Key Capital invests in cruise technology company
Leeds-based private equity firm Key Capital Partners has invested in theICEway, a specialised cruise technology company. This strategic investment will enable theICEway to enhance its technological offerings and drive expansion across key markets in the global cruise and travel sectors.
Key has invested in excess of £7m for a significant minority stake.
With a strong reputation for delivering cutting-edge IT solutions tailored to the cruise industry, theICEway has become a trusted partner to cruise operators and travel companies worldwide. Their innovative technology services include cloud solutions, managed services, system integration, and digital transformation, helping clients navigate the unique challenges of the maritime industry.
The growth investment from Key will further support theICEway’s mission to stay at the forefront of technological advancements. With an increased focus on innovation, the company plans to develop new services, strengthen its infrastructure, and enhance its presence in key markets. This partnership will also allow theICEway to invest in talent and expand its team to meet growing customer demand.
“We are thrilled to partner with Key Capital Partners, whose expertise in supporting growth businesses aligns perfectly with our vision for the future,” said Ian Richardson, CEO and Co-Founder of theICEway.
“This investment is a major step forward in our journey to becoming the leading global technology provider for the cruise and travel industries. With Key’s backing, we are confident in our ability to continue delivering exceptional value to our clients and expanding our capabilities.”
Matt Tice, Director at Key, said: “We are excited to work alongside theICEway and help drive their ambitious growth strategy. Their deep industry expertise and strong client relationships make them a standout company in the specialised cruise technology sector. Together, we look forward to unlocking new opportunities for innovation and expansion.”
Sam Davies, Partner in the Cowgills team that advised the shareholders on the deal, said: “The investment backed by Key is the culmination of many years of partnership between Cowgills and Iceway. This is a great result for the shareholders and the new partnership with Key I am sure will be very profitable for both parties.
“This was a team effort from Cowgills with support from our Tax, Strategic Support and Lead Advisory teams, notably Brett Marsden who has worked very closely with management.”
The deal was led by Matt Tice, James Hall and Hannah Kirkup, investors at Key. Legal advice was provided to the Key team by John Hamer and Kayleigh Watson at Walker Morris and tax structing work by Fletcher Adamowicz of BHP. Due diligence was conducted by Laura Bollen of RSM (Financial), Jack Hibbs of Armstrong (Commercial), Ben Morton of Intechnica (IT) and Dan O’Connell of Gallagher (Insurance).
Advisers to the company and shareholders included Cowgills Corporate Finance (Sam Davies, Brett Marsden, Ed Higham), Cowgills Tax (Georges Daubney, Jason Gauthier, Claudia Harrison), and Bermans (Jon Davage, Robin Hastings, Nathan Hughes).
Sheffield pilot scheme looks to boost health and wellbeing in the workplace
Businesses from across the region are joining forces to improve understanding and better support approaches to mental, physical, financial, and social wellbeing in the workplace.
A pilot scheme has been launched by Sheffield Chamber of Commerce’s Health and Wellbeing Consortium, in partnership with Sheffield United Community Foundation, to bring together businesses and explore shared experiences.
The pilot comes as 91% of UK adults reported high or extreme levels of pressure or stress in the past year, leading to one in five workers (20%) in the UK needing to take time off work in that period.
Employees from 15 pilot organisations are sharing their experience to help develop a School of Excellence which will eventually provide valuable resources for businesses seeking to support and develop their workforce.
Over the coming months the pilot group will work closely to co-create meaningful outcomes and establish a framework for ongoing improvement in employee wellbeing across the region.
Tracy Viner, Sheffield Chamber’s Executive Manager (Policy and Public Impact), said: “Together, we’re not only committed to improving health outcomes but to driving change and economic growth.
“We know that our regional economy will only flourish if it is powered by healthy workers achieving higher productivity.
“The businesses involved in the pilot will be mapping the challenges they face and examining how to improve health and wellbeing in the workplace.
“By working together we’ll be able to generate and share a baseline of current data which we can use to measure improvement. This work is the foundation stone for creating a Health and Wellbeing School of Excellence in the region and will set out a range of goals that will deliver real impact.”
Chris Bailey, CEO of Sheffield United Community Foundation, said he hoped the innovative collaboration would highlight gaps in services and aid employers to better support their employees.
“Sheffield United Community Foundation tackles many of the key issues our society faces and working with strategic partners to achieve local and national health outcomes is one of our strategic priorities.”
Businesses and organisations involved in the pilot include Sheffield United Community Foundation, BetterMinds, Mortgage PA, Sheffield City Council, Sheffield Hallam University, Sheffield Occupational Health Advisory Service, South Yorkshire Mayoral Combined Authority, University of Sheffield and Westfield Health.
Dave Kneeshaw, Founder of BetterMinds, added: “Good health and wellbeing is critical for successful employee engagement and organisational performance. As a business community we are stronger when we work together and this pilot is set to deliver real insight into how we can build more supportive workplaces, improve health, and ultimately better outcomes for businesses and individuals.”
Businesses take on Nashville with West Yorkshire Mayor to secure trade deals and regional growth
West Yorkshire has gone stateside, with a dozen of the region’s businesses joining Mayor Tracy Brabin in Nashville, Tennessee, to meet with potential investors and trade partners.
The trade mission, which has been organised by the Mayor to create opportunities for West Yorkshire businesses, began yesterday (Monday 7 October) and will conclude ahead of the government’s inaugural International Investment Summit in London on Monday 14 October.
It will see the Mayor and businesses working together to secure new contracts and sign new trade agreements, helping businesses to export and scale, create new jobs, and grow the economy.
Trade in goods and services between West Yorkshire and the US is worth over £4 billion, with almost 2,000 local businesses exporting goods to the US.
By putting forward a united public-private plan for investment, the Mayor hopes to inspire confidence in the region’s fastest growing sectors, including its health and life sciences sector.
Tracy Brabin, Mayor of West Yorkshire, said: “By coming together with business to champion our great region abroad, we’ll attract investment, create good jobs, and put more money in people’s pockets.
“This public-private trade mission will help our businesses to grow and succeed, by opening up export and investment opportunities in a stronger, brighter region.
“And here at home, our investments in transport, skills and homes will help create the right environment for growth, by connecting businesses to the talent and finance they need to succeed.”
As part of the mission, the Mayor will speak at the NCQA Health Innovation Summit and meet with the Mayor of Nashville, Freddie O’Connell, to progress talks on a new partnership between the two regions’ health and life sciences sectors, to increase the flow of knowledge, products and investment.
As the home of NHS England’s headquarters and Europe’s largest teaching hospital, West Yorkshire is recognised as a global leader in health innovation. The sector employs over 100,000 people across over 300 companies, and will be supported to grow even further through a 10-year, £160 million Investment Zone secured from the government.
Nashville, which has almost doubled its number of health and life sciences jobs since 2000, has been identified by the Mayor as a prime trading partner for West Yorkshire. Overall, the state of Tennessee ranks third in the US for the export of medical supplies and equipment, worth over $4 billion.
Joining the delegation on behalf of Health Innovation Leeds, Kate Lodge, Partnership Director at the Leeds Academic Health Partnership, said: “I’m delighted to join our regional partners as, together, we further strengthen our burgeoning health innovation industry sector.
“As well as showcasing the world-renowned strengths of Leeds and West Yorkshire, I’m sure we’ll bring back valuable insights and opportunities as we connect with other global health innovation leaders.”
Regarded as the birthplace of country music, Nashville will also host representatives from Leeds Conservatoire, The Piece Hall in Halifax, and Tileyard North in Wakefield, to deepen trade, investment, and knowledge sharing between the two regions’ music industries.
Since her election in 2021, the Mayor has invested more than £13 million into the creative industries, including in a brand-new music network for musicians and industry professionals to collaborate on shared opportunities.
Nicky Chance-Thompson MBE DL, CEO of the Piece Hall Trust and Deputy Chair of the WYCA Culture, Heritage and Sport Committee, said: “The music and cultural scene in West Yorkshire has always been rich with talent, and due to investment, the region is now achieving unprecedented recognition.
“However, there is still so much more untapped potential and opportunity to realise if we can nurture and forge stronger worldwide partnerships.
“Famed as the birthplace of ‘country’ and with some of the most iconic venues in the world, Nashville is arguably now the world’s epicentre of music. In many ways it mirrors the talent and assets we have here in West Yorkshire.
“Building strong and collaborative partnerships with the world’s best, will help the region achieve the Mayor’s ambition of putting culture at the heart of its growth and super boost the economy.
“We’ve seen firsthand in Halifax the impact of the success of our summer gig season and the economic impact it has had on the town and region, and The Piece Hall Academy is bringing through the next series of writers, artists and event specialists.
“This is just one catalyst. There is so much more we can do across the whole county. By making these important connections in Nashville, we can really elevate our music scene and realise long lasting benefits to the region.”
285,000 sq ft urban logistics scheme acquired in South Yorkshire for £43.7m
Harworth, a regenerator of land and property for sustainable development and investment, has completed the acquisition of Catalyst, a 285,000 sq ft, Grade A, urban logistics estate in Rotherham, South Yorkshire. The £43.7m purchase price reflects a net initial yield of 5.4%.
The asset, completed in 2023, is strategically located adjacent to the Group’s flagship industrial development and major UK manufacturing hub, the Advanced Manufacturing Park (AMP). Comprising of five units, the scheme is currently 90% let to a diverse range of occupiers, with a WAULT of 6.6 years to break and 10.1 years to expiry. Harworth is confident of securing a letting for the final 28,000 sq ft, and when fully let the scheme will generate £2.5m of annualised rent. The acquisition provides an opportunity to implement tailored asset management initiatives and deliver additional value across the wider AMP, where Harworth continues to see strong demand from occupiers, and rents have recently exceeded £10 per sq ft. Lynda Shillaw, Chief Executive, Harworth, said: “This acquisition, the largest of an Industrial & Logistics investment asset in Harworth’s history, aligns with our strategy to grow our high-quality Investment Portfolio. It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP, further establishing it as one of the leading manufacturing and distribution centres in the region. “Increased direct development and the retention of Grade A Industrial & Logistics assets across our major sites, supplemented by select, income producing acquisitions, is core to our strategy, whilst we will also look to recycle properties where value has been maximised through completed asset management initiatives.”Premier Technical Services Group acquires Scottish electrical testing company
Castleford-based Premier Technical Services Group Limited (PTSG) has acquired White Testing (UK) Ltd (Whites) – one of Scotland’s leading electrical testing companies.
Whites’ core service offering includes portable appliance testing (PAT), fixed wire testing and emergency light testing.
Nikhil Varty, PTSG’s Group CEO, said: “We are delighted to welcome White Testing (UK) Ltd as our latest addition to the Group. This acquisition extends our geographical coverage in these services and will be incorporated into Guardian Electrical Compliance Ltd, a PTSG company.
“We are fully committed to the continuation of a successful strategy of achieving market leadership across the sectors in which we operate. This acquisition strengthens PTSG’s capability within our Electrical Services division and ensures our clients will be better served.”
Nikhil concluded: “We will retain the Whites management team, who will continue to grow and expand the business as it is integrated into Guardian’s electrical division. We are really pleased to have Whites on board, and we offer the whole team a very warm welcome to PTSG and our highly successful niche specialist group of companies.”
Leeds engineering services group eyes renewable energy services market with acquisition
Renew, the Leeds-based engineering services group supporting the maintenance and renewal of critical UK infrastructure, has acquired Full Circle, a specialist provider of repair, maintenance and monitoring services for onshore wind turbines in the UK and Europe, for €60m (£50.5m).
Full Circle was controlled and owned predominantly by AtlasInvest Holding, the Belgian family holding specialised in the energy sector.
The acquisition represents a compelling strategic fit for Renew, entering the high-growth renewable energy services market with a leading position, in line with the group’s stated strategy of capitalising on the green energy transition.
Renewable energy is forecast to become the largest component of Europe’s total energy mix by 2050. The onshore wind market is well-established and forecast to grow at 7.7% CAGR over the next six years.
Paul Scott, Chief Executive Officer of Renew, said: “The acquisition of Full Circle represents an exciting opportunity for the Group to enter a high-growth, and fragmented onshore wind services market.
“Full Circle operates a scalable technology-enabled platform across a diverse customer base with existing long-term contracts and a fast-growing brand in the UK and across Europe. The company’s proven track record in its core markets, and highly experienced management team mean the business is well positioned to service other turbine technologies and geographies both through acquisition and an organic growth strategy.
“With governments across Europe reaffirming their commitments to achieving Net Zero by 2050, the addition of Full Circle’s industry-leading offering will allow us to play a pivotal role in supporting the green energy transition and benefit from the long-term, non-discretionary funding programmes that underpin it. I am delighted to welcome the Full Circle team to the Renew family.”
Bradford Council backs first phase of Mass Transit scheme
Bradford Council has submitted its response to the West Yorkshire Combined Authority’s proposals on the first phase of Mass Transit in West Yorkshire.
The Combined Authority has been consulting on the first phase of its Mass Transit scheme, which would see two tram routes created: a Bradford Line connecting people between Bradford and Leeds city centres and a Leeds Line, entirely within the Leeds district, connecting people between St James’ Hospital and the White Rose Office Park and Shopping Centre.
Bradford Council’s response to the consultation gives option B3 as the Council’s preference, with other options considered viable but less preferred. A decision on the route to be developed will be made by West Yorkshire Combined Authority when the consultation concludes.
The preferred route proposals use a disused railway corridor to the north of Holme Wood, a route through the Parry Lane Enterprise Zone and along Bowling Back Lane to Wakefield Road. It would then approach the city centre via Bridge Street and Market Street before stopping at Forster Square Station.
The main positives to this route are that it directly serves the Southern Gateway area, which has been identified as a key regeneration area with potential for significant housing growth. It would also serve more of the city centre area with potential for stops at City Park and Bradford Interchange. It could also be adapted to take in the proposed new through station in the Southern Gateway area.
The preferred proposed route will also serve Holme Wood, giving this area better links to Bradford and Leeds city centres. The route also allows for better separation of Mass Transit from other traffic, leading to better journey times and less congestion.
The council’s response to the consultation emphasises that to increase overall use of public transport Mass Transit must supplement rather than replace rail or buses. The response also says that any Mass Transit system should be planned to function as part of the overall wider public transport network and how it works for both transport within the city and also in connecting urban communities considered.
Councillor Alex Ross-Shaw, Bradford Council’s Executive Member for Regeneration, Planning and transport, said: “Connecting Bradford and Leeds with Mass Transit is such a huge opportunity to grow our economy and better connect our communities, not just across the district but the whole region.
“We’re working with the Combined Authority ensure the proposed Mass Transit system contributes to significant growth and regeneration in central Bradford and the Southern Gateway and that the designs take into account all the work currently being done to make our city centre more pedestrian friendly.
“Alongside the government commitment for a £2bn new Bradford rail station we now have a rare opportunity to develop a truly integrated transport hub, working across different modes of transport, with active and public transport as an attractive option for residents and visitors.
“The project should also recognise the potential for easing the housing pressure between Bradford and Leeds. Having this Mass Transit scheme in Bradford aligns perfectly to the governments mission to kickstart economic growth and will help people have better access to jobs and opportunities, education and health as well as hospitality and leisure destinations.”
Network Rail moves into £26m former college building in Doncaster
Network Rail has signed a 25-year contract to move into the £26m former National College For Advanced Transport & Infrastructure promises in Doncaster, which closed in 2023.
It will be developed into a bespoke training facility that offers a range of different apprenticeship and trainee opportunities.
In its original form, NCATI was envisioned as a specialist institution that would provide the skills required to help deliver HS2.
However, the college’s narrow remit was eventually expanded to try and improve enrolment, with it becoming the less niche NCATI when the University of Birmingham took over in 2021. Despite this broadening of scope, the institution continued to suffer from low student numbers and was ultimately forced to close its doors just two years later; winding down all of its education programmes in the process.
Dan Fell, Chief Exec of Doncaster Chamber, said: “While not a fatal blow for our economy, the closure of NCATI in 2023 was certainly bruising for Doncaster. After all, the college had state-of-the-art facilities, an excellent faculty and a very exciting offer for students. Yet, thanks in no small part to Government indecision regarding HS2, it was sadly hobbled for the start and never allowed to reach its full potential.
“As such, the announcement that a significant industry player, in the form of Network Rail, has signed a 25-year lease to be the new tenants of this building is extremely heartening. Not only does it signal that the outside world does indeed have faith in Doncaster — and in our well-earned reputation as both a historic rail city — but it also means that we will be able to draw upon even more expertise in this area than we already have.
“Meanwhile, the fact that we will be getting another specialist, post-16 education provider on our doorstep will only serve to enhance our exemplary skills offer. While many of the operational details still need to be ironed out, it’s safe to say that our residents, businesses and economy are all set to reap the benefits of this.”
South Africa poultry deal could be worth £160m to UK producers
British poultry producers now have access to South Africa after the UK secured market access worth up to £160m to the industry over the next five years.
The development will allow UK traders to export poultry to South Africa for the first time in eight years, after restrictions were placed on UK imports following outbreaks of avian influenza in the UK. The UK was declared free from avian influenza earlier this year.
Lowering this trade barrier has been one of the UK’s priorities for agricultural trade, and its resolution marks a significant step forward, benefiting South African consumers with access to high-quality and securely supplied poultry meat.
Food Security Minister Daniel Zeichner met South African ministers, Deputy Minister Rosemary Capa (Agriculture) and Deputy Minister Andrew Whitfield (Trade), last week to finalise the deal. This access will provide further opportunities to grow the UK economy and strengthen the trading relationship between both countries.
Daniel Zeichner said: “This deal not only opens new opportunities for UK poultry traders, but grants a new avenue through which to grow the UK economy.
“We’re one step further on our journey to securing better trade deals for UK farmers, improving industry resilience and kickstarting our food exports.”
South Africa has historically been an important market for UK poultry, with exports of poultry worth over £37 million to South Africa in 2016. Teams from across government have worked in combination with their counterparts in South Africa for many years to regain market access. International Meat Trade Association CEO Katie Doherty said: “The reopening of South Africa for UK poultry meat exports is fantastic news for UK producers and exporters – prior to the ban, it was a vital market for UK exporters.“It is testament to all the hard work by Defra’s market access team and the agricultural attachés and other officials who have supported this crucial work over many years, for which we are very grateful.”
1,000 jobs lost as TGI Fridays goes into administration
More than 1,000 people lost their jobs yesterday as the owners of TGI Fridays went into administration.
As Thursdays UK Limited, operating under the brand ‘TGI Fridays UK’, entered administration 51 off its sites were sold, securing for now almost 2,400 jobs, but 35 sites have been closed, resulting in 1,012 redundancies.
Chief Exec Julie McEwan said: “We are doing everything possible to retain our team and support those impacted.” Buyers Breal Capital and Calveton UK already own restaurant chains Byron Burgers and Vinoteca as well as restaurant group D&D London.
The Government has stepped in to help resolve issues around payment of wages and tips.
