Yorkshire businesses see drop in financial distress in early 2025

April Lara
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Yorkshire businesses see drop in financial distress in early 2025

The number of financially distressed businesses in Yorkshire fell in the first quarter of 2025, according to new data from Begbies Traynor’s Red Flag Alert report.

Between January and March, around 40,000 businesses in the region experienced significant or early signs of distress — a 12% drop compared to the previous quarter, equivalent to nearly 6,000 fewer businesses. However, financial distress remains higher than it was a year ago, up 6% compared to Q1 2024.

This regional trend reflected wider national patterns. Across the UK, business distress fell by 12% compared to the final quarter of 2024 but rose by 4% year-on-year, affecting a total of 579,000 companies.

Several key sectors in Yorkshire showed improvements both quarterly and annually. Food and drink production, industrial transportation and logistics, manufacturing, and printing and packaging all recorded declines in distress levels. These improvements align with reports of modest economic growth and easing inflation in the UK during the early part of the year.

By contrast, certain sectors faced growing pressures. Hotels and accommodation saw a 21% year-on-year rise in financial distress, while real estate and property services were up 17%. Meanwhile, financial services, travel and tourism, and automotive industries recorded the sharpest quarter-on-quarter improvements, with distress levels dropping by 20%, 19%, and 16% respectively.

The figures were compiled before the introduction of US global trade tariffs in April, a move that could introduce new economic challenges for businesses in Yorkshire and beyond.

Meridian Solar Farm proposals expand as consultation opens

April Lara
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Meridian Solar Farm proposals expand as consultation opens

Plans for the Meridian Solar Farm near Spalding have expanded by around 200 hectares, bringing the total project size to approximately 1,100 hectares. Developer Downing Renewable Developments (DRD) is preparing to submit a planning application later this year and has launched a second public consultation, running until June 8.

Despite the expanded footprint, DRD states that only about 600 hectares would host solar panels, with the remaining land allocated for infrastructure such as cables and battery storage. The solar farm is expected to generate enough electricity to power over 200,000 homes and operate for up to 40 years, if approved. Operations could begin by 2029.

The project’s primary development areas are near Spalding and Crowland, with an additional site east of Sutton St Edmund. DRD is holding three public meetings in May to gather local feedback before finalising its designs. Meanwhile, the Meridian Action Group is opposing the development, arguing that it should be built on brownfield sites to protect agricultural land and food security.

Public consultation events are scheduled at Sutton St Edmund Village Hall (10 May), Crowland Snowden Pavilion (21 May), and Weston Village Hall (22 May).

CorrBoard invests in electric fleet to boost operational sustainability

April Lara
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CorrBoard UK, a privately-owned sheet-feeding specialist based in Scunthorpe, has invested in a fleet of electric clamp trucks and forklifts, alongside a significant expansion of its on-site electric vehicle charging infrastructure.

The business, founded in 2014, manufactures corrugated cardboard and aims to reduce emissions and improve efficiency across its operations. As part of its latest sustainability drive, CorrBoard is replacing its existing forklift fleet with electric models and increasing its number of EV charging points from two to eight.

The company’s investment is intended to support long-term operational cost savings, reduce its carbon footprint, and maintain its position as a leader in sustainable manufacturing in the packaging sector.

CorrBoard operates from a purpose-built facility in North Lincolnshire and supplies corrugated sheet board to packaging manufacturers across the UK.

Grimsby’s Freshney Place redevelopment moves forward with demolition phase

April Lara
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Grimsby’s Freshney Place redevelopment moves forward with demolition phase

Demolition has started at Grimsby’s former Top Town Market site, marking a significant step in the redevelopment of Freshney Place Shopping Centre.

The project, led by North East Lincolnshire Council and managed by Queensberry, aims to transform the site into a mixed-use retail and leisure destination. Plans include a new Parkway multi-screen cinema, a market hall, and a combined food and shopping space.

The redevelopment forms part of a broader investment strategy for Grimsby town centre and is one of the council’s largest investments to date. It is intended to drive additional investment, support existing tenants, and open up opportunities for new businesses.

Preliminary work, including asbestos removal and dismantling mechanical systems, has been completed. Main contractor GMI Construction Group has now commenced structural demolition, progressing the project to its next phase.

Major letting secured at Moor Lane Trading Estate

Tess Egginton
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Major letting secured at Moor Lane Trading Estate
Over 55,000 sq ft of industrial space set in over 3.5 acres at Moor Lane Trading Estate in Sherburn in Elmet, North Yorkshire has been let to Welfare Hire Nationwide Limited. Part of Kelling Group, Welfare Hire is a rental and lease provider of specialist mobile welfare equipment to infrastructure markets including highways, rail and utilities. The deal sees the firm double the size of its operational bases across Yorkshire. Chief Financial Officer at Kelling Group, Matthew Jowett, said: “As our business continues to grow, it was essential to secure a facility that meets our operational demands and allows for future scalability. The Moor Lane Trading Estate site provides the perfect combination of space and accessibility to support our expanding hire services business. “Establishing Welfare Hire’s regional footprint in this dedicated facility also facilitates further growth capacity for its sister company, Access Hire Nationwide Limited, the UK’s leading rental and lease provider of vehicle mounted access platforms for sectors including Telecoms, Street Lighting and Power. “Separating out the two core businesses from our headquarters in Normanton represents a major milestone for the Group. The access business will remain there, whilst this new site is ideal for the welfare division. “We will be investing around £250,000 in the new site to deliver a well-connected and highly secure facility, as well as creating new jobs, and work has already started on site.  This exciting development for Welfare Hire follows on from the opening of a new purpose-built depot in Bristol in 2024 and a regional depot in Scotland in 2023.” The site was brought to the market by the agency division of property consultancy, GV&Co. Associate director of agency at GV&Co, Jonathan Jacob, said: “Moor Lane Trading Estate offers strong credentials to occupiers requiring well connected and cost-effective manufacturing and storage space, and we’re delighted to have facilitated Kelling Group’s expansion there.”

Sleaford hotel to receive £1.8m refurbishment funding

April Lara
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Sleaford hotel to receive £1.8m refurbishment funding

North Kesteven District Council has allocated £1.8m for a comprehensive refurbishment of the Carre Arms Hotel in Sleaford. The council, which acquired the hotel last year, aims to protect a key local asset while driving regeneration in the town.

Renovation work, set to begin shortly, will overhaul the hotel’s exterior, bedrooms, roofs, and reception area, with completion expected within up to two years. The project is funded by the council’s share of local business rates, part of which is reinvested in community initiatives.

Since its purchase for just under £1.5m, the council has focused on expanding the hotel’s business, particularly for weddings, conferences, and events, which have seen significant growth. While initial plans outlined a 10-year timeline for investment, urgent repairs have prompted an accelerated schedule for some work. The outdoor area will also be revamped, including new planting to enhance the venue’s suitability for special events.

Sheffield construction ball returns to raise funds for St Luke’s Hospice

Tess Egginton
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Sheffield construction ball returns to raise funds for St Luke’s Hospice
The Sheffield Charity Construction Ball returns on Friday 6 June to raise vital funds for St Luke’s Hospice. The Sheffield Charity Construction Ball is organised by Arup, HLM Architects and Rider Levett Bucknall (RLB) with the aim of bringing the region’s construction and property sector together and giving back to an important community cause. Over the past 26 years, the Ball has been attended by prominent figures across the property and construction industry and has raised a total of £401,300 for a variety of local causes. It takes place at the Crowne Plaza Royal Victoria Hotel in Sheffield. Past beneficiaries have included Sheffield Children’s Hospital, Weston Park Cancer Charity, Hallam Cash for Kids, The Prince’s Trust and Bluebell Wood. This year’s charity, St Luke’s Hospice, is a leading provider of specialist palliative care for adults with terminal illnesses in Sheffield and the surrounding areas. Matt Sheridan, senior fundraising manager from St Luke’s Hospice, said: “It’s fantastic news that St Luke’s has been chosen as the charity partner for the 2025 Sheffield Charity Construction Ball. “At a time when hospices across the country are facing growing financial challenges, the support of such a prestigious event, championed by so many inspiring organisations across Sheffield’s construction industry, means more than ever. “One of the key aims of this year’s fundraising is to support the purchase of cuddle beds, which give patients and their loved ones the chance to be physically close at moments that truly matter. “This kind of support has a lasting impact, and we are incredibly grateful to be part of this special event.” Since 1971, St Luke’s has supported thousands of patients and their families, delivering compassionate, high-quality care. The hospice is committed to helping people live with dignity, comfort, and choice at the end of life. Matt Summerhill, managing partner for Yorkshire, Humber and the North East for  construction consultancy Rider Levett Bucknall said: “It is wonderful that the Sheffield Charity Construction Ball is supporting St Luke’s Hospice this year. “From my own personal experience when my late wife was under the care of St Luke’s, I know how important to families the cuddle beds will be as they spend their last precious days together. “As always, the focus of the ball is to have fun and celebrate everything that is good about our wonderful industry, but it is also nice to know we are helping those who need it the most.” The event is an opportunity to network with industry leaders, enjoy a three course meal of fine dining and live entertainment from the acclaimed magician Ben Hanlin. A new addition to this year’s event is the Future Professionals Table, where younger professionals can connect and get inspired by like-minded individuals. Matt Summerhill, Delia Harmston and Phil White are the event directors and Kathryn Hind, Claire Lowe and Rebecca Ball have been providing the day to day organisation of the event. Delia Harmston, Sheffield studio director from HLM Architects, said: “It’s always a privilege to be part of such a special event that not only brings together our region’s construction community, but also supports a truly meaningful cause. “St Luke’s Hospice touches so many lives in Sheffield, and this year’s focus on fundraising for cuddle beds is particularly moving. The Ball is a celebration of our industry’s generosity and collaboration, and I’m incredibly proud of the role we play in making it happen.” Phil White, Arup’s Sheffield office leader, said: “We’re proud to have played our part in organising the Sheffield Charity Construction Ball for over a quarter of a century. “The Future Professionals Table is a brilliant opportunity to support the next generation in forging their careers in Sheffield’s built environment community. “We are delighted to be fundraising for St. Luke’s Hospice this year, making a tangible difference by supporting meaningful causes in our city.”

2025 industrial take up gets off to strong start in Yorkshire

Tess Egginton
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0
2025 industrial take up gets off to strong start in Yorkshire
Take-up activity in the industrial and logistics market across Yorkshire has seen a strong and encouraging start to 2025 according to latest research from property consultancy Knight Frank. The firm’s latest Logic Report highlighted 1.3m sq ft of units over 50,000 sq ft were transacted in Q1 in South Yorkshire, already exceeding the 986,000 sq ft transacted in the full-year 2024, and marking the region’s strongest quarter since Q2 2021. In West Yorkshire and Humber, take-up reached 912,800 sq ft in the same period, double the level seen in Q1 last year and also the strongest quarterly total recorded since 2021 for units over 50,000 sq ft. Q1 take-up in South Yorkshire saw six transactions take place at units along the M18, the largest at V277 Water Vole Way with homeware retailer Dusk expanding into a 277,232 sq ft unit, having previously taken two units at the nearby Verdion iPort logistics hub in 2021 and 2024. iPort also secured two new occupiers, Batt Cables and Moran Logistics, with the global cable distribution company signing a 15-year lease on the 259,286 sq ft iP10, and Moran Logistics taking the 166,872 sq ft iP7, for 10 years. Two of the six units leased in Q1 in West Yorkshire and Humber were over 250,000 sq ft, with supply chain specialist Torque Logistics securing the 398,000 sq ft California 400 in Normanton and Sika Everbuild taking the new 280,000 sq ft SH280, Sherburn 42, Selby, which was speculatively developed by Firethorn Trust in 2023. Rebecca Schofield, partner and head of Yorkshire Industrial and Logistics at Knight Frank in Sheffield, said: “At the back end of 2024 we started to see improved enquiry levels and positively a number of larger requirements too. This has filtered through and resulted in a strong start to 2025 which is expected to lead to further take up in coming months. “Demand continues to be led by both B8 and B2 occupiers with South Yorkshire still maintaining its reputation as one of the best manufacturing and logistics locations.” Iain McPhail, partner and specialist in Logistics and Distribution in the Leeds office of Knight Frank, added: “Despite a relatively quiet end to 2024, importantly over 800,000 sq ft was under offer at the turn of the year, and consequently, we have already seen a number of buildings transact in 2025. “Notably we have also achieved a new headline rent for the region of £10.00 psf for the mid-box market, and Baytree Leeds is looking to drive rents further for the larger end market, with their two available units (of 76,000 sq ft and 145,000 sq ft) now reaching practical completion and receiving positive interest.”

Carter Towler assists LeoVegas with Leeds move

Tess Egginton
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Carter Towler assists LeoVegas with Leeds move
Independent chartered surveyors Carter Towler is assisting LeoVegas Group, part of MGM Resorts, with its expansion to new offices at Tailor’s Corner. Located at the junction of Wellington Street and Thirsk Row in Leeds, the move marks a strategic addition to the Swedish betting and gaming giant’s UK headquarters in Newcastle. Commenting on the letting Carter Towler’s James Jackson said: “LeoVegas Group is an award-winning, dynamic international gaming group and we are thrilled they have chosen such exceptional office space in central Leeds to continue their growth. “They have taken the entire ground and lower ground floors of Tailor’s Corner, totalling over 5,000 sq ft. The fit out of the offices is already underway and is scheduled for completion this summer, with the team creating a vibrant and dynamic working environment which includes high quality collaboration, meeting and amenity spaces.” Originally the headquarters of Hepworth Tailors, Tailor’s Corner underwent a £5m refurbishment six years ago. Zoe Wood of Boultbee Brooks Real Estate, owners of the property, said: “As developers, we are passionate about revitalising buildings and giving them new purpose. Tailor’s Corner is a prime example of this, and it’s incredibly satisfying to see a forward-thinking company like LeoVegas Group establish its Leeds office here. “In addition to its rich history, the building will now help create new job opportunities for the city.” Knight Frank and Savills acted as joint agents.

Sentiment deteriorates across manufacturing sector as cost pressures strengthen and global outlook weakens

Tess Egginton
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0
Sentiment deteriorates across manufacturing sector as cost pressures strengthen and global outlook weakens
Manufacturing output volumes were broadly unchanged in the quarter to April, according to the CBI’s latest quarterly Industrial Trends Survey. While a broad range of sub-sectors reported lower volumes in April, this was offset by higher output in the motor vehicles & transport equipment sector. Manufacturers expect output to fall marginally in the three months to July. Domestic orders fell through the quarter, as did the volume of new export orders, albeit marginally. Looking ahead, manufacturers expect the total volume of new orders to decline in the three months to July as both domestic and export orders are anticipated to fall. Half of respondents cited political or economic conditions abroad as a factor likely to limit their export orders in the quarter to July, the highest proportion since April 2021. Manufacturers reported increased cost pressures. Growth in average costs accelerated in the quarter to April, compared with January, while expectations for costs growth in the three months ahead remain firm. Domestic prices are expected to rise at an accelerated pace in the quarter to July, whereas export prices are expected to be unchanged. Sentiment across the manufacturing sector deteriorated in April and investment intentions for the year ahead are weak. Manufacturers expect to reduce spending on buildings, plant & machinery, product & process innovation, and on training and retraining, which saw the weakest balance since 2020. Manufacturers cited uncertainty about demand, inadequate net returns and labour shortages as key factors constraining capital expenditure. The outlook for employment remains poor. Manufacturing headcount fell in the quarter to April, at the fastest pace since October 2020, and manufacturers expect numbers to fall again in the quarter to July. Ben Jones, lead economist, CBI, said: “The recent downturn in manufacturing output appears to have eased, but manufacturers still seem gloomy about their prospects amid rising costs, an expected decline in new orders and heighted uncertainty around global economic conditions. “The combination of financial pressures, market instability and falling confidence is leading manufacturers to cut back employment and investment, with plans for spending on buildings, equipment, innovation and training all taking a hit. “The wider geopolitical environment is becoming increasingly challenging for exporters, with export optimism falling sharply for a second successive quarter and export order volumes now hovering around post-pandemic lows. “The government is right to make the case for global free trade, with the Chancellor in Washington this week at the IMF spring meeting reaffirming that commitment. The uncertainty around global economic conditions only increases the importance of getting it right in domestic economic policy. “Firms are already feeling the cumulative burden of rises in NICs and the National Living Wage – and tariffs represent another headwind for the business sector. The government needs to view every decision through the lens of kickstarting growth and incentivising investment.”
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