Funding support for SMEs in East Riding of Yorkshire
Hull and East Yorkshire Local Enterprise Partnership (HEY LEP), Investment Programme Team, is running an event for all businesses in the East Riding of Yorkshire to discover existing and new funding opportunities.
The event is for all SMEs in the East Riding of Yorkshire and will provide information on both the Growing Places Fund, the Made Smarter Programme and additional Business Support available. There will be an opportunity to have one-to-one discussions with members of the Investment Programme Team, Business Support Advisors from ERYC, The Made Smarter Team, as well as a presentation by Leon McQuade from Think Cloud about AI in Business. The event will also be joined by Innovate UK Edge.
The event will bring together a range of support and advisory services in one place, focused solely on SMEs in the region, where business owners can meet and explore funding ideas with experts, which could have a positive impact on their businesses. Previous similar events have also provided a good opportunity for networking with other businesses in the region.
Leon McQuade from Think Cloud will be giving a presentation about the opportunities for businesses to learn how digital adoption in businesses could contribute to cost savings, increased productivity and economic growth, through the implementation of digital technology.
This event will be an opportunity for SMEs across East Yorkshire to talk to a wide range of experts who can offer business support and talk about funding opportunities that exist.
Alison Lacey, Investment Programme Officer at the HEY LEP, said: “This session is a great opportunity for local businesses to find out ways in which they can be supported, both through funding and a whole range of other opportunities.
“We look forward to welcoming them and see them flourish as a result.”
Date: 27th September 2023
Venue: Wold View Farm, York Road, Driffield, YO25 3BG
Time: 8am- 12noon
If you would like to attend or have any queries about how the Growing Places Fund can help with a grant or loan, please contact:
Alison Lacey on 07496 315038 or email: a.lacey@heylep.com, or
Jacquie Newman on Jacquie.Newman@heylep.com or 07876 347286.
To book your ticket please click on this link:
Are you an SME in East Yorkshire looking for capital investment Tickets, Wed 27 Sep 2023 at 08:00 | Eventbrite
Training firm fuelled by investment from private equity house
Leeds-based private equity house Key Capital Partners has completed a £6 million investment in Fuel Learning, a specialist in the provision of leadership and management training. The deal sees Key acquire a significant minority stake in the business.
Headquartered in Measham, Fuel’s 80-strong team delivers tailored leadership and management development programmes to clients within multiple sectors, including transport, retail, logistics and construction. Since 2009 Fuel has provided commercial leadership development and in 2017 became a member of the UK’s Register of Apprenticeship Training Providers (RoATP) to deliver apprenticeships through the UK Apprenticeship Levy scheme.
The investment was led for Key by Philip Duquenoy and Sandeep Banga. Key were advised by Ward Hadaway (Legal), Evelyn Partners (Financial and Tax), PMSI (Market analysis), RPL (Commercial), GB3 (Technology), AON (Insurance), RSM (Regulatory) and Stratton HR (Management). Fuel’s shareholders were advised by KBS (Corporate Finance) and DWF (Legal).
Partner, Philip Duquenoy said: “We are delighted to partner with Fuel. The team’s focus on quality of training and client satisfaction permeates throughout and is core to the business’s success.”
The highly experienced management team, led by Ian Prentice (CEO), Pete Hames (FD), Sarah Appleton (client services director), Karen Priestley (leadership development director) and Kate Baker (director of levy programmes), will remain in the business and will be supported by incoming non-executive chair, Paul Venables, who was formerly the CFO of Hays plc.
CEO, Ian Prentice says: “With their in-depth knowledge of the training sector, Key very quickly gained an understanding of our business model. They provide support at a very senior level, with highly experienced partners working closely with the business to help deliver our growth ambition.”
Lincolnshire’s JDM Food Group merges with US firm
Lincolnshire-based JDM Food Group (JDM) and US-based Henry Broch Foods (HBF) are set to merge, creating a new parent company, Jardins and Broch.
JDM, headquartered in Bicker, is an innovator in value-added vegetables, sauces, dips and purees to the retail, manufacturing, recipe box and foodservice markets. HBF, with headquarters in Waukegan, Illinois, is a prominent spice, dry-blending and co-packing company, specializing in tailored formulations and seasonings.
Jardins and Broch brings together two market leading ingredients companies and will create a team of international flavour experts across both wet and dry products. The newly formed partnership is an industry leading player with significant production capacity, complementary R&D capabilities and worldwide supply chain networks.
The two companies will continue to operate independently in their home markets and will now be backed by the expert knowledge and skills from the other party to grow a global presence. Aisling Kemp will remain CEO of JDM and Greg Antonetti will continue to lead as CEO of HBF, with both taking an active role in the integration, growth, and future success of the combined group.
Aisling Kemp, CEO of JDM, said: “The combined expertise and knowledge within the two companies creates a flavour powerhouse with global ambitions. Working with the team at HBF who share our strong ethics, values and focus on sustainability is incredibly exciting.
“Trends in this market are ever changing and we are now better able to develop solutions with our culinary teams that deliver on flavour, health, and functionality to ensure we evolve alongside consumer demand.
“Working with Sunridge the last 2 years has been transformational. Their investment has allowed us to accelerate our product capabilities and channel growth. We believe the partnership with HBF will cement that work and create long term sustainable growth as a true ingredients innovator.”
Greg Antonetti, CEO of HBF, said: “This partnership will be a win for our customers, suppliers, team members and other partners. Our aim has always been to build a leading value-added ingredients business and alongside our long serving and dedicated team members, we have worked tirelessly towards this goal.
“We are thrilled to bring JDM’s capabilities, especially in wet ingredients to our customers in North America. The JDM team brings unparalleled expertise, strong production and innovation capabilities, and the ability to serve a wide range of customers across the UK and beyond.”
Jardins and Broch is backed by London-based Sunridge Partners (Sunridge), a private investment group committed to creating leaders in food, beverage, and agribusiness.
Philipp Saumweber, managing partner of Sunridge, said: “Since partnering with JDM in 2021, we have invested considerably in building a word-class ingredients team, expanding our operations, and improving capabilities.
“We are very much looking forward to working with like-minded friends at HBF and jointly executing on group investment and growth plans to build a leading international ingredients and flavour formulation company.”
Firms staring closure in the face consider dipping into personal savings to keep going
About a quarter of small business owners in the UK believe that they will be forced to cease trading if the outlook for their business does not improve, with almost 1.5m SME owners considering using personal savings to prop up their business.
The SME Insights Report, published by small business insurance provider Simply Business, found that 48% of SME owners believe the rising cost of living is the most glaring challenge facing their business, with a further 63% saying that rising taxes, interest rates, and inflation are eating into profit margins.
The findings, collated using the responses of more than 1,000 small business owners, shows that small businesses are caught between a rock and a hard place – being forced to increase their prices at a time when many consumers are cutting down spending. Nearly half of the UK’s SMEs say that they intend to raise prices by up to 10%, with a further one in three (36%) increasing prices by up to 20%. The UK’s cost-of-living crisis has compelled businesses to constantly be looking for ways to stay afloat.
SME owners also cited rising energy costs and a lack of government support as the key challenges they are facing. Over a quarter of SMEs are now spending up to 40% more on energy each month compared to the previous year, with some reporting a 150% increase in their monthly energy expenses.
Jonathan Portes, Senior Fellow of the Economic and Social Research Council and Professor of Economics and Public Policy at King’s College London, said: “Two themes emerge from this report. First, the extent of the continued pressures on SMEs from the wider economic environment. While the energy price spike has abated, and labour shortages have eased somewhat, more generalised inflationary pressures mean that SMEs are being squeezed from both ends, with some input costs rising and consumer demand impacted as real incomes have fallen. Recent rises in interest rates will exacerbate both.
“Second, and more optimistically, the resilience of the sector despite all this; the vast majority of SMEs remain positive about their own prospects, not just for survival but for growth, and most also expect the economy to improve.”
Despite the challenging economic landscape, there remains a glimmer of optimism among the small business community. Over half of the surveyed businesses (54%) expressed confidence in the UK economy’s potential for improvement within the current year. Additionally, an impressive 77 percent of respondents expressed confidence in their own business prospects for the next six months.
Alan Thomas, UK CEO at Simply Business, said: “The stoic spirit of small business owners is the backbone of the UK economy – their resilience is vital to the nation’s recovery and growth. The fact that many SMEs across the UK are struggling so significantly is a serious cause for concern for the British economy and communities.
Government to pump almost £9m into training providers for ‘insulation school’
Training providers across England have until August 25th to bid for a share of £8.85 million government funding to offer courses in retrofitting and installing insulation.
From now training providers like colleges and accreditation providers will be able to bid for a share of £8.85 million to help up to 8,000 people – whether current installers or those new to the industry – develop the skills and expertise needed to retrofit homes with energy saving measures.
The courses will be free or provided at low cost, and will cover a range of key energy efficiency measures, from putting in loft insulation to draught-proofing. This will not only help drive household energy bills down and reduce emissions, but represents key employment opportunities for people to stay in and progress in work.
Training providers will have until 25 August 2023 to apply for the funding to deliver the courses, with training places expected to open later this year.
Training, which will be delivered until 31 March 2024, will be focused on two packages:
- retrofit assessor and retrofit coordinator: provision and delivery of training to PAS 2035 standards
- insulation: provision and delivery of training to National Occupation Standards or higher in the installation of domestic insulation measures
“Our members look forward to collaborating with all those working to develop green skills and make this competition a success.”
Extra Government millions could boost York’s economy by 20 per cent
City of York Council has reached a deal with government which could generate as much as £40m in additional funding to maximise the impact and benefits of York Central, the revitalisation of th4 45-hectare site alongside the railway station.
The deal – conditional on the York and North Yorkshire devolution deal being confirmed – will allow further financial support for key elements of site infrastructure.
York Central is one of England’s largest brownfield sites, and construction work on the key infrastructure needed to unlock the site is under way. The site will become a new part of York city centre and add vibrancy to city life, transforming underused land into a high-quality housing and commercial quarter.
York Central will power York’s economy into the future, with up to 1 million square feet of office, leisure and retail space helping to grow its economy by 20% and also provide up to 2,500 homes.
Councillor Claire Douglas, Leader of City of York Council said: “This is fantastic news for the whole city and is another show of government’s belief in this transformative project.
“We want York to be world-famous as a city with both a unique history and the ability to create great new places to live and work. The city needs modern commercial spaces and more essential affordable housing, and we are absolutely committed to York Central as an ambitious project to achieve that. There will also be sizeable green spaces created for public enjoyment and biodiversity, within our net zero commitments.
“We want a place residents are proud of, can enjoy and can benefit from, no matter where they live. It is vital that the York Central Partnership delivers its potential, and we look forward to working with partners to make this happen.”
Leon Guyett, York Central Project Director, Homes England said: “This is more great news for the project and demonstrates ongoing confidence in the scheme to future businesses and occupiers.
“Reserved Matters planning for the new Square is being submitted shortly and the announcement of a strategic developer partner is expected in early October, so things are gathering pace. We’re working closely with all stakeholders to build a well designed sustainable development that drives York’s future prosperity.”
City centre living project supported by Hull City Council Cabinet
Proposals for a project to bring around 1,000 new homes to Hull city centre have been approved by Cabinet.
Schemes on three city centre brownfield sites will now move a step further to preparing and marketing the sites for developer interest.
One site, known as East Bank Urban Village, will see up to 850 new homes, with another 200 properties at a second site at St Stephen’s Place.
It is anticipated these sites would offer the potential for high-quality apartments providing social rooftop areas and spaces for families, outdoor play and integrated green spaces, as well as private gardens and sports provisions.
Myton City Gateway is expected to be of mixed commercial use and, given its prominence and proximity to the A63 Castle Street improvements, could deliver an impressive entrance to the city centre with opportunities for retail, commercial and leisure developments.
The overall ambition of the projects is to offer new, inclusive neighbourhoods where people choose to live, work and play, all whilst developing unused brownfield land in the city centre.
This would combine Hull’s unique features to create highly sustainable mixed-use urban developments, as well as balanced and diverse high-quality living which respects and reflects the history of each site.
Hull City Council given authority to progress devolution plans
Hull City Council will formally progress plans for its devolution deal after it was given authority to do so by Cabinet.
Hull and East Riding of Yorkshire Councils were named in the first wave of potential devolution deals when the Levelling Up White Paper was launched in February 2022.
The Minister for Levelling Up visited Hull and East Riding in March 2023 and has since written to the leaders of both councils with an invitation to enter negotiations for a deal which could bring significant investment funds to the area.
It would create a Combined Authority that acts as a strategic entity which would not replace either council, merely adding value at a more strategic and wider geographical level.
Dean Clough rides wave of interest with seven new independents moving in
Dean Clough in Halifax is to be the home of seven new independent operators together having taken almost 5,000 sq ft on the historic 22-acre site.
The former mill complex has been transformed as a place for work rest and play for about 3,000 people, and continues redevelopment to provide unique spaces.
K Jones Interiors has secured a new space within the recently renovated Bowling Mill Courtyard to provide residential and commercial interior design consultations. Session stylist Dawn Walsh has also taken space for a new hair salon, whilst beautician, Alina Balika has relocated her studio to be at Dean Clough.
Dot The Jewellers, which has been designing unique, custom jewellery for over 20 years has relocated to occupy one of the new retail units following recent redevelopment of the historic D Mill Courtyard.
Piece by Piece Physiotherapy has set up a clinic to offer expert help for back pain, osteoarthritis, sports injuries, concussions, and vertigo. This complements existing wellbeing services.
Northpark Pictures has also secured a lease for a new studio at Dean Clough. The multi award winning film production company produces video and content for brands including McDonalds, Virgin Atlantic, Enterprise and Oxo.
The Engine Room, a firm favourite café at Dean Clough for the last ten years, has secured a new lease on its 1,130 sq ft premises following new ownership.
Jeremy Hall, Chairman and MD at Dean Clough Ltd, said: “Independent businesses are the life blood of our high street, and we are always keen to offer flexible lease structures to support them. We warmly welcome them into the Dean Clough family which continues to provide choice, innovation, diversity, and authenticity for our audiences.
“We are progressing apace to expand the provision of high quality, Grade A workspaces for large and small businesses and we are unique in terms of the doorstep provision which includes considerable cultural experiences.”
Dean Clough is located on the edge of Halifax town centre, between Leeds and Manchester, and just 15 minutes from the M62 with direct train links to Leeds, Manchester, and London.
Lincolnshire horticultural experts secure multi-million-pound refinancing package
Lincolnshire horticultural experts, Bridge Farm Group, is set to enter a new phase of growth after securing a multi-million-pound refinancing package.
Bridge Farm, based in Spalding, produces ornamental plants and cut flowers. The business grows more than 70 million plants and flowers each year in 60-acres of low-carbon, water-efficient and biomass-heated glasshouses. The business sells to UK-wide supermarket and DIY retailers.
In addition to its horticultural operations, Bridge Farm’s specialist bioscience division is a leader in plant research and development. The business’s team of experts are focused on the identification, cultivation, and extraction of high value functional and active molecules from plants.
Established in 1988, Bridge Farm has an annual turnover of £30 million and has a workforce of 160 employees.
To support Bridge Farm’s growth ambitions, the FRP Corporate Finance Debt Advisory team, led by partner Tom Cox and manager Rory Denison, ran a competitive debt raising process to identify a financing partner to support the next phase of its growth plans having recently completed investment in a new Bioscience facility.
Having secured two fully credit backed offers to refinance the group, FRP subsequently supported management in the detailed negotiation of terms to completion of the financing.
The multi-million-pound refinancing package will support Bridge Farm’s ongoing expansion and enable it to continue to consistently produce its range of plants and cut flowers at scale while also penetrating the market for plant-derived extracts and molecules.
Tom Cox, partner at FRP Corporate Finance, said: “This refinancing facility provides much greater flexibility to Bridge Farm in its new financing arrangements and has reduced its cost of capital.
“The transaction successfully delivers more favourable terms to the business, whilst also providing the group with additional capital to help deliver the ambitious growth plans within its bioscience operations.”
Louise Motala, Managing Director at Bridge Farm Group, said: “This deal represents another key milestone for Bridge Farm as we continue to expand and build value in the business.
“It is essential that we continue to invest to maintain our expertise in both horticulture and bioscience and this new facility affords us greater flexibility to explore wider routes to growth.
“The advice and support we received from FRP’s Debt Advisory team was outstanding and their expertise ensured a smooth transaction from start to finish.”
