Hisense UK boosts sales by £73m as Leeds arm navigates rising costs

0

Hisense UK, the Leeds-based division of the Chinese electronics and appliances group, reported a £73.4 million increase in turnover for 2024, reaching £373.8 million compared to £300.4 million the previous year. Pre-tax profits also rose to £3.7 million, up from £2.8 million.

Despite the strong top-line performance, the company faced margin pressure due to a nearly 29% rise in administrative expenses, primarily driven by office relocation costs, and a 33% increase in distribution expenses. This resulted in a modest profit margin of 1.01%, slightly ahead of 2023’s 0.94%.

Hisense UK reduced its outstanding debtor balance by more than 30% to £49.8 million by offering discounts to accelerate customer payments before year-end.

Amid ongoing economic uncertainty in the UK, the company maintains a cautious yet strategic approach to growth. It aims to adapt to evolving retail dynamics and enhance brand visibility across local and international markets.

Ambitious regeneration plans take step forward in Wakefield

Muse has signed a Pre-Development Agreement with Wakefield Council as part of ambitious regeneration plans for the city. It follows the announcement, earlier this year, that Wakefield Council had appointed Muse as its new Strategic Regeneration Partner as it seeks to deliver the next phase of major regeneration projects across the city. In partnership with Wakefield Council, Muse will now explore how to progress the next steps of Wakefield Council’s Masterplan, which lays out its vision for the future of the city centre. This will include master planning and design, site acquisition and investigations and working in partnership with Wakefield City Council and other key stakeholders to develop funding and delivery strategies for key areas of the city centre. The Masterplan will aim to deliver over 2,500 new homes and commercial accommodation alongside improved public spaces, better connectivity, and vibrant mixed-use neighbourhoods that will support new jobs and investment in the city. Simon Dew, development director at Muse, said: “Signing this Pre-Development Agreement with Wakefield Council marks a pivotal step in bringing our shared Masterplan vision for the city to life. “By engaging at this early stage, we gain the flexibility to finetune design, progress site acquisition and delivery strategies whilst working closely with the council, Homes England and WYCA to accelerate progress and unlock funding as part of the Strategic Place Partnership. “This collaborative approach will ensure we can respond swiftly to changing market and community needs, delivering high quality, sustainable regeneration for Wakefield at pace. ”
Cllr Michael Graham, cabinet member for regeneration and economic growth, said: “Our latest step forward with Muse reinforces the scale of our ambition to revitalise Wakefield city centre. “Together we will set out a clear plan for the delivery of new residential and commercial development in our city. The agreement underpins our ambition to create inclusive, sustainable growth and maximise investment. “Our partnership will help us continue to deliver change for our communities, create places we can all be proud of, and strengthen our local economy. I look forward to working with Muse to make Wakefield an even better place to live work and visit.”

Shared Prosperity Fund adds £39m to York economy

City of York Council is celebrating the success of its UK Shared Prosperity Fund (UKSPF) investment programme, which has delivered benefits to businesses, communities, and residents.

The funding has added £6.30 to York’s economy for every £1 invested – a total of £39 million. City of York Council invested £5,507,510 from the Government through the UK Shared Prosperity Fund, in addition to £384,817 from the Rural England Prosperity Fund. The funds aimed to boost productivity and living standards, increase pride in place and build strong communities. The funding has been invested through a wide-ranging programme of grant and support schemes aimed at supporting businesses and local communities. Cllr Pete Kilbane, executive member at City of York Council for economy and culture, said: “The impacts of this investment have touched all parts of our city – from supporting entrepreneurs to turn their dreams into reality and enabling people to gain employable skills, to regenerating Acomb’s Front Street and bringing diverse cultural opportunities to York. “I’m extremely proud to see that 125 jobs have been created or safeguarded as a direct result of this funding, with hundreds more people benefiting from opportunities to build the skills and confidence they need to secure rewarding, well-paid employment. “The fact that this investment has contributed £39 million to York’s economy is due in no small part to the energy and passion that I’ve seen demonstrated time and again by the people and organisations who we’ve worked with throughout this programme and who have turned this funding into real change and opportunity for our people, places and communities.”

£65m secured for Leeds Build to Rent scheme

Maslow Capital, a specialist provider of real estate finance, has completed a £65 million development facility with Torsion Developments, the development arm of the vertically integrated Torsion Group, to deliver Flax Place, a Build to Rent (BTR) scheme in Leeds. The project will create 300 apartments on a vacant brownfield site to the east of the city centre. Designed by Day Architecture, Flax Place comprises two towers of 9 and 14 storeys, linked by a shared podium. Residents will benefit from amenities including communal lounges and co-working areas, secure cycle storage, and on-site leisure facilities. Construction began at the end of 2024, is progressing on programme – with all four concrete cores already complete – and is scheduled for practical completion in April 2027. The development has been forward sold to Starlight Investments. Emma Burke, managing director, development finance at Maslow Capital, said: “We are delighted to partner once again with Torsion Developments, whose delivery capability continues to impress. “Flax Place will play a vital role in narrowing Leeds’ acute housing shortfall while offering residents best-in-class amenities. Maslow Capital remains committed to providing the flexible capital that drives quality housing where it is needed most.” Financial advisory GLPG acted as capital advisor to the borrower, supporting Torsion Developments throughout the funding process.

Uber launches courier service for business deliveries in Sheffield and beyond

Uber has rolled out a new courier service across the UK, including Sheffield, for individuals and small businesses needing fast, local deliveries. The new feature, Uber Courier, is now available through the Uber app and allows users to send and receive items up to 15 lbs in weight and under £200 in value.

Currently, the service is available in cities such as Sheffield, Glasgow, Oxford, Edinburgh, Leicester, and Belfast. By summer, it is expected to reach 20 locations. Upcoming rollouts include key business hubs such as Manchester, Birmingham, Leeds, and Bristol.

Designed to support sectors like retail, legal services, and independent boutiques, Uber Courier enables SMEs to manage local deliveries on demand without traditional logistics contracts. Features such as real-time tracking, PIN code verification, and shareable updates for recipients support deliveries.

Uber Courier integrates directly into the existing app, offering a streamlined delivery solution that helps small businesses maintain customer satisfaction while staying flexible and cost-effective.

Jaywing acquired by Stubben Edge to boost fintech marketing capabilities

Stubben Edge Group has acquired Jaywing’s UK operations in a move designed to strengthen both companies’ offerings at the intersection of financial technology and data-driven marketing.

Jaywing, a long-standing agency with a 25-year track record in data science, artificial intelligence, and integrated marketing, will bring its analytics and creative capabilities into Stubben Edge’s expanding fintech platform. The deal is expected to accelerate product development and service innovation across both businesses, particularly in delivering measurable growth solutions for financial services clients.

Stubben Edge, known for its technology-first approach to insurance and financial services, continues to scale its operations through strategic acquisitions. Adding Jaywing enhances the group’s capacity to provide marketing, data, and AI-led insights as part of its broader financial solutions.

The acquisition also gives Jaywing access to new markets and resources, positioning the team to offer more comprehensive, end-to-end services to clients navigating complex, regulated sectors.

This move reflects a broader trend in the financial services industry, where the convergence of marketing intelligence and fintech innovation is becoming critical to competitive advantage. Jaywing will operate as part of the Stubben Edge Group going forward, contributing its expertise to support continued client growth.

Car dealership takes over former Wakefield bakery site

Wakefield Council has approved a proposal from Cars 2 Limited to repurpose a former industrial bakery site near the city centre as a vehicle storage facility.

The site, previously occupied by Speedibake and owned by Associated British Foods, was shut down permanently following a major fire in February 2020. The damage led to the facility’s demolition, with the company citing the cost and time required for a rebuild as prohibitive.

Under the approved plans, up to 400 vehicles will be stored on the brownfield site. The location will be an overflow and logistical hub for several nearby car showrooms, including Hyundai, Seat, Nissan, and Renault.

The move is positioned as a strategic expansion for Cars 2 Limited. It aims to ease on-site congestion at its retail locations and consolidate bulk deliveries and collections at a single, more efficient site.

The development brings a long-vacant plot back into commercial use and supports the continued growth of a local employer.

West Yorkshire programme backs female-led high-growth ventures

A new business support initiative has launched in West Yorkshire aimed at helping women founders accelerate investment and growth.

The programme, delivered through a partnership between the West Yorkshire Combined Authority, the University of Bradford, BREE (Bradford-Renduchintala Enterprise Ecosystem), and Lifted Ventures, targets 20 women-led businesses building high-potential ventures in the region. It offers two tailored tracks: a six-month intensive investment readiness accelerator and a more extensive two-year programme focused on long-term business development.

Applications are open to women founders and co-founders of businesses registered in West Yorkshire. The first cohort will begin in June 2025.

The six-month track provides training in business model development, go-to-market strategies, mentorship, and investor panels. It culminates in a pitch showcase at the Athena Festival in Leeds and a final event in Bradford. Participation is free.

The longer 18-month programme includes access to University of Bradford facilities, one-to-one mentoring, fortnightly workshops, fundraising support, and workspace resources. In exchange, the University takes a 15% equity stake in the business, with an option for the founder to buy back half (7.5%) for a capped £12,500.

The British Business Bank supports the initiative and forms part of broader efforts to address gender imbalances in entrepreneurship and regional investment access. Applications close on 30 May 2025.

Step forward for plans doubling Bradford city centre

Plans to create a new district in Bradford which will double the size of the city centre have taken a step forward. As part of its Bradford Showcase event, which is running alongside this year’s UKREiiF regeneration forum, Bradford Council announced that global consultancy Arup has been commissioned to create the master plan for the future of Southern Gateway. The Southern Gateway has been earmarked as one of the biggest regeneration sites in the UK, powered by £4.5bn in transport upgrades, including Mass Transit and a new Bradford rail station. This is a transformational opportunity bringing with it huge economic and social benefits. The inner-city Southern Gateway site, with borders along Manchester Road and Leeds Road, will offer high-quality, high-density office, commercial and residential developments alongside new public realm and green spaces. The master plan, which is expected to be created over 12 months, will deliver specific proposals, taking into account the requirements of the development, as well as respecting the city’s heritage and generating landscape enhancements. Councillor Susan Hinchcliffe, leader of Bradford Council, said: “This once-in-a-lifetime opportunity will drive growth for the district, strengthen supply chains, boost productivity and attract private investment, ensuring Bradford thrives in a competitive landscape. “The master plan will create a tangible, detailed proposal from street level right the way up to how the new district will work within the city as a whole, and it will be key in terms of attracting future investment. “Bradford is the largest city without direct access to the major north-south rail lines. A new ‘through’ rail station in the Southern Gateway is critical to delivering the social and economic benefits of faster travel between regional economic hubs and also to London. “It will unlock opportunities for young people, with faster, easier access to jobs, apprenticeships, and universities. It means more choices, more freedom, and clearer paths to success – connecting young people to the skills, careers, and futures they deserve.” Mayor of West Yorkshire, Tracy Brabin said: “Bradford’s Southern Gateway represents one of the biggest and most exciting regeneration opportunities in the UK. “With the potential for 5,000 new homes, alongside a new through station and new tram line to Leeds, these plans will grow our economy and ensure our region can prosper for years to come. “Working with Arup and Bradford Council, we can put more money in people’s pockets, and build a stronger, brighter West Yorkshire that works for all.” Associate director at Arup, Niall Bourke said: “The Southern Gateway Masterplan reflects the city of Bradford’s vision and commitment to creating an inclusive, sustainable, and resilient future. “Building on the progress already made, Arup will work closely with the Council, local stakeholders and communities to develop a plan that reflects Bradford’s heritage and identity while enabling future growth through investment in infrastructure and public space. “With the future rail station and the West Yorkshire Combined Authority’s mass transit plans providing momentum, the masterplan will set out a clear path for new homes, jobs, cultural opportunities and improved connectivity, strengthening the case for further investment and supporting the long-term transformation of the city and wider region.” Proposals have been agreed by the West Yorkshire Combined Authority for the Mass Transit tram system running between Leeds and Bradford. It is hoped the early construction stage of the project will begin in 2028. Phase one would include two lines serving Leeds and Bradford and the Bradford Line would run from Leeds city centre to Bradford city centre, also linking Bradford Forster Square with the planned new Bradford rail station. The ambition is for six trains an hour to run to Leeds, with a journey time as short as 12 minutes, with a 30-minute journey time to Manchester. The project is a major part of the next phase of Bradford’s regeneration, which so far has seen the delivery of the Broadway shopping centre, a £45m pedestrianisation scheme funded through the Transforming Cities Fund, One City Park, Bradford Live entertainment venue, and Darley St Market (which now frees up land for the City Village development) as well as Bradford’s year as UK City of Culture 2025.

UK explores hydrogen blending for gas supply decarbonisation

The UK Government is actively considering introducing hydrogen blending into the national gas network as part of wider decarbonisation efforts. According to energy minister Michael Shanks, a formal decision is expected shortly following an evidence-gathering phase assessing the impact on consumers and infrastructure.

Blending up to 20% hydrogen with natural gas is technically feasible with most existing boilers and appliances in domestic and commercial settings. Gas network operators have indicated that current infrastructure could handle such a mix without significant modifications, offering a transitional path toward lower-carbon heating.

Scotland is leading several green hydrogen production projects to leverage the country’s renewable energy capacity. Recent developments include a large-scale hydrogen facility approved in Kintore, Aberdeenshire, and discussions around the Grangemouth industrial site as a potential hydrogen hub.

While hydrogen presents a cleaner alternative to natural gas, its lower energy density requires greater volumes to produce the same heat output. This raises ongoing questions about the viability of a 100% hydrogen gas grid for domestic use.