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Tariff uncertainty triggers cautious recalibration among UK mid-market firms
According to new research from Grant Thornton UK, UK mid-sized businesses are adjusting their international strategies amid growing trade pressures. While overall sentiment remains relatively strong, a shift in confidence is evident as decision-makers respond to an evolving global trade landscape.
The firm’s April 2025 Business Outlook Tracker found that while most mid-market leaders remain upbeat about the domestic economy in the short term, fewer expect their profits to rise, suggesting emerging caution. Optimism surrounding economic conditions slipped slightly, and profit expectations have seen a more notable drop.
Internationally, trade with the US is under review. Despite strong historical ties and growth potential, tariffs are causing businesses to rethink. A majority still see the US as a key market, but a growing number are preparing to scale back or exit entirely. Nearly half of firms with current US trade exposure expect to stop altogether, and only a minority foresee no disruption.
Steel firm granted reprieve amid potential acquisition
Speciality Steel UK (SSUK), a major steel producer in South Yorkshire and part of the Liberty Steel Group, has been granted an eight-week adjournment in High Court insolvency proceedings as discussions with a potential buyer continue.
The firm, which operates electric arc furnace (EAF) plants in Rotherham and Sheffield and employs approximately 1,450 staff, is currently navigating a complex debt restructuring process following the 2021 collapse of its key financial backer, Greensill Capital.
Lawyers representing SSUK confirmed in court that urgent meetings with a third-party purchaser are underway. This prompts the judge to delay the winding-up petition until mid-July to allow time for a potential sale to materialise.
The development gives Liberty Steel additional breathing room to pursue restructuring plans or sell SSUK. The business has faced increasing scrutiny from unions and political stakeholders over the pace of turnaround efforts, with calls for leadership changes and fresh ownership to stabilise operations and safeguard jobs.
The Department for Business and Trade stated it monitors the situation, but emphasised that commercial outcomes remain the company’s responsibility. Businesses with supply chain links to SSUK are advised to stay vigilant, as the outcome could influence continuity and pricing in the UK steel sector.
Leisure centres in Lincoln to reopen under new operator
Two leisure centres in Lincoln that abruptly shut down in April are set to reopen by mid-July under new management. The City of Lincoln Council has appointed Greenwich Leisure Limited (GLL) as the interim operator of Yarborough and Birchwood leisure centres following the collapse of the previous operator, Active Nation.
GLL, a not-for-profit social enterprise with over 250 leisure facilities across the UK, will manage both centres on a two-year contract. The council owns the buildings and moved quickly to secure a new operator after Active Nation ceased trading due to financial pressures, citing the energy crisis as a key factor. The council had offered a £500,000 support package, but the charity did not accept the terms.
Since the closure, the Lincoln City Foundation has maintained outdoor operations at both locations. GLL plans to upgrade facilities, replace gym equipment, and recruit staff across various roles. More details on programmes, memberships, and courses are expected to be released this summer.
The transition aims to minimise disruption to residents and maintain local access to fitness and wellbeing services, while providing stability for the council’s broader leisure strategy.
Royal Armouries secures site ownership to unlock waterfront development
The Royal Armouries Museum in Leeds has purchased the freehold of its site at Leeds Dock for £11.69 million, which gives the institution complete control of its waterfront footprint for the first time. The deal was funded through a government loan issued via the Department for Culture, Media and Sport.
The acquisition includes adjacent buildings and surrounding areas at Leeds Dock, setting the stage for a major redevelopment push to boost the museum’s economic and cultural footprint. Plans are underway to transform parts of the site into multi-purpose spaces for arts, events, conferences, and hospitality.
The museum, which turns 30 next year, is expected to be more active in regional regeneration and targets increased capacity for events and tourism-related infrastructure. Early projections estimate the initiative could contribute nearly £30 million to the local economy.
The announcement was made during the UK Real Estate, Investment & Infrastructure Forum, which was held at the museum itself. The deal positions the Royal Armouries as a key stakeholder in Leeds’ city centre growth strategy and opens the door for further private-sector partnerships across the cultural and commercial sectors.
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Steel jobs at risk as Liberty faces liquidation hearing
Liberty Steel’s operations in Rotherham and Sheffield are under threat as the company faces a winding-up hearing this week over unpaid debts. Creditors, including Harsco Metals, have petitioned the court to liquidate Liberty Speciality Steel UK, potentially leading to the closure of its plants and the loss of around 1,450 jobs.
The company, part of Sanjeev Gupta’s GFG Alliance, is seeking a court adjournment to avoid immediate collapse. If unsuccessful, its assets could be sold to repay creditors. Liberty has been under financial strain since the 2021 collapse of its primary lender, Greensill Capital, which severely impacted its access to third-party financing.
Despite ongoing negotiations with creditors, the UK government has indicated it will not intervene to cover Liberty’s debts, although it may consider options if the business enters insolvency. Industry observers are watching closely for any signs of a rescue plan or new ownership prospects.
The outcome of the court decision could have significant implications for the UK’s speciality steel sector and regional employment.