Laura doubles workforce and moves into larger premises in Barnsley
Barnsley-based entrepreneur Laura Evans-Hill who helps academics to condense hundreds of pages of wordy research into infographics has expanded her business Nifty Fox Creative, adding three new jobs and moving into a larger workspace at Barnsley’s Digital Media Centre.
Laura says her investment in growth is in response to increased demand for her creative agency’s visual storytelling expertise, which helps academics and public service leaders communicate their research and ideas. Nifty Fox delivers animation, illustration, infographics, visual reports and comics – all designed to deliver facts, findings and key messages with impact. She said: “I set up Nifty Fox Creative seven years ago because I’m passionate about getting research into the hands of people who need it most, through visuals. There’s no topic too complex, no problem too big, or no cause too important to be simplified into clear, accessible visuals.
“I’m motivated by the fact that 14,000 pieces of research are published globally every day, and it’s estimated that half of them are read by about ten people and the other half are not read at all! That’s terrible. That work needs to get out there and be visible and not vanish in publications no one reads.”
Nifty Fox works with more than 2,000 individual researchers and more than 50 universities internationally. Its clients include 80-plus public sector organisations, government departments, NHS trusts, Public Health England, Sport England and UK police forces.
Laura, who trained as a social researcher and formerly worked in higher education, founded Nifty Fox Creative in 2017. Working alone at first, she moved into her first office at Barnsley’s DMC01 in 2022 and now employs a team of six.
Nifty Fox won the Best Visual Communications Agency – Yorkshire Award in the SME Northern Enterprise Awards 2023 and is shortlisted in the same category for the UK-wide award this year.
The company has received business support from Enterprising Barnsley at DMC01. Key Accounts Manager Judy Sidebottom said: “Nifty Fox Creative is our kind of success story at DMC01. Laura combines creativity and digital technology with a laser like focus on her personal mission to champion the role of visual storytelling in good communication.
“Drawing up plans for expansion, she has created jobs, taken on more workspace and been an active member of our tech community, collaborating with other small businesses in Barnsley. We look forward to seeing what Laura does next.”
Workers hit the BullsEye with employee buyout of car parts firm
BullsEye Superfactors Limited, the family-owned car parts and accessories retailer and motor factor, has sold the business to an employee-owned trust.
The eight-figure deal, financed by NatWest, is a significant milestone for the South Yorkshire-headquartered firm and its dedicated workforce of around 160 locals, ensuring the company’s ongoing success and fostering a culture of shared ownership and responsibility for the future.
Established in 1981, BullsEye Superfactors Limited has grown from a single shop in Thorne to become a prominent player in the automotive aftermarket industry.
With 18 high street branches across Yorkshire, four large motor factor sites serving the local garage trade, and a significant online presence, the company boasts an extensive inventory of over 150,000 car parts and accessories, catering to the diverse and evolving needs of customers.
Liam Douglas, relationship director at NatWest, said: “We are thrilled to support BullsEye in this transformative journey to employee ownership, supporting a local company with big ambitions in the hands of employees who are rooted in the community.
“We recognise the importance of nurturing local businesses and empowering their workforce to drive sustainable growth. This deal not only secures the future of BullsEye, but also reinforces our commitment to supporting businesses to start, scale and grow.”
Adrian Wesbroom, Managing Director at BullsEye, said: “As a family-owned business, we are proud of the legacy that we have built over the years and we’re excited about the opportunities that lie ahead as we transition to employee ownership.
“With the funding package and support provided by NatWest, we are confident that this transition will not only safeguard the future of our business but also empower our employees to contribute to and benefit from our ongoing success.”
NatWest’s funding support for the deal includes £4.5 million in facilities, comprising a £2.5 million term loan and a £2 million invoice discounting facility.
Andy Ryder, Corporate Finance Partner at Shorts, said: “We have worked with the business for several years, since advising on the original Management Buy Out. When it came to look at succession planning once again, we really enjoyed supporting the owners and the management team, helping them decide which option would best meet their objectives.
“It was clear that a sale to an Employee Ownership Trust would be the optimum solution, protecting the legacy of the business and providing the employees with a fantastic opportunity.
“It has been highly rewarding working with all the parties to achieve a successful outcome. With a highly motivated management team, we are looking forward to seeing the next successful chapter in the business story of this great local business.”
Paul Trudgill, partner in the corporate team at Knights, who created the Employee Ownership Trust, said: “After advising the exiting management team in the original management buyout several years ago, it was a pleasure to be involved in the transition of the business to its employees as the latest stage in its development. We have no doubt that this will continue and increase the success of the business in the long term.”
Plans lodged for new apartment scheme in Sheffield
Plans have been lodged with Sheffield Council for a new Build-to-Rent apartment scheme in the city’s Nursery Street area.
Developed by the Parklane Group, the project designed by the team at CODA Architecture features a mix of 102 studios, one-bed, and two-bed apartments.
The proposed scheme features amenities such as a fully-equipped gym, co-working and meeting spaces, a garden terrace, private dining room for hosting dinner parties and a fully-equipped podcasting studio.
Leeds-based Parklane Group’s previous Sheffield schemes include the transformation of a former bakery in the Castle Gate area into 12 one-bedroom apartments.
“This is a high quality development in what we believe is an increasingly attractive area of Sheffield,” said CODA director Matt Bowker. “This particular site has been awaiting redevelopment for something like 20 years now and we see this project as very much at the heart of the Wicker Riverside area.
“Following the regeneration of Kelham Island and Neepsend, the Wicker Riverside is the logical next step in the redevelopment of this part of the city centre. We feel the success of this application will be a key towards unlocking the next phase of vital regeneration.”
Haaris Ahmed of the Parklane Group said: “Our partnership with CODA Architecture ensures that the development not only meets the highest standards of design and functionality but also harmonises with Sheffield’s cultural and historical landscape.
“By focusing on the Wicker area, PLG aims to contribute significantly to the neighbourhood’s renewal, creating a vibrant community hub that attracts residents and visitors alike.
“The Nursery Street scheme is envisioned as a catalyst for further development, bringing new life and energy to this key part of Sheffield.”
Ofgem called upon to take action on standing charges paid by small firms
FSB has written to Ofgem’s Chief Executive Jonathan Brearley to draw his attention to the issue, and to recognise the “specific, negative impact standing charges are having on small firms,” the letter says.
FSB’s correspondence follows on from a letter to Ofgem regarding standing charges from the Energy Secretary, Claire Coutinho MP, and the Minister for Affordability and Skills, Amanda Solloway MP, sent at the end of March, which highlighted that the Ministers wish to “ensure that bills are fair and affordable for all consumers.”
The points raised by the Ministers’ letter about potential harms to energy customers apply to small businesses as well as households. FSB is asking Ofgem to investigate the impact of high standing charges for small business customers, with the issue made more pressing by the economic challenges small firms are facing at the moment.
One small firm whose owner got in touch with FSB reported an increase in the business’s daily standing charge from 70.94p per day in July 2021 to 969.64p per day in September 2023 – over 13 times higher.
Small businesses based in rural areas have been disproportionately affected by standing charge increases, which exacerbates the existing rural-urban divide and “[undermines] efforts to level up more remote parts of the UK,” FSB’s letter says.
Standing charges are used to fund network infrastructure, operating costs, and policy costs for schemes such as the Warm Home Discount, but this can be difficult for small firms to comprehend. Business customers are not covered by the energy price cap for consumers and many small firms suspect that their costs have been hiked as a result.
The Ministers’ letter makes the point that “the growing number of energy users striving to consume energy more efficiently and help towards achieving net zero see standing charges as a disincentive to doing so.” This is highly pertinent to small businesses, the majority of whom are keen to play their part in reducing carbon emissions, and underlines the need for greater transparency around what standing charges are actually used to fund.
Ofgem has asked for views on standing charges via a Call for Input, to which FSB has responded. The cost of utilities continues to be cited as a major driver of increased costs for small businesses, with three in five small businesses (62.5%) reporting this in FSB’s Small Business Index for Q4 2023.
FSB’s Policy Chair, Tina McKenzie, said: “We want Ofgem to do a thorough review of standing charges for businesses as well as consumers, for better transparency and to discern whether energy companies are behaving fairly towards their small firm clients.
“Small business energy customers behave in a way more akin to consumers than big businesses, lacking the resources, the expertise and the buying power necessary to get the best possible deal out of their energy suppliers. However, they do not benefit from anything like the same level of protection as that rightly available to households, leaving them caught between two stools.
“Many small businesses could be forgiven for suspecting that they have been seen as something of a soft target for price hikes in their standing charges, and they do not have a full picture of where the money they pay on a daily basis is going – something that needs to change.
“Small firms were put through the wringer by the energy price crisis, which sadly spelled the end for many otherwise viable businesses who saw their utility bills become completely unmanageable.
“The price increases which led to the crisis have thankfully eased off to an extent, but many thousands of small firms are now stuck on tariffs which are far higher than before, which is a leading driver of cost increases.
“While it’s possible for most firms to cut their energy use – something which many did in response to spiralling bills – the standing charge must be paid day in, day out, so ensuring that small firms aren’t being fleeced is absolutely vital.
“We’re very keen to hear what Ofgem’s next steps in this area will be, to ensure that small firms pay standing charges that are fair and transparent, no matter where they’re based.”
Tax take rises by almost 5% to £827.7bn in 23-24
New provisional figures show that the tax collected by HMRC in 23-24 reached £827.7bn, almost 5% higher than the previous year.
The combined effects of inflation and fiscal drag contributed to income tax, CGT and national insurance contributions rising by £23.7bn during the year to a total of £466.5bn, a 5.4% rise over the previous year.
Income tax receipts jumped 10% year-on-year to reach £273.3bn in 2023/24.
PAYE income tax receipts grew by 11.4% year-on-year while receipts from income tax collected via self-assessment declined slightly by 1% year-on-year.
However, employee NICs fell during the year to £60.9bn from £65bn last year, a decline of 6%. This reflects the cuts introduced in November 2022, as well the further reduction in January 2024.
Business taxes and VAT also rose by £10.3bn and £9.5bn respectively, with corporation tax receipts rising by 11.6% year-on-year, reflecting the rise in the main rate of corporation tax which increased to 25% on 1 April 2023.
The highest increases in percentage terms came from air passenger duty which rose 21% to £3.8bn during the year to the end of March. This reflects changes to the APD duty rate structure introduced in April 2023 and the continued bounceback in air travel following the pandemic.
The most significant decline was in stamp taxes which reduced by 22% year-on-year. Stamp Duty Land Tax receipts dropped by 24% to £11.6bn in 23-24.
Inheritance tax receipts rose by 5.8% year-on-year to £7.5bn. IHT receipts have risen steadily since 2019-20 when IHT pulled in £5.1bn.
Paul Falvey, a tax partner from accountancy and business advisory firm BDO, said: “The combined effects of inflation and fiscal drag have played a role in driving up income tax receipts. It’s notable that the rise in receipts has been through PAYE rather than self assessment where receipts actually declined slightly this year.
“This suggests that middle earning employees have borne much of the impact from the freezing of tax thresholds. It may also reflect a small decline in self employment during the period, possibly stemming from IR35 rules which have encouraged employers to put freelancers onto the payroll.
“The decline in Stamp Duty Land Tax receipts during the year indicate the impact of comparatively high interest rates and the resulting decline in home buying by around 17%. Housing transactions in each quarter of 23-24 were down on the previous year. There are some suggestions of further cuts to Stamp Duty before the general election which will be of particular interest to first time buyers.
“Fiscal drag and rising asset values have also played a role in the increase in IHT that we saw during the year. Many families will be exploring options to pass on wealth outside the IHT net.”
Property consultancy doubles Leeds city centre office space
Leeds property consultancy, GV&Co, has expanded into new city centre offices, in a move that follows the company’s twentieth anniversary celebrations.
GV&Co has relocated into a 2,800 sq ft office suite on the fourth floor of Carlton Tower on St Paul’s Street, which is double the size of its previous office in the same building, where the team have been based since 2010.
The company currently employs a 17-strong team and has invested in a major fit-out in the new office to create an open-plan layout, stylish breakout areas, four meeting rooms and large boardroom.
Gavin Ritchie, a director from GV&Co, said: “In the last couple of years we have recruited across all our divisions, as well as launching a specialist lease advisory and asset management service.
“We had outgrown our previous office, so when the opportunity arose to expand in Carlton Tower, which has been a superb base for us for almost 14 years, in the heart of Leeds city centre’s property and professional services district, it made perfect sense.
“The new office offers a very high quality work environment, with great meeting rooms and staff breakout areas, and it’s a brilliant way to follow our twentieth anniversary.”
ABP steps up to be gold sponsor at offshore wind event
ABP is to be a Gold Sponsor at the Offshore Wind Connections 2024 (OWC2024) conference and exhibition during the first two days in May at Hull’s Doubletree by Hilton.
Andy Reay, Head of Offshore Wind at ABP, said: “We are thrilled to participate in OWC2024 as a Gold Sponsor. This event provides an invaluable platform for industry leaders to collaborate, share insights, and chart the course for the future of offshore wind.
“ABP remains steadfast in our commitment to be a leader in driving sustainable growth and innovation. We look forward to engaging with fellow stakeholders at this great event as we strive together to deliver not just a decarbonised energy system but the UK jobs and prosperity that should accompany it.”
Aligned with its vision for a greener, cleaner economy, ABP has outlined ambitious plans within its sustainability strategy, ‘Ready for Tomorrow’, committing to about £1.4 billion in investments towards infrastructure and facilities that support customers embarking on the energy transition journey. The strategy also includes an additional £600 million of projected investment for decarbonising ABP’s own operations and facilities.
Over the last 30 years ABP ports have installed over 500 turbines and provide support to over 7GW of offshore wind – over half of the UK total. As a testament to its commitment, ABP has invested over £300 million in collaboration with its partners to foster the expansion of offshore wind capabilities and has ambitious plans to invest significantly more in future developments serving both fixed bottom and floating wind projects.
Government launches free advice service for SMEs
Government has launched its free Help to Grow: Management Essentials course, a short online course with practical tips and resources for small business leaders.
Based on the 12-week Help to Grow: Management Course, Essentials is suited for leaders of newer or smaller SMEs, or those who are looking to explore the principles of business growth and management before taking the next step and enrolling in the full course.
Small businesses are a vital part of local economies across the UK and supporting them is crucial to delivering on the Prime Minister’s priority to grow the economy. This course will support SME leaders to establish their roots as they look ahead to scale up and grow their business.
Essentials is the latest addition to the extensive package of SME support announced by Government as part of the ‘Help to Grow’ campaign: a one-stop shop for SMEs. The Help to Grow site makes it quicker and easier for business owners to find the resources they need for every step of their growth journey from across government.
Small Business Minister Kevin Hollinrake said: I’ve met so many business owners who have benefited from Help to Grow: Management, and now with the launch of Help to Grow: Management Essentials even more business people will be able to access the advice and resources they need to scale up and grow.
2024 is the year of the SME and whether it’s through access to finance, support and advice, or removing barriers to growth: we’re helping them go further than ever before.
Help to Grow: Management Essentials is free, with content divided into three easy-to-access modules consisting of short videos and supporting resources covering the essential business concepts required to unlock growth. Business leaders can access the course through the Help to Grow website. Byron Dixon, founder of Micro Fresh said: “These Help to Grow: Management Essentials videos are jam-packed with inspiration and practical tips for small business leaders. I wish I’d had this type of resource available to me when I was scaling my business.” Martin McTague, National Chair of the Federation of Small Businesses, said: “FSB has been making the case for a streamlined, digital taster session version of the Help to Grow Management course, and we’re delighted to see this now delivered. Businesses with fewer than five employees were ineligible for the full Help to Grow course, so this is particularly good news. “This will better fit with the busy lives of small business owners who struggled with the initial commitment for 12-week intensive learning. It means many more can now access the benefits of Help to Grow and see the benefits of committing to the longer course as follow-up.“Improving the skills of small business owners is in FSB’s DNA, so we’re pleased to see this new option for those wanting to grow their businesses, and the economy.”
South Yorkshire sees record levels of tech startups during last year
South Yorkshire is a magnet for home-grown tech startups with a record 617 having ben created last year alone, and relocations into the region at the highest level ever.
Those are the findings of a new report published to mark the inaugural UK Tech Week celebration of tech ecosystems across the UK. Tracey Johnson, Project Director at TECH SY, said: “South Yorkshire’s tech sector is growing in significance and success, expanding despite headwinds and challenges in the global economy, and outperforming many other ambitious locations in attracting the talent and investment needed to turn great ideas into even better businesses. “This report underscores South Yorkshire’s emergence as a dynamic tech hub, fueled by innovation, talent, and a supportive community.”The report, published by South Yorkshire Combined Mayoral Authority, reveals:
● A record 617 tech startups were formed in South Yorkshire in 2023, more than ever before and an increase of a fifth (18 per cent) from 2022. Combined with falling tech failures, which declined for the second year running, South Yorkshire experienced a net gain of 88 home-grown tech companies last year, with growing numbers of active tech companies in every major urban area.
● There are at least 4,588 tech companies in South Yorkshire today – more than ever before. The region is a major centre of cleantech innovation and home to significant business activity in software development, life sciences, data, bioscience, advanced materials and photonics.
● An influx of tech companies from outside South Yorkshire is bolstering the tech sector. Analysis of businesses registered at popular tech locations in South Yorkshire found that 29% were previously based outside the region and that 2023 was the busiest year yet for relocations.
● Tech Welcome Grants totalling £130,000 have helped 29 companies specialising in high-value activities such as robotics, data analytics, and cyber security establish their first facilities in South Yorkshire and supported the creation of more than 140 jobs worth a combined £6.1 million a year.
● Investment in tech companies based in South Yorkshire has been more resilient than elsewhere in the UK. Data from analysts Beauhurst show South Yorkshire’s tech startups secured funding totalling £209 million between 2019 and 2023. Although tech investment in South Yorkshire declined by 38 per cent between 2022 and 2023, this was a less profound decline than the 54 per cent reduction in overall UK tech funding reported by Atomico last year.
Manufacturing sentiment improves
Sentiment within the manufacturing sector improved in April and output expectations were the strongest for six months, according to the CBI’s latest quarterly Industrial Trends Survey.
Output volumes were broadly stable in the three months to April, following strong declines in output over the first quarter of 2024. Manufacturers expect output to rise over the next three months, with expectations the strongest since October 2023. Average cost growth remained elevated compared to historical norms, with costs also expected to increase at a strong pace in the quarter to July. Domestic and export price inflation are expected to pick up slightly in the next three months.
With demand uncertainty falling back, and concerns over the cost of financing diminishing, investment intentions for the year ahead improved relative to January. Manufacturers expect investment in buildings and plant & machinery to be stable over the year ahead, which marks a shift from the picture in January, when investment intentions sank to their weakest for three years. Moreover, spending on product & process innovation is now expected to increase over the year ahead.
Anna Leach, CBI Deputy Chief Economist, said: “Conditions facing manufacturers have taken a turn for the better, with sentiment improving and expectations for future output growth their strongest in six months.
“A softer labour market has eased concerns that skills and labour could constrain output and orders. Concerns about access to materials and components are also at their lowest since January 2020. These brighter conditions are supporting a more stable picture for investment over the year ahead.
“With the recovery still to fully pick up steam, we need to see everyone laser focused on delivering the big reforms that will help manufacturers grow and invest. Full capital expensing, with the potential to extend this to leased and rented assets, can be a game changer that unlocks the incredible power of our manufacturing sector and drives economic growth.”
The survey, based on the responses of 257 manufacturing firms, found:
- Business sentiment rose in the quarter to April, having been broadly unchanged in the three months to January (balance of +9%, from -3% in January). Export optimism for the year ahead also rose moderately (+6%, from -20%). Both sentiment indicators had shown declining optimism in all but one quarter throughout 2022-23.
- Output volumes were broadly unchanged in the quarter to April, after falling in March (balance of +3%, from -10% in the three months to March). Firms expect volumes to grow in the next three months (+11%).
- Total new orders fell in April, but at a slower pace than in the previous quarter (balance of -6%, from -13% in January). Manufacturers expect orders to return to growth over the next three months (+8%).
- Growth in average costs per unit of output rose strongly but at a slightly slower pace in the quarter to April (balance of +39%, from +43% in January; long run average of +18%). Cost growth is expected to remain elevated in the quarter to July (+42%).
- Domestic selling prices increased over the three months to April (+10%, from +2% in January). Export price inflation decelerated from January (+9% from +14%, and now the weakest since January 2021). Both domestic and export price growth is expected to pick up in the next three months (+27% and +22%, respectively).
- Investment intentions for the year ahead improved relative to January. Manufacturers expect to raise investment in product & process innovation (+15% from -5% in January, the strongest since the quarter to January 2022). Investment in training & retraining is expected to be broadly unchanged (+1% from +6%). Investment in tangibles is expected to be unchanged, including buildings (-3% from -29%) and plant & machinery (+2% from -15%), with the balances having recovered from three-year lows in January.
- The main constraint on investment was uncertainty about demand (cited by 49% of manufacturers), followed by inadequate net return (36%), and a shortage of labour (+15%, the lowest in three years). Concerns around the cost of finance have retreated from a 33-year high (excluding the pandemic period) but remain double the long run average (11% from 22%).
