The ban on landlords charging ground rent on new residential leases, announced today, will also apply to retirement homes. This will come into force no earlier than 1 April 2023 and more details will be confirmed in due course.
Government to ban landlords from charging ground rents
Landlords will be banned from charging ground rent to future leaseholders, under a law coming into force in June, that its claimed will lead to fairer, more transparent homeownership for thousands of homebuyers.
The government is taking action to rid future homeowners of annual costs – known as ground rent. Sometimes worth hundreds of pounds a year, these charges provide no clear service in return and can be set to escalate regularly, with a significant financial burden for leaseholders.
From 30 June, anyone buying a home on a new long lease will now be freed from these annual costs, helping homeowners manage their bills as they face cost of living increases.
In preparation, many landlords have already reduced ground rent to zero for homebuyers starting a new lease with them. Anyone preparing to sign a new lease on a home in the next two months is urged to speak to their landlord to ensure their ground rent rate reflects the upcoming changes.
Leasehold Minister Lord Stephen Greenhalgh said: “This is an important milestone in our work to fix the leasehold system and to level up home ownership. Abolishing these unreasonable costs will make the dream of home ownership a more affordable reality for the next generation of home buyers.
The Property & Business Investment Lincolnshire Expo takes place tomorrow!
The eagerly awaited Property & Business Investment Lincolnshire Expo is now only a day away, offering the ideal opportunity for networking and business generation.
Taking place this Wednesday (27 April 2022) at The Bentley Hotel, Lincoln, the free expo, for which Business Link is a proud partner, is a well targeted event aimed at the Construction, Property, Business, Investment, Finance, Professional Services and related B2B markets.
Exhibitors include Aspbury Planning Ltd, Belvoir, Business Lincolnshire, BSP Consulting, Delta Simons, the Federation of Small Businesses, J Tomlinson, NatWest, Willmott Dixon, and YMD Boon, to name a few. See the full list of who is exhibiting here.
Opening at 9am, the expo will also host a workshop from Team Lincolnshire and Business Lincolnshire. Running from 10:15 – 11:45, it will demystify the procurement process and explore the potential which public sector contracts could bring to your business.
Team Lincolnshire ambassador Neal Wheatley, director and general manager of RG Carter Lincoln Limited, and Barry Taylor, regional director at Parker Technical Service, will be sharing insightful first-hand experiences on winning a major Lincolnshire County Council contract for the construction of the South Lincolnshire Food Enterprise Zone and how supporting the local economy is a core value within the RG Carter Supply Chain Commitment.
Sign up to the free workshop here.
As the exhibition closes, it will roll directly into an informal, open buffet style network lunch – tickets for the lunch are now out of stock.
Tina King, of Business Shows Group, said: “It’s been a long time in the making thanks to the pandemic, but we are finally nearly there, The Property & Business Investment Lincolnshire Expo is gearing up to be one of the best to date!”
To attend the event, register for free here.
Meet more potential clients in one amazing cost effective day, than it would take months out on the road.
Half small firms expect no growth in the year ahead – but confidence is growing
Close to half of small firms expect to experience no growth over the coming year amid a cost-of-doing-business crisis and widening sectoral optimism gap, according to the latest survey from FSB.
The headline SBI UK confidence reading stands at +15.3 for Q1 2022, meaning more small business owners expect an improvement in their commercial performance over the coming quarter than expect the opposite. The figure is down 12 percentage points on the same period last year, but is up significantly on Q4 2021
A record-high 87% of small business owners say operating costs are up compared to this time last year. The shares citing fuel (60%), utilities (58%), and taxation (27%) as contributors to that increase are also at record highs, following the hiking of national insurance rates and issuing of new business rates bills this month.
Against a backdrop of global supply chain disruption, labour shortages and rising wages, significant proportions also flag inputs (48%) and labour (40%) as contributors to higher outgoings. The majority (55%) of small business owners say they are operating below capacity.
An ONS survey of 9,000 businesses published on Thursday shows just shy of one in seven businesses is not currently fully trading. Close to one in three (29%) are having to pass on rising costs to customers, and one in ten (12%) have been directly impacted by supply chain disruption.
More than 5,000 corporate insolvencies were registered across England and Wales in Q1 of this year. The figure is more than double that recorded over the same period in 2021, and is 15% greater than in Q1 2019, before the pandemic hit.
FSB National Chair Martin McTague said: “It’s encouraging to see small business confidence back in positive territory, though the picture across sectors is distinctly mixed.
“The small business community shrank in size to the tune of hundreds of thousands over the pandemic. With Covid numbers now falling, this needs to be the summer where we start to reverse that trend – policymakers should be doing all they can to facilitate and encourage start-ups and side hustles.
“The New Enterprise Allowance, which helped move people off benefits and economic inactivity into small business ownership, has now sadly been withdrawn. The Government’s own statistics show 500,000 people, including many over-50s, have stopping working altogether – they should be encouraged to start a small business this summer.
“We look forward to working with BEIS on new measures to help budding entrepreneurs without start-up capital at their disposal as part of its forthcoming enterprise strategy, the launch of which shouldn’t be allowed to drift further. We’re encouraging policymakers to build on the success of the Centre for Entrepreneurship’s Migrant Entrepreneurship Programme.
“The message from us to consumers, policymakers and corporates alike is clear: let’s make this a small business summer – backing the 99% on which our recovery will depend.
“As things stand, spiralling costs are eroding small business margins at a rate that many have never experienced before, whilst workplace absences are making it hard to operate at full capacity in a tight labour market. At the same time, new paperwork and supply chain disruption are weighing on our importers and exporters, and an endemic poor payment culture continues to destroy thousands every year.
“Taking forward our joint proposal with the TUC for a small business sick pay rebate, adopting our recommendation to make audit committees directly responsible for supply chain practice, and launching a new trade support fund for small firms would go a long way to helping many to start firing on all cylinders again.”
Barnsley launches scheme to help firms boost employment
Businesses in Barnsley are being encouraged to get on board with an initiative called Community Boost Central, a project designed to stimulate the growth of good employment and help local people access it.
Funded by the Government through the UK Community Renewal Fund, the projects are open to residents and businesses in the Central, Dodworth, Kingstone, Stairfoot and Worsbrough wards of Barnsley. Projects specifically supporting businesses include:
Launchpad business start-ups – free support for pre-start-ups and businesses with less than 10 employees. The programme is based at the Digital Media Centre in Barnsley and advisors are available from Monday to Friday for appointments and workshops on various business-related topics. They also run several Saturday events to give local people a snapshot into what they need to know to start their own business. These sessions are ideal to help aspiring entrepreneurs set up and run a successful business. For more information please contact the Launchpad team online or by email at launchpad@barnsley.gov.uk
Local business travel plans – aimed at supporting 10 businesses (with 10+ employees) to prepare and implement a travel plan and have a positive impact on reducing businesses’ carbon emissions. Support will also be provided to access funding opportunities. For more information, please contact Tracey Brewer at TraceyBrewer@barnsley.gov.uk
Business support from the Chamber of Commerce – The Skills and Employability programme is a bespoke offering aimed at supporting 15 businesses with targeted training and individual one-to-one support. The aim of the programme is to enhance the skills of current employees and encourage progression, while strengthening local business networks. For more information please contact Carrie Sudbury at carrie.sudbury@brchamber.co.uk
Harrogate Odeon Cinema hits the market
An opportunity to acquire the freehold interest in a Grade II Listed, 1930’s Picture Palace in Harrogate has been brought to market by CBRE’s Operational Real Estate team.
Leased on a 25 year term to Odeon Cinemas Limited, the property benefits from a 16.3 year unexpired term with annual RPI-linked rent reviews subject to a 1% collar and 5% cap. Offers are sought in excess of £7m, reflecting a 7.00% Net Initial Yield.
Situated on East Parade on the edge of Harrogate Town Centre, the 5-screen cinema contains 892 seating provisions within a 23,971 sq ft gross internal area and holds partial ownership of an 88 space car park.
Built in 1936 for Odeon and operated by them ever since, the cinema was comprehensively refurbished in 2008 and is a well-known landmark in Harrogate, with Odeon being the main operator of its kind in the town.
CBRE reports that the UK cinema sector is recovering well following the impact of the COVID-19 pandemic: when averaging 2021’s weekend gross box office revenue, takings finished at 69% of the 2019 average weekend taking which was the second highest grossing year on record. 2022 is set to be an exciting year for the sector, with one of the finest film slates of the past decade including several Marvel films and the sequel to the highest grossing film on record, Avatar, scheduled for release.
Located a short walk from the town’s retail core with global brands and a diverse restaurant and bar offering, the cinema is also directly opposite Harrogate Station and adjacent to the A61 making it ideally positioned to attract the high footfall levels.
Alfie Stephenson, CBRE’s Operational Real Estate Team, said: “This iconic building has prospered under the operation of Odeon since it opened and is a firm fixture on the Harrogate leisure scene. The long-income investment opportunity enables a keen investor to acquire the freehold interest on a cinema leased to the UK’s largest operator on a term that benefits from annual RPI-linked rent reviews. Our research shows that the cinema sector is set to have a strong 2022 with attendances anticipated to return to 100% of 2019 levels which makes this a timely opportunity.”
Manufacturing sentiment falls sharply as demand growth slows and costs rise
Optimism fell sharply in April, as growth in manufacturing output and new orders slowed and costs and selling prices grew at their fastest paces in over 40 years.
Investment intentions weakened notably, but employment growth improved and is expected to pick up further next quarter.
The survey, based on the responses of 250 manufacturing firms, found:
- Business optimism fell at the sharpest pace since April 2020 (-34% from -9% in January).
- Output volumes in the quarter to April grew at a slower pace than in the quarter to March (balance of +19% from +27%), but growth remained above the long-run average (+3%).
- Total new orders rose at a slower pace in the three months to April compared with January (+22% from +38%). Firms expect growth to slow further over the next three months (+6%).
- Average costs in the quarter to April grew at the fastest rate since July 1975 (+87% from +74% in January), while domestic prices grew at the fastest pace since October 1979 (+60% from +40% in January).
- A supplementary question found that the cost of raw materials was the most important factor behind expectations for cost growth in the next three months (80% of respondents said this was extremely important), followed by energy costs (59%), transport costs (41%) and labour costs (38%).
- Investment intentions for the year ahead weakened across the board in comparison to January; plant & machinery (+9% from +26%), product & process innovation (+1% from +26%), training (-3% from +26%) and buildings (-6% from +2%).
How Stean Gorge announce ambitious expansion
A visitor attraction featuring one of Yorkshire’s most ancient natural wonders is under new management with a huge face-lift.
How Stean Gorge in Nidderdale has existed for ten thousand years, since the last Ice Age. Graded as a triple Site of Special Scientific Interest, the gorge hosts amazing geological formations, features bats hanging from its caves and fossils frozen in its limestone.
The adventure facility offers abseiling, gorge scrambling, caving, canoeing and a high ropes via ferrata course – one of only three in the UK – as well as the Gorge & Caves upper pathway suitable for the timid adventurer. The unique geography of How Stean allows for all their activities to take place in one location, in Nidderdale
It currently has a 20-pitch campsite but a new five-year plan will see the instalment of 11 new chalets, including luxury accommodation with hot tubs and wood burning stoves.
To date, four chalets are under construction with an opening date at the end of April with a further 2 set for completion by July.
Tony Liddy, 33, and his partner Rebecca Verity, 29, Company Directors are set to take on the management of this amazing site.
Tony said: “We’re transforming the site with these ambitious expansion plans with an eco-friendly build in fitting with the spectacular setting. So far, we’ve planted around a hundred trees around the new chalets, to act as natural fencing along with 600+ bare root hedging whips to create a healthily habitat for years to come. We have a huge demand in the adventure tourism including family holidays, hen, stag and corporate parties looking to do group activities, and our additional lodges offer will help bolster that market.”
The new chalets offer the only group-scale accommodation in this tourism hotspot, sleeping up to 10 people per chalet. Bookings for hen and stag parties have doubled since Covid restrictions ended.
Online enquiries have also shot up as the appetite for outdoor activities and UK staycations increased as a result of the pandemic.
Tony said: “It’s been incredible, there’s just a massive appetite out there to embrace life, get into the great outdoors and experience adventure again. Groups of friends who have missed out the last two years are ready to get out, enjoy and make new and better memories.”
The attraction was owned by married couple Stan and Ann Beer since 2007, and Tony and Rebecca worked closely with the Beers for many years.
The attraction has already undergone significant upgrade in the last year with Stan and Ann continuing to invest in the site, including a new 1000lt hot water system with underfloor heating in its shower block and new kitchen facilities. The team has also installed a new shower, toilet and bunks in its Bunk House at based at Scar House Reservoir, a unique wild accommodation offer that sleeps up to 17.
In 2017, it built a cantilevered extension with glass walls and glass floor panels that sits over the gorge, which is over half a mile in length and up to twenty metres deep. The glass floored extension is home to its dining offer, which has seen an updated with a pub-style menu, alongside increased space to seat 80. The cafe is also undergoing renovations in the coming months.
How Stean Gorge has been attracting visitors for over 100 years.
Tony has worked as outdoor activity instructor for 16 years, becoming Head of Outdoor Activities 10 years ago and Rebecca ran the internal offer, for 13 years. Tony’s brother, Dan Liddy, has also joined the team this year as the new Head of Outdoor Activities as Tony takes on the managerial role.
Tony said: “We’re very proud to be continuing the values of Stan and Ann, who we have all worked alongside for so many years. We owe them a huge amount and learnt so much from them. They helped raise How Stean Gorge into a leading visitor attraction, as well as a vital lifeline for local employment and our rural economy. It’s a fantastic legacy, and we are incredibly excited to take that on and build on that hard work.”
Stan Beer fell in love with the gorge after moving to Pateley Bridge in 1976. A retired paramedic with Ann, a retired nurse, he said he swapped the NHS for the ‘Natural Health Service’ when they bought one of nature’s most spectacular sights. The couple are now heading to retirement to enjoy themselves.
Pre-COVID-19, 10,000 people booked its outdoor activities each year, with 20,000 visitors attending the café and venue.
Footfall to the attraction is now set to increase with all the exciting changes ahead and the new lodges allowing to extend into the shoulder months of year.
Yorkshire engineers reports year of strong growth
A Yorkshire civil and structural engineering company has seen strong growth following increased work to support multi-million-pound projects across the UK and a healthy forward order book.
RWO has secured more than £500,000 worth of additional revenue for its structural engineering operations, propelling overall turnover to £2.5m this year across its operations.
Currently employing a 30-strong workforce and led by an experienced team of directors, revenue increase has come on the back of a resilient performance by the firm, while it has continued to invest in resources amid the economic challenges and pandemic.
The firm has seen demand for its services away from its traditional northern heartland with a raft of projects secured in London, Southeast England and the Midlands. Customers include Metnor Construction, Karbon Homes, Lindum Developments, Taylor Wimpey, Bellway Homes, Story Homes and Barratt Developments.
Work in the pipeline in core sectors and new regional markets will contribute to further growth as it looks ahead to further ‘exciting’ expansion this year on the back of a strategic development and growth plan supported by continued investment in senior level people and technical resources.
The firm works with house builders, developers and construction companies, providing engineering support such as structural design, roads and drainage design, as well as flood risk assessments, site constraints and level designs, from offices in Leeds and Newcastle.
Managing director Ross Oakley said the firm had enjoyed a strong 12-month performance on the back of all the hard work undertaken in previous years and a record of resolving complex engineering issues.
He said: “We have continued to invest in opportunities, develop relationships and expand our operations even during the darkest days of the pandemic. We are busier than ever, with the engineering experience and supporting technical skills available to meet the needs of our customers, who are always under pressure to deliver their projects on time.
“Despite some tough on-going challenges, we remain positive about the future and will continue to build on our success to date; adding further to our team as we continue to grow and improving the services provided to both current and new clients.”
Business Lincolnshire announces return of Greater Lincolnshire Manufacturing Conference
Business Lincolnshire have announced the Greater Lincolnshire Manufacturing Conference 2022: De-risking for a Sustainable Future.
The fully funded conference, which is being organised in partnership with NatWest, exclusively serves the manufacturing sector within Greater Lincolnshire. The conference takes place at Kenwick Park Hotel, Louth, on Friday 20th May 2022. The annual event celebrates its fifth conference, in a welcome return following a three-year hiatus caused by the pandemic.
Greater Lincolnshire Engineering and Manufacturing (GLEAM) network are sponsoring the networking breakfast, which coincides with registration and an industry exhibition. This year’s theme focuses on ‘de-risking for a sustainable future’.
A programme of presentations and discussions will explore sustainable business opportunities, the practicalities of carbon capture and storage, insights into how to take the first steps towards net-zero, and more.
Peer-to-peer problem-solving and knowledge-sharing workshops will take place throughout the day, providing time to discuss and unpick topics covered by the speakers. The day’s events will close with the opportunity for delegates to attend site tours of local manufacturers Bottomley Distillers, Micronclean, and Wolds Manufacturing Services.
Cllr Colin Davie, executive councillor for economy at Lincolnshire County Council, said: “This conference plays a vital role in supporting the county’s manufacturing community. It provides opportunities to network, share ideas and seek out solutions to common challenges, and of course to hear about new developments from industry leaders. This is always an event to look forward to as we help this important sector thrive.”
To attend the event, delegates must represent manufacturing-based businesses, partnerships, sole traders, and registered charities, with a trading address located within Greater Lincolnshire.
Due to anticipated high demand places are limited to one person per organisation. To find out more and book your ticket visit: https://www.businesslincolnshire.com/events/event-details/?id=3934&navigatedFromSearch=true
Only two days to go until the Property & Business Investment Lincolnshire Expo
The highly anticipated Property & Business Investment Lincolnshire Expo is now just around the corner, offering the perfect chance to forge new connections.
Taking place this Wednesday (27 April 2022) at The Bentley Hotel, Lincoln, the free expo, for which Business Link is a proud partner, is a well targeted event aimed at the Construction, Property, Business, Investment, Finance, Professional Services and related B2B markets.
Exhibitors include Aspbury Planning Ltd, Belvoir, Business Lincolnshire, BSP Consulting, Delta Simons, the Federation of Small Businesses, J Tomlinson, NatWest, Willmott Dixon, and YMD Boon, to name a few. See the full list of who is exhibiting here.
Opening at 9am, the expo will also host a workshop from Team Lincolnshire and Business Lincolnshire. Running from 10:15 – 11:45, it will demystify the procurement process and explore the potential which public sector contracts could bring to your business.
Team Lincolnshire ambassador Neal Wheatley, director and general manager of RG Carter Lincoln Limited, and Barry Taylor, regional director at Parker Technical Service, will be sharing insightful first-hand experiences on winning a major Lincolnshire County Council contract for the construction of the South Lincolnshire Food Enterprise Zone and how supporting the local economy is a core value within the RG Carter Supply Chain Commitment.
Sign up to the free workshop here.
As the exhibition closes, it will roll directly into an informal, open buffet style network lunch – tickets for the lunch are just £25 plus vat and can be ordered and paid for directly online.
Tina King, of Business Shows Group, said: “It’s been a long time in the making thanks to the pandemic, but we are finally nearly there, The Property & Business Investment Lincolnshire Expo is gearing up to be one of the best to date!”
To attend the event, register for free here.
Purchase tickets to the networking lunch here.
Meet more potential clients in one amazing cost effective day, than it would take months out on the road.
