Yorkshire Building Society appoints Chief Risk Officer

Yorkshire Building Society has appointed Richard Bowles as Chief Risk Officer to lead its compliance, risk and legal teams, ensuring the Society continues to be a well-governed home for members’ savings and mortgages. Richard joins from Coventry Building Society, where he was Chief Risk Officer. His career in financial services spans 20 years, having worked in various risk roles at many of the major banks, including Lloyds, TSB and Barclays. The appointment comes as Richard Wells, who has been with the Society since 2010, prepares to retire in the spring. Richard Bowles’ appointment is subject to regulatory approval. Susan Allen, chief exec at Yorkshire Building Society, said: “We’re delighted to welcome Richard to the organisation. He is a forward-thinking and commercially-focused Chief Risk Officer, with broad experience and a proven track record for delivering major transformation. “At a time when our risk function is looking to develop and deliver major change, his knowledge and experience will be invaluable to ensuring the next chapter of our success Richard Bowles said: “Living in Yorkshire and having worked in financial services all my professional life, I’ve always taken a keen interest in the successes of Yorkshire Building Society, an organisation with a strong brand and heritage. “I’m looking forward to driving the organisation’s risk strategy and playing a key role in continuing to provide a top-class function for our colleagues and customers.”

Government plans to abolish ‘tiresome bureaucracy’ to create new homes faster

The government wants to help property developers to overcome what it calls ‘tiresome bureaucracy’ by slashing red tape that stops derelict sites and unused buildings being turned into new homes. Legislation laid in Parliament today will extend current permitted development rights, so that commercial buildings of any size will have the freedom to be converted into new homes – this means shops, offices, and other buildings all quickly repurposed, resulting in thousands of quality new homes by 2030. The announcement is part of a major shake-up to planning rules to boost housebuilding while protecting the Green Belt. As part of its long-term plan for housing, the government has announced today that every council in England will be told that they will need to prioritise brownfield developments and instructed to be less bureaucratic and more flexible in applying policies that halt housebuilding on brownfield land. The bar for refusing brownfield plans will also be made much higher for those big city councils who are failing to hit their locally agreed housebuilding targets. Planning authorities in England’s 20 largest cities and towns will be made to follow a ‘brownfield presumption’, if housebuilding drops below expected levels. This will make it easier to get permission to build on previously developed brownfield sites, helping more young families to find a home. A consultation on these proposals launched today and will run until Tuesday 26 March, and the government will look to implement these changes to national planning policy as soon as possible. The government plans to introduce these changes in London as a result of poor housing delivery in the capital, putting rocket boosters under brownfield regeneration projects. Millions of homeowners will also be empowered to extend their homes outwards and upwards, as the government is today launching a consultation on proposals that would see more new extensions or large loft conversions freed from the arduous process of receiving planning permission. Prime Minister Rishi Sunak said: “We pledged to build the right homes in the right places – protecting our precious countryside and building more in urban areas where demand is highest. Today’s package is us delivering on that.

“We are sticking to our plan and are on track to meet our commitment to deliver one million homes over the course of this Parliament, and the changes announced today will deliver the right mix of homes across England.”

Logistics solutions firm to open first office in the region in Leeds

Leeds-based Westcourt Property Group are seeing continued letting success at their Grade A office building at Airport West, Leeds, following completion of a comprehensive refurbishment program. Logistics solutions and supply chain specialist Emerge Global, who are opening their first office in the region, have taken a lease at Altitude 4, Airport West, located opposite Leeds Bradford Airport. Robin Beagley, partner at letting agents WSB, said: “The completion of this letting is testimony to the quality and appeal of the contemporary working environment that has been created through the comprehensive refurbishment of Altitude 4. “It goes to demonstrate that businesses are not looking for conventional office space, they want space that offers a fresh, inspiring working environment for their teams.” Luke Dawson, property director at the building’s owners, Westcourt, said: “Our aim with the refurbishment of Altitude 4 was to create an office environment of the highest standard whilst ensuring that it provides efficient, flexible and affordable accommodation that meets occupier’s needs.” The letting of the office space is being dealt with by joint agents WSB Property Consultants and Harvey Burns & Co with Farooq Zar of Schofield Sweeney solicitors representing Westcourt in documenting the leases.

Sheffield metrology firm secures funding

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A Sheffield supplier of metrology equipment has secured a £200,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, to help it open a new demonstration centre.

Digital Micrometers (DML) supplies precision measuring equipment used in industries such as medical, aerospace, construction and manufacturing to ensure that products are made to the right size and specifications.

The company, which has tripled its turnover in the past two years, has just moved to larger 5,000 sq ft premises in Sheffield to accommodate its growth. The funding will enable it to increase its stock levels and create a new demonstration centre within the building that will be the largest of its type in Yorkshire.

Digital Micrometers was founded in 2009 by engineer Allen Bentley, the current finance director. His son Alex took over as managing director two years ago and is now spearheading its growth plans.

The company, which currently employs six staff, supplies equipment from leading brands such as Mitutoyo, Bowers, TESA and Sylvac and sells through its online shop and its sales team. It plans to create three new jobs in the year ahead.

Alex Bentley said: “Metrology plays a key role in industry and demand is increasing rapidly, as more companies choose to manufacture in the UK or invest in new technologies and metrology equipment.

“The funding will support our long-term growth plans by enabling us to carry more stock to meet demand, and showcase larger and more complex items of equipment.”

Andy Tyas of Mercia Debt added: “Digital Micrometers has built a thriving online business that is going from strength to strength, however customers buying costly items still like to see a demonstration.

“The new demo centre will enable the company to sell more expensive equipment and give Yorkshire companies the chance to see the latest metrology systems from all the leading brands.”

Warehouse investor sells duo of sites

Warehouse REIT, the multi-let industrial warehouse investor, has sold two assets in separate transactions for a total consideration of £13.4 million.

Pellon Lane, a 20,000 sq ft multi-let asset in Halifax acquired in 2017, where Warehouse REIT has successfully secured new lettings or renewals on nearly all the available space since acquisition, has been sold for £1.8 million. 

Meanwhile Warrington South Industrial Estate, a 106,000 sq ft single-let asset acquired in 2019, where Warehouse REIT delivered a ten-year lease renewal in 2020, has sold for a total consideration £11.6 million.

Simon Hope, Warehouse REIT, said: “Strengthening our balance sheet and earnings position by releasing capital from assets which are low yielding or where we have successfully executed our business plan is a key priority for us. As these disposals show, we continue to evaluate all opportunities to do that.

“While the investment market remains subdued, we have sold into pockets of demand, above book value, enabling us to crystallise value for shareholders and increase the portfolio weighting to multi-let assets where we see the most attractive opportunities.”

New purpose-built facility for Food Grade Lubricants and Greases to open in Leeds

Vickers Oils is to formally open a purpose-built facility for the manufacture of Food Grade Lubricants and Greases this month (February). The new site is 2 miles from its main ‘Airedale Mills’ factory in Hunslet, Leeds. It is not a food manufacturing site, nor a typical lubricants manufacturing plant, but something in-between. It is also believed to be the only such large-scale facility in the UK. Being self-contained, all raw materials and finished products on site will be Food Grade only, thereby significantly eliminating the risk of any cross-contamination with the type of non-Food Grade chemicals that would typically be present in abundance, were the site multi-purpose. Whilst personnel will move between the two sites in Leeds, the manufacturing team will have dedicated clothing for the new site as another example of contamination avoidance. As is often said, “we are what we eat” and consumers are increasingly concerned about the provenance, quality and safety of what goes in the shopping basket. “That is the primary reason for building a dedicated manufacturing site,” says Paul Vann, Managing Director for Vickers Oils. Beyond the manufacturing equipment and infrastructure, the development includes a quality control laboratory and training suite. With a modular design to easily enable increased scale with business growth, the mains electricity supply from renewable resources will be complemented by a full array of roof-mounted solar panels.

80% of new Piccadilly line trains to be assembled in Yorkshire

Siemens Mobility is in the final stages of fitting out its new train factory in Goole, where it has now been revealed up to 80% of the new Piccadilly line Tube trains will be produced, up from a figure of 50%. The factory, which is due to open this spring, is part of the wider rail village where up to £200 million is being invested, up to 700 jobs will be created along with up to 1,700 opportunities in the supply chain. This increase represents a larger pipeline of work on the first project for the factory, extending security for the Goole rail village. Sambit Banerjee, Joint CEO of Siemens Mobility, said: “For the first time Siemens Mobility will assemble trains here, in Britain. This is a truly exciting milestone not just for us but the industry and local economies as a whole. And the fact that we will be increasing the amount up to 80% of Piccadilly line Tube trains being assembled in Goole is a testament of our manufacturing capabilities. “We are proud to be assembling these trains here in Yorkshire, which will transform rail travel for commuters and visitors to our great capital city. These next generation of walk-through, air conditioned, energy efficient Tube trains for Britain will be put together right here by the next generation of engineers.” Stuart Harvey, TfL’s Chief Capital Officer, said: “Producing more Piccadilly line trains in Goole will support local supply chains, clearly demonstrating how investment in transport in London benefits the whole of the UK. “We have ensured that this development will not impact when the first train arrives for testing in London later this year, ahead of entering service in 2025, nor the planned timetable uplift in 2027. “Subject to long-term certainty on Government funding, the factory in Goole is also expected to deliver a replacement fleet for the Bakerloo line, which at more than 50 years old is the oldest train in passenger service in the UK.”

Masterplan laying out £1.5m of investment in Heckmondwike launched

Kirklees Council has launched the Heckmondwike Blueprint – a masterplan that lays out £1.5m of investment in the town centre over the next decade and beyond. Heckmondwike is the latest local town where Kirklees Council is taking a ‘blueprint’ approach to development. It means that it is looking at the town as a whole, with plans spread across the town centre, encompassing lots of different changes to improve safety and footfall. The Heckmondwike Blueprint is all about creating a healthy, vibrant town centre where people can live, work and relax. The council will also be working with the West Yorkshire Combined Authority to upgrade the Bus Hub to a full bus station, building accessible indoor facilities, improving the outdoor spaces and adding more bus stops. By making public transport a more viable option – not just in Heckmondwike but across Kirklees – the council is aiming to reduce traffic congestion, thereby improving air quality and journey times. This should help meet a target of reducing Kirklees’ carbon emissions to zero by 2038. At the heart of Heckmondwike, Kirklees Council will be creating a new public square away from the noise and irritation of traffic. New Square will be an informal, intimate and versatile space for local people and visitors to enjoy, with attractive seating to encourage people to spend time and socialise. Market Square, with its iconic Listed clock and former drinking fountain, will be completely rejuvenated – providing a beautiful new public space with greenery, seating, footpaths, and space for outdoor market stalls. Parking will be moved to Oldfield Lane, though there’s potential to keep some accessible parking bays on the square itself. Heckmondwike has multiple well-loved parks, and Kirklees Council wants to better connect these spaces with the town centre and create safer thoroughfares for pedestrians and cyclists. Kirklees Council is going to reroute traffic off Northgate to allow Green Park to be extended, creating a safe and inviting space for walkers and shoppers, and new footpaths and cycleways will be added. Algernon Firth Park will be linked by new pedestrian crossings from Green Park, and well-lit walkways will connect the whole area – naturally improving safety and encouraging more people to use these routes. A key part of the blueprint will improving the town centre’s connectedness to Spen Valley Greenway – a well-used walking and cycling trail, which connects Heckmondwike with Cleckheaton, Dewsbury Moor and beyond. The link between Heckmondwike town centre and the Greenway could be made a lot better, and Kirklees Council will be investing in creating better access and signage plus new cycle paths. Councillor Graham Turner, Cabinet Member for Finance & Regeneration, says: “Heckmondwike is a beautiful town with so much potential, and we want to celebrate what local people most love about the town centre whilst also looking to the future. “Rather than focusing on one single development, what we’re doing across Kirklees is focusing on town centres like Heckmondwike as a whole, and approaching local issues from every angle.  Kirklees is one of the most varied districts in the UK, so developing our towns has never been one-size-fits-all. “It’s all about knowing a place, engaging with local people, looking at what that specific area needs, and creating a masterplan – a blueprint – that takes into account the whole picture. “It will be wonderful to see all the most beloved elements of Heckmondwike connect through this work, and to see more people able to enjoy them. We hope this will bring more people into the town, naturally improving safety and also driving more footfall for local businesses. “I’m thrilled with all the work that’s gone into this project, and excited to start delivering later this year. Over the next decade and beyond, these developments will create a greener, safer and better connected town centre for future generations.”

Yorkshire & Humber business activity returns to growth for first time since last July

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The headline NatWest Yorkshire & Humber PMI® Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – moved into expansion territory for the first time in six months during January. Up to 51.2, the headline index rose from December’s neutral reading of 50.0 to signal a modest improvement in private sector business activity across Yorkshire & Humber. Nevertheless, Yorkshire & Humber firms performed weaker than the national benchmark, with the comparable index for the UK as a whole (52.9) indicative of a solid upturn that was the fastest for eight months. Private sector companies in Yorkshire & Humber recorded a ninth successive reduction in new business during January. Slowing market conditions and less demand from existing clients led sales performances to worsen, according to anecdotal evidence. Although the deterioration in new orders was the slowest since June last year, Yorkshire & Humber was the second-worst performer of the 12 monitored UK areas, with only neighbouring North East seeing a sharper decline. The Future Activity Index was firmly inside optimistic territory, signalling strong projections of higher output in the next 12 months, but it fell to a three-month low and was below its long-run average. Subsequently, this pointed to weak growth expectations by historical standards. Investment plans, new product development and expected market share gains were reasons given by optimistic firms, although persistent weakness in demand warranted a cautious view, according to others. The seasonally adjusted Employment Index rose, but held close to the 50.0 no-change threshold at the beginning of the year, indicating a fractional uplift in workforce numbers across Yorkshire & Humber’s private sector. Recruitment efforts were broad, with both permanent and temporary staff hired, according to respondents. Some companies opted to not replace voluntary leavers. Compared to the UK aggregate, Yorkshire & Humber slightly underperformed, as employment growth recovered to a six-month high. Private sector businesses in Yorkshire & Humber reduced their backlogs of work again in January, extending the current sequence of depletion to nearly a year. The pace of decrease matched that seen in the previous month, and was therefore the joint-softest since last July. Operating expenses faced by private sector businesses in Yorkshire & Humber rose at a steep pace during January. Higher shipping costs were mentioned by manufacturers, while service providers linked inflationary pressures to greater wage bills. The overall rate of increase in input prices was slightly softer than the UK average, but nonetheless the fifth-strongest of the 12 monitored parts of the UK. Yorkshire & Humber companies lifted their prices charged for goods and services during the latest survey period. Higher charges often reflected the passing on of higher costs to clients. That said, the overall rate of inflation was one of the slowest recorded since the end of 2020 and was much weaker than seen for the UK as a whole. Malcolm Buchanan, chair of the NatWest North Regional Board, said: “The local economy in Yorkshire & Humber is on an upward path. All in all, it seems the slump in the region’s activity was short-lived, and business conditions are now steadily improving. “Although growth in January was only modest and business confidence remains historically weak, incremental improvements in the underlying data for activity and new business suggest that momentum is at least picking up. “Heavy job losses have also been averted, in part supported by backlogs of work. Cooling price pressures and the prospect of falling borrowing costs this year will add further upside for local business.”

Landlords get access to advice on changing legislation

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Two new forums to forge closer bonds with landlords in North Yorkshire are to take place in the county over the next two months.

Advice and legislation updates will be given at the landlord forums in Selby on 29th February and Harrogate on 12th March.

The initiative aims to give private landlords, letting and managing agents, estate landlords and people involved with private sector housing a forum to gather information and updates on changing legislation.

The Selby forum – at 3.45pm at Selby Civic Centre – will include representatives from North Yorkshire Fire and Rescue, The Energy Doctor and the National Residential Landlords Association.

The Harrogate forum – at 4pm at Harrogate Civic Centre – will include presentations from North Yorkshire Fire and Rescue Service, North Yorkshire Council and the National Residential Landlords Association. There will also be advice on tax planning, wealth management and general information.

North Yorkshire councillor Simon Myers said: “These forums are a great way for us to support landlords across North Yorkshire. They provide news on important information and any changes to legislation as well as updates from us and partner agencies.

“I encourage everyone to attend and take advantage of this great networking opportunity.”