New vinyl pressing plant creates jobs in Middlesbrough following investment
Middlesbrough-based vinyl pressing business, Press On Vinyl, is set to create as many as 46 new jobs in the region across the next three years, thanks to a £350,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
Opening a new state of the art pressing plant at Tees-Advance Manufacturing Park (TeesAMP) in June 2021, the business has been fitting out its operation ever since.
It pressed its first piece of vinyl at the end of January, and now plans to turn up the volume and be in full production by April. With two pressing machines operating, its team aims to press as many as 50,000 records per month, focused on independent artists and labels, small-run releases, and local musicians.
The NPIF investment will be used to support working capital requirements through the start-up phase of the business and the deal was facilitated by Keith Charlton, FW Capital deputy fund manager.
FW Capital deputy fund manager Keith Charlton said: “Press On Vinyl is a new business with an impressive management team that will open at an opportune time for vinyl sales. Vinyl records are expected to outsell CDs as a musical format this year for the first time since 1987, creating huge demand at pressing plants. This has led to a strong pipeline of business for Press On Vinyl.
“We are delighted to have played a role in the creation of this new company, which will bring 46 jobs to Tees Valley and will hugely benefit the local economy.”
David Todd, Press On Vinyl commercial director, said: “Due to the rise in demand for vinyl, pressing plants around the world are running at capacity, meaning smaller, independent artists are missing out. Our new business will prioritise local artists, which will make a huge difference to the Teesside music scene.
“This investment from FW Capital will support us as we launch this exciting new venture and create 46 jobs for the local economy. We are grateful to Keith and the NPIF – FW Capital team for the support.”
CBI says firms are keen to do what they can in response to Ukraine crisis
Businesses are keen to assist refugees arriving in the UK by working alongside ministers and civil society to help support and employ people fleeing the conflict in Ukraine, according to the CBI.
CBI President Lord Bilimoria said: “Firms will be looking closely at details of the new scheme to see how they can best support, including advertising it to their staff.
“Since the outset of the crisis, many companies have been helping humanitarian efforts through monetary donations, alongside items including power generators, medicines and food.
“Meanwhile, firms continue to support sanctions – despite their cost – with many going far beyond what’s been requested of them.
“And the CBI backs the Government in asking firms to think carefully about their financial relationships with Russia. Many have already acted, though unwinding links can be complex for some.
“Ultimately, we must increase the UK’s economic resilience; through cyber, and securing energy and supply chains.
“Businesses are already demonstrating by their actions they are doing all that they can to go the extra mile.”
£200,000 grant to help create business hubs at Lincoln and Spalding libraries
A £200,000 government grant will help create business hubs at Lincoln and Spalding libraries.
The funding will create two ‘Business Bubbles’ for small businesses, providing confidential workspaces equipped with modern technology.
Lincolnshire County Council has been awarded £211,200 for the project, by the Department for Digital, Culture, Media and Sports, delivered by Arts Council England.
At Lincoln and Spalding library, drop-in workspaces will be created for small businesses and start-ups. Kitted out with acoustic booths and modern technology, these will offer flexible and confidential space to work from as and when they need to.
Businesses using the bubbles will also be able to use the libraries as a registered business address, and a ‘poste restante’ service will be available.
In Lincoln, an open plan business lounge located next to the Business Bubble will provide space for client meetings.
At Spalding Library, the Business Bubble will also provide more opportunities to work with local education providers to address employability and digital skills shortages in the area.
The funding is part of the Government’s £48m Cultural Investment Fund (CIF), which has provided grants to more than 60 galleries, museums, libraries and cultural venues across the country to improve access to the arts, safeguard cultural assets for future generations, and power economic growth through culture.
Cllr Lindsey Cawrey, executive member for culture and heritage at Lincolnshire County Council, said: “We’re always looking at ways to develop the range of services and facilities offered by the library service to ensure we’re meeting the needs of our residents.
“By transforming areas of our Lincoln and Spalding Libraries in this way, we’re enhancing the value and role of the library service, extending the benefits of local libraries to small business and supporting them at a time when Lincolnshire is emerging from the pandemic into a new economic landscape.”
Law firm leads the fight against food poverty in Bradford
LCF Law has been praised for taking a proactive approach towards fighting food poverty by becoming the Founding Corporate Partner of a local community cookery school.
Initially volunteer led, the cookery school team trained by Bounceback Food CIC will be provided with the necessary kit to deliver emergency meal drives, donation drops at market events and cookery workshops.
Bounceback’s social enterprise aims to tackle food poverty on multiple fronts across the UK and has recently begun to develop teams in locations beyond its base in Manchester. The Bradford and Leeds team will begin their training at the end of March.
With ongoing rises in the cost of living and the economy still recovering from the effects of the pandemic, food bank use in the UK has hit record levels in recent times. The number of Emergency Food Parcels distributed by the Trussell Trust has risen by 128% since 2015, from 1,110,000 parcels in 2014-5 to 2,540,000 in 2020-1. Those most likely to live in food insecurity include single parents, younger people, ethnic minorities and people in poor health.
Duncan Swainsbury, founder of Bounceback Food CIC, said: “Our mission to fight food poverty became even more urgent as the impact of COVID-19 became clear, with food insecurity levels, the cost of living and food bank usage soaring. We’re now developing teams across the UK to tackle these challenges head on and are delighted that firms such as LCF Law are keen to support our efforts in new locations.
“Each team requires appropriate training, access to resources and kitchen equipment. Funding from our Founding Corporate Partners will help to accelerate our growth and, crucially, support a greater number of people.”
Simon Stell, managing partner at Bradford-based LCF Law, said: “Bounceback Food are working hard to create a joined-up approach to food poverty. Their energy and drive to support, sustain and educate, in order to eliminate food poverty, is inspirational. As a result, we’re very pleased to be the Founding Corporate Partner of Bounceback Food in Bradford and look forward to working with them to make a genuine difference to local people.”
Bounceback Food CIC teams in Manchester (first established in 2014) and London teach people how to cook, offer a range of learning programmes, run food bank drives at market events and deliver community meal drives that provide emergency meals for beneficiaries.
They have taught over 3,500 people how to cook, donated over 10,000 items of food to foodbanks and provide almost 100,000 meals as part of their wider community outreach work which includes community meal drives and catering services.
LCF Law pledged its support via Bounceback’s #HelpUsGrow crowdfunder, that also raised funds to develop a new range of fundraising merchandise.
Smart Repairs move into top gear with record year
Smart Repairs, the independent cosmetic vehicle repairer, is set to expand throughout the UK following a record-breaking year.
The Leeds-based company, which has recently bought 18,000 sq ft freehold premises in Weaver Street, is looking to hire 100 new technicians across the country this year.
This is a result of a stellar 2021, which saw turnover rise to £5m from £3m in 2020, despite the challenges of Covid. This year turnover is forecast to soar to £7m, with net profit set to exceed £1m. During the past three years, the company’s Compound Asset Growth Rate (COGR) has increased by 24 per cent.
Smart Repairs, which has most of Yorkshire’s major car dealerships among its clients, is co-owned by its founder Dan Besau and major investor Phil Newstead. The company carries out 180,000 vehicle repairs a year.
Phil Newstead said: “These are tremendously exciting times for the company. The move to our superb new Falcon House premises in Weaver Street, close to Leeds city centre, has given us much more space and has put us in charge of our destiny.
“Clearly the global pandemic had its challenges last year, but one of its consequences was a boom in the second-hand car market, which naturally led to a great deal more work for us. We managed to stay open and working most of the time, despite the difficulties of the various lockdowns.
“We are now expanding across the UK this year, with a special focus on the M25, Essex, the North West, the North East and Scotland. We are now hiring experienced mobile technicians to help with this expansion drive, which will see full UK coverage by the end of the year.
“At the moment, our sector is very fragmented and dominated by small independent operators. We believe that by strategic expansion and acquisition, we can build a national network that can then service customers with a national requirement. Whilst all growth to date has been organic, we are also keen to look at acquisitions and we will target similar successful independent cosmetic vehicle repairers.
“We can both see that our future is in providing a quality repair offering across all of the UK, to warranty companies, insurers, dealer groups and vehicle remarketing companies,” he added.
Dan Besau, a proud Yorkshireman, originally from Picketing, said: “It has given me tremendous pleasure to see how the company I founded in 1995 has developed. We have gone from strength to strength in recent years. The mobile business has proved popular and successful and, when I spotted a gap in the market for high-end alloy wheel repairs, I had the confidence to go for that, too.
“We already have a formidable client list, including many of the quality Yorkshire dealerships such as Bentley Leeds; BMW Leeds, Harrogate, York and Bradford; Mercedes Leeds, Bradford, Huddersfield and York; Ferrari Leeds; Aston Martin Leeds; and Audi York and Harrogate.
“With Phil now on board, the sky is the limit. The future is incredibly bright. Let’s bring it on.”
Urbanite secures £14.8m for Leeds student scheme
Student property developer Urbanite has secured a £14.8 million finance facility with Paragon Development Finance to support its latest purpose built student accommodation (PBSA) scheme in Leeds.
The company has successfully acquired the Sugarwell Court student accommodation block from Leeds Beckett University and will convert the site into cutting-edge student accommodation. The 20-month £14.8 million facility will enable Urbanite to acquire the site and undertake the development of a 457-bed PBSA scheme.
The funding is structured to include Paragon’s new stabilisation facility, which covers the period following the completion of a development until the scheme has seasoned with student occupancy for up to two academic years. Once the development is complete, the scheme will be refinanced onto an 18-month stabilisation facility.
The stabilisation facility means that Paragon can support a developer through the full lifecycle of a PBSA development, from acquisition of a site without planning and pending approval, the development phase and onto a stabilisation facility post practical completion and opening of the scheme.
The funding was led on behalf of the bank by relationship director Simon Dekker, with support from senior portfolio manager Craig Seaborne.
The latest funding with Urbanite is Paragon’s second deal with the company. Previously, Paragon funded a 127-bed PBSA scheme in Sheffield for £6.3 million, which is due for practical completion to meet the start of the academic year in 2022.
Timothy Smith, director at Urbanite, said: “Urbanite is thrilled to secure a secondary deal with Paragon, bringing forward this exciting scheme for upgraded state-of-the-art purpose build student accommodation in Leeds. We’re pleased to have acquired this site and to be able to convert it into bespoke student accommodation in a prime location in the centre of Leeds.
“We’ve built a great relationship with Simon and the team at Paragon; their support and understanding are gratefully received with the past two successful funding facilities.”
Simon Dekker, relationship director, said: “We were able to complete this finance facility in a short period of time to enable the customer to complete the acquisition of the site and commence development work. This is the second deal we have funded with Urbanite, which is building a great reputation in the PBSA market.”
Wetherby’s Avacta Group sells animal health division
Avacta Group, a Wetherby-based clinical stage oncology drug company and developer of diagnostics, has sold its veterinary division, Avacta Animal Health, to Vimian Group.
Avacta Animal Health provides veterinary allergy diagnostic solutions through its laboratory in Wetherby, and re-sells immunotherapy products from Nextmune, a Vimian Group company, to veterinary clinics across the UK. The business also provides testing kits to veterinary laboratories across Europe.
Avacta Animal Health Limited will be acquired by Nextmune Holdings BV and will be consolidated into Vimian’s Specialty Pharma segment.
Avacta has received an upfront payment of £0.9 million and will receive additional deferred consideration of up to £1.4 million dependent on the combined performance of the consolidated business.
The Animal Health Division had made an operating loss (prior to an impairment of historic goodwill) of £0.3 million during the year ended 31 December 2020. The carrying value of the Division as at 31 December 2020 was £1.0 million. The sale proceeds will provide further funds for the development of the Group’s Diagnostics and Therapeutics Divisions.
Dr Alastair Smith, Chief Executive Officer of Avacta Group, said: “The sale of the Avacta Animal Health business allows the Group to focus entirely on growing its core businesses; diagnostics and therapeutics. Having had our Animal Health division since 2009, we are delighted that Vimian will be retaining the entire Avacta Animal Health team and are well placed to grow the business.”
Magnus Kjellberg, CEO of Vimian’s Specialty Pharma segment Nextmune, said: “This acquisition significantly strengthens Nextmune’s competitive position in the UK. With our own laboratory for veterinary allergy diagnostics in the country and a full-service offering covering all veterinary dermatology needs, we see significant opportunities to accelerate sales and improve customer experience in the UK.
“The cross-selling opportunities via this business existing customer base as well as the increased laboratory capacity for Nextmune are also key components in driving incremental growth.”
Ripon’s arcade fully let
Ripon’s arcade is now fully occupied. New tenants Yorkshire Physio and Gladrags Ripon have just taken the final two units in the popular arcade in the heart of the city.
These two deals follow hard on the heels of Yorkshire Cancer Research moving into the city’s arcade, which has recently undergone a £100,000 refurbishment.
Bradford-based property development and investment company Frank Marshall Estates bought the 16,484 sq ft arcade off a guide price of £2.2m from the Westcourt Group in 2019.
Edward Marshall, director of Frank Marshall Estates, said: “It is absolutely wonderful news that the iconic arcade is now fully occupied. The arcade, which links the city’s main car park to the historic Market Square, is a fabulous new location for both Yorkshire Physio and Gladrags Ripon. It is the beating heart of the city, with a really strong and consistent footfall.
“It gives us great pleasure to welcome our two new tenants to the arcade and to announce that the arcade is full. We believe our sensitive refurbishment has given the arcade a new identity, making it much more visible and more of an attraction from the Market Square side in particular.
“Ripon is a sleeping giant and we are delighted that our attractive, new-look development has given the city centre the game-changing regeneration boost it needed.”
Other occupiers of Ripon Arcade include North Yorkshire County Council and retailers such as Scriven Opticians, Home Bargains, the British Heart Foundation, Blue Cross, Westwood’s Barbershop and Social, Caffe Tempo and the Card Factory.
Edward Marshall added: “Retail has suffered the worst period in history over the last two years but we are now seeing a strong recovery, especially in the smaller towns and cities like Ripon. People want to shop locally and, in a place like Ripon, this means in the Market Square and the Arcade.
“We are pleased to see our units full and that the tenants are quality local businesses who are our favourite people to deal with. Ripon is about to have a very large number of new houses built over the next few years and this can only benefit our tenants and the city centre as a whole. Long may it continue.”
Sheffield city centre set for transformation as 20-year plan to be agreed
A new plan for the future of Sheffield city centre will see a host of new bars, restaurants, shops, and thousands of new homes springing up from the Moor to Castlegate over the coming years, following consultation with residents and businesses.
More than 1,500 people responded to the proposals set out in Sheffield City Council’s City Centre Vision, which will focus development in the city centre on a new set of priorities.
Three quarters of people agreed with themes identified as most important for future development, which include: quality green spaces, health and wellbeing, inclusive neighbourhoods and new homes, culture, heritage, leisure, retail, sustainability and net zero.
As part of the consultation, the Council asked people to share their views on options for the future of the former John Lewis site, Fargate, High Street and Castlegate. The feedback on Castlegate and Fargate showed strong support for the proposals and work has started on implementing the schemes.
The consultation on the John Lewis site demonstrated a clear preference for replacing the current building with a smaller building and outdoor space.
Following the consultation feedback, the Council will now start to explore options for the future of the site, including welcoming proposals and interest from potential developers to redevelop, replace or reuse the building. The Council will assess all proposals and expect a final decision to be taken by the end of the summer.
In the meantime, the Council will be removing asbestos from the building so that any new project has a head start. The removal works will begin in May and are expected to be completed by the end of the year.
Cllr Mazher Iqbal, Executive Member for City Futures: Development, Culture and Regeneration, said: “Creating this shared Vision for the future of the city centre is a major step forward for Sheffield and will help us to make sure that our city continues to thrive for years to come. It’s clear for everyone to see that despite the challenges we’ve faced over the past couple of years, Sheffield isn’t slowing down, and our city centre is quickly becoming a major destination for people to live, work and visit. “This has been a really good opportunity to hear what people think about our city centre and to get residents and businesses involved in shaping our next steps together. We will continue to deliver fantastic new developments that reflect what people really need and want, starting with seeking proposals for the former John Lewis building that will provide something special for Sheffield. We have already had a lot of interest in the site, and we are confident that we will receive some great proposals.”
The Vision will build on work already taking place across the city centre, including the £470m Heart of the City scheme, which has introduced Marmaduke’s, Monki, Weekday and The Furnace to Sheffield, to name a few. Changes to the city centre landscape are evident everywhere, from Leah’s Yard on Cambridge Street, which is set to open in early 2023, to the construction of a Radisson Blu hotel on Pinstone Street.
Millions of pounds of investment have also been secured to rejuvenate Fargate, High Street and Castlegate. Event Central, a six-storey flagship building on Fargate funded by the Future High Streets Fund, will combine an event space with opportunities for people to meet and work. The area will be made more attractive, with a new focus on outdoor seating, building on the budding pavement café culture that has become popular in other parts of the city centre, such as Division Street.
Castlegate is to receive £20m of funding from the Levelling Up Fund to restore its reputation as Sheffield’s ancient hub and will see the River Sheaf de-culverted to provide a new focal point in the area, with new greenery and public spaces making it an attractive place to visit. The fund will also help create two new arts destinations in the city centre in a boost to Sheffield’s creative scene: Park Hill Art Space and Harmony Works.
The regeneration work taking place means that quick, efficient transport links are more important than ever, and travel is also being revolutionised across the city through Connecting Sheffield. New cycling and walking routes and quicker bus journeys will give people better choices for their trips in and around the city centre.
Improving walking, cycling and public transport routes is key to addressing the climate emergency Sheffield is facing, and is one of the ways in which the city centre will be a blueprint for future growth, with sustainability underpinning all aspects of the City Centre Vision. Building new homes in the city centre will relieve the pressure for development elsewhere and protect biodiversity, whereas championing green space will help to create a healthy, resilient city for generations to come. The City Centre Vision will be presented to the Council’s Co-operative Executive on 16 March.Four businesses awarded funding for Knowledge Transfer Partnerships with University of Lincoln
Four businesses have been awarded funding for Knowledge Transfer Partnerships (KTPs) that will allow them to benefit from a new range of expertise and will encourage their business to grow.
Part-funded by Innovate UK, KTPs bridge the gap between industry and academic knowledge, which will in turn allow businesses to grow with the help of University of Lincoln, and its academic experts.
Warden Agri, Sanctuary, METIS Aerospace and Streets Heaver, will work closely with specialist academics from University of Lincoln, known as Associates, to help innovate and grow their businesses.
Three of the businesses are based in the Lincoln area, except for Sanctuary, which is a Worcester-based company that delivers sustainable housing solutions.
Their project will focus on the need to innovate home design and construction methods to respond to global challenges of climate change, while creating affordable, sustainable homes.
Stephen Pretlove, head of Lincoln School of Architecture, said: “We are delighted to be collaborating with the Sanctuary Group on this timely project, which brings together academic expertise from Lincoln, in housing design and construction, sustainability, waste, and low carbon strategies, with one of the UK’s largest and leading providers of social and private housing.
“The project provides a unique opportunity for academic and industrial cooperation, which will benefit both the housing sector, and our academic understanding of the challenging issues that we all face as we move towards a zero-carbon built environment.”
Colleen Eccles, Sanctuary’s head of Place Shaping, said: “There are increasing pressures on the construction industry to create new homes that are both sustainable and affordable, and this innovative project will allow us to identify new approaches to development work that will shape future building.”
One of the local businesses benefiting from Knowledge Transfer Partnerships is Warden Agri, who are aiming to develop safe and sustainable food waste products, and to extend the current business ecosystem to include processing, manufacturing and validation of these opportunities.
Johanna Buitelaar-Warden, director of Warden-Agri, said: “The project will allow us to embed a process for developing novel food ingredients from waste and by products in the food and feed supply chain, evolving our business to the next level.
“The Knowledge Transfer Partnership has set out a really helpful framework and we have already recruited an outstanding graduate who is coming to us from Nestle SA.
“She has a balance of both academic and business skills; very much mirroring the essence of the KTP.”
