Greater Lincolnshire firms start to realise commercial potential of growing the defence sector

Stuart Pearcey
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Greater Lincolnshire firms start to realise commercial potential of growing the defence sector

A new business network has met for the first time aiming to accelerate the commercial potential of the growing defence sector in Greater Lincolnshire.

The Greater Lincolnshire Defence & Security Network has been set up by the Greater Lincolnshire Local Enterprise Partnership, and more than 50 invited guests met for the launch event at the International Bomber Command Centre in Lincoln. The Greater Lincolnshire Defence and Security Network aims to bring together national and international users, manufacturers and experts to overcome challenges in the sector and identify business opportunities. Its objectives include:
  • forging links with those working in advanced engineering and data science in other sectors locally
  • connecting to the heart of the UK’s low-carbon energy production along the Humber
  • inviting key individuals from the MOD and the sector to set out challenges for the network
  • providing updates and information on opportunities for collaboration
  • highlighting available funding and other opportunities to members, increasing the level of Government research, development and innovation funding invested in our region
The Government committed an additional £16.5 billion in last year’s Budget to develop advanced capabilities including AI, space, cyber and sensor-laden connected hardware. Lincolnshire’s defence and security sector is well placed to make the most of that commitment, and the Greater Lincolnshire Defence & Security Network is designed to harness its potential. Guests at the launch heard from a number of speakers how the network will guide businesses towards funding opportunities, research programmes and procurement initiatives; alert national organisations and prime contractors to the capabilities and achievements of Lincolnshire’s defence and security businesses; and create and support activities to encourage learning and collaboration throughout the supply chain. Major General Julian Free CBE, Deputy Vice Chancellor at the University of Lincoln and Chair of the Greater Lincolnshire LEP Defence and Security Board, said: “The Greater Lincolnshire Defence and Security Network was successfully launched at the International Bomber Command Centre on Tuesday evening, when over 50 companies learned more about how the network will support SMEs and primes to secure Government and research, development and innovation funding to enable their growth and development. “The network will also promote the region as an excellent place for both Government and private companies working in and supporting the defence and security sector to invest and develop. “The presentations were followed by a very engaging Q&A with the panel, which has provided further ideas for the network to incorporate into its approach and activity.  Following the formal proceedings conversations and discussions continued as the real advantage of bringing people together with similar interests took over.” Among the key themes to emerge were:
  • How the network will enable defence to access innovation and develop it through to capability.
  • How businesses can contribute to that and benefit from it.
  • What areas of innovation, and what challenges, are on the horizon.
  • Where the network can make useful connections to meet these needs and distribute innovations.
Speakers at the event were:
  • Major General Julian Free, CBE, Deputy Vice Chancellor at the University of Lincoln and Chair of the Greater Lincolnshire LEP Defence and Security Board
  • Dave Pheasant, Team Leader for the Stratcom and Air Portfolio at the Defence Equipment and Support (DE&S) Future Capabilities Group
  • Jim Pennycook, Head of Operations at the Centre for Defence Enterprise
  • Steve Reeves, Head of Strategy – Advanced Products and Systems at BAE Systems
  • Alison Ballard, Head of Audit at BAE Systems, Greater Lincolnshire LEP Board Director and Deputy Chair of the LEP Defence and Security Board
The launch was jointly hosted by the Greater Lincolnshire LEP, the University of Lincoln, Lincolnshire County Council and Team Lincolnshire.

Clean energy company CEO to step down after almost 14 years

Stuart Pearcey
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Clean energy company CEO to step down after almost 14 years
After thirteen and a half years as CEO of Sheffield-based clean energy company ITM Power, Dr Graham Cooley is to step away from the role in favour of a new strategic role. As the company looks to expand its international presence, a new CEO is being sought with the skillset and experience required to take ITM Power through its next evolutionary stage. Dr Cooley said: “I have decided to step aside as CEO of ITM Power. Once a new CEO is welcomed into the company, I will adopt a new strategic role in ITM Power, reporting to the Chairman and the new CEO. “I recognise that the skills now required to take the company forward are those of a world-class manufacturing professional who has expanded a manufacturing organisation internationally. “I very much look forward to finding that individual, introducing them to ITM Power, and working closely with them as we go forward, while remaining a significant and supportive shareholder.”
Dr Cooley joined the company in 2009 following a career in the power and technology sectors where he developed a number of novel technologies and oversaw multi-million-pound fundraising rounds. As CEO he has broken the company into new markets – including Japan and North America – forged ground-breaking industrial partnerships, and overseen equity fundraisers of almost £500 million. The company has rapidly evolved and, in 2021, opened the world’s largest electrolyser manufacturing facility.
On his replacement, he said: “We’ll find a very significant individual that has already been through the journey that ITM Power will be going through to internationalise its manufacturing business. An important process for us, and one that I will be fully engaged with and supportive of. “We are working with a very well-known and major recruitment firm to find the right individual. We elected to make the announcement as early as possible and make the process visible to the market, in order to help the process of finding the calibre of candidate that we are seeking.”

Northern Lincolnshire listed as ‘investment zone’ by central Government

Stuart Pearcey
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Northern Lincolnshire listed as ‘investment zone’ by central Government
Northern Lincolnshire’s two councils have been invited by Government to be part of early discussions on the creation of an ‘investment zone’ designed to drive business growth, create jobs and increase wages. North Lincolnshire and North East Lincolnshire Councils are amongst areas listed by the Government following the Chancellor of the Exchequer’s budget statement delivered in the Commons this morning. According to Government, these new investments zones will apply to specific land areas and will have more liberal planning rules to release land and accelerate development. The proposals could see a cut in taxes for businesses on these sites for the first ten years, with the Chancellor announcing a variety of benefits such as:
  • accelerated tax reliefs for structures and buildings
  • 100 per cent relief on qualifying investments in plant and machinery used on the sites
  • no stamp duty on purchases of land and buildings for commercial or new residential developments
  • no business rates on newly occupied business premises
  • for every new employee the business will pay no national insurance on the first £50,000 they earn.
Cllr Philip Jackson, leader of North East Lincolnshire Council, said: “Along with our other bids in to the Levelling Up Fund, the potential benefits for North East Lincolnshire are huge, and would make our industrial sites even more attractive to investors. “Thanks to the support from Government, we have already invested a huge amount in our business community, and have lots of businesses interested in what we have here. To have the tax benefits on a potential range of sites in North East Lincolnshire as well would be highly desirable for any investing business. “We are looking forward to having productive discussions with Government in the coming weeks and months to try to secure that Investment Zone status and boost business growth and wages for local people.” Cllr Rob Waltham, leader, North Lincolnshire Council, said: “This latest announcement should mean we can move at a greater pace to enable businesses to invest and grow to create more jobs and drive wages even higher here in North Lincolnshire. “We have already had a great deal of Government cash to back our plans and these proposals will further simplify the investment process for businesses – it will make areas of the county more attractive and will ensure speed of delivery. “We’ll work with Government to ensure we can take advantage of these plans for the people in North Lincolnshire, attracting additional investment, creating new jobs and supercharging wages.”

Specialist training company secures funding to reboot region’s tech sector workforce

Tess Egginton
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Specialist training company secures funding to reboot region’s tech sector workforce
A specialist training company is helping businesses in the digital sector to overcome the abundance of software engineering vacancies in the region after securing a £75,000 loan from NPIF – BEF &FFE Microfinance, which is managed by BEF and Finance For Enterprise and is part of the Northern Powerhouse Investment Fund (NPIF). The Developer Academy has successfully helped over 300 individuals build careers in software programming and app development through its intensive coding bootcamps. With funding in place, company founder Ben Atha is planning to expand the number of courses offered by the academy, which are designed to help individuals learn how to code and prepare for future careers in software development and data science. Ben was inspired to launch The Developer Academy in 2019 when he realised that many businesses across the region were struggling to find suitable candidates to fill computer programming vacancies. He spent time talking to employers and developed a series of courses that aimed to equip candidates not only with technical knowledge but with the vital problem-solving skills needed to succeed in the industry. Designed to support students with no prior experience of coding, Ben’s formula proved to be an instant success and not only supports privately funded students but delivers a range of courses on behalf of the Department for Education, Sheffield City Council and Sheffield College. Each course is run part-time and lasts between 12 and 24 weeks. Sessions are held remotely and supervised by an experienced tutor. Despite enjoying some success, Ben realised that to grow the business further, additional funding would be required. After discussing his ideas with his accountant, he approached alternative lending provider Finance For Enterprise for help. Working with business lending manager Jeremy Meadowcroft, Ben was able to secure a loan of £75,000. Since securing funding, The Developer Company has now doubled workforce to 11 employees, and is currently working on rolling out additional courses to support other businesses in the tech sector to overcome skills shortages within their workforce. Ben Atha, founder, The Developer Academy, said: “There is a common misconception that to be a good coder, you must have had an interest in computing for many years, or a have a degree in quantum physics. In reality, coding is built around solving problems. There are many opportunities to build successful careers in the digital sector, and I wanted to help break down the barriers to give people with an interest in computing a chance to pursue careers in the sector. “Our courses are all run through live sessions with an experienced instructor on hand to guide our students. During the Covid-19 pandemic, we switched our learning from a classroom to online sessions, and since then we haven’t looked back. I felt we’d hit on a successful formula, but I recognised that to grow the business, additional funds would be needed to recruit the necessary personnel. “It felt like a chicken and egg situation: to generate more income, we needed to run more courses. To run more courses, we needed more staff, and to recruit more staff we needed to maintain a healthy cashflow. I spoke to my accountant, and we discussed the pros and cons of waiting and growing organically or securing funding to allow the business to grow more quickly. I decided to explore the funding avenue, and since securing the funds from Finance For Enterprise, we’ve doubled the size of our workforce as well as expanding the range of courses we offer.” Harry Bushell, corporate finance executive, Hentons Accountants, said: “The Developer Academy has enjoyed a sustained period of growth, against the backdrop of a challenging economic period. With a number of regular contracts secured, Ben took the decision to seek funding to support the next phase of growth allowing him to scale more quickly. “As a relatively new company, Ben was unsure whether he would be able to secure the financial support he needed to grow the company. To support the funding, we worked with Ben to prepare a fully integrated set of forecasts and introduced him to Finance For Enterprise as a suitable funding partner as well as assisting him throughout the process. This led to his funding requirements being secured, the business hasn’t looked back since.” Jeremy Meadowcroft, business lending manager, Finance For Enterprise, said: “Ben and his team have developed a fairly unique business model, which not only helps to give individuals across the region the chance to build careers in a rapidly growing industry sector, but also helps businesses to overcome the skills shortages they are facing. The investment means that more people will be able to benefit from The Developer Academy’s work, and that can only be a win-win for the region. “When we consider a lending application at Finance For Enterprise, we take time to look at the social impact of a loan, and supporting The Developer Academy not only means that new jobs will be created within the business, but their successful work is also helping other businesses in the region to recruit the staff they need to grow and innovate.”

£120m refinancing deal for housebuilder

Steve Fisher
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£120m refinancing deal for housebuilder
Allison Group has has secured £120 million of funding to achieve its goal of delivering 2,000 homes a year by 2025. A £20 million, 5 year term loan from HSBC and a 5 year £100 million Revolving Credit Facility (RCF) has been put in place with HSBC and NatWest, placing the group in a strong position for future growth plans. The RCF will be used for investment in new land and development and will enable Allison Group to achieve its goal of delivering 2,000 homes a year by 2025.  The business recognises that this target cannot be reached without the support of its supply chain and in recognition of this the group is pleased to be able to announce that from 1st August 2022 it has improved supplier payment terms from 45 to 30 days. Chief Operating Officer and former Chief Finance Officer Alastair Gordon-Stewart talks of how pleased he is to announce the news of the refinancing: “I am very satisfied with the financial firepower the refinancing gives to the Allison Group.  This builds on our long standing relationship with HSBC and I am delighted to form a new relationship with NatWest and look forward to working with both Lenders into the future.” John Anderson, CEO of Allison Group said: “Refinancing will undoubtedly bring exciting possibilities for Allison Group. We are making significant progress and have excellent ideas in store for our future that will now be viable with the £120 million we’ve secured from HSBC and NatWest. We are continuing to seek new talent, improving payment terms for suppliers, and making great headway towards our goal of building 2,000 homes a year. Our growth strategy is being brought to life and we are excited about what the future holds for us.”

Leeds makes £600,000 available for ‘bold business thinkers’

Stuart Pearcey
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Leeds makes £600,000 available for ‘bold business thinkers’
Leeds City Council’s Innovation@Leeds programme is making vital funding support available to help unleash the talents of a new generation of entrepreneurs and bold business thinkers. A total of around £600,000 will be distributed to successful bidders through two different Innovation@Leeds grant schemes – capital and revenue. The capital grants – provisionally ranging in size from £50,000 up to £150,000 – will support the creation of high-quality in-person workspaces tailored to suit the needs of innovators, entrepreneurs and those running early-stage or small businesses. These collaboration-friendly facilities will be in locations outside the city centre, bolstering the council’s inclusive growth ambitions and helping to ensure that local neighbourhoods are places of vibrant economic activity with opportunities for all. Organisations bidding for the capital grants must be able to show a willingness and an ability to work with the kind of innovative businesses and diverse founders that will be using the facilities. The revenue grants, meanwhile, will support the delivery of events, mentoring activity and partnership projects that will strengthen Leeds’s innovation ecosystem and raise its local and international profile. Whereas the capital grants are focused on creating physical facilities and resources, this scheme will concentrate on giving aspiring innovators – drawn from a diverse range of communities – access to assistance that will improve their investability and help them realise the full potential of their business ideas. The revenue grants – from £5,000 to £25,000 – will build on the success of a pilot scheme that funded a number of conferences and knowledge-sharing events earlier this year. Bidders should be able to demonstrate a proven track record in providing development support for innovation-led businesses and finding new ways to engage with diverse audiences. Innovation@Leeds was launched last year to help ensure that people from different backgrounds have the means to make the most of their talents in fields such as digital and other emerging technologies. The new grants also reflect the council’s vision for encouraging and driving innovation in a way that will bring about a healthier, greener and more inclusive future for Leeds and the wider world – see here for further details. Councillor Jonathan Pryor, Leeds City Council’s executive member for economy, culture and education, said: “The Innovation@Leeds programme is a great example of how the council can stimulate innovation and support entrepreneurs to develop and grow their businesses in Leeds. “Working with partners across the city, we want to deliver inclusive growth in town and other local centres, making them better placed to serve the changing employment and social needs of all the people who live there. “These two grant funding streams will help us achieve those aims by encouraging start-ups, scale-ups and inward investment, which in turn will create new jobs and build economic resilience. “We look forward to seeing what I’m sure will be an impressive array of ideas and proposals from applicants to the schemes.” Both of the grant schemes are open now, with bids welcomed from a wide range of organisations, including those in the private and third sectors. Bidders for capital funding will be asked to complete an expression of interest by early November, with more detailed applications being invited by December. The revenue grants are designed to support activity that can be delivered over the course of around six months, with successful applicants due to be announced in November. Further information on the application process can be found here.

Cash injection of almost £50m aims to cut industry’s reliance on fossil fuels

Stuart Pearcey
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Cash injection of almost £50m aims to cut industry’s reliance on fossil fuels
Nearly £50 million in government funding is being made available to support the future of British industry through the development of fuel switching technology. It’s intended that a wide range of industries, including steel, ceramics, pharmaceuticals and food production will be helped to reduce their reliance on fossil fuels and slash energy costs. Business and Energy Minister Lord Callanan said: “We’re investing £49.4m to back British industry, making sure they’re fit for the future and helping end their dependency on expensive fossil fuels.

“Developing fuel switching technology will make this possible, accelerating the transition to cleaner fuels across our economy, and driving down costs for businesses.

“Industrial fuel switching shifts industrial energy use from high carbon to low carbon fuels, with the aim of decarbonising industry in line with the UK’s target of reaching Net Zero by 2050 while boosting economic growth, jobs and prosperity.” Fossil fuels (including coal, gas and oil) made up around 55% of industrial energy consumption in 2019. As set out in the Industrial Decarbonisation Strategy, to decarbonise industry in line with net zero, it is expected that industrial emissions need to fall by around 2 thirds by 2035 and at least 90% by 2050. Investing in this technology will make it easier and more cost-effective for industry to be powered by cleaner fuels like hydrogen and renewable electricity, instead of fossil fuels. The funding, available through Phase 2 of the £55 million Industrial Fuel Switching competition, will support the development of new fuel switching technology in the UK, helping to attract private investment into the country and supporting new green jobs.

Next stage of funding approved for Kirklees Cultural Heart

Tess Egginton
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Next stage of funding approved for Kirklees Cultural Heart
The next stage of funding for Kirklees Cultural Heart has been approved at a cabinet meeting, paving the way for Kirklees Council to carry out the next steps in the regeneration scheme’s programme. Cabinet agreed to release £10.5 million of funds to enable the next stage of works on the £210 million project to commence. This work will initially include the finalisation of the design, in line with the RIBA (Royal Institute of British Architects) design framework, and the submission of planning applications, which are to be submitted to the Local Planning Authority at the end of September. The funding will also cover securing possession of key buildings and units across the Cultural Heart site, various site surveys, partial building strip outs, asbestos removal and entering contract discussions with potential construction contractors. To support their decision, cabinet were presented with the latest business case for the project. This outlined how the Cultural Heart will deliver many long-term economic and community benefits for Kirklees, including:
  • Increasing the number of visitors
  • Safeguarding heritage assets
  • Creating new jobs
  • Enhancing the town centre’s green credentials
  • Acting as a catalyst for further private-sector investment – particularly in the retail, leisure and accommodation sectors.
Councillor Graham Turner, cabinet member for regeneration, said: “I think we, as a cabinet, have made the right decision for Kirklees in approving this next stage in the Cultural Heart programme. This is a significant step closer to delivering the transformational masterplan and I am excited to move towards the submission of a planning application later this month. “This comes on the back of several weeks of healthy public consultation and engagement, which is helping us finalise the plans. We are extremely confident in the Cultural Heart investment and can’t wait to deliver an amazing new landmark for the people of Kirklees. “This administration will not sit idly by and watch our once great towns slowly decline. We will invest across Kirklees to create thriving vibrant communities. The Cultural Heart will create an exciting and vibrant new chapter for Huddersfield which builds on its great history.” The Cultural Heart is the centrepiece of the wider Huddersfield Blueprint, Kirklees Council’s ambitious ten-year vision to create a thriving, modern-day town centre for Huddersfield. Plans for the Cultural Heart would see the refurbishment of the historic Queensgate Market and Huddersfield Library buildings to house a vibrant food hall and a dedicated museum space respectively. These new offers will sit alongside a new community-focused library, modern art gallery, multi-purpose live entertainment venue and a 350-space car park – all of which will be connected by a series of world-class public spaces and green parks. Two phases of public consultation on the Cultural Heart proposals, which began back in May, finished last week. In total, around 8,000 people engaged online and nearly 600 people attended the various in-person exhibition spaces and events to learn about the plans. All comments submitted as part of the consultation have been considered and are helping to shape the final plans.

VPI names Jorge Pikunic as its first CEO

Stuart Pearcey
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VPI names Jorge Pikunic as its first CEO
VPI, the company heavily involved in the Humber Zero decarburisation project, has appointed Jorge Pikunic to be its first CEO. His responsibility will be development and implementation of VPI’s strategy in the context of the UK’s and Europe’s net-zero ambitions.  VPI is already a cornerstone partner of Humber Zero, a major decarbonisation project involving hydrogen and carbon capture and storage in the Humber region. VPI is also committed to investing more than £2 billion on supporting the energy transition over the next five years. He said: “There has never been a more challenging time for the energy sector, or a time when it has been more critical for society. I am greatly looking forward to leading VPI through the next phase. “VPI has a phenomenal team and a portfolio of flexible power generation and lower carbon energy projects from which we will build a new kind of power company for the energy transition.” Jorge joins VPI from growth and sustainability company Xynteo, where he was CEO. Before that he was at Centrica, where he held several leadership roles, including MD of Centrica Business Solutions, at which he led the development of decentralised, flexible, and lower-carbon energy systems.

The mini budget – Streets Chartered Accountants to explain what it means for you

Tess Egginton
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The mini budget – Streets Chartered Accountants to explain what it means for you
The new Chancellor of the Exchequer, Kwasi Kwarteng, is set to deliver a mini-budget on Friday, 23rd September 2022. Following the appointment of a new Prime Minister, Liz Truss, the Chancellor will outline the ‘new’ government’s plans to help ease the cost of living and to boost growth. It is likely to see measures to reduce the tax burden and incentives for growth, along with details of support to help businesses and individuals manage the rising energy bills. Following the Chancellor’s announcements, Streets Chartered Accountants will be holding a special webinar on Monday 26th September at 3pm. They will provide details of the announcements along with guidance on what they may mean to businesses and individuals. To register for the virtual event click here. This presentation will be recorded and available on-demand for those not able to join live. Simply register your place to receive a link to watch at a time to suit you.
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