Council signs new agreement with Sheffield Olympic Legacy Park
Sheffield City Council has signed a new agreement with Sheffield Olympic Legacy Park, supporting ambitions for the flagship site to 2025.
The former Don Valley Stadium site has been transformed in recent years, putting Sheffield firmly on the map as the home of applied innovation and cutting-edge research.
There has also been a wealth of investment at the site, focusing on creating a lasting legacy from the London 2012 Olympic and Paralympic Games and developing a national centre of excellence for health and wellbeing research.
Sheffield Olympic Legacy Park is one of the most exciting regeneration projects in South Yorkshire, promoting an integrated approach to health, wellbeing, and sport in Sheffield, as well as nationally and internationally, through education, research, community participation and professional sports.
Cllr Mazher Iqbal, Executive Member for City Futures: Development, Culture and Regeneration, said: “We’ve seen Sheffield Olympic Legacy Park go from strength to strength in the past few years and it has established Sheffield as a major player in the world of health and physical activity.
“There has been a real community effort in pooling all of the knowledge and talent we have across the city to create a centre that will benefit not only our residents but people across the world.
“It is fantastic to see pioneering work being done right here in our city. We plan for Sheffield to lead the way nationally, inspiring others and transforming lives in the future.
“We have already seen the boost the Park has provided to our local economy and by extending our agreement we are paving the way for more jobs and opportunities for our city.
“We will continue to provide our support, and I look forward to seeing the next stage of exciting developments.”
Sheffield Olympic Legacy Park forms an important part of the pioneering Advanced Manufacturing Innovation District (AMID), which will drive new innovation-focussed training and business activity – connecting local people to emerging opportunities, creating new jobs, and new wealth for the region.
The ground-breaking work being done at the Park to understand and improve people’s health will have a direct impact on enhancing quality of life.
Sheffield Olympic Legacy Park is already home to the English Institute of Sport Sheffield, iceSheffield, an Oasis Academy, a University Technical College and Sheffield Hallam University’s Advanced Wellbeing Research Centre.
In the coming weeks, the Community Stadium will be completed alongside the 3G pitch, and the Community Arena will start construction, adding further world-class sport and activity facilities to the Park.
£9m funding has recently been confirmed from the Government’s Levelling Up Fund to develop a new National Centre for Child Health Technology, which will focus on technology to provide the world’s most advanced healthcare for children and young people.
Scarborough Group International, the development partner for Sheffield Olympic Legacy Park, is about to submit a forward investment masterplan for the next phase of development which is expected to generate over 5,600 high value jobs and includes the creation of an Innovation Centre to support fledgling businesses in the health, wellbeing, sport, and activity sectors.
Construction begins on landmark park for Sheffield city centre
Construction of Pound’s Park, the landmark new public space in Sheffield city centre, is set to get underway this month.
Local firm Henry Boot Construction have been appointed to undertake the work, which is expected to take approximately 9 months to complete.
Named after Sheffield’s first chief fire officer, Superintendent John Charles Pound, the park will be located on the former fire station site between Rockingham Street, Wellington Street and Carver Street. The car park that was located on the site is now permanently closed to enable the works.
Pound’s Park is the latest phase of the Council’s Heart of the City scheme, which is transforming Sheffield city centre.
The park will bring Sheffield’s Outdoor City ethos right into the heart of the centre, providing an expansive, accessible green space for everyone. As well as creating a dedicated space for walking, cycling, active play and relaxation, it will also provide another quality spot for outdoor events.
Cllr Mazher Iqbal, Executive Member for City Futures: Development, Culture and Regeneration, at Sheffield City Council, said: “We’re delighted to see Pound’s Park getting underway. It’s beautifully designed and provides another world-class public space to further complement the Peace Gardens, Charter Square and improvements taking place in Castlegate to introduce new vibrancy and greenery to that historic area.
“Pound’s Park will provide a new focal point for families and will help improve both the physical and mental wellbeing of city centre visitors, workers and residents. By prioritising walking and cycling, the park also demonstrates the Council’s commitment to encouraging active lifestyles and sustainable travel.”
Tony Shaw, Managing Director for Henry Boot Construction, said: “We are delighted to be appointed on Pound’s Park and add it to our growing portfolio within the city. Working on a game-changing green space in The Outdoor City feels particularly special to us.
“The concept of city centres, and how we use them today, continues to change rapidly. With more people choosing to live and work in the city centre, we understand the pivotal role that public spaces and green landscaping play in enhancing wellbeing and sustainability.”
Work on Dewsbury Riverside development set to begin in April 2022
Improvements to the Dewsbury Riverside area are set to begin in April 2022. This marks the first phase of development for a substantial new housing allocation.
The site was marked for development as part of the Kirklees Local Plan in 2019. It will deliver up to 4,000 new homes over the next decade. As the aim is to create not just new homes but new communities. The project will also deliver infrastructure including schools, open spaces, and local facilities.
The Dewsbury Riverside site is currently home to 25 allotments which are in use by the public. This first stage of work will focus on replacing these plots and adding more, resulting in a total of 43 plots in a new location. This part of the project received planning permission in June 2021. Kirklees Council have contracted local construction firm Casey Ltd. to complete the bulk of work during this stage.
There will be a new vehicle entrance created on Ravensthorpe Road, along with a new car park and drainage improvements. Perimeter fencing, gates, kerbs and edging will also be installed. A site-wide water supply will also be installed – this will service the newly placed allotments. The council will also be helping existing allotment holders move to the new site.
Throughout this work, there will be management of dirt and dust around the site and adjacent roads, to minimise any negative impact on local communities.
Once started, these initial works should take around 20 weeks to complete. The full Dewsbury Riverside project will take shape alongside the Dewsbury Blueprint over the next ten years.
David Shepherd, Strategic Director for Growth and Regeneration at Kirklees Council, said: “This work marks the start of yet another great project set to regenerate Dewsbury and its surrounding areas. Ambitious schemes like this are all about realising Dewsbury’s potential and are part of our commitment to making the area a great place to live, work and visit.
“Once completed, this project will have delivered thousands of new homes in an area with great transport links, at the heart of our North Kirklees Growth Zone – a long-term regeneration programme that will build on these links and develop Dewsbury as a strategic employment location within the Leeds City Region.
“Not only will this development help meet the growing need for housing – an issue faced not just in Kirklees but nationwide – it will also introduce a wealth of new green space to the area and give local residents an environment they can really enjoy.”
Business Information Officers to continue supporting Sheffield for another year
Information Officers who provided much-needed support to businesses across Sheffield during the pandemic are set to continue their work for another year.
The officers are highly experienced business people with expertise in finance, hospitality, retail and more.
Since their introduction in 2020, they have offered advice and guidance to local businesses to help them recover from Covid as well as look towards the future and growing their businesses.
And their work isn’t over as Sheffield City Council has committed to funding their posts through the Economic Recovery Fund for another year, until March 2023.
Work starts on £9m North Yorkshire care home
Work has got underway on a new, luxury care home at Barkston Ash near to Tadcaster in North Yorkshire.
The £9m scheme – called Highfield Care Home – is on the former site of Scarthingwell Hall and consists of a 66 bed, two storey residential care facility being brought forward by Barchester Healthcare Ltd to meet local demand.
Leading contractor Clegg Construction has been appointed to the project which includes replacing an aging school building currently used to provide residential care facilities with the new, purpose-built development.
Demolition work has already started on site, with the completed care home forecast for delivery in summer 2023.
Lyndon Bowler, project manager for Clegg Construction, said the new facility would provide much needed, high quality residential care accommodation for the area, which was a popular retirement destination.
He said: “Barkston Ash is a pretty village in easy reach of Tadcaster, York, and Leeds, and as a result, is a much sought-after destination for both families and retired people.
“However, the existing care facilities were no longer fit for purpose. The building has outlived what could reasonably be expected from a 1960s development with flat roofs and poor insulation.
“It also doesn’t enable residents to get any meaningful benefit from the site’s fantastic location, such as views of the nearby Grade II listed church and the surrounding countryside.
“It is for this reason Barchester has decided to redevelop the site, to create high quality facilities that will provide a very high standard of care in a stunning location.”
Once completed, Highfield Care Home will offer a variety of lounge, dining, and communal spaces with pleasant views, that are close to the living spaces.
Most ground floor bedrooms will have direct access to outside space, and a number of safe external terraces will be provided for first floor residents.
The building design draws references from the former Scarthingwell Hall, and the demolition of the former school assembly hall will enable the creation of a central garden area for residents to enjoy.
Clegg Construction is headquartered in High Pavement, Nottingham, and has offices in Thorpe Park, Leeds and Ely Road, Cambridge.
Spring Statement misses significant opportunities says Manufacturing Association
Commenting on the Spring Statement, Stephen Phipson, Chief Executive of Make UK, said: “It is right that the Chancellor should prioritise help for the lower paid and those most in need at such a difficult time and business will understand this.
“However, Government cannot escape the fact that manufacturers are facing eye watering cost increases that are pushing many towards a tipping point and companies would have been looking for substantial business support measures to help alleviate these. In particular, the lack of action on energy costs for business is especially hard to fathom.
“It has been two years to the day since lockdown began and there is very little in today’s statement to support a sector that kept working throughout the pandemic, ensuring that there was food on the shelves, PPE for our NHS and medicines for the people who needed them. The promise of jam tomorrow with consultations through the summer and action in the Autumn will also be of little comfort for many who would have liked to have seen action and support immediately”.
“We have also yet to see a long-term economic vision that has enterprise, growth and innovation at its heart. Without adding a turbocharger for growth the Government risks leaving the economy spluttering along as a two stroke.”
On the incoming NICS rise Verity Davidge, Director of Policy at Make UK, said: “Today was a missed opportunity for the Chancellor to act on concerns raised by employer and employee groups alike to delay the NICs hike until the economy is in a more robust position. The NICs increase is a tax on jobs with six in ten manufacturers saying it will impact recruitment and the majority planning to pass onto the customer leading to further inflationary pressures. The NICs increase is just one of many significant costs facing UK manufacturers and there will be a big question as to whether the UK is a competitive place to do business right now.
On the lack of support for business on energy, Verity Davidge, Director of Policy at Make UK said: “The lack of support for businesses to tackle spiralling energy costs is beyond disappointing, and deeply frustrating. With manufacturers seeing historically high energy bills, today was the Government’s chance to give businesses much needed support. Reducing the policy costs that make up a large part of overall electricity costs together with a boost to extending energy funds and grants, would have given manufacturers the best chance of cutting their energy bills and keeping their businesses afloat.
On potential reforms to the R&D tax credit scheme Fhaheen Khan, Senior Economist at Make UK, said: “The R&D tax credit scheme is the most commonly used form of innovation support among manufacturers. Any changes to the scheme must be done in close consultation with the manufacturing sector, which is response for 64% of private R&D investment.
“Government must be careful not to throw the baby out of the bath water. While the scheme may not be perfect it should be reshaped and not radically reformed and any suggestions it should be scrapped entirely must be ignored. We look forward to continuing to work with Government to make the scheme work better for businesses of all sizes and ensure the UK can continue to compete on the global innovation stage.”
On commitment to look at investment tax cuts James Brougham, Senior Economist at Make UK, said: “For what was a well-received policy at the time of its inception, the Chancellor has missed the significant opportunity of plucking some low-hanging fruit by way of adjusting some simple, yet fundamental, flaws in the Super Deduction scheme. Alluding to forthcoming investment tax announcements in the next Budget does little to support the industry now, when investment confidence is in dire need of bolstering.
“If the Government wants the economy to invest, innovate and grow now, the Chancellor must also now stand ready to afford confidence to the sector through longer-term policies that show individual businesses are supported in the investments they undertake that ultimately benefit people, places and communities.
“The lack of investment-spurring policy announcements today will send a worrying signal throughout industry that businesses are to bear the risk alone through this fragile recovery, certainly hampering investment in the rest of the year as the tidal wave of rising costs washes away hopes of a prosperous recovery.”
On the review of the Apprenticeship Levy Bhavina Bharkhada, Head of Policy & Campaigns at Make UK, said: “The decision to review the apprenticeship levy is well overdue and will be widely welcomed by manufacturers – the true champions of gold standard Apprenticeships. It will be essential that the Government works with business to make the right calls on future reform so that we get this right. Over the last decade, the Government has committed to an apprenticeship system that is led by employers and it is important that it continues to uphold this principle. Any changes must ensure that funding for apprenticeships is sustainable over the long term, and that businesses are able use it to recruit and retain the apprentices they need.
“In the short term, allowing employers to use some of their levy funds to contribute to apprentice wages would immediately unlock greater investment in apprenticeships. Should the scope of the levy be broadened to include non-apprenticeship training, the Government must demonstrate how funding for apprenticeships would be protected and how manufacturers would be able to use this additional flexibility to access the right skills training for their businesses.”
Russia/Ukraine crisis likely to pause future M&A activity
New figures published by the Office of National Statistics have revealed a fall in both inward and outward deal values and volume in Q4 2021, with a slight increase in the value of domestic deals.
Outward M&A values saw the biggest fall to 3.4bn in Q4 from 32bn in Q3, which is largely due the 29.8bn acquisition of Alexion Pharmaceuticals INC by AstraZeneca in Q3. The inward M&A values decreased to 10.9bn in Q4 from 12.4bn in Q3; while domestic deal values increased to 2.9bn in Q4 from 2.3bn in Q2.
In total, there were 77 completed deals in December 2021, down from 150 in September 2021 and the lowest level since the height of the pandemic in May 2020 where only 58 deals were completed.
Kirsty Sandwell, partner and head of transactions at RSM said: ‘The M&A market has been in a bubble over the past year, and these figures suggest the bubble has finally burst. The consistent run of high M&A activity is unlikely to be sustainable, and it looks like the industry is taking a much-needed pause for breath.
‘Ultimately, the deal environment needs certainty in order to flourish. The uncertainty surrounding the Russia/Ukraine conflict and the rise in oil and gas prices, presents headwinds for the deal environment which means M&A activity is unlikely to rebound quickly.
‘As witnessed after the Brexit referendum, buyers tend to halt deal activity until potential implications become more apparent, so it’s likely companies will take a similar approach in the coming months. There are many investors and advisers that have never lived or worked against a backdrop of inflation and rising interest rates, which adds to the macroeconomic uncertainty. This will naturally breed some caution as the community gets to grips with the new normal.
‘It’s likely tech M&A activity will be relatively unaffected during the current crisis and will drive overall M&A figures. With oil and gas prices on the rise, this may even lead to a focus on renewables and related infrastructure
UK firms’ customs duties surge by 63%, new figures reveal
Customs duties paid by UK businesses have jumped 63% to a record £4.7bn in the year to the end of January, according to research from accountancy group UHY Hacker Young.
The figures – up from £2.9bn in the previous 12 months – show that the last six months to 28 February 2022 are the six highest months on record for customs duties paid, with £2.6bn paid in that period alone. Over the past five years, the total amount of customs duties paid has averaged just £3.3bn per year.
UHY Hacker Young says the rise comes as post-Brexit increases in customs duties begin to bite for UK businesses and consumers.
Post-Brexit ‘Rule of Origin’ requirements have dragged far more imports into the customs duty net. These rules mean anything sold in the UK by EU businesses must wholly or largely originate in the EU to be exempt from customs duties when it enters the UK.
The company adds that the tightening of the ‘Rules of Origin’ requirements looks to be already having an impact on UK businesses and consumers. From January 1, the Government introduced a requirement that importers must show a declaration about the origin of the goods at the point of entry. If a business cannot prove the origin, they face paying the full rate of customs duty and additional penalties.
Sean Glancy, Partner at UHY Hacker Young, said: “These figures show that post-Brexit increases in customs costs are hitting businesses and consumers hard. With UK consumers already being hit by a cost-of-living crisis driven by increased energy costs and rising taxes, the jump in customs tariffs is the last thing they need.”
“Businesses are struggling under the weight of tariff costs and additional paperwork. These additional costs are biting just as they try to recover from pandemic-related costs and interruptions.”
“Since Brexit, customs duties have substantially increased costs for many businesses, in some cases making a dramatic impact on the bottom line. Businesses which are heavily dependent on trade with the EU may well be looking to reassess their models.”
“UK consumers are likely to face price increases at a time when the cost of living is already rising. They may also find familiar products no longer in stock should UK businesses cut imports of EU products.”
Streets Chartered Accountants appoint Martyn Shakespear as head of banking & finance
Streets Chartered Accountants, a top 40 UK accountancy and advisory practice, have appointed experienced banking and advisory specialist, Martyn Shakespear, as its new head of banking & finance.
Martyn joins Streets with over 40 years’ experience of providing funding advice to SMEs and corporates.
During his career, Martyn has held senior roles in NatWest, Bank of Ireland and the Co-operative Bank followed by 7 years as national head of banking & finance within a top 10 UK accountancy firm and more recently as a director with BTG Advisory.
When asked about Martyn’s appointment and what it will mean to Streets and their clients, the firm’s chairman, Paul Tutin, said: “We are especially pleased to welcome Martyn to the firm.
“For a number of years we have provided clients with funding advice and we are keen to ensure we respond to the growing need for this by recruiting a dedicated specialist. We are therefore delighted to have been able to recruit Martyn, with his well-established track record and understanding of SME funding.
“In particular Martyn is experienced in raising finance, including working capital solutions, invoice finance and asset-based lending, commercial loans and mortgages, together with foreign exchange strategies
“This is a significant appointment for us as we pride ourselves on being more than just accountants. The specialist expertise that he brings will prove invaluable for our clients and colleagues, as clients are increasingly looking at their funding arrangements as we emerge from the pandemic.”
Commenting on his new role, Martyn said: “Streets are a well-respected, dynamic and forward-thinking firm. In recent times I have got to know a number of the partners, staff and clients and cannot wait to build the banking and finance service offering across the whole of practice as I am passionate about the value this will bring.”
In his new role Martyn will provide banking and funding advisory services on a firm wide basis, covering its 17 offices throughout the Midlands, East of England, Yorkshire, London and the South East.
Sale and purchase option agreed over Altalto Project site
Altalto Immingham Ltd (Altalto), a subsidiary of Velocys, the sustainable fuels technology company, has sold its 100% interest in Rula Developments (Immingham) Limited (RDIL).
RDIL owns the site for the proposed Altalto waste-to-sustainable-fuel project, which is being developed in collaboration with British Airways.
RDIL has been sold to funds managed by Foresight Group LLP (Foresight), for £9.75 million, with a call option for Altalto to re-purchase RDIL within three years. The call option will require Altalto, and any new project partners, to pay up to £12.95 million in aggregate over the option period (the majority of which relates to a final payment in the event of exercise of the call option).
In addition, and subject to exercise of the call option, Altalto has agreed to grant Foresight a right of first refusal to invest up to £100 million in the project, alongside British Airways and other future investors, once the full funding is required.
Foresight brings a proven track record and history of investing in energy transition infrastructure. Following the sale, the project has retained the right to access the land for maintenance and pre-development activities associated with its existing planning permission. Commencement of construction remains subject to further clarification of government policy support for such projects.
This agreement follows on from a prior announcement in December, when Altalto exercised an option to acquire a 100% interest in RDIL with an initial part-payment of £2.5 million and deferred consideration. The deferred consideration payable is £7.25m, which will now be settled as part of this transaction, thereby satisfying all obligations under the historic option agreement.
Henrik Wareborn, CEO of Velocys, said: “Velocys is pleased to have Foresight involved in the Altalto project, alongside British Airways. This is a further step in bringing our SAF enabling technology solution to market.
“The Velocys technology pathway utilises domestic non-fossil feedstocks from sustainable carbon sources which have no alternative use, such as municipal solid waste and forestry residue.
“Sustainable aviation fuel has the same composition as conventional jet fuel, is globally approved and is suitable for immediate use. We firmly believe our technology will play a key role in helping to decarbonise the aviation sector, meet net zero targets, and improve the energy and fuel security of the UK.”
David Hughes, CIO of Foresight, said: “Foresight is delighted to become involved in the Altalto project through the acquisition of the proposed site. The project is consistent with our aims of investing in sustainable businesses that are looking to advance the energy transition.”
Sean Doyle, chairman and CEO of British Airways, said: “It’s great to have Foresight with us to help deliver the Altalto project, as we make our way on our journey towards net zero by 2050. The development of sustainable aviation fuel is an important part of our near to medium-term plan to decarbonise, alongside carbon capture technology. We believe the UK can be a world leader in this, and it’s crucial we work with both private industry and Government to drive forward this ambitious and hugely important work.”
