Government decides to end sponsorship and funding for LEPs

Stuart Pearcey
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Government decides to end sponsorship and funding for LEPs
Government’s sponsorship and funding of LEPs will come to an end in April next year, when support will switch to local authorities to take on the functions they currently deliver. Where not already delivered by a combined authority, or in areas where a devolution deal is not yet agreed, the Government expects these functions to be exercised by upper tier local authorities, working in collaboration with other upper tier local authorities over functional economic areas as appropriate. Alongside this decision, we have published technical guidance for LEPs and local authorities to support them through this policy change.
Dehenna Davison, pictured, Minister for Levelling Up, Department for Levelling Up, Housing & Communities, said: “An information-gathering exercise identified overlap between some of the functions being discharged by LEPs, local authorities and combined authorities, as well as confirming that there is already a high level of integration of LEP functions in Mayoral Combined Authority areas. The exercise also highlighted the different perceived levels of benefit and engagement between LEPs and local authorities. “The Government’s view is that there is likely to be scope for greater join-up, efficiencies, and clarity for the private sector by these functions being discharged within Mayoral Combined Authorities, devolution deal areas and upper tier local authorities, working together as appropriate.”
The Government will therefore provide some revenue funding to local and combined authorities in 2024/25 to support them in delivering the functions currently delivered by LEPs. She added: “Reiterating the message we sent to LEPs in March, we would like to thank LEPs and their staff for their hard work in supporting and driving local economic growth across England since 2011. We remain enormously appreciative of all the work LEPs have done in advising and supporting businesses and local decision makers for more than a decade, including through EU Exit and the COVID-19 pandemic. We would again like to thank those LEPs that have played an important role over the last year in helping areas broker new devolution deals and prepare Investment Zone bids.”

Expansion to see 130 jobs created at sweet treats chain

Tess Egginton
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Expansion to see 130 jobs created at sweet treats chain
A retailer which sells artisan bakery products from Yorkshire through its outlets nationwide has secured a £250,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund. Despite being launched just two years ago, Batch’d already has 24 sites throughout the UK. The funding will support its plans to add more locations, treble its turnover and create 130 new jobs in the next three years. Batch’d sells high-quality sweet treats such as brownies and cookies from independent Yorkshire bakers. The Leeds-based company was founded by David Richmond who previously ran the taxi firm Arrow Cars. When demand for taxis dwindled during the pandemic, he started offering food deliveries, initially trading as Arrow Fresh. The company soon began to specialise in bakery products and opened its first shop in the White Rose Centre in Leeds. It now has stores or kiosks in locations including York, Hull, Bradford, Sheffield, Manchester, Preston, Nottingham, Leicester, Birmingham and – the latest – Wolverhampton. Batch’d currently has 120 direct employees, in addition to supporting jobs in independent bakeries, and has a turnover of £6.5m. It plans to increase that to over £20m by 2026 and raise staff numbers to 250. The funding will enable it to install new kiosks, recruit staff to operate them and enhance its ecommerce site, to expand online sales. David Richmond, CEO, said: “Our strength lies in our suppliers. We handpick the best small-scale bakeries and sell their products across Batch’d locations. We are enormously proud of our range and want everyone to feel included which is why we take our vegan range seriously. This funding will help us to continue our growth and bring Batch’d products to an even wider audience.” Gary Whitaker of Mercia added: “Batch’d is a great post-Covid success story. David’s transition from running a taxi company to deliveries and then developing a fast-growing artisan bakery chain is truly remarkable. Batch’d is a hugely successful operation that offers high-quality products and supports independent bakers. We are delighted to support its future growth and help it create many more new jobs.”

Wilkin Chapman creates new Directorship role and appoints Jody to it

Stuart Pearcey
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Wilkin Chapman creates new Directorship role and appoints Jody to it
Law firm Wilkin Chapman has hired Jody Evans to be the Director leading  its risk and governance team. The Directorship is a new role for the firm, ensuring that risk, compliance and governance are represented at a strategic level within the business. Jody said:“My job is to help the firm remain compliant, creating governance structures to embed risk awareness across all roles and areas. It’s effectively a dual role – supporting the business in making sure that effective processes exist and are followed, and making sure clients receive the best service possible and are protected in their instructions with us. “In the rare instances where things go wrong, my team and I will manage those incidents to ensure a good outcome, review how the issue has happened, and take steps to help reduce the risk of future recurrence. “I’ll be helping to create and implement a strategy to ensure the firm, its people and its clients are protected as much as possible.” As well as ensuring the firm is compliant, Jody’s role also sees her taking a lead in driving Wilkin Chapman’s environmental, social, and governance activities. “Wilkin Chapman already does a lot of fantastic things, particularly in the local community as well as implementing operational changes to ensure we’re more environmentally aware and sustainable. However, previously there hasn’t been a role, or strategy, to spearhead and coordinate those efforts. “My role looks to change that by bringing all of that activity in line with the firm’s strategy, and ensuring we are measuring, monitoring and reporting those activities. It’s a chance to reset, further embed ESG into our culture, and bring all the great work that’s already happening together in a more coordinated way. “Applying for the role at Wilkin Chapman was a little bit of a wildcard for me in terms of location as I’m based in North Birmingham – however the forward thinking approach of the firm meant this geographical hurdle was not an issue and so I’ll be working remotely and travelling around the firm’s offices. “There was more than enough in the job description and in the discussions with the HR team and senior management team to really pique my interest. The passion and drive to ‘be better’ with risk, compliance, and governance being at the heart of this change really came through. “The firm is at a great junction. It has placed significant investment in its people, infrastructure and offices – such as the new Wolds office in Louth – to ensure client service is delivered at the best possible level and that our people can continue to thrive in the best working environment. “The firm’s presence within the local area is also fantastic – people know and really trust the brand. Now that all of these investments have been made the opportunity is to build on this excellent foundation to make things even better. “The other thing that struck me was that everyone I met as part of my recruitment process was so passionate, energetic, engaged, and genuinely wanting to make things even better. From a risk and compliance perspective, that is absolute gold dust! The worst case scenario for me is to join a team who think that everything is already perfect and are reluctant to explore opportunities and adapt to change. That is not Wilkin Chapman at all. This firm recognises that it needs to constantly strive to improve, even when already delivering outstanding service. “It’s a brilliant firm that I’m really happy to be a part of and I’m looking forward to the future.”

New tenants for industrial business park in Hull

Tess Egginton
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New tenants for industrial business park in Hull
A new industrial business park in Hull is set for success with commercial trade units earmarked for tenants following the completion of the development – and the first two occupiers set to move in. Careco Limited has taken two adjacent units totalling 6,000 sq ft and Lincs Electrical Wholesalers Limited has agreed to have a 4,350 sq ft unit. The tenants have agreed 10 and five year leases respectively. Developed by The Derwent Group on behalf of the Albert Gubay Charitable Trust, Anlaby Trade Park in Springfield Way provides 49,000 sq ft of new industrial space in the city. In total 16 new units have been created in sizes from 1,500 sq ft to 3,550 sq ft. The new site sits on land adjacent to Anlaby Retail Park – also part of the The Derwent Group – which is an established destination with businesses including M&S, Costa, Pets at Home, Next, Asda Living, Iceland and a JD Gym on site. Andy McCormack, senior asset manager at the Derwent Group, said: “We were confident in our decision to develop this speculative scheme having recognised a lack of supply of high quality industrial and trade counter units in the area. Whilst we have already secured the first two tenants at the Park, we have also had a number of serious enquiries from other potential occupiers – both locally and nationally.” Chris Hyam, senior surveyor at Garness Jones, says there has been ‘high levels’ of interest in the development, attracting enquiries from a range of national and local operators. “We’ve seen excellent levels of interest in this development ever since we commenced marketing. The high quality specification of the units, mixed with the excellent West Hull location and close proximity to the Anlaby Retail Park, has proven popular with potential occupiers,” he said. “As new build units they are more energy efficient than older stock, which in the current climate is a consideration for occupiers. These units have returned ‘A’ rated energy performance certificates. “The high levels of interest are a reflection of the need for high-quality, adaptable industrial space in the local market, which has not seen speculative new development of this high quality for a number of years.”

Grimsby retail park acquired

Tess Egginton
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Grimsby retail park acquired
Commercial property and investment company LCP, part of M Core, has taken ownership of the largest retail warehouse scheme in Grimsby. It has acquired Alexandra Retail Park, Alexandra Road, for an undisclosed sum from an institutional vendor, as part of its proactive acquisition drive in shopping parades, centres and retail parks across the country. The 125,695 sq ft retail park comprises eight units, with tenants Matalan, SCS, The Food Warehouse, My Energi Ltd, Argos, Pets at Home and Poundstretcher. There are also about 560 parking spaces for shoppers. It is prominently situated, adjacent to a Sainsburys superstore and petrol station, with access directly off Corporation Road, which is one of the key routes through the centre of the town. It is also close to the A180, the main arterial route and dual carriageway through the town. James Buchanan, LCP group Managing Director, said: “Our asset management team is working hard to identify sites that have potential for us to add value to, provide good value for money for tenants, a great shopping experience for local people and a good return on our investment. “M Core has already invested more than £100 million in the first half of 2023 across the UK. We continue to believe this is a strong and positive market to be in and because we have healthy cash reserves, we can move swiftly when we want to complete a transaction. “This approach has stood us in good stead for years, which is why we are renowned in the commercial property sector for our acquisition and intense asset management strategy.” Barry Flint, LCP director and asset manager at Alexandra Retail Park, added: “Alexandra Retail Park is well positioned in the town and has a strong tenant line-up. We’ll be exploring options over the next few weeks to see how we can add to it further.” The solicitor acting on behalf of LCP was Catherine Gunz of Osborne Clarke and ESH acted as the agent for LCP. Savills acted as an agent for the vendor, and its solicitor was Gowling WLG (UK) LLP. Appointed agents are Henry Phipps of Edgerley Simpson Howe and Duncan Wiley of PPH Commercial.

Significant office deal sealed in Leeds

Tess Egginton
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Significant office deal sealed in Leeds
Property consultancy Knight Frank has brokered one of the most significant office deals in Leeds this year. The Leeds office agency team of Knight Frank, led by partner Eamon Fox, has let 15,500 sq ft of Grade A office space at 26 Whitehall Road. Engineering, management and development consultancy Mott MacDonald has taken a 10-year-lease on the fifth floor of the building, which is owned by Credit Suisse Asset Management. Eamon Fox, who advised Credit Suisse Asset Management, said: “This is a very significant deal, underlining the fact that 26 Whitehall Road is one of the finest office buildings in the city. “It already boasts some high-profile occupiers, including Yorkshire Post Newspapers, global consumer finance business International Personal Finance (IPF), energy company Engie (formerly GDF Suez) and Sky. “These occupiers underpin the quality of 26 Whitehall Road and its excellent location. It has an enviable combination of low running costs, high-tech features, quality design and superb office space. It is also one of the most energy efficient buildings in Leeds and has recently been refurbished. “This deal, one of the largest of the last three months, also emphasises the strength of the Leeds office market, which has proved remarkably resilient in the face of the challenging economic climate.” Lisa Littlefair, Leeds City Lead for Mott MacDonald, said: “Following the continued growth of our business as we deliver work across West Yorkshire and nationally, we’re pleased to be expanding our base in Leeds city centre. “Being in the business district of the city, between Temple Quarter and Wellington Place, our new office will continue to benefit our staff with excellent local facilities and good travel connections, whilst also offering a contemporary space that fosters a spirit of collaboration and creativity.”

Businesses given chance to support Scarborough and take naming rights to its stadium

Tess Egginton
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Businesses given chance to support Scarborough and take naming rights to its stadium
Organisations that want to support grassroots sport are being given the chance to secure the naming rights to the home of Scarborough Athletic Football Club. North Yorkshire Council are asking for bids from organisations that are interested in the naming rights to the community stadium in the coastal town. The stadium opened in 2017 and represented a return to the town for the fan-owned club, after the former Scarborough Football Club folded in 2007. Since opening, the stadium, at Scarborough Sports Village, has increased its capacity to more than 3,250 thanks to the on-field success of the team, which now plays in the National League North following two promotions in the last five seasons. The stadium naming rights would give the selected organisation the chance to become a part in the club’s and the town’s continuing success story, as well as exploit new marketing opportunities and help to support the area’s football and sporting community. Executive member for culture, leisure and housing, Cllr Simon Myers, said: “This is a wonderful opportunity for an organisation to become part of the fabric of Scarborough and attach themselves to a team on the rise. “The football club is at the heart of the community and provides access to sport for children of all ages. This is the chance to help the club to continue to grow.” Scarborough is managed by ex-Manchester United, Middlesbrough and West Bromwich Albion footballer Jonathan Greening, who was born in the town. The stadium is also the base of Scarborough Ladies Football Club and is widely used by the local community for football. As well as its men’s first and reserve team, Scarborough Athletic also delivers inclusive and walking football offerings, through to academy teams starting at under-sevens. It has recently added female teams at various age groups who participate in the Scarborough and District Minor League.

Minister for Health and Secondary Care meets businesses at Nexus

Tess Egginton
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Minister for Health and Secondary Care meets businesses at Nexus
The UK Minister for Health and Secondary Care visited the University of Leeds to see how the city region is developing innovative healthcare technologies. Will Quince MP visited Nexus, the University’s state-of-the-art innovation hub, to meet with member businesses and learn more about the region’s strengths in health innovation. The companies that he visited included: Dedalus, an international industrial group in healthcare software, Videregen, a clinical-stage leader in the restoration of tissue function, with an initial focus on airway diseases, and Atlas Endoscopy, a clinical-stage start-up and University of Leeds spin-out company that is creating the most advanced robotic colonoscopy system. The Minister also met with Vee Mapunde, programme director of the National Institute for Health Research Surgical MedTech Co-operative. The Co-operative is creating a national network for improving surgical care through technological innovation. The NIHR Surgical MedTech Co-operative is hosted by Leeds Teaching Hospitals NHS Trust and works closely with the University of Leeds in biomedical research. Professor Nick Plant, deputy vice-chancellor: research and innovation, who welcomed Mr Quince, said: “Working in collaboration with partners across the health and social care sector, our world class research reduces local and global health inequalities and accelerates the development and adoption of new health technologies. “We welcomed the opportunity to share this vital work with the Minister for Health and Secondary Care during his visit to showcase how we can make a positive impact in the world.” Gareth Scargill, interim Nexus director, added: “Nexus supports a variety of innovative companies that play an important role in developing healthcare innovation within the region and globally. It was great to highlight some of this work today. Health innovation is a regional strength for West Yorkshire and, collectively, we’re in a great position to deliver a faster and better service for patients.” Following the visit, Will Quince said on social media: “It was great to see the brilliant work happening in Leeds to drive innovation, including developing new medical technologies to improve surgery. We’re determined to protect tech budgets and embrace innovations. Cutting-edge tech is key to improving care.”

Professional services firm snaps up wealth manager

Tess Egginton
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Professional services firm snaps up wealth manager
Leeds-based multi-disciplinary professional services firm, Progeny, has acquired Nottingham wealth manager, Fiscal Engineers. This will strengthen Progeny’s presence in the Midlands and take its assets under management to £8 billion. The move will allow the two businesses to combine their expertise, complement each other’s offerings and build on their shared principles, values and strategic thinking. Fiscal Engineers uses a Family Office approach to provide bespoke services for business owners, entrepreneurs and other individuals who have substantial investment needs. The company, which is based in Nottingham and also has offices in Birmingham and London, has won a number of awards for financial services and innovation since its launch in 2000. Fiscal Engineers executive chairman and founder Shane Mullins said: “This move will enable us to keep building on everything we’ve achieved over the course of the past 23 years. “We believe combining our own unique strengths with Progeny’s will help both businesses fulfil our shared ambitions of delivering a world-class wealth management service and continually improving what we offer to clients. “We’re very excited about this chance to grow the Fiscal Engineers family, broaden our proposition and deliver even more benefits to our clients, team and professional friends.” Progeny CEO Neil Moles said: “Over nearly a quarter of a century, Fiscal Engineers has built a highly prestigious advice firm that services a select and extremely discerning client base. “Their well-researched and methodological approach to providing advice is progressive and effective in equal measure and will add a great deal of value to our own proposition. “It’s great to be able to welcome Fiscal Engineers and their clients into Progeny as we realise the full potential of two great businesses coming together.” A team from global law firm Squire Patton Boggs acted as legal adviser to Progeny during the deal. Fiscal Engineers’ side of the transaction was led by the company’s own management team.

Corporate insolvency rate hits 14-year high

Stuart Pearcey
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Corporate insolvency rate hits 14-year high
The 14-year high number of corporate insolvencies reached this quarter is due to a rise in Creditors’ Voluntary Liquidations, administrations and Company Voluntary Arrangements, says Eleanor Temple, chair of the UK’s insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds. She says: “Although Compulsory Liquidations have fallen compared to the last quarter, numbers for this process are the highest we’ve seen in the second quarter of the year since 2019.
“More and more businesses are running out of road or rope. Directors are choosing to close down their firms while the decision is still theirs, while an increasing number of creditors – including HMRC – are turning to winding-up petitions to recover the debts they’re owed. “When the pandemic ended, many directors thought and hoped things would improve, but instead they’ve faced rising costs, supply chain issues and a customer base that is tightening its purse strings to cope with the cost of living. “Business owners remain worried about customer demand, rising costs and the state of the economy, while high interest rates may affect access to rescue funding and could deprive saveable firms of a lifeline. Unless the economic picture improves, it’s likely more businesses will need an insolvency process to help resolve their financial issues, and numbers will remain high throughout the rest of this year. “Turning to personal insolvencies, the trend we’ve seen is down to a fall in Individual Voluntary Arrangement numbers – which suggests that the ongoing cost of living crisis isn’t translating into more people requiring a personal insolvency process at present. “However, the rise in bankruptcies and Debt Relief Orders suggests that more people are unable to make almost any kind of contribution to repaying their debts this quarter, so have turned to these processes in an attempt to resolve their financial issues. “Making ends meet is still a key concern for many. People are living in a world where it costs more to keep a roof over their head, put food on the table and keep the lights on, so they’re only spending money on the essentials. Alongside their money worries, job security and the health of the economy are key concerns for many people – while rising interest rates could affect their ability to pay or secure mortgages in the future, and inflation levels will continue to push costs up. “An increasing number of people are turning to credit cards to pay bills or pay for the basics, which is concerning as people in this position are just one financial shock – like an unexpected bill or a cut in hours at work – away from becoming insolvent. “Anyone who is worried about their business or personal finances should seek advice as soon as possible. Money worries are one of the hardest topics to talk about, but having that conversation while your concerns are fresh gives you more time to make a decision, more potential solutions for your issue, and usually leads to a better outcome than if you’d waited till the problem became more serious. “Most R3 members will give potential clients a free consultation to understand more about them and their financial issues and outline the potential options open to them to resolve them.”
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