Bank of England leaves interest rates unchanged

The Bank of England has decided to hold interest rates at 5.25%. Its Monetary Policy Committee (MPC) voted by a majority of 6–3 to maintain Bank Rate, with three members preferring an increase of 0.25 percentage points, to 5.5%. It marks the second interest rates pause following a run of 14 increases as the Bank tried to get inflation under control. Federation of Small Businesses (FSB) national chair Martin McTague said: “This will at least be a relief for small businesses that we seem to be at the end of continually rising rates. This means they can now strategise for growth, given that we’ve, hopefully, hit inflation’s peak. “However, rates have got to start dropping soon as many businesses are reeling from the unwelcome effects of 14 consecutive base rate hikes. Our latest Small Business Index (SBI) has begun to show business confidence creep up, from -14.2points in Q2 of 2023 to -8 points in Q3. Now, in order for that figure to stabilise or even climb, targeted interventions are needed. “Small businesses are really feeling the double impact of high borrowing costs and reluctant customers – an unwelcome mix in an era where the cost of doing business remains notably high. “With the Autumn Statement on the horizon, businesses are holding their breath for supportive policies. Top of the agenda should be maintaining the 75 per cent business rates relief for SMEs in retail, hospitality, and leisure. It’s currently set to expire in March and losing it could be a knockout blow to sectors already on the ropes. It’s time the promised business rates overhaul actually happens. “The Chancellor should also tackle the late payments issue head on by making clear that it’s not acceptable for large businesses to finance their working capital at the expense of small businesses. We’d also like to see the self-employed being able to deduct the cost of training from their taxable income. This could be a transformative policy in an era when entrepreneurs need to adapt constantly to new developments.”

Planning application submitted for new residential scheme in North Yorkshire village

Plans for a new residential development in a North Yorkshire village have been submitted to North Yorkshire Council for review. Regional housebuilder Banks Homes is looking to develop a site to the east of Gateforth Lane in Hambleton, which has been identified as a proposed housing allocation in the emerging Selby Local Plan. The development would include 65 private and affordable homes of different sizes and types, including bungalows, and would see an electric vehicle charging point installed at every new home. If the development goes ahead, more than 30 jobs would be directly supported during its construction, with a further 45 jobs indirectly supported by the project. A range of contract opportunities would also be made available to businesses in the surrounding area in line with Banks’ longstanding policy of using local suppliers wherever possible. New wildlife habitats would be created around the development to encourage and enhance local biodiversity, along with areas of public open space. Kate Culverhouse, community relations manager at the Banks Group, says: “This site has been identified as suitable for housing in the emerging Selby Local Plan and would help to meet the clear and increasingly pressing need to increase the supply of quality homes in the area. “The number of nearby services and amenities and the ease of access to larger town centres via public transport makes it a wholly-suitable location for development, while the provision of private and affordable homes will give more local people and families a greater opportunity to stay in the village. “We are very pleased to be reaching this key stage of the planning process and hope the members of North Yorkshire Council’s planning committee will look favourably on this high-quality development when it comes before them.”

Leeds monitoring and surveying businesses acquired by SOCOTEC UK

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SOCOTEC UK, a provider of testing, inspection, and certification (TIC) services for the construction and infrastructure sectors, has acquired Leeds firms IETG, specialists in flow level, temperature, and water quality monitoring, and 40SEVEN, renowned for their expertise in land and utility surveying services. This strategic acquisition, with a combined workforce of 160 professionals and a revenue of £13m, significantly enhances SOCOTEC UK’s service portfolio and extends its geographic reach. The total turnover of SOCOTEC UK now stands at £200m. Nicolas Detchepare, CEO of SOCOTEC UK, said: “The acquisitions of IETG and 40SEVEN reinforce and diversify our existing environmental division. With the addition of remote monitoring capabilities, we are now the leading provider in the UK, supporting our clients in complying with the rigorous legislation established by the Environmental Act. “This acquisition solidifies SOCOTEC’s position as a leader in remote monitoring and advanced geospatial solutions within Infrastructure, Utilities, Environment, and Construction. The acquisition supports our ambition to become the leading integrated player in the UK, helping businesses mitigate environmental impacts and build a more resilient, sustainable future.” Ian Edwards, Managing Director, IETG and 40SEVEN, said: “We can see fantastic opportunities ahead for IETG and 40Seven and after 7 years of investment support from Bentley O-S, at this crucial time, we needed strategic investment and size, matched by a similar culture and drive to achieve our goals and continued growth strategy. “SOCOTEC provides the ideal platform and seamless transition, whilst bringing a strategic mindset, strong covenant, credibility, financial strength, and support, and providing future opportunities for our staff to thrive and develop. We are excited and looking forward to the next stage of our journey within the SOCOTEC Group.” Herve Montjotin, CEO, SOCOTEC Group, continued: “There is a perfect operational and cultural fit between IETG / 40SEVEN and SOCOTEC UK. With this seasoned and cohesive team joining SOCOTEC, we will enlarge our service offering especially in the environmental field and confirm our leadership in the UK.”

New owner for the iconic Victoria Hotel in Robin Hood’s Bay

There’s a new owner at the iconic Victoria Hotel in Robin Hood’s Bay, after businessman Andrew Long added it to his expanding Loxley Collection hotel portfolio. The Victoria Hotel is in a spectacular clifftop location and the acquisition comes hot on the heels of the multi million pound refurbishment and transformation of the historic White Hart Hotel in Lincoln, which reopens its doors to guests on Monday 6th November. Andrew Long comments: “The Victoria is an iconic hotel which showcases the very best of the North Yorkshire Heritage Coast, with stunning views and a reputation to match. In due course we plan to undertake an elegant and sensitive refurbishment programme to ensure that the hotel retains its historic charm, whilst also sitting proudly alongside its sister hotels in The Loxley Collection. “As part of the acquisition, all of the highly valued hotel team have been retained and we can’t wait to take pride in our ownership of this coastal gem. My family and I are long-standing visitors to the North Yorkshire Coast, and we are excited to have the opportunity to shape part of its future.” The Victoria offers breath taking views of Robin Hood’s Bay, as well as sitting at the eastern end of the 190-mile Coast to Coast Path. It is also an ideal base for exploring the treasures of the North Yorkshire Moors National Park, along with renowned coastal locations such as Whitby, Scarborough, Runswick Bay and Staithes. The landmark hotel was built in the late Victorian era and featured in the Oscar-winning period movie, Phantom Thread, starring Sir Daniel Day Lewis. Andrew Long has also recently acquired the Judge’s Lodgings in Lincoln, to refurbish and redevelop, as well as owning the Polurrian on the Lizard, another spectacularly located hotel on the Lizard Peninsula, Cornwall, both of which are also part of the uniquely located and expanding Loxley Collection.

Little Mesters renovation brings life to Sheffield’s industrial spirit

Businesses and tradespeople from across Sheffield are bringing a Grade II* Listed former Little Mesters workshop back to life in the true spirit of its original occupants. RF Joinery, together with a trusted local supply chain, is carrying out transformative work on the historic Leah’s Yard in Sheffield City Centre. Leah’s Yard dates to the early 19th century and was once home to up to 18 Little Mesters workshops producing the finest cutlery, handles and silver stampers that helped to put Sheffield on the worldwide map. Now, as part of the £470m Heart of the City masterplan, the complex is being redeveloped with its original cobbled central courtyard surrounded by small boutique retail units. The first and second floors will host around 20 independent working studios bringing the building’s rich heritage back to life. Working on the historic project, together with new business opportunities arising from the prestigious appointment, has also been transformational for Sheffield-based RF Joinery. The business, which was founded in 2007, has seen turnover leap from under £1m to £6m. Initially, RF Joinery was appointed to bring the Cambridge Street building back to a safe and viable condition. This included structural work, roofing, repointing and new windows throughout. The business was then extended to complete the final phase of the project. “As a local SME contractor, the Leah’s Yard project has had a huge impact on our business,” said Director Paul Roberts, who runs the firm with business partner Ray Fowler. “We’ve delivered specialist public sector projects in the past such as re-roofing work at Sheffield’s Kelham Island Museum over the working steam engine. We’ve got a love for interesting projects and our unique expertise helped us win a very competitive contract process. “We have built up a team of multi-skilled people who are all so passionate about the project. “As a small, dedicated team, we can stay very flexible and provide real continuity on site, which is so important on these kinds of restoration projects. Heart of the City has been a game changer for us and taken us to a new level. We are thankful to Sheffield City Council for giving us the opportunity.” Seen as a key social and cultural anchor in Heart of the City – led by Sheffield City Council and its Strategic Development Partner, Queensberry, Leah’s Yard will also feature a complementary new-build structure to the southern side of the development, greatly improving pedestrian access. The sympathetic extension includes a sloped ramp for wheelchair and pram users, lift access and modern accessible toilet facilities that couldn’t be incorporated in the old building. Also working on the project is Masterfit based in Walkley. Together with RF Joinery they’ve installed 100 different types of heritage windows and even had to make special tooling to do the job. A staggering total of 2,500 panels of glass were hand-putty pointed using traditional linseed oil putty by the in house RFJ skilled team. Paul Roberts added: “Timber that was functionally sound had to be kept, regardless of appearance, and all but one of the five roofs re-uses the original roof trusses. “We even had to make one new truss on site but have reused all the previous bolts and bracketry. It looks brand new, but the bolts are centuries old. “The cobbles in the courtyard had to be removed one by one and the ground raised up, before all being re-laid again, providing improved level access whilst retaining the original historic values. “With a building like this, new problems and challenges occur every day. It has been almost a daily negotiation between the structural engineer and the conservation team – ensuring we find the balance between the heritage and character, versus modern building regulations.” Cllr Ben Miskell from Sheffield City Council believes the work of RF Joinery and their trusted supply chain of SMEs has been a real local effort and reflects the ethos of Leah’s Yard as a former Little Mesters space. “This is one of the reasons we invested in Heart of the City,” said Cllr Miskell. “Leah’s Yard brings the city’s rich history back to life and will be a stunning addition. But the impact goes beyond the aesthetic. Heart of the City is helping to stimulate economic activity in the region and helping companies like RF Joinery grow its supply chain and secure its future. “Leah’s Yard is a unique scheme which reflects Sheffield’s identity. It’s a fascinating blend of creativity, heritage, and historic and modern craftsmanship.” Once completed in the first half of 2024, the venue will be run by Tom Wolfenden, who manages the Cooper Buildings on Arundel Street, and James O’Hara, who runs acclaimed bars such as Public and Picture House Social. The duo plan to breathe new life into the site by transforming it into an experience-led destination for local independent retailers and businesses, creative workshops and social events. A bustling central public courtyard will be surrounded by small boutique shops, while the first and second floors will host around 20 independent working studios.

Two Sisters Food Group plans donation of a million meals in the run-up to Christmas

Food manufacturer 2 Sisters Food Group has signed up to a ground-breaking new partnership with customer M&S and Fareshare, the food charity, with plans to donate a million bespoke, targeted meals for those in need in the run-up to Christmas. In an industry first, the meals will be made and donated from three 2 Sisters’ factory locations across the UK to Fareshare directly. The meals have been prepared especially for this initiative and unlike previous schemes, do not come from surplus or waste, but have capitalised on under-utilised capacity in the 2 Sisters network. It’s estimated that 13 million people are facing food insecurity in the UK, a figure which has doubled in the last three years. With a history of making great tasting, quality food, 2 Sisters has worked with M&S and Fareshare to carefully select three of their most popular, seasonal ‘Eat Well’ products, which hold the M&S “gold standard” seal of approval for health and nutrition. The meals are made at 2 Sisters locations in South Wales (RF Brookes), Nottingham (Pizza Factory) and Grimsby (Recipe Dish). Ranjit Singh Boparan, founder and President of 2 Sisters Food Group, said: “We’re very proud to take the leading role in manufacturing and donating meals for our partners M&S and Fareshare. “Never before has helping to feed everyone in need with a nutritious meal been so important, and it’s very pleasing to see retailers, manufacturers and our supplier partners coming together to help make this possible. “This powerful alliance and the goodwill of organisations for their flexibility, generosity in giving time and resource has made all this possible, and I applaud everyone for their efforts. “This has happened against a backdrop in recent years where waste and surplus efficiency gains in food manufacturing have improved beyond measure, so it’s especially gratifying for us to use under-utilised capacity in our network and work with our supplier partners so we can donate bespoke, targeted products that will benefit those that need it most.” Alex Freudmann, Managing Director of M&S Food, added: “Making great quality, delicious and nutritious food is what we do at M&S Food and its hugely important to me that we make this as accessible to as many families as possible. So I am hugely proud that we are coming together with our supplier partners and supporting FareShare by flipping our mindset from using food that is too good to waste to innovating to use capacity that is too good to waste.” George Wright, CEO at FareShare, added: “We’re incredibly grateful for this support. Demand for our food has skyrocketed, and the 8,500 charities we provide food to have seen firsthand how more and more families and working people have been forced to seek help. Food insecurity, which currently effects one in four people, fuels both hunger and loneliness. The charities we support, which include homelessness shelters, afterschool clubs, and older people’s lunch clubs, will be working harder than ever this winter. We’re proud to be part of this partnership with M&S and 2 Sisters Food Group, helping get more food to people in need, strengthening communities across the UK.”  

Rushbond appoints new Chief Executive

Yorkshire-based property company Rushbond PLC has appointed Ian Ball as its new Chief Executive. Ball is a Chartered Surveyor by background and has strong banking and commercial experience having worked for a number of European private equity Real Estate funds in London and commercial banks in the regions. Most recently he was the Chief Operating Officer of Harworth Group plc between 2019 and 2022, responsible for the management of four regional offices across the North of England and the Midlands to deliver some of the UK’s biggest land regeneration schemes alongside its commercial investment portfolio. His appointment is a central part of the evolution of Rushbond’s strategy both to grow its business, including its development and investment portfolio, and continue to transform places and buildings. Jonathan Maud, chairman, said: “This is a significant appointment for Rushbond and a real statement of our intent to sustainably grow the business across Yorkshire. Ian’s depth of commercial experience and relationships, coupled with his rigorous analytical approach, will ensure that we will continue to deliver great places and strong returns as we’ve done for a number of decades.” Ian Ball, Chief Executive, added: “Opportunities to lead great businesses like Rushbond do not come about very often and I am thrilled to be part of a Yorkshire success story. I look forward to building on the company’s impressive track record in breathing new life into communities and cherished historic spaces across the region, ultimately creating great places that people want to live and work in.”

Beverley firm helps switch-on of world’s largest offshore wind farm

Beverley-based wind energy technical services provider Boston Energy has helped the world’s largest offshore wind farm generate its first power as part of the largest-ever single award in the offshore wind sector for technical manpower services,

The company is undertaking the onshore commissioning and completion, offshore mechanical and electrical completion and offshore commissioning elements of the Dogger Bank project for the wind farm’s turbine manufacturer GE Vernova. The Dogger Bank Wind Farm will be the world’s largest wind farm when operational, as it will be capable of powering up to six million UK homes. First power was achieved at Dogger Bank in early October, with the first 277 turbines installed. Each rotation of a turbine can produce enough clean energy to power an average home for two days. Located between 130km and 190km off the North East coast of England at their nearest points, each of the three phases, A, B and C, will have an installed generation capacity of 1.2GW based on GE Vernova’s Haliade-X wind turbine platform. Boston Energy has been awarded major multi-million pound contracts to support the installation programme, representing the largest-ever single award in the offshore wind sector for technical manpower services, and cementing Boston Energy’s position as the pre-eminent supplier in this field. At full scope, there will be in excess of 190 highly-skilled individuals on the project, all of whom will be UK based. Nathan Fahey, Project Director at GE Vernova, said: We have been working with Boston Energy since the contract award for offshore commissioning of the Dogger Bank Wind Farm and I’m really pleased to have them as a trusted partner as we move into the operational phase of the project. “I trust the team will deliver the expected results, at the quality and execution standards we want to provide to our customer. “We are very much looking forward to working with Boston Energy to help us deliver this fantastic project utilising our Haliade-X turbines. Delivering this project will significantly enhance the UK’s net zero ambitions and help make a substantial dent in CO2 emissions.” Roles provided by Boston Energy for Dogger Bank include commissioning supervisors and technicians, vessel administrators, mechanical and electrical technicians and rope access technicians. Boston Energy is committed to supporting local employment, with more than 50 onshore workers and 90 offshore workers – plus an office team of seven – being employed in the North East and Teesside area. Boston Energy has provided high-quality services to the global wind industry, working onshore and offshore, since 2012, with experienced teams across the globe working under a one-team approach to provide on-time, in-depth support to reduce turbine downtime and maximise efficiency on site. With an already wide range of services including pre-assembly, construction and commissioning, service and maintenance, major correctives, blade works and technical training, Boston Energy is continuously expanding its offering to support clients’ requirements, with recent additions including heavy lift (MCE) and high voltage. Having successfully delivered more than 100 projects across the UK, Europe, North America, and Taiwan in that time, Dogger Bank Wind Farm is the latest project added to Boston Energy’s portfolio. Julian Cattermole, CEO of Boston Energy, said: “We’re thrilled that GE Vernova have entrusted us to deliver the onshore and offshore commissioning of this truly exciting, and transformative project. “GE has recognised that Boston Energy has a very strong track record of delivering exceptional quality on its projects as well as ensuring it delivers to budget and to the highest safety and environmental standards. “We now need to get on and deliver to those same exacting standards that GE Vernova expects.”

Contractor appointed for makeover of former church in Scunthorpe

North Lincolnshire Council has appointed Burnley-based UK Restoration Services to undertake a dramatic makeover of St John’s Church – one of Scunthorpe’s most historic landmarks. Using Government cash from the Towns Fund, UK Restoration Services will carry out extensive repairs to the Grade II listed building, paving the way for the development of Discover, a science and technology centre containing hands-on experiences that complement the venue’s arts and heritage exhibitions. With the contractor now appointed, specialist repairs will take place at St. John’s Church in the coming weeks – including the rebuilding of roofs as well as the descaling, cleaning and repointing of stonework – with many of the church’s original features restored or renewed. UK Restoration Services Director Phil Braithwaite said: “The project has an excellent team with a wealth of knowledge to deliver this project to the highest standard. There will also be opportunities for local employment.” Cllr Rob Waltham, leader, North Lincolnshire Council and Towns Fund Board Member, said: “I am delighted that the Board has been able to appoint UK Restoration Services to kickstart this transformation. It is great news that the makeover will create jobs too. “High streets up and down the country need to adapt, and Scunthorpe is no exception. Retail will always form an important part of any town centre and this will not change, but we also need to drive footfall by bringing in exciting new experiences people cannot find anywhere else. “That is where Discover comes in – its hands-on activities will spark the curiosity of our young people, attracting more families into the heart of the town.” The transformation of St. John’s Church comes on top of the construction of Scunthorpe’s Enterprise and Innovation Hub, which continues at pace. Last month Towns Fund Board members visited the landmark build to see the last brick being laid to the 46-unit accommodation block. When completed, the ambitious build will provide more than 27,000 sq feet of premium office and collaborative space up to 200 workers, and a licensed café bar, as well as the accommodation. Cllr John Davison, cabinet member for safer, stronger communities, Scunthorpe, Ashby and Bottesford, said: “St. John’s Church has been at the heart of the community for more than 130 years – many residents celebrated their marriage here – so it is only right we protect this historic asset for many more years. “We are not just preserving the building though; we want to go further and bring it a new lease of life. We hope the new Discover centre will inspire many more families to enjoy this amazing place.” The makeover is part of more than £80m of Government funding which has backed the council’s plans for creating a new future in North Lincolnshire. This includes cash for roads, new motorway junctions, enabling people to develop their skills and supporting communities.

Finances for almost 40,000 firms reach critical levels, report reveals

Almost 40,000 UK companies are in a critical financial situation as the pressure of higher interest rates, resilient inflation and weaker consumer confidence take their toll, according to the latest Begbies Traynor “Red Flag Alert” report. The report, now in its fifteenth year, says these pressures are now clearly being seen beyond consumer facing sectors and are becoming widespread, particularly within the construction and property sectors. Julie Palmer, Partner at Begbies Traynor, said: “Tens of thousands of British companies are now in financial dire straits now that the era of cheap money is firmly behind us. “Businesses that had loaded up on debt at rock-bottom rates, and were only able to cling on during the pandemic thanks to Government support, must now deal with a financial reality check as higher interest rates hit working capital for the foreseeable future. “Taken together with stubbornly high inflation and weak consumer confidence, many of these businesses will inevitably head towards failure. “The construction industry, which has long been a bellwether for the health of the economy, looks particularly vulnerable with over 70,000 firms now in significant financial distress and circa 6,000 in much more serious critical financial distress – often a precursor to formal insolvency. “These businesses must now struggle through a period of inflation-eroded margins, weak demand and a looming recession. It is likely to be an insurmountable task for many. “This latest data highlights how the debt storm, which has been brewing for years, but had been held off by several measures to provide breathing space for companies, may very well break. Something that will send shockwaves through the whole economy.” With many UK companies accustomed to years of near zero interest rates and access to Government-backed Covid support loans, the new world of elevated interest rates will continue to push many businesses the very edge of failure. Evidence of the stress in the UK economy can be seen in the rapid quarter-on-quarter growth in the number of companies in critical financial distress, up 24.9% to 37,722. The sectors driving this increase were the Construction, Real Estate & Property Services and Support Services, up 46%, 38% and 28% respectively. The Construction and Real Estate companies now account for almost 30% of all companies in critical financial distress as the slowdown in the residential housing market continues to bite. Rises in the retail sector, with Food & Drug Retailers up 33% and General Retailers up 14% quarter on quarter also contributed to the overall uplift in critical financial distress. Additionally, it says, there has also been a marked acceleration in the number of companies experiencing significant financial distress with 478,176 businesses now affected, up 8.7% on the prior quarter (Q2 2023: 439,815). The Construction and Support Services sectors accounted for nearly 50% of the quarter-on-quarter rise, as they were up by 17.4% or 10,741 companies, and 11.1% or 7,584 companies, respectively.