A Budget built on loss leaders or a leadership that might have lost its way? Was it more ‘Middle Lidl’ than Middle England?

James Pinchbeck, partner at Streets Chartered Accountants, comments on the Spring Budget. The headline grabbing announcement from the Chancellor Jeremy Hunt’s Spring Budget, and perhaps his last before an election, was the 2% cut in rate of National Insurance (NI). This second cut follows a similar cut given in last year’s Autumn Statement and comes with an election looming. For some it might have felt like that ubiquitous loss leader that retailers prompt to get you to buy so as to take your mind off the fact that whilst making such a purchase, perhaps one you hadn’t intended to buy, you might buy something else at higher price and margin. In this case, the reduction in NI perhaps coupled with the freezing of alcohol duty, the fuel price cap and changes to child benefit are all sweeteners to give us a sense that things are getting better and we are better off than we might be really. This aside there were a number of key announcements that will affect both businesses and individuals. The freeze on alcohol duty no doubt will be welcome for both consumers and the licenced trade. Perhaps though more could have been done in light of the cost-of-living crisis and the impact it is having on our pubs, clubs and eateries. Plans to scrap the furnished holiday lets regime perhaps comes with a double edged sword in that hopefully it can address the issue of access to affordable homes for those living in holiday destinations, but equally will it adversely affect the provision of holiday accommodation for holiday makers. Turning to property, there was a reduction in the higher rate of property capital gains tax from 28% to 24% – a move aimed to stimulate the market for sales of properties caught by the higher tax rate. The Chancellor also announced the abolition of stamp duty relief for those buying more than one dwelling, a relief known as the Multiple Home Relief. Many small businesses including the self employed will have welcomed the news that the VAT registration threshold will rise from £85,000 to £90,000 from the start of April. For those businesses looking to invest in plant and machinery, whilst no date was given as to when it might come into effect, the Chancellor stated that plans were in place to draft new legislation so that leased assets could be included in Full Expensing for the purchase of plant and machinery. Whilst this may not affect many reading this, Jeremy Hunt confirmed the non-domiciliary status will be abolished and it will be replaced by a ‘simpler and fairer’ system from April 2025. The current system means that those living in the UK with overseas links and financial interest only pay UK tax on money earned here, going forward they will be required to be taxed on worldwide income. For those engaged in the creative industries sector, news of the £1bn additional tax relief must have been as good news as perhaps being nominated for a BAFTA. Not least that measures include a tax credit for UK independent films with budgets under £15m. Also announced was a 40 per cent relief on gross business rates until 2034 for eligible film studios. The Chancellor also said the government will remove the 80 per cent cap for visual effects costs in the audio-visual expenditure credit. When it comes to the public sector though it would seem the only real beneficiary was the NHS with a commitment to a public sector productivity plan. There were no real announcements around the much needed support for education, skills, emergency services, nor our local authorities, all facing the pressures of the cost of living crisis and often increasing demands. Overall, was it a Budget to gain or even regain voter confidence, or did it fall short? Did it feel more like a government that is tired and lacking ideas and one that has perhaps lost its way? Perhaps we will know more over the next few weeks and months on the run up to the 2024 election.   For the devil in the detail there is still time to book for Streets Chartered Accountants’ post Spring Budget webinar which takes place from 11am until 12noon on Thursday 07th March. Register to join us live and/or to receive a post broadcast recording to watch on catch up. https://www.streetsweb.co.uk/about/events/spring-budget-2024/

ABP boosts Hull’s container handing capability with arrival of new crane

ABP’s Humber Container Terminal at the Port of Hull has taken delivery of a new state of the art reach stacker to boost its container handling capability in Hull, which, with its Immingham counterpart, is the leading northern England gateway for short sea container traffic with Europe and the Baltic. The new truck joins the ten-strong fleet of reach stackers used across the container terminal to move and store containerised cargo and load out containers onto lorries for their onward travel. The new reach stackers are the latest addition to ABP’s £50 million investment plan at the container terminals in the Ports of Hull and Immingham completed in recent years. Simon Bird, Regional Director for the Humber ABP ports said: “ABP has the space and state-of-the-art service across its container terminals here on the Humber for those looking for a reliable and resilient route to market. “Our northern access makes the Humber a great solution for retailers and suppliers looking to build more sustainable supply chains by reducing road miles for their customers.” ABP’s Humber Container Terminals at the Ports of Immingham and Hull have become a significant gateway for containerised cargo in the UK, offering, flexibility, value added services and excellent road and rail access. The Port of Hull Container Terminal, spanning 30 acres, has the capacity to handle more than 400.000 units per year. The terminal is complemented by ABP’s Port of Immingham Container Terminal; together they welcome over 26 vessels a week, connecting trade routes from European and global ports, handling 243,000 containers combined in 2023.

DVSA changes load security guidance after six months of negotiation with NFU

The Driver and Vehicle Standards Agency is to update load security guidance introduced last July after the NFU identified that it was neither reasonable nor practical for many transporting agricultural loads.
The agreements reached during the recent negotiations help to ensure that those transporting agricultural loads are less likely to be unfairly penalised, particularly over sheeting of loads, as is the case with the current guidance, with specific reference to where there is a risk that loads will bounce up and out of the trailer. NFU Farm Safety and Transport adviser Sarah Batchelor said: “This is a great win for the NFU. Not only should this help both our members and enforcement officers to better understand the requirements for load security, but it should also help to reduce unnecessary risk involved with having to work at height and often alone to apply sheets to trailers where hydraulic or mechanical sheeting systems are not suitable. “It should also help members to have confidence in how they are managing their load security, and reduce the stress associated with potentially getting a penalty. “It is in farmers’ best interests to not overload their trailers and, to act safely and within the parameters of the law.”

National Grid puts up funds to boost interest in STEM training

Inspiring more young people from marginalised and economically-deprived backgrounds in the Midlands about technology, science and engineering is the aim of a new community funding offer.

Registered charities and non-profit companies could get up to £5,000 each from National Grid Electricity Distribution to engage children in Science, Technology, Engineering and Mathematics activities. Unregistered community organisations can apply for up to £2,000.

National Grid’s Community Matters Fund is offering £250,000 worth of grants to boost engagement and take learning beyond what’s covered by the national curriculum.

Successful projects will need to meet at least one of the following themes:

  • Open the eyes of a new generation to the exciting possibilities of a career in STEM, for example, projects that bring the area to life in a lively and engaging way.
  • Inspire further confidence and widen the skills of those already interested in STEM, for example via hands-on workshops and interactive experiments.
  • Break down barriers with access to tools, time, and resources for those for whom STEM’s potential may be unfamiliar, for example, launching after-school coding clubs or giving access to 3D printers.

Ellie Patey, Community Engagement Manager for National Grid Electricity Distribution, said: “Big challenges facing schools around resources, time allocation and funding have proven major barriers to engaging kids with this vital area of learning. National Grid is committed to widening the appeal of these exciting subjects which can lead to fulfilling and rewarding careers.

“We’d particularly welcome Midlands-based projects focussed on supporting young people from disadvantaged or underrepresented backgrounds for whom STEM feels unfamiliar, out of reach or even intimidating.”

“Inspiring the STEM leaders of tomorrow not only supports National Grid’s wider objectives to deliver a clean, fair and affordable energy future, but also plays a part in meeting the anticipated 400,000 roles needed between now and 2050 to reach the UK’s net zero targets.”

Applications open on Wednesday 6 March and close on Wednesday 27 March. Grants for successful applicants will be distributed in April.

Plans unveiled for Penistone’s historic coal drops heritage site

A family-run, Barnsley-based property and land company, has unveiled the highly anticipated next phase of development for Penistone’s coal drops, signal house, and former railway siding site. With this next stage of the site’s transformative journey, Fairbank Investments is marking a significant moment in Penistone’s history, with the development promising an inspiring blend of heritage preservation and modern rejuvenation. The new designs, including business units, office space, retail and restaurant units, demonstrate how Fairbank Investments envisages how the coal drops and the land will look once fully transformed. The plans are subject to final approval. Steeped in history, the coal drops site stands as a poignant reminder of Penistone’s industrial past. In recognition of its cultural significance, Fairbank Investments has embraced the opportunity to breathe new life into these iconic structures, preserving their heritage while welcoming a new era of prosperity. Fairbank Investments has a proven track record of sustainable development projects such as the former David Brown factory on Green Road in Penistone. The company revitalised the site after transforming it into a new business park with 15,000 sq ft of offices and a further 66,000 sq ft of warehouse space, creating new jobs and attracting multiple businesses to the area. Antony Green, Managing Director of Fairbank Investments, said: “Our vision extends beyond bricks and mortar; it’s about creating a lasting legacy that enriches the fabric of Penistone’s identity. We’re honoured to play a role in shaping the future of this historic site. “Working in tandem with local authorities and community groups, we pride ourselves on delivering positive, proactive development results and have demonstrated this repeatedly over many years of business success. “We turned the redundant site at the old David Brown site in Penistone into the thriving Fairfield Business Park, generating employment and helping multiple start-up companies and we intend to do the same at the coal drops site. “Our current development represents a bright new beginning for a site that without our investment and vision would have likely remained a permanent wasteland.”
Image credit: Fairbank Investments

Leeds Trinity University lets space for new city centre campus

Majority shareholder Karrev and developers Kinrise have completed the lease of 1 Trevelyan Square in Leeds to Leeds Trinity University (LTU). Leeds Trinity is set to open its brand-new city centre campus in Boar Lane later this year for the 2024-2025 academic year. LTU’s new 15-year lease covers over 54,000 sq ft of office accommodation across the ground and upper six floors. Property consultancy Knight Frank’s Leeds office advised on the deal. 1 Trevelyan Square forms part of Karrev and Kinrise’s joint venture’s 73,500 sq ft portfolio across Trevelyan Square. Their commitment to creating a new thriving community destination has seen a flurry of deals with tenants such as Pizza Pilgrims and 92 Degrees Coffee joining Leeds’ favourites Do’hut and Things in Bread. Kinrise co-founder George Aberdeen said: “We are delighted to have signed Leeds Trinity University at 1 Trevelyan Square. It has been a pleasure working with the University to deliver the first phase of their state-of-the-art, sustainable campus in the heart of Leeds. We are confident the new campus will be a catalyst for the final wave of regeneration in this area and the wider city centre. “We are proud to have successfully curated a community-led site with independent food and drink operators, spaces for local businesses, students and visitors to meet and unwind. On hearing the exciting future plans for the building, we wish the team and students of Leeds Trinity all the success for their next chapter on the Square.” Jo Hynes, Chief Operating Officer at Leeds Trinity University, added: “We are very much looking forward to opening our new Leeds Trinity University City Campus in the 2024-25 academic year, and are extremely excited about the facilities and opportunities that will be available to our students studying there. “Our City Campus will provide a range of learning spaces, study spaces and specialist facilities, including a trading room, board room and business engagement centre, law court and custody suite, and specialist labs for our Computer Science and Construction and the Built Environment courses. Students will also have access to study resources and a wide range of study and open learning spaces to support collaborative working. “1 Trevelyan Square will complement our Main Campus in Horsforth and enable the University to work even more closely with key partners and employers, supporting the demand for skills. It has been a pleasure working with Kinrise, supporting sustainable development and regeneration in the Square, and we can’t wait to complete the works.” Eamon Fox of property consultancy Knight Frank added: “The renaissance of Boar Lane continues apace. This historic street and this magnificent building are a fitting location for Leeds Trinity, while this inward investment into Leeds proves, once again, this flourishing city is a magnet for talent.”

Sportswear company selects Leeds firm to supply consumer law advice

Leeds-based law firm Gordons has been hired by the UK subsidiary of global sports and outdoor equipment and apparel retailer Decathlon to provide regulatory advice amidst growing sales.

The firm will advise Decathlon UK on product stewardship and consumer law for the company, which operates 50 stores and employs more than 1,500 people. In August, the UK business reported its revenue had reached £300m for the first time in its history.

Decathlon’s UK conformity & quality leader Dorota Wypych, said: “Gordons has been instrumental in our ongoing product compliance efforts.

“Their in-depth knowledge of regulation has been invaluable, helping to navigate the complexities in dealing with product compliance enquiries. Their expertise and clear communication made the whole process smooth and successful.”

Gordons partner and head of regulatory, Simon Tingle, said: “Decathlon has become one of the most prominent names in the global sports retail space.

“We are looking forward to playing our part to help the UK business tackle continually evolving regulatory challenges with our straight-talking advice grounded in retail expertise.”

Wakefield office building sold in multi-million-pound deal

International House, a three storey office scheme on Trinity Business Park, Wakefield, has been sold in a multi-million-pound deal. Agreed by commercial real estate specialists Commercial Property Partners (CPP) on behalf of its client M7 Real Estate, the deal was concluded for an undisclosed sum. International House is a modern purpose-built building with basement car parking for 18 cars in addition to surface car parking. Trinity Business Park comprises a modern mixed-use scheme that houses seven detached buildings. As a secure business park with one entrance and egress, it offers manned security personnel and includes a range of modern industrial and office buildings providing a total of 95,710 sq ft and 372 parking spaces on site. CPP director Robin Bullas said: “This deal reflects a strong office investment opportunity in Wakefield, despite tough market conditions. “We are delighted to have secured the best possible price and a successful disposal for our client, who is delighted with the outcome.”

Council backs 36 Hull city centre apartments with Levelling Up Funding

Thirty-six city centre apartments will be created as part of a £4m project thanks to support from Levelling Up Funding (LUF). A grant of £390,000 has been awarded from Hull City Council’s government grant scheme to DAQRI Limited for its conversion of 9-11 Chapel Lane. The funding is to support Phase 1 and part of Phase 2 of the overall development proposals, which includes 19 apartments, comprising 14 one-bedroomed apartments, four two-bedroomed apartments and one three-bedroomed apartment. A further 17 apartments will be created as part of later phases, helping to address the demand for city centre living in Hull. The costs of Phase 1 and part of Phase 2 is £1.653m, with the overall development estimated to cost around £4.12m, meaning over £3.5m of private sector capital is being invested. The project will see the Grade II listed Standidge Building, 9 Chapel Lane, brought back into use, as well as its two neighbouring properties. Around 1,626 sq m of unused floorspace will be brought back into use, with two full-time equivalent jobs created. Cllr Paul Drake-Davis, portfolio holder for regeneration and housing at Hull City Council, said: “This project not only brings back into use a dilapidated heritage building, but will also help address the growing demand for city centre living in Hull. “It is pleasing that the council is able to support the applicant’s significant private investment through this Levelling Up Fund Grant award.”

Contractor named for Dewsbury Arcade renovations

Kirklees Council has appointed the contractor for its upcoming renovations to the Dewsbury Arcade – a key part of the Dewsbury Blueprint. The Dewsbury Arcade is a Grade II Listed building, which has been a focal point in Dewsbury town centre since 1899 but has now stood empty for the best part of a decade.  The arcade is a key focus of the Dewsbury Blueprint, which lays out Kirklees Council’s big plans for investment in Dewsbury over the next decade and beyond. The arcade is set to reopen as the UK’s first ever community-run shopping centre, following the massive success of the Arcade Group – a community business formed specifically to lease and manage the building, in their public fundraising last year. Kirklees Council has appointed William Birch Construction as the contractor set to undertake the work, which will see the much-loved arcade restored to its former glory and brought back into regular use. The renovations needed to reopen the arcade are being funded by £4.5 million from the National Heritage Lottery Fund, grants from the Dewsbury Town Deal Board and West Yorkshire Combined Authority, support from the government’s Getting Building Fund, and capital funding from the council. Once reopened, the Arcade Group will take on management and operation of the business side of the arcade without further financial input from the council. Construction is planned to begin within the next few months – and the arcade should be reopened by summer 2025. Councillor Cathy Scott, Leader of Kirklees Council and Ward Councillor for Dewsbury East, says: “The Dewsbury Arcade is a project I’m tremendously excited about, because it’s so steeped in feeling from local people – including myself. “Those of us who’ve lived in Dewsbury for a long time remember that beautiful building through the years, and I’m absolutely passionate about it remaining a beating heart of our town centre. “I’m glad we’re working with a company that are Yorkshire-based, and have a history of future-proofing treasured heritage buildings like this one whilst bringing them into the twenty-first century. “With the passion of local people, the hard work of the Arcade Group, and the support of our other blueprint projects like Dewsbury Market – which should, in perfect timing, be underway just as we’re looking to reopen the arcade – this can once again be a great place for people to enjoy, and for businesses to thrive.” Gemma Shahjahan, Business Development Director for William Birch Construction, says: “We are delighted to be working with Kirklees Council on this treasured building in Dewsbury, and are looking forward to starting onsite in the coming weeks. “The plans to bring the arcade back to life are really exciting, and our teams are looking forward to being part of that journey in what is a special year for our business – celebrating 150 years!” Keith Ramsay, Chair of the Dewsbury Town Deal Board, says: “We’re very pleased to see William Birch come on board. The history and heritage of the Dewsbury Arcade is something the Town Board, and the people of Dewsbury, are incredibly passionate about – we don’t just want to see the arcade brought back to life, we want to see it restored and preserved for the future. “As with all these plans for the town centre, we want to be carrying our heritage forward in a way that works for the modern-day visitor, and works with all the other Dewsbury Blueprint projects to bring new life to the town centre as a whole.” Chris Hill, Co-Founder of the Arcade Group, says: “We’ve been close to this project, and it’s been close to our hearts, for a very long time now, so it’s incredibly exciting to be so close to work starting onsite. “Once the transformation starts, the whole project will become real to people – they’ll start seeing the changes before their eyes. We’re having very exciting conversations with traders potentially looking to take up residence in the arcade once it reopens, and this update will definitely spur on these conversations – it’s an exciting time!”