsby providing all legal support and guidance.

Lincoln-based Panoramix has secured a £250,000 follow on debt funding package to implement a comprehensive marketing strategy aimed at expanding its client base, particularly in the US, where it has already seen strong demand. The funding comes through the Midlands Engine Investment Fund II though Maven Capital Partners, appointed Fund Manager for East and South East Midlands. Panoramix is a specialist intellectual property law firm delivering legal services to both UK and overseas businesses, Founded in 2019 by IP law specialist Kevin Hanson, Panoramix offers a flexible, attorney-led service without the billable hours model commonly used across the industry. Instead, the business offers fixed fees based on task complexity and value, allowing clients to benefit from transparent and efficient services. Panoramix supports a range of clients from start-ups and SMEs to multinational corporations across various sectors, including technology, healthcare, retail, and manufacturing. It is also one of the few UK-based IP firms authorised to conduct US trademark work, holding direct practice rights with the US Patent and Trademark Office, which enables it to provide UK clients with cost-effective US IP support. The funding will also enable the company to recruit additional staff, including a client relationship manager, an administrative support role, and a part-qualified patent attorney to support its growing operations. Kevin Hanson, founder of Panoramix, said: “The support from Maven and the Midlands Engine Investment Fund I in 2022 was critical in enabling us to establish our business in the East Midlands and grow our client base nationally. With further funding through Midlands Engine Investment Fund II, we intend to double our headcount and turnover within the next 24 months. This will involve development of new service offerings and expansion into new international markets. The future is looking very bright as we continue to revolutionise the IP legal services industry.”