Streets Chartered Accountants covers year end tax planning, R&D tax reliefs, its new merger and more in new news roundup
Streets Chartered Accountants covers year end tax planning, R&D tax reliefs, its new merger and more in its new news roundup.
The merger of two leading accountancy practices is a welcome boost to Banbury and the surrounding area
Streets Chartered Accountants have announced the establishment of Streets Eadie Young Chartered Accountants.
Podcast: Personal financial planning ahead of the 5th April tax year-end
In this episode of The Streets Sessions, Streets talk to Sam Tindale, Financial Adviser and Managing Director of Tower House Wealth Management, about what individuals and business owners may need to do and consider from a tax and financial perspective as we approach 5th April 2023.
Year End Tax Planning Guide 2022/23
With the end of the tax year fast approaching, now is a good time to review your business and personal finances to ensure that they are as tax-efficient as possible. As your accountants, Streets can work with you to make sure your business and personal finances are in a strong position to weather whatever lies ahead. This includes planning to make the most of the tax-saving opportunities available to you, particularly ahead of the tax year end.
What are the changes to R&D tax reliefs and how might they affect you?
Over the last 12 months, HM Revenue and Customs and the Government have made a number of changes to the Research and Development (R&D) Regime which have arisen largely from consultations and policy announcements. Streets have summarised these changes along with an overview of the current stance HMRC are taking when reviewing R&D claims.
Why would you want to spend more time with your accountant?For many in business the idea of spending more time with their external accountant may sound a bit alien. It certainly is not untypical for most business owners and their accountants to only meet once a year to review the annual accounts and to discuss the tax returns. Invariably, most can then be forgiven for thinking that there is little to be gained from frequent contact.
Podcast: The business life of a serial entrepreneurIn this episode of The Streets Sessions, Streets talk to Ryan Carruthers, a serial entrepreneur who started out selling PlayStation games at school, then makeup at university, managed a successful property portfolio and now runs a SaaS business. In conversation, they explore what makes a serial entrepreneur, how to juggle a number of businesses, knowing when to stop doing something and when to turn to something new, along with how to test whether ideas have legs.
Webinar: The Budget 2023 – what will it mean for you?The Chancellor, Jeremy Hunt, will present his Spring Budget in the House of Commons on Wednesday 15th March 2023. Following the announcements, Streets will be holding a special webinar on Thursday 16th March, 11am till 12noon. It will provide details of the announcements along with guidance on what they may mean for businesses and individuals. Presenters will include Michael Ball – Tax Partner, Kelly Goodchild – Tax Manager and Sam Tindale – Tower House Wealth Management.
Green light for multi-million pound redevelopment of Scarborough shopping centre
Members of Scarborough Borough Council’s Planning and Development Committee have voted unanimously in favour of granting planning permission for Scarborough Group International’s multi-million pound redevelopment of the Brunswick shopping centre.
The plans will see it transformed into a vibrant, leisure-led destination anchored by a multi-screen cinema.
The proposals also include an array of daytime and evening facilities, including new food and drink outlets, and ancillary retail units, all delivered within the existing building envelope.
Scarborough Group International (SGI) purchased the 1990’s-built shopping centre in September 2021 and have been working closely with Scarborough Borough Council to help meet its strategic objective of Scarborough becoming the best performing coastal town centre in England by 2025 and the primary economic hub for retail, leisure, learning and living within the Yorkshire coast area.
Approximately 300 jobs will be created once the site is operational and further employment opportunities will be created during the construction stage.
The scheme will be funded by a mix of private and public sector investment.
Mark Jackson, group development director at SGI, said: “We are delighted to have secured the Committee’s approval for this strategically important scheme, which very much supports the Council’s priorities set out within its Town Investment Plan.
“In addition to providing a vibrant leisure and entertainment offering for the local community and tourists alike, it is hoped that our redevelopment of the Brunswick will act as a springboard for wider investment and economic growth in Scarborough town centre.
“We will continue to work closely with the Council, and the new North Yorkshire Council, to ensure that the pace of delivery is sustained, with a view to announcing our preferred cinema operator in the coming months.”
Councillor Steve Siddons, leader of the Council, said: “It has long-been an ambition of the Council to bring a cinema to the centre of Scarborough.
“I am delighted that the Planning and Development Committee has voted in favour of granting planning permission for the redevelopment of the Brunswick – including a new cinema. It means the centre will take on a new role at the heart of Scarborough town, bolstering the evening economy and creating new jobs.
“This was a great result for the final Planning and Development Committee of Scarborough Borough Council.”
Works are due to start on site towards the end of the year and it is hoped the new centre will be open by summer 2025.
The planning application was led by planning consultant, Zerum with support from architect, Carey Jones Chapman Tolcher and engineer, Buro Happold.
Administrators appointed to York Gin Company
Howard Smith and Rick Harrison from Interpath Advisory have been appointed joint administrators to York Gin Company Limited.
Founded in 2016 in the city of York, the company is an independent craft distiller of ultra-premium gin. It retails its products via an online shop, as well as two stores which are operated by a sister company, York Gin Company (Pavement) Limited. This company has not entered administration and continues to trade.
Following the appointment of the administrators, the company ceased to trade, with its ten employees transferring to York Gin Company (Pavement) Limited.
Howard Smith, Managing Director at Interpath Advisory and joint administrator, said: “While the popularity of gin had surged in recent years, many craft gin distilleries are now having to grapple with soaring input costs, and fragile customer demand in the wake of today’s cost-of-living crisis.
“For York Gin, these issues were compounded by the impact of recent rail strikes on footfall at its store in York Train Station, as well as a break-in in 2022 which saw its entire stock stolen.”
Chemical specialist makes fresh acquisition
North Yorkshire chemical specialist, Airedale Group, has acquired McCann Chemicals as part of its strategy for growth and diversification.
The acquisition includes subsidiary companies Hunter Chemicals and McCann Food and Nutrition and is the company’s third acquisition since 2015.
McCann’s portfolio of organic and inorganic chemicals will complement Airedale Group’s existing offering from its five divisions – Functional, Innovation, Food and Beverage, Metal Surface Treatment, Life Science and Surfactants – and support the Group’s plans to strengthen its market position.
Chris Chadwick, Managing Director of Airedale Group, said: “McCann Chemicals holds similar values to us and their focus on excellent customer service reflects our own ethos. They have built a strong reputation for quality products which complements our portfolio perfectly and a history of sourcing commodity and specialty products from suppliers all over the world.
“This is a fantastic way to celebrate our 50th anniversary and we’re excited that McCann Chemicals will be joining Airedale Group as we continue our journey to grow, diversify and cement our position as a leading force in the UK chemical industry.”
Both businesses will continue to operate independently under the Airedale Group brand and service for all their customers will continue without disruption.
McCann Chemicals Managing Director, Les Horrobin, adds: “This development will provide a great platform for continued organic growth for both companies, introducing access to new assets, infrastructure and capabilities and we’re excited to be part of Airedale Group’s ambitious plans for the future.”
Translink Corporate Finance, the specialist corporate finance division of BHP LLP acted as lead advisor on the transaction (Andy Haigh and Declan Savage) as well as providing due diligence (Martin Athey and Charlotte Ellerby) and tax advisory (Fletcher Adamowicz and Emily Caine) services to Airedale Group.
Andy Haigh, partner at Translink Corporate Finance, said: “It’s been a pleasure to work with Airedale Group on the acquisition of McCann Chemicals. The growth plan which Airedale Group’s management team has for the business is bold and McCann Chemicals fits neatly into this strategy.”
A team from Gordons solicitors, led by Duncan Firman and Andrew Moore, also advised Airedale Group on the transaction.
McCann Chemicals was advised by Cameron Varley and Sam Oldfield of Camlee Group.
RWE appoints local Humber firm to commence Grimsby Hub construction works
RWE has appointed Humber-based firm Hobson & Porter to complete the construction of its new state-of-the-art operations and maintenance facility known as the Grimsby Hub.
The multi-million pound contract includes an extension to the existing Triton Knoll Offshore Wind Farm operations base located at Grimsby’s Royal Dock, and includes the creation of a new Centralised Control Room (CCR) to oversee the operation of the vast majority of RWE’s UK Offshore portfolio, helping to cement Grimsby’s role as a leading location for the UK’s offshore wind sector.
RWE announced the creation of the Grimsby Hub back in 2021, marking a major strategic commitment to the UK’s east coast. As well as Triton Knoll, RWE’s 1.4 gigawatt (GW) Sofia Offshore Wind Farm, currently under construction, will also locate its operations and maintenance activities to the new hub in the future.
In total, RWE expects the new facility will accommodate around 140 RWE employees, with potentially around 70 new local jobs created, plus indirect jobs required in support. The Grimsby Hub will also enable the company to strengthen its relationship with the region’s businesses and local communities, by committing to a longer-term presence in the area.
The location of the Grimsby Hub was chosen because of its proximity to existing and future projects and its deep-water quayside, which is suited to the use of Service Operations Vessels (SOVs). Construction is due to commence shortly and will take around one year to complete. Once construction has finished, the new facility will include a joint control room offering 24/7 monitoring of multiple sites, new shared office space, and separate warehouse facilities.
Guy Middleton, RWE general manager for the Grimsby Hub, said: “We are thrilled to have Hobson & Porter onboard to complete the extensive construction works required to extend the existing Triton Knoll facilities. It is great to have been able to award the contract to a local firm which brings a wealth of experience to the project. We can’t wait for construction to finish and provide even more locally based, skilled jobs for the region.”
Joe Booth, business development director for Hobson & Porter, said: “We are delighted to be working with RWE on this exciting project and continuing our strong affiliation with both the Humber-based offshore wind industry and the town of Grimsby.
“This project will take our business revenues from the offshore wind industry beyond £25million in recent years having previously delivered the adjacent East Coast Hub for Orsted and the Aura Innovation centre in Hessle for The University of Hull; plus a number of other smaller projects.
“For a local, family-owned business like ours, this is testament to the vast array of business opportunities the offshore wind sector is creating for local businesses, especially when you consider that not one of our 120 local employees have ever had to step offshore to attain or deliver these projects. We look forward to seeing this one, once complete.”
RWE is a leading player in renewables and expects to invest more than €50 billion gross by 2030 to grow its green core business, globally, with £15 billion earmarked for the UK. During 2022, the 856 megawatts (MW) Triton Knoll offshore wind farm became fully operational, while RWE’s 1.4 GW Sofia offshore wind farm is now well into construction.
RWE is also involved in four of the UK’s seven offshore wind extension projects and recently signed Agreements for Lease for their two Dogger Bank South offshore wind farm sites. Meanwhile the company is also exploring floating wind projects including in the Celtic Sea region.
Ofcom gives Higher Rhythm the green light for Doncaster broadcasts
Ofcom has given Doncaster-based music and media organisation Higher Rhythm permission to establish a digital audio broadcasting multiplex service for Doncaster.
A DAB multiplex is a system hosting many different radio stations, allowing each station to broadcast over DAB to the same area. Previously, DAB multiplexes have been licensed across large areas, such as counties. Ofcom is now offering licenses to run DAB multiplexes in smaller areas such as single cities.
Higher Rhythm, a social enterprise established in 2001 that also operates Sine FM, Doncaster’s community radio station, will hold the license for and run Doncaster DAB, Doncaster’s digital radio multiplex, which will allow existing and new radio stations to broadcast over DAB across the whole borough.
Higher Rhythm Chief Executive Steve Mundin said: “Doncaster DAB will expand the choice of digital radio channels locally, providing media that’s more representative and relevant to the broadest range of local audiences. We already have commitments from existing Doncaster stations such as Sine FM, TX1 and TMCR, to join the multiplex, but we also have commitments from several new stations and stations from outside Doncaster, such as Vibe Yorkshire, and UK Asian station Radio Sangam. This is huge news for Doncaster and we can’t wait to get the system live”.
Alongside their radio broadcasting initiatives, Higher Rhythm also runs recording studios, a record label, events promotions, music artist development programmes, courses and volunteering opportunities, all accessible to local people.
Construction underway at major West Yorkshire logistics and industrial scheme
Construction work has begun on the first phase of development at Konect 62, a major logistics and industrial scheme in Knottingley, West Yorkshire, which is being developed by Henderson Park and Cole Waterhouse. The joint venture completed the acquisition of the 136-acre tri-modal development in September 2022.
Phase One, which is being delivered by McLaren Construction, will see the speculative development of 1.1 million sq ft of energy efficient warehouse and logistics space across four units, all built to BREEAM Excellent sustainability standards.
This will include ‘Big K’, a 735,000 sq ft unit, one of the largest ever delivered in the North of the UK, as well as three further units of 161,000, 151,000 and 61,000 sq ft, catering to a variety of potential occupiers. Construction is now well underway following ground works, land remediation and clearance across the 60-acre first phase, with the steel frame of the first unit now erected.
Konect 62 holds full planning consent for 1.4 million sq ft of prime logistics accommodation, however plans are under review to enlarge the scheme to c. 1.8 million sq ft, enabling it to better fulfil the strong occupier demand, with a further planning application for the additional area due to be submitted later this year.
Konect 62 is targeting BREEAM ‘Excellent’ and an EPC A efficiency rating, and will include EV charging facilities, LED lighting, PV solar panels and mechanical heat recovery. The units are being built on a speculative basis and are being marketed for lease by DTRE, Sixteen Real Estate and Savills.
Situated at the junction of the M62 and the A1(M) motorways, Konect 62 is strategically positioned to serve local, regional and national markets. Nearby logistics occupiers include Amazon, Asda, Stoelzle Glass, TJX Europe and GXO.
Speaking about the project, David Nuttall, Managing Director of Industrial & Logistics at Cole Waterhouse, said: “It’s fantastic to see the groundworks almost complete and the steel frame for K151 up. The scheme is really starting to take shape.
“Given that we only acquired the site in September and started on site in November, the team has made excellent progress and it’s resulting in a strong level of enquiries both for the buildings in Phase 1 as well as future phases of the development.
“We have now instructed the team to commence work on the remainder of the site and we hope to be submitting planning for a further 800,000 sq ft of accommodation later in the year to capitalise on this interest.”
Cllr David Buckle, Selby District Council’s lead executive member for communities and economic development, continued: “Working to get the Selby district’s former industrial sites back into use, to bring jobs and employment to the area, has been a long-held priority for the council.
“We are delighted that this partnership effort is now bearing fruit and that the regeneration of the Konect 62 site is very much a reality. This is an exemplar of how brownfield sites can be successfully regenerated and this scheme helps to push the boundaries for good design and environmental standards.
“I believe it will set the district apart as one of the best places to live and work; this development is the start of what will be a bright future for the area and those who call it home.”
Gary Cramp, Managing Director of McLaren Construction Midlands and North, said: “We’re pleased to be leading on construction works for a pivotal logistics build, crucially located on the M62. We’re seeing fast-paced progress with the development at present, and once complete, the multiple grade-A speculative units will be ideally placed to facilitate quality occupiers in the industrial and distribution sector.”
Approval granted for 1,300 new homes in Ripon
Defence Estate Optimisation (DEO) plans to relocate 21 Engineer Regiment to Catterick have moved one step closer following council approval for 1,300 houses to be built in Ripon.
As announced in 2016, Ripon barracks – the collective name given to Claro Barracks, Deverell Barracks and Laver Banks – are being sold when they become surplus to military requirements.
Having already relocated the Joint Services Mountain Training Wing of the Army Adventurous Training Group from Deverell Barracks into their new purpose-built home in Halton, MOD has been working with Homes England and the Local Authority to see these sites released for meaningful future use.
Plans include 1,300 new homes, 40 hectares of publicly accessible open space, a primary school, two hectares of employment, community and NHS facilities plus a package of on and off-site improvements.
This is the result of a ‘group’ effort, as part of the DEO programme supported by subject matter expert colleagues across the Defence Infrastructure Organisation (DIO).
The plans were approved by Harrogate Borough Council meaning Homes England can now progress with the development of the 86.55 hectare site.
Of the recent approval, DIO Estates town planner Stephen Harness said: “We very much welcome the decision made by Harrogate Borough Council. Teams from DIO and Homes England have been liaising with the Council and have undertaken considerable consultation in bringing forward these proposals.
“We look forward to continuing to develop these proposals which will deliver real benefits to the City of Ripon.”
As part of this process, and under current plans, 21 Engineer Regiment will move from Claro Barracks into a mixture of refurbished and modern purpose-built buildings at Marne Barracks, Catterick. Catterick Garrison, the largest British Army Garrison in the world, will receive significant investment under the DEO Army Programme which will deliver across all areas of living and technical infrastructure as part of their investment in a better-structured, modern and more sustainable estate.New series of Peer-to-Peer Networks launched to support international business growth
Senior leaders and business owners across Lincolnshire and Rutland are being invited to join a peer-to-peer networking programme that has been designed to support international growth.
Delivered by the Lincolnshire Chamber of Commerce on behalf of Business Lincolnshire, the Peer Networks programme gives directors, senior managers, and business owners the opportunity to share common business challenges and objectives relating to overseas growth.
Regular sessions take place over several months and are facilitated by experts in the field and supported by specialist guest speakers.
Charlotte Watson, Deputy Chief Executive of Lincolnshire Chamber of Commerce who is heading up the programme, said: “Peer networks are quite different to a traditional classroom development programme, they are much more informal as the agenda is set by the wants and needs of the group members.
“Where we think the added value is the development of support channels outside of the group, which are nurtured over the longer term and bringing businesses together in such a way to share, learn and support is an area the Chamber is particularly well placed to lead on.”
Eve Farley, International Trade Coach at Lincolnshire Chamber of Commerce who will be delivering the programme, said: “International Trade is a key area for the Chamber and there is a world of opportunities out there for businesses whether that be through expanding in to new markets or starting completely from scratch with exporting, these peer networks are designed to support businesses with international growth and the challenges that come with it.”
Cllr Colin Davie, executive councillor for economy and place at Lincolnshire County Council, said: “Businesses in Lincolnshire could be missing real opportunities to trade around the world and as part of the wider Lincolnshire Internationalisation Strategy we are delighted to be working with Lincolnshire Chamber of Commerce to deliver peer networks and roundtables to support more businesses to sell goods and services around the world.”
Qualifying businesses must meet the eligibility criteria. They must be based in Greater Lincolnshire, including North and North-East Lincolnshire or Rutland; have operated for at least one year; employ fewer than 250 people; and have aspirations to export or expand current activities.
Up to 10 individuals are involved in each cohort and are required to give a time commitment of about 18 hours across the entire duration of the fully funded programme.
Anyone interested in taking part in the Peer Networks may register their interest via the Lincolnshire Chamber of Commerce website: https://www.lincs-chamber.co.uk/international-trade/peer-to-peer-networks/
Private equity firm acquires gear systems specialist
Private equity firm Stellex Capital Management, has acquired gear systems specialist, David Brown Santasalo (DBS) from private equity firm, N4 Partners.
David Brown Santasalo is a Huddersfield-headquartered business delivering engineered industrial gear systems and services, manufactured for critical industrial applications including Mining & Minerals, Fibre & Paper, Power Generation, Cement, Oil & Gas, Defence and more. The organisation has 26 locations, spanning six continents worldwide and employs more than 1,100 people.
Keith Mitchell, David Brown Santasalo chairman and partner at N4, said: “N4 is pleased to announce the successful exit of DBS to Stellex. We have valued our strong working relationship with the DBS management team and have been delighted to see the business deliver profitable growth in recent years.
“On the back of multi-year contract awards and strong growth in the order book across all business units, a transformational investment programme has been completed which has significantly upgraded key capabilities across the business’s global footprint. DBS has a fantastic platform to deliver further strong growth and we wish the business and its new owners every success.”
David Armitt, Chief Executive Officer at David Brown Santasalo, said: “On behalf of David Brown Santasalo, we are very pleased to have secured this investment by Stellex. They have experience investing in our sectors, have spent time working with us on our plans, and clearly see the potential of DBS to further develop our services for customers. I look forward to this new chapter in which we can continue to strengthen our position in the market.”
Karthik Achar, partner at Stellex Capital Management, said: “We are excited to welcome David Brown Santasalo into the Stellex portfolio of investments. DBS brings global delivery of gear manufacturing and service expertise within a broad range of critical service sectors, and with many long-term relationships. We look forward to working with the management team and its employees as we strive to deliver growth and build on the company’s successes into the future.”
