Inflation returns to target

Tess Egginton
-
0
Inflation returns to target
Inflation has returned to the Bank of England’s 2% target for the first time since July 2021. Measured by the consumer prices index (CPI), which rose by 2% in the 12 months to May 2024, it is down from 2.3% in the 12 months to April. The biggest downward contribution to the fall in inflation came from food-price inflation, which dipped to 1.7% in May, the lowest annual rate since October 2021. This was partially offset by higher petrol prices. The UK has also won the international race to get back to target, being the first among the euro area and US to bring headline inflation back down to 2%. In fact, the UK currently has the lowest headline inflation rate in the G7 bar Italy. Despite this, the impacts of sustained high inflation over the past three years will remain for some time, with the relative cost of essential goods expected to remain high. The Resolution Foundation notes that overall prices have risen by 22% since July 2021 (when inflation was last at 2%), while energy prices have risen by 66% and food by 31%. Core inflation, meanwhile, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, rose by 3.5% in the 12 months to May 2024, down from 3.9% in April. James Smith, Research Director at the Resolution Foundation, said: “It’s very welcome to see headline CPI inflation falling back to its 2 per cent target for the first time since July 2021. And while the UK experienced a higher inflation peak during the cost-of-living crisis, it has now got back to target more quickly than either the US or euro area. “But the legacy of a long period of very high inflation means there is unlikely to be much of a feel-good factor among families, as they continue to struggle with the higher cost of essentials. “And while headline inflation is back to normal levels, domestically-driven services-price inflation remains elevated. This inflation will worry the Bank of England, and may give pause for thought when it comes to cutting interest rates.”

“Inflation returns to target, but Bank of England is unlikely to fire starting gun on interest rate cuts tomorrow,” noted Yael Selfin, Chief Economist at KPMG UK.

“The Bank of England will be encouraged by the slowdown in headline inflation, and while concerns will remain over elevated underlying price pressures, further falls in services inflation are anticipated over the coming months. Today’s data are unlikely to spur a surprise rate cut tomorrow, however, the MPC could have sufficient evidence to begin its easing cycle in August.

“While underlying price pressures have moderated somewhat, they remain uncomfortably high, with services inflation running at 5.7%. The Bank will need to see a continued fall in services inflation before it can be confident that headline inflation will stay sustainably at its 2% target in the medium term. A slower pace of pay rises may lead to weakening services inflation, helped by a loosening labour market.

“Energy prices continue to present a risk for the UK inflation outlook. Wholesale gas prices have risen by more than 30% since the start of April, and if prices remain at this level into the autumn, household energy bills could potentially rise again in October. Nevertheless, the overall outlook for inflation remains broadly positive, and we expect headline inflation to hover around the target range over the coming months.”

AmbiSpace secures £50k enterprise funding

Tess Egginton
-
0
AmbiSpace secures £50k enterprise funding
Sensory room design and installation specialists, AmbiSpace, have secured £50,000 in funding from Doncaster-based Finance For Enterprise (FFE) to support their business growth. Founded in 2016 by Kevin Wheatley, AmbiSpace leads the way in the design and manufacture of inclusive sensory solutions for individuals with special educational needs, learning difficulties, disabilities, and neurodiversity. The company has received prestigious awards for its innovative sensory technology and products that enhance accessibility in public spaces. In November 2021, AmbiSpace expanded its production capabilities by adding fibre optic lighting manufacturing. This addition enables the company to produce fibre optic carpets, strands, and light guides for sensory, aviation, medical, commercial, and industrial clients both in the UK and internationally. To accommodate this increased production, AmbiSpace needed new premises to support further growth. Finance For Enterprise, which previously assisted AmbiSpace with a Start Up Loan in 2016, was approached again to help cover the costs of relocating and setting up the necessary machinery and equipment for expanded fibre optic lighting production. The move to new premises will also create six new jobs, contributing to the local economy. Tim Daniels, Senior Business Lending Manager at Finance For Enterprise, said: “Having supported Kevin with previous funding requirements, it was my pleasure to help AmbiSpace secure new funding. The business operates in a highly specialised sector with increasing demand and investment as the need to support people with SEN grows.” Kevin Wheatley, Managing Director at AmbiSpace, said: “For over 20 years, the people at AmbiSpace have crafted customised sensory experiences that make environments more accessible and engaging for the individuals we assist. We are grateful for the support from Tim and the Finance For Enterprise team in helping us achieve our goals.”

New head office and increased warehouse capacity for Hull logistics firm

Tess Egginton
-
0
New head office and increased warehouse capacity for Hull logistics firm
TEPS, a Hull-based family-run commercial haulage, storage, and distribution company, and part of John Good Group, has opened a new head office facility and increased warehouse capacity. The multi-million-pound investment in the new facilities amplifies TEPS’ advanced logistics and inventory management systems, significantly enhancing the operational efficiency and capacity. With the new 25,000 sq ft warehouse, capable of housing 5,000 pallets, TEPS have increased their capacity to nearly 200,000 sq ft, helping meet the demand for TEPS’ services. This new facility is an inward investment into the Hull and East Yorkshire region, showing its confidence in the economy and for future progression. The new offices have been furnished with repurposed materials from other locations within the group and solar energy has been implemented onto the warehouse, both minimising the build’s environmental impact. Managing Director of TEPS, Paul Fordon, says: “Our new warehouse and office space marks a significant milestone for TEPS. Our team are thriving in their new home, and this is just the beginning of scaling our operations into our new warehouse facility where we will showcase our commitment to operational excellence. “This next step for TEPS is a testament to our 3rd generation family business. The project team, led by Havercroft, have done an incredible job. They should be congratulated for what they have delivered for the business.” Adam Walsh, CEO of John Good Group, adds: “I’m pleased for Paul and the team that the project has been completed and we’re now back to being fully operational. Projects like this always come with challenges, both in terms of the infrastructure build itself, but also in keeping a safe and productive business running at the same time. I’m pleased to say the team at TEPS achieved both. “I’d like to extend my thanks to Havercroft for the way they partnered with us to turn our ambitions for the site into reality. It’s been a big investment by the John Good Group, and we’re really pleased with the outcome. A great job by all the contractors who worked on the site. “Now the real work starts as we make the most of our new facilities for our customers and employees. We’ve delivered a great environment for our people, and with Paul and the team at TEPS very focused on efficiency and service, we’ve got a great platform for growth with our customers.” TEPS was founded by Alan Fordon, grandfather of the current Managing Director, Paul Fordon. In recognition of the contribution and 68-year commitment that the Fordon family has brought, the John Good Group has fittingly named their new headquarters ‘Fordon House’.

Judges announce shortlist for Gainsborough DN21 Awards

Stuart Pearcey
-
0
Judges announce shortlist for Gainsborough DN21 Awards
Judges for the Gainsborough DN21 Awards have announced their shortlist of hopefuls this week as the countdown starts for the return of the glittering awards ceremony in July. Dozens of businesses across the DN21 postcode have entered the awards which have returned after four years. The winners will be announced at the awards ceremony on July 25 at Thonock Park in Gainsborough, bookings are now open for the event. The awards have been organised by the team at Marshall’s Yard and sponsored by West Lindsey District Council. Centre Manager at Marshall’s Yard, Melissa Cutforth said: “We are so excited to be bringing the DN21 Awards back this year, it’s a great opportunity for us to highlight the fantastic companies we have here in the town. “We have a really great line up of shortlisted entrants and we can’t wait to announce the winners on the night. Bookings are now open for the event on July 25 and we’re expecting there to be a lot of interest in tickets, so please do book early.” Chairman of West Lindsey District Council, Cllr Stephen Bunney, said: “What a high quality of entrants we have had for the return of the DN21 Awards. The judges have had a really tough job shortlisting our finalists. “Gainsborough is a great, entrepreneurial town with some fantastic businesses – we’re really pleased to have the opportunity to focus on the innovation and excellence in town with these awards. A huge well done to every single company that has been shortlisted.” The shortlisted companies are: Customer Service Team of the Year – sponsored by Visiting Angels 
  • The Range
  • Browns Department Store
  • McDonald’s
Community Engagement Award – sponsored by West Lindsey District Council 
  • Williamsons Farm
  • Grosvenor House care home
  • Kixx Gainsborough
Best Family Run Business – sponsored by Ping 
  • Wallace & Dough
  • Paul Fox
  • Dandelion & Duck
Independent Retailer of the Year – Elite Signs 
  • No.17 Coffee & Cocktails
  • Horsley’s
  • The Florist
Business of the Year – sponsored by Wright Vigar
  • L & J Fitters
  • Clock House
  • Grosvenor House Care Home
Business Person of the Year – sponsored by SIS Facades 
  • Samantha Thornhill – Gainsborough Car Wash
  • Clive Anderson – Elite Signs Ltd
  • Hayden Denman – Kixx Gainsborough
Shining Star Award – sponsored by RS Security Services 
  • Elaine Bielby – Jack in the Box Musical Memories
  • Helen Lynes – The Range
  • Ian Anderson – SIS Glazing & Projects
Best new Business – sponsored by Browns 
  • Ultimate Graphics
  • Dandelion & Duck
  • The Secret Sanctuary
Social Media Award
  • Hays Travel Gainsborough
  • Caldero Lounge
  • The Secret Sanctuary
Best Trade Business
  • Cowley’s
  • L & J Fitters
  • TNY Electrical
Green Business of the Year
  • Uncle Henrys Farm Shop
  • Helix 50
  • Grosvenor House Care Home / JOSA AC
The coveted Retailer of the Year Award will also be announced on the evening – this award is voted for by the public.
 

Small firms fear international supply chain could ‘crumble’ without Government intervention, says FSB

Stuart Pearcey
-
0
Small firms fear international supply chain could ‘crumble’ without Government intervention, says FSB
Small firms say the “supply chain could crumble” over the next five years unless the new Government prioritises international trade, according to the Federation of Small Businesses. Figures from the FSB show that one in five small firms are worried about the costs of exports and imports over the next five years, whilst one in four would like to see a reduction in the cost and time it takes to import and export. Tina McKenzie, FSB’s Policy Chair, said: “International trade fuels progress and fresh ideas, and without it, our supply chain crumbles. Small firms who reach global markets also tend to grow faster and be stronger during tough economic times. However, our research presents some troubling figures, so the next Government will therefore need to keep trade at the top of their agenda. “Strengthening trade links with major markets like the EU and USA is key to the UK’s future as a global trading force. This would also incentivise small firms to start and continue trading. “Our election manifesto outlines ways to achieve this, including creating a simple online trade portal that collects all the information small firms need to provide just once – a “once and done” approach. The hefty paperwork and confusing fees associated with international trade are also a concern, and those administrative burdens need to be reduced. “Investing in training for Border Force staff is a quick way to keep goods moving smoothly across the borders, as will on-the-ground resources to improve customs training. “There also needs to be plans for a next-generation export development grant or tax relief scheme, taking inspiration from successful international examples, such as the ones used in Australia for decades. “In the 2026 review of the UK/EU Trade and Cooperation Agreement, the Government should negotiate to remove the need for an intermediary for the EU VAT system. They should also aim for mutual recognition of product standards and professional qualifications in key sectors. “We were pleased to be invited to work with the Labour Party on an exports taskforce, which will create a better approach to industrial trade and policy, and be published shortly. “Simplifying international trade for small businesses will allow us to drive significant economic growth and increase resilience. We must not let this opportunity pass us by.”

Leeds companies collaborate on development in Lichfield

Stuart Pearcey
-
0
Leeds companies collaborate on development in Lichfield
Two companies from Leeds are collaborating on the next phase of a speculative development at Fradley Park in Lichfield. Evans Property Group from Beeston has signed up engineering consultancy JPG Group from Holbeck for the work, to advise on the next phase of the project, where they have secured planning consent for two warehouse units totalling over 280,000 sq ft at the established 300-acre industrial and distribution park. Fradley Park is one of Evans most longstanding development projects to date with over four million sq ft of commercial space delivered alongside considerable residential conurbations.  Its strategic location on the A38, with immediate connectivity to the M40, M42, M1, and M6 has attracted major occupiers including DHL, Screwfix, Tesco, and Yodel. Having already advised Evans through the planning process, JPG is now providing full civil and structural engineering support alongside GMI Construction to deliver the two units. This includes the diversion of a Severn Trent surface water sewer and the formation of a large flood compensatory storage area to the south of the site as part of the flood risk strategy. Chris Harding, MD at JPG Group said: “JPG has advised on development plans spanning more than 20 years at Fradley Park and so we are very familiar with the site and its geospatial data. Indeed, we are retained across much of Evans portfolio as a trusted, long term advisory partner.” “The instruction also supports our growing base in the Midlands where we established a more permanent base at the start of the year.  Our central Birmingham office is expanding with a range of instruction across strategic residential, logistics and retail instructions.” Marc Banks, Director at Evans Property Group said: “This is another major milestone on our ongoing journey at Fradley Park, it demonstrates our commitment and confidence in the site and the marketplace. We are delighted to once again be working closely with JPG as our engineering partner on the project.”

Funding will help business experts support Lincolnshire Action Trust

Stuart Pearcey
-
0
Funding will help business experts support Lincolnshire Action Trust
Lincolnshire Action Trust has been awarded funding and support from a team of business experts to tackle social and environmental challenges to help develop its services for people in contact with the criminal justice system. The LAT charity supports people involved with the criminal justice system and families with rehabilitation and reintegration services, and has had the impact of its current services and future ambitions recognised as a 2024 Weston Charity Awards winner. The award gives the charity the chance to invest in its future with strategic planning support from a dedicated team of four business experts, thanks to pro bono charity Pilotlight, and a core grant of £6,500 from the Garfield Weston Foundation. LAT was chosen from over 180 applicants, all of which are frontline charities delivering youth, welfare, community or environment services in the North of England, the Midlands and Wales. Alison Goddard, Chief Executive Officer at LAT said: “Lincolnshire Action Trust is delighted to be chosen as a Weston Charity Award winner following a highly competitive process.  We look forward to working with Pilotlight over the coming months to embed a cycle of strategic and organisational development to ensure the charity is best placed to maximise our impact. “Our future ambitions are to continue to expand the depth and reach of interventions that LAT provides to people in contact with the criminal justice system so the funding will be used for this purpose. “The focus of the expertise provided by the team of business experts will be to support us in developing our organisational and strategic plans which, in turn, will enable us to achieve this ambition.” Sophia Weston, Deputy Chair of Trustees at Garfield Weston Foundation, said: “In today’s world, the challenges facing communities are more complex than ever. We’re proud to partner with Pilotlight to support the 24 outstanding charities selected, who are finding innovative ways to combat issues ranging from rising inequality to threats to our natural environment.”

CATCH names new Director of Education and Training

Stuart Pearcey
-
0
CATCH names new Director of Education and Training
CATCH has appointed Paul Robinson to the brand new role of Director of Education and Training. He will lead a team of tutors and industry professionals focusing on pathway development, partnerships with employers, and ensuring that programmes are aligned with current industry needs. He will also play a crucial role in expanding access to training opportunities, supporting learners from diverse backgrounds, and equipping them with the skills needed to thrive in the workforce. He said: “I am thrilled to be joining CATCH as the new Director of Education and Training. As the industry continues its journey towards achieving net zero and closing the skills gap, I am honoured to be part of its future and look forward to working within the CATCH team and collaboratively with employers to maximise the positive impact across the sector.  It’s an exciting time and CATCH is pivotal in the journey ahead.” CATCH CEO David Talbot said: “Paul’s expertise and dedication to excellence align perfectly with our mission to train not only new entrants to industry, but also to upskill those that are already making a difference. We are confident that Paul will drive significant growth and success in our skills and apprenticeship programmes.”  

Yorkshire SEO firm wins global accolade

Stuart Pearcey
-
0
Yorkshire SEO firm wins global accolade
Digital growth company The SEO Works, with offices in Leeds and Sheffield, has won the Integrated Search Agency of the Year award at the Global Agency Awards 2024. CEO Ben Foster said: “Winning Best Global Integrated Search Agency is a fantastic achievement and demonstrates the talent and results-focused culture of our hardworking team. We’re delighted to be able to demonstrate our ability to get results for clients with an integrated search strategy on the global stage.” The Global Agency Awards celebrate the transformative impact of agencies across the globe, highlighting the strategies and campaigns that organisations use to grow in the digital age. Since its inception in 2020, the awards have celebrated top agencies, from creative and design to marketing and public relations. The judging panel is composed of marketing experts and industry veterans, this year including representatives from Sainsbury’s, Parkdean Resorts, Dunkin’ Donuts and Manchester Metropolitan University. Judging follows a robust two-step judging process that includes pre-scoring to establish a shortlist and judge voting to determine winners. The judges said: “The SEO Works illustrates the clear correlation between employee satisfaction and client success. The recent work section stands out … showcasing the agency’s innovative solutions and tangible impact. The narrative, prioritising people and highlighting the brilliant ‘strategy on a page’ inclusion, truly resonates, demonstrating a commitment to holistic success.” At the same event, The SEO Works won a second award for ‘Best PPC Campaign’. The judges said: “The SEO Works clearly demonstrated the need for this campaign with a well-defined business problem and expertly utilised all available tools to create a tailored strategy. Their approach to reinvest the budget into more profitable areas proved highly effective, as evidenced by the significant results. Additionally, their impressive use of first-party data reduced costs, showcasing their strategic ingenuity”.    

Meld Energy gets green light for £250m hydrogen production facility at Saltend

Stuart Pearcey
-
0
Meld Energy gets green light for £250m hydrogen production facility at Saltend
Green hydrogen developer Meld Energy has received approval from the East Riding of Yorkshire Council to construct a £250 million, 100 megawatt green hydrogen production facility at Saltend in Hull. Meld Energy is now preparing to build the green hydrogen production facility at Saltend Chemicals Park, a move that will create the capacity to meet up to 30% of the park’s existing hydrogen demand. This significant increase in green hydrogen production will lead to a reduction in carbon dioxide emissions by a staggering 125,000 tonnes annually, a substantial step towards a more sustainable future. Saltend Chemicals Park is a hub for top-tier chemical businesses such as BP Petrochemicals Technology, Vivergo Fuels, Yara, Mitsubishi Chemicals UK, Ineos, and Air Products, as well as the Triton Power station. Hydrogen can be used as a replacement for natural gas, as a fuel for various modes of transport such as buses, heavy goods vehicles, and cars or as an ingredient for clean hydrogen derived fuels. When burned, it does not produce carbon, which makes it compatible with legislation aimed at addressing climate change. Meld’s green hydrogen will be produced through electrolysis, a process that involves using electricity to split water into hydrogen and oxygen. Hydrogen is crucial for the chemical industry’s transition to net zero, as it offers a viable path to decarbonisation, especially considering the industry’s significant use of gas. Meld Energy submitted a bid to access funding from round two of the government’s Hydrogen Production Business Model in April of this year. Successful schemes are expected to be announced later this year, with the government aiming to support up to 875 megawatts of hydrogen production in total. The Humber region is the UK’s industrial centre and the largest industrial emitter of CO2 in the UK – with over 5% of the UK’s overall emissions and 50% more than the next largest region. This makes it an ideal location for hydrogen production. The provision of cleaner fuels is essential to the region’s journey towards decarbonisation and will provide a vital boost to the local economy, securing jobs and encouraging inward investment.
1...270271272...949Page 271 of 949