Service sector faces rising job cuts as costs mount ahead of tax hikes

UK service sector companies cut jobs at the fastest pace since 2020 in February, driven by weak demand and rising costs. The S&P Global UK Services PMI survey recorded a reading of 51, up slightly from January’s 50.8. While a score above 50 indicates growth, the February result was below the forecasted 51.1.

Businesses are facing mounting pressures from rising costs, with the minimum wage and employer taxes set to increase in April. Tim Moore, economics director at S&P Global Market Intelligence, noted that companies have experienced a loss of growth momentum since last autumn.

The survey also revealed a decline in business optimism, contributing to the fifth consecutive month of job cuts across the sector. Aside from the pandemic, this marks the longest period of falling employment since early 2011.

Huddersfield Health Innovation Partnership drives groundbreaking health advancements

Since its launch 17 months ago, the Huddersfield Health Innovation Partnership (HHIP) has supported over 450 businesses that are developing products and services to improve health outcomes, enhance workplace wellbeing, address health inequalities and advance medical technology. Formed as a collaboration between the University of Huddersfield, 3M Buckley Innovation Centre (3M BIC), Kirklees Council, NHS, Health Innovation Yorkshire & Humber and Third Sector Leaders, the HHIP connects academia, healthcare and industry to translate ideas and research into real-world solutions, through strategic funding, business support and knowledge exchange opportunities. Over the last few months, the HHIP has been providing strategic support for projects tackling major healthcare challenges and inequalities. Thirty-five organisations have benefitted from grants, the project has also assisted 80 entrepreneurs to become enterprise ready. Over 40 businesses have received bespoke mentoring from a pool of 29 mentors through the project, from marketing and business growth advice to navigating NHS procurement, supporting start-ups and emerging enterprises break into and scale up within the sector. Hundreds of organisations have also attended events through the project designed to educate, support and inspire. From speed debating events, round tables and workshops covering topics such as AI in healthcare, NHS procurement, regulations and metrology in healthcare and improving health and wellbeing in the workplace. An event to celebrate the success of the HHIP and Kirklees Council’s Thrive programme took place at the Daphne Steele Building on the University of Huddersfield’s National Health Innovation Campus on Tuesday 4 March as part of the West Yorkshire Innovation Festival. Tracy Brabin, Mayor of West Yorkshire, said: “Huddersfield is a key part of our £160 million Investment Zone, because this partnership has paved the way for a transformational approach to healthcare in this country. “By bringing the NHS together with our universities and businesses at the cutting-edge of health technology, our region is proving the power of collaboration to drive innovation and growth. “I applaud the work of the Huddersfield Health Innovation Partnership, which is successfully creating jobs, transforming the lives of patients, and contributing to a stronger, brighter region. “This year’s West Yorkshire Innovation Festival is shining a spotlight on the incredible things happening across our great region.”

Government plans to end windfall tax on oil and gas profits by 2030

The UK Government has confirmed plans to end the Energy Profits Levy (EPL), also known as the windfall tax, on oil and gas profits by 2030. This follows the launch of a consultation on the future of the North Sea energy sector, which aims to explore the transition towards a more sustainable energy mix, including hydrogen, carbon capture, storage, and renewables.

For two months, the Department for Energy Security and Net Zero (DESNZ) will consult with various stakeholders, including businesses, unions, and green groups, to plan this transition. The consultation will focus on utilising existing North Sea infrastructure and assets to support new technologies while ensuring continued extraction from current fields.

The Government also affirmed that, in line with its climate commitments, it will not issue new licenses for offshore oil and gas exploration. However, it will allow companies to extend or transfer existing licenses and maintain licences for carbon storage, gas storage, and methane drainage.

This move aims to provide long-term fiscal stability and encourage investment in the sector, while also assuring workers and trade unions that measures will be taken to protect jobs, pay, and conditions.

Trio of industrial assets acquired by joint venture

A joint venture between global investment firm Sixth Street and Copley Point Capital, an owner and operator of UK industrial property, has acquired a portfolio of three logistics assets from National Farmers Union Mutual Insurance Society totalling 0.9 million square feet. Two of the assets totalling 0.5 million square feet are leased to Fowler Welch and Great Bear, and are located within Magna Park, Lutterworth, the distribution park located in the Golden Triangle. The third asset is leased to Amazon and located in Doncaster. The acquisition brings the joint venture’s portfolio to six assets across 2.5 million square feet – each acquired since its formation in November 2024. Guillaume Savoie-Coulonval, Managing Director at Copley Point, said: “We are delighted to expand our partnership with Sixth Street and add to our high-quality portfolio. These three distribution warehouses exemplify the type of investments we are targeting across the UK. We remain acquisitive and continue to offer a reliable solution to sellers in the current market environment.” BSBRE advised the seller on the transaction.

Sanderson Weatherall swoops for Humber-based firm of Chartered Surveyors

Sanderson Weatherall has acquired Clark Weightman, a firm of Chartered Surveyors and commercial property consultants based in the Humber region. This strategic acquisition bolsters Sanderson Weatherall’s presence in the Humber, East Yorkshire, and northern Lincolnshire regions, including the key port locations of Hull and Grimsby. It also expands the firm’s service offering to clients across various sectors. Clark Weightman, with over 25 years of experience in the regional property market, brings considerable expertise in areas such as agency, business rates, property management, lease consultancy, valuation, healthcare, dispute resolution and public sector consultancy. The Clark Weightman founders all previously worked for a regional firm prior to establishing the business. David Rastrick, COO at Sanderson Weatherall, said: “We are delighted to welcome Clark Weightman to the Sanderson Weatherall family. This acquisition aligns perfectly with our vision to further solidify our position as a leading SME in the property industry, with a strong local and regional presence. “Sanderson Weatherall, a certified B Corp, has established high standards for environmental and social impact, and a robust approach to governance. This has made the firm an attractive partnership option when you also consider the benefits that come from economies of scale for smaller companies concerned about the increasing financial burden and mandatory requirements, which continue to be introduced and implemented by Government and regulatory bodies.” Andrew Clark, Director at Clark Weightman, added: “We recognise the growth opportunities in our region and are excited to join forces with Sanderson Weatherall, a highly regarded and well-established firm with national reach. “This partnership will allow us to leverage their B Corp status and other accreditations, enabling us to offer our clients a broader range of services and expertise. It will also create exciting new professional development opportunities for our employees. “There will be no change in our personnel with myself, Simon Weightman and Carl Bradley joining as partners and other staff members continuing in their existing roles.” Carl added: “This is an exciting time for me and the Clark Weightman team. We have enjoyed a good working relationship with Sanderson Weatherall over recent years on a number of successful joint agency instructions and look forward to building that relationship in the future now that we have joined forces and become part of their business. “I am sure our clients will share that excitement and will benefit from our expert local market knowledge whilst being part of a larger national consultancy.” Simon said: “This is the result of 12 months of active positive discussions which has resulted in the merger of our two firms. “I’ve known some of the Partners of Sanderson Weatherall for many years, having graduated with Dan Hardy and Andrew Ellis back in 1989. I can’t wait to introduce my current and future clients to our wider range of services that this national consultancy can provide.” Clark Weightman will trade as Clark Weightman, part of Sanderson Weatherall and is Sanderson Weatherall’s eleventh UK office.

Carter Towler strengthens valuations team with experienced surveyor

Leeds-based commercial property specialists Carter Towler has appointed Jeff Robertson, a highly experienced Chartered Surveyor and Registered Valuer, to their Valuations and Lease Advisory team, as a Consultant. With nearly 30 years’ experience, Jeff has built an exemplary reputation across Yorkshire’s commercial property sector, providing Valuation and Lease Advisory services at leading practices such as Lambert Smith Hampton, Dresler Smith, and Bowcliffe. Commenting on the appointment, Carter Towler Director Matt Faulkes said: “We are extremely lucky to have persuaded Jeff to join Carter Towler. “Our valuations team, headed up by Chris Green, is very much looking forward to working with Jeff, not only for his depth of expertise but also to assist with the increasing demand we are experiencing for our valuation services. In the last 12 months we have completed over 300 valuations, with a total asset value exceeding £500 million. “Jeff’s appointment strengthens our offering and will enable us to expand our geographical reach across Yorkshire, the North East, Cumbria, Humberside, Lincolnshire and the Midlands.” Jeff added: “Carter Towler’s Valuations and Lease Advisory team is one of the busiest and most experienced in the region. Its expertise is based on specialist knowledge gleaned from managing exceptional volumes of activity across many sectors, including industrial, commercial, retail, leisure, and healthcare. I am very much looking forward to being part of that.”

Roann invests £300k in Wakefield factory

Roann, a fabricator and installer of high-volume low-silica worktops, has invested £300,000 in its Wakefield factory. This strategic investment will not only enhance production capacity and quality but also support its sustainability goals and continued growth. The investment has funded cutting-edge machinery, including an edge polisher and computer numerical control (CNC) saw, which will improve quality and boost manufacturing efficiency to fulfil increasing demand from clients. In addition, Roann will shortly commence upgrading its water filtration system. The new 800 litre system will help Roann’s 40-strong team improve the environmental impact of its manufacturing operations as it will create a closed water recycling circle, reducing fresh water consumption by an estimated 90 per cent. Further benefits of the new system include reduced dust, less sediment accumulation (eliminating the need for Roann to shut down factory machinery for removal), and decreased wear and tear on the equipment. This latest investment is part of Roann’s long-term growth strategy, increasing its kitchen worktop fabrication capacity from 15,000 to 25,000 units per year. Scott Wharton, Operations and Technical Director at Roann, said: “We’re constantly striving to deliver the best and most sustainable working practices and craft the highest quality worktops. This £300K investment allows us to not only increase our production capacity but also enhance the environmental sustainability of our operations. “By integrating the latest technologies, we’re able to continue to meet our clients’ growing needs while minimising our impact on the planet and reinvest in training our people, and our factory.”

Everything is ‘Rosie’ in law firm’s expanded real estate team

The real estate team at Yorkshire law firm, LCF Law, has appointed a new Associate. Rosie Beverley has worked in real estate law since qualifying as a solicitor 16 years ago. With a deep understanding of the businesses she acts for, Rosie has extensive experience spanning property acquisitions, disposals and refinancing in both the private and public sectors, including acting for a pharmaceutical transport courier and a large Housing Association. Harriet Thornton, who heads the real estate team at LCF Law, said: “Rosie was the ideal candidate for us, approachable and responsive, she ensures every transaction is managed seamlessly from start to finish.” Roise, who is an active Law Society member, said: “I really enjoy building strong relationships with clients and fellow lawyers whilst guiding transactions through smoothly. “In recent years I have advised and assisted clients acquiring and disposing of multi-million-pound property portfolios consisting of freehold and leasehold properties, development sites, as well as acting on behalf of Trustees in bankruptcy cases. “I was excited to join LCF Law as its team of specialist property solicitors are well-known and respected, and they work with an expansive range of commercial and residential property clients.”

SIG plc faces widening losses amid challenging market conditions

0

SIG plc, a key player in the building supplies sector, has reported a widening of its pre-tax losses to £44.8 million for 2024, up from £31.9 million the previous year. The Sheffield-based firm saw a 4% drop in revenues, totaling £2.61 billion. Despite these figures, SIG describes its performance as “robust,” with positive momentum in the year’s second half.

The company attributes its losses to harsh trading conditions, particularly in its French and German markets. However, growth in Ireland and its UK roofing division provided some relief. SIG is focusing on cost-saving measures, including eliminating 430 jobs and closing 17 underperforming sites. These actions are part of its broader strategy to reshape operations, focusing on future profitability as market conditions improve.

SIG’s restructuring efforts are guided by its “GEMS” strategy, which aims to improve sales mix, boost commercial performance, and enhance operational efficiency. The company’s goal is to achieve a 5% medium-term operating margin.

While the company will not issue a dividend for now, SIG has indicated it will consider returning value to shareholders once the financial situation stabilises. The company employs around 6,700 people across its European markets.

Big win for York accountancy firm at the Yorkshire Accountancy Awards 2025

Thomas Coombs, an accountancy firm based in York has been recognised as Independent Firm of the Year at the prestigious Yorkshire Accountancy Awards 2025, solidifying its reputation as a leader in the region’s financial sector.

The firm’s dedication to excellence, innovation, and outstanding client service set it apart from the competition, earning high praise from the judging panel: “Thomas Coombs goes beyond the ordinary, distinguishing itself with forward-thinking approaches and exceptional service.”

The awards ceremony, held at New Dock Hall in Leeds, brought together top professionals from across Yorkshire to celebrate the industry’s finest.

In addition to winning Independent Firm of the Year, Thomas Coombs was also recognised as a finalist in two other highly competitive categories – Audit Service Award and Team of the Year.

This recognition highlights the firm’s strength across multiple areas of accountancy and its dedication to maintaining the highest industry standards.

Thomas Bond, Director at Thomas Coombs expressed pride in the firm’s success, saying: “Winning Independent Firm of the Year is an incredible achievement for our team, especially given the high calibre of the other firms nominated in this category.

“I am immensely proud of what we have accomplished in the past year and delighted that I can play a role in the development of our practice. This award reflects the dedication, expertise, and client-first mindset that drive everything we do at Thomas Coombs.

“I am grateful to the judges for recognising our ability to go beyond the ordinary for our clients across Yorkshire and look forward to continuing to do so as we continue to grow as a practice.

“We would also like to congratulate all the other firms that were finalists or took home an award – it was fantastic to celebrate the evening with best of the best.”