Yorkshire private equity investors deliver strong 2024
Total private equity investment in Yorkshire and the Humber increased in 2024, according to the latest UK Private Equity Review from KPMG UK.
The comprehensive annual study into private equity deal activity found that investment in the region grew by 4.1% in 2024, totalling £8.6 billion, amid a more stable economic climate, with interest rates and inflation falling; greater political certainty following elections; and a surge in transactions ahead of anticipated changes to Capital Gains Tax.
The volume of deals in the region increased from 120 to 122 year-on-year but volumes remained lower than 2022’s 145.
Investment in Yorkshire accounted for 5.4% of total new PE backing in the UK. London continued to deliver the greatest interest from PE funds, attracting £78.1 billion of investment, ahead of the North West (£20.0 billion) and the South East (£15.8 billion).
Giles Taylor, Head of Corporate Finance in Yorkshire at KPMG UK, said: “Private equity interest in the region remained robust in 2024, with deal volumes and values holding firm.
“With a more stable economic and political environment, it’s right to be cautiously optimistic about what 2025 holds. Investors are sitting on large amounts of dry powder, and Yorkshire boasts a burgeoning business community that will no doubt attract the attention of private equity firms looking to invest in the region.”
Bank of England reduces interest rates to 4.5%
The Bank of England has reduced interest rates to 4.5%, in line with expectations.
The Monetary Policy Committee (MPC), which sets monetary policy to meet the 2% inflation target, voted by a majority of 7–2 to reduce Bank Rate by 0.25 percentage points, to 4.5%.
Two members preferred to reduce Bank Rate by 0.5 percentage points, to 4.25%.
The Bank said in a statement: “There has been substantial progress on disinflation over the past two years, as previous external shocks have receded, and as the restrictive stance of monetary policy has curbed second-round effects and stabilised longer-term inflation expectations. That progress has allowed the MPC to withdraw gradually some degree of policy restraint, while maintaining Bank Rate in restrictive territory so as to continue to squeeze out persistent inflationary pressures.
“CPI inflation was 2.5% in 2024 Q4. Domestic inflationary pressures are moderating, but they remain somewhat elevated, and some indicators have eased more slowly than expected. Higher global energy costs and regulated price changes are expected to push up headline CPI inflation to 3.7% in 2025 Q3, even as underlying domestic inflationary pressures are expected to wane further. While CPI inflation is expected to fall back to around the 2% target thereafter, the Committee will pay close attention to any consequent signs of more lasting inflationary pressures.
“GDP growth has been weaker than expected at the time of the November Monetary Policy Report, and indicators of business and consumer confidence have declined. GDP growth is expected to pick up from the middle of this year. The labour market has continued to ease and is judged to be broadly in balance. Productivity growth has been weaker than previously estimated, and the Committee judges that growth in the supply capacity of the economy has weakened. As a result, the recent slowdown in demand is judged to have led to only a small margin of slack opening up.
“In support of returning inflation sustainably to the 2% target, the Committee judges that there has been sufficient progress on disinflation in domestic prices and wages to reduce Bank Rate to 4.5% at this meeting.
“Based on the Committee’s evolving view of the medium-term outlook for inflation, a gradual and careful approach to the further withdrawal of monetary policy restraint is appropriate.”
Sheffield skip hire boss avoids immediate spell behind bars after health and safety failures
The director of a Sheffield-based skip hire company has avoided an immediate spell behind bars after being found guilty of multiple breaches of health and safety law.
Following an investigation and subsequent prosecution by the Health and Safety Executive (HSE), Jamie White, the director of M White (Skips) Limited, was given an eight month custodial sentence, suspended for a period of 12 months. His company was fined £65,000.
Both White and his company appeared at Sheffield Magistrates Court on 23 January 2025 to be sentenced, the same court where they had been found guilty of several charges brought by the HSE following a five day trial in October last year.
The court heard that HSE inspectors visited the company’s site on Worthing Road in the Attercliffe area of Sheffield, on 8 August 2022, after receiving multiple reports of poor conditions both there and along the public highway.
When inspectors arrived, they found skips loaded with waste material stacked along the public highway and piles of other waste preventing workers from safely moving around the site, as well as blocking access to welfare facilities, including the staff toilets.
Immediate action was taken by HSE, with prohibition notices being issued preventing any further stacking of the already loaded skips. However, a follow-up visit less than a month later found no improvements had been made – as well as evidence the enforcement action had been ignored.
Subsequent enquiries found the company did not hold Employers’ Liability (Compulsory Insurance), a legal requirement for employers. Further prohibition notices were served, including the prevention of hand sorting of waste materials from skips on the public pavement due to the obvious risks to members of public trying to walk past.
The subsequent HSE investigation found there had been a steep decline in general health and safety standards at the firm, giving rise to significant risk to employees and members of the public.
With no effective health and safety management and an apparent loss of control over general conditions, there had been no attempt to reduce the risk from hazards on site to safeguard employees. The company, and White, failed to comply with the law, despite enforcement notices being served requiring action to be taken.
M White (Skips) Limited of Worthing Road, Attercliffe, Sheffield pleaded guilty to non-compliance with three Prohibition notices and to breaching Sections 2(1) and 3(1) of the Health and Safety at Work etc. Act 1974, and also Section 1(1) of the Employers’ Liability (Compulsory Insurance) Act 1969. The company was fined £65,000 and ordered to pay £13,280 in costs at a hearing at Sheffield Magistrates Court on 23 January 2025.
Jamie White, Director of the company when HSE visited, pleaded guilty to non-compliance with two Prohibition notices and to breaching Sections 2(1) and 3(1) of the Health and Safety at Work etc. Act 1974 by virtue of Section 37(1), and also Section 1(1) of the Employers’ Liability (Compulsory Insurance) Act 1969.
He was given an eight month custodial sentence, suspended for 12 months, and must complete 150 hours of unpaid work. He was also disqualified as a company director for a period of three years and ordered to pay £13,280 in costs.
After the hearing the HSE inspector Laura Hunter said: “As the sole director, Jamie White also worked on the site and was fully aware of the poor conditions which his employees were subjected to.
“Full skips were deposited and stored on the public highway, with employees later needing to use the street to sort through waste materials when the site became inaccessible.
“By law, employers are required to insure against liability for injury or disease to their employees arising out of their employment – it is compulsory insurance. Mr White failed to arrange for his company to obtain it for his workers, despite HSE serving an enforcement notice legally requiring him to do so.
“Companies should ensure that they understand and follow health and safety laws and guidance and act responsibly to protect both their employees and the public from the activities under their control.”
The HSE prosecution was brought by senior enforcement lawyer James Towey and enforcement lawyer Kate Harney, supported by paralegal officer Imogen Isaac.
£7m refurbishment scheme officially begins at Goole’s Victoria Pleasure Ground
Work on the first phase of Goole Town Council and the Goole Town Deal Board’s £7 million refurbishment scheme at the town’s Victoria Pleasure Ground has officially begun.
Scunthorpe-based Britcon, the main contractor appointed to work on the project, has been on site since November 2024 carrying out preparatory work, but this week the demolition of the old stand and buildings began.
This will be followed by the construction of a brand new, state-of-the-art, two-storey pavilion offering both internal and external viewing for spectators, as well as modern changing facilities, a kitchen, offices, a first aid room, a physiotherapy room, a cafe and a 160-seat conference and hospitality suite capable of hosting sporting, corporate and social events. The new layout will also significantly increase on-site parking.
As part of a second phase of work due to be carried out later in the year, a new, full-size, artificial 3G pitch and compact athletics facilities will be installed by S & C Slatter Ltd, a contractor specialising in sports facilities of this nature.
Welcoming this significant milestone on behalf of Goole Town Council, Town Clerk Brian Robertson, said: “It’s a very exciting day for everyone involved with this project. The end product is going to be far bigger and better than anything we could ever have envisaged being able to provide for local teams, groups and organisations to use.
“It will undoubtedly make an enormous difference to the sports teams that already play at the VPG, as well as hundreds of local children who play for grassroots teams but currently have to travel outside Goole for training and many other local groups and organisations that will be able to make use of the new and improved facilities.
“Working closely with Britcon, we’ll be doing our utmost to keep disruption to user groups and nearby residents to a minimum over the coming weeks and months, but we’d ask everyone to bear with us as we work to deliver sports facilities that the town can be proud of, and which will undoubtedly help to bring more people into the town centre, boosting the local economy.”
Phil Jones, Chair of the Goole Town Deal Board, said: “Due to genuine fears for the long-term viability of the Victoria Pleasure Ground, as a Board we chose to prioritise its redevelopment as part of our strategic proposals to reinvigorate the town centre by allocating it a share of the town’s £25 million in Town Deal funding.
“Working with Goole Town Council and specialist consultants Steve Wells Associates, who brought their vast experience of developing top class sporting venues nationally to the project, we developed a visionary business case for the Victoria Pleasure Ground and it’s wonderful to see those ambitious plans now coming to fruition as demolition and building work gets underway.”
Nick Shepherd, Britcon’s Managing Director, said: “We are excited to be working with all stakeholders to deliver this exciting local project. We will use best practice from previous sustainable leisure projects to minimise our impact and use regional suppliers wherever possible to maximise social value outcomes and local spend.”
Owned by East Riding of Yorkshire Council and leased long-term to Goole Town Council, the historic venue was no longer fit for purpose and in dire need of investment just to remain open. During the Covid-19 pandemic, the Town Deal process made some early funding available which had to be spent by a strict deadline.
Some of this money was used to install energy efficient LED (light emitting diode) floodlighting at the Victoria Pleasure Ground, helping to reduce the running costs of the venue and making it more environmentally friendly. This new lighting will remain as part of the redevelopment plans.
In addition to the Town Deal funding, the Football Foundation is contributing more than £2 million towards the project. Planning permission for the work was granted in 2023.
The town’s semi-professional football club, Goole Association Football Club, which plays in the Northern Counties East League Premier Division, is based at the Victoria Pleasure Ground and has been joined by Goole Vikings Rugby Club, which is now a professional rugby league side competing in Betfred League One.
Over 400,000 sq ft let in duo of deals at iPort, Doncaster
Verdion has secured two new occupiers at iPort, taking a total of 414,829 sq ft of logistics space at the 800-acre multimodal logistics hub just outside Doncaster.
Moran Logistics has taken the 166,872 sq ft iP7 unit offering 158,992 sq ft of warehousing with 15m clear headroom, 17 HGV bays, 7,880 sq ft of offices and welfare, and 315+kVa power. CBRE advised Verdion and Bishop Property Consultants advised Moran Logistics.
iP10, a total of 259,286 sq ft, has been leased to a confidential occupier. Its new unit offers 247,957 sq ft of distribution space with 15m clear height and 40 HGV bays, 11,329 sq ft of offices and welfare, and 500+kVa power. GV&Co advised Verdion.
Jamie Young, Development Surveyor at Verdion, said: “There has been a noticeable shift in occupier demand in the last quarter, with renewed appetite for expansion and a focus on high quality space. These deals underline the continued attractiveness of iPort – and its power capacity, multimodal capability and strong demographics – to a wide range of businesses.”
Housebuilder secures £5.4m funding package for Halifax scheme
Erris Homes has secured a £5.4 million funding package from Paragon Bank to support the second phase of its Calder Mews new build scheme in Halifax.
Phase II comprises 14 four-bedroom detached homes. Paragon also financed the first phase of the scheme, which consists of 23 three and four-bed detached, semi-detached and terraced homes.
The first phase is now nearly complete and work on phase II began late last year, with work expected to be completed by the end of 2025.
The deal was led on behalf of Paragon Bank Development Finance by Relationship Director Karl Kent, with support from Senior Portfolio Manager Shannon Altimas.
Paragon is expanding its presence in the Yorkshire & Humber region and the deal represents the ninth in the region during Paragon’s last financial year, with lending of over £30 million to the region’s SME housebuilders.
Karl joined the team last year to spearhead the bank’s Development Finance growth in the region.
Karl Kent said: “We’re delighted to support Erris Homes with the second phase of its Calder Mews scheme, which is providing top-end family homes in a great area of Yorkshire. We are keen to work with experienced developers across the north of England to deliver much-needed new homes.”
Michael Howard, Managing Director of Erris Homes, said: “Calder Mews is an exclusive development sits alongside the small river of Black Brook and is perfectly located a mere stone’s throw away from The Greetland Academy, which was rated ‘Outstanding’ in its latest Ofsted inspection. Paragon has been a supportive and engaged lender across the project.”
Reward Funding eyes further growth with newly created head of partnerships appointment
Leeds-based Reward Funding has further strengthened its growth plans by appointing Adrian Stalley as its first head of partnerships.
In the newly created role, Adrian will drive forward the alternative lender’s sales and marketing strategy at a national level, by working closely with the regional directors and business development teams across its six UK offices.
Adrian will also be focused on expanding Reward’s extensive network of introducers and commercial finance brokers, to ensure its overall sales strategy is closely aligned with its wider business growth aims.
Adrian’s career spans over 30 years working in senior director and management roles in sectors ranging from telecoms and utilities to insurance and property. In the last six years he has focused on growing strategic partnerships and driving national business development opportunities in the commercial finance space.
Adrian Stalley, head of partnerships for Reward Funding, said: “With Reward having recently unveiled its new brand identity and strategic direction, it feels like the perfect time to be part of its continued growth success across the UK. I feel we’re really at the forefront of the lending market and filling the void left by traditional funders, by helping ambitious entrepreneurs and businesses thrive across so many sectors.
“I’m looking forward to collaborating with the teams across our six offices, exploring new business development opportunities and channels, and as an ambassador of the business to further help expand our national network of introducers.”
Adrian will be working alongside Sharon Ellis, Reward’s strategy and programme director, who added: “The appointment of Adrian and the wealth of sector experience and strategic insight he brings to the business, really illustrates the scale of our growth ambitions across the UK moving forwards.
“I know our regional directors and business development teams are really excited and energised by his arrival and are looking forward to working with him to further bolster our market presence.”
Final steps taken by Government to create Hull and East Yorkshire Combined Authority
The Hull and East Yorkshire Combined Authority can now officially begin its work after the final steps were taken by the Government to create the new body.
The signing of the relevant order by the minister moves the area closer to unlocking a £400 million investment fund, alongside powers that will move from Westminster to local decision-makers.
The Combined Authority will be led by an elected Mayor, with voters going to the polls on Thursday 1 May 2025. Elections will then take place every four years.
The Combined Authority has been created after Hull City Council and East Riding of Yorkshire Council agreed a devolution deal with the Government.
The Leader of Hull City Council, Councillor Mike Ross, said: “I’m delighted that we have got to this stage in the process after years of hard work by many people.
“For too long our area has been left behind, but it’s now time for us to reach our full potential.
“The creation of the Combined Authority unlocks vital empowerment and investment, and I believe we have the talent and drive to make the most of what devolution brings.”
The Leader of East Riding of Yorkshire Council, Councillor Anne Handley, said: “This is fantastic news and serves as a significant landmark in the devolution process.
“It’s great to receive official confirmation that devolved powers will be coming to our area, with an elected mayor, and the ability to unlock investment and opportunities for our region.”
Representatives from both councils will now put in place the necessary arrangements to operate the Combined Authority, including the delivery of May’s Mayoral election.
The new Combined Authority does not replace either Hull City Council or East Riding of Yorkshire Council. Both local authorities will retain their independence and continue their work as normal.
The new Combined Authority will take on powers relating to transport, where it will become the Local Transport Authority for the area, allowing it to develop a single strategic transport plan for the North Bank of the Humber.
Greater Lincolnshire Combined County Authority is created in historic day
The new Greater Lincolnshire Combined County Authority (GLCCA) is now an official body, following final communication from the Government.
The Leaders of Lincolnshire County Council and North and North East Lincolnshire unitary authorities have received an official letter from the Minister of State for Local Government and English Devolution, Jim McMahon OBE MP.
This confirms he has signed the Greater Lincolnshire Combined County Authority Regulations 2025, which created the GLCCA and devolves functions to it.
In the correspondence, the Minister added: “I would like to thank you and your officers for your hard work in enabling us to deliver this landmark agreement for the people of Greater Lincolnshire.”
Following this, the first meeting of the new authority’s board will be in early March, with the election for a Mayor going ahead as planned on Thursday 1 May.
The Leader of North East Lincolnshire Council, Cllr Philip Jackson, said: “Having enjoyed a local political career here that has spanned more than three decades, this is a true highlight.
“We now move forward with a combined county authority that can work to effect real and positive change for all our residents. We expect to see this new authority make a significant difference in key areas, such as business growth, skills and improving our housing, our infrastructure and public transport – and this is just the start.
“I would like to take this opportunity to thank all those involved in the creation of the GLCCA and bringing the very best deal here to benefit our communities.”
North Lincolnshire Council Leader, Cllr Rob Waltham MBE, said: “The formal creation of the combined authority marks the beginning of an exciting new chapter for the residents of Lincolnshire.
“With ministerial approval now secured, we can move forward with the real work of delivering better jobs, improved transport, and greater opportunities.
“This is a once-in-a-generation opportunity to take control of our own future – ensuring that investment is directed where it will have the greatest impact and that every penny is spent delivering tangible benefits for local people.
“As someone deeply rooted in Lincolnshire, I am committed to making sure this new authority drives real, positive change – protecting our communities, growing our economy, and securing a brighter future for all.”
Cllr Martin Hill OBE, the Leader of Lincolnshire County Council, added: “There has been a lot of hard work to get to this point, and much more still to do. I firmly believe that decisions that affect local people should be taken locally, and the benefits of devolution mean that we will be in charge of our own future in Greater Lincolnshire.
“These issues are really important to residents’ everyday lives, when it comes to the housing available, how we all get about the county and the jobs and training that are available.
“We’ll also be able to deal more directly with government in representing the needs of our area, and have a clearer voice to attract more investment.”
The Government confirmed its support for the GLCCA in the autumn of last year, following a two-month public consultation last January and February.
The deal brings with it an investment package of £720 million over 30 years with a one-off capital investment of £28.4 million to invest in priority schemes across the Greater Lincolnshire footprint. With it also comes an elected Mayor to chair the new authority and give the region a greater voice in Westminster.
Housing Association gets £800k to help with erosion rehoming project
East Riding of Yorkshire council has approved an £800,000 contribution towards a proposed new housing development to be managed and developed by Broadacres Housing Association for residents displaced by coastal erosion in Skipsea.
The contribution is funded by the Department for Environment, Farming and Rural Affairs , as part of the Changing Coast East Riding project. The council secured £15m funding for the project in 2022.
The project, at Church Farm, Skipsea, is part of the £200m Flood and Coastal Innovation Programme run by the Environment Agency and is on the site of derelict agricultural buildings.
The Skipsea development will increase social housing availability in a coastal and rural region of East Yorkshire where there is significant need and will help keep residents in their local area.
Councillor Barbara Jefferson, East Riding of Yorkshire Council cabinet member for Heritage and Coastal said “Coastal erosion is a real challenge in the East Riding, where we have some of the fastest eroding coastlines in Europe. We’re committed to supporting communities facing coastal erosion and taking proactive steps to ensure the long term security of our coastal regions.”
Helen Fielding, Director of Development and Investment at Broadacres, said: “We are delighted that East Riding of Yorkshire Council have pledged support for this important project.
“We are working hard to finalise our plans for its delivery and hope to be in a position to make a further announcement in the very near future.
“These homes are of critical importance to local residents, and we are grateful for the partnership working with the Council and other funding bodies that will enable us to deliver them.’
