Business confidence in Yorkshire and the Humber rose 11 points during January to 44%, according to the latest Business Barometer from Lloyds Bank Commercial Banking. Companies in Yorkshire and the Humber reported higher confidence in their own business prospects month-on-month, up 18 points at 54%. When taken alongside their optimism in the economy, up four points to 34%, this gives a headline confidence reading of 44% (vs. 33% in December). Yorkshire and the Humber businesses identified their top target areas for growth in the next six months as entering new markets (39%), investing in their team (37%) and introducing new technology (33%). A net balance of 29% of businesses in the region also expect to increase staff levels over the next year, down five points on last month. The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. National picture Overall, UK business confidence rose nine points in January to 44% – its highest level since February 2022 and its strongest start to a year since 2016. Firms’ outlook on the overall UK economy rose ten points from 27% to 37%, while businesses’ optimism in their own trading prospects also climbed three points month-on-month to 51%. Companies’ hiring intentions increased marginally, with 33% of firms intending to increase staff levels over the next 12 months, up four points on the month before. London and the North East were the joint most confident parts of the UK in January – each posting a headline confidence of 62% – followed by the West Midlands (56%) and Yorkshire & the Humber (44%). The East of England (38% in January vs. 45% December) and Northern Ireland (29% vs. 36%) were the only two regions to reporting declining levels of confidence. The majority of the data was collected before the December ONS inflation data was announced on January 17th. Sector insights Three of the four sectors tracked in the Barometer reported rises in confidence. The most significant increase was in services which accelerated 15 points to 45%, up from December’s 16 point drop. Manufacturing confidence also increased to 49%, while construction rose eight points to a 10-month high of 45%. There was a more mixed picture in retail however, dipping three points to 41% with anecdotal evidence of weaker footfall and sales in December as shoppers hit the streets earlier than usual in November. Nevertheless, some companies still reported stronger sales over the festive period. Steve Harris, regional director for Yorkshire and the Humber at Lloyds Bank Commercial Banking, said: “The prospect of a more stable economic environment in 2024 is likely to be a big part of why Yorkshire businesses are starting the year on such a confident footing. While challenges undoubtedly remain, it’s promising to see firms looking to enter new markets to maximise growth in the year ahead. “We’ll continue to be by the side of local firms as we approach this new year with a positive outlook. Whether that’s managing working capital or investing in the latest technology, our team of experts are here to help firms realise their full growth potential.” Hann-Ju Ho, senior economist, Lloyds Bank Commercial Banking, said: “Businesses are feeling more confident following the cautious end to 2023, with this being the strongest start to a year since January 2016. The reduction in inflation, albeit with the recent uptick, and the belief that interest rates may have peaked is likely driving the rise in confidence among firms. “With ongoing geopolitical issues and a general election on the horizon, businesses will have factored these into their risk radars and will be working to prepare for any potential impacts on their trading prospects. “Also, half of all companies say they’re planning to increase headcount in the coming year. Despite that and the changes to minimum wage that will come into force in April, expectations for staff pay fell back following last month’s increase.”

A management buyout (MBO) has been completed at an industrial door company supported by an investment from Finance Yorkshire.

Interdoor, based in Hull, supplies and maintains specialist industrial doors throughout the whole of the UK to a range of sectors including retail, food processing, aviation, automotive and film and television.

Established in 2017, when Mark Roberts incorporated the company and acquired the industrial door business from a member of his family’s group of companies, which itself had traded for more than 40 years, the company has grown substantially over the last six years.

The MBO was led by the company’s operations director, Gary Toalster, with the support of Managing Director Mark Roberts, who prior to the sale owned 100% of the company. He will remain as a shareholder and director of the new business. Between them, Gary and Mark have more than 30 years’ experience in the industrial door sector.

Gary, who was originally employed by Mark’s father 15 years ago as an apprentice engineer, said: “The buyout enables us to support our growth plans for Interdoor and together with our unrivalled customer service and technical knowledge will help us in our ambition to become one of the largest national industrial door maintenance providers in the UK.”

Mark said: “Finance Yorkshire was the first port of call to fund the transaction. We have worked with its fund managers previously who have proved to be trusted partners in working with us to help our business grow.”

Alex McWhirter, Chief Executive of Finance Yorkshire, said: “Interdoor is an impressive company with a strong track record in the supply and maintenance of innovative industrial doors to a range of sectors. It has continued to grow even in the most challenging of trading conditions such as the COVID-19 pandemic. We are pleased to support the management team in the next chapter of the company’s growth strategy.”

The deal was supported by a £1.3 million investment from Finance Yorkshire’s growth fund.

Lincolnshire-based food & drinks gifting disrupter IMP & MAKER announced today (30 Jan 2024) what it called ‘a cracker of a Christmas’ with its best sales ever that saw customer orders soar by a staggering 900% year on year. Similarly, its corporate business also delivered a bumper Christmas with orders up a whopping 600% when compared to the same period the year before. The record-breaking results are even more impressive when you consider recent figures from the British Retail Consortium that showed growth for the period was only 1.78% across retail. However, when inflation was taken into account it represents a decline in consumer spending over Christmas 2023. The owner-managed independent business is the brainchild of entrepreneur Sarah Louise Fairburn, who decided that food and drinks gifting sector was in need for a serious shake up as the offer in many cases hadn’t evolved and was frankly ‘passed its sell by date’. So, four years ago Sarah and her dedicated, small, Coningsby-based team went about reinventing the world of food gifting by searching the UK and overseas for the very best foodie finds delivered to doorsteps across the country. The business now counts footballers, celebrities, entrepreneurs and even Usain Bolt as customers. On the amazing Christmas sales results, Sarah Louise Fairburn, owner and founder, commented: “We have had the most amazing Christmas and it’s all down to doing things a little differently from the rest of the industry. Everything we do is designed to make whoever receives an IMP & MAKER hamper feel appreciated and loved. “I knew we had been busy in the run up to Christmas as all of us were working round the clock to get orders out in time and now we know why. “It really shows that customers are looking for something that little bit different, that tastes great, looks great and is great value – all with a little bit of love thrown in. It’s a huge pat on the back to the fantastic team here at IMP & MAKER – I can’t thank them enough.” Although Christmas decorations in homes will by now be firmly tucked away in lofts and sheds ready for next year, the festive season is still front of mind at IMP & MAKER as the team is already scouring the country for innovative artisan food suppliers for Christmas 2024. “We’re not going to rest on our laurels,” said Sarah Louise. “The hunt is on for even more fantastic product for next Christmas. However, before then we’ve got Valentines’ Day, Mother’s Day, Easter and Father’s Day all with specially curated food gifting ideas, to show how important your loved ones are to you. What better way to do it than with great tasting IMP & MAKER, curated food and drink.” On the business corporate success Sarah Louise added: “Doing it differently is in our DNA, from personalisation to personal customer service. As we know how important your colleagues and/or customers are to you. “In fact, we pride ourselves on that personal touch with many orders being discussed, curated, and handled over the phone; it’s something that really sets us apart.  It means we are well on the way to achieving our ambition of becoming the modern way to corporate gift.” In the run up to Christmas the team at IMP & MAKER scooped the Good Housekeeping Christmas taste test for best hamper, beating the likes of Fortnum & Mason, Harvey Nichols and M&S to the festive top spot. The team also won Corporate Gifting Business of the year 2023. The amazing ‘pat on the back’ is even more impressive as the business has only been trading for four years.

South Yorkshire’s Mayor Oliver Coppard has announced the formation of his Mayoral Economic Advisory Council, which will help boost economic activity in the region and support the Mayor’s growth plan. The Mayoral Economic Advisory Council, made up of 11 world renowned economic and business experts, is just one of the Mayor’s initiatives to support South Yorkshire’s growing list of economic partnerships and development of projects for external investors to fund making South Yorkshire the go-to business hub. This comes as the region rapidly bolsters its economic and business credentials. Successes have included: •    South Yorkshire was announced as the Government’s first Investment Zone, which will create 8,000 new jobs and bring £1.2 billion worth of private investment by 2030. The first investment is worth over £160 million and is for a Boeing-led sustainable aviation research project, complementing the region’s advanced manufacturing prowess. •    University spinouts venture Northern Gritstone announced £215 million worth of investment into South Yorkshire, as well as Greater Manchester and West Yorkshire. The funding will be used to develop a ‘northern innovation hub’, comparable to the US’ Silicon Valley. •    Multiple smart local investments from global companies like Boeing and Google. •    Partnerships with organisations such as Homes England and Aviva, to support more sustainable house building in South Yorkshire. •    A partnership worth £500 million worth of levelling up investment from the South Yorkshire Pensions Authority. Speaking on the establishment of the Mayoral Economic Advisory Council and the region’s recent slew of investments, South Yorkshire’s Mayor, Oliver Coppard, said: “My job is growth. So I’m delighted I’ll now be able to rely on the support and expertise of global economic leaders through our Mayoral Economic Advisory Council. “In South Yorkshire we want to restore the pride, purpose and prosperity of our communities, but more than that we want to show the world what a 21st Century post-industrial economy can look like. “Our ambition is now matched by our expertise. Between them, the eleven members of the Council will offer me advice and guidance that is at the very forefront of economic thinking, based on decades of experience and practical delivery. “We’ve made huge progress over the last couple of years. We’re home to the world’s first Advanced Manufacturing Innovation District and now the UK’s first Investment Zone, as well as companies and people at the very forefront of materials science, propulsion, power, digital, and health-tech. “But there’s still much more to do. Right now, our economy is too small, and not everybody has the opportunity to stay near and go far. I’m determined to tackle that challenge head on, and with the help of our new MEAC I have no doubt we will go further and faster than we ever have before.” The national and global expertise brought by the Council, alongside the local knowledge of the Mayor and the Mayoral Combined Authority and the Business Advisory Board, brings together a wealth of expertise to support South Yorkshire. On becoming a member of the Mayor’s Economic Advisory Council, Chair of the AMRC’s Industrial Board, CEO of RSA and former Chief Economist for the Bank of England, Andy Haldane said: “Working with Oliver Coppard on the future of South Yorkshire’s business potential is an extremely exciting prospect. “The region’s plan for wealth, health, and happiness is already showing exceptional innovation across industries of the future, and bets of confidence from Boeing, McLaren, Aviva, and other incredible partners show this. “But there’s more to do – and working alongside the Mayor and combining his passion and knowledge of the region with the Council’s decades of economic and business expertise presents an exciting prospect for inclusive and regenerative growth in South Yorkshire and prosperity for the future.” The MEAC will provide leadership in thinking and insight as well as provide challenge on how things are currently being done so South Yorkshire continues to grow. The Mayor has already launched his Business Advisory Board, which brings local business expertise together to drive growth, jobs and better life prospects in the region and they will be informed by the work of MEAC.