Specialist business property adviser, Christie & Co, has sold Adel Pharmacy in Leeds.
Adel Pharmacy is a well-established, standard-hours community pharmacy that dispenses an average of 4,039 items per month. It sits within the Adel Health Hub in the North Leeds suburb of Adel, and is neighboured by a number of private ancillary health providers including a private GP, physiotherapist and an aesthetics clinic.
The pharmacy was previously owned by M&B Healthcare Ltd, which has a portfolio of nine other pharmacies in the north west of England. The group decided to sell this branch as part of a strategic review of its portfolio.
Following a confidential sales process with Tom Young at Christie & Co, and with funding sourced through Alena Ray at Christie Finance, it has been sold to northern-based, SAAAI Pharma Ltd, which is owned by five pharmacists led by Shahbaz Mirza and Abbas Fazal.
The new owners plan to build on the success that M&B Healthcare Ltd built at the pharmacy and introduce new, additional private services.
Peter Burrows, owner at M&B Healthcare Ltd, said: “When we had a strategic review of our group, we saw Adel as an ideal site to dispose of, due to it sitting outside of the geography of our other branches which are based in the northwest.
“Naturally, we called Christie & Co and, whilst there was plenty of interest in the site, it was pleasing to do the deal with Shahbaz who is an operator based in Leeds. We wish him all the very best with the business in the future.”
Shahbaz Mirza, co-owner of SAAAI Pharma Ltd, said: “We decided to purchase this pharmacy due to its convenient location close to home, which not only supports ease of management but also aligns with our desire to serve the local community.
“Another key factor in our choice was the limited competition in the area, presenting a unique opportunity to strengthen our foothold in the market. We plan to build upon the solid foundation laid by M&B Healthcare, whose efforts have already established the pharmacy as a trusted presence in the community.”
Tom Young, Senior Business Agent – Pharmacy at Christie & Co, said: “Using our market insights to provide accurate marketing recommendations for the pharmacy ensured a competitive bidding process to leverage the best price for our clients at M&B Healthcare Ltd.
“When we went to market, we received multiple offers, from first-time buyers to existing operators, all in just two weeks from the initial marketing phase. We are pleased to have sold this to a local operator who can offer a hands-on approach, and we wish them all the best for the future.”
Adel Pharmacy was sold for an undisclosed price. UK government commits £600m to boost construction workforce
The UK government has announced a £600 million investment to address the construction skills shortage and support workforce development. The funding aims to train up to 60,000 new construction workers by 2029 to meet demand for homebuilding and infrastructure projects.
The initiative includes £100 million to establish 10 new Technical Excellence Colleges and £165 million to expand college construction training. Employers will receive £2,000 for each Foundation Apprentice they take, and £100 million will be allocated to Skills Bootcamps and partnerships between colleges and construction firms. An additional £132 million will fund 40,000 annual industry placements, with £32 million contributed by the Construction Industry Training Board (CITB).
The announcement follows the new Office for National Statistics data, which shows more than 35,000 unfilled construction jobs, with employers struggling to find workers with the necessary skills. The funding is part of the government’s plan to build 1.5 million homes and improve transport and energy infrastructure.
A new Construction Skills Mission Board, co-chaired by government and industry leaders, will oversee implementation. The programme also encourages experienced workers to help train new entrants, ensuring a steady pipeline of skilled labour.
This investment follows recent apprenticeship reforms designed to increase workforce participation and retention. Industry leaders have welcomed the funding, calling it necessary to secure the sector’s future.
CPP Group cuts losses in “pivotal” year
CPP Group, a Leeds-based provider of real-time, digitally delivered assistance products, has cut its losses in a “pivotal” year.
According to full year results for the 12 months ended 31 December 2024, pre-tax losses from continuing operations stood at £2.7m, improving from £5.7m in 2023.
Meanwhile, group revenue from continuing operations was £156.4m, decreasing from £173.4m in 2023.
Simon Pyper, CEO of CPP Group, said: “The past year has been pivotal for the Group, as we completed our Change Management Programme, exited from non-core businesses, and continued our investment in and development of Blink. We ended the year as the business we set out to be in October 2022 – a digitally focused business led by Blink and supported by CPP India and CPP Turkey.
“We have also pursued initiatives to enhance our offering, strengthen our business partnerships and streamline our operations. While not all of our actions will deliver immediate results, all are designed to increase long-term shareholder value, be it growth in Blink, new products in CPP Turkey, or renewed contractual arrangements between CPP India and its largest business partner Bajaj Finance Limited.
“With Blink having increased its ARR by 62% to £1.6 million and added 11 new clients in 2024, we remain confident, with some further investment, the business will continue to make strong progress.
“We remain focused on converting Blink’s exciting pipeline into commercial contracts, extending contracts with existing partners into additional geographies, and with our Insurance Partners, finding additional audiences, such as banks, airlines and credit card providers for our Travel Disruption and Cyber Solution services.”
North Yorkshire renewable energy company, Drax sets sights on new acquisition
North Yorkshire-based renewable energy company, Drax has put forward an offer to acquire Harmony Energy Income Trust (HEIT).
Under the terms of the £199.9m deal, HEIT shareholders would receive 88 pence per share.
HEIT, a publicly listed investment trust set up to acquire ready-to-build battery energy storage system (BESS) assets, represents an opportunity to add operating BESS assets to the Drax Group’s FlexGen portfolio.
Norman Crighton, the Non-Executive Chair of HEIT, said: “Since its launch in November 2021, HEIT has assembled a fully operational portfolio of eight 2-hour BESS projects totalling 790.8 MWh / 395.4 MV, which have attracted a strong level of interest through both our recent Asset Sale process and now through a potential bid from Foresight and the recommended offer by Drax.
“The HEIT Board believes that value to HEIT Shareholders will be maximised through the terms of the Acquisition. Further, the HEIT Board believes that the Acquisition will provide HEIT Shareholders with the opportunity to realise the value of their holdings, in cash, at an attractive value which is in excess of the reasonable medium-term prospects for HEIT on a standalone basis as a listed company.”
Will Gardiner, Chief Executive Officer of Drax Group plc, said: “The Acquisition is a significant investment in growing our FlexGen portfolio, supporting UK energy security and delivering a clean power system.
“The Drax Directors believe that adding battery storage to our FlexGen portfolio enables us to provide even more secure power to the country when it is needed. In combination with our long duration storage, flexible generation, demand side response capabilities and renewable generation from biomass, we will be able to supply 4.5GW of dispatchable generation to meet demand.
“As more intermittent renewable energy connects to the country’s network, more dispatchable and reliable generation will be required to help keep the lights on when the wind isn’t blowing or the sun isn’t shining.
“We are working to create value and growth in the short, medium and long-term, aligned to the UK’s energy needs, and which the Drax Directors believe is underpinned by strong cash generation, a disciplined approach to capital allocation and attractive returns for shareholders.”
Revenue on the rise at Abingdon Health
Revenue is on the rise at Abingdon Health, a York-based developer, manufacturer and distributor of rapid tests, after a positive start to the firm’s new financial year, which included the acquisition of CS Lifesciences.
Revenue reached £3.1m, according to unaudited interim results for the six months ended 31 December 2024 (H1 2025), increasing from £2.4m in the same period of the prior year. Pre-tax losses, meanwhile, expanded to £2.6m from £1.2m.
The period saw the opening of the Abingdon Analytical laboratory in Doncaster and a US CDMO service site in Madison, Wisconsin, which is due to be fully operational by April 2025. The company noted that a stronger revenue performance is expected in the second half of its financial year, due to the impact of a number of new contracts, a full period contribution from CS Lifesciences, and the typical “seasonality” of the business.Chris Hand, Executive Chairman at Abingdon Health, said: “FY 2025 has started very positively for Abingdon as we continued our momentum in executing key strategic milestones such as the acquisition of CS Lifesciences, the opening of Abingdon Analytical in Doncaster, and the commencement of work on our new US site in Madison which is set to be completed in April.
“Following some temporary headwinds during H1 2025, we were pleased to see growing contract momentum towards the end of the period and into H2, including a $2m contract developing sexually transmitted disease tests. Importantly, that contract utilises each limb of our business, highlighting our ability to provide an integrated, end-to-end solution for our global customer base.
“We believe we now have the foundations in place to build a sustainably profitable company. We are continuing to progress towards achieving our key goal of cashflow breakeven, which we expect to reach during calendar year 2026, without the need for further funding.”
UK private sector growth reaches six-month high, but recovery uncertain
UK private-sector activity grew at its fastest rate in six months, driven by stronger performance in the services sector, according to S&P Global’s flash UK composite purchasing managers’ index (PMI). The index rose to 52 in March from 50.5 in February, surpassing analyst expectations of 51. A score above 50 signals expansion.
Despite the improvement, economists remain cautious, warning that this increase does not indicate a sustained recovery. Business confidence remains near a two-year low, with concerns over rising taxes and labour costs set for April. Manufacturing continues to struggle, recording its weakest confidence levels in over two years and its lowest activity reading in 17 months. Industry leaders cite potential US tariffs and uncertain global demand as key risks.
In contrast, the services sector saw its strongest growth in seven months, with firms reporting improved sales opportunities, though business investment remains constrained. The data comes ahead of Chancellor Rachel Reeves’ spring statement, which is expected to address ongoing economic challenges.
Mixed year for Sheffield property business
Henry Boot, the Sheffield-based land, property development, home building and construction businesses, has seen a decline in revenue and profit, with a challenging start to 2024 being followed by a strong second half.
2024 saw revenue come in at £328.4m, in comparison to £359.4m in 2023, with Henry Boot pointing to reduced turnover in its construction segment.
Profit before tax reached £30.7m, down from £37.3m in 2023, in line with expectations, with an underlying profit of £29.4m, decreasing from £36.7m.
Demand for the business’s land, prime development and premium homes, however, remained resilient, seeing Henry Boot complete almost £350m in land and property sales, with its share at £224m.
Hallam Land, the firm’s strategic land and planning promotion arm, exceeded its 2024 financial performance expectations with 2,661 plots being sold (2023: 1,944), and secured 10 new sites with the potential to deliver 6,500 plots. During the year consents were secured on 2,982 plots, increasing the total plots with planning permission to 8,822.
The gross development value (GDV) of property developer HBD’s completed schemes amounted to £331m (HBD share of £188m GDV), of which 72% have been pre-let or pre-sold, while the HBD arm now has a £1.4bn development pipeline.
The construction segment, meanwhile, generated turnover of £80.5m, down from £99.5m in 2023, with an operating profit of £4.9m, decreasing from £6.5m.
Tim Roberts, CEO at Henry Boot, said: “As anticipated, after a challenging start to the year we delivered a strong second half which allowed us to report results in line with expectations.
“In particular, demand for our high quality land, prime development and premium homes has remained resilient. This led to us successfully completing almost £350 million in land and property sales and continuing to lease up space, including setting a record office rent in Manchester at our Island development.
“Our investment portfolio also recorded another period of outperformance, with a total return of almost 10% for the year, meaning it has returned more than double the index over the last five years. We also continued to shape the business, with the agreed buyout of our JV partner at Stonebridge Homes, where we are now the majority owner. We will take full ownership of this premium housebuilder in the coming years, continuing to scale the business up, and delivering synergies as we integrate it into Henry Boot.
“At Hallam Land, we’ve been quick off the mark in strengthening our team, so we are well prepared to capitalise on the positive changes to the NPPF, by increasing our planning applications fourfold to 10,000 plots over the next 12 months.
“At HBD, we’ve formed the Origin JV which we believe will help us to accelerate the delivery of our institutional quality industrial development pipeline. All of this, along with our rock-solid balance sheet, the prospect of recovering markets, and an easier planning environment, means we are well placed for the future.”
South Yorkshire Housing Association in merger talks with Places for People
South Yorkshire Housing Association (SYHA) is discussing becoming a subsidiary of Places for People (PfP), one of the UK’s largest housing providers. The potential merger follows SYHA’s non-compliance with the Regulator of Social Housing’s (RSH) governance and financial viability standards.
In June 2023, RSH downgraded SYHA to ‘G3’ for governance and ‘V3’ for viability after identifying financial governance weaknesses, including miscalculations of loan covenant compliance. The regulator noted that SYHA has “limited financial capacity” in the short to medium term and is working with external advisors to secure its long-term stability.
Under the proposed deal, PfP, which manages 245,000 homes and generates £830 million in annual turnover, would integrate SYHA’s 5,000-home portfolio. If completed, the merger would provide financial stability for SYHA while expanding PfP’s presence in South Yorkshire.
SYHA CEO Larry Gold said the partnership would help sustain the organisation’s 50-year legacy and benefit customers, employees, and the wider Sheffield City Region. PfP Group CEO Greg Reed highlighted the strategic alignment, stating that combining resources would strengthen their ability to support communities in the region.
Avant Homes submits plans to deliver £20m home development in Wakefield
Wakefield-based housebuilder Avant Homes West Yorkshire has submitted plans and exchanged contracts on a 5.63-acre site in Lofthouse Gate, Wakefield to deliver a £19.9m, 80-home development.
Called Lingwell Gate and located on Lingwell Gate Lane in Lofthouse Gate, the site will consist of one-, two-, three-, and four-bedroom homes.
The proposed development will feature 15 of Avant Homes’ practically designed, energy efficient house type.
If given the go ahead by Wakefield Council, work at the development is set to commence in August, with the first residents expected to move into their new homes in spring 2025.
Avant Homes West Yorkshire managing director, Richard Hosie, said: “As a local business, we know first-hand what a great place Wakefield is to live, with its many amenities and excellent access to transport links.
“Our objective as a housebuilder is to provide quality new homes for everyone whilst developing the communities where we build, and our plans for Lingwell Gate meet those criteria.
“Our proposed development features a mix of practically designed, energy efficient house types that will appeal to a range of buyers, including first time buyers, second steppers, families and downsizers. We now look forward to Wakefield Council considering our plans.”
Lloyds Banking Group seeks developer for 100-home affordable housing project
Lloyds Banking Group has launched its first affordable housing redevelopment project in Pudsey, inviting developers to build 100 new homes. The fully affordable scheme, which has backing from Leeds City Council, includes a mix of one- —to four-bedroom homes, apartments, and green spaces.
The site, a former commercial property, is part of Lloyds’ broader strategy to repurpose decommissioned assets for social housing. Developers will need to finalise designs and secure planning approval from the council.
This initiative is the first of its kind by a UK bank, marking Lloyds’ direct entry into the social housing sector. The Group, which has provided £20 billion in social housing funding since 2018, is reviewing additional sites for redevelopment. If approved, construction could begin by late 2026.
