Yorkshire sees sluggish start to 2025 for mid-market private equity activity

Tess Egginton
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Yorkshire sees sluggish start to 2025 for mid-market private equity activity
Mid-market private equity investment in Yorkshire fell in the first half of this year, according to KPMG UK’s mid-year private equity pulse. The mid-year study into private equity deal activity found that interest in the region’s mid-market declined, with 24 deals completing and deal volumes falling by 20% compared to H1 2024. The findings reflect a backdrop of economic uncertainty, influenced by ongoing geopolitical developments and concerns surrounding the potential impact of trade tariffs. Bolt-ons remained the largest component of mid-market private equity activity across Yorkshire. Traditional and leveraged buyouts (LBOs) were the second largest deal type, followed by minority investments. Yorkshire’s mid-market private equity interest accounted for 6% of the total mid-market private equity backing in the UK. Deal activity in the mid-market slowed down across all regions in the UK, except the South West, which experienced increased activity in terms of deal volume, compared with the first half of 2024 (28 vs 22). Giles Taylor, head of corporate finance in Yorkshire at KPMG UK, said: “The Yorkshire private equity mid-market experienced a significant pullback in the first half of the year, with deal volumes down year-on-year. A more cautious investment climate, shaped by geopolitical tension and uncertainty around global trade, has understandably slowed deal progression. “That said, interest in the region remains, and we’re seeing real signs that investors are becoming more active, focusing on resilient sectors and quality assets. Strong activity levels through the summer, normally a seasonally quiet period, give real reason for optimism. With the Autumn Budget on the horizon and tariff impacts becoming clearer, we expect activity to pick up pace in the latter half of 2025.”

£12 million Harrogate transport upgrade to move forward after legal challenge dismissed

April Lara
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£12 million Harrogate transport upgrade to move forward after legal challenge dismissed

Harrogate’s £12 million transport revitalisation project is set to proceed after the High Court ruled against a legal challenge, clearing the way for key upgrades to the town’s infrastructure. The project, funded through the Transforming Cities Fund (TCF), aims to enhance accessibility, promote public transport, and improve connections to local services.

The plans include revamping Station Square and One Arch, along with adding new cycle lanes, better traffic signals, and improved pedestrian spaces around Harrogate Railway Station. The scheme also focuses on enhancing traffic flow on major junctions like King’s Road and Ripon Road.

In February, local campaigners led by A&E Baines Limited argued that the Traffic Regulation Orders (TROs) for the project were unlawful and claimed the consultation process had been inadequate. The challenge also raised concerns over the clarity and detail of the plans provided to the public.

However, after a detailed High Court hearing, the judge dismissed the case, backing the council’s handling of the project. The decision confirmed that the consultation process was thorough and that the impact assessments were legally sound.

This ruling paves the way for further developments in Harrogate, supported by a broader £38 million investment in transport upgrades across the Leeds City Region, including Skipton and Selby.

Scarborough’s updated investment plan to build on past efforts

April Lara
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Scarborough’s updated investment plan to build on past efforts

Scarborough’s updated Town Investment Plan is set to align with ongoing regional development efforts, drawing from previous strategies rather than creating new policies. The initiative aims to address key investment priorities for the town, building on prior work, including a series of past master plans, blueprints, and investment strategies.

The plan aims to consolidate existing objectives identified in the North Yorkshire economic strategy, the previous town investment plan, and the 2021 Scarborough Blueprint, which collectively outline the town’s vision, priorities, and success measures. The emphasis will be on tackling long-standing inequality, a recurring theme throughout past plans, with the focus shifting to mapping current public and private sector actions.

Future steps include engaging stakeholders and reviewing investment priorities already in place. The Area Committee will meet in mid-September to discuss these ongoing efforts, and further public-private collaboration will follow as the plan takes shape.

Northern Accountants boosts senior team with tax specialist

Tess Egginton
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Northern Accountants boosts senior team with tax specialist
Tax specialist Robert Wilson – who started his career with one of the ‘big four’ – has joined Leeds-headquartered Northern Accountants. A business graduate who joined Deloitte in 2007, Rob – who lives in Harrogate – now becomes Northern Accountants’ associate tax director. With almost two decades’ experience delivering strategic tax planning advice for companies and their shareholders, he has worked in both boutique and industry-leading practices. During that time, he has amassed expertise across corporate and personal tax planning at every stage in the business lifecycle, from the initial set-up of corporate structures, through to successful exits, and everything in-between. His particular specialisms include tax-efficient company structures and restructures, succession planning, inheritance tax, the taxation of income from properties, and land remediation relief. Rob’s appointment marks a notable expansion of the specialist tax service set up by Northern Accountants over two years ago. Northern Accountants’ managing director and founder Phil Ellerby explained: “It’s taken us years to find someone of Rob’s calibre, but it’s his straight-talking, problem-solving focus that makes him the perfect fit for both us, and our clients. “His priority is to help businesses and their directors navigate the changing demands of the tax environment, clearly, and with their objectives always in mind. And given the challenges of the economic climate, I think his ability to help compliantly maximise directors’ personal and commercial wealth, has never been so important.” Set to support Northern Accountants’ base of almost 700 clients, Rob added: “I’ve enjoyed a really varied career so far, representing a broad spectrum of clients ranging from ambitious entrepreneurs to large corporate groups, as well as individuals who simply want to explore their tax position. “But it’s this role that excites me the most – becoming involved in an established but progressive business that never stands still when it comes to client service levels.”

Yorkshire firm partners with University of York for AI internship initiative

April Lara
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Yorkshire firm partners with University of York for AI internship initiative

PPS, a York-based supplies distributor, has launched an AI-focused summer internship in collaboration with the University of York. The programme aims to enhance business processes through data analysis and AI-driven insights, while offering valuable career experience to local students.

Two Computer Science students, Will Hall and Cyril Ivanov, have joined PPS for a 12-week internship, working closely with the Managing Director. Their roles focus on applying AI and machine learning to optimise key operations, improve predictive models, and explore automation solutions.

The internship is designed to not only help PPS unlock the potential of its data but also support students’ career growth in a practical, business-driven environment. As part of the initiative, the students are working on real-world problems, such as refining delivery data analysis and improving customer service automation.

PPS, a family-owned business known for its commitment to professional development, hopes the programme will offer long-term benefits. If successful, the company plans to make the internship an annual offering, creating more opportunities for students to contribute to local business innovation.

Construction sector faces significant downturn as demand weakens

April Lara
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Construction sector faces significant downturn as demand weakens

The UK construction industry experienced its sharpest contraction in over five years during July, marking a continued decline across all major sectors. The S&P Global UK construction purchasing managers’ index (PMI) dropped to 44.3 from 48.8 in June, signalling a significant slowdown in activity. Any reading below 50 indicates a contraction in the sector.

The downturn was driven by a slump in housebuilding, which had briefly shown signs of recovery in June, as well as weaker performance across civil engineering and commercial construction. The survey highlighted that civil engineering experienced the largest decline, particularly with public-sector projects seeing reduced activity.

Firms across the industry faced delays on job sites, lower volumes of new work, and a lack of confidence from consumers. The latest figures also revealed a continued decrease in employment, marking the seventh consecutive month of job losses. Many construction businesses are now freezing recruitment and cutting back on material purchases as they prepare for a difficult outlook.

Despite these challenges, analysts expect some recovery in the coming months. Potential interest rate cuts from the Bank of England could ease borrowing costs, and government investments are expected to help stabilise the market.

Walkers factories face restructuring plans, job uncertainty looms

April Lara
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Walkers factories face restructuring plans, job uncertainty looms

PepsiCo has announced plans to restructure its operations at Walkers’ key manufacturing sites, sparking concerns over potential job losses. The company is consulting on changes at its Leicester, Coventry, Lincoln, and Skelmersdale facilities, but the number of jobs affected remains unclear.

PepsiCo confirmed that no decisions would be made without consulting employees and their representatives. The company emphasized that the restructuring aimed to align its UK operations with the structure of other international sites, improving operational efficiency and technical capabilities.

The changes come after a series of recent investments in Walkers’ facilities, including £24m in Lincoln, £58m in Leicester, and £13m in Coventry, to enhance production capacity and meet growing consumer demand. These investments underscore PepsiCo’s ongoing commitment to its UK operations, despite the proposed changes to its workforce.

Unite, the union representing workers, has vowed to protect jobs during the consultation process, with plans to negotiate against compulsory redundancies and secure fair severance packages. The union’s involvement signals the significant impact these restructuring efforts could have on the workforce across the affected sites.

A PepsiCo UK spokesperson said: “We recently told our teams that we will be consulting on proposed changes to our operational structure, affecting a proportion of employees at our snacks manufacturing sites in the UK. No decisions will be made without first consulting affected employees and their representatives. Our priority is providing support for our people throughout this process. “The changes being proposed are intended to bring our UK sites in line with a different operating structure we have had success with at some of our other international sites, leading to better ways of working and increased technical capabilities.”

Leeds Bradford Airport begins second phase of £100m transformation

April Lara
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Leeds Bradford Airport begins second phase of £100m transformation

Leeds Bradford Airport has commenced the second phase of its £100m redevelopment project, which is part of a broader strategy to enhance its facilities and improve passenger experience. The first phase, completed in 2023, introduced several upgrades, including a new arrivals area, baggage reclaim section, secure passport control zone, and two premium lounges. The new terminal area also offers expanded seating and panoramic runway views, with more food and drink options added.

The second phase focuses on refurbishing the original terminal, which has been operational since 1968, along with building new infrastructure to link the key terminal areas. This work will take place within the active airport environment and will be carefully managed to minimise disruption during peak times.

The final phase of the renovation, scheduled for completion by 2026, will increase terminal space, enhance retail offerings, and improve passenger services like security and luggage handling. Once finished, the airport will be able to handle up to 6.8 million passengers annually, marking a 75% capacity increase. This expansion will solidify Leeds Bradford Airport’s role as a key travel hub in the North of England, competing with airports such as Belfast International and Newcastle.

Software company takes third floor at historic Leeds building

Tess Egginton
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Software company takes third floor at historic Leeds building
Software company Panintelligence has taken the 3,036 sq ft third floor of an historic Leeds building on a five-year lease. Property consultancy Knight Frank has brokered the deal at the Concordia Works in Sovereign Street. Charlotte Bailey of PanIntelligence explained: “Moving into Concordia Works marks a key milestone for us. After a year of searching for the right space, we’re proud to call this beautiful building in the heart of Leeds our new home. “It reflects not just our Yorkshire roots, but also our growth, ambition, and commitment to building a collaborative, values-led culture. Concordia gives us the space to bring our team together in a way that supports innovation and connection – and we couldn’t be more excited for this next chapter.” The other occupier at Concordia Works is Caldero on the ground and lower ground floors, with the first and second floors newly refurbished and available. Zoe Wood, asset manager with landlords Boultbee Brooks, said: “We’re delighted to welcome Panintelligence to Concordia Works. As a fast-growing tech business rooted in Leeds, Panintelligence represents exactly the kind of innovative and ambitious company we envisaged when redeveloping Concordia Works. “The building’s unique blend of heritage character and contemporary design provides an inspiring environment that we believe will support their continued growth and attract top-tier talent. “Concordia Works offers flexible, high-quality workspace that enables modern businesses to collaborate, scale, and thrive. We’re proud to be part of Panintelligence’s journey and look forward to seeing their continued success from their new home in the heart of Leeds.” Victoria Harris, associate in the office agency at Knight Frank in Leeds, who advised Boultbee Brooks, said: “The 13,922 sq ft Concordia Works is a unique and striking property, set over five floors and situated just a short walk from Leeds City Station and the main retail heart of the city. “Built in the early 20th century, this former yarn and cord warehouse was refurbished by Boultbee Brooks with modern businesses in mind, whilst maintaining its existing structure and original period features.”

Leeds’ Kennedy Building sold for £1.1m

Tess Egginton
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Leeds’ Kennedy Building sold for £1.1m
Fox Lloyd Jones has sold The Kennedy Building, a 6,617 sq ft standalone property in Leeds’ South Bank district for £1.1m. It follows the relocation of the owners, North America Travel Service (NATS), to Water Lane. Acting on behalf of the former directors of NATS, the property has been sold to Regional REIT, which is externally managed by ESR Europe. The Kennedy Building occupies a prominent 0.24 acre site at 48 Victoria Road, directly adjoining Central Park, a substantial multi let office development already under Regional REIT’s ownership. In the immediate term, Regional REIT plans to bring the building to market for lease, while concurrently developing long-term plans for site redevelopment. These plans have been unlocked by the recent lifting of HS2 safeguarding in the area, opening up new opportunities across Leeds’ rapidly evolving South Bank regeneration zone. Eamonn Stones, senior asset manager at ESR Europe, said: “This acquisition marks an important step in our wider growth strategy to assemble and optimise Central Park. The Kennedy Building enhances our footprint and unlocks future potential for redevelopment.” Nick Salkeld, director at Fox Lloyd Jones, said: “We’re pleased to have secured a successful outcome for our clients, marking a new chapter for the building and NATS who have been owner occupiers since 1998. The opportunity generated strong interest from both owner occupiers and developers due to its lot size as a Freehold HQ office offering development potential in this exciting area of the city.”
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