50% of Leeds office campus to be acquired by investment management business
Immobel Capital Partners, the investment management business of Immobel Group, the listed real estate developer in Belgium, has signed a sale and purchase agreement to acquire 50% of the White Rose Park from OIRP Investment 10, part of Orion Capital Managers.
White Rose is a green office campus situated just outside of Leeds. The investment values the Park at circa £110 million, representing a net initial yield of c. 6.75% and will be held in Joint Venture with Munroe K.
The off market transaction is the first investment for the newly launched Immobel Capital Partners and will be the first seed asset forming a key plank in its Green Office Strategy.
This strategy will see it invest in and create a new generation of green offices in leading European cities which have clear demand for a new generation of workplaces and are expected to deliver above-average growth as they benefit from wider trends such as urbanisation, changing demographics and ongoing technological evolution.
White Rose Park is a 28 acre (11 ha) green office campus providing a lettable area of over 500,000 sq ft across 9 buildings. It is currently circa 98% let to a range of blue chip organisations including DAZN, the sports media giant, HSBC, Capita, Telefonica and education and government tenants including the Gorse Academies Trust, the NHS and the Police & Crime Commissioner for West Yorkshire.
In addition to 20 acres (8 ha) of open space at White Rose, it also provides a strong business amenity and lifestyle offer to the circa 5,500 people who work at the park, offering a conference centre, outdoor sports pitch, restaurants and a nursery.
Located a two minute walk from the White Rose Shopping centre and a bus or bike ride from Leeds’ city centre, the Park will soon be the beneficiary of a new train station which will connect it to central Leeds in about four minutes as well as to the surrounding suburbs.
There is significant identified occupational demand in Leeds for office accommodation such as the White Rose Park which meets the modern day and post pandemic requirements and supply is low. Immobel Capital Partners will work closely with Munroe K led by David Aspin who has been responsible for the evolution of the park and its ESG credentials.
Immobel Capital Partners was represented by Savills and Orion Capital Managers was represented by CBRE.
Duncan Owen, CEO, Immobel Capital Partners, said: “The acquisition of White Rose clearly aligns with our strategy to stock pick assets which provide opportunities to unlock further value through improvements in their sustainability and social credentials. I have known and worked with David Aspin, CEO of Munroe K, on various projects for over 20 years.
“Our plan for White Rose Park will see us continuing to evolve the business park in partnership with the Munroe K team into a knowledge and talent-based campus with a focus on delivering tangible ESG improvement.
“The current use of sustainable materials, extensive electric car charging points, PV cells and 100% on site renewable energy all help the positive ESG impact of the park, meaning our goal for the Park to be fully operationally carbon neutral by 2030 is within our grasp.”
Orthopaedic supports manufacturer appoints new Chief Executive Officer
Harrogate-based manufacturer of medical grade orthopaedic supports, Neo G, have appointed Dan Jones as Chief Executive Officer.
Neo G announced the appointment as the firm relocated their offices and warehouse to a larger space to accommodate their expanding team and to meet the growing demand from international pharmaceutical retailers including Boots, Tesco, Walgreens and CVS.
Having been with the company since 2014, Jones will be taking over the role of CEO from founder, Paul Starkey, who will move into the position of chairman.
As commercial director, Jones has already overseen large growth in the company.
Starkey says: “Dan has demonstrated his commitment to Neo G and our Medical Grade strategy. Over the last seven years, he has helped define and establish the company as the no. 1 brand in the UK, and the fastest growing brand in the US.
“I am very proud of the way he has grown in the company and adopted the Neo G mantra as his own. I know he will take Neo G to new heights, and I will do everything I can as the chairman to support all of his and the teams’ efforts.”
Jones added: “I’m proud of what we as a team have achieved together in this time, especially through the pandemic. I look forward to continuing working with the team towards making the company even stronger going forward.”
The appointment of Jones as CEO follows the relocation of the firm to a fully refurbished office.
Group finance director, Chris Brookes, said: “The new offices look amazing and make for a fresh, contemporary and organised space to work from. They’ve been designed not just to look great, but to be safer for everyone to enjoy, with measures including a newly installed fresh air recirculation system.
“The new innovation room and design studio allow our in-house experts to stay on the cutting edge of the industry and consistently produce new orthopaedic solutions.”
The move to a larger office and warehouse space is in line with Neo G’s expansion and plans to create 30 jobs over the coming years as growth in the UK, US and Europe are forecast for the Yorkshire firm.
Digital marketing agency secures new talent following six-figure investment
Digital marketing agency Surge Marketing Solutions has secured a six-figure loan through NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
Founded in 2014, Middlesbrough-based Surge Marketing Solutions offers client services such as website development and design, search engine optimisation (SEO), content creation and digital marketing.
The six-figure NPIF investment will be used to create eight new roles, including a chief technical officer, technical SEO, developer and sales executive who have already joined the team. The funding will help safeguard a further 16 jobs.
The deal was facilitated by Keith Charlton, FW Capital deputy fund manager.
FW Capital investment executive Rachel Smith supported on the deal and said: “Led by an experienced and dynamic director, Surge has seen sustained growth year on year. The business has invested in infrastructure and personnel, laying foundations to take it from a regional agency to national.
“With our investment, they will be able to build upon this strategy, increasing their marketing spend and implementing the planned acquisition of new talent which includes bringing on board a highly experienced chief technical officer. We are delighted to have been able to offer this investment.”
David Porter, Surge Marketing Solutions Managing Director, said: “At Surge, we offer personal and innovative design, development and digital marketing services to clients in all sectors. Finding solutions that really work is what we do best and what we love most.
“This investment from FW Capital will support us as we continue to build on our growth strategy and invest in new talent with the creation of eight exciting new roles.
“The appointment of our CTO brings a whole new set of client problems we can now solve with software solutions. As well as E-commerce solutions, we are now able to develop software such as Mobile Apps, CRM’s and ERP systems. We are grateful to FW Capital for the support.”
Tees Valley Mayor, Ben Houchen, said: “Surge is a brilliant local business helping to drive forward our ever-growing digital and professional services sectors. This latest funding is showing how our money is helping our companies create good-quality, well-paid jobs to help them thrive. In this case, it’s given Surge the opportunity to make a national name for itself, in turn putting our region on the map even more.”
Two new tenants move into Albion Street offices in Leeds
Property investment and development company, CEG, has let three of its studios at 84 Albion Street in Leeds.
Citizens Advice has taken two studios totalling 1,539 sq ft and Perigon Associates has let 301 sq ft. Only two studios remain at the office development.
CEG’s Let Ready studios launched in Albion Street last Autumn. The five fully-furnished studios provide workspace designed for teams of 4 to 24 people and enable a company to move in, plug in and start work immediately.
Robert Morton, investment manager at CEG, said: “We are delighted to welcome Citizens Advice and Perigon Associates to the thriving business community at Albion Street.
“We only have two studios remaining, which offer great start-up and grow-on space for smaller businesses as well as a regional base or additional fully-furnished project space for larger companies.
“We have seen strong interest in the space, particularly as companies are now returning to the office environment. The flexible easy in/easy out lease offer has also appealed along with the fact that we can also offer Let Ready Complete which provides a comprehensive all-inclusive service with no upfront costs.”
84 Albion Street is a landmark office building located in the heart of Leeds City Centre. CEG has managed a comprehensive refurbishment program to provide cycle and shower facilities in the basement through to a roof terrace.
The 22,228 sq ft Grade A office development provides six floors of space with five offering corporate space, complemented by the new studio offer on the first floor, designed by Space Invader.
Fox Lloyd Jones and WSB are appointed as agents marketing Albion Street on CEG’s behalf.
Harry Finney, senior surveyor at Fox Lloyd Jones, said: “There is an emerging market for high quality fully fitted, managed workspace on flexible lease terms across the city centre market. The offer at 84 Albion Street provides a highly desirable blend of conventional and serviced workspace, which is suitable for a variety of businesses, as demonstrated by the deals completed to Citizens Advice and Perigon Associates.”
Robin Beagley, partner at WSB, added: “The strong interest we have seen in 84 Albion Street reflects changing trends from businesses as to what they want to see from their office space. We are finding that occupiers are looking for flexible and adaptable office space that also, importantly, provides a creative and inspiring working environment that will appeal to their staff.”
Viewing Leeds as a thriving business destination, CEG is on site delivering a 37,800 sq ft seven-storey office on Globe Road within the Temple district.
CEG is working with Leeds City Council and other partners to bring forwards some 4 million sq ft of space within the Temple District, south of Leeds City Station. A masterplan has been created to drive high value economic growth, with Temple as its cultural centrepiece.
Work is also underway revitalising the nearby Drapers Yard as a UK Centre of Excellence for life sciences and innovation on behalf of LabCorp. This, along with British Library’s ambition for a potential future home at the nearby iconic Temple Works, would create a cluster here for knowledge, innovation and science.
£2.5 million boost for local sustainable transport schemes
South Yorkshire Passenger Transport Executive (SYPTE) has welcomed an announcement from the Department for Transport that Sheffield City Region has been awarded a £2.5 million funding boost to support improved local walking, cycling and public transport schemes.
SYPTE Executive Director, Stephen Edwards, said: “This welcome funding will allow SYPTE and our local authority partners to continue to build on the success of sustainable transport projects delivered through the Inmotion! scheme. Walking, cycling and public transport plays a key role in supporting a diverse and resilient economy. By improving facilities and empowering communities across the region to make greener travel choices, we aim to reduce excess traffic delays, tackle poor air quality and noise, and combat health problems associated with physical inactivity.”
South Yorkshire Mayor and local business leaders back rail HQ bid
Mayor of South Yorkshire, Dan Jarvis and local business leaders are urging businesses and people across South Yorkshire to support Doncaster’s proposals to become the new home of Great British Railways Headquarters (GBR HQ)
The Mayor said Government support for the bid would help cement Doncaster’s status as the ‘national capital of rail’ and level up South Yorkshire.
Locating the HQ in Doncaster will catalyse a new rail economic cluster, building on the town’s train heritage and innovative rail businesses, to attract more firms and good quality jobs in the region.
His call comes as South Yorkshire prepares to host its inaugural Economic Summit on Wednesday 9 March, which brings together leading speakers and thinkers from the region, government, and finance to showcase the region’s economic potential.
Mayor Dan Jarvis said: “Locating the new GBR Headquarters in Doncaster would bring huge benefits to our region’s economy and create hundreds of much-needed jobs in the rail sector, for which there is plenty of appetite.
“This is the perfect opportunity for government to make good on their promises and commit to levelling up Doncaster and the wider South Yorkshire region. In turn, Doncaster has the skills, the facilities, the potential, and the heritage to help their plans in transforming the way the sector works.”
South Yorkshire LEP and Transport for the North Board Member Peter Kennan said: “Doncaster’s bid to be the new home of Great British Railways would give South Yorkshire a fantastic route to implement the LEPs Strategic Economic Plan which serves to drive economic strength and create good jobs for the region.
“Doncaster has a proud history of rail innovation and investment stretching back to the opening of The Plant in 1853 with ‘Mallard’ and ‘Flying Scotsman’ being just two of the famous locomotives to emerge from that great engineering powerhouse. That great tradition continues, and the Headquarters of Great British Railways would cement Doncaster’s place even more firmly as a major national and international centre for rail investment.”
CEO of Doncaster Chamber and South Yorkshire LEP board member Dan Fell said: “I want South Yorkshire to win this bid because we smash the criteria out of the park. Doncaster is impeccably well connected including great links to London and the devolved administrations. The region’s rail sector is thriving and a hotbed of innovation. Learning institutions such as the University of Sheffield, National College for Advanced Transport and Infrastructure, and Doncaster University Technical College are allied with the sector and will provide the future workforce.
“Doncaster is renowned as a place where partnerships work and where partnering organisations can become more than the sum of their parts. If, indeed when, GBR locates to South Yorkshire, the organisation will be welcomed into our ecosystem and embraced by many businesses and partners.”
The public are being urged to get involved by indicating why they think the HQ should be based in Doncaster through completing a short survey and submitting their comments.
Charging charities at lower rates of VAT – Streets Chartered Accountants
There are special rules under which a VAT-registered business can sell certain goods and services to charities at the zero or reduced rate of VAT, as Streets Chartered Accountants details below.
Before charging VAT at a lower rate, you must be able to show evidence that the charity is eligible. This is usually done by obtaining suitable evidence of the charity’s status and a written declaration or ‘certificate’ confirming they meet the conditions for a particular VAT relief.
Charities are legally required to provide an eligibility certificate when you supply qualifying building or construction services to them at zero VAT. A declaration is not required for other supplies but is recommended to prove the charity is eligible for the relief. Completed declarations should be held for at least 4 years.
The reduced VAT rate applies on the sale of fuel and power in certain circumstances to an eligible charity. The zero VAT rate applies on a wider range of supplies including the aforementioned construction supplies and items including certain medical and veterinary equipment, aids for disabled people, advertising and items for collecting donations, drugs and chemicals and equipment for making ‘talking’ books and newspapers.
Headstar strengthens its team with two appointments and a promotion following record growth
Finance recruitment consultancy Headstar has made two appointments and a promotion to its Leeds-based team following record demand for its services.
Sharon Phillips has been appointed to head up the company’s transactional finance division, which is experiencing surging demand as employers look to strengthen their finance functions through the hiring of credit controllers and payroll managers in particular.
With a successful track record in recruitment spanning 30 years within blue chip organisations specialising in various sectors including legal, health, care, and business support, Sharon has built an unrivalled reputation for developing long-lasting business relationships. In her new role, she will support the growth of the transactional team, expanding its markets in temporary and permanent placements across the region.
She’s joined by Sam Goodwin, who has been appointed as marketing manager. As a senior chartered marketing manager with over 14 years’ experience working in market-leading companies, Sam will lead on the development and delivery of a marketing strategy to complement the business’ growth objectives, raising the profile of its services and burgeoning events programme.
Headstar has also promoted Jenny Mayer to the position of head of senior finance. A specialist in placing financial controller and finance director roles, Jenny is now also responsible for leading a team of consultants who recruit for part and qualified accountant roles across Yorkshire.
The appointments and promotion come as demand for the company’s range of SME-focused finance consultancy and recruitment services continues to surge. The business, which recruits all areas of a finance team from entry-level to CFO, reported record growth of 35% in its latest financial year, driven by a post-lockdown hiring boom in finance professionals.
Headstar’s commercial director Natalie McGregor said: “We’re delighted to welcome Sharon and Sam to our rapidly growing 19-strong team.
“They both bring with them a wealth of expertise and experience, and their appointments, coupled with Jenny’s well-deserved promotion, mean we’re better placed than ever before to connect businesses with good people and meet ever-growing demand for our services.
“The business has got off to a great start in 2022, and in addition to Sharon and Sam, we’re looking to add at least a further four people to our team over the course of this year, ranging from consultants to heads of division, as well as expanding our portfolio FD team.”
The business, originally known as Finance Directors Yorkshire, was established 35 years ago and has grown significantly in recent years, expanding its client and contractor base which consists of a wide range of UK SMEs, mainly based in Yorkshire, including PureGym, Mamas & Papas and Tile Giant. Alongside placing permanent and interim finance staff, Headstar also provides a range of consultancy services, designed and delivered by experienced finance directors, including turnaround support and part-time finance directors.
“Don’t be lazy by assuming your recruitment problem is a skills gap,” says Yorkshire-based headhunter
Don’t be lazy by assuming your recruitment problem is a skills gap – that’s the message from Emma Robinson, founder of Yorkshire-based executive headhunting firm, Red Diamond.
The statement comes as a recent ONS report on shortages in the labour market indicated that one in three businesses with 10+ employees have difficulties in filling vacancies.
“The most common reasons for a sluggish uptake in roles were a low number of applications and a lack of qualified applicants,” says Emma. “Of course, this is problematic, as it means that businesses are unable to meet the demands of customers – which has a knock-on effect on the economy and national productivity. But, for the most part, the problem does not come from a skills gap.
“Yes, unemployment rates are low, meaning there is a smaller pool of ‘readily available’ people to fill roles, but let’s not forget that most candidates – particularly from shopfloor to director level – come from previous employment and are not usually unemployed.
“Sitting back and waiting for candidates to knock on the door is not necessarily the best approach – after all, the best candidates may not even be actively looking for a new role. The problem usually derives from one of two issues – either an internal recruitment problem or a factor that’s out of your control, such as location.”
Another recent ONS report on shortages in the labour market indicated that there were 97,000 jobs vacancies in the manufacturing sector in January 2022 – up by 42,000 since 2019.
“If we look at manufacturing as an example, I can honestly tell you that the problem has always been the same. I’ve worked in the sector for 20 years and it usually comes down to the fact that the pay rate is lower than a competitor across the street; poor internal recruitment processes; bad reviews on GlassDoor; or thinking in the here and now rather than the future – as a handful of examples.”
Emma claims that businesses need to conduct an analysis of their processes if they are to tackle the problem.
“One of our manufacturing clients went through four financial directors in three years – they couldn’t seem to keep hold of them. As a result, they kept increasing the job salary. After analysis, we realised the problem was that the managing director had a financial background and didn’t give the FD much autonomy. The solution we proposed was to find a more junior FD, on a lower salary, meaning they could learn from the MD. It also saved the client approximately £20,000 per year.
“Another scenario was a manufacturer who knew that they were losing their staff to a builder across the road. The internal narrative was ‘they always come back, though’. We carried out an investigation and found that just one person had returned, and the competitor paid £1 more per hour. Our solution was to up their hourly rate by £2 per hour, which attracted higher quality of staff, and meant they didn’t need as many shop floor workers, saving them thousands per year.”
“My advice? Don’t assume anything. Investigate why you are struggling to fill roles. Leave no stone unturned. Of course, the jobs market is competitive, but I don’t believe we can declare a skills shortage just because the right candidate hasn’t fallen into your lap.”
Hat-trick of new recruits for growing financial firm Northern Accountants
Yorkshire-based firm Northern Accountants has expanded its workforce with the appointment of three key hires following a year of record growth leading to a 30% increase in revenue.
The trio of recruits coincide with promotions for existing colleagues too, as the business focuses on continuing to build its industry-leading service levels and innovative products offering for small and medium-sized companies.
Joining as head of internal services, Toni McCoy will oversee the internal services team to ensure clients receive the highest levels of service and delivery. An experienced management accountant, Toni previously ran her own practice and will use her leadership skills to provide specialist training and development to her fellow Northern Accountants colleagues.
She heads up a team that includes newly promoted duo James Harrison and Tyler Boston who have moved into the roles of senior financial controller and junior financial controller, respectively.
A specialist in management accounting, James Heighton has been appointed as client manager and will be part of Sally Claxton’s external services team. They will both be supported by Sarah Lockwood and Sophie Hill who have progressed in their roles to become senior financial controllers.
The third hire is Paula Kingston-Heath who has joined as group business manager. Her primary responsibilities revolve around ensuring the entire organisation is running smoothly and that clients are supported with everything from accounting records to tax advice.
Meanwhile, Jayne Waugh has moved into the position of head of cloud accounting services with the aim of helping customers access real-time accounting information via data-driven technology. And finally, Shaun Lindley will manage the business’s new self assessment company.
Speaking about the organisation’s growing workforce – which now stands at 16-strong – Phil Ellerby, CEO and founder of Northern Accountants, said: “We are incredibly proud of the business we have and central to that is our people and our culture. The new team coming in are a really good fit for us and are only going to make us stronger and build on already impressive service levels. In terms of the promotions within the team, they are thoroughly deserved and from our point of view, it is really important we recognise our team and consistently provide an environment where they can continue to develop.” 