University of Sheffield spin-out company raises £2.75m seed investment to pioneer novel therapies for genetic neurological diseases

Tess Egginton
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University of Sheffield spin-out company raises £2.75m seed investment to pioneer novel therapies for genetic neurological diseases
A new spin-out company from the University of Sheffield is set to pioneer novel therapies for rare genetic neurological diseases. BlackfinBio has raised £2.75 million seed investment to advance revolutionary treatments for Hereditary Spastic Paraplegia (HSP). The company will manage the development of gene therapy for the HSP sub-type 47 (SP47) and raise funds for clinical trials. SPG47 is a slowly-progressing rare disease that causes malformation of the brain. It is caused by a specific mutation in the SPG47 gene that creates a deficiency of the AP4B1 protein which normally transports other molecules around inside the cells of the nervous system. Symptoms such as muscle weakness, developmental delays, impaired speech and progressive motor skills often show up in early childhood. There is currently no cure and no effective treatment for this debilitating disease. BlackfinBio is built on research from gene therapy expert Professor Mimoun Azzouz, Chair of Translational Neuroscience in the Sheffield Institute for Translational Neuroscience at the University of Sheffield. The company was conceived when initial research performed by Professor Azzouz, funded by US charity Cure AP-4, provided proof-of-concept for the potential to effectively restore the AP4B1 gene through gene therapy. Based on these results, further funding from the LifeArc Philanthropic Fund was awarded to Professor Azzouz to validate the therapy in pre-clinical models and produce the gene therapy batches under clinical grade manufacturing required to move on to clinical trials in the near future. This pioneering research showed that through AP4B1 gene replacement therapy it is possible to put a correct copy of the faulty gene back into the patients to stop their nervous systems being damaged further. This treatment will be carried out through injected gene therapy based on a harmless viral vector (carrier). One dose will be enough to treat a patient for a lifetime. Led by experienced executive Peter Nolan, formerly of the multinational gene therapy company, Oxford Biomedica the company will use the initial funding to advance gene therapy treatments for the SPG47 disease before proceeding with in-human clinical trials. Professor Mimoun Azzouz, Academic Founder of BlackfinBio, Professor and Chair of Translational Neuroscience at the University of Sheffield, Founder and Director of Gene Therapy Innovation and Manufacturing Centre (GTIMC), said: “The launch of BlackfinBio is a significant milestone which will enable the progress of the translational pipeline being developed by the company towards potential life-changing therapies for patients with HSP and other diseases. “I am delighted by the overwhelming support by Cure AP-4 and LifeArc to progress the SPG47 gene therapy project through the clinical development pathway. BlackfinBio is a great addition to the favourable and dynamic gene therapy ecosystem at the University of Sheffield.” Peter Nolan, Co-Founder, Chair & Interim CEO, said: “I am delighted to be able to work again with Professor Azzouz and help him translate his world-class research into successful gene therapy products for the benefit of patients who have genetic diseases where there are no current treatments. BlackfinBio will seek to build a pipeline of such gene therapies for a range of neurological conditions.” Chris Edwards, Co-Founder and Chief Business Officer and President of Cure AP-4, said: “Cure AP-4’s initial priority was to develop a therapeutic to halt the trajectory of this devastating disease. Launching a commercial venture in partnership with the University of Sheffield became the most expedient way to advance the promising treatment developed by Professor Azzouz and his team. “We are delighted to be a part of this important milestone, and being positioned to advance this potentially life changing treatment into the clinic through BlackfinBio.”

Hull meat company gets £64,000 grant for shop refit that will mean more jobs

Stuart Pearcey
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Hull meat company gets £64,000 grant for shop refit that will mean more jobs
Levelling Up Funding has helped to support the creation of new jobs for a business in Hull’s city centre as part of a wider renovation project. Sterling Meat Company Limited has been awarded a grant worth almost £64,000 to re-fit the ground floor of its current home at 39 Whitefriargate. This includes fully relocating the entire business to the ground floor, providing an open plan working area with new customer front. It is expected that the works will help to create three full-time equivalent jobs, whilst the unit’s Grade II heritage shop front will also receive a makeover to enhance the streetscape of Whitefriargate. The grant award has come from monies allocated to Hull City Council through the government’s Levelling Up Fund. The overall project cost is £182,791, meaning Sterling Meat Company Limited will be investing almost £120,000 of private capital into the city centre. A council spokesperson said: “The Levelling Up grant scheme was introduced to create city centre jobs and help to restore historic streetscapes such as Whitefriargate. “Sterling Meat Company is already a fixture on Whitefriargate and it is pleasing to hear that it has plans to regenerate its heritage shop front, whilst also bringing in further private investment and creating additional jobs.”

Stamford music agency acquires Rutland business from Showaddywaddy member

Stuart Pearcey
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Stamford music agency acquires Rutland business from Showaddywaddy member
Stamford music agency ‘Bands For Hire‘ has acquired Rutland-based agency DG Music, bringing together the region’s two leading providers of live music.
Bands For Hire has been operating for 13 years under the directorship of Adam Mezzatesta and is now one of the leading music agencies in the UK, booking almost 3000 events every year. DG Music, based in Oakham, was founded just under 20 years ago by Showaddywaddy member David Graham. The company’s roster includes popular artists such as The Houndogs, The Atlantics, Monroe, and harpist Eleanor Turner. David says: “Things are very different for me post-Covid. I rejoined Showaddywaddy in August 2020 and have been on the road since then, meaning less time to spend in the office on my business. It’s been a wonderful experience, and I’m just so pleased that I’ve been able to hand over all of the business operations to such a successful company.” With more than 750 acts based across the UK, Bands For Hire continues to grow year on year and is looking forward to working with the fantastic roster of artists on DG Music. Director Adam says: “We’re excited to be taking on DG Music and want to reassure customers that all bookings and services will remain as before. It’s just us at the end of the phone instead.”

Government plans could be disastrous for small firms in construction, says payroll specialist

Stuart Pearcey
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Government plans could be disastrous for small firms in construction, says payroll specialist
Construction industry payroll specialist Hudson Contract has warned that government reforms to the Construction Industry Scheme could be “disastrous” for small businesses and specialist subcontractors in the supply chain. The government plans to add VAT as part of the Gross Payment Status compliance test, giving HMRC more power to remove GPS immediately in cases of fraud – a move which could raise £320 million over the next five years. Ian Anfield, MD of Hudson Contract and an expert on tax and employment matters in construction, said: “Including VAT compliance in gross payment tests is aimed at tackling VAT fraud. But it is unlikely to prove effective and instead will just create more red tape and headaches for small businesses and specialist subcontractors in the middle of supply chains. “The VAT domestic reverse charge for construction has been a complete mess and has crippled the cash flow of good businesses while many HMRC inspectors do not understand the rules. Because of the reverse charge, thousands of companies have moved from paying VAT bills each quarter to claiming VAT refunds. The changes set alarm bells ringing in HMRC’s steam-powered computer mainframe and inspectors are sent out to investigate. The investigations can drag on for months and any refunds are blocked in the meantime. “The decision to add VAT to CIS gross status tests will now mean those in dispute or simply under investigation because of legitimate changes to their VAT profile could also see their CIS gross status removed, destroying their cashflow. “And to add insult to injury, if they are subject to net payments under CIS, their clients will be faced with a 1.25 per cent CITB levy bill on their invoices – which they will pass down the line. “Most of the VAT queries and disputes we have seen have been resolved in the taxpayer’s favour so there must be strict curbs on how HMRC uses these new powers or the outcome will be disastrous.” The government said it would also be announcing simplifications to other aspects of the scheme, which will be subject to technical consultation.

Vacancies down, but skills shortage remains, says BCC

Stuart Pearcey
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Vacancies down, but skills shortage remains, says BCC
Labour market data continues to send mixed messages, as vacancies trend downward, but unemployment and employment remain largely static and pay growth outstrips inflation, according to Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce. “But while we may have fewer vacancies, we still have a major shortage of skills across our economy. This is holding back productivity and growth.  So now is the time to redouble efforts to prepare, upskill and reskill the workforce for the changes and opportunities ahead of us. “These remain challenging times for firms and the BCC’s most recent forecast predicts the economy will grow by just 0.6% in 2024 and business investment will contract by 0.8%.  Government must do all it can to help businesses invest more in apprenticeships, technical education and upskilling people in work. “Every day, employers are struggling to fill jobs, so it’s essential that everyone who wants to work is given the opportunities and training they need to do so, urgently. “The Autumn Statement included some welcome steps, but with the immigration system now looking out of reach for most businesses, the Government must encourage investment in skills training and set out a stable, long-term strategy to support this.”

Banks return to Hornsea with opening of a new Banking Hub

Stuart Pearcey
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Banks return to Hornsea with opening of a new Banking Hub
Five high street banks have returned to Hornsea with the opening of a new banking hub in the town’s former Poundland site on Newbegin. Councillor Barbara Jefferson, East Riding of Yorkshire Council’s cabinet member for coastal communities, said: “I am so happy that this Banking Hub has finally opened for the people of Hornsea. “With bank branches closing across the country, we must make sure people still have access to cash and banking services in their communities. “Not everyone can or wishes to do their banking on the internet, so it is great to have proper in-person bank services back in the town.” Community Bankers work on rotation, with a different bank or building society available on each day of the week:
  • Monday: Barclays
  • Tuesday: Lloyds
  • Wednesday: HSBC
  • Thursday: NatWest
  • Friday (pm): Santander
Cllr Embleton said: “I would like to say what an asset the Banking Hub is going to be for the town. I know lots of residents who were very disappointed when the banks pulled out of the town. “People are already saying how nice it is to be able to talk to real people and they feel it’s safer than using the cash machines. “I’m sure the hub will be well used by all our residents. Well done to all those involved in making it happen.” Hornsea has been without high street banking provision since the closure of its last two bank branches in 2018.

Payroll company supports seaside town charity’s work to help vulnerable people

Stuart Pearcey
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Payroll company supports seaside town charity’s work to help vulnerable people

Vulnerable people in Bridlington are being helped this Christmas thanks to support for The Hinge Centre by specialist payroll company Hudson Contract. 

The Hinge Centre in Bridlington supports vulnerable members of the community who are experiencing financial hardship, food and fuel poverty and those who are homeless or at risk of homelessness.

The charity provides vital crisis, prevention, and maintenance interventions including emergency food parcels, toiletries, liaison with landlords and other professionals, assistance to access the benefit system, as well as a number of weekly community groups which aim to promote inclusion, reduce isolation, improve mental health and provide an opportunity to build friendships and skills.

Alexandra Fishburn, who works in the Hudson Contract customer services team, said: “With Christmas quickly approaching, it got me thinking of those less fortunate than myself and how this might not be the most magical time of the year for everybody.

“I wanted to do something to help make life a little better for those in need and came up with the idea of creating a collection point at our office to make it easy for our team to donate foods, toiletries, toys and anything else to lend a helping hand from Hudson.”

Alexandra’s initiative clearly chimed with our colleagues who donated several boxes worth of provisions. Hudson delivered a van-full of goods to the charity at the Crown Community Centre.

Michaela Blackford, Community Support Worker at The Hinge Centre, said: “We would like to thank Alexandra and everyone at Hudson for their support this Christmas. Unfortunately, Bridlington is home to some of the most deprived areas in England, which is why The Hinge Centre’s services are so important to the community.

“Our family-owned company provides ongoing financial and practical support to a range of good causes in Bridlington and beyond, including Cancer Research UK, Crisis and Bridlington Rugby Union Football Club. We also sponsor apprentices, paying half the first year’s wages of young trainees at construction firms in Bridlington and Scarborough.”

David Jackson, founder and chairman of Hudson Contract, said: “As a local business, we feel a great responsibility to help people in our community, whether they are trying to find a safe home, taking part in team games or learning a valuable trade skill.”

Bradford industrial site let

Tess Egginton
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Bradford industrial site let
Following the acquisition of an industrial property at Bradford’s Morley Carr Business Centre, Alliance has repositioned and fully let the industrial space. Upon adding the 62,000 sq ft industrial property to its portfolio less than 12 months ago, Alliance has let four units to national textile distributor, John Cotton Group, with comprehensive enabling works provided as part of the asset management strategy. International self-storage firm, Titan Containers, has also agreed terms for a ten-year lease of the 1.7-acre yard at the site. Since acquiring the strategic asset in 2022, Alliance has undertaken refurbishment and repositioning of the site, which comprises a 62,000 sq ft warehouse on a site of 4.75 acres. The facility has been upgraded to include new perimeter fencing, new security lighting and CCTV monitoring, yard works and modernisation of the internal space to provide energy efficient space. As a result, Property Alliance have increased the passing rent by 45% in 12 months. Constantine Thanopoulos, development surveyor for Alliance, said: “This building is located on a popular industrial park where there is a high demand for space but limited availability. “We are delighted to have been able to move quickly to secure the opportunity off-market, the reward being that we have welcomed robust tenants, John Cotton Group and Titan Containers, to join other occupiers at the site, and added significant value to the property and estate.” GV&Co acquired Morley Carr on behalf of Property Alliance Group and are the acting agent. Daniel Walker added: “We are delighted to have acted for Property Alliance Group for this off-market acquisition in Bradford. “Once vacant possession was obtained, the ability to agree terms quickly for the new open market letting shows the continued strength of the industrial market and shortage of supply for quality industrial space in Bradford.”

Yorkshire & Humber business activity contracts for fourth month running, but downturn cools

Tess Egginton
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Yorkshire & Humber business activity contracts for fourth month running, but downturn cools

The headline NatWest Yorkshire & Humber PMI® Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – signalled a fourth successive month of falling private sector output across the region.

However, having risen to 48.4 in November, from 45.2 in October, the headline index pointed to a contraction in activity that was modest and the weakest seen over the current sequence of decline. According to panel members, subdued demand conditions led output volumes to shrink, with the recent completion of projects and low client confidence reportedly restricting sales growth.

The seasonally adjusted New Business Index remained in sub-50.0 contraction territory in November, but rose to a four-month high, signalling a slower deterioration in demand for Yorkshire & Humber goods and services. Panellists commented on subdued market conditions, in part due to weaker client confidence.

As has been the case throughout 2023 to date, the trend in new business in Yorkshire & Humber was weaker than seen for the UK overall.

Private sector businesses across Yorkshire & Humber remained strongly optimistic towards the 12-month outlook for activity in November. Furthermore, the level of positive sentiment strengthened and was above the UK-wide average.

Expectations of greater new orders underpinned growth forecasts, in addition to new product launches and marketing initiatives.

The seasonally adjusted Employment Index moved back into expansion territory during November, posting above the 50.0 mark for the first time since August to signal renewed job creation across Yorkshire & Humber.

Increased workforce numbers locally contrasted with a fractional drop at the national level. Additional staff were recruited in line with business requirements, anecdotal evidence showed.

Companies in Yorkshire & Humber reported a further reduction in the amount of work pending completion midway through the fourth quarter. The decrease in outstanding business was sharp, despite easing from October’s near three-and-a-half-year record, and among the fastest seen of all 12 monitored parts of the UK. Operating expenses faced by private sector companies in Yorkshire & Humber rose in October amid reports of increased wage costs. That said, the rate of inflation slowed to a 39-month low. According to anecdotal evidence, pressures were alleviated by reductions in raw material prices.

Yorkshire & Humber firms’ operating expenses rose at a sharp and accelerated pace during November. According to respondents, greater insurance fees, wage pressures and supplier price increases led to steeper cost rises. The rate of inflation was the quickest in four months and broadly in line with that seen for the UK overall.

Private sector businesses in Yorkshire & Humber raised their prices charged once again in November, reflecting firms’ efforts to protect margins due to further increases in costs. The extent to which selling prices were raised was strong and the greatest since July.

That said, the local rate of inflation was among the weakest seen across the monitored parts of the UK, with only Wales, the North West and Northern Ireland posting slower rises.

Malcolm Buchanan, Chair of the NatWest North Regional Board, said: “The direction of travel was positive in November – the downturn in business activity once again lost momentum. However, Yorkshire & Humber continues to lag behind the UK as a whole, which moved back into growth territory for the first time since the summer.

“Disappointment on the output and demand front is being offset by positive movements in other areas, as businesses grew more optimistic towards the outlook for the next 12 months. Subsequently, we saw firms step back into hiring mode, as employment rose for the first time since August. It seems that companies do not expect the current weak patch to persist for long in 2024.”

Urban logistics scheme reaches practical completion at Leeds Valley Park

Tess Egginton
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Urban logistics scheme reaches practical completion at Leeds Valley Park
The Leeds Valley Park speculative industrial development, which fronts the M1 and M621 motorways, has reached practical completion with units now ready for occupation. The scheme, delivered by Caddick Developments and funded by Greater Manchester Pension Fund (GMPF), comprises 300,000 sq ft of warehouse space across six units, ranging between 25,000 and 70,000 sq ft. CBRE, Carter Towler and Avison Young are marketing the urban logistics scheme on behalf of GMPF.  Danielle Raunjak, Associate Director, CBRE Leeds team, said: “The Leeds Valley Park scheme is set to become a key strategic logistics site for the city and sector. The development benefits from being close to major motorways linking the north, south, east and west and will also provide major local employment opportunities.  “There continues to be a healthy level of demand for well-connected, mid-box developments and Leeds Valley Park will hugely contribute to the growth and success of the industrial and logistics market of Leeds and West Yorkshire.” Kevin Etchells, Head of Real Assets, Greater Manchester Pension Fund, said: “Leeds Valley Park is a best-in-class scheme with high ESG credentials which offer an attractive proposition for occupiers looking to prioritise sustainability and future-proof their operations. “The development delivers much needed warehouse space for the continued growth and success of the West Yorkshire market and economy. We look forward to welcoming tenants over the coming months.” Rob Oliver, Principal, Avison Young, said: “We have been delighted with the interest shown to date in the scheme, both from occupiers already based in Leeds and the surrounding area, and from inward investors looking to establish a new West Yorkshire operation. “It’s fantastic to have achieved practical completion on target, with the units presenting very well, and to be able to offer immediate occupation to companies.”
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