Estate agent embarks on office refurbishment as property rentals market booms in Leeds suburbs
Leeds estate agent HOP’s Pudsey office is reporting its busiest ever start to the year as it embarks on an office refurbishment and the company takes delivery of a new fleet of branded cars.
HOP’s Pudsey branch specialises in rental properties for professional tenants and manages a residential portfolio worth £124 million, throughout West Leeds’ popular towns and villages, and into both Leeds and Bradford.
The company’s most recent stats reveal some interesting facts about the current state of the rental market in the city. Approximately 20% of HOP’s tenants are currently renting whilst they search for a home to buy, up to 40% are currently saving for a deposit, whilst 40% are serial renters who appreciate the flexibility that renting a home affords them.
The Leeds rental market is currently moving incredibly quickly, with many properties renting within a matter of days and, in some cases, just hours of being listed. As a result of the surge in business, HOP’s Bradford Road premises is now benefitting from a major refurbishment programme to accommodate more visitors.
The refurbishment will see the office being redecorated, new flooring fitted, and modern new furniture installed, along with the addition of a large screen in the window to showcase the company’s properties and services.
This follows HOP’s office network, in Leeds city centre, Horsforth and Pudsey, recently taking delivery of a brand-new fleet of cars.
Tom Wild, who heads up HOP’s Pudsey office, said: “We manage a vast portfolio of properties across a wide catchment area spanning Leeds and Bradford and beyond, and this is the busiest start to a year that we’ve ever known.
“The shortage of stock of homes for sale is definitely having an impact on the rentals market. A fifth of tenants renting with us are doing so because they have sold their property and are waiting for the right home to come up for sale. This, in turn, is having a knock-on effect on the kinds of properties that are in demand.
“In recent weeks we’ve let a large home in the Yorkshire Dales for £2,200 per month and a five-bedroom home in Cookridge for £1,600 per month, in just a couple of days. Three-bedroom homes are currently extremely sought-after and are being snapped up within a matter of hours of listing them.
“Our continued investment in technology means we offer detailed interactive Matterport virtual tours as part of our marketing package. These tours, alongside accurate descriptions and professional photography, have resulted in an increasing number of tenants signing up for properties without even visiting them in person. In fact, 10% of tenants will now sign for a property from the virtual tour alone, without physically viewing it, in order to secure a home more quickly.
“We’re keen to replenish our stocks of quality rental properties and would urge both existing landlords and any empty property owners to contact us now.”
Luke Gidney, Managing Director at HOP, added: “Even though we invest heavily in technology, social media and our online exposure, it’s still vitally important to have a physical presence in the local community. With that in mind, we’re very pleased to have taken delivery of a new fleet of cars for our sales and lettings teams, which are highly distinctive and a key marketing tool for our business.
“It’s also an exciting time for our Pudsey office, which is benefitting from a major refurbishment as we continue growing our presence, and our team, in the town.”
Yorkshire businesses 5% more innovative than UK average
Businesses in Yorkshire & the Humber are 5% more likely to make claims for R&D tax relief than the average UK firm, the latest HMRC data shows.
Businesses in the region made 15.2 claims for R&D tax credits per 1,000 businesses in the latest year, according to analysis by innovation funding specialists Catax.
In comparison, 14.4 claims are made per 1,000 businesses in the UK on average, meaning Yorkshire & the Humber is outperforming the country by 5.3% when adjusted for business population.
In contrast to Yorkshire’s figures, the South West — the region with the lowest proportion of businesses claiming for innovation — made 11.5 claims per 1,000 companies.
This means businesses in Yorkshire & the Humber are 32.2% more likely to claim R&D tax credits compared with the South West.
However, Yorkshire & Humber businesses are making 10.3% fewer claims compared to the North East, the region making the most claims per 1,000 firms.
R&D projects play an important role in economic growth, as they attract inward investment, boost exports and lead to the creation of more skilled jobs locally.
On an absolute basis, the most claims were made in London with 17,210 followed by the South East with 12,740.
R&D tax relief was introduced by the government in 2000 to incentivise innovation, and results in either a reduction in a limited company’s corporation tax bill or a cash lump sum.
Many firms don’t realise the work they do qualifies as R&D, which is defined as any work that seeks to resolve a scientific or technological uncertainty, whether that’s a new process, product or service. Crucially, R&D work does not need to have been successful to qualify and claims can be made up to two years beyond the end of the tax year in which the work took place.
Mark Tighe, CEO of innovation funding specialists Catax, says: “When it comes to innovation, Yorkshire & Humber sits mid-table but it is still beating the national average and falls just 10% behind the North East, the UK leader for R&D claims.
“The region should not rest on its laurels though, as innovation is important for economic growth and the creation of more highly skilled jobs.
“These figures may suggest that businesses in Yorkshire & the Humber, especially SMEs, are carrying out R&D work without claiming for the valuable tax reliefs they are entitled to.
“Millions of companies have faced financial difficulties during the pandemic, and this is money that can create a virtuous circle of growth for both businesses and local economies.”
West Yorkshire companies fined after delivery driver injured by falling pallets
Two West Yorkshire businesses, Brighouse Pallet Services Ltd and Seal It Services Ltd, have been fined for safety breaches after a HGV driver suffered a fracture to one of his neck vertebrae.
Leeds Magistrates’ Court heard that on 5 August 2020 the delivery driver, an employee of Brighouse Pallet Services Ltd was struck by one or two falling pallets whilst they were being unloaded from a HGV trailer by a Seal It Services Ltd fork-lift truck (FLT) operator at the latter company’s site at Elland.
An investigation by the Health and Safety Executive (HSE) found that both companies failed in their duty to provide a safe system of work. They failed to put in place simple control measures to ensure that all delivery drivers who visited the Seal It Services Ltd site were moved to a safe location for waiting, whilst HGV trailers were being unloaded by FLTs.
Brighouse Pallet Services Ltd of Elland Road, Brighouse, West Yorkshire pleaded guilty to breaching Section 2(1) of the Health and Safety at Work etc Act 1974. The company was fined £4,000 and ordered to pay £4806.60 in costs.
Seal It Services Ltd of Riverbank Way, Elland, West Yorkshire, pleaded guilty to breaching Section 3(1) of the Health and Safety at Work etc Act 1974. The company was fined £50,000 and ordered to pay £4,654.90 in costs.
After the court hearing, HSE inspector, David Welsh, said: “Loading and unloading of HGVs by FLTs are among the most dangerous transport activities in the workplace. People can be hit by falling objects, struck by FLTs, or fall from vehicles.
“All such incidents can result in serious personal injury and the risks involved must be managed by all those who have legal duties for the safety of delivery drivers, both their employer and the sites they deliver to.
“This incident could so easily have been avoided by implementing the simple control measure of keeping the delivery driver out of the area where the FLT was operating to maintain a safe system of work.”
New inflation figures point to potential recession, says British Chamber expert
The jump in UK inflation in April, revealed in just-published figures from the Office for National Statistics, is eye-watering and underscores the damaging squeeze on firms’ ability to invest and operate at full capacity, says the British Chamber of Commerce.
Head of Economics at the BCC is Suren Thiru. He said:“The marked acceleration in the headline rate in April reflected the continued upward pressure on prices from surging energy and commodity costs as well as the energy price cap rise and the reversal of the VAT reduction for hospitality in the month.
“The scale at which inflation is damaging key drivers of UK output, including consumer spending and business investment, is unprecedented and means there is a real chance the UK will be in recession by the third quarter of the year.
“While inflation may moderate a little over the summer, April’s inflationary surge is likely be surpassed in October as the expected energy price cap rise in the month lifts inflation above 10%.
“Soaring inflation means that a June interest rate rise is inevitable. However, higher interest rates will do little to address the global factors driving this inflationary surge and risks undermining confidence and aggravating the financial squeeze on consumers and businesses.
“Although surging global energy and commodity prices aren’t typically something in the UK government’s direct control, more needs to be done to help consumers and businesses through this difficult period. This should include reversing the rise in National Insurance Contributions and cutting VAT on business energy bills to 5%.”
Bradford must be the UK’s number one levelling-up priority, new prospectus underlines
The City of Bradford Metropolitan District Council has launched its new Levelling-up Prospectus created with social value and economic advisory support from Jacobs. The newly-launched Prospectus underlines why Bradford District is the primary national priority area for levelling-up investment, and how delivering upon this opportunity could benefit wellbeing, resilience, and prosperity from a local through to a national scale.
According to Etopia’s recent Levelling-Up Opportunity Index, levelling-up Bradford District’s performance against socioeconomic metrics to the UK average, in areas such as income, productivity and skills and qualifications, would facilitate a greater impact upon the national economy than levelling-up any other large town or city.
The new Prospectus demonstrates how the district is primed to act as a national testbed and ‘pilot’ a programme of Levelling-Up Investment Areas. Through a series of projects and aspirations that would strengthen social, environmental and economic outcomes across the District, the report demonstrates why Bradford is pivotal in achieving the Government’s national ambitions of levelling-up.
Two strategic areas are highlighted: the Southern Gateway, which through a Levelling-Up Investment Area approach could deliver a £30bn+ GVA uplift over ten years and create 27,000 new jobs; and Bradford South, which at present is largely undeveloped and offers prime opportunities for the development of housing, sustainable transport and sustainable energy provision.
The district wide levelling up ambition is also demonstrated in Keighley and Shipley’s significant Towns Fund plans. Work also progresses with partners to build state of the art infrastructure to improve health outcomes for people across the district.
The opportunity for the District when Levelling-Up Bradford District’s performance against socioeconomic metrics to the UK average is:
c. £2.6bn additional economic output (GVA) per year (GVA per hour worked)
c. £3k per worker average increase in annual income per worker (Gross Weekly Earnings)
£1.6bn annual increase in life satisfaction (income-equivalent terms)
c. £1bn annual increase in life expectancy (income-equivalent terms)
c. £1.6bn total value of the increase in qualifications (additional earnings over lifetime and wider spillover benefits)
Cllr Susan Hinchcliffe, leader of the City of Bradford Metropolitan District Council, said: “Bradford has a strong and growing entrepreneurial economy with a young and future-ready population, and so we’ve known for a long time that the District offers incredible investment, business growth and employment opportunities. Our newly-launched prospectus underlines how we can catalyse this through levelling-up investment to unleash the potential of our vibrant, young, creative and globally-connected economy.
“The opportunity is vast – not only for our District, but for the wider UK economy. Government investment in Bradford, supported by strong private sector backing, would not only equip our District to prosper; it would go a considerable way to helping realise national ambitions to level-up the country, acting as a testbed for delivering in areas such as job creation, GDP growth and urban regeneration.”
Kersten England, Chief Executive Officer at the City of Bradford Metropolitan District Council, also commented: “As a national testbed for Clean Growth, Bradford District is creating thriving, sustainable and resilient communities. The District is also a creative powerhouse heaped in cultural assets and home to a young and vibrant community set to fuel the workforce of the future – all meaning that the area has incredible potential.
“Public investment will be critical in enabling our long-term ambitions for regeneration and growth across the District, creating the conditions to provide residents with opportunity and businesses with the talent and skills they need to prosper.”
Emily King, global technology leader – social value advisory at Jacobs, also said: “At Jacobs, transforming society for good is at the heart of what we do. By delivering solutions that create a lasting legacy, we can help reverse societal trends associated with entrenched inequalities. Bradford represents a unique opportunity to demonstrate the power of targeted levelling up investment to help cities and regions realise their economic potential, enabling people, communities and businesses to thrive.”
The launch of the Prospectus takes place during the inaugural UKREiiF event taking place within the region, during which Bradford Council leader, Cllr Susan Hinchliffe, will take to the Beyond Net Zero pavilion to discuss clean growth and levelling-up in the context of the newly-released document.
The launch also coincides with the Bradford 2025 delegation travelling to London to make the case for Bradford to win the UK 2025 City of Culture title. Aligned with ambitions to regenerate and grow the District’s economy outlined in the Levelling-Up Prospectus, Bradford’s dynamic cultural sector and the City of Culture bid offer further potential to pursue opportunities, catalyse growth and generate prosperity across the District for future generations.
York hands over keys to renovated Guildhall
The University of York has received the keys to the newly-renovated Guildhall as its 15-year lease of the iconic building begins.
The city-centre building has just undergone a £21 million renovation and will be leased to York Science Park (YSPL), a subsidiary of the University of York, which offers support for entrepreneurs and start-ups looking to grow.
The Guildhall complex, which contains a collection of Grade I, II* and II listed buildings built around the 15th century hall and riverside meeting room, has been a seat of civic governance in York since the 1200s.
The renovated building offers high quality office space, spaces for community use, a café, a new riverside restaurant, and better access for local residents.
The University aims to use the building to provide opportunities to promote social enterprise and charitable work for the benefit of the local community. Alongside this it will offer facilities for students, as well as new and existing businesses, to support and inspire the next generation of entrepreneurs.
Professor Kiran Trehan, pro-vice-chancellor for partnerships and engagement, said: “Our involvement in this new chapter for the restored Guildhall will allow the University to offer more support and space to local businesses, start ups, charities and community networks than ever before. It is a fantastic opportunity to drive enterprise, innovation, collaboration and inclusive growth in our City.
“As a University for Public Good, we are embracing this opportunity to strengthen links with our partners in York and beyond to bring about positive change for our society.”
The Guildhall project, which uses green technology to heat the building, reducing costs and environmental impact, delivers quality office spaces with the potential to create an estimated 250 jobs in high value sectors, improved public access to the nationally significant building and an estimated £117m boost to the city’s economy over the next 5 years.
Councillor Nigel Ayre, executive member for finance and performance, said: “The extent of the city’s ambitions and aspirations can be seen in microcosm in this investment in the Guildhall.
“This project has taken one of the most important heritage buildings in the UK, one of York’s best-loved historic sites, and has – through excellent design, careful investment and very high quality construction – built a new part of York’s future; innovative, environmentally progressive and better for people. It’s a building and a legacy that York’s people can be proud of for many years to come.”
Helen Simpson OBE, chair of the York & North Yorkshire Local Enterprise Partnership, said: “This is a significant project which will support economic growth in York and North Yorkshire and shows what can be achieved when we all work together for the good of the region.
“The redeveloped Guildhall provides a high quality, city centre space for businesses to operate in and brings new life to an important historic building. We’ve seen elsewhere how successful these hubs for businesses can be in accelerating economic opportunities, and we’re sure this site will also flourish.”
Funding for the £21.7m restoration and redevelopment work was provided by York City Council, the York and North Yorkshire LEP and West Yorkshire Combined Authority through respective HMG Growth Deal contributions and the Getting Building Fund.
The project received £2.34 million from the Leeds City Region Enterprise Partnership, delivered in partnership with the West Yorkshire Combined Authority through the Leeds City Region Growth Deal.
Mayfair Equity Partners backs MBO of garage door manufacturer to support European growth plans
Mayfair Equity Partners is backing the management buyout of Garolla, the end-to-end provider of roller garage doors.
Mayfair will hold a majority stake in the business. Additional deal terms have not been disclosed.
Founded in 2017 by David Wilkinson and Graeme Pogue, Garolla began with a single franchisee supplying roller garage doors in Harrogate. Today, it is the largest and fastest growing roller garage door business in the country.
The company manufactures garage doors at its facility in Leeds and has developed a proven customer acquisition strategy servicing customers across the UK and Republic of Ireland through a national network of more than 130 franchisees.
Garolla provides broad coverage domestically and a fully managed end-to-end customer offering, including in-house assembly, installation, and service.
Recognising the growth potential of Garolla, Mayfair is partnering with Mark McAvoy, Managing Director, and his management team to support the domestic and international expansion of the company’s franchise model, increase installation capacity, and grow its DTC capabilities.
Garolla has an experienced senior management team and skilled workforce in place, totalling more than 140 FTEs. They have driven the exponential growth to date, including entering the Irish market and doubling the franchisee network in less than 18 months.
Garolla has delivered 85%+ revenue CAGR and 250% EBITDA CAGR over the last three years (FY19-FY21) at market leading EBITDA margins. The outstanding growth to date has been driven by an effective marketing strategy, which has resulted in greater consumer demand and sales delivered through an ever-increasing number of franchisees.
“Garolla has developed a uniquely scalable platform, growing at a rapid pace, and disrupting a fragmented market,” said Mark McAvoy, Managing Director. “We see significant opportunity to accelerate our growth in the UK and across Europe, reaching more consumers than ever. I am thrilled to partner with Mayfair, who have an excellent track record of supporting companies with international expansion and digital evolution.”
“As a true national champion, we see a real opportunity to support Garolla to expand its trusted brand and services to new customers in the UK and across Europe,” said Neil Price, Managing Director at Mayfair Equity Partners. “Garolla provides a comprehensive offering to customers in comparison to its peers and is the only supplier to fully control the customer experience, from product manufacturing to after sales service. We are excited to partner with Mark and his team as we support Garolla’s next stage of growth.”
Arco HQ development wins award for Wykeland Beal
Regeneration partnership Wykeland Beal has won an award for the development of a new head office for Arco in Hull’s rejuvenated Fruit Market.
JV company Wykeland Beal triumphed at “The Yorkshires” Commercial Real Estate Awards 2022, winning Best Office Deal.
The award is the latest in a series of accolades for the spectacular transformation of the Fruit Market waterfront area being delivered by Wykeland Beal, working in partnership with Hull City Council.
The development of safety equipment specialist Arco’s new HQ marked a major milestone in the £80m regeneration programme, and was delivered together with a new 350-space multi-storey car park.
The Arco building is the largest new-build office development for a dedicated user in Hull for more than half a century and provides an inspirational working environment for around 600 employees.
Dominic Gibbons, MD of Wykeland Group, said: “The development of Arco’s new head office and the multi-storey car park marked a major milestone in this long-term regeneration project, which is key to the long-term sustainability of Hull city centre.
“Arco now has a state-of-the-art working environment, perfect for the digital age and for retaining and recruiting talent. The development also has exceptional sustainability credentials, as it features the latest in smart energy-saving technology, EV charging points and over 50 cycle spaces, as well as a green ‘living wall’ to enhance biodiversity.”
Held for the first time and hosted by former England rugby union international Martin Bayfield, “The Yorkshires” Commercial Real Estate Awards 2022 celebrate the very best of Yorkshire’s commercial property sector. The event was organised by Yorkshire Children’s Charity and raised almost £300,000 which will support children across the region who are at a disadvantage in life due to disability, ill health or financial circumstances.
The Best Office Deal accolade recognises a development which has made a real impact on the Yorkshire property landscape. The Arco scheme was named as the winner ahead of the LabCorp Centre of Excellence in Leeds, in a category sponsored by construction and facilities management business GRAHAM Group.
Sheffield superfoods company snapped up in cross-border deal
A Sheffield-based producer and supplier of premium organic superfood products, Go Superfoods Limited, has been sold to Swedish food-tech and FMCG listed company, Humble Group.
Go Superfoods, which was founded by CEO Harry Singh in 2008, offers a wide range of superfoods to retail customers and distributors under its own brands Green Origins, Rainforest Foods, and Piura.
Singh said: “At Go Superfoods we’ve always strived to be a bridge connecting growers of superfoods in the developing world with European consumers looking to improve their health and wellbeing. Humble is the perfect partner for us to continue our journey with and we look forward to working with Simon Petrén and his team at Humble to accomplish our shared vision.”
Pannone Corporate and Carbon Corporate Finance acted as legal and financial advisers to the shareholders of Go Superfoods on the cross-border sale.
The Pannone team was led by Tom Hall (corporate partner), Arshnoor Amershi and Humera Patel. The Carbon team was led by partners Tom Johnson and David Kandola.
Tom Johnson said: “We’re delighted to have advised the shareholders of Go Superfoods on this transaction. Harry and his team have built a leading superfoods business, which will flourish as part of the Humble Group. Achieving results such as this for Harry demonstrates Carbon’s commitment to helping business owners realise significant value through strategic sales.”
Tom Hall said: “Go Superfoods is an exciting business that’s really made its mark in the rapidly-growing organic superfoods sector – building strong brand loyalty amongst both consumers and distributors.
“With the vast potential that exists in the marketplace, combined with an ambitious and profitable business in Go Superfoods, this cross-border deal made perfect sense for Humble Group.
“It allows the business to enter a new niche market segment, while using its own scale and purchasing power to enhance the offering and reach of the multi-channel supplier. We’re delighted for Harry and the team and wish them every success as they embark on the next phase of their growth journey.”
Go Superfoods has established itself as a competitive superfoods supplier with a broad customer base, including specialist and nutrition retailers, distributors, food manufacturers and consumers.
Advisors to Humble were Knight Transaction Services (UK Financial DD), Shoosmiths (UK legal) and Rämsell Advokatbyrå AB (Swedish legal).
Finance Yorkshire makes two appointments ahead of £50m SME finance fund launch
Finance Yorkshire has made two new appointments to its Business Loans and Micro-Loans team.
Mike Barber joins as investment manager and Claire Naylor as fund executive following the launch of Finance Yorkshire’s new fund, which is expected to provide £50m to SMEs over the next five years.
Mike brings a wealth of financial services experience in the Hull and Humber area following more than three decades with NatWest. Claire previously ran her own bookkeeping business following a career in banking across West Yorkshire.
Paul Wainwright, Head of Finance Yorkshire’s Business Loans and Micro-Loans funds, said: “We are delighted to welcome Claire and Mike to the Finance Yorkshire loans team as we accelerate our investment support for SMEs looking to grow within Yorkshire and Humber.
“Mike and Claire both have the experience and knowledge to provide the finance required for SME growth and will be instrumental in ensuring that we deliver for start-up and growing businesses across the region.”
Alex McWhirter, chief executive of Finance Yorkshire, said: “Our new fund is designed to support growing SMEs to expand, create jobs and improve productivity, especially those that are unable to access finance from traditional sources. Mike and Claire’s experience will help us to get investment to the right businesses, enabling them to reach their full potential.”
Finance Yorkshire’s new fund is expected to invest more than £50m over five years as it continues to realise its investment portfolio from its earlier fund. The fund has been structured to provide SMEs with a range of support through four funding streams: Seedcorn and Growth Fund (primarily equity) investments, along with Business Loans and Micro-Loans.
The Business Loans and Micro-Loans funds are managed by The FSE Group.
