Grant Thornton agrees strategic investment with Cinven
Business and financial advisor Grant Thornton UK LLP’s partnership has unanimously voted in favour of a strategic investment from international private equity firm Cinven, which will accelerate Grant Thornton’s growth through additional capital and other resources. The firm will retain its partnership structure and ethos, but with external investment.
Having grown significantly over recent years, the firm, which has offices in Leeds and Sheffield, has been exploring external capital to accelerate the next phase of its growth, allowing it to substantially invest in its talent and technologies.
Having reached record revenue in 2023 (£654m), the firm is expected to surpass this in 2024 and, with the support of external investment, aims to reach £1bn over the coming years.
Following a review of its strategic options over recent months, the firm’s partners have unanimously voted in favour of a strategic partnership with Cinven, owing to the two firms’ shared vision for Grant Thornton’s future success and complementary cultures.
Cinven is one of Europe’s largest private equity firms and has been investing for more than 40 years. It has raised circa €50 billion funds.
Malcolm Gomersall, CEO of Grant Thornton UK LLP, said: “The story of our growth journey over recent years has been remarkable. We’ve weathered some of the most significant macroeconomic events in history and we’ve come out of them even stronger, both financially and culturally.
“The dynamics of our sector, both here in the UK and internationally, have also changed dramatically over recent years. We’re incredibly proud of the firm we are today, and we’re ready to write the next chapter in our story.
“We recognise the opportunity that external investment can offer to help us further accelerate our growth, whilst retaining our partnership structure and ethos, and provide an outstanding experience for our people and clients. We’re therefore looking forward to partnering with Cinven.
“We were attracted to their admiration of our commitment to high-quality service (particularly in our audit practice), our breadth of services, our client centric offering, the culture we foster at our firm and our growth plans.”
Maxim Crewe, Partner and Head of Cinven’s Financial Services Sector team, added: “Grant Thornton’s reputation for quality, its stand-out culture and considerable financial performance in recent years provide a very attractive partnership proposition.
“Through this investment we see considerable opportunity to further enhance the quality of the firm’s service to clients and build and nurture high-performance teams. We’re excited to work with the team as we support Grant Thornton to accelerate the next phase of its growth.”
The firm has also announced plans to introduce an Employee Benefit Trust arrangement for many of its people below Partner grade to benefit from Grant Thornton’s long-term growth, comprising both cash and equity rewards.
Also as part of the transaction, the firm’s partners have agreed to hold back a material amount of equity for future partners during the investment period – thus protecting the future generation of partners over the next few years.
The terms of the proposed transaction between Grant Thornton and Cinven remain confidential. The transaction is expected to complete towards the end of Q1 2025, subject to regulatory approval, and other standard conditions.
2025 Business Predictions: Carrie Webb, head of communications, The Bigger Boat
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Carrie Webb, head of communications at The Bigger Boat.
Audience-driven communications will be key in 2025.
Trust building and truthtelling. Informing decision making. Meeting heightened expectations for digital and physical experiences… There’s a lot riding on your brand’s content, yet it needn’t be a tall ask of your content marketers. When it comes to understanding and delivering on your customers’ needs, your content strategy is the driving force in communicating crucial messaging. And it cannot be empty words.
In 2025, your content must be perfectly attuned to your audience segments and their customer journey, i.e. it must go so much further than simply meeting them at each brand interaction. It should be steeped in solid research that’s gotten under the skin of who your customers are, and what drives their decisions and frustrates them.
You should glean insight from your stakeholders, and extract data from pivotal moments of the customer journey to understand the why behind their behaviour. Only then, armed with a thorough view of the customer experience, will meaningful content truly engage audiences and ‘perform’ (a word that’s bandied around often but suffers from very different perceptions attached to it).
Fox Lloyd Jones bolsters Building Surveying division with director appointment
Strategic property and construction advisors, Fox Lloyd Jones (FLJ) has appointed Mark Gayton as a director, to head up its Building Surveying division, expand its service offering and drive client growth.
Mark has over 20 years’ experience in the property sector and has previously held senior roles at companies such as Hollis and Projex Building Solutions in Leeds as well as CNP in London.
FLJ provides a full breadth of building surveying services, ranging from development due diligence through to building acquisition surveys and reports, and Mark will now be tasked with driving growth opportunities in this area and play a key strategic role in the firm’s senior leadership team.
Commenting on his new appointment, Mark Gayton said: “Joining FLJ is an exciting opportunity for me to become part of a leading commercial property business in Leeds that has a strong reputation for client service and delivering a professional and results-driven approach.
“I’m looking forward to further expanding our building surveying offering by developing client relationships and providing strategic guidance which complements our existing construction, development and agency teams within the business.”
Simon Lloyd, co-founder and director at Fox Lloyd Jones, said: “Being in a position to enhance our building surveying division and senior leadership team, through the appointment of such an experienced professional as Mark, is hugely satisfying and further sustains our long-term growth.
“He brings to the business a wealth of expertise and knowledge that can only increase the level of insight and guidance we’re able to offer our client base.”
Joinery giant joins Barton business site
The first tenant has started trading at a new business site which has the potential to create up to 50 jobs, and the company behind the development will soon start work on a second location.
Allenby Commercial has three more units available at The Trade Yard in Barton-upon-Humber, with a fourth coming on the market after completing its festive role supporting a nationwide charity’s Christmas campaign.
The company also confirmed it will start work during the first quarter of 2025 on The Trade Yard Immingham, where planning permission was secured during the summer for six new units.
Charlie Allenby, Business Development Director at Allenby Commercial, said: “We do a lot to support local communities and we gifted one of the units at Barton for Cash for Kids to use as a seasonal headquarters for their Mission Christmas campaign.
“That project comes to an end this week as the charity concentrates on getting all the gifts which have been donated out to the families who need them. Our focus will then be on dealing with the interest which the development has generated, particularly following the arrival of Howdens as the first tenant.”
Howdens, which marks its 30th anniversary this year and now has more than 800 depots across the UK and Europe, has taken the largest unit of about 9,000 square feet at The Trade Yard at Falkland Way in Barton. The remaining four units offer 3,400 square feet each and are also capable of inter-connecting to offer up to 13,600 square feet of space.
A spokesperson for Howdens said: “We have been looking for the right location in Barton-Upon-Humber for a few years now and we are very pleased to be open at Falkland Way as part of our national expansion programme.”
The Trade Yard Immingham will offer units in Hall Park Road from 2,750 to 13,00 square feet and will again be aimed at the trade counter sector locally and nationally.
Charlie added: “The Trade Yard sites at Beverley, Scunthorpe and Willerby are all full and the success of those gave us the confidence to develop the site in Barton and to move forward at Immingham.
“It is clear that the demand is there for The Trade Yard concept, which is tailored to meet the needs of the trade counter sector and which has attracted many national brands as well as some local businesses.
“Typically The Trade Yard tenants are creating as many as ten jobs with every move and our commitment is to continue investing to help them start trading and grow.”
Jordan Stokes, Surveyor at PPH Commercial Chartered Surveyors and Commercial Property Consultants, said: “The Trade Yard Barton is an exceptionally high standard development with modern fully insulated cladding and solar panels, and Allenby Commercial has planted more than 2,000 shrubs and trees on the site.
“Barton itself has shown good demand for industrial accommodation – the nearby Humber Bridge Industrial Estate is now fully let, but there has not been a great deal of development of this sort of opportunity in the area for the last 15 to 20 years.
“The Trade Yard is the only speculative industrial development taking place at the moment and the shortage of availability is clearly a factor behind the increase in enquiries.
“It’s an opportunity for trade, warehouse and light industrial businesses to improve on the accommodation they have at the moment and it might also appeal to inward investors, as has happened at other Trade Yard locations.”
Increasing wages pile pressure on business, says BCC
New Office for National Statistics figures showing the pace at which wages are rising indicates tough times for business, according to Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce.
She says it will be a concern for businesses continuing to grapple with the increase in employment costs announced in the autumn Budget. The unemployment rate remains unchanged, showing ongoing challenges in the labour market.
She said: “Higher employer National Insurance Contributions and an increase in the national living wage from next April mean firms are facing difficult decisions. Many say they will have to raise prices, put recruitment and investment plans on hold and look for other ways to reduce their costs.
“Although the level of vacancies in the economy is now fast approaching the pre-pandemic level, this does not mean the recruitment crisis is over. Our latest research shows that over three quarters of SMEs are still struggling to find staff with the skills they need.
“With firms reconsidering their recruitment plans due to rising employment costs, there is a risk this could impact the labour market in the months ahead. But it is crucial the Government continues to take action to tackle the skills crisis, boost workforce health and ease economic inactivity.”
Shorts appoints new tax partner
Shorts has appointed Craig Walker as Tax Partner with effect from 1 December, joining existing Tax Partners Chris Chambers, Scott Burkinshaw, and David Robinson.
Responding to a decade of sustained growth, the appointment of Shorts’ fourth Tax Partner supports the company’s continued commitment to growing the Tax department and underpins the firm’s continued development and strength.
An experienced Chartered Tax Adviser and member of the Society of Trust and Estate Practitioners, Craig has over 20 years’ tax experience at large regional firms and a top 15 firm, and he rejoins Shorts twelve years after previously completing his early tax training at the firm.
An enthusiastic advocate for his hometown of Chesterfield, Craig will be based out of the firm’s offices at Ashgate Road and will advise clients on all areas of UK taxation with a particular focus on Private Client work. Going forward, his role will transition progressively towards taking a more active role in the leadership and strategy of the firm, in particular within the Private Client team as Chris Chambers moves towards retirement.
Craig said “I am thrilled and honoured to be joining the team at Shorts, during such an exciting time in the firm’s growth and history, and I am proud to take this next step on my professional journey. I am very much looking forward to working with the leadership team.”
Eddison’s appoints Leeds-based head of health and safety
Property group Eddisons has appointed Nick Foster as its new head of health and safety.
Working across the firm’s Building Consultancy team, Mr Foster will be based in the firm’s Leeds head office but will have a national remit to oversee health and safety compliance and ensure best practice across every design and construction project.
He joins Eddisons with more than three decades’ experience in the construction sector, including 15 years as a health and safety professional, working for major contractors and Leeds Beckett University.
Headed by regional managing partner Ian Harrington, Eddisons’ Building Consultancy division includes a specialist education team which works as a key adviser to schools and colleges across the UK on making successful applications to secure Government funding for building improvement projects.
Mt Harrington said: “As health and safety legislation continues to evolve and become
ever more complex, Nick’s wealth of knowledge and proactive approach will be instrumental as we grow our building consultancy services, particularly in the education sector.
Mr Foster said: “This is an exciting time to be joining Eddisons and to be able to contribute to their reputation for excellence in building consultancy. Changes to the Construction, Design and Management Regulations and Building Regulations are widening the scope and responsibility of health and safety in any design and construction projects.
“I am looking forward to helping the firm continue their proactive approach and to providing best-in-class support, and safe and compliant, innovative solutions for clients.”
Yorkshire £20m feed mill completed after two years’ construction
I’Anson Bros Ltd have completed their technologically-advanced £20m animal feed mill Waterloo House after ten years’ planning and two in construction.
It is the largest-ever investment by the Masham family-owned and managed firm, which celebrates its 125th anniversary next year.
Designed by Dutch milling industry specialists Ottevanger with ground works handled by Harrogate-based contractor HACS and equipment installation by GAME Engineering of Lincoln, the facility is on the Dalton Industrial Estate in North Yorkshire.
At 35 metres tall at its highest point, the mill is a striking new feature on the North Yorkshire skyline, almost twice as high as the Angel of the North.
MD Sarah Richardson, a member of the fourth generation of the family to run the business, said: “Commissioning and formal hand-over of the new mill is a highly significant occasion in the history of our business and for the UK feed industry as a whole. It is a milestone achievement made possible by the commitment of all our colleagues in the firm and the skilled and dedicated project partners and contractors that has brought this initiative to life. We are now embarked on a phased build-up of production and operational capability.
“We are very proud to be a Yorkshire business and an integral part of the rural community and its economy. Throughout our history we have been committed to producing animal feeds of the highest quality and this significant investment means we can continue to provide current and future customers with a sustainable, long-term source of supply.
“We also support local farmers by providing an expanding market for their crops as well as creating new employment opportunities and long-term careers for our workforce.”
Jimmy Choos were amongst items left behind by train passengers
The temptation to ask: “Who left their Jimmy Choos on the choo-choo?” is hard to resist, but resist it we will – though that doesn’t change the fact that a pair of bright pink size fours by the iconic designer were left on a Hull Trains service.
They’re amongst a bizarre collection of items including false teeth, glass eyes, keys to a brand new Mercedes, and a clown suit amongst the ten most unusual items taken to lost property.
Other items included wheelchairs, a drum kit and guitars. David Bliss, Hull Trains Planning Administrator, who managed the lost property for Hull Trains for many years, reveals that many other weird and wonderful items regularly found their way to him over the 24 years the operator has been running.
He said: “I could have made my own android person from the amount of prosthetic body parts we’ve had left on our trains over the years. Nothing ever surprised me by the end. We’ve had everything left behind that you could think of at some point!”
“One of my favourite stories is that we once had a wedding dress, complete with associated bridesmaid dresses, left on the train. The unfortunate lady had apparently travelled from Canada and then accidentally picked up a similar looking case from another passenger when departing the train.
“The case she ended up taking belonged to an entertainer and had a clown suit in it. That would have proved quite a surprise when opening the case, I’m sure! Despite my best-efforts, including liaison with the airline and a national newspaper appeal in Canada, the customer never came forward and the dress eventually went to The Red Cross. At least it found a new home!
“Wherever possible we do our absolute best to reunite people with their possessions and it’s lovely seeing their faces if they do get something important back. However, the best plan is always prevention by double checking before leaving the train.”
Leeds utility company makes strategic acquisition
Leeds drainage and wastewater utility specialist Lanes Group has acquired North West septic tank specialist S&C Foster, supporting the company’s strategic growth plans in the UK utility market.
Lanes Group is a national drainage company providing services for utility, rail, local government, transportation, construction, telecoms and domestic sectors. The company was established in Leeds in 1992, and is now made up of a network of 25 locations in the UK, with a workforce of more than 4,000 people.
Founded in 1990, Preston-based S&C Foster provides both domestic and commercial tanker, jetting and liquid removal services in Lancashire and the surrounding regions.
The acquisition will support Lanes Group’s ambitions for UK expansion, bringing together two strategically aligned businesses, bolstering Lanes Group’s existing commercial activity in the North West.
RSM’s deal team managed the acquisition, led by James Wild and Rikesh Patel, with support from Ben Everson and Austin Halewood. Mills & Reeve provided legal advice. This transaction marks the second buy-side sale for Lanes Group advised by RSM this year, following the company’s acquisition of Clear-flow in February.
Rikesh Patel, corporate finance director at RSM, said: “The team at RSM was delighted to advise Lanes Group on another successful transaction which supports the company’s strategic growth plans, especially in the North West.
“Bringing together two closely aligned businesses will help to strengthen the company’s national presence in the UK utility market. Our ongoing relationship with Lanes Group also demonstrates our commitment and capability to deliver for our clients in the middle market.”
Wayne Earnshaw, CEO at Lanes Group, said: “This is a fantastic step forward for both companies. Welcoming S&C Foster to the Lanes Group family reflects our ongoing commitment to growth and collaboration. Together, we are building on strong foundations to create even more opportunities for the future.”
