Dragon Boat spectacular set for Lincoln Brayford Waterfront!

Ringrose Law & LIVES host the annual spectacular Lincoln Dragon Boat Challenge on Saturday 18th June when 21 teams will take to the water, watched by several hundred spectators. This is the first boat race since 2019 and is set to be the biggest and best yet. Crews will race the thirty foot brightly painted Chinese boats over a 200m course on the Brayford North Waterfront. The 21 crews representing local businesses and charity organisations across Lincolnshire will be raising money for LIVES on the day. Local teams include Branston, Streets Chartered Accountants, DatCom and Daniel Charles Construction and past winners Belton Construction. LIVES is a vital Lincolnshire charity who attend 999 medical emergencies across the county, 365 days a year. Whether they are providing rapid first response support on their doorstep, or highly specialised medical interventions to the most seriously ill patients, they all volunteer their time – for free – to save lives and be there when someone is having their worst day. The charity provide the equipment and training for the ever increasing need. Racing will commence from 11.30am and trophies will be presented by LIVES to the winning crew from around 4pm. Alex Bennett, marketing manager at Ringrose Law and one of the organisers of the event, said: “We are delighted that so many local companies are supporting this event and through their generosity we hope to raise a significant sum for LIVES. We are sure that crews and spectators alike will enjoy a fantastic day with races every 10/15 minutes throughout the day and plenty of entertainment on the Brayford including a Penalty Shoot Out with Lincoln City Foundation, Face Painting, Active Nation, Party Delights, Gelato Cart, Coffee Trike, Custom Bakes and much more.” Entrance to the event is free to spectators and parking is available at Lucy Tower Carpark and other public carparks close by.

Restaurant group losses slump by a further 24%

Losses at the top 100 UK restaurant groups grew 24% from £673m to £832m in just the past six months shows a new study by the national accountancy group UHY Hacker Young. The scale of the losses has been driven by the effects of major restructuring programmes they have undertaken following the pandemic. Some restaurants that were forced to close during the pandemic saw their debts – primarily to landlords – build up to unsustainable levels. This resulted in some needing to write off debts through arrangements like CVAs. Since the sector reopened, restaurants have also faced spiralling input costs as supply chain issues worldwide drive up the price of food. UHY Hacker Young says that the restaurant sector was already in difficulty long before the pandemic. Many chains had expanded very aggressively, taking on large amounts of debt that they were struggling to service even before Covid. There are some positive signs in the long term for the UK’s restaurant sector, with some expecting that the size of their losses may soon begin to fall. Restructuring programmes have reduced their debt costs, while a number of major chains have also taken the opportunity to close large numbers of unprofitable branches. Peter Kubik, Partner at UHY Hacker Young says: “Losses among the UK’s major restaurant chains have reached enormous proportions. Many of them overextended themselves significantly over recent years, just in time to be hit by Covid and inflation running out of control.” “With economic dark clouds still gathering and the UK facing a cost of living crisis, there are still strong headwinds facing the casual dining sector. Restaurants are likely to be under a lot of pressure for some time yet. However we feel the worst is over.” “While some restaurants have disappeared from high streets altogether, many have managed to save themselves with far-reaching restructuring programmes. While the sector is not out of the woods, the groups that have dropped underperforming branches and shed debt through CVAs are in a better state to compete.”

Steelmaker explores possibility of hydrogen for journey to net-zero’ steel production

British Steel is conducting a major study into the use of green hydrogen in the company’s drive to decarbonise its operations and manufacture net-zero steel. The steelmaker, which is collaborating with EDF UK, University College London, and the Materials Processing Institute, has pledged to deliver net-zero steel by 2050 and significantly reduce its CO2 intensity by 2030 and 2035. To support the ambition, it has secured funding from the UK Government for a feasibility study into switching from natural gas to green hydrogen as a fuel source for re-heating furnaces. If the study is successful, British Steel will undertake an industrial-scale demonstration, which could see the technology developed and rolled out across all its operations including its main manufacturing base in Scunthorpe. It could also be adopted by other UK steelmakers. British Steel’s Environment & Sustainability Director Lee Adcock said: “As an energy intensive industry with hard to abate emissions, the steel industry offers the potential for large CO2 emission savings through fuel switching from natural gas to hydrogen. This study is, therefore, a vital and hugely exciting step on our journey to developing the technology needed to transform the way we, and other steel manufacturers, operate. “We’re extremely grateful for the government’s support and look forward to working with our partners to reduce the carbon intensity of our operations, enabling us to manufacture the clean, green steel society needs.” British Steel’s Head of R&D Dr Gari Harris said: “As part of the feasibility study, EDF UK R&D will carry out a technoeconomic assessment of the methodology and practicality of delivery of green hydrogen for fuel switching into the steel manufacturing process, and British Steel will assess the technical implications of the fuel switch on both product and process. “Together the partners will carry out an assessment of the economic viability and environmental impact of switching from natural gas to hydrogen in defined aspects of steel manufacturing. The Materials Processing Institute and UCL will also play a role in aiding in the assessment of the product and process viability for British Steel.” Energy and Climate Change Minister Greg Hands said: “As we accelerate the UK’s energy independence by boosting clean, home-grown, affordable energy, it’s crucial that our industries reduce their reliance on fossil fuels. “This investment will help them to not only cut emissions, but also save money on energy bills, on top of supporting jobs by encouraging green innovation across in the UK.”  

Bingley publishing house acquired

The Emerald Group has been acquired by Cambridge Information Group (CIG). For over 50 years, Emerald has been an independent publishing house, formed by a group of management academics at the University of Bradford, UK, and latterly run as a family-owned business, spearheaded by the late Dr. Keith Howard OBE. A publisher of academic journals, books, and case studies in the social sciences, Emerald has recently diversified into corporate learning through a suite of acquisitions which now form Emerald Works. The acquisition signals a key milestone in the group’s history; one which allows continuity as well as change, and the opportunity to accelerate growth, particularly in response to the evolving open research landscape. Cambridge Information Group is a family-owned, mission-led investment firm with a history of long-term investments in education, information, and software companies. During CIG’s multi-decade ownership of ProQuest, the business grew rapidly through investments in new products and multiple strategic acquisitions. CIG’s acquisition of Emerald builds on their deep experience in the higher education industry, with real ambition for long-term growth of the business. Vicky Williams, CEO of the Emerald Group, says: “We are delighted to become part of the CIG family, and to continue to build on the legacy created by Dr. Keith Howard. Noting CIG’s heritage in the information industry and their mission to acquire and build businesses that have a positive impact on large numbers of people, we’re excited about both mission alignment and the growth path ahead of us. “Our ambition to drive positive change and publish impactful research that makes a difference will be bolstered significantly by the expertise in the CIG team, and we look forward to an exciting future driven by shared values.” “We are thrilled to welcome the Emerald Group to the CIG family and are excited about the opportunity to invest in building a global leader serving the critical needs of higher education research and learning,” said Pankaj Sharma, head of private investments for CIG. “Given our family ownership and decades of experience building global information services businesses, we are uniquely positioned to help continue Emerald’s purpose of helping people making impactful decisions.”

Manchester eCommerce firm acquires York-based counterpart

Digital eCommerce agency, Space 48 Limited, has acquired Brave the Skies, a York-based provider of eCommerce development and consultancy services. The acquisition has been made possible by the support of regional private equity investor Foresight Group, who invested in the company in February 2021; enabling the company to take on its next phase of growth. The management team of Space 48 have known Brave the Skies for several years and Jon Woodall, Space 48’s CEO, has built a strong relationship with its founders. There are numerous synergies between the two companies that support the acquisition, including a shared commercial focus on sectors including fashion, health and beauty, and home and garden and expertise in key industry platforms such as Shopify Plus and Big Commerce. Brave the Skies is owned by Ryan Atkins, with day-to-day operations overseen by Managing Director, Lucy Roberts. Lucy will continue to lead the fifteen person Brave the Skies division within the combined group. Matthew Pomroy, director at Foresight, said: “This acquisition represents a key milestone in the evolution of Space 48. This talented team has gone from strength to strength since our initial investment, and with Brave the Skies now on board the future is incredibly exciting. “The service available to customers has already been enhanced with the increase in headcount at Space 48, and a further enlarged group will be able to offer additional resource and expertise across the key platforms of eCommerce.” Commenting on the acquisition, Jon Woodall, Managing Director of Space 48, said: “Since Foresight came on board, our business has taken significant steps forward. Our customer offering has improved as our team has expanded and, with Brave the Skies joining us, the future is very bright. I’ve known the brilliant Brave the Skies team for many years and I’m confident the synergies between our respective businesses will result in an enhanced service that will propel forward what can be achieved in eCommerce.” Lucy Roberts-Mitchell, Managing Director of Brave the Skies, said: “Brave the Skies and I are excited to have the opportunity to join and work alongside the Space 48 team. We share a lot of core values with Space 48, including a strong focus on Crew and Client Experience alongside striving for excellence in our fields of eCommerce. “I feel very privileged to be surrounded and supported by such a talented Crew of individuals at Brave the Skies and with the involvement of Jon, Hannah and the Space 48 team I look forward to seeing what the future holds.”

Hat-trick of deals completed at historic Yorkshire mill

Three new deals have been completed at Sunny Bank Mills, the Yorkshire mill complex between Leeds and Bradford. Kaleidoscope Psychology and Psychotherapy, brand and marketing agency So Contented and IT support company CTek are relocating to the mill in Farsley, where YTV’s Emmerdale and Heartbeat were filmed. During the past 11 years Sunny Bank Mills, one of the most famous family-owned mills in Yorkshire, has been transformed into a modern office, retail and leisure complex for the 21st century. It is now home to 75 companies, which employ a total of almost 400 staff. These three deals come hard on the heels of a raft of significant office, retail and leisure lettings at Sunny Bank Mills during the past few weeks. William Gaunt, joint Managing Director of Edwin Woodhouse and Co, the owners of Sunny Bank Mills, said: “We are delighted to welcome Kaleidoscope, So Contented and CTek to Sunny Bank Mills. They are excellent examples of quality businesses being attracted to a quality business environment. “Their moves underline the flexibility of space at Sunny Bank Mills, which is now attracting an exciting range and breadth of occupiers.” Paul Walton, founder and Managing Director of Kaleidoscope, which has relocated from Far Headingley, explained that it was vitally important to find a home which was consistent with his values of community, inclusion, warmth and legacy. He commented: “When I looked around Sunny Bank Mills and saw what the Gaunts have built here, saw the kind of businesses who have set up here, I knew that this is where we belonged. I’d viewed a few different locations but none that spoke to me in the way Sunny Bank Mills was able to.” Meanwhile Gemma Edwards, co-founder and director of So Contented, relocating from Bradford Road in Leeds, explained: “We fell in love with our new office at Sunny Bank Mills when we walked through the door. The stone walls, high ceilings and big windows were lovely and we immediately felt like we were home. “We were also really impressed with the number and variety of other businesses in the mill. We were attracted by its fabulous location with loads of lovely food and drink places in the mill, as well as the greenery around it. We think it’s going to be great for our work life and culture.” Finally Howard Haigh, Managing Director of Ctek, which is relocating from Eccleshill, explained that Sunny Bank Mills was the perfect base for his IT support company, which was founded in 1994. He said: “We have a much more hands on personal service than the current fad for support over the phone. We do a remote support too but it’s intermingled with site visits. We mainly have customers in West Yorkshire but do have some as far away as Liverpool and Warrington. Sunny Bank Mills is well-located for our clients.”

“Another year of strong revenue and profit growth” for Gateley

Gateley, the legal and professional services group, has hailed a “strong performance ahead of market expectations” in a trading update for the year ended 30 April 2022. Revenue has increased to around £137m, up 13% on the prior year (£121.4m), while pre-tax profits have risen 10% to £18m (up from £16.3m). The year saw three earnings-enhancing acquisitions, Tozer Gallagher in July 2021, Adamson Jones in January 2022 and Smithers Purslow in April 2022, and a new Revolving Credit Facility of £30m was agreed in April 2022, providing increased funding flexibility to support the group’s acquisition strategy. Rod Waldie, Chief Executive Officer of Gateley, said: “We have delivered another year of strong revenue and profit growth and I am delighted with our overall performance. Our successful return to recruitment generated strong organic revenue growth of over 10%, which, allied to the completion of three exciting acquisitions, is delivering annualised consultancy revenue of over c.£32m. “I thank our ever-expanding client base for their trust and support throughout FY22 and for giving us the opportunity to work on high quality mandates. We remain committed to our purpose of delivering results that delight our clients, inspire our people and support our communities. We have a strong pipeline of work and leave our financial performance guidance unchanged, despite the inflationary challenges, as we look forward to continuing to grow the group, both organically and via acquisition.”

Government must act on business investment to avoid recession

With less than 40 days until parliament goes into recess, the countdown is on for the Prime Minister and Chancellor to take the vital actions needed to spare the country from dipping into recession, according to the latest CBI economic forecast.

With the cost-of-living crunch showing no sign of abating, airports struggling to cope, national rail strikes on the horizon and Groundhog Day battles with the EU over the Northern Ireland Protocol, there is real risk that the economy stays a ‘distant second to politics’ this summer.

The CBI’s outlook suggests growth will soften as household spending turns downwards amid dented business and consumer confidence. As a result, the CBI has downgraded its GDP growth outlook significantly, to 3.7% in 2022 (from 5.1% previously) and 1.0% in 2023 (from 3.0% previously).

High inflation is the primary source of weaker growth. CPI inflation reached a 40-year high in April (9%), driven higher by a cocktail of challenges – ranging from supply chain pressures, rising commodity prices and war in Ukraine.

Inflation is expected to remain high into Autumn, rising to another peak in October (8.7%), given a likely rise in Ofgem’s energy price cap. The result is a historic squeeze in household incomes, which will lower consumer spending. This in turn will weaken GDP growth towards the end of this year and into the first half of next year.

Tony Danker, CBI director-general, said: “Let me be clear – we’re expecting the economy to be pretty much stagnant. It won’t take much to tip us into a recession. And even if we don’t, it will feel like one for too many people.

“Times are tough for businesses dealing with rising costs, and for people on lower incomes concerned about paying bills and putting food on the table.

“It’s as clear as day that business investment is one of the few bright spots left in our economy. The Super Deduction is one of the only reasons we have staved off the threat of recession for now – there must be a permanent successor.

“We’ve had weeks of politicking with the country standing on the brink of a summer of gridlock.

“There is only a small window until recess. Inaction this summer would set in stone a stagnant economy in 2023, with recession a very live concern.

“We need to act now to install confidence. This can wait no longer.”

What needs to be done this summer

Build momentum behind business investment ahead of the Autumn Budget: 

  1. Make a full commitment to a permanent successor the super-deduction 
  2. Cut approval times for new offshore wind farms from 4 years to 1 year

Boost confidence in the economy:

  1. Call for immediate talks to finally resolve the Northern Ireland Protocol impasse and get Brexit done – resist unilateral action with both sides getting on with the job of finding a negotiated outcome
  2. Act as an honest broker between rail companies and unions to find solutions to avoid a summer of train chaos
  3. Announce a permanent replacement to the Recovery Loan Scheme to support cashflow

Take immediate steps to alleviate labour and skills shortages: 

  1. Get real on industry concerns over labour shortages – get going on a new shortage occupations list and add sectors with obvious shortages, like aviation, until that review can be completed.
  2. Add immediate flexibility to the apprenticeship levy for one year allowing all employers in the country to use their levy funds to tackle labour shortages.

Capital spending is set to fall away in the second half of 2023 as the super-deduction ends, which is why the CBI has been calling for a permanent investment incentive to buttress growth into next year.

Meanwhile, the CBI expects a small rise in the unemployment rate – ending 2023 at 4.1% – as weaker economic growth weighs on hiring. Nonetheless, this still marks a relatively tight labour market, with many firms presently carrying vacancies.

Exports continue to underperform compared with our international peers, remaining 10% below their pre-COVID level at the end of 2023.

Rain Newton-Smith, CBI chief economist, said: “This is a tough set of statistics to stomach. War in Ukraine, a global pandemic, continued strains on supply chains – all preceded by Brexit – has proven to be a toxic recipe for UK growth.

“The bottom line is that the outlook for UK exports remains far worse than our worldwide competitors. This has got to change for the better.

“Business and government must work together to seek growth globally. As demand shrinks, competition for revenue increases. UK business must be more confident in identifying new markets and utilising all the tools at their disposal – be it from the private sector or public sector.

“Government also has an integral role to play. Against the backdrop of the rising cost of doing business and continuing supply chain pressures, easing trade flows is in everyone’s interests. It’s not just about lowering non-tariff trade barriers in Europe and signing FTAs.

“Post-Brexit regulatory reforms to support growth, innovation and sustainability can build competitiveness. But divergence for the sake of it could introduce further red tape and friction undermining that mission.

“Moreover, we can and must do more domestically to help our exporters too. Now that R&D allocations are known, let’s get that funding out the door quickly to the Advanced Research and Invention Agency and others.”

Government plan aims to support UK food production

Plans to drive innovation and harness pioneering technology in farming will be set out today as part of the Government’s Food Strategy which will back our farmers by helping to increase domestic production, spread jobs and grow the economy. Currently, the UK produces only 15% of tomatoes supplied domestically, but new generation technology such as sustainable and efficient glasshouses has opened up new opportunities for British producers which will help to reduce reliance on overseas production. The plans outlined today – including incentives for industry and investment in research – will support farmers to harness this innovation to boost home-grown fruit and vegetable production, and in turn create new job opportunities across the country. In light of the consequences for the global economy of Russia’s illegal invasion of Ukraine, which has caused knock on impacts for food supplies as well as spikes in prices, the Strategy will also set out the importance of maintaining and boosting our food security, including plans to strengthen the resilience of our supply chains and boost domestic production to help protect against future economic shocks and crises. It commits to broadly maintaining the current level of food that we produce domestically and boosting production in sectors where there are the biggest opportunities – such as horticulture and seafood. £270 million will be invested across farming innovation funding programmes until 2029, to unlock technologies to drive sustainable farming techniques which will help increase productivity and profitability and the sector’s long-term resilience. As well as stepping up work with industry to identify ways to help more people into jobs all along the food supply chain, the strategy also sets out plans to create a new professional body for the farming and growing industry to step up professional training and develop clear career pathways, equipping people and businesses with the skills needed to run sustainable and profitable businesses. Prime Minister Boris Johnson said: “Our Food Strategy sets out a blueprint for how we will back farmers, boost British industry and help protect people against the impacts of future economic shocks by safeguarding our food security.

“Harnessing new technologies and innovation, we will grow and eat more of our own food – unlocking jobs across the country and growing the economy, which in turn will ultimately help to reduce pressure on prices.”

Environment Secretary George Eustice said: “The food industry is bigger than the automotive and aerospace industries combined, offering employment opportunities, apprenticeships and investment in research and development.

“The strategy we are setting out will increase the focus on skills in the food sector, and the roles and career pathways available. In particular, we will seek to boost our horticulture industry and ensure the expertise needed to develop the sector here in the UK.”

The Strategy follows the independent review of the food system by Henry Dimbleby last year, which set out an analysis of the challenges facing the food system. The Government Food Strategy responds to these findings and recommendations, accepting the majority of recommendations, with policy initiatives to boost health, sustainability, accessibility of diet to secure food supply, while also recognising the shared global challenges of the war in Ukraine and the impact of the pandemic on the global economy The strategy also includes plans to:
  • Consult on an ambition for 50% of public sector expenditure on food procurement to be on food either produced locally or to higher standards
  • Incentivise the sector to use surplus heat and CO2 from industrial processes, and renewable sources of energy to increase domestic horticultural production
  • Review the planning permission process to support new developments of glasshouses
  • Launch an independent review to tackle labour shortages in the food supply chain, to look at the roles of automation, domestic labour and migration to ensure UK businesses can access the labour they require
  • Consult on how to improve on and expand animal welfare labelling, to help consumers identify when products meet or exceed our high UK animal welfare standards
  • Extend the Seasonal Workers visa route to poultry, following a successful pilot last year
  • Publish a framework for land use in England next year
  • Consult on food waste reporting for larger businesses over a certain size
  • Publish a statement setting out requirements for those wishing to access the UK market to objectively demonstrate they deliver an equivalent level of health protection to our high domestic standards
  • Explore how to make the most of innovative feed additives that can reduce methane emissions from livestock, to support sustainable farming
  • Launch a new partnership between the public and private sector to provide consumers with more information about the food they eat while incentivising industry to produce healthier, more ethical and sustainable goods

Yorkshire Water plans new reservoir income stream

Yorkshire Water is planning a trial of parking charges at four of its Yorkshire reservoirs at Fewston, Swinsty, Thruscross and Langsett.
The company is proposing to charge £1 an hour, £2 for two hours, £3 for six hours, and an ‘all-day’ charge of £5. There is also a suggestion of an annual pass system.We took a lot of time to understand how visitors use our sites and what other similar sites around the country do and we’ve come up with these proposed tariffs:
A spokesman for the company said: “We’ll be seeking planning permission for parking meters at these sites this month, and if approved, they’ll be installed for a trial period later this year. We’ll be working with local authorities in the coming months to keep disruption to local communities to a minimum.
“The charges will help us improve the facilities at our sites and deliver nature conservation projects. We’ll also be able to expand our first ever in-house ranger team who are there to make sure we all have the best experience at our sites, complete any maintenance work and tackle anti-social behaviour.”