Spencer reports profits of £1.7m in the face of difficult market conditions
Engineering business C Spencer Ltd has delivered a resilient trading performance in its latest published accounts in the face of difficult market conditions.
The company reported turnover of £52m and a pre-tax profit of £1.7m in the year ending 31st March 2023, despite the head winds of high inflation, rising interest rates, Brexit hangovers and the impact of the war in Ukraine.
Charlie Spencer, Founder and Executive Chairman of the Hull-based business, said: “The considerable economic uncertainty during the year depressed capital investment in the UK economy, stalling the progress of a number of schemes as clients carefully considered the impact of escalating raw commodity prices.
“Despite these challenges, we continued to deliver projects to an exceptionally high standard and secure a healthy pipeline of new work, much of it repeat business with our existing clients.
“The capability we have to both design and deliver engineering projects using in-house resources is a key differentiator and gives us a competitive advantage in the markets we serve. These skills also enable us to fully engage with our supply partners to drive full value for our clients.”
C Spencer Ltd trades under the Spencer Group brand and delivers solutions to complex engineering challenges for its blue-chip client base in the rail, bridges, industrial, infrastructure and energy markets.
During the 2022-23 business year, C Spencer Ltd completed a series of flagship projects, including a major upgrade of Manchester International Depot to transform it into a modern train servicing and stabling facility, and maintenance and repair projects on some of the UK’s most iconic bridges, including renovation of Union Chain Bridge on the English/Scottish border and the Grade I listed Menai Suspension Bridge in North Wales.
Prestigious contracts currently being delivered by C Spencer Ltd include construction of the £26.5m White Rose Rail Station in Leeds and a flagship international project to create a bespoke access system to inspect cables on the new Pattullo Bridge in British Columbia, Canada.
Government offers £4m grant to help Pensana create magnet metal plant at Saltend
Pensana has been a grant of up to £4,000,000 towards the funding it needs to build a rare earth oxide separation facility in the ‘Humber Freeport’ at Saltend.
Chairman Paul Atherley said: “The successful development of the $250 million Saltend project would be an important step in supporting the UK automotive supply chain, which employs over 780,000 people, as it transitions to electric vehicles.
“By 2030 the UK is expected to have transitioned from being a major European producer of internal combustion engines to be a world leader in the manufacture of electric drive units, producing three million every year, with a large proportion destined for export. Without a secure magnet metal supply chain this is under threat.”
Pensana is establishing an independent, sustainable rare earth supply chain with mid- stream processing to produce magnet metal in the UK.
The Saltend project will deliver 450 jobs during construction and 150 high value jobs in operation with a significant opportunity for further expansion.
The Offer of Grant, made under Section 7 of the Industrial Development Act 1982, follows an application submitted by Pensana to the Automotive Transformation Fund, is subject to terms set out in a grant funding agreement and conditional upon Pensana providing 1) clearance from the relevant authority monitoring state subsidies and 2) a funding, activities and deliverables plan which are expected to be provided in the coming weeks.
Multi-million pound apartment plan takes step forward with loan for land purchase
Specialist lender Together has agreed a loan for a developer to buy a plot of disused industrial land – paving the way for a tower on Leeds’ South Bank.
Property investors Countrylarge have bought the land on the corner of Sayner Lane and Carlisle Road, near the Royal Armouries Museum, after securing the short-term finance facility.
Antony Rosindale, of developers Country Large, said the proposed scheme would provide much-needed homes for young professionals.
It will transform the previously derelict site as part of a wider regeneration project – by breathing new life into a former industrial plot of brownfield land in the city centre.
Mr Rosindale said: “The Sayner Lane site is behind Leeds Dock in the South Bank, which had been undergoing a massive regeneration initiative to greatly improve the area.
“There is a large project currently underway to build homes on the former Tetley Brewery site and other mixed-use developments already underway, with not only homes but medical facilities, a school and later life living units.
“As an urban developer, we believe it’s important to look at brownfield sites, building on previously developed land, which is far more sustainable that building in the countryside. Our strategy is to deliver Build-to-Rent apartments, which will provide good quality homes for young professionals.”
The £500 million South Bank regeneration, first put forward by the Council in 2011, is one of Europe’s largest regeneration projects. The aim of the scheme is to eventually double the size of Leeds city centre.
The wedge-shaped brownfield site at Sayner Lane currently has outline planning permission for a development of 150 apartments, which was granted last November.
However, the developers are preparing a fresh application for the sustainable development of the 0.2 hectare plot.
They expect to submit to planners at Leeds City Council within the next few weeks after securing the finance needed from specialist lender Together.
The lender, which provides commercial and personal finance and has a loan book of £6.4billion, agreed a bridging loan to buy the land.
Michael Devanny, corporate sales director at Together, said: “We are currently working with Country Large on other projects in Yorkshire and were impressed with their vision to breathe new life into this derelict corner on the South Bank.
“Our short-term finance allowed the developers to quickly complete the purchase, paving the way for a tower of much needed city centre apartments. The latest development proposals will deliver benefits not only in terms of new housing but also through off-site green space improvements in the area, contributing to the transformation of Leeds South Bank as a mixed use community in an expanded city centre.”
Gilson Gray grows Lincoln property team with new partner
Full-service legal firm Gilson Gray has bolstered its residential property division in Lincoln with the appointment of new partner Cherie McBean.
Cherie joins Gilson Gray from one of the North East’s largest firms, where she spent almost seven years as a residential property solicitor and most recently as part of the senior management team. Her new role involves leading the 100-strong team at Gilson Gray’s Lincoln branch and helping to develop its people and processes.
Cherie will manage the team alongside Gary Tyman who was the head of Home Property Lawyers (HPL) prior to its acquisition by Gilson Gray over a year ago.
Cherie McBean said: “Gilson Gray is the perfect fit in terms of its cultural values and ambition. The property market is incredibly competitive in terms of client expectations, and embracing advances in technology will be key to streamlining the conveyancing process and improving customer experiences.
“My goal is to help retain the firm’s position as market leader and drive the property team forward as we deliver a personal and dedicated service for our clients.”
Debbie McCathie, partner and head of residential conveyancing at Gilson Gray, said: “Cherie is a very talented lawyer, and offers the perfect blend of skills that will further strengthen our residential conveyancing offering.
“Having a UK-wide footprint is becoming increasingly important for top-tier law firms and we have ambitious plans to expand further across the country, building on our full-service approach to support clients in the English property market.”
Glen Gilson, managing partner and chairman at Gilson Gray, said: “Our move into England was somewhat contra trend for the Scottish sector and has proven to be a valuable strategic move. Our English operation has expanded multifold from the original footprint acquired and the appointment of talent such as Cherie underpins our commitment to this market and client base.”
Plans submitted for 145,000 sq ft Station Plaza office development at White Rose Park in Leeds
Development and investment group Munroe K has submitted a planning application for the new Station Plaza office development at White Rose Park, which aims to be the first BREEAM Outstanding and NABERS 5 star out of town development in Leeds.
Planning has been submitted to Leeds City Council for a 145,000 sq ft new build office development directly fronting the new White Rose Railway Station, which is scheduled to open in Spring 2024. The masterplan for Station Plaza incorporates three buildings, two totalling 100,000 sq ft over two wings and interconnected with a shared atrium and the third is a separate 45,000 sq ft building.
The new high specification Grade A office buildings will comprise under croft car parking and will be set within a heavily landscaped site. The development has been designed with biodiversity as its core, with ESG top of the agenda at White Rose Park.
In addition to the targeted BREEAM Outstanding and NABERS 5 star accreditation, Munroe K is aiming for the development to be carbon neutral in operation. This aspiration follows the developer’s ambition to make White Rose Park carbon neutral by 2030, through implementing further sustainable features and throughout the new development.
The wider White Rose Park comprises just over 550,000 sq ft of offices across nine buildings which are almost fully occupied by a host of blue-chip businesses with only 12,000 sq ft remaining available, with interest in the space. There are some 5,000 employees across the Park’s fifteen occupiers and the on-site Elliott Hudson College, which is one of the City’s best performing colleges with Ofsted Outstanding, has circa 1,200 students.
The talent pool on site from the college and within the locality will be hugely boosted by the new train station which will give the park and its occupiers access to over 7m new people in a 45 minute travel time, with connectivity opened up to Manchester as well as a journey of just 4 minutes to Leeds City Centre.
White Rose Park is an established, successful environment with strong ESG credentials from its host of facilities including an on site creche, a 2G sports arena, outdoor gym, hospitality facilities and all the amenities at the neighbouring White Rose Shopping Centre which includes an Imax cinema.
David Aspin, founder and CEO, Munroe K, said: “We’ve always been successful in attracting and retaining occupiers and the opening of the new train station in Spring 2024 giving access to a new 7 million strong talent pool, has acted as a catalyst for this new development. Alongside our ambition to become carbon neutral by 2030, this new sustainable office scheme makes for exciting times at the campus.”
Alex Hailey, senior director, CBRE Office Agency in Leeds, said: “There is strong demand for office space at White Rose Park as evidenced in its near full occupation and the proposed additional 145,000 sq ft will fill a crucial void in the city’s development pipeline.
“With on site and neighbouring amenities to rival the city centre, the abundance of green space and outdoor facilities along with crucial services such as the creche, employers can provide an exceptional working environment for their staff. The new train station will be a strong driver for occupiers interested in the new space as will its strong sustainable credentials.”
Office agents on Station Plaza at White Rose Park are CBRE, Knight Frank and Sanderson Weatherall.
Yorkshire bedding brand raises £100,000
The Yorkshire designer behind a new luxury bedding brand has raised £100,000 from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, to help expand her business.
Sophie Platts’ company Floks specialises in sustainable bedding including duvets, pillows and mattress toppers, all made from British wool and organic cotton and manufactured in Yorkshire. Having begun selling her products online two years ago, she now supplies John Lewis and is in talks with a number of well-known department stores.
The company’s revenue has been growing rapidly over the past year. The funding will enable the York-based company to step up its marketing campaign and develop new products to expand the range.
Sophie has over 15 years’ experience working with luxury brands, most recently with kitchenware company Joseph Joseph. The launch of Floks resulted from her own inability to sleep and was inspired by her two Yorkshire grandfathers – one a farmer and the other who worked in textiles.
Sophie, who is the company’s Managing Director, said: “As a product designer, I always dreamed of having my own business, and in the depths of lockdown I had a lightbulb moment. I’m a poor sleeper and often wake up due to overheating but I discovered that wool bedding helps overcome this and has many other advantages.
“I realised that I could design and make a fully sustainable UK-grown and made product that would support two important British industries at the same time – farming and manufacturing – and help give people a better night’s sleep.”
David Wright of Mercia added: “Sophie has a wealth of experience in designer homewares. Floks builds on Yorkshire’s wool trade heritage and fills a gap in the market for sustainable luxury bedding that promotes healthy sleep. The funding will help her to expand the business and establish the brand as a market leader in premium British wool bedding.”
UK Government offers £4m grant for Saltend rare earth oxide separation facility
The Secretary of State for Business and Trade has offered Pensana a grant of up to £4m towards the funding required to build a rare earth oxide separation facility in the ‘Humber Freeport’ at Saltend.
The grant follows an application submitted by Pensana to the Automotive Transformation Fund, and is subject to terms set out in a grant funding agreement and conditional upon Pensana providing clearance from the relevant authority monitoring state subsidies and a funding, activities and deliverables plan which are expected to be provided in the coming weeks.
Chairman Paul Atherley said: “The successful development of the US$250 million Saltend project would be an important step in supporting the UK automotive supply chain, which employs over 780,000 people, as it transitions to electric vehicles (EVs).
“By 2030 the UK is expected to have transitioned from being a major European producer of internal combustion engines to be a world leader in the manufacture of electric drive units (EDUs), producing three million EDUs annually, with a large proportion destined for export. Without a secure magnet metal supply chain this is under threat.”
Pensana is establishing an independent, sustainable rare earth supply chain with mid-stream processing to produce magnet metal in the UK.
The Saltend project will deliver 450 jobs during construction and 150 high value jobs in operation with a significant opportunity for further expansion.
Businesses invited to join Sheffield Hallam’s new Advanced Wellbeing Accelerator
Sheffield Hallam University has launched its latest Wellbeing Accelerator programme, with the application window now open for both UK-based and international businesses to join the next cohort.
Now in its third year, the Accelerator has supported 40 SMEs to date and provides dedicated innovation, investment, growth and R&D support for high-potential startups and scaleups across advanced health and wellbeing.
The programme, which is match-funded by Sheffield Hallam University and Barclays Eagle Labs via the Department for Science, Innovation and Technology-funded Digital Growth Grant, will be delivered through the University’s Advanced Wellbeing Research Centre (AWRC) at the Sheffield Olympic Legacy Park.
Up to 12 companies will be selected to join a tailored six-month programme offering:
- Bespoke mentoring from over 100 professionals across investment, academia, healthcare and industry
- A curated schedule of workshops on key topics like NHS adoption, regulation, communications and pitching
- Facilitated connections to Sheffield Hallam’s research expertise for R&D collaborations
- Up to £25k of non-dilutive funding towards the most promising R&D projects on the programme
- Access to accelerator delivery partner products and services
- Assessments and coaching to improve investment readiness and NHS procurement compliance
- A high-profile Demo Day to showcase to investors, customers and partners
160 affordable homes to be delivered in Sleaford
A significant number of affordable properties are to be delivered in Sleaford, where Platform Housing Group will work alongside Miller Homes on bringing 160 homes to the site at the Handley Chase Sustainable Urban Extension.
For the group, the agreement represents another successful land deal to be added to its ambitious pipeline, supporting the commitment to start work on over 1,300 homes across the Midlands in the year April 2022 to March 2023.
Kate Ellison, Platform’s director of land, partnerships and business development, said: “We’re delighted with this latest agreement to provide more affordable homes and the solid foundations they will bring for the people that go on to live in them. The development is proof once again that we can deliver the solutions that local partners need to solve their housing issues.
“I’m also proud of the team for securing such a significant number of opportunities in the past couple of months against the backdrop of the challenges facing the housing and constructions sectors as Platform continues our ambition to keep building homes. My thanks go to the teams involved in securing the deal and our partners at Miller Homes.”
Overall, some 1,450 homes will be built for Sleaford, with this new diverse community also hosting a convenience store, a new school, playing fields and a 67-bed retirement home.
Matt Carroll, senior land manager at Platform, said: “This is an exciting opportunity for Platform Housing Group to continue building on our excellent working relationship with Miller Homes.
“As ever, this deal would not have been possible without our trusted consultant team, with Gabor Taller at Browne Jacobson, Greg James at WP Housing and Jon Adams at Tetlow King all providing essential support. An extra mention should also be made for our partners at North Kesteven District Council for their proactive and pragmatic support throughout the process so far.”
Stephanie Parker, land manager for Miller Homes, said: “It has been good to once again work in partnership with Platform Housing Group on this site within the East Midlands. It has given us a great opportunity to deliver 160 homes that will in part help address the housing shortage in the area.”
Subject to planning approval, work is anticipated to start on the site in the Spring of 2024.
Gen Z harder to motivate than previous generations, say employers
New research from business and financial adviser Grant Thornton UK LLP shows that many employers are finding it challenging to motivate their Gen Z workforce and are adapting their training methods to better meet the needs of their younger cohort.
The research, which analyses the responses of 2,000 people aged between 16 – 25 in the UK and 605 UK mid-sized businesses, explores Generation Z’s views of the working world, as well as employers’ approaches to supporting their younger workforce.
It finds that over one third of businesses say it is more difficult to motivate their Gen Z employees compared to previous generations at the same age. Consequently, the majority (88%) of employers surveyed are adapting their training methods to meet the needs of the newest members of the workforce.
Over a third of these (36%) have introduced more personalised training, specifically tailored for individual needs. Nearly one in three (32%) have also moved towards more on demand content and more gamification within their training (30%), to appeal and engage with the new younger cohort.
The pandemic had a significant impact on young people’s education and opportunities for a first part-time job. The research suggests that this may have had a knock-on impact on how prepared they feel for certain aspects of the workplace. Gen Z respondents felt they were least prepared for softer skills such as verbal presentations and persuading and influencing. This was reflected in the views of employers who also noted that Gen Z needed support with developing these skills.
Three quarters (72%) of the young people surveyed believe that what they do for their job will be an important part of their identity and the research identified what Gen Z consider the most motivating reward for going above and beyond in their role at work:
· Career progression and opportunity to do more interesting and challenging work
· Annual salary increase
· Direct verbal appreciation from line manager and colleagues
However, Gen Z workers also have specific expectations around what they believe are unreasonable asks in an early career job. Over half (51%) think it’s unreasonable to be expected to take on extra responsibility without compensation, while 40% think regularly working 10-hour days should not be expected. One in three (31%) also believe that being expected to study outside of working hours is unreasonable, which is a common requirement for those working towards gaining a professional qualification.
Ronnie Corbett, Audit Culture Director at Grant Thornton UK LLP, said: “This insight into how the current generation of young people view careers and work will help to inform and shape decision making about how we best support them as they progress – after all, these are the people that will be running our firm one day.
“Generalisations are easy to make, but we must be mindful that there are many different factors that determine a person’s mindset and motivation – age is just one of them.
“Workplaces, and society at large, are rife with age-related (across generations) stereotypes, which are not always accurate. This is why it is important that we better understand how beliefs about age affect our workplace, and work to dispel some of the rhetoric that creates barriers and inhibits cohesion.
“This is an area of inclusion that needs more focus. Harnessing the power of different perspectives is an opportunity, and it’s something we are working on as firm to leverage – it’s in everyone’s best interest to do so.”
