Sheffield prepares to sign lease deal for Cole Brothers building
Sheffield City Council’s Strategy and Resources Committee meets next week to hear the latest update on the project to transform the former Cole Brothers building as part of the ongoing regeneration of the city centre, and to consider an agreement with Urban Splash over the lease.
Months of negotiations on the agreement have been taking place between Sheffield City Council and Urban Splash, which was announced in June as the preferred bidder to take on the building. Those negotiations have now concluded and the agreement for lease is expected to be signed in January 2024.
Once the agreement has been signed, the award-winning regeneration company will then be consulting with the people of Sheffield on their plans for the building and gathering thoughts and ideas.
The proposed Agreement with Urban Splash will result in the delivery of an exciting mixed-use scheme comprising flexible workspace and cafes/retail/leisure/cultural uses/event space which are all considered to be complementary uses to the rest of the Heart of the City project. Bringing this listed building back into active use will be hugely beneficial both for the wider city centre and the surrounding Heart of the City scheme.
Retaining much of the structure, whilst improving the thermal performance and energy efficiency of the building, should have a positive impact on climate change.
Leader of the Council Tom Hunt, Chair of the Strategy and Resources Committee, said: “The former Cole Brothers building is an important and much loved part of Sheffield City Centre. It’s great that we’re moving forward with Urban Splash to breathe new life back into the building. The exciting proposal from Urban Splash will add to the fantastic regeneration we’re seeing throughout the city centre in the Heart of the City development at West Bar and more.
“Sheffield is a city on the up. We are creating a city centre that will be a destination for people to come and relax, shop, eat, work, and drink.”
New networking group aims to support firms on Louth’s Fairfield Estate
A new business networking group is being created to companies based on the Fairfield Industrial Estate in Louth.
Set up by Wilkin Chapman in conjunction with Lincolnshire Chamber of Commerce, the Fairfield Networking Group will welcome organisations of any size or industry, based on the estate which is home to hundreds of businesses.
Established in the late 1960s, Fairfield Industrial Estate has been steadily growing each year but there are no previous networking groups dedicated to this important part of the town and the Lincolnshire Chamber of Commerce has historically been underrepresented in the area.
It’s hoped that the new group will connect businesses across the estate to help one another grow while encouraging collaboration on matters that directly impact the estate.
The group’s first meeting is set to take place on 9th January at Louth Distillery, where Pin Gin is produced. Meetings will continue to be held on the second Tuesday of each month from 5-7pm. It’s hoped that the event will be hosted by a different business on the estate each month.
Katherine Marshall, a partner at Wilkin Chapman which moved into a new office on the estate earlier this year, said: “I’m really excited to be helping to launch this new business networking group dedicated to this energising and inspiring area of Louth which has become a real hotbed for innovation, ingenuity and expertise. It does seem remarkable that even though Fairfield Industrial Estate has grown to become so important for the local economy the businesses here haven’t had a forum to regularly get together, get to know each other and work together, but that’s all about to change.
“The news has gone down very well so far, with lots of interest in our first meeting so I’m sure it’ll be a great success, and it’ll become a must-do event in everyone’s calendar here. I’d like to thank co-organisers Lincolnshire Chamber of Commerce and our first hosts, Louth Distillery for their support and enthusiasm. I can’t wait to see everyone in the new year!”
Simon Beardsley, pictured, Chief Exec of Lincolnshire Chamber of Commerce, said: “This is a fantastic opportunity for businesses to network with other industry professionals, potential customers, and suppliers.
“We’re constantly striving to support local businesses in their efforts to grow their businesses and develop meaningful relationships with other firms and are confident this venture will unlock new opportunities for them.”
While the group is primarily for those working at businesses based on Fairfield Industrial Estate, those from further afield are also welcome to attend. Pre-registration is not required and there is no membership fee, although future events may charge a small attendance fee to cover the cost of food and drink. Venues for future meetings will be discussed and agreed between attendees.
£1m from Finance Yorkshire supports management buy-out in Morley
A management buyout (MBO) has been completed at Morley-based Elm Building Services supported by £1m investment from Finance Yorkshire.
Elm is an established provider of mechanical and electrical services to the industrial, commercial, retail and leisure industries. Key clients include David Lloyd Clubs and Whitbread, owner of Premier Inns.
The company was founded by electrical engineer Neil Munday in 2002 who has grown the business year on year with turnover this year expected to exceed £8-10 million.
Elm employs 23 staff members and is projecting turnover of £15-17m over the next three to five years. It undertakes large scale mechanical and electrical projects across the UK and Europe.
The MBO will see Neil’s senior colleagues John Newton and Ian Walker take on the business with a view to growing the company particularly in the fields of solar power and low carbon solutions. Neil will stay in the business to provide support to John and Ian and further enhance their current client base.
Finance Yorkshire’s £1m investment from its Growth Fund is supporting the MBO. Neil said: “We have grown a successful business which is in good hands with John and Ian at the helm with my ongoing support. Finance Yorkshire can see we are moving the business into a new chapter with the opportunity to become a £15m to £17m business over the next three to five years. Its investment will support us to bring in new customers and grow further.”
Finance Yorkshire chief exec Alex McWhirter said: “Neil and his team have established Elm Building Services as a highly reputable provider of mechanical and electrical services. Our investment supports the opportunity to further grow the business as demand increases for the installation of green and sustainable energy technologies.
“The MBO at Elm is the type of investment Finance Yorkshire is keen to support to ensure the retention of companies and jobs in the Yorkshire and Humber region.”
Next year’s Guinness Book of World Records records Hornsea 2 as planet’s largest wind farm
Next year’s edition of the Guinness Book of World Records names Hornsea 2, off the east coast of our region, as the world’s largest windfarm in capacity.
The book records: “Highest-capacity offshore wind farm. Hornsea 2 is a 1,320-MW wind farm built by Danish firm Ørsted some 89km (55.3miles) off the coast of Yorkshire, UK. The facility’s 165 turbines were declared operational on 31 Aug 2022. At maximum efficiency, the turbines can generate enough power for 1.4 million homes.’
This feat of engineering was built through Covid-19, battling with restrictions, and self-isolation rules. The 165 mighty turbines stand at over 200m tall, with most of the blades being delivered from the Siemens Gamesa factory in Hull. One rotation of the blades on each turbine generates enough electricity to power a home for 24 hours. In September 2022, AXA IM Alts and Crédit Agricole Assurances together purchased 50% of the windfarm for £3 billion.
Duncan Clark, Head of UK and Ireland at Ørsted, said: “This fantastic achievement has come from years of hard work planning, building, and now maintaining Hornsea 2. Being named by the Guinness Book of World Records is recognition that we’re immensely proud of. There are too many people to thank, but each and everyone’s efforts has made this happen. Thank you all for your continued hard work.”
Bank of England holds interest rates at 5.25%
The Bank of England has held interest rates at 5.25%.
The Bank of England’s Monetary Policy Committee (MPC), which sets monetary policy to meet the 2% inflation target, voted by a majority of 6–3 to maintain Bank Rate at 5.25%.
Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%.
It marks the third interest rates pause following a run of 14 increases as the Bank tries to get inflation under control. Looking ahead, the MPC noted in a statement that “monetary policy is likely to need to be restrictive for an extended period of time.”
David Bharier, Head of Research at the British Chambers of Commerce, said: “While a cut in the interest rate could have provided some relief for firms ahead of Christmas, today’s decision to hold at 5.25% was expected and allays fears of further rises.
“UK businesses have been faced with the twin shock of an inflation crisis and increased borrowing costs. Around half of the businesses we survey report a direct negative impact from the current interest rate, while only around one in ten see a benefit.
“The BCC’s latest Economic Forecast expects only a 0.25% point cut in the interest rate for the whole of 2024, although businesses need to be prepared for any unexpected changes given the uncertain policy landscape.
“SMEs have been operating in an uncertain climate for too long, with policies constantly chopping and changing over the past few years. They need to see clear direction from decision makers, creating a roadmap for business that boosts confidence and investment.”
Sensing solutions company to create 25 jobs following £1.5m funding round
A Sheffield company whose smart sensing solutions help industry to improve performance has raised a further £1.5m from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, and Mercia’s EIS funds.
Tribosonics’ solutions are used to monitor industrial machinery and components and manage process efficiency and product quality. Its integrated systems – which incorporate hardware, software and advanced ‘edge’ analytics – provide data and insights to help companies improve performance, extend plant life, reduce maintenance and energy use and meet sustainability goals.
The investment will support Tribosonics’ ongoing product development and bring its solutions to a wider audience. The company also plans to expand its 42-strong team with the creation of around 25 new jobs in the next 18 months across its technical teams. It will also continue to invest in its apprenticeship scheme, Tribosonics Future Leaders Programme.Tribosonics’ solutions are used in industries such as industrial energy, composites, polymers and battery manufacturing. The company has attracted high-profile customers, in the UK and globally.
Tribosonics has tripled its revenue in the past two years and is on course to double it again in the current financial year. The company, which received previous investment rounds from Mercia and NPIF, has raised over £4m to date.
Glenn Fletcher, Tribosonics CEO, said: “Industry is facing a host of challenges such as the need to be energy efficient, sustainable and ESG compliant, reduce costs and enhance quality.
“Our integrated sensing solutions provide the data required to help companies to meet these challenges and achieve digital transformation. The funding will help us to drive further growth and bring our solutions to a wider global audience.”
Will Schaffer, Investment Director at Mercia, added: “Industry is waking up to the potential of data to improve efficiency. Process mining – the use of data to understand performance and improve processes – has become one of the fastest-growing areas in IT.
“Tribosonics’ technology is one of the most advanced of its type and the company has a strong management team to drive it forward. This latest investment will help it take advantage of this new and growing market.”
Yorkshire Housing secures £74m funding deal
Yorkshire Housing is set to build almost 400 new affordable homes thanks to a £74 million loan deal secured under the Affordable Homes Guarantee Scheme (AHGS).
The AHGS is a £3 billion government-backed lending scheme which aims to help registered housing providers build more affordable homes by providing longer-term, lower-cost, fixed rate loans.
Yorkshire Housing already has plans to deliver 8,000 new homes and this latest deal will enable it build around 380 homes.
ARA Venn, a leading investment manager, manages the AHGS on behalf of the government and was responsible for the deal.
Rob Parkes, director of finance at Yorkshire Housing, said: “With thousands of families on housing waiting lists and the cost-of-living still high, it’s more important than ever to provide affordable homes across Yorkshire.
“This new long-term funding will help us to build around 380 quality new homes, making it possible for more people to have a place they’re proud to call home.”
Work due to start to transform Halifax theatre
Work to transform the Victoria Theatre in Halifax is soon due to start. The work, which is funded by the UK Government’s Future High Streets Fund, is set to begin, with Calderdale Council appointing the construction company Morris and Spottiswood to carry out the improvements.
Plans include a new box office on Commercial Street with an amended layout to reflect current booking patterns. The current box office, along with part of the foyer area, will become a new café/bar which will provide new food and drink opportunities and could hold small performances, events and meetings.
Access improvements are also included in the plans, with a new lift taking visitors to the theatre’s bars on the circle level for the first time in the venue’s history, a platform lift for access from the theatre foyer to the auditorium, and two new accessible toilets being installed. These changes will vastly improve the visitor experience for those with access requirements.
Initial works will be focused around the new box office, which will be in the former Ivor Burns shoe shop on Commercial Street and the former newsagents next to the theatre entrance, which will become part of the new café/bar.
Throughout the works, the theatre will be open as normal, with performances unaffected, though there will be protective hoardings and scaffolding in and around the building during the works.
Calderdale Council’s Cabinet Member for Towns, Tourism and Voluntary Sector, Cllr Sarah Courtney, said: “The Grade II listed Victoria Theatre is a landmark in Halifax and a key part of our visitor economy. We’re passionate about the future of the venue and we’re excited for improvement works to begin.
“This is part of an £11.7million package of Future High Streets funding being used to deliver ambitious regeneration work in Halifax town centre. Supporting thriving towns and places is a priority for the Council, and this work will boost economic growth whilst also protecting our distinctive heritage.”
Calderdale Council’s Cabinet Member for Public Services and Communities, Cllr Jenny Lynn, said: “As we head towards the Calderdale Year of Culture in 2024, it’s wonderful news that one of the region’s top cultural venues is being revitalised with new and upgraded facilities to support an improved visitor experience.
“The work will transform the box office and foyer area, increase the food and drink options and improve accessibility of the venue. This will encourage greater daytime use, opening the theatre to different customers who may not have visited before.
“Construction is being carried out around the packed programme of events at the theatre and will be complete in time for celebrations as part of the Year of Culture.”
Matthew Wall, Public Sector Director at Morris & Spottiswood, said: “We are delighted to be part of this transformative project, which will not only breathe new life into Commercial Street but also provide the Victoria Theatre, Halifax with some fantastic new spaces and improve accessibility.
“We are looking forward to working in collaboration with the Council to ensure this important cultural facility can continue to be enjoyed by local people and visitors for years to come.”
Logistics company MD scoops national industry award
Tony Prescott, MD of Hull-based GTS UK, has been named Logistics Leader of the Year at the 2023 Logistics UK Awards.
Tony, who launched the business in 2015, was awarded the prize for his work in founding the company, leading his team and developing client relationships.
Based in Springfield Way, Anlaby, but working across the globe, GTS UK employs 18 people who specialise in customs, intermodal, supply chain management, overseas and trucking.
He said: “I am so proud to have won this award which is recognised by peers in my industry. The win should also be viewed as recognition for my incredible team; they are a key part of my success and the continued growth of GTS UK.
“Winning this award is the cherry on the top of a really successful year, our best one yet, and I’m looking forward to further achievements in 2024!”
The Logistics UK Awards celebrate achievements in the road, rail, sea and air sectors as well as operators, manufacturers, logistics and support industries.
David Wells, chief executive of Logistics UK, said: “Our Logistics Awards showcase the skills, expertise and ‘can do’ spirit of our industry and this year’s entries really have gone above and beyond to achieve their objectives.
“All our winners can be justifiably satisfied that they are at the very top of their game – the crème de la crème if you will.”
2024 Business Predictions: Graham Self, principal enterprise architect at Axiologik
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Graham Self, principal enterprise architect at Axiologik.
As 2024 unfolds, consumers will intensify their demand for personalised financial support amidst rising interest rates and inflation. Banks, vying for market share, will heighten competition with greater incentivisation and rewards to break traditional loyalty patterns. The Bank-as-a-Service model will gain traction, integrating financial products seamlessly into diverse applications beyond traditional banking settings. Larger banks with a global presence will offer connected global propositions, facilitating cross-border banking experiences. Catering to customers’ evolving lifestyle needs, financial institutions will forge partnerships to provide ethical, affordable, and personalised finance solutions, extending their reach far beyond conventional boundaries.
In 2024, neobanks will extend their success by diversifying product portfolios, and integrating lending, wealth management, and trading services while maintaining a focus on self-service. The agility of neobanks will make wealth management and trading more accessible to a broader audience. Simultaneously, legacy banks will compete by hyper-personalising products and services through AI-driven insights. Positioning themselves as ‘trusted advisors’, legacy banks will rebrand branches as specialist hubs, offering value-added services. While both neobanks and legacy banks move towards self-service, legacy institutions will leverage their unique advantage in supporting customers through economic challenges, emphasising personalised care.
The rush towards adopting AI is understandable, but it seems that the spotlight has been solely on the technology itself, causing organisations to overlook the actual outcomes AI is designed to achieve — the very reasons we embrace and find excitement in it. Looking ahead to the coming year, beyond the initial AI hype, we anticipate a notable pivot towards experience-led strategies, positioning AI as a facilitator rather than the focal point. Instead of viewing AI in isolation, businesses will emphasise the seamless integration of AI into processes, optimising workflows, and boosting overall efficiency. This paradigm shift reflects a more comprehensive perspective, recognising that the genuine value of AI lies not in its novelty but in its capacity to streamline operations, empower employees, and ultimately deliver an unparalleled and more efficient customer service experience.
