Hull Trains wins awards scheme shortlisting for the number of women drivers it employs
Lindum-built £3.3m Stamford College facility opens
A £3.3m facility built by Lindum Construction to a design by Waterland Architects has been opened at Stamford College.
Andrew quits architectural practice after 22 years
Doncaster conference will attempt to answer question: What’s next?
Firms could face unlimited fines if employees commit fraud for company benefit
“This government is committed to fighting economic crime, as demonstrated by our recently launched Economic Crime Plan 2 which set out how we will give law enforcement more state of the art resources to tackle high level offending.
“The new legislation will protect the public from a wide range of harms including dishonest sales practices, false accounting and hiding important information from consumers or investors.” It could also hold companies to account for dishonest practices in financial markets. The new powers follow on from recommendations made by the Law Commission’s 2022 review of corporate criminal liability. Prosecutors will independently consider whether a prosecution is in the public interest before any charges are brought. A business could face legal action if employees were selling products to a customer under false pretences, or if employees falsify accounts to mislead investors. Under both examples, a business could receive an unlimited fine if it is found to not have reasonable fraud prevention procedures in place. This enforcement not only ensures justice is secured for victims, it also encourages companies to create an environment where it is difficult for fraudulent tactics to thrive. There will be no requirement to prove that company bosses ordered or knew about a fraud committed by an employee. Andrew Penhale, Chief Crown Prosecutor for the CPS, said: “The scale of fraud in the UK – now accounting for 41% of all criminal activity – is so significant that extra measures to help prevent it and protect people from falling victim to this crime is welcome. “The new corporate offence of failing to prevent fraud is another important measure to drive better corporate behaviours and will complement existing measures for prosecutors.“Larger corporate enterprises, which fail to put in place reasonable measures to prevent fraud being committed by their employees, may be held criminally liable for that failure.”
Stallingborough firm gets £30m HSBC funding to develop smart home energy products
Malton firm becomes region’s first to get manufacturing sector grant
Scunthorpe-based funeral director expands into North-East Lincolnshire
Ice bath brand backed with seven figure expansion investment
Ice bath brand, Brass Monkey, based in Yorkshire, has sold a significant minority stake to a private family office in order to fund rapid expansion.
Pitalia Capital, the Bolton-based private office of the Pitalia family, which focuses investments in the wellness and healthcare sector, invested in the business after founder Anil Pitalia himself became a convert to Brass Monkey ice baths.
The automated ice baths, which retail for around £15,000 on average, have been sold to numerous high-profile customers, including professional athletes and celebrities, as well as exclusive spas and gyms.
Based in Tadcaster, Brass Monkey currently employs 22 staff to manufacture the hand-built wellness and fitness treatment equipment using their patented ice-making technology, and are set to double their workforce in 2023.
The business, which was founded by brothers Dan and Dale Bosomworth, grew turnover by 600% in its first year of trading, and is forecast to deliver a further 400% growth in the current financial year, underpinned by a strong order book.
“We have seen incredible growth since we launched the business two years ago, from prototyping in a garage to shipping around the world. We are pleased to have an investment partner to bring fresh perspectives and keep our horizons lifted for our next phase of growth,” said founder Dan Bosomworth.
“With Pitalia onboard we can continue to expand, through new manufacturing facilities, larger teams and new markets, as well as doubling down on our R&D. Our mission to help the world safely get their cold on feels more achievable than ever before.”
John Davies, managing partner at Pitalia Capital, said: “Brass Monkey has a great advantage in a rapidly growing sector, with some compelling IP in terms of both technology and a great established brand known for its design and quality.
“The Middle East and North American markets are huge opportunities for the business to continue its rapid growth, and we were keen to be involved in the next stage of this remarkable period of expansion.”
The global re-emergence of cold water immersion and therapy has gained traction in recent years, led by pioneers such as extreme athlete Wim Hof, and is believed to have multiple physical and mental benefits including improved immune system, mood and metabolism.
Sarah Harrison of Clarion, who advised Brass Monkey management on the transaction, added: “This is a remarkable Yorkshire success story. The founders’ passion for mental and physical wellbeing, and what started as a hobby in Covid, has become a serious business, establishing Brass Monkey as one of the global leaders in the market.
“The investment by Pitalia certainly fits with their ethos and together they will have the resources to meet the existing demand and take the brand overseas and into the commercial spa and gym markets.”
Other advisors included Jonathan Gillow at Hill Dickinson, Patrick Morris at Fairhurst Accountants who advised on tax. Cowgills provided financial modelling.
The need for a new 18,000 sq ft manufacturing facility will see the business relocate in Q2 2023, and the company anticipates hiring 20 new staff between now and December.
New business development and marketing director at LCF Law
Nick Greenwood has joined Yorkshire law firm, LCF Law, as business development and marketing director. Nick has worked in the professional services sector for 25 years for banking, accountancy, and legal firms across Yorkshire.
In his new role, Nick will head a broad spectrum of business development and marketing projects at LCF Law and oversee the firm’s overall growth strategy. He will also work closely with its lawyers to develop new business opportunities throughout its corporate, commercial, and personal law divisions, across offices in Leeds, Bradford, Harrogate and Ilkley.
Nick said: “I started my career at Barclays as a branch manager in both the Leeds and Bradford flagship branches, soon progressing through SME into corporate banking and agriculture, supporting all types of businesses with their financial needs.
“After that, I became part of the senior leadership team at a mid-tier accountancy firm as head of sectors, and then moved to a business development role at a 48 partner law firm supporting its achievement to become one of the most profitable law firms in the east of England.
“Whether it be providing finance, accountancy, or legal services, the key is always to focus on how firms can solve problems for their clients and deliver cost-effective solutions that help them achieve their business and personal goals.
“Joining LCF Law has seen me come full circle, returning to a Bradford headquartered business and I’m excited to join the firm. There is so much about LCF Law that makes it unique, including its people and its innovative and open approach, and I can’t wait to use my experience to help promote this fantastic firm across the UK.”
Simon Stell, managing partner at LCF Law, said: “We have significant growth aspirations and Nick’s expertise and enthusiasm, will help us to deliver those. At the heart of any good business are its people. We recruit great people and help them to achieve their potential and career ambitions. The addition of Nick to the team will help the business and our lawyers meet our goals.
“We are problem solvers for our clients. It’s all about understanding how we can best help our clients tackle their legal issues to achieve the outcomes they seek. Nick’s appointment will help us to reach even more clients across a broad spectrum including the manufacturing, agricultural, healthcare, digital and charity sectors.”