“Firms and their advisers must not apply their own narrow, artificial interpretation of our formal information gathering requirements– as Tereos has done so here. Had they responded properly then Tereos could have avoided this fine altogether.”
Currently, where there is a failure to comply, without reasonable excuse, with a requirement of a notice under section 109 of the Act, the maximum fixed penalty the CMA is able to impose is £30,000. This is due to increase to 1% of the total value of a business’s worldwide turnover once amendments introduced by the Digital Markets, Competition and Consumers Act 2024 (DMCCA) come into force.Sugar firm handed £25k fine for failure to comply with CMA merger procedures
The Competition and Markets Authority (CMA) has imposed a fine of £25,000 on Tereos SCA and Tereos United Kingdom and Ireland Limited (together Tereos) for failing to provide relevant information in relation to the merger inquiry concerning the T&L Sugars/Tereos deal.
As part of the CMA’s phase 2 investigation, a notice was sent to Tereos under section 109 of Enterprise Act 2002 (the Act) requiring the production of certain minutes and internal documents in relation to its board and corporate governance. Tereos responded to the notice, however, following further enquires by the CMA it was found that Tereos failed, without reasonable excuse, to provide a full response.
In particular, the CMA Inquiry Group found that Tereos’ interpretation of the scope of the notice was unjustifiably narrow and untenable when viewed in the context of the object of the merger inquiry and that the failure was capable of having an adverse impact on the CMA’s investigation.
In order to reach sound decisions that benefit consumers and the UK economy as efficiently as possible, it is essential that the CMA is able to gather all the evidence it requires. Parties must therefore comply, on time and in full, with requests for information from the CMA during an investigation.
Richard Feasey, Chair of the independent inquiry group which led the investigation, said: “It’s important that firms respect the UK merger review process – which includes providing all the information we need to promptly progress our investigation.
ABP appoints Business Development Manager
Christine Watts has been appointed Business Development Manager at port operator ABP, focusing on developing carbon capture and storage value chains and transport solutions.
Christine served as a Lead Commercial Advisor at Neptune Energy where she developed non-pipeline transport solutions for CO2, and opportunities for offshore green hydrogen production via Integrated Energy Hubs. She also has significant experience in commercial and joint venture, project and change management.
She said: “I very much look forward to diving into the world of ports and using my customer-side experience to provide our partners with the tailored services and insights they need to thrive.
“There is so much potential to create value in the UK carbon capture and storage market. CO2 shipping will help accelerate industrial decarbonisation because not every emitter is at the end of a pipeline.”
Ralph Windeatt, ABP’s Group Head of Business Development, said: “Over the next decade we look forward to seeing the development of both domestic and cross-border CO2 shipping to support the widespread deployment of carbon capture and storage solutions, with ports at the heart of this transition.
“We are very well placed to build on the unique opportunity to work with businesses in this sector, so that together we can deliver large-scale investment, drive economic growth and create good quality jobs, which will bring prosperity to regional communities across the UK.”
Citra Living boosts portfolio of rental properties with almost 60 new homes on outskirts of Bradford
Citra Living, part of Lloyds Banking Group, has boosted its growing portfolio of rental homes across the UK, with the addition of almost 60 new homes on the outskirts of Bradford.
Citra, which now operates more than 4,000 properties (of which 2,500 are delivered and occupied), has forward-purchased 58 single family homes at housebuilder Gleeson Homes’ semi-rural Wood Hall Chase development in Bierley.
As part of Gleeson’s broader 106-home development on Shetcliffe Lane, Citra will bring to market a range of two, three and four-bedroom homes for private rent, with the first due for completion in 2026. The additional homes aim to further support first-time buyers and young families in the area.
All 58 Citra homes will be delivered to EPC B rating, supported by air source heat pump technology.
Less than three miles from both the M62 and Bradford Interchange rail station, Wood Hall Chase will provide commuter links to Leeds and Huddersfield. Surrounded by countryside, residents will also benefit from local amenities in Bierley, including its bars, restaurants, shops, garden centre and community centre.
Andy Hutchinson, Chief Executive Officer of Citra Living, said: “Wood Hall Chase further strengthens our growing portfolio as we continue to pursue opportunities to create a positive mix of housing in areas where people want to live. We’re looking forward to seeing the homes progress and welcoming new customers to the Citra community as we continue to provide pathways from rental through to home ownership.”
Graham Prothero, CEO of MJ Gleeson, said: “We are delighted to partner with Citra Living to deliver 58 single family homes on our development in Bradford. This partnership aligns with our mission, core values, and commitment to excellence, offering more customers access to quality homes through our combined expertise.”
Former IBIS Hotel in Bradford sold
Specialist business property adviser, Christie & Co has sold the former IBIS Budget Hotel in Bradford, West Yorkshire. Funding for the purchasers was secured through Christie Finance.
Located in central Bradford, the closed property formerly operated as an IBIS hotel, featuring 86 bedrooms as well as an open plan reception and dining area.
The hotel was purpose-built in 2008, and the previous owner recently sold it to focus on their other hotel and retail business ventures. The business has been acquired by an experienced operator who owns two other hotels in West Yorkshire, and has recently re-opened this hotel as their third.
David Lee, Regional Director at Christie & Co who handled the sale, says: “We were very pleased to conclude this hotel transaction, with invaluable help from Ram Kakar from Christie Finance. I wish all the best to the new owners in their latest venture.”
Ram Kakar, Director at Christie Finance, who secured funding for the sale, says: “This was a satisfying completion for the Christie network, with funding secured for our clients within just eight days of instruction. This deal showcases that we could effectively provide a solution for our clients, no matter the circumstances.
“Appetite for the hospitality sector remains fluid, and Christie Finance Real Estate have the experience and the capability to deliver alternative solutions for our clients.”
Leeds Beckett University supporting Wakefield greetings card company’s growth with RFID technology
The rollout of new patented Radio Frequency Identification (RFID) technology, supported by Leeds Beckett University experts, is helping Wakefield-based Riverside Greetings realise their ambition to become the largest supplier of greetings cards to convenience and forecourt stores in the UK.
The RFID technology has been piloted, and patented, as part of a two-year Knowledge Transfer Partnership (KTP) between Leeds Beckett University and Riverside. The KTP was part-funded by the Government through Innovate UK.
The technology allows stores to complete a full stock count of hundreds of cards by design in less than two minutes, with 100% accuracy – the current manual counting system takes around 30 minutes. Sales in Riverside’s pilot stores grew by 11% using the innovative new method.
Dr Akbar Sheikh Akbari, Reader in the School of Built Environment, Engineering and Computing at Leeds Beckett University, said: “The challenge for Riverside was a lack of real-time business performance data. The KTP aimed to create a sustainable platform for growth – using RFID and AI to develop better data management, tighter stock control, and a clearer understanding of which designs are selling in each store, so that Riverside can anticipate and meet the needs of their clients more quickly.
“RFID uses radio waves to passively identify a tagged object, tracking items in multiple commercial and industrial applications. Embedding RFID tags in low-value, high-volume items, such as greetings cards, is highly innovative.”
A KTP Associate – Dan Lamsdale – was recruited as a full-time member of the Riverside team, and was pivotal to the management and delivery of the project.
Dan designed and implemented the RFID pilot programme across a number of convenience stores, creating a plan for rolling out the technology to all stores after the project, and researching and driving forwards the successful patent pending application. He created a strategic marketing framework and campaign plans, and a programme of cultural change and training within the business to support the growth and adoption of the new technology.
Andrew Glen, Managing Director of Riverside Greetings, said: “The KTP has exceeded our expectations, and we have seen significant benefits. The RFID technology patent pending status has positioned us as a leader in our field. We can now investigate other markets where the technology could be applied, as well as licensing the solution to other parties in the future. The RFID technology has critically improved our responsiveness to the needs of our customers.
“Riverside’s ambition is to become the largest supplier of greeting cards to the convenience and forecourt sectors. Without the KTP, the business would not be placed to progress so quickly.”
Riverside are now planning a phased rollout of the technology across their store network in the UK.
Jo Griffiths, Head of Knowledge Transfer Partnerships at Leeds Beckett University, added: “The Outstanding grading awarded to the project is a clear indication of the high quality of innovation achieved by the team on this KTP. That Riverside has a patent pending application is an exciting output that we did not foresee as part of the original project plan. We look forward to seeing Riverside’s continued growth in the future.”
The KTP has now been graded ‘Outstanding’ by independent assessors at Innovate UK – this is the highest possible rating awarded to projects.
Citu and Great Places come together to deliver shared ownership, low-carbon homes at Kelham Island
Citu, a Yorkshire-based sustainable property developer with a focus on community-led development, and Great Places Housing Group, a northern, affordable housing provider, are working together to deliver 16 new, zero-carbon homes for shared ownership in Kelham Central, located in Sheffield’s Kelham Island neighbourhood.
Jonathan Wilson, Citu, Managing Director, said: “Through great collaboration with like-minded partners, Citu is excited to support the launch of a shared ownership offering at Kelham Central, bringing added value to the existing community and the wider Kelham district.
“It’s always been Citu’s ambition to create impactful places, protecting the planet with an emphasis on places where people can thrive. This is an important chapter in our journey – as to build a truly inclusive and diverse community where every person has something to contribute – we need to make sure as many people as possible are given the opportunity to purchase a home here.”
Commenting on the new partnership, Helen Spencer, Executive Director of Growth at Great Places Housing Group, said: “Partnership working is at the heart of Great Places in delivering much needed affordable homes in the areas in which we operate.
“We’re delighted to be working alongside Citu, to offer shared ownership as part of Kelham Central, providing an affordable housing option for those looking to be part of this exciting new community close to Sheffield city centre.”
Shared ownership gives first-time buyers, as well those looking to move up the property ladder or downsize, an opportunity to own between 10% and 75% of the home’s full market value and pay rent on the remaining amount. Buyers also have the opportunity to buy more shares in their home in the future until they own 100 per cent of their property outright.
Cllr Ben Miskell, chair of the Transport, Regeneration and Climate Policy Committee at Sheffield City Council, said: “We are delighted to be working alongside Citu and Great Places on this important project in the centre of Sheffield’s industrial heartland, which is rapidly forming.
“Sheffield is a fantastic place to live, and we need more affordable homes to allow as many as possible to love this city, this development will help us achieve our goal of transforming the city into a place people can live, work and relax.”
Peter Denton, Chief Executive of Homes England, added: “As the Government’s housing and regeneration agency, increasing the supply of quality affordable homes remains one of our key objectives and we are committed to supporting stakeholders of all sizes to achieve their ambitions.
“This investment through the Affordable Homes Programme does just that, enabling Citu and Great Places to build 16 low carbon, much needed new homes the people of Sheffield can be proud to call home.”
Kelham Central, Citu’s second development on Kelham Island following the now complete and fully occupied award-winning Little Kelham neighbourhood, aims to tackle the climate emergency with 113 new homes built using Citu’s innovative timber-framed design which offers airtightness and energy efficiency.
The scheme also reprioritises outdoor leisure and greenspace, creating communities that have ownership of their futures through a Community Interest Company (CIC). The homes are a mix of high-performance 3 and 4-bed townhouses, with a sleek Scandinavian style design and access to private roof terrace space.
Every Citu Home is built to be sustainable, this means the operational carbon from the homes is 73% better than a traditional home. The homes are designed and built to Passive House Standards. Each home features triple-glazed windows, renewable technology and mechanical ventilation systems. The Great Places shared owners will also benefit from significantly reduced energy usage.
Specialist family law firm acquired by investor
Investcorp, a global alternative investment firm, has acquired Stowe Family Law, the specialist family law firm, from investment firm Livingbridge.
Based in Leeds, the company was founded by Marilyn Stowe in 1982, and has quickly grown into one of the leading technology-enabled UK family law firms.
Spanning practice areas such as divorce, cohabitation, financial settlements, child law, mediation, nuptial agreements, surrogacy, adoption and international family law, the firm has more than doubled in the last two years, now operating from 90 locations across the United Kingdom with nearly 400 staff supporting 5,000 clients a year.
The company had a reported annual turnover of over £37 million in the fiscal year ending March 2024.
With this investment, Investcorp will work with the Stowe team to continue in the development of its growth strategy, focusing on its 5-year Stowe 3.0 plan. The firm’s ambition is to serve more than 10,000 clients by 2029 and to offer more holistic support to families going through the challenges of change.
Investcorp will also use its vast experience in building technology-enabled businesses to help Stowe continue to expand its services and delivery for clients using the latest solutions.
Gilbert Kamieniecky, Head of Private Equity, Europe at Investcorp, said: “We are pleased to be starting this new partnership with Ken and the Stowe Family Law team, as they continue on their growth trajectory of building the number 1 brand in family law in the UK.
“We were impressed by the company’s commitment to build a resilient and scalable business powered by technology, and look forward to working with Ken and the team as they continue on their vision of Stowe 3.0, a true leader in the legal field.”
Ken Fowlie, Executive Chairman at Stowe Family Law, added: “We are delighted to begin this next chapter in the Stowe story and look forward to working with the Investcorp team, who share our passion and strategic vision for the firm.
“With their support and collaboration, we will continue to invest in our business and people to achieve our mission to become the first choice for family law. Given Investcorp’s experience, we will accelerate investment in technology, including looking to unlock the power of artificial intelligence to further enhance customer experience and service quality.”
Graham works on infrastructure for city’s Western Growth Corridor
Civil engineering company Graham is working on the next phase of infrastructure for Lincoln’s eastern access into the Western Growth Corridor development.
This milestone moves the ambitious project closer to delivering new infrastructure, housing, and economic growth opportunities for the city. The works include the design and construction of a new bridge over the railway, which will provide access to the site for vehicles, cyclists and pedestrians. The bridge will enhance connectivity and safety between the site and surrounding communities.
The Western Growth Corridor project is one of the largest and most transformative developments in Lincoln’s recent history. With the potential to deliver up to 3,200 new homes as part of a Sustainable Urban Extension, it will play a key role in addressing the city’s housing needs and driving its long-term growth.
GRAHAM’s extensive experience in delivering complex civil engineering projects, particularly in the rail sector, made them an ideal partner for this project.
Construction works for the new bridge is now underway, with the project set for completion by spring 2026, supported by a successful £20 million bid from government funding. This new infrastructure will establish a major access route into the site from Tritton Road, unlocking future phases of the development and enabling the delivery of new homes.
Alastair Lewis, GRAHAM Contracts Director, said: “The new bridge and associated works will undoubtedly play a pivotal role in the development of the surrounding area, enhancing connectivity while driving economic growth.
“With works of the ground we’re looking forward to playing our part in this project and working collaboratively with the client and key stakeholders.”
Cllr Joshua Wells, Portfolio Holder for Inclusive Economic Growth at City of Lincoln Council, said: “Western Growth Corridor is a key priority for our council, and the next phase of the development will be a crucial step toward achieving our future vision for the city.
“This phase of development will fulfil our urban extension plans to improve our city’s sustainability and long-term growth for years to come. With plans to deliver thousands of new homes, Western Growth Corridor will play a transformative role in addressing Lincoln’s housing needs and driving economic prosperity for our local communities.”
Barnett Waddingham takes first floor at City Square House
Barnett Waddingham has relocated to new landmark offices in Leeds to reinforced its strategic growth ambitions in northern England.
The professional services consultancy, which has had premises in Leeds since 1989, has moved 180-plus employees from Pinnacle in Albion Street to City Square House, where it’s taken the entire first floor.
Andrew Vaughan, Senior Partner, Barnett Waddingham, said: “Taking a long-term commitment on this exciting new workspace marks a pivotal milestone in BW’s growth journey. BW is firmly embedded in the business community, and we are hugely excited to start the next chapter in this vibrant new space.
“BW is committed to investing in its people, and with a formidable team from across the breadth of our offering, we are now intent on increasing our profile in Leeds and the north of England, as we further our ambitious growth strategy.”
BW intends to use its new Leeds HQ to strengthen its footprint across its offering of services including risk, insurance, investment, employee benefits as well as Self-Invested Pensions and Small Self-Administered Schemes.
University aims to be Number One for business startups
The University of Bradford has been rated outstanding for its commercialisation and business start-up activities in the latest Knowledge Exchange Framework results from Research England.
Results rate the university highly for continuous professional development, business start-ups, intellectual property and commercialisation, generating excellent research across all disciplines.
The ratings, published earlier this month, reflect the university’s investment in a new ‘enterprise ecosystem’ that encourages staff, students and members of the public to pitch business ideas.
Professor Sherif El-Khamisy, pictured, Pro-Vice-Chancellor for Research and Innovation said: “The latest KEF results show the University of Bradford excels in ‘knowledge transfer’, taking cutting-edge academic knowledge and applying it to real-world situations, often helping companies innovate or improve products.
“We have a track record of working with businesses to help them improve their processes and also for commercialising intellectual property.
“We have also invested heavily in our enterprise ecosystem, where we actively encourage staff, students and members of the public to submit business ideas. We then use our expertise to help them take those ideas from concept to market. We aim to become the UK’s number one destination for business start-ups.”
