Small firms need interest rate cut sooner rather than later, says FSB
In the wake of the Bank of England deciding to hold the base rate at 5.25%, he said: “Yet again, the MPC has opted to stick instead of twist, a move which was widely predicted but which is no less disappointing for it.
“The high plateau rates are currently stuck at is now undermining growth, as small firms struggle to access affordable finance to help them expand.
“Inflation is now back on target, and holding off a cut in the base rate until a future date risks snuffing out tentative signs of a recovery in GDP, with the flat growth in April a warning sign.
“Even with services inflation coming in higher than expected yesterday, the danger posed by stifling growth must not be ignored, as doing so will have potentially devastating consequences for small businesses.
“Small firms will be hoping that the tipping point for a cut will be reached sooner rather than later, to help them invest and scale up.”
Construction firm makes most of apprenticeships thanks to Opportunity Goole
Goole-based construction firm Helm & Ransome has secured apprenticeships for two of its young employees after receiving support from the Opportunity Goole team, funded by Goole Town Deal.
Scott Ransome, a Director of Helm & Ransome Construction Ltd, first spoke to advisors from the team at an event that they hosted in Goole to raise awareness of the free support and advice on offer to both local businesses and individuals.
He said: “I went along to the Opportunity Goole event and met Linda, one of the advisors. Since then, Linda has been helping us with apprenticeships; she has got two of our lads onto apprenticeship courses so they will spend blocks of time at college and blocks of time with us.
“We’ll benefit by gaining more skilled workers, which will help us to grow the business.”
Scott explained that Linda was helping him to identify grant funding sources to meet the cost of other training opportunities for members of the Helm & Ransome team, and has also put him in touch with the Invest East Yorkshire Business Support team at East Riding of Yorkshire Council. The Business Support team has encouraged Scott to sign up to the Supply Chain Network, a directory of local suppliers, ensuring that, when contracts arise in the local area, Helm & Ransome is well positioned to be able to bid for and secure them.
Scott added: “It has been quite helpful and I would encourage others who are looking for support to make contact with Opportunity Goole. They’ll be able to point you in the right direction and may also be able to help you access grant funding to cover the cost of training and other support.”
Linda Naylor of the Opportunity Goole team said: “We’re delighted to have been able to help get two of Scott’s employees onto apprenticeships, as well as helping him to identify other potential sources of grant funding to help with the future training needs of the business. Meanwhile, our colleagues in the Invest East Yorkshire Business Support team are helping Scott to ensure that he’s aware of and able to go for any suitable local business opportunities that come up locally.”
Football club signs eight-year contract with renewable energy company
Bridlington Town AFC has signed a long-term solar power purchase agreement with Hull-based renewable energy company HDM Energies.
The agreement, under HDM Energies’ ‘Energy for All’ scheme, will see a 400-panel solar array capable of generating 180 kW fitted on the roof of the stands at the Queensgate stadium in Bridlington.
With an estimated annual saving of £42,000, the deal provides Bridlington Town with access to affordable renewable electricity to power its 2,800-capacity stadium at a fixed low-cost rate, offering price certainty and improved energy security for the club.
The installation of the panels is expected to be completed next month, with HDM Energies financing the project and maintaining the panels throughout the eight-year contract. Powered by clean and renewable energy, electric vehicle (EV) charging stations for matchday visitors will also be added to the system at no additional cost.
Daniel Rogers, CEO of HDM Energies, said: “It is great to see forward-thinking clubs like Bridlington Town AFC embracing solar to power their stadiums. We are thrilled to be able to facilitate panels for a local club through our Energy for All scheme, ensuring they can continue to enjoy affordable electricity bills and clean energy for many years to come.”
The ‘Energy for All’ PPA enables Bridlington Town AFC to directly purchase the solar energy produced at rates much lower than grid-supplied energy prices, significantly lowering overheads. By becoming carbon negative and a net exporter of electricity, the installation of solar PV to power the stadium and grounds will ensure a greener future for the club, reflecting their commitment to sustainability within the community.
Bank of England holds interest rates at 5.25% for seventh time
The Bank of England has held interest rates for the seventh time, at 5.25%, in line with expectations.
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way to help sustain growth and employment. At its meeting ending on 19 June 2024, the MPC voted by a majority of 7–2 to maintain Bank Rate at 5.25%. Two members preferred to reduce Bank Rate by 0.25 percentage points, to 5%.
Twelve-month CPI inflation fell to 2% in May from 3.2% in March, though is expected to rise slightly in the second half of this year.
Alpesh Paleja, Interim Deputy Chief Economist, CBI, said: “It’s unsurprising that the Monetary Policy Committee kept interest rates on hold this month. Recent data has been a bit of a mixed bag: while inflation is falling and the labour market is loosening, wage growth remains stubbornly strong and services inflation is higher than the Bank’s forecast. Signs of continued persistence in domestic price pressures will have prompted caution among the Committee.
“We still expect the MPC to cut rates in August, but this is not a done deal – they remain very data-driven, so the evolution of key indicators over the coming month will be key. Furthermore, the pace of any rate cuts beyond August is likely to be gradual, if the Bank remained concerned about the persistence of underlying price pressures.”
Leeds Merrion Centre strengthens team with key appointment
Leeds Merrion Centre, the mixed-use scheme owned by property investment and car parking operator, Town Centre Securities PLC (TCS), has made a key appointment. Katrina Townsend is set to join the Merrion Centre as area operations manager from August.
In her new role, she will oversee the experienced Merrion Estate facilities and security team.
With over 15 years of experience managing a diverse portfolio of buildings, Katrina will manage the 1 million sq ft scheme comprising retail and leisure units, offices and a multi-storey CitiPark car park. Her extensive expertise in property management will be instrumental in driving the continued success and development of the Merrion Centre, which also celebrates its 60th anniversary this year.
Katrina said: “I am thrilled to be joining TCS and taking on the role of area operations manager for the Merrion Centre. This is an exciting time, and I look forward to contributing to its ongoing success, working with such a dedicated team and being part of its ongoing growth and innovation.”
Charles Newman, associate director at TCS, said: “We are delighted to welcome Katrina to the TCS family. Her extensive experience, dedication to excellence and proven track record align perfectly with our commitment to delivering outstanding results. Katrina’s expertise will be invaluable as we continue to drive the success of our projects and further enhance our reputation as a leader within the property industry.”
South Yorkshire businesses tee it up to raise funds for paces
Business owners and professionals from Sheffield, Barnsley & Rotherham recently participated in a charity golf day at Wortley Golf Club to raise vital funds for local charity, Paces.
Now in its fourth year, the charity golf day took place on Wednesday, 12th June 2024, with 78 golfers representing 22 companies. The event was sponsored by UK-wide talent management specialists Nicholas Associates Group, CSP Systems, and Oxley & Coward Solicitors LLP.
The winning team, representing Actus Insurance, scored 88 points. Over £1,500 was raised through a variety of activities, including raffles, beer buggies, and the halfway house, throughout the day.
All funds raised will support Paces, a leading specialist centre in Sheffield for children with Cerebral Palsy and other motor disorders. Paces was established in the 1990s by parents who recognised the benefits of Conductive Education for children with cerebral palsy.
Dave Hall, Fundraising & Communications Manager at Paces, added: “We are extremely grateful to everyone who participated in the golf day. Fundraising is crucial as it helps us continue providing vital services to people and families most affected by neurological disorders.”
Nicholas Associates Group CEO, Paul Smith, commented on the event’s success, saying: “This is our fourth year hosting a golf day to benefit local charities. Paces is a wonderful charity, and we are more than happy to support them in whatever way we can.”
Andy Bethel, Director of CSP Systems, remarked: “Supporting Paces through this golf event is incredibly rewarding. It’s fantastic to see so many businesses come together for such a worthy cause.”
Amy Cusworth, Partner from Oxley & Coward Solicitors LLP, added: “We are proud to sponsor this event and support Paces in their mission to provide essential services to children with Cerebral Palsy. The dedication of everyone involved is truly inspiring.”
Regal Food Products acquires former FSD premises in Bradford
Bradford-based food manufacturer Regal Food Products Group has bought the former FSD works on Hopbine Lane in Bradford.
The 45,000 sq ft warehouse building in the South Bowling area of the city was marketed and sold by property consultancy Eddisons, which is currently working with FSD to secure a new Bradford production site for the sliding doors manufacturer.
Regal Foods CEO Younis Chaudhry said: “Following our latest acquisition earlier this year, we are really pleased to be bringing this new facility into the Regal group. The new addition promises to not only boost operations but play a key part in the development and growth of our business.”
He added: “As a company that has the Bradford community close to its heart, the new warehouse facility will create several new jobs, boosting employment in a range of areas of the business.”
Eddisons associate director Matt Jennings said: “We were really pleased to be able to secure a rapid sale for FSD on their Hopbine Lane site. The freehold industrial market is increasingly robust due to an ongoing lack of supply and there is definitely healthy demand out there for sizeable warehouse space.”
He added: “It is great to see Regal Food Products, another great Bradford company, step in to take this large unit to accommodate the firm’s growth and it’s a really positive sign that Bradford’s economy is doing well.”
Employing over 300 people and generating a £32m turnover, Regal Food Products has made a series of acquisitions, the most recent of which was Leeds cake manufacturer Love Handmade Cakes in January. The firm currently operates from six sites across Bradford.
General Election is most ‘pro-nuclear’ for a generation, says industry expert
The South Yorkshire-based Nuclear Advanced Manufacturing Research Centre’s Government & Regional Engagement Manager James Silverward says next month’s General Election is the most pro-nuclear in a generation.
He says: “Parties across the political spectrum have clearly recognised the value that the civil nuclear sector provides to the country not only in economic growth and jobs, but also in delivering on priorities in energy security and decarbonisation which have become much more pronounced since Britain last went to the polls in 2019.
“In addition to wider commitments on enhancing the UK’s energy security, the manifestos of the Labour and Conservative parties have jointly committed to investing in both gigawatt-scale reactors and small modular reactors (SMRs) across the country, as well as each making their own commitments to the prioritisation of a power station development in Wylfa and an extension to the lifespan of existing plants .
“Both parties have also committed to the UK’s nuclear deterrent, a sentiment which reflects continued support for an estimated 42,000 jobs and a supply chain of over 3,000 businesses.
“Whatever the outcome of the election, the incoming government needs to prioritise working with industry at all levels to understand how it can deliver these ambitious plans and how the sector can move quickly enough to meet such demand.
“Our own experience in the East Midlands shows how it is possible to link manufacturing innovation, supply chain development, skills, and policy to deliver long-term benefits to the UK. Indeed, the recent publication of the National Nuclear Strategic Plan for Skills demonstrates how this can be taken to a national level – but we need to do the same to address the other major challenges faced by the industry and work with the new government to drive delivery of a clear plan that can meet our national objectives.
“The UK’s advanced manufacturing sector is ambitious and driven, and Government needs to match this drive and ambition if the UK is to continue its development as a global leader in nuclear energy. Whether in nuclear new build, fusion energy, or the wider sector, our industry must be enabled to continue its development and meet the needs of future generations. The Nuclear AMRC is ready to support the incoming government to achieve these ambitious goals.”
New training partnership aims to support employers in need of machining technicians
Later this year a new apprenticeship training programme between Sheffield College and the Company of Cutlers will support employers needing machining technician skills.
Andrew Hartley, Deputy Chief Executive at The Sheffield College, said: “This apprenticeship will provide a great opportunity for Sheffield’s workforce of the future.
“Manufacturing employers need skilled, experienced machinists to operate complex machinery and produce components. Together with the Master Cutler and Company of Cutlers, we have designed an apprenticeship delivery model that works better for employers, tackles skills shortages and helps manufacturing businesses to thrive.”
On the Level 3 Machining Technician Apprenticeship, learners will study computer numerical control machining.
CNC machining involves the use of computer software to move factory tools and complex machinery such as grinders and lathes.
It is used by a wide range of manufacturing employers from those in aerospace, agriculture and electronics to energy, construction and medical.
Apprentices will earn as they learn in the workplace alongside completing a Pearson BTEC Level 3 Diploma in Advanced Manufacturing Engineering (Machining).
After a three-month foundation course at Liberty Steel in Stocksbridge, apprentices will complete their studies at the college’s Advanced Technology Centre on Olive Grove Road.
The Company of Cutlers, which represents manufacturing employers in Sheffield and South Yorkshire, is helping to design and develop the programme and raise awareness of it amongst businesses.
Master Cutler Charles Turner, who also chairs Made in Sheffield, said: “Our priorities are to help young people in the region be properly prepared with workplace skills to successfully enter the world of work and to help provide talent for regional business. This apprenticeship will have a three month full time in college foundation element to ensure that the young people are factory ready and ready to learn.
“Working closely with education providers and employers will enable us to achieve our objectives, which is why I am delighted that the Cutlers Company is launching a new apprenticeship partnership with The Sheffield College to better serve manufacturing businesses requiring skilled machine technicians.” The first intake of apprentices is planned for October 2024.
YPP Lettings acquires Leeds’ St George House
YPP Lettings has expanded its investment portfolio with the acquisition, on behalf of its investors, of St George House Leeds, a multi-story building currently let to Global Banking School in the centre of Leeds.
The acquisition was for a “substantial value” and was supported by finance from National Bank of Kuwait (International) PLC.
Farooq Zar, partner in Schofield Sweeney’s real estate team, acted on both the purchase and the finance elements of the transaction and was assisted by Oliver Brooke, solicitor.
Farooq Zar said: “It was a pleasure to assist YPP and its investors with their ever-expanding portfolio in Leeds and nationwide.
“The transaction was substantial in terms of value and complexity, with both us and our client working closely with the seller’s professional team to ensure a successful outcome for both the seller and the buyers. I look forward to working with YPP and its investors in the future.”
