Firms urged to continue carbon reporting in the wake of Government’s regulatory rule change

Stuart Pearcey
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Firms urged to continue carbon reporting in the wake of Government’s regulatory rule change

East Midlands accountancy and business advice practice Duncan & Toplis is urging employers to continue carbon reporting after proposed regulatory changes come into effect.

In March, the UK government published suggested changes to company size limits that will impact 131,000 companies nationwide by changing auditing thresholds and other reporting requirements, including carbon reporting obligations.

These changes could see 5,000 large companies reclassified as medium-sized, 13,000 medium-sized companies reclassified as small and 113,000 small companies reclassified as micro-entities.

While the reforms aim to reduce the non-financial reporting obligations for businesses, Duncan & Toplis is warning that companies could be at substantial risk if they don’t maintain existing obligations around sustainability.

Stuart Brown, Director and Head of Technical and Compliance at Duncan & Toplis said: “At first glance, businesses may think that the government’s changes to company size are an easy win that would simplify auditing and annual reporting – but there’s more to it than initially meets the eye.

“The proposed reclassification would mean that thousands of currently ‘large’ companies can take advantage of eased requirements to cut their admin spend, but it also means that thousands of businesses will no longer be required to report their carbon emissions to the government – as this only applies to large companies. This could prove especially problematic for companies that are effectively downsized by the move, potentially extending as far as limiting their access to loans if they cease their carbon reporting.”

The move has been projected to save £150 million per year for UK companies and while, on the surface, this will reduce the regulatory burden on thousands of companies, there may well be unintended consequences. The company highlights that the potential fallout from the reduced regulatory need to report carbon emissions could mean that they no longer appear committed to environmental sustainability – something that lenders, customers, suppliers and employees are increasingly invested in.

A recent study by the Journal of Banking & Finance found that banks in 30 countries globally are more likely to offer lower loan rates to companies that show clear environment and sustainability concerns – increasing their rates to companies that fail to do so. There are also concerns about the impact this may have on recruitment and retention.

Sally-Anne Hurn, Sustainability Champion at Duncan & Toplis, explains: “With figures from DWF showing that almost two-thirds of businesses are already losing out on recruiting new staff and tender agreements due to poor environmental, social and governance performance, further loosening the current requirements could put businesses at risk of losing customers, suppliers and emerging talent – ultimately impacting on the profitability of the company.

“Environmental and social responsibility is an increasing concern for jobseekers and there has been a pronounced shift in focus towards seeking out sustainable, environmentally-friendly employment opportunities in recent years. Employers should prioritise investing in continued carbon reporting and being transparent about their emissions.

“My advice to businesses is to continue diligently monitoring your carbon emissions and the environmental footprint of doing business, even if the legal mandate to do so is removed when your company is reclassified as a medium entity.

“You may well find that failure to do so means that banks are less likely to lend you finance and you may struggle to win tenders against more socially responsible competitors. Importantly, larger suppliers may still require businesses to undertake calculations in order to trade with them. This will be as larger corporations will be considering their Scope 3 emissions – so it’s vital this isn’t overlooked.”

Local authorities to be given power to offer empty shops at bargain basement prices

Stuart Pearcey
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Local authorities to be given power to offer empty shops at bargain basement prices
New powers are being given to local authorities to secure empty high street properties and auction off their leases to local businesses. Under the new High Street Rental Auctions scheme, by this summer local authorities will have been given the power to combat high street vacancy by allowing local leaders who know their area best to take control of empty properties blighting their high streets and rent them out to local businesses that want use them. The new powers will help councils level up their high streets and tackle wide-ranging issues stemming from prolonged high street emptiness exacerbated by the pandemic, such as low footfall which leads to struggling businesses, increased unemployment and anti-social behaviour. Where a high street shop has been empty for over a year, High Street Rental Auctions will allow local leaders to step in and auction off a rental lease for up to five years. Auctions will take place with no reserve price, giving local businesses and community groups the opportunity to occupy space on the high street at a competitive market rate. To help get High Street Rental Auctions up and running as soon as possible, the government is launching new ‘trailblazer’ programme so it can work with a number of communities who are keen to lead the way in quickly implementing the new powers. There will also be a £2 million support pot to help them and other local authorities to get started across the summer. The Minister for Levelling Up Jacob Young said: “We want to bring high streets back to life and these new levelling up powers will help do just that. “A lively high street brings an irreplaceable community spirit – one that is unique to its own area – along with new jobs and opportunities for local people.

“These new powers will enable local communities to take back control, backed by over £15 billion of levelling up funding which is transforming towns and left-behind communities across the UK.”

PepsiCo invests £8m in Lincolnshire factory

Tess Egginton
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PepsiCo invests £8m in Lincolnshire factory

PepsiCo has announced an £8m investment in its Pipers Crisps manufacturing site in Brigg, Lincolnshire, to meet growing demand for the popular snacks. It coincides with the 20th anniversary of Pipers Crisps and marks five years since PepsiCo’s acquisition of the brand.

The funding will boost production capacity at the site by nearly 80%, through replacing existing crisp fryers with new energy efficient models and installing new packaging machines at the Lincolnshire factory, which has been the home of Pipers Crisps since 2004.

New, more efficient fryers replacing the existing fryers as part of the investment are helping to reduce the site’s greenhouse gas emissions by over 200 tonnes a year. This contributes to PepsiCo’s pep+ commitment to target an absolute reduction across its value chain by more than 40% by 2030, reaching net-zero emissions by 2040.

Originally available in small independent pubs, bars, cafes and farm shops, Pipers has expanded its distribution network to include national wholesalers such as Booker, Brakes and Bidfood, alongside hospitality operators Mitchell & Butlers, Stonegate and Youngs.

The brand’s export business is worth over £2m, shipping to countries including France, Italy and across Scandinavia. The recent investment will help unlock further export opportunities for the premium crisp brand including to the Middle East, China and Japan.

Alongside increasing production, the investment will go towards upgrading facilities for the factory’s 100 local employees, including improvements to workspaces and staff changing rooms.

PepsiCo has continued to invest in its UK manufacturing sites, with a total of £127m committed in investment over the last four years, including a £58m investment in its Leicester factory announced last year.

Mirjam Fogarty, head of operations, Pipers Crisps, said: “Pipers is a much-loved brand with a rich heritage, and we’re delighted to be making this investment at such an exciting stage in our journey.

“From small independent pubs, cafes and farm shops, to working with some of the UK’s biggest wholesalers and hospitality operators, the funding will help us bring our delicious crisps to more people, wherever they are, and expand our brand internationally.

“With Pipers’ 20th birthday fast approaching, I’m looking forward to the next phase of our growth.”

High energy use companies offered help to cut bills

Stuart Pearcey
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High energy use companies offered help to cut bills
The government is to give £27.5 million from the Industrial Energy Transformation Fund to support businesses with high energy use to reduce their bills and carbon emissions. It’s part of a new scheme costing half a billion pounds to reduce energy bills and carbon emissions within which schools, pools, and hospitals will be supported to make energy efficient upgrades, with over £557 million government investment. Heat pumps, solar panels, insulation and low-energy lighting will be rolled out to reduce the use of fossil fuels across the public sector and strengthen the UK’s energy independence, helping save taxpayers hundreds of millions of pounds. This follows significant progress already made towards reaching net zero – with the UK becoming the first major economy to halve emissions. Decarbonising the public sector is expected to save an estimated £650 million per year on average to 2037. Minister for Energy Efficiency and Green Finance Lord Callanan said: “From school corridors to the businesses that power up our economy, we want to make sure buildings of all shapes and sizes are supported to deliver net zero. “By allocating over £557 million today, we are standing steadfast behind our public sector and local businesses, providing the help they need to make the switch to cleaner, homegrown energy.

“This will not only help cut bills in the long term, but ensure we keep reducing our emissions – having already led the world by halving them since 1990.”

More than 1,000 projects have now received funding since 2020 to upgrade thousands of buildings through the Public Sector Decarbonisation Scheme. Salix Chief Executive Emma Clancy said: “The climate crisis is one of the greatest challenges of our time. It requires all of us, including governments and businesses, to make change and reduce our carbon footprint. “The Public Sector Decarbonisation Scheme enables the public sector to tap into a fund which can transform our public buildings. These are the sites we use every day; our schools, universities, leisure centres and others will become more energy efficient as well as being comfortable places to use thanks to this funding. “Every day our teams at Salix work with the public sector to achieve ambitious net zero goals and we’re looking forward to working with the latest successful Public Sector Decarbonisation Scheme grant recipients.”

Waste management company fined after worker burned

Tess Egginton
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Waste management company fined after worker burned
The Health and Safety Executive (HSE) has prosecuted a waste management company after a worker suffered burns to his face and body after the crowbar he was using came into contact with a live electrical conductor. In the incident on 14 July 2021, the man was moving heavy duty electrical cables with a metal crowbar on a mobile elevating working platform when the bar came into contact with the live conductor, causing an electrical explosion at Copper Hill industrial estate, Ermine Street, Barkston Heath, Lincolnshire. As well as suffering serious burns, the explosion caused the man to fall from the platform and sustain a broken left arm, fractured ribs and dislocated kneecap. The worker had been contracted by New Earth Solutions (West) Limited, trading as Mid UK Recycling, to work at the firm’s recycling plant at Copper Hill industrial estate. An investigation by HSE into the incident found this task was not part of the normal workload for the injured worker and that he had not received any training with regards to undertaking electrical work.  The task had not been properly planned nor risk assessed and the electrical cables were not isolated before work began. In addition, the level of supervision provided was inadequate and safety devices on the electrical supply had been set inappropriately, prioritising continuity of supply over safety of the electrical circuit. New Earth Solutions (West) Limited, of Station Road, Caythorpe, Grantham, Lincolnshire, pleaded guilty to breaching Section 3(1) of the Health and Safety at Work etc. Act 1974. The company was fined £200,000 and ordered to pay £12,466.60 in costs at Lincoln Magistrates’ Court on 10 May 2024. HSE inspector Tim Nicholson said: “This incident could so easily have been avoided by properly planning the task, ensuring that all workers involved were suitably competent and making sure that electrical conductors were isolated before the work began. “Companies should be aware that HSE will not hesitate to take appropriate enforcement action against those that fall below the required standards.” This HSE prosecution was brought by HSE enforcement lawyer Jayne Wilson and supported by HSE paralegal officer Ellen Garbutt.

Premier Asset Finance appoints business development manager for the Humber and East Midlands

Tess Egginton
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Premier Asset Finance appoints business development manager for the Humber and East Midlands

Andy Craggs has joined Premier Asset Finance as business development manager, focusing on the Humber and East Midlands. Andy joins Premier Asset Finance with over 35 years of experience in the asset finance industry, having spent the last 25 as Managing Director at asset finance brokerage, ECS Group.

As Managing Director of ECS Group, Andy supported clients and equipment suppliers across the Humber, East Yorkshire, and Lincolnshire regions, specialising in sourcing suitable funding solutions for businesses with a focus on renewable and sustainable energy projects. As a business development manager across the Humber and East Midlands for Premier, Andy will work with new and existing clients and report to Ken McKeating, Managing Director of Premier Asset Finance. Commenting on his appointment, Andy said: “I’m delighted to have joined Premier Asset Finance, working with Ken and the team to develop new relationships with clients in the East Midlands and the Humber, as well as continue to service our existing clients in this region.”

Ken McKeating, Premier Asset Finance Managing Director, added: “We’re pleased to welcome Andy to the Premier Asset Finance team. Andy has a wealth of experience in the asset finance industry, running ECS Group, a respected asset finance brokerage for 25 years.

“At Premier we’re continuing to bolster our already experienced team and Andy will be bringing his invaluable experience from the industry, especially in the green asset space. Building our knowledge in this area continues to be a key focus for Premier as we grow.”

Chesterfield motor finance firm grows with acquisition of Leeds broker

Tess Egginton
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Chesterfield motor finance firm grows with acquisition of Leeds broker
Chesterfield-headquartered Evolution Funding is set to acquire motor finance broker Creditas Financial Solutions, subject to FCA approval. This strategic move marks a milestone in Evolution Funding’s growth trajectory and underscores its commitment to expanding dealer access to the group’s finance platform, technology, and broad lender panel. Founded in 2007 by Andy Shaw and headquartered in Leeds, Creditas employs 60 staff and oversees four Appointed Representatives. Creditas will continue to operate under its own brand as a subsidiary of Evolution Funding Group and with its existing management team at the helm. Evolution has completed several acquisitions as part of its expansion plan, including automotive Software-as-a-Service provider Click Dealer in 2021 and the motor finance broker Motion Finance in 2023. Evolution secured majority investment from global private equity firm Carlyle in July 2023, leading to significant reinvestment in the company’s platform, technology, and digital capabilities. Lee Streets, CEO of Evolution Funding, said: “The acquisition of Creditas is highly complementary. With little overlap between Creditas and Evolution Funding Group’s dealer partners, it will grow Evolution’s footprint with independent retailers. “At the same time, our technology, processes, and partnerships will enhance Creditas’ proposition for dealers, maximising its potential and driving long-term growth across the group. “We have been impressed with Creditas’ approach to motor finance, the focus they put on building relationships and doing the right thing for consumers, an ethos at the heart of our own operations. We look forward to working closely with Andy and the team to identify further opportunities and harness our mutual strengths.” Andy Shaw, Managing Director of Creditas, said: “I am delighted we have joined part of the Evolution Group. Having built Creditas up over the last 17 years now is the time to become part of a much larger entity. We are looking forward to working with Lee and his team moving forward – it’s going to open a lot of new options for the benefit of our dealers.” Creditas were advised by Peter Williams, David Kendrick, and Fraser Pirie of UHY Hacker Young (Manchester) LLP.

Immingham-based Casper Chartering buys seventh ship for its fleet

Stuart Pearcey
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Immingham-based Casper Chartering buys seventh ship for its fleet

Immingham-based Casper Chartering Limited has bought the cargo vessel MV VESPER from Norwegian owners.

MV Vesper is the latest vessel to join Casper’s growing fleet, which now has seven ships. Built in 2006, Vesper is 88.60m long and is berthed at Douglas in the Isle of Man, from where she trades within the North Sea and Mediterranean Sea alongside the rest of the fleet. Pete Buffam, managing director of Casper Chartering Limited, said: “It has been an incredibly busy start to the second quarter of this year, with our fleet spread right across our trading range. Just last month, we ensured the safe delivery of ocean freight including urea, steel coils and grain to several ports such as Denmark, Belgium, Germany, Italy, Egypt and Turkey. “We are very grateful for the guidance provided by the team at Andrew Jackson Solicitors who were able to move quickly on the purchase of MV Vesper. She is already providing much needed support and has recently returned from the German Port of Mukran, one of our regular trading routes, to transport grain back to Europe.” Dominic Ward, senior partner and head of shipping and transport at Andrew Jackson, added: “It has been a pleasure to assist Casper Chartering on its latest vessel purchase. Having worked with the Casper Group for several years, we are particularly delighted to see them strengthen their position as one of the UK’s leading cargo vessel operators.”

Sheffield student accommodation property sold

Tess Egginton
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Sheffield student accommodation property sold

Unite Students, the owner, manager and developer of student accommodation, is selling six properties to PGIM Real Estate for £184m, of which Unite’s share will be £76m.

The properties, comprising 2,948 beds, are located in Birmingham, Cardiff, Leicester, Liverpool, Nottingham and Sheffield.

The disposal is part of the Group’s portfolio management strategy to increase alignment to high and mid-ranked universities which have the strongest outlook for student demand and support sustainable rental growth.

In Sheffield the 437-bed Exchange Works has been sold.

Joe Lister, Unite Students Chief Executive, said: “These disposals continue our disciplined approach of recycling capital for reinvestment and further increases our alignment to the strongest universities.

“The growth outlook for purpose-built student accommodation remains compelling and we are tracking a number of new investment opportunities at attractive returns.”

What do you think of your town centres, Chambers ask South Yorkshire businesses

Stuart Pearcey
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What do you think of your town centres, Chambers ask South Yorkshire businesses
Businesses are being asked to share their views on what the priorities should be for their nearest town or city centre. The questions being asked in a new poll being conducted by the three regional South Yorkshire Chambers of Commerce in the South Yorkshire Quarterly Economic Survey. Wherever they are based across South Yorkshire, respondents will have an opportunity to outline what they think needs to be improved in their local urban core and where further investment is needed. Among other things, the survey will canvass their views on the cleanliness, safety, green spaces, retail offer and cultural scene of the nearest town or city centre, while also asking them to identify their top three priorities for making it a better place to do business. They will also be encouraged to highlight any examples (from around the country) of places that can serve as an inspiration for South Yorkshire and its ambitions. Urging businesses to complete The Town and City Centre Survey, the three South Yorkshire Chambers (those being the respective networks for Doncaster, Sheffield and Barnsley & Rotherham) issued the following joint statement: “By the very nature of what we do as networks, we are always interacting with businesses and, in the process, ask for their views on a myriad of topics. While there is a wide range of issues that concern our members, one thing that often comes up, totally unprompted, is the wellbeing and relative prosperity of the town and city centres we have here in South Yorkshire. “We know that this is a matter close to the hearts of many local businesspeople, which is why we have decided to give them the opportunity for their voices to be heard through our new survey. We want to know how important the notion of civic pride is to them, where they believe there is room for improvement, what they’d like to see prioritised in terms of future investment, and if they consider a flourishing centre to be something that is key to their own ambitions. “Equipped with these insights, we will then be able to gauge how great the appetite is amongst the business community for thriving city and town centres, and advocate for the changes they’d like to see. “It’s imperative that we get as many different perspectives on this issue as possible, to ensure that we have authoritative data that’s truly representative of what businesses think. Indeed, the greater the response, the louder and more informative that collective voice is.” The Town and City Centre Survey is sponsored by the South Yorkshire Mayoral Combined Authority and ProAktive. It is also part of the nationwide Quarterly Economic Survey, which is itself the nation’s largest independent review of business sentiment.
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