Streets Chartered Accountants reflects on the Autumn Statement

Tess Egginton
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Streets Chartered Accountants reflects on the Autumn Statement
Streets Chartered Accountants has provided a handy roundup of content, breaking down the Autumn Statement.

Post Autumn Statement webinarStreets hosted a post Autumn Statement webinar providing details of the announcements along with an update on topical issues affecting business clients and private individuals during this tax year 2023/24. This presentation was recorded and is now available on demand for those who weren’t able to join live. Click the watch now button below to catch up.

Watch Now

Streets’ guide to The Autumn Statement ​​​​​​​The Chancellor’s 2023 Autumn Statement contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, Streets has put together a report containing the latest tax and financial information, which is available to download using the link below.

Revenues ahead of expectations at video games firm

Tess Egginton
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Revenues ahead of expectations at video games firm

2023 revenues are anticipated to be “modestly” ahead of expectations at Yorkshire-based Team17 Group, according to a new trading update for the current financial year ending 31 December. However some titles within the games label are underperforming.

While the important trading periods of Black Friday and Christmas are not yet complete, management believes the group “remains well positioned with strong traction across its new release and back catalogue titles,” and currently expects 2023 revenues to be modestly ahead of current market expectations.

The business added: “Despite this overall robust revenue performance, certain titles within the Games Label are not meeting internal expectations, resulting in a less favourable mix between higher margin own-IP titles and third-party titles (with higher royalty payments) than anticipated. “In addition, the group was too slow to address some project overspends and has faced some delays in implementing key cost initiatives at Team 17 Games Label. These are now at advanced stages and will continue to bring benefits into next year.

“Management continues to be pleased with the performance of astragon and StoryToys. However, since the H1 results, and in the light of the post Covid-19 dynamics, management has re-evaluated the cost structure within Team17 Games Label to align with its core competencies as an indie game developer and publisher.

“In addition, it is also reviewing a number of titles, both under development and already launched, to assess the revenue potential in the current market environment, which is expected to result in impairments recognised in FY23.”

Team17 now expects to deliver full year adjusted EBITDA of at least £28.5m, which includes non-cash title impairments of up to £11.5m.

Reed Boardall reports £1.4m profit for last full year

Stuart Pearcey
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Reed Boardall reports £1.4m profit for last full year
Profits before tax at Yorkshire-based temperature-controlled food storage and distribution business Reed Boardall have risen to £1.4m for the year ending 31 March 2023. The group, which provides storage and logistics services from its single site in Boroughbridge, achieved a £5.5m uplift in profits year-on-year. In 2021-2022, a number of adverse conditions, including Covid lockdowns, a cyber-attack and spiralling fuel and energy costs, resulted in the company sustaining a £4.1m loss. Chief Exec Marcus Boardall said: “Given global uncertainty as the Ukraine conflict continues, together with ongoing inflation, pressure on our costs has been unrelenting. In such a challenging environment, the group has once again put in a strong performance, based on its longevity, outstanding reputation in the sector and the skills of our highly trained team. “We were pleased to see labour shortages having a smaller impact last year than previously, largely due to initiatives we have undertaken to ease the industry’s recruitment issues, including our ongoing investment in training and improving working practices. By the end of the financial year, we had succeeded in training over 50 new recruits via our in-house driver academy, enabling them to become qualified HGV drivers, as well as having set up a number of administration and technician apprenticeships.
Mr Boardall continues: “Having already weathered one of the toughest years in our 30-year history, we are pleased that our latest financial results show the strength of the business as we look forward to further growth. The year ahead looks positive as we continue to prove the success of our single site strategy which enables us to provide an efficient and reliable service to our customer.” Group finance director Sarah Roberts adds: “It is great news that despite market turmoil, the business is back on track with both turnover and profits increasing. Some of the positive trends we saw included higher average store utilisation than the previous year, and the recent extension to our 168,000 pallet cold store running at very high capacity.” Based on a dedicated 55-acre site operation in Boroughbridge, Reed Boardall has a fleet of 200 vehicles operating 24 hours a day, year-round, and delivers 12,000 pallets of frozen food daily from manufacturers across Britain, Europe and further afield to all the UK’s best-known supermarkets. It also provides blast freezing, picking and packaging services.

Leeds-based JPG Group gives Liam a seat on the Board

Stuart Pearcey
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Leeds-based JPG Group gives Liam a seat on the Board
Engineering consultancy JPG Group has appointed Liam Bower to its board as part of its business and succession planning strategy. He has joined the Leeds-based practice alongside MD Chris Harding and co-directors David Allwood, Matthew Potter, and Robert Redmond.  Liam will help to steer the business through its growth strategy, leading a team of 45 people in delivering service excellence across all civil, structural and geoenvironmental disciplines. Liam, 35, brings considerable experience having previously worked for national and regional specialist engineering firms as project lead for high profile schemes such as Panattoni logistics in Doncaster,  Media City Doncaster, Rolls Royce in Derby and Muscat Airport in Oman. Having already spent three years, pre pandemic at JPG, Liam was motivated to return for a more overarching business management and leadership role. Chris Harding said: “As we look to expand the practice, with plans to re-open our office in the Midlands, and work towards our succession planning, Liam will play a vital role in leading the process and managing client relationships.  His exceptional sector expertise, vision and work ethic is a rare combination, and he is already a fantastic asset for the business. “We continued to maintain steady growth with a strong order book, and we now have very strong leadership team in place to continue our long legacy and remain a valued, long term, strategic partner to our clients.” Established in 1988, JPG currently employs 45 people within its Leeds headquarters and provides civil and structural engineering services for clients throughout the UK. It covers all major development sectors with expertise in every aspect of civil and structural engineering from initial site investigation, detailed civil and structural engineering design and construction support.  JPG also offers dedicated consultancy services in Strategic Land Engineering, Geospatial Analysis and BIM Services. Recent projects include remediation and development of a 40-acre site for Marshalls CDP at Gorsey Point in Widnes and full civil and structural engineering services for Citrus Group and GMI Construction on Integra 61, a strategically important 640,000 logistic site in Country Durham.

Yorkshire property company purchases landmark Leeds city centre office building

Tess Egginton
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Yorkshire property company purchases landmark Leeds city centre office building
Yorkshire-based property company Rushbond PLC has acquired the landmark Bank House circa 90,000 sq ft office building in Leeds City Centre – once the regional headquarters of the Bank of England. The building presents a major short-term redevelopment opportunity for Rushbond, which has built a reputation for transforming significant and cherished locations and developments throughout Yorkshire. Bank House is one of the most striking buildings in the commercial district of the city. Located on the corner of King Street and Park Place, the building – which was purpose built for the Bank of England between 1969-1971 by Building Design Partnership, one of the largest practices operating in the 1960s – features an ambitious, European Brutalist-style design, clad in Cornish granite. Rushbond has plans to substantially restore the iconic exterior, whilst redeveloping and upgrading the interior to transform this significant building into a major sustainable, accessible, best in class office scheme. Rushbond believes the redevelopment will attract inward investment, as well as regional tenants looking for modern, high spec, sustainable office space in a super prime location, which is at a premium in Leeds city centre, with works anticipated to commence in 2026. Richard Baker from Rushbond said: “Bank House has an incredible history and we welcome the opportunity to secure the future of this landmark building. There is a huge demand for premium office space in the city, and at the top of tenants’ requirements are meeting their sustainability targets. “At Rushbond we believe it is clearly more sustainable to breathe new life into an existing building. By doing so we’re not only protecting some of the city’s most important assets, but we’re also offering future tenants the unique opportunity to be located in an energy efficient, contemporary space filled with character and integrity. We look forward to sharing more plans for the building in the future.”

Garness Group expands into York with Barry Crux & Company

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Garness Group expands into York with Barry Crux & Company
Garness Group is expanding across North Yorkshire with York-based Barry Crux & Company. The company will operate closely alongside Hull-based Garness Jones – bringing together the combined experience in the commercial property sector to cover East Yorkshire, North Yorkshire, and Lincolnshire. As part of the deal, Barry Crux & Company will continue to trade under the same name, with the same team remaining in their roles. However, it will now be part of the Garness Group of businesses including Pure Block Management, which provides management services for leasehold owners and developers of residential developments, Gro Residential Management, which manages and lets residential properties on behalf of landlords, and Garness Jones. David Garness, Managing Director of Garness Group, said: “We’re absolutely thrilled to be adding a company of the quality, standing and reputation of Barry Crux & Company to our offering. This is a positive step forward for all involved. “Expanding our work further into North Yorkshire has been a long-term strategic goal for us, as has securing more work relating to licensed properties, hotels and leisure sector properties. “To do this through adding a business with unrivalled knowledge and experience of the market in York and North Yorkshire is really pleasing. “Barry and his team benefit from becoming part of a well-established group of property businesses, which have an added collective strength which comes from working together closely and operating in similar markets. “It is certainly a perfect fit for us in terms of our ambitions to grow our business further in York and across North Yorkshire, where we have gradually grown our work in recent years across our various disciplines. In fact Pure Block Management already manages residential complexes in York and North Yorkshire so this move allow us to build on that activity. “Barry and his team have a proven reputation for providing the highest level of professional expertise and experience in both the commercial and residential property markets, and their ethos matches that of ours. “We have discussed this deal for quite some time and worked alongside one another and it has been clear that Barry’s team have exceptional knowledge of the market and are driven by providing the best service possible and achieving the best results for clients, so we see it being a seamless transition. “In fact, it will be business as usual for Barry Crux & Company and for Garness Group.” Barry Crux, a Chartered Surveyor and an Associate of the Chartered Institute of Arbitrators who has been involved in the commercial property market for 40 years, and established his business in 1989, said: “These are exciting times for us all to look forward to. “By joining forces with Garness Group our business will benefit from numerous synergies and back-up support services, and in a business environment becoming ever more demanding, this move will allow our team to refocus entirely on serving our client base and delivering a first class valuation and agency service, along with our other consultancy work. “With the benefit of greater collective resource we will be able to build upon our first class reputation and position in the licensed and leisure property sector throughout the north of England, whilst also enhancing our collective position in East Yorkshire, North Yorkshire and Lincolnshire.” Solicitor Matthew Smith, a partner of Andrew Jackson Solicitors who is based in the firm’s York office, and Mike Stocks, partner at Hull-based accountancy firm Smailes Goldie Group, advised Garness Group in the deal, with Matthew Morton, of Morton Legal, and Tony Farmer, of accountants and business advisory specialists Azets, advising Barry Crux & Company.

Green light for next stage of University of Huddersfield’s National Health Innovation Campus

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Green light for next stage of University of Huddersfield’s National Health Innovation Campus
The University of Huddersfield has submitted a reserved matters planning application for the second building on its National Health Innovation Campus, to sit alongside the Daphne Steele building. The ground floor of the building will host a Community Diagnostic Centre Hub (CDC), in partnership with Calderdale and Huddersfield NHS Foundation Trust. This is a unique partnership, the first of its kind on a university campus. The CDC will provide access to thousands of additional diagnostic tests for the people of Calderdale and Huddersfield, including MRI and CT scanners right in the heart of Huddersfield. Catherine Riley, Associate Director of Strategy at Calderdale and Huddersfield NHS Foundation Trust, said: “It’s a privilege to work with our partners at the University of Huddersfield on this exciting project. Not only will the new community diagnostic centre benefit the people of Huddersfield and the surrounding areas, but it will also benefit the next generation of healthcare students and support our future diagnostic workforce.” University Vice-Chancellor, Professor Bob Cryan, said: “I am absolutely delighted to be working with Calderdale and Huddersfield NHS Foundation Trust to deliver such an important facility for people in our community. “It is at the heart of our Health Innovation Campus – which has been designed to help make a difference to the health and wellbeing of all of us in the region. This is a concrete symbol of the important role the University plays in working with the health professions, educating the workforce of the future, and driving innovation for better health, care and wellbeing.” Other floors of the building will contain specialist clinical teaching facilities, also to be delivered in partnership with the Trust, including in new course areas relating to the work of the CDC, such as Diagnostic Radiography. It is expected that these will provide access to state-of-the-art simulation technology enabling students to learn in a safe, but realistic clinical environment. The third floor will provide facilities for expansion in other areas, including the intention to develop courses in fields such as Dental Hygiene. Plans are under way for the top floor of Building Two to house a Health and Wellbeing Innovation Centre for local entrepreneurs or start-ups and organisations looking to benefit from locating with the University on the campus. Building work is scheduled to begin in April 2024, with completion in the summer of 2025.

Leeds Kirkgate Market hotel scheme nears significant milestone

Tess Egginton
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Leeds Kirkgate Market hotel scheme nears significant milestone
Plans for a new hotel development at Leeds Kirkgate Market will reach a significant milestone next week.
Leeds City Council submitted a planning application in August for the scheme on the George Street side of the Grade I listed market building. Now it has been confirmed that the application will be considered by the council’s city plans panel at a meeting taking place next Thursday, November 30. If the application is approved, then it is hoped work will start next year on a scheme that has been designed to complement other regeneration initiatives in the area around the market and beyond. Ahead of next week’s meeting, the council also confirmed Premier Inn as the proposed operator of the hotel. A pre-let lease has been agreed with Premier Inn, which is part of the Whitbread Group. The George Street hotel would create approximately 50 new full and part-time jobs locally once operational, with around 80 jobs being supported during construction. The site earmarked for the scheme is owned by the council and is currently occupied by a number of vacant low-rise shop units. The hotel would fill the top five floors of the new six-storey building and would have 143 rooms as well as a bar and restaurant for guests. The ground floor, meanwhile, would be home to commercial units and a state-of-the-art council-run gym that would improve the local fitness offer for people living in the city centre and nearby communities. The scheme would be developed by the council with the intention of providing a stylish addition to a part of the city centre that boasts landmarks such as the Victoria Gate retail destination, Leeds Playhouse and Leeds City College’s Quarry Hill campus. It is also hoped that the hotel would help drive extra footfall to the market, already thriving on the back of a multi-million pound investment programme. Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, culture and education, said: “We’re proud of the positive difference we have made at Leeds Kirkgate Market, where monthly visitor numbers hit the half-a-million mark earlier this year. “We are determined to keep building on that success, with the plans for the George Street hotel underlining the scale of our ambitions for both the market and the continued regeneration of the surrounding area. “The new development would provide a much-improved connection between the market and Victoria Gate, while also acting as an attractive linking point in the wider flow of the city centre from Vicar Lane towards the Eastgate roundabout and Quarry Hill. “We are pleased to be working on this project with Premier Inn, which has a commitment to delivering quality and good value that mirrors our own approach as a council.” Paul Smith, acquisitions manager for Whitbread, said: “From independent research we know that Premier Inn customers spend £140 per night per bedroom outside of our hotels when they stay in city centre locations like George Street in Leeds. “This money excludes what our guests spend on their accommodation, with food and drink, entertainment and non-food shopping being the largest categories of spending. “Importantly, most of this money is spent in the local area around our hotels as our guests go out and about to get a taste for where they are staying. “Multiplying this figure across a high-occupancy 143-bedroom Premier Inn on George Street would generate a multi-million pound boost to the local economy, helping to support the many established and independent businesses in the market and elsewhere across Leeds city centre.” An initial ‘pre-application’ report on the scheme was considered by the council’s city plans panel in June. That meeting was followed by a period of community consultation, with the majority of comments received from members of the public being positive. Groups contacted during the consultation process also included market traders, ward councillors and other stakeholders such as Leeds Civic Trust.

Grimsby energy infrastructure firm secures £250,000 to take on bigger projects

Tess Egginton
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Grimsby energy infrastructure firm secures £250,000 to take on bigger projects
A Grimsby-based engineering company that supports energy infrastructure has secured a £250,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, to help it continue taking on bigger projects. Technica serves all the major gas distributors including National Gas Transmission, SGN, NGN, Wales and West Utilities, Centrica and Gassco. It works on upgrades to existing plants and the installation of new infrastructure to provide security of energy supply, as well as assisting in the drive to net zero. The company, which was founded in 2007, has increased turnover by over 300 per cent in the past two years as a result of a number of major contract wins and has also increased staff numbers from 40 to almost 60. The funding will enable Technica to increase capacity at its existing premises and provide additional working capital. John Davison, owner and co-founder of Technica, said: “Over the last two years, Technica has supported two of the largest and most complex projects in its history which has seen the business grow rapidly. “New developments such as renewables, hydrogen and carbon capture promise exciting times ahead for our sector. However projects of this nature require large cash reserves. The support from Mercia and NPIF will enable us to take on more large projects over the coming year and continue growing the business.” Rebecca Pickering of Mercia added: “Technica helps support the UK’s energy infrastructure and, with the switch to renewables, is set to play an important role in the energy transition in the years to come. “The business has undergone a step change in recent years. The funding will help it meet the demand for its services and pursue new opportunities ahead.”

80-bed care home acquired in North Yorkshire

Tess Egginton
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80-bed care home acquired in North Yorkshire
Octopus Real Estate, part of Octopus Investments and a specialist real estate lender and investor, has added an 80-bed care home in Yorkshire to the Octopus Healthcare Fund’s portfolio of over 100 care homes. Sandstone Care Group will take operational ownership of Manor Farm in Old Malton, North Yorkshire upon completion of the build. The 80-bed home, which will offer a mix of residential and dementia care, is currently in development and has been acquired by Octopus Real Estate for £15.5m via forward funding. Upon completion it will be operated by Sandstone on a 35-year lease. Manor Farm is due to open to residents in Spring 2025. James Parkin, co-founder and director, Sandstone Care Group, said: “We are delighted to have completed this transaction, providing further much-needed care facilities to the North of England. Our growing portfolio of care homes provide a range of residential, nursing and dementia care services within modern, vibrant communities. “Our focus is always on providing unrivalled person-centred care for our residents in a welcoming environment, and Manor Farm in Old Malton will be no different.” Chris Wishart, care home origination director, Octopus Real Estate, said: “We are thrilled to add Manor Farm to the Octopus Healthcare Fund. We can’t wait for development to start on what will be a purpose-built, fully electric fit-for-future care home that typifies the quality of assets we at Octopus seek to invest in across the UK. “We welcomed Sandstone Care Group as an operating partner last year and they have demonstrated how they deliver high-quality care, so it’s great to be further strengthening our relationship with them through this acquisition.”
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