Merger sees TC Group strengthen Lincolnshire presence
TC Group, the firm of accountants and tax advisers, has completed a merger with Lincolnshire-based accountancy practice, Brooks & Partners, to form ‘TC Brooks & Partners’.
This deal continues TC Group’s M&A Strategy and enhances the firm’s more than 30 locations across the UK.
Brooks & Partners provide a full range of accountancy services. Their team in Stamford possess extensive expertise across various tax domains and business sectors, enabling them to provide comprehensive services to a diverse clientele, ranging from individuals and small enterprises to large corporate organisations.
Fay Brooks and Kate Howitt, Partners at Brooks & Partners, said: “We are thrilled to join TC Group, marking an exciting chapter in our journey. This partnership will help us work more closely with our clients, offering even better services and support. Our team is eager to meet and collaborate with the new team, building strong relationships and continuing to grow for the benefit of our clients.”
TC Group Partner, Keir Warwick said: “We are delighted to merge with Brooks & Partners, Stamford has always been an area in our sights and Brooks has a great reputation. As a result of this merger we now have a really strong presence in the town and I cannot wait to get started and grow it further with Kate and Fay.”
Hydrogen power unit builder secures £22m for expansion plans
Hydrogen power unit producer GeoPura, with hubs in Sheffield, Matlock, Nottingham and Newcastle, has raised £22 million to accelerate its expansion plans.
This announcement builds on momentum from a £56m investment round in February 2024 and a £36m Series A funding round in February 2023, welcoming investment from Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank. This brings total capital raised to £114m over the last two years.
Derek Bulmer, CFO of GeoPura, said: “Securing this debt funding is a pivotal milestone in our journey to build a global fleet of over 3,600 HPUs, which will require over £2.5 billion in capital over the next decade.
“This funding will not only accelerate our expansion but also drive significant reductions in carbon emissions and improve local air quality while contributing directly to the UK’s net zero targets. Partnering with world-class debt funders like BNP Paribas Leasing Solutions, Close Brothers, HSBC UK and Siemens Financial Services is critical to delivering this vision and achieving these goals.
“This milestone supports our commitment to a cleaner, healthier future and underpins the vital role of sustainable finance in advancing global environmental goals.”
Spencer Group opens the way for development of new North Yorkshire commercial park
Construction and engineering specialist Spencer Group has delivered the access road and supporting infrastructure to open up major new mixed-use industrial, commercial and retail park in North Yorkshire.
Spencer Building and Civil Engineering has created the route onto Harrogate 47 at the intersection of the A59, which runs alongside the A1(M) at Junction 47. The low carbon development by Opus North and Bridges Fund Management at the 45-acre site will include offices, industrial and warehouse units, high-tech hybrid units and roadside retail and amenities.
Harrogate 47 is expected to support up to 2,000 jobs when it’s finished. The first phase of the development involved the creation of the access road and supporting infrastructure for the site so that offices and units can be built. This, in turn, will open up the site to further development as the scheme progresses.
Darren Kilvington, MD at Spencer Building and Civil Engineering, said: “We’ve had challenges to overcome, but we’ve managed those really well and the project has been delivered as planned.
“Spencer Group were certainly the right people for the job, and we’ve had some great input from our highly experienced Civils team to overcome some of the challenges posed by the ground conditions on the site.
“Our Build and Civils teams have been able to work together, delivering the whole project in-house.”
Beetroot growers given access to American market
Britain’s beetroot growers are to have access to the US market after extensive talks between the two Governments and trade representatives.
The move will open new opportunities for British farmers by increasing export opportunities and raising the profile of British beetroot in international markets – and is a springboard to grow the economy and expand UK trade relationships post-Brexit.
For the US, this will allow their processors to satisfy demand for high-quality beetroot outside the US growing season, giving American consumers to access beetroot all year round from world-leading producers in the UK.
Industry estimates this new access will be worth approximately £150,000 per year in increased exports, with groups such as the NFU recently voicing their desire for the barrier to be resolved to allow British producers to benefit from the enormous potential of the US market, building on the recent successes of UK lamb in the US.
NFU President Tom Bradshaw said: “It is great news that after many years of campaigning, British beetroot growers will have access to the market in the United States for the first time. Being able to access the US market, supplementing local production, will help to meet rising consumer demand for this healthy, nutritional crop, creating genuine growth opportunities for farmers and growers in the UK.
“I am especially delighted that this announcement comes days after we returned from the US where we were able to make the case for UK beetroot directly to government officials. Industry collaboration with government and especially with the UK’s agri-food attaché based in Washington has been key to resolving this issue.
“It shows the type of wins we’re able to achieve with the UK’s expanded network of agriculture attachés following a number of years of campaigning by the NFU for the creation of these positions. Long may the collaboration continue so British farmers and growers can expand into further markets and increase sales of great British food overseas.”
Moorfield finishes Lincoln student accommodation development
Real estate fund manager Moorfield Group has finished building ts 293-bed, £45m BGU Student Village in Lincoln.
Bishop Grosseteste University Student Village is being delivered as part of a development agreement with Melberry Developments , with Bowmer and Kirkland as contractors. The development, which took 15 months to build, is ready to welcome students from BGU.
Moorfield has undertaken the investment on behalf of Moorfield Real Estate Fund V, the latest fund in its flagship value-add series. In July, Moorfield announced that it had successfully raised an initial £330m for MFREFV and its associated co-investment initiatives.
Charles Ferguson-Davie, Co-CEO and Chief Investment Officer at Moorfield Group, said: “Student housing is a sector of strategic focus for us, with the investment case supported by structural and demographic demand drivers, as well as the undersupply of fit-for-purpose accommodation.
“BGU Student Village will help to plug this gap, with the sector offering those with proven and long-standing expertise the opportunity to fund development and to refurbish existing purpose-built schemes as well as student houses of multiple occupation (HMOs).”
David Sarson, MD at Melberry Development Management, added:
“After our successful work together on Enso, the completion of BGU represents yet another vindication of the quality of product produced by Moorfield and Melberry’s development partnership.
“With a conscientiously thought-out amenity offering and best-in-class sustainability credentials, the scheme is all set to provide this generation of Lincoln’s students with high-quality accommodation they can be proud to call home throughout their educational journey.”
Incommunities launches £60,000 fund for community organisations
Housing provider Incommunities has launched its 2024 ‘Funding In-communities’ programme, which awards community groups a much-needed injection of funds to support their good work.
The £60,000 fund is for any voluntary community group that directly benefits Incommunities customers.
Applications are now open for the first round of funding, to support groups across Keighley and Bradford South. A second round of funding for other Bradford areas will open in the new year.
Projects could include food banks, children’s playgroups, social clubs, art classes – anything that is well-used by people who live in homes provided by Incommunities.
Grants of up to £2,500, £5,000 or £7,500 are available for events or activities. Incommunities’ customers are encouraged to ensure their local community group submits an application.
Interested groups can apply by visiting www.incommunities.co.uk/community-fund-application. The closing date for application is 4pm on Sunday, 13th October 2024.
This year’s recipients will be chosen by an independent panel made up of Incommunities customers, colleagues, and board members.
The Keighley winners will be announced at a celebratory evening at Keighley Civic Hall on 23rd October. This will be followed by a celebratory event for Bradford South applicants on 27th October.
Susan Godbold, Head of Customer Voice at Incommunities, said: “Our community fund continues to strengthen the amazing work that voluntary groups deliver for our residents.
“We launched the fund for the first time last year and had some great feedback from the groups we supported.
“By providing financial support, we hope that the projects or activities we support will bring people together, and we urge groups to apply.”
Previous beneficiaries of the fund include Cottingley Community Centre’s Memory Lane Afternoon Teas. The centre supports people dealing with Alzheimer’s disease or dementia.
Helen Eteson, Cottingley Community Centre’s Manager, said: “The funding helped us make these events much more wonderful.
“It covered the cost of the food we provided, but the biggest help was enabling us to pay for entertainers to come to the group and for the equipment we used to bring a ‘beach’ indoors.
“Bringing the ‘beach’ into our community centre was such a fun experience for everyone to enjoy.”
Another recipient was a women’s wellness retreat at the Rockwell Centre in Ravenscliffe. The retreat provided a space to switch off from the stress and worry of everyday life and take part in arts and crafts, yoga, and meditation.
One of the participants said: “Everything was wonderful. The activities were great, and meeting new people and chatting with like-minded ladies was really empowering. I would be very happy to come again!”
For support completing the application form or any queries, please email getinvolved@incommunities.co.uk.
Xeinadin acquires trio of Haines Watts offices in Yorkshire
Professional services firm Xeinadin has acquired three Haines Watts offices in Grimsby, Scunthorpe and Hessle, enhancing its presence in the region.
This series of acquisitions, following the addition of Clay Shaw Thomas in July and Jones Harris Limited in August, brings the total to 27 in the past two years.
Derry Crowley, CEO of Xeinadin, said: “I am delighted to welcome the team and clients of three former Haines Watts offices to Xeinadin in what is a key milestone in our growth strategy.
“The team, led by Partner Jennifer Toulson, are consummate professionals with a track-record of delivering exceptional services for local businesses. They fit in with the ethos of our company and I look forward to seeing them thrive as part of Xeinadin.”
Jennifer Toulson, Xeinadin Humber Partner, said: “This move marks a new and exciting time in our journey as we join Derry and our new colleagues at Xeinadin. We’ll continue to deliver personalised services to our clients in Grimsby, Scunthorpe, Hessle and across Yorkshire, tapping into the resources and expertise of the business advisory firm built for small business.”
The acquisition will bring 23 colleagues from Haines Watts into Xeinadin’s professional services business under the continued leadership of its existing management team, adding to the firm’s already significant presence in Yorkshire and Humber. The business will be known as the Xeinadin Humber offices.
World leaders in advanced rubber roller grinding & grooving machines gets funding boost
Halifax Numerical Controls (HNC), a world leader in rubber roller grinding and grooving machines, has received a funding boost having secured a six-figure loan from Finance For Enterprise (FFE) based in Doncaster.
The company was formed in 1998 and continues to serve clients throughout the UK and worldwide from its own UK workshop premises in Halifax.
HNC engineers have a long history of experience in all aspects of Advanced Machine Tool design, build, and support. The team has a particularly high level of expertise in CNC and PLC Automation Systems. HNC Ltd’s core skills combine all aspects of Mechanical Engineering, Electrical Engineering, Electronic Engineering and software programming, and research & development in the field of rubber and composite roll manufacture.
The funding is designed to aid working capital and future growth for the company which makes manufacturing machines to order all around the world. Company Managing Director, Mike Diskin is a renowned industry expert and is a regular guest speaker at manufacturing conferences worldwide.
The demand for HNC to solve manufacturers challenges and build machine solutions to order in established markets like Germany, USA, Indonesia and occasionally Australia is very high. Current large project orders in progress include two for Mid-West Innovators in the USA and two for Hilzinger in Germany, and a third machine that is currently being built in Taiwan which will be shipped and commissioned in the USA.
In addition to the above, HNC has seen high demand from the renewable energy sector. HNC’s machines are used for the grinding of the high voltage electrical connectors, used to connect solar and wind farms to the grid. The machines are highly suited for grinding the complex profiles required on these components. HNC sees this as a growth sector and hopes to increase sales in this area.
Managing Director Mike Diskin said: “This investment will help us to continue innovating and transforming the roll production industry. Expanding the use of fully automatic machining of rolls means we can help manufacturers deliver a higher level of quality and consistency that is not dependent on operator skill.
“HNC’s range of automatic roll Builders, Grinders, Groovers, and Duplexer designs are the most advanced machines of their type in the world, and we are looking forward to future growth and the employment opportunities this will create locally.”
Jeremy Meadowcroft, Business Lending Manager from FFE, said: “HNC is a well-established, profitable business with an excellent reputation across the world. This additional working capital will fund organic growth and enable the company to fulfil the many contract orders in progress whilst also securing new projects and consultancy assignments.”
HNC has also been approached by the Yorkshire Innovation team to work with Huddersfield Universities 3M Buckley Innovation Suite specialists to develop a Roll Measuring Machine that can be used to accurately add an innovative dimension to UK Manufacturers and has been awarded a £450K grant to develop the machine.
Once in use the machine has the potential to benefit UK Manufacturing Outputs and grow National GDP and Engineering specialism. HNC will then be allowed to use the machine exclusively to deliver a world’s first to clients all over the world. This development is expected to increase turnover from £1m to £5m over the next three years.
Streets Chartered Accountants considers potential tax and pension changes in the Autumn Budget and more in new news roundup
Streets Chartered Accountants considers potential tax and pension changes in the Autumn Budget and more in its latest monthly news roundup.
Five key areas of possible changes to Pensions in the Autumn Budget
Little has been said by Labour on what the budget will contain. We are led to believe there will be change and upheaval, barring a significant leak we won’t know though until 30th October. There are plenty of rumours around pensions and in the King’s speech, a commitment to a “pensions review”. What this means in the longer term, time will tell although there are five key areas which may be looked at within this review and as part of the budget in October. Read More.
Changes to Tips & Service Charge Rules
As of 1st October 2024, new legislation will change the way businesses manage tips. Here’s what you need to know to ensure compliance and avoid penalties. The new law mandates that all qualifying tips – whether received via cash or card – must be fairly distributed to staff. You can no longer withhold tips and the allocation must follow clear, objective criteria. The government has issued a statutory code of practice to guide this process. Read More.
Pre-Budget Personal Tax Update – the times they are a changing
The October budget is right around the corner. It could bring major changes to a whole range of estate planning taxes, especially Inheritance Tax (IHT) and Capital Gains Tax (CGT). Set down are some thoughts, identifying possible changes that might be on the way and how they might impact on your personal wealth and the financial well-being of your family. If you’re serious about protecting your wealth, it’s time to brace yourself. Read More.
Income Tax Reform
Over the coming years there are some significant changes happening to income tax. Whilst these may not appear in the headlines, as they are not direct changes to tax rates, thresholds or reliefs, they are nevertheless significant and need to be understood and planned for. In advance of the MTD introduction, another change is already underway. Read More.
Podcast: How might a new government affect your personal financial planning?
In this episode of The Streets Sessions, Streets talk to Sam Tindale, Financial Adviser and Managing Director with Tower House Wealth Management, about how the new Labour government might impact personal financial planning including pensions, investments, IHT planning, paying school fees and more. Listen Now.
Grants spotlight: new grant opportunities – September 2024!
Continuing the success of Streets’ dedicated Innovation Grants Consultancy, headed by Chris Parkhurst, they are excited to share with you some new grant opportunities that are now available. These include Contracts for Innovation, Biomedical Catalyst 2024 and Sustainable Medicines manufacturing innovation. There are also still live opportunities in the Defence sector and more general sectors with Smart grants and Innovation loans. Read More.
Taxes Made Easy
This guide is designed to provide you with an overview of the key tax rules from seven perspectives – that of the family; the employee; the person running their own business; the taxation of investments; disposals and CGT; property matters; and, finally, the potential liability on your estate at death. Please use the guide to help you identify planning opportunities, pitfalls to avoid and areas where you may need to take action and then contact Streets for further advice. Download Now.
Family Company Estate Planning Reviews
Planning for succession is a major concern for many families, particularly in the context of thriving family businesses and farming interests. Identifying the right approach is becoming increasingly essential.
Is it time to consider succession and intergenerational planning for your family business? Could you benefit from a conversation? Download Now.
Hanley Controls signs warehouse deal at Brighouse industrial estate
CBRE’s Industrial team in Leeds has completed a deal on a 10,713 sq ft warehouse on Birds Royd Industrial Estate in Brighouse, West Yorkshire. Hanley Controls has agreed a letting on Unit 2 on the estate as part of the company’s growth strategy. CBRE advised the outgoing tenant, Robit Group, on disposing of their lease to Hanley Controls.
Hanley Solutions Ltd, a sister company of privately owned Irish business, Hanley Controls, will take the space and specialises in pipes, valves, fittings, controls and instrumentation, as well as bespoke off-site manufacturing.
It serves a wide range of markets including data centres, chemical, pharma, food and beverage, power, water and waste-water, manufacturing, R&D, laboratories and utilities.
The modern warehouse comprises 9,606 sq ft of warehouse space with two-storey office accommodation of 1,107 sq ft, with eaves height of 5.7m, ample parking and a secure shared gated yard.
The estate is set back off Birds Royd Lane with access from the A641 Huddersfield Road, close to Brighouse town centre with accessibility to both Brighouse railway station and the M62 J25 motorway network.
Ben Pinder, Managing Director, Hanley Solutions, said: “This warehouse is ideally situated to support our continued growth plans. Hanley Solutions Limited is a sister company of Hanley Controls Ireland and as part of the Hanley family inherits more than 40 years of industry experience servicing micro-electronics, data centres, pharmaceuticals, gas, water and HVAC markets.
“Hanley Solutions will differentiate by offering off-site manufacturing to its client base, helping them to navigate the evolving construction industry. Starting with 7 employees and a combined 200 years of experience, Hanley Solutions aims to provide excellence in customer care and service backed up with extensive stock and knowledge.”
Danielle Raunjak, Associate Director, CBRE, said: “This deal provides the occupier with excellent transport connection to the M62 corridor, as well as access to the talent pool thanks to the densely populated local area coupled with the easy train commute. This location is ideal to support the company’s strategy to expand within the UK market.”
