Helmsley brings The Alchemist to York
Helmsley Group has announced that leading bar and restaurant The Alchemist is set to open at its The Coach House building in York.
The property investment and development specialist has agreed a letting to The Alchemist. Subject to planning and licensing approvals, it will be The Alchemist’s first venue in the city.
Helmsley has also revealed that it is accelerating plans to redevelop the upper floors of the three-storey building, located on the corner of Nessgate and Ousegate, for residential use following planning approval.
The move comes as Helmsley finalises its vision for the regeneration of neighbouring Coney Street through its Coney Street Riverside masterplan and follows it securing other prominent leisure operators in the area, including Rosa’s Thai Café.
The Alchemist, which has more than 20 bar and restaurant venues in prime city centre locations across the UK, is set to take the ground and basement levels of The Coach House which offer almost 5,000 sq ft of open-plan floor space.
Tom Riddolls, development surveyor at The Helmsley Group, said: “The Alchemist is a fantastic brand to welcome to York and it is testament to the strength of The Coach House’s offer that it has chosen the location ahead of other venues in the city.
“When we acquired The Coach House, we said it offered a rare and exceptional leisure opportunity for a forward thinking and prominent leisure operator to open a significant bar and / or restaurant in the heart of York’s thriving retail core. The Alchemist fits both these criteria entirely and we are delighted to have them on board.
“This is another positive addition to Coney Street and neighbouring areas and complements our exciting vision to revitalise this part of the city centre, including opening up the riverfront for the enjoyment of all.”
Pudney Shuttleworth and Reesdenton are joint agents at The Coach House. Harlow Property Consultants and Westmark Estates acted on behalf of The Alchemist.
360 Foundation championing grassroots sports granted charitable status
360 Chartered Accountants is delighted to announce its new charity has received official registered status.
The 360 Foundation has been formed with the specific remit to promote participation in grassroots sport for under privileged children in the HU1 to HU9 postcode areas, with plans to extend this geographically in time to other areas where 360 has a physical presence.
Andy Steele, Director of Hull and East Yorkshire-based 360, said: “Grassroots sports clubs play a vital role in bringing our communities together and we want to make sure that every child has the opportunity to take part. A recent report found that the Covid-19 pandemic and now the cost-of-living crisis has brought real financial difficulties for many. 2,600 grassroots clubs have shut down across the UK, with thousands more still at risk. More than half of parents said affordability got in the way of playing and the number of families who couldn’t afford kit almost doubled. We don’t want families to be unable to pay subs or buy sports kit for their son or daughter because they need that money to buy food and other essentials.”
360 Chartered Accountants has a strong history of supporting grassroots and professional sporting organisations in the city and has a series of fundraising events planned over the coming year.
Managing Director Adrian Hunter, who has been appointed Chair of the charity, said: “We have been working hard over the last year to get everything in place and are thrilled to finally have official registered charity status for the 360 Foundation. We are looking forward to working with local sports clubs and agencies as well as with Hull City Council to reach as many young people as possible.
“Playing sport benefits both their physical and mental wellbeing. They also learn the importance of being part of a team which gives them a sense of belonging as they make new friends, helping increase their self-esteem and confidence. There are so many plus points, we don’t want anyone to drop out for financial reasons. Similarly, if there are young people who want to play a sport but haven’t been able to afford it up to now, we are here to help them too.”
More than 80% of UK SMEs want to switch to electric vehicles
Most UK small businesses want to switch to electric vehicles but are held back by rising vehicle costs and electricity bills, new data from NatWest shows.
Despite the research revealing that 81% of SMEs want to transition to green transport, the current economic conditions are delaying plans rather than causing them to be abandoned entirely. Of those looking to take their first steps into greener transport, only 40% plan to start within the next 2 years, highlighting the need for greater support to allow businesses to fulfil their climate ambitions sooner.
SMEs are reporting that the price of electricity is a barrier for more than a quarter (28%), whilst vehicle costs are deterring a further third (32%). However, the business case for adopting electric vehicles appears to be the main motivator for SMEs looking to electrify their fleet (44%), however emissions reductions (40%) and sustainability concerns (36%) are also found to be key drivers in the move to greener transport.
Recognising the barriers preventing SMEs from taking action to improve their sustainability, NatWest Group, through Lombard, has launched Green Asset Finance which gives businesses a way to finance assets that help to make their businesses more sustainable, such as electric vehicles. Since July 2021, Lombard has provided £1.3billion in climate and sustainable funding, to businesses transitioning to electric vehicles, hybrid vehicles, and other renewable assets, including those in the Agricultural sector.
Commenting on the findings, Ian Isaac, Managing Director at Lombard, NatWest Group, said: “It’s clear to see there is appetite among UK small businesses to transition to electric vehicles in order to both lower fuel costs, and make a significant contribution towards the nation’s climate targets.
“However, the current economic climate and immediate cashflow concerns means that many SMEs feel they need to put plans on hold. We’d encourage any business looking to take that first step in their own sustainability journey to research the support measures available.
“The first step on this journey is the hardest and it’s a big decision for businesses. But our research shows the intention to transition is there, and the sooner businesses take that first step, the sooner they will be able to see the benefits. At NatWest and Lombard, we can help them make sense of their business case even against the backdrop of increasing energy costs.”
The bank is also working in partnership with energy tech company Octopus Energy to offer businesses EV charge points at discounted rates, and last year partnered with EV8 Technologies to launch the EV8 Switch app, which uses real world data to help drivers understand if switching to an EV makes economic sense for them.
If it does, the bank can then offer funding to SMEs to allow them to spread the cost of transition to EV, through options such as contract hire. This allows businesses to have certainty around vehicle operating costs over a fixed period, as well as the option to regularly refresh their vehicles and adapt their fleet to meet changing business needs and guard against the risk of technology obsolescence.
NatWest has recently begun offering Green Loans and Green Asset Finance to SMEs from £25,000, ensuring that more businesses can access funding to help transition to more sustainable practices such as electric vehicles, in turn reducing costs in the long term, all whilst supporting UK net zero targets.
NatWest has also created a new Carbon Planner, a free to use digital platform designed to help UK businesses manage their fuel and operational costs and reduce their carbon footprint to help them go and grow greener. This includes providing a cost of transport overview that businesses can then use to build a business case for investing in their transition to net zero. Since launch around two-thirds of businesses that have used the NatWest Carbon Planner have produced a carbon reduction action plan for their business.
The bank has recently also launched one of the UK’s biggest EV car parks at its Scotland headquarters at Gogarburn in Edinburgh, investing in 264 chargers for colleagues and visitors to charge their electric vehicle. The launch forms part of the bank’s aim to halve its own operations emissions by 2025.
Over a third of mid sized businesses in Yorkshire plan to restructure says new report
Inflationary pressures, rising interest rates and high energy costs, coupled with ongoing supply chain issues are causing Yorkshire businesses to reassess their investment plans and restructure operations, according to Grant Thornton’s Business Outlook Tracker.
The company surveyed mid market business leaders in October 2022 and found that, the number of companies feeling optimistic about their revenue growth fell over 20% from October with pessimism its highest since lockdown.
Many businesses are having to secure additional finance to work through the escalating costs facing the market, with 30% already having secured further funding and 38% planning to do so.
It also found that in the face of mounting pressures, 20% of respondents have already restructured their operations, with a further 40% having plans to do so.
The survey also recorded lower levels of optimism from respondents on their business’ funding position – dropping significantly (-42 percentage points) compared to August 2022, to just 42%.
The strain on funding has also led to a considerable drop in investment expectations across all areas monitored by the Tracker. The most significant drops compared to the last round in August 2022 were seen in technology (-39pp), plant, machinery and new buildings (-31pp) and employee rewards and benefits (-21pp). There was also a -17pp drop in the number of businesses planning to increase investment in both skills development and growth in international markets.
But investment looks to be being directed to areas that will have the most impact on reducing costs. Over two thirds (68%) of respondents have already invested, or are planning to invest, in productivity, efficiency and automation.
In the face of increasing costs and ongoing changes to government fiscal policy, the number of businesses optimistic about the outlook of the UK economy has also plummeted -32pp, compared to August 2022.
Andy Wood, Yorkshire Managing Partner at Grant Thornton UK LLP, said: “Businesses across the country are facing incredible cost pressures from all sides. The combination of input cost price increases, high energy costs and rising interest rates, are seeing businesses faced with increases from 5% to as much as 100% in some cases, when combined with the added strain of ongoing supply chain shortages in some areas. The severity of the environment is clear, with the majority of those surveyed either planning to restructure their operations, or already having done so.
“There isn’t one solution to fix these issues but there are always sensible steps that businesses can take to start to rebuild confidence. For example, reducing the businesses debt level to counter interest rate rises, reducing energy usage and looking for efficiencies in the face of energy cost rises, and considering alterative, cheaper suppliers.
“Many businesses are also reviewing their budgets for the next 6-12 months. It’s vital that these forward plans account for assumptions that may need to be made over this period, such as the impact of the end of energy bill relief, and rising interest costs. Businesses need to be proactive and take action where they can, rather than burying their heads in the sand – its these businesses who will work their way through this challenging environment, and emerge a more resilient, efficient organisation.”
Golden Quarter off to slow start with sluggish retail sales growth
The retail sector’s crucial Golden Quarter period, which encompasses Christmas and Black Friday, has started poorly with disappointing sales growth in October, new figures by accountancy and business advisory firm BDO LLP reveal.
According to BDO’s High Street Sales Tracker, total like-for-like (LFL) sales (combined in-store and online) grew by +3.5% in October, compared to a base of +19.9% in the equivalent month last year. However, with a strong first week of sales masking poor performance across the rest of the month, these results are a disappointing start to this vital time of year.
Total non-store LFLs recorded the first positive results (+0.5%) since July, following negative results in August and September. With growth of just +5.9%, total in-store LFLs recorded the lowest results since stores reopened when the UK emerged from lockdown in 2021.
October started strongly with total LFLs recording an increase of +11.48%, compared to +22.03% for the same week last year. These positive results were likely making up for the slowdown in sales resulting from the bank holiday funeral of Queen Elizabeth II the preceding week. However, following weeks showed much lower levels of growth, with weeks two and three recording total LFL growth of +5.63% and +4.16% respectively. In the fourth week LFL growth fell to +0.27% and in the final week of the month, total LFL sales went negative, falling to -1.84%.
Sector Results
The fashion sector was the strongest performing category throughout October, with total LFLs climbing by +6.7% from a base of +36.8%. This marks 20 consecutive months of positive total LFL sales figures for the fashion sector, but is the third straight month of slower growth. The homewares sector recorded total LFL sales growth of +3.5% in October, the first positive set of results since April 2022, following five consecutive months of negative results. However, these figures are compared to a low base of +0.7% in October 2021. October was also a disappointing month for the lifestyle sector, with total LFLs falling by -0.1%, from a base of +10.0% in the previous year. This is the first negative result for the category since February 2021, suggesting that the fall in consumer discretionary spend has spread to include the lifestyle sector, having already seen homewares record declines in recent months. Sophie Michael, Head of Retail and Wholesale at BDO LLP, said: “This is a disappointing start to the most important part of the retail calendar. After a summer of sluggish retail sales growth, retailers would have been hoping for performance to pick up once we reached the Golden Quarter. However, like-for-like sales are continuing to trend downwards, as consumer confidence remains at near record lows. “October may have started strongly but sales quickly tailed off, with negative results in the final week of the month. If we remove the first week of the month from these results which was making up for the held back spend of the extra bank holiday, retail sales grew by only +1.8%. Given the current level of inflation, this means that actual sales volumes have decreased significantly. “We are likely to see different actions being taken by retailers in the run up to Black Friday depending on their performance to date, stock levels and also challenges that they may be facing on working capital Across the sector it’s clear that retailers will have to think carefully on pricing to persuade shoppers to part with their cash, without further impacting their already low profit margins. As ever, some will look to make operational savings or reduce costs through the supply chain, but when faced with such strong economic headwinds, there is only so much the sector can do to preserve their business.”Interest rate rise will leave small businesses between a rock and a hard place
Following today’s decision by the Bank of England to increase the base rate from 2.25% to 3%, Federation of Small Businesses (FSB) National Chair Martin McTague said:
“Whatever the macroeconomic justifications for this latest rise, the eighth in a row, its effects will be felt immediately on the ground by small businesses carrying many kinds of debts, as well as by hard-pressed consumers.
“Consumer confidence in October was only slightly above its all-time low in September, which spells worrying news for countless small firms relying on consumer spending in the so-called ‘golden quarter’ running up to the festive season.
“Our research found that firms in the hospitality sector had a confidence reading almost twice as negative as the overall score for all sectors in Q3, raising fears of a wave of closures if prospects do not improve this winter.
“Prior to today’s base rate hike, small firms were already telling us that the availability of new credit worsened in the third quarter, and that finance was already getting more costly, adding to the financial pressures they face.
“Inflation is still sky-high, especially for business inputs, where it is running at around twice the rate of that felt by consumers.
“Today’s rise may be seen by markets as necessary and inevitable, but for small businesses struggling under a debt burden and seeing decreases in custom that will be cold comfort.
“The Chancellor must not forget small businesses and self-employed people in the upcoming Budget.
“While there are undoubtedly tough decisions ahead, a further drop in small business numbers, after 2020 and 2021 saw a combined loss of nearly half a million, will hamstring the UK’s economic recovery before it has a chance to get going.
“Action on late payment at least would be a godsend for small firms, opening up flows of working capital to keep them able to trade. The long-running scandal of large corporates’ poor payment practices must end, and the sooner the better.”
Exhaust manufacturer confirms Sheffield location for £1m expansion plan
A Sheffield-based sports and performance exhausts manufacturer is expanding into new premises in the city as part of ambitious £1m growth plans.
Cobra Sport, which makes and supplies stainless steel exhausts for high-end motor sports, is based near Meadowhall and has bought a new purpose-built 6,000 sq ft unit on the Turner Business Park, just off The Parkway.
Turner Investments Limited (TIL) handed over the built property last month and Cobra is currently completing the fit out of the unit on Handsworth Road which will allow it to expand both its exhaust range and the company’s growing research and development team.
The site will also allow Cobra to build on its green commitments with a focus on reducing non-recyclable packaging material, and look at renewable energy generation across both its sites using solar PV. 95% of Cobra Sport’s exhausts are already made from recycled stainless steel.
Sheffield’s Wake Smith Solicitors acted for TIL with commercial property director Neil Salter handling the disposal. NatWest provided the funding package.
Neil Salter, head of the commercial property team at Wake Smith, said: “We have a very well-established relationship with Turners from back to 2001 and were delighted to act on this important transaction for them.
“The deal sees the end of TIL’s involvement in Turner Business Park which has resulted in a transformation of the site over the last 12 years including disposals to and development by household names Aldi, McDonalds and Greene King.
Rachel Abbott, managing director at Cobra Sport, said: “As the business has grown over the last few years, we’ve been keen to expand our specialist engineering skill-set beyond automotive products.
“As this ambition has moved closer to reality, it’s become increasingly important that we secure a new a new site that would allow us the physical space to expand our product offering, so we can meet our current needs and our future ambitions for growth. It was a pleasure to work with Jon Vardy of TIL who kept us informed all the way through the process and we’re delighted with the premises.”
Jon Vardy from Turner Investments Limited added: “We’re very pleased to have delivered the final phase of this scheme and it’s been a pleasure working with the team at Cobra. We wish them all the best with the further growth of the business.”
HMP Askham Grange and HMP New Hall appoint new chair to Employment Advisory Board
Judith Donovan CBE has been appointed as chair of the joint Employment Advisory Board for HMP Askham Grange and HMP New Hall, Yorkshire’s two women’s prisons, to help prison leavers get the skills they need to find work.
With a wealth of experience across marketing, governance and public sector operations, Judith was awarded her CBE for services to training and the City of Bradford.
She is also chair of the Ripon Cathedral Council and holds trustee roles with the world’s largest group of science museums, The Science Museum Group, and The National Army Museum, the leading authority on the army past and present.
Judith has been appointed by New Futures Network, which is working with businesses to launch Employment Advisory Boards in 92 prisons across England and Wales. The Boards are part of a range of initiatives launched by New Futures Network and partners, to support prisons deliver on their employment strategies. New Futures Network is the specialist part of HM Prison and Probation Service, which brokers partnerships between prisons and employers in England and Wales. These partnerships help businesses fill skills gaps and support prison leavers to find employment.
Employment is crucial in tackling the £18 billion cost of reoffending, cutting crime and boosting public protection, as prison leavers in steady jobs within six months of leaving prison are nine percentage points less likely to commit further crime.
Speaking of her appointment, Judith said: “It is a massive honour to be asked to chair the Employment Advisory Board for Yorkshire two women’s prisons, New Hall and Askham Grange.
“I am a firm believer that everyone deserves a second chance, and those employers with a long history of hiring prison leavers, such as Timpson, speak very highly of the calibre of that workforce.
“It is my hope, and that of my colleagues, that we can add value to the resettlement process by opening up more employment opportunities and advising on the most relevant in-prison education to ensure prison leavers have access to suitable employment and training.”
Duncan O’Leary, CEO, New Futures Network, added: “Employment Advisory Boards are a game-changer for prisons. The expertise Board members will share with prisons on the skills, training, and qualifications needed by businesses in the areas prisoners will be released to, will be invaluable. The aim is for this intelligence to inform the education and training offer in prisons, and work opportunities that prisoners take up.”
Acting as a link between prisons and employers, the Boards encourage prisons to better equip serving prisoners to use their time in prison to gain the skills and links to job opportunities they need to head straight into stable work upon release.
Research from the Ministry of Justice shows that nine out of ten businesses that hire ex-offenders agree that they are motivated, good attenders and trustworthy.
Magic Sushi Bar casts spell over Doncaster
A chef with a passion for Japanese cuisine is casting a spell over sushi lovers after celebrating his first year of business in Doncaster.
The Bentley-based Sushi Magic Bar was founded by experienced sushi chef Miroslav Kerata and since transforming the former retail unit into a haven for Japanese food, the aspiring entrepreneur has perfected a wide range of traditional sushi dishes and even successfully developed his own Japanese ice cream, which proved to be an instant hit with food lovers across South Yorkshire.
Miroslav decided to launch his company in Doncaster when he realised there was a growing appetite in the city for Sushi and after successfully launching a similar business in Sheffield with a friend, he called on help from the Launchpad business support programme to bring his winning formula to Doncaster.
Slovakian-born Miroslav first dreamed of running his own business when he secured work as a kitchen porter in a top Japanese restaurant based in London. As he washed the dishes each evening he began thinking about the steps he would need to take to be his own boss.
Recognising the growing popularity of Sushi as a healthy dining choice, when Miroslav relocated to South Yorkshire in 2009, he began learning the skills needed to succeed as a sushi chef, as well as devoting his spare time to researching new recipes and perfecting his culinary skills. But the dream of self-employment never left, and after finding identifying Doncaster as a potential location for his new venture, he began putting his plans into practice.
Despite having spent over a decade working as a chef, Miroslav knew that running his own business would present a very different challenge. Having previously tried to run his own company and keen to give his business idea a solid foundation, he reached out to Launchpad, a unique free-to-access business support programme designed to equip new entrepreneurs across South Yorkshire and Bassetlaw with the vital skills needed to succeed in running a new business.
Working alongside experienced business start-up adviser Debbie Richardson, Miroslav took part in a series of free training workshops, helping him to learn how to budget and manage the cashflow in his business as well as exploring ways of building and growing his customer base.
Despite facing a 40% increase in his running costs over the past 12 months, the Sushi Magic Bar has gone from strength-to-strength. Today, the Sushi Magic Bar employs four members of staff, who produce hundreds of sushi dishes each month. Despite the success he has enjoyed during his first year of trading, Miroslav is not planning to sit on his laurels just yet, and he is hoping to expand the restaurant in the future.
Miroslav Kerata, founder, Sushi Magic Bar, said: “Sushi has become a very popular dish in recent years and it’s something that I’ve become passionate about. I’ve always liked the idea of working for myself, but I knew that for the business to succeed, finding the right location would be vital.
I felt Doncaster offered a great location. The premises were perfect for my needs, and I realised that when it came to sushi, the city offered a lot of untapped potential. Having previously tried to run my own business, I knew that it would be a big commitment. I spent time finding out what help was available and I contacted Launchpad for advice.
Debbie and the Launchpad team have provided a great deal of help and support. The courses I’ve taken part in have helped me to run my business more effectively, from planning and predicting demands on the services to managing and developing staff. It’s given me the confidence to believe my business could succeed, and I’m now looking to grow and develop my ideas further…watch this space!”
Debbie Richardson, business adviser, Launchpad, said: “It was clear from the time that we spent together that he had a clear picture of what he wanted to achieve. Drawing on the skills and knowledge he developed working as a sushi chef, he had developed an accurate idea of what he wanted his business to look like, but he was acutely aware that launching a new business not only means being able to deliver a good product but keeping in control of his finances and building a customer base for his business.
The Launchpad programme combines regular training sessions, designed to give new and aspiring entrepreneurs the best possible start on their business journey, as well as one-to-one sessions, helping them to overcome specific challenges or problems they are facing. When launching any new business, it’s important to spend time researching your idea, and it’s clear from the success he has enjoyed – having grown the business from an idea to one that has seen him build a team of staff – that his business has a bright future ahead of it.”
Launchpad is a business support programme for new businesses. Financially supported by the European Regional Development Fund and delivered by local authorities within South Yorkshire, Bassetlaw and The Prince’s Trust, the programme provides free help and support to budding entrepreneurs who are thinking of starting their own business or looking for help to achieve business growth.
Quickline closes digital divide for 2,000 left-behind communities
Quickline Communications has provided 2,000 rural communities with fast and reliable broadband in just 12 months – helping to tackle the digital divide in access to the Internet.
The fast-growing rural internet service provider is rolling out a market-leading hybrid network, combining fibre and fixed wireless broadband to deliver “broadband for the better” to some of the country’s most remote places.
The 2,000 communities Quickline has provided a service to over the past year include:
- Levisham, in the North York Moors National Park, with fewer than 100 residents.
- The former mining village of Kinsley, near Wakefield in West Yorkshire.
- Hainton, located between Louth and Market Rasen in Lincolnshire, clustered around St Mary’s Church, dating back to the 11th
